BASF India Ltd - Annual Report 2021

BASF India Limited, Mumbai - 400 051, India

May 11, 2021

The Market Operations Department BSE Limited, Phiroze Jeejeebhoy Towers Dalal Street, Mumbai 400 001.

Name of the Company : BASF INDIA LIMITED Security Code No. : 500042

Dear Sir/Madam,

Sub: Audited Financial Results for the financial year ended 31st March 2021

As per Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended, we enclose herewith the Audited Financial Results of the Company together with the Audit Report which were approved and taken on record by the Board of Directors of the Company at their meeting held today, i.e. 11th May 2021. The meeting commenced at 12.45 p.m and concluded at 4.15 p.m. The results will be published in the newspapers on 13th May 2021.

We also hereby confirm that the Auditor's Report is with unmodified opinion in respect of the Audited Financial Results of the Company for the year ended 31st March 2021.

We request you to kindly take note of the above.

Thanking You,

Yours faithfully, For BASF India Limited

Pradeep Manjunath Chandan Digitally signed by Pradeep Manjunath Chandan Date: 2021.05.11 16:18:43 +05'30'

Pradeep Chandan Pankaj Bahl Director – Legal, General Counsel (South Asia) Manager- Company Secretarial & Company Secretary

Encl: a.a.

cc: The National Stock Exchange of India Ltd. Exchange Plaza, Plot No.C/1, G Block Bandra – Kurla Complex Bandra (East), Mumbai – 400 051.

Registered Office BASF India Limited The Capital, 'A' Wing, 1204-C, 12th Floor, Plot No. C-70, 'G' Block, Bandra-Kurla Complex, Bandra (East), Mumbai - 400 051, India

Tel +91 22 6278 5600

CIN - L33112MH1943FLC003972

www.basf.com/in

PANKAJ RAJKUM AR BAHL Digitally signed by PANKAJ RAJKUMAR BAHL Date: 2021.05.11 16:19:48 +05'30'

Regd. Office : The Capital, 'A' Wing, 1204-C, 12th Floor, Plot No. C-70, 'G' Block, Bandra-Kurla Complex, Bandra (East), Mumbai – 400 051, India, Tel: 022-62785600. Statement of Financial Results for the quarter and year ended March 31, 2021

Rs. in million

	3 months ended31/03/2021	Preceding 3 monthsended31/12/2020	Corresponding 3months endedin the previous year31/03/2020	Year to date figuresfor current yearended 31/03/2021	Previous year ended31/03/2020
	(Unaudited)	(Unaudited)	(Unaudited)	(Audited)	(Audited)
Revenue from operations (Refer Note 7)
Sale of products	27,772.6	24,742.5	18,583.3	94,392.1	74,282.4
Sale of services	213.9	304.1	259.9	1,039.7	1,447.0
Other operating revenues	69.3	18.8	77.8	151.6	216.2
	28,055.8	25,065.4	18,921.0	95,583.4	75,945.6
Other income	42.2	61.8	124.6	165.2	280.4
Total Income	28,098.0	25,127.2	19,045.6	95,748.6	76,226.0
Expenses:
Cost of materials consumed	9,232.7	6,189.5	6,122.7	27,519.4	26,615.9
Purchase of Stock-in-Trade	15,664.8	14,825.9	11,814.0	51,114.5	37,861.9
Changes in inventories of finished goods,
stock-in-trade and work-in-progress	(2,475.0)	(943.3)	(2,756.4)	(670.3)	(2,838.5)
Employee benefit expenseFinance costs (Refer Note 5)	1,018.5104.6	656.162.7	895.9159.6	3,449.6375.7	3,625.6834.5
Depreciation and amortisation expense	424.4	432.8	432.4	1,739.2	1,808.6
Other expenses	2,421.9	1,937.8	2,029.8	7,841.8	7,894.4
Total Expenses	26,391.9	23,161.5	18,698.0	91,369.9	75,802.4
Profit before exceptional item and tax	1,706.1	1,965.7	347.6	4,378.7	423.6
Exceptional items (Refer Note 4)	(215.2)	-	(3.0)	4,020.9	(324.6)
Profit before tax	1,490.9	1,965.7	344.6	8,399.6	99.0
Tax (credit) / expense: (Refer Note 6)
- Tax (credit) / expense for current period	932.8	814.2	(96.5)	2,873.5	(123.4)
- Income tax (credit) / expense for previous periods	-	-	(6.3)	-	(6.3)
	932.8	814.2	(102.8)	2,873.5	(129.7)
Profit for the period	558.1	1,151.5	447.4	5,526.1	228.7

Other Comprehensive IncomeItems that will not be reclassified to profit or loss:
Remeasurement (Loss)/ Gain of post employment benefit plans	40.8	(6.4)	(159.4)	21.5	(307.5)
Income tax credit/ (expense) relating to these items	(13.2)	2.8	72.3	(7.5)	107.5
Other Comprehensive Income for the period, net of tax	27.6	(3.6)	(87.1)	14.0	(200.0)
Total Comprehensive Income for the period	585.7	1,147.9	360.3	5,540.1	28.7
Paid-up Equity Share Capital (Face value of Rs. 10/- each)	432.9	432.9	432.9	432.9	432.9
Reserves (excluding Revaluation Reserves) as shown in the Balance Sheet of previous year				17,428.6	12,006.9
Weighted average number of equity shares outstanding as at period end	43,284,958	43,284,958	43,284,958	43,284,958	43,284,958
Basic and diluted earnings per share after exceptional items (in Rs.) (not annualised)	12.9	26.6	10.3	127.7	5.3
Basic and diluted earnings per share before exceptional items (in Rs.) (not annualised)	16.1	26.6	10.4	58.6	10.9
Face value per share (in Rs.)	10.0	10.0	10.0	10.0	10.0
Debt-equity ratio (refer footnote a. below)				0.1	0.5
Debt service coverage ratio (refer footnote b. below)				3.3	1.8
Interest service coverage ratio (refer footnote c. below)				27.7	4.3
Net worth (Equity share capital + Other equity)				17,861.5	12,439.8

