ZGL Annual Report 2020 21

rd
53 2020-21
Zuari Global Limited

REGISTERED OFFICE
Jai Kisaan Bhawan, Zuarinagar, Goa 403 726
CORPORATE OFFICE
5th Floor, Tower A, Global Business Park, Sector - 26,
M G Road, Gurugram, Haryana 122002
CORPORATE INFORMATION STATUTORY REPORTS FINANCIAL STATEMENTS
DIRECTORS : Mr. Saroj Kumar Poddar, Chairman

Mr. R. S. Raghavan, Managing Director
Mrs. Jyotsna Poddar, Whole Time Director
Mr. Dipankar Chatterji, Independent Director
Mr. Marco Wadia, Independent Director
Mrs. Manju Gupta, Independent Director
Mr. Vijay Vyankatesh Paranjape, Independent Director
CHIEF FINANCIAL OFFICER : Mr. Nishant Dalal
COMPANY SECRETARY : Mr. Laxman Aggarwal
BANKERS : State Bank of India

Indusind Bank Limited
LEGAL ADVISERS : Khaitan & Co
STATUTORY AUDITORS : V Sankar Aiyar & Co., Chartered Accountants, Delhi
REGISTERED OFFICE : Jai Kisaan Bhawan, Zuarinagar, Goa 403 726

Tel: 0832-2592180/81
CORPORATE OFFICE : 5th Floor, Tower A, Global Business Park,

Sector - 26, M G Road, Gurugram, Haryana 122002
Tel: 0124 - 4827800
Corporate Identification Number : L65921GA1967PLC000157
Website : www.adventz.com
Annual Report 2020-21 1

NOTICE
NOTICE is hereby given that the 53rd (Fifty-Third) Annual RESOLVED FURTHER THAT the Audit Committee and
General Meeting of the Members of Zuari Global Limited / or Board of Directors be and are hereby authorized
will be held on Friday, the 17th day of September, 2021 at to fix the remuneration of Statutory auditors as may
11:00 A.M., through Video Conferencing (“VC”) / Other be mutually agreed upon in addition to taxes and
Audio Visual Means (“OAVM”) (“hereinafter referred to as re-imbursement of out of pocket expenses incurred
“electronic mode”) to transact the following businesses: by them in connection with the audit of accounts of
Ordinary Business: the Company and to fix their terms of engagement
according to the scope of their services as Statutory
1. To receive, consider and adopt: Auditors and other permissible assignments, if any, in
a) The Audited Financial Statements of the Company line with prevailing rules and regulations made in this
for the year ended 31st March, 2021 including Audited regard.
Balance Sheet for the year ended 31st March, 2021 RESOLVED FURTHER THAT the Board be and is hereby
and the Statement of Profit and Loss Account for authorized to take such steps in relation to the above
the year ended on that date and the Reports of the
and to settle all matters arising out of and incidental
Board of Directors and Auditors thereon.
thereto and to sign and execute deeds, applications,
b) The Audited Consolidated Financial Statements documents and writings that may be required, on behalf
of the Company for the year ended 31st March, of the Company and generally to do all such other
2021 including Audited Consolidated Balance acts, deeds, matters and things as may be necessary,
Sheet for the year ended 31st March, 2021 and the proper, expedient or incidental for giving effect to this
Consolidated Statement of Profit and Loss Account Resolution.”
for the year ended on that date and the Report of
Special Business:
the Auditors thereon.
5. Re-appointment of Mrs. Jyotsna Poddar (DIN: 00055736)
2. To confirm the interim dividend of Rs.2/- per equity share
(i.e. 20%) as detailed below and consider the same as as Whole Time Director of the Company
final dividend for the financial year ended on March 31, To consider and if thought fit to pass, the following
2021. resolution as a Special Resolution:
(i) Interim dividend of Rs.1/- per equity share of face “RESOLVED THAT pursuant to the provisions of Section
value of Rs 10/- each fully paid up of the Company 196, 197, 203 and all other applicable provisions, of
(i.e. 10%) declared by the Board at its meeting held the Companies Act, 2013 (the “Act”) and Rules made
on 13th February 2021; and thereunder read with Schedule V to the Act, the SEBI
(ii) Interim dividend of Rs.1/- per equity share of face (Listing Obligations and Disclosure Requirements)
value of Rs 10/- each fully paid up of the Company Regulations, 2015 (‘Listing Regulations’), (including any
(i.e. 10%) declared by the Board at its meeting held statutory modification(s), amendment(s), clarification(s),
on 19th April 2021. re-enactment(s) or substitution(s) thereof for the time
being in force), and Articles of Association of the
3. To re-appoint Mrs. Jyotsna Poddar, (DIN 00055736), who
Company, appointment of Mrs. Jyotsna Poddar (DIN:
retires by rotation and being eligible, offers herself for
00055736), who has attained the age of 70 years in July
re-appointment.
2020, be and is hereby approved and ratified as Whole
4. To Appoint M/s V Sankar Aiyar & Co., Chartered Time Director of the Company.
Accountants, Delhi (Firm Registration Number: 109208W)
RESOLVED FURTHER THAT pursuant to the provisions
as the Statutory Auditors and fix their remuneration and
of Section 196, 197, 203 and all other applicable
in this regard, to pass the following resolution as Ordinary
provisions, of the Companies Act, 2013 (the “Act”)
Resolution:
and Rules made thereunder read with Schedule V to
“RESOLVED THAT pursuant to the provisions of Sections the Act, the SEBI (Listing Obligations and Disclosure
139, 142 and other applicable provisions, if any, of the Requirements) Regulations, 2015 (‘Listing Regulations’),
Companies Act, 2013 read with the Companies (Audit (including any statutory modification(s), amendment(s),
and Auditors) Rules, 2014, (including any statutory clarification(s), re-enactment(s) or substitution(s) thereof
modification(s) or re-enactment thereof, for the time for the time being in force), and Articles of Association
being in force)as may be applicable and pursuant to of the Company, and subject to such other approvals,
the recommendations of the Board of Directors, M/s permissions and sanctions, as may be required, if any,
V Sankar Aiyar & Co., Chartered Accountants, Delhi and subject to such conditions and modifications, as
(Firm Registration Number: 109208W) be appointed as may be imposed or prescribed by any of the Authorities
statutory auditors of the Company, to hold the office in granting such approvals, permissions and sanctions,
from the conclusion of this Annual General Meeting until the consent of the members of the Company be and
the conclusion of the 57th Annual General Meeting, at is hereby accorded to re-appoint Mrs. Jyotsna Poddar
such remuneration and out of pocket expenses, as may (DIN: 00055736), aged 71 years, as Whole Time Director
be decided by the Board of Directors of the Company.
2 Zuari Global Limited

and Key Managerial Person of the Company to hold “RESOLVED THAT pursuant to the provisions of Section
office for a further period of 5 years w.e.f. 1st April, 2022 196, 197, 203 and all other applicable provisions, of
upon the terms and conditions set out in the Explanatory the Companies Act, 2013 (the “Act”) and Rules made
Statement annexed to the Notice convening this thereunder read with Schedule V to the Act, the SEBI
meeting (including remuneration to be paid in the (Listing Obligations and Disclosure Requirements)
event of loss or inadequacy of profits in any financial Regulations, 2015 (‘Listing Regulations’), (including
year during the period of 5 years from the date of re- any statutory modification(s), amendment(s),
appointment), with liberty to the Board of Directors of clarification(s), re-enactment(s) or substitution(s) thereof
the Company (hereinafter referred to as “the Board”) for the time being in force), and Articles of Association
which term shall be deemed to include any Committee of the Company, and subject to such other approvals,
of the Board constituted to exercise its powers, including permissions and sanctions, as may be required, if any,
the powers conferred by this Resolution) to alter and and subject to such conditions and modifications, as
vary terms and conditions of the said appointment in may be imposed or prescribed by any of the Authorities
such manner as may be agreed to between the Board in granting such approvals, permissions and sanctions,
and Mrs. Jyotsna Poddar. the consent of the members of the Company be and is
hereby accorded to re-appoint Mr. R.S. Raghavan (DIN:
00362555), aged 72 years, as Managing Director and
of Section 196(3) read with Schedule V and other
Key Managerial Person of the Company for a further
applicable provisions, if any, of Companies Act, 2013
period of 2 (Two) years effective from 15th February 2022
and the Companies (Appointment and Remuneration
up to 14th February 2024 upon the terms and conditions
of Managerial Personnel) Rules, 2014 (including any
set out in the Explanatory Statement annexed to the
statutory modification(s) or re-enactment(s) thereof, for
Notice convening this meeting (including remuneration
the time being in force, approval of the members of the
to be paid in the event of loss or inadequacy of profits
Company be and is hereby granted for continuation of
in any financial year during the period of 2 years from
holding of office of Whole time Director by Mrs. Jyotsna
the date of re-appointment), with liberty to the Board
Poddar for the aforesaid period of 5 years, who has
of Directors of the Company (hereinafter referred to as
attained the age of 71 (Seventy One) years as on the
“the Board” (which term shall be deemed to include
date of this notice.
any Committee of the Board constituted to exercise
RESOLVED FURTHER THAT where in any financial year its powers, including the powers conferred by this
during the tenure of Mrs. Jyotsna Poddar, Whole time Resolution) to alter and vary terms and conditions of the
Director, the Company has no profits or profits are said appointment in such manner as may be agreed to
inadequate, the remuneration or remuneration and between the Board and Mr. R.S. Raghavan.
/ or perquisites payable to Mrs. Jyotsna Poddar as
approved herewith may be construed as minimum
of Section 196(3) read with Schedule V and other
remuneration payable to Mrs. Poddar subject to the
applicable provisions, if any, of Companies Act, 2013
ceiling and other stipulations as laid down in Schedule
and the Companies (Appointment and Remuneration
V or any other provisions to the Companies Act, 2013
of Managerial Personnel) Rules, 2014 (including any
subject to other statutory approvals and compliances
statutory modification(s) or re-enactment(s) thereof, for
as stipulated therein.
the time being in force, approval of the members of the
RESOLVED FURTHER THAT Mrs. Jyotsna Poddar, Whole Company be and is hereby granted for continuation
time Director, be entrusted with such powers and of holding of office of Managing Director by Mr. R.S.
perform such duties as may from time to time be Raghavan who has attained the age of 72 (Seventy
delegated / entrusted to him subject to the supervision Two) years as on the date of this notice.
and control of the Board.
RESOLVED FURTHER THAT upon completion of the
RESOLVED FURTHER THAT the Board be and is hereby process of amalgamation of Gobind Sugar Mills Limited
authorized to take such steps as may be necessary for (“GSML”), a step down subsidiary of the Company, with
obtaining necessary approvals - statutory, contractual the Company, as per Scheme of Amalgamation (“the
or otherwise, in relation to the above and to settle all said Scheme”) approved by both Companies and
matters arising out of and incidental thereto and to upon receipt of necessary orders of Hon’ble National
sign and execute deeds, applications, documents and Company Law Tribunal, Mr. R.S. Raghavan who is also
writings that may be required, on behalf of the Company the Managing Director of GSML, will continue to hold
and generally to do all such other acts, deeds, matters office of Managing Director in Zuari Global Limited, the
and things as may be necessary, proper, expedient or Transferee Company, and a consolidated remuneration
incidental for giving effect to this Resolution.” of Rs. 103.20 Lakhs per annum (inclusive of all benefits,
6. Re-appointment of Mr. R.S. Raghavan (DIN: 00362555) perquisites etc.) which Mr. Raghavan is entitled from
as Managing Director of the Company GSML in his capacity as Managing Director of GSML, will
continue to be paid to him from Zuari Global Limited
To consider and if thought fit to pass, the following without any break with effect from the “Effective
resolution as a Special Resolution: Date” of the said Scheme till the completion of his

present tenure subject to necessary compliances and of the Company and generally to do all such other
approvals, if any, as applicable. acts, deeds, matters and things as may be necessary,
proper, expedient or incidental for giving effect to this
RESOLVED FURTHER THAT where in any financial year
Resolution.”
during the tenure of Mr. R.S. Raghavan, Managing
Director, the Company has no profits or profits are 8. Granting of Loans,Investments, Guarantee or Security
inadequate, the remuneration or remuneration and under Section 185 of the Companies Act, 2013
/ or perquisites payable to Mr. R.S. Raghavan as To consider and if thought fit to pass, the following
approved herewith may be construed as minimum resolution as a Special Resolution:
remuneration payable to Mr. Raghavan subject to the
ceiling and other stipulations as laid down in Schedule “RESOLVED THAT pursuant to Section 185 read with
V or any other provisions to the Companies Act, 2013 Section 186 and all other applicable provisions of the
subject to other statutory approvals and compliances Companies Act, 2013 and Rules made thereunder
as stipulated therein. as amended from time to time the consent of the
members of the Company, be and is hereby accorded
RESOLVED FURTHER THAT Mr. R.S. Raghavan, Managing to advance any loan including any loan represented
Director, be entrusted with such powers and perform by a book debt, or give any guarantee or provide any
such duties as may from time to time be delegated / security in connection with any loan taken by any of the
entrusted to him subject to the supervision and control following subsidiary(ies) / associate(s) / joint venture(s)
of the Board. of the Company, (in which any director is deemed to
RESOLVED FURTHER THAT the Board be and is hereby be interested) upto an aggregate sum of Rs.1,000 Crore
authorized to take such steps as may be necessary for (Rupees One Thousand Crore Only) provided that
obtaining necessary approvals - statutory, contractual such loans are utilized by the borrowing company for
or otherwise, in relation to the above and to settle all its principal business activities and / or other general
matters arising out of and incidental thereto and to corporate purposes.
sign and execute deeds, applications, documents and
writings that may be required, on behalf of the Company Sl. Name of the Subsidiary / Associate /
and generally to do all such other acts, deeds, matters No. Company Joint Venture
and things as may be necessary, proper, expedient or 1. Indian Furniture Subsidiary
incidental for giving effect to this Resolution.” Products Limited
7. Related Party Transactions with Gobind Sugar Mills 2. Gobind Sugar Step Down Subsidiary through
Limited Mills Limited Zuari Investments Limited (“a
Wholly Owned Subsidiary of
To consider and if thought fit to pass, the following the Company”)
resolution as an Ordinary Resolution:
3. Soundaryaa IFPL Step Down Subsidiary through
“RESOLVED THAT pursuant to provisions of Section 188 of Interiors Limited Indian Furniture Products
the Companies Act, 2013 and other applicable provisions Limited (“a Subsidiary of the
of the Companies Act, 2013 and rules made thereunder Company”)
and Regulation 23 of SEBI (Listing Obligations and 4. New Eros Associate of Zuari Investments
Disclosure Requirements) Regulations, 2015 (including Tradecom Limited Limited (“a Wholly Owned
any statutory modification(s) and re-enactment(s) Subsidiary of the Company”)
thereof from the time being in force) and as approved
5. Forte Furniture Joint Venture
and recommended by the Audit Committee and the
Products India
Board of Directors, the consent of the Members of the
Private Limited
Company, be and is hereby accorded to enter into
transaction(s) with Gobind Sugar Mills Limited (GSML), RESOLVED FURTHER THAT in case of any entity(ies)
a step down subsidiary and “Related party” in terms of become subsidiaries / associates / joint ventures in
Regulation 2(1)(zb) of SEBI Listing Regulations, for sale future, the Board of Directors may grant loan or give
and purchase of Sugar and other related transactions guarantee or provide security within the aggregate
with GSML,upto an aggregate value not exceeding amount of Rs.1,000 Crore, to such entities provided that
Rs.1,000 crores (Rupees One Thousand Crores) for the such loans are utilized by the borrowing company for
financial year 2021-22 and each subsequent financial its principal business activities and / or other general
years, on such terms and conditions as the Board of corporate purposes.
Directors deem fit, in one or more tranches from time to RESOLVED FURTHER THAT the Board be and is hereby
time. authorized to take such steps in relation to the above
RESOLVED FURTHER THAT the Board be and is hereby and to settle all matters arising out of and incidental
authorized to take such steps in relation to the above thereto and to sign and execute deeds, applications,
and to settle all matters arising out of and incidental documents and writings that may be required, on behalf
thereto and to sign and execute deeds, applications, of the Company and generally to do all such other
documents and writings that may be required, on behalf acts, deeds, matters and things as may be necessary,

proper, expedient or incidental for giving effect to this Sl. Name of the Subsidiary / Associate /
Resolution.” No. Company Joint Venture
9. Granting of loans under Section 188 of the Companies 1. Indian Furniture Subsidiary
Act, 2013 read with Regulation 23 of SEBI (Listing Products Limited
Obligations and Disclosure Requirements) Regulations, 2. Gobind Sugar Mills Step Down Subsidiary through
2015 Limited Zuari Investments Limited (“a
Wholly Owned Subsidiary of
To consider and if thought fit to pass, the following the Company”)
resolution as a Ordinary Resolution: 3. Soundaryaa IFPL Step Down Subsidiary through
“RESOLVED THAT pursuant to the provisions of section 188 Interiors Limited Indian Furniture Products
and other applicable provisions of the Companies Act, Limited (“a Subsidiary of the
2013 (‘the Act’) read with the Companies (Meetings of Company”)
Board and its Powers) Rules, 2014 (including any statutory 4. New Eros Associate of Zuari Investments
modification(s), amendment(s), clarification(s), re- Tradecom Limited Limited (“a Wholly Owned
enactment(s) or substitution(s) thereof for the time being Subsidiary of the Company”)
in force), Regulation 23 of the SEBI (Listing Obligations and 5. Forte Furniture Joint Venture
Disclosure Requirements) Regulations, 2015, as amended Products India
from time to time (‘Listing Regulations’), the provisions Private Limited
of the Memorandum and Articles of Association of the
RESOLVED FURTHER THAT the Board be and is hereby
Company and the applicable rules, guidelines and
authorized to take such steps in relation to the above
circulars issued by the concerned statutory or regulatory
and to settle all matters arising out of and incidental
authorities, the consent of the members of the Company
thereto and to sign and execute deeds, applications,
be and is hereby accorded to grant loan(s) of up to
documents and writings that may be required, on behalf
Rs. 1,000 crores (Rupees One Thousand Crores only) to
of the Company and generally to do all such other
any of the following subsidiary(ies) / associate(s) / joint
acts, deeds, matters and things as may be necessary,
venture(s) of the Company deemed to be ‘Related
proper, expedient or incidental for giving effect to this
Parties’ of the Company as per the provisions of
Resolution.”
Regulation 2(1)(zb) of SEBI Listing Regulations, in one or
more trancheson such terms and conditions as may be By Order of the Board of Directors
mutually agreed between the Company and the said
related parties.
Sd/-
Laxman Aggarwal
Company Secretary
M. No.: A19861
Date: August 14, 2021

Registered Office: Jai Kisaan Bhawan,
Zuarinagar, Goa 403 726

NOTES: 7. Members attending the meeting through VC/OAVM
shall be counted for the purposes of reckoning the
1. The Explanatory Statement pursuant to Section 102 of
quorum under Section 103 of the Companies Act, 2013.
the Companies Act, 2013 (“Act”) setting out material
facts concerning the business under Item No. 4, 5, 6, 7, 8. The Company’s Registrar & Share Transfer Agents (RTA)
8, and 9 of the Notice, is annexed hereto. are :
2. In view of the continuing Covid-19 pandemic, social Link Intime India Private Limited
distancing norms to be followed and the continuing C 101, 247 Park
restriction on movement of persons at several places in L.B.S. Marg, Vikhroli (W)
the country, the Ministry of Corporate Affairs (“MCA”) Mumbai – 400 083
has vide its Circular No. 20 dated May 5, 2020 read Tel : 022-49186000
with Circular No. 14 dated April 8, 2020, Circular
Fax : 022-49186060
No. 17 dated April 13, 2020 and clarification Circular
No. 02/2021 dated January 13, 2021 (hereinafter Email : [email protected]
collectively referred to as “MCA Circulars”) permitted Website : www.linkintime.com
the holding of Annual General Meeting through VC 9. Pursuant to the provisions of Section 72 of the
or OAVM without the physical presence of Members Companies Act, 2013, members can avail facility for
at a common venue. In compliance with these MCA nomination in respect of shares held by them. Members
Circulars and the relevant provisions of the Companies holding shares in electronic form may contact their
Act, 2013 and the SEBI (Listing Obligations and Disclosure respective Depository Participant for availing this
Requirements) Regulations, 2015, the Annual General facility. Members holding shares in physical form may
Meeting of the Members of the Company is being held send their nomination in the prescribed form duly filled
through VC/OAVM. The venue of the meeting shall be in to RTA at the above mentioned address.
deemed to be the Registered office of the Company
10. Pursuant to the provisions of Section 124 (5) and 125
at Jai Kisaan Bhawan, Zuarinagar, Goa – 403726.
of the Companies Act, 2013 the dividend amount
3. Pursuant to the provisions of the Companies Act, 2013, remaining unclaimed/unpaid for a period of seven
a Member entitled to attend and vote at the Annual years from the due date of payment shall be transferred
General Meeting is entitled to appoint a proxy to attend to the Investor Education and Protection Fund (IEPF)
and vote on his/her behalf and the proxy need not be established by Central Government. Pursuant to the
a Member of the Company. Since this AGM is being provisions of Section 124 (6) and section 125 of the
held pursuant to the MCA Circulars through VC/OAVM, Companies Act, 2013 read with Rule 6 of the IEPF
physical attendance of Members has been dispensed Authority (Accounting, Audit, Transfer and Refund)
with. Accordingly, the facility for appointment of Rules, 2016, all shares in respect of which dividend has
proxies by the Members will not be available for the not been paid or claimed for seven consecutive years
Annual General Meeting and hence the Proxy Form or more shall be transferred by the Company to the IEPF
and Attendance Slip are not annexed to the Notice. within 30 days of they becoming due to be transferred.
4. Since the meeting has been called through VC/OAVM, 11. The company has uploaded the details of unpaid and
route map to the venue of the meeting is not required. unclaimed amount lying with the Company as on the
5. Institutional/Corporate Shareholders (i.e. other date of last Annual General Meeting (AGM) i.e. on the
than individuals/HUF, NRI, etc) are required to send website of the Company www.adventz.com as well
a scanned copy (PDF/JPEG Format) of its Board as on the website of the Ministry of Company Affairs.
Resolution or governing body Resolution/Authorisation Unclaimed dividend pertaining to the financial year
etc., authorising its representative to attend the 2013-14 is due for transfer to the Investor education and
Annual General Meeting through VC/OAVM on its Protection Fund and the same can be claimed from
behalf and to vote through remote e-voting. The said the Company.
Resolution/Authorization shall be sent to the Scrutinizer
by email through their registered email address to The following are the due dates for transfer of unclaimed
[email protected] with copies marked to the dividend to IEPF.
Company at [email protected] and to its RTA at
[email protected]. Dividend Date of Last Date Due date
Year declaration for claiming for transfer
6. The Notice of the Annual General Meeting along with
of dividend unpaid to IEPF
the Annual Report for the financial year 2020-21 is being
sent only by electronic mode to those Members whose dividend
email addresses are registered with the Company/ 31-03-2014 01-09-2014 31-10-2021 29-11-2021
Depositories in accordance with the aforesaid MCA 31-03-2015 22-09-2015 21-09-2022 20-10-2022
Circulars and circular issued by SEBI dated May 12, 2020 31-03-2016 30-09-2016 29-09-2023 28-10-2023
and January 15, 2021. Members may note that the 31-03-2017 28-09-2017 27-09-2024 26-10-2024
Notice of Annual General Meeting and Annual Report 31-03-2018 10-09-2018 09-09-2025 08-10-2025
for the financial year 2020-21 will also be available on
31-03-2019 06-09-2019 06-09-2026 05-10-2026
the Company’s website www.adventz.com; websites
of the Stock Exchanges i.e. National Stock Exchange 31-03-2020 14-09-2020 14-09-2027 13-10-2027
of India Ltd and BSE Limited at www.bseindia.com 12. Members who have neither received nor encashed
and www.nseindia.com respectively. Members can their dividend warrant(s) in respect of the earlier years,
attend and participate in the Annual General Meeting are requested to write to the Company/RTA, mentioned
through VC/OAVM facility only. the relevant Folio number or DP ID and Client ID, for

issuance of duplicate/revalidated dividend warrant(s). in physical form are requested to dematerialize their
As and when the amount is due, it will be transferred physical shares into electronic form by sending demat
by the Company to Investor Education and Protection request to their concerned Depository Participants.
Fund. No claim thereof shall lie against the Company 18. The Register of Directors and Key Managerial Personnel
after such transfer. and their Shareholding maintained under Section
13. Members are advised to avail of the facility for receipt 170 of the Companies Act, 2013 and the Register of
of future dividends through National Electronic Contracts or Arrangements in which the Directors are
Clearing Services (NECS). The ECS facility is available interested maintained under Section 189 of the Act
at the specified locations. Shareholders holding shares and documents referred in the notice of meeting
in electronic form are requested to contact their shall be available for inspection through electronic
respective Depository Participant for availing NECS mode. Members may write to the Company on ig.zgl@
facility. The Company or RTA cannot act on any request adventz.com for inspection of said documents and
received directly from the members holding shares the same will also be available for inspection by the
in electronic form for any change of bank particulars members during the AGM.
or bank mandates. Shareholders holding shares in
physical form and desirous of either registering bank 19. To support the ‘Green Initiative’ in the Corporate
details or changing bank details already registered Governance taken by the Ministry of Corporate Affairs,
against their respective folios are requested to send a to contribute towards a Greener Environment and
request letter for updating Bank Account Numbers with to receive all documents, Notices, including Annual
9 digit MICR Number to the RTA or to the Company with Reports and other communications of the Company,
attested copy of his/her PAN Card and a photocopy of investors should register their e-mail addresses with
his/her cheque leaf (to capture correct Bank Account RTA if shares are held in physical mode or with the
Number, IFSC Code and 9 digit MICR Code). Depository Participant, if shares are held in electronic
mode.
14. To prevent fraudulent transactions, members are
advised to exercise due diligence and notify the 20. Voting Process : EVENT No. 210246
company of any change in address or demise of A. Process and manner for members to vote through
any member as soon as possible. Members are also electronic means:
advised not to leave their demat account(s) dormant
for long. Periodic statement of holdings should be In compliance with provisions of Section 108 of
obtained from the concerned Depository Participant the Companies Act, 2013 read with Rule 20 of the
and holdings should be verified. Companies (Management and Administration) Rules,
2014, as amended from time to time and Regulation 44
15. The Securities and Exchange Board of India (SEBI) has of the SEBI (LODR) Regulations, 2015 and in compliance
mandated the submission of Permanent Account with SEBI circular dated December 9, 2020, the
Number (PAN) by every participant in securities Company is pleased to provide the members the
market. Members holding shares in electronic form facility to exercise their right to vote at the 53rd Annual
are, therefore, requested to submit the PAN to General Meeting (AGM) by electronic means and
their Depository Participants with whom they are the business may be transacted through the e-voting
maintaining their demat accounts. Members holding services provided by Link Intime India Private Limited
shares in physical form can submit their PAN details to (LIIPL).
the Company or RTA.
Shareholders are advised to update their mobile
16. Members are requested to notify any change of number and email Id in their demat accounts to access
address in their postal/mail or email address: e-Voting facility.
i. To their Depository Participants (DPs) in respect of The detailed procedure is mentioned below:
the shares held in demat form and
The instructions for shareholders voting electronically
ii. To the Company at [email protected] in respect are as under :
of the shares held in physical form and
 Individual Shareholders holding securities in demat
iii. Kindly log in to the website of our RTA, Link Intime mode with NSDL
India Private Limited, www.linkintime.co.in under
Investor Services > Email/Bank detail Registration • If you are already registered for NSDL IDeAS
- fill in the details and upload the required facility, please visit the e-Services website of NSDL.
documents and submit Open web browser by typing the following URL:
https://eservices.nsdl.com either on a Personal
iv. In case the mailing address registered with us is Computer or on a mobile. Once the home page
without the PINCODE, kindly inform the same to DP of e-Services is launched, click on the “Beneficial
or the Company, as mentioned above. Owner” icon under “Login” which is available
under ‘IDeAS’ section. A new screen will open. You
17. With effect from April 01, 2019, except in the case of will have to enter your User ID and Password.
transmission or transposition of securities, the requests
for effecting transfer of securities shall not be processed • After successful authentication, you will be able to
see e-Voting services. Click on “Access to e-Voting”
unless the securities are held in dematerialized form under e-Voting services and you will be able to
with a Depository. Hence, the members holding shares see e-Voting page. Click on company name or

e-Voting service provider name and you will be see e-Voting feature. Click on company name or
re-directed to e-Voting service provider website e-Voting service provider name and you will be
for casting your vote during the remote e-Voting redirected to e-Voting service provider website
period or joining virtual meeting & voting during the for casting your vote during the remote e-Voting
meeting. period or joining virtual meeting & voting during the
meeting.
• If the user is not registered for IDeAS e-Services,
option to register is available at https://eservices.  Individual Shareholders holding securities in
nsdl.com. Select “Register Online for IDeAS “Portal Physical mode
or click at https://eservices.nsdl.com/SecureWeb/
IdeasDirectReg.jsp 1. Open the internet browser and launch the
URL: https://instavote.linkintime.co.in
• Visit the e-Voting website of NSDL. Open web
browser by typing the following URL: https://www.  Click on “Sign Up” under ‘SHARE HOLDER’ tab and
evoting.nsdl.com/ either on a Personal Computer register with your following details: -
or on a mobile. Once the home page of e-Voting A. User ID: Shareholders/ members holding shares
system is launched, click on the icon “Login” which in physical form shall provide Event No + Folio
is available under ‘Shareholder/Member’ section. Number registered with the Company.
A new screen will open. You will have to enter
your User ID (i.e. your sixteen digit demat account B. PAN: Enter your 10-digit Permanent Account
number hold with NSDL), Password/OTP and a Number (PAN) (Members who have not
Verification Code as shown on the screen. After updated their PAN with the Depository
successful authentication, you will be redirected to Participant (DP)/ Company shall use the
NSDL Depository site wherein you can see e-Voting sequence number provided to you, if
page. Click on company name or e-Voting service applicable.
provider name and you will be redirected to
e-Voting service provider website for casting your C. DOB/DOI: Enter the Date of Birth (DOB) / Date
vote during the remote e-Voting period or joining of Incorporation (DOI) (As recorded with your
virtual meeting & voting during the meeting. DP / Company - in DD/MM/YYYY format)
 Individual Shareholders holding securities in demat D. Bank Account Number: Enter your Bank
mode with CDSL Account Number (last four digits), as recorded
with your DP/Company.
• Existing user of who have opted for Easi / Easiest,
they can login through their user id and password. • Shareholders/ members holding shares in
Option will be made available to reach e-Voting physical form but have not recorded ‘C’ and
page without any further authentication. The ‘D’, shall provide their Folio number in ‘D’
URL for users to login to Easi / Easiest are https:// above
web.cdslindia.com/myeasi/home/login or www.  Set the password of your choice (The password
cdslindia.com and click on New System Myeasi. should contain minimum 8 characters, at least one
• After successful login of Easi / Easiest the user will special Character (@!#$&*), at least one numeral,
be also able to see the E Voting Menu. The Menu at least one alphabet and at least one capital
will have links of e-Voting service provider i.e. NSDL, letter).
KARVY, LINK NTIME, CDSL. Click on e-Voting service  Click “confirm” (Your password is now generated).
provider name to cast your vote. 2. Click on ‘Login’ under ‘SHARE HOLDER’ tab.
• If the user is not registered for Easi/Easiest, option to 3. Enter your User ID, Password and Image
register is available at https://web.cdslindia.com/ Verification (CAPTCHA) Code and click on
myeasi./Registration/EasiRegistration ‘Submit’.
Alternatively, the user can directly access e-Voting 4. After successful login, you will be able to see
page by providing demat Account Number and the notification for e-voting. Select ‘View’ icon.
PAN No. from a link in www.cdslindia.com home
page. The system will authenticate the user by 5. E-voting page will appear.
sending OTP on registered Mobile & Email as 6. Refer the Resolution description and cast your
recorded in the demat Account. After successful vote by selecting your desired option ‘Favour /
authentication, user will be provided links for the Against’ (If you wish to view the entire Resolution
respective ESP where the E Voting is in progress. details, click on the ‘View Resolution’ file link).
 Individual Shareholders (holding securities in demat 7. After selecting the desired option i.e. Favour /
mode) & login through their depository participants Against, click on ‘Submit’. A confirmation box
will be displayed. If you wish to confirm your
• You can also login using the login credentials of vote, click on ‘Yes’, else to change your vote,
your demat account through your Depository
click on ‘No’ and accordingly modify your
Participant registered with NSDL/CDSL for e-Voting
vote.
facility.
• Once login, you will be able to see e-Voting  If Individual Shareholders holding securities in
option. Once you click on e-Voting option, you Physical mode have forgotten the password:
will be redirected to NSDL/CDSL Depository site  Click on ‘Login’ under ‘SHARE HOLDER’ tab and
after successful authentication, wherein you can further Click ‘forgot password?’

 Enter User ID, select Mode and Enter Image  Guidelines for Institutional shareholders:
Verification (CAPTCHA) Code and Click on ‘Submit’.
• Institutional shareholders (i.e. other than Individuals,
• In case shareholders/ members is having valid HUF, NRI etc.) and Custodians are required to
email address, Password will be sent to his / her log on the e-voting system of LIIPL at https://
registered e-mail address. instavote.linkintime.co.in and register themselves
• Shareholders/ members can set the password of as ‘Custodian / Mutual Fund / Corporate Body’.
his/her choice by providing the information about • They are also required to upload a scanned
the particulars of the Security Question and Answer,
certified true copy of the board resolution /
PAN, DOB/DOI, Bank Account Number (last four
digits) etc. as mentioned above. authority letter/power of attorney etc. together
with attested specimen signature of the duly
• The password should contain minimum 8 characters, authorised representative(s) in PDF format in the
at least one special character (@!#$&*), at least
‘Custodian / Mutual Fund / Corporate Body’ login
one numeral, at least one alphabet and at least
one capital letter. for the Scrutinizer to verify the same.
 Individual Shareholders holding securities in  General Guidelines/Instructions for all shareholders:
demat mode with NSDL/ CDSL have forgotten the • During the voting period, shareholders can login
password: any number of time till they have voted on the
• Shareholders/ members who are unable to retrieve resolution(s) for a particular “Event’’.
User ID/ Password are advised to use Forget • Shareholders holding multiple folios/demat
User ID and Forget Password option available account shall choose the voting process separately
at abovementioned depository/ depository for each of the folios/demat account.
participants website.
• The voting rights of the Members shall be in
 It is strongly recommended not to share your proportion to their shares of the paid up equity
password with any other person and take utmost share capital of the company, subject to the
care to keep your password confidential. provisions of the section 108 of the Companies Act,
 For shareholders/ members holding shares in 2013 and Rules made thereunder, as amended, as
physical form, the details can be used only for on the cut off date, being Friday, 10th September,
voting on the resolutions contained in this Notice. 2021.
 During the voting period, shareholders/ members • Mr. Atul Kumar Labh, Practicing Company Secretary
can login any number of time till they have voted (Membership No. 4848) has been appointed by
on the resolution(s) for a particular “Event”. the Board of Directors of the Company as the
 Cast your vote electronically Scrutinizer for scrutinizing the remote e-voting
process in a fair and transparent manner.
1. After successful login, you will be able to see the
notification for e-voting on the home page of INSTA • The Scrutinizer shall immediately after conclusion of
Vote. Select/ View “Event No” of the company, the Annual General Meeting, first count the votes
you choose to vote. cast at the meeting, thereafter unblock the votes
cast through remote e-voting in the presence of at
2. On the voting page, you will see “Resolution
least two (2) witnesses not in the employment of
Description” and against the same the option
the Company.
“Favour/ Against” for voting.
• The Scrutinizer will submit, not later than 48
Cast your vote by selecting appropriate option i.e.
hours of conclusion of the AGM, a consolidated
Favour/Against as desired.
Scrutinizer’s Report, of the total votes cast in
Enter the number of shares (which represents no. favour or against, if any, to the Chairman of the
of votes) as on the cut-off date under ‘Favour/ AGM or any other director authorised by him in
Against’. You may also choose the option ‘Abstain’ writing who will countersign the same and declare
and the shares held will not be counted under the result of the voting forthwith, which shall be
‘Favour/Against’. displayed on the website of the Company at www.
adventz.com and on the website of Link Intime
3. If you wish to view the entire Resolution details, click India Private Limited within two (2) days of passing
on the ‘View Resolutions’ File Link. of the resolution at the AGM of the Company and
4. After selecting the appropriate option i.e.Favour/ communicated to the Stock Exchanges.
Against as desired and you have decided to • Any person, who acquires shares of the Company
vote, click on “SUBMIT”. A confirmation box will be becomes member of the Company after dispatch
displayed. If you wish to confirm your vote, click on of the notice and holding shares as of cut off date
“YES”, else to change your vote, click on “NO” and i.e. Friday, 10th September, 2021, may obtain the
accordingly modify your vote. user ID and password in the manner as mentioned
5. Once you confirm your vote on the resolution, you herein above.
will not be allowed to modify or change your vote
 Helpdesk for Individual Shareholders holding
subsequently.
securities in demat mode:
6. You can also take the printout of the votes cast
by you by clicking on “Print” option on the Voting In case shareholders/ members holding securities in
page. demat mode have any technical issues related to

login through Depository i.e. NSDL/ CDSL, they may scheduled time of the Annual General Meeting.
contact the respective helpdesk given below: Shareholders/Members with >2% shareholding,
Promoters, Institutional Investors, Directors, KMPs,
Login type Helpdesk details Chair Persons of Audit Committee, Nomination
Individual Members facing any technical and Remuneration Committee, Stakeholders
Shareholders issue in login can contact NSDL Relationship Committee and Auditors etc. may be
holding helpdesk by sending a request at allowed to the meeting without restrictions of first-
securities [email protected] or call at toll come-first serve basis. Members can log in and join
in demat free no.: 1800 1020 990 and 1800 15 (fifteen) minutes prior to the schedule time of
mode with 22 44 30 the meeting and window for joining shall be kept
NSDL open till the expiry of 15 (fifteen) minutes after the
schedule time. Participation is restricted upto 1,000
Individual Members facing any technical members only.
Shareholders issue in login can contact CDSL
holding helpdesk by sending a request Shareholders/ Members will be provided with
securities at helpdesk.evoting@cdslindia. InstaMeet facility wherein Shareholders/ Member
in demat com or contact at 022- shall register their details and attend the Annual
mode with 23058738 or 22-23058542-43. General Meeting as under:
CDSL Open the internet browser and launch the URL for
InstaMeet<<https://instameet.linkintime.co.in>>
 Helpdesk for Individual Shareholders holding and register with your following details:
securities in physical mode/ Institutional
A. Demat Account No. or Folio No: Enter your 16 digit
shareholders
Demat Account No. or Folio No
In case shareholders/ members holding securities
• Shareholders/ members holding shares in CDSL
in physical mode/ Institutional shareholders have
demat account shall provide 16 Digit Beneficiary ID
any queries regarding e-voting, they may refer the
Frequently Asked Questions (‘FAQs’) and InstaVote • Shareholders/ members holding shares in NSDL
e-Voting manual available at https://instavote. demat account shall provide 8 Character DP ID
linkintime.co.in, under Help section or send an followed by 8 Digit Client ID
email to [email protected] or contact on:- • Shareholders/ members holding shares in physical
Tel: 022-4918 6000. form shall provide Folio Number registered with the
B. Commencement of Remote E-Voting : Company
B. PAN: Enter your 10 digit Permanent Account
The remote e-voting period commences on
Number (PAN)
Monday, the 13th September, 2021 at 10.00 A.M.
and ends on Thursday, 16th September, 2021, C. Mobile No.: Enter your mobile number.
at 5.00 P.M. During this period, the Members of D. Email ID: Enter your email id, as recorded with your
the Company holding shares in physical form or DP/Company.
in dematerialized form, as on the cut-off date,  Click “Go to Meeting”
Friday, 10th September, 2021, may cast their vote
by electronic means in the manner and process Note:
set out herein above. The remote e-voting module Shareholders/ Members are encouraged to join the
shall be disabled by Link Intime India Private Limited Meeting through Tablets/ Laptops connected through
for voting thereafter. Once the vote on a resolution broadband for better experience Shareholders/ Members
is cast by the Member, the Members shall not be are required to use Internet with a good speed (preferably
allowed to change it subsequently. 2 MBPS download stream) to avoid any disturbance during
C. Instructions for Shareholders/Members to Attend the meeting.
the Annual General Meeting through InstaMeet: Please note that Shareholders/Members connecting from
Shareholders/Members are entitled to attend Mobile Devices or Tablets or through Laptops connecting
the Annual General Meeting through VC/OAVM via Mobile Hotspot may experience Audio/Visual loss due
provided by Link Intime by following the below to fluctuation in their network. It is therefore recommended
mentioned process. Facility for joining the Annual to use stable Wi-FI or LAN connection to mitigate any kind
General Meeting through VC/OAVM shall open 15 of aforesaid glitches.
minutes before the time scheduled for the Annual Instructions for Shareholders/Members to register themselves
General Meeting and will be available to the as Speakers during Annual General Meeting:
Members on first come first serve basis.
Shareholders/ Members who would like to express their
Shareholders/Members are requested to views/ask questions during the meeting may register
participate on first come first serve basis as themselves as a speaker by sending their request mentioning
participation through VC/OAVM is limited and will their name, demat account number/folio number, email
be closed on expiry of 15 (fifteen) minutes from the id, mobile number at [email protected] from Saturday,

11th September, 2021 at 10.00 a.m. to Monday, 13th Note:
September, 2021 at 11.00 a.m. i.e. atleast three days in
Shareholders/ Members, who will be present in the Annual
advance before the date of AGM.
General Meeting through InstaMeet facility and have
The first ten (10) Speakers on first come basis will only be allowed not casted their vote on the Resolutions through remote
to express their views/ask questions during the meeting. e-Voting and are otherwise not barred from doing so, shall
Shareholders/ Members, who would like to ask questions, be eligible to vote through e-Voting facility during the
may send their questions in advance mentioning their name meeting.
demat account number/folio number, email id, mobile Shareholders/ Members who have voted through Remote
number at [email protected]. The same will be replied by e-Voting prior to the Annual General Meeting will be eligible
the company suitably. to attend/participate in the Annual General Meeting
Note: through InstaMeet. However, they will not be eligible to
vote again during the meeting.
Those shareholders/members who have registered
themselves as a speaker will only be allowed to express In case the shareholders/members have any queries
their views/ask questions during the meeting. The Company or issues regarding e-voting, you can write an email to
reserves the right to restrict the number of speakers [email protected] or Call us: - Tel : 022-49186175.
depending on the availability of time for the Annual Guidelines to attend the AGM proceedings of Link Intime
General Meeting. India Private Limited.: InstaMEET
Shareholders/ Members should allow to use camera and For a smooth experience of viewing the AGM proceedings
are required to use Internet with a good speed (preferably of Link Intime India Private Limited InstaMEET, shareholders/
2 MBPS download stream) to avoid any disturbance during members who are registered as speakers for the event are
the meeting. requested to download and install the Webex application
Instructions for Shareholders/Members to Vote during the in advance by following the instructions as under:
Annual General Meeting through InstaMeet:
a) Please download and install the Webex application
Once the electronic voting is activated by the scrutiniser by clicking on the link https://www.webex.com/
during the meeting, shareholders/ members who have not downloads.html/
exercised their vote through the remote e-voting can cast
or
the vote as under:
b) If you do not want to download and install the Webex
On the Shareholders VC page, click on the link for e-Voting
application, you may join the meeting by following the
“Cast your vote”.
process mentioned as under:
1. Enter Demat Account No. / Folio No. and OTP (received
on the registered mobile number/ registered email Id) 1. Enter your First Name, Last Name and Email ID and
received during registration for InstaMeet and click on click on Join Now.
‘Submit’. 2. If you have already installed the Webex application
2. After successful login, you will see “Resolution on your device, join the meeting by clicking on Join
Description” and against the same the option “Favour/ Now
Against” for voting.
3. If Webex application is not installed, a new page will
3. Cast your vote by selecting appropriate option i.e. appear giving you an option to either Add Webex
“Favour/Against” as desired.
to chrome or Run a temporary application.
Enter the number of shares (which represents no. of
votes) as on the cut-off date under ‘Favour/Against’. 4. Click on Run a temporary application, an exe file
will be downloaded. Click on this exe file to run the
4. After selecting the appropriate option i.e. Favour/ application and join the meeting by clicking on Join
Against as desired and you have decided to vote,
Now
click on “Save”. A confirmation box will be displayed. If
you wish to confirm your vote, click on “Confirm”, else D. Book Closure:
to change your vote, click on “Back” and accordingly
modify your vote. The Register of Members and Share Transfer Books of
the Company will remain closed from Saturday, 11th
5. Once you confirm your vote on the resolution, you September, 2021 to Friday, 17th September, 2021 (both
will not be allowed to modify or change your vote
days inclusive) for the purpose of AGM.
subsequently.

Explanatory Statement pursuant to Section 102 of the 4 Basis of The Board of Directors of
Companies Act, 2013 recommendation for the Company on the basis
Item No.4 : appointment of recommendation from
the Audit Committee at its
M/s. V Sankar Aiyar & Co., Chartered Accountants, Delhi meeting held on 04thJune
(Firm Registration Number: 109208W) were appointed as 2021 also recommended
Statutory Auditors of the Company to fill the casual vacancy the re-appointment of
caused due to the resignation of M/s. Walker Chandiok M/s V. Sankar Aiyar & Co.,
& Co. LLP, Chartered Accountants (Firm Registration No. Chartered Accountants till
001076N/ N500013), Chartered Accountants, through postal the conclusion of 57thAnnual
ballot resolution dated 30th October, 2020 to hold the office General Meeting.
till the conclusion of ensuing (53rd) Annual General Meeting 5 Credentials of the M/s V Sankar Aiyar & Co.,
of the Company to be held in the year 2021. Statutory auditor Chartered Accountants is a
proposed to be well known firm of Chartered
Pursuant to Section 139 of the Companies Act, 2013 (“the
appointed Accountants having 10
Act”), the Board of Directors of the Company, on the
partners with offices in
recommendation of the Audit Committee at its meeting
Mumbai, New Delhi and
held on 04th June 2021 re-appointed M/s. V Sankar Aiyar Chennai. The firm also holds
& Co., Chartered Accountants, Delhi (Firm Registration Peer Review Certificate no.
Number: 109208W) as Statutory Auditors of the Company for 11660 dated April 15, 2019
a term of four (4) consecutive years i.e. from the conclusion isued by Peer Review Board
of 53rd Annual General Meeting to be held in the year 2021 of the Institute of Chartered
till the conclusion of the 57th Annual General meeting of Accountants of India valid till
the Company to be held in the year 2025 subject to the April 14, 2022.
approval of the Members at such remuneration plus out of
None of the Directors/ Key Managerial Personnel of the
pocket expenses and applicable taxes, as may be mutually Company/ their relatives is, in any way, concerned or
agreed between the Board of Directors of the Company interested, financially or otherwise, in the resolution set out
and the Auditors. at Item No.4 of the Notice.
The Company has received a written consent from the The Board accordingly recommends the ordinary resolution
Auditors that the said re-appointment is in accordance with set out at Item No.4 of this notice for approval of the
the criteria as provided under Section 139 and 141 of the Members.
Companies Act, 2013.
Item No. 5 :
As required in terms of Regulation 36 of SEBI (Listing Re-appointment of Mrs. Jyotsna Poddar (DIN: 00055736) as
Obligations and Disclosure Requirements) Regulations, Whole Time Director of the Company
2015, following are the brief details of M/s V. Sankar Aiyar
Mrs. Jyotsna Poddar, was appointed as Whole Time Director
& Co., Chartered Accountants (Firm Registration No.
for a period of 5 years w.e.f. 1stApril, 2017. The term of Mrs.
109208W):
Jyotsna Poddar as Whole Time Director will end on 31st
Sl. Particulars Details March, 2022.
No. In terms of section 164 of the Act, Mrs. Jyotsna Poddar is
1 Proposed Fee Audit Fee of Rs.23.50 Lakhs not disqualified from being re-appointed as a Whole Time
payable per year (including fee for Director of the Company.
Tax Audit) for conducting the
Mrs. Jyotsna Poddar, aged about 71 years, a Psychology
statutory audit
Honors student from Loreto House, Kolkata, is the Chairperson
2 Terms and Conditions In accordance with Section of Lionel India Limited. She is the wife of Mr. Saroj Kumar
of appointment 139 of the Companies Poddar, who is the Chairman of the renowned “Adventz”
Act, 2013 and rules made Group of Companies and daughter of Late Dr. K.K. Birla,
thereunder till the conclusion one of India’s leading industrialists. Mrs. Poddar is an active
of 57th Annual General social worker, and she runs a private trust – Jeevan Jyoti
Meeting Medical Society, which provides free medical facilities to
3 Rationale for Not Applicable the economically disadvantaged. Mrs. Poddar is also an
material change in active Rotarian.
the fee payable to Based on the satisfactory performance evaluation of Mrs.
auditor from that Jyotsna Poddar and considering Mrs. Poddar’s experience
paid to outgoing and skills, the Nomination & Remuneration Committee and
auditor Board of Directors, at their respective meetings held on 14th
August 2021, have approved the re-appointment of Mrs.
Jyotsna Poddar as Whole Time Director of the Company

for further period of 5 (five) years from 01st April 2022 to 31st Obligations and Disclosure Requirements) Regulation, 2015
March 2027. read with Secretarial Standard SS-2 is attached as Annexure
– A to this Notice.
The details of remuneration payable to Whole-Time Director
shall be as follows:- Item No. 6 :
Terms of re-appointment: Re-appointment of Mr. R.S. Raghavan (DIN: 00362555) as
Managing Director of the Company
01. Salary : Rs.3,96,000 per month with such increments
as may be determined by the Board or the Sub The Members of the Company through Special Resolution
Committee of the Board of Directors. passed at the Annual General Meeting held on 14th
02. Other Allowances : Rs.2,40,000 per month with such September 2020, approved the re-appointment of Mr. R.S.
increments as may be determined by the Board or the Raghavan (holding DIN 00362555) as Managing Director
Sub Committee of the Board of Directors. and Key Managerial Personnel (“KMP”) of the Company to
hold office for a period of 2 years from 15th February 2020 to
03. Perquisites : Perquisites will be allowed in addition to 14th February 2022.
the salary as set out herein.
In terms of section 164 of the Act, Mr. R.S. Raghavan is not
04. Following perquisites shall be provided as per rules of disqualified from being re-appointed as Managing Director
the Company as applicable to Senior Executives of of the Company.
the Company :
Mr. R.S. Raghavan, aged about 72 years, is a Chartered
i) Medical reimbursement (including Group Health Accountant and has over 49 years of rich and varied
Insurance premium) experience in vide range of industries such as Fertilisers,
ii) L.T.A. concessions – For self and family Chemicals, Steel, Textile and Electronics. He has been
iii) Fees of clubs associated with various group entities of Zuari and
iv) Personal Accident Insurance related companies. During his tenure, as a part of Group
05. Provision of car with chauffeur and telephone at restructuring scheme, the Company has successfully re-
residence will not be considered as perquisites. structured the borrowings of the Companies in the Group
06. Company’s contribution to Provident Fund, with a view to enhance efficiency and improve financial
Superannuation Fund shall not be included in the parameters and the Company is now on growth path. It
computation of the ceiling on perquisites to the extent would be in the interest of the Company to continue to
these either singly or put together are not taxable avail of his considerable expertise. Accordingly, approval
under the provisions of the Income-Tax Act. of the members is sought for passing a Special Resolution for
re-appointment of Mr. R.S. Raghavan for further period of 2
07. Additional perquisites: The Whole-Time Director shall years from 15th February 2022 to 14th February 2024.
be entitled to such other additional perquisites
which are applicable to Senior Executives of the Based on the satisfactory performance evaluation of Mr.
Company. R.S. Raghavan and considering Mr. Raghavan’s experience
and skills, the Nomination & Remuneration Committee and
08. Termination: The Agreement may be terminated by Board of Directors, at their respective meetings held on
giving the other, three months’ notice. 14th August 2021, have approved the re-appointment of Mr.
Provided that the remuneration payable by way of salary, R.S. Raghavan as Managing Director of the Company for
perquisites, performance bonus, other allowances and all further period of 2 (two) years from 15th February 2022 to 14th
benefits does not exceed the limits laid down in Section 197 February 2024.
and Schedule V of the Companies Act, 2013,including any
Mr. R.S. Raghavan, Managing Director, will not draw
statutory modifications or re-enactment thereof.
any remuneration from the Company. However, upon
Pursuant to Part I of Schedule V of the Companies Act, completion of the process of amalgamation of Gobind
2013 approval of shareholders is required by way of special Sugar Mills Limited (“GSML”), a step down subsidiary
resolution for appointment of Whole Time Director if he / of the Company, with the Company, as per Scheme of
she has attained age of more than 70 years. Hence, the Amalgamation (“the said Scheme”) approved by both
Board recommends the resolution set out at Item No.5 of Companies and upon receipt of necessary orders of
the Notice for shareholders’ approval as Special Resolution. Hon’ble National Company Law Tribunal, Mr. Raghavan
The Company has not committed any default in payment who is the Managing Director of GSML also, will continue
of dues to any bank or public financial institution or non- to hold office of Managing Director in Zuari Global
convertible debenture holders or any other secured Limited, the Transferee Company, and a consolidated
creditor. remuneration of Rs. 103.20 Lakhs per annum (inclusive of
all benefits, perquisites etc.) which Mr. Raghavan is entitled
Except, Mrs. Jyotsna Poddar and Mr. Saroj Kumar Poddar, from GSML in his capacity as Managing Director of GSML,
none of the other Directors / Key Managerial Personnel of will continue to be paid to him from Zuari Global Limited
the Company / their relatives are, in any way, concerned or without any break with effect from the “Effective Date” of
interested in the said resolution. the said Scheme till the completion of his present tenure
Brief profile along with other particulars of Mrs. Jyotsna in the Company subject to necessary compliances and
Poddar, in pursuance of Regulation 36(3) of the SEBI (Listing approvals, if any, as applicable.

Pursuant to Part I of Schedule V of the Companies Act, parties shall abstain from voting, irrespective of whether the
2013 approval of shareholders is required by way of entity or person is a party to the particular transaction or
special resolution for appointment of Managing Director not, pursuant to Regulation 23(7) of SEBI (LODR).
if he has attained age of more than 70 years. Hence, Members may please note that based on the criteria as
the Board recommends the resolution set out at Item mentioned above in the SEBI LODR and Companies Act,
No.6 of the Notice for shareholders’ approval as Special 2013, since the transactions with GSML, step down subsidiary,
Resolution. may be considered “Material”, therefore requires approval
The Company has not committed any default in payment of the Company by Ordinary Resolution. Accordingly, an
of dues to any bank or public financial institution or non- Ordinary Resolution under Item No.7 for approval of the
convertible debenture holders or any other secured related party transactions with GSML is placed before the
creditor. Shareholders for approval.
Except Mr. R.S. Raghavan, none of the other Directors Pursuant to Rule 15 of Companies (Meetings of Board and
and Key Managerial Personnel (KMP) of the Company or its Powers) Rules, 2014, as amended till date, particulars of
relatives of Directors and KMP are, in any way, concerned the transaction(s) with GSML are as follows:
or interested in the said resolutions. a) Name of the related party – Gobind Sugar Mills Limited
Brief profile along with other particulars of Mr. R.S. Raghavan, b) Name of the director or key managerial personnel who
in pursuance of Regulation 36(3) of the SEBI (Listing is related, if any;- Mr. R.S. Raghavan, Mr. Marco Wadia
Obligations and Disclosure Requirements) Regulation, 2015 and Mrs. Manju Gupta (being common directors).
read with Secretarial Standard SS-2 is attached as Annexure
– A to this Notice. c) Nature of relationship – Step down Subsidiary through
Zuari Investments Limited
Item No. 7 :
d) Nature, material terms, monetary value and particulars
Related Party Transactions with Gobind Sugar Mills Limited
of the contract or arrangements; - sale and purchase
Gobind Sugar Mills Limited (GSML), a step down subsidiary of Sugar and other related transactions. The monetary
and “Related party” of the Company in terms of Regulation value for transaction during FY 2021-22 and subsequent
2(1)(zb) of SEBI Listing Regulations,is engaged in the business years not exceeding Rs. 1,000 crores.
of manufacture and sale of sugar, molasses and press mud.
e) Any other information relevant or important for the
It is also engaged in generation of power and ethanol.
members to take a decision on the proposed resolution.
As recommended by the Audit Committee and Board of – NA
Directors of the Company, it is proposed by the Company
None of the Directors and Key Managerial Personnel of the
to enter into transactions with GSML for purchase / sale of
Company and their relatives as except mentioned above
sugar and other related transactions with GSML on such
is concerned or interested/concerned in this resolution,
terms and conditions as the Board of Directors deem fit,
financially or otherwise.
upto an aggregate value not exceeding Rs. 1,000 crores
(Rupees One Thousand Crores) for the financial year 2021- Accordingly, the Board commends the Resolution at Item
22 and each subsequent years, in one or more tranches No.7 for approval of the Members.
from time to time. Item No. 8 & 9:
As per the provisions of the Regulation 23 of Securities Granting of loans, investments, guarantee or security under
and Exchange Board of India (Listing Obligations and Section 185 of the Companies Act, 2013 and granting of
Disclosure Requirements) Regulations, 2015, defines loans under Section 188 of the Companies Act, 2013 read
term Material Related Party Transaction. It provides that with Regulation 23 of SEBI (Listing Obligations and Disclosure
all related party transactions shall be considered as Requirements) Regulations, 2015
“Material” if the transaction entered with or transactions
to be entered individually or taken together with a Related Pursuant to the provisions of Section 185 of the Companies
Party along with previous transactions during a Financial Act, 2013 (“the Act”), a company may advance any loan
Year exceeds 10% of the Annual Consolidated Turnover of including any loan represented by a book debt, or give
the company as per the Last Audited Financial Statement any guarantee or provide any security in connection with
of the Company. Further, Section 188 of Companies any loan taken by any person in whom any of the Director
Act, 2013 read with Companies (Meetings of Board and of the Company is interested subject to the condition that
its Powers) Rules, 2014 also defines the criteria for taking approval of the shareholders of the Company is obtained
shareholders approval where the sale, purchase or supply by way of Special Resolution and requisite disclosures are
of any goods or material, directly or through appointment made in the explanatory statement.
of agent or leasing of property any kind or availing or Further, pursuant to the provisions of Section 186 of the
rendering of any services, directly or through appointment Companies Act, 2013 (‘Act’), the shareholders of the
of agent amounting to 10% or more of the turnover of the Company on 28th August 2020, accorded approval to give
Company. loans or to give guarantee (ies) or to provide security(ies)
The Material Related Party Transactions requires approval or to make investment(s) upto an aggregate amount not
of the Shareholders by passing an Ordinary Resolution and exceeding Rs. 2,000 crore (Rupees Two Thousand Crore
in respect of voting on such resolution(s), all the related Only).

Pursuant to Regulation 23 of Securities and Exchange Board 188 of Companies Act, 2013 and Regulation 23 of SEBI
of India (Listing Obligations and Disclosure Requirements) Listing Regulations for making of loan(s) including loan
Regulations, 2015 (“SEBI Listing Regulations”), a transaction represented by way of book debts (the “Loan”) to, and/
with a related party shall be considered material if the or giving of guarantee(s), and/or providing of security (ies)
transaction(s) to be entered into individually or taken in connection with any loan taken/ to be taken, in one or
together with previous transactions during a financial year, more tranches, by any Subsidiary company(ies) / Associates
exceeds ten percent of the annual consolidated turnover of / Joint Venture Company (ies) / Body Corporates in whom
the listed entity as per the last audited financial statements any of the Director of the Company is interested up to an
of the listed entity. aggregate amount not exceeding Rs. 1,000 Crore (Rupees
Since the proposed loan by and/or guarantee/security One Thousand Crores Only).
from the Company are expected to exceed/exceeds The additional information required to be disclosed in the
limits approved by the shareholders under Section 186 Notice of General Meeting, pursuant to Rule 15 of the
of the Companies Act, 2013, the Board of Directors seek Companies (Meetings of Board and its Powers) Rules, 2014
consent of the members pursuant to Section 185, 186 and is produced as under:-
Sl. Name of the related Name of the Director Nature of Nature, material terms, Any other information
No. parties or Key Managerial Relationship monetary value and relevant or important
Personnel who is particulars of the contract for the Members to
related, if any (being or arrangement take a decision on the
common directors) proposed resolution
1. Indian Furniture Mr. R.S. Raghavan, Subsidiary
To provide any loan N.A.
Products Limited Mr. Nishant Dalal including any loan
represented by a
book debt, or give any
2. Gobind Sugar Mills Mr. R.S. Raghavan, Step Down guarantee or provide any
Limited Mr. Marco Wadia, Subsidiary security in connection
Ms. Manju Gupta with any loan.
The maximum value
of the related party
transaction(s) to be
3. Soundaryaa IFPL Mr. R.S. Raghavan Step Down entered into individually
Interiors Limited Subsidiary or taken together with
previous transactions,
4. New Eros Tradecom Mr. R.S. Raghavan Associate would be in aggregate
Limited of Rs.1,000 Crore, during
5. Forte Furniture Mr. Saroj Kumar Joint Venture the financial year 2021-
Products India Private Poddar, 22 and the subsequent
Limited Mr. R.S. Raghavan financial year(s).
Pursuant to Regulation 23 of Listing Regulations, all entities item no. 9 for approval of the members of the Company by
falling under the definition “Related Party” shall abstain way of Ordinary Resolution.
from voting in respect of the proposed Resolution given in
the notice, irrespective of whether the entity is a party to By Order of the Board of Directors
the particular transaction(s) or not.
None of Director, Key Managerial Personnel, and their Sd/-
relatives, are in any way, concerned or interested in the said Laxman Aggarwal
resolutions except those mentioned hereinabove table. Company Secretary
M. No.: A19861
The Board of Directors recommends resolution as set out in
item no.8 for approval of the members of the Company by
Date: August 14, 2021
way of Special Resolution.
Registered Office: Jai Kisaan Bhawan,
The Board of Directors recommends resolution as set out in Zuarinagar-Goa 403 726

Annexure – A
Details of Director(s) seeking appointment at the forthcoming Annual General Meeting in pursuance of Regulation 36(3) of
the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with Secretarial Standard SS-2:
Name of the Director Mrs. Jyotsna Poddar Mr. R.S. Raghavan

DIN 00055736 00362555
Date of Birth 26-07-1950 28-10-1948
Age 71 72
Nationality Indian Indian
Relationship between directors inter- Spouse of Mr. Saroj Kumar Poddar, None
se Chairman of the Company
Date of First Appointment 15-05-2009 15-02-2020
Qualification B.A. (Hons.) Chartered Accountant
Functional Expertise & Experience Mrs. Jyotsna Poddar, is the Chairperson of Mr. R.S. Raghavan is a Chartered
including brief resume. Lionel India Limited. Her wide experience, Accountant and has over 49 years of
skills and diverse interests will benefit the experience in vide range of industries
Company to diversify and grow in all such as Fertilisers, Chemicals, Steel,
business sectors. Textile and Electronics. He has been
associated with various group entities
of Zuari and related companies.
Appointment/Re-appointment Re-appointment Re-appointment
Terms and Conditions of As per Explanatory Statement As per Explanatory Statement
appointment/ re-appointment
Directorship held in other listed 1. Ronson Traders Limited 1. Gobind Sugar Mills Limited
companies (excluding foreign 2. Texmaco Infrastructure & Holdings 2. Texmaco Infrastructure & Holdings
companies & Section 8 companies) Limited Limited
as on 31st March, 2021
Listed entities from which the person NIL NIL
has resigned in the past three years
Membership/Chairmanship of NIL 1. Gobind Sugar Mills Limited -
Committees of other public limited Member of Audit Committee
companies (includes only Audit and Stakeholders Relationship
Committee and Stakeholders Committee
Relationship Committee) as on 31st 2. Zuari Finserv Limited - Member of
Audit Committee
March, 2021
3. Zuari Sugar & Power Limited -
Chairman of Audit Committee
4. Simon India Limited - Chairman of
Audit Committee
5. Indian Furniture Products Limited -
Member of Audit Committee
Number of shares held in the 71,621 NIL
Company
Remuneration last drawn Salary - Rs.63.60 Lakh NIL
Retirement Benefits - Rs.4.75 Lakhs
Remuneration proposed to be paid Salary - Rs.76.32 Lakh Rs.103.20 Lakhs per annum (inclusive
Retirement Benefits - of all benefits, perquisites etc.) to
Rs.5.70 Lakhs be paid from effective date upon
amalgamation of Gobind Sugar Mills
Limited into Zuari Global Limited
Number of meetings of the Board 5 6
attended during the year.

Directors’ Report 2020-21

To the Members,
We all are aware that the COVID-19 pandemic is spreading rapidly in India. It is an unprecedented phenomenon for all of us.
The situation is constantly evolving and we are presented with a new set of challenges everyday. To tackle this pandemic,
various state governments announced statewide lockdown as well as Central Government implemented various restrictions
on movement of people as well as goods.
In these trying circumstances, your Directors place before you the 53rd (Fifty-Third) Annual Report of the Company together
with Statement of Accounts for the accounting year ended 31st March, 2021.
1. Financial Results and Appropriation:
(Rs. in lakhs)
Standalone Consolidated
Particulars Current Year Previous Year Current Year Previous Year
2020-21 2019-20 2020-21 2019-20
Income from Operations 1,354.77 5,716.47 83,379.90 77,102.89
Other Income 13,850.24 8,905.47 14,873.99 12,472.24
Total Income 15,205.01 14,621.94 98,253.89 89,575.13
Profit/(Loss) for the year before depreciation and 4,269.79 1,766.33 (1,877.07) (3,052.24)
taxation
Less: Depreciation for the year 30.78 24.53 2,925.26 2,546.62
Profit/(Loss) before tax and share of profit/(loss) from 4,239.01 1,741.80 (4,802.33) (5,598.86)
Associates and Joint Venture
Less: Tax Expense
Current Tax (Including adjustment of earlier years) (306.77) 171.29 (236.33) 320.62
Deferred Tax Charge (447.63) 278.10 (1,272.57) 6,777.99
Profit/(loss) after tax 4,993.41 1,292.41 (3,293.43) (12,697.47)
Add: Share in profit/(losses) from Associates and - - (6,759.94) (26,886.24)
Joint Venture
Profit/(loss) for the year before Minority Interest 4,993.41 1,292.41 (10,053.37) (39,583.71)
Less: Share of Minority interest in profits/(losses) - - (754.62) (2,888.90)
Profit/(loss) for the year 4,993.41 1,292.41 (9,298.75) (36,694.81)
Add: Balance of profit brought forward 66,442.08 65,505.45 34,448.24 71,310.74
Add: Other adjustments - - 3,175.64 262.21
Add: Reclassification from OCI to retained earnings - - 987.17 (81.04)
on disposal of investments.
Add: Other comp. income on defined benefit 2.93 (0.85) 43.83 6.07
obligation
Less: Transfer to general reserve - - - -
Less: Dividends paid 588.81 294.41 588.81 294.41
Less: Tax on dividend (Including Surcharge) - 60.52 - 60.52
Balance of profit carried forward 70,849.61 66,442.08 28,767.32 34,448.24
Earnings per share (EPS) Rs.16.96 Rs.4.39 Rs.(31.58) Rs.(124.64)
A. Review of Operations: to Rs.1,292.41 lakhs for the previous year ended
The revenue from operations (Standalone) for 31st March, 2020.
the year ended 31st March, 2021 was Rs. 1,354.77 The revenue from operations (Consolidated) for
lakhs as compared to Rs.5,716.47 lakhs for the year the year ended 31st March, 2021 was Rs.83,379.90
ended 31st March 2020. lakhs as compared to Rs.77,102.89 lakhs for the
The Profit before tax for the year ended 31st previous year.
March, 2021 was Rs.4,239.01 lakhs as compared The Consolidated Loss before tax and after share
to Rs.1,741.80 lakhs for the year ended 31st March, in losses from Associates and Joint Venture for the
2020. The Profit after tax stood at Rs.4,993.41 lakhs year ended 31st March, 2021 was Rs.11,562.27
for the year ended 31st March, 2021 as compared lakhs as compared to a loss of Rs.32,485.10 lakhs

for the year ended 31st March, 2020. The Loss after (“the Debentureholder”) in two tranches as detailed
tax and share in losses from Associates and Joint below:
Venture stood at Rs.10,053.37 lakhs for the year (i) 8% - 197 NCDs having a face value of Rs.1,00,00,000
ended 31st March, 2021 as compared to loss of (Rupees One crore only) each and aggregating in
Rs.39,583.71 lakhs for the previous year. the principal amount to Rs.197,00,00,000 (Rupees
One hundred ninety seven crore only) issued on
There were no material changes and commitments
15th July 2019 which were due for redemption on
affecting the financial position of the Company
15th July 2022;
from the end of the financial year till the date of
(ii) 8% - 1130 NCDs having a face value of Rs.10,00,000
the Director’s Report.
(Rupees Ten Lakhs only) each and aggregating in
A detailed analysis of the Company’s performance the principal amount to Rs.113,00,00,000 (Rupees
and outlook is included in the Management One hundred thirteen crore only) issued on 04th
Discussion and Analysis Report, which forms part December 2019 which were due for redemption
of this Annual Report. on 05th December 2022.
B. Reserves: During the financial year 2020-21, there were lot of
During the year, amount transferred to General changes in the Indian economic scenario with COVID
Reserves is Nil. An amount of Rs. 70,849.61 lakhs is 19 pandemic and decline in economic growth.
retained as surplus in the Profit and Loss account. Later, the economy revived and started growing.
In this period, Adventz Group also carried out a
2. Dividend: detailed strategic study and decided to restructure
The Board adopted the interim dividend of Rs. 2/- the borrowings of the Companies in the Group with
per equity share (i.e. 20%) as detailed below as final a view to enhance efficiency and improve financial
dividend for financial year ended 31st March, 2021 parameters. As a part of Group restructuring scheme,
and the same has been included in the notice of the post closure of financial year, it was decided by the
ensuing Annual General Meeting for confirmation of Board of Directors in its meeting held on 04th June, 2021
the members: to prepay and make early voluntary redemption of the
(i) interim dividend of Rs. 1/- per equity share of face aforesaid NCDs.
value of Rs 10/- each fully paid up of the Company 4. Conservation of Energy / Technology Absorption /
(i.e. 10%) declared by the Board at its meeting Foreign Exchange earnings and outgo:
held on 13th February 2021; and A. Conservation of Energy:
(ii) interim dividend of Rs. 1/- per equity share of face The Company’s operations are not energy intensive
value of Rs 10/- each fully paid up of the Company and energy constitutes a very small portion of the
(i.e., 10%) declared by the Board at its meeting total cost. Even though the consumption of energy
held on 19th April 2021. is negligible as compared to the total turnover of
During the year under review, requirement of the Company. Your Company has taken effective
formulation of Dividend Distribution Policy under steps to reduce the consumption of energy.
Regulation 43A of SEBI (Listing Obligations and B. Technology Absorption:
Disclosure Requirements), Regulations, 2015 is not
applicable to the Company. i) The efforts made towards technology
absorption - Not Applicable
3. Debentures:
ii) The benefits derived like product improvement,
Issue of Non-Convertible Debentures: cost reduction, product development or
During the year under review, the Company issued import substitution - Not Applicable
and allotted 1,700 Unrated, Unlisted, Senior, Secured, iii) Imported technology (imported during the
Redeemable, Non-Convertible Debentures at an last 3 years reckoned from the beginning of
interest rate of 6% (six per cent) per annum having the financial year) - Not Applicable
face value of Rs.10 Lakh each, aggregating to Rs.170
iv) The expenditure incurred on Research and
Crore, in one tranche, for cash at par, to Asia-Pacific
Development - Not Applicable
Private Credit Opportunities 1 Singapore Pte. Ltd. on
preferential basis. No new technology was absorbed during the year
2020-21.
The funds so raised was utilized for the purposes for
which these were raised. C. Foreign Exchange and Outgo:
Redemption of Non-Convertible Debentures: The expenditure in foreign currency for the year
During the financial year 2019-20, the Company issued ended 31st March, 2021 was Rs.37.88 lakhs as
and allotted secured rated, listed, redeemable Non- compared to Rs.27.90 lakhs during the previous
Convertible Debentures (“NCDs”) aggregating to Rs. year. The foreign exchange earnings for the year
310 crores issued to Credit Suisse AG, Singapore Branch ended 31st March, 2021 was Rs.54.85 lakhs as

compared to Rs.62.86 lakhs during the previous Members interested in obtaining the same may write to
year. the Company.
5. Industrial Relations: 10. Risk Management:
The industrial relations continue to be harmonious. The Company has constituted Risk Management
6. Annual Return: Committee with the objective to monitor and review
the risk management plan for the Company including
The Annual Return referred to in Section 92(3) of the identification therein of elements of risks if any, which
Companies Act, 2013 is available on the website of may threaten the existence of the Company and such
the Company at www.adventz.com and can be other functions.
accessed at the following link https://www.adventz.
com/html/pdfs/Annual-Return-2020-21.pdf The Risk Management Committee consists of the
following members:
7. Related Party Transactions:
• Mr. Dipankar Chatterji
All related party transactions that were entered into • Mr. R.S. Raghavan
during the financial year under section 188 of the • Mr. Marco Wadia
Companies Act, 2013 were on an arm’s length basis. All • Mr. Vijay Vyankatesh Paranjape
related party transactions are approved by the Audit
Committee and the Board of Directors. There were 11. Vigil Mechanism / Whistle Blower Policy:
no materially significant related party transactions The Company in accordance with the provisions
entered into by the Company with the promoters, of Section 177(9) of the Companies Act, 2013 and
Directors, Key Managerial Personnel which may have Regulation 22 of SEBI (LODR) Regulations, 2015
a potential conflict with the interest of the Company at has established a vigil mechanism for Directors
large. All the transactions are under threshold limit. The and employees to report genuine concerns to the
details of related party transactions as per Form AOC-2 management viz. instances of unethical behavior,
is enclosed as Annexure ‘J’. actual or suspected, fraud or violation of the Company’s
8. Particulars of Loans, Guarantees or Investments: Code of Conduct. The Company has also formulated
Vigil Mechanism Whistle Blower Policy (“Policy”) which
The details of Loans, Corporate Guarantees and provides for adequate safeguard against victimization
Investments made during the financial year under of persons and has a provision for direct access to the
the provisions of Section 186 of the Companies Chairperson of the Audit Committee. The Company
Act, 2013 are given in Note No. 45 of the Financial has not denied any person from having access to the
Statements. Chairperson of the Audit Committee.
9. Nomination and Remuneration Policy and Disclosures 12. Corporate Social Responsibility (‘CSR’):
on Remuneration:
The Board of Directors has constituted a CSR
The Board on the recommendation of the Nomination Committee and also approved the CSR Policy.
and Remuneration Committee has framed a policy for CSR Committee comprises of three Non-Executive
selection, appointment and remuneration of Directors, Independent Directors and one Executive Director.
Key Managerial Personnel and employees in the Senior During the Financial Year 2020-21, only one meeting of
Management. More details of the same including the the Committee was held on 25th June, 2020.
composition of the Committee are given in the Report
on Corporate Governance enclosed as Annexure ‘A’ The Composition of Committee & their attendance at
to this report. the meetings are as follows:
The nomination and remuneration policy is displayed Name of the Status Nature of No. of
on the Company’s website. The weblink for the same member Directorship meetings
attended
is: https://www.adventz.com/html/pdfs/Nomination-
and-Remuneration-Policy-ZGL-3419-new.pdf Mr. Dipankar Chairman Non-Executive 1
Chatterji Independent
The disclosures related to employees under Section Director
197(12) of the Companies Act, 2013 read with Rule 5 (1) Mr. Marco Wadia Member Non-Executive 1
of The Companies (Appointment and Remuneration Independent
of Managerial Personnel) Rules, 2014 is enclosed as Director
Annexure ‘H’ to this Report. Mr. R.S. Member Managing 1
Raghavan* Director
The information required under Rule 5(2) and (3) of Mr. Vijay Member Non-Executive 1
the Companies (Appointment and Remuneration of Vyankatesh Independent
Managerial Personnel) Rules, 2014 forms part of this Director
Paranjape
Report. In terms of the first proviso to Section 136 of the
Act, the Report and Accounts are being sent to the *attended CSR Committee meeting held on 25th June 2020
Members excluding the aforesaid information. Any in the capacity of an Invitee.

The Policy is displayed on the Company’s website. The Mr. Vijay Kumar Kathuria has resigned as Chief Financial
weblink for the same is https://www.adventz.com/html/ Officer and Key Managerial Personnel of the Company
pdfs/CORPORATE-SOCIAL-RESPONSIBILITYPOLICY_2- with effect from 12 November, 2020 end of the day.
new.pdf Mrs. Jyotsna Poddar, Whole time Director, Mr. R.S.
The CSR Committee formulates and recommends Raghavan, Managing Director, Mr. Nishant Dalal, Chief
to the Board a CSR Policy which shall indicate the Financial Officer and Mr. Laxman Aggarwal, Company
activities to be undertaken by the Company, as Secretary, have been designated as Key Managerial
specified in Schedule VII of the Companies Act, 2013. Personnel in accordance with provisions of Section
The Committee also recommends the amount of 203(1) of the Companies Act, 2013.
expenditure to be incurred on the CSR activities and 14. Performance Evaluation:
monitors the CSR Policy of the Company from time to
time. Pursuant to the provisions of the Section 134, 178
and Schedule IV of the Companies Act, 2013 and
The detailed report on CSR activities as required Regulation 17 of the SEBI (Listing Obligations &
under the Companies (Corporate Social Responsibility Disclosure Requirements) Regulations, 2015, the
Policy) Rules, 2014 is enclosed as Annexure ‘G’ to this following performance evaluations were carried out;
report.
a) Performance evaluation of the Board, Chairman
13. Directors and Key Managerial Personnel: and non-Independent Directors by the
All Independent Directors have given declaration Independent Directors;
that they meet the criteria of independence as laid b) Performance evaluation of the Board, its
down under Section 149(6) of the Companies Act, Committees and Independent Directors by the
2013 and Regulation 16 of SEBI (LODR) Regulations, Board of Directors; and
2015. They have also registered themselves in the
databank with the Institute of Corporate Affairs of c) Performance evaluation of every director by the
India as an Independent Director as per Rule 6(1) of Nomination and Remuneration Committee.
the Companies (Appointment and Qualifications of The details of Annual Performance evaluation carried
Directors) Rules, 2014. out are given in the Corporate Governance Report
In accordance with the provisions of Regulation attached as Annexure ‘A’ to this report.
25(7) of SEBI (Listing Obligations and Disclosure 15. a. Board Meetings:
Requirements) Regulations, 2015, the company During the year under review, Six Board meetings
organizes familiarization program for Independent were held on: 25th June, 2020, 17th July, 2020, 14th
Directors as and when required. August, 2020, 07th September, 2020, 12th November,
Mrs. Jyotsna Poddar retires by rotation at the 2020, and 13th February, 2021. The details of the
forthcoming Annual General Meeting and is eligible composition of the Board and the attendance of
for re-appointment. A brief profile and details of the Directors at the Board meetings are provided
other Directorships of Mrs. Jyotsna Poddar, is given in in the Corporate Governance Report.
the Report on Corporate Governance enclosed as b. Audit Committee:
Annexure ‘A’ to this report.
During the year under review six Audit Committee
As on the date of this report, the Company is having Meetings were held and all the recommendations
Four Non Executive Independent Directors (including of the Audit Committee were accepted by the
one Woman Director), One Non Executive Director Board. The details of the composition of the Audit
(Chairman) and Two Executive Directors (including Committee and details of committee meetings
one Managing Director) having adequate experience are given in the Corporate Governance Report.
in varied fields.
16. Fixed Deposits:
As informed in last year’s report, the Board appointed
As reported in the year 2008-09, the Fixed Deposit
Mr. Laxman Aggarwal (Membership No. A – 19861)
Scheme of the Company was discontinued. The
as Company Secretary, Key Managerial Personnel
Company has not accepted any deposits from the
and Compliance Officer of the Company during the
public/members under Section 73 of the Act read with
financial year 2020-21 in terms of Regulation 6(1) of
the Companies (Acceptance of Deposits) Rules, 2014
SEBI (LODR) Regulations, 2015. During the financial
during the financial year under review.
year 2020-21, the Board also appointed (i) Mr. Nishant
Dalal as Chief Financial Officer and Key Managerial The Company was having an unpaid and unclaimed
Personnel; and (ii) Mr. Jatin Jain as Deputy Chief deposit amount of Rs.1,26,000/- at the end of the
Financial Officer of the Company. financial year.

17. Details of significant and material orders passed by the 2015. The Report on Corporate Governance pursuant
regulators or courts: to Schedule V of SEBI (LODR) Regulations, 2015 is
There are no significant material orders passed by the enclosed as Annexure ‘A’ to this report. A Certificate on
courts/ regulators or tribunals impacting the going compliance of Corporate Governance by a Practicing
concern status and Company’s operations in future. Company Secretary is enclosed as Annexure ‘B’.
The details pertaining to various demand notices Declaration by the Managing Director is enclosed
from various statutory authorities are disclosed in Note as Annexure ‘C’, Certification of Non-Disqualification
No. 38 of Financial Statements under the heading – of Directors is enclosed as Annexure ‘D’ and the
Contingent liabilities. Management Discussion and Analysis is enclosed as
Annexure ‘E’ to this report and Secretarial Audit Report
18. Adequacy of internal financial controls with reference is enclosed as Annexure ‘F’ to this report.
to financial statements:
During the financial year under review, requirement
The Company has adequate systems of internal control of disclosure with respect to Business Responsibility
in place, which is commensurate with its size and the Report under the provisions of regulation 34(2)(f) of the
nature of its operations. The Company has designed SEBI (LODR) Regulations, 2015 is not applicable to the
and put in place adequate Standard Operating Company.
Procedures and limits of Authority Manuals for conduct
of its business, including adherence to Company’s 20. Statutory Auditors:
policies, safeguarding of its assets, prevention M/s Walker Chandiok & Co. LLP, (Firm Registration No:
and detection of fraud and errors, accuracy and 001076N/ N500013), Chartered Accountants, tendered
completeness of accounting records and timely their resignation vide their letter dated 07th September
preparation of reliable financial information. 2020. This resulted into a casual vacancy in the office
These documents are reviewed and updated on an of the Statutory Auditors of the Company.
ongoing basis to improve the internal control systems Pursuant to Section 139(8) of the Companies Act,
and operational efficiency. The Company uses a 2013 (“the Act”), the Board of Directors of the
state-of-the-art ERP (SAP) system to record data for Company, on the recommendation of the Audit
accounting and managing information with adequate Committee at its meeting held on 07th September
security procedure and controls. 2020 accepted resignation of M/s Walker Chandiok
During the financial year under review, Intertrust & Co. LLP and after obtaining their consent under
Corporate Services India Pvt. Ltd. became the Internal Section 139(1) of the Act, appointed M/s V Sankar
auditors by virtue of execution of Business Transfer Aiyar & Co, Chartered Accountants, Delhi (Firm
Agreement for completion of transfer of business from Registration Number: 109208W), as the Statutory
Sameer Mittal & Associates LLP (“the existing Internal Auditors of the Company to fill the casual vacancy
Auditors”) to Intertrust Corporate Services India Pvt. caused by the resignation of M/s Walker Chandiok &
Ltd. (“the new Internal Auditors”) on 30th September Co. LLP, till the conclusion of the forthcoming Annual
2020. General Meeting (AGM) of the Company, subject to
the approval of the Members at such remuneration
Along with the Internal Audit Report, the Internal
plus out of pocket expenses and applicable taxes, as
Auditors have also submitted their opinion on adequacy
agreed mutually between the Board of Directors of
of Internal Financial Controls over financial Reporting
the Company and the Auditors.
(“IFCoFR”) and operative effectiveness of such
control as at 31st March 2021. During the year under Post closure of financial year under review, the Board
review, the Company continued to implement the appointed M/s. V Sankar Aiyar & Co, Chartered
suggestions and recommendations of Internal Auditors Accountants, Delhi (Firm Registration Number:
to improve the financial control. The findings under 109208W), as Statutory Auditors of the Company and
Internal financial control have been discussed by the recommends the same for approval of members at
Audit Committee on an ongoing basis to improve the the forthcoming AGM for a term of four (4) consecutive
efficiency in operations. The scope of internal financial years i.e. from the conclusion of 53rd Annual General
control includes review of processes for safeguarding Meeting to be held in the year 2021 till the conclusion
the assets of the Company, prevention and detection of the 57th Annual General meeting of the Company to
of frauds and errors, accuracy and completeness of be held in the year 2025.
the accounting records and timely preparation of The Company has received a written consent from the
reliable financial information. Auditors that the said re-appointment is in accordance
19. Disclosure Requirement: with the criteria as provided under Section 139 and
141 of the Companies Act, 2013. and Rules framed
Your Company has complied with all the mandatory
thereunder.
requirements of Schedule V of SEBI (LODR) Regulations,

The Standalone & Consolidated Audit Report does In accordance with Section 136 of the Companies
not contain any qualification, reservation or adverse Act, 2013, the audited financial statements, including
remark or disclaimer made by the Statutory Auditors. the consolidated financial statements and related
During the year under review, there were no frauds information of the Company and audited accounts of
reported by the auditors to the Audit Committee or the each of its subsidiaries, are available on our website at
Board under section 143(12) of the Companies Act, www.adventz.com.
2013. 25. Compliance of Secretarial Standards:
21. Secretarial Audit Report: The Company has complied with all the applicable
Pursuant to the provisions of Section 204 of the mandatory Secretarial Standards issued by the Institute
Companies Act, 2013 and The Companies of Companies Secretaries of India.
(Appointment and Remuneration of Managerial 26. Significant events:
Personnel) Rules 2014, the Company appointed Mr. Scheme of Amalgamation - Recent Developments:
Sadashiv V. Shet, Practicing Company Secretary as
Secretarial Auditors, to undertake the Secretarial Audit As mentioned in the last year’s Annual report, a
of the Company for financial year 2020-21. The Report Scheme of Amalgamation was approved between
of the Secretarial Auditor for the Financial Year 2020- Zuari Global Limited (“ZGL”) and Gobind Sugar Mills
21 is enclosed as Annexure ‘F’ to this report. The report Limited (“GSML”) and their respective shareholders
does not contain any qualification. and creditors vide Board approvals dated 17th July
2020. During the financial year under review, the
Post closure of financial year, the Company appointed Company revised the Scheme of Amalgamation
Mr. A. K. Labh, Practising Company Secretary of M/s between Zuari Global Limited (“ZGL”) and Gobind
A.K. Labh & Co. Company Secretaries, as Secretarial Sugar Mills Limited (“GSML”) and their respective
Auditors of the Company to conduct the Secretarial shareholders and creditors as per the directions of the
Audit under Companies Act, 2013 for financial year Bombay Stock Exchange (“BSE”) vide its letter no. DCS/
2021-22. AMAL/BA/R37/1877/2020-21 dated 15th January, 2021
22. Disclosure as per Section 22 of the Sexual Harassment and the directions of the National Stock Exchange of
of Women at Workplace (Prevention, Prohibition and India (“NSE”) vide its letter no. NSE/LIST/24289_III dated
Redressal) Act, 2013: 15th January, 2021, and has specifically disclosed in the
As per provisions of Section 4 of the Sexual Harassment Scheme that the 10.5% Non-Convertible Redeemable
of Women at Workplace (Prevention, Prohibition and Preference Shares of the face value of Rs. 10/- (Rupees
Redressal) Act, 2013, your Company has constituted Ten) proposed to be issued by ZGL to the equity
an Internal Complaints Committee for redressal of shareholders of GSML pursuant to clause 5.1(b) of
complaints against sexual harassment. There were no the Scheme and 7% Non-Convertible Redeemable
complaints/cases filed/pending with the Company Preference Share of the face value of Rs. 10/- (Rupees
during the financial year. Ten) to be issued by ZGL to the 7% Non-Convertible
Redeemable Preference Shareholders of GSML
23. Employees’ Stock Option (ESOP) Scheme: pursuant to clause 5.5 of the Scheme, shall not be listed
The Company has not issued any ESOP to its employees on any other stock exchange.
during the year. The above revised Scheme of Amalgamation has
24. Consolidated Financial Statements under Section 129 been disclosed on the website of the Company i.e.;
of the Companies Act, 2013: www.adventz.com.
The consolidated financial statements of the Company Gobind Sugar Mills Limited has filed the first motion
have been prepared in accordance with Indian application with Hon’ble National Company Law
Accounting Standards (Ind AS) notified under the Tribunal, Delhi Bench (NCLT) on 27th February 2021 and
Companies (Indian Accounting Standards) Rules, received the Order of Hon’ble NCLT on 15th March
2015 and Companies (Indian Accounting Standard) 2021 giving dispensation for meetings of Preference
(Amendment) Rules, 2016 which forms part of this Shareholders and Unsecured Creditors and to convene
Annual Report. the meetings of Equity Shareholders and Secured
The Company will make available the financial Creditors on 30th April 2021 through Video Conferencing.
statements of subsidiaries, upon request by any The resolution for approval of the Scheme has been
member of the Company interested in receiving this approved by the Equity Shareholders and Secured
information. The Annual Accounts of the Subsidiary Creditors in their respective meeting held on 30th April
Companies will also be available for inspection by any 2021. Gobind Sugar Mills Limited has filed the second
investor at the Registered Office of the Company and motion application with Hon’ble National Company
its Subsidiaries. Law Tribunal, Delhi Bench (NCLT) on 18th May 2021.

Zuari Global Limited has filed the first motion application residential units of value, 3) Government has
with Hon’ble National Company Law Tribunal, Mumbai created an Affordable Housing Fund (AHF) in
Bench (NCLT) on 03rd June, 2021. the National Housing Bank (NHB) with an initial
The appointed date of Amalgamation as per the corpus of Rs. 10,000 crore (US$ 1.43 billion) using
scheme is 01st April 2020. priority sector lending short fall of banks/financial
institutions for micro financing of the HFCs, 4) Under
27. Subsidiaries: Pradhan Mantri Awas Yojana (Urban) (PMAY (U)),
A brief review of the subsidiaries of the Company is 1.12 crore houses have been sanctioned in urban
given below: areas, creating 1.20 crore jobs, 5) Reducing GST
to 1% (affordable segment) & 5% from 8% & 12%
A. Zuari Infraworld India Limited (ZIIL):
respectively. The majority of the sale (154,434
A wholly owned subsidiary of your Company units) that happened in 2020 was in the affordable
represents the group’s foray into Real Estate segment (properties valued less than Rs.50Lacs)
Sector with projects across different cities in India as developers struggled to sell high-end/luxury
& Outside. units across India. A big number of unfinished/
The real estate sector is one of the most globally stalled projects in various parts of India especially
recognized sectors. Real estate sector in India is in NCR area have necessitated Government
expected to reach US$ 1 trillion by 2030. By 2025, it intervention in the form of corrective measures
will contribute 13 per cent to country’s GDP. but still a significant number of developers have
closed their business in these challenging times.
According to the data released by Department
for Promotion of Industry and Internal Trade Policy The commercial real estate market performance
(DPIIT), construction is the third-largest sector in was poor in year 2020 as very limited amount of
terms of FDI inflow. FDI in the sector (including transactions happened during 2020 in top cities
construction development and construction as retailers were forced to shut their shops due
activities) stood at US$ 42.97 billion between April to COVID-19 pandemic. Recovery in terms of
2000 and September 2020. Office space has footfall is seen to be around of the pre-COVID
been driven historically by growth in ITeS/IT, BFSI, volume for F&B segment during Q4 of FY20-21. A
consulting and manufacturing sectors but during limited amount of new supplies (~10Mn Sqft) are
the year 2020 substantial leasing activities were expected in year 2021 considering the current
not seen due to the “work from home” policy pandemic situation. Retail rentals have decreased
deployed by various companies during the first to a great extent (10%) on Y-o-Y basis across the
wave of COVID-19 pandemic. During 2020, the top cities and thus forced property owners to
office leasing space reached 73.5 msf across eight provide rent waivers, discounts etc to retain their
major cities, registering a growth of 5% y-o-y. tenants. Approx. 2.7Bn USD of Strategic Investment
Housing sales reached 1.54 lakh units in 2020 across has been done by key Private Equity players in
eight major cities indicating a decline of 37% India in Year 2020 – Brookfield’s investment in RMZ
y-o-y majorly contributed by the raging COVID-19 Corp to buy 12.5Mn Sft of commercial real estate,
pandemic. Blackstone’s participation in India’s first REIT along
with Embassy Group are some of the high value
The dual impact of GST & RERA implementations
transactions completed during this period.
is felt by real estate developers in various parts of
the country as evidenced by the less number of The details of the projects managed by ZIIL is
new launches which happened from 2017 to 2019 provided in Management Discussion and Analysis
compared to earlier times across the country. The Report.
residential real estate market in 2020 has seen Standalone
approximately same number (437,920 units) of
unsold inventory across the cities equivalent to ZIIL’s total revenue for the year ended 31st March,
50 Months of sales (time to sale the inventory) 2021 was Rs.3,672.38 Lakhs as compared to
as sales velocity continuously decreased in Rs.3,879.39 Lakhs for the year ended 31st March,
year 2020. Government of India carried out 2020.
corrective measures to boost investment & The Profit before tax for the year ended 31st March,
infuse liquidity in the economy by: 1) Setting up 2021 was Rs.22.00 lakhs as compared to Rs.243.22
a Rs.25,000 Cr Fund for last mile funding of stalled lakhs for the year ended 31st March, 2020.
projects, 2) The Atmanirbhar Bharat 3.0 package
The Profit after tax for the year ended 31st March,
announced by Finance Minister included income
2021 was Rs.136.51 lakhs as compared to Rs. 94.34
tax relief measures for real estate developers
and homebuyers for primary purchase/sale of lakhs for the year ended 31st March, 2020.

Consolidated SIL had written contractual letter to EGIL for
immediate release of overdue payment of Rs 6.9
ZIIL’s total revenue for the year ended 31 March,
st
Crs, however, no communication from Client is
2021 was Rs.2,604.54 Lakhs as compared to
received in spite of regular follow ups. Client taken
Rs.3,685.48 lakhs for the year ended 31st March,
to Court/NCLT
2020.
Nitric Acid Concentration and Ammonia Plant
The Loss before tax for the year ended 31st
Upgradation by Gujarat Narmada Valley Fertilizers
March, 2021 was Rs.1,481.45 Lakhs as compared
& Chemicals (GNFC)
to Rs.108.38 lakhs for the year ended 31st March,
2020. Project is completed & Site closed . Full payment
has been received.
The Loss after tax for the year ended 31 March,
st
2021 was Rs.1,366.94 Lakhs as compared to 10,000 MT Phosphoric Acid Tank for GSFC at Sikka
Rs.257.26 lakhs for the year ended 31st March, 2020. Shore Terminal
B. Simon India Limited (SIL): Project is completed & Site closed . The pending
Simon India Limited (SIL), a wholly owned subsidiary payment against last civil bill & retention amount
of the Company, is engaged in Engineering, against PBG ( already submitted) is being followed
Procurement & Construction (EPC) activities. up, according to client until all sub-vendor
payment are cleared then only final payment will
During the year under review, SIL undertook the be released.
following business activities:-
Engineering Services for Outside Battery Limit
Sulphuric Acid Capacity Expansion Project for PPL, (OSBL) Facilities Of 2x15 TPH New Gypsum
Paradeep Granulation Plant at Paradeep
The project is commissioned successfully with site Client has short closed the contract as per mail
closure. intimation dated 23rd April,2020.
Caustic Soda plant for KLJ Organics, Qatar Engineering Services for 4th Evaporator Project,
Engineering completed & Site team is demobilized. Paradeep Phosphate Limited (PPL).
As-Built drawings not submitted to client, has been
Detailed Engg work is 95% completed & only
kept on hold as the bank Guarantee not returned.
comment incorporation work are under progress. .
50,000 TPA Caprolactam Distillation Plant for Change order approval by client is pending.
Gujarat State Fertilizers & Chemicals Limited
Extended Basis Design Package for Acetone
(GSFC), Vadodara
to Isopropyl Alcohol (IPA) Project-ADDAR-Saudi
Plant commissioned in Feb’2018, Site has been Arabia
demobilized. Balance amount of Rs. 3.5 lakh is
The design engineering for the project is mostly
being expedited.
complete. Balance work on hold due to non-
Waste Heat Recovery System (WHRS) for OCL receipt of payment from Client.
Limited, Rajgangpur
SIL’s revenue from operations for the year ended
All systems commissioned and site is closed. PG 31st March, 2021 was Rs.789.48 lakhs as compared
test completed and accepted & all payments to Rs.6,992.50 lakhs for the year ended 31st March,
received. 2020.
LPG Terminal for MLTPL, Mundra The total Revenue for the year ended 31st March,
PGTR Completed & Report received in December, 2021 was Rs.2,050.57 lakhs as compared to
2019. Provisional Acceptance Certificate (PAC) Rs.8,794.56 lakhs for the year ended 31st March,
date confirmed by Client as 03rd Dec,2020 and 2020. The Loss before tax for the year ended 31st
letter received . LD waiver letter with pre condition March, 2021 was Rs.1,764.30 lakhs as compared to
received in June, 2020. Escrow account opened Rs.1,766.57 lakhs for the year ended 31st March,
and Disbursal of payment is in progress. 2020.
Spent Caustic Wash Project, SABIC / Saudi Kayan, The Loss after tax for the year ended 31st March,
KSA 2021 was Rs.3,601.57 lakhs as compared to
Rs.1349.91 lakhs for the year ended 31st March,
Mechanical Completion achieved. Plant
2020.
commissioned successfully.
Dicalcium Phosphate Project, Ecophos GNFC C. Indian Furniture Products Limited (IFPL):
India Limited (EGIL), Dahej Your, Company holds 72.45% share in IFPL.
Ecophos GNFC India Limited issued a letter IFPL is into the business of trading of Ready-To-
regarding suspension of work, due to non-sanction Assemble (RTA) Furniture and Mattresses and also
of bank loan against the project. providing services for office furnishing.

IFPL’s revenue from operations for the year ended Quintals) and Molasses production was 9,46,963
31st March, 2021 was Rs. 262.48 Lakhs as compared Quintals (Previous year 6,76,323 Quintals)
to Rs. 597.32 Lakhs for the year ended 31st March, The Gross Sales (inclusive of Excise Duty & GST)
2020. of GSML for the year ended 31st March, 2021
The Loss before tax for the year ended 31st March, increased by 31.73% to Rs. 76274.06 Lakhs from
2021 was Rs. 1,042.41 Lakhs as compared to Rs. Rs. 57900.03 Lakhs for the year 2019-20. The profit
952.67 Lakhs for the year ended 31st March, 2020. before interest, depreciation and tax for the
The Loss after tax for the year ended 31st March, year under review stood at Rs.12803.51 Lakhs as
2021 was Rs. 1,042.62 Lakhs as compared to compared to previous year’s figure of Rs. 7043.21
Rs. 951.48 Lakhs for the year ended 31st March, Lakhs. However, the Net Profit after tax of Rs.
2020 1314.35 Lakhs was recorded for the year ended
31st March, 2021.
D. Zuari Investments Limited (ZIL):
The reduction in recovery was primarily due to the
Zuari Investments Limited, a wholly owned production of ethanol through B molasses instead
subsidiary of Zuari Global Limited, is engaged in of the usual C molasses route. Owing to better
the business of strategic investments. realization and net margins by selling ethanol
The Company had filed an application to the produced from B molasses, GSML purposefully
Reserve Bank of India (RBI) for registration of the compromised on the sugar production. The
Company as Non-Banking Financial Company current sugar prices justify compromising sugar with
(NBFC) under the category of Systemically ethanol produced from B molasses. With the above
Important Core Investment Company (CIC-ND-SI) mentioned recovery, GSML produced ~14.75 Lakh
in the year 2018-19 and the same is under process Quintals of sugar and with huge opening stock,
during the financial year under review. was able to liquidate ~18.8 Lakh Quintals during
Standalone the FY 20-21. The distillery plant of GSML produced
~241.75 Lakh Litres of ethanol through B (and partly
ZIL’s Total Revenue for the year ended 31st March, C) molasses route and sold ~210.55 Lakh Litres
2021 was Rs. 1,072.56 Lakhs as compared to Rs. whereas the cogeneration unit produced ~111.97
1,146.40 Lakhs for the year ended 31st March, Million Units of Power and exported ~78.31 Million
2020. Units to the UP State Electricity Board.
The Loss before tax for the year ended 31st March, With all of the above and amidst pandemic
2021 was Rs. 1,463.35 Lakhs as compared to Rs. induced lockdown (which contracted India’s
1,771.20 Lakhs for the year ended 31st March, economy by 7.3% in FY 2020-21), GSML’s top line
2020. surged by ~28% (from Rs ~620 Cr to Rs ~792 Cr)
The Loss after tax for the year ended 31st March, owing predominantly to the liquidation of sugar
2021 was Rs. 1,487.49 Lakhs as compared to Rs. stock and with distillery unit running through
1,771.20 Lakhs for the year ended 31st March, 2020. most part of the year. GSML has also generated
a healthy EBITDA margin of ~16% in this financial
E. Gobind Sugar Mills Limited
year, indicating the operational efficiency and
Gobind Sugar Mills Limited (GSML), a subsidiary the capability of the GSML to generate strong
of Zuari Investments Limited (ZIL), belongs to the operational profits going forward. With servicing
Adventz Group. of major portion of debt in the next few years, the
GSML underwent a massive transformation over interest cost burden of GSML would come down
the last 5-7 years from being a standalone sugar substantially, leading to strong and consistent PBT
factory which was exposed to vagaries and numbers in the upcoming years.
cyclicity of sugar business to a fully integrated With government’s focus on mass vaccination and
sugar mill with cogeneration, distillery, sugar with second wave of pandemic receding, GSML
refinery and an enhanced capacity. With a capital believes that the worst of the pandemic is over,
expenditure of Rs ~530 Cr put in last few years, though there may be some localized lockdowns
GSML now has an intrinsic flexibility to manage which may impact liquidating inventory to an
the adverse cyclicity of sugar business and ride extent. GSML’s belief is further strengthened by
through the tough times. the strong GDP rebound expected in India and
During the year under review, GSML crushed World economy in the FY 2021-22, after one of
142.09 Lakhs Qtls (previous year 143.20 Lakhs Qtls) the worst contractions in recent times. For the
of sugar cane achieving sugar recovery rate of upcoming year, GSML expects to maintain or
10.38% (Previous year 11.66%). Sugar recovery even better its performance than the last year
was lower due to diversion of B Heavy Molasses owing to favourable macro-economic conditions
for production of Ethanol. Sugar production in sugar sector. With opening stock of sugar in
was 14,75,008 Quintals (previous year 16,69,665 India estimated around ~8-8.5 Million tons (down

from ~10.5 Millions tons in last sugar season) in the owned subsidiary of your Company, is engaged in
beginning of Sugar Year 2021-22 and with sugar the business of rendering management services.
prices expected to remain strong internationally The services to Group Companies include in the
(owing to fall in sugar production from EU, Brazil areas of human resource, internal audit, corporate
and Thailand ) favouring export, GSML expects the communication, etc.
domestic sugar prices to hold (or even better) its ZMSL’s total revenue for the year ended 31st
current range of Rs 33-34/ Kg. The sugar margins March, 2021 was Rs. 3,494.46 lakhs as compared
will further take a boost in case the government to Rs. 2,442.13 Lakhs for the year ended 31st March,
decides to increase the MSP from Rs 31/Kg to Rs 2020.
33/Kg.
The Loss before tax for the year ended 31st March,
In the year 2019, in order to prevent glut in the 2021 was Rs. 526.16 lakhs as compared to Rs.
Indian sugar industry, the government introduced 364.74 Lakhs for the year ended 31st March, 2020.
and allocated export quota to sugar mills in the
country. GSML was allocated a quota of ~3,99,890 The Loss after tax for the year ended 31st March,
Quintals for the SS 2019-20 which GSML catered 2021 was Rs. 526.16 lakhs as compared to Rs.
to well within the time frame. For the SS 2020- 390.14 Lakhs for the year ended 31st March, 2020.
21, GSML has already exported (till May,2021) H. Zuari Finserv Limited (ZFL):
~99.5% of the allocated export quota of ~ 2,97,330
Zuari Finserv Limited, a wholly owned subsidiary of
Quintals. GSML is able to cater to its export
Zuari Global Limited, engaged in the distribution
requirements with ease due to a strong brand,
of financial products and is focused to be a single
excellent sugar quality and cordial relation that it
window offering complete bouquet of all financial
enjoys with its international buyers. GSML has put a
products/services under one roof.
concerted effort in this direction by making strong
representations in various International Food ZFL is a member of both, National Stock Exchange
festivals such as Dubai Food Festival etc in order to of India Limited (NSE) and Bombay Stock Exchange
understand the demand, price dynamics, logistics Limited (BSE), for cash, derivative and currency
and requirements of international customers. segments and providing trading services to its
GSML already supplies sugar to countries such clients. It is a depository participant with National
as Doha, Nepal, Canada, Bangladesh etc and Securities Depository Limited (NSDL) and Central
is in the process of further enlarging its marketing Depository Services (India) Limited (CDSL) and
reach. providing depository services to its clients.
Having mentioned all of the above, the outlook of Besides being empaneled with Association of
the industry and of GSML are highly dependent on Mutual Fund of India for distribution of Mutual
the supportive measures, which may be taken by Fund products and a Category – II, Registrar and
the State/Central Governments to ensure viability Share Transfer Agent registered with Securities and
of sugar mills. However, GSML will be relentlessly Exchange Board of India.
working on increasing its operational efficiencies, ZFL’s total revenue for the year ended 31st March,
instituting cost controls, and increasing productivity 2021 was Rs.1,157.27 Lakhs as compared to Rs.
in respect of all controllable factors to make its 1,119.69 Lakhs for the year ended 31st March, 2020.
operations resilient. The Profit before tax for the year ended 31st March,
F. Zuari Sugar & Power Limited (ZSPL): 2021 Rs. 525.28 Lakhs as compared to Loss before
tax for the year ended 31st March, 2020 was Rs.
Zuari Sugar & Power limited (ZSPL), a wholly owned
145.44 Lakhs. The Profit after tax for the year ended
subsidiary of Zuari Global limited, is a registered
31st March, 2021 Rs. 520.11 Lakhs as compared to
trader to deal in agri related commodities.
Loss after tax for the year ended 31st March, 2020
The company is procuring sugar from sugar
was Rs. 195.27 Lakhs.
manufacturing units for trading on wholesale basis,
to build as a volume trader, which shall strengthen I. Zuari Insurance Brokers Limited (ZIBL):
the business position of the Company. Zuari Insurance Brokers Limited (ZIBL), a wholly
The Gross Sales (inclusive of Excise Duty & GST) of owned subsidiary of Zuari Global Limited is
the Company for the year ended 31st March, 2021 registered with the Insurance Regulatory and
is Rs. 9,051.91 Lakhs as compared to Rs. 16,360.44 Development Authority (IRDA) and provides
Lakhs for the year 2019-20. The Loss before tax and complete Insurance solutions to individuals &
loss after tax for the year under review stood at Corporates as an Insurance Broker. The Company
Rs. 2,852.78 lakhs as compared to previous year’s also caters to the entire in-house insurance
figure of Rs. 1,772.49 Lakhs. requirements of the group.
G. Zuari Management Services Limited (ZMSL): During the year under review, the Company
had acquired 100% equity shares of ZIBL from
Zuari Management Services Limited (ZMSL), a wholly Zuari Finserv Limited (“ZFL”), the wholly owned

subsidiary of the Company and consequently, ZIBL 29. Associates:

became wholly owned subsidiary of the Company Zuari Agro Chemicals Limited (ZACL):
w.e.f. 11th December, 2020. The said transaction
Your Company holds 20% shares and the subsidiary
was undertaken pursuant to applicable
Zuari Management Services Limited holds 12.08%
statutory provisions of Insurance Regulatory and
shares of Zuari Agro Chemicals Limited (ZACL).
Development Authority of India (Insurance Brokers)
Regulations, 2018. ZACL’s revenue from continued operations
(Standalone) for the year ended 31st March, 2021 was
ZIBL’s total revenue for the year ended 31st March,
Rs.10.63 Lakhs and discontinued operations was Rs.
2021 was Rs. 299.51 Lakhs as compared to Rs.
2,21,938.60 lakhs as compared to continued operations
439.95 Lakhs for the year ended 31st March, 2020.
of Rs.5,024.98 lakhs and discontinued operations of
The Profit before tax for the year ended 31st March,
Rs. 2,26,773.21 lakhs for the previous year ended 31st
2021 was Rs. 67.05 Lakhs as compared to Rs.
March, 2020.
212.09 Lakhs for the year ended 31st March, 2020.
The Profit after tax for the year ended 31st March, The loss before tax for the year ended 31st March, 2021
2021 was Rs. 41.53 Lakhs as compared to Rs. 158.54 from continuing operations was Rs.10,149.34 lakhs
Lakhs for the year ended 31st March, 2020. and discontinued operations was Rs.13,562.85 lakhs
as compared to profit from continued operations of
28. Joint Ventures: Rs.52,640.66 lakhs and loss from discontinued operations
Zuari Indian Oiltanking Private Limited: to Rs. 68,635.76 lakhs for the previous year. The loss
after Tax from continuing and discontinuing operations
Zuari Indian Oiltanking Private limited (ZIOPL), has
stood at Rs.23,712.19 lakhs for the year ended 31st
terminalling facility for handling petroleum products
March, 2021 as compared to loss of Rs.18,926.83 lakhs
namely Naphtha, Motor Spirit, High Speed Diesel &
for the previous year.
Superior Kerosene.
The revenue from continued operations (Consolidated)
The Company provides terminalling services to
for the year ended 31st March, 2021 was Rs. 2,40,374.50
Hindustan Petroleum Corporation Limited, Bharat
Lakhs and discontinued operations was Rs. 2,16,887.13
Petroleum Corporation Limited & Indian Oil Corporation lakhs as compared to continued operations of
Limited as a Common User Terminal (CUT) facility. Rs.3,04,205.31 lakhs and discontinued operations of Rs.
Products currently handled are Motor Spirit, High Speed 1,96,237.24 lakhs for the previous year.
Diesel & Ethanol. The Consolidated profit before tax for the year ended
For the year 2020-21, the Oil Terminal has achieved a 31st March, 2021 from continuing operations was
throughput of KL 4,48,050. Rs.8,652.96 lakhs and loss from discontinued operations
was Rs.17,431.31 lakhs as compared to loss from
ZIOPL’s revenue from Business Operations for the
continued operations of Rs.9,005.96 lakhs and loss from
year ended 31st March 2021 was Rs. 1,306.17 Lakhs as
discontinued operation of Rs. 64,596.40 lakhs for the
compared to Rs. 1,811.92 Lakhs for the previous year
previous year. The loss after tax from continuing and
ending 31st March 2020.The loss before tax for the
discontinuing operations stood at Rs.12,624.56 lakhs for
year ended 31st March 2021 was Rs. 28.38 Lakhs as
the year ended 31st March, 2021 as compared to loss
compared to Profit of Rs. 300.38 Lakhs in the last year.
of Rs.77,254.20 lakhs for the previous year.
In the current financial year Loss after tax stood at Rs.
21.31 Lakhs. The statement containing salient features of the
financial statement of subsidiaries/associates/joint
Forte Furniture Products India Private Limited (FFIPL): ventures in the prescribed Form AOC-1 is attached as
IFPL and ZGL has formed a Joint Venture Company with Annexure ‘I’ to this report.
Fabryki Mebli ‘‘Forte’’ S.A (‘‘Forte’’), which is a highly 30. Cost Records and Cost Audit:
reputed Company situated at Poland and engaged
in the business of manufacturing, selling furniture and During the financial year under review, the Company
furniture related products in Europe. has maintained the cost records as specified by the
Central Government under Section 148(1) of the
FFIPL’s total revenue for the year ended 31st March, Companies Act, 2013.
2021 was Rs. 4,250.62 lakhs as compared to Rs. 6,691.40
During the financial year under review, requirement of
lakhs for the year ended 31st March, 2020. The loss
Cost Audit as prescribed under the provisions of section
before tax for the year ended 31st March, 2021 was Rs.
148(1) of the Companies Act, 2013 is not applicable to
2,004.81 lakhs as compared to Rs. 2,563.31 lakhs for the
the Company.
year ended 31st March, 2020. The Loss after tax for the
year ended 31st March, 2021 was Rs. 2,004.81 lakhs as 31. Directors’ Responsibility Statement:
compared to Rs. 2,563.31 lakhs for the year ended 31st To the best of their knowledge and belief and according
March, 2020. to the information and explanation obtained by them,

your Directors make the following statements in terms applicable laws and that such systems were
of provisions of Section 134 (5) of the Companies Act, adequate and operating effectively.
2013, and hereby confirm that: 32. Other Disclosures:
a) in the preparation of the annual accounts, the (a) During the year under review, to the best of the
applicable Accounting Standards have been available information, the Company has not made
followed along with proper explanation relating to any application, nor any application has been
material departures; filed against the Company under the Insolvency
b) the Directors have selected such accounting and Bankruptcy Code, 2016.
policies and applied them consistently and made (b) There was no instance of any one-time settlement
judgments and estimates that are reasonable with any bank during the period under review.
and prudent so as to give a true and fair view of
the state of affairs of the Company at the end of 33. Acknowledgements:
the financial year and of the profit and loss of the Your Directors wish to place on record their appreciation
Company for that period; for the dedication, commitment and contribution of all
c) the Directors have taken proper and sufficient care the stakeholders and employees of your Company.
for the maintenance of adequate accounting
records in accordance with the provisions of this
Act for safeguarding the assets of the Company
and for preventing and detecting fraud and other For and on behalf of the Board
irregularities;
d) the Directors have prepared the annual accounts Sd/-
on a going concern basis; S.K. Poddar
Place: Dubai Chairman
e) the Directors, have laid down internal financial Date : 04th June, 2021 DIN: 00008654
controls to be followed by the Company and that
such internal financial controls are adequate and
were operating effectively; and
f) the Directors have devised proper systems to
ensure compliance with the provisions of all

Annexure ‘A’ To the Directors’ Report

Report on Corporate Governance
1. Company’s Philosophy on the Code of Corporate 2. Board of Directors:

Governance: The Board of Directors of the Company comprises
The Company’s Philosophy on Corporate Governance seven members including Managing Director, a Whole
envisages an attainment of the highest level of Time Director and five Non-Executive Directors. More
transparency and accountability. It is aimed at than half of the Board comprises of Independent
safeguarding and adding value to the interests of Directors. The other related information concerning the
various stakeholders. The Company is committed to Board is given hereunder.
the best Corporate Governance and continues with During the year under review, Six Board meetings were
its initiatives towards the best Corporate Governance held on: 25th June, 2020, 17th July, 2020, 14th August,
practices. 2020, 07th September, 2020, 12th November, 2020, and
13th February, 2021.
Attendance of each Director at the Board of Directors’ meetings and at the last Annual General Meeting along with
directorships in other Companies and number of Committees where the Director is a Chairman / Member is given hereunder:
Name of Director Category of No. of Director- No. of No. of Attendance No. of Board Committees
Director-ship # ships in other Board shares at last AGM in companies other than the
companies as Meetings held Company as on 31.03.2021**
on 31.03.2021* Attended Chairman Member
Mr. S.K. Poddar $ Promoter Group/ 11 5 1533446 Yes - -
Chairman- NED
Mr. R.S. Raghavan Managing 12 6 NIL Yes 2 6
Director
Mrs. Jyotsna Poddar + Promoter Group/ 10 5 71621 Yes - -
Whole Time
Director
Mr. Marco Wadia NED / I 13 6 3608 Yes 4 4
Mr. Dipankar Chatterji NED/I 12 6 NIL Yes 3 3
Mr. Vijay Vyankatesh NED/I 1 6 NIL Yes - -
Paranjape
Mrs. Manju Gupta NED/I 8 6 NIL Yes - -
# I- Independent, NED-Non-Executive Director
* The number of directorships in Public and Private Limited Companies other than the Company
** Includes Audit Committee and Stakeholders Relationship Committee in Public Companies
$ shares include held in individual capacity, Karta and as a trustee
+ Spouse of Mr. S.K. Poddar, Chairman
Name of the Name of the other Category of Name of the Name of the other Category of
Director Listed Entities Directorship of the Director Listed Entities Directorship of the
where the Director listed Entities where where the Director listed Entities where
of the Company the Director of the of the Company the Director of the
is Director as on Company is Director is Director as on Company is Director
31.03.2021 as on 31.03.2021 31.03.2021 as on 31.03.2021
Mr. Saroj Chambal Fertilisers Chairman- Non- Mr. Marco Gobind Sugar Mills Non-Executive
Kumar and Chemicals Executive - Non Wadia Limited Independent Director
Poddar Limited Independent Director Chambal Fertilisers Non-Executive
Texmaco Chairman- Non and Chemicals Independent Director
Infrastructure & Executive Director Limited
Holdings Limited Josts Engineering Non-Executive
Company Limited Independent Director
Texmaco Rail & Chairman- Executive
Engineering Limited Director Stovec Industries Non-Executive -
Limited Independent Director
Zuari Agro Chairman – Non Zuari Agro Non- Executive
Chemicals Limited Executive Director Chemicals Limited Independent Director

Name of the Name of the other Category of Cricketer’s Organization. This trust promotes young
Director Listed Entities Directorship of the cricketing talent and supports former cricketers.
where the Director listed Entities where Mrs. Poddar has authored a book – Cricketing
of the Company the Director of the Memories, the foreword for which was written by
is Director as on Company is Director Sir Don Bradman. In 1987, she was a member of the
31.03.2021 as on 31.03.2021 Reliance World Cup Organizing Committee.
Mrs. Jyotsna Ronson Traders Non-Executive
Mrs. Poddar is an active social worker, and she runs
Poddar Limited Director
Texmaco Non-Executive & Non a private trust – Jeevan Jyoti Medical Society, which
Infrastructure & independent Director provides free medical facilities to the economically
Holdings Limited disadvantaged.
Mr. Vijay - - Mrs. Poddar is also an active Rotarian.
Vyankatesh
Names of other Companies in which Mrs. Jyotsna
Paranjape
Mr. Dipankar Hindusthan Non-Executive - Poddar is a Director as on 31st March 2021:
Chatterji National Glass & Independent Director Sr. No. Names of the Companies/Firms
Industries Limited Public Companies
Zuari Agro Non-Executive -
1 Lionel Edwards Limited
Chemicals Limited Independent Director
Nicco Parks & Non-Executive - 2 Lionel India Limited
Resorts Limited Independent Director 3 Nilgiri Plantations Limited
Jagaran Microfin Non-Executive - 4 Ronson Traders Limited
Private Limited Independent Director 5 Sangha Shree Investments & Trading
Mangalore Non-Executive - Company Limited
Chemicals and Independent Director 6 Syndak Teatech Limited
Fertilisers Limited 7 Yashovardhan Investment & Trading
Mrs. Manju The Birla Cotton Non-Executive - Company Limited
Gupta Spinning and Independent Director
8 Texmaco Infrastructure & Holdings Limited
Weavingmills
Private Companies
Limited
1 Adventz Homecare Private Limited
Gobind Sugar Mills Non-Executive -
Limited Independent Director 2 Abhishek Holdings Private Limited
Mr. R.S. Gobind Sugar Mills Managing Director 4. The list of core skills/expertise/competencies identified
Raghavan Limited by the board of directors as required in the context of
Texmaco Non-Executive - Non its business(es) and sector(s) for it to function effectively
Infrastructure & Independent Director and those actually available with the board:
Holdings Limited
Sr. Name of Expertise in Specific Functional
3. Retirement of Directors by rotation and re-appointment: No. Director Areas
Mrs. Jyotsna Poddar retires by rotation and is eligible for 1 Mr. Saroj Business Management
Kumar
re-appointment.
Poddar
As per Section 152(6) of the Companies Act, 2013, brief 2 Mrs. Jyotsna Strategic & Business Leadership skill.
profile and information about Mrs. Jyotsna Poddar is Poddar She is the Chairperson of Lionel
given below: India Limited
3 Mr. Marco Legal profession having specialised
Mrs. Jyotsna Poddar, aged 71 years, a Psychology Honors Wadia in corporate matters and mergers
student from Loreto House, Kolkata, is the Chairperson and acquisitions.
of Lionel India Limited. She is the spouse of Mr. Saroj 4 Mr. Chartered Accountant by
Kumar Poddar, who is the Chairman of the renowned Dipankar profession and is an expert in the
“Adventz” Group of Companies and daughter of Late Chatterji field of Finance, Taxation, Accounts
Dr. K.K. Birla, one of India’s leading industrialists. and Laws.
5 Mr. Vijay Over 41 years of experience with
Mrs. Poddar is the Whole Time Director of Zuari Global Vyankatesh project engineering companies,
Ltd., and is also on the Board of Nilgiri Plantations Paranjape functions of which include quality,
Ltd., Sangha Shree Investment & Trading Co. Ltd., procurement, project controls in
Yashovardhan Investment & Trading Co. Ltd., Ronson addition to operations.
Traders Ltd. and Syndak Teatech Ltd. 6 Mrs. Manju Business Strategy and General
Gupta Management.
A person with wide and diverse interests, Mrs. Poddar 7 Mr. R.S. Chartered Accountant having over
has a passion for cricket and runs a trust – Young Raghavan 49 years of experience in industries
such as Fertilisers, Chemicals, Steel,
Textile and Electronics

5. Confirmation as regards Independence of expressed their satisfaction over the entire evaluation
Independent Directors process.
In the opinion of the Board, the Independent Directors 9. Independent Directors’ Familiarization Program:
fulfil the conditions of independence specified under The Company in compliance with Regulation 25(7)
section 149(6) of the Companies Act, 2013 and of SEBI (LODR) Regulations, 2015 has formulated a
Regulation 16(1) (b) of the SEBI (Listing Obligations & program to familiarize the Independent Directors
Disclosure Requirements) Regulations, 2015, and are with the Company, their roles, responsibilities. The
independent of the management. Independent Directors are given detailed presentation
The Independent Directors have also confirmed that on the operations of the Company on quarterly basis
they have complied with the Code for Independent at the meetings of the Board/Committees. The details
Directors prescribed under Schedule IV of the of the familiarization program has been disclosed on
Companies Act, 2013. the Company’s website. The weblink for accessing the
6. Board Agenda: familiarization policy is http://www.adventz.com/html/
pdfs/Familarization-Programme.pdf
The Board meetings are scheduled well in advance
and the Board members are generally given notice 10. Board Diversity Policy:
at least 7 days prior to the meeting date. All major The Company in compliance with Regulation 19(4) of
items are backed by in-depth background information SEBI (LODR) Regulations, 2015 with Stock Exchanges
and analysis, wherever possible, to enable the Board has formulated policy on Board Diversity which sets
members to take informed decisions. out the framework to promote diversity on Company’s
7. Formal letter of appointment to Independent Directors: Board of Directors. The policy was recommended
by Nomination and Remuneration Committee and
The Company has issued formal letters of appointment approved by the Board.
to all Independent Directors at the time of appointment
in accordance with the provisions of the Companies 11. Independent Directors Meeting:
Act, 2013 and Schedule IV (Section 149(8)) of the In compliance with Schedule IV to the Companies
Companies Act, 2013. The terms and conditions of Act, 2013 and regulation 25(3) of the SEBI Listing
appointment of independent Directors is uploaded on Regulations, 2015, during the year, the meeting of
the Company’s website. the Independent Directors was held on 25th June 2020
8. Annual Performance Evaluation: without the attendance of Non-Independent directors
and members of management, inter alia, to discuss
Pursuant to the provisions contained in Companies the following:
Act, 2013 and Schedule IV (Section 149(8)) of the
Companies Act, 2013 the annual performance • Review the performance of Non-Independent
evaluation has been carried out of all the Directors, Directors and the Board as a whole;
the Board, Chairman of the Board and the working of • Review the performance of the Chairman of the
the Audit Committee, Nomination and Remuneration Company, taking in to account the views of the
Committee and Stakeholders Relationship Committee. Managing Director and Non-Executive Directors;
The performance evaluation of the Board of Directors and
was carried out based on the detailed questionnaire • Assess the quality, quantity and timeliness of flow of
containing criteria such as duties and responsibilities of information between the Company Management
the Board, information flow to the Board, time devoted and the Board that is necessary for the Board to
to the meetings, etc. Similarly, the Director’s evaluation effectively and reasonably perform its duties.
was carried out on the basis of questionnaire containing 12. Board Committees:
criteria such as level of participation by individual
directors, independent judgement by the director, The Committees of the Board are as follows:
understanding of the Company’s business, etc. a) Audit Committee:
The performance evaluation of the Board and the The Audit Committee comprises of three Non-
Committees, viz. Audit Committee, Nomination Executive Independent Directors and one
and Remuneration Committee and Stakeholders’ Executive Director. The Company Secretary is the
Relationship Committee was done by all the Directors. Secretary of the Committee. The Committee met
The performance evaluation of the Independent 6 times during the financial year ended 31st March,
Directors was carried out by the Board excluding the 2021 on: 25th June, 2020, 17th July, 2020, 14th August,
Director being evaluated. The performance evaluation 2020, 07th September, 2020, 12th November, 2020,
of the Chairman and Executive Directors was carried 13th February, 2021.
out by the Independent Directors. The Directors

Terms of Reference financial year ended 31st March, 2021 on 25th June,
As per Regulation 18(3) of SEBI (LODR) Regulations, 2020.
2015 and Schedule II the terms of reference and Terms of Reference:
role of the Audit Committee includes among The Board has constituted Stakeholders’
other things, review of the Company’s financial Relationship Committee which oversees the
reporting process and its financial statements, performance of the share transfer work and
review of the accounting and financial policies recommends measures to improve the level of
and practices, the internal control and internal investor services. In addition, the Committee looks
audit systems (including review and approval into investors’ grievances such as non-receipt of
of internal Audit plan, appointment of internal dividend, Annual Reports and other complaints
Auditors and review of internal audit reports), risk related to share transfers.
management policies and practices, review the
functioning of the Whistle Blower mechanism, etc. There were no complaints received from the
The role also includes making recommendations shareholders as on 31st March, 2021.
to the Board, re-appointment of Statutory The attendance of the members at the meeting
Auditors/Secretarial Auditors and fixation of audit was as follows:-
fees. Name of the Status Nature of No. of
Besides above, the additional terms of reference member Directorship meetings
of Audit Committee as per the Companies attended
Act, 2013 includes reviewing and monitoring Mr. Vijay Chairman Non- Executive 1
Vyankatesh Independent
auditor’s independence and performance, and
Paranjape Director
effectiveness of audit process; examination of
Mr. Marco Member Non- Executive 1
the financial statement and the auditor’s report
Wadia Independent
thereon; approval or any subsequent modification Director
of transactions of the company with related Mr. Dipankar Member Non- Executive 1
parties; scrutiny of inter-corporate loans and Chatterji Independent
investments; valuation of undertakings or assets of Director
the company, wherever it is necessary. Mr. R.S. Member Managing 1*
Raghavan Director
The Composition of Committee & their attendance
at the meetings are as follows: * attended Stakeholders’ Relationship Committee
meeting held on 25th June 2020 in the capacity of an
Name of the Status Nature of No. of
Invitee.
member Directorship meetings
attended c) Nomination and Remuneration Committee:
Mr. Marco Chairman Non - 6 The Nomination and Remuneration Committee
Wadia Executive
Independent
comprises three Non-Executive Independent
Director Directors and one Non-Executive Non Independent
Mr. R.S. Member Managing 6* Director. The Board has designated Company
Raghavan Director Secretary as the Secretary to the Committee. The
Mr. Dipankar Member Non- 6 Committee met 2 times during the financial year
Chatterji Executive ended 31st March, 2021 on: 25th June, 2020, and
Independent 12th November, 2020.
Director
Terms of Reference:
Mr. Vijay Member Non- 6
Vyankatesh Executive The Board has constituted the Nomination &
Paranjape Independent Remuneration Committee, as required under
Director the Companies Act, 2013. The Committee
* attended Audit Committee meeting held on 25th shall formulate the criteria for determining
June 2020 in the capacity of an Invitee. qualifications, positive attributes and
independence of a director and recommend to
b) Stakeholders’ Relationship Committee:
the Board a policy, relating to the remuneration
Stakeholders’ Relationship Committee comprises for the directors, key managerial personnel
of three Non-Executive Independent Directors and and other employees. The Nomination &
one Executive Director. The Board has designated Remuneration Committee shall also formulate
Company Secretary, as the Secretary to the criteria for evaluation of Independent Directors
Committee. The Committee met 1 time during the and the Board and devise a policy on Board

diversity. It shall identify persons who are qualified b. Payment of remuneration to the Whole Time
to become directors and who may be appointed Director is recommended by the Nomination
in senior management in accordance with the and Remuneration Committee and approved
criteria laid down, and recommend to the Board by the Board and the shareholders.
their appointment and for removal. Sitting fees paid to Non-Executive Directors
The Composition of Committee & their attendance The Non-Executive Directors of the Company
at the meetings are as follows: receive remuneration by way of sitting fees.
Name of the Status Nature of No. of The details of sitting fees paid to Non-Executive
member Directorship meetings Directors during the financial year 31.03.2021 for
attended attending the meetings of the Board and the
Mr. Dipankar Chairman Non- Executive 2
Committees thereof is given below:
Chatterji Independent
Director Sr. Name of Director Amount
Mr. Marco Member Non- Executive 2 No. (Rs.)
Wadia Independent 1. Mr. S.K. Poddar 2,65,000
Director 2. Mr. Marco Wadia 5,25,000
Mr. Saroj Member Non- 1 3. Mr. Dipankar Chatterji 5,10,000
Kumar Executive Non 4. Mr. Vijay Vyankatesh Paranjape 5,10,000
Poddar Independent 5. Mrs. Manju Gupta 3,00,000
Director
Pecuniary relationship of Directors:
Mr. Vijay Member Non- Executive 2
Vyankatesh Independent During the financial year, none of the Directors
Paranjape Director of the Company had any material pecuniary
Details of remuneration to all the Directors for the relationship(s) or transaction(s) with the Company,
year: its Promoters, its Senior management, its Subsidiary
or Associate Company apart from the following:
No remuneration was paid to the Managing Director
during the financial year 2020-21. The remuneration • Remuneration paid to the Whole-time
comprises salary, incentives, perquisites, contribution Director and Sitting Fees paid to the Non –
to the Provident Fund, Superannuation Fund and Executive Directors;
Gratuity. Mrs. Jyotsna Poddar, the Whole Time • Reimbursement of expenses incurred by the
Director was paid the following remuneration during Directors in discharging their duties;
financial year 2021-21. • Mr. Saroj Kumar Poddar, Mrs. Jyotsna Poddar
(Rs. in Lakhs) and Mr. Marco Wadia are holding equity
Executive Salary Perquisites Retirement Total shares of the Company, details of which are
Directors Benefits given in this Report.
Mrs. Jyotsna 63.60 - 4.75 68.35
Inter-se relation between directors:
Poddar
The term of appointment of the Whole Time None of the Directors of the Company is inter-se
Director is for a period of five years w.e.f. 1st April, related to each other, except Mr. Saroj Kumar
2017 and of Managing Director is 2 years w.e.f. Poddar and his spouse Mrs. Jyotsna Poddar.
15th February, 2020. The notice period for the d) Other Committees:
termination of the appointment of the Whole
Apart from above, the Board has constituted
Time Director and Managing Director shall be in
other committees including Banking and Finance
accordance with the terms of their respective
Committee, Risk Management Committee and
appointments.
Corporate Social Responsibility Committee. The
a. No severance pay is payable on termination Committee meetings are held as and when
of the appointment of the Whole Time the need arises and at such intervals as may be
Director and Managing Director. expedient.
13. Annual General Meetings
Details of the last three Annual General Meetings are as follows:
Year Location Date Time Particulars of special resolutions passed
2019-20 Jai Kisaan Bhawan, 14-09-2020 02.00 p.m. 1 Appointment of Mr. R.S. Raghavan as Managing Director
Zuarinagar,
Goa-403726 2 Continuation of Directorship of Mr. Saroj Kumar Poddar as Non-
(Through Video Executive Director of the Company
Conferencing) 3 Alteration in Objects Clause of Memorandum of Association of the
Company

Year Location Date Time Particulars of special resolutions passed
2018-19 Jai Kisaan Bhawan, 06-09-2019 2.30 p.m. 1 Re-appointment of Mr. Marco Wadia as an Independent Director.
Zuarinagar, Goa-
403726
2017-18 Jai Kisaan Bhawan, 10-09-2018 2.30 p.m. 1 Re-appointment and remuneration payable to Mr. N. Suresh Krishnan as
Zuarinagar, Goa- Managing Director of the Company.
403726 2 Re-classification of Pilani Investment and Industries Corporation Limited
from “Promoter and Promoter Group” Category to “Public” Category
3 Enhancement in the Limits of Investments/Loans and Guarantees.
Details of the Special Resolutions Passed through Postal Ballot during the financial year 2020-21
Brief procedure for postal Postal Ballot conducted as per sec 110 of the Companies Act, 2013 and Companies (Management
Ballot and administration) Rules, 2014
Type of meeting Postal Ballot
Date of Postal Ballot Notice25th July, 2020
Type of Resolution Special resolutions
Items of Resolution passed 1. Increase in borrowing limits of the Company under Section 180(1)(c) of the Companies Act, 2013
through the Postal Ballot 2. Creation of security on the properties of the Company under Section 180(1)(a) of the Companies
Act, 2013
3. Increase in the Limits of investments / loans and guarantees under Section 186 of Companies Act,
2013
Details of voting pattern 1. Votes in favour : 15741699 (92.30%)
Votes against : 1313205 (7.70%)
Invalid votes : 0
2. Votes in favour : 15742200 (92.30%)
Votes against : 1312704 (7.70%)
Invalid votes : 0
3. Votes in favour : 15742200 (92.30%)
Votes against : 1312704 (7.70%)
Invalid votes : 0
Name of Scrutinizer for Mr. Shivaram Bhat, Practicing Company Secretary
conducting Postal Ballot
Date of declaration of 29th August, 2020 , 28th August, 2020
result and date of approval
Brief procedure for postal Postal Ballot conducted as per sec 110 of the Companies Act, 2013 and Companies (Management
Ballot and administration) Rules ,2014
Type of meeting Postal Ballot
Date of Postal Ballot Notice22 September, 2020
Type of Resolution Special resolution
Items of Resolution passed 1. Approval for granting of Loan or Guarantee or Security to Zuari Agro Chemicals Limited under
through the Postal Ballot Sections 185 and 186 of Companies Act, 2013.
2. Approval for granting the loan to Zuari Agro Chemicals Limited under Section 188 of Companies
Act 2013 read with Regulation 23 of Securities and Exchange Board of India (Listing Obligations and
Disclosure Requirements) Regulations, 2015.
3. Approval for granting of Loan or Guarantee or Security to Texmaco Infrastructure & Holdings
Limited under Sections 185 and 186 of Companies Act, 2013.
4. Approval for granting the loan to Texmaco Infrastructure & Holdings Limited under Section 188 of
Companies Act 2013 read with Regulation 23 of Securities and Exchange Board of India (Listing
Obligations and Disclosure Requirements) Regulations, 2015.
Details of voting pattern 1. Votes in favour : 14369848 (93.75%)
Votes against : 957468 (6.25%)
Invalid votes : 0
2. Votes in favour : 14369848 (93.75%)
Invalid votes : 0
3. Votes in favour : 11611807 (92.38%)
Invalid votes : 0
4. Votes in favour : 11611807 (92.38%)
Invalid votes : 0
Name of Scrutinizer for Mr. Shivaram Bhat, Practicing Company Secretary
conducting Postal Ballot
Date of declaration of 31st October, 2020 and 30th October, 2020
result and date of approval

14. Disclosures: c. Quarterly Results:

A) There were no transactions of material nature Quarterly results are published in one English
with the directors or the management or their National Daily and Local dailies, published in the
subsidiaries or relatives having potential conflict language of the region where the registered office
with the interest of the Company. of the Company is located.
B) There were no penalties or strictures imposed on d. Website on which the results are displayed: www.
the Company by Stock Exchanges or SEBI or any adventz.com
statutory authority or any matter related to capital e. The company does not publish official new-
markets during the last three years. releases on its website. The presentations made to
C) The Company has adopted a Vigil mechanism institutional investors and analyst are uploaded on
Whistle Blower Policy and affirms that no person the company website.
has been denied access to the Audit Committee. 16. Code of Conduct:
The information on Vigil mechanism is placed
on the website of the Company. The weblink The Company has adopted a ‘Code of Conduct’ for
for accessing the policy is http://www.adventz. the Directors and Senior Executives of the Company.
com/html/pdfs/WhistleBlowerPolicyZGLa17619. The code promotes conducting business in an ethical,
pdf efficient and transparent manner so as to meet its
obligations to its shareholders and all other stakeholders.
D) The Company has formulated a policy for The code has set out a broad policy for one’s conduct
determining material subsidiaries and the policy is in dealing with the Company, fellow Directors and
disclosed on the Company’s website. The weblink employees and the external environment in which the
for accessing the policy is http://www.adventz. Company operates.
com/html/pdfs/SUBSIDIARY-POLICY-ZGL-3419.pdf
The declaration given by the Managing Director
E) The Company has formulated a policy on dealing of the Company with respect to the affirmation of
with Related Party transactions and the same is compliance of the code by the Board of Directors
disclosed on the Company’s website. The weblink and Senior Executives of the Company is enclosed as
for accessing the Related Party Transaction Annexure ‘C’ to this report.
Policy is http://www.adventz.com/html/pdfs/
RELATEDPARTYPOLICYZGL1422020.pdf 17. Code of internal procedures and conduct for trading in
securities of the Company:
F) The Company has complied with all mandatory
requirements specified in regulation 17 to 27 The Company has adopted a Code of Prevention of
and clause (b) to (i) of sub-regulation (2) of Insider Trading in securities of the Company, pursuant
Regulation 46 of LODR Regulation, 2015. The to SEBI (Prohibition of Insider Trading Regulations), 2015.
Company has also adopted Schedule II of SEBI Effective from 01st July, 2020, the Board has designated
(Listing Obligations & Disclosure Requirements) Mr. Laxman Aggarwal, Company Secretary as the
Regulations, 2015. Compliance officer and has authorized Managing
15. Means of communication: Director to monitor compliance of said Regulations.
a. Annual Audited Financial Results: 18. General Shareholders Information:
Audited financial results for the year ended 31st a. Annual General Meeting:
March, 2021 were published in one English National The Annual General Meeting will be held on
Daily and Local dailies, published in the language Friday, 17 September, 2021 at 11.00 A.M. through
of the region where the registered office of the Video Conference (“VC”) / Other Audio Visual
Company is located. Additionally, the Company Means (“OAVM”).
also sent communication on the email ids b. Financial Year: 1st April to 31st March
available with the Company / Registrar and Share
c. Financial calendar (Tentative)
Transfer Agent addressed to the Shareholders of
the Company on the brief performance of the Results for the quarter ended 30th June, 2021 – on
Company and other group companies. or before 2nd week of August, 2021
Results for the half-year ended 30th September,
b. Half-yearly Unaudited Financial Results:
2021–on or before 2nd week of November, 2021
Unaudited financial results for the half-year ended
Results for the quarter ended 31st December, 2021
30th September, 2020 were published in one English
– on or before 2nd week of February, 2022
National Daily and Local dailies, published in the
language of the region where the registered office Audited Annual Results 2021-22 – on or before 30th
of the Company is located. May, 2022

d. Date of book closure: The National Stock Exchange of India Limited,
Saturday, 11 September 2021 to Friday, 17
th th Exchange Plaza, Bandra Kurla Complex,
September, 2021 (inclusive of both days). Bandra (East), Mumbai - 400051
e. Management Discussion and Analysis forms part The Company has paid the annual listing fees to
of this Report as Annexure ‘E’. the Stock Exchanges for the Financial Year 2020-
21.
f. Listing on Stock Exchanges: Company’s shares
are listed on: g. Stock Code:
BSE Limited, 1. BSE Limited, Mumbai: 500780
Phiroze Jeejeebhoy Towers, 2. The National Stock Exchange of India Limited,
Dalal Street, Mumbai - 400001 Mumbai: ZUARIGLOB
3. International Standard Identification Number
(ISIN): INE217A01012
h. Stock Market Data:
High/Low share prices during the period 1st April, 2020 to 31st March, 2021
Period ZGL on BSE BSE Index - S&P Sensex
High Low High Low
April, 2020 54.00 26.05 33,887.25 27,500.79
May, 2020 42.40 35.55 32,845.48 29,968.45
June, 2020 71.00 39.80 35,706.55 32,348.10
July, 2020 58.30 47.60 38,617.03 34,927.20
August, 2020 62.40 47.00 40,010.17 36,911.23
September, 2020 55.30 44.00 39,359.51 36,495.98
October,2020 54.50 46.70 41,048.05 38,410.20
November, 2020 68.00 46.00 44,825.37 39,334.92
December,2020 80.00 55.20 47,896.97 44,118.10
January, 2021 123.30 70.25 50,184.01 46,160.46
February, 2021 99.95 83.00 52,516.76 46,433.65
March, 2021 93.50 74.05 51,821.84 48,236.35
STOCK PERFORMANCE ON BSE

140 55,000.00
52,516.76
51,821.84
50,184.01
120
50,000.00
ZUARI GLOBAL LIMITED ON BSE
47,896.97 123.3
100 44,825.37
99.95 45,000.00
BSE INDEX
93.5
80 41,048.05
40,010.17
39,359.51 80
38,617.03 40,000.00
60 71
68
35,706.55 62.4
58.3
33,887.25
54 55.3 54.5
32,845.48 35,000.00
40
42.4
20 30,000.00
ZGL on BSE BSE Index - S&P Sensex

Period ZGL on NSE NSE Index - Nifty 50

High Low High Low
April, 2020 53.70 25.45 9889.05 8055.80
May, 2020 43.40 35.40 9598.85 8806.75
June, 2020 71.25 39.10 10553.15 9544.35
July, 2020 58.60 45.75 11341.40 10299.60
August, 2020 62.00 46.65 11794.25 10882.25
September, 2020 55.25 43.30 11618.10 10790.20
October, 2020 54.75 46.15 12025.45 11347.05
November, 2020 67.90 46.25 13145.85 11557.40
December, 2020 79.45 56.05 14024.85 12962.80
January, 2021 123.90 71.00 14753.55 13596.75
February, 2021 99.90 80.20 15431.75 13661.75
March, 2021 92.90 75.00 15336.30 14264.40
STOCK PERFORMANCE ON NSE

140 16,500.00
15,431.75
15,336.30
120 15,500.00
14,753.55
ZUARI GLOBAL LIMITED ON NSE
123.9
14,024.85 14,500.00
NSE INDEX - NIFTY 50

100
13,145.85 99.9 13,500.00
92.9
80
12,025.45 79.45 12,500.00
11,794.25
71.25 11,341.40 11,618.10
60 67.9
62 11,500.00
58.6
53.7 10,553.15 55.25 54.75
40 10,500.00
9,889.05 43.4
9,598.85
20 9,500.00
ZGL on NSE NSE Index - NIFTY 50
i. Share Transfer System received under this email id are monitored and
Transfer of shares held in physical form is not addressed on a daily basis.
permitted after 31st March, 2021 through statutory l. The securities were not suspended from trading
notifications. during the year.
j. Address of the Registrar and Share Transfer Agent: m. Shareholding
Link Intime India Private Limited The distribution of shareholding as on 31st March,
C-101, 247 Park 2021 was as follows:
L.B.S. Marg, Vikhroli (West)
No. of shares No. of % of
Mumbai – 400 083
shareholders shareholders
Tel: 022 – 49186000 Upto 500 23784 90.70
Fax: 022 – 49186060 501 – 1000 1217 4.64
Email: [email protected] 1001- 2000 602 2.30
Website: www.linkintime.com 2001 – 3000 192 0.73
k. The Company maintains an exclusive email id, 3001 – 4000 109 0.42
[email protected] to redress the Investor’s 4001 – 5000 72 0.27
5001 – 10000 127 0.48
Grievances as required under Regulation 13 of SEBI
10001 and above 121 0.46
(LODR) Regulations, 2015. The correspondence
Total 26224 100.00

Shareholding Pattern as on 31st March, 2021: u. The Board has accepted all the recommendations
of the various committees of the Board, in the
Category No. of % relevant financial year.
shares held shareholding
Promoters & Promoter 1,63,72,940 55.61 v. There are no shares in the demat suspense
account or unclaimed suspense account.
Group
Banks/Financial 13,47,143 4.58 w. CARE Ratings Limited, vide its letter dated 29th
Institutions and Insurance September, 2020 revised the credit rating for
Companies/NBFCs Non-Convertible Debentures (“NCDs”) of Rs.197
Foreign Institutional 3,55,161 1.21 Crore from CARE BB (CE) (Under Credit Watch
Investors/Foreign Portfolio with Negative Implications) [Double B (Credit
Investors Enhancement)] (Under Credit Watch with
Mutual Funds 9,56,757 3.25 Negative Implications) to CARE BB (CE) (Under
NRIs 1,31,875 0.45 Credit watch with Developing Implications)
Bodies Corporate 18,33,385 6.23 [Double B (Credit Enhancement)] (Under Credit
Public 85,75,218 28.76 watch with Developing Implications).
TOTAL 2,94,40,604 100.00 CARE Ratings Limited, vide its letter dated 29th
n. Dematerialization of shares and liquidity: September, 2020 revised the credit rating for
2,91,81,399 equity shares (99.12%) have been Non-Convertible Debentures (“NCDs”) of Rs.118
dematerialized as on 31st March, 2021. Crore from CARE BB (CE) (Under Credit Watch
with Negative Implications) [Double B (Credit
o. The Company has not issued GDRs/ADRs/Warrants
Enhancement)] (Under Credit Watch with
or convertible Instruments during the Financial Year.
Negative Implications) to CARE BB (CE) (Under
p. Commodity price risk or foreign exchange risk Credit watch with Developing Implications)
and hedging activities: [Double B (Credit Enhancement)] (Under Credit
As the Company is not engaged in the business watch with Developing Implications).
of commodities which are traded in recognized x. Details of utilization of funds raised through
commodity exchanges, commodity risk is not preferential allotment or Qualified Institutional
applicable. Placement in terms of Regulation 32(7A) of SEBI
q. The Address for correspondence is: (Listing Obligations and Disclosure Requirements)
Corporate Office: Regulations, 2015:
Zuari Global Limited During the year under review, the Company
5th Floor, Tower – A issued and allotted 1,700 Unrated, Unlisted,
Global Business Park Senior, Secured, Redeemable, Non-Convertible
M.G. Road, Sector – 26
Debentures at an interest rate of 6% (six per cent)
Gurugram – 122002, Haryana
per annum having face value of Rs.10 Lakh each,
Tel: 91-0124-4827800 aggregating to Rs.170 Crore, in one tranche,
E- mail: ig.zgl@ adventz com for cash at par, to Asia-Pacific Private Credit
Website: www.adventz.com Opportunities 1 Singapore Pte. Ltd. on preferential
r. Total fees of Rs.20.00 lakhs were paid for the basis.
services rendered by the statutory auditor M/s. V The funds so raised was utilized for the purposes for
Sankar Aiyar & Co. to the Company for FY 2020-21. which these were raised.
s. Disclosure as per Section 22 of the Sexual
Harassment of Women at Workplace (Prevention, y. Non mandatory Requirement
Prohibition and Redressal) Act, 2013: The Company has complied with the mandatory
As per provisions of Section 4 of the Sexual requirements of SEBI (Listing Obligations &
Harassment of Women at Workplace (Prevention, Disclosure Requirements) Regulations, 2015 and
Prohibition and Redressal) Act, 2013, your also following non mandatory requirements:
Company has constituted an Internal Complaints • Providing communication on the email ids
Committee for redressal of complaints against available with the Company / Registrar and Share
sexual harassment. There were no complaints/ Transfer Agent addressed to the Shareholders of
cases filed/pending with the Company during the
the Company on the brief performance of the
financial year.
Company and other group companies on annual
t. A certificate from a company secretary in practice audited financial results of the Company.
that none of the directors on the board of the
company have been debarred or disqualified • Sharing the expenses for maintaining the
from being appointed or continuing as directors Chairman’s Office.
of companies by the Board/Ministry of Corporate • Internal Auditor reports directly to the Audit
Affairs or any such statutory authority is enclosed Committee.
as Annexure ‘D’.

Annexure ‘B’ to the Directors’ Report

CERTIFICATE ON COMPLIANCE OF CONDITIONS OF CORPORATE GOVERNANCE
To,
The Members
I have examined the compliance of conditions of Corporate Governance by ZUARI GLOBAL LIMITED (the Company), for
the financial year ended on 31st March, 2021, as stipulated under the relevant clauses of the SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015.
The compliance of conditions of Corporate Governance is the responsibility of the Management. My examination was
limited to a review of procedures and implementation thereof, adopted by the Company for ensuring the compliance of
the conditions of the Corporate Governance. It is neither an audit nor an expression of opinion on the financial statements
of the Company.
In my opinion and to the best of my information and according to the explanations given to me and based on the
representations made by the Directors & the Management, I certify that the Company has complied with the conditions of
Corporate Governance as stipulated in the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
I further state that such compliance is neither an assurance as to the future viability of the Company nor the efficiency or
effectiveness with which the management has conducted the affairs of the Company.
Sd/-
Sadashiv V. Shet
Date: 04.06.2021 Practicing Company Secretary
Place: Panaji, Goa CP No.: 2540;
Membership No.: FCS 2477
UDIN: F002477C000370702
Annexure ‘C’ to the Directors’ Report

Declaration by the Managing Director
Pursuant to Regulation 26(3) of SEBI (LODR) Regulations, 2015, I, R.S. Raghavan, Managing Director of Zuari Global Limited,
declare that all Board Members and Senior Executives of the Company have affirmed their compliance with the Code of
Conduct and Ethics during the financial year 2020-21.
Sd/-
R.S. Raghavan
Place: Gurugram, Haryana Managing Director
Date: 04th June, 2021 DIN: 00362555

Annexure ‘D’ to the Directors’ Report
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
ZUARI GLOBAL LIMITED
JAI KISAAN BHAWAN,
ZUARINAGAR, GOA, 403726
I have examined the relevant registers, records, forms, returns and disclosures received from the Directors of Zuari Global
Limited having CIN L65921GA1967PLC000157 and having registered office at Jai Kisaan Bhawan, Zuarinagar, Goa, 403726,
(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
& 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, 2021 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.
Sr. No. Name of Director DIN Date of appointment in Company

1. Mr. Saroj Kumar Poddar 00008654 15/05/1993
2. Ms. Jyotsna Poddar 00055736 15/05/2009
3. Mr. Marco Philippus Ardeshir Wadia 00244357 15/05/1993
4. Mr. Dipankar Chatterji 00031256 24/10/2019
5. Mr. Vijay Vyankatesh Paranjape 00237398 27/12/2019
6. Mr. Soundararaghavan Rangachari 00362555 15/02/2020
7. Ms. Manju Gupta 00124974 28/03/2020
Sd/-
Sadashiv V. Shet
Date: 04.06.2021 Practicing Company Secretary
Place: Panaji, Goa CP No.: 2540;
Membership No.: FCS 2477
UDIN: F002477C000419498

Annexure ‘E’ to the Directors’ Report

Management Discussion and Analysis Report
The Board of Directors is pleased to present the business Trade Policy (DPIIT), construction was the third largest sector
analysis and outlook for Zuari Global Limited (ZGL) based in terms of FDI inflow in 2020.
on the current Government policies and market conditions. Private equity (PE) and VC funds contributed US $4.06
REAL ESTATE OVERVIEW billion in year 2020 – Brookfield’s investment in RMZ Corp to
The real estate sector is one of the most globally recognized buy 12.5Mn sft of commercial real estate at US$ 2 billion,
sectors. Real estate sector in India is expected to reach US$ Blackstone’s purchase of a portfolio of office, retail and
1 trillion by 2030. By 2025, it will contribute 13 per cent to hotel properties from Prestige Estate projects at US$ 1.7
country’s GDP. billion, Blackstone’s participation in India’s first REIT along
with Embassy Group are some of the high value transactions
According to the data released by Department for completed during this period.
Promotion of Industry and Internal Trade Policy (DPIIT),
construction is the third-largest sector in terms of FDI inflow. GOVERNMENT INITIATIVES
FDI in the sector (including construction development and The Government of India has been supportive towards the
construction activities) stood at US$ 42.97 billion between real estate sector in these challenging times. In terms of
April 2000 and September 2020. Office space has been attracting investments Government has raised FDI (Foreign
driven historically by growth in ITeS/IT, BFSI, Consulting and Direct Investment) limits for townships and settlements
Manufacturing sectors but during the year 2020 substantial development projects to 100 per cent. Real estate projects
leasing activities were not seen due to the “work from within Special Economic Zones (SEZ) are also permitted for
home” policy deployed by various companies during the 100 per cent FDI. Export from SEZs reached Rs 7.96 lakh crore
first wave of COVID-19 pandemic. During 2020, the office (US$ 113 billion) in FY20 and grew by almost 13.6 per cent on
leasing space reached 73.5 msf across eight major cities, y-o-y basis.
registering a growth of 5% y-o-y. The Government of India’s Housing for All initiative is
Housing sales reached 1.54 lakh units in 2020 across eight expected to bring US$ 1.3 trillion investment in the housing
major cities indicating a decline of 37% y-o-y majorly sector by 2025. The scheme is expected to push affordable
contributed by the raging COVID-19 pandemic. housing and construction in the country and give a boost to
the real estate sector.
The dual impact of GST & RERA implementation is felt by
real estate developers in various parts of the country as References: Media Reports, Press releases, Knight Frank
evidenced by the less number of new launches which India, CBRE, JLL Research etc
happened from 2017 to 2019 compared to earlier times Government of India carried out corrective measures
across the country. The residential real estate market to boost investment & infuse liquidity in the economy by:
in 2020 has seen approximately same number (437,920 1) Setting up a Rs.25,000 Cr Fund for last mile funding of
units) of unsold inventory across the cities equivalent to 50 stalled projects, 2) The Atmanirbhar Bharat 3.0 package
Months of sales (time to sell the inventory) as sales velocity announced by Finance Minister included income tax relief
continuously decreased in year 2020. measures for real estate developers and homebuyers for
The commercial real estate market performance was primary purchase/sale of residential units of value up to
poor in year 2020 as very limited amount of transactions Rs 2 Crores, 3) Government has created an Affordable
happened during 2020 in top cities as retailers were forced Housing Fund (AHF) in the National Housing Bank (NHB) with
to shut their shops due to COVID-19 pandemic. Recovery an initial corpus of Rs. 10,000 crore (US$ 1.43 billion) using
in terms of footfall is seen to be around of the pre-COVID priority sector lending short fall of banks/financial institutions
volume for F&B segment during Q4 of FY20-21. A limited for micro financing of the HFCs, 4) Under Pradhan Mantri
amount of new supplies (~10Mn Sqft) is expected in year Awas Yojana (Urban) (PMAY (U)), 1.12 crore houses have
2021 considering the current pandemic situation. Retail been sanctioned in urban areas, creating 1.20 crore jobs,
rentals have decreased to a great extent (10%) on Y-o-Y 5) Reducing GST to 1% (affordable segment) & 5% from 8%
basis across the top cities and thus forced property owners & 12% respectively. The majority of the sale (154,434 units)
to provide rent waivers, discounts etc to retain their tenants. that happened in 2020 was in the affordable segment
(properties valued less than Rs.50Lacs) as developers
INVESTMENTS struggled to sell high-end/luxury units across India. A big
The Indian real estate sector has witnessed high growth in number of unfinished/stalled projects in various parts of India
recent times with the rise in demand for office as well as especially in NCR area have necessitated Government
residential spaces. Real estate attracted around US$ 5 billion intervention in the form of corrective measures but still a
of investments in 2020 which is just 7% less on y-o-y basis. significant number of developers have closed their business
As per Department for Promotion of Industry and Internal in these challenging times.