Footnotes:

a. Debt-equity ratio= Total debt [Long term borrowings + Short term borrowings + Current maturities of long term debts] / Total equity [Equity share capital + Other equity]

b. Debt service coverage ratio= Profit before finance cost, tax and depreciation & amortisation expense (before exceptional items) / Total Debt Service [Finance cost (excluding interest under Ind AS 116 and interest on income tax) + Repayment of long term debts during the period]

c. Interest service coverage ratio= Profit before finance cost, tax and depreciation & amortisation expense (before exceptional items) / Finance cost (excluding interest under Ind AS 116 and interest on income tax)

Notes:

1 The above financial results for BASF India Limited ('the Company') for the quarter and year ended March 31, 2021 have been reviewed by the Audit Committee and thereafter approved by the Board of Directors at its meeting held on May 11, 2021.

2 The Board of Directors at its meeting held on May 11, 2021 recommended payment of a special dividend of 50% in addition to a final dividend of 50% (total dividend of 100%) on equity shares for the financial year ended March 31, 2021.

3 BASF Performance Polyamides India Private Limited ('BPPIPL') was into the business of manufacturing/ trading of performance polyamides and has one manufacturing site in Panoli, Gujarat. It has wide range of engineering plastics and serves automobiles, electrical and consumer goods industries.

Pursuant to the approval from the Board of Directors on July 10, 2020 and the approval from shareholders vide Annual General Meeting dated August 6, 2020, the Company acquired 100% stake in BPPIPL from BASF Nederland B.V. and BASF SE, for a consideration of Rs. 3,029.0 million on August 18, 2020, consequent to which BPPIPL became a wholly owned subsidiary of the Company.

Further, as intimated to Stock exchanges, subsequent to approval by the Board of Directors on August 27, 2020 for the Scheme of Merger by Absorption of BPPIPL with the Company, the National Company Law Tribunal, Mumbai ('NCLT') vide order dated January 6, 2021 sanctioned the aforesaid Scheme, with an appointed date of February 1, 2021. BPPIPL being a wholly owned subsidiary of the Company, no consideration was paid pursuant to the merger. The certified copy of the NCLT Order has been filed with the Registrar of Companies on February 1, 2021. Basis NCLT order, BPPIPL stands merged with the Company on the appointed date.

Consequently, basis NCLT order and requirement of Appendix C to Ind AS-103 on Business Combinations, on the appointed date, the Company has accounted the acquisition of BPPIPL as common control transaction effective February 1, 2020 (i.e. the date of global acquisition of Solvay Polyamides business by BASF SE). Accordingly, the financial statements of the Company for the year ended March 31, 2020 have been restated to include results of erstwhile BPPIPL with effect from February 1, 2020 (i.e. the common control acquisition date). Hence, the figures for the current year ended March 31, 2021 are not strictly comparable with figures for the previous year ended March 31, 2020.

All assets and liabilities of the erstwhile BPPIPL have been transferred to and vested in the Company at its carrying value effective February 1, 2020 and the excess of carrying value of investments in erstwhile BPPIPL over the net value of assets, liabilities and reserves of erstwhile BPPIPL amounting to Rs. 2,857.4 million has been debited to Capital Reserve as on February 1, 2020.

This merger of BPPIPL with the Company results in increased operational efficiencies, brings in economies of scale and results in synergetic integration of business.

4 Exceptional items includes following:

					Rs. in million
Particulars	3 months ended	Preceding 3 months	Corresponding 3	Year to date figures	Previous year ended
	31/03/2021	ended	months ended	for current year	31/03/2020
		31/12/2020	in the previous year	ended 31/03/2021
			31/03/2020
Profit on sale of Construction chemicals business (Refer note (i) below)	-	-	-	4,651.9	-
Loss on divestiture of Optical Brightening Agents (OBA) business (Refer note (ii) below)	-	-	(3.0)	(138.5)	(261.5)
Impairment of certain assets at Dahej plant (Refer note (iii) below)	-	-	-	(277.3)	-
Provision for employee compensation towards realignment of global business service units (Refer	(215.2)	-	-	(215.2)	-
note (iv) below)
Compensation towards Voluntary Retirement Scheme for certain permanent workmen at Thane	-	-	-	-	(63.1)
plant
Total	(215.2)	-	(3.0)	4,020.9	(324.6)

(i) As intimated to Stock exchanges, the Company's construction chemicals business (forming part of the Surface Technologies segment) stands transferred to Master Builders Solutions India Private Limited with effect from July 1, 2020. The Company received net consideration of Rs. 5,951.6 million in advance on June 30, 2020 towards the said divestiture. Certain liabilities were discharged by the Company, which have been reimbursed by Master Builders Solutions India Private Limited.

The Company has recognized net profit of Rs. 4,651.9 million during the quarter ended September 30, 2020 pursuant to the aforesaid divestiture.

(ii) The Company had recognised an amount of Rs. 138.5 million towards consideration on sale of a business (forming part of the Nutrition & Care segment), which was subject to attaining certain pre-conditions. During the current year, as these pre-conditions were not met, this amount has been written off during the quarter ended September 30, 2020.

(iii) Considering the macro-economic situation, the Company has recognised an impairment loss of Rs.277.3 million during the quarter ended September 30, 2020 towards decline in the recoverable value of certain plant and machineries pertaining to Performance Materials division which forms part of Materials segment.

(iv) The Company has announced realignment of its business service units, which aims at bundling of services and resources including implementation of a wide-ranging digitalization initiatives thereby simplifying processes and utilizing digital solutions. Considering the aforesaid, the Company has recognised Provision aggregating Rs. 215.2 million during the quarter ended March 31, 2021 as employees compensation towards realignment of business service units.

5 Finance cost includes interest on income tax, interest and other costs incurred on short and long term borrowings, interest accrued on lease liabilities under Ind AS 116, effects from fair valuation of derivatives relating to financing activities, realised (gain)/ loss on rollover of derivatives relating to financing activities, exchange differences arising from foreign currency borrowings to the extent that they are regarded as an adjustment to interest costs.

6 Tax expense includes provision for current income tax, tax expense for previous periods, minimum alternate tax and deferred tax charge/ (credit) including minimum alternate tax credit (based on estimated average effective annual income tax rate, considering tax allowances).

7 As informed to Stock exchanges on September 10, 2018, the Company has replaced the agency business with merchandise business model effective April 1, 2019. The merchandise business was still ramping-up during the initial period, hence revenue from operations for certain business segments for the year ended March 31, 2021 is not strictly comparable to previous periods to that extent.

8 The Company has received demand notices from the Commercial Tax Department, Karnataka aggregating Rs. 7,446.7 million (including interest and penalty) for the period 2006-07 to 2016-17, by treating the stock transfers of its Mangalore Plant as interstate sales to dealers. However, recovery of demands for period 2006-07 to 2015-16 have been stalled by the Hon'ble Karnataka Appellate Tribunal. The Company has filed an appeal along with stay application against demand order for year 2016-17.

The Company has also filed a Writ Petition before the Hon'ble Karnataka High Court against the order passed by Hon'ble Central Sales Tax Appellate Authority (CSTAA).

Based on the expert legal advice obtained by the Company, it does not consider these stock transfers as interstate sales. Hence no provision is considered necessary in the books.

9 Credit ratings for the Company's commercial papers programme have been reaffirmed by CRISIL with "CRISIL A1+" and by India Ratings and Research Private Limited with "IND A1+". All commercial papers of the Company are unsecured and settled during the year.

Details of commercial papers issued during the period are as per below table and interest and principal have been paid on the due dates.

Nature of debt instrument and ISIN	Previous payment date		Next Payment date
	Issue date	Due date	Issue date	Due date
Commercial Paper - INE373A14AB4	29-Jul-20	27-Oct-20	-	-
Commercial Paper - INE373A14AC2	25-Aug-20	23-Nov-20	-	-

10 The COVID-19 situation continues to evolve. The Company has evaluated the impact of this pandemic on its business operations, liquidity and financial position and based on management's review of current indicators and economic conditions, no additional adjustment is required in the financial statements for the year ended March 31, 2021. Given the uncertainty associated with its nature and duration, the impact may be different from that estimated as at the date of approval of these financial statements. The Company will continue to monitor any material changes to future economic conditions.

11 Figures for the quarter ended March 31, 2021 and the corresponding quarter ended in the previous year as reported in these financial results are the balancing figures between audited figures in respect of the full financial year and the published year to date figures upto the end of the third quarter of the relevant financial year. Also the figures upto the end of the third quarter had only been reviewed and not subjected to audit.

12 The statutory auditors have expressed an unqualified audit opinion on annual financial statements for the year ended March 31, 2021. The audit report has been filed with stock exchange and is available on the Company's website.

13 Previous period figures have been regrouped/ reclassified, wherever necessary to conform to current period classification.

14 For more details on results, visit the Investor Relations section of the Company's website at www.basf.com/in and/or website of the Stock Exchanges viz., www.bseindia.com and www.nseindia.com.

KRISHNAMOH AN NARAYAN Digitally signed by KRISHNAMOHAN NARAYAN Date: 2021.05.11 16:10:09 +05'30'

On behalf of the Board of Directors

CIN No.: L33112MH1943FLC003972 Narayan Krishnamohan Mumbai Managing Director May 11, 2021 DIN : 08350849

Regd. Office : The Capital, 'A' Wing, 1204-C, 12th Floor, Plot No. C-70, 'G' Block, Bandra-Kurla Complex, Bandra (East), Mumbai – 400 051, India, Tel: 022-62785600

Statement of Assets and Liabilities as at March 31, 2021

(Rs. in million)

	As at	As at
Particulars	31/03/2021	31/03/2020
ASSETS	(Audited)	(Audited)
1 Non-current assets
Property plant and equipment	6,768.6	8,038.5
Right-of-use assets	1,341.9	1,588.7
Capital work-in-progress	532.9	230.7
Intangible assets	60.5	22.0

Financial assets
(i) Loans	141.0	171.0
Deferred tax assets (net)	216.9	1,000.0
Income tax assets (net)	1,380.7	1,345.2
Other non-current asset	470.5	398.6
	10,913.0	12,794.7
2 Current assets
Inventories	15,363.9	15,533.0
Financial assets
(i) Trade receivables	20,592.1	14,210.2
(ii) Cash and cash equivalents	1,726.0	994.4
(iii) Bank balances other than cash and cash equivalents	5.2	4.5
(iv) Loans	33.1	692.2
(v) Other financial assets	396.8	1,667.6
Other current assets	2,396.9	1,610.5
Assets classified as held for sale	14.1	791.8
	40,528.1	35,504.2
Total assets	51,441.1	48,298.9
EQUITY AND LIABILITIES
Equity
Equity share capital	432.9	432.9
Other equity	17,428.6	12,006.9
	17,861.5	12,439.8

LIABILITIES
1Non-current liabilities
Financial liabilities
(i) Borrowings	-	1,471.1
(ii) Lease liabilities	904.2	1,152.1
(iii) Other financial liabilities	141.0	144.8
Provisions	577.3	594.2
Other non current liabilities	-	-
	1,622.5	3,362.2
2Current liabilities
Financial liabilities
(i) Borrowings	-	3,349.8
(ii) Lease liabilities	432.5	435.8
(iii) Trade payables
(a) Outstanding dues to Micro Enterprises and Small Enterprises	447.2	62.8
(b) Outstanding dues to creditors other than micro enterprises and small enterprises	26,271.4	22,100.3
(iv) Other financial liabilities	1,926.7	5,286.3
Provisions	829.1	592.3
Current tax liabilities	454.2	-
Other current liabilities	1,596.0	669.6
	31,957.1	32,496.9
	33,579.6	35,859.1

Total equity and liabilities	51,441.1	48,298.9

Note: Previous year figures have been regrouped and reclassified, wherever necessary to conform to current period classification.