Zuari Infraworld - Managing Real Estate Vertical of Zuari • The project has been RERA approved &
Global Limited Construction work is nearing completion.
 Zuari Global Limited is the holding company of the • The Project is expected to be delivered in
group of entities who deal with real estate activities the year 2021.
such as Texmaco Infrastructure & Holdings, Zuari
c) Phase III Villaments:
Infraworld etc.
• Brindavan Serenity offers premium villaments
 Zuari Infraworld has been entrusted the responsibility
with all the modern amenities. Spread across 23
to deliver & manage all real estate projects of the
full and 2 half blocks in the 3.5 acres land with a
group through a capable and efficient team of
built up area of 1.5 lakh sft and interspaced with
professionals.
abundant greenery in its lush landscape, these
 Zuari Infraworld is an ISO9001:2015 & OHSAS18001:2007 villaments present an epitome of affordable
certified company having efficient processes to deliver housing.
real estate projects on time with quality; New ERP
• The villaments are compact in size, are eligible
software has been implemented now to ensure the
under PMAY (Pradhan Mantri Awas Yojana) and
processes become more robust, trackable and easily
is ideally suitable for MIG (Middle Income Group)
reportable and value for customer gets increased on
buyers.
regular basis.
• A total of 192 villaments with all being road
 Zuari Infraworld intends to ensure growth of real estate
facing are available.
business by engaging with direct private equity funds,
by inviting joint ventures/joint developments with • The project has been RERA approved.
various capable partners of repute to monetize the Construction work has commenced considerably
land bank of the group. while sales (80% Sold) are happening at a brisk
pace.
The below projects managed by Zuari Infraworld are in
different stages of execution: • The Project is expected to be delivered in the
year 2021.
1. Zuari Garden City Project, Mysore
2) Luxury Residential Tower – Downtown, Dubai
This project is the flagship project for the group. The
integrated township spread over 73.5 acres with the • This project is located in the heart of Dubai in
distinction of being the First Integrated Township in close proximity to Dubai mall and the iconic Burj
Mysore, is located on KRS Road, in the outskirts of the Khalifa. This is a 50% Joint Venture project with Zuari
city of Mysore. Infraworld being the Managing partner.
The project is situated just 3 Kms away from the • The project has been co-branded with with St.
famous Brindavan Gardens. The project is planned Regis – The top notch brand within the Marriott’s
to have residential, retail, commercial and office family of brands thereby giving access to Marriott’s
spaces. Development has been divided into phases as HNI database and marketing tools to increase
explained hereunder: efficiency in sales.
a) Phase I Villas: • The built-up area is 8.27 lacs Sqft with uniquely
• Zuari Garden City Mysore project was designed uber-luxury Apartments.
launched with Villa construction on 23 • Funding tie-up is in progress.
acres. A total of 217 villas have been 3) Goa Residential Project:
constructed and delivered having a built
up area of 5.65 lakh Sft. • This project is located in Zuari Nagar in close
• The clubhouse with snooker, Table Tennis, proximity to the airport.
Party hall etc & the Indoor Badminton court, • The Land belongs to Zuari Global ltd and is being
Basket Ball Area & Children’s Park has been managed by Zuari Infraworld on a fee basis.
commissioned and are being used actively • The total land area is 37acres and the first phase
by the residents on a daily basis. of the project is on 6.8 acres with built up area of
• This phase continues to win accolades and 1.67 lakh Sqft comprising of Villas and Apartments,
has become a landmark development along with large fun pool and clubhouse.
in Mysore. It has won the prestigious
• Sales is almost complete with only last few units
landscape award instituted by the Mysore
left which will be sold while the project is being
District Authorities for the last five years
delivered as per plan.
consecutively.
• Construction work has been completed, OC
b) Phase II Apartments:
(occupancy certificate) obtained and handover
• A total of 3 towers of G+12 floors are being of units are in progress.
constructed with a built up area of 6 lakh sft.

4) Land Sales: Furthermore, people are now looking for larger spaces
To create liquidity in the business certain land parcels in their houses to enable them to work from home.
have been sold in Goa. ZIIL has the right-fit “Apartment” product available at
Mysore that has large spaces in various configurations
RISKS & CONCERNS to suit this specific demand. Additionally, recent
The residential market had already seen a sizeable drop government initiatives such as reduction of Stamp Duty
in demand post demonetization & implementation of by Government of Karnataka for houses below Rs.45
GST when COVID-19 pandemic struck India during Q1 Lacs is expected to increase the housing demand
FY20-21. Prospective buyers stopped site visits during further. ZIIL has its “Villaments” product at Mysore
major part of year 2020 due to lockdown and fear of under Rs.35Lacs that fits the bill perfectly.
COVID infection. This implies higher capital investment BUSINESS PLAN
which in turn reduces the profitability. This has had a
severe impact on the supply side. Only developers 1. Project Feasibility and Management
with deep pockets have been able to sustain and • Leverage the Group’s formidable technical
survive. Further, Banks and Financial Institutions have expertise, together with its vast land holdings &
had a scare of NPAs resulting to lower lending to this highly skilled team of professionals to ensure holistic
sector. Hence any new projects will need to be fully living & work spaces for the community at large.
funded prior to launch and this traditional system of • Demonstrate differentiation and a competitive
relying on buyer’s cash flow has diminished. It will take edge in the Service & Management Sector by
a couple of years for this market to find its equilibrium. strategic alliances with acclaimed partners.
Zuari Infraworld, a subsidiary of your company has • Deploy end-to-end lifecycle management in the
done a commendable job in Risk mitigation during infrastructure and real estate sector.
this period of COVID-19 by taking care of its laborers in • Deploy its triple advantage - harnessing
Mysore & Goa project sites and ensuring that they stay excellence in all aspects of human endeavor,
at the work site to resume construction post removal of deploying world-best technological expertise
lockdown restrictions. and buttressing projects with its formidable
THREATS & CHALLENGES financial prowess across all spheres.
Year 2020 started poorly as the onset of COVID-19 2. Expand Business Domain - New Initiatives toward
pandemic gave a huge jolt in the operation of Growth Acceleration
Real Estate sector and impacted both Sales and • Realize revenue growth through the ongoing
Construction fronts equally. Social Distancing, supply of new products in existing development
Lockdown measures, Job losses and disruption of of Zuari Rain Forest & Zuari Garden City.
supply chain and movement of people forced all
• Devote itself to the development and
the real estate developers to extend their timeline
enhancement of both residential and commercial
of completion of ongoing projects. With national &
projects by making sure that investor confidence
international economies bearing the brunt of this
is boosted and returns are better than promised.
pandemic and multiple waves of COVID impacting
our country, there lies a very uncertain and tough 3. Increase in business volume
time ahead for the real estate developers across • Realize growth in the housing sales through
the country where the need of the hour will be to re- existing extensive product categories in Zuari Rain
organize and re-structure their operations to sustain Forest, Goa and Zuari Garden City in Mysore.
their businesses. As people mindset in this pandemic • Stable rental revenue for stakeholders from
situation will tend towards conserving their money due Retail/Commercial segment.
to the uncertain future, sales of residential units across
4. Environment Consciousness
the country are expected to diminish to a great extent
in year 2021. • Every project development of ZIIL ensures
sustainable approach in all our project design
OPPORTUNITIES
approach which comes from minimal impact
COVID-19 pandemic has thrown up new opportunities to the surrounding environment and reducing
as people’s mindset slowly started shifting towards energy consumption.
purchasing their own house at their native places away • Environment friendly constructions find their
from the pandemic-stricken cities utilizing the “work fullest expression in the form of energy efficient
from home” facility extended by their employers. This glass and natural stone, designed for the highest
will be boosting up demand of housing in tier-II and Green rating.
tier-III cities in near future and ZIIL, a subsidiary of your
• The control over quality and providing
company is well-positioned to take advantage of the
environment friendly buildings that are both
same by virtue of being present in Mysore & Goa.

durable and sustainable is combined with Zuari The scope of internal financial control includes review of
Infraworld conforming to standard of the ISO processes for safeguarding the assets of the Company,
9001:2015 and OHSAS 18001:2007 processes for prevention and detection of frauds and errors, accuracy
its quality, safety and environment management and completeness of the accounting records and timely
systems. preparation of reliable financial information.
5. Commitment The Company has an Audit Committee of the Board of
• In the domain where customer confidence is nil, Directors, the details of which have been provided in the
we are committed for timely possession. Corporate Governance Report. The Audit Committee
• Ensuring value and fairness in all transactions. of the Board reviews the Audit Reports submitted by the
• Commitment to uphold Investor concerns at all Internal Auditors along with the recommendations of the
times Management Committee. Suggestions for improvement
FINANCIAL PERFORMANCE WITH RESPECT TO OPERATIONAL are considered and the Audit Committee follows up
PERFORMANCE on the implementation of the corrective actions. The
implementation status of the directions is placed before
The revenue from operations (Standalone) for the year the Audit Committee periodically, confirming the actions
ended 31st March, 2021 was Rs. 1,354.77 lakhs as compared undertaken. The Committee also meets the Company’s
to Rs.5,716.47 lakhs for the year ended 31st March 2020. statutory auditors on a periodic basis to ascertain, inter alia,
The Profit before tax for the year ended 31st March, 2021 their views on the adequacy of the internal control systems
was Rs.4,239.01 lakhs as compared to Rs.1,741.80 lakhs for in the Company and keeps the Board of Directors informed
the year ended 31st March, 2020. The Profit after tax stood about its major observations from time to time.
at Rs.4,993.41 lakhs for the year ended 31st March, 2021 as FUTURE OUTLOOK/STRATEGY
compared to Rs.1,292.41 lakhs for the previous year ended
31st March, 2020. The chart representing the company growth plan and a
model that will be self-sustaining.
The revenue from operations (Consolidated) for the year
ended 31st March, 2021 was Rs.83,379.90 lakhs as compared
to Rs.77,102.89 lakhs for the previous year.
The Consolidated Loss before tax for the year ended 31st REITS
March, 2021 was Rs.11,562.27 lakhs as compared to a loss of Mergers/Demergers
Rs.32,485.10 lakhs for the year ended 31st March, 2020. The
Loss after tax stood at Rs.10,053.37 lakhs for the year ended Expansion across India &
Overseas
31st March, 2021 as compared to loss of Rs.39,583.71 lakhs
for the previous year. Creating rental yielding assets
Value
INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY JD/JV at metro locations
The company has adequate systems of internal control Leasing of land/JD
in place, which is commensurate with its size and the
nature of its operations. These are designed to provide One off Transactions
reasonable assurance with respect to maintaining Taking debt by giving land as security
reliable financial and operational information, complying for Own land development
with applicable statutes, executing transactions with
1-3 3-5
proper authorisation coupled with ensuring compliance years years 15-20 Years
of corporate policies through documented Standard
Operating Procedure (SOP) and Limits of Financial
Authority Manual (LOAM). The company is in progress to monetize its land bank across
During the financial year under review, Intertrust Corporate group companies where it is possible. This will not only unlock
Services India Pvt. Ltd. the Internal auditors, along with the value for the shareholders but also help the company’s
Internal Audit Report, have also submitted their opinion other businesses to grow. The Company has concentrated
on adequacy of Internal Financial Controls over financial on development of Affordable Housing segment which
Reporting (“IFCoFR”) and operative effectiveness of such is supported by Government of India’s PMAY (Pradhan
control as at 31st March 2021. During the year under review, Mantri Awas Yojana) scheme and has come up as the
the Company continued to implement the suggestions most promising segment in recent times across India. The
and recommendations of Internal Auditors to improve companies real estate strategy is thus in line with current
the financial control. The findings under Internal financial market scenario and would reap great benefits in the years
control have been discussed by the Audit Committee on to come.
an ongoing basis to improve the efficiency in operations.

Future Prospects the mitigation plan are discussed with the Audit Committee
The Board of Directors of the Company in its meeting on periodic basis.
held on 04 June, 2021 has approved to enter into a The Company has, during the year internally conducted the
Memorandum of Understanding (MOU) between “M/s AZC, Risk Assessment exercise for reviewing the existing processes
a.s.” a Company incorporated and registered in Slovakia of identifying, assessing and prioritizing risks. Mitigation plans
having its registered office at Budova ORBIS, Rajska 7, 91108 have been defined for the prioritised risks and same are
Bratislava, Republic of Slovakia and being a part of Envien being reviewed for adherence periodically.
Group and Zuari Global Limited, a Company incorporated The Audit Committee periodically reviews the risks and
and registered under the Companies Act, 1956 and having report to the Board of Directors from time to time.
its registered office at Jai Kisaan Bhawan, Zuarinagar, Goa
- 403726, India. MATERIAL DEVELOPMENT IN HUMAN RESOURCES
Both the parties deliberated the business potential and This year, the emphasis was on workforce enhancement.
agreed to co-operate with each other and intends to Employees were engaged at all levels to find better ways
of doing work. Employees were urged to communicate
enter into a Joint Venture (JV) to develop and operate a
and give their ideas and suggestions on any area of work
Distillery to produce Ethanol in India to supply Ethanol to
that they felt could improve performance. Enhancing the
Government owned Oil marketing companies to meet their
effectiveness of the salesforce was another key intervention
blending requirements as specified by the Government
that was taken up on priority.
of India in the Bio Fuel Policy. The parties also agreed to
explore within India the opportunity to grow the business to Employees at all units and functions have been empowered
achieve a total capacity of 1,000 Kilo Litres Per Day (KLPD) to take decisions around their area of work. They have been
of Ethanol more through both organic and inorganic way. advised to make these decisions with the customer in mind.
There has been a lot of emphasis on agility and in order
ENTERPRISE RISK MANAGEMENT (ERM)
to achieve it, the organizational structure, hierarchy and
The Risk Management Committee of the Board has work practices have been modified wherever necessary to
approved a Risk Management Policy which has been make it more agile and nimble.
formulated in accordance with the provisions of the
Over and above all this, development of employees has
Companies Act, 2013 and Regulation 21 of SEBI (Listing been taken up through specialized training modules and
Obligation and Disclosure Regulation) Regulation 2015. programs that focus on soft skills. Progressive steps have
Our ERM framework encompasses practices relating to been further taken to inculcate a performance oriented
identification, assessment, monitoring and mitigation of culture.
strategic, operational, financial and compliance related There are twelve permanent employees on the rolls of the
risks. The coverage includes both internal and external Company.
factors. The risks identified are prioritised based on their
potential impact and likelihood of occurrence. Risk KEY FINANCIAL RATIOS
register and internal audit findings also provide input for risk A comparative table showing synopsis of FY 2020-21 versus
identification and assessment. The prioritised risks along with FY 2019-20 of Key Financial Ratio is provided below:
A comparative table showing synopsis of FY 2020-21 versus FY 2019-20 of Key Financial Ratio is provided below:
Ratio FY 2020-21 FY 2019-20 Formula Remarks
Debtor Turnover Ratio 4.51 66.13 Net Sales/Average Debtors Not Comparable as revenue
was recognised for first time as
per IND AS 115 in FY 2020
Inventory Turnover Ratio 0.03 0.15 COGS/Average Inventory Lower ratio due to land inventory
Interest Coverage Ratio 1.52 1.40 EBIT/Interest Expense Comfortable Coverage Ratio
Current Ratio 2.40 2.93 Current Assets/Current Liabilities Indicates better liquidity position
Debt Equity Ratio 0.30 0.35 Total Debt/Total Shareholder’s Equity Comfortable Debt Equity Ratio
Operating Profit Margin 81% 42% EBITDA*/Total Revenue* Higher EBITDA is due to increased
other income
Net Profit Margin 33% 9% Profit After Tax/Total Revenue* Not Comparable due to
exceptional item in FY 2020
Return on Net Worth 2.85% 0.82% PAT/Average Shareholder’s equity Return on Net Worth increased
due to increased PAT
*Includes Other Income
CAUTIONARY STATEMENT statements stated in this report could significantly differ from
There are certain statements in this report which the the actual results due to certain risks and uncertainties,
Company believes are forward looking. The forward-looking including but not limited to economic developments,
Government actions, etc.

Annexure ‘F’ to the Directors’ Report
FORM NO. MR- 3
SECRETARIAL AUDIT REPORT
FOR THE FINANCIAL YEAR ENDED 31ST MARCH, 2021
[Pursuant to Section 204 (1) of the Companies Act, 2013 and Rule No. 9 of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014]
To,
The Members, (c) The Securities and Exchange Board of India

Zuari Global Limited (Issue of Capital and Disclosure Requirements)
Jai Kisaan Bhawan, Regulations, 2009; …………. Not applicable to the
Zuarinagar, Goa, 403726 Company during the period under review.
I have conducted the secretarial audit of the compliance of (d) The Securities and Exchange Board of India
applicable statutory provisions and the adherence to good (Employee Stock Option Scheme and Employee
corporate practices by ZUARI GLOBAL LIMITED, (hereinafter Stock Purchase Scheme) Guidelines, 1999;
called the “company”). Secretarial Audit was conducted …………. Not applicable to the Company during
in a manner that provided me a reasonable basis for the period under review.
evaluating the corporate conducts/statutory compliances (e) The Securities and Exchange Board of India (Issue
and expressing my opinion thereon. and Listing of Debt Securities), Regulations, 2008;
Based on my verification of the ZUARI GLOBAL LIMITED’S (f) The Securities and Exchange Board of India
books, papers, minute books, forms and returns filed and (Registrars to an Issue and Share Transfer Agents)
other records maintained by the company and also the Regulations, 1993 regarding the Companies Act
information provided by the Company, its officers, agents and dealing with client;
and authorized representatives during the conduct of
secretarial audit, I hereby report that in my opinion, the (g) The Securities and Exchange Board of India
company has, during the audit period covering the financial (Delisting of Equity Shares) Regulations, 2009;
year ended on 31st March, 2020, complied with the statutory …………. Not applicable to the Company during
provisions listed hereunder and also that the Company the period under review.
has proper Board-processes and compliance-mechanism (h) The Securities and Exchange Board of India
in place to the extent, in the manner and subject to the (Buyback of Securities) Regulations, 1998; ………….
reporting made hereinafter: Not applicable to the Company during the period
I have *examined the books, papers, minute books, forms under review.
and returns filed and other records maintained by the (vi) Investor Education and Protection Fund Authority
Company for the financial year ended on 31st March, 2021 (Accounting, Audit, Transfer and Refund) Rules, 2016.
and according to the provisions of: The following other Laws applicable specifically to the
(i) The Companies Act, 2013 (the Act) and the rules made Company are:
thereunder; 1. The Real Estate (Regulation and Development)
(ii) The Securities Contracts (Regulation) Act, 1956 (‘SCRA’) Act, 2016;
and the rules made thereunder; 2. The Building and other construction workers
(iii) The Depositories Act, 1996 and the Regulations and (Regulation of Employment and Conditions of
Bye-laws framed thereunder; Service) Act, 1996;
(iv) Foreign Exchange Management Act, 1999 and the 3. Town and Country Planning Acts and Development
rules and regulations made thereunder; Control Regulations & Building Byelaws as
(v) The following Regulations and Guidelines prescribed applicable at various locations.
under the Securities and Exchange Board of India Act, 4. Trademarks Act, 1999.
1992 (‘SEBI Act’):- I further report that, based on the information provided by
(a) The Securities and Exchange Board of India the Company, its officers, authorised representatives during
(Substantial Acquisition of Shares and Takeovers) the conduct of the audit and also on the review of quarterly
Regulations, 2011; compliance report by the respective departmental heads
(b) The Securities and Exchange Board of India / Company Secretary / Executive Director/ Internal Auditor,
(Prohibition of Insider Trading) Regulations, 2015; taken on record by the Board of Directors of the Company,
in my opinion, adequate systems and processes and control

mechanism exist in the Company to monitor compliance clarifications on the agenda items before the meeting and
with applicable general laws and other legislations. for meaningful participation at the meeting.
I further report that the Compliance by the Company of As per the minutes of the Board duly recorded and signed
applicable Financial laws like Direct & Indirect tax laws, GST by Chairman, the decisions of the Board were unanimous
and others detailed under Tax Legislations, have not been and no dissenting views have been recorded.
reviewed and I have relied on the representations made I further report that there are adequate systems and
by the Company, its Officers and Reports issued by the processes in the company commensurate with the size
Statutory Auditors. and operations of the company to monitor and ensure
I have also examined compliance with the applicable compliance with applicable laws, rules, regulations and
clauses of the: guidelines.
(i) Secretarial Standards issued by The Institute of I further report that there are no instances of major bearing
Company Secretaries of India. on the company’s affairs in pursuance of the laws, rules,
(ii) The Listing Agreements entered into by the Company regulations, guidelines, standards, etc. during the year
with BSE Limited and National Stock Exchange of India under review.
Limited read with the Securities and Exchange Board of I, further report that during the audit period the company
India (Listing Obligation and Disclosure Requirements) has entered into a Scheme of Amalgamation with Gobind
Regulations 2015. Sugar Mills Limited and that the scheme was approved and
During the period under review the Company has complied is filed with NCLT and appropriate authorities as required to
with the provisions of the Act, Rules, Regulations, Guidelines, be filed/ intimated.
Standards, etc. mentioned above.
I further report that the Board of Directors of the Company is Sd/-
duly constituted with proper balance of Executive Directors, Sadashiv V Shet
Non-Executive Directors and Independent Directors. The Practicing Company Secretary
changes in the composition of the Board of Directors that Date: 04.06.2021 C P No.: 2540,
took place during the period under review were carried out Place: Panaji- Goa M. No.: FCS 2477
in compliance with the provisions of the Act. UDIN: F002477C000419465
Adequate notice is given to all directors to schedule the
Board Meetings, agenda and detailed notes on agenda *The documents and papers examined by me are the
were sent at least seven days in advance, and a system scanned copies provided by the company on account of
exists for seeking and obtaining further information and COVID 19 pandemic.

Annexure ‘G’ to the Directors’ Report
ANNUAL REPORT ON CSR ACTIVITIES FOR THE FINANCIAL YEAR 2020-2021
1. Brief outline on CSR Policy of the Company. vital towards fulfilling critical societal needs in the
Zuari Global Limited (ZGL), is part of Adventz Group communities we operate in. We also believe that we
of Companies and its CSR projects and initiatives have a larger responsibility towards making a difference
are guided by the group CSR Policy, and reviewed within our industry and also in society at large. Our
closely by the CSR Committee instituted and adopted initiatives include promotion of rural development,
by the Board of Directors as per “Section 135 of the healthcare & WASH (Water, Sanitation and Hygiene),
Companies Act, 2013”. and Education.
Driven by our passion to make a difference to society, As a responsible business corporation, our company
the Company is committed to upholding the highest has built sustainable and effective CSR initiatives that
standards of corporate social responsibility, and has are vital towards fulfilling critical societal need gaps
continued its progress on community initiatives with in the communities we operate in. We also believe
renewed vigour and devotion. that we have a larger responsibility towards making
a difference within our industry and also society at
As a responsible business corporation, we have built large.
sustainable and effective CSR initiatives that are
2. Composition of CSR Committee:

Sl. Name of Director Designation/ Number of Number of meetings
No. Nature of Directorship meetings of CSR of CSR Committee
Committee held attended during the
during the year year
1 Mr. Dipankar Chatterji Chairperson/ Non-Executive - Independent 1 1
Director
2 Mr. Marco Wadia Member/ Non-Executive - Independent Director 1 1
3 Mr. R.S. Raghavan* Member/ Executive Director - -
4 Mr. Vijay Vyankatesh Member/ Non-Executive - Independent Director 1 1
Paranjape
*attended CSR Committee meeting held on 25th June 2020 in the capacity of an Invitee..
3. Provide the web-link where Composition of CSR committee, CSR Policy and CSR projects approved by the board
are disclosed on the website of the company at:
https://www.adventz.com/html/pdfs/CORPORATESOCIALRESPONSIBILITYPOLICY.pdf
4. Provide the details of Impact assessment of CSR projects carried out in pursuance of sub-rule (3) of rule 8 of the
Companies (Corporate Social responsibility Policy) Rules, 2014, if applicable (attach the report). - Not applicable
5. Details of the amount available for set off in pursuance of sub-rule (3) of rule 7 of the Companies (Corporate
Social responsibility Policy) Rules, 2014 and amount required for set off for the financial year, if any
Sl. No. Financial Year Amount available for set-off from Amount required to be set-off for the
preceding financial years (in Rs) financial year, if any (in Rs)
- Nil-
6. Average net profit of the company as per section 135(5) for FY 2020-21. - Rs. 1,552.68 Lakh
7. (a) Two percent of average net profit of the company as per section 135(5) of the Companies Act, 2013 for FY 2020-
21. - Rs. 31.05 Lakh
(b) Surplus arising out of the CSR projects or programmes or activities of the previous financial years. -Nil -
(c) Amount required to be set off for the financial year, if any -Nil-
(d) Total CSR obligation for the financial year (7a+7b-7c). - Rs. 31.05 Lakh
8. (a) CSR amount spent or unspent for the financial year:
Total Amount Spent Amount Unspent (in Rs.)
for the Financial Year Total Amount transferred to Unspent Amount transferred to any fund specified under
(Rs. in Lakhs) CSR Account as per section 135(6) Schedule VII as per second proviso to section 135(5)
Amount Date of transfer Name of the Fund Amount Date of transfer
Rs. 103.63 Lakh Nil - Not Applicable Nil -

(b) Details of CSR amount spent against ongoing projects for the financial year: -Not Applicable for 2020-21-
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11)
Sl. Name Item from Local Location of the Project Amount Amount Amount Mode of Mode of Imple-
No. of the list of Area Project Duration allocated spent transferred Implemen- mentation
Project activities in (Yes/ for the in the to Unspent tation
Schedule No) project current CSR Direct
VII to the (Rs. in financial Account as (Yes/No)
Act. Lakh) Year (Rs. per Section
in Lakh) 135 (6) (Rs.
in Lakh)
State District Name CSR
Registration
Number.
(c) Details of CSR amount spent against other than ongoing projects for the financial year:
(1) (2) (3) (4) (5) (6) (7) (8)
Sl. Name of the Item from the Local Location of the project. Amount Mode of Mode of
No. Project list of activities area spent implementation implementation
in schedule VII (Yes/ for the Direct (Yes/No). - Through
to the Act. No) project implementing
(in Rs.) agency.
State. District. Name CSR
registration
number.
1. Mobile Health Unit (i) promoting Yes UP Lakhimpur-Kheri 20.48 Yes NA NA
(MHU) for Health health care
Outreach Services
2. Safe Sanitation (i) promoting Yes UP Lakhimpur-Kheri 4.88 Yes NA NA
through Safe
Community Toilets Sanitation
3. Drinking water (i) Availability Yes UP Lakhimpur-Kheri 5.11 Yes NA NA
supply at 5 of Safe
locations (RO Drinking
Systems with Solar Water
Pump)
4. School Building (ii) promotion Yes UP Lakhimpur-Kheri 13.27 Yes NA NA
Renovation of education;
Project
5. Furniture to (ii) promotion Yes Odisha (Khurda, Raigad, 34.74 Yes NA NA
Anganwadis, of education; Jagatsingh Pur)
Rehab Center for
Children
6. Classroom (ii) promotion Yes Karnataka Vijaypura; 25.15 Yes NA NA
Furniture to Rural of education; Belgaum;
Primary Schools Davangere;
Shimoga,
Bidar; Kolar;
Chikkaballapur;
Dakshin Kanada
Total (Rs. in Lakh) 103.63
(d) Amount spent in Administrative Overheads – Nil –
(e) Amount spent on Impact Assessment, if applicable – Nil –
(f) Total amount spent for the Financial Year (8b+8c+8d+8e) - Rs. 103.63 Lakh
(g) Excess amount for set off, if any
Sl. No. Particular Amount (Rs. in Lakh)
(i) Two percent of average net profit of the company as per section 135(5) 31.05
(ii) Total amount spent for the Financial Year 103.63
(iii) Excess amount spent for the financial year [(ii)-(i)] 72.58
(iv) Surplus arising out of the CSR projects or programmes or activities of the previous financial 0
years, if any
(v) Amount available for set off in succeeding financial years [(iii)-(iv)] 72.58*
*The company would set off only Rs. 45.65 Lakh against Rs. 72.58 Lakh as indicated in table above, because the company
made a provision to compensate CSR liability of Rs. 26.93 Lakh pertaining to FY 2019-20, and spent it entirely in FY 2020-21.

9. (a) Details of Unspent CSR amount for the preceding three financial years: - Not Applicable-
Sl. No Preceding Amount Amount Amount transferred to any fund Amount remaining
Financial Year. transferred to spent in the specified under Schedule VII as per to be spent in
Unspent CSR reporting section 135(6), if any. succeeding
Account under Financial financial years.
section 135 (6) Year (in Rs.). (in Rs.)
(in Rs.) Name of Amount Date of
the Fund (in Rs). transfer.
-Not Applicable-
(b) Details of CSR amount spent in the financial year for ongoing projects of the preceding financial year(s):
(1) (2) (3) (4) (5) (6) (7) (8) (9)

Sl. No. Name Financial Project Total amount Amount spent Cumulative Status of
No Project of the Year in duration. allocated for on the project amount spent the project
ID Project which the the project in the reporting at the end of -Completed
project was (in Rs.). Financial Year reporting Financial /Ongoing.
commenced (in Rs). Year. (in Rs.)
-Not Applicable-
10. In case of creation or acquisition of capital asset, furnish the details relating to the asset so created or acquired through
CSR spent in the financial year (asset-wise details).
Asset: Mobile Health Unit (MHU)/Ambulance for Health Outreach Services
(a) Date of creation or acquisition of the capital asset(s) - 31 March, 2021
(b) Amount of CSR spent for creation or acquisition of capital asset. - Rs. 20.48 Lakh
(c) Details of the entity or public authority or beneficiary under whose name such capital asset is registered, their
address etc.
• Asset being handed, as per rules to: Community Health Center, Khamaria, Lakhimpur Kheri, Uttar Pradesh for
extension of health services in rural areas.
• Registration in the name of c/o Zuari Global Limited (ZGL),
(d) Provide details of the capital asset(s) created or acquired (including complete address and location of the capital
asset)
Details of Asset Complete address and location of the capital asset
MHU (Mobile Health Unit/Ambulance) Model: Force Gobind Sugar Mills Ltd., Aira Estate, c/o Zuari Global
Traveller T1 AMB SHELL) 3350 FM2.6CR BSVI 9+D+P Limited, Lakhimpur Kheri, Uttar Pradesh
ABS Pincode 262722
11. Specify the reason(s), if the company has failed to spend two percent of the average net profit as per section 135(5).
The company has fully spent two percent (2%) of the average net profit as per section 135(5) for FY 2020-21. Additionally,
following the resolution taken in 2019-20, to compensate for the previous financial year, the company made a provision
and spent over and above the mandate for 2020-21.
Sd/- Sd/-
R.S. Raghavan Marco Wadia
Date: 04th June, 2021 Managing Director Chairman of the meeting

Annexure ‘H’ to the Directors’ Report

Statement of particulars pursuant to the provisions of section 197 (12) read with Rule 5(1) of Companies
(Appointment and Remuneration of Managerial personnel) Rules, 2014.
(i) The ratio of the remuneration of each Director to the median remuneration of the employees of the Company for the
financial year 2020-21:
Sr. Name of the Director Ratio of the remuneration of each director to the median
No. remuneration of the employees
1. Mr. Saroj Kumar Poddar-Chairman* NIL
2. Mr. R.S. Raghavan-Managing Director NIL
3. Mrs. Jyotsna Poddar-Whole Time Director 1:0.28
4. Mr. Marco Wadia-Independent Director* NIL
5. Mr. Dipankar Chatterji-Independent Director* NIL
6. Mr. Vijay Paranjape-Independent Director* NIL
7. Mrs. Manju Gupta-Independent Director* NIL
* Were paid sitting fees for attending meetings
(ii) The percentage increase in remuneration of each Director, Chief Financial Officer, Chief Executive Officer, Company
Secretary or Manager in the financial year;
Sr. Name of the Director Percentage increase in remuneration
No.
1. Mr. Saroj Kumar Poddar-Chairman* NIL
2. Mr. R.S. Raghavan-Managing Director NIL
3. Mrs. Jyotsna Poddar-Whole Time Director NIL
4. Mr. Marco Wadia-Independent Director* NIL
5. Mr. Dipankar Chatterji-Independent Director* NIL
6. Mr. Vijay Paranjape-Independent Director* NIL
7. Mrs. Manju Gupta-Independent Director* NIL
8. Mr. Vijay Kumar Kathuria** NIL
9. Mr. Nishant Dalal*** NIL
10. Mr. Sachin Patil^ NIL
11. Mr. Laxman Aggarwal^^ NIL
* Were paid sitting fees for attending meetings
** Resigned w.e.f.12.11.2020
*** Appointed w.e.f. 13.11.2020
^ Resigned w.e.f. 01.07.2020
^^ Appointed w.e.f. 01.07.2020
(iii) The percentage increase in the median remuneration of employees in the financial year: 5.33%
(iv) The number of permanent employees on the rolls of Company:
There are twelve permanent employees on the rolls of the Company.
(v) Average percentile increase already made in the salaries of employees other than the managerial personnel in the last
financial year and its comparison with the percentile increase in the managerial remuneration and justification thereof
and point out if there are any exceptional circumstances for increase in the managerial remuneration:
The average increase in remuneration to employees other than Managerial Personnel was 3%.
(vi) It is hereby affirmed that the remuneration paid is as per the Remuneration Policy of the Company.
On behalf of the Board of Directors
Sd/-
S.K. Poddar
Date: 04th June, 2021 Chairman
Place: Dubai DIN: 00008654

52
Annexure ‘I’ to the Directors’ Report
Statement containing salient features of the Financial Statement of Subsidiaries Pursuant to Section 129(3) of the Companies Act, 2013 read with Rule 5 of the
Companies (Accounts) Rules, 2014) (All amounts in Rs. Lakhs, unless stated otherwise)
Form AOC-1 (PART-’’A’’)
Sl. Name of the Reporting Exchange Share Reserve & Total Assets Total Invest- Turnover Profit Provision Profit after Proposed % of Country
No. subsidiary Currency Rate Capital Surplus Liabilities ments before for Taxation Dividend share
Taxation Taxation holding
Indian Subsidiaries
1 Zuari Infraworld INR NA 4,655.00 10,456.43 60,112.46 45,001.02 6,647.10 1,856.17 22.00 114.51 136.51 - 100% INDIA

India Limited
2 Indian Furniture INR NA 7,009.95 (4,475.57) 18,222.96 15,688.58 1,462.42 262.48 (1,042.41) (0.29) (1,042.70) - 72.45% INDIA
Products Limited
3 Simon India Limited INR NA 500.00 5,679.31 15,552.99 9,373.68 6,540.54 789.48 (1,764.30) (1,837.27) (3,601.57) - 100% INDIA
4 Zuari Management INR NA 5.00 2,189.62 18,660.78 16,466.16 4,656.44 1,912.10 (526.16) - (526.16) - 100% INDIA
Services Limited
5 Zuari Investments INR NA 1,945.74 10,650.61 40,411.54 27,815.19 20,939.21 - (1,463.35) (24.14) (1,487.49) - 100% INDIA
Limited
a) Gobind Sugar INR NA 447.30 (8,468.44) 1,10,372.82 1,18,393.96 271.14 76,274.06 169.46 1,144.89 1,314.35 - NA INDIA
Mills Limited
(Subsidiary of Zuari
Investments Limited)
6 Zuari FinservLimited INR NA 2,249.84 759.59 4,643.73 1,634.30 - 1,041.68 525.28 (5.17) 520.11 - 100% INDIA
(Formerly known as
Zuari Finserv Private
Limited)
7 Zuari Insurance INR NA 275.00 377.71 693.30 40.59 58.56 249.37 67.05 (25.52) 41.53 - 100% INDIA
Brokers Limited
8 Zuari Sugar & INR NA 2,990.00 (7,474.99) 12,210.87 16,695.86 4,594.00 9,051.91 (2,852.78) - (2,852.78) - 100% INDIA
Power Limited
Foreign Subsidiaries
9 Zuari Infra Middle AED 19.905 0.10 4.02 513.11 508.99 1.47 44.33 (19.47) - (19.47) - NA UAE
East Limited
(Subsidiary of Zuari
Infraworld India Ltd.)
Note 1 : Figures of Foreign Subsidiaries are reported in AED Lakhs .

Note 2 : Subsidiary which are yet to commence operations- Nil
Note 3 : Subsidiary which have been sold during the year- Nil
Sd/- Sd/-
R.S. Raghavan Vijay Vyankatesh Paranjape
Managing Director Director
DIN:00362555 DIN:00237398
Sd/- Sd/-
Nishant Dalal Laxman Aggarwal
Chief Financial Officer Company Secretary
M. No.: A19861
Place: Gurugram
Date: 04th June, 2021
Annexure ‘I’ to the Directors’ Report
PART - B
Statement containing salient features of the financial statement of Joint Ventures & Associates
(Pursuant to provision to sub-section (3) of section 129 read with Rule 5 of Companies (Accounts) Rules, 2014)
(Rs. in lakhs)
Associate Joint Venture Joint Venture
Name of Associates/Joint Ventures Zuari Agro Chemicals Limited Zuari Indian Oiltanking Forte Furniture Products
Private Limited India Private Limited
Latest audited Balance Sheet 31st March, 2021 31st March, 2021 31st March, 2021
Shares of Associates/Joint Ventures held by the Company on the year
end
No. of Shares 1,34,90,510 1,00,20,040 3,05,40,785
Amount of Investment in Associates/Joint Ventures 2145.92 1002.00 3945.30
Extend of holding (%) 20.00% 50.00% 35.79%
CORPORATE INFORMATION
Description of how there is significant influence Based on the percentage of Based on the percentage of Based on the
Holding in the Associate Company Holding in the Joint Venture percentage of Holding
Company in the Joint Venture
Company
Reason why the Joint venture is not consolidated Not Applicable Not Applicable Not Applicable
Networth attributable to Shareholding as per latest audited Balance 6,293.84 1,827.64 -
Sheet
Profit/(Loss) for the year [Profit/(Loss) after Tax] (15,709.38) (21.30) (2,020.58)
Considered in Consolidation (5039.56)* (10.65) (1,010.29)
Not Considered in Consolidation (10669.82)* (10.65) (1,010.29)
Note 1 : Associates or Joint Ventures which are yet to commence operations- Nil
Note 2 : Joint Ventures which have been sold during the year- Nil
STATUTORY REPORTS
*The above figures are on consolidated basis which includes 12.08% being held by Zuari Management Services Limited.
Sd/- Sd/-
DIN:00362555 DIN:00237398
Sd/- Sd/-
Nishant Dalal Laxman Aggarwal
Chief Financial Officer Company Secretary
M. No.: A19861
Annual Report 2020-21

FINANCIAL STATEMENTS
Place: Gurugram
53
Date: 04th June, 2021
Annexure ‘J’ to the Directors’ Report
Form No. AOC - 2
(Pursuant to clause (h) of sub-section (3) of section 134 of the Companies Act, 2013 and Rule 8(2) of the Companies
(Accounts) Rules, 2014)
Form for disclosure of particulars of contracts / arrangements entered into by the Company with related parties referred to
in sub-section (1) of Section 188 of the Companies Act, 2013 including certain arm’s length transactions under third proviso
thereto.
1. Details of contracts or arrangements or transactions not at arm’s length basis:
There were no contracts / arrangements entered into by the Company with related parties referred to in sub-section (1) of
Section 188 of the Companies Act, 2013 which were not at arm’s length basis during the year ended 31 March, 2021.
2. Details of material contracts or arrangements or transactions at arm’s length basis:
The details of material contracts or arrangements or transactions at arm’s length basis entered into during the year ended
31 March, 2021 are as follows:
Name of the Nature of contracts/ Duration of Salient terms of Date(s) of Amount paid
Related Party arrangements/ the contracts/ the contracts or approval by as advance,
and Nature of transactions arrangements/ arrangements or the Board/ if any
Relationship transactions transactions including Shareholders, if
the value (Rs. in Lakh) any
NIL
There were no material contracts / arrangements or transactions entered into by the Company with related parties referred
to in sub-section (1) of Section 188 of the Companies Act, 2013.
However, the Company has entered into transactions with related parties at arm’s length, the details of which are given in
the notes to financial statements.
Sd/-
S.K. Poddar
Date: 04th June, 2021 Chairman
Place: Dubai DIN: 00008654
(The space has been intentionally left blank)

Independent Auditor’s Report

To The Members of ZUARI GLOBAL LIMITED We are independent of the Company in accordance
with the Code of Ethics issued by the Institute of Chartered
Report on the Audit of Standalone Financial Statements
Accountants of India together with the ethical requirements
Opinion that are relevant to our audit of the standalone financial
We have audited the accompanying standalone financial statements under the provisions of the Act and the Rules
statements of Zuari Global Limited (“the Company”), which thereunder, and we have fulfilled our other ethical
comprise the Balance Sheet as at 31st March, 2021, the responsibilities in accordance with these requirements and
Statement of Profit and Loss (including other comprehensive the Code of Ethics. We believe that the audit evidence
income), the Cash Flow Statement and the Statement of we have obtained is sufficient and appropriate to provide
Changes in Equity for the year then ended, and a summary a basis for our audit opinion on the standalone financial
of the significant accounting policies and other explanatory statements.
information. Emphasis of Matter
In our opinion and to the best of our information and We draw attention to Note 47 of the standalone financial
according to the explanations given to us, the aforesaid statements, which describes the uncertainties due to the
standalone financial statements give the information outbreak of Covid-19 pandemic and management’s
required by the Companies Act, 2013 (“the Act”) in evaluation of the impact on the standalone financial
the manner so required and give a true and fair view statements of the Company as at the balance
in conformity with the Indian Accounting Standards sheet date. The impact of these uncertainties on the
prescribed under section 133 of the Act read with the Company’s operations is significantly dependent on future
Companies (Indian Accounting Standards) Rules, 2015, as developments.
amended, (“Ind AS”) and accounting principles generally
Our opinion is not modified in respect of this matter.
accepted in India, of the state of affairs of the Company as
at 31st March, 2021, its profit, total comprehensive income, Key Audit Matters
its cash flows and the changes in equity for the year ended Key audit matters are those matters that, in our professional
on that date. judgment, were of most significance in our audit of the
Basis for Opinion standalone financial statements of the current period.
These matters were addressed in the context of our audit
We conducted our audit of the standalone financial
of the standalone financial statements as a whole, and
statements in accordance with the Standards on
in forming our opinion thereon, and we do not provide a
Auditing (SAs) specified under section 143(10) of the Act.
separate opinion on these matters. We have determined
Our responsibilities under those Standards are further
the matters described below to be the key audit matters to
described in the Auditor’s Responsibilities for the Audit of
be communicated in our report:
the Standalone financial statements section of our report.
S No Key Audit Matter Auditor’s Response

1 Income tax provisions
We refer to the note 22A, 36(i) and 38A of the Our audit procedures included, but were not limited to, the
standalone financial statements of the Company for following:
the year ended 31 March 2021 relating to current tax • We obtained an understanding of the management
expense, Income Tax Assets and contingent liabilities. process for identification of tax litigation matters
The Company has significant litigations outstanding initiated against the Company and assessment
as at 31 March 2021 which includes income tax and of accounting treatment for each such litigation
wealth tax. identified under Ind AS 37
The eventual outcome of these tax proceedings is • We evaluated the design and tested the operating
dependent on the outcome of future events and effectiveness of key controls around above process;
unexpected adverse outcomes could significantly • We obtained details of completed tax assessments
impact the Company’s reported profits and balance and demands upto the year ended March 31, 2021
sheet position. from management
• We obtained an understanding of the nature of
litigations pending against the company and
discussed the key developments during the year with
the management

S No Key Audit Matter Auditor’s Response
The amounts involved are material and the • We assessed the appropriateness of methods
application of accounting principles as given under used, and the reliability of underlying data for the
Ind AS 37, Provisions, Contingent Liabilities and underlying calculations made for quantifying the
Contingent Assets, in order to determine the amount amounts involved. Tested the arithmetical accuracy
to be recorded as a liability or to be disclosed as of such calculations;
a contingent liability, in each case, is inherently • We tested the disclosures made relating to the
subjective, and needs careful evaluation and provisions and contingent liabilities for their
judgement to be applied by the management. Key appropriateness.
judgments are also made by the management in
estimating the amount of liabilities, provisions and/
or contingent liabilities related to aforementioned
litigations.
Considering the degree of judgment, significance of
the amounts involved and inherent high estimation
uncertainty, this matter has been identified as a key
audit matter for the current year audit.
2 Impairment assessment of non-current investments in Our audit procedures included, but were not limited to, the
subsidiaries and joint venture following:
We refer to note 6A and note 36B(ii) of the standalone • We evaluated design and operating effectiveness of
financial statements of the Company for the year controls implemented for identification of impairment
ended 31 March 2021 for the carrying value of the indicators and measurement of impairment provision;
non-current investments and loans in subsidiaries and • We compared the carrying value of all investments
joint venture. to the net assets of the respective entities, to identify
The Company has aggregate investment in whether the net assets were in excess of their carrying
subsidiaries and Joint ventures of INR 26,430.55 amount;
lakhs. Impairment assessment of these investments is • Wherever the net assets were lower than the
inherently subjective due to reliance on net worth of recoverable amount, for material amounts:
investee, valuations of the assets held and cash flow
projections of these investee companies. The key i. We assessed the appropriateness of valuation
assumptions underpinning management’s assessment methodology used for the fair valuation
of the valuation model includes, but are not limited to computation;
future growth rates, discount rates, estimated future ii. We reconciled the cash flow projections to the
operating and capital expenditure. business plans approved by the Company’s
Due to their materiality, assessment of impairment board of directors;
losses on the carrying value of investment in the iii. We tested arithmetic accuracy of cash flows
subsidiaries and joint ventures has been considered projections.
as be a key audit matter. • We evaluated the appropriateness of disclosures
in relation to investments in subsidiaries and joint
ventures.
Information Other than the Standalone financial statements In connection with our audit of the standalone financial
and Auditor’s Report Thereon statements, our responsibility is to read the other information
The Company’s Board of Directors is responsible for the and, in doing so, consider whether the other information
other information. The other information comprises the is materially inconsistent with the standalone financial
information included in the Annual report, but does not statements or our knowledge obtained during the course of
include the Standalone financial statements and our our audit or otherwise appears to be materially misstated.
auditor’s report thereon. Based on the work we have performed, if we conclude that
Our opinion on the standalone financial statements does there is a material misstatement of this other information,
not cover the other information and we do not express any we are required to report that fact. We have nothing to
form of assurance conclusion thereon. report in this regard.

Responsibilities of management and those charged with • Obtain an understanding of internal control relevant
governance for the standalone financial statements to the audit in order to design audit procedures that
are appropriate in the circumstances. Under section
The Company’s Board of Directors is responsible for the
143(3)(i) of the Companies Act, 2013, we are also
matters stated in Section 134(5) of the Act with respect to
responsible for expressing our opinion on whether the
the preparation of these standalone financial statements
company has adequate internal financial controls
that give a true and fair view of the financial position,
system in place and the operating effectiveness of
financial performance including other comprehensive
such controls.
income, cash flows and changes in equity of the Company
in accordance with the Ind AS and other accounting • Evaluate the appropriateness of accounting policies
principles generally accepted in India. This responsibility used and the reasonableness of accounting estimates
also includes maintenance of adequate accounting and related disclosures made by management.
records in accordance with the provisions of the Act for • Conclude on the appropriateness of management’s
safeguarding the assets of the Company and for preventing use of the going concern basis of accounting and,
and detecting frauds and other irregularities; selection based on the audit evidence obtained, whether
and application of appropriate accounting policies; a material uncertainty exists related to events or
making judgments and estimates that are reasonable and conditions that may cast significant doubt on the
prudent; and design, implementation and maintenance of Company’s ability to continue as a going concern.
adequate internal financial controls, that were operating If we conclude that a material uncertainty exists, we
effectively for ensuring the accuracy and completeness are required to draw attention in our auditor’s report
of the accounting records, relevant to the preparation to the related disclosures in the standalone financial
and presentation of the standalone financial statements statements or, if such disclosures are inadequate, to
that give a true and fair view and are free from material modify our opinion. Our conclusions are based on
misstatement, whether due to fraud or error. the audit evidence obtained up to the date of our
In preparing the standalone financial statements, the auditor’s report. However, future events or conditions
Management is responsible for assessing the Company’s may cause the Company to cease to continue as a
ability to continue as a going concern, disclosing, as going concern.
applicable, matters related to going concern and using the • Evaluate the overall presentation, structure and
going concern basis of accounting unless the Management content of the standalone financial statements,
either intends to liquidate the Company or to cease including the disclosures, and whether the standalone
operations, or has no realistic alternative but to do so. financial statements represent the underlying
The Board of Directors are also responsible for overseeing transactions and events in a manner that achieves fair
the Company’s financial reporting process. presentation.
Auditor’s responsibility for the audit of standalone financial We communicate with those charged with governance
statements regarding, among other matters, the planned scope and
timing of the audit and significant audit findings, including
Our objectives are to obtain reasonable assurance about
any significant deficiencies in internal control that we
whether the standalone financial statements as a whole
identify during our audit.
are free from material misstatement, whether due to fraud
or error, and to issue an auditor’s report that includes We also provide those charged with governance with
our opinion. Reasonable assurance is a high level of a statement that we have complied with relevant
assurance, but is not a guarantee that an audit conducted ethical requirements regarding independence, and
in accordance with SAs will always detect a material to communicate with them all relationships and other
misstatement when it exists. Misstatements can arise from matters that may reasonably be thought to bear on our
fraud or error and are considered material if, individually independence, and where applicable, related safeguards.
or in the aggregate, they could reasonably be expected From the matters communicated with those charged with
to influence the economic decisions of users taken on the governance, we determine those matters that were of
basis of these standalone financial statements. most significance in the audit of the standalone financial
statements of the current period and are therefore the key
As part of an audit in accordance with SAs, we exercise
audit matters. We describe these matters in our auditor’s
professional judgment and maintain professional scepticism
report unless law or regulation precludes public disclosure
throughout the audit. We also:
about the matter or when, in extremely rare circumstances,
• Identify and assess the risks of material misstatement we determine that a matter should not be communicated
of the standalone financial statements, whether due in our report because the adverse consequences of doing
to fraud or error, design and perform audit procedures so would reasonably be expected to outweigh the public
responsive to those risks, and obtain audit evidence interest benefits of such communication.
that is sufficient and appropriate to provide a basis
Other Matter
for our opinion. The risk of not detecting a material
misstatement resulting from fraud is higher than for The comparative financial information of the Company
one resulting from error, as fraud may involve collusion, for the year ended 31st March 2020 included in these
forgery, intentional omissions, misrepresentations, or standalone financial statements are based on the
the override of internal control. previously issued standalone financial statements audited

by the predecessor auditors (i.e. M/s Walker Chandiok & (h) With respect to the other matters to be included
Co. LLP) whose report dated 25th June 2020 expressed an in the Auditor’s Report in accordance with
unmodified opinion on those audited standalone financial Rule 11 of the Companies (Audit and Auditors)
statements for the year ended 31st March 2020. Rules, 2014, in our opinion and to the best of our
information and according to the explanations
Our opinion is not modified in respect of this matter. given to us:
Report on Other Legal and Regulatory Requirements i) The Company has disclosed the impact, if
any, of pending litigations on its financial
1. As required by Section 143 (3) of the Act, we report
position in its standalone financial
that: statements – Refer Note No. 38 to the
(a) We have sought and obtained all the information standalone financial statements;
and explanations which to the best of our ii) The Company did not have any long-term
knowledge and belief were necessary for the contracts including derivative contracts for
purposes of our audit. which there were any material foreseeable
(b) In our opinion, proper books of account as losses as at 31st March 2021
required by law have been kept by the Company
iii) There has no delay in transferring amounts,
so far as it appears from our examination of those
required to be transferred, to the Investor
books.
Education and Protection Fund by the
(c) The balance sheet, the statement of profit and Company during the year ended 31st March
loss including other comprehensive income, 2021.
the cash flow statement and the statement of
2. As required by the Companies (Auditor’s Report) Order,
changes in equity dealt with by this report are in
2016 (“the Order”) issued by the Central Government
agreement with the books of account.
of India in terms of sub-section (11) of section 143 of
(d) In our opinion, the aforesaid standalone financial the Act, and on the basis of such checks of the books
statements comply with the Indian Accounting and records of the Company as we considered
Standards specified under Section 133 of the Act. appropriate and according to the information and
(e) On the basis of written representations received explanations given to us, we give in the “Annexure B” a
from the directors as on 31st March, 2021 and statement on the matters specified in the paragraphs
3 and 4 of the said Order.
taken on record by the Board of Directors, none
of the directors is disqualified as on 31st March,
2021 from being appointed as a director in terms
of Section 164 (2) of the Act. For V. Sankar Aiyar & Co.
Chartered Accountants
(f) With respect to the adequacy of the internal ICAI Firm Regn. No. 109208W
financial controls over financial reporting of
the Company and the operating effectiveness
Sd/-
of such controls, refer to our separate report in
“Annexure A”. Ajay Gupta.
Partner
(g) With respect to the other matters to be included Membership No. 90104
in the Auditor’s Report in accordance with the ICAI UDIN - 21090104AAAADA6707
requirements of section 197(16) of the Act, as
amended, in our opinion and to the best of our
information and according to the explanations
given to us, the remuneration paid / provided by Place : New Delhi
the Company to its directors during the year is in Dated : 4th June 2021
accordance with the provisions of section 197 of
the Act.

Annexure “A” to the Independent Auditors’ Report of even date to the members of Zuari Global Limited, on the standalone
financial statements for the year ended 31st March 2021
(Referred to in Paragraph 1(f) under ‘Report on Other Legal and Regulatory requirements’ of our report on even date)
Report on the Internal Financial Controls over Financial Meaning of Internal Financial Controls over Financial
Reporting under Clause (i) of Sub-section 3 of Section 143 Reporting
of the Act
A Company’s internal financial control over financial
We have audited the internal financial controls over reporting is a process designed to provide reasonable
financial reporting of the Company as of March 31, 2021 assurance regarding the reliability of financial reporting
in conjunction with our audit of the standalone financial and the preparation of standalone financial statements for
statements of the Company for the year ended on that external purposes in accordance with generally accepted
date. accounting principles. A Company’s internal financial
Management’s Responsibility for Internal Financial Controls control over financial reporting includes those policies and
procedures that (1) pertain to the maintenance of records
The Company’s management is responsible for establishing that, in reasonable detail, accurately and fairly reflect the
and maintaining internal financial controls based on the transactions and dispositions of the assets of the Company;
internal control over financial reporting criteria established (2) provide reasonable assurance that transactions are
by the Company considering the essential components recorded as necessary to permit preparation of standalone
of internal control stated in the Guidance Note on Audit financial statements in accordance with generally accepted
of Internal Financial Controls over Financial Reporting (the accounting principles, and that receipts and expenditures
“Guidance Note”) issued by the Institute of Chartered of the Company are being made only in accordance
Accountants of India (ICAI). These responsibilities include with authorisations of management and directors of the
the design, implementation and maintenance of Company; and (3) provide reasonable assurance regarding
adequate internal financial controls that were operating prevention or timely detection of unauthorised acquisition,
effectively for ensuring the orderly and efficient conduct use, or disposition of the Company’s assets that could have
of its business, including adherence to Company’s policies, a material effect on the standalone financial statements.
the safeguarding of its assets, the prevention and detection Inherent Limitations of Internal Financial Controls over
of frauds and errors, the accuracy and completeness of the Financial Reporting
accounting records, and the timely preparation of reliable
financial information, as required under the Act. Because of the inherent limitations of internal financial
controls over financial reporting, including the possibility
Auditors’ Responsibility of collusion or improper management override of controls,
Our responsibility is to express an opinion on the Company’s material misstatements due to error or fraud may occur
internal financial controls over financial reporting based and not be detected. Also, projections of any evaluation
on our audit. We conducted our audit in accordance of the internal financial controls over financial reporting
with the Guidance Note and the Standards on Auditing, to future periods are subject to the risk that the internal
issued by ICAI and deemed to be prescribed under section financial control over financial reporting may become
143(10) of the Act, to the extent applicable to an audit of inadequate because of changes in conditions, or that the
internal financial controls, both applicable to an audit of degree of compliance with the policies or procedures may
Internal Financial Controls and, both issued by ICAI. Those deteriorate.
Standards and the Guidance Note require that we comply Opinion
with ethical requirements and plan and perform the audit In our opinion, the Company has, in all material respects, an
to obtain reasonable assurance about whether adequate adequate internal financial controls system over financial
internal financial controls over financial reporting was reporting and such internal financial controls over financial
established and maintained and if such controls operated reporting were operating effectively as at 31st March 2021,
effectively in all material respects. based on the internal control over financial reporting criteria
Our audit involves performing procedures to obtain audit established by the Company considering the essential
evidence about the adequacy of the internal financial components of internal control stated in the Guidance
controls system over financial reporting and their operating Note issued by the ICAI.
effectiveness. Our audit of internal financial controls over
financial reporting included obtaining an understanding of
internal financial controls over financial reporting, assessing For V. Sankar Aiyar & Co.
the risk that a material weakness exists, and testing and Chartered Accountants
evaluating the design and operating effectiveness of ICAI Firm Regn. No. 109208W
internal control based on the assessed risk. The procedures
selected depend on the auditor’s judgement, including Sd/-
the assessment of the risks of material misstatement of the Ajay Gupta.
standalone financial statements, whether due to fraud or Partner
error. Membership No. 90104
ICAI UDIN - 21090104AAAADA6707
We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our audit
opinion on the Company’s internal financial controls system Place : New Delhi
over financial reporting. Dated : 4th June 2021

Annexure “B” to the Independent Auditors’ Report of even date to the members of Zuari Global Limited, on the standalone
financial statements for the year ended 31st March 2021
(Referred to in Paragraph 2 under ‘Report on Other Legal and Regulatory Requirements’ section of our Report on even date)
i a) The Company has maintained proper records The Company has not granted any loans to firms or
showing full particulars, including quantitative limited liability partnerships or other parties required to
details and situation of fixed assets in the nature be covered in the register maintained under section
of property, plant and equipments. 189 of the Act.
b) Major items of fixed assets were physically verified iv In our opinion and according to the information and
during the year by the management. No material explanations given to us, the Company has complied
discrepancies were noticed on such verification. with the provisions of Section 185 and 186 of the Act
in respect of grant of loans, making investments and
c) In our opinion and according to the information
providing guarantees and securities, as applicable.
and explanations given to us and representation
obtained from the management, the title deeds v The Company has not accepted any deposits within
of immovable properties (which are included the meaning of Sections 73 to 76 of the Act and the
under the head ‘Property, Plant & Equipment’) Companies (Acceptance of Deposits) Rules, 2014 (as
are held in the name of the Company. amended). Accordingly, the provisions of clause 3(v)
of the Order are not applicable.
ii Inventories held by the company are mainly in the
nature of land parcels and real estate units. The vi We have broadly reviewed the books of accounts
inventories have been physically verified by the maintained by the Company, pursuant to rules made
management at reasonable intervals during the by the Central Government for the maintenance of
year. In our opinion, the frequency of verification cost records under clause (1) of section 148 of the
is reasonable and no material discrepancies were Companies Act, 2013 and are of the opinion that
noticed on physical verification. prima facie, the prescribed accounts and records
have been maintained. We have not, however, made
iii The Company has granted unsecured loans to
a detailed examination of the records with a view to
companies covered in the register maintained under
determine whether they are accurate and complete.
Section 189 of the Act; and with respect to the same -
vii a) According to the records of the Company, the
a) in our opinion the terms and conditions of grant of
such loans are not, prima facie, prejudicial to the Company has been generally regular in depositing
company’s interest; undisputed statutory dues including provident fund,
employees’ state insurance, income-tax, goods and
b) all the loans have been granted to group services tax (GST), cess and other material statutory
companies (subsidiaries and associate) for
dues with the appropriate authorities. We are informed
long term liquidity support. The same will be
repaid based on the liquidity position of group that there is no liability of the Company on account of
companies. duty of customs, duty of excise, There were no arrears
of undisputed statutory dues as at 31st March, 2021,
c) there is no overdue amount in respect of loans which were outstanding for a period of more than six
granted to such companies:
months from the date they became payable.
b) The dues outstanding in respect of income tax on
account of any dispute, are as follows -
Name of the Statue Nature of Amount Amount paid Period to which Forum where dispute is pending
Dues (INR in under protest the amount
lakhs) (INR in lakhs) relates
Income Tax Act, 1961 Income tax 40.77 Nil 1994-95 Honorable Supreme Court
Income Tax Act, 1961 Income tax 5,156.14 Nil 2000-01 Honorable High Court of Bombay
Income Tax Act, 1961 Income tax 74.38 Nil 2001-02 Commissioner of Income Tax (Appeals)
Income Tax Act, 1961 Income tax 256.74 256.74 2006-07 Commissioner of Income Tax (Appeals)
Income Tax Act, 1961 Income tax 469.24 Nil 2007-08 Honorable High Court of Bombay
Wealth Tax Act, 1957 Wealth tax 565.78 283.00 2005-06 to 2009-10 Commissioner of Income Tax (Appeals)

viii On the basis of the verification of records and required by the applicable accounting standards.
information and explanations given to us, the xiv During the year, the Company has not made any
Company has not defaulted in repayment of loans or preferential allotment or private placement of shares
borrowings to banks or financial institution or any dues or fully or partly convertible debentures. Therefore,
to debenture holders during the year. The Company the provisions of clause 3(xiv) of the Order are not
did not have any loan from government during the applicable.
year.
xv According to the information and explanations given
ix The Company did not raise any money by way of initial to us and the representation obtained from the
/ further public offer (including debt instruments) and management, the Company has not entered into
term loans taken during the year have been applied any non-cash transactions with directors or persons
for the purpose for which they were obtained. connected with them under section 192 of the Act.
x Based on the audit procedure performed and the Therefore, the provisions of clause 3(xv) of the Order
representation obtained from the management, no are not applicable.
material fraud by the Company or on the Company xvi In our opinion and according to the information and
by its officers and employees has been noticed or explanations given to us, the Company is not required
reported during the year. to be registered under section 45-IA of the Reserve
xi According to the information and explanations given Bank of India Act, 1934.
to us and based on our examination of the records
of the Company, the Company has paid / provided
For V. Sankar Aiyar & Co.
for managerial remuneration in accordance with the
requisite approvals mandated by the provisions of
ICAI Firm Regn. No. 109208W
section 197 read with Schedule V of the Act.
xii The Company is not a Nidhi Company. Therefore, Sd/-
the provisions of clause 3(xii) of the Order are not Ajay Gupta.
applicable. Partner
xiii According to the information and explanations given Membership No. 90104
to us and based on our examination of the records of ICAI UDIN - 21090104AAAADA6707
the Company, transactions with the related parties
are in compliance with section 177 and 188 of the
Act where applicable and details of such transactions Place : New Delhi
have been disclosed in the financial statements as Dated : 4th June 2021

Standalone Balance Sheet as at 31 March 2021
(All amounts in INR lakhs, unless stated otherwise)
Note As at As at
no. 31 March 2021 31 March 2020
I ASSETS
Non-current assets
Property, plant and equipment 3 25.60 37.33
Investment properties 4 184.08 223.66
Other intangible assets 5 0.68 1.34
Right-of-use assets 35 107.40 121.88
Financial assets
i. Investments 6A 1,84,586.36 98,971.57
ii. Loans 6B 73,151.82 41,803.50
iii. Other financial assets 6C 500.28 1.22
Deferred tax assets (net) 22 112.92 -
Non-current tax assets (net) 2,011.22 2,135.68
Total non-current assets 2,60,680.36 1,43,296.18
Current assets
Inventories 7 24,099.84 24,112.56
Financial assets
i. Investments 6A 1,500.14 -
ii. Trade receivables 8 432.96 168.38
iii. Cash and cash equivalents 9 270.27 309.73
iv. Bank balances other than (iii) above 10 4,926.88 5,431.27
v. Loans 6B 3,995.77 11,566.26
vi. Other financial assets 6C 104.26 285.63
Other current assets 11 598.02 377.70
35,928.14 42,251.53
Assets classified as held for sale 12 979.83 979.83
Total current assets 36,907.97 43,231.36
Total assets 2,97,588.33 1,86,527.54
II EQUITY AND LIABILITIES
Equity
Equity share capital 13 2,944.11 2,944.11
Other equity 14 2,16,867.84 1,28,145.17
Total equity 2,19,811.95 1,31,089.28
LIABILITIES
Non-current liabilities
Financial liabilities
i. Borrowings 15 58,895.60 35,536.16
ii. Lease Liabilties 35 113.57 120.68
iii. Other financial liabilities 18 0.59 0.59
Provisions 20 39.14 93.46
Deferred tax liabilities (net) 22 - 333.73
Other non-current liabilities 19 522.16 1,708.35
Total non-current liabilities 59,571.06 37,792.97
Current liabilities
i. Borrowings 16 2,000.00 6,715.23
ii. Trade payables
(a) total outstanding due to micro enterprise and small enterprise; 17 - -
(b) total outstanding due to creditors other than micro enterprise and small 17 847.42 618.95
enterprise
iii. Other financial liabilities 18 6,921.65 5,105.35
Other current liabilities 19 4,773.34 1,917.61
Provisions 20 85.96 79.02
Current tax liabilities (net) 367.82 -
14,996.19 14,436.16
Advance received against the asset classified as held for sale 21 3,209.13 3,209.13
Total current liabilities 18,205.32 17,645.29
Total equity and liabilities 2,97,588.33 1,86,527.54
Summary of significant accounting policies 2.1
The accompanying notes are an integral part of the standalone financial statements
As per our attached report of even date. For and on behalf of board of directors of
For V. Sankar Aiyar & Co Zuari Global Limited
Firm’s Registration No.: 109208W Sd/- Sd/-
DIN: 00362555 DIN: 00237398
Sd/- Sd/- Sd/-

Ajay Gupta Nishant Dalal Laxman Aggarwal
Partner Chief Financial Officer Company Secretary
Membership No.: 090104 Membership No.: A19861
Place: Delhi Place: Gurugram
Date: 04 June 2021 Date: 04 June 2021

Standalone Statement of Profit and Loss for the year ended 31 March 2021
Note Year ended Year ended

no 31 March 2021 31 March 2020
I Revenue
Revenue from operations 23 1,354.77 5,716.47
Other income 24 13,850.24 8,905.47
Total revenue (I) 15,205.01 14,621.94
II EXPENSES
Project expenses 25 734.98 2,010.55
Changes in inventories of work-in-progress 26 12.72 1,750.35
Employee benefits expense 27 424.82 457.14
Finance costs 28 8,120.55 4,379.09
Depreciation and amortization expense 29 30.78 24.53
Other expenses 30 779.59 568.95
Total expenses (II) 10,103.44 9,190.61
III Profit before tax and exceptional item (I-II) 5,101.57 5,431.33
IV Exception Item 31 862.56 3,689.53
V Profit before tax (III-IV) 4,239.01 1,741.80

VI Tax expense: 22, 22A
Current tax expense/(reversals) (including earlier years) (306.77) 171.29
Deferred tax (447.63) 278.10
Total tax expense/(credit) (754.40) 449.39
VII Profit for the year (V-VI) 4,993.41 1,292.41
VIII Other comprehensive income 84,318.07 (53,885.88)
Items that will not be reclassified to profit or loss
Re-measurement gain/(losses) on defined benefit plans 3.91 (1.14)
Income tax effect of above item 22, 22A (0.98) 0.29
Net gain/ (loss) on equity instruments 84,315.14 (53,885.03)
IX Total comprehensive income for the year (VII + VIII) 89,311.48 (52,593.47)
X Earnings per equity share {nominal value of shares of INR 10 (31 March
2020: INR 10)} :
Basic (INR) 33 16.96 4.39
Diluted (INR) 33 16.96 4.39
The accompanying notes are an integral part of the standalone financial statements
DIN: 00362555 DIN: 00237398
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Standalone Statement of Cash Flows for the year ended 31 March 2021

Year ended Year ended

31 March 2021 31 March 2020
A Cash Flow from operating activities
Profit before tax 4,239.01 1,741.80
Adjustment for
Depreciation and amortisation expense 36.68 24.53
Profit on sale of Property, Plant and Equipments (‘PPE’) (1,137.71) (7.34)
Gain arising on financial assets as at fair value through profit and loss (49.75) (44.09)
Impairment of investment 862.56 3,689.53
Interest on Income Tax 23.00 -
Finance costs 8,120.55 4,379.09
Interest income (10,372.78) (4,756.12)
Dividend income (1,892.60) (3,639.72)
Income from financial guarantee (218.67) (184.45)
Operating profit before working capital changes (389.71) 1,203.23
Movements in working capital:

Movement in trade payables 228.47 183.09
Movement in provisions (43.47) (131.59)
Movement in other current liabilities 2,855.73 (1,821.81)
Movement in other financial liabilities (272.82) 713.32
Movement in trade receivables (264.58) (163.87)
Movement in Inventories 12.72 1,756.34
Movement in loans and advances (2.88) 0.20
Movement in other current assets (49.04) 362.91
Cash flow from operations 2,074.42 2,101.82
Income tax (paid)/ refunds (net) 562.73 (666.81)
Net cash flow from operating activities (A) 2,637.15 1,435.01
B Cash Flow from Investing Activities:

Purchase of PPE including intangible assets (5.19) (0.20)
Sale of PPE 1,172.68 78.00
Purchase of non-current investments (2,112.46) (391.86)
(Purchase)/Sale of current investments (net) (1,500.00) 65.03
Fixed deposit investments (net of maturities) 5.85 (5,413.00)
Dividends received on investments 1,902.55 3,625.60
Loans given (50,039.82) (49,322.50)
Loans received back 28,673.97 17,527.98
Interest received 6,990.80 3,101.19
Net cash flow used in investing activities (B) (14,911.62) (30,729.76)

Standalone Statement of Cash Flows for the year ended 31 March 2021

31 March 2021 31 March 2020
C Net Cash Flow From Financing Activities:
Repayment of borrowings (non-current) (6,302.61) (2,447.40)
Proceeds from borrowings (non-current) (net of processing charges) 29,305.00 31,682.31
Repayment of borrowings (current) (24,100.00) (7,275.00)
Proceeds from borrowings (current) 19,375.00 10,500.00
Dividend paid on equity shares (588.81) (294.41)
Tax on equity dividend paid - (60.52)
Finance costs paid (5,419.00) (2,731.94)
Payment of lease liabilities (34.57) -
Net cash flow from financing activities (C) 12,235.01 29,373.04
D Net (Decrease)/ Increase in cash and cash equivalents (A + B + C) (39.46) 78.29

Cash and cash equivalents (Opening) 309.73 231.44
Cash and cash equivalents (Closing) 270.27 309.73
CASH AND CASH EQUIVALENTS
Cash on hand 0.01 0.04
Balance with banks on current accounts 270.26 309.69
Total cash and cash equivalents 270.27 309.73

Note: movement relating to financing activities has been disclosed in note 16.2
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Standalone Statement of Changes in Equity for the year ended 31 March 2021
(a) Equity share capital

Number of INR in lakhs
Shares
Equity shares of INR 10 each issued, subscribed and fully paid
As at 31 March 2019 2,94,40,604 2,944.06
Issue of share capital - -
As at 31 March 2020 2,94,40,604 2,944.06
Issue of share capital - -
As at 31 March 2021 2,94,40,604 2,944.06

(b) Other equity

Particulars Reserves and surplus Items of OCI Total
General reserve Surplus in the Equity instru-
statement of ments through
profit and loss OCI
As at 1 April 2019 3,700.00 65,505.45 1,11,888.12 1,81,093.57
Profit for the year - 1,292.41 - 1,292.41
Other comprehensive income - (0.85) (53,885.03) (53,885.88)
Total comprehensive income 3,700.00 66,797.01 58,003.09 1,28,500.10
Dividends paid (refer note 32) - (294.41) - (294.41)
Dividend distribution tax (DDT) (refer note 32) - (60.52) - (60.52)
As at 31 March 2020 3,700.00 66,442.08 58,003.09 1,28,145.17
Profit for the year - 4,993.41 - 4,993.41
Other comprehensive income - 2.93 84,315.14 84,318.07
Total comprehensive income 3,700.00 71,438.42 1,42,318.23 2,17,456.65
Dividends paid (refer note 32) - (588.81) - (588.81)
At 31 March 2021 3,700.00 70,849.61 1,42,318.23 2,16,867.84

DIN: 00362555 DIN: 00237398
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Summary of standalone significant accounting policies and other explanatory information for the year ended 31st March 2021
1. Corporate information for the purpose of being traded; or (c) it is due

The standalone financial statements of Zuari Global to be settled within twelve months after the
Limited (‘the Company’ or ‘ZGL’) are for the year reporting date; or (d) the Company does not
ended 31 March 2021. Zuari Global Limited (“the have an unconditional right to defer settlement
Company”) is a Public Company domiciled in India. Its of the liability for at least twelve months after
shares are listed on two recognized stock exchanges the reporting date. All other liabilities have been
in India viz National Stock Exchange and Bombay classified as non-current.
Stock Exchange. The registered office of the Company Deferred tax assets and liabilities are classified as
is located at Jai Kisaan Bhawan, Zuari Nagar, non-current assets and liabilities.
Goa 403 726, India.
An operating cycle is the time between the
The Company’s primary business activity is acquisition acquisition of assets for processing and their
and development of land. The Company has acquired realization in cash or cash equivalents.
land with the objective of developing the land. The
Company also advances loans to its group companies b. Property, plant and equipment (‘PPE’)
for carrying out businesses in various verticals such PPE and capital work-in progress are stated at cost,
as agriculture, heavy engineering, lifestyle and its net of accumulated depreciation and accumulated
ancillary business. impairment losses, if any. Such cost includes the cost
The standalone financial statements were approved of replacing part of the plant and equipment and
for issue in accordance with a resolution of the directors borrowing costs for long-term construction projects if
dated 4th June 2021. the recognition criteria are met.
2. Basis of preparation Cost comprises the purchase price and any
The separate financial statements of the Company directly attributable cost of bringing the asset to its
have been prepared in accordance with Indian working condition for the intended use. Any trade
Accounting Standards (Ind AS) notified under the discounts and rebates are deducted in arriving at
Companies (Indian Accounting Standards) Rules, the purchase price. The cost of an item of PPE shall
2015, as amended and other relevant provisions of be recognised as an asset if, and only if:
the Act. The Company has prepared these financial a) it is probable that future economic benefits
statements to comply in all material respects with the associated with the item will flow to the entity;
accounting standards notified under Section 133 of and
the Companies Act, 2013 (“the Act”). b) the cost of the item can be measured reliably.
The financial statements have been prepared on
a historical cost basis, except for the assets and Subsequent expenditure related to an item of
liabilities which have been measured at fair value, as PPE is added to its book value only if it increases
applicable. the future benefits from the existing asset beyond
its previously assessed standard of performance.
The financial statements of the Company are
All other expenses on existing assets, including
presented in Indian Rupees (INR), which is also its
day-to-day repair and maintenance expenditure
functional currency and all amounts disclosed in the
and cost of replacing parts, are charged to the
financial statements and notes have been rounded off
Statement of Profit and Loss for the year during
to the nearest lacs as per the requirement of Schedule
which such expenses are incurred.
III to the Act, unless otherwise stated.
2.1 Summary of significant accounting policies Depreciation on property, plant and equipment
a. Basis of classification of current and non-current Depreciation on property, plant and equipment is
calculated on a straight-line basis using the rates
Assets and Liabilities in the balance sheet have arrived at based on the useful lives estimated by
been classified as either current or non-current the management. The Company has used the
based upon the requirements of Schedule III
following rates to provide depreciation on its
notified under the Companies Act, 2013.
property, plant and equipment.
An asset has been classified as current if (a) it
is expected to be realized in, or is intended for Name of the asset Useful live
sale or consumption in, the Company’s normal considered
operating cycle; or (b) it is held primarily for the Other buildings (RCC structures) 60 years
purpose of being traded; or (c) it is expected Porta cabins (Classified under 5 years
to be realized within twelve months after the building)
reporting date; or (d) it is cash or cash equivalent Furniture and fixtures 10 years
unless it is restricted from being exchanged or
Office equipment 3 to 5 years
used to settle a liability for at least twelve months
after the reporting date. All other assets have Vehicles 8 years
been classified as non-current. The residual values, useful lives and methods of
A liability has been classified as current when (a) depreciation of property, plant and equipment
it is expected to be settled in the Company’s are reviewed at each financial year end and
normal operating cycle; or (b) it is held primarily adjusted prospectively, if appropriate.

c. Intangible assets recognises a right-of-use asset and a lease liability

Intangible assets acquired separately are at the lease commencement date.
measured on initial recognition at cost. Following Right-of-use assets are measured at cost, less
initial recognition, intangible assets are carried any accumulated depreciation and impairment
at cost less accumulated amortization and losses, and adjusted for any remeasurement of
impairment losses, if any. lease liabilities. The cost of right-of-use assets
includes the amount of lease liabilities recognized
Recognition:
and initial direct costs incurred. Right-of-use assets
The costs of intangible asset are recognized as an are depreciated on a straight-line basis over the
asset if, and only if: lease term.
• it is probable that future economic benefits At the commencement date of lease, the
associated with the item will flow to the Company recognises lease liabilities measured
entity; and at the present value of lease payments to be
• The cost of the item can be measured made over the lease term. In calculating the
reliably. present value of lease payments, the Company
uses its incremental borrowing rate at the lease
The useful lives of intangible assets are assessed as commencement date because the interest rate
either finite or indefinite. implicit in the lease is not readily determinable.
Intangible assets with finite lives are amortised After the commencement date, the amount of
over the useful economic life and assessed for lease liabilities is increased to reflect the accretion
impairment, whenever there is an indication of interest and reduced for the lease payments
that the intangible asset may be impaired. The made.
amortisation period and the amortisation method Short-term leases and leases of low-value assets
for an intangible asset with a finite useful life The Company applies the short-term lease
are reviewed at each financial year end and recognition exemption to its short-term leases
adjusted prospectively, if appropriate treating of machinery and equipment (i.e., those leases
them as changes in accounting estimates. The that have a lease term of 12 months or less from
maintenance expenses on intangible assets with the commencement date and do not contain
finite lives is recognised in the statement of profit a purchase option). It also applies the lease of
and loss, unless such expenditure forms part of low-value assets recognition exemption to leases
carrying value of an asset and satisfies recognition of office equipment that are considered to be
criteria. low value. Lease payments on short-term leases
and leases of low-value assets are recognised
Gains/(losses) arising from de-recognition of an
as expense on a straight-line basis over the lease
intangible asset are measured as the difference
term.
between the net disposal proceeds and the
Company as a lessor
carrying amount of the asset and are recognised
in the statement of profit or loss when the asset is Leases in which the Company does not transfer
de-recognised. substantially all the risks and rewards incidental to
ownership of an asset are classified as operating
Intangibles representing computer software are leases. Rental income arising is accounted for on
amortized using the straight line method over their a straight-line basis over the lease terms and is
estimated useful lives of three years. included in revenue in the statement of profit or
d. Leases loss due to its operating nature.
The Company assesses at contract inception e. Impairment of long-lived assets
whether a contract is, or contains, a lease. That The long-lived assets of the Company consist
is, if the contract conveys the right to control the of property, plant & equipment, investment
use of an identified asset for a period of time in properties, other intangible assets and
exchange for consideration. investments (in subsidiaries and joint ventures)
Company as a lessee measured at cost in accordance with Ind AS
27- Separate Financial Statements. At the end
The Company’s lease asset primarily consist of each reporting period, the Company reviews
of leases for building. The Company, at the the carrying amounts of its long-lived assets of
inception of a contract, assesses whether the a “Cash Generating Unit” (CGU) to determine
contract is a lease or not a lease. A contract is, or whether there is any indication that those assets
contains, a lease if the contract conveys the right have suffered an impairment loss. Individual assets
to control the use of an identified asset for a time are grouped for impairment assessment purposes
in exchange for a consideration. The Company at the lowest level at which there are identifiable

cash flows that are largely independent of the Conversion

cash flows of other groups of assets. If any such Foreign currency monetary items are translated
indication exists, the recoverable amount of using the spot exchange rate prevailing at the
the asset is estimated in order to determine the reporting date. Non-monetary items that are
extent of the impairment loss (if any). When it is measured in terms of historical cost denominated
not possible to estimate the recoverable amount in a foreign currency are translated using
of an individual asset, the Company estimates the the exchange rate at the date of the initial
recoverable amount of the cash-generating unit transaction. Non-monetary items measured at
to which the asset belongs.
fair value denominated in a foreign currency are,
Recoverable amount is the higher of fair value translated using the exchange rates that existed
less costs of disposal and value in use. In assessing when the fair value was determined.
value in use, the estimated future cash flows are
Exchange differences
discounted to their present value using a pre-
tax discount rate that reflects current market Exchange differences arising on the settlement
assessments of the time value of money and the of monetary items or on reporting Company’s
risks specific to the asset for which the estimates of monetary items at rates different from those at
future cash flows have not been adjusted. which they were initially recorded during the year,
If the recoverable amount of an asset (or cash- or reported in previous financial statements, are
generating unit) is estimated to be less than its recognized as income or as expenses in the year
carrying amount, the carrying amount of the in which they arise
asset (or cash- generating unit) is reduced to h. Investments
its recoverable amount. An impairment loss is Investment in subsidiaries and joint ventures are
recognized immediately in profit or loss. accounted for at cost less impairment loss, if any
When an impairment loss subsequently reverses, in standalone financial statements. Investment in
the carrying amount of the asset (or a cash- associates is accounted for at fair value through
generating unit) is increased to the revised OCI.
estimate of its recoverable amount. The increased Quoted investments of the Company are
carrying amount does not exceed the carrying accounted for at fair value through OCI at the
amount that would have been determined had
reporting date.
no impairment loss been recognized for the asset
(or cash-generating unit) in prior years. A reversal i. Inventories
of an impairment loss is recognized immediately The cost of inventories shall comprise all costs of
in the statement of profit and loss. purchase, costs of conversion and other costs
incurred in bringing the inventories to their present
f. Borrowing costs location and condition.
General and specific borrowing costs directly Inventories are valued at the lower of Cost and
attributed to the acquisition, construction or Net Realizable Value.
production of a qualifying asset are capitalized up Net Realizable Value is the estimated selling
to the period of time that is required to complete price in the ordinary course of business, less the
and prepare the asset for its intended use or sale. estimated costs of completion and the estimated
Qualifying assets are assets that necessarily take costs necessary to make the sale.
a substantial period of time to get ready for their
Cost for Construction work-in-progress of real
intended use or sale.
estate projects includes the cost of land (including
All other borrowing costs are expensed in the period development rights and land under agreements
in which they occur or accrue. Borrowing costs to purchase), internal development costs,
consist of interest and other costs that an entity external development charges, construction
incurs in connection with the borrowing of funds. costs, overheads, borrowing cost, development/
Transaction cost in respect of long term borrowing construction materials.
are amortised over the tenure of respective loans j. Provisions, contingent liabilities and contingent
using Effective Interest Rate (EIR) method. assets
g. Foreign currency translation Contingent liabilities
Initial recognition A contingent liability is a possible obligation that
Transactions in foreign currencies are recorded arises from past events whose existence will be
confirmed by the occurrence or non-occurrence
in the functional currency, by applying to the
of one or more uncertain future events beyond the
foreign currency amount the spot rate between
control of the Company or a present obligation
the functional currency and the foreign currency
that is not recognized because it is not probable
at the date the transaction first qualifies for
that an outflow of resources will be required to
recognition.

settle the obligation. A contingent liability also Where the Company has a right to consideration
arises in extremely rare cases where there is a from a customer in an amount that corresponds
liability that cannot be recognized because it directly with the value to the customer of the
cannot be measured reliably. The Company does performance completed to date (for example,
not recognize a contingent liability but discloses charges per case/pallet), the Company
its existence in the financial statements. recognizes revenue in the amount to which it has
Provisions a right to invoice.
Provisions are recognized when the Company Step 4 - Allocating the transaction price to the
has a present obligation (legal or constructive) performance obligations
as a result of a past event, it is probable that The transaction price is allocated to the
an outflow of resources embodying economic separately identifiable performance obligations
benefits will be required to settle the obligation
on the basis of their standalone selling price (in
and a reliable estimate can be made of the
case of storage and distribution contracts where
amount of the obligation.
the customer pays a fixed rate per item for all
Contingent Assets the services provided). For services that are not
Contingent assets are not recognised but provided separately, the standalone selling price
disclosed in the financial statements, where is estimated using adjusted market assessment
economic inflow is probable. approach.
k. Revenue recognition Step 5 - Recognizing revenue when/as
Revenue is measured based on the consideration performance obligation(s) are satisfied.
specified in a contract with a customer and Revenue is recognized to the extent that it is
excludes amounts collected on behalf of third probable that the economic benefits will flow to
parties, if any. The Company recognizes revenue the Company and the revenue can be reliably
when it transfers control over a product or service
measured, regardless of when the payment is
to a customer.
being made.
To determine whether to recognize revenue, the
Company follows a 5-step process: Revenue is recognized either at a point in time
or over time, when (or as) the Company satisfies
Step 1 - Identify the Contract with Customer
performance obligations by transferring the
Under Ind AS 115, the Company evaluates
promised goods or services to its customers.
whether a valid contract is satisfying all the
following conditions: A performance obligation is a promise in a
• All parties have approved the agreement contract to transfer a distinct good or service (or
(may be oral or written) a bundle of goods and services) to the customer
• All parties are committed to approve their and is the unit of account in Ind AS 115. A
obligations. contract’s transaction price is allocated to each
distinct performance obligation and recognized
• Each party’s rights are identifiable.
as revenue, as, or when, the performance
• The contract has commercial substance.
obligation is satisfied. The company recognizes
• Collectability is probable. revenue when it transfers control of a product or
Step 2 - Identifying the performance obligations service to a customer.
Under Ind AS 115, the Company evaluates the The company recognizes revenue from the
separability of the promised goods or services following major sources:
based on whether they are ‘distinct’. A promised
good or service is ‘distinct’ if both: Revenue from sale of constructed properties
• the customer benefits from the item either Revenue from sale of flats and villas is measured
on its own or together with other readily based on the consideration specified in a
available resources, and contract with a customer. It is measured at fair
• it is ‘separately identifiable’ (i.e. the value consideration received or receivable,
Company does not provide a significant net of returns and allowances, trade discounts
service integrating, modifying or customizing and volume rebates. The Company recognizes
it). revenue when it transfers control over flats and
Step 3 - Determining the transaction price villas to a customer which is done after completion
Under Ind AS 115, the Company considers the of the project, i.e. revenue is recognised based
terms of the contract and its customary business on completed contract method.
practices to determine the transaction price. The In obtaining these contracts, the Company incurs
transaction price excludes amounts collected on number of incremental costs, such as commissions
behalf of third parties. The consideration promised paid to sales staff, agents etc. The Company
include fixed amounts, variable amounts, or both. recognizes such expenses as an asset (prepaid

expense). These are recognised in the statement the fund assets based on the government
of profit and loss when revenue corresponding to specified minimum rates of return and the same
such cost has been recognised. is recoginsed as an expense in the Statement of
Profit and Loss.
Interest income
Gratuity
Interest income is recognized on a time proportion
The Company operates a defined benefit plan
basis taking into account the amount outstanding
for its employees viz. gratuity liability. The cost of
and the rate applicable.
providing benefit under this plan is determined
Dividend income on the basis of actuarial valuation at each year
Dividend is recognized when the Company’s’ end using the projected unit credit method.
right to receive payment is established. The Company has taken an insurance policy
under the Group Gratuity Scheme with the Life
Other Insurance Corporation of India (LIC) to cover the
Other items of income are accounted as and gratuity liability of the employees. The difference
when the right to receive such income arises and between the actuarial valuation of the gratuity
it is probable that the economic benefits will flow of employees at the year-end and the balance
to the Company and the amount of income can of funds with LIC is provided for as liability in the
be measured reliably. books. Re-measurement, comprising of actuarial
l. Taxes on income gains and losses, the effect of the asset ceiling,
Tax expense recognized in Statement of Profit excluding amounts included in net interest on
and Loss comprises the sum of deferred tax and the net defined benefit liability and the return on
current tax except the ones recognized in other plan assets (excluding amounts included in net
comprehensive income or directly in equity. interest on the net defined benefit liability), are
Current tax is determined as the tax payable recognised immediately in the balance sheet
in respect of taxable income for the year and with a corresponding debit or credit to retained
is computed in accordance with relevant tax earnings through OCI in the period in which they
regulations. Current income tax relating to items occur. Re-measurements are not reclassified to
recognized outside profit or loss is recognized profit or loss in subsequent periods
outside profit or loss (either in other comprehensive Leave encashment
income or in equity).
Accumulated leave, which is expected to be
Deferred tax is recognized in respect of temporary utilized within the next 12 months, is treated as
differences between carrying amount of assets short term employee benefit. The Company
and liabilities for financial reporting purposes measures the expected cost of such absences
and corresponding amount used for taxation as the additional amount that it expects to pay
purposes. Deferred tax assets are recognised to
as a result of the unused entitlement that has
the extent that it is probable that taxable profit
accumulated at the reporting date.
will be available against which the deductible
temporary differences, the carry forward of The Company treats accumulated leave
unused tax credits and unused tax losses can be expected to be carried forward beyond
utilised. twelve months as long term employee benefit
Deferred tax assets and liabilities are measured for measurement purpose. Such long term
at the tax rates that are expected to apply in compensated absences are provided for based
the year when the asset is realized or the liability on actuarial valuation using the projected unit
is settled, based on tax rates (and tax laws) that credit method at the year end. Re-measurement
have been enacted or substantively enacted gains/losses are immediately taken to the
at the reporting date. Deferred tax relating to statement of profit and loss and are not deferred.
items recognized outside Statement of Profit and Superannuation and contributory pension fund
Loss is recognized outside Statement of Profit or Retirement benefit in the form of Superannuation
Loss (either in other comprehensive income or
Fund, National pension Scheme and Contributory
in equity). The Company offsets deferred tax
Pension Fund are defined contribution scheme.
assets and liabilities if and only if it has a legally
The Company has no obligation, other than the
enforceable right to set off current tax assets and
current tax liabilities and the deferred tax assets contribution payable to the Superannuation Fund
and liabilities relate to income taxes levied by the and Contributory Pension Fund to Life Insurance
same tax authority. Corporation of India (LIC) against the insurance
policy taken with them. The Company recognizes
m. Retirement and other employee benefits
contribution payable to the Superannuation
Provident fund Fund and Contributory Pension Fund scheme
The Provident fund Contribution is made to an as expenditure, when an employee renders the
approved trust administered by the trustees. related service.
The Company is liable for shortfall, if any, in

Ex-gratia or other amount disbursed on account Equity investments (other than Investment in
of selective employees separation scheme or Subsidiaries, Joint Ventures and Associates)
otherwise are charged to Statement of Profit and All equity investments in scope of Ind AS 109 are
Loss as and when incurred/determined. measured at fair value. Equity Investments, which
n. Financial instruments are held for trading are classified as Fair value
A financial instrument is any contract that gives rise through Profit and Loss with all changes recognized
to a financial asset of one entity and a financial in the P&L. For all other equity instruments, the
liability or equity instrument of another entity. Company may make an irrevocable election
Financial assets to present in other comprehensive income
Initial recognition and measurement subsequent changes in the fair value. The
All financial assets are recognized initially at Company makes such election on an instrument
fair value plus, in the case of financial assets by - instrument basis. The classification is made on
not recorded at fair value through profit or loss, initial recognition and is irrevocable.
transaction costs that are attributable to the If the Company decides to classify an equity
acquisition of the financial asset. instrument as at FVTOCI, then all fair value
Subsequent measurement changes on the instrument, excluding dividends,
Financial Assets other than Equity Instruments are recognized in the OCI. There is no recycling
of the amounts from OCI to P&L, even on sale of
Debt instruments at amortized cost
investment. However, the Company may transfer
A ‘debt instrument’ is measured at the
the cumulative gain or loss within equity.
amortized cost if both the following conditions
are met: De-recognition
a) The asset is held within a business model A financial asset is primarily de-recognised
whose objective is to hold assets for collecting when:
contractual cash flows, and • The rights to receive cash flows from the asset
b) Contractual terms of the asset give rise on have expired, or
specified dates to cash flows that are solely • The Company has transferred its rights to receive
payments of principal and interest (SPPI) on cash flows from the asset or has assumed an
the principal amount outstanding.
obligation to pay the received cash flows in full
After initial measurement, such financial assets without material delay to a third party under a
are subsequently measured at amortized cost ‘pass-through’ arrangement; and the transfer
using the effective interest rate (EIR) method.
qualifies for derecognition under Ind AS 109.
The EIR amortisation is included in finance
income in the profit or loss. Impairment of financial assets
Financial assets at Fair value through other The Company assesses at each date of balance
comprehensive income (FVOCI) sheet whether a financial asset or a group of
A financial asset is subsequently measured at fair financial assets is impaired. Ind AS 109 requires
value through other comprehensive income if it expected credit losses to be measured through a
is held within a business model whose objective loss allowance.
is achieved by both collecting contractual The Company follows ‘simplified approach’ for
cash flows and selling financial assets and the recognition of impairment loss allowance on
contractual terms of the financial asset give rise Trade receivables that do not contain a significant
on specified dates to cash flows that are solely financing component.
payments of principal and interest on principal
outstanding. They are subsequently measured at The application of simplified approach does
each reporting date at fair value, with all fair value not require the Company to track changes
movements recognised in Other Comprehensive in credit risk. Rather, it recognises impairment
Income (OCI). On derecognition of the asset, loss allowance based on lifetime ECLs at each
cumulative gain or loss previously recognised in reporting date, right from its initial recognition.
Other Comprehensive Income is reclassified from Financial liabilities
the OCI to Statement of Profit and Loss. Initial recognition and measurement
Financial asset at Fair value through profit or loss
(FVTPL): All financial liabilities are recognised initially at fair
value and, in the case of loans and borrowings
A financial asset which is not classified in any of
and payables, net of directly attributable
the above categories is subsequently fair valued
transaction costs.
through profit and loss.

Subsequent measurement on hand and short-term deposits with an original

Loans and borrowings maturity of three months or less, which are subject
After initial recognition, interest-bearing loans to an insignificant risk of changes in value. For the
and borrowings are subsequently measured at purpose of the statement of cash flows, cash and
amortised cost using the EIR method. Gains and cash equivalents consist of cash and short-term
losses are recognised in profit or loss when the deposits, as defined above.
liabilities are derecognised as well as through the p. Dividend to equity holders
EIR amortisation process. The Company recognizes a liability to make
Amortised cost is calculated by taking into dividend distributions to equity holders of the
account any discount or premium on acquisition Company when the distribution is authorized
and fees or costs that are an integral part of the and the distribution is no longer at the discretion
EIR. The EIR amortisation is included as finance of the Company. A corresponding amount is
costs in the statement of profit and loss. recognized directly in equity.
Financial guarantee contracts q. Earnings per share
Financial guarantee contracts issued by the Basic earnings per share are calculated by dividing
Company are those contracts that require a the net profit or loss for the year attributable to
payment to be made to reimburse the holder for equity shareholders by the weighted average
a loss it incurs because the specified debtor fails number of equity shares outstanding during the
to make a payment when due in accordance year.
with the terms of a debt instrument. Financial
For the purpose of calculating diluted earnings
guarantee contracts are recognised initially as a
liability at fair value, adjusted for transaction costs per share, the net profit or loss for the year
that are directly attributable to the issuance of the attributable to equity shareholders and the
guarantee. Subsequently, the liability is measured weighted average number of shares outstanding
at the higher of the amount of loss allowance during the year are adjusted for the effects of all
determined as per impairment requirements dilutive potential equity shares.
of Ind AS 109 and the amount recognised less r. Investment property
cumulative amortisation. The Company has certain investments in Land
Financial Liabilities through PL & Buildings which are classified as Investment
A financial liability is classified as FVTPL if it is Property as per the requirement of Ind AS 40. The
classified as held-for-trading, or it is a derivative same is held generally to earn rental income or
or it is designated as such on initial recognition. for capital appreciation or both. The Investment
Financial liabilities at FVTPL are measured at fair Property has been recognised at cost less
value and net gains and losses, including any accumulated depreciation and impairment, if
interest expense, are recognised in profit or loss. any. The same has been disclosed separately
De-recognition in the financial statements alongwith requisite
A financial liability is de-recognised when the disclosure about fair valuation of such Investment
obligation under the liability is discharged or Property at year end. Fair values are determined
cancelled or expires. When an existing financial based on an annual evaluation performed by
liability is replaced by another from the same an accredited external independent valuer
lender on substantially different terms, or the terms applying a valuation model recommended
of an existing liability are substantially modified, by the International Valuation Standards
such an exchange or modification is treated as Committee.
the de-recognition of the original liability and the Investment properties are derecognized either
recognition of a new liability. The difference in the when they have been disposed of or when they
respective carrying amounts is recognized in the are permanently withdrawn from use and no
statement of profit or loss. future economic benefit is expected from their
Offsetting of financial instruments disposal. The difference between the net disposal
proceeds and the carrying amount of the asset
Financial assets and financial liabilities are offset
is recognized in profit or loss in the period of
and the net amount is reported in the balance
derecognition.
sheet if there is a currently enforceable legal right
to offset the recognized amounts and there is an s. Fair value measurement of financial instruments
intention to settle on a net basis, to realize the The fair value of an asset or a liability is measured
assets and settle the liabilities simultaneously. using the assumptions that market participants
o. Cash and cash equivalents would use when pricing the asset or liability,
Cash and cash equivalent in the balance sheet assuming that market participants act in their
comprise cash at banks and on hand, cheques economic best interest.

A fair value measurement of a non-financial asset probable. They are measured at the lower of their
takes into account a market participant’s ability carrying amount and fair value less costs to sell.
to generate economic benefits by using the asset Such assets are not depreciated or amortised
in its highest and best use or by selling it to another while they are classified as held for sale. Such
market participant that would use the asset in its assets classified as held for sale are presented
highest and best use. separately from the other assets in the balance
The Company uses valuation techniques that are sheet.
appropriate in the circumstances and for which v. Recent pronouncements On March 24, 2021, the
sufficient data are available to measure fair Ministry of Corporate Affairs (“MCA”) through
value, maximising the use of relevant observable a notification, amended Schedule III of the
inputs and minimising the use of unobservable Companies Act, 2013
inputs. The amendments revise Division I, II and III of
All assets and liabilities for which fair value is Schedule III and are applicable from April 1, 2021.
measured or disclosed in the financial statements Key amendments relating to Division II which
are categorised within the fair value hierarchy, relate to companies whose financial statements
described as follows, based on the lowest are required to comply with Companies (Indian
level input that is significant to the fair value Accounting Standards) Rules 2015 are:
measurement as a whole: Balance Sheet:
• Level 1 - Quoted (unadjusted) market prices
in active markets for identical assets or • Specified format for disclosure of shareholding
liabilities of promoters.
• Level 2 - Valuation techniques for which the • Specified format for ageing schedule of
lowest level input that is significant to the fair trade receivables, trade payables, capital
value measurement is directly or indirectly work-in-progress and intangible asset under
observable development.
• Level 3 - Valuation techniques for which the • If a company has not used funds for the specific
lowest level input that is significant to the fair purpose for which it was borrowed from banks
value measurement is unobservable and financial institutions, then disclosure of
The Company’s management determines the details of where it has been used.
policies and procedures for both recurring • Specific disclosure under ‘additional
fair value measurement, such as derivative regulatory requirement’ such as compliance
instruments and unquoted financial assets with approved schemes of arrangements,
measured at fair value, and for non-recurring disclosures of certain rations, compliance
measurement, such as assets held for distribution with number of layers of companies, title
in discontinued operation. deeds of immovable property not held in
External valuers are involved for valuation of name of company, loans and advances
significant assets, such as properties and unquoted to promoters, directors, key managerial
financial assets, and significant liabilities, such as personnel (KMP) and related parties, details
contingent consideration, if any. of benami property held etc.
For the purpose of fair value disclosures, the • Where any charges or satisfaction yet to
Company has determined classes of assets and be registered with Registrar of Companies
liabilities on the basis of the nature, characteristics beyond the statutory period, details and
and risks of the asset or liability and the level of reasons thereof shall be disclosed.
the fair value hierarchy as explained above.
• Disclosure of any transactions with companies
t. Segment reporting struck off.
Operating segments are reported in a manner Statement of profit and loss:
consistent with the internal reporting provided
• Additional disclosures relating to Corporate
to the chief operating decision maker, who is
responsible for allocating resources and assessing Social Responsibility (CSR), undisclosed
performance of the operating segments. The income and crypto or virtual currency
company has only one reportable primary specified under the head ‘additional
business segment i.e. Real Estate. information’ in the notes forming part of the
u. Assets held for sale standalone financial statements.
Non-current assets are classified as held for sale if The amendments are extensive and the Company
their carrying value will be recovered principally will evaluate the same to give effect to them as
through a sale transaction rather than through required by the law.
continuing use and a sale is considered highly

Summary of standalone significant accounting policies and other explanatory information for the year ended 31 March 2021
3. Property, plant and equipment (‘PPE’)
Particulars Buildings Furniture and Office Vehicles Total
fixtures equipment
Gross block
As at 1 April 2019 104.93 1.63 8.09 66.63 181.28
Additions - 0.20 - - 0.20
Disposals 82.18 - - - 82.18
As at 31 March 2020 22.75 1.83 8.09 66.63 99.30
Additions - - 5.19 - 5.19
Disposals - - - - -
As at 31 March 2021 22.75 1.83 13.28 66.63 104.49
Accumulated depreciation
As at 1 April 2019 16.60 0.46 3.82 36.18 57.06
Depreciation charge during the year 6.43 0.14 0.79 9.08 16.44
Disposals 11.53 - - - 11.53
As at 31 March 2020 11.50 0.60 4.61 45.26 61.97
Depreciation charge during the year 5.08 0.46 2.79 8.59 16.92
Disposals - - - - -
As at 31 March 2021 16.58 1.06 7.40 53.85 78.89
Net block
As at 31 March 2021 6.17 0.77 5.88 12.78 25.60
As at 31 March 2020 11.25 1.23 3.48 21.37 37.33
4. Investment property
INR in lakhs
Gross block
Opening balance at 1 April 2019 248.23
Additions -
Deletion -
Closing balance at 31 March 2020 248.23
Additions -
Deletion 38.41
Opening balance at 1 April 2019 19.67
Depreciation charge during the year 4.90
Deletion -
Depreciation charge during the year 4.61
Deletion 3.44
Net block
As at 31 March 2021 184.08
As at 31 March 2020 223.66
4.1 Notes
Refer note 38B for the information on investment property pledged as security by the Company.
(i) Amount recognised in Statement of Profit and Loss for investment properties
Particulars Year ended Year ended
31 March 2021 31 March 2020
Rental income derived from investment properties 322.96 319.99
Profit on sale of investment property 1,137.71 -
Direct operating expenses (including repairs and maintenance) generating rental income - -
Direct operating expenses (including repairs and maintenance) that did not generate - -
rental income
Profit arising from investment properties before depreciation and indirect expenses 1,460.67 319.99
Less: Depreciation 4.61 4.90
Profit arising from investment properties 1,456.06 315.09

Summary of standalone significant accounting policies and other explanatory information for the year ended 31 March 2021
(ii) Leasing arrangements

The Company’s investment property include land and building owned by the Company which have been let out to other
group companies and outside party for business purpose and also to an educational institution or lying vacant (and not
classifed to inventories). All lease arrangements are cancellable operating lease agreements.
(iii) Fair value
Particulars As at As at
31 March 2021 31 March 2020
Investment properties 30,208.91 24,920.20
Fair value hierarchy and valuation technique

The Company obtains independent valuations for its investment properties annually. The best evidence of fair value is current
prices in an active market for similar properties. Where such information is not available, the Company considers information
from a variety of sources.
These valuations are based on valuations performed by S V Kushte, an accredited independent valuer. He is a specialist in
valuing these types of investment properties. A valuation model in accordance with that recommended by the International
Valuation Standards Committee has been applied.
The Company has no restrictions on the realisability of its investment properties and no contractual obligations to purchase,
construct or develop investment properties or for repairs, maintenance and enhancements.
iv. Reconciliation of fair value:
Particulars INR in lakhs

Opening balance as on 1 April 2020 24,920.20
Fair value differences 5,613.63
Purchase -
Disposals (324.92)
Closing balance as on 31 March 2021 30,208.91
5. Other intangible assets

Softwares INR in lakhs
Gross block
As at 1 April 2019 2.35
Additions -
Disposals/adjustments -
As at 31 March 2020 2.35
Additions -
As at 31 March 2021 2.35
Accumulated amortisation
As at 1 April 2019 0.27
Additions 0.74
Balance as at 31 March 2020 1.01
Amortisation charge for the year 0.66
Disposals/adjustments for the year -
Balance as at 31 March 2021 1.67
Net block
As at 31 March 2021 0.68
As at 31 March 2020 1.34

Financial assets
6A Investments
Non Current Current
As at As at As at As at
31 March 2021 31 March 2020 31 March 2021 31 March 2020
I) Investment in equity instruments carried at cost
Unquoted equity instruments
Investment in subsidiaries
5,000,000 (31 March 2020: 5,000,000) equity shares 350.01 350.01 - -
of INR 10 each fully paid up of Simon India Limited
50,000 (31 March 2020: 50,000) equity shares of 5.00 5.00 - -
INR 10 each fully paid up of Zuari Management
Services Limited
46,550,000 (31 March 2020: 46,550,000) equity 5,482.82 5,482.82 - -
shares of INR 10 each fully paid up of Zuari
Infraworld India Limited
19,457,364 (31 March 2020: 19,457,364) equity 3,258.99 3,258.99 - -
shares of INR 10 each fully paid up of Zuari
Investments Limited
29,900,000 (31 March 2020: 29,900,000) equity 3,139.00 3,139.00 - -
shares of INR 10 each fully paid up of Zuari Sugar
and Power Limited
2,24,98,426 (31 March, 2020 : 19,998,426) equity 2,499.84 1,999.84 - -
shares of INR 10 each fully paid up of Zuari Finserv
Private Limited
28,75,000 (31 March, 2020 : Nil) equity shares of INR 789.25 - - -
10 each fully paid up of Zuari Insurance Brokers
Limited
50,785,794 (31 March 2020: 50,785,794) equity 5,103.34 5,103.34 - -
shares of INR 10 each fully paid up of Indian
Furniture Products Limited ('IFPL')
Less: Impairment in value of investments in IFPL (4,552.09) (3,689.53)
(refer note 31)
Equity portion of redeemable convertible non

cumulative preference shares: Investment in
subsidiary:
Indian Furniture Products Limited 771.69 771.69 - -
Investment in equity instruments - joint venture

Unquoted
10,020,000 (31 March 2020: 10,020,000) equity 1,002.00 1,002.00 - -
shares of INR 10 each fully paid up of Zuari Indian
Oiltanking Private Limited
2,18,60,953 (31 March 2020: 17,638,600) equity 2,495.38 1,777.58 - -
shares of INR 10 each fully paid up of Forte Furniture
Products India Private Limited
Equity portion of corporate guarantees given

Gobind Sugar Mills Limited 680.94 680.94 - -
Simon India Limited 199.94 199.94 - -
Indian Furniture Products Limited 172.53 172.53 - -
Zuari Infraworld India Limited 42.05 42.05 - -
Zuari Sugar and Power Limited 7.72 7.72 - -
Sub total (i) 21,448.41 20,303.92 - -

Non Current Current

II) Investment in equity instruments carried at Fair
value through OCI
Investment in equity instruments - associate
Quoted
8,411,601 (31 March 2020: 8,411,601) equity shares 7,646.15 5,194.16 - -
of INR 10 each fully paid up of Zuari Agro Chemicals
Limited
306,194 (31 March 2020: Nil) equity shares of INR 221.07 -
10 each fully paid up of Mangalore Chemicals &
Fertilizers Limited.
Investment in equity instruments - others Unquoted
100,000 (31 March 2020: 1,00,000) equity shares of 52.16 52.16 - -
INR 10 each fully paid up of Biotech Consortium of
India Limited
258,250 (31 March 2020: 2,58,250) equity shares of 258.25 258.25 - -
INR 100 each fully paid up of Lionel India Limited
Less: Impairment in value of investments in Lionel (258.25) (258.25) - -
India Limited
Quoted
59,015,360 (31 March 2020: 59,015,360) equity 1,35,174.67 64,002.16 - -
shares of INR 10 each fully paid up of Chambal
Fertilisers and Chemicals Limited
26,480,712 (31 March 2020: 26,480,712) equity 18,536.50 8,195.78 - -
shares of INR 1 each fully paid up of Texmaco
Infrastructure and Holdings limited
4,035,000 (31 March 2020: 4,035,000) equity shares 1,077.35 786.83 - -
of INR 1 each fully paid up of Texmaco Rail and
Engineering Limited
34,722 (31 March 2020: 34,722) equity shares of USD - 56.26 - -
0.01 each fully paid up of Synthesis Energy System Inc.
Sub total (ii) 1,62,707.90 78,287.35 - -
III) Investment in preference shares

Investments at fair value through profit or loss
Unquoted preference shares
Investment in subsidiaries
1,000,000 (31 March 2020: 1,000,000) 7% redeemable 430.05 380.30 - -
convertible non-cumulative preference shares
of INR 100 each fully paid up of Indian Furniture
Products Limited (‘IFPL’)
Sub total (iii) 430.05 380.30 - -
IV) Investment in mutual funds
Quoted
Investments at fair value through profit or loss
46,020.496 units (31 March 2020: Nil units) of - - 500.06 -
INR 1,086.42 of Axis Overnight growth fund
94,999.476 units (31 March 2020: Nil units) of INR - - 1,000.08 -
1,052.72 of Mirae Asset Overnight regular growth fund
Sub total (iv) - - 1,500.14 -
Total (i+ii+iii+iv) 1,84,586.36 98,971.57 1,500.14 -
-
Aggregate amount of quoted investments 1,62,655.73 78,235.19 1,500.14
Aggregate market value of quoted investments 1,62,655.73 78,235.19 1,500.14 -
Aggregate amount of unquoted investments 26,740.96 24,684.16 - -
Aggregate amount of impairment in value of 4,810.34 3,947.78 - -
investments

6A.1 Investments pledged as security

84,00,000 shares of Zuari Agro Chemicals Ltd. and 4,52,12,716 shares of Chambal Fertilisers and Chemicals Limited amounting to
Rs 1,11,553.92 lakhs have been pledged as security by the Company. Refer note 15, 16 and 38C for details.,
6B. Loans
Non Current Current

Security deposits 3.34 0.24 2.45 2.45
Loans and advances to related parties (refer note 44) 73,147.16 41,801.72 - 9,941.64
Loans to employees (secured) 1.32 1.54 - -
Interest accrued and due -
- Loans and advances to related parties (refer note 44) - - 3,989.01 1,600.50
- Others - - 4.31 21.67
73,151.82 41,803.50 3,995.77 11,566.26
6B.1 Notes
Non Current Current

Break-up for security details:
Secured - considered good 1.32 1.54 - -
Unsecured – considered good 73,150.50 41,801.96 3,995.77 11,566.26
73,151.82 41,803.50 3,995.77 11,566.26
Less : Loss allowance - - - -
73,151.82 41,803.50 3,995.77 11,566.26
6C. Other financial assets
Non Current Current

Non-current bank balances (refer note 6C.1 below) 500.28 1.22 - -
Dividend receivable - - 4.04 14.12
Other receivables
Related parties (refer note 44 for related party - - 100.22 271.51
disclosure)
Total 500.28 1.22 104.26 285.63
6C.1 Note
This balance includes amount pledged with banks and sales tax authorities of INR 500.28 lakhs (31 March 2020: INR 1.22
lakhs). Also refer Note 15.2.
7. Inventories
As at As at
31 March 2021 31 March 2020
Land (refer note 7.1 below) 21,768.19 21,768.19
Project work in progress 2,331.65 2,344.37
Total inventory 24,099.84 24,112.56
7.1 Note
Land of INR 16,359.32 lakhs (31st March 2020: INR 16,359.32 lakhs) is pending to be registered in the Company’s name. Further,
refer note 15 and 38B for information on Inventories pledged as security by the Company.

8. Trade receivables
As at As at
31 March 2021 31 March 2020
Unsecured - considered good
Trade receivables
- Related parties (refer note 8.1 below) - 45.79
- Others 432.96 122.59
432.96 168.38
8.1 Note
No trade receivable are due from directors or other officers of the Company either severally or jointly with any other person.
9. Cash and cash equivalents
As at As at
31 March 2021 31 March 2020
Cash and Cash equivalents
Balances with banks on current accounts 270.26 309.69
270.27 309.73
10. Other bank balances

As at As at
31 March 2021 31 March 2020
Balance with banks - on unpaid dividend account 18.21 17.69
Balance with banks - on fixed deposit account with remaining maturity period for less than 4,908.67 5,413.58
12 months (refer note 10.1)
4,926.88 5,431.27
10.1 Note
The bank deposits are pledged with the debenture holders of the Company to fulfill the collateral requirements (Also refer Note
15.2).
11. Other current assets
As at As at
31 March 2021 31 March 2020
Prepaid expenses 57.90 11.16
Rent equalisation reserve 96.79 52.64
Contract assets:
- Cost incurred to obtain a contract (refer note 34 for details of significant change in 34.34 35.58
contract assets)
Balance with statutory authorities 131.53 85.84
Advances to:
- related parties (refer note 44 for related party disclosure) 71.12 59.94
- other vendors 206.34 132.54
598.02 377.70
12. Assets held for sale

As at As at
31 March 2021 31 March 2020
Assets held for sale (refer note 12.1 below) 979.83 979.83
979.83 979.83
12.1 Note
The Company has entered into an agreement to sell land and building to an associate, Zuari Agro Chemicals Limited for a
value of INR 3,209.13 lakhs. The Board of directors of Zuari Agro Chemicals Limited has approved slump sale on 5 February
2020. Pursuant to Board approval and vide business transfer agreement dated 31 March 2020, the company has transferred
the assets and liabilties of its retail, SPN, CPC and blended business to Zuari Farmhub Limited with effect from 31 March 2020.
Accordingly, Zuari Agro Chemicals Limited has requested the land advance of INR 3209.13 lakhs to be transferred in the
name of Zuari Farmhub Limited. Such sale is expected to be concluded before the end of March 2022.

13. Equity share capital

As at As at
31 March 2021 31 March 2020
Authorised:
115,000,000 (31 March 2020: 115,000,000) equity shares of INR 10 each 11,500.00 11,500.00
Issued :
29,448,655 (31st March 2020: 29,448,655) equity shares of INR 10 each fully paid 2,944.87 2,944.87
Subscribed and paid-up

29,440,604 (31 March 2020: 29,440,604) equity shares of INR 10 each fully paid 2,944.06 2,944.06
(refer note 13.1 below)
Add: 1,100 (31 March 2020: 1,100) forfeited shares (amount paid-up) fully paid-up 0.05 0.05
2,944.11 2,944.11
13.1 Under instructions from Special Court (trial of offences relating to transactions in securities) Act, 1992 and in respect of
shareholders who could not exercise their rights in view of deposits, mistakes, discrepancy in holdings etc., 8,051 (31 March
2020: 8,051) right’s equity shares entitlement have been kept in abeyance pursuant to Section 126 of the Companies Act, 2013.
I. Reconciliation of shares outstanding at the beginning and end of the reporting year
Equity Shares As at As at
31 March 2021 31 March 2020
In numbers INR in lakhs In numbers INR in lakhs
At the beginning of the year 2,94,40,604 2,944.06 2,94,40,604 2,944.06
Issued during the year - - - -
Outstanding at the end of the year 2,94,40,604 2,944.06 2,94,40,604 2,944.06
II. Terms/Rights attached to equity shares
i) The Company has only one class of equity shares having a par value of INR 10 per share. Each share holder of equity shares
is entitled to one vote per share. The company declares and pays dividends in Indian rupees. The dividend proposed by
board of directors is subject to the approval of shareholders in the ensuing Annual General Meeting.
ii) In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the
Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares
held by the shareholder.
III. Details of Shareholders holding more than 5% of equity shares in the Company
Equity Shares As at As at
31 March 2021 31 March 2020
No. of shares % Holding in No. of shares % Holding in
Globalware Trading and Holdings Limited 74,91,750 25.45 74,91,750 25.45
Texmaco Infrastructure and Holdings Limited 27,57,941 9.37 27,57,941 9.37
Adventz Finance Private Limited 24,73,772 8.40 22,94,491 7.79
As per records of the Company including its register of share holders/members and other declarations received from share
holders regarding beneficial interest, the above share holding represents both legal and beneficial ownership of shares.
IV. Aggregate number of shares issued for consideration other than cash
As at As at
31 March 2021 31 March 2020
Shares issued for consideration other than cash Nil Nil
13A. Preference share capital

As at As at
31 March 2021 31 March 2020
Authorised :
2,075,000 (31 March 2020: 2,075,000) redeemable cumulative preference shares of 2,075.00 2,075.00
INR 100 each
Issued, subscribed and paid-up :
Nil (31 March 2020: Nil) redeemable cumulative preference shares of INR 100 each - -

14. Other Equity

As at As at
31 March 2021 31 March 2020
Retained earnings
Balance bought forward from last year 66,442.08 65,505.45
Add: Profit for the year 4,993.41 1,292.41
Less: Dividends paid (refer note 14.1(i) below) (588.81) (294.41)
Less: Dividend distribution tax (DDT) (refer note 14.1(i) below) - (60.52)
Add/(Less): Re-measurement losses on defined benefit plans 2.93 (0.85)
70,849.61 66,442.08
General reserve 3,700.00 3,700.00
FVTOCI reserve
Balance bought forward from last year 58,003.09 1,11,888.12
Add/ (Less): Movement during the year 84,315.14 (53,885.03)
1,42,318.23 58,003.09
2,16,867.84 1,28,145.17
14.1 Notes
i) Refer note 32 for the details of dividend paid by the company.
ii) Nature and purpose of other reserve
a) General reserve: The Company has transferred a portion of the net profit kept separately for future purpose.
b) FVTOCI reserve: The company has elected to recognise changes in the fair value of certain investments in equity shares in
other comprehensive income. The company transfers this reserve to retained earnings when relevant equity investments
are derecognised.
15. Borrowings
As at As at
31 March 2021 31 March 2020
Secured at amortised cost
Rupee term loan from financial institution (refer note 15.1 below) 14,708.91 8,640.38
Non-convertible debentures (refer note 15.2 below) 49,684.07 30,095.78
Less: current maturities of non-current borrowings 5,497.38 3,200.00
58,895.60 35,536.16
Note 15.1: Rupee term loan from financial institution (Secured)

i) Facility of INR 2,500.00 lakhs from Bajaj Finance Limited, bearing interest rate 10.00% p.a. having outstanding balance of INR
2,497.38 lakhs. The loan is repayable in 24 months from the date of first disbursement. The loan is secured by pledge of 2,550,000
shares of Chambal Fertilizers and Chemicals Limited (owned by the Company) to provide security cover of 2 times.
ii) Facility of INR 12,500.00 lakhs from Tata Capital Financial Services ltd., bearing interest rate 11.50% p.a. having outstanding
balance of INR 12,211.53 lakhs. The loan is repayable in 4 equal installments within 42 months from the date of first disbursement.
The loan is secured by pledge of 69,57,116 shares of Chambal Fertilizers and Chemicals Limited (owned by the Company) and
3,41,000 shares of Gillette India Limited (Owned by Global ware Trading and Holdings Limited) to provide security cover of 2.25
times.
Note 15.2: Non-convertible debentures issued to financial institution (Secured)

i) Secured, rated and listed Non-Convertible Debentures (‘NCDs’) - tranche-I aggregating to INR 19,700.00 lakhs, comprising of
197 debentures of INR 100 lakhs each, bearing interest rate of 8.00% p.a. (effective 8.46% after applicable taxes). These NCDs
are redeemable on private placement basis at a premium of 3.74% (effective 3.95% after applicable taxes) compunded
quarterly. The carrying value of the NCDs after adjustment of processing fees is INR 20,491.16 lakhs (31 March 2020: INR 19,355.54
lakhs)
ii) Secured, rated and listed Non-Convertible Debentures (‘NCDs’) - tranche-II aggregating to INR 11,300.00 lakhs, comprising of
1,130 debentures of INR 10 lakhs each, bearing interest rate of 8.00% p.a. (effective 8.46% after applicable taxes). These NCDs

are redeemable on private placement basis at a premium of 3.28% (effective 3.47% after applicable taxes) compunded
quarterly. The carrying value of the NCDs after adjustment of processing fees is INR 11,344.62 lakhs (31 March 2020: INR 10,740.24
lakhs)
The NCDs are secured by way of:
1. Pledge of 1,109,104 shares of Gillette India Limited (owned by Adventz Finance Private Limited, a promoter entity) and 5,800,000
shares of Chambal Fertilizers and Chemicals Limited (32,00,000 shares held by the Company and balance by its subsidiaries) to
provide security cover of 2.50 times.
2. Fixed charge on all present and future right, title over on bank deposits made to fulfil the collateral requirements. (Refer note
10.1).
The asset cover of the aforementioned NCDs is more than hundred percentage of the principal outstanding as on 31 March
2021.
Schedule of repayment and redemption for NCDs:
Number of NCDs Redeemable on Principal

NCDs - Tranche II 1,000 05 December 10,000.00
2022
NCDs - Tranche I 180 15 July 2022 18,000.00
NCDs - Tranche II 130 03 December 1,300.00
2021
3) Secured, unrated and unlisted Non-Convertible Debentures (‘NCDs’) aggregating to INR 17,000.00 lakhs, comprising of 1,700
debentures of INR 10 lakhs each, bearing interest rate of 6.00% p.a. (effective 7.06% after applicable taxes) were issued by
the Company during the year. These NCDs are redeemable on private placement basis at a premium of 11.00% compunded
quarterly. The carrying value of the NCDs after adjustment of processing fees is INR 17,848.28 lakhs. Out of this, 425 debentures
are redeemable on 31st Mar 2024 and balance 1275 debentures on 15th Oct 2024.
1. Pledge of 9,665,600 shares of Chambal Fertilizers and Chemicals Limited (held by the Company) to provide security cover of
1.25 times.
2. First ranking exclusive charge (by way of mortgage by deposit of title deeds) over the property situated at surveys nos. 110/1,
111/1(part) and 112/1 at Sancoale Village, Mormugao Taluka, South Goa District, Goa (“Mortgaged Property”) with total cost
of Rs 10,038.54 lakhs.
3. First ranking exclusive fixed charge by way of hypothecation over the Designated Bank Accounts together with all amounts
standing to the credit of the Designated Bank Accounts (Rs 498.85 lakhs as on 31st March 2021). Refer Note 6C.
16. Borrowings (Current)
As at As at
31 March 2021 31 March 2020
Secured
Rupee term loans from financial institution (refer note 16.1 below) 2,000.00 4,115.23
Unsecured
Rupee term loans from others - 2,600.00
2,000.00 6,715.23
16.1 Notes
The Company has taken secured loan from Anand Rathi Global Finance Ltd. for general business purposes, carrying an interest
rate of 12.50% per annum having outstanding balance of INR 2,000 lakhs. The loan was received on 22 February 2021 and is
repayable within 12 months from the date of receipt of disbursement.
The loan is secured by pledge of 2,300,000 shares of Chambal Fertilizers and Chemicals Limited (owned by the Company) to
provide security cover of 2.25 times.

16.2 Changes in liabilities arising from financing activities pursuant to Ind AS 7 - Cash flows:
Particulars Non-Current Current

borrowings borrowings
(including current
maturities)
As at 1 April 2019 8,332.72 3,500.00
Cash adjustments
Proceeds from borrowings 31,682.31 10,489.20
Repayment of borrowings (2,447.40) (7,275.00)
Interest payments (2,278.48) (441.46)
Non-cash adjustments
Interest expense 2,702.18 499.39
Modification of cash flows not resulting in derecognition of financial liability 246.03 -
Effective interest rate adjustments 916.25 1.03
As at 31 March 2020 39,153.61 6,773.16
Cash adjustments
Proceeds from borrowings (net of processing charges) 29,305.00 19,375.00
Interest payments (3,857.08) (1,347.84)
Interest expense 3,937.49 1,289.91
Effective interest rate adjustments 2,654.41 9.77
As at 31 March 2021 64,890.82 2,000.00
* Closing balance includes interest accrued but not due on borrowings amounting to INR 497.85 lakhs (31 March 2020: INR
417.45 lakhs) and Nil (31 March 2020: INR 57.93 lakhs) on non-current borrowings and current borrowings respectively.
17. Trade payables
As at As at
31 March 2021 31 March 2020
Due to related parties (refer note 44 for related party disclosure) 92.04 42.90
Due to others 755.38 576.05
847.42 618.95
Details of dues to micro and small enterprises as defined under the MSMED Act, 2006
As at As at
31 March 2021 31 March 2020
i) Principal amount due to suppliers under MSMED Act - -
ii) Interest accrued and due to suppliers under MSMED Act on the above amount - -
iii) Payment made to suppliers (other than interest) beyond appointed day during - -
the year
iv) Interest paid to suppliers under MSMED Act
v) The amount of further interest remaining due and payable even in the succeeding - -
years, until such date when the interest dues as above are actually paid to the
small enterprise, for the purpose of disallowance as a deductible expenditure
under section 23.
vi) Interest due and payable to suppliers under MSMED Act towards payments - -
already made
vii) Interest accrued and remaining unpaid at the end of the accounting year - -
viii) The amount of further interest remaining due and payable even in the succeeding - -
small enterprise for the purpose of disallowance as a deductible expenditure
under section 23 of the MSMED Act.
The above disclosure 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 auditors.

18. Other financial liabilities

Non-Current Current
Other financial liabilities at amortised cost
Current maturities of long term borrowings (refer note 15 - - 5,497.38 3,200.00
above)
Current maturities of lease liabilities (refer note 35) - - 7.10 19.66
Security deposit 0.59 0.59 500.00 500.00
Employee benefits payable - - 36.89 194.66
Interest accrued but not due on borrowings - - 497.85 475.38
Other payable to related party (refer note 44 for related - - - 115.07
party disclosure)
Statutory liabilities to be credited to ‘Investor’s Education
and Protection Fund’ as and when due:
- Unclaimed deposits - - 1.00 1.00
- Unclaimed dividends - - 18.21 17.69
0.59 0.59 6,558.43 4,523.46
Financial guarantee contracts (refer note 44) - - 363.22 581.89
0.59 0.59 6,921.65 5,105.35
19. Other current liabilities
Non-Current Current
Statutory liabilities - - 208.67 125.95
Amount received on account of amount deposited (refer 522.16 1,708.35 - -
note 44 and 49)
Contract liabilities
-Advances received from customers and others
-Against sale of Land - - 3,731.00 931.00
-Real Estate Project (refer note 34) - - 833.67 860.66
522.16 1,708.35 4,773.34 1,917.61
20. Provisions
Non-Current Current
Provision for employee benefits
Gratuity (funded) (refer note 43) - - 39.63 26.28
Compensated absences (refer note 43) 39.14 93.46 46.32 52.74
39.14 93.46 85.96 79.02
21. Advance received against the asset classified as held for sale
Current
As at As at
31 March 2021 31 March 2020
Advance towards sale of Investment property held for sale (refer note 44 and 12.1) 3,209.13 3,209.13
3,209.13 3,209.13

22. Deferred tax
Particulars As at Charged/(credited) As at Charged/(credited) As at

01 April to profit to OCI 31 March to profit to OCI 31 March
2019 and loss 2020 and loss 2021
Deferred tax liability:
Fixed assets Impact of difference 66.67 (20.64) - 46.03 (13.25) - 32.78
between tax depreciation and
depreciation/ amortisation
charged for the financial
reporting
Fair valuation of investment in 31.42 6.83 38.25 12.52 50.77
preference shares
Expenses allowed on payment - 227.58 - 227.58 (578.81) - (351.23)
basis
Amortisation of financial 98.09 33.11 - 131.20 55.03 - 186.23
guarantee liability
Rent equalisation reserve - 13.25 - 13.25 11.11 - 24.36
Total deferred tax liability (A) 196.18 260.13 - 456.31 (513.40) - (57.09)
Deferred tax assets:
Expenses allowable in income 60.10 62.19 0.29 122.58 (65.77) (0.98) 55.83
tax on payment basis and
deposition of statutory dues
Impact due to change in 80.16 (80.16) - - - - -
accounting policies
Total deferred tax assets (B) 140.26 (17.97) 0.29 122.58 (65.77) (0.98) 55.83
Deferred tax liability (net) (A - B) 55.92 278.10 (0.29) 333.73 (447.63) 0.98 (112.92)
22.1 Notes
(i) The amount of deductible temporary differences where no deferred tax is recognised amounted to:
As at 31 March 2021 As at 31 March 2020
Particulars Gross amount Unrecongnised Gross amount Unrecongnised
tax effect tax effect
Fair Valuation of investment in equity shares 1,609.48 184.12 5,281.28 530.24
(including impairment loss)
Unused capital tax losses 1,732.10 198.15 2,431.43 244.12
31 March 2021 31 March 2020
The year wise summary of unused capital tax losses for which no deferred tax
assets are recognised are as follow:
Financial year ending 31 March
2022-23 - 373.63
2023-24 - 8.24
2026-27 1,732.10 2,049.56
22A. Income Tax

Profit and loss section
31 March 2021 31 March 2020
Tax expense:
Current tax (A) 1,240.67 143.97
Income tax adjustment for earlier years (B) (refer note 48 and 49) (1,547.44) 27.32
Current tax including adjustment for earlier years C=(A+B) (306.77) 171.29
Deferred tax (D) (447.63) 278.10
Income tax expense reported in the statement of profit or loss (C+D) (754.40) 449.39

OCI section
31 March 2021 31 March 2020
Re-measurement gain/(losses) on defined benefit plans 3.91 (1.14)
Income tax effect (0.98) 0.29
Reconciliation of tax expense and the accounting profit multiplied by India’s domestic tax rate for the year ended 31
March 2021 and 31 March 2020
31 March 2021 31 March 2020
Accounting profit 4,239.01 1,741.80
Tax at the applicable tax rate of 25.168% (31 March 2020: 25.168%) 1,066.87 438.37
Tax effect of income that are not taxable in determining taxable profit:
Dividend income (222.29) (916.04)
Tax effect of expenses that are not deductible in determining taxable profit:
Permanent Disallowances 21.89 1.51
Unrecognised deferred tax on impairment of investment 217.09 928.58
DT not recognised on LT Capital Loss (285.32) -
Other adjustments (5.19) 6.46
Previous year tax adjustment (1,547.45) -
Impact of change in tax rate

Remeasurement of deferred tax liabilities due to change in tax rate - (9.49)
Tax expense (754.40) 449.39
23. Revenue from operations

31 March 2021 31 March 2020
Revenue from contracts with customers (refer note 34):
Revenue from real estate project 1,031.81 4,826.48
Revenue from sale of land - 570.00
Rental income from investment properties (refer note 44 for related parties disclosure) 322.96 319.99
1,354.77 5,716.47
24. Other income

31 March 2021 31 March 2020
Interest on:
Bank deposits 155.85 42.80
Intercorporate loans (refer note 44 for interest earned on loans given to related 9,244.06 4,713.32
parties)
Income tax refunds (refer note 48) 972.87 -
Employee loans 0.08 0.10
Dividend from:
Investments mandatorily measured at FVTPL 15.14 6.71
Equity investments designated at FVTOCI 1,877.46 3,633.01
Income from financials guarantee (Refer Note 44) 218.67 184.45
Management consulting income (refer note 44 for details of related parties) 88.61 196.54
Profit on sale of property, plant & equipment 1,137.71 7.34
Gain arising on financial assets as at fair value through profit and loss 49.75 44.09
Balances written back 31.19 0.25
Exchange fluctuation (net) - 5.64
Miscellaneous income (refer note 44 for details of related parties) 58.85 71.22
13,850.24 8,905.47

25. Project expenses

31 March 2021 31 March 2020
Architect fees - 28.79
Consultancy expenses 23.48 107.59
Civil work 502.40 1,187.18
Development management cost (refer note 44 for details of related parties) 74.19 169.21
Interest expense (Refer note 25.1(i) below) 92.77 452.03
Miscellaneous expenses 42.14 65.75
734.98 2,010.55
25.1 Notes
i) The amount pertains to financing component on advance from customer.
ii) Project expenses above are in relation to real estate development project which is currently undertaken by the
Company.
26. Changes in inventories of stock in trade and work-in-progress
31 March 2021 31 March 2020
Stock in trade
Closing stock 21,768.19 21,768.19
Opening stock 21,768.19 21,936.04
(Increase) / decrease (A) - 167.85
Project work in progress

Closing stock 2,331.65 2,344.37
Opening stock 2,344.37 3,926.87
(Increase) / decrease (B) 12.72 1,582.50
Total (A+B) 12.72 1,750.35
27. Employee benefit expenses

31 March 2021 31 March 2020
Salaries, wages and bonus 302.74 394.27
Contribution to provident and other funds (refer note 43 for Ind AS 19 disclosures) 26.41 59.04
Gratuity (refer note 43 for Ind AS 19 disclosures) 7.04 9.18
Leave encashment (refer note 43 for Ind AS 19 disclosures) 83.49 (14.46)
Staff welfare expenses 5.14 9.11
424.82 457.14
28. Finance costs

31 March 2021 31 March 2020
Interest expense relating to financing component on advance from customer 92.77 452.03
Modification of financial liability (refer note 28.1) - 246.03
Interest on lease liabilities (refer note 35) 14.90 10.01
8,213.32 4,831.12
Less: Transferred to project expense 92.77 452.03
8,120.55 4,379.09
28.1 Note
The contractual repayment terms (including rate of interest) on one of the loans of the Company were renegotiated during
2019-20, leading to change in cash outflows. The modification does not result in the derecognition of the financial liability
as the change was non-substantial. Accordingly, the gross carrying amount of the financial liability has been adjusted with
the amount of modification loss.

29. Depreciation and amortization expense

31 March 2021 31 March 2020
Depreciation of property, plant and equipment (refer note 3) 16.92 16.44
Depreciation of right of use assets (refer note 35) 14.48 8.45
Amortisation of intangible assets (refer note 5) 0.66 0.74
Depreciation of investment property (refer note 4) 4.61 4.90
36.67 30.53
Less: Transferred to project expense 5.89 6.00
30.78 24.53
30. Other expenses

31 March 2021 31 March 2020
Rates and taxes 8.71 12.52
Insurance 5.88 2.66
Repairs and maintenance - Others 4.86 8.01
Payments to auditors (refer note 30(i) below) 31.75 36.28
Corporate social responsibility expense (refer note 30(ii) below) 57.98 -
Exchange fluctuation (net) 4.08 -
Consultancy charges 525.67 155.00
Advertising and sales promotion 16.85 73.96
AGM expenses 15.46 20.52
Brokerage and commission 20.90 181.91
Directors sitting fees (refer note 44 for details of related parties) 21.10 17.15
Travelling and conveyance 1.57 24.23
779.59 568.95
30(i). Details of payments to auditors*

31 March 2021 31 March 2020
As auditors:
Audit fees 10.00 11.25
Tax audit fee 1.50 2.00
Limited review fees 14.08 18.00
In other capacity
Goods and services tax audit 5.08 3.00
Certification fees, etc. 0.50 -
Reimbursement of expenses 0.59 2.03
31.75 36.28
*Out of the above, Rs 11.87 lakhs has been paid to retiring auditors on account of June’ 20 limited review, GST audit and
other certification
30(ii) Disclosure relating to corporate social responsibility (CSR) expenditure
In light of Section 135 of the Companies Act 2013, the Company has incurred INR 103.63 Lakhs during the current year on
Corporate Social Responsibility (CSR) against gross amount required to be spent INR 57.98 lakhs (31 March 2020: INR 26.93
lakhs). The excess amount of Rs. 45.65 Lakhs spent on the ongoing projects during FY 2020-21 will be set-off from the future
CSR obligation for succeeding years, as per the rules.


31 March 2021 31 March 2020
(i) Gross amount required to be spent by the Company during the year 31.05 26.93
(ii) Amount spent during the year on the following
1. Mobile health unit - -
2. Donating furniture for setting up old age homes (refer note 44 for details of 34.74 -
related parties)
3. Construction of toilet, bathroom and rooms for drining water supply -
4. Renovation of hall and plastic chairs -
5. Donating school furniture 23.24
57.98 -
31. Exceptional item
31 March 2021 31 March 2020
Impairment of investment (refer note 31.1 below) 862.56 3,689.53
862.56 3,689.53
31.1 Note
The Company has investments in equity/ preference share capital, equity portion of corporate guarantee and loans
including interest accured amounting to INR 10,900.54 lakhs (31 March 2020: INR 7,611.18 lakhs) in Indian Furniture Products
Limited (IFPL), a subsidiary company which is in the business of distribution and retailing of Furniture and related items. The
Company has assessed the current financials as well as future projections of IFPL and basis the review, an impairment loss
on investments amounting to INR 862.56 lakhs (31 March 2020: INR 3,689.53 lakhs) has been recognized in the standalone
financial statements, for the year ended 31 March 2021. The same has been disclosed as exceptional item above.
32. Dividends paid
31 March 2021 31 March 2020
Dividends on equity shares declared and paid:
Equity dividends: INR 1 per equity share (31 March 2020: INR 1 per equity share) 588.81 296.65
Dividend distribution tax on final dividend - 60.52
588.81 357.17
Proposed dividends on equity shares: (Refer Note 32.1)
Proposed final equity dividends: INR 1 per equity share (31 March 2020: INR 1 per 294.41 294.41
equity share)
Tax on proposed equity dividend - 60.52
294.41 354.93
32.1 Note
During the financial year 2020-21, the Board of Directors in its meeting held on 13th February, 2021 declared an interim
dividend of Rs. 1/- per equity share of face value of Rs 10/- each fully paid up of the Company (i.e. 10%). The Board of
Directors in its meeting held on 19th April, 2021 declared a second interim dividend of Rs. 1/- per equity share of face
value of Rs 10/- each fully paid up of the Company (i.e. 10%). The aforesaid interim dividends have since been paid to
shareholders. The Board has recommended the adoption of the aforesaid interim dividend of Rs. 2/- per equity share (i.e.
20%) as final dividend for financial year ended 31st March, 2021. The second Interim Dividend decalred by the Board is not
recognised as a liability as at 31st March 2021.
33. Earnings per share (EPS)
Basic and diluted EPS amounts are calculated by dividing the profit for the year attributable to equity holders of the
Company by the weighted average number of equity shares outstanding during the year.
31 March 2021 31 March 2020
Profit after taxation as per statement of profit and loss (INR in lakhs) 4,993.41 1,292.41
Weighted average number of shares used in computing earnings per share - basic 2,94,40,604 2,94,40,604
and diluted
Earnings per share – basic and diluted (in INR) 16.96 4.39
Face value per share (in INR) 10.00 10.00

34. Disclosures of revenue recognition as per Ind AS 115

31 March 2021 31 March 2020
Significant changes in contract assets and liabilities
Contract liabilities - advance from customers
Opening balance of Contract liabilities 860.66 3,645.91
Less: Amount of revenue recognised against opening Contract liabilties (352.28) (3359.88)
Add: Addition in balance of contract liabilities for current year 703.86 2,641.77
Less: Amount of revenue recognised against Current year Contract liabilties (378.57) (2,067.14)
Closing balance of Contract liabilities 833.67 860.66
31 March 2021 31 March 2020

Contract assets - cost Incurred to obtain a contract
Opening balance of contract assets 35.58 178.61
Add: Addition in balance of prepaid expenses in current year 19.66 36.87
Less: Amount of prepaid expense recorded as expense in statement of profit & loss in (20.90) (179.90)
current year
Closing balance of contract assets 34.34 35.58
Disaggregation of revenue
The Company has performed a disaggregated analysis of revenues considering the nature, amount, timing and uncertainty
of revenues. This includes disclosure of revenues by segment and type
31 March 2021 31 March 2020
Revenue by type
Revenue from real estate project 1,031.81 4,826.48
Rental income from investment properties 322.96 319.99
Closing balance of contract assets 1,354.77 5,716.47
Transaction price allocated to the performance obligation (yet to complete)

The aggregate amount of transaction price allocated to the performance obligations (yet to complete) as at 31 March
2021 is INR 833.67 lakhs (31 March 2020: INR 860.66 lakhs). This balance represents the advance received from customers
(gross) against sale of real estate properties. The management expects to further bill and collect the remaining balance
of total consideration in the coming years. These balances will be recognised as revenue in future years as per the policy
of the Company.
Reconciliation of the amount of revenue recognised in the statement of profit and loss with the revenue as per contracted price:
31 March 2021 31 March 2020
Revenue as per contracted price 1,294.75 4,896.40
Significant financing component 60.02 820.07
1,354.77 5,716.47
Trade Receivables
31 March 2021 31 March 2020
Trade receivables 432.96 168.38
Revenue from operations as per Ind AS 115

Performance obligation of the Company
The agreement to sell states that the Customer is entitled to a fully developed residential apartments and villas. There
can be various goods like labour, building materials, etc. and construction services that are integrated to construct and
provide a built up apartments and villas. However, the ancillary services like parking lot, gymnasium, club membership
etc., do not affect the benefits that customer may obtain from the apartment individually. The Company is providing a
significant integration service of combining the material and construction services for the overall promise to deliver the fully
built apartment/villa/floor in a township together with ancillary parking space. On the other hand, facilities like gymnasium
and club membership are separately identifiable and the intent of the Company does not really integrate them with
construction service to deliver a combined output.

Based on above analysis, the performance obligation is identified as:

- A fully developed apartment/villa in the township
- Ancillary amenities like: club membership, gymnasium membership etc.
The price charged from the customer shall be allocated on respective obligations based on their standalone selling
price. Further, there is a significant time gap between the payments received from customers and the point of revenue
recognition. Hence, it is concluded by the Company that there is a financing component on funds received from customer
as the Company uses such advances for funding its construction per the guidance of IND AS 115.
35. Lease disclosures
Where Company is a lessee
During 2019-20, the Company had entered into a lease contract for its office building having lease term of nine years. The
Company is restricted from assigning and subleasing the leased assets, with exception in certain cases. The lease has a
lock-in period of 3 years and an option with the lessee to terminate the lessee after the said period. The Company does
not have any variable lease payment arrangements.
i. Right of Use assets
31 March 2021
Recognised as at 1 April 2019 -
Additions 130.33
Depreciation (8.45)
Closing Balance as on 31 March 2020 121.88
Additions -
Depreciation (14.48)
Closing Balance as on 31 March 2021 107.40
ii. Lease Liabilties

31 March 2021
Recognised as at 1 April 2019 -
Addition 130.33
Interest accured 10.01
Lease payments -
Closing Balance as at 31 March 2020 140.34
Lease payments (34.57)
Closing Balance as at 31 March 2021 120.67
Current (current maturities of lease liabilties) as on 31 March 2020 19.66
Non current 31 March 2020 120.68
Current (current maturities of lease liabilties) 31 March 2021 7.10
Non current 31 March 2021 113.57
Note
The lease payments have been discounted using interest rate of 12%. Refer note 39 for maturity analysis of lease liabilities.
iii. Amount recognised in statement of profit and loss
31 March 2021 31 March 2020
Depreciation 14.48 8.45
Interest on lease liabilties 14.90 10.01
Net impact on statement of profit and loss 29.38 18.46
Where Company is a lessor

The Company has entered into operating leases on its investment properties in Goa consisting of land and building (refer
note 4). The leases do not transfer substantially all the risks and rewards incidental to ownership of the assets hence the
same are being classified as operating leases. Rental income recognised during the year is INR 322.96 lakhs (31 March
2020: INR 319.99 lakhs).

Undiscounted lease payments to be received under operating leases as at 31 March are as follows:
31 March 2021 31 March 2020

Within one year 275.83 279.81
After one year but not more than five years 1,003.50 988.84
More than five years 3,527.83 3,787.37
36. Significant accounting judgements, estimates and assumptions

The preparation of financial statements in conformity with generally accepted accounting principles in India requires
management to make judgements, estimates and assumptions that affect the reported amount of revenue, expenses,
assets and liabilities and disclosure of contingent liabilities on the date of the financial statements and the results of
operations during the reporting year end. Although these estimates and associated assumptions are based upon historical
experiences and various other factors besides management’s best knowledge of current events and actions, actual
results could differ from these estimates. The estimates and underlying assumptions are reviewed on a periodic basis. Any
revision in the accounting estimates is recognised in the period in which the results are known/materialise.
In the process of applying the company’s accounting policies, management has made the following judgements,
estimates and assumptions, which have the most significant effect on the amounts recognised in the financial statements:
i) Income Tax Balances and related contingencies
The Company has significant litigations outstanding as at 31 March 2021 which includes income tax and wealth tax. The
eventual outcome of these tax proceedings is dependent on the outcome of future events and unexpected adverse
outcomes could significantly impact the Company’s reported profits and balance sheet position. The amounts involved
are material and the application of accounting principles as given under Ind AS 37, Provisions, Contingent Liabilities and
Contingent Assets, in order to determine the amount to be recorded as a liability or to be disclosed as a contingent liability,
in each case, is inherently subjective, and needs careful evaluation and judgement to be applied by the management.
Key judgments are also made by the management in estimating the amount of liabilities, provisions and/or contingent
liabilities related to aforementioned litigations
ii) Impairment assessment of non-current investments in subsidiaries and joint venture
The Company has signifiant investment and loans in subsidiaries and Joint ventures, which has been carried at cost in the
standalone financial statements. The impairment assessment of these investments and loans is inherently subjective due to
reliance on net worth of investee, valuations of the assets held and cash flow projections of these investee companies. The
key assumptions underpinning management’s assessment of the valuation model includes, but are not limited to future
growth rates, discount rates, estimated future operating and capital expenditure.
iii) Revenue recognition and Inventory from real estate project
Revenue recognition from real estate project requires significant judgments to be applied in determining the amount
of revenue is to be recognised, such as whether revenue to be booked over time or in time, whether the Company has
enforceable right to payment for performance completed to date or the customer controls the assets as it is created etc.
Significant judgements are also involved in estimating the amount of financing component from the total contract value.
The amount of revenue to be recognised is closely linked to the project inventory.
iv) Valuation of investment property
Investment property is stated at cost. However, as per Ind AS 40, there is a requirement to disclose fair value as at the
balance sheet date. The Group engaged independent valuation specialists to determine the fair value of its investment
property as at reporting date.
37. Disclosure of Interest in subsidiaries, joint arrangements and associates:
1) Disclosure of Interest in the following categories of joint ventures:
S No Name Method used Country of Ownership interest of ZGL (%)
to account for incorporation /
31 March 2021 31 March 2020
investments principal place
of business
1 Zuari Indian Oiltanking Private Limited Cost India 50.00% 50.00%
2 Forte Furniture Products India Private Limited Cost India 35.79% 48.98%
*During the year, the Company along with a subsidiary Company has subscribed to 1,25,35,785 shares of one of its JV
Partner, Forte Furniture Products India Private Limited for a total consideration of INR 2,131.08 Lakhs. Even though the
ownership interest of the company has been reduced on a standalone basis, the overall holding of the Group continues
to be at 50%.