Regd. Office : The Capital, 'A' Wing, 1204-C, 12th Floor, Plot No. C-70, 'G' Block, Bandra-Kurla Complex, Bandra (East),

Mumbai – 400 051, India, Tel: 022-62785600 Cash Flow Statement for the year ended March 31, 2021

(Rs. in million)

	For the year endedMarch 31, 2021	For the year endedMarch 31, 2020
	(Audited)	(Audited)
ACash flow from operating activitiesProfit before tax	8,399.6	99.0
Adjustments for:
Exceptional items (Refer Note 39)	(4,020.9)	324.6
Depreciation and amortisation expense	1,739.2	1,808.6
Interest cost	239.7	1,400.9
Effects from fair valuation of derivatives on borrowings (net)	136.0	(566.4)
Profit on sale of property plant and equipment (net)	(0.1)	(48.3)
Interest income	(96.8)	(69.2)
Unrealised gain on derivative transactions (net)	564.0	(646.9)
Unrealised loss on foreign exchange (net)	(503.9)	1,071.2
Provision for loss allowance on trade receivables (net)	186.2	90.0
Operating cash flow before working capital changes	6,643.0	3,463.5
Adjustments for changes in working capital:
(Increase)/ Decrease in trade receivables	(7,280.2)	(3,289.8)
(Increase)/ Decrease in other financial assets (including loans)	706.6	(317.0)
(Increase)/ Decrease in other current and non current assets	(956.2)	1,004.4
(Increase)/ Decrease in inventories	(379.3)	(3,194.0)
Increase/ (Decrease) in other financial liabilities	(9.7)	(162.1)
Increase/ (Decrease) in long term provisions	(16.8)	94.6
Increase/ (Decrease) in trade payables	5,782.3	8,134.9
Increase/ (Decrease) in other current and non current liabilities	926.4	232.5
Increase/ (Decrease) in short-term provisions	95.7	(113.4)
Cash generated from/ (used in) operations	5,511.8	5,853.6
Income taxes paid (net)	(680.8)	(137.5)
Net cash generated from/ (used in) operating activities	4,831.0	5,716.1
BCash flow from investing activities:
Acquisition of property plant and equipment (net of capital creditors and including capitaladvances)	(678.2)	(620.2)
Proceeds from divestiture of Construction chemicals business (net of taxes paid Rs.1,049.0million)	4,902.6	-
Investments in Equity shares of BASF Performance Polyamides India Pvt. Ltd.	(3,029.0)	-
Realisation on sale of property, plant and equipment and residential properties	13.1	60.2
Write off towards conditional consideration on sale of a business	(138.5)	-
Proceeds from divestiture of Optical Brightening Agents (OBA) business	-	335.1
Compensation towards Voluntary Retirement Scheme	-	(63.1)
Interest received	98.6	68.5
Inter Corporate deposits (given)/ repaid (net)	650.0	(650.0)
Net cash (used in) investing activities	1,818.6	(869.5)
CCash flow from financing activities
Inter Corporate deposits taken	300.0	980.0
Inter Corporate deposits/ External commercial borrowings repaid	(1,981.5)	(4,240.9)
Other short-term borrowings taken / (repaid) (net)	(3,349.8)	465.0
Dividend paid (including dividend distribution tax)	(129.4)	(260.7)
Interest paid	(205.8)	(1,189.3)
Payment of lease liabilities	(551.5)	(392.5)
Net cash (used in)/ generated from financing activities	(5,918.0)	(4,638.4)
Net increase in cash and cash equivalents	731.6	208.2

Opening cash and cash equivalents
Cheques on hand	4.6	-
Balances with banks:
- In current accounts	809.8	127.8
- Deposits with original maturity of less than three months	180.0994.4	-127.8

Addition in Cash and cash equivalents due to merger	-	658.4
Closing cash and cash equivalents
Cheques on hand	-	4.6
Balances with banks:
- In current accounts	526.0	809.8
- Deposits with original maturity of less than three months	1,200.0	180.0
	1,726.0	994.4

Notes:

The above Cash Flow Statement has been prepared under the "Indirect Method" setout in Indian Accounting Standard - 7 on Statement of Cash Flows.
Previous year figures have been regrouped/ reclassified, wherever necessary to conform to current year classification.

(Rs. in million)

	3 months ended31/03/2021	Preceding 3 monthsended 31/12/2020	Corresponding 3months endedin the previous year31/03/2020	Year ended31/03/2021	Previous Year ended31/03/2020
	(Unaudited)	(Unaudited)	(Unaudited)	(Audited)	(Audited)
1. Segment Revenue (Refer Note 7)
a. Agricultural Solution	3,163.2	1,828.8	2,031.6	14,349.3	11,140.1
b. Materialsc. Industrial Solutions	8,533.64,718.8	6,657.94,012.3	4,820.12,757.4	21,889.313,879.4	17,357.911,919.0
d. Surface Technologies	1,161.5	1,024.3	2,041.6	3,965.4	8,488.1
e. Nutrition & Care	5,601.2	6,059.8	4,049.2	23,092.4	14,650.6
f. Chemicals	4,633.6	5,203.4	2,860.0	17,284.7	10,160.3
g. Others	243.9	278.9	361.1	1,122.9	2,229.6
Total	28,055.8	25,065.4	18,921.0	95,583.4	75,945.6
Less: Inter - segment revenue	-	-	-	-	-
Total income from operations (net)	28,055.8	25,065.4	18,921.0	95,583.4	75,945.6
2. Segment Results
Profit/ (Loss) before tax and interest
a. Agricultural Solution	95.4	(86.7)	74.3	1,105.8	612.4
b. Materials	1,070.8	826.9	26.1	1,397.3	(320.8)
c. Industrial Solutionsd. Surface Technologies	360.8(177.3)	513.2(35.0)	208.5182.2	933.0(498.7)	531.9429.8
e. Nutrition & Care	297.1	504.2	(14.4)	1,186.4	(214.4)
f. Chemicals	295.3	308.3	40.3	853.5	247.8
g. Others	(28.7)	41.6	47.3	93.3	258.0
Total	1,913.4	2,072.5	564.3	5,070.6	1,544.7

Less : (i) Finance costs (Refer Note 5)(ii) Other un-allocable expenditure net off	104.6102.7	62.744.1	159.657.1	375.7316.2	834.5286.6
un-allocable other income
Total Profit/ (Loss) before tax and exceptional items	1,706.1	1,965.7	347.6	4,378.7	423.6
Exceptional items (Refer Note 4)	(215.2)	-	(3.0)	4,020.9	(324.6)
Total Profit before tax	1,490.9	1,965.7	344.6	8,399.6	99.0
3. Segment Assets
a. Agricultural Solution	6,725.1	5,325.9	6,662.9	6,725.1	6,662.9
b. Materials	14,988.9	13,431.4	14,043.3	14,988.9	14,043.3
c. Industrial Solutions	8,060.5	6,773.8	6,718.8	8,060.5	6,718.8
d. Surface Technologiese. Nutrition & Care	3,226.89,048.3	2,282.37,747.3	5,507.78,297.2	3,226.89,048.3	5,507.78,297.2
f. Chemicals	5,419.9	5,416.4	3,255.4	5,419.9	3,255.4
g. Others	642.9	586.0	789.2	642.9	789.2
h. Unallocated	3,328.7	4,465.9	3,024.4	3,328.7	3,024.4
Total Segment Assets	51,441.1	46,029.0	48,297.2	51,441.1	48,298.9

4. Segment Liabilities
a. Agricultural Solution	4,132.5	2,799.5	2,902.7	4,132.5	2,902.7
b. Materialsc. Industrial Solutions	9,071.16,294.7	7,311.34,288.8	11,639.44,249.4	9,071.16,294.7	11,639.44,249.4
d. Surface Technologies	1,496.2	1,199.4	2,415.1	1,496.2	2,415.1
e. Nutrition & Care	6,754.6	6,848.7	6,759.0	6,754.6	6,759.0
f. Chemicals	5,181.3	5,915.0	4,376.3	5,181.3	4,376.3
g. Others	190.0	52.5	162.9	190.0	162.9
h. Unallocated	459.2	349.4	3,354.3	459.2	3,354.3
Total Segment Liabilities	33,579.6	28,764.6	35,859.1	33,579.6	35,859.1
5. Capital Employed
( Segment Assets - Segment Liabilities)
a. Agricultural Solution	2,592.6	2,526.4	3,760.2	2,592.6	3,760.2
b. Materials	5,917.8	6,120.1	2,403.9	5,917.8	2,403.9
c. Industrial Solutions	1,765.8	2,485.0	2,469.4	1,765.8	2,469.4
d. Surface Technologies	1,730.6	1,082.9	3,092.6	1,730.6	3,092.6
e. Nutrition & Caref. Chemicals	2,293.7238.6	898.6(498.6)	1,538.2(1,120.9)	2,293.7238.6	1,538.2(1,120.9)
g. Others	452.9	533.5	626.3	452.9	626.3
h. Unallocated	2,869.5	4,116.5	(329.9)	2,869.5	(329.9)
Total	17,861.5	17,264.4	12,439.8	17,861.5	12,439.8

Notes:

a. Agricultural Solution – The Agricultural Solutions segment consists of the Crop Protection division. Agricultural Solution is seasonal in nature

b. Materials – The Materials segment comprises Performance Materials divisions, the Monomers divisions and Polyamides business of BPPIPL merged with the Company

c. Industrial Solutions - The Industrial Solutions segment consists of the Dispersions & Pigments divisions and Performance Chemicals divisions

d. Surface Technologies - The Surface Technologies segment comprises of the Construction Chemicals (upto June 30, 2020), Catalysts and Coatings divisions

e. Nutrition & Care - The Nutrition & Care segment consists of the Care Chemicals and Nutrition & Health divisions

f. Chemicals - The Chemicals segment consists of the Petrochemicals and Intermediates divisions

g. Others – Others includes activities that are not allocated to any of the continued operating divisions. These includes remaining activities after divestiture of leather and

textile chemicals business, paper wet-end and water chemicals business, technical and service charges other than those specifically identifiable to above segments. h. Un-allocable Corporate Assets mainly includes Current tax assets (net), Deferred tax assets (net), Cash and cash equivalents and other un-allocable assets.

i. Un-allocable Corporate Liabilities mainly includes borrowings, Current tax liabilities (net) and other un-allocable liabilities

j. Previous period figures have been regrouped/ reclassified, wherever necessary to conform to current period classification.

Independent Auditors' Report

To the Members of BASF India Limited

Report on the audit of the -financial statements

1. We have audited the accompanying financial staLements of BASF India Limited ("the Company"), which comprise the Balance Sheet as at March 31, 2021, and the Statement of Profit and Loss (including Other Comprehensive Income), Statement of Changes in Equity and Statement of Cash flows for the year then ended, and notes to the financial statements, including a summary of significant accounting policies and other explanatory information.
2. In our opinion and to the best of our information and ac-cording to the explanations given to us, the aforesaid linancial statements give the information required by the Companies Act, 2013 "the Act") in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the company as at March 31, 2021, and total comprehensive income (comprishig of profit and other comprehensive income) , changes in equity and its cash flows for the k'ear then ended.