2) Disclosure of Interest in the following subsidiaries:

to account for Incorporation / 31 March 2021 31 March 2020
investments Principal place
of business
1 Indian Furniture Products Limited Cost India 72.45% 72.45%
2 Simon India Limited Cost India 100.00% 100.00%
3 Zuari Management Services Limited Cost India 100.00% 100.00%
4 Zuari Infraworld India Limited Cost India 100.00% 100.00%
5 Zuari Investments Limited Cost India 100.00% 100.00%
6 Zuari Sugar and Power Limited Cost India 100.00% 100.00%
7 Zuari Finserv Limited Cost India 100.00% 100.00%
8 Zuari Insurance Brokers Limited Cost India 100.00% 0.00%
* During the year, the company acquired 100% equity shares of a step down subsidiary Zuari Insurance Brokers Limited from
its wholly owned subsidiary Zuari Finserv Limited for a consideration of INR 789.25 Lakhs.
3) Disclosure of Interest in the following associates:

to account for incorporation / 31 March 2021 31 March 2020
investments principal place
of business
1 Zuari Agro Chemicals Limited Fair value India 20.00% 20.00%
through OCI
2 Mangalore Chemicals & Fertilizers Limited Fair value India 0.26% 0.00%
through OCI
* During the year, the Company has acquired 3,06,154 shares of one of its associate, Mangalore Chemicals & Fertilizers
Limited for a total consideration of INR 105.41 Lakhs. Mangalore Chemicals & Fertilizers Limited is a subsidiary of an
associate, Zuari Agro Chemicals Limited.
38. Contingencies
A Contingent liabilities
Particulars 31 March 2021 31 March 2020
Tax demands in excess of provisions (pending in appeals)
- Income taxes 3,382.55 3,591.18
- Wealth taxes 565.78 565.78
Further, the Company has certain litigations involving employees, for which a sufficiently reliable estimate of the amount of
the obligation cannot be made. Based on management assessment and in-house legal team’s advice, the management
believes that the Company has reasonable chances of succeeding before the courts/appellate authorities and does not
foresee any material liability. Pending the final decision on the matters, no further provision has been made in the financial
statements.
B Corporate guarantees given in favour of banks / others on behalf of :
Particulars Outstanding exposure 31 March 2021 31 March 2020

as on 31.03.2021
Simon India Limited 3,274.25 3,274.25 12,500.00
Indian Furniture Products Limited 1,866.67 4,000.00 8,000.00
Gobind Sugar Mills Limited 30,415.16 45,500.93 43,091.93
Zuari Infraworld India Limited 17,735.53 20,000.00 21,000.00
Zuari Sugar & Power Limited 4,008.46 10,000.00 10,000.00
Zuari Infraworld SJM Properties LLC 21,932.13 10,257.00 13,676.00
79,232.20 93,032.18 1,08,267.93

The detail of assets pledged as security for contingent liabilities are:

B.1 The Company has provided following securities to Indusind Bank for extending loan to Zuari Sugar and power Limited
(ZSPL),a wholly owned subsidiary:
a. Exclusive charge on immovable fixed assets owned by the Company.
b. The land collateral include 6.89 acre for phase I residential development and 16 acre for phase II residential project
being executed by the Company in Goa and held as inventory.
B.2 The Company has provided the following security to Nederlandse Financierings - Maatschappij Voor Ontwikkelingslanden
N.V (FMO) for extending loan to Gobind Sugar Mills Limited (GSML), stepdown subsidiary of the Company.
Exclusive charge on Immovable property having survey No 119/1 admeasuring 51,425 sq. mtrs, survey No 120/1 admeasuring
8,075 sq. mtrs, survey No 121/2 admeasuring 32,239 sq. mtrs, survey No 129/1 admeasuring 24,625 sq. mtrs, survey No 130/1
admeasuring 86,175 sq. mtrs and survey No 131/1 admeasuring 19,050 sq. mtrs situated at Sancoale within the limits of
Village panchayant of Sancoale Goa with total cost of Rs 2880.65 lakhs (in inventories).
B.3 The Company has provided the following security to Yes Bank for extending loan to Zuari Infraworld SJM Properties LLC, a
step down subsidiary of the Company.
Exclusive charge on Immovable property having survey No 178/1 admeasuring 167990 sq. mtrs, survey No 195/1 admeasuring
32090 sq. mtrs, survey No 251/1 admeasuring 30275 sq. mtrs, survey No 252/1 admeasuring 9514 sq. mtrs (in investment
property), survey No 188/1 admeasuring 27283 sq. mtrs and survey No 189/1 admeasuring 117783 sq. mtrs situated at
Sancoale within the limits of Village panchayant of Sancoale Goa with total cost of Rs 1885.85 lakhs (in inventories).
C 20,540,000 (31 March 2020: 35,696,078) shares of Chambal Fertilizers & Chemical Limited amounting to INR 47,046.87 lakhs
(31 March 2020: INR 38,712.40 lakhs) pledged by the Company to the lenders of its subsidiaries as follows:
- 1,600,000 shares pledged on behalf of Simon India Limited
- 15,190,000 shares pledged on behalf of Zuari Investments Limited
- 3,750,000 shares pledged on behalf of Zuari Sugar & Power Limited
8,400,000 shares of Zuari Agro Chemical Limited amounting to INR 7,635.60 lakhs as on 31 March 2021, pledged by the
Company on behalf of Gobind Sugar Mills Limited.
39. Financial risk management objectives and policies
The Company is exposed to market risk, credit risk and liquidity risk. The Company’s senior management oversees the
management of these risks. The Board of Directors reviews and agrees policies for managing each of these risks, which are
summarised below.
Market risk
Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in
market prices. Market risk comprises three types of risk: interest rate risk, currency risk and other price risk, such as equity
price risk.
(i) Interest rate risk
Interest rate risk is the risk that the future cash flows of a financial instrument will fluctuate because of changes in market
interest rates. Such borrowings are based on fixed as well as floating interest rate. Interest rate risk is determined by current
market interest rates, projected debt servicing capability and view on future interest rate. The Company mitigates this risk
by regularly assessing the market scenario and finding appropriate financial instruments.
Interest rate exposure
31 March 2021 31 March 2020

Variable rate borrowings 14,708.91 8,640.38
Fixed rate borrowings 51,684.07 36,811.01

Interest rate sensitivity

Effect on profit Effect on
before tax pre-tax equity
31 March 2021
Interest rate- increased by 50 basis points (73.54) (73.54)
Interest rate- decreased by 50 basis points 73.54 73.54
31 March 2020
Interest rate- increased by 50 basis points (46.78) (46.78)
Interest rate- decreased by 50 basis points 46.78 46.78
(ii) Foreign currency risk

Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in
foreign exchange rates. The Company has very few foreign currecny transactions and is exposed to immateial foreign
exchange risk. The Company does not hedge its foreign exchange receivables.
Foreign currency sensitivity
Change in Effect on profit Effect on
USD rate before tax pre-tax equity
As at 31 March 2021 +7% 0.70 0.70
-7% (0.70) (0.70)
As at 31 March 2020 +7% 6.55 6.55
-7% (6.55) (6.55)
(iii) Equity price risk

The Company’s investment in listed and non-listed equity securities are susceptible to market price risk arising from
uncertainties about future values of the investment securities. Having regard to the intrinsic worth, intent and long term
nature of securities, fluctuation in their prices are considered acceptable. Reports on the equity portfolio are submitted to
the Company’s senior management on a regular basis. The Company’s Board of Directors reviews and approves all equity
investment decisions.
The exposure of equity securities price risk arises from investment FVTOCI held by the company. At the reporting date, the
exposure to listed equity securities at fair value was INR 1,62,655.74 lakhs (31 March 2020: INR 78,235.19 lakhs) and unlisted
equity securities at fair value is INR 52.16 lakhs (31 March 2020: INR 52.16 lakhs), which are classified at FVTOCI . Refer note
41 Fair values measurement.
Equity price sensitivity
The table below summarises the impact of increase/decrease of the index on the Company’s equity and profit for the
period. The analysis is based on the assumption that the equity index had increased by 5% or decreased by 5% with all
other variables held constant, and that all the Company’s equity instruments moved in line with the index.
Impact on other
components of equity
31 March 2021
NSE Nifty 50-increases by 5% 8,132.79
NSE Nifty 50-decreases by 5% (8,132.79)
31 March 2020
Credit risk
Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer contract,
leading to a financial loss. The Company is mainly exposed to credit risk from its operating activities (trade receivables) and
loans to related parties.
Customer credit risk is managed as per the Company’s established policy, procedures and control relating to customer
credit risk management. The Company assesses the credit quality of the counterparties regularly. Outstanding customer
receivables are regularly monitored and assessed. Impairment allowance for trade receivables if any, is provided on the
basis of respective credit risk of individual customer as on the reporting date.

The company has assessed the risk as low. Given the nature of business operations, the Company’s receivables from real
estate business does not have any expected credit loss as transfer of legal title of properties sold is generally passed on to
the customer, once the Company receives the entire consideration. Further, during the periods presented, the Company
has made no write-offs of receivables.
The loans have been given to various subsidiary companies and an associate (Zuari Agro Chemicals Ltd.) to support their
operations. The same are subject to impairment testing alongwith related investments. Refer Note 36(ii).
Liquidity risk
Liquidity risk is the risk where the Company will encounter difficulty in meeting the obligations associated with its financial
liabilities that are settled by delivering cash or another financial asset. The Company’s approach is to ensure as far as
possible that it will have sufficient liquidity to meet its liabilities when due.
The Company relies on a mix of borrowings and excess operating cash flows to meet its needs for funds. The Company
monitors rolling forecasts of its liquidity requirements to ensure it has sufficient cash to meet operational needs while
maintaining sufficient headroom on its undrawn committed borrowing facilities at all times so that the Company does not
breach borrowing limits or covenants (where applicable) on any of its borrowing facilities.
The table below summarises the maturity profile of the Company’s financial liabilities based on contractual undiscounted
payments.
Contractual maturity of Financial Liabilities Less than 1 1 to 5 years > 5 years Total
Year ended 31 March 2021
Borrowings 7,995.22 58,895.60 - 66,890.82
Lease liabilities 7.10 78.57 35.00 120.67
Trade payables 847.42 - - 847.42
Other financial liabilities 556.10 0.59 - 556.69
Financial guarantee contracts 363.22 - - 363.22
9,769.07 58,974.76 35.00 68,778.82
Borrowings 10,390.61 35,536.16 - 45,926.77
Lease liabilities 19.67 71.19 49.48 140.34
Trade payables 618.95 - - 618.95
Other financial liabilities 828.42 0.59 - 829.01
Financial guarantee contracts 581.89 - - 581.89
12,439.54 35,607.94 49.48 48,096.96
40.
Capital management
For the purpose of the company’s capital management, capital includes issued equity capital, share premium and
all other equity reserves attributable to the equity holders of the company.The Company’s objective with respect to
capital management is to ensure continuity of business while at the same time provide reasonable returns to its various
stakeholders. In order to achieve this, requirement of capital is reviewed periodically with reference to operating and
business plans that take into account capital expenditure and strategic investments. Sourcing of capital is done through
judicious combination of equity/ internal accruals and borrowings, both short term and long term.
The company monitors capital using a gearing ratio, which is net debt divided by total capital plus net debt

Borrowings 66,890.82 45,926.77
Less: Cash and cash equivalents 270.27 309.73
Net debts 66,620.55 45,617.04
Total Capital 2,19,811.95 1,31,089.28

Capital and net debt 2,86,432.50 1,76,706.32
Gearing ratio (%) 23.26% 25.82%
In order to achieve this overall objective, the company’s capital management, amongst other things, aims to ensure that it
meets financial covenants attached to the interest-bearing loans and borrowings that define capital structure requirements.
Breaches in meeting the financial covenants would permit the bank to immediately call loans and borrowings. There have
been no breaches in the financial covenants of any interest-bearing loans and borrowing in the current period.

41. Fair values measurements

Financial instruments by category

FVTPL FVTOCI Amortised cost FVTPL FVTOCI Amortised cost
Financial assets
Investments
-Quoted equity shares (refer note (i) below) - 1,62,655.73 - - 78,235.19 -
-Un-quoted equity shares - 52.16 - - 52.16 -
-Redeemable convertible non-cumulative 430.05 - - 380.30 - -
preference shares of IFPL
-Mutual funds 1,500.14 - - - - -
Trade receivable - - 432.96 - - 168.38
Cash and cash equivalents - - 270.27 - - 309.73
Other bank balances - - 4,926.88 - - 5,431.27
Loans - - 77,147.59 - - 53,369.76
Others financial assets - - 604.54 - - 286.85
Total financial assets 1,930.19 1,62,707.89 83,382.24 380.30 78,287.35 59,565.99
Borrowings (including interest accrued and - - 66,890.82 - - 45,926.77
current maturities of long term borrowings)
Lease liabilities - - 120.67 - - 140.34
Financial guarantee liability - - 363.22 - - 581.89
Trade payables - - 847.42 - - 618.95
Other financial liability - - 556.70 - - 829.01
Total financial assets - - 68,778.83 - - 48,096.96
Notes
(i) The equity securities for which the Company has made an irrevocable election at initial recognition to recognize
changes in fair value through OCI rather than profit and loss are investments which are not held for trading purposes.
(ii) Investment in subsidiaries and joint ventures are measured at cost as per Ind AS 27, ‘Separate financial statements’
and hence, not presented here.
42. Fair value hierarchy
The following table provides the fair value measurement hierarchy of the Company’s assets.
Particulars Total Fair value measurement using

Quoted prices in Significant Significant
active markets observable unobservable
inputs inputs
(Level 1) (Level 2) (Level 3)
Financial assets measured at fair value (31 March 2021)
A. FVOCI financial instruments:
Quoted equity shares 1,62,655.74 1,62,655.74 - -
Unquoted equity shares 52.16 - - 52.16
B. FVPL financial instruments:
Redeemable convertible non-cumulative preference 430.05 - - 430.05
shares of IFPL
Mutual funds 1,500.14 1,500.14 - -
Financial assets measured at fair value (31 March 2020)
A. FVOCI financial instruments:
Quoted equity shares 78,235.19 78,235.19 - -
B. FVPL financial instruments:
Redeemable convertible non-cumulative preference 380.30 - - 380.30
shares of IFPL
Mutual funds - - - -
During the year ended 31st March, 2021 and 31st March, 2020, there were no transfers between Level 1 and Level 2 fair
value measurements.

i) Valuation techniques used to determine fair value

Specific valuation techniques used to value financial instruments include -
a) The fair values of the unquoted equity shares and preference shares have been estimated using a DCF model. The
valuation requires management to make certain assumptions about the model inputs, including forecast cash flows,
discount rate, credit risk and volatility. The probabilities of the various estimates within the range can be reasonably
assessed and are used in management’s estimate of fair value for these unquoted equity investments and preference
shares.
b) Difference between the fair value of investments in preference shares of IFPL (the subsidiary company) and its
transaction price is recorded as deemed investment in IFPL.
c) The fair value of financial guarantee liabilities is estimated by discounting future cash flows using rates currently
available for debt on similar terms, credit risk and remaining maturities. In addition to being sensitive to a reasonably
possible change in the forecast cash flows or the discount rate, the fair value of the equity instruments is also sensitive
to a reasonably possible change in the discount rates. The valuation requires management to use unobservable
inputs in the model. Management regularly assesses a range of reasonably possible alternatives for those significant
unobservable inputs and determines their impact on the total fair value.
d) The fair value of Mutual Funds is determined using the NAV at the balance sheet date.
e) The fair values of the quoted equity shares are based on price quotations at the reporting date.
ii) The following table presents the changes in level 3 items for the period ended 31 March 2021 and 31 March 2020
Redeemable Investment in Total

convertible Unquoted equity
non-cumulative shares
preference shares
As at 1 April 2019 336.21 60.23 396.44
Gains recognised in statement of profit and loss 44.09 - 44.09
(Loss) recognised in other comprehensive income - (8.07) (8.07)
As at 31 March 2020 380.30 52.16 432.46
Gains recognised in statement of profit and loss 49.75 - 49.75
Loss recognised in other comprehensive income - - -
As at 31 March 2021 430.05 52.16 482.21
(iii) Financial instruments measured at amortised cost

The management assessed that carrying value of financial assets and financial liabilities, carried at amortized cost, are
approximately equal to their fair values at respective balance sheet dates.
43. Employee benefits
Defined contribution plan
Contribution to defined contribution plans, recognised as expense for the year ended is as under:
31 March 2021 31 March 2020

Employer’s contribution to provident fund 17.01 27.20
Employer’s contribution to superannuation fund - 14.02
Employer’s contribution to labour welfare fund 0.02 0.02
Employer’s contribution to contributory provident fund 2.13 3.14
Employer’s contribution to national pension scheme 7.24 14.66
26.41 59.04
Defined benefit plans

Provision for definded benefit plans are based on certain assumptions, however the actual results may vary in future.
Accordingly, these plans typically expose the company to following actuarial risks:
(i) Actual Salary increase
(ii) Actual Return on Investment
(iii) Change in Discount Rate in future

(iv)
Actual Mortality & disability
(v)
Actual Withdrawals
A) Compensated absences (Unfunded)

Amount recognised in the statement of profit and loss is as under:
31 March 2021 31 March 2020

Total service cost 111.01 14.22
Net interest cost 10.01 20.31
Net actuarial (gain)/loss for the year (37.53) (48.99)
Expense recognized in the statement of profit and loss 83.49 (14.46)
Movement in the liability recognized in the balance sheet is as under:

31 March 2021 31 March 2020
Present value of defined benefit obligation at the beginning of the year 146.20 262.06
Acquisition Adjustment 9.42 (89.85)
Current service cost 111.01 14.22
Interest cost 10.01 20.31
Actuarial (gain) on obligation (37.53) (48.99)
Benefits paid (153.65) (11.55)
Present value of defined benefit obligation at the end of the year 85.46 146.20
Bifurcation of projected benefit obligation at the end of the year in current and non-current
31 March 2021 31 March 2020
a) Current liability (amount due within one year) 46.32 52.74
b) Non - current liability (amount due over one year) 39.14 93.46
Total projected benefit obligation at the end of the year 85.46 146.20
For determination of the liability of the Company, the following actuarial assumptions were used:
31 March 2021 31 March 2020
Discount rate 6.80% 6.85%
Salary escalation rate 8% for first 2 8% for first 2
years and 6.5% years and 6.5%
thereafter thereafter
Mortality rate 100% of IALM 100% of IALM
(2012 -14) (2012 -14)
Maturity Plan of Defined Benefit Obligation

31 March 2021 31 March 2020
a) 0 to 1 year 46.32 52.66
b) 2 to 5 year 13.57 46.77
c) 6 to 10 year 15.06 39.56
d) More than 10 years 10.51 7.21
85.46 146.20
Sensitivity analysis for compensated absences liability

31 March 2021 31 March 2020
a) Impact of the change in discount rate
i) Impact due to increase of 0.50 % (1.91) (2.40)
ii) Impact due to decrease of 0.50 % 2.06 2.55
b) Impact of the change in salary escalation rate

i) Impact due to increase of 0.50 % 2.05 2.54
ii) Impact due to decrease of 0.50 % (1.91) (2.41)

B) Gratuity (funded)
The company has a defined benefit gratuity plan. Every employee who has completed five years or more of service gets a
gratuity on departure at 15 days salary (last drawn salary) for each completed year of service. The scheme is funded with
an insurance company in the form of a qualifying insurance policies.

- Gratuity (funded) (39.63) (26.28)
Total (39.63) (26.28)
Net employee benefit expense (recognized in employee cost)

Total 7.04 9.18
Amount recognised in other comprehensive income

Actuarial gain/ (loss) on obligations 3.44 0.10
Return on plan assets (excluding amounts included in net interest expense) 0.47 (1.24)
Total 3.91 (1.14 )
Changes in the present value of the defined benefit obligation:

Opening defined obligation 70.07 82.65
Acquisition adjustment 10.22 (24.91)
Re-measurement (or actuarial) (gain) / loss arising from: (3.44) (0.09)
Benefits paid (33.28) -
Defined benefit obligation 53.61 70.07
Changes in the fair value of plan assets:

31 March 2021 31 March 2020
Fair value of plan assets 43.79 41.78
Interest income 3.47 2.01
Benefits paid (33.28) -
Closing fair value of plan assets 13.98 43.79
The company expects to contribute INR 6.39 lakhs towards gratuity during the year 2021-22.
The major categories of plan assets as a percentage of the fair value of total plan assets are as follows:
31 March 2021 31 March 2020
Investment with insurer (Life Insurance Corporation of India) 13.98 43.79
The principal assumptions used in determining gratuity obligation for the Company’s plans are shown below:
31 March 2021 31 March 2020
Discount rate (in %) 6.80% 6.85%
Salary escalation (in %) 6.73% 6.73%
Mortality rate (%) 100% of IALM 100% of IALM
(2012-14) (2012-14)
A quantitative sensitivity analysis for significant assumption as at 31 March 2021 is as shown below:
Assumptions Discount rate Future salary increases
Sensitivity level 0.5% increase 0.5% decrease 0.5% increase 0.5% decrease
Impact on defined benefit obligation (1.68) 1.82 1.00 (1.02)

A quantitative sensitivity analysis for significant assumption as at 31 March 2020 is as shown below:
Assumptions Discount rate Future salary increases

Sensitivity level 0.5% increase 0.5% 0.5% 0.5%
decrease increase decrease
Maturity profile of defined benefit obligation

Within the next 12 months (next annual reporting period) 17.88 24.44
Between 2 and 5 years 12.50 4.13
Beyond 5 years 23.23 41.50
53.61 70.07
C) Provident Fund
The Company contributes its share in an approved provident fund trust viz. Zuari Industries Limited Employees Provident
Fund. The Company is liable for shortfall, if any, in the fund assets based on the government specified minimum rate of
return. It has been confimred by the PF Trust that there is no shortfall as at 31st March, 2021.
44. Related party disclosures

A. The list of related parties as identified by the management is as under:
i) Subsidiaries and stepdown subsidiaries of the Company:
1. Zuari Infraworld India Limited
2. Zuari Infra Middle East Limited, a subsidiary of Zuari Infraworld India Limited
3. Zuari Infraworld SJM Properties LLC (Formerly known as SJM Elysium Properties LLC), a subsidiary of Zuari Infra
Middle East Limited
4. Zuari Management Services Limited
5. Indian Furniture Products Limited
6. Simon India Limited
7. Zuari Investments Limited
8. Zuari Finserv Limited
9. Zuari Sugar & Power Limited
10. Gobind Sugar Mills Limited, a subsidiary of Zuari Investments Limited
11. Zuari Insurance Brokers Limited
ii) Joint Ventures of the Company:
1. Zuari Indian Olitanking Private Limited, a Joint venture of Zuari Global Limited
2. Forte Furniture Products India Private Limited, a Joint venture of Zuari Global Limited
3. Soundaryaa IFPL Interiors Limited, a Joint venture of Indian Furniture Products Limited
iii) Associates of the Company:
1. New EROS Tradecom Limited, an associate of Zuari Investments Limited
2. Zuari Agro Chemicals Limited, an associate of Zuari Global Limited
3. Mangalore Chemicals and Fertilisers Limited, a subsidiary of Zuari Agro Chemicals Limited
4. Adventz Trading DMCC, a subsidiary of Zuari Agro Chemicals Limited
5. Zuari Farmhub Limited, a subsidiary of Zuari Agro Chemicals Limited.
6. Zuari Maroc Phosphates Private Limited, a joint venture of Zuari Agro Chemicals Limited

7. Paradeep Phosphates Limited, a subsidiary of Zuari Maroc Phosphates Private Limited

8. Zuari Yoma Agri Solutions Limited an associate of Paradeep Phosphates Limited
9. Brajbhumi Nirmaan Private Limited, an associate of Zuari Infraworld India Limited
10. Pranati Niketan Private Limited, an associate of Zuari Infraworld India Limited
11. Darshan Nirmaan Private Limited, an associate Zuari Infraworld India Limited
12. Rosewood Agencies Private Limited, a subsidiary of Brajbhumi Nirmaan Private Limited
13. Neobeam Agents Private Limited, a subsidiary of Brajbhumi Nirmaan Private Limited
14. Mayapur Commercial Private Limited, a subsidiary of Brajbhumi Nirmaan Private Limited
15. Nexus Vintrade Private Limited, a subsidiary of Brajbhumi Nirmaan Private Limited
16. Bahubali Tradecomm Private Limited, a subsidiary of Brajbhumi Nirmaan Private Limited
17. Hopeful Sales Private Limited, a subsidiary of Brajbhumi Nirmaan Private Limited
18. Divine Realdev Private Limited, a subsidiary of Brajbhumi Nirmaan Private Limited
19. Kushal Infraproperty Private Limited, a subsidiary of Brajbhumi Nirmaan Private Limited
20. Beatle Agencies Private Limited, a subsidiary of Brajbhumi Nirmaan Private Limited
21. Suhana Properties Private Limited, a subsidiary of Brajbhumi Nirmaan Private Limited
22. Saket Mansions Private Limited, a subsidiary of Brajbhumi Nirmaan Private Limited
iv) A. Enterprises having significant influence:
1. Globalware Trading and Holdings Limited
B. Enterprises where the Company is having significant influence:
1. Zuari Industries Limited Employees Provident Fund
2. Zuari Industries Limited Sr. Staff Superannuation Fund
3. Zuari Industries Limited Non Management Employees Pension Fund
4. Zuari Industries Limited Gratuity Fund
v) Key Management Personnel
1. Mr. S. K. Poddar, Chairman
2. Mr. R S Raghavan, Managing Director
3. Mr. N Suresh Krishnan, Managing Director (till 14 February 2020)
4. Mrs. Jyotsna Poddar, Executive director
5. Mr. Marco Wadia - Independent and Non-Executive Director
6. Mrs. Manju Gupta - Independent and Non-Executive director
7. Mr. Krishan Kumar Gupta - Independent and Non-Executive director (till 30th July 2019)
8. Mr. Jayant N Godbole-Independent and Non-Executive director (till 29th September 2019)
9. Mr. Vijay Vyankatesh Paranjape -Independent And Non-Executive Director
10. Mr. Dipankar Chatterji-Independent And Non-Executive Director
vi) Relative of key management personnel
1. Mr. Akshay Poddar, son of Mr. S.K Poddar

104
44. Related party disclosures
B. Related party transaction for the year ended 31 March 2021

31 March 2021 31 March 2020

S Transaction details Subsidiaries Joint Associates Enterprises Enterprises Key Subsidiaries Joint Associates Enterprises Enterprises Key
No Ventures having where the Management Ventures having where the Management

Significant Company Personnel/ Significant Company Personnel/
Influence is having Relatives of Influence is having Relatives of KMP
significant KMP significant
influence influence
1 Service charges / Brokerage
paid / Development fees /
Purchase of furniture
– Zuari Finserv Limited 24.75 - - - - - 24.71 - - - - -
– Zuari Infraworld India Limited 93.85 - - - - - 181.15 - - - - -
– Zuari Sugar & Power Limited 12.10
– Indian Furniture Products 29.44 - - - - - - - - - - -
Limited
2 Inter-corporate deposits /
Loans/ Advances/Deposits
given
- Zuari Finserv Limited 395.60 - - - - - 310.00 - - - - -
– Zuari Investments Limited 17,913.80 - - - - - 2,457.50 - - - - -
– Zuari Sugar and Power Limited 5,242.62 - - - - - 7,137.00 - - - - -
– Simon India Limited 1,920.00 - - - - - 5,990.00 - - - - -
– Zuari Management Services 6,909.75 - - - - - 7,298.00 - - - - -
Limited
-- Zuari Infraworld India Limited 6,297.05 - - - - - 1,940.00 - - - - -
-- Zuari Agro Chemicals Limited - - 7,450.00 - - - - - 22,550.00 - - -
-- Indian Furniture Products 3,201.00 - - - - - 1,640.00 - - - - -
Limited
-- Forte Furniture Products India - 710.00 - - -
Private Limited
3 Receipt – repayment of ICDs /
loans / advances / deposits
– Zuari Sugar and Power Limited 341.46 - - - - - 4,374.44 - - - - -
– Zuari Management Services 6,931.53 - - - - - 891.00 - - - - -
Limited
31 March 2021 31 March 2020

influence influence
-- Indian Furniture Products 363.74 - - - - - 412.52 - - - - -
Limited
-- Forte Furniture Products India - 710.00 - - - - - - - - - -
Private Limited (converted to
ESC)
4 Managerial Remuneration#
- N. Suresh Krishnan - - - - - - - - - - - 144.91
- Jyotsna Poddar - - - - - 68.35 - - - - - 68.35
‘#Entirely in the nature of short
term employee benefits and
does not include provision
for compensated absence/
gratuity
5 Interest Income
– Simon India Limited 640.04 - - - - - 368.67 - - - - -
– Zuari Sugar and Power Limited 1,319.47 - - - - - 658.92 - - - - -
STATUTORY REPORTS
– Zuari Management Services 785.53 - - - - - 523.00 - - - - -

Limited
– Zuari Agro Chemicals Limited - - 4,012.11 - - - - - 1,509.80 - - -
– Indian Furniture Products 398.44 - - - - - 29.58 - - - - -
Limited
-- Forte Furniture Products India - 8.43 - - - - - - - - - -
Private Limited
6 Dividend received
– Zuari Indian Oiltanking Private - 50.00 - - - - - 25.00 - - - -
Limited
7 Lease rental income
Limited
– Zuari Agro Chemicals Limited - - 50.04 - - - - - 48.39 - - -

8 Sitting fees payment
– S. K. Poddar - - - - - 2.65 - - - - - 3.75
105
106
31 March 2021 31 March 2020

influence influence

– Marco Wadia - - - - - 5.25 - - - - - 5.85
– Krishan Kumar Gupta - - - - - - - - - - - 1.85
– Mr. Jayant N Godbole - - - - - - - - - - - 2.05
– Mr. Dipanker Chartterji - - - - - 5.10 - - - - - 2.60
– Mrs Manju Gupta - - - - - 3.00 - - - - - -
– Mr. Vijay V Paranjape - - - - - 5.10 - - - - - 1.05
9 Management/Financial
consultancy income
Limited
– Zuari Agro Chemicals Limited - - 71.25 - - - - - - - - -
-- Simon India Limited - - - - - - 60.00 - - - - -
-- Gobind Sugar Mills Limited - - - - - - 120.00 - - - - -
10 Dividend payment
– Globalware Trading and - - - 149.84 - - - - - 74.92 - -
Holdings Limited
– New Eros Tradecom Limited - - 23.94 - - - - - 11.97 - - -
– S. K. Poddar - - - - - 5.46 - - - - - 2.73
– Akshay Poddar - - - - - 4.76 - - - - - 2.38
– Jyotsna Poddar - - - - - 1.44 - - - - - 0.72
11 Guarantee commission
received
– Zuari Infraworld SJM Properties 54.85 - - - - - 62.86 - - - - -
LLC
12 Payment/Adjustment of
amount received on account
of amount deposited under
litigation
– Zuari Agro Chemicals Limited - - 1,186.19 - - - - - - - - -
13 Purchase of investment
-Zuari Finserv Limited 500.00 - - - - - - - - - - -
-Forte Furniture Products India - 717.80 - - - - - 391.86 - - - -
Private Limited
-Mangalore Chemicals & - - 105.41 - - - - - - - - -
Fertilizers Limited
31 March 2021 31 March 2020

influence influence
-Zuari Insurance Brokers Limited 789.25 - - - - - - - - - - -
14 Income from financial
guarantee (Notional)
– Gobind Sugar Mills Limited 111.39 - - - - - 144.15 - - - - -
Limited
– Zuari Sugar and Power Limited 0.74 - - - - - 1.22 - - - - -
– Simon India Ltd. 76.00 - - - - - - - - - - -
15 Gain arising through financial
asset (notional income)
Limited
16 Director Deposit
– Zuari Agro Chemicals Limited - - 1.00 - - - 44.09 - - - - -
17 Deposit of Provident Fund
-Zuari Industries Limited - - - - 42.71 - - - - - 86.21 -
Employees Provident Fund
STATUTORY REPORTS
18 Deposit of Superannuation Fund
-Zuari Industries Limited Sr. Staff - - - - - - - - - - 14.02 -

Superannuation Fund
19 Deposit of Non Management
Employees Pension Fund
-Zuari Industries Limited Non - - - - 2.13 - - - - - 3.14 -
Management Employees
Pension Fund

107
108
C. Related Party Balance outstanding as at 31 March 2021
31 March 2021 31 March 2020


influence influence
1 Loan and advances receivable

(including accrued interest)
– Zuari Infraworld India Limited 9,625.48 - - - - - 3,577.62 - - - - -
– Zuari Management Services 6,803.36 - - - - - 6,567.93 - - - - -
Limited
– Zuari Sugar and Power Limited 12,500.10 - - - - - 6,416.40 - - - - -
– Zuari Agro Chemicals limited - - 30,645.1 5 - - - - - 22,550.00 - - -
– Indian Furniture Products 4,422.94 - - -- - - 1,252.70 - - - - -
Limited
2 As trade payables
– Zuari Management Services - - - - - - 0.17 - - - - -
Limited
– Zuari Sugar and Power Limited 13.37 - - - - - - - - - - -
– Indian Furniture Products 28.43 - - - - - - - - - - -
Limited
– Mangalore Chemicals & - - 0.43 -
Fertilizers Limited
3 As Advances or deposits
recoverable / as debtor
– Zuari Management Services 0.09 -
Limited
- Simon India Limited 16.95 - - - - - 49.23 - - - - -
Limited
– Indian Furniture Products - - - - - - 6.31 - - - - -
Limited
– Zuari Sugar and Power Limited - - - - - - 0.21 - - - - -
31 March 2021 31 March 2020

influence influence
– Zuari Investments Limited -` - - - - - 49.99 - - - - -
– Zuari Infraworld SJM Properties 9.98 - - - - - 93.59 - - - - -
LLC
-- Gobind Sugar Mills Limited 5.58 - - - - - 64.80 - - - - -
-- Zuari Maroc Phosphastes - - - - - - - - 0.89 - - -

Limited
– Zuari Insurance Brokers - - - - - - 0.21 - - - - -
Limited
- Zuari Agro Chemicals Limited - - 89.31 - - - - - - - - -
4 Trade receivable
- Zuari Agro Chemicals Limited - - - - - - - - 45.79 - - -
5 Corporate guarantee
Refer Note 38
6 Advance received against
purchase of land
– Zuari Agro Chemicals Limited - - - - - - - - 3,209.13 - - -
– Zuari Farmhub Limited (Refer - - 3,209.13 - - - - - - - - -
STATUTORY REPORTS
Note 12.1)
7 Amount received on account
of amount deposited under
litigation
– Zuari Agro Chemicals Limited - - 522.16 - - - - - 1,708.35 - - -
8 Deposit of provident fund
-Zuari Industries Limited - - - - 2.79 - - - - - 3.43 -
9 Deposit of non-management
employees pension fund
-Zuari Industries Limited Non - - - - 0.15 - - - - - 0.27 -
Management Employees
Pension Fund


109
45. Disclosure required under section 186(4) of Companies Act, 2013

A. Disclosure of loan given: Refer note 44 for details
B. Particulars of guarantee given/ security provided: Refer Note 38 for details
C. Particulars of investment made during the year- Refer note 44 for details
46. Disclosure Under Regulation 34(3) of the Securities and Exchange Board of India (Listing Obligations and Disclosure
Requirements) Regulations, 2015:
Loans and advances

S.No Name of Loanee Status Outstanding balance Maximum balance
on during the year
31 March 31 March 31 March 31 March
2021 2020 2021 2020
1 Zuari InfraWorld India Limited Subsidiary 8,794.62 3,366.07 8,865.92 3,863.58
2 Zuari Investments Limited Subsidiary 8,125.25 6,982.35 9,839.13 13,244.98
3 Zuari Management Services Limited Subsidiary 6,385.22 6,407.00 8,609.89 6,407.00
4 Zuari Sugar & Power Limited Subsidiary 11,288.62 6,387.46 11,288.62 6,523.70
5 Simon India Limited Subsidiary 4,488.72 4,519.00 4,935.33 4,645.00
6 Zuari Finserv Limited Subsidiary - 304.00 609.60 725.70
7 Indian Furniture Products Limited Subsidiary 4,064.74 1,227.48 4,138.62 1,227.47
8 Zuari Agro Chemicals Limited Associate 30,000.00 22,550.00 30,000.00 22,550.00
9 Forte Furniture Products India Limited Joint Venture - - 710.00 -
73,147.17 51,743.36 78,997.11 59,187.43

There are no transactions of loans and advances to subsidiaries/ associates/ firms/ joint ventures/ others in which Directors are
interested other than as disclosed above.

47. The global outbreak of Corona virus disease (“Covid-19”) pandemic is causing significant economic slowdown and
disruptions of business operations. There are uncertainties regarding the impact the Covid-19 is going to have on
the operations of the Company. The management is closely monitoring the developments and have considered the
possible effects of the pandemic on the carrying value of assets and the business forecasts. Based on current estimates,
it expects to recover the carrying amount of the assets and have sufficient liquidity for business operations for at least
another twelve months. The impact of the pandemic on the Company’s financial statements may differ from that
estimated as at the date of approval of these financial statements and the management will continue to closely
monitor any material changes.
48. In the year ended 31 March 2021, pursuant to order giving effect (‘OGE’) of ITAT order for AY 2010-11 and corresponding
receipt of refunds from income tax department by the Company, other income included interest income on income
tax refunds amounting to INR 972.87 lakhs and Tax expense/(credit) for the year ended 31 March 2021 includes income
tax provision reversals amounting to (-) INR 361.25 lakhs.
49. The Company had demerged its fertilizer undertaking to Zuari Agro Chemicals Limited (ZACL) with effect from 1 July
2011. The Company had, during the financial year ended 31 March 2017, based on Hon’ble High Court Order on
demerger of fertilizer undertaking, identified the amount of income tax paid or payable under protest pertaining to
fertilizer undertaking demerged into ZACL. The Company has exchanged letter of mutual understanding with ZACL,
wherein, ZACL has paid such amount of tax paid or payable under protest by the Company. During the year ended
31 March 2017, the Company had received INR 2,533.85 lakhs from ZACL on this account. During the year ended
31st March 2019, pursuant to the OGE of ITAT order, the management has repaid an amount of INR 825.50 lakhs to
ZACL. Further, during the year ended 31 March 2021, pursuant to favourable order received by ZACL, Tax expense/
(credit) for the year ended 31 March 2021 includes income tax provision reversals amounting to INR (-) INR 1186.19 lakhs.
Accordingly, the balance carrying value of such advance is INR 522.16 lakhs (31 March 2020: INR 1,708.35 lakhs) and
classified under non-current liability.

50. The Board of Directors of the Zuari Global Limited, the ultimate Holding Company, vide resolution dated July 17, 2020 has
accorded its consent for Scheme of Amalgamation between Zuari Global Limited and Gobind Sugar Mills Limited,and
their respective shareholders and creditors (‘the Scheme’). The Zuari Global Limited has submitted the Scheme with
Bombay Stock Exchange (‘BSE’) and National Stock Exchange (‘NSE’) and received observation letter on January 15,
2021. The Board of Directors of Zuari Global Limited has accorded consent to the revised Scheme incorporating the
observation as advised by SEBI/NSE/BSE in their board meeting held on February 13, 2021. Gobind Sugar Mills Limited has
filed the first motion application with Hon’ble National Company Law Tribunal, Delhi Bench (NCLT) on 27 February 2021
and received the Order of Hon’ble NCLT on 15 March 2021 giving dispensation for meetings of Preference Shareholders
and Unsecured Creditors and to convene the meetings of Equity Shareholders and Secured Creditors on 30 April 2021
through Video Conferencing. The resolution for approval of the Scheme has been approved by the Equity Shareholders
and Secured Creditors in their respective meeting held on 30 April 2021. Gobind Suar Mills Limited has filed the second
motion application with Hon’ble National Company Law Tribunal, Delhi Bench (NCLT) on 18 May 2021. Zuari Global
Limited has filed the first motion application with Hon’ble National Company Law Tribunal, Mumbai Bench on 03 June
2021. The appointed date of Amalgamation as per scheme is April 1, 2020.
51. In line with the provisions of Ind AS 108 - “Operating Segments”, the Company is engaged in real estate development,
which constitute single reportable business segment. The Company is operating only in India and there is no other
significant geographical segment.

DIN: 00362555 DIN: 00237398
Sd/- Sd/- Sd/-



Independent Auditor’s Report
To The Members of ZUARI GLOBAL LIMITED of Covid-19 pandemic and the management’s
evaluation of the impact on the consolidated financial
Report on the Audit of Consolidated Financial Statements
statements of the Group, its associates and joint
Opinion venture as at the reporting date. The impact of these
We have audited the accompanying consolidated uncertainties on the Group’s operations is significantly
financial statements of Zuari Global Limited (‘the Holding dependent on future developments.
Company’) and its subsidiaries (the Holding Company The above matter has also been reported as emphasis
and its subsidiaries together referred to as ‘the Group’), of matter in the audit reports issued by independent
its associates and joint ventures, as listed in Annexure A, firms of Chartered Accountants on the consolidated
which comprise the Consolidated Balance Sheet as at 31st financial results of an associate, a joint venture and a
March, 2021, the Consolidated Statement of Profit and Loss subsidiary for the year ended 31st March 2021.
(including other comprehensive income), the Consolidated
Cash Flow Statement and the Consolidated Statement of b) Note 55 of the financial statements and the following
Changes in Equity for the year then ended, and a summary Emphasis of Matter paragraphs included in audit report
of the significant accounting policies and other explanatory of the financial statements of the Zuari Investments
information. Limited, a subsidiary of the Holding Company, audited
by an independent firm of Chartered Accountants,
In our opinion and to the best of our information and vide its audit report dated 18th May 2021 which is
according to the explanations given to us and based on the reproduced as under:
consideration of the reports of the other auditors on separate
financial statements, the aforesaid consolidated financial We draw attention to Note XX to the accompanying
statements give the information required by the Companies financial statements, which describes that
Act, 2013 (“the Act”) in the manner so required and give a the Company applied for registration with the
true and fair view in conformity with the Indian Accounting Reserve Bank of India (RBI) as ‘Non-Deposit taking
Standards prescribed under section 133 of the Act read Systematically Important Core Investment Company
with the Companies (Indian Accounting Standards) Rules, on 25 March 2019. Based on the queries raised, RBI
2015, as amended, (“Ind AS”) and accounting principles asked to re-submit the application with clarifications
generally accepted in India, of the consolidated state of of queries, company is in process of re-submitting the
affairs of the Group, its associates and joint ventures, as at application. Management of the Company is in the
31 March 2021, and their consolidated loss, consolidated process of corresponding with the RBI for obtaining
total comprehensive income, consolidated cash flows and such registration, however, the impact of non-
their consolidated changes in equity for the year ended on registration is currently not ascertainable but would
that date. not be material to the accompanying financial
Basis for Opinion statements. Our opinion is not modified in respect of
this matter.
We conducted our audit of the Consolidated financial
statements in accordance with the Standards on c) Note 58(a), 6(iii), 6(ii) and 7(i)(c) to the consolidated
Auditing (SAs) specified under section 143(10) of the Act. financial statements and the following Emphasis
Our responsibilities under those Standards are further of Matter paragraphs included in audit report of
described in the Auditor’s Responsibilities for the Audit the consolidated financial statements of the Zuari
of the Consolidated financial statements section of our lnfraworld India Limited, a subsidiary of the Holding
report. We are independent of the Group, its associates Company, audited by an independent firm of
and joint ventures in accordance with the Code of Ethics Chartered Accountants, vide its audit report dated
issued by the Institute of Chartered Accountants of India 13th May 2021 which are reproduced as under:
together with the ethical requirements that are relevant to i) We draw your attention to the note XX of
our audit of the Consolidated financial statements under the accompanying consolidated financial
the provisions of the Act and the Rules thereunder, and we
statements for the year ended 31st March
have fulfilled our other ethical responsibilities in accordance
2021 regarding consolidated report of foreign
with these requirements and the Code of Ethics. We believe
wholly owned subsidiary in Dubai, UAE, with
that the audit evidence we have obtained and the audit
accumulated losses which exceeds its net worth
evidence obtained by the other auditor in terms of their
as at the end of the year. However, as per the
reports referred to in other matters paragraph below is
consolidated financial statements for the year
sufficient and appropriate to provide a basis for our audit
opinion on the consolidated financial statements ended 31st March 2021 of Zuari Infra Middle East
Limited, the said subsidiary, the Management has
Emphasis of Matter considered that Company as a going concern
We draw attention to – for the reasons listed in the specific note given.
a) Note 52 of the consolidated financial statements ii) We draw your attention to the Note XX of
which describes the uncertainties due to the outbreak the accompanying consolidated financial

statements for the year ended 31 March 2021 mitigating factors considered by the management in
regarding advance payments aggregating to its assessment, in view of which the accompanying
INR 639.61 lakhs made by the Company under consolidated financial statements have been
the Development Management Agreement prepared under the going concern assumption.”
to agencies against which the said agent e) Note 60(b), 60(c) and 60(d) to the consolidated
initiated insolvency resolution proceedings. The financial statements and the following Emphasis of
management does not expect any significant Matter paragraphs included in audit report of the
effect of the same on it’s carrying balance consolidated financial statements of the ZACL, which
and expects to adjust / recover the same in full are reproduced by us as under:
and accordingly no adjustment is considered
necessary at this stage. (i) We draw attention to Note XX of the accompanying
consolidated financial results, wherein the Holding
iii) We draw your attention to the Note XX of Company is carrying a receivable of INR 19.49
the accompanying consolidated financial crores in relation to the subsidy income accrued
statements for the year ended 31st March 2021 during the year ended March 31, 2013. Based
regarding recoverable advances paid to a sub- on the legal opinion obtained by the Holding
contractor aggregating to INR 2,246.49 lakhs Company, the management believes that the
including interest accrued to INR 33.72 lakhs. The amount is fully recoverable from the department
Management is in negotiation with that party for of fertilizers. Pending settlement of the differential
its recovery and is confident that this advance will subsidy amount as more fully explained in note,
be fully recovered by the Company or through the Holding Company has not made any provision
other companies of the Adventz Group. Hence in this regard in the accompanying consolidated
in the view of the Management no provision is financial results.
considered necessary at this stage.
(ii) We draw attention to Note XX of the
iv) We also draw your attention to the Note accompanying consolidated financial results,
XX and also Note XX of the accompanying regarding Goods and Service Tax (‘GST’) credit
consolidated financial statements for the on input services recognized by the Holding
year ended 31st March 2021 and the following Company, which the management has assessed
Emphasis of Matter paragraph included in to recover based on the legal opinion obtained
the auditor’s report on consolidated financial by the Holding Company. The Holding company
statements of Zuari Infra Middle East Limited, has also filed a written petition in the High Court of
a wholly owned foreign subsidiary, issued Bombay at Goa.
by the auditors of that subsidiary, which is
relevant to our opinion on the accompanying (iii) We draw attention to Note XX which states that
consolidated annual financial statements, in case of a Subsidiary Company (MCFL), MCFL
which is reproduced below: has recognised urea subsidy income of INR 29.14
crores considering that benchmarking of its cost
“Without qualifying our audit opinion, we draw of production of urea using Naptha with that of
attention to notes XX to the accompanying gas based urea manufacturing units is arbitrary
consolidated financial statements, regarding and for which the MCFL has filed a writ petition
non carrying out of valuation of development against the Department of Fertilizers before
work in progress by an independent professional the Hon’ble High Court of Delhi. Based on legal
valuer for the reasons mentioned in the said opinion obtained, the management of MCFL
note. The consequent adjustment, if any, in the believes the criteria for recognition of subsidy
carrying value of the assets and equity deficit revenue is met.
will be made upon completion of valuation as
mentioned above.” Our opinion is not modified in respect of these matters.
d) Note 60(a) to the consolidated financial statements Key Audit Matters
and the following paragraph on Material Uncertainty Key audit matters are those matters that, in our professional
Related to Going Concern included in audit report of judgment and based on the consideration of the reports of
the accompanying consolidated financial statements the other auditors on separate financial statements and on
of Zuari Agro Chemicals Limited (‘ZACL’), which is the other financial information of the subsidiaries, associates
reproduced as under: and joint ventures, were of most significance in our audit
“We draw attention to Note XX in the accompanying of the Consolidated financial statements of the current
consolidated financial statements, which states that period. These matters were addressed in the context of our
in addition to net current liability position as at March audit of the Consolidated financial statements as a whole,
31, 2021, there are events or conditions which indicate and in forming our opinion thereon, and we do not provide
that a material uncertainty exists that may cast a separate opinion on these matters.
significant doubt on the Holding Company’s ability We have determined the matters described below to be
to continue as a going concern. It also describes the the key audit matters to be communicated in our report:

S No Key Audit Matter How our audit addressed the key audit matter
1. Income Tax Provisions
We refer to the note 17, 34(i) and 43A of the Our audit procedures included, but were not limited to, the
consolidated financial statements for the year following:
ended 31 March 2021 relating to current tax • We obtained an understanding of the management
expense, Income Tax Assets and contingent process for identification of tax litigation matters initiated
liabilities. against the company and assessment of accounting
The Holding Company has significant litigations treatment for each such litigation identified under Ind AS
outstanding as at 31 March 2021 which includes 37
income tax and wealth tax. • We evaluated the design and tested the operating
The eventual outcome of these tax proceedings is effectiveness of key controls around above process;
dependent on the outcome of future events and • We obtained details of completed tax assessments and
unexpected adverse outcomes could significantly demands upto the year ended March 31, 2021 from
impact the Company’s reported profits and management.
balance sheet position.
• We obtained an understanding of the nature of litigations
The amounts involved are material and the pending against the company and discussed the key
application of accounting principles as given developments during the year with the management
under Ind AS 37, Provisions, Contingent Liabilities
• We assessed the appropriateness of methods used,
and Contingent Assets, in order to determine
and the reliability of underlying data for the underlying
the amount to be recorded as a liability or to
calculations made for quantifying the amounts involved.
be disclosed as a contingent liability, in each
Tested the arithmetical accuracy of such calculations;
case, is inherently subjective, and needs careful
evaluation and judgement to be applied by the • We tested the disclosures made relating to the provisions
management. Key judgments are also made by and contingent liabilities for their appropriateness.
the management in estimating the amount of
liabilities, provisions and/or contingent liabilities
related to aforementioned litigations.
Considering the degree of judgment, significance
of the amounts involved and inherent high
estimation uncertainty, this matter has been
identified as a key audit matter for the current year
audit.
2. Impact of government policies/ notifications
on recognition of concession income and their
recoverability
Auditors of an associate of the Group, namely Our audit procedures included the following:
ZACL, have reported a KAM in their auditor’s • Read the relevant notifications and policies issued by
reports which is reproduced below: Department of Fertilizers to ascertain the recognition of
The Group recognises concession (subsidy) concession income, adjustments thereto recognised
income receivable from the Department of pursuant to changes in the rates and basis for
Fertilizers, Government of India as per the New determination of concession income.
Pricing Scheme for Urea and as per Nutrient • Obtained an understanding of the process and tested
Based Subsidy Policy for Phosphatic and Potassic the design and operating effectiveness of controls
(P&K) fertilizers at the time of sale of goods to its as established by management in recognition and
customers. assessment of the recoverability of the concession income.
During the year, the Group has recognised • Evaluated the management’s assessment regarding
concession income of INR 223084.26 lakhs as at reasonable certainty for complying with the relevant
31 March 2021, the Group has receivables of INR conditions as specified in the notifications and policies
64513.95 lakhs relating to concession income. and collections of concession income.
We focused on this area because recognition • Tested the ageing analysis and assessed the information
of concession income and assessment of its used by the management to determine the recoverability
recoverability is subject to significant judgement of the concession income by considering collections
of the management and various notifications from against historical trends.
the Department of Fertilizers.
• Assessed the related disclosure in consolidated Ind AS
financial statements.

The area of judgement includes certainty around
the satisfaction of conditions specified in the
notifications and policies, collections and provisions
thereof, likelihood of variation in the related
computation rates and basis for determination of
accruals of concession income. Accordingly, this
matter has been determined to be a key audit
matter in our audit of the consolidated Ind AS
financial statements
3. Impairment assessment of goodwill

We refer to Note 34(x) and 39 of the consolidated Our procedures included but were not limited to:
financial statements for the year ended 31 March • We evaluated the appropriateness of management’s
2021 for disclosures related to carrying value and identification of the Group’s CGU’s and allocation of
impairment of Goodwill. goodwill
The Group has goodwill balance of INR 13,256.73 • We evaluated the process by which management
lakhs relating to the real estate and sugar business. prepared the CGU value-in-use calculations/
For the purpose of performing impairment determination of fair value less cost to sell.
assessment, goodwill has been allocated to • We have tested the mathematical accuracy of the
group of cash generating units (‘CGUs’) and cash flow models and agreeing relevant data to board
management has determined the recoverable approved long range plan; and
amount of the CGUs to which the goodwill
• We evaluated the appropriateness of disclosures in
belongs.
relation to goodwill.
In assessing whether the carrying amount of
goodwill has been impaired, the management
considers forecasted cash flows of the individual
CGUs.
4. Discontinued operations and assets held for sale
in relation to sale of fertilizers plant at Goa to
Paradeep Phosphates Ltd. (PPL), Subsidiary of
ZACL’s joint venture
Auditors of an associate of the Group, namely Their procedures included but were not limited to:
ZACL, have reported a KAM in their auditor’s • Evaluated the design and tested the operating
reports which is reproduced below: effectiveness of the control over the accounting of thus
During the current year, ZACL has entered into a transaction.
business transfers agreement (BTA) for the sale of • Obtain the management’s valuation report for the sale
company’s fertilizers plant at Goa and associated consideration and compared the same with the carrying
business of the company to PPL as a going concern, value of the underlying assets.
on a slump sale basis for an agreed enterprise
value of INR 2,05,225.44 lakhs and for entering into • We gained an understanding of the BTA. Our focus was on
necessary business transfer agreement with PPL understanding the contractual terms associated with the
sale of fertilizers plant at Goa and its associated business,
As at march 31, 2021, ZACL has presented the which define the assets and liabilities or obligation
operation of its fertilizers plant “Discontinued retained or created.
operation” and its related assets as “assets held for
sale” and liability as “Liabilities directly associated • Reviewed the accounting treatment for the said
with the assets held for sale” in accordance with transaction.
the IND AS 105 (Non current assets held for sale • Checked the related computation for disclosures of
and discontinued operation). discontinued operation and held for sale and evaluated
They have focused on this area considering that they have been appropriately separated from
that this was a significant event during this year. continuing operation.
Accordingly, this matter has been determined to • Assessed the adequacy of related disclosures in the
be a Key audit matter in their audit of consolidated Consolidated financial statements of ZACL.
financial statements.
5. Deferred tax assets
We, as auditors of a component of the group,
and other auditors of the one component of the
Group in their auditor’s report, have reported
KAMs on deferred tax assets which are produced/
reproduced, as the case may be, below:

A) For a subsidiary of the Group, namely Gobind Our audit procedures in relation to the recognition of deferred
Sugar Mills Limited, recoverability of deferred tax tax assets included, but were not limited to, the following:
assets has been considered as key audit matter: • Evaluated the design and tested the operating
Refer Note 34(v) and 18(iii) of the consolidated effectiveness of key controls implemented by the
financial statements of the Company for the year Company over recognition of deferred tax assets based
ended 31 March 2021. on the assessment of Company’s ability to generate
sufficient taxable profits in foreseeable future allowing the
The assessment of meeting the recognition criteria
use of deferred tax assets within the time prescribed by
as well as assessment of recoverability of deferred
income tax laws.
tax assets within the period prescribed under the
tax laws involves use of significant assumptions and • Reviewed the future cash flow projection provided by the
estimates. Determining forecasts of future results management of the company
and taxable profits include key assumptions such • Tested and challenged management’s judgements
as future growth rate and market conditions. The relating to the forecasts of future taxable profits and
projected cash flows are assessed using a number evaluated the reasonableness of the assumptions,
of scenarios to cover reasonable changes in the including future growth rate underlying the preparation
assumptions underlying the projections. These of these forecasts based on historical data trends.
changes mainly relate to variations in expected • Tested the mathematical accuracy of the projections
selling prices of the sugar and by products, including sensitivity analysis performed by management
expected costs of production of sugar and and performed independent sensitivity analysis to the
expected days of operation of sugar mills. key assumptions mentioned above to determine inputs
Any change in these assumptions could have a leading to high estimation uncertainty of the cash flow
material impact on the carrying value of deferred projections.
tax assets. These assumptions and estimates are • Evaluated management’s assessment of time period
judgmental, subjective and depend on the future available for adjustment of such deferred tax assets
market and economic conditions, including as per provisions of the Income Tax Act, 1961 and
industry focused trade policies of the government, appropriateness of the accounting treatment with
materialization of the Company’s expansion plans respect to the recognition of deferred tax assets as per
and quality services. requirements of Ind AS 12, Income Taxes.
Owing to the significance of the balances and • Re-computed the amount of deferred tax assets as
complexities involved as described above, we appearing in the financial statements confirming the
have considered recoverability of such deferred amounts of carried forward tax losses and unabsorbed
tax assets recognised on carried forward tax losses depreciation.
and unabsorbed depreciation as a key audit • Assessed the appropriateness of the disclosures in respect
matter. of deferred tax balances.
B) In relation to ZACL, an associate of the
Holding Company:
As at 31 March 2021, the Group has deferred tax Our audit procedures included the following:
assets of INR 6,741.16 lakhs in the consolidated Ind • Gained an understanding of the deferred tax assessment
AS financial statements. process, and evaluated the design and tested the
Deferred tax assets are recognized on unabsorbed operating effectiveness of controls over recognition of
tax losses when it is probable that taxable profit will deferred tax.
be available against which such tax losses can be • Discussed and evaluated management’s assumptions
utilized. The Group’s ability to recognize deferred and estimates like projected revenue growth, margins,
tax assets on unabsorbed tax losses is assessed by etc in relation to the probability of generating future
the management at the end of each reporting taxable income to support the utilization of deferred
period, taking into account forecasts of future tax on unabsorbed tax losses with reference to forecast
taxable profits and the assumptions on which such taxable income and performed sensitivity analysis
projections are determined by management.
• Tested the arithmetical accuracy of the model.
Given the degree of estimation based on the
• Assessed the related disclosures in respect of the deferred
projection of future taxable profits, management’s
tax assets in the consolidated Ind AS financial statements.
decision to create deferred tax assets on
unabsorbed tax losses and MAT credit has been
identified to be a key audit matter

6. Carrying value of inventories
In relation to Gobind Sugar Mills Limited, a
subsidiary of Group:
Refer Note 7 and 34(vii) of the consolidated Our audit procedures in relation to valuation of inventory
financial statements of the Company for the year included, but were not limited to, the following:
ended 31 March 2021. • Tested the design and operating effectiveness of the
At the balance sheet date 31 March 2021, the general IT control environment and the manual controls
Company held INR 391,28.51 lakhs of Inventories. for inventory valuation.
Inventories mainly consists of finished goods - • Assessed the appropriateness of the principles used in the
Sugar and other product – molasses, both treated valuation of Inventory and analysed the reasonableness
as joint products. of significant judgements/ assumptions used by the
Manufacturing of Sugar is complex process which management in their valuation models along with their
leads to generation of many by products some of consistency based on historical/ industrial data trends such
which are used for generation of other products as sugar recovery rates, generation of Molasses, ethanol
which are sold in the market as well as used as recovery rates, fixed and planned storage facilities of
input in the manufacturing of Sugar. The valuation Molasses and capacity utilisations of the plant.
requires use of management’s judgements • Verified net realisable value of baggase and molasses
and assumptions regarding elimination of inter- based on market quotation obtained by the management
divisional profits, allocation of costs of production in case of baggase, contracts for sale of ethanol
between joint products based on their relative and notifications/press releases from the government
sales value and net realisable value (NRV) of authorities.
different products which is further dependent upon
the market conditions, minimum selling prices, • Reviewed cost sheets prepared by the management for
subsequent inventory sale data, current sale prices, manufacturing of ethanol (used for determination of NRV
notifications/ press releases from the government of molasses) for reasonableness and corroborated the
authorities, technical estimates of expected same with projects reports submitted to lenders banks.
recovery of final products being produced and • Reviewed the process of inventory valuation comprising of
incremental cost of products manufactured using identification of NRV of Sugar based on subsequent selling
joint products. These assumptions are subject to prices of Sugar upto balance sheet date, sale orders in
inherent uncertainties and are difficult to ascertain hand as on that date, minimum selling prices introduced
since they are likely to be influenced by political by the government and prices prevailing in exchange
and economic factors including uncertainties that market, allocation of costs of production between joint
may affect the industry on the whole. products based on relative sales value.
Owing to the significance of the carrying value of • We also assessed the appropriateness of the disclosures
inventories, the complexities discussed above and included in note in respect of valuation of inventories.
the fact that any changes in the management’s
judgement or assumptions is likely to have a
significant impact on the ascertainment of
carrying values of inventories, we have considered
this area as a key audit matter.
7. Going concern basis of accounting Our audit procedures included, but were not limited to, the
For a subsidiary of the Group, namely Gobind Sugar following in relation to assessment of appropriateness of
Mills Limited, going concern basis of accounting going concern basis of accounting:
has been considered as a KAM: • We obtained an understanding of the management’s
We refer to the note 56 of the financial statements process for identification of events or conditions that
of the Company for the year ended 31 March 2021 may cast significant doubt over the Company’s ability to
disclosures related to appropriateness of going continue as a going concern.
concern basis of accounting. This note states that • Evaluated the design and tested the operating
the Company has incurred losses after tax (total effectiveness of key controls around aforesaid
comprehensive loss) of INR 17,798.55 lakhs. Also as identification of events or conditions and mitigating
at 31 March 2021, the current liabilities exceed the factors, and controls around cash flow projections
current assets by INR 129,59.64 lakhs. prepared by the management.
While these above indicate doubts about the • Reconciled the cash flow projections to future business
company’s ability to continue as a going concern, plans of the Company as approved by the Board of
as mentioned in aforesaid note, the Company Directors.
has taken into consideration the below mitigating
factors in its assessment for going concern basis of
accounting: -

a) Improving sugar sale prices; • In order to corroborate management’s future business
b) Expansion plans in form of setting up of 16 MW plans and to identify potential contradictory information
Co- Generation Power Plant; we read the board minutes, supervisory board minutes
and discussed the business plans with management and
c) Newly commenced Distillery having capacity
the Audit Committee.
of 100,000 litres per day; and
• Performed audit procedures regarding subsequent
d) Industry focused state and central government
events to identify events that either mitigate or otherwise
trade policies. The Company has earned
affect the Company’s ability to continue as a going
reasonable profits and had positive cash flows
concern;
in the tracked history. However, from the past
few years, the Company`s profits and cash • We also compared the prospective financial information
flows from operation have declined. Also, for recent prior periods with historical results and the
the Company has availed moratorium period prospective financial information for the current period
for principal and interest payments, under with results achieved to date.
Covid 19 - Regulatory Package announced • We evaluated key assumptions used by the management
by Reserve Bank of India by rescheduling its for prospective financial information based on economic
repayments of loans and payment of interest. trends, historical data and considered government’s
Management has prepared future cash flow industry focused policies. Key assumptions included
forecasts taking into cognizance the above selling prices of sugar and its by -products, sugar recovery
developments and performed sensitivity rates, interest rates, industry trends, manpower and other
analysis of the other key assumptions used direct costs. We also referred to the Power Purchase
therein to assess whether the Company would Arrangement (‘PPA’) entered by the Company with
be able operate as a going concern for a State government and ethanol sale contracts in hand
period of at least 12 months from the date of for Distillery plant. To challenge these assumptions, we
financial statements, and concluded that the considered our understanding of the business, actual
going concern basis of accounting used for historical results, other relevant existing conditions,
preparation of the accompanying financial external data and market conditions.
statements is appropriate with no material • Tested the arithmetical accuracy of the calculations
uncertainty. including those related to sensitivity analysis performed
We have considered the assessment of by the management.
management’s evaluation of going concern • Performed independent sensitivity analysis to test the
basis of accounting as a key audit matter due impact of variation in the key assumptions.
to the pervasive impact thereof on the financial
• Evaluated the appropriateness of the disclosures made in
statements and the significant judgements
the financial statements in respect of going concern.
and assumptions that are inherently subjective
and dependent on future events, involved in
preparation of cash flow projections and the
overall conclusion.
8. Provision made for Right of way charges in relation
to laying Company’s Pipeline on Government Land
Auditors of one of the components of the Group, Our audit procedures include, among others, analyzing
namely, Zuari Indian Oiltanking Private Limited, the judgements used by management based on the
a joint venture of the Holding Company have available information. Among other procedures, we have
reported KAM on provision made for right of verified the calculation of the provision from the underlying
way charges in relation to laying pipeline on information available and also reviewed the legal opinion
government land, which is reproduced below: obtained by the Company on the given matter. We
During the financial year 2017-18, the Company analysed the reasonableness of the conclusion reached by
has obtained right of way permission from NHAI the management of the Company considering the various
for the underground petroleum pipeline already factors on which those conclusions were based.
laid by the Company along the National Highway
for transferring petroleum products from port to
Company’s Oil terminal. The Company was able
to obtain permission for a period of 5 years w.e.f.
July 31, 2017 on payment of requisite fees.
For the period upto July 31, 2017, the Company
has obtained permission from PWD Goa in an
earlier year, however right of way charges for the
said period are yet to be finalised between the
Company and PWD Goa.

As the right of way charges are yet to be finalized,
the Company has made provision on the basis of
expected payout. The aggregate provision for right
of way charges upto July 31, 2017 as estimated by
the management amounts to INR 966.17 lakhs as
on March 31, 2020 (including stamp duty charges
amounting to INR 5.50 lakhs).
The Company has laid its pipeline on this land in
year 2004 and since that year it has made provision
every year for estimated charges to be paid in form
of Right of Way. The Company is carrying this liability
since it has actually used this land for its operations.
This matter is considered as a key audit matter in our
audit, since the aforementioned estimate require
significant judgements by the management of the
Company, based on historical experience and
the available information, including that obtained
from its legal advisors.
Information Other than the Consolidated financial frauds and other irregularities; selection and application of
statements and Auditor’s Report Thereon appropriate accounting policies; making judgments and
The Holding Company’s Board of Directors is responsible estimates that are reasonable and prudent; and design,
for the other information. The other information comprises implementation and maintenance of adequate internal
the information included in the Annual report, but does financial controls, that were operating effectively for
not include the Consolidated financial statements and our ensuring the accuracy and completeness of the accounting
auditor’s report thereon. records, relevant to the preparation and presentation of
the Consolidated financial statements that give a true and
Our opinion on the Consolidated financial statements does fair view and are free from material misstatement, whether
not cover the other information and we do not express any due to fraud or error which have been used for the purpose
form of assurance conclusion thereon. of preparation of the Consolidated Financial Statements by
In connection with our audit of the Consolidated financial the Directors of the Holding Company, as aforesaid.
statements, our responsibility is to read the other information In preparing the Consolidated financial statements, the
and, in doing so, consider whether the other information respective Board of Directors of the companies included
is materially inconsistent with the Consolidated financial in the Group and of its associates and joint ventures are
statements or our knowledge obtained during the course of responsible for assessing the ability of the Group and of
our audit or otherwise appears to be materially misstated. its associates and joint ventures to continue as a going
Based on the work we have performed, if we conclude that concern, disclosing, as applicable, matters related to going
there is a material misstatement of this other information, concern and using the going concern basis of accounting
we are required to report that fact. We have nothing to unless the Management either intends to liquidate the
report in this regard. Group or to cease operations, or has no realistic alternative
but to do so.
Responsibilities of management and those charged with
governance for the Consolidated financial statements Those respective Board of Directors of the companies
included in the Group and of its associates and joint
The Holding Company’s Board of Directors is responsible for ventures are also responsible for overseeing the financial
the matters stated in Section 134(5) of the Act with respect to reporting process of the Group and of its associates and
the preparation of these Consolidated financial statements joint ventures.
that give a true and fair view of the consolidated financial
position, consolidated financial performance including Auditor’s responsibility for the audit of Consolidated financial
other comprehensive income, consolidated cash flows and statements
consolidated changes in equity of the Group including its Our objectives are to obtain reasonable assurance about
associates and joint ventures in accordance with the Ind whether the Consolidated financial statements as a whole
AS and other accounting principles generally accepted in are free from material misstatement, whether due to fraud
India. or error, and to issue an auditor’s report that includes
The respective Board of Directors of the companies included our opinion. Reasonable assurance is a high level of
in the Group and of its associates and joint ventures are assurance, but is not a guarantee that an audit conducted
responsible for maintenance of adequate accounting in accordance with SAs will always detect a material
records in accordance with the provisions of the Act for misstatement when it exists. Misstatements can arise from
safeguarding of the assets of the Group and of its associates fraud or error and are considered material if, individually
and joint ventures and for preventing and detecting or in the aggregate, they could reasonably be expected

to influence the economic decisions of users taken on the remain responsible for the direction, supervision and
basis of these Consolidated financial statements. performance of the audits carried out by them. We
As part of an audit in accordance with SAs, we exercise remain solely responsible for our audit opinion.
professional judgment and maintain professional scepticism We communicate with those charged with governance
throughout the audit. We also: regarding, among other matters, the planned scope and
• Identify and assess the risks of material misstatement of timing of the audit and significant audit findings, including
the Consolidated financial statements, whether due any significant deficiencies in internal control that we
to fraud or error, design and perform audit procedures identify during our audit.
responsive to those risks, and obtain audit evidence We also provide those charged with governance with
that is sufficient and appropriate to provide a basis a statement that we have complied with relevant
for our opinion. The risk of not detecting a material ethical requirements regarding independence, and
misstatement resulting from fraud is higher than for to communicate with them all relationships and other
one resulting from error, as fraud may involve collusion, matters that may reasonably be thought to bear on our
forgery, intentional omissions, misrepresentations, or the independence, and where applicable, related safeguards.
override of internal control. From the matters communicated with those charged with
• Obtain an understanding of internal control relevant to governance, we determine those matters that were of
the audit in order to design audit procedures that are most significance in the audit of the Consolidated financial
appropriate in the circumstances. Under section 143(3) statements of the current period and are therefore the key
(i) of the Companies Act, 2013, we are also responsible audit matters. We describe these matters in our auditor’s
for expressing our opinion on whether the Holding report unless law or regulation precludes public disclosure
Company has adequate internal financial controls about the matter or when, in extremely rare circumstances,
system in place and the operating effectiveness of we determine that a matter should not be communicated
such controls. in our report because the adverse consequences of doing
so would reasonably be expected to outweigh the public
• Evaluate the appropriateness of accounting policies interest benefits of such communication.
used and the reasonableness of accounting estimates
and related disclosures made by management. Other Matter
We did not audit the annual financial statements of 5
• Conclude on the appropriateness of management’s
subsidiaries, and 1 branch included in the consolidated
use of the going concern basis of accounting and,
financial statements, whose financial statements reflects
based on the audit evidence obtained, whether
total assets of INR 121419.15 lakhs as at 31 March 2021, total
a material uncertainty exists related to events or
revenues of INR 3816.72 lakhs, total net loss after tax of INR
conditions that may cast significant doubt on ability
2737.80 lakhs, total comprehensive loss of INR 4931.74 lakhs,
of the Group and its associates and joint ventures to and cash flows (net) of INR 5095.67 lakhs for the year ended
continue as a going concern. If we conclude that a on that date.
material uncertainty exists, we are required to draw
attention in our auditor’s report to the related disclosures The consolidated financial statements also includes the
in the Consolidated financial statements or, if such Group’s share of net loss after tax of INR 6751.85 lakhs and
disclosures are inadequate, to modify our opinion. Our total comprehensive gain / loss of INR 275.24 lakhs for the
conclusions are based on the audit evidence obtained year ended 31 March 2021, in respect of 22 associates and
up to the date of our auditor’s report. However, future 3 joint ventures, whose financial statements have not been
events or conditions may cause the Group and its audited by us.
associates and joint ventures to cease to continue as a These annual financial statements have been audited by
going concern. other auditors whose audit reports have been furnished
to us by the management, and our opinion in so far as it
• Evaluate the overall presentation, structure and content
relates to the amounts and disclosures included in respect
of the Consolidated financial statements, including the
of these subsidiaries/ branches/ associates/ joint ventures
disclosures, and whether the Consolidated financial
is based solely on the audit reports of such other auditors.
statements represent the underlying transactions and
events in a manner that achieves fair presentation. Our opinion on the consolidated financial statements,
and our report on other legal and regulatory requirements
• Obtain sufficient appropriate audit evidence
below, are not modified in respect of the above matter with
regarding the financial information of the entities or
respect to our reliance on the work done by and the reports
business activities within the Group and its associates
of the other auditors.
and joint ventures of which we are the independent
auditors and whose financial information we have The comparative financial information of the Group, its
audited, to express an opinion on the Consolidated associates and joint ventures for the year ended 31st March
Financial Statements. We are responsible for the 2020 included in these consolidated financial statements
direction, supervision and performance of the audit of is based on the previously issued consolidated financial
the financial statements of such entities included in the statements audited by the predecessor auditors (i.e. M/s
consolidated financial statements of which we are the Walker Chandiok & Co. LLP) whose report dated 25th June
independent auditors. For the other entities included 2020 expressed an unmodified opinion on those audited
in the Consolidated Financial Statements, which have consolidated financial statements for the year ended 31st
been audited by other auditors, such other auditors March 2020.