Basis for opinion

3. We concluded our audit in accordance with be Standards on Auditing (SAs) specified under section 143(10) of the Act. Our responsibilities under those Standards are further clescribd in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are independent of

the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that arc relevant to our audit of the financial statements under the provisions of the Ad and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Emphasis of Matter

4. We draw your attention to Note 35(i) of the tina.ncial statements, which describes the status of certain demand notices received by the Company from the Commercial. Tax Department, Karnataka and the management's assessm_ent in respect of the same, based on legal advice obtained by the Company.

Our opinion is not modified in respect of this matter.

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Independent Auditors' Report To the Members of BASF India Limited Report on audit of the Financial Statements Page 2 Of 6

Key Audit Matters

5. Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

litigations with certain other parties. There is a high level of management judgement required in estimating the possible outflow of economic resources and the level of provisioning and/or the disclosures required. The management's assessment is supported by advice from independent tax and legal consultants, where considered necessary by the management. Any, unexpected adverse outcomes could significantly impact the Company's reported profit and financial position.

We considered the above area as a key audit matter due to associated uncertainty related to the outcome of these matters and application of judgement in interpretation of law.

Key audit matter	How our audit addressed the key audit matter
Assessment of Provisions andContingent liabilities	Our audit procedures included the following:
(Refer Notes 18, 35 and 41 to thefinancial statements)At March 31, 2021, in respect of certaindirect and indirect tax and other	• Understanding and evaluating process and controlsdesigned and implemented by the managementincluding testing of operating effectiveness of therelevant controls;
litigations (comprising various claimsfiled by other parties not acknowledgedas debt), the Company held provisions ofRs. 402.3 million and disclosedcontingent liabilities (to the extent notprovided for) of Rs. 5,0 t2.5 mill ion.	• Obtaining details of the related matters, inspecting thesupporting evidences and critically assessingmanagement's evaluation through discussions withmanagement on both the likelihood of outcome andthe magnitude of potential outflow of economicresources;
The Company undergoes assessmentproceedings from time to time with directand indirect tax authorities and	• Understanding the current status of the taxassessments/ litigations;

Reading recent orders and/ or communication received from the tax authorities and with certain other parties, and management replies to such communication;
Where relevant, reading the independent tax/ legal advice obtained by management and evaluating the grounds presented therein;
Evaluating independence, objectivity and competence of the management's tax I legal consultants;
Obtaining direct written confirmations from the Company's legal/ tax consultants (internal/ external) to confirm the facts and circumstances and assessment of the likely outcome.
Together with auditors' tax experts, assessed the management's evaluation of the likelihood of the potential financial exposure; and
Evaluating the appropriateness of presentation and disclosure.

Based on the above procedures performed, we did not identify any material exceptions to management's assessment of provisions and contingent 1 iabilities.

Independent Auditors' Report To the Members of RA I' India Limited Report on audit of the Financial Statements Page 3 of 6

Other Information

6. The Company's Board of Directors is responsible for the other information. The other information comprises the information included in the directors' report, report on corporate governance and management discussion and analysis report, but does not include the financial statements and our auditors' report thereon.

Our opinion on the financial statements does not cover the other information and we do not express any form. of assurance conclusion thereon.

In connection with our audit of the financial statements, owl- responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing Lo report in this regard.

Responsibilities of ma_nagernent and those charged with governance for the financial statements

7. The Company's Boa rd of Directors is responsible for the matters stated in section 134(5) of the Act with respect to the preparation of the financial statements that give a true and fair view of the financial position, nna.ncial performance, changes in equity and cash flows of the Company in accordance \•ith the accounting principles generally accepted in India, including the Accounting to specified under section 133 of the Act. This responsibility also includes maintena.nce of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other imegularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were °pending effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
8. In preparing the financial statements, management is responsible for assessing the Company's ability Lo continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate Ole Company or to cease operations, or has DO realistic alternative but to do so. Those Board of Directors are also responsible for overseeing the Company's financial reporting process.

Independent Auditors' Report To the Members of BASF India Limited Report on audit of the Financial Statements Page 4 of

Auditor's responsibilities for the audit of the financial statements

9. Our objectives are to obtain reasonable assurance about Ivhether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users Laken on the basis or these financial sLaternents.
0. As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional scepticism throughout the audit. We also:
- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentation.s, or the override of internal control.
- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls.
- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
- Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required Lo draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report: Iowever, future events or conditions may cause the Company to cease to continue as a going concern.
- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
1. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
1. We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
1. From the matters communicated with those charged i t h governance, we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor's report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing sip would reasonably be expected to outweigh the public interest benefits of such communication.

Independent Auditors' Report To the Members of BASF India Limited Report on audit of the Financial Statements 119te 5 of6

Report on other legal and regulatory requirements

14. As required by, the Companies (Auditor's Report) Order, 2016 ("the Order"), issued by the Central Government of India in terms of sub-section (11) of section 143 of Act, we give in the Annexure B a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.

15. As required by Section 143(3) of the Act, we report that:

(a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit
(b) (b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books.
(c) The Balance Sheet, the Statement of Profit and Loss (including other comprehensive income), the Statement of Changes in Equity and Cash Flow Statement dealt with by this Report are in agreement with the books of account.
(d) In our opinion, the aforesaid financial statements comply with the Accouraing Standards specified under Section 133 of the Act
(e) On the basis of the written representations received from the directors as on March 31, 2021 taken on record by the Hoard of Directors, none of the directors is disqualified as on March 31, 2021 from being appointed as a director in terms of Section 164(2) of the Act.
(0 With respect to the adequacy of the internal financial controls with reference to financial statements of the Company and the operating effectiveness of such controls, refer to our separate Report in "Annexure A".
(g) With respect to the other matters to be included in the Auditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:
- i. The Company has disclosed the impact of pending litigations on its financial position in its financial statements — Refer Notes 18, 35 and 41 to the financial statements;
- ii. The Company has long-term contracts as at March 31, 2021 for which there were no material foreseeable losses and did not have any long-term derivative contracts as at March 31, 2021;
- iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company
- iv. The reporting on disclosures relating to Specified Bank Notes is not applicable to the Company for the year ended March 31, 2021.

Independent Auditors' Report To the Members of BASF India Limited Report on audit of the Financial Statements Page 6 of 6

16, The Company has paid/ provided for managerial remuneration in accordance with the requisite approvals mandated by the provisions of Section 197 read with Schedule V to the Act.

For Price Waterhouse Chartered Accountants LIP

Firm Registration Number: 012754N/N500016 Chartered Accountants

Jeetendra Mirchandani. Partner Membership Number: o48125 UDIN: 2104 81 251VLAAGI1 53 8

Place: Pune Date: May ii 2021 j

Annexure A to Independent Auditors' Report

Referred to in paragraph 15(f) of the Independent Auditors' Report of even date to the members of BASF India Limited on the financial statements for the year ended March 31, 2021

Page l of 2

Report on the Internal Financial Controls with reference to financial statements under Clause (i) of Sub-section 3 of Section 143 of the Act

1. We have audited the internal financial controls with reference to financial statements of BASF India Limited ("the Company") as of March 31, 2021 in conjunction with our audit of the financial statements of the Company for the year ended on that date,

Management's Responsibility for Internal Financial Controls

2. The Company's management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India (ICAO. These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to company's policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Act.

Audi tors' Responsibility

3. Our responsibility is to express an opinion on the Company's internal financial controls with reference to financial statements based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the "Guidance Note") and the Standards on Auditing deemed to be prescribed under section 14300) of the Act to the extent applicable to an audit of internal financial controls, both applicable to an audit of internal financial controls and both issued by the II. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls with reference to financial statements was established and maintained and if such controls operated effectively in all material respects.
4. Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system with reference to financial statements and their operating effectiveness. Our audit of internal financial controls with reference to financial statements included obtaining an understanding of internal financial controls with reference to financial statements, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor's judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.
5. 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 with reference to financial statements.

Meaning of Internal Financial Controls with reference to financial statements

6, A company's internal financial controls with reference to financial statements is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting

Annexure A to Independent Auditors' Report

Referred to in paragraph 15(f) of the Independent Auditors' Report of even date to the members of BASF India Limited on the financial statements for the year ended March 31, 2021

Page 2 of 2

principles. A company's internal financial controls ivith reference to financial statements includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorisations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls with reference to financial statements

7, Because of the inherent limitations of internal financial controls with reference to financial statements. including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Aso, projections of any evaluation of the internal financial controls with reference to financial statements to future periods are subject to the risk that the internal financial control controls with reference to financial statements may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate,

Opinion

8. In our opinion, the Company has in all material respects, an adequate internal financial controls system with reference to financial statements and such internal financial controls with reference to financial

statements were operating effectively as at March 31, 2021, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.

For Price Waterhouse Chartered Accountants LLP Firm Registration Number: 012754N/N500016 Chartered Accountants

Jeetendra Mirchandani Partner Membership Number 048125 UDIN: 21048125AAAACJ1538

Place: Pune Date: May ii, 2021

Annexure B to Independent Auditors' Report

Referred to in paragraph 14 of the Independent Auditors' Report of even date to the members of BASF India limited on the financial statements for the year ended March 31, 2021

Page i of 3

i. (a) The Company is maintaining proper records showing full particulars, including quantitative details and situation, of fixed assets.
- (b) The fixed assets are physically verified by the Management according to a phased programme designed to cover all the items over a period of two years which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets_ Pursuant to the programme, a portion of the fixed assets has been physically verified by the Management during the year and no material discrepancies have been noticed on such verification.
- (c) The title deeds of immovable properties, as disclosed in Note 1 on fixed assets to the financial statements, are held in the name of the Company, except for the following:
  - (i) Leasehold land held at one of the Company's manufacturing location (Gross Block Rs. 21.4 million and Net Block — Rs. Nil), for which the Company is in the process of complying with terms of lease cum sale agreement and basis completion thereof, would execute the final sale agreement to obtain the right of ownership thereon; and
  - (ii) Freehold land held presently in the name of BASF Performance Polyamides India Private Limited ('BPPIPL' (Gross and Net Block— Rs. 19.4 million), vested with the Company pursuant to merger of BPPIPL, for which the Company is in process of getting this property transferred in its name.
The physical verification of inventory (excluding stocks with third parties) have been conducted at reasonable intervals by the Management during the year. In respect of inventory lying with third parties, these have substantially been confirmed by them. The discrepancies noticed on physical verification of inventory as compared to book records were not material.
The Company has not granted any loans, secured or unsecured, to companies, firms, Limited Liability Partnerships or other parties covered in the register maintained under Section 189 of the Act Therefore, the provisions of Clause 3(iii), (iii)(a), (iii)(b) and (iii)(c) of the said Order are not applicable to the Company.
iv. In our opinion, and according to the information and explanations given to us, the Company has complied with the provisions of Section 185 and 186 of the Companies Act, 2013 in respect of the loans and investments made, and guarantees and security provided by it.
v. The Company has not accepted any deposits from the public within the meaning of Sections 73, 74, 75 and 76 of the Act and the Rules framed there under to the extent notified.
vi. Pursuant to the rules made by the Central Government of India, the Company is required to maintain cost records as specified under Section 148(1) of the Act in respect of its products. We have broadly reviewed the same, and are of the opinion that, prima facie, the prescribed accounts and records have been made and maintained. We have not, however, made a detailed examination of the records with a view to determine whether they are accurate or complete.