Our opinion on the consolidated financial statements is not In our opinion, the managerial remuneration
modified in respect of this matter. for the year ended March 31, 2021 in relation to
Report on Other Legal and Regulatory Requirements the Managing Director of the Holding Company
has been paid in excess of the limits provided in
1. As required by Section 143 (3) of the Act, based on our provisions of Section 197 read with Schedule V
audit and on the consideration of report of the other to the Act by INR 7.13 lakhs which is subject to
auditors we report that: approval of shareholders by a special resolution
(a) We have sought and obtained all the information as explained in Note XXX of the consolidated
and explanations which to the best of our knowledge financial statements.
and belief were necessary for the purposes of Further, as explained in Note XXX of the consolidated
our audit of the aforesaid consolidated financial financial statements, managerial remuneration for
statements; the year ended March 31, 2020 in relation to the
(b) In our opinion, proper books of account as required Managing Director of the Holding company was
by law relating to preparation of the aforesaid paid in excess of the limits provided in provisions of
consolidated financial statements have been kept section 197 read with Schedule V to the Act by INR 81
so far as it appears from our examination of those lakhs without obtaining requisite approvals from the
books and the reports of the other auditors; banks/ financial institutions and which was subject to
shareholders approval by a special resolution and
(c) The Consolidated Balance Sheet, the Consolidated pending which the Holding Company recognised a
Statement of Profit and Loss including the Statement receivable of INR 81 lakhs from the Managing Director
of Other Comprehensive Income, the Consolidated as at March 31, 2020. The requisite approvals from
Cash Flow Statement and Consolidated Statement the banks/ financial institutions and shareholders is
of Changes in Equity dealt with by this Report are in yet to be obtained.
agreement with the books of account maintained
for the purpose of preparation of the Consolidated (i) With respect to the other matters to be included
Financial Statements; in the Auditor’s Report in accordance with rule 11
of the Companies (Audit and Auditors) Rules, 2014
(d) In our opinion, the aforesaid Consolidated financial (as amended), in our opinion and to the best of
statements comply with the Indian Accounting our information and according to the explanations
Standards specified under Section 133 of the Act; given to us and based on the consideration of the
(e) the matters described in paragraph 4(a) and 4(d) of report of the other auditors :
the Emphasis of Matter section, in our opinion, may i) The Consolidated Financial Statements disclose
have an adverse effect on the functioning of the the impact of pending litigations on the
Group; consolidated financial position of the Group, its
(f) on the basis of the written representations received associates and joint ventures – Refer Note 37, 38
from the directors of the Holding Company and taken and 43 to the Consolidated Financial Statements;
on record by the Board of Directors of the Holding
ii) The Holding Company, its associates and joint
Company and the reports of the statutory auditors of
ventures did not have any long-term contracts
its subsidiary companies, associate companies and
including derivative contracts for which there
joint venture companies, none of the directors of the
were any material foreseeable losses as at 31st
Group companies, its associate companies and joint
March 2021;
venture companies are disqualified as on 31 March
2021 from being appointed as a director in terms of iii) There has been no delay in transferring amounts,
Section 164(2) of the Act; required to be transferred, to the Investor
(g) With respect to the adequacy and the operating Education and Protection Fund by the Holding
effectiveness of the internal financial controls Company, and its subsidiaries, associates
over financial reporting with reference to these companies and joint ventures during the year
consolidated financial statements, refer to our ended 31st March 2021.
separate report in “Annexure B” to this report,
which is based on the auditors’ reports of the
Holding company, subsidiary companies, associate For V. Sankar Aiyar & Co.
companies and joint venture companies; Chartered Accountants
(h) In our opinion and based on the consideration of
reports of other statutory auditors of the subsidiaries, Sd/-
associates and joint ventures, incorporated in India, Ajay Gupta
the managerial remuneration for the year ended Partner
March 31, 2021 has been paid/ provided by the Membership No. 90104
Holding Company, its subsidiaries, associates and ICAI UDIN - 21090104AAAADA6707
joint ventures incorporated in India to their directors
in accordance with the provisions of Section 197
read with Schedule V to the Act except in relation
to as associate, Zuari Agro Chemical Limited which Place : New Delhi
is reproduced as under (Also refer Note 60(e)): Dated : 4th June 2021

Annexure A
List of entities included in the Statement
Subsidiaries and step-down subsidiaries
1. Zuari lnfraworld India Limited 21. Zuari Maroc Phosphates Private Limited, a joint venture
2. Zuari Infra Middle East Limited, a subsidiary of Zuari of Zuari Agro Chemicals Limited
lnfraworld India Limited 22. Paradeep Phosphates Limited, a subsidiary of Zuari
3. Zuari lnfraworld SJM Properties LLC (Formerly known as Maroc Phosphates Private Limited
SJM Elysium Properties LLC), a subsidiary of Zuari Infra 23. Zuari Yoma Agri Solutions Limited an associate of
Middle East Limited Paradeep Phosphates Limited
4. Zuari Management Services Limited 24. Brajbhumi Nirmaan Private Limited, an associate of
5. Indian Furniture Products Limited Zuari lnfraworld India Limited
6. Simon India Limited 25. Pranati Niketan Private Limited, an associate of Zuari
lnfraworld India Limited
7. Zuari Investments Limited
26. Darshan Nirmaan Private Limited, an associate Zuari
8. Zuari Finserv Limited
lnfraworld India Limited
9. Zuari Sugar & Power Limited
27. Rosewood Agencies Private Limited, a subsidiary of
10. Zuari Insurance Brokers Limited Brajbhumi Nirmaan Private Limited
11. Gobind Sugar Mills Limited, a subsidiary of Zuari 28. Neobeam Agents Private Limited, a subsidiary of
Investments Limited Brajbhumi Nirmaan Private Limited
12. Zuari Commodity Trading Limited, a subsidiary of Zuari 29. Mayapur Commercial Private Limited, a subsidiary of
Finserv Limited (merged with Zuari Finserv Limited w.e.f. Brajbhumi Nirmaan Private Limited
9 May 2019)
30. Nexus Vintrade Private Limited, a subsidiary of Brajbhumi
Joint ventures Nirmaan Private Limited
13. Zuari Indian Olitanking Private Limited, a Joint venture of 31. Bahubali Tradecomm Private Limited, a subsidiary of
Zuari Global Limited Brajbhumi Nirmaan Private Limited
14. Forte Furniture Products India Private Limited, a Joint 32. Hopeful Sales Private Limited, a subsidiary of Brajbhumi
venture of Zuari Global Limited Nirmaan Private Limited
15. Soundaryaa IFPL Interiors Limited, a Joint venture of 33. Divine Realdev Private Limited, a subsidiary of Brajbhumi
Indian Furniture Products Limited Nirmaan Private Limited
Associates 34. Kushal lnfraproperty Private Limited, a subsidiary of
Brajbhumi Nirmaan Private Limited
16. New EROS Tradecom Limited, an associate of Zuari
Investments Limited 35. Beatie Agencies Private Limited, a subsidiary of
17. Zuari Agro Chemicals Limited, an associate of Zuari
Global Limited 36. Suhana Properties Private Limited, a subsidiary of
18. Mangalore Chemicals and Fertilisers Limited, a subsidiary
of Zuari Agro Chemicals Limited 37. Saket Mansions Private Limited, a subsidiary of Brajbhumi
Nirmaan Private Limited
19. Adventz Trading DMCC, a subsidiary of Zuari Agro
Chemicals Limited Branch
20. Zuari Farmhub Limited, a subsidiary of Zuari Agro 38. Simon India Limited (KSA Branch)
Chemicals Limited

Annexure “B” to the Independent Auditors’ Report of even date to the members of Zuari Global Limited, on the Consolidated
Financial Statements for the year ended 31st March 2021
(Referred to in Paragraph 1(f) under ‘Report on Other Legal and Regulatory requirements’ of our report on even date)
Report on the Internal Financial Controls over Financial understanding of internal financial controls over financial
Reporting under Clause (i) of Sub-section 3 of Section 143 reporting with reference to these Consolidated Financial
of the Act Statements, assessing the risk that a material weakness
In conjunction with our audit of the Consolidated Financial exists, and testing and evaluating the design and operating
Statements of Zuari Global Limited (‘the Holding Company’) effectiveness of internal control based on the assessed
and its subsidiaries (the Holding Company and its subsidiaries risk. The procedures selected depend on the auditor’s
together referred to as ‘the Group’), its associates and joint judgement, including the assessment of the risks of material
ventures as at and for the year ended 31 March 2021, we misstatement of the Consolidated financial statements,
have audited the internal financial controls with reference whether due to fraud or error.
to financial statements of the Holding Company, its We believe that the audit evidence we have obtained and
subsidiaries companies, its associate companies and joint the audit evidence obtained by the other auditors in terms
venture companies, which are companies covered under of their reports referred to in the Other Matters paragraph
the Act, as at that date. below, is sufficient and appropriate to provide a basis for our
Management’s Responsibility for Internal Financial Controls audit opinion on the internal financial controls system over
financial reporting with reference to these Consolidated
The respective Board of Directors of the Holding Company, Financial Statements.
its subsidiaries, its associates and joint ventures, which are
companies covered under the Act, are responsible for Meaning of Internal Financial Controls over Financial
establishing and maintaining internal financial controls Reporting with reference to these Consolidated Financial
based on the internal control over financial reporting Statements
criteria established by the Holding Company considering A Company’s internal financial control over financial
the essential components of internal control stated in the reporting is a process designed to provide reasonable
Guidance Note on Audit of Internal Financial Controls assurance regarding the reliability of financial reporting and
over Financial Reporting (the “Guidance Note”) issued the preparation of Consolidated financial statements for
by the Institute of Chartered Accountants of India (ICAI). external purposes in accordance with generally accepted
These responsibilities include the design, implementation accounting principles. A Company’s internal financial
and maintenance of adequate internal financial controls control over financial reporting includes those policies and
that were operating effectively for ensuring the orderly procedures that (1) pertain to the maintenance of records
and efficient conduct of its business, including adherence that, in reasonable detail, accurately and fairly reflect the
to respective Company’s policies, the safeguarding of its transactions and dispositions of the assets of the Company;
assets, the prevention and detection of frauds and errors, (2) provide reasonable assurance that transactions
the accuracy and completeness of the accounting records, are recorded as necessary to permit preparation of
and the timely preparation of reliable financial information, Consolidated financial statements in accordance with
as required under the Act. generally accepted accounting principles, and that
receipts and expenditures of the Company are being made
Auditors’ Responsibility only in accordance with authorisations of management
Our responsibility is to express an opinion on the Holding and directors of the Company; and (3) provide reasonable
Company, its subsidiaries, its associates and joint ventures assurance regarding prevention or timely detection
internal financial controls over financial reporting based of unauthorised acquisition, use, or disposition of the
on our audit. We conducted our audit in accordance Company’s assets that could have a material effect on the
with the Guidance Note and the Standards on Auditing, Consolidated financial statements.
issued by ICAI and deemed to be prescribed under section Inherent Limitations of Internal Financial Controls over
143(10) of the Act, to the extent applicable to an audit of Financial Reporting
internal financial controls, both applicable to an audit of Because of the inherent limitations of internal financial
Internal Financial Controls and, both issued by ICAI. Those controls over financial reporting, including the possibility
Standards and the Guidance Note require that we comply of collusion or improper management override of controls,
with ethical requirements and plan and perform the audit material misstatements due to error or fraud may occur
to obtain reasonable assurance about whether adequate and not be detected. Also, projections of any evaluation
internal financial controls over financial reporting was of the internal financial controls over financial reporting
established and maintained and if such controls operated to future periods are subject to the risk that the internal
effectively in all material respects. financial control over financial reporting may become
Our audit involves performing procedures to obtain audit inadequate because of changes in conditions, or that the
evidence about the adequacy of the internal financial degree of compliance with the policies or procedures may
controls system over financial reporting with reference deteriorate.
to these Consolidated Financial Statements and their Opinion
operating effectiveness. Our audit of internal financial In our opinion, to the best of our information and according
controls over financial reporting included obtaining an to the explanations given to us and based on the

consideration of reports of other auditors, as referred to in financial controls over financial reporting with reference
Other Matters paragraph below, the Holding Company, to these Consolidated Financial Statements, in so far as it
its subsidiaries, its associates and joint ventures, which relates to separate financial statements of 5 subsidiaries,
are companies incorporated in India, have, maintained 22 associates and 3 joint ventures, which are companies
in all material respects, adequate internal financial incorporated in India, is based on the corresponding reports
controls over financial reporting with reference to these of the auditors of such subsidiaries, associates and joint
Consolidated Financial Statements and such internal ventures.
financial controls over financial reporting with reference to Our opinion is not modified in respect of the above matters
these Consolidated Financial Statements were operating
effectively as at March 31,2021, based on the internal
control over financial reporting criteria established by the
Holding Company considering the essential components of For V. Sankar Aiyar & Co.
internal control stated in the Guidance Note except: Chartered Accountants
In case of a subsidiary, Gobind Sugar Mills Limited, the
Company has represented that by virtue of its procedures, Sd/-
it considers that its internal financial control system over Ajay Gupta
financial reporting is adequate. However, the operating Partner
effectiveness of such internal financial controls over financial Membership No. 90104
reporting needs improvement as at 31st March 2021. ICAI UDIN - 21090104AAAADA6707
Other Matters
Our report under Section 143(3)(i) of the Act on the Place : New Delhi
adequacy and operating effectiveness of the internal Dated : 4th June 2021

Consolidated Balance Sheet as at 31 March 2021

Notes As at As at
31 March 2021 31 March 2020
I ASSETS
Non-current assets
Property, plant and equipment 3A 51,775.88 53,622.50
Capital work-in-progress 3A 220.82 250.60
Investment properties 4 697.06 761.77
Goodwill 39 13,256.73 14,227.66
Right of use assets 42 732.98 1,195.52
Other intangible assets 3B 15.80 39.91
Investments accounted for using the equity method 37, 38 12,031.59 16,885.03
Financial assets
i. Investments 5A 1,81,288.24 95,735.30
ii. Loans 5B 53,409.79 28,004.70
iii. Other financial assets 5C 1,954.11 1,589.51
Deferred tax assets (net) 18 6,955.79 5,956.36
Non-current tax assets (net) 2,769.82 4,118.22
Other non-current assets 6 5,440.67 5,518.97
Total non-current assets 3,30,549.28 2,27,906.05
Current assets
Inventories 7 1,23,006.61 1,27,075.58
Financial assets
i. Investments 5A 2,519.14 616.00
ii. Trade receivables 8 9,112.37 10,689.13
iii. Cash and cash equivalents 9 2,551.77 3,037.88
iv. Bank balances other than (iii) above 10 12,315.26 6,694.33
v. Loans 5B 1,895.28 2,139.15
vi. Other financial assets 5C 8,979.99 7,664.75
Other current assets 6 7,481.84 7,295.86
1,67,862.26 1,65,212.68
Assets classified as held for sale 11 979.83 979.83
Total current assets 1,68,842.09 1,66,192.51
Total assets 4,99,391.37 3,94,098.56

II EQUITY AND LIABILITIES
EQUITY
Equity share capital 12A 2,944.11 2,944.11
Other equity 12C 2,01,558.35 1,13,739.23
Equity attributable to equity holders of the Holding Company 2,04,502.46 1,16,683.34
Non-controlling interests 36 (3,929.15) (3,180.70)
Total equity 2,00,573.31 1,13,502.64

Consolidated Balance Sheet as at 31st March 2021
Notes As at As at
31 March 2021 31 March 2020
LIABILITIES
Non-current liabilities
i. Borrowings 13A 1,63,670.22 1,37,455.94
ii. Lease Liabilities 42 930.25 1,366.36
iii. Trade payables
(a) total outstanding due to micro enterprise and small enterprise 14 - -
(b) total outstanding due to creditors other than micro enterprise and 14 91.30 40.07
small enterprise
iv. Other financial liabilities 15 0.59 0.60
Provisions 19 917.15 922.91
Deferred tax liabilities (net) 18 132.85 400.12
Other non-current liabilities 16 2,485.26 4,385.25
Total non-current liabilities 1,68,227.62 1,44,571.25
Current liabilities
i. Borrowings 13B 35,822.30 34,006.81
ii. Trade payables
(a) total outstanding due to micro enterprise and small enterprise 14 167.61 1,157.50
(b) total outstanding due to creditors other than micro enterprise and 14 36,841.49 47,528.57
small enterprise
iv. Other financial liabilities 15 30,099.29 29,471.52
Other current liabilities 16 22,361.61 18,928.55
Provisions 19 1,721.19 1,696.74
Current tax liabilities (net) 367.82 25.85
1,27,381.31 1,32,815.54
Advance received against the asset classified as held for sale 20 3,209.13 3,209.13
Total current liabilities 1,30,590.44 1,36,024.67
Total equity and liabilities 4,99,391.37 3,94,098.56
The accompanying notes forms an integral part of the financial statements

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Consolidated Statement of Profit and Loss for the period ended 31st March 2021
Notes Year ended Year ended

31 March 2021 31 March 2020
I REVENUE
Revenue from operations 21 83,379.90 77,102.89
Other income 22 14,873.99 12,472.24
Total income (I) 98,253.89 89,575.13
II EXPENSES
Cost of material consumed 23 49,062.24 48,655.72
Purchases of stock-in-trade 24 133.13 516.88
Project expenses 25 7,926.60 20,961.06
Change in inventories of work-in-progress, stock-in-trade and finished goods 26 2,773.43 (10,995.40)
Employee benefits expense 27 7,127.22 8,117.42
Finance costs 28 20,164.31 16,033.32
Depreciation and amortization expense 29 2,925.26 2,546.62
Other expenses 30 10,771.56 9,000.36
Total expenses (II) 1,00,883.75 94,835.98
III Loss before share of net loss of investment accounted for using equity (2,629.86) (5,260.85)
method and tax (I-II)
IV Share of loss of associates and joint ventures accounted for using the 37, 38 (6,759.94) (26,886.24)
equity method
V Loss before exceptional items and tax (III-IV) (9,389.80) (32,147.09)
VI Exceptional items 31 (2,172.47) (338.01)
VII Loss before tax (V-VI) (11,562.27) (32,485.10)

VIII Tax expense: 17
Current tax expense/ (reversal) 1,273.60 258.32
Income tax adjustment for earlier years (1,509.93) 62.30
Deferred tax (1,272.57) 6,777.99
Total tax expense (1,508.90) 7,098.61
IX Loss for the year (VII-VIII) (10,053.37) (39,583.71)
X Other comprehensive income (A+B) 92,914.85 (64,427.98)

A Items that will be reclassified to profit or loss 12.80 (89.08)
Share of profit/(loss) in associates 37, 38 2.23 (0.93)
Foreign currency translation reserve 10.57 (88.15)
Income tax relating to these items - -
B Items that will not be reclassified to profit or loss 92,902.05 (64,338.90)

Share of loss in associates and joint ventures 37, 38 796.47 (1,317.93)
Re-measurement gains on defined benefit plans 48.91 59.63
Net Gain/(loss) on FVTOCI equity securities 92,061.75 (62,614.85)
Income tax relating to these items 17 (5.08) (465.75)
Total comprehensive Income for the year (IX + X) 82,861.48 (1,04,011.69)

Consolidated Statement of Profit and Loss for the period ended 31st March 2021
Notes Year ended Year ended

31 March 2021 31 March 2020
Loss for the year
Attributed to:
Equity holders of the Holding Company (9,298.75) (36,694.81)
Non-controlling interest 36 (754.62) (2,888.90)
(10,053.37) (39,583.71)
Other comprehensive income/(loss)
A Items that will be reclassified to profit or loss
Attributed to:
Equity holders of the Holding Company 12.80 (89.08)
Non-controlling interest - -
12.80 (89.08)
B Items that will not be reclassified to profit or loss
Attributed to:
Equity holders of the Holding Company 92,895.88 (64,351.83)
Non-controlling interest 36 6.17 12.93
92,902.05 (64,338.90)
Total comprehensive income for the year
Attributed to:
Equity holders of the Holding Company 83,609.93 (1,01,135.72)
Non-controlling interest 36 (748.45) (2,875.97)
82,861.48 (1,04,011.69)
XI Earnings per equity share: nominal value of share of INR 10 32

(31 March 2020: INR 10)
(1) Basic (31.58) (124.64)
(2) Diluted (31.58) (124.64)
The accompanying notes forms an integral part of the financial statements

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Consolidated Statement of Cash Flows for the period ended 31 March 2021

31 March 2021 31 March 2020
A. CASH FLOW FROM OPERATING ACTIVITIES:
Loss after exceptional items but before tax (11,562.27) (32,485.10)
Share of loss of associates and joint ventures 6,759.94 26,886.24
Loss before share of loss of associates and joint ventures and tax (4,802.33) (5,598.86)
Adjustments
Depreciation and amortization expense 2,960.77 2,546.62
Foreign currency translation reserve 10.57 (88.15)
Gain on cancellation of lease (20.13) -
Impairment of goodwill 970.93 338.01
Profit on sale of current investments (net) (11.99) -
(Profit)/ Loss on sale of Property, plant and Equipment (net) (1,137.71) (17.57)
Gain arising on Fair Valuation of financial assets through PL (269.08) (582.15)
Loss on account of foreign exchange rate fluctutation 281.62 283.81
Gain from redemption from mutual funds (41.13) (32.03)
Interest on Income Tax 23.00 -
Finance cost 24,414.50 21,603.12
Fair value losses/ (gains) on derivatives not designated as hedge (89.35) 471.52
Amortisation of deferred gains and deferred grants (851.82) (934.23)
Interest income (7,535.68) (2,512.47)
Dividend income (2,026.32) (3,923.12)
Operating profit before working capital changes 11,875.85 11,554.50
Changes in working capital :
- in inventories 4,068.97 (10,543.00)
- in trade receivables 1,576.76 (195.99)
- in other assets (551.25) 761.28
- in loans and advances 588.77 4,061.68
- in trade payables and other liabilities (8,479.05) 8,848.24
- in provisions 62.53 (1,190.23)
Cash generated from operations 9,142.58 13,296.48
Income taxes (paid)/ Refund 1,803.76 (734.02)
Net cash flow from operating activities (A) 10,946.34 12,562.46
B. CASH FLOW FROM INVESTING ACTIVITIES

Purchase of property, plant and equipment, including intangible assets, capital (1,562.38) (9,326.46)
work-in-progress and capital advances
Proceeds from sale of property, plant and equipment 1,376.40 80.67
Purchases of non-current investments (833.31) -
Proceeds from sale of non-current investments 6,508.81 0.67
Proceeds from sale of current investments (1,580.94) (229.63)
Loans given (25,750.00) (27,550.00)
Investment of bank deposits (having original maturity of more than 3 months) (6,032.72) (5,450.97)
Interest received 5,370.86 2,674.04
Dividends received 2,060.33 3,807.62
Net Cash flow used in investing activities (B) (20,442.95) (35,994.06)

Consolidated Statement of Cash Flows for the period ended 31st March 2021

31 March 2021 31 March 2020
C. CASH FLOW FROM FINANCING ACTIVITIES
Repayment of non-current borrowings (19,704.96) (13,690.82)
Proceeds from non-current borrowings 47,097.07 50,496.02
Proceeds of current borrowings 36,644.19 15,328.77
Repayment of current borrowings (34,828.70) (8,454.35)
Finance cost paid (19,308.05) (19,850.74)
Payment for finance cost on lease liability (150.99) (132.22)
Payment of lease liablity (149.25) (155.22)
Dividends paid on equity shares (588.81) (294.41)
Dividend distribution tax - (60.52)
Net cash flow from/(used in) financing activities (C) 9,010.50 23,186.51
Net (decrease)/ increase in cash and cash equivalents (A + B + C) (486.11) (245.09)
Cash and cash equivalents at the beginning of the year 3,037.88 3,282.97
Cash and cash equivalents at the end of the year 2,551.77 3,037.88

Particulars As on As on
31 March 2021 31 March 2020
Components of cash and cash equivalents (refer note 9)
With banks- on current account 2,546.62 3,023.99
2,551.77 3,037.88

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Summary of consolidated significant accounting policies and other explanatory information for the year ended 31st March 2021
(a) Equity share capital

31 March 2021 31 March 2020
Number of Amount Number of Amount
shares shares
Equity shares of INR 10 each issued, subscribed and fully paid
Equity shares outstanding at the beginning of the year 2,94,40,604 2,944.06 2,94,40,604 2,944.06
Add: Issue of share capital - - - -
Equity shares outstanding at the end of the year 2,94,40,604 2,944.06 2,94,40,604 2,944.06
(b) Other equity
Attributable to the equity holders of the Holding Company
Equity Reserves and Surplus Items of OCI Equity Non Total equity
component General Capital Molasses Retained FVTOCI Foreign attributable to controlling
of non- reserve reserve and alcohol earnings reserve currency equity holders interest
convertible storage and translation
preference maintenance reserve
shares reserve
As at 1 April 2019 4,227.99 3,911.60 7,175.25 18.63 71,310.74 1,28,647.27 (51.34) 2,15,240.14 (304.73) 2,14,935.41
Adjustment pursuant to - - - - (109.18) - - (109.18) - (109.18)
adoption of Ind AS 116
Income tax effect on the - - - - 28.39 - - 28.39 - 28.39
above adjustment
As at 1 April 2019 (revised) 4,227.99 3,911.60 7,175.25 18.63 71,229.95 1,28,647.27 (51.34) 2,15,159.35 (304.73) 2,14,854.62
Loss for the year - - - - (36,694.81) - - (36,694.81) (2,888.90) (39,583.71)
Other comprehensive - - - - 6.07 (64,357.90) (89.08) (64,440.91) 12.93 (64,427.98)
income/(loss)
Total comprehensive - - - - (36,688.74) (64,357.90) (89.08) (1,01,135.72) (2,875.97) (1,04,011.69)
income/ (loss)
Acquisition of non- - - 83.30 - - - - 83.30 - 83.30
controlling interest by an
associate company
Provided during the year - - - 6.70 - - 6.70 - 6.70
Dividends paid (refer note 33) - - - - (294.41) - - (294.41) - (294.41)
Dividend distribution tax - - - - (60.52) - - (60.52) - (60.52)
(DDT) (refer note 33)
Reclassification from OCI - - - - (81.04) 81.04 - - - -
to retained earnings on
disposal of investments
Adjustment on - - - - 343.00 (362.47) (19.47) - (19.47)
reclassification of joint
venture to financial assets,
by an associate company
As at 31 March 2020 4,227.99 3,911.60 7,258.55 25.33 34,448.24 64,370.41 (502.89) 1,13,739.23 (3,180.70) 1,10,558.53
As at 1 April 2020 4,227.99 3,911.60 7,258.55 25.33 34,448.24 64,370.41 (502.89) 1,13,739.23 (3,180.70) 1,10,558.53
Loss for the year - - - - (9,298.75) - - (9,298.75) (754.62) (10,053.37)
Other comprehensive - - - - 43.83 92,852.05 12.80 92,908.68 6.17 92,914.85
income/(loss)
Total comprehensive loss - - - - (9,254.92) 92,852.05 12.80 83,609.93 (748.45) 82,861.48
Provided during the year 4,798.00 - - - - - - 4,798.00 - 4,798.00
Transfer (3,186.91) 11.27 3,175.64 - - -
Dividends paid - - - - (588.81) - - (588.81) - (588.81)
(refer note 33)
Reclassification from OCI - - - - 987.17 (987.17) - - - -
to retained earnings on
disposal of investments
As at 31 March 2021 5,839.08 3,911.60 7,258.55 36.60 28,767.32 1,56,235.29 (490.09) 2,01,558.35 (3,929.15) 1,97,629.20
This is the Consolidated Statement of Changes in Equity referred to in our report of even date.

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1. Corporate Information from the effective date of acquisition, or up to the

The consolidated financial statements of Zuari Global effective date of disposal, as applicable.
Limited (“the Holding Company” or “ZGL”) and its The Financial Statements of the parent company
subsidiaries (collectively, the Group)are for the year and its subsidiaries have been consolidated on a line
ended 31 March 2021. by line basis by adding together the book value of
The Holding Company is a Public Company domiciled like items of assets, liabilities, income and expenses,
in India. Its shares are listed on two recognized stock after eliminating intra-group balances, intra-group
exchanges in Indiaviz National Stock Exchange and transactions and unrealised profits or losses, if any, in
Bombay Stock ExchangeThe registered office of the accordance with Ind AS 110 – “Consolidated Financial
Holding Company is located at Jai Kisaan Bhawan, Statements”. Amounts reported in the financial
Zuari Nagar, Goa 403 726, India. statements of subsidiaries have been adjusted
The Group’s primary business activity is real wherever necessary to ensure consistency with the
estate, investment services, engineering services, accounting policies adopted by the Group.
management services, manufacturing and trading of The Group attributes total comprehensive income or
furniture, manufacturing and sale of sugar and its by loss of subsidiaries between the owners of the parent
products, ethanol and generation of power. and the Non-controlling interests based on their
respective ownership interests.
2. General information and statement of compliance
with Ind ASs 2.3 Summary of significant accounting policies
2.1 Basis of preparation a. Business combination and Goodwill
The consolidated financial statements of the Group Business combinations are accounted for using
have been prepared in accordance with Indian the acquisition method. The acquisition method
Accounting Standards (Ind AS) notified by the involves the recognition of the acquiree’s
Companies (Indian Accounting Standards) Rules, 2015
identifiable assets and liabilities, including
as amended and other relevant provisions of the Act.
contingent liabilities, regardless of whether they
The consolidated financial statements of ZGL as at were recorded in the financial statements prior
and for the year ended 31 March 2021 (including to acquisition. On initial recognition, the assets
comparatives) were approved and authorised for and liabilities of the acquired subsidiary are
issue by the board of directors on 4th June 2021. included in the consolidated balance sheet at
The financial statements of the Group are presented their fair values, which is also used as the basis
in Indian Rupees (INR), which is also its functional for subsequent measurement in accordance
currency and all amounts disclosed in the financial with the Group’s accounting policies. Goodwill
statements and notes have been rounded off to the is stated after separating out identifiable
nearest lacs as per the requirement of Schedule III to intangible assets. Goodwill represents the
the Act, unless otherwise stated. excess of acquisition cost over the fair value of
the Group’s share of the identifiable net assets
2.2 Basis of consolidation
of the acquiree at the date of acquisition.
The consolidated financial statements comprise the Any excess of identifiable net assets over
financial statements of the Holding Company and acquisition cost is recognised in the other
its subsidiaries, associatesand joint ventures as at 31 comprehensive income on the acquisition date
March 2021. and accumulated in equity as capital reserve.
Specifically, the Group controls an investee if and only
Acquisition related costs are accounted for as
if the Group has:
expenses in the period in which they are incurred
• Power over the investee (i.e. existing rights that and the services are received.
give it the current ability to direct the relevant
activities of the investee) b. Investment in associates and joint ventures
• Exposure, or rights, to variable returns from its An Associate is an entity over which the investor
involvement with the investee, and has significant influence. Significant influence
• The ability to use its power over the investee to is the power to participate in the financial and
affect its returns. operating policy decisions of the investee but is
Consolidation of the financial statements of subsidiaries not control or joint control of those policies
begins on the date control is established. Profit or loss A joint venture is a joint arrangement whereby the
and other comprehensive income of subsidiaries parties that have joint control of the arrangement
acquired or disposed of during the year are recognised have rights to the net assets of the arrangement.

Investments in associates and joint ventures Deferred tax assets and liabilities are classified as
are accounted for using the equity method non-current assets and liabilities.
in accordance with Ind AS 28 – “Investments An operating cycle is the time between the
in Associates and Joint Ventures”, unless the acquisition of assets for processing and their
investment qualifies for specific exemption. realization in cash or cash equivalents
Under the equity method, on initial recognition
the investment in an associate or a joint venture d. Property, plant and equipment (“PPE”)
is recognised at cost. The carrying amount of PPE and capital work-in progress are stated at
the investment in associates and joint ventures acquisition cost less accumulated depreciation
is increased or decreased to recognise the and cumulative impairment losses, if any. Such
Group’s share of the profit or loss after the date cost includes the cost of replacing part of the
of acquisition. The financial statements of the plant and equipment and borrowing costs for
associate or joint venture are prepared for the long-term construction projects if the recognition
same reporting period as the Group. When criteria are met.
necessary, adjustments are made to bring the
accounting policies in line with those of the Group. Cost comprises the purchase price and any
directly attributable cost of bringing the asset to its
Unrealised gains and losses on transactions working condition for the intended use. Any trade
between the Group and its associates and joint discounts and rebates are deducted in arriving at
ventures are eliminated to the extent of the the purchase price. The cost of an item of PPE shall
Group’s interest in those entities. be recognised as an asset if, and only if:
The statement of profit and loss reflects the a) it is probable that economic benefits
Group’s share of the results of operations of the associated with the item will flow to the entity
associate or joint venture. Any change in OCI of in future; and
those investees is presented as part of the Group’s
OCI. In addition, when there has been a change b) the cost of the item can be measured
recognised directly in the equity of the associate reliably.
or joint venture, the Group recognises its share of Subsequent expenditure related to an item of
any changes, when applicable, in the statement PPE is added to its book value only if it increases
of changes in equity. the future benefits from the existing asset beyond
its previously assessed standard of performance.
c. Basis of classification of current and non-current All other expenses on existing assets, including
Assets and Liabilities in the balance sheet have day-to-day repair and maintenance expenditure
been classified as either current or non-current and cost of replacing parts, are charged to the
based upon the requirements of Schedule III Statement of Profit and Loss for the year during
notified under the Companies Act, 2013. which such expenses are incurred.
An asset has been classified as current if (a) it Depreciation on property, plant and equipment
is expected to be realized in, or is intended for Depreciation on property, plant and equipment is
sale or consumption in, the Company’s normal calculated on a straight-line basis using the rates
operating cycle; or (b) it is held primarily for the arrived at based on the useful lives estimated by
purpose of being traded; or (c) it is expected the management. The Company has used the
to be realized within twelve months after the following rates to provide depreciation on its
reporting date; or (d) it is cash or cash equivalent property, plant and equipment.
unless it is restricted from being exchanged or
used to settle a liability for at least twelve months Name of assets Useful live considered
after the reporting date. All other assets have Other buildings (RCC 60 years
been classified as non-current. structures)
A liability has been classified as current when (a) Porta Cabins (under 5 years
it is expected to be settled in the Company’s building)
normal operating cycle; or (b) it is held primarily
Other buildings (other 30 years
for the purpose of being traded; or (c) it is due
than RCC structures)
to be settled within twelve months after the
reporting date; or (d) the Company does not Plant and equipment 5 to 25 years
have an unconditional right to defer settlement Furniture and fixtures 10 years
of the liability for at least twelve months after
the reporting date. All other liabilities have been Office equipment 3 to 5 years
classified as non-current. Vehicles 8 years

a) Leasehold improvements are depreciated between the net disposal proceeds and the
over the primary lease period. carrying amount of the asset and are recognised
b) The group companies based on technical in the statement of profit or loss when the asset is
de-recognised.
assessment, depreciates certain items of
building, plant and equipment over estimated Intangibles representing computer software are
useful lives which are different from the useful amortized using the straight line method over
life prescribed in Schedule II to the Companies their estimated useful lives of three years.
Act, 2013. The management believes that
these estimated useful lives are realistic and f. Leases
reflect fair approximation of the period over The Group assesses at contract inception
which the assets are likely to be used. whether a contract is, or contains, a lease. That
c) Insurance/ capital/ critical stores and spares is, if the contract conveys the right to control the
are depreciated over the remaining useful use of an identified asset for a period of time in
life of related plant and equipment or useful exchange for consideration.
life of insurance/capital/ critical spares,
Group as a lessee
whichever is lower.
The Group’s lease asset primarily consist of leases
The residual values, useful lives and methods of
for building and sugar godowns. The Group, at
depreciation of property, plant and equipment
the inception of a contract, assesses whether
are reviewed at each financial year end and
the contract is a lease or not a lease. A contract
adjusted prospectively, if appropriate.
is, or contains, a lease if the contract conveys
the right to control the use of an identified asset
e. Other Intangible assets for a time in exchange for a consideration. The
Intangible assets acquired separately are Grouprecognises a right-of-use asset and a lease
measured on initial recognition at cost. Following liability at the lease commencement date.
initial recognition, intangible assets are carried at Right-of-use assets are measured at cost, less
cost less accumulated amortization impairment any accumulated depreciation and impairment
losses, if any. losses, and adjusted for any remeasurement of
Recognition: lease liabilities. The cost of right-of-use assets
includes the amount of lease liabilities recognized
The costs of intangible asset are recognised as an
and initial direct costs incurred. Right-of-use assets
asset if, and only if:
are depreciated on a straight-line basis over the
• it is probable that future economic benefits lease term.
associated with the item will flow to the At the commencement date of lease, the Group
entity; and recognises lease liabilities measured at the
• the cost of the item can be measured present value of lease payments to be made over
reliably. the lease term. In calculating the present value of
lease payments, the Group uses its incremental
The useful lives of intangible assets are assessed
borrowing rate at the lease commencement date
as either finite or indefinite.
because the interest rate implicit in the lease is not
Intangible assets with finite lives are amortised readily determinable. After the commencement
over the useful economic life and assessed for date, the amount of lease liabilities is increased to
impairment, whenever there is an indication reflect the accretion of interest and reduced for
that the intangible asset may be impaired. The the lease payments made.
amortisation period and the amortisation method
for an intangible asset with a finite useful life Short-term leases and leases of low-value assets
are reviewed at each financial year end and The Group applies the short-term lease
adjusted prospectively, if appropriate treating recognition exemption to its short-term leases
them as changes in accounting estimates. The of machinery and equipment (i.e., those leases
maintenance expenses on intangible assets with that have a lease term of 12 months or less from
finite lives is recognised in the statement of profit the commencement date and do not contain
and loss, unless such expenditure forms part of a purchase option). It also applies the lease
carrying value of an asset and satisfies recognition of low-value assets recognition exemption to
criteria. leases of office equipment that are considered
Gains/(losses) arising from de-recognition of an to be low value. Lease payments on short-
intangible asset are measured as the difference term leases and leases of low-value assets are

recognised as expense on a straight-line basis of an impairment loss is recognised immediately

over the lease term. in the statement of profit and loss.
Group as a lessor h. Borrowing costs
Leases in which the Group does not transfer General and specific borrowing costs directly
substantially all the risks and rewards incidental to attributed to the acquisition, construction or
ownership of an asset are classified as operating production of a qualifying asset are capitalized up
leases. Rental income arising is accounted for on to the period of time that is required to complete
a straight-line basis over the lease terms and is and prepare the asset for its intended use or sale.
included in revenue in the statement of profit or Qualifying assets are assets that necessarily take
loss due to its operating nature. a substantial period of time to get ready for their
intended use or sale.Capitalisation of borrowing
g. Impairment testing of long lived assets cost is not done if activities necessary to prepare
At the end of each reporting period, the Group an asset for its intended use is suspended during
reviews the carrying amounts of its tangible extended period.
and intangible assets of a “Cash Generating All other borrowing costs are expensed in the
Unit” (CGU) to determine whether there is any period in which they occur or accrue. Borrowing
indication that those assets have suffered an costs consist of interest and other costs that an
impairment loss. Individual assets are grouped for entity incurs in connection with the borrowing of
impairment assessment purposes at the lowest funds. Transaction cost in respect of long term
level at which there are identifiable cash flows borrowing are amortized over the tenure of
that are largely independent of the cash flows respective loans using Effective Interest Rate (EIR)
of other groups of assets. If any such indication method.
exists, the recoverable amount of the asset is
estimated in order to determine the extent of the i. Foreign currency translation
impairment loss (if any). When it is not possible to
estimate the recoverable amount of an individual Initial recognition
asset, the Group estimates the recoverable Transactions in foreign currencies are recorded
amount of the cash-generating unit to which the in the functional currency, by applying to the
asset belongs. When a reasonable and consistent foreign currency amount the spot rate between
basis of allocation can be identified, corporate the functional currency and the foreign currency
assets are also allocated to individual cash- at the date the transaction first qualifies for
generating units, or otherwise they are allocated recognition.
to the smallest group of cash-generating units for
which a reasonable and consistent allocation Conversion
basis can be identified.
Foreign currency monetary items are translated
Recoverable amount is the higher of fair value using the spot exchange rate prevailing at the
less costs of disposal and value in use. In assessing reporting date. Non-monetary items that are
value in use, the estimated future cash flows are measured in terms of historical cost denominated
discounted to their present value using a pre- in a foreign currency are translated using
tax discount rate that reflects current market the exchange rate at the date of the initial
assessments of the time value of money and the transaction. Non-monetary items measured at
risks specific to the asset for which the estimates fair value denominated in a foreign currency are,
of future cash flows have not been adjusted. translated using the exchange rates that existed
If the recoverable amount of an asset (or cash- when the fair value was determined.
generating unit) is estimated to be less than its
carrying amount, the carrying amount of the Exchange differences
asset (or cash- generating unit) is reduced to Exchange differences arising on the settlement
its recoverable amount. An impairment loss is of monetary items or on reporting the Group’s
recognised immediately in profit or loss. monetary items at rates different from those at
When an impairment loss subsequently reverses, which they were initially recorded during the
the carrying amount of the asset (or a cash- year, or reported in previous financial statements,
generating unit) is increased to the revised are recognized as income or as expenses in the
estimate of its recoverable amount. The increased year in which they arise
carrying amount does not exceed the carrying
amount that would have been determined had j. Inventories
no impairment loss been recognised for the asset The cost of inventories shall comprise all costs
(or cash-generating unit) in prior years. A reversal of purchase, costs of conversion and other

costs incurred in bringing the inventories to their of the obligation. If the effect of the time value
present location and condition based on normal of money is material, provisions are discounted
operating capacity and on a weighted average using a current pre-tax rate that reflects, when
basis. appropriate, the risks specific to the liability. When
Raw Materials, stores and spares are valued at discounting is used, the increase in the provision
lower of cost and net realizable value. However, due to the passage of time is recognized as a
these items are considered to be realizable at finance cost. Provision for warranty related costs
cost if the finished products, in which they will be are recognized when the service provided.
used, are expected to be sold at or above cost. Provision is based on historical experience. The
estimate of such warranty related costs is revised
Work-in-progress, finished goods and traded annually.
goods, are valued at lower of cost and net
realizable value. Contingent Assets
Joint products, where cost is not identifiable, Contingent assets are not recognised but
are valued by allocating the cost between the disclosed in the financial statements, where
products on the relative sales value of each economic inflow is probable.
product at the completion of the production,
considering it as a rational and consistent basis. l. Revenue recognition
By products and saleable scraps, whose cost is
not identifiable, are valued by management at Revenue is measured based on the consideration
estimated net realizable value. specified in a contract with a customer and
excludes amounts collected on behalf of third
Net Realizable Value is the estimated selling parties, if any. The Group recognizes revenue
price in the ordinary course of business, less the when it transfers control over a product or service
estimated costs of completion and the estimated to a customer.
costs necessary to make the sale.
To determine whether to recognize revenue, the
Cost for Construction work-in-progress of real Group follows a 5-step process:
estate projects includes the cost of land (including
development rights and land under agreements Identify the Contract with Customer
to purchase), internal development costs,
Under Ind AS 115, the Group must evaluate
external development charges, construction
whether a valid contract is satisfying all the
costs, overheads, borrowing cost, development/ following conditions:
construction materials.
• All parties have approved the agreement
k. Provisions and Contingent liabilities (may be oral or written)
Contingent liabilities • All parties are committed to approve their

obligations.
A contingent liability is a possible obligation that
arises from past events whose existence will be • Each party’s rights are identifiable.
confirmed by the occurrence or non-occurrence • The contract has commercial substance.
of one or more uncertain future events beyond the • Collectability is probable.
control of the Company or a present obligation
that is not recognized because it is not probable Identifying the performance obligations
that an outflow of resources will be required to
settle the obligation. A contingent liability also Under Ind AS 115, the Group must evaluate the
arises in extremely rare cases where there is a separability of the promised goods or services
liability that cannot be recognized because it based on whether they are ‘distinct’. A promised
cannot be measured reliably. The Company does good or service is ‘distinct’ if both:
not recognize a contingent liability but discloses • the customer benefits from the item either
its existence in the financial statements. on its own or together with other readily
available resources, and
Provisions
• it is ‘separately identifiable’ (i.e. the Group
Provisions are recognized when the Company has does not provide a significant service
a present obligation (legal or constructive) as a integrating, modifying or customizing it)
result of a past event, it is probable that an outflow
of resources embodying economic benefits
Determining the transaction price
will be required to settle the obligation and a
reliable estimate can be made of the amount Under Ind AS 115, the Group shall consider

the terms of the contract and its customary a customer and excludes amounts collected
business practices to determine the transaction on behalf of third parties. It is measured at fair
price. The transaction price excludes amounts value consideration received or receivable, net
collected on behalf of third parties. The of returns and allowances, trade discounts and
consideration promised include fixed amounts, volume rebates. The Group recognizes revenue
variable amounts, or both. when it transfers control over a product i.e. when
Where the Group has a right to consideration goods are delivered at the delivery point (as per
from a customer in an amount that corresponds terms of the agreement).
directly with the value to the customer of the Revenue from sale of constructed properties
performance completed to date (for example,
Revenue from sale of flats and villas is measured
charges per case/pallet), the Group recognizes
based on the consideration specified in a
revenue in the amount to which it has a right to
contract with a customer. It is measured at fair
invoice.
value consideration received or receivable, net
of returns and allowances, trade discounts and
Allocating the transaction price to the
volume rebates. The Group recognizes revenue
performance obligations
when it transfers control over flats and villas to
The transaction price is allocated to the a customer which is done after completion of
separately identifiable performance obligations the project, i.e. revenue is recognised based on
on the basis of their standalone selling price (in completed contract method.
case of storage and distribution contracts where
In obtaining these contracts, the Group incurs
the customer pays a fixed rate per item for all
number of incremental costs, such as commissions
the services provided). For services that are not
paid to sales staff, agents etc. The Group
provided separately, the standalone selling price
recognizes such expenses as an asset (prepaid
is estimated using adjusted market assessment expense). These are recognised in the statement
approach. of profit and loss when revenue corresponding to
such cost has been recognised.
Recognizing revenue when/as performance
obligation(s) are satisfied Income from service (Engineering, procurement
Revenue is recognized to the extent that it is and construction)
probable that the economic benefits will flow The Group enters into contracts for the design,
to the Group and the revenue can be reliably development and construction of different
measured, regardless of when the payment is structures (like construction of a manufacturing
being made. plant) in exchange for a fixed fee and recognises
Revenue is recognized either at a point in time the related revenue over time. Due to the high
or over time, when (or as) the Group satisfies degree of interdependence between the various
performance obligations by transferring the elements of these projects, they are accounted
for as a single performance obligation. To depict
promised goods or services to its customers.
the progress by which the Group transfers
A performance obligation is a promise in a control of the systems to the customer, and to
contract to transfer a distinct good or service (or establish when and to what extent revenue
a bundle of goods and services) to the customer can be recognised, the Group measures its
and is the unit of account in Ind AS 115. A progress towards complete satisfaction of the
contract’s transaction price is allocated to each performance obligation by comparing actual
distinct performance obligation and recognized cost incurred till date with the total estimated
as revenue, as, or when, the performance to be incurred for design, development and
obligation is satisfied. The Group recognizes construction. The input method of cost incurred
revenue when it transfers control of a product or over budgeted cost provides the most faithful
service to a customer. depiction of the transfer of goods and services
to each customer due to the Group’s ability
The Group recognizes revenue from the following
to make reliable estimates, arising from its
major sources:
significant historical experience constructing
similar systems. In addition to the fixed fee,
Sale of goods some contracts include bonus payments which
Revenue from sale of goods is measured based the Group can earn by completing a project
on the consideration specified in a contract with in advance of a targeted delivery date. At

inception of each contract the Group begins are not any significant financing components
by estimating the amount of the bonus to involved. For certain sales, where the Group
be received using the “most likely amount” also provide transportation services, the Group
approach. This amount is then included in the considers the same as a separate performance
Group’s estimate of the transaction price only obligation believing that the Group is acting as
if it is highly probable that a significant reversal an agent for transfer of goods and therefore
of revenue will not occur once any uncertainty reduces the related costs for transportation and
surrounding the bonus is resolved. In making this other charges from transaction price.
assessment the Group considers its historical
Sale of power
record of performance on similar contracts,
whether the Group has access to the labour Revenue is recognized, when power units are
and materials resources needed to exceed the transferred to the customer.
agreed-upon completion date, and the potential
Sale of Ethanol
impact of other reasonably foreseen constraints.
Most such arrangements include detailed Revenue is recognized when the customers obtain
customer payment schedules. When payments the control of goods. This usually happens when
received from customers exceed revenue ethanol is supplied to Oil marketing companies
recognised to date on a particular contract, (OMC) location.
any excess (a contract liability) is reported in
Interest income
the statement of financial position under other
liabilities. The construction normally takes 12-36 Interest income is recognized on a time proportion
months from commencement of design through basis taking into account the amount outstanding
to completion. Since revenue is recognised over and the rate applicable.
time, management believes that no significant
Dividend Income
amount is received from a customer wherein
the time lag between customer payment and Dividend is recognized when the Group’s right to
performance exceeds 12 months and thus the receive the payment is established.
Group applies the practical expedient in Ind AS
Renewable energy certificates income
115 (Para 63) and does not adjust the promised
amount of consideration for the effects of Income from Renewable Energy Certificates
financing. Expected loss, if any, on a contract is (RECs) is recognized at latest trade prices on the
recognized as expense in the period in which it is basis of prevailing market price as confirmed by
foreseen, irrespective of the stage of completion. trade exchange regulated by Central Electricity
Regulatory Commission.
Income from engineering and other service
contracts is recognized on accrual basis to the Power banked unit
extent the services have been rendered and
Income from power banked units is recognised
invoices are raised in accordance with the
when the right to set off power banked units is
contractual terms with the customers and the
established against the power to be purchased
recoveries are reasonably certain. Contract by the Group.
revenue earned in excess of billing has been
reflected under other current assets and billing in Brokering Service
excess of contract revenue has been reflected
Revenue from brokering services is recognized when
under current liabilities in the balance sheet. the Company satisfies its performance obligations
Liquidated damages/ penalties are netted off with by rendering services to customers. These services
revenue, based on management’s assessment of are consumed simultaneously by the customers.
the estimated liability, as per contractual terms Other Income
and/ or acceptances.
Other items of income are accounted as and
Sale of sugar when the right to receive such income arises and
For transfer of goods, the Group recognizes it is probable that the economic benefits will flow
revenue when the customers obtain the control to the Company and the amount of income can
of goods. This usually happens when the customer be measured reliably.
gains right to direct the use of and obtained m. Taxes on income
substantially all benefits from the goods. For the
goods sold, the Group receives amount majorly in Tax expense recognised in profit or loss comprises
advance from the customers and therefore there the sum of deferred tax and current tax except

the ones recognized in other comprehensive Group, even if plan assets for funding the defined
income or directly in equity. benefit plan have been set aside. Plan assets may
include assets specifically designated to a long-
Current tax is determined as the tax payable
term benefit fund as well as qualifying insurance
in respect of taxable income for the year and
policies.
is computed in accordance with relevant tax
regulations. Current income tax relating to items The liability recognised in the balance sheet for
recognized outside profit or loss is recognized defined benefit plans is the present value of the
outside profit or loss (either in other comprehensive defined benefit obligation (DBO) at the reporting
income or in equity). date less the fair value of plan assets.
Deferred tax is recognized in respect of temporary Management estimates the DBO annually with the
differences between carrying amount of assets assistance of independent actuaries. This is based
and liabilities for financial reporting purposes on standard rates of inflation, salary growth rate
and corresponding amount used for taxation and mortality. Discount factors are determined
purposes. Deferred tax assets are recognised to the close to each year-end by reference to high
extent that it is probable that taxable profit will be quality corporate bonds that are denominated
available against which the deductible temporary in the currency in which the benefits will be paid
differences, the carry forward of unused tax credits and that have terms to maturity approximating
and unused tax losses can be utilized. the terms of the related pension liability.
Deferred tax assets and liabilities are measured at Service cost on the Group’s defined benefit plan
the tax rates that are expected to apply in the year is included in employee benefits expense. Gains
when the asset is realized or the liability is settled, and losses resulting from re-measurements of the
based on tax rates (and tax laws) that have been net defined benefit liability are included in other
enacted or substantively enacted at the reporting comprehensive income.
date. Deferred tax relating to items recognized Short term employee benefits
outside Statement of Profit and Loss is recognized
outside Statement of Profit or Loss (either in other Short-term employee benefits, including holiday
comprehensive income or in equity). The Company entitlement, are current liabilities included
offsets deferred tax assets and liabilities if and only in pension and other employee obligations,
if it has a legally enforceable right to set off current measured at the undiscounted amount that the
tax assets and current tax liabilities and the deferred Group expects to pay as a result of the unused
tax assets and liabilities relate to income taxes entitlement.
levied by the same tax authority. o. Government grants
n. Post-employment benefits and short-term Government grants are recognized at their fair
employee benefits
values where there is reasonable assurance
Post-employment benefits plans that the grant will be received and all attached
The Group provides post-employment benefits conditions will be complied with. When the grant
through various defined contribution and defined relates to an expense item, it is recognised as
benefit plans. income on a systematic basis over the periods
that the related costs, for which it is intended
Defined contribution plans to compensate, are expensed. When the grant
The Group pays fixed contribution into relates to an asset, it is recognised as income in
independent entities in relation to several state equal amounts over the expected useful life of
plans and insurances for individual employees. the related asset.
The Group has no legal or constructive When loans or similar assistance are provided by
obligations to pay contributions in addition to its governments or related institutions, with an interest
fixed contributions, which are recognised as an rate below the current applicable market rate,
expense in the period that related employee the effect of this favorable interest is regarded
services are received. as a government grant. The loan or assistance
is initially recognised and measured at fair
value (based upon the level of inputs available)
Under the Group’s defined benefit plans, the and the government grant is measured as the
amount of benefit that an employee will receive difference between the initial carrying value of
on retirement is defined by reference to the the loan and the proceeds received. The loan is
employee’s length of service and final salary. The subsequently measured as per the accounting
legal obligation for any benefits remains with the policy applicable to financial liabilities.

p. Financial instruments Equity investments (other than Investment in Joint

Ventures and Associates)
A financial instrument is any contract that gives
rise to a financial asset of one entity and a All equity investments in scope of Ind AS 109
financial liability or equity instrument of another are measured at fair value. Equity Investments,
entity. which are held for trading are classified as Fair
value through Profit and Loss with all changes
Financial assets
recognized in the P&L. For all other equity
Initial recognition and measurement instruments, the Group may make an irrevocable
All financial assets are recognized initially at election to present in other comprehensive
fair value plus, in the case of financial assets income subsequent changes in the fair value.
not recorded at fair value through profit or loss, The Group makes such election on an instrument
transaction costs that are attributable to the by - instrument basis. The classification is made on
acquisition of the financial asset. initial recognition and is irrevocable.
Subsequent measurement If the Group decides to classify an equity

instrument as at FVTOCI, then all fair value
Financial Assets other than Equity Instruments changes on the instrument, excluding dividends,
Debt instruments at amortized cost are recognized in the OCI. There is no recycling
of the amounts from OCI to P&L, even on sale of
A ‘debt instrument’ is measured at the amortized
investment. However, the Group may transfer the
cost if both the following conditions are met:
cumulative gain or loss within equity.
a) The asset is held within a business model
De-recognition
whose objective is to hold assets for collecting
contractual cash flows, and A financial asset is primarily de-recognised when:
b) Contractual terms of the asset give rise on • The rights to receive cash flows from the asset
specified dates to cash flows that are solely have expired, or
payments of principal and interest (SPPI) on • The Group has transferred its rights to receive
the principal amount outstanding. cash flows from the asset or has assumed an
After initial measurement, such financial assets obligation to pay the received cash flows
are subsequently measured at amortized cost in full without material delay to a third party
using the effective interest rate (EIR) method. The under a ‘pass-through’ arrangement; and
EIR amortisation is included in finance income in the transfer qualifies for derecognition under
the profit or loss. Ind AS 109.
Financial assets at Fair value through other Impairment of financial assets
comprehensive income (FVOCI) The Group assesses at each date of balance
A financial asset is subsequently measured at fair sheet whether a financial asset or a group of
value through other comprehensive income if it financial assets is impaired. Ind AS 109 requires
is held within a business model whose objective expected credit losses to be measured through a
is achieved by both collecting contractual loss allowance.
cash flows and selling financial assets and the The Group follows ‘simplified approach’ for
contractual terms of the financial asset give rise recognition of impairment loss allowance on
on specified dates to cash flows that are solely Trade receivables that do not contain a significant
payments of principal and interest on principal financing component.
outstanding. They are subsequently measured at
each reporting date at fair value, with all fair value The application of simplified approach does not
movements recognised in Other Comprehensive require the Group to track changes in credit risk.
Income (OCI). On derecognition of the asset, Rather, it recognises impairment loss allowance
cumulative gain or loss previously recognised in based on lifetime ECLs at each reporting date,
Other Comprehensive Income is reclassified from right from its initial recognition.
the OCI to Statement of Profit and Loss. Financial liabilities
Financial asset at Fair value through profit or loss Initial recognition and measurement
(FVTPL):
All financial liabilities are recognised initially at fair
A financial asset which is not classified in any of value and, in the case of loans and borrowings
the above categories is subsequently fair valued and payables, net of directly attributable
through profit and loss. transaction costs.

Subsequent measurement s. Earnings per share

Loans and borrowings Basic Earnings per Share (EPS) is calculated
After initial recognition, interest-bearing loans by dividing the net profit or loss for the year
and borrowings are subsequently measured at attributable to the equity shareholders (after
amortised cost using the EIR method. Gains and deducting attributable taxes) by the weighted
losses are recognised in profit or loss when the average number of equity shares outstanding
liabilities are derecognised as well as through the during the year.
EIR amortisation process.
For the purpose of calculating diluted earnings per
Amortised cost is calculated by taking into share, net profit or loss for the year attributable to
account any discount or premium on acquisition equity shareholders and the weighted average
and fees or costs that are an integral part of the number of shares outstanding during the year
EIR. The EIR amortisation is included as finance are adjusted for the effects of all dilutive Potential
costs in the statement of profit and loss. Equity Shares.
Financial Liabilities through PL
t. Investment property
A financial liability is classified as FVTPL if it is
classified as held-for-trading, or it is a derivative The Group has certain investments in Land &
or it is designated as such on initial recognition. Buildings which are classified as Investment
Financial liabilities at FVTPL are measured at fair Property as per the requirement of Ind AS 40. The
value and net gains and losses, including any same is held generally to earn rental income or
interest expense, are recognised in profit or loss. for capital appreciation or both. The Investment
De-recognition Property has been recognised at cost less
accumulated depreciation and impairment, if
A financial liability is de-recognised when the any. The same has been disclosed separately
obligation under the liability is discharged or in the financial statements alongwith requisite
cancelled or expires. When an existing financial disclosure about fair valuation of such Investment
liability is replaced by another from the same
Property at year end. Fair values are determined
lender on substantially different terms, or the terms
of an existing liability are substantially modified, based on an annual evaluation performed by
such an exchange or modification is treated as an accredited external independent valuer
the de-recognition of the original liability and the applying a valuation model recommended by
recognition of a new liability. The difference in the the International Valuation Standards Committee.
respective carrying amounts is recognized in the Investment properties are derecognized either
statement of profit or loss.
when they have been disposed of or when they
Offsetting of financial instruments are permanently withdrawn from use and no future
Financial assets and financial liabilities are offset economic benefit is expected from their disposal.
and the net amount is reported in the consolidated The difference between the net disposal proceeds
balance sheet if there is a currently enforceable and the carrying amount of the asset is recognized
legal right to offset the recognized amounts and in profit or loss in the period of derecognition.
there is an intention to settle on a net basis, to realize u. Fair value measurement
the assets and settle the liabilities simultaneously.
The fair value of an asset or a liability is measured
q. Cash and cash equivalents
using the assumptions that market participants
Cash and cash equivalents in the cash flow would use when pricing the asset or liability,
statement comprises cash at bank and in hand assuming that market participants act in their
and short term investments with an original economic best interest.
maturity periods of three months or less.
A fair value measurement of a non-financial asset
For the purpose of the Statement of cash flows,
cash and cash equivalents consist of cash and takes into account a market participant’s ability
short-term deposits, as defined above, net to generate economic benefits by using the asset
of outstanding bank overdrafts as they are in its highest and best use or by selling it to another
considered an integral part of the Group’s cash market participant that would use the asset in its
management. highest and best use.
r. Dividend to equity holders The Group uses valuation techniques that are
The Group recognizes a liability to make dividend appropriate in the circumstances and for which
distributions to equity holders of the Group when sufficient data are available to measure fair value,
the distribution is authorized and the distribution maximising the use of relevant observable inputs
is no longer at the discretion of the Group. A and minimising the use of unobservable inputs.
corresponding amount is recognized directly in All assets and liabilities for which fair value is
equity. measured or disclosed in the financial statements

are categorised within the fair value hierarchy, Such assets are not depreciated or amortised
described as follows, based on the lowest while they are classified as held for sale. Suchassets
level input that is significant to the fair value classified as held for sale are presented separately
measurement as a whole: from the other assets in the balance sheet.
• Level 1 - Quoted (unadjusted) market prices x. Recent pronouncements On March 24, 2021, the
in active markets for identical assets or Ministry of Corporate Affairs (“MCA”) through
liabilities a notification, amended Schedule III of the
• Level 2 - Valuation techniques for which the Companies Act, 2013
lowest level input that is significant to the fair The amendments revise Division I, II and III of
value measurement is directly or indirectly Schedule III and are applicable from April 1, 2021.
observable Key amendments relating to Division II which
• Level 3 - Valuation techniques for which the relate to companies whose financial statements
lowest level input that is significant to the fair are required to comply with Companies (Indian
value measurement is unobservable Accounting Standards) Rules 2015 are:
The Group’s management determines the policies Balance Sheet:
and procedures for both recurring fair value • Specified format for disclosure of shareholding
measurement, such as derivative instruments and of promoters.
unquoted financial assets measured at fair value,
and for non-recurring measurement, such as assets • Specified format for ageing schedule of
held for distribution in discontinued operation. trade receivables, trade payables, capital
work-in-progress and intangible asset under
External valuers are involved for valuation of development.
significant assets, such as properties and unquoted
financial assets, and significant liabilities, such as • If a company has not used funds for the specific
contingent consideration, if any. purpose for which it was borrowed from banks
and financial institutions, then disclosure of
For the purpose of fair value disclosures, the Group details of where it has been used.
has determined classes of assets and liabilities on
the basis of the nature, characteristics and risks of • Specific disclosure under ‘additional
the asset or liability and the level of the fair value regulatory requirement’ such as compliance
hierarchy as explained above. with approved schemes of arrangements,
disclosures of certain rations, compliance
v. Segment reporting with number of layers of companies, title
Operating segments are reported in a manner deeds of immovable property not held in
consistent with the internal reporting provided name of company, loans and advances
to the chief operating decision maker, who is to promoters, directors, key managerial
responsible for allocating resources and assessing personnel (KMP) and related parties, details
performance of the operating segments. of benami property held etc.
The Group has eight operating/reportable • Where any charges or satisfaction yet to
segments: engineering, furniture, real estate, be registered with Registrar of Companies
sugar, power, investment service, ethanol plant beyond the statutory period, details and
and management services. In identifying these reasons thereof shall be disclosed.
operating segments, management generally • Disclosure of any transactions with companies
follows the Group’s service lines representing its struck off.
main products and services.
Statement of profit and loss:
Each of these operating segments is managed
separately as each requires different technologies, • Additional disclosures relating to Corporate
marketing approaches and other resources. Social Responsibility (CSR), undisclosed
income and crypto or virtual currency
In addition, corporate assets which are not directly specified under the head ‘additional
attributable to the business activities of any information’ in the notes forming part of the
operating segment are not allocated to a segment. standalone financial statements.
w. Assets held for sale The amendments are extensive and the Company
Non-current assets are classified as held for sale if will evaluate the same to give effect to them as
their carrying value will be recovered principally required by the law.
through a sale transaction rather than through Ministry of Corporate Affairs (“MCA”) notifies
continuing use and a sale is considered highly new standard or amendments to the existing
probable. They are measured at the lower of their standards. There is no such notification which
carrying amount and fair value less costs to sell. would have been applicable from 1 April 2021.

3A Property, plant and equipment

Particulars Freehold Leasehold Buildings Plant and Furniture Office Vehicles Total Capital Grand
land improvement equipment and equipment work in total
fixtures progress
Gross block
As at 1 April 2019 517.51 158.63 8,512.67 34,341.88 344.91 597.91 276.61 44,750.12 7,142.03 51,892.15
Additions - - 3,185.67 13,791.29 30.58 67.07 18.94 17,093.55 9,569.97 26,663.52
(including borrowing costs)
Deletions - - (82.18) (122.53) (17.66) (28.97) (8.53) (259.87) - (259.87)
Adjustments - - - - - 2.74 21.17 23.91 (16,461.40) (16,437.49)
As at 31 March 2020 517.51 158.63 11,616.16 48,010.64 357.83 638.75 308.19 61,607.71 250.60 61,858.31
“Additions (including - - 187.76 789.86 30.43 38.90 19.74 1,066.69 813.80 1,880.49
borrowing costs)”
Deletions - - - (216.90) - (4.10) (15.60) (236.60) (236.60)
Adjustments - - - - - (1.27) - (1.27) (843.58) (844.85)
As at 31 March 2021 517.51 158.63 11,803.92 48,583.60 388.26 672.28 312.33 62,436.53 220.82 62,657.35
As at 1 April 2019 - 59.66 972.93 4,155.86 132.86 373.72 120.88 5,815.91 - 5,815.91
Charge for the year - 15.07 369.89 1,778.02 36.26 92.72 40.60 2,332.56 - 2,332.56
Deletions - - (11.53) (114.69) (13.16) (25.63) (7.21) (172.22) - (172.22)
Adjustment - - - - - 1.62 7.34 8.96 - 8.96
As at 31 March 2020 - 74.73 1,331.29 5,819.19 155.96 442.43 161.61 7,985.21 - 7,985.21
Charge for the year - 14.51 475.60 2,055.66 37.83 84.44 40.28 2,708.32 - 2,708.32
Deletions - - - (15.44) - (3.22) (14.22) (32.88) - (32.88)
As at 31 March 2021 - 89.24 1,806.89 7,859.41 193.79 523.65 187.67 10,660.65 - 10,660.65
Net block
As at 31 March 2020 517.51 83.90 10,284.87 42,191.45 201.87 196.32 146.58 53,622.50 250.60 53,873.10
As at 31 March 2021 517.51 69.39 9,997.03 40,724.19 194.47 148.63 124.66 51,775.88 220.82 51,996.70
(i) Contractual obligations - Refer note 43B for disclosure of contractual commitments for the acquisition of property, plant
and equipment.
(ii) Refer note 13A and 13B for details of Property, Plant & Equipment pledged as security.
(iii) Preoperative expenses (pending allocation) (included in Capital work-in-progress)
As at As at
31 March 2021 31 March 2020
Employee benefits expense - 272.04
Power and fuel - 275.57
Consultancy and Professional charges - 498.89
Miscellaneous expenses - 344.38
Finance costs 43.03 1,297.92
43.03 2,688.80
Less: capitalised during the year (43.03) (2,688.80)
Closing balance carried forward - -
(iv)
Borrowing cost
CWIP include INR 43.03 lakhs (31 March 2020: INR 1,013.07 lakhs) towards borrowing costs capitalised during the
year. The rate used to determine the amount of borrowing costs eligible for capitalisation was 12.00% (31 March
2020: 11.68%), which is the effective interest rate of the general borrowing. Refer note 28 for details of finance cost
capitalised during the year.

3B Other intangible assets (Software)

Particulars Amount
Gross block
As at 1 April 2019 331.25
Additions 8.93
Deletions -
As at 31 March 2020 340.18
Additions 11.80
Deletions -
As at 31 March 2021 351.98
Amortisation
As at 1 April 2019 253.98
Charge for the year 46.29
Deletions -
As at 31 March 2020 300.27
Charge for the year 35.91
Deletions -
As at 31 March 2021 336.18
Net block
As at 31 March 2020 39.91
As at 31 March 2021 15.80
Note 4: Investment property

Particulars Amount
As at 1 April 2019 878.70
Additions (subsequent expenditure) -
Disposal/Adjustment -
As at 31 March 2020 878.70
Additions (subsequent expenditure) -
Disposal/Adjustment (38.41)
As at 31 March 2021 840.29
As at 1 April 2019 86.90
Depreciation 30.03
Disposal/Adjustment -
As at 31 March 2020 116.93
Depreciation 29.74
Disposal/Adjustment (3.44)
As at 31 March 2021 143.23
Net block
As at 31 March 2020 761.77
As at 31 March 2021 697.06
4.1 Notes
Refer note 13A and 13B for the information on investment property pledged as security by the Company.
(i) Leasing arrangements
Group’s investment property consist of land and buiilding let out to other group companies, outside party for business
purpose and also to an educational institution.

(ii) Amount recognised in profit and loss for investment properties

31 March 2021 31 March 2020
Rental income derived from investment properties 767.79 764.82
Profit on sale of investment property 1,137.71 -
Direct operating expenses (including repairs and maintenance) that did not generate - -
rental income
Profit arising from investment properties before depreciation and indirect expenses 1,905.50 764.82
Less: depreciation 29.74 30.03
Profit arising from investment properties before indirect expenses 1,875.76 734.79
(iii) Fair value
31 March 2021 31 March 2020
Investment properties 42,332.95 37,044.24
Fair value hierarchy and valuation technique
The Group obtains independent valuations for its investment properties at least annually. The best evidence of fair value
is current prices in an active market for similar properties. Where such information is not available, the Group considers
information from a variety of sources.
These valuations are based on valuations performed by S V Kushte, an accredited independent value. Mr. Kushte is a
specialist in valuing these types of investment properties. A valuation model in accordance with that recommended by the
International Valuation Standards Committee has been applied.
The Group has no restrictions on the realisability of its investment properties and no contractual obligations to purchase,
construct or develop investment properties or for repairs, maintenance and enhancements.
iv. Reconciliation of fair value:
Particulars Amount
Opening balance as on 1 April 2020 37,044.24
Fair value differences 5,613.63
Disposals (324.92)
Closing balance as on 31 March 2021 42,332.95
Note 5: Financial assets
A: Investments
Particulars Non Current Current
Investment in equity instrum ents
Investments at fair value through OCI (fully paid)
Unquoted
100,000 (31 March 2020: 100,000) equity shares of INR 10/- 52.16 52.16 - -
each fully paid up of Biotech Consortium of India Limited
each fully paid up of Lionel Edward Limited
each fully paid up of Premium Exchange and finance Limited
each fully paid up of Master Exchange & Finance Limited
9,800 (31 March 2020: 9,800) equity shares of Omani Riyal 1 10.45 10.45 - -
each fully paid-up in Simon Engineering and Partners LLC ,
Sultanate of OMAN


Less: Impairment in value of investments in Simon (10.45) (10.45) - -
Engineering and Partners LLC , Sultanate of OMAN
258,250 (31st March 2020: 258,250) equity shares of INR 258.25 258.25 - -
100/- each fully paid up of Lionel India Limited
Less: Impairment of investment in Lionel India Limited (258.25) (258.25) - -
Quoted
61,620,147 (31 March 2020: 61,620,147) equity shares 1,41,140.95 66,828.06 - -
of INR 10/- each fully paid up of Chambal Fertilisers and
Chemicals Limited
39,291,612 (31 March 2020: 39,291,612) equity shares of 27,504.13 12,160.75 - -
INR 1/- each fully paid up of Texmaco Infrastructure and
Holdings limited
29,098,900 (31 March 2020: 32,998,900) equity shares of INR 7,769.41 6,434.79 - -
1/- each fully paid up of Texmaco Rail and Engineering
Limited
each fully paid up of Duke Commerce Limited
34,722 (31 March 2020: 34,722) equity shares of USD 0.01/- - 56.26 - -
each fully paid up of Synthesis Energy System Inc.
Investment in joint venture carried at demeed cost
Equity portion of compound financial instrument
(Preference shares)
500,000 (31 March 2020: 500,000) 1% Redeemable Non 394.62 394.62 - -
Cumulative optionally convertible preference shares of INR
100/- each fully paid up of Brajbhumi Nirmaan Private Limited
Investment in Preference Shares
Investments at fair value through Profit and loss (fully paid)
Investment in joint venture
500,000 (31 March 2020: 500,000) 1% Redeemable non- 272.38 277.38 - -
cumulative optionally convertible preference shares of INR
100/- each fully paid up of Brajbhumi Nirmaan Private Limited
Investment in Others
660,000 (31 March 2020: 660,000) 6% Redeemable non- - - 616.00 616.00
cumulative non-convertible preference shares of INR 100/-
each fully paid up of Adventz Investment Company Private
Limited
Investment in Mutual Funds
Investments at fair value through Profit and Loss
Quoted
15,000,000 (31 March 2020: 15,000,000) units in SBI Debt - 1,676.26 - -
Fund Series C-1 (1100 Days) of INR 10/- each
13,081,249 (31 March 2020: 13,081,249) units in ICICI - 2,813.79 - -
Prudential Corporate Bond Fund - Direct plan - Growth of
INR 20/- each
20,000,000 (31 March 2020: 20,000,000) units in SBI Debt 2,491.24 2,319.42 - -
Fund Series C-23 (1100 Days) Direct Growth of INR 10/- each


12,670,900 (31 March 2020: 12,670,900) units in SBI Debt 1,592.69 1,495.43 - -
Fund Series C-16 (1100 Days) of INR 10/- each
Nil (31 March 2020: 43,965) units in SBI Magnum low duration - 1,156.2 7 - -
fund Direct Growth of INR 10/- each
46,020.496 units (31 March 2020: Nil units) of Axis Overnight - - 500.06 -
growth fund
128,247.847 units (31 March 2020: Nil units) of Mirae Asset - - 1,350.08 -
Overnight regular growth fund
2254.66 units (31 March 2020: Nil units) of Baroda Liquid - - 53.00 -
Fund - Plan A - Growth Option
Investment in Government Securities
Amortised cost Unquoted
5 Years National Saving Certificates 1.50 1.00 - -
1,81,288.24 95,735.30 2,519.14 616.00
Aggregate amount of quoted investments 1,76,415.18 85,480.50 - -
Aggregate market value of quoted investments 1,76,415.18 85,480.50 - -
Aggregate book value of quoted investments in mutual 4,083.93 9,461.17 1,903.14 -
funds
Aggregate net asset value of mutual funds 4,083.93 9,461.17 1,903.14 -
Aggregate value of other unquoted investments 1,057.83 1,062.33 616.00 616.00
Agreegate amount of impairment in the value of 268.70 268.70 - -
investment
5.1 Investments pledged as security
Refer Note 13 A and 13B for investments pledged as security.
B. Loans (at amortised cost)

Security deposits 308.47 653.17 1,892.56 1,315.41
Inter corporate deposit (Refer Note 46 for Related Party Disclosures) 54,225.00 29,525.00 - 708.40
Less: Loss allowance for doubtful deposits (1,125.00) (1,125.00) - -
Less: Share of loss of Joint venture - (1,050.00) - -
Loans to employees 1.32 1.53 2.72 56.70
Interest accrued on
Others - - - 58.64
53,409.79 28,004.70 1,895.28 2,139.15
Notes
Breakup of Security details:
Secured - considered good 1.32 1.53 2.72 56.70
Unsecured - considered good 53,408.47 28,003.17 1,892.56 2,082.45
Unsecured - Credit impaired 1,125.00 2,175.00 - -
54,534.79 30,179.70 1,895.28 2,139.15
Less: Allowance for doubtful deposits (1,125.00) (1,125.00) - -
Less: Share of loss of joint venture - (1,050.00) - -
53,409.79 28,004.70 1,895.28 2,139.15

C. Other financial assets (at amortised cost)

Non-current bank balance (refer note (i) below) 1,945.43 1,533.12 - -
Contract assets
Unbilled revenue (refer note 49) - - 833.31 743.52
Amounts held with Central Electricity Regulatory Commission - - 102.25 102.25

(CERC) (refer note ii below)
Interest reimbursement from government of Uttar Pradesh - - 2,500.06 2,411.87
under Sugar Industry, Co-generation and Distillery Promotion
Policy, 2013
Interest subvention under Scheme for Extending Financial As- - - 792.80 340.50
sistance to Sugar Mills for enhancement and augmentation
of ethanol production capacity
Interest subvention receivable under soft loan - - 256.53 340.11
Assistance to sugar mills for sugar cane purchase - - 1,875.59 2,340.49
Assistance to sugar mills under the scheme for creation and - - 529.99 452.10
maintenance of buffer stock
Dividend receivable - - 81.48 115.50
Interest accrued but not due 8.68 56.39 1,764.83 632.71
Other receivables - - 243.15 185.70
1,954.11 1,589.51 8,979.99 7,664.75

i) Majorly non-current bank balance includes the following:
(a) INR 53.00 lakhs (31 March 2020: INR 51.00 lakhs) pledged to Bombay Stock Exchange, National Stock Exchange, IL&FS
Securities Services Limited and National Securities Clearing Corporation Ltd as deposits which are maturing within 12
months of reporting date. However, considering the compulsion to renew the same, they have been treated as non
current.
(b) Nil (31 March 2020: INR 22.00 lakhs) lien with Insurance Regulatory and Development Authority of India for meeting
minimum base capital requirement presecribed under Regulation 12 of Insurance Regulatory and Development
Authority of India (Insurance Brokers) Regulations, 2013.
(c) INR 250 lakhs (31 March 2020: Nil) is under lien to Globe Capital Limited maturing within 12 months of the reporting date
(considering the compulsion to renew the same it is treated as non-current) and INR 1.12 lakhs (31 March 2020: INR 1.12
lakhs) with clearing member ISSL Settlement & Transaction Services Limited.
(d) INR 493.56 lakhs (31 March 2020: INR 484.56 Lakhs) which is pledged in favour of IndusInd Bank Limited and Tata Capital
Service Limited as a security against interest payment on the term loan facility provided by the bank to the subsidiary
company.
(e) INR 373.68 lakhs (31 March 2020: INR 786.15 lakhs) pertains to Debt Service Reserve Account (DSRA) created in favour of
Tata Capital Finance Service Limited and Bajaj Finance Limited.
(f) INR 500.28 lakhs (31 March 2020: INR 1.22 lakhs) pertains to the amount pledged with banks and sales tax authorities by
Holding company.
(g) INR 227 lakhs is on account of FD submitted to SDF for NOC for creating additional charge and INR 46.79 lakhs is for
margin money against BG for distillery.
ii) INR 500 per REC unit sold has been deducted and held by respective power exchanges for onward submission to CERC
on behalf of the Subsidiary Company being a RE generator with reference to Hon’ble Supreme Court order dated 14
July 2017. Total amount held is INR 102.25 lakhs (31 March 2020: INR 102.25 lakhs) as on reported dates.

Note 6: Other assets

Unsecured considered good
Capital advances (refer note (i) below) 4,265.66 4,339.39 - 148.83
Advances to suppliers (refer note (ii) and (iii) below) 639.61 639.61 3,850.02 3,567.11
Balances with statutory authorties 363.83 365.58 2,375.28 2,645.28
Amount paid as deposits against disputed demand 168.18 171.93 - -
Prepaid expenses 3.39 2.46 431.53 400.55
Net investment in sub lease (refer note 42) - - 197.19 201.07
Rent equilisation reserve - - 96.79 52.64
Renewable energy certificate receivable - - 374.13 214.43
Others - - 117.39 22.50
Gratuity plan asset (refer note 40) - - 5.17 7.87
Contract assets
Cost incurred to obtain a contract (refer note Refer note 49 - - 34.34 35.58
for details of significant changes in contract assets)
5,440.67 5,518.97 7,481.84 7,295.86

Notes
i) Includes an advance amount paid to a related party (Joint venture) of INR 4,180.05 lakhs (31 March 2020: INR 4,326.00
lakhs) towards purchase of land on which ‘St. Regis Residencies’ project is being developed by one of the the subsidiaries
of the Group. The balance amount of INR 23,687.00 lakhs (AED 119 million considered at rate of INR 19.90 / AED as at
the reporting date) will be paid on completion of the project. The total value of the land is taken at INR 27,867.00 lakhs
(AED 140 million considered at rate of Rs.19.90 / AED as at the reporting date) as per the valuation. The land value will
be accounted in the books on registration of the project with RERA.
ii) Current advances include recoverable advances to a sub-contractor aggregating to INR 2,246.49 lakhs (31 March
2020: INR 2,246.49 lakhs). The Management is in negotiation with that party for its recovery along with interest accrued
of INR 33.72 lakhs (31 March 2020: INR 33.72 lakhs) and is confident that this advance will be fully recovered by the
Company or through other companies of the Adventz Group, hence no provision is considered necessary at this stage.
iii) The Company has made advance payments under the Development Management Agreement to agencies which are
entitled to certain percentage of income calculated in the manner specified therein. The advance payments made
aggregated to INR 639.61 lakhs (31 March 2020: INR 639.61 lakhs) will be adjusted in the year when the agency becomes
entitled to share of income as per the agreement. One of the operating creditors of one of the Agency company has
initiated corporate insolvency resolution process against that Company. The management does not expect any significant
effect of the same on its carrying balance and expects to adjust/recover the same in full and accordingly no adjustment is
considered necessary at this stage and these balances are subject to confirmation from that party.
Note 7: Inventories
As at As at
31 March 2021 31 March 2020
Raw materials 41.35 102.66
Land and construction work-in-progress (refer note (i)) 81,653.72 75,337.97
Work-in-progress 42.98 878.61
Finished goods (refer note (ii)) 35,919.63 45,844.27
Stores and spares 704.67 808.74
Packing materials 1.44 1.58
Valued at estimated realisable value:

By-products
Bagassee 276.28 204.66
Molasses 3,896.06 3,488.08
Pressmud 131.63 120.91
Scrap 338.85 288.10
1,23,006.61 1,27,075.58

Notes:
(i) Land and construction work-in-progress
a) Includes land of INR 16,359.32 lakhs (31 March 2020: INR 16,359.32 lakhs) pending to be registered in the Holding
Company’s name.
b) The Management has reviewed the carrying value of its project work-in-progress by assessing the net realisable value
of the project which is determined by forecasting sales rates, expected sale prices and estimated costs to complete
(including escalations and cost overrun). This review by the management did not result any loss and thus no adjustments/
provisions to the carrying value of project work-in-progress is considered necessary by the Management. In respect of
early stage projects, the underlying fair value of land based on valuation report of chartered engineer was considered
for the purpose of determining the net realisable value and the carrying value of the construction work-in-progress was
found to be less than the net realisable value so ascertained.
c) In case of foreign subsidiary, as no major construction work is carried out pending final design and the financial re-
structuring of the project. The management has reviewed the carrying value of its development work-in-progress by
assessing the net realizable value of the project which is determined by forecasting sales rates, expected sale prices
and estimated costs to complete (including escalations and cost overrun). This review by the management did not
result in any loss and thus no adjustments/ impairment to the carrying value of development work-in-progress was
required. The same was also ascertained by a feasibility study done by a 3rd party which was done on the behest of
the management. Consequently, the management has decided to carry out professional independent valuation of
development work in progress after obtaining revised approval from authorities and post appointment of contractor
which will happen during current financial year 2021-22
(ii) Finished goods
a) Includes an amount of INR 883.35 lakhs (31 March 2020: INR 2395.34 lakhs) which represents residential units in respect
of which Group has entered into agreement for sale with the respective customers, amounts received against these
agreements by the Group has been reported as advance from customers. Pending receipt of balance consideration
and execution of absolute sale deed effecting the transfer of legal title, the same is reported as Inventory.
iii) For inventories pledged as securities against financial liabilities, refer note 13A.
Note 8: Trade receivables
As at As at
31 March 2021 31 March 2020
Amortised cost
Trade receivables - related parties (refer note 46) 1,468.99 431.12
Trade receivables - others 7,643.38 10,258.01
9,112.37 10,689.13

Break-up for security details:
As at As at
31 March 2021 31 March 2020
From related parties
Unsecured, considered good 1,468.99 431.12
From others
Secured, considered good 827.48 386.93
Unsecured, considered good 6,815.90 9,871.08
Unsecured – credit impaired 1,833.50 1,381.08
10,945.87 12,070.21
Less: Loss allowances (1,833.50) (1,381.08)
9,112.37 10,689.13

No trade or other receivable are due from directors or other officers of the Group either severally or jointly with any other
person. Nor any trade or other receivable are due from firms or private companies respectively in which any director is a
partner, a director or a member.

Note 9: Cash and cash equivalents

As at As at
31 March 2021 31 March 2020
Cash and cash equivalents
Balances with banks:
On current accounts 2,546.62 3,023.99
2,551.77 3,037.88

Note 10: Other bank balances
As at As at
31 March 2021 31 March 2020
Balances with banks:
Balance with banks-on fixed deposit account with remaining maturity period for more 12,274.17 6,495.70
than 3 months but less than 12 months (refer note (i) below)
Balance with banks - on unpaid dividend account 18.21 17.69
Margin money deposits (refer note (ii) and (iii) below) 22.88 180.94
12,315.26 6,694.33
Notes:
i) Balance with Banks on fixed deposit include:
a) Bank deposits of INR 4,908.67 lakhs (31 March 2020: INR 5,413.58 lakhs) pledged with the debenture holders and other
lender of the Group to fulfill the collateral requirements.
b) Includes bank deposits of INR 875.94 lakhs (31 March 2020: INR 161.77 lakhs) pledged with the banks as margin money
for bank guarantees taken.
c) The deposit of INR 22 lakhs (PY INR 22 lakhs) is lien with Insurance Regulatory and Development Authority of India for
meeting minimum base capital requirement prescribed under Regulation 23 of Insurance Regulatory and Development
Authority of India (Insurance Brokers) Regulations, 2017 (earlier Regulation 12 of Insurance Regulatory and Development
Authority of India (Insurance Brokers) Regulations, 2013) which is due to mature on 30.12.2021.
d) Deposits of INR 6264.53 lakhs held with banks under lien in favour of Yes Bank Limited, GIFT City for providing finance
facility to Zuari SJM Properties LLC, Dubai.
e) Deposits of INR 118.16 lakhs are lien marked against Bank Guararntees given to Statutory authorities.
f) Deposits of INR 84.87 lakhs kept as margin money for against bank guarantees for distillery.
ii) Includes fixed deposit receipts pledged with banks and sales tax authorities for Nil (31 March 2020: INR 160.54 lakhs) as
margin money.
iii) Margin money deposit with carrying amount of INR 22.88 lakhs (31 March 2020: INR 20.40 lakhs) are subject to first
charge to secure the Company’s bank guarantee.
Note 11: Assets classified as held for sale
As at As at
31 March 2021 31 March 2020
Assets held for sale (refer note below) 979.83 979.83
979.83 979.83

The Holding Company has entered into an agreement to sell land and building to an associate, Zuari Agro Chemicals
Limited for a value of INR 3,209.13 lakhs. The Board of directors of Zuari Agro Chemicals Limited has approved slump
sale on 5 February 2020. Pursuant to Board approval and vide business transfer agreement dated 31 March 2020, the
company has transferred the assets and liabilties of its retail, SPN, CPC and blended business to Zuari Farmhub Limited
with effect from 31 March 2020. Accordingly, Zuari Agro Chemicals Limited has requested the land advance of INR
3209.13 lakhs to be transferred in the name of Zuari Farmhub Limited. Such sale is expected to be concluded before
the end of March 2022.

Note 12A: Equity share capital

As at As at
31 March 2021 31 March 2020
Authorised:
115,000,000 (31 March 2020: 115,000,000) equity shares of INR 10/- each 11,500.00 11,500.00
Issued:
29,448,655 (31 March 2020: 29,448,655) equity shares of INR 10/- each fully paid 2,944.87 2,944.87
Subscribed and paid-up* :
29,440,604 (31 March 2020: 29,440,604) equity shares of INR 10/- each fully paid 2,944.06 2,944.06
1,100 (31 March 2020: 1,100) forfeited shares (amount paid up) fully paid up 0.05 0.05
2,944.11 2,944.11
* Under instructions from the Special Court (Trial of Offences relating to Transactions in Securities) Act, 1992 and in respect of
shareholders who could not exercise their rights in view of disputes, mistakes, discrepancy in holdings, etc., 8,051 (previous
year 8,051) rights’ equity shares entitlements have been kept in abeyance pursuant to Section 126 of the Companies Act,
2013.
I. Reconciliation of equity shares outstanding at the beginning and end of the reporting year
Equity shares As at 31 March 2021 As at 31 March 2020
In numbers Amount In numbers Amount
At the beginning of the year 2,94,40,604 2,944.06 2,94,40,604 2,944.06
Issued during the year - - - -
Outstanding at the end of the year 2,94,40,604 2,944.06 2,94,40,604 2,944.06
II. Terms/ Rights attached to equity shares

The Holding Company has only one class of equity shares having a par value of INR 10/- per share. Each share holder of
equity shares is entitled to one vote per share. The Holding Company declares and pays dividends in Indian rupees. The
dividend proposed by Board of Directors is subject to the approval of shareholders in the ensuing Annual General Meeting.
In the event of liquidation of the Holding Company, the holders of equity shares will be entitled to receive remaining assets
of the Holding Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of
equity shares held by the shareholders.
III. Details of Shareholders holding more than 5% of equity shares in the Company
Name of Shareholder As at 31 March 2021 As at 31 March 2020
No. of Shares % Holding in No. of Shares % Holding in
held Class held Class
Globalware Trading and Holdings Limited 74,91,750 25.45 74,91,750 25.45
Texmaco Infrastructure and Holdings Limited 27,57,941 9.37 27,57,941 9.37
Adventz Finance Private Limited 24,73,772 8.40 22,94,491 7.79
As per records of the Holding Company, including its register of shareholders/member and other declarations received
from shareholders regarding beneficial interest, the above holding represents both legal and beneficial ownership of
shares.
IV. Detail of number of shares held by an Associate Company of Holding Company
Name of Shareholder As at 31 March 2021 As at 31 March 2020
No. of Shares % Holding in No. of Shares % Holding in
held Class held Class
New Eros Tradecom Limited 11,96,767 4.07% 11,96,767 4.07%
V. Aggregate number of shares issued for consideration other than cash
31 March 2021 31 March 2020
Shares issued for consideration other than cash Nil Nil

Note 12B: Preference share capital

31 March 2021 31 March 2020
Authorised:
2,075,000 (31 March 2020: 2,075,000) redeemable cumulative preference shares of INR 100/- each 2,075.00 2,075.00
Issued, subscribed and paid-up:
Nil (31 March 2020: Nil) redeemable cumulative preference shares of INR 100/- each Nil Nil
Note 12C: Other equity

31 March 2021 31 March 2020
Retained earnings
Add: Loss for the year (9,298.75) (36,694.81)
Add: Reclassification from OCI to retained earnings on disposal of investments 987.17 (81.04)
Add/(Less): Other comprehensive income 43.83 6.07
Add: Transfer from Equity component of non-convertible preference shares 3,175.64 -
Less: Adjustment of Ind AS 116 - Leases - (109.18)
Add: Tax effect on the above - 28.39
Less: Dividends paid (refer note 33) (588.81) (294.41)
Add: Group’s share of adjustment on reclassification of joint venture - 343.00
by an associate to financial assets
Less: Dividend Distribution Tax (DDT) (refer note 33) - (60.52)
28,767.32 34,448.24
General reserve 3,911.60 3,911.60
FVTOCI reserve
Balance bought forward from last year 64,370.41 1,28,647.27
Add: Movement during the year 92,852.05 (64,357.90)
Add: Reclassification from OCI to retained earnings on disposal of investments (987.17) 81.04
1,56,235.29 64,370.41
Capital reserve 7,258.55 7,175.25

Add: Provided during the year - 83.30
7,258.55 7,258.55
Molasses and alcohol storage and maintenance reserve
Balance bought forward from last year 25.33 18.63
Add: Provided during the year 11.27 6.70
36.60 25.33
Foreign currency translation reserve
Balance bought forward from last year (502.89) (51.34)
Less: Other comprehensive income 12.80 (89.08)
Less: Adjustment on Reclassification of Joint Venture to financial assets - (362.47)
(490.09) (502.89)
Equity component of non convertible preference shares
Add: Equity component of preference shares issued during the year by the Subsidiary 4,798.00 -
Company
Less: Transfer to Retained Earnings (3,186.91) -
5,839.08 4,227.99
2,01,558.35 1,13,739.23

Notes:
i) Nature and purpose of other reserve
Retained earnings
Retained earnings are created from the profit / loss of the Company, as adjusted for distributions to owners, transfers to
other reserves, etc.
General reserve
The Group has transferred a portion of the net profit of the group or a portion of net profit kept separately for future
propose is disclosed as general reserve.
FVTOCI reserve
The Group has elected to recognise changes in the fair value of certain investments in equity shares in other comprehensive
income. These are accumulated in Fair value through OCI reserve in OCI within the equity. The Company transfers this
reserves to retained earnings when relevant equity investments are derecognised.
Capital reserve
Where the preference shares are redeemed out of the profits available for distribution, a sum equivalent to the nominal
amount of shares being redeemed shall be transferred to the Capital Redemption Reserve. It also includes Group’s
share of capital reserve of associate companies.
Molasses and alcohol storage and maintenance reserve
The above mentioned reserve is created under Molasses Control Order 1961 which requires every sugar factory to set
aside a amount as mentioned in the order. The amount credited in said account shall be utlised only for purposes of
construction or erection of storage facilities for molasses.
Foreign currency translation reserve
Exchange differences arising on translation of the foreign operations are recognised in other comprehensive income
as described in accounting policy and accumulated in a separate reserve within equity. The cumulative amount is
reclassified to profit or loss when the net investment is disposed off.
Security premium reserve is created when the Company issue shares at the premium. The aggregate amount of
premium received on the shares is transferred to a separate account called “security premium reserve”. The same will
be utilised in accordance with the provisions of the Companies Act, 2013 and related provisions.
Equity component of non convertible preference shares
This represents equity component on discounting of preference shares issued by various group companies outside the
group.
Note 13A: Non current borrowings
31 March 2021 31 March 2020
Secured
Term loans
Rupee loan
-from banks 39,152.91 46,630.08
-from financial institutions 59,058.22 51,212.75
-Non-Convertible debentures from financial institution 56,179.96 30,095.78
Foreign currency loan

Foreign currency loans 9,753.92 10,536.68
Vehicle loan 4.77 10.54

Liability Component of financial instruments
-7% Non-convertible redeemable preference shares (NCRPS) 139.19 118.98
-8.5% Non-convertible cumulative redeemable preference shares (NCRPS) 9,628.55 13,245.06
Unsecured
Inter corporate deposits 3,500.00 400.00
Loan from others (refer note 46) 8,479.52 6,164.64
1,85,897.04 1,58,414.51
Less: Amount disclosed under the head “other current financial liabilities” (refer note 15) 22,226.82 20,958.57
1,63,670.22 1,37,455.94

13A.1 Changes in liabilities arising from financing activities pursuant to Ind AS 7 - Cash flows:
Non-Current Current
borrowings borrowings
(including current
maturities)
As at 1 April 2019 1,16,172.08 30,932.28
Cash adjustments
Foreign exchange rate fluctutation adjustment 283.81 -
Change in classification of borrowing 3,800.92 (3,800.92)
Effective interest rate adjustments 1,352.50 1.03
As at 31 March 2020 1,58,414.51 34,006.81
As at 1 April 2020 1,58,414.51 34,006.81

Cash adjustments
Foreign Exchange Fluctuation 281.62 -
Preference Share Adjustment (4,798.00) -
Effective interest rate adjustments 4,606.80 -
As at 31 March 2021 1,85,897.04 35,822.30
1. Rupees term loans from banks

a. Facility of INR 3,796.73 lakhs (31 March 2020: INR 5,472.65 lakhs) consisting two term loans, first of INR 1,570.75 lakhs (31
March 2020: INR 2,484.28 lakhs) and second term loan of INR 2,225.97 lakhs (31 March 2020: INR 2,988.28 lakhs) bearing
interest @ 11.70% p.a-12.65% p.a. and 11.85% p.a. -12.05% p.a. taken from State Bank of India.
The first term loan is repayable in 24 quarterly instalments commencing from 31 March 2016. The 1st to 23rd quarterly
instalments will be of INR 313.00 lakhs each and the 24th instalment will be of INR 301 lakhs. The second term loan is
repayable in 16 equal quarterly instalments commencing from 1 April 2019 and ending on 1 January 2023. The Holding
Company has provided corporate guarantee in respect of this term loan.
b. Facility of INR 332.59 lakhs (31 March 2020: INR 634.74 lakhs) bearing interest @ 10.35% p.a.-11.20%p.a. consist of cane
soft loan taken from State Bank of India.
c. Facility of INR 3,904.61 lakhs (31 March 2020: INR 4,480.59 lakhs) bearing interest @ 11.50% p.a. consist of cane soft loan
taken from State Bank of India. The loan is repayable in 18 quarterly installments commencing from 31 December 2019
ending on 31 March 2024. The 1st to 17th Quarterly installments will be of INR 281.50 lacs each and the 18th installment
will be of INR 282.50 lakhs.
The above loans are secured by way of:
First mortgage / charge on entire fixed assets of Gobind Sugar Mills Limited, situated at 62.318 acres of land at Aira
Estate, Khamaria Pandit, Distt Lakhimpur Kheri, Uttar Pradesh and a new piece of land of 27.045 acres at Village Allipur,
Paragana Dhauraha, District Kheri, Uttar Pradesh.
d. Facility of INR 21,932.13 lakhs (31 March 2020: INR 22,697.90 lakhs) comprising of term loan with the total sanctioned
limit of INR 21,895.50.00 lakhs [AED 110 million at rate at the reporting date of Rs.19.905 per AED (USD 30 million)]
(2020: INR INR 45,320.00 lakhs [AED 220 million at rate at the reporting date of INR 20.60 per AED (USD 60 million)])
from Yes Bank Limited, IFSC banking unit, GIFT city, Gujarat, India towards project development related expense.
Term loans are secured as described herein below and bear interest of 6 months USD LIBOR plus 4.95% p.a.. The loan
amount is repayable after 72 months in one bullet payment from the total draw down.
Securities offered:
- Charge on current assets both present and future owned by Zuari Infraworld S J M Properties L.L.C
- Charge on share of project cash flow including reimbursement and surplus.

- Exclusive charge on Immovable property hedl by Utlimate Holding company having survey No 178/1 admeasuring
167990 sq. mtrs, survey No 195/1 admeasuring 32090 sq. mtrs, survey No 251/1 admeasuring 30275 sq. mtrs, survey No
252/1 admeasuring 9514 sq. mtrs (in investment property), survey No 188/1 admeasuring 27283 sq. mtrs and survey
No 189/1 admeasuring 117783 sq. mtrs situated at Sancoale within the limits of Village panchayant of Sancoale
Goa with total cost of Rs 1885.85 lakhs (in inventories).
- Pledge of liquid debt mutual funds unit owned by group companies amounting to USD 118.00 lakhs
- Pledge of listed India shares held by New Eros TradeCom Limited (step-associate of the holding company)
amounting to USD 73.00 lakhs
- Corporate guarantee provide by group Indian holding companies amounting to USD 300.00 lakhs
e. Facility of INR 2,225.08 lakhs (31 March 2020: INR 3,484.70 lakhs) from Indusind Bank Limited (‘IBL’) is secured by -
i) pledge of non-convertible redeemable preference shares of Gobind Sugar Mills Limited;
ii) exclusive charge by way of hypothecation over all present and future current and moveable fixed assets of Zuari
Sugar & Power Limited;
iii) exclusive charge on immovable fixed assets owned by Holding Company.
iv) land collateral of 6.89 acres for Phase I residential development and 16 acres of Phase II residential project being
executed by Holding Company in Goa;
v) exclusive charge by way of hypothecation over all present and future current assets and moveable fixed assets of
Holding Company excluding all land (being carried as inventory).
vi) DSRA equal to 6 months interest to be kept undrawn from the facility;
vii) Corporate guarantee of Holding Company for INR 100.00 lakhs
viii) 3,75,00,000 shares held in Chambal Fertilisers and Chemicals Ltd.
The aforesaid loan is repayable in 16 quarterly installments commencing from June 2018 and carries interest @
10.35% - 10.15% p.a. (effective interest rate being 13.08% p.a.) The first four quarterly installments will be of INR 250.00
lakhs each and rest will be for INR 750.00 lakhs each. Further processing fees of INR 700.00 lakhs (plus taxes) was
payable for the facility, which was to be paid per below mentioned schedule:
- INR 300.00 lakhs to be paid on acceptance of sanction letter, which was paid in previous year.
- INR 50.00 lakhs each quarter from 30 June 2017 upto 31 March 2018 and INR 25.00 lakhs each of next ensuing
eight quarters. The same has been paid in full during the quarter ended 31 March 2018
f. Facility of INR 6,961.79 lakhs (31 March 2020: INR 8.849.32 lakhs) from Zila Sahakari Bank. This loan is secured by way
of Residual charge on free assets of the Company and carry a interest rate of 5%. The loan is repayable in 60 equal
monthly installments starting from 31 July 2019. The loan is at concessional rate of interest and has been carried at
amortised cost using discount rate of 11.80%-12.30%.
2. Rupees term loans from financial institutions
a. Facility of INR 3,924.35 lakhs (31 March 2020: INR 4,493.51 lakhs) bearing interest @ 11.45% p.a.-11.55% p.a. consist of loan
taken from Indian Renewal Energy Development Agency Limited (IREDA).
b. Facility of INR 7,612.78 lakhs (31 March 2020: INR 7,445.49 lakhs) bearing interest of 11.95% p.a. consist of loan taken from
Indian Renewal Energy Development Agency Limited (IREDA).
The said loan is repayable in 23 equal quarterly installments from 12 months from commencement of operations. The
Holding Company has provided corporate guarantee in respect of this term loan.
The loan is secured by way of:
First equitable mortgage charge on entire fixed assets of the Company, situated at 62.318 acres of land at Aira Estate,
Khamaria Pandit, Distt Lakhimpur Kheri, Uttar Pradesh and a new piece of land of 27.045 acres at Village Allipur,
Paragana Dhauraha, District Kheri, Uttar Pradesh together with building, movable and immovable machinery and fixed
assets (present and future) of Gobind Sugar Mills Limited, pari pasu with other term lenders including SDF and Exclusive
charge on Escrow/TRA account opened for Distillery receivables.
c. Facility of INR 702.19 lakhs (31 March 2020: Nil) bearing interest of 12.45% p.a. consist of loan taken from Indian Renewal
Energy Development Agency Limited (IREDA). The said loan is repayable in 16 equal quarterly installments from 30 June

2021 and ending on 31 December 2024. The Holding Company has provided corporate guarantee in respect of this
term loan.
The loan is secured by way of:
First equitable mortgage charge on entire fixed assets of the Company, situated at 62.318 acres of land at Aira Estate,
Khamaria Pandit, Distt Lakhimpur Kheri, Uttar Pradesh and a new piece of land of 27.045 acres at Village Allipur,
Paragana Dhauraha, District Kheri, Uttar Pradesh together with building, movable and immovable machinery and
fixed assets (present and future) of Gobind Sugar Mills Limited, pari pasu with other term lenders including SDF and SBI.
Second pari-passu charge on current assets of GSML (excluding receivables on which IREDA and SBI have first pari passu
charge).
d. Facility of INR 17,735.53 lakhs (31 March 2020: INR 16,419.59 lakhs) bearing interest @ 11.85% p.a from LIC Housing Finance
Limited. The loan is repayable over a period of 60 months with 36 months moratorium for repayment of principal from
the date of first disbursement with right to accelerate payment based on the review of cash flows.
The loan is secured by way of equitable mortgage on the Land and Building to be constructed under project name
“Zuari Garden City” in area admeasuring to 50 Acres and 35 Guntas (excluding sold units), Project receivables and
further secured by Corporate Guarantee issued by the holding company.”
e. Facility of INR 2,500.00 lakhs (PY Nil) from Bajaj Finance Limited, bearing interest rate 10.00% p.a. having outstanding
balance of INR 2,497.38 lakhs. The loan is repayable in 24 months from the date of first disbursement. The loan is secured
by pledge of 2,550,000 shares of Chambal Fertilizers and Chemicals Limited (owned by the Company) to provide
security cover of 2 times.
f. Facility of INR 12,500.00 lakhs (PY Nil) from Tata Capital Financial Services ltd, bearing interest rate 11.50% p.a. having
outstanding balance of INR 12,211.54 lakhs. The loan is repayable in 4 equal installments within 42 months from the date
of first disbursement. The loan is secured by pledge of 69,57,116 shares of Chambal Fertilizers and Chemicals Limited
(owned by the Company) and 3,41,000 shares of Gillette India Limited (Owned by Globalware Trading and Holdings
Limited) to provide security cover of 2.25 times.
g. Facility of INR 6,099.21 lakhs (31 March 2020: INR 2,289.79 lakhs) bearing interest @ 10.00% p.a. taken from Bajaj Finance
Limited and is repayable in bullet payment in 24 months. The loan may be renewed at the end of the tenure at the
option of lender as per the terms and conditions mutually accepted.
The loan is secured by way of pledge of equity shares of Chambal fertilizers & Chemicals Limited and Zuari Agro
Chemicals Limited with a combined security cover of 2.25 times.”
h. Facility under Sugar Development Fund of INR 4,625.19 lakhs (31 March 2020: INR 4.969.10 lakhs) consisting of term loan
1 of INR 2,668.56 lakhs (31 March 2020: INR 3,235.01 lakhs) and term loan 2 of INR 1,956.63 lakhs (31 March 2020: INR
1,733.09 lakhs) carrying a fixed rate of interest 4.75% p.a. and 4.50% p.a. respectively for a time period of 10 years.
i. Facility of INR 1,783.38 lakhs (31 March 2020: INR 2,623.01 lakhs) from Tata Capital Financial Services Limited (‘TCFSL’).
Out of the total sanction amount of INR 10,000.00 lakhs, IBL has sold 40% i.e. INR 4,000.00 lakhs of the loan to TCFSL from
1 March 2018. All other terms and covenants to the said loan remain same. No separate security is created in the name
of Tata Capital Services Financial Limited by the Group directly. However, as per the agreement signed, TCSFL has
proportionate share in all the securities created by Indusind Bank Limited for the said loan. Refer Note 1e above
j. Facility of INR 1,866.67 lakhs (31 March 2020: INR 2,907.93 lakhs) from Bajaj Finance Limited and bearing floating interest
rates of 10.50% p.a. (31 March 2020: 10.50% p.a.).
The loans is repayable in 15 equal quarterly instalment of INR 266.67 lakhs each, beginning from 5 May 2019 with an initial
monatarioum of 15 months.
These loans are secured by way of -
1. Collateral - First pari passu charge on immovable fixed assets owned by Indian Furniture Products Limited (IFPL).
2. Collateral - First pari passu charge by way of hypothecation over all present and future moveable fixed and current
assets of IFPL.
3. Escrow of annual lease rental receivables of the borrower from Forte Furniture Products Limited.
4. Entire management fees received from Soundarya IFPL interiors Limited in the form and manner as acceptable to
the lenders.
5. DSRA equals to 3 months interest and 1 quater principal required to maintain by IFPL.
6. Irrevocable and unconditional corporate gurantee of the Holding Company.

3. Non Convertible debentures from financial institution

a. Secured, rated and listed Non-Convertible Debentures (‘NCDs’) - tranche-I aggregating to INR 19,700.00 lakhs,
comprising of 197 debentures of INR 100 lakhs each, bearing interest rate of 8.00% p.a. (effective 8.46% after applicable
taxes). These NCDs are redeemable on private placement basis at a premium of 3.74% (effective 3.95% after applicable
taxes) compunded quarterly. The carrying value of the NCDs after adjustment of processing fees is INR 20,491.17 lakhs
(31 March 2020: INR 19,355.54 lakhs)
b. Secured, rated and listed Non-Convertible Debentures (‘NCDs’) - tranche-II aggregating to INR 11,300.00 lakhs,
comprising of 1,130 debentures of INR 10 lakhs each, bearing interest rate of 8.00% p.a. (effective 8.46% after applicable
taxes). These NCDs are redeemable on private placement basis at a premium of 3.28% (effective 3.47% after applicable
taxes) compunded quarterly. The carrying value of the NCDs after adjustment of processing fees is INR 11,344.62 lakhs
(31 March 2020: INR 10,740.24 lakhs)
The above NCDs are secured by way of:
1. Pledge of 1,109,104 shares of Gillette India Limited (owned by Adventz Finance Private Limited, a promoter entity)
and 5,800,000 shares of Chambal Fertilizers and Chemicals Limited (held by the Group) to provide security cover of
2.50 times.
2. Fixed charge on all present and future right, title over on bank deposits made to fulfil the collateral requirements
(Refer Note 10).
Schedule of repayment and redemption for NCDs:
Number of Redeemable On Principal
NCDs
NCDs - Tranche II 1,000 05 December 2022 10,000.00
NCDs - Tranche II 130 03 December 2021 1,300.00
c. Secured, unrated and unlisted Non-Convertible Debentures (‘NCDs’) aggregating to INR 17,000.00 lakhs, comprising of
1,700 debentures of INR 10 lakhs each, bearing interest rate of 6.00% p.a. (effective 7.06% after applicable taxes) were
issued by the Company during the year. These NCDs are redeemable on private placement basis at a premium of
11.00% compunded quarterly. The carrying value of the NCDs after adjustment of processing fees is INR 17,848.28 lakhs.
Out of this, 425 debentures are redeemable on 31st March 2024 and balance 1275 debentures on 15th October 2024.

1. Pledge of 9,665,600 shares of Chambal Fertilizers and Chemicals Limited (held by the Company) to provide security
cover of 1.25 times.
2. First ranking exclusive charge (by way of mortgage by deposit of title deeds) over the property situated at surveys
nos. 110/1, 111/1(part) and 112/1 at Sancoale Village, Mormugao Taluka, South Goa District, Goa (“Mortgaged
Property”) with total cost of Rs 10,038.54 lakhs.
3. First ranking exclusive fixed charge by way of hypothecation over the Designated Bank Accounts together with all
amounts standing to the credit of the Designated Bank Accounts (Rs 498.85 lakhs as on 31st March 2021) (Refer Note
5C).

d. Secured, unrated and unlisted redeemable Non-Convertible debenture (‘NCDs’) agreegating to INR 6,500.00 lakhs
comprising of 65 debentures of INR 100 lakhs each, bearing interest rate of 12% p.a. were issued by the company during
the year and is redeemable on 29 April 2022. The carrying value of the NCDs after adjustment of processing fees (INR
4.11 lakhs) is INR 6,495.89 lakhs (31 March 2020: Nil). The loan is secured by way of hypothecation on loans and advances
of the company amounting to Rs 8,400 lakhs.
The asset cover of the aforesaid NCDs is more than hundred percentage of the principal outstanding as on 31 March
2021.
4. Foreign currency loans

Facility of INR 9,753.92 lakhs (31 March 2020: INR 10,537.68 lakhs) from Netherlandse Financierings Maatschappij Voor
Ontwikkelingsladen N.V. (F.M.O) bearing the interest @ 5.96% p.a and is repayable in installments starting from 10 July
2020 onwars (payable half yearly), being first 5 installments of USD 3.50 lakhs each , next 5 installments of USD 10.00 lakhs
each, next 3 for USD 15.00 lakhs each and last being USD 27.50 lakhs.

The said term loan is secured by way of -

Exclusive charge on Immovable property of Holding Company having survey no. 119/1 admersures 51,425 sq. mtrs,
survey no. 120/1 admersures 8,075 sq. mtrs,survey No 121 admersures 32,239 sq. mtrs,survey No 129/1 admersures 24,625
sq. mtrs,survey No 130/1 admersures 86,175 sq. mtrs and survey No 131/1 admersures 19,050 sq. mtrs situated at Sancoale
within the limits of Village panchayant of Sancoale Goa, Mormugao Taluka, Sub Districity of Registration District of State
of Goa.
5. Vehicle loan
Facility of INR 4.77 lakhs (31 March 2020: INR 10.54 lakhs) taken in the month of December 2017 from HDFC Bank Limited
bearing interest of 8.51% p.a. The loan is payable in 48 structured monthly instalment of INR 0.54 lakhs commencing from
January 2018. The loan is secured by way of Hypothecation on the vehicle.
6. Preference shares
a. The Non-Convertible Redeemable Preference Shares (NCRPS) of INR 139.19 lakhs (31 March 2020: INR 118.98 lakhs)
carrying dividend @ 7.00% per annum. These shares are redeemable at par in one single lot after the expiry of 12th
year from the date of allotment of shares with a right vested in the board of directors to redeem earlier subject to the
consent of subscribers. The Board reserves the right to pay the dividend earlier with the consent of the subscribers but
subject to the availability of profit. In case of loss or inadequacy of profit, the right of holders of NCRPS to receive the
dividend shall expire. NCRPS have been initially recorded at amortised by discounting the cash flow at maturity of
instruments with discount rate of 16% p.a. (interest rate applicable to similar other borrowings of GSML).
b. 114.50 lakhs Non-Convertible Redeemable Preference Shares (NCRPS) with present value of debt component of INR
9.628.55 lakhs (31 March 2020: INR 13,245.06 lakhs) carry dividend @ 8.50% p.a. which are cumulative in nature and
redeemable in Jan 2025 (70 lakh shares), Aug 2025 (15 lakh shares) and March 2022 (29.5 lakh shares) respectively.
During the year, Zuari Infraworld India Limited has extended the redemption period of 85 lakhs preference shares. Each
holder of preference shares is entitled to one vote per share on resolutions placed before Zuari Infraworld India Limited,
which directly affect the rights attached to the preference share. These shares are redeemable at a price band of INR
125 - INR 150 per preference share.
NCRPS have been initially recorded at fair value by discounting the cash flow at maturity of instruments with discount
rate of 14% p.a. (interest rate applicable to similar other borrowings of Zuari Infraworld India Limited).
7. Inter Corporate Deposits
a. Facility of INR 3,500.00 lakhs (31 March 2020: Nil) from Shine Star Build Cap Private Limited. Total sanction amount of INR
4,000.00 lakhs and carried interest rate of 16.25% p.a. (31 March 2020 : Nil). The loan is repayableat the end of 24 months
from the date of disbursement. The loan is secured by pledge of 84,00,000 shares of Zuari Agro Chemicals Ltd. being
held by its holding company.
8. Loans from Others
a. Unsecured general purpose loan for working capital purposes with outstanding balance of INR 2,064.38 lakhs (31 March
2020: INR 1,733.00 Lakhs) was taken from Adventz Finance Private Limited, a group company at an interest rate of 14%
p.a. The loan along with interest which was due on 31 March 2021 was rolled over during the year for a further period
up to 30 June 2022 and accordingly is reclassified as non-current during the year.
b. Unsecured loans of INR 6,415.14 lakhs (31 March 2020: 4,431.64) at interest rate of 0% to 12% p.a. from related and non-
related parties which are repayable within 2 years. The parties have also agreed to extend financial support to Zuari
Infraworld India Limited by not demanding payment of their outstanding dues till such time as the subsidiary company’s
equity is restored.
Note 13B. Current borrowings
As at As at
31 March 2021 31 March 2020
Secured
Term loan from banks - 400.00
Cash credit from banks 14,691.91 16,842.82
Loan from financial institutions 2,000.00 5,560.27
Loan from others 14,078.96 3,900.00
Vehicle loan 15.68 72.52
Unsecured
Loans from others 5,035.75 7,231.20
35,822.30 34,006.81

1. Vehicle Loan
a. Facility of INR 15.68 lakhs (31 March 2020: INR 72.52 lakhs) pertains to vehicle loan bearing an interest rate 6.58%-7.47%
p.a.. It is secured by hypothecation of vehicle purchased out of loan.
2. Cash credit from banks
a. Cash credit of INR 4,064.54 lakhs (31 March 2020: INR 6,135.20 lakhs) bearing interest @10.75%-11.25% per annum taken
from State Bank of India and repayable on demand.
The cash credit is secured by way of:
(i) Primary hypothecation charge on entire current assets of Gobind Sugar Mills Limited (GSML) including its book debts
both present and future on pari passu basis and also by first charge on pari passu basis with other lenders on the
fixed assets of GSML.
(ii) Collateral extension of 2nd charge on the entire fixed assets of GSML on pari passu 2nd Charge basis with other
working capital lenders.
*Receivables from the power project jointly financed by IREDA and SBI shall be first shared on pari passu charge
basis between SBI and IREDA for the term loan and on second pari passu charge basis for working capital facilities
and soft loan of SBI.
b. Several cash credit facilities aggregating to INR 10,627.37 lakhs (31 March 2020: INR 10,343.96 lakhs) bearing interest
@8.90% - 10.25% p.a. taken from Zila Sahakari Bank Limited and repayable on demand.
The cash credit facilities are secured by way of:
(i) First charge on finished goods, work in progress and raw material.
(ii) Pari pasu charge on land ,building and plant and machinery against principal and interest amount.
3. Loan from financial institutions
The Holding Company has taken secured loan from Anand Rathi Global Finance Ltd. for general business purposes,
carrying an interest rate of 12.50% per annum having outstanding balance of INR 2,000 lakhs. The loan was received on
22 February 2021 and is repayable within 12 months from the date of receipt of disbursement.
The loan is secured by pledge of 2,300,000 shares of Chambal Fertilizers and Chemicals Limited (owned by the Company)
to provide security cover of 2.25 times.
4. Loans from others
a. Unsecured Inter corporate deposit of INR 400 lakhs (PY 400 lakhs) from M/s Duke Commerce Limited which has been
reclassified from Non-Current borrowings to current borrowings, carrying an interest rate of 13.50%. Extension for
repayment has been obtained from M/s Duke Commerce Limited and the ICD is now repayable on 30 September,
2021.
b. Facility of INR 19,78.96 (31 March 2020: Nil) from Cuprum Bagrodia Limited, bearing interest @ 13% p.a. (31 March 2020:
Nil) and due for repayment in Dec 2021. The loan is secured by pledge of 45,00,000 shares of Zuari Agro Chemicals
limited.
c. Secured loans aggregating to INR 12,100.00 lakhs (31 March 2020: INR 3,900 lakhs) from various parties, bearing interest
11.50%-14.00% p.a. and repayable between 1 months to 12 months from the date of disbursement. These loans are
secured by way of pledge of 9,140,000 equity shares of Chambal Fertilisers & Chemicals Limited of holding company
and 30,00,000 shares of Premium Exchange & Finance Ltd.
d. Unsecured loans aggregating to INR 4,635.75 lakhs (31 March 2020: INR 7,231.20 lakhs) from various parties, bearing
interest ranging from 0.00% to 14.50% p.a. Some of these loans are repayable on demand and others are repayable
between 6 months to 12 months from the date of disbursement.
Note 14: Trade payables
Non Current Current
Trade payables (including acceptance)
Dues to micro and small enterprises (refer note 14A below) - - 167.61 1,157.50
Due to related party (refer note 46) - - 1.95 95.68
Due to others 91.30 40.07 36,839.54 47,432.88
91.30 40.07 37,009.10 48,686.06

Note 14A: Disclosure of dues to micro and small enterprises as defined under ‘The Micro, Small and Medium Enterprises
Development Act, 2006’
31 March 2021 31 March 2020

i) Principal amount due to suppliers under MSMED Act 167.61 1,157.50
ii) Interest accrued and due to suppliers under MSMED Act on the above amount 6.10 4.03
iii) Payment made to suppliers (other than interest) beyond appointed day during 1.64 6.93
the year
iv) Interest paid to suppliers under MSMED Act - -
v) The amount of further interest remaining due and payable even in the succeeding -
small enterprise, for the purpose of disallowance as a deductible expenditure
under section 23
vi) Interest accrued and remaining unpaid at the end of the accounting year 6.30 15.47
vii) The amount of further interest remaining due and payable even in the succeeding 6.30 15.47
small enterprise for the purpose of disallowance as a deductible expenditure
under section 23 of the MSMED Act
The above disclosure has been determined to the extent such parties have been identified on the basis of information
available with respective companies. This has been relied upon by the auditors.
Note 15: Other financial liabilities

Other financial liabilities at amortised cost
Current maturities of long term borrowings (refer note - - 22,226.82 20,958.57
13A)
Lease liabilties (refer note 42) - - 180.75 223.27
Interest accrued but not due on borrowings - - 3,182.67 2,761.34
Marked to market value of derivative instruments not - - 519.22 665.22
designated as hedges
Security deposits received (refer note below) 0.59 0.60 1,938.51 1,952.38
Payable towards purchase of capital goods - 1,182.17 1,962.69
Other payables (See Note 37C) - - 849.94 929.36
Statutory liabilities to be credited to ‘Investor’s
Education and Protection Fund’ as and when due :
Unclaimed dividends - 18.21 17.69
Unclaimed deposits and interest warrants - 1.00 1.00
Total other financial liabilities 0.59 0.60 30,099.29 29,471.52

Notes:
Includes INR 1,000.00 lakhs (PY INR 1,000 lakhs) refundable deposits received from M/s. Mathias Construction Private Limited
for the proposed development of land/ property owned by Zuari Agro Chemicals Limited in respect of which Zuari Infraworld
India Limited will acquire the right of lease of the land/ property.


Note 16: Other liabilities

Statutory liabilities - - 1,623.60 1,399.03
Contract liabilities (Refer Note 49)
Advances received from customers and others
Against Sale of Land - - 3,731.00 931.00
Others** - - 15,883.61 15,645.58
Deferred revenue - - 409.69 101.20
Amount received on account deposited under 522.16 1,708.35 - -
litigation*
Deferred gain on preference shares issued to others 137.65 153.98 16.32 13.94
Deferred government grant 5% - Sugar refinery 413.03 434.07 21.05 21.05
Deferred government grant 5% - Power Plant 403.55 425.12 21.57 21.57
Deferred government grant 5%-Cane soft loan 365.74 738.81 373.07 492.29
Deferred government grant 5% - Ethanol plant 176.62 184.41 7.79 7.79
Deferred government grant from Sugar Development 466.51 740.51 273.91 295.10
Fund
2,485.26 4,385.25 22,361.61 18,928.55

Notes:
* The Holding Company had demerged its fertilizer undertaking to Zuari Agro Chemicals Limited (ZACL) with effect from 1
July 2011. The Holding Company had, during the financial year ended 31 March 2017, based on Hon’ble High Court Order
on demerger of fertilizer undertaking, identified the amount of income tax paid or payable under protest pertaining to
fertilizer undertaking demerged into ZACL. The Holding Company has exchanged letter of mutual understanding with ZACL,
wherein, ZACL has paid such amount of tax paid or payable under protest by the Holding Company. During the year ended
31 March 2017, the Holding Company had received INR 2,533.85 lakhs from ZACL on this account. During the year ended
31st March 2019, pursuant to the OGE of ITAT order, the management has repaid an amount of INR 825.50 lakhs to ZACL.
Further, during the year ended 31 March 2021, pursuant to favourable order received by ZACL, Tax expense/(credit) for the
year ended 31 March 2021 includes income tax provision reversals amounting to INR (-) INR 1,186.19 lakhs. Accordingly, the
balance carrying value of such advance is INR 522.16 lakhs (31 March 2020: INR 1,708.35 lakhs) and classified under non-
current liability.
** Includes advance of INR 402.35 Lakhs (31 March 2020: INR 446.23 lakhs) is in respect of cancelled residential units for which
the subsidiary Company is in negotiation with the parties for selling units of other projects against which these amounts are
expected to be adjusted and INR 323.01 lakhs (31 March 2020: INR 318.00 lakhs) collected from the buyers towards club
membership charges fees will be adjusted against the expenses incurred in this regard.
Note 17 : Income tax
The major components of income tax expense for the years ended 31 March 2021 and 31 March 2020 are:
Profit or loss section

Current income tax:
Current income tax charge 1,273.60 258.32
Income tax adjustment for earlier years (Refer Note below) (1,509.93) 62.30
Deferred tax:
Relating to origination and reversal of temporary differences (1,272.57) 6,777.99
Income tax expense/(credit) reported in the statement of profit or loss (1,508.90) 7,098.61
Notes
(i) In the year ended 31 March 2021, pursuant to order giving effect (‘OGE’) of ITAT order for AY 2010-11 and corresponding
receipt of refunds from income tax department by the Holding Company, other income included interest income on
income tax refunds amounting to INR 972.87 lakhs and Tax expense/(credit) for the year ended 31 March 2021 includes
income tax provision reversals amounting to (-) INR 361.25 lakhs.
(ii) Refer Note 16 *

Reconciliation of tax expense and the accounting profit multiplied by India’s domestic tax rate for 31 March 2021 and
31 March 2020.
As at As at
31 March 2021 31 March 2020
Accounting profit/ (loss) before Income tax (11,562.27) (32,485.10)
Tax at the applicable tax rate of 25.17% 2,909.99 8,176.50
Losses of associates and joint ventures on which no tax asset recognised (1,699.45) (8,681.97)
Dividend income 222.29 1,100.43
Impact of change In tax rate - 192.46
Tax Effect on expiry of bought forward loses - (130.11)
DTA not recognised on losses of subsidiaries (2,168.05) (1,835.18)
Tax impact on impairment of goodwill (244.36) (85.07)
Remeasurement of DTA/DTL due to change in tax rate - (1,744.21)
Other benefits no longer available in respect of set off of unabsorbed additional - (3,514.84)
depreciation brought forward and deductions under Chapter VI-A of the Income-tax
Act 1961
Previous year Tax adjustments 1,618.55 (34.98)
Others 869.93 (541.64)
Tax expense 1,508.90 (7,098.61)
Note 18 : Deferred tax assets (net)
Particulars As at Provided As at Provided As at

1 April during 31 March during 31 March
2019 the year 2020 the year 2021
Deferred tax assets:
Provision for expected loss 159.90 (64.83) 95.07 (95.07) -
Expenses allowable in Income tax on payment basis and dep- 871.09 (350.91) 520.18 210.89 731.07
osition of Statutory dues
Carry forward of unused tax losses and unused tax credits and 14,114.03 (5,523.97) 8,590.06 2,254.36 10,844.42
unabsorbed depreciation
Deferred government grants 334.22 (93.85) 240.37 (2.68) 237.69
Deferred Tax assets on impact of IND AS - 115 Adjustments 196.84 (138.16) 58.68 54.68 113.36
MAT credit entitlement 101.03 0.21 101.24 (101.24) -
Unrealised profit on sale of land 1,787.87 (467.53) 1,320.34 (0.00) 1,320.34
Share of Profit/(Loss) of associates 867.28 (867.28) - - -
Others 963.34 (195.09) 768.25 (221.28) 546.97
Total deferred tax assets (A) 19,395.60 (7,701.40) 11,694.19 2,099.66 13,793.85
Deferred tax liability:
Property, plant and equipment impact of difference 6,336.03 (481.37) 5,854.66 648.83 6,503.49
between tax base and book base
Fair valuation of investment 290.13 (6.84) 283.29 184.14 467.43
Total deferred tax liability (B) 6,626.16 (488.21) 6,137.95 832.97 6,970.92
Deferred tax assets (net) (A - B) 12,769.44 (7,213.19) 5,556.24 1,266.70 6,822.94
Disclosed in Financial Statements:

Deferred Tax Assets 12,865.17 5,956.36 6,955.79
Deferred Tax Liability 95.73 400.12 132.85

Notes:
i) Reconciliation of deferred tax assets (net):
Opening balance 5,556.24 12,769.44
Tax (credit)/expense during the year recognised in statement of profit or loss 1,272.57 (6,777.99)
Tax (credit)/expense during the year recognised in OCI (5.87) (465.75)
Amount recognised directly in equity - 28.39
MAT credit entitlement - 2.15
Closing balance 6,822.94 5,556.24
(ii) The amount of deductible temporary differences on which no deferred tax assets are recognised amounted to:
31 March 2021 31 March 2020

Gross amount Unrecongnised Gross amount Unrecongnised
tax effect tax effect
Fair Valuation of investment in equity shares held as 1,609.48 184.12 1,592.75 159.91
FVTOCI
Other temporary differences 2,346.20 601.70 1,548.11 399.93
Unused capital tax losses 10,863.57 1,242.79 2,499.49 250.95
Unused business losses and unabsorbed depreciation 26,719.02 6,814.79 32,942.94 8,382.49
(iii) The Group carrying an amount of INR 10,844.42 lakhs (PY INR 8,590.06 lakhs) as deferred tax assets on carry
forward of unused tax losses, unused tax credits and unabsorbed depreciation as at 31 March 2021, majorly
pertaining to one subsidiary company. The management of the subsidiary company is confident of generating
sufficient taxable profits in the near future considering the the power purchase arrangement with the Uttar
Pradesh Power Corporation Limited, signed contracts for supply of ethanol with Oil Marketing Companies,
reduced finance costs due to expected repayment of term loans, future expansion plans like setting up of 16
MW Co-generation Power Plant and industry focused trade policies of the government, which will enable the
Group to utilise the deferred tax assets.
Note 19: Provisions (current and non-current)
Non Current Current

Provision for employee benefits
Provision for leave encashment 357.14 401.39 157.00 157.85
Gratuity (refer note 40) 414.14 375.65 232.27 199.62
771.28 777.04 389.27 357.47
Others provisions
Provision for litigations (refer note (i) below) 145.87 145.87 - -
Provision for warranty (refer note (ii) below) - - 1,331.92 1,339.27
145.87 145.87 1,331.92 1,339.27
917.15 922.91 1,721.19 1,696.74
Notes:
(i) Provision for litigations
Opening balance 145.87 145.87
Additions during the year - -
Reversal during the year - -
Closing balance 145.87 145.87
Provision for litigation relates to the estimated outflows in respect of possible liabilities expected to arise in future in connection
with ongoing litigations relating to indirect taxes. Due to nature of such litigation, it is not possible to estimate the timings/
uncertainities relating to further outflows as well as expense relating to such litigations.

(ii) Provision for warranty

Opening balance 1,339.27 2,408.80
Additions during the year 0.34 120.27
Amount used during the year 7.69 503.62
Unused amount reversed during the year - 686.18
Closing balance 1,331.92 1,339.27
In respect of a subsidiary of the Group engaged in the business of manufacturing and trading and sale of ready to assemble
furniture. Provisions for warranty related costs are recognized when the product is sold or service provided. Provision is based
on historical experience. The estimate of such warranty related costs is revised annually. The Subsidiary Company provides
warranty for products, undertaking to repair or replace the items that fail to perform satisfactorily during the warranty period.
Warranty provisions are made for expected future cash outflows which are expected to occur over the period of warranty
and computed on total sales made during the year based on past experience.
In case of another subsidiary company, it has assessed the year end provision for expected claims/expenditure on
construction contracts on the basis of the best estimate.
Note 20: Advance received against the asset classified as held for sale
Advance received against the asset classified as held for sale (Refer Note 11) 3,209.13 3,209.13
3,209.13 3,209.13
Note 21: Revenue from operations

31 March 2021 31 March 2020
Revenue from contracts with customers
Operating revenues
Sale of finished, traded and by products (including excise duty and cess) 70,237.75 52,708.62
Sale of power 3,111.86 3,627.43
Sale of services
Engineering supplies and other services 3,880.69 10,219.78
Revenue from sale of constructed properties and development management fees 2,830.86 7,101.56
Other operating revenue

Scrap sales 106.08 62.22
Rental income from Investment Properties 322.96 319.99
Sales commission on sale of plots/residential units (Other operating income) 37.45 152.80
Export subsidy 2,852.25 2,340.49
83,379.90 77,102.89
Note 22: Other income

31 March 2021 31 March 2020
Interest income on:
Bank deposits 696.62 224.15
Intercorporate loans 5,758.65 2,189.92
Loans, deposits, advances etc. 60.13 101.32
Income tax refunds 1,080.41 148.82


31 March 2021 31 March 2020
Dividend income from:
Investments mandatorily measured at fair value through profit or loss 16.03 159.68
Equity investments designated at fair value through other comprehensive income 2,010.29 3,763.44
Excess provisions written back (net) 290.53 339.68
Exchange fluctuations (net) 335.11 443.73
Gain from redemption from mutual funds 41.13 32.03
Income from fair valuation of mutual funds 269.08 582.15
Rent received 502.27 532.30
Management consulting fee 88.72 16.54
Profit on sale of investments (net) 11.99 -
Profit on sale of assets 1,137.71 24.55
Renewable energy certificate income 186.37 476.60
Government grants 1,044.77 2,395.76
Amortisation of deferred government grants 837.89 922.31
Deferred gain on NCRPS 13.93 11.92
Fair value gain on derivatives not designated as hedges 89.35 -
Miscellaneous income 403.01 107.34
14,873.99 12,472.24
Note 23: Cost of raw materials consumed

31 March 2021 31 March 2020
Opening stock 307.32 640.87
Purchases and procurement expenses 49,072.55 48,440.27
49,379.87 49,081.14
Less: Internal generated bagasse transferred to pre-operative expense (allocated) - 118.10
under power and fuel
Less: Closing stock (includes inventory of bagasse) 317.63 307.32
49,062.24 48,655.72
Note 24: Purchase of stock-in-trade

31 March 2021 31 March 2020
Furniture and sugar 133.13 516.88
133.13 516.88
Note 25: Project expenses
31 March 2021 31 March 2020
Project supplies 388.93 2,407.81
Architect fees 32.74 135.04
Consultancy fee 23.48 107.59
Sub-contracting fee 271.31 3,591.73
Legal and professional fees 16.00 265.56
Site office expenses 35.00 83.86
Project staff costs 448.76 282.59
Interest on borrowings 4,342.96 4,857.60
Project expenses 1,354.14 8,741.78
Provision for warranties (refer note 19) 0.34 120.27
7,926.60 21,647.24
Less: Warranty provision of earlier years reversed - (686.18)
7,926.60 20,961.06

Note 26: Change in inventories of finished goods, work-in-progress and stock-in-trade

31 March 2021 31 March 2020
Closing stock
Finished goods 35,919.63 45,844.27
Land and construction work-in-progress 81,653.72 75,337.97
Molasses 3,896.06 3,488.08
Pressmud 131.63 120.91
Scrap 338.85 288.10
1,21,982.87 1,25,957.94
Opening stock
Finished goods 45,844.27 44,756.15
Land and construction work-in-progress 75,337.97 64,354.62
Molasses 3,488.08 4,953.50
Pressmud 120.91 108.46
Scrap 288.10 235.50
1,25,957.94 1,15,008.15
Less: Degraded molasses consumption shown separately as exceptional item (1,201.64) -
(Increase) / decrease
Finished products 9,924.64 (1,088.12)
Land and construction work-in-progress (6,315.75) (10,983.35)
Work in progress 835.63 (278.69)
Molasses (407.98) 1,465.42
Pressmud (10.72) (12.45)
Scrap (50.75) (52.60)
Recovery of cost incurred towards project manged by holding company - (45.61)
2,773.43 (10,995.40)
Note 27: Employee benefits expense

31 March 2021 31 March 2020
Salaries, wages and bonus 6,537.78 7,479.31
Contribution to provident and other funds 491.88 552.03
Staff welfare expenses 97.56 86.08
7,127.22 8,117.42
Note 28: Finance costs

31 March 2021 31 March 2020
Interest on lease liabilities (refer note 42) 150.99 165.24
Financing component on advances from customers (preference Shares) 1,181.50 1,164.24
Other borrowing costs 331.29 516.62
Exchange difference on foreign currency term loan regarded as adjustment to - 540.97
borrowing costs
25,505.51 22,616.19
Less: Transfer to project expenses 5,298.17 5,569.80
Less: Amounts capitalised towards qualifying assets 43.03 1,013.07
20,164.31 16,033.32
Note:
Capitalisation of the Borrowing cost is not required to be suspended when substantial technical and administrative work is
carried out or when there is a temporary delay which is a necessary part of the process of getting an asset ready for sale.

The Management is of the view that the slow progress of various real estate projects are temporary in nature considering
the nature of the industry and the economic conditions prevailing across the industry. Accordingly, capitalisation (transfer to
inventory) of interest cost is not suspended during the year except for certain early stage projects in respect of which interest
cost is suspended with effect from March 2020 considering various developments.
Note 29: Depreciation and amortization expense
31 March 2021 31 March 2020
Depreciation on property, plant and equipment 2,708.32 2,332.56
Depreciation on right-of-use asset 186.80 174.57
Amortisation on intangible assets 35.91 46.29
Depreciation on investment property 29.74 30.03
2,960.77 2,583.45
Less: transferred to project expenses (35.51) (36.83)
2,925.26 2,546.62
Note 30: Other expenses
31 March 2021 31 March 2020
Consumption of stores and spares 830.84 593.47
Consumption of packing materials 592.46 615.79
Corporate Social responsibility 28.54 -
Service charges for export obligations - 157.15
Power, fuel and water 41.41 103.22
Outward freight and handling 2,413.25 956.76
Rent 397.12 648.57
Rates and taxes 151.52 452.68
Insurance 303.11 225.84
Repairs and maintenance
Building 110.22 93.80
Machinery 1,354.14 1,212.70
Others 174.84 311.89
Payment to auditors 97.78 125.27
Consultancy charges 982.95 476.53
Impairment of doubtful debts and advances 875.19 145.10
Loss on foreign exchange (net) 278.94 283.81
Commission on sales 229.98 375.38
Advertisement 141.26 178.03
Donation 10.09 3.42
Bad Debts written off 6.70 61.18
Communication 50.74 76.66
Maintenance and security 91.51 143.03
Fair value losses on derivatives not designated as hedges - 471.52
Management fee 78.14 107.33
Loss on sale of property, plant and equipment (net) - 6.98
Miscellaneous expenses 1,477.84 1,001.68
10,771.56 9,000.36
Note 31: Exceptional items

31 March 2021 31 March 2020
Expenses
Goodwill impairment (Refer Note i) 970.83 338.01
Degraded molasses Consumption (Refer Note ii) 1,201.64 -
2,172.47 338.01

i. The Group had recognised goodwill on acquisition of Investment service operation (‘ZIL’), attributable to the Cash
Generating Unit (‘CGU’) of business operations of investment service operation. The Group has assessed the fair
valuation of the said CGU and basis the review of current situation, the entire goodwill allocated to the CGU has been
impaired during the year and same has been disclosed as exceptional item above. In the previous year, goodwill from
furniture segment was impaired (Refer note 39 for disclosures related to goodwill).
ii. Exceptional item represent loss recognised in the statement of profit & loss, due to degradation in quality of molasses
pertaining to season 2017-18 and not considered fit for consumption by the management.
Note 32: Earnings per share (EPS)

Basic and Diluted EPS amounts are calculated by dividing the profit/(loss) for the year attributable to equity holders of the
Holding Company by the weighted average number of equity shares outstanding during the year.
The following reflects the income and share data used in the basic and diluted EPS computations:

31 March 2021 31 March 2020
Loss after taxation as per statement of Profit and Loss (INR in lakhs) (9,298.75) (36,694.81)
Weighted average number of shares used in computing earnings per share - Basic and 2,94,40,604 2,94,40,604
Diluted
Earnings per share – Basic and Diluted (in INR) (annualised) (31.58) (124.64)
Face value per share (in INR) 10.00 10.00
Note 33: Distributions made and proposed

31 March 2021 31 March 2020
Dividends on equity shares paid:
Equity dividends: INR 1 per equity share (31 March 2020: INR 1 per equity share) 588.81 296.65
Dividend distribution tax on above - 60.52
588.81 357.17
Proposed dividends on equity shares:
Proposed final equity dividends: 294.41 294.41
INR 1 per equity share (31 March 2020: INR 1 per equity share)
Tax on proposed equity dividend - 60.52
294.41 354.93
During the financial year 2020-21, the Board of Directors in its meeting held on 13th February, 2021 declared an interim
dividend of Rs. 1/- per equity share of face value of Rs 10/- each fully paid up of the Company (i.e. 10%). The Board of
Directors in its meeting held on 19th April, 2021 declared a second interim dividend of Rs. 1/- per equity share of face
value of Rs 10/- each fully paid up of the Company (i.e. 10%). The aforesaid interim dividends have since been paid to
shareholders. The Board has recommended the adoption of the aforesaid interim dividend of Rs. 2/- per equity share (i.e.
20%) as final dividend for financial year ended 31st March, 2021. The second Interim Dividend decalred by the Board is not
recognised as a liability as at 31st March 2021.
Note 34: Significant accounting judgements, estimates and assumptions

The preparation of financial statements in conformity with generally accepted accounting principles in India requires
management to make judgements, estimates and assumptions that affect the reported amount of revenue, expenses,
assets and liabilities and disclosure of contingent liabilities on the date of the financial statements and the results of
operations during the reporting year end. Although these estimates and associated assumptions are based upon historical
experiences and various other factors besides management’s best knowledge of current events and actions, actual results
could differ from these estimates. The estimates and underlying assumptions are reviewed on a periodic basis. Any revision
in the accounting estimates is recognised in the period in which the results are known/ materialise.
In the process of applying the company’s accounting policies, management has made the following judgements, estimates
and assumptions, which have the most significant effect on the amounts recognised in the financial statements:
i) Income Tax Balances and related contingencies
The Holding Company has significant litigations outstanding as at 31 March 2021 which includes income tax and
wealth tax. The eventual outcome of these tax proceedings is dependent on the outcome of future events and

unexpected adverse outcomes could significantly impact the Company’s reported profits and balance sheet position.
The amounts involved are material and the application of accounting principles as given under Ind AS 37, Provisions,
Contingent Liabilities and Contingent Assets, in order to determine the amount to be recorded as a liability or to be
disclosed as a contingent liability, in each case, is inherently subjective, and needs careful evaluation and judgement
to be applied by the management. Key judgments are also made by the management in estimating the amount of
liabilities, provisions and/or contingent liabilities related to aforementioned litigations
ii) Revenue recognition
Revenue recognition from real estate project requires significant judgments to be applied in determining the amount
of revenue is to be recognised, such as whether revenue to be booked over time or in time, whether the Group has
enforceable right to payment for performance completed to date or the customer controls the assets as it is created
etc. Significant judgements are also involved in estimating the amount of financing component from the total contract
value.
The Group recognizes revenue from enginerring, procurement and construction business using the percentage of
completion method. This requires forecasts to be made of total budgeted cost with the outcomes of underlying
construction and service contracts, which require assessments and judgements to be made on changes in work scopes,
claims (compensation, rebates etc.) and other payments to the extent they are probable and they are capable of
being reliably measured. For the purpose of making estimates for claims, the Group used the available contractual
and historical information.
iii) Inventory valuation of construction work in progress
The Group holds inventories stated at the lower of cost and net realisable value. Such inventories include land, work in
progress and completed units. Considering the nature of the activity and, in particular the scale of its developments
and the length of the development cycle, the Group has to allocate project-wide development costs between units
being built. It also has to forecast the costs to complete on such developments.
In making such assessments and allocations, there is a degree of inherent estimation uncertainty; in particular due to
the need to take account of future direct input costs, sales prices and the need to allocate project-wide costs on an
appropriate basis to reflect the overall level of development risk, including planning risk. The Group has established
internal controls designed to effectively assess and review inventory carrying values and ensure the appropriateness
of the estimates made. These assessments and allocations evolve over the life of the development in line with the risk
profile, and accordingly the margins reflects these evolving estimates. Similarly, these estimates impact the carrying
value of inventory at each reporting date as this is a function of costs incurred in the year and the allocation of
inventory to costs of sales on each property sold.
iv) Impairment of financial assets
At each balance sheet date, based on historical default rates observed over expected life, the management assesses
the expected credit loss on outstanding financial assets.
v) Recognition of deferred tax assets
Deferred tax assets are recognised for unused tax losses to the extent that it is probable that taxable profit will be
available against which the losses can be utilised. Significant management judgement is required to determine the
amount of deferred tax assets that can be recognised, based upon the likely timing and the level of future taxable
profits together with future tax planning strategies.
vi) Leases
The Group evaluates if an arrangement qualifies to be a lease as per the requirements of Ind AS 116 on Leases.
Identification of a lease requires significant judgment. The Group uses significant judgement in assessing the lease
term (including anticipated renewals) and the applicable discount rate. The Group determines the lease term as
the non-cancellable period of a lease, together with both periods covered by an option to extend the lease if the
Group is reasonably certain to exercise that option; and periods covered by an option to terminate the lease if
the Group is reasonably certain not to exercise that option. In assessing whether the Group is reasonably certain
to exercise an option to extend a lease, or not to exercise an option to terminate a lease, it considers all relevant
facts and circumstances that create an economic incentive for the Group to exercise the option to extend the
lease, or not to exercise the option to terminate the lease. The discount rate is generally based on the incremental

borrowing rate specific to the lease being evaluated or for a portfolio of leases with similar characteristics. The
Company reassess the option when significant events or changes in circumstances occur that are within the
control of the lessee.
vii) Inventories Valuation
The Group estimates the net realizable values of inventories, taking into account the most reliable evidence available
at each reporting date. The future realization of these inventories may be affected by future demand or other market-
driven changes that may reduce future selling prices.
viii) Useful life of property, plant and equipment
The management estimates the useful life and residual value of property, plant and equipment based on technical
evaluation. These assumptions are reviewed at each reporting date.
ix) Valuation of investment property
Investment property is stated at cost. However, as per Ind AS 40, there is a requirement to disclose fair value as at
the balance sheet date. The Group engaged independent valuation specialists to determine the fair value of its
investment property as at reporting date.
x) Impairment of non-financial assets
Impairment exists when the carrying value of an asset or cash generating unit exceeds its recoverable amount, which
is the higher of its fair value less costs of disposal and its value in use. The fair value less costs of disposal calculation is
based on available data from binding sales transactions, conducted at arm’s length, for similar assets or observable
market prices less incremental costs for disposing of the asset. The value in use calculation is based on a DCF model.
The cash flows are derived from the budget for the next five years and do not include restructuring activities that the
Group is not yet committed to or significant future investments that will enhance the asset’s performance of the CGU
being tested. The recoverable amount is sensitive to the discount rate used for the DCF model as well as the expected
future cash-inflows and the growth rate used for extrapolation purposes. These estimates are most relevant to goodwill
recognised by the Group.
xi) Defined benefit plans
The cost of the defined benefit gratuity plan and other post-employment medical benefits and the present value
of the gratuity obligation are determined using actuarial valuations. An actuarial valuation involves making various
assumptions that may differ from actual developments in the future. These include the determination of the discount
rate, future salary increases and mortality rates. Due to the complexities involved in the valuation and its long-term
nature, a defined benefit obligation is highly sensitive to changes in these assumptions. All assumptions are reviewed at
each reporting date.
xii) Fair value measurement of financial instruments
When the fair values of financial assets and financial liabilities recorded in the balance sheet cannot be measured
based on quoted prices in active markets, their fair value is measured using valuation techniques including the DCF
model. The inputs to these models are taken from observable markets where possible, but where this is not feasible,
a degree of judgement is required in establishing fair values. Judgements include considerations of inputs such as
liquidity risk, credit risk and volatility. Changes in assumptions about these factors could affect the reported fair value
of financial instruments.
xiii)
Warranty provisions
The Group generally offers 12 months to 24 months warranties for its EPC projects. Management estimates the related
provision for future warranty claims based on the historical warranty claims information, as well as recent data available
that might suggest that past cost my differ from future claims.
Note 35: Disclosure of Interest in subsidiaries, joint ventures and associates:

The Group’s subsidiaries, Joint ventures and associates at 31 March 2021 are set out below. Unless stated otherwise, they
have share capital consisting solely for equity shares that are held directly by the Group, and the proportion of ownership
interests held equal the voting rights held by the Group. The Country of incorporation or registration is also their principal
place of business.

Name of the Company Country of Proportion of ownership interest

incorporation / princi- (%)
pal place of business As at As at
31 March 2021 31 March 2020
1) Disclosure of Interest in Joint Ventures: (Also refer Note (i))
1 Zuari Indian Oiltanking Private Limited India 50.00% 50.00%

2 Soundaryaa IFPL Interiors Limited India 50.00% 50.00%
3 Forte Furniture Products India Private Limited India 50.00% 50.00%
2) Disclosure of interest in subsidiaries:
1 Indian Furniture Products Limited India 86.05% 86.05%

2 Simon India Limited (refer note (ii) below) India 100.00% 100.00%
3 Zuari Management Services Limited India 100.00% 100.00%
4 Zuari Infraworld India Limited (ZIIL) India 100.00% 100.00%
5 Zuari Investments Limited India 100.00% 100.00%
6 Zuari Sugar & Power Limited India 100.00% 100.00%
7 Zuari Finserv Limited India 100.00% 100.00%
8 Gobind Sugar Mills Limited India 65.14% 65.14%
9 Zuari Insurance Brokers Limited India 100.00% 100.00%
10 Zuari Commodity Trading Limited (merged with Zuari Finserv India 0.00% 0.00%
Limited w.e.f. 9 May 2019)
11 Zuari Infra Middle East Limited UAE 100.00% 100.00%
12 Zuari Infraworld SJM Elysium Properties LLC (formerly known UAE 100.00% 100.00%
as SJM Elysium Properties LLC)
3) Disclosure of interest in associates:
1 Zuari Agro Chemicals Limited (including subsidiaries and India 32.08% 32.08%
Joint Ventures) (refer note (iii) below)
2 New Eros Tradecom Limited India 45.05% 45.05%
3 Mangalore Chemicals & Fertilizers Limited India 0.26% -
4 Braj Bhumi Nirmaan Private Limited (including subsidiaries) India 25.00% 25.00%
(refer note (ii) below)
5 Pranati Niketan Private Limited India 25.00% 25.00%
6 Darshan Nirmaan Private Limited India 25.00% 25.00%
Notes
i) The subsidiary company had 49% interest in the assets, liabilities, expenses and output of the Simon Engineering &
Partners LLC, incorporated in Sultanate of Oman (JV Company), which is involved in Engineering, Construction and
Procurement Services. However, the subsidiary company’s interest in Simon Engineering & Partners LLC had been
reduced to 29% unilaterally in the year ended 31 December 2010. The Subsidiary Company is of opinion that they
did not have any control on the functioning of the JV Company, the change in shareholding pattern came to light
when the termination agreement was in discussion. Hence, JV Company has not been consolidated as required under
Ind AS 28- Investment in Joint Venture and Associate as specified under Section 133 of the Act and the Companies
(Indian Accounting Standards) Rules, 2015, as amended. However, the subsidiary company had created a provision for
diminution in the value of investment in the share capital of the JV company of INR 10.45 lakhs (31 March 2020: INR 10.45
lakhs) and provision against amount receivable of INR 22.76 lakhs (31 March 2020: INR 23.10 lakhs) from JV company
against the invoices raised by the subsidiary company in the financial statements.
ii) The Group holds more than 20% of the voting power of Lionel India Limited and Texmaco Infrastructure and Holdings
Limited. The management has been legally advised that they do not have ‘Significant Influence’ in the said entities,
as defined in Ind AS 28 ‘Investments in Associates and Joint Ventures’ and accordingly, have not considered the
above investees as related parties under Ind AS 24 “Related Party Disclosures” and also not consolidated the financial
statements of the said entities as Associates.

iii) The information relating to the subsidiaries of Braj Bhumi Nirmaan Private Limited are given below:
Name of the company Country of Incor- Proportion of Ownership Interest (%)

poration / Principal of Brajbhumi Nirmaan Private Limited
place of business As at As at
31 March 2021 31 March 2020
1 Rosewood Agencies Private Limited India 100.00% 100.00%
2 Neobeam Agents Private Limited India 100.00% 100.00%
3 Mayapur Commercial Private Limited India 100.00% 100.00%
4 Nexus Vintrade Private Limited India 100.00% 100.00%
5 Bahubali Tradecomm Private Limited India 100.00% 100.00%
6 Hopeful Sales Private Limited India 100.00% 100.00%
7 Divine Realdev Private Limited India 100.00% 100.00%
8 Kushal Infraproperty Private Limited India 100.00% 100.00%
9 Beatle Agencies Private Limited India 100.00% 100.00%
10 Suhana Properties Private Limited India 100.00% 100.00%
11 Saket Mansions Private Limited India 100.00% 100.00%
iv) The information relating to the subsidiaries and joint ventures of Zuari Agro Chemicals Limited
Name of the company Country of Proportion of Ownership Interest (%) of
Incorporation / Zuari Agro Chemicals Limited
Principal place of As at As at
business 31 March 2021 31 March 2020
Subsidiaries Companies
1 Managlore Chemicals and Fertilizers Limited India 54.03% 54.03%
2 Adventz Trading DMCC United Arab 100.00% 100.00%
Emirates
3 Zuari Farmhub Limited India 100.00% 100.00%
Joint ventures
Zuari Maroc Phosphates Private Limited (including its India 50.00% 50.00%
80.45% subsidiary-Paradeep Phosphates Limited (‘PPL’)
and Zuari Yoma Agri Solutions, an associate of PPL)
Note 36: Material partly owned subsidiaries

Financial information of subsidiaries that have material non-controlling interests is provided below :
Country of 31 March 2021 31 March 2020
incorporation and
operation
Proportion of equity interest held by non-controlling interests
1. Indian Furniture Products Limited (IFPL) India 13.95% 13.95%
2. Gobind Sugar Mills Limited (GSML) India 34.86% 34.86%
Information regarding non-controlling interests

31 March 2021 31 March 2020
Accumulated balances of material non-controlling interests
Indian Furniture Products Limited (IFPL) (1,307.45) (90.72)
Gobind Sugar Mills Limited (GSML)** (2,621.70) (3,089.98)
(3,929.15) (3,180.70)
Loss allocated to material non-controlling interests

Indian Furniture Products Limited (IFPL) (1,216.73) (289.61)
Gobind Sugar Mills Limited (GSML) 468.28 (2,586.36)
(748.45) (2,875.97)
The summarised financial information of these subsidiaries are provided below. This information is based on amounts before
inter company eliminations.

1. Indian Furnitures Product Limited

Summarised statement of profit and loss
31 March 2021 31 March 2020
Revenue 262.48 597.32
Other income 650.79 764.44
913.27 1,361.76
Cost of materials consumed (4.59) (13.37)
Purchases of stock in trade (107.67) (516.88)
Changes in inventories of finished goods, stock-in-trade and work in progress (210.97) (147.59)
Employee benefits expense (25.28) (52.82)
Finance costs (1,327.63) (1,140.24)
Depreciation and amortization expense (124.24) (129.90)
Other expenses (155.30) (1,438.63)
(1,955.68) (3,439.43)
Loss before share of profit/ (loss) of joint ventures and tax (1,042.41) (2,077.67)
Share of profit/(loss) of joint ventures - 0.38
Loss before tax (1,042.41) (2,077.29)
Income tax credit (0.29) 2.38
Loss for the year (1,042.70) (2,074.91)
Other comprehensive income 0.08 -
Total comprehensive income (1,042.62) (2,074.91)
Attributable to non-controlling interests before adjustment (145.45) (289.61)

Consolidation Adjustment (such as reversal of land revaluation) (1,071.28) -
Attributable to non-controlling interests (1,216.73) (289.61)
Summarised balance sheet
31 March 2021 31 March 2020

Non-current assets 3,959.22 12,815.59
Current assets 2,356.99 2,238.55
Non-current liabilities (10,947.72) (9,406.59)
Current liabilities (4,740.86) (6,297.86)
Total Equity (9,372.37) (650.31)
Attributable to
Equity holders of Holding Company (8,064.92) (559.59)
Non controlling interest (1,307.45) (90.72)
Summarised cash flow
Cash flow from operating activities (1.58) (23.88)

Cash flow from investing activities 572.81 305.09
Cash flow from financing activities (558.12) (355.28)
Net increase/ (decrease) in cash and cash equivalent 13.11 (74.07)

2. Gobind Sugar Mills Limited

31 March 2021 31 March 2020
Revenue 76,274.06 57,900.03
Other income 2,946.04 4,117.87
79,220.10 62,017.90
Cost of materials consumed (49,057.65) (48,642.35)
Changes in inventories of finished goods, stock-in-trade and work in progress (7,651.78) 2,451.92
Employee benefits expense (3,110.02) (2,677.80)
Finance costs (8,851.31) (8,426.98)
Depreciation and amortization expense (2,581.10) (2,122.57)
Other expenses (6,585.87) (6,106.46)
(77,837.73) (65,524.24)
Loss before exceptional items and tax 1,382.37 (3,506.34)
Exceptional item (1,201.64) -
Loss before tax 180.73 (3,506.34)
Income tax expense 1,144.89 (3,949.72)
Profit for the year 1,325.62 (7,456.06)
Other comprehensive income 17.67 37.08
Total comprehensive income 1,343.29 (7,418.98)
Attributable to non-controlling interests 468.28 (2,586.36)

31 March 2021 31 March 2020

Current assets 52,123.54 60,445.34
(8,021.14) (9,364.43)
Less: deemed equity share capital (7,821.00) (7,821.00)
Total equity (15,842.14) (17,185.43)
Attributable to
Equity holders of Holding Company (10,319.33) (11,194.34)
Non controlling interest (5,522.81) (5,991.09)
Summarised cash flow
Cash flow from operating activities 12,141.18 8,234.53

Cash flow from investing activities (2,007.38) (8,015.83)
Cash flow from financing activities (9,841.60) (239.41)
Net increase/ (decrease) in cash and cash equivalent 292.20 (20.71)
**Profit or loss and each component of other comprehensive income (OCI) are attributable to the equity holders of the
Holding Company and to the non-controlling interests, even if this results in the non-controlling interests having deficit
balance. However, using the exemption provided by Ind AS 101, the minority has been restricted to zero on the transition
date i.e. 01 April 2015 and in the absence of the contractual obligation on the minorities, the same has been accounted for
by the Holding Company.