Annex-tire B to Independent Auditors' Report

Referred to in paragraph 14 of the Independent Auditors' Report of even date to the members of BASF India Limited on the financial statements for the year ended March 31, 2021 Page 2 Of

vii. (a) According to the information and explanations given to us and the records of the Company examined by us, in our opinion, the Company is generally regular in depositing undisputed statutory dues in respect of income tax and professional tax though there has been a slight delay in a few cases, and is regular in depositing undisputed statutory dues, including provident fund, employees' state insurance, goods and service tax , sales tax, service tax, duty of customs, duty of excise, value added tax, cess and other material_ statutory dues as applicable, with the appropriate authorities.
- (b) According to the information and explanations given to us and the records of the Company examined by us, there are no dues of goods and service tax which have not been deposited on account of any dispute. Refer Appendix I for particulars of dues of income tax, sales tax, service tax, duty of customs, duty of excise and value added tax as at March 31, 2021 which has not been deposited on account of a dispute.
As the Company does not have any loans or borrowings from any financial institution or bank or Government, nor has it issued any debentures as at the Balance Sheet date, the provisions of Clause 3(viii) of the Order are not applicable to the Company.
ix. The Company has not raised any moneys by way of initial public offer, further public offer (including debt instruments) and term loans. Accordingly, the provisions of Clause 3(ix) of the Order are not applicable to the Company.
x. During the course of our examination of the books and records of the Company, carried out in accordance with the generally accepted auditing practices in India, and according to the information and explanations given to us, we have neither come across any instance of material fraud by the Company or on the Company by its officers or employees, noticed or reported during
- the year, nor have we been informed of any such case by the Management.
The Company has paid/ provided for managerial remuneration in accordance with the requisite approvals mandated by the provisions of Section 197 read with Schedule V to the Act.
xii. As the Company is not a Nidhi Company and the Nidhi Rules, 2014 are not applicable to it, the provisions of Clause 3(xii) of the Order are not applicable to the Company.
xiii. The Company has entered into transacdons with related parties in compliance with the provisions of Sections J.77 and 188 of the Act. The details of such related party transactions have been disclosed in the financial statements as required under Indian Accounting Standard (Ind AS) 24, Related Party Disclosures specified under Section 133 of the Act.
xiv. The Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year under review. Accordingly, the provisions of Clause 3friv) of the Order are not applicable to the Company.
xv. The Company has not entered into any I1011 cash transactions with its directors or persons connected with him. Accordingly, the provisions of Clause 3(xv) of the Order are not applicable to the Company.

Annexure Ft to Independent Auditors' Report

Referred to in paragraph 14 of the Independent Auditors' Report of even date to the members of BASF India Limited on the financial statements for the year ended March 31, 2021 Page 3 of 3

xvi. The Company is not required to be registered under Section 45-IA of the Reserve Bank of India Act, 1934. Accordingly, the provisions of Clause 3(xvi) of the Order are not applicable to the Company.

For Price Waterhouse Chartered Accountants LLP Firm Registration Number: m2754N/N5o0016 Chartered Accountants

Jeetendra Mirchandani Partner Membership Number 048125 2104812AAAACJ1538

Place: Pune Date: May ii, 2021

Appendix I

Referred to in paragraph villa)) of our An nexure B to the Independent Auditors' Report of even date to the members of BASF India Limited on the Financial Statements for the vear ended March 31, 2E321

Sr. No,	Name of the.	Nature of Drusi.	Amount	Period to which	Forum where
	Statute		Its. in million	the amount relates	dispute is pending__
i	The Income TaxAct, 1961	Income Tan liability(including interest andpenalty, as applicable)	867.0	Assessment Years 20024113, 2004-05.2007-oti, 2043-14 and 2016-17	APPel.ate l Autliort, - up toCommissioner's level
			201.4	Assessment Years 2009-10 to 2012-13	Income Tax Appellate Tribunal
			2,5	Assessment Years 2000-01, 2002-03 and2006-07	High Court
	iSub Total		1,olo.9.
2	The Central SalesTax Act, 1956 and	Sales Tax and Value AddedTax liability (including		298.7 Financial Years 2002-03, 2005-06 to 2011-12land 2013-4 to 2016-17	Appellate Authority - up toCommissioner's level
	Local Sales Tax Acts1	interest and penalty, asapplicable)		7.39.:i Financial Years 1993.94, 1994-14(6, 2004-05and 2006-07 to 2016-17	Sales Tax Appellate Tribunal
	;Sub Total		7.696-0
3	The Finance Act,1994	Service Tax Liability•.(inclutling interest andpenalty, as applicable)		NA Financial Years 2006-07 to 2009-10 and 2015-16 to 2017-18	Appellate Authority- up toCommissioners level
				930.7 Financial Years 2004-05 to 2015-16	Custom, Excise and Service TaxA. i -nate Tribunal
	Sul) Total
4	The Customs TariffAct, 1975	Customs Duty (includinginterest and penalty, asI		43.6 Financial Year 2007-08	Supreme Court of India1
		applicable)	i 2	Financial Year 2012-13	Custom, Excise and Service TaxAppellate Tribunal
			1.2	Financial Year 2019-20	Appellate Authority- up toCommissioner's level
	Sub rota]		- -46.o
5	The Central ExciseAct, 1944	Excise duty liability(including interest and		17,6 Financial Years 2007-2008 and 2011-12 to2016-17	Appellate Authority- up toCommissioner's level
		penalty, as applicable)		2.0 Financial Years 1982 - 1982 and 2012-2013	Custom, Excise and Service TaxAppellate Tribunal
				6,3 Financial Year 2011-32	High Court
	Sub Total		2 .T
	Total		9_,783-5-

AI assistant

BASF India Ltd Annual Report 2021