Note 37: Investments accounted for using the equity method

Carrying Share of Share of Carrying Share of Share of
amount of profit/ OCI* amount of profit/(loss) OCI*
investment (loss) investment
Interest in joint venture (refer note 37A)
a) Zuari Indian Oiltanking Private Limited 1,827.64 (60.65) 0.62 1,887.67 126.38 -
b) Soundaryaa IFPL Interiors Limited 44.75 (2.98) - 47.73 0.35 -
c) Forte Furniture Products India Private Limited - (1,010.29) 7.90 - (1,297.07) 15.42
Interest in associates (refer note 38)
a) Zuari Agro Chemicals Limited* 6,293.84 (5,039.56) 388.55 10,944.85 (25,725.84) (352.47)
b) New Eros Tradecom Limited 1,477.78 (642.71) 401.53 1,718.96 12.55 (981.81)
c) Darshan Nirmaan Private Limited*** - - - - - -
d) Pranati Nirmaan Private Limited*** - - - - - -
e) Brajbhumi Nirmaan Private Limited 2,278.28 (7.54) - 2,285.82 (2.61) -
f) Mangalore Chemicals & Fertilizers Limited** 109.30 3.79 0.10 - - -
12,031.59 (6,759.94) 798.70 16,885.03 (26,886.24) (1,318.86)
*Share of OCI
A Items that will be reclassified to profit or loss 2.23 (0.93)
B Items that will not be reclassified to profit or loss 796.47 (1,317.93)
* Fair market value of Zuari Agro Chemicals Limited as on 31 March 2021 INR 12,262.87 lakhs (31 March 2020: INR 8,330.39
lakhs).
** Fair market value of Mangalore Chemicals & Fertilizers Limited as on 31 March 2021 INR 221.07 lakhs.
*** As per Para 38 of Ind AS 28 Investment in Associate and Joint Ventures:
If an entity’s share of losses of an associate or a joint venture equals or exceeds its interest in the associate or joint venture
(which includes any long term interest that, in substance, form part of the Group’s net investment in the associate or
joint venture), the entity discontinues recognising its share of further losses. Additional losses are recognised only to the
extent that the Group has incurred legal or constructive obligations or made payments on behalf of the associate or
joint venture. If the associate or joint venture subsequently reports profits, the entity resumes recognising its share of
those profits only after its share of the profits equals the share of losses not recognised.
Note 37A: Interest in joint venture

The Group’s interest in joint venture is accounted for using the equity method in the consolidated financial statements.
(i) Financial information of joint ventures is provided below:
Proportion of equity interest held in joint venture:
Name of the Company Country of Incorporation 31 March 2021 31 March 2020
and operation
a) Zuari Indian Oiltanking Private Limited India 50.00% 50.00%
b) Soundaryaa IFPL Interiors Limited India 50.00% 50.00%
c) Forte Furniture Products India Private Limited India 50.00% 50.00%
Summarised financial information of the joint ventures, based on its Ind AS financial statements and reconciliation with the
carrying amount of the investment in consolidated financial statements are set out below:
(A)
ZUARI INDIAN OILTANKING LIMITED
31 March 2021 31 March 2020
Equity 3,655.27 3,775.34
Carrying amount of the investment 1,827.64 1,887.67


31 March 2021 31 March 2020
Revenue 1,306.17 1,811.92
1,416.56 1,935.88
Finance costs (244.15) (240.70)
Other expenses (571.13) (798.46)
(1,444.93) (1,635.50)
Profit before exceptional items and tax (28.37) 300.38
Exceptional items - -
Profit before tax (28.37) 300.38
Income tax expense 7.07 (37.34)
Profit for the year (21.30) 263.04
Other comprehensive income 1.24 -
Total comprehensive income (20.06) 263.04
Group’s share of profit for the year before dividend distribution tax (‘DDT’) (10.65) 131.52
Less: Distribution of dividend during the year (50.00) -
Less: Adjustment of DDT (being proportionate share of Zuari Group) - 5.14
Group’s share of profit/(loss) for the year after DDT (60.65) 126.38
Group’s share of other comprehensive income for the year 0.62 -
(B) SOUNDARYAA IFPL INTERIORS LIMITED

31 March 2021 31 March 2020
Current assets 95.30 95.96
Non-current assets 2.24 16.20
Current liabilities (8.05) (16.70)
Non-current liabilities - -
Equity 89.49 95.46
Carrying amount of the investment 44.75 47.73

31 March 2021 31 March 2020
Revenue - -
2.73 4.33
Cost of materials consumed - -
Change in inventories of finished goods, stock in trade and work in progress - -
Direct operating expenses (0.25) (1.05)
Employee benefit expenses - -
Interest expense - -
Depreciation and amortization expenses (0.55) (0.36)
(4.46) (3.39)
Profit/(Loss) before exceptional items and tax (1.73) 0.94
Exceptional items - -
Profit/(loss) before tax (1.73) 0.94
Income tax (expense)/credit (4.23) (0.24)
Profit/(loss) for the year (5.96) 0.70
Other comprehensive income - -
Total comprehensive income (5.96) 0.70
Group’s share of profit/(loss) for the year (2.98) 0.35
(C) FORTE FURNITURE PRODUCTS INDIA PRIVATE LIMITED

31 March 2021 31 March 2020

Equity (1,445.06) (3,702.45)
Carrying amount of the investment (Refer Note below) (722.53) (1,851.22)

31 March 2021 31 March 2020
Revenue 4,224.38 6,603.36
4,250.62 6,691.40
Cost of raw materials and components consumed (1,970.12) (3,107.06)
Purchase of traded goods (629.39) (666.66)
Increasein inventories of finished goods, work-in-progress and traded goods 370.16 (111.80)
Excise duty on goods
Finance costs (817.68) (929.79)
Other expenses (1,573.82) (2,337.72)
(6,271.20) (9,285.54)
Loss before tax (2,020.58) (2,594.14)
Income tax (expense)/credit - -
Loss for the year (2,020.58) (2,594.14)
Other comprehensive income 15.79 30.83
Total comprehensive income (2,004.79) (2,563.31)
Group’s share of loss for the year (1,010.29) (1,297.07)
Group’s share of other comprehensive income for the year 7.90 15.42
Note
* Provision has been made for share in negative net worth amounting to INR 722.53 lakhs and included in financial liability
considering company’s plan to finance losses in future.
(ii) Contingent liabilities and commitment of joint ventures
31 March 2021 31 March 2020
Contingent liabilities not provided for (Group’s share): 34.98 114.43
Note 38: Interest in associates
The Group’s interest in associate is accounted for using the equity method in the consolidated financial statements.
(i) Financial information of associates is provided below:
Country of incorporation As at As at
and operation 31 March 2021 31 March 2020
Proportion of equity interest held in associates
a) Zuari Agro Chemicals Limited India 32.08% 32.08%
b) New Eros Tradecom Limited India 45.05% 45.05%
c) Darshan Nirmaan Private Limited India 25.00% 25.00%
d) Pranati Nirmaan Private Limited India 25.00% 25.00%
e) Brajbhumi Nirmaan Private Limited India 25.00% 25.00%
f) Mangalore Chemicals & Fertilizers Limited (Subsidiary of India 0.26% 0.00%
an associate)


Summarised financial information of the material associates, based on its Ind AS financial statements, and reconciliation with
the carrying amount of the investment in consolidated financial statements are set out below:
(A) ZUARI AGRO CHEMICALS LIMITED
31 March 2021 31 March 2020
Current assets 2,69,918.98 3,45,525.56
Non-current assets 2,67,268.97 3,10,724.51
Current liabilities (4,09,161.95) (5,21,308.70)
Non controlling interest (44,258.40) (41,422.68)
Equity 19,619.24 34,118.86

31 March 2021 31 March 2020
Revenue 2,40,374.49 3,04,205.31
Other income 6,245.14 4,279.22
2,46,619.63 3,08,484.53
Cost of materials consumed (1,11,017.28) (1,54,326.51)

Purchases of stock in trade (41,231.45) (29,395.44)
Changes in inventories of finished goods, stock-in-trade and work in progress (2,468.48) (28,297.49)
Finance costs (20,044.70) (27,816.49)
Depreciation and amortization expense (6,796.35) (6,779.13)
Other expenses (55,273.13) (69,160.46)
(2,46,640.52) (3,25,708.74)
Loss before share of profit of a joint venture and tax (20.89) (17,224.21)
Share of profit of joint ventures 8,673.85 8,218.25
Loss before tax 8,652.96 (9,005.96)
Income tax expense (3,846.21) (21,021.32)
Non Controlling Interest (3,084.82) (2,967.80)
Profit/(loss) for the year from continued operation 1,721.93 (32,995.08)
Profit/(loss) for the year from discontinued operation (17,431.31) (47,226.92)
Profit/(Loss) for the year (15,709.38) (80,222.00)
Other comprehensive income 1,233.08 (1,065.60)
Non Controlling Interest (23.33) (7.13)
Total comprehensive loss (14,499.63) (81,294.73)
Group’s share of loss for the year (5,039.56) (25,725.84)

Group’s share of other comprehensive income for the year 388.55 (352.47)
(B) NEW EROS TRADECOM LIMITED
31 March 2021 31 March 2020
Current assets 221.68 176.95
Current liabilities (6.77) (7.05)
Equity 3,283.96 1,914.52
Carrying amount of the investment 1,477.78 862.49

Goodwill - 661.40
Carrying amount of the investment before reversal of fair value 1,477.78 1,523.89
Less: fair valuation of shares of Holding Company reversed - 195.07

As at As at
31 March 2021 31 March 2020
Profit before tax 42.64 27.90
Income tax expense
Profit for the year 42.64 27.90
Other comprehensive income 1,326.80 (3,146.48)
Total comprehensive income 1,369.44 (3,118.58)
Group’s share of profit for the year 18.69 12.55

Goodwill (661.40) -
Goodwill share of profit for the year (642.71) 12.55
Group’s share of other comprehensive income for the year 597.06 (1,417.49)
Adjustment for fair valuation of shares of Holding Company reversed (195.53) 435.68
Net Group’s share of other comprehensive income for the year 401.53 (981.81)
(C) BRAJBHUMI NIRMAAN PRIVATE LIMITED
31 March 2021 31 March 2020
Current assets 19,400.72 18,085.28
Non-current assets 37.68 42.13
Non-current financial liabilities (3,200.00) (2,844.54)
Less: Deemed equity (421.54) (421.54)
Less: Minority Interest (2.25) (2.03)
Equity 2,825.87 2,855.73
Proportion of the Group’s ownership 705.93 713.93

Goodwill 1,590.01 1,599.01
Adjustments for unrealised profits (17.66) (27.12)
31 March 2021 31 March 2020

Revenue 32.48 9.00
32.73 9.31
Purchase of stock in trade (1,372.52) (1,287.42)
Change in inventories of finished goods, work in progress and stock in trade) 1,318.97 1,284.41
Finance Cost (0.26) (0.74)
(62.96) (16.69)
Loss before tax (30.23) (7.38)
Income tax (expense)/credit 0.15 0.35
Non Controlling Interest 0.22 0.20
Loss for the year (29.86) (6.83)
Other comprehensive income - -
Total comprehensive income (29.86) (6.83)
Group’s share of loss for the year (7.54) (2.61)


Note:
As per Ind AS 112 ‘Disclosure of Interests in Other Entities’, the Holding Company is required to disclose the summarised
financial information of associates which are material to the Holding Company. Accordingly, the Holding Company has
not shown the summarised financial information of Darshan Nirmaan Private Limited Pranati Nirmaan Private Limited and
Mangalore Chemicals and Fertilizers Ltd., as not considered material.
(ii) Contingent liabilities and commitment of associates*
31 March 2021 31 March 2020
Contingent liabilities not provided for (ZGL share):
Demand/claims from government authorities 7,123.31 8,531.62
Other claims against the company not acknowledge as debts 115.44 115.95
Aggregate amount of guarantees issued by the banks to various government authorities 208.01 508.37
and others**
Commitments
Estimated amount of contracts remaining to be executed on capital account (not 4,963.22 7,081.86
provided for)
Note 39: Goodwill

Amount
Gross carrying value
As at 1 April 2019 14,565.67
Additions -
Disposals -
Impairment (refer note 30) 338.01
As at 31 March 2020 14,227.66
As at 1 April 2020 14,227.66

Additions -
Disposals -
Impairment (refer note 30) 970.93
As at 31 March 2021 13,256.73
Impairment review
The Group tests goodwill for impairment annually. During the year ended 31 March 2021, the testing resulted in impairment
in the carrying amount of goodwill of Investment service operation.
The Carrying value of goodwill is attributable to the following CGUs:
As at 31 March 2021 As at 31 March 2020

Segments
Real estate operations 888.11 888.11
Sugar operations 12,368.62 12,368.62
Investment services operations - 970.93
13,256.73 14,227.66
Note 40: Employee benefits
Defined contribution plan
Contribution to defined contribution plans, recognised as expense for the year ended is as under:
31 March 2021 31 March 2020
Employer’s contribution to provident fund 439.63 470.70
Employer’s contribution to superannuation fund 0.61 16.89
Employer’s contribution to labour welfare fund 0.02 0.02
Employer’s contribution to contributory provident fund 2.13 3.14
Employer’s contribution to ESI 42.25 46.62
Employer’s contribution to national pension scheme 7.24 14.66
491.88 552.03


Provision for definded benefit plans are based on certain assumptions, however the actual results may vary in future.
Accordingly, these plans typically expose the company to following actuarial risks:
(i) Actual Salary increase
(ii) Actual Return on Investment
(iii) Change in Discount Rate in future
(iv) Actual Mortality & disability
(v) Actual Withdrawals
a)
Compensated absences
Amount recognised in the statement of profit and loss is as under:
Total service cost 203.80 128.96
Net actuarial (gain)/loss for the year (77.88) (109.34)
Expense recognized in the statement of profit and loss 159.83 68.21
Movement in the liability recognized in the balance sheet is as under:
31 March 2021 31 March 2020
Present value of defined benefit obligation at the beginning of the year 559.24 702.25
Acquisition Adjustment 10.84 (89.85)
Actuarial (gain) on obligation (77.88) (109.35)
Benefits paid (215.77) (121.37)
Present value of defined benefit obligation at the end of the year 514.14 559.24
b)
Gratuity
Funded Unfunded
- Gratuity plan- net liability (450.62) (415.87) (195.79) (159.40)

- Gratuity plan- net asset 5.17 7.87 - -
(445.45) (408.00) (195.79) (159.40)
The Group has a defined benefit gratuity plan. Every employee who has completed five years or more of service gets a
gratuity on departure at 15 days salary (last drawn salary) for each completed year of service.
In respect of the Holding Company and two of the subsidiary companies, scheme is funded with insurance companies in
the form of qualifying insurance policies.
Net employee benefit expense (recognized in employee cost) for the year ended 31 March 2021

Funded Unfunded
Current service cost 87.13 87.04 48.40 51.96
Net interest cost 27.93 31.69 10.85 9.70
115.06 118.73 59.25 61.66
Amount recognised in other comprehensive income for the year ended 31 March 2021

Funded Unfunded
Actuarial gain on obligations 34.66 54.07 14.06 4.14
Return on plan assets (excluding amounts included in 0.19 1.42 - -
net interest expense)
34.85 55.49 14.06 4.14

Changes in the present value of the defined benefit obligation for the year ended 31 March, 2021 are as follows:
Particulars 31 March 2021 31 March 2020 31 March 2021 31 March 2020
Funded Unfunded
Opening defined obligation 888.72 917.47 159.40 128.86
Current service cost 87.13 87.04 48.40 51.96
Interest cost 60.86 68.59 10.85 9.70
Re-measurement (or actuarial) (gain) / loss arising from: (34.66) (54.07) (14.06) (4.14)
Benefits paid (92.77) (105.37) (9.66) (26.98)
Acquisition adjustment 10.22 (24.94) 0.86 -
Defined benefit obligation 919.50 888.72 195.79 159.40
Changes in the fair value of plan assets are as follows:
31 March 2021 31 March 2020

Fair value of plan assets 480.72 491.47
Contribution by employer 52.98 30.40
Benefits paid (92.77) (105.37)
Acquisition adjustment - 25.90
Closing fair value of plan assets 474.05 480.72
Investment with insurer 474.05 480.72

The principal assumptions used in determining benefit obligation for the Company’s plans are shown below:
Discount rate (in %) 6.80% 6.85%
Salary escalation (in %) Generally, 8% for first 2 years Generally, 8% for first 2 years
and 6.5% thereafter and 6.5% thereafter
Mortality rate (% of IALM 12-14) 100% 100%
In case of Group Company, a quantitative sensitivity analysis for significant assumption as at 31 March 2021 is as shown
below:
Assumptions 31 March 2021 31 March 2021

Discount rate Future salary increases
Sensitivity level 0.5 % increase 0.5 % decrease 0.5 % increase 0.5 % decrease
In case of Group Company, a quantitative sensitivity analysis for significant assumption as at 31 March 2020 is as shown
below:
Assumptions 31 March 2020 31 March 2020

Discount rate Future salary increases
Sensitivity level 0.5 % increase 0.5 % decrease 0.5 % increase 0.5 % decrease
Maturity profile of defined benefit obligation
Expected cash value over the next 10 years

Within the next 12 months (next annual reporting period) 222.20 208.78
Between 2 and 5 years 381.50 381.25
Beyond 5 years 511.60 458.12
c)
Provident Fund
The Holding Company contributes its share in an approved provident fund trust viz. Zuari Industries Limited Employees
Provident Fund. The Company is liable for shortfall, if any, in the fund assets based on the government specified minimum
rate of return. It has been confimred by the PF Trust that there is no shortfall as at 31st March, 2021.

Note 41: Segment information

Identification of segment
The identified reportable segments for the year under review are engineering services, furniture, real estate, investment
services, sugar, power, ethanol and management services. Engineering services segment includes technology, basic
engineering, detailed engineering, project management, procurement and construction services in the engineering and
contracting sector. Furniture segment includes manufacturing, sale and trading of furniture products. Real estate segment
includes development of real estates. Investment services includes capital market related services. Sugar division includes
extraction of Sugar from Sugar Cane. Power division includes co-generation of power using by product of sugar division i.e.
bagassee. Ethanol division includes manufacturing of ethanol using Molasses. Managemnt services include management
consultancy, manpower outsourcing and related services.
2020-21 Engineering Furniture Real estate Sugar Power Investment Ethanol Management Unallocated Total
services Plant Services
A. Segment revenue:
External sales/ 789.48 262.48 3,191.27 74,987.57 6,757.47 1,291.05 1,912.10 -
income 11,318.55 1,00,509.97
Inter-segment sales/ - (54.77) - (3,645.61) (32.50) (250.33) (79.44) -
income (13,067.42) (17,130.07)
789.48 207.71 3,191.27 61,920.15 3,111.86 1,258.55 11,068.22 1,832.66 - 83,379.90
B. Segment results
Segment results (1,795.48) 107.71 19.00 4,130.38 1,766.91 50.02 869.51 15.69 - 5,163.74
Less: Share of profit of - - - - - - - - (6,759.94) (6,759.94)
associates and joint
ventures
Less: Finance costs - - - - - - - - (20,164.31)
(20,164.31)
Add: Unallocated - - - - - - - - 12,370.71 12,370.71
income net off
unallocated
expenses
Less: Exceptional - - - - - - - - (2,172.47) (2,172.47)
Items
Add: Tax expenses - - - - - - - - 1,508.90 1,508.90
Profit after tax as per
statememt of profit (10,053.37)
and loss
C. Other information:
Segment assets 4,269.00 3,934.13 1,09,260.40 78,953.64 18,630.66 4,522.08 22,054.60 354.83 2,57,412.03 4,99,391.37
Segment liabilities 4,234.49 2,327.58 25,388.38 42,468.49 - 1,642.90 - 118.88 2,22,637.34 2,98,818.06
Non controlling - - - - - - - (3,929.15) (3,929.15)
interests
Capital expenditure (119.06) - (133.46) 1,512.38 291.98 9.46 - 1.08 - 1,562.38
(cash outflow)
Depreciation and 54.15 124.24 157.27 1,308.78 680.53 41.95 591.87 1.98 - 2,960.77
amortization
D. Disagreggation
of revenue from
contracts with
customers
Operating revenue
Sale of finished, - 207.71 - 61,814.07 - - - - 73,090.00
traded and by 11,068.22
products (including
excise duty and cess)
Sale of power - - - - 3,111.86 - - - - 3,111.86
Sale of services
Engineering supplies 789.48 - - - - 1,258.55 - 1,832.66 - 3,880.69
and other services
Revenue from sale - - 2,830.86 - - - - - - 2,830.86
of land, constructed
properties and
development
management fees

2020-21 Engineering Furniture Real estate Sugar Power Investment Ethanol Management Unallocated Total
services Plant Services
Other operating
revenue:
Scrap sales - - - 106.08 - - - - - 106.08
Rental income from - - 322.96 - - - - - - 322.96
Investment Properties
Sales commission - - 37.45 - - - - - - 37.45
on sale of plots/
residential units
83,379.90
Timing of recognition
At a point in time - 207.71 3,191.27 61,920.15 3,111.86 1,258.55 1,832.66 - 82,590.42
11,068.22
Over time 789.48 - - - - - - - - 789.48
83,379.90
The group mainly caters to domestic market. The export turnover is not significant. Hence, geographical disclosures have
not been provided.
There is no single external cutomer contributing more than 10% of the Group revenue during the year.
2019-20 Engineering Furniture Real Sugar Power Investment Ethanol Management Unallocated Total
estate services Plant Services
A. Segment revenue:
External sales/ 6,992.50 597.32 8,144.35 59,285.65 7,128.51 1,411.51 2,413.89 1,868.86 - 87,842.59
income
Inter-segment sales/ - (24.66) - (7,024.97) (3,501.08) (29.56) (135.89) (23.54) -
income (10,739.70)
Segment revenue 6,992.50 572.66 8,144.35 52,260.68 3,627.43 1,381.95 2,278.00 1,845.32 - 77,102.89
B. Segment results
Segment results (1,962.33) 194.29 881.52 98.39 1,246.55 356.63 (520.87) (6.15) - 288.03
Less: Share of loss of - - - - - - - - (26,886.24) (26,886.24)
associates and joint
ventures
Less: Finance costs - - - - - - - - (16,033.32) (16,033.32)
Add: Unallocated - - - - - - - - 10,484.44 10,484.44
income net off
unallocated expenses
Less: Exceptional Item - - - - - - - - (338.01) (338.01)
Add: Tax credit - - - - - - - - (7,098.61) (7,098.61)
Profit after tax as per (39,583.71)
statememt of profit
and loss
C. Other information:
Segment assets 7,499.16 3,972.53 97,572.42 90,979.14 20,425.14 5,470.03 17,795.24 334.31 1,50,050.59 3,94,098.56
Segment liabilities 7,108.03 2,388.34 20,055.81 54,140.01 - 2,448.17 - 367.34 1,94,088.22 2,80,595.92
Non controlling - - - - - - - - (3,180.70) (3,180.70)
interests
Capital expenditure 183.94 - 861.13 6,927.11 680.99 483.20 189.26 0.83 - 9,326.46
(cash outflow)
Depreciation and 71.37 129.90 155.70 1,252.36 680.99 102.37 189.26 1.50 - 2,583.45
amortization
D. Disaggregation
of revenue from
contracts with
customers
Operating revenue
Sale of finished, - 572.66 - 52,198.46 - - 2,278.00 - - 55,049.12
traded and by
products (including
excise duty and cess)
Sale of power - - - - 3,627.43 - - - - 3,627.43

2019-20 Engineering Furniture Real Sugar Power Investment Ethanol Management Unallocated Total
estate services Plant Services
Sale of services - -
Engineering supplies 6,992.50 - - - - 1,381.95 - 1,845.32 - 10,219.77
and other services
Revenue from sale - - 7,705.61 - - - - - - 7,705.61
of constructed
properties and
development
management fees
Other operating - -
revenue:
Scrap sales - - 62.22 - - - - - 62.22
Rental income from - - 319.99 - - - - - - 319.99
Investment Properties
Sales commission - - 118.75 - - - - - - 118.75
on sale of plots/
residential units
77,102.89
Timing of recognition
At a point in time 294.78 572.66 8,144.35 52,260.68 3,627.43 1,381.95 2,278.00 1,845.32 - 70,405.17
Over time 6,697.72 - - - - - - - - 6,697.72
77,102.89
There is no single external cutomer contributing more than 10% of the Group revenue during the year.
Note 42: Leases
Where the Group is a lessee
The Group has several building in the form of sugar godown, registered office, Corporate office:
Lease term is: (In Years)
Sugar godowns 3
Registered office 9
Corporate offices of the Group 2 to 9
i. Right-of-use assets
Amount
Recognised as at 1 April 2019 328.51
Addition 1,041.58
Closing balance as at 31 March 2020 1,195.52
Addition -
Deletion (275.74)
Closing balance as at 31 March 2021 732.98
ii. Net investment in sublease is as follows:
Amount
Interest income accrued during the year 29.23
Lease receipts (42.94)
Change in opening balance due to change in terms 17.26
Interest income accrued during the year 29.33
Lease receipts (50.47)

iii. Lease liabilties

Current Non Current
Addition 1,041.59
Payments (287.44)
Closing Balance as on 31 March 2020 223.27 1,366.36 1,589.63
Addition -
Deletion (293.74)
Payments (335.57)
Closing Balance as on 31 March 2021 180.75 930.25 1,111.00
Note:
a. Refer note 47 for maturity analysis of lease liabilties
b. The effective interest rate for lease liabilities is 12%, with maturity between 2021-2028
iv. Amount recognised in the statement of profit and Loss
Note No 31 March 2021 31 March 2020
Depreciation 29 186.80 174.57
Interest on lease liabilties 28 150.68 165.24
Net impact on statement of profit and loss 337.48 339.81
Where the Group is a lessor
The Company has entered into operating leases on its investment properties in Goa consisting of land and building (refer
note 4). The leases do not transfer substantially all the risks and rewards incidental to ownership of the assets hence the same
are being classified as operating leases.
Further, a subsidiary has also leased out its land and building alongwith plant & machinery under operating lease.
Rental income recognised during the year is INR 817.21 lakhs (31 March 2020: INR 814.24 lakhs).”
Undiscounted lease payments to be received under operating lease as at 31 March 2021 are as follows:
31 March 2021 31 March 2020

Within one year 770.08 774.06
After one year but not more than five years 1,003.50 1,483.09
More than five years 3527.83 3,787.37
Note 43A: Contingent liabilities:
As at As at
31 March 2021 31 March 2020
I. Demands / claims by various government authorities and others not acknowledged
as debts and contested by the Company
(A) Excise duty and service tax 122.01 130.93
(B) Sales tax 327.77 327.77
(C) Income tax and wealth tax 4,720.58 5,008.31
(D) Labour Disputes 31.15 -
5,201.51 5,467.01
II. Other claims against the Group not acknowledged as debts 43.10 43.10
III. Dividend liability on non-convertible redeemable cumulative preference shares 536.63 439.31
Notes:
a) Further, the Group has certain litigations involving employees, for which a sufficiently reliable estimate of the amount of
the obligation cannot be made. Based on management assessment and in-house legal team advice, the management
believes that the Group has reasonable chances of succeeding before the courts/appellate authorities and does not
foresee any material liability. Pending the final decision on the matters, no further provisions has been made in financial
statements.

b) One of the subsidiary company, has sold molasses to certain parties without charging sales tax on the basis of stay
order by Hon’ble Supreme Court. In case the order is decided against the parties by the Hon’ble Supreme Court,
the subsidiary company would be liable to collect and pay VAT/Sales tax to the department along with interest and
penalty. Amount involved is considered indeterminate by the subsidiary company.
c) The Hon’ble Supreme Court (SC) has, vide its decision dated 28 February 2019 (‘SC decision’), ruled that various
allowances like conveyance allowance, special allowance, education allowance, medical allowance etc.,
paid uniformly and universally by an employer to its employees would form part of basic wages for computing
the provident fund (‘PF’ or ‘the fund’) contribution and thereby, has laid down principles to exclude (or
include) a particular allowance or payments from ‘basic wage’ for the purpose of computing PF contribution.
Consequent to the above SC decision, the management implemented necessary changes to comply with the
judgement prospectively. While the above SC decision is applicable retrospectively, there is uncertainty with respect to
the manner in which it needs to be applied for the earlier period. Accordingly, no provision has been recognized in the
consolidated financial statements in respect of period prior to the judgement.”
d) The Micro and Small Enterprises (“MSE”) have a right to waive/forgo/surrender their statutory rights of interest on delayed
payment contractually in order to abide the terms of the contracts in the larger interest of their own business. In line with
accepted trade practices, on eof the subsidiary company enters into contracts with MSEs with credit period in excess
of the period specified under MSME Act. The subsidiary company has not accrued the interest on the payments due to
above interpretations, in the financial statements for the year ended 31 March 2021.
Note 43B: Capital and other commitments
Capital commitments contracted at the end of the reporting period but not recognised as liabilties is as follows:-
As at As at
31 March 2021 31 March 2020
Property, plant and equipment 93.78 219.38
Project construction and development 30,010.60 32,665.55
30,104.38 32,884.93
Note 44 Fair values measurements
Financial instruments by category
FVTPL FVTOCI Amortised cost FVTPL FVTOCI Amortised cost
Financial assets
Investments
Quoted equity shares* - 1,76,415.18 - - 85,480.50 -
Un-quoted equity shares - 120.63 - - 120.63 -
Redeemable non-cumulative optionally 667.00 - - 672.00 - -
convertible preference shares
Redeemable non-cumulative non- 616.00 - - 616.00 - -
Mutual funds 5,987.07 - - 9,461.17 - -
Government Securities - - 1.50 - - 1.00
Trade receivable - - 9,112.37 - - 10,689.13
Cash and cash equivalents - - 2,551.77 - - 3,037.88
Other bank balances - - 12,315.26 - - 6,694.33
Loans - - 55,305.07 - - 30,143.85
Others financial assets - - 10,934.10 - - 9,254.26
Total financial assets 7,270.07 1,76,535.81 90,220.07 10,749.17 85,601.13 59,820.45
Borrowings (including current maturities of - - 2,24,902.01 - - 1,95,182.66
long term borrowings)
Trade payables - - 37,100.40 - - 48,726.14
Other financial liability - - 3,990.42 - - 4,863.72
Lease liabilties - - 1,111.00 - - 1,589.63
Derivative Instruments 519.22 665.22
Total financial Liabilties 519.22 - 2,67,103.83 665.22 - 2,50,362.15
*The equity securities for which the Group has made an irrevocable election at initial recognition to recognize changes in
fair value through OCI rather than profit and loss are investments which are not held for trading purposes.

Note 45 Fair values measurements

The following table provides the fair value measurement hierarchy of the Group’s assets and liabilities.
active markets observable inputs unobservable inputs
As at 31 March 2021:
Assets measured at fair value:
A. FVOCI financial Instruments
Quoted equity shares 1,76,415.18 1,76,415.18 - -
B. FVPL financial Instruments Investment
Redeemable non-cumulative optionally 667.00 - - 667.00
Redeemable non-cumulative non- 616.00 - 616.00 -
Investment in quoted mutual funds 5,987.07 5,987.07 - -
1,83,805.88 1,82,402.25 616.00 787.63
Derivative Instruments (Liabilities) 519.22 519.22
There have been no transfers between Level 1 and Level 2 during the period.

active markets observable inputs unobservable inputs
As at 31 March 2020
Assets measured at fair value:
A. FVOCI financial Instruments
Quoted equity shares 85,480.50 85,480.50 - -
B. FVPL financial Instruments Investment
Redeemable non-cumulative optionally 672.00 - - 672.00
Redeemable non-cumulative non- 616.00 - 616.00 -
Quoted mutual funds 9,461.17 9,461.17 - -
96,350.30 94,941.67 616.00 792.63
Derivative Instruments (Liabilities) 665.22 665.22
There have been no transfers between level 1 and level 2 during the year period.
i) Valuation techniques used to determine fair value
Specific valuation techniques used to value financial instruments include -
a) The fair values of the quoted equity shares are based on price quotations at the reporting date.
b) The fair value of Mutual Funds is determined using the NAV at the balance sheet date.
c) The fair values of the unquoted equity shares have been estimated using a DCF model. The valuation requires
management to make certain assumptions about the model inputs, including forecast cash flows, discount rate, credit
risk and volatility. The probabilities of the various estimates within the range can be reasonably assessed and are used in
management’s estimate of fair value for these unquoted equity investments and preference shares.
d) The fair value of unquoted preference shares is estimated by discounting future cash flows using rates currently available
for debt on similar terms, credit risk and remaining maturities. The valuation requires management to use unobservable
inputs in the model, of which the significant unobservable inputs are disclosed in the tables below. Management
regularly assesses a range of reasonably possible alternatives for those significant unobservable inputs and determines
their impact on the total fair value.

(ii) The following table presents the changes in level 3 items for the period ended 31 March 2021 and 31 March 2020
Redeemable Investment Total

non-cumulative in Unquoted
optionally convertible equity shares
preference shares
As at 1 April 2019 301.63 126.20 427.83
Gain recognised in statement of profit and loss 370.37 - 370.37
Gain recognised in other comprehensive income - -5.57 (5.57)
As at 31 March 2020 672.00 120.63 792.63
Loss recognised in statement of profit and loss (5.00) - (5.00)
Loss recognised in other comprehensive income - - -
As at 31 March 2021 667.00 120.63 787.63
(iii) Financial instruments measured at amortised cost
The management assessed that carrying value of financial assets and financial liabilities, carried at amortized cost, are
approximately equal to their fair values at respective balance sheet dates and do not significantly vary from the respective
amounts in the balance sheets.
Note 46: Related party disclosures

A. A list of related parties as identified by the management is as under:
i) Joint ventures of the Company:
1. Zuari Indian Olitanking Private Limited, a Joint venture of Zuari Global Limited
2. Forte Furniture Products India Private Limited, a Joint venture of Zuari Global Limited
3. Soundaryaa IFPL Interiors Limited, a Joint venture of Indian Furniture Products Limited
4. Simon Engineering and Partners LLC, a Joint venture of Simon India Limited [refer note 35(3)(ii)]
5. Green Tree Property Management Co. LLC. U.A.E.
ii) Associates of the Company:
1. New EROS Tradecom Limited, an associate of Zuari Investments Limited
2. Zuari Agro Chemicals Limited, an associate of Zuari Global Limited
3. Mangalore Chemicals and Fertilisers Limited, a subsidiary of Zuari Agro Chemicals Limited
4. Zuari Farmhub Limited, a subsidiary of Zuari Agro Chemicals Limited
5. Adventz Trading DMCC, a subsidiary of Zuari Agro Chemicals Limited
6. Zuari Maroc Phosphates Private Limited, a joint venture of Zuari Agro Chemicals Limited
7. Paradeep Phosphates Limited, a subsidiary of Zuari Maroc Phosphates Private Limited
8. Brajbhumi Nirmaan Private Limited, an associate of Zuari Infraworld India Limited
iii) Enterprises having significant influence, with whom there are transactions during the year:
1. Globalware Trading and Holdings Limited, exercing significant influence over Zuari Global Limited
iv) Key Management Personnel
1. Mr. S. K. Poddar, Chairman
2. Mr. R S Raghavan, Managing Director
3. Mr. N Suresh Krishnan, Managing Director (till 14 February 2020)
4. Mrs. Jyotsna Poddar, Executive director
5. Mr. Marco Wadia - Independent and Non-Executive Director
6. Mrs. Manju Gupta - Independent and Non-Executive director
7. Mr. Krishan Kumar Gupta - Independent and Non-Executive director (till 30 July 2019)
8. Mr. Jayant N Godbole-Independent and Non-Executive director (till 29 September 2019)
9. Mr. Vijay Vyankatesh Paranjape -Independent And Non-Executive Director
10. Mr. Dipankar Chatterji-Independent And Non-Executive Director

v) Relative of Key Management Personnel

1. Mrs. Rekha Krishnan - wife of Mr. N. Suresh Krishnan.
2. Mr. Akshay Poddar - son of Mr. S. K. Poddar
vi) Funds for Post-employment benefit plan
1. Zuari Industries Limited Employees Provident Fund
2. Zuari Industries Limited Sr. Staff Superannuation Fund
3. Zuari Industries Limited Non Management Employees Pension Fund
4. Zuari Industries Limited Gratuity Fund
5. Simon India Ltd. Staff Superannuation Fund
6. Simon India Ltd Gratuity Fund


192
B.
Related party transactions
Following transactions were carried out with related parties in the ordinary course of business for the year ended 31 March 2021:
S. Transaction details For the year ended March 2021 For the year ended March 2020
No
Joint Associates Enterprises Key Enterprises Relatives Joint Associates Enterprises Key Enterprises Relatives
Ventures having Management where the of KMP Ventures having Management where the of KMP
Significant Personnel Company Significant Personnel Company

Influence is having Influence is having
significant significant
influence influence
1 Inter-Corporate deposits/
Loans/Advances/Deposits
given:
– Zuari Agro Chemicals - 12,000.00 - - - - - 27,350.00 - - - -
Limited
– Forte Furniture Products 710.00 - - - - - 200.00 - - - - -
India Private Limited
taken:
– Globalware Trading and - - 492.73 - - - - - 737.48 - - -
Holdings Limited
– Mr. Akshay Poddar - - - - - 1,163.39 - - - - - 968.20
– Adventz Trading DMCC - - - - - - - 105.02 - - - -
– New Eros Tradecom - - - - - - - 125.00 - - - -
Limited
repaid:
– Adventz Trading DMCC - 64.79 - - - - - 40.22 - - - -
4 Managerial remuneration#
– Mr. R S Raghavan - - - 192.00 - - - - - 12.14 - -
– Mr. N Suresh Krishnan - - - - - - - - - 144.91 - -
– Mrs. Jyotsna Poddar - - - 68.35 - - - - - 68.35 - -
‘#Entirely in the nature
of short term employee
benefits and does not
include provision for
compensated absence/
gratuity individual figures
cannot be determined.
5 Dividend received
– Zuari Indian Oiltanking 50.00 - - - - - 25.00 - - - - -
Private Limited
6 Lease rentals received
No
influence influence
Private Limited
– Zuari Agro Chemicals - 100.51 - - - - - 91.33 - - - -
Limited
7 Sitting fees paid

– Mr. S. K. Poddar - - - 2.65 - - - - - 3.75 - -
– Mr. Marco Wadia - - - 13.90 - - - - - 11.80 - -
– Mr. Krishan Kumar Gupta - - - - - - - - - 1.85 - -
– Mr. Jayant N Godbole - - - - - - - - - 2.05 - -
– Mr. Dipanker Chartterji - - - 5.10 - - - - - 2.60 - -
– Mr. Vijay V Paranjape - - - 9.25 - - - - - 4.15 - -
– Mrs Manju Gupta - - - 4.20 - - - - - - - -
8 Management fees /
service charges received
Private Limited
STATUTORY REPORTS

– Zuari Agro Chemicals - 111.25 - - - - - - - - - -
Limited
9 Dividends paid
Holdings Limited
– New Eros Tradecom - 23.94 - - - - - 11.97 - - - -
Limited
– Mr. S. K. Poddar - - - 5.46 - - - - - 2.73 - -
– Mr. Akshay Poddar - - - - - 4.76 - - - - - 2.38
– Mrs. Jyotsna Poddar - - - 1.44 - - - - - 0.72 - -
10 Investment in equity shares
– Forte Furniture Products 2,131.08 - - - - - 391.86 - - - - -
– Mangalore Chemicals & - 105.41 - - - - - - - - - -

Fertilizers Limited
11 Interest expense
193
– Mr. Akshay Poddar - - - - - 125.14 - - - - - 93.88
194
No

influence influence
Holdings Limited
Limited
12 Payment of amount
received on account of
amount deposited under
litigation
– Zuari Agro Chemicals - 1,186.19 - - - - - - - - - -
Limited
13 Purchase of property, plant
and equipments
– Forte Furniture Products - - - - - - 2.09 - - - - -
14 ICDs given repaid
15 Payment received on their
behalf
16 Sale of goods to
Limited
17 Purchase of goods from
18 Interest income on ICDs
Limited
19 Depository Income
No
influence influence
Limited
20 Lease rental received from

21 Director Deposit
Limited
22 Transactions with funds for
post employment benefit
trust
– Zuari Industries Limited - - - - 42.71 - - - - - 86.21 -
– Zuari Industries Limited Sr. - - - - - - - - - - 14.02 -
Staff Superannuation Fund
Non Management
STATUTORY REPORTS

– Simon India Ltd Gratuity - - - - - - - - - - 25.92 -
Fund
– Simon India Ltd. Staff - - - - 0.61 - - - - - 2.87 -
Superannuation Fund
23 Manpower Services
Limited
– Mangalore Chemicals - 122.04 - - - - - 124.41 - - - -
and Fertilizers Limited
– Paradeep Phosphates - 446.05 - - - - - 415.88 - - - -
Limited

195
196
Related party balances as at 31 March 2021:

S. Transaction details For the year ended March 2021
No

influence influence
1 Loan given
– Forte Furniture Products - - - - - - 1,050.00 - - - - -
Limited
2 Trade payables
– Zuari Agro Chemicals - - - - - - - 0.51 - - - -
Limited
– Managalore Chemicals - 0.43 - - - - - - - - - -
& Fertilizers Limited
3 Advances from customers
Limited
4 Trade receivables
– Brajbhumi Nirmaan - 404.02 - - - - - 404.02 - - - -
Private Limited
– Simon Engineering and 22.76 - - - - - 23.10 - - - - -
Partners, LLC
– Soundaryaa IFPL Interiors - - - - - - 4.00 - - - - -
Limited
Limited
– Forte Furniture Products 570.77 - - - - - - - - - - -
– Paradeep Phosphates - 43.50 - - - - - - - - - -
Limited
5 Impairment allowance of
doubtful debts
– Simon Engineering and 22.76 - - - - - 23.10 - - - - -
Partners, LLC

No
influence influence
6 Advances or deposits
recoverable/debtors
Private Limited

Limited
– Zuari Maroc Phosphates - - - - - - - 0.89 - - - -
Private Limited
7 Other recoverable
– Brajbhumi Nirmaan - 157.33 - - - - - 157.33 - - - -
Private Limited
– Adventz Trading DMCC - 15.68 - - - - - 37.85 - - - -
8 Interest receivable on
ICD/Loan
– Zuari Agro Chemicals 788.42
STATUTORY REPORTS
Limited
9 Advance against sale of
land
– Zuari Farmhub Limited 3,209.13
– Zuari Agro Chemicals - - - - - - 3,209.13 - - - -
Limited
10 Advance against
purchase of land
Green Tree Property 4,180.05 - - - - - 4,326.00 - - - - -
Management Co. LLC.
U.A.E.
11 Advances against
income tax under
litigations
– Zuari Agro Chemicals - 522.16 - - - - - 1,708.35 - - - -

Limited
12 Deposit of provident fund
197
198

No

influence influence
Employees Provident
Fund
13 Deposit of non-
management employees
pension fund
Non Management
14 Interest payable on loans
– Globalware Trading and - - - - - - - - 122.86 - - -
Holdings Limited
– Mr. Akshay Poddar - - - - - - - - - - - 127.78
Limited
15 Loans taken
Holdings Limited
– Mr. Akshay Poddar - - - - - 2,964.67 - - - - - 1,801.28
Limited
16 Other payables
17 7% NCPRS issued to
Limited
18 Other receivable
Note 47: Financial risk management objectives and policies

The Group is exposed to market risk, credit risk and liquidity risk. The Group’s senior management oversees the management
of these risks. The Board of Directors reviews and agrees policies for managing each of these risks, which are summarised
below.

Market risk
Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in
market prices. Market risk comprises three types of risk: interest rate risk, currency risk and other price risk, such as equity price
risk.
(a)
Interest rate risk
Interest rate risk is the risk that the future cash flows of a financial instrument will fluctuate because of changes in market
interest rates. Such borrowings are based on fixed as well as floating interest rate. Interest rate risk is determined by
current market interest rates, projected debt servicing capability and view on future interest rate. The group mitigates
this risk by regularly assessing the market scenario and finding appropriate financial instruments.

Interest rate sensitivity
Increase/ Effect on prof-

decrease in it before tax
basis points
31 March 2021 INR lakhs
INR Borrowings +50 (295.55)
INR Borrowings -50 295.55
31 March 2020
INR Borrowings +50 (305.00)
INR Borrowings -50 305.00

(b)
Foreign currency risk
Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes
in foreign exchange rates.

Foreign currency sensitivity
USD Net Exposure Change in Effect on profit before
USD rate tax/ pre-tax equity
INR lakhs
31 March 2021 +5% (9,446.80) (472.34)
-5% 472.34
31 March 2020 (10,009.26) +5% (500.46)
-5% 500.46

SAR Net Exposure Change in Effect on
SAR rate pre-tax equity
INR lakhs
31 March 2021 93.79 +5% 4.69
-5% (4.69)
31 March 2020 394.19 +5% 19.71
-5% (19.71)

AED Net Exposure Change in Effect on

AED rate pre-tax equity
INR lakhs
31 March 2021 25.00 +5% 1.25
-5% (1.25)
31 March 2020 28.80 +5% 1.44
-5% (1.44)

(c)
Equity price risk
Applicability
Investment in Unquoted equity shares
The Group’s investment in listed and non-listed equity securities are susceptible to market price risk arising from
uncertainties about future values of the investment securities. Having regard to the intrinsic worth, intent and long term
nature of securities, fluctuation in their prices are considered acceptable. Reports on the equity portfolio are submitted
to the senior management on a regular basis. The Holding Company’s Board of Directors reviews and approves all
equity investment decisions.
The exposure of equity securities price risk arises from investment FVTOCI held by the Group. At the reporting date, the
exposure to listed equity securities at fair value was INR 1,76,415.48 lakhs (31 March 2020: INR 85,480.5 lakhs) and unlisted
equity securities at fair value is INR 120.63 lakhs (31 March 2020: INR 120.63 lakhs), which are classified at FVTOCI.

Equity price sensitivity
The table below summarises the impact of increase/decrease of the index on the Company’s equity and profit for the
period. The analysis is based on the assumption that the equity index had increased by 5% or decreased by 5% with all
other variables held constant, and that all the Company’s equity instruments moved in line with the index.

Particulars Impact on other

components of
equity
31 March 2021
31 March 2020

Credit risk
Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer contract,
leading to a financial loss. The Group is exposed to credit risk from its operating activities (primarily trade receivables).
The Group extends credit to customers in normal course of business. The Group considers factors such as credit track
record in the market and past dealings for extension of credit to customers. The Group monitors the payment track record
of the customers. Outstanding customer receivables are regularly monitored. The Group evaluates the concentration of
risk with respect to trade receivables as low, as its customers are located in several jurisdictions and operate in largely
independent markets.

Reconciliation of loss allowance provisions- Trade receivable
Amount
Impairment allowance on 1 April 2019 1,624.96
Net impairment loss reversed during the year -243.88
Impairment allowance on 31 March 2020 1,381.08
Net impairment loss recognised during the year 452.42
Impairment allowance on 31 March 2021 1,833.50

Liquidity risk
Liquidity risk is the risk where the group will encounter difficulty in meeting the obligations associated with its financial
liabilities that are settled by delivering cash or another financial asset. The Group’s approach is to ensure as far as
possible that it will have sufficient liquidity to meet its liabilities when due.
The Group relies on a mix of borrowings and excess operating cash flows to meet its needs for funds. The group monitors
rolling forecasts of its liquidity requirements to ensure it has sufficient cash to meet operational needs while maintaining
sufficient headroom on its undrawn committed borrowing facilities at all times so that the Group does not breach
borrowing limits or covenants (where applicable) on any of its borrowing facilities.
The table below summarises the maturity profile of the Group’s financial liabilities based on contractual undiscounted
payments.
Particulars Less than 1 year 1 to 5 years > 5 years Total
Borrowings 61,231.79 1,59,525.97 4,144.25 2,24,902.01
Trade payables 37,009.10 91.30 - 37,100.40
Other financial liabilities 3,989.83 0.59 3,990.42
Lease Liabilties 180.75 881.60 48.65 1,111.00
1,02,411.47 1,60,499.46 4,192.90 2,67,103.83
Borrowings 57,726.72 1,29,307.93 8,148.01 1,95,182.66
Trade payables 48,686.07 40.07 48,726.14
Other financial liabilities 4,863.12 0.60 4,863.72
Lease Liabilties 223.27 1,316.88 49.48 1,589.63
1,11,499.18 1,30,665.48 8,197.49 2,50,362.15
Note 48: Capital management

For the purpose of the Group’s capital management, capital includes issued equity capital, share premium and all other
equity reserves attributable to the equity holders of the company.The Group’s objective with respect to capital management
is to ensure continuity of business while at the same time provide reasonable returns to its various stakeholders. In order
to achieve this, requirement of capital is reviewed periodically with reference to operating and business plans that take
into account capital expenditure and strategic investments. Sourcing of capital is done through judicious combination of
equity/ internal accruals and borrowings, both short term and long term.
31 March 2021 31 March 2020

Borrowings (including debt portion of preference shares) 2,21,719.34 1,92,421.32
Less: cash and cash equivalents 2,551.77 3,037.88
Net debts 2,19,167.57 1,89,383.44
Total capital 2,04,502.46 1,16,683.34
Capital and net debt 4,23,670.03 3,06,066.78
Gearing ratio (%) 51.73% 61.88%

In order to achieve this overall objective, the Group’s capital management, amongst other things, aims to ensure that it
meets financial covenants attached to the interest-bearing loans and borrowings that define capital structure requirements.
Breaches in meeting the major financial covenants would permit the bank to immediately call loans and borrowings. There
have been no breaches in the financial covenants of any interest-bearing loans and borrowing in the current period.

Note 49. Revenue related disclosures:

Significant changes in contract assets and liabilities
Contract liabilities - Advance from customers 31 March 2021 31 March 2020

Opening balance of Contract liabilities 15,645.58 17,001.84
Less: Amount of revenue recognised against opening contract liabilities 5,128.16 6,892.59
Add: Addition in balance of contract liabilities for current year 5,744.78 7,603.47
Less: Amount of revenue recognised against current year contract liabilities 378.59 2,067.14
Closing balance of Contract liabilities 15,883.61 15,645.58

Contract liabilities - Advance from customers 31 March 2021 31 March 2020

Contract liabilities - Deferred revenue
Opening balance of Contract liabilities - Deferred revenue 101.20 1,125.75
Less: Amount of revenue recognised against opening contract liabilities 101.20 1,125.75
Add: Addition in balance of contract liabilities for current year 409.69 101.20
Closing balance of Contract liabilities - Deferred revenue 409.69 101.20

Contract assets - unbilled revenue 31 March 2021 31 March 2021

Opening balance of contract assets 743.52 6,547.51
Less: Amount of revenue recognised against opening contract liabilities 618.13 6,004.27
Add: Addition in balance of contract assets for the current year 707.93 200.28

Contract assets - Cost Incurred to obtain a contract 31 March 2021 31 March 2021
Opening balance of contract assets 35.58 415.84
Less: Amount of prepaid expense recorded as expense in statement of profit & loss in 20.90 417.13
current year
Add: Addition in balance of prepaid expenses in current year 19.66 36.87

Reconciliation of the amount of revenue recognised in the statement of profit and loss with the revenue as per contracted price:
31 March 2021 31 March 2021

Revenue as per contracted price 83,319.88 76,282.82
Significant financing component 60.02 820.07
Revenue recognised 83,379.90 77,102.89
Revenue from operations as per Ind AS 115
Performance obligation of the Group
a) Real estate business
The agreement to sell states that the Customer is entitled to a fully developed residential apartment. There can be
various goods like labour, building materials, etc. and construction services that are integrated to construct and
provide a built apartment. However, the ancillary services like parking lot, gymnasium, club membership etc. and
gift of gold coin, do not affect the benefits that customer may obtain from the apartment individually. The Group
is providing a significant integration service of combining the material and construction services for the overall
promise is to deliver the fully built apartment/villa/floor in a township together with ancillary parking space. On the

other hand, facilities like gymnasium and club membership separately identifiable and the intent Group does
not really integrate them with construction service to deliver a combined output. Similarly, gold coin is altogether
a different product and does not really integrate them with construction service to deliver a combined output.
Based on above analysis, the performance obligation is identified as:
- A fully developed apartment/villa in the township
- Ancillary amenities like: club membership, gymnasium membership etc.
- Gold Coin
The price charged from the customer shall be allocated on respective obligations based on their standalone selling
price.
b)
Engineering business
The agreement with the customer specifies the obligation of Simon India Limited such as
(i) Engineering & design of the plant,
(ii) procurement of material including equipment; and
(iii) civil, erection & commissioning of plant/structure as per the agreement.
The customer can benefit from each of the above together with other available resources which are available on
stand-alone basis as they have a standalone fair value to the Customer. The Group is providing a significant integration
service of combining the above mentioned goods and services. Each service offered by the Group to its customer
is interlinked with other service in order to achieve one commercial objective as per contract and therefore goods/
service customize other goods/service promised in the contract and represent a ‘single performance obligation’, i.e.,
to deliver fully developed plant.
c) Sugar and power
In case of sale of sugar, there are two performance obligation of the Group:
• Sale of sugar
• Facilitation of transport service
Transaction price is inclusive of price of both performance obligation. Management of the Group has allocated transaction
price over different performance obligation basis the price charged by the Group from customers against each obligation.
The Group recognizes revenue when it transfers control over a product or service to a customer. For goods, revenue
is recognised when customers are billed (in case of ex-works) or when goods are delivered at the delivery point (as
per terms of the agreement) and for services, when necessary obligation regarding facilitation has been performed
and control has been transferred to the customer. Further, for such service arrangement, Group assess Principal versus
agent consideration for recognizing revenue. Management determines that in case of facilitation of transport service,
Transporter is primarily responsible for delivering the products, inventory risk of the product lies with the transporter and
the entity is not exposed to credit risk for the amount receivable from a customer once goods has been delivered
at transporter premises. Basis such consideration, management concluded that the Group is acting as an agent for
arranging such transport and therefore recording such revenue on net basis.
In case of power business, Group sells power to its customer, wherein obligation of the Group is to sale and deliver
power at the delivery point as agreed between the Group and the customer. Revenue is recognised once control has
been transferred to the customer, which is done at delivery point. Since there is only one obligation for power business,
no such allocation has been done.
The management update its estimate of budgeted cost on every reporting date and consider cumulative adjustment
to revenue. Such changes in budget are results of changes in cost due to better understanding of requirement as well
as changes in prices, and also as a result of changes in work order.
Note 50: Disclosure required under section 186(4) of Companies Act 2013:

A. Particulars of investment made during the year
S.No Name of the investee 31 March 2021 31 March 2020 Purpose
1 Forte Furniture Products India Private Limited 2,131.08 400.00 Strategic Investment
2 Mangalore Chemicals & Fertilizers Limited 105.40 - Strategic Investment
2,236.48 400.00

B. Disclosure of loan given:
S.No Name of loanee Opening Loan Loan Outstanding Purpose

Balance given repaid Balance
1 Texmaco Infrastructure and 200.00 - 200.00 - General Business Purpose
Holdings Limited
2 Texmaco Rail & Engineering Ltd - 13,750.00 - 13,750.00 General Business Purpose
3 Forte Furniture Products India 1,050.00 710.00 1,760.00 - General Business Purpose
Private Limited
4 ANS Industries Limited 220.00 - 220.00 - General Business Purpose-
Provision made for loan
5 Innovation Management Solu- 288.40 - 288.40 - General Business Purpose
tion DMCC
6 Zuari Agro Chemicals Limited 27,350.00 12,000.00 - 39,350.00 General Business Purpose
29,108.40 26,460.00 2,468.40 53,100.00

Note 50A: Disclosure Under Regulation 34(3) of the Securities and Exchange Board of India (Listing Obligations and Disclosure
Requirements) Regulations, 2015:
S. Name of loanee Status Outstanding Maximum balance

No balance on during the year
31 March 31 March 31 March 31 March
2021 2020 2021 2020
1 Forte Furniture Products India Private Lim- Joint venture - 1,050.00 1,760.00 1,450.00
ited
2 Zuari Agro Chemicals Limited Associate 39,350.00 27,350.00 39,350.00 27,350.00
Note 51 Statutory group information:
S Name of the Entity Net Assets, i.e., total as- Share in Profit or Loss Share in Other com- Share in Total compre-
No sets minus total liabilities for the year ended 31 prehensive Income hensive Income for the
as at 31 March 2021 March 2021 for the year ended 31 year ended 31 March
March 2021 2021
As % of Amount As % of Amount As % of Amount As % of Amount
consoli- (INR in lakhs) consoli- (INR in consoli- (INR in consoli- (INR in
dated net dated profit lakhs) dated net lakhs) dated profit lakhs)
assets or loss assets or loss
Zuari Global Limited 100.00 2,04,502.46 100.00 (9,298.75) 100.00 92,908.68 100.00 83,609.93
(Console)
1 Holding Company
Zuari Global Limited 107.49 2,19,811.95 (53.70) 4,993.41 90.75 84,318.07 106.82 89,311.48
2 Indian subsidiaries
Indian Furniture Prod- 1.24 2,534.38 11.21 (1,042.70) 0.00 0.08 (1.25) (1,042.62)
ucts Limited
Simon India Limited 3.02 6,179.31 38.73 (3,601.57) 2.86 2,658.57 (1.13) (943.00)
Zuari Finserv Limited 1.47 3,009.43 (5.59) 520.11 (0.00) (3.67) 0.62 516.44
Zuari Management 1.07 2,194.62 5.66 (526.16) 1.62 1,501.18 1.17 975.02
Services Limited

March 2021 2021
Zuari Infraworld India 7.39 15,111.43 (2.21) 205.36 (0.00) (0.77) 0.24 204.59
Limited
Zuari Sugar & Power (2.19) (4,484.99) 30.68 (2,852.78) - - (3.41) (2,852.78)
Limited
Zuari Investments Lim- 6.16 12,596.35 16.00 (1,487.49) 8.24 7,659.66 7.38 6,172.17
ited
Zuari Insurance Bro- 0.32 652.71 (0.45) 41.53 (0.00) (0.50) 0.05 41.03
kers Limited
Gobind Sugar Mills (3.92) (8,021.14) (14.26) 1,325.62 0.02 17.67 1.61 1,343.29
Limited
3 Foreign subsidiaries
Zuari Infra Middle East 0.04 81.97 4.23 (392.88) - - (0.47) (392.88)
Limited
“Zuari Infraworld SJM (0.49) (999.39) 1.62 (150.52) - - (0.18) (150.52)
Elysium Properties LLC
(formerly known as
SJM Elysium Properties
LLC)”
4 Minorities Interest in
subsidiaries
Indian Furniture Prod- (0.64) (1,307.45) 13.09 (1,216.75) 0.01 6.16 (1.45) (1,210.59)
ucts Limited
Gobind Sugar Mills (1.28) (2,621.70) (4.97) 462.13 0.00 0.01 0.55 462.14
Limited
5 Indian joint ventures
Zuari Indian Oil Tank- - - 0.65 (60.65) 0.00 0.62 (0.07) (60.03)
ing Private Limited
Soundaryaa IFPL Inte- - - 0.03 (2.98) - - (0.00) (2.98)
riors Limited
Forte Furniture Prod- - - 10.86 (1,010.29) 0.01 7.90 (1.20) (1,002.39)
ucts India Private Lim-
ited
6 Associates
Zuari Agro Chemicals - - 54.20 (5,039.56) 0.42 388.55 (5.56) (4,651.01)
Limited
New Eros Tradecom - - 6.91 (642.71) 0.43 401.53 (0.29) (241.18)
Limited
Mangalore Chemi- - - (0.04) 3.79 0.00 0.10 0.00 3.89
cals & Fertilizers Lim-
ited
Darshan Nirmaan Pri- - - - - - - - -
vate Limited

March 2021 2021
Pranati Nirmaan Pri- - - - - - - - -
vate Limited
Brajbhumi Nirmaan - - 0.08 (7.54) - - (0.01) (7.54)
Private Limited
7 Eliminations and ad- (19.67) (40,235.02) (12.73) 1,183.88 (4.36) (4,046.48) (3.42) (2,862.60)
justments due to con-
solidation
100.00 2,04,502.46 100.00 (9,298.75) 100.00 92,908.68 100.00 83,609.93
Statutory group information:

S Name of the Entity Net Assets, i.e., total Share in Profit or Loss for Share in Other com- Share in Total comprehen-
No assets minus total liabili- the year ended 31 March prehensive Income sive Income for the year
ties as at 31 March 2020 2020 for the year ended 31 ended 31 March 2020
March 2020
consoli- (INR in consoli- (INR in consoli- (INR in consoli- (INR in lakhs)
dated net lakhs) dated profit lakhs) dated net lakhs) dated profit
Zuari Global Limited 100.00 1,16,683.34 100.00 (36,694.81) 100.00 (64,440.91) 100.00 (1,01,135.72)
(Console)
1 Holding Company
Zuari Global Limited 112.35 1,31,089.28 (3.52) 1,292.41 83.62 (53,885.88) 52.00 (52,593.47)
2 Indian subsidiaries
Indian Furniture 3.07 3,577.00 2.59 (950.29) 0.00 (1.19) 0.94 (951.48)
Products Limited
Simon India Limited 6.10 7,122.31 3.68 (1,349.91) 1.96 (1,265.31) 2.59 (2,615.22)
Zuari Finserv Limited 1.71 1,992.99 0.53 (195.27) 0.00 (1.95) 0.20 (197.22)
Zuari Management 1.05 1,219.61 1.06 (390.14) 9.76 (6,290.10) 6.61 (6,680.24)
Services Limited
Zuari Infraworld India 12.78 14,906.85 (0.26) 94.34 0.00 (0.06) (0.09) 94.28
Limited
Zuari Sugar & Power (1.40) (1,632.21) 4.83 (1,772.49) - - 1.75 (1,772.49)
Limited
Zuari Investments 5.51 6,424.18 4.83 (1,771.20) 27.73 (17,871.11) 19.42 (19,642.31)
Limited
Zuari Insurance Bro- 0.52 611.68 (0.43) 158.54 (0.00) 0.22 (0.16) 158.76
kers Limited
Gobind Sugar Mills (8.03) (9,364.43) 20.32 (7,456.06) (0.06) 37.08 7.34 (7,418.98)
Limited

S Name of the Entity Net Assets, i.e., total Share in Profit or Loss for Share in Other com- Share in Total comprehen-
No assets minus total liabili- the year ended 31 March prehensive Income sive Income for the year
ties as at 31 March 2020 2020 for the year ended 31 ended 31 March 2020
March 2020
consoli- (INR in consoli- (INR in consoli- (INR in consoli- (INR in lakhs)
dated net lakhs) dated profit lakhs) dated net lakhs) dated profit
3 Foreign subsidiaries
Zuari Infra Middle 0.42 486.01 (0.17) 61.58 - - (0.06) 61.58
East Limited
Zuari Infraworld SJM (0.75) (880.59) 0.55 (202.80) - - 0.20 (202.80)
Elysium Properties
LLC (formerly known
as SJM Elysium Prop-
erties LLC)
4 Minorities Interest in
subsidiaries
Indian Furniture 0.08 90.72 (0.82) 302.54 0.02 (14.57) (0.28) 287.97
Products Limited
Gobind Sugar Mills 2.65 3,089.98 (7.05) 2,586.36 (0.00) 1.64 (2.56) 2,588.00
Limited
5 Indian joint ventures -
Zuari Indian Oil Tank- - - (0.34) 126.38 - - (0.12) 126.38
ing Private Limited
Soundaryaa IFPL In- - - (0.00) 0.35 - - (0.00) 0.35
teriors Limited
Forte Furniture Prod- - - 3.53 (1,297.07) (0.02) 15.42 1.27 (1,281.65)
ucts India Private
Limited
6 Associates
Zuari Agro Chemi- - - 70.11 (25,725.84) 0.55 (352.47) 25.79 (26,078.31)
cals Limited
New Eros Tradecom - - (0.03) 12.55 1.52 (981.81) 0.96 (969.26)
Limited
Darshan Nirmaan - - - - - - - -
Private Limited
Pranati Nirmaan Pri- - - - - - - - -
vate Limited
Brajbhumi Nirmaan - - 0.01 (2.61) - - 0.00 (2.61)
Private Limited
7 Eliminations and (36.04) (42,050.04) 0.59 (216.18) (25.09) 16,169.18 (15.77) 15,953.00
adjustments due to
consolidation
100.00 1,16,683.34 100.00 (36,694.81) 100.00 (64,440.91) 100.00 (1,01,135.72)


Note 52: The global outbreak of Corona virus disease (“Covid-19”) pandemic is causing significant economic slowdown
and disruptions of business operations. There are uncertainties regarding the impact that Covid-19 is going to have on
the operations of the Holding Company and its subsidiaries, joint ventures and associates, and the management is closely
monitoring the developments. Based on current estimates, it expects to recover the carrying amount of these assets and
have sufficient liquidity for business operations for at least another twelve months. The impact of the pandemic on the
consolidated financial statements may differ from that estimated as at the date of approval of these financial statements
and the management will continue to closely monitor any material changes.

Note 53: Simon India Ltd. has not received the payment of outstanding foreign receivables within the period mentioned in
the Master Circular on Export of Goods and Services issued by the Reserve Bank of India (“RBI”). Trade receivables amounting
to INR 313.58 lakhs (31 March 2020: INR 263.81 lakhs) due from overseas parties is outstanding for a period of more than nine
months. In respect of these receivables – the Company has intimated to RBI through its authorised dealer bank for the delays
in its realisation. Pending the final outcome of the aforesaid matters, which is presently unascertainable, no adjustments
have been made in these financial statements.

Note 54: In relation to ongoing litigations/disputes of IL&FS Security Services Limited (“Clearing Member”) with the Securities
and Exchange Board of India, National Stock Exchange (NSE), NSE Clearing Limited (NCL) and some of its trading members
as on date, the regulators of India have frozen collaterals of Clearing Member which inter alia impacted the deposits
/ collaterals made by the trading members including one of the subsidiary company, Zuari Finserv Limited, amounting
to INR 549.86 lakhs. An impleadment application was filed in Hon’ble Supreme Court which was dismissed by the Court.
Further, NSE/NSL has amended its bye laws and post amendments, the trading members along with other trading members
in consultation with ANMI filled the complaint with NSE/NCL through Investor grievance redressal panel (IGRP), which is
pending with the competent authority as at 31 March 2021. The subsidiary company is exploring legal and other options and
the management is confident of recovering the aforesaid deposits/ collateral.

Note 55: One subsidiary of the Group, Zuari Investments Limited, after the demerger of operation division, had applied for
registration with Reserve Bank of India (RBI) as Non Deposit taking Systematically Important Core Investment Company (ND-
SI-CIC) under section 45-IA of the RBI Act vide application dated 25 March 2019. Based on the queries raised, RBI asked to
re-submit the application with clarification of queries, company is in process of re-submitting the application. The subsidiary
company sought time for meeting with relevant officials to explain the matter, however the matter got derailed due to lock
down imposed following spread of Corona virus. The management is of the view that the subsidiary company fulfils the
requisite conditions for registration with RBI as ND-SI-CIC. The management is in the process of filling necessary responses with
the RBI for obtaining the registration at the earliest and is of the view that the impact of such non-registration is currently not
ascertainable but is not expected to be material.

Note 56: As on 31 March 2021, the accumulated losses of Gobind Sugar Mills Limited, a subsidiary company amounted
to INR 16,291.34 lakhs (31 March 2020: INR 17,633.52 lakhs). The management of the subsidiary company is confident
to generate sufficient profits and cash from operations in near future considering improved sugar sale prices, industry
focused state and central government trade policies, expanded operations in form of commencement of Ethanol
Plant (Distillery having capacity of 100,000 litres per day) and setting up of 16 MW Co-generation Power Plant. Also, the
subsidiary company has availed moratorium period for principal and interest payments, under Covid 19 - Regulatory
Package announced by Reserve Bank of India by rescheduling its repayments of loans and payment of interest. In view
of the same, the management of the subsidiary company is confident of generating sufficient cash flows in the future
to meet the its financial obligations. Hence, the financial statements of the subsidiary company have been prepared
on a going concern basis.

Note 57: The Board of Directors of the Zuari Global Limited, the ultimate Holding Company, vide resolution dated July 17,
2020 has accorded its consent for Scheme of Amalgamation between Zuari Global Limited and Gobind Sugar Mills Limited
and their respective shareholders and creditors (‘the Scheme’). The Zuari Global Limited has submitted the Scheme with
Bombay Stock Exchange (‘BSE’) and National Stock Exchange (‘NSE’) and received observation letter on January 15, 2021.
The Board of Directors of Zuari Global Limited has accorded consent to the revised Scheme incorporating the observation as
advised by SEBI/NSE/BSE in their board meeting held on February 13, 2021. Gobind Sugar Mills Limited has filed the first motion

application with Hon’ble National Company Law Tribunal, Delhi Bench (NCLT) on 27 February 2021 and received the Order
of Hon’ble NCLT on 15 March 2021 giving dispensation for meetings of Preference Shareholders and Unsecured Creditors
and to convene the meetings of Equity Shareholders and Secured Creditors on 30 April 2021 through Video Conferencing.
The resolution for approval of the Scheme has been approved by the Equity Shareholders and Secured Creditors in their
respective meeting held on 30 April 2021. Gobind Sugar Mills Limited has filed the second motion application with Hon’ble
National Company Law Tribunal, Delhi Bench (NCLT) on 18 May 2021. Zuari Global Limited has filed the first motion application
with Hon’ble National Company Law Tribunal, Mumbai Bench on 03 June 2021. The appointed date of Amalgamation as
per scheme is April 1, 2020.
Note 58: Other Notes from consolidated financial statements of Zuari Infraworld India Limited (a Subsidiary of the Holding
Company) for the year ended 31 March 2021:
a) Accumulated losses of Zuari Infra Middle East Limited, a subsidiary company.
The subsidiary company has incurred a loss of AED 15.59 lakhs (equivalent INR 321.15 lakhs) during the year (31 March
2019: AED 32.45 lakhs (equivalent INR 610.95 lakhs)) and has accumulated losses of AED 70.76 lakhs (equivalent INR
1,457.65 lakhs) (31 March 2019: AED 55.16 lakhs (equivalent INR 1,038.52 lakhs)) as of that date resulting in deficit in
equity funds. This situation is not in compliance with U.A.E. Federal Law No. 2 of 2015. The deficit is due to start-up phase
of the project and the parent entities and the joint venture partners have funded the projects in kind. They have agreed
to continue their support. The revised cash flow forecast shows positive and profitable financial performance. However,
the Management has considered the Company as going concern in view of future prospects of real estate market in
Dubai.
b) During the financial year ended 31 March 2019, the step down subsidiary company has made subscription for 50%
share in the issued share capital of Burj District Development Ltd (“JV Company”), Cayman Islands made up of 25,000
shares of B class of USD 1 each as per JV agreement. The joint venture is engaged to carry out any activities which is not
prohibited by the Companies Law (2011 revision) of Cayman Islands.
The JV Company has not opened bank account and hence the share capital is not contributed by the subsidiary
company. The JV Company’s incorporation and renewal expenses are accounted in subsidiary’s books of account.
The JV Company holds 1 share in Burj District One Limited, Jebel Ali Offshore Company, Dubai, UAE, which owns a plot
of land on which the project “St Regis Residencies” is being developed by the subsidiary company. Post completion
of the project, profitability and its sharing between the JV partners will be separately determined extracting qualifying
costs and revenue from that company’s account.”
Note 59: The accumulated losses of Forte Furniture Products India Private Limited (an Associate of the Holding
Company) as at 31st March 2021 amounting to Rs 9,308 lakhs has resulted in erosion of entire net worth as on that
date. Further, the company has incurred cash losses in the current and previous year. However, the company is only
in its fourth year of full commercial operations. Based on the projections of estimated future cash flows, duly adjusted
for the probable impact on account of the Covid-19 pandemic, the company expects significant improvements in
the operating results in the coming years. Further, the shareholders have also committed to support the company in
the long term, as evidenced by periodic infusion of equity share capital, including Rs 2507 lacs in the current year.
Considering the above, the management is of the view that the company’s operations will turn profitable in the near
future and that the company will be able to continue as a going concern and accordingly, the accounts have been
drawn up on a going concern basis. Further, taking into account the future cash flow projections as stated above, the
management is of the opinion that there is no impairment in the carrying value of property, plant and equipment as
on 31st March 2021.
Note 60: Notes from consolidated financial statements of Zuari Agro Chemicals Limited (an Associate of the Holding
Company) for the year ended 31 March 2021
a) The Company is in the business of manufacturing and trading of various types of fertilizer products. In earlier periods,
due to significant delays in receipt of subsidies, drought like situation in key marketing areas led to deterioration of
the Company’s liquidity position alongwith elongation of the working Capital cycle of the Company. Also in earlier
periods, the Company was unable to pass on the increase in the prices of the raw materials to the farmers which
contributed to the cash flow mismatch and reduced financial flexibility of the Company, on account of which the
Company is having net current liability position of INR 1,557.61 crores as at March 31, 2021 (INR 1,506.22 crores as at
March 31, 2020).

The above factors/events indicate that there is a material uncertainty that may cast significant doubt on the Company’s
ability to continue as a going concern. The Company has entered into a Business Transfer Agreement with a group company
(PPL) for transfer of its fertilizer plant at Goa and associated businesses of the Company as a going concern on a slump sale
basis and against which an advance equivalent to 30% of the consideration has been approved by the Board of PPL to be
paid to the Company after adjusting amount receivable from the Company for an agreed enterprise value of INR 2052.25
crores. The effect of the transfer will be reflected in the financial information/ statements of the period in which the deal is
consummated. Accordingly, the associate has shown loss from discontinued operations of INR 514.37 crores for FY 2020-21.
Company is also undertaking various steps to continue operations at its fertilizer plant and discussions with lenders for
funding as required based on available credit limits. A combination thereof and resultant future cash flow projections,
the management of Company believes that the Company will be able to realise its assets and discharge its liabilities
and material uncertainty on the Company’s ability to continue as a going concern will be addressed.
b) The Company is carrying a receivable of INR 19.49 crores for the period February 2013 and March 2013 on account
of accrual of subsidy income at higher rate in comparison to rate at which subsidy is granted. However, as per the
office memorandum dated April 16, 2018 issued by the Department of Fertilizer (DOF), the Government has ex-post
facto approved the subsidy paid on specific quantity of P&K fertilizer received in the relevant district during February
2013 and March 2013 months in different year since 2012-13 at the rates fixed for the next financial year which were
lower than the rate approved by cabinet /CCEA for that year. The Company has represented to the Department
of Fertilizer that the material moved in February 2013 and March 2013 was part of the approved movement plan
of January 2013 and hence Nutrient Based Subsidy rates of 2013 should be applicable. The Company had filed writ
petition at Hon’ble High Court of Delhi (DHC) against Department of Fertilizer to recover this amount. Pursuant to the
court order the Court hearing was granted by DoF to present its claims and also submitted written representations.
DoF vide their order dated September 29, 2019 had rejected the representation and submissions by the Company.
The Company has filed writ petition to the higher authority against the order passed by DoF. On March 03, 2021 DHC
has issued notice in the writ petition and has directed DoF to file its reply within four weeks, and the Company has
been directed to file its rejoinder within two weeks thereafter. Matter is next listed on July 28, 2021. Based on the legal
assessment done by the Company, it is hopeful to realize the aforesaid amount, hence, no provision has been made in
the accounts.
c) Vide notification number 26/ 2018 dated June 13, 2018, the Government has amended the definition of “Net Input
Tax Credit (ITC)” for the purpose of GST refund on account of inverted duty structure with effect from July 01, 2017 to
include ITC availed only on inputs which excludes input services. The management has contested this amendment
(both retrospective and prospective) at different levels of authorities including but not limited to filing a writ petition in
the Hon’ble High Court of Bombay at Goa in this regard. Basis legal view obtained by the management, believes that
the refund / utilization in respect of tax paid on input services would be available and that no liability including interest,
if any, would arise from the same on the Company. Consequently, as at March 31, 2021, the Company has carried
forward an amount of INR 97.98 crores as amount recoverable towards this matter.

d) In case of a subsidiary (MCFL), during the current year recognized urea subsidy income of INR 29.14 crores without
benchmarking its cost of production using naphtha with that of gas-based urea manufacturing units recently converted
to natural gas, as notified by the Department of Fertilizers for subsidy income computation. MCFL has filled writ petition
against the Department of Fertilizers [DoF] before the Hon’ble High Court of Delhi [DHC] against this matter. The
management of the subsidiary based on legal opinion and considering the fact that the energy cost is always a pass
through in subsidy computation, believes that artificial benchmarking is arbitrary and discriminatory and is confident of
realization of the aforesaid subsidy income.

e) Managerial remuneration paid to the erstwhile managing director (up to 31 July 2020) for the financial
year 2020-21 was in excess of Iimits prescribed under section 197 read with ScheduIe V of The Companies
Act by INR 7.13 lakhs. The Parent Company proposes to seek approval of the shareholders at the ensuing
Annual General Meeting for waiver of such excess remuneratlon pald, pursuant to section 197(10) of The
Companies Act, 2013. With effect from 3 September 2020, the Parent company has appointed an executive
director in the category of a whole-time director by a special resolution at its annual general meeting. The

remuneration paid to such executive director is in compliance of ScheduIe V of the Companies Act 2013.
During the year ended 31 March 2020 due to loan repayment defaults during the previous year, a remuneration of INR
81.00 lakhs paid to its then managing director In accordance with ordinary resolution but not without prior approval
from banks/ financIaI institutions and approval of the shareholders by ą special resolution as per provisions of Section
197 of Companies Act, 2013 read with Schedule V, has been recognized as recoverable from the managing director as
at year end. As per section 197(10) of the Act, the Parent Company proposes to seek approval of shareholders by way
of special resolution for waiver of recovery of remuneration paid to the then managing director, after obtaining prior
approvals from the banks / financial institutions for which Parent Company has Initiated the process.
DIN: 00362555 DIN: 00237398
Sd/- Sd/- Sd/-



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53 2020-21

REGISTERED OFFICE
Jai Kisaan Bhawan, Zuarinagar, Goa 403 726
CORPORATE OFFICE
5th Floor, Tower A, Global Business Park, Sector - 26,
M G Road, Gurugram, Haryana 122002

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Zuari Global Limited

DIRECTORS : Mr. Saroj Kumar Poddar, Chairman

CHIEF FINANCIAL OFFICER : Mr. Nishant Dalal

COMPANY SECRETARY : Mr. Laxman Aggarwal

BANKERS : State Bank of India

LEGAL ADVISERS : Khaitan & Co

STATUTORY AUDITORS : V Sankar Aiyar & Co., Chartered Accountants, Delhi

REGISTERED OFFICE : Jai Kisaan Bhawan, Zuarinagar, Goa 403 726

CORPORATE OFFICE : 5th Floor, Tower A, Global Business Park,

Corporate Identification Number : L65921GA1967PLC000157

Annual Report 2020-21 1

2 Zuari Global Limited

Annual Report 2020-21 3

4 Zuari Global Limited

Date: August 14, 2021

Annual Report 2020-21 5

6 Zuari Global Limited

Annual Report 2020-21 7

8 Zuari Global Limited

Annual Report 2020-21 9

10 Zuari Global Limited

Annual Report 2020-21 11

12 Zuari Global Limited

Annual Report 2020-21 13

14 Zuari Global Limited

Annual Report 2020-21 15

Name of the Director Mrs. Jyotsna Poddar Mr. R.S. Raghavan

16 Zuari Global Limited

Directors’ Report 2020-21

Annual Report 2020-21 17

18 Zuari Global Limited

Annual Report 2020-21 19

20 Zuari Global Limited

Annual Report 2020-21 21

22 Zuari Global Limited

Annual Report 2020-21 23

24 Zuari Global Limited

Annual Report 2020-21 25

26 Zuari Global Limited

subsidiary of the Company and consequently, ZIBL 29. Associates:

Annual Report 2020-21 27

28 Zuari Global Limited

Annexure ‘A’ To the Directors’ Report

1. Company’s Philosophy on the Code of Corporate 2. Board of Directors:

Annual Report 2020-21 29

30 Zuari Global Limited

Annual Report 2020-21 31

32 Zuari Global Limited

Annual Report 2020-21 33

34 Zuari Global Limited

14. Disclosures: c. Quarterly Results:

a. Annual Audited Financial Results: 18. General Shareholders Information:

Annual Report 2020-21 35

STOCK PERFORMANCE ON BSE

ZGL on BSE BSE Index - S&P Sensex

36 Zuari Global Limited

Period ZGL on NSE NSE Index - Nifty 50

STOCK PERFORMANCE ON NSE