IFll Inclustries lrmited

CorPorate Ofrce

I Plot No--lND-S, Sector- ¹ East Kolkata Township, Kolkata - 700 107 Telephone : (91) (33) 39849475/9524 Fax : (91) (33) 39849676 Web : www.ifrindustries,com

13tnluly,2021

The Manager Department of Corporate Scrviccs Bombay Stock Exchange Ltd, Phiroze f eej eebhoy Towers Dalal Street, Mumbai-400001

The Manager The National Stock Exchangc of India Ltd' Exchange Plaza, 5th Floor Plot No-C/1", G Bloch Bandra Kurla Complex Mumbai -400051

The Secretary The Calcutta Stock Exchangc Association Ltd' 7 Lyons Range Kolkata-700001

Dear Sir,

Sub: Annual Report for the financial year ended 31't March,202L

Wc enclose, in terms of I{eguiations 30 and 34 of the SI'lIll Q,isting Obligations and Disclosure I{equirements) Ilegulations,2015 a copy of the I{eport and liinancial Statements of the Company for the financial ycar ended 31't March, 2027 togethcr with the Notice dated 14th June, 202L convening the 45tr' Annual General Meeting of the Company to be heid on lrriday, August 6,2021at 10.30 A'M. [ls'f] through Vidco Conferencing (VC) / Other Audio Visual Mcans [OAVM), in conformity with the regulatory provisions and Circulars issucd by thc Ministry of Corporate Affairs, Govcrnmcnt of India.

This is for your kind information and rccords.

Thanking you,

Yours faithfully FoT IFB INDUSTRIES LIMITiJD G A-.- c-l-"'*-.a*u.-1

G Ray Chowdhury [Company Secretary)

Ilncl : As above

IFB INDUSTRIES LTD.

BOARD OF DIRECTORS

Executive Chairman Mr. Bij on Nag

Joint Executive Chairman & Managing Director Mr. Bikramjit Nag

Managing Director & CEO - Appliances Division Mr. Rajshankar Ray

Managing Director & CEO - Engineering Division Mr. Partha Sen

Director and CFO Mr. Prabir ChaĴ erjee

Executive Director & Service Business Head Mr. Amar Singh Negi

Non-Executive Director Mr. Sudip Banerjee

Independent Directors Dr. Rathindra Nath Mitra Ms. Sangeeta Shankaran Sumesh Mr. Rahul Choudhuri Mr. Ashok Bhandari Mr. Chacko Joseph Mr. Desh Raj Dogra Mr. Biswadip Gupta

AUDIT COMMITTEE

Chairman Dr. Rathindra Nath Mitra

Members Ms. Sangeeta Shankaran Sumesh Mr. Ashok Bhandari Mr. Chacko Joseph Mr. Prabir ChaĴ erjee

COMPANY SECRETARY

Mr. G. Ray Chowdhury

AUDITORS

DeloiĴ e Haskins & Sells Chartered Accountants

REGISTRAR AND SHARE TRANSFER AGENT

CB Management Services (P) Ltd. P 22, Bondel Road, Kolkata - 700 019 Tel : (091) (33) 2280 6692/93/94, 4011 6700 Fax : (091) (33) 2287 0263 E-mail : [email protected]

REGISTERED OFFICE

14, Taratolla Road Kolkata - 700 088, India Tel : (091) (33) 3048 9299 Fax : (091) (33) 3048 9230 CIN : L51109WB1974PLC029637 E-mail : investors@iĠ global.com Website : www.iĠ industries.com

CORPORATE OFFICE

Plot No. IND-5, Sector – I East Kolkata Township Kolkata - 700 107 Tel : (091) (33) 3984 9524 Fax : (091) (33) 2442 1003 E-mail : investors@iĠ global.com

Notice to Members	2
Directors' Report	24
Report on Corporate Governance	74
Standalone Financial Statement
– Independent Auditor's Report	91
– Balance Sheet	100
– Statement of Profi t and Loss	101
– Cash Flow Statement	103
– Notes to the Financial Statements	105
Consolidated Financial Statement
– Independent Auditor's Report	161
– Balance Sheet	168
– Statement of Profi t and Loss	169
– Cash Flow Statement	171
– Notes to the Financial Statements	173
10 Year Highlights	226

CIN: L51109WB1974PLC029637 Registered Offi ce: 14 Taratolla Road, Kolkata -700 088 Tel:91 33 30489299 Fax: 91 33 30489230, E-mail: investors@iĠ global.com Website: www.iĠ industries.com

NOTICE TO MEMBERS

Notice is hereby given that the forty fiĞh Annual General Meeting of the members of IFB Industries Limited will be held on Friday the 6th day of August, 2021 at 10.30 A.M. IST through Video Conferencing ("VC") / Other Audio Visual Means ("OAVM") , to transact the following business :

ORDINARY BUSINESS:

1) To receive, consider and adopt the Audited Standalone Financial Statements of the Company for the year ended March 31,2021, including the audited Balance Sheet as at March 31, 2021, the statement of Profit and Loss for the year ended on that date and the reports of the Board of Directors and Auditors thereon.
2) To receive, consider and adopt Audited Consolidated Financial Statements of the Company for the year ended March 31, 2021 and the Report of the Auditors thereon.
3) To appoint a director in place of Mr. Prabir ChaĴerjee (DIN: 02662511), who retires by rotation and being eligible, offers himself for re-appointment as a Director.

SPECIAL BUSINESS:

4) To consider and if thought fit, to pass, the following Resolution as a Special Resolution:

"RESOLVED THAT pursuant to the provisions of Sections 152, 160 and all other applicable provisions if any, of the Companies Act, 2013 ("The Act") and the Companies (Appointment and Qualification of Directors) Rules, 2014 Mr. Partha Sen ( DIN: 07547244) ) who was inducted on the Board as Additional Director in the capacity of Managing Director & CEO of Engineering Division and for appointment of whom the Company has received a nomination from a member proposing his appointment be and is hereby appointed as Managing Director & CEO of Engineering Division of the Company for a period of 5 years with effect from 30.10.2020, liable to retire by rotation."

"RESOLVED FURTHER THAT pursuant to the provisions of Sections 196, 197, 198, 203 and other applicable provisions if any, of the Companies Act, 2013 ("The Act") read with Schedule V to the Act and the Companies (Appointment and Remunerations of Managerial Personnel) Rules, 2014 (including any statutory modification(s) or re-enactment(s) thereof, for the time being in force), consent of the Company be and is hereby accorded for appointment of Mr. Partha Sen ( DIN: 07547244), designated as Managing Director & CEO of Engineering Division of the Company for a period of 5 ( Five ) years, with effect from 30.10.2020, on the terms and conditions including remuneration alongwith interim revision in between as set out in explanatory statement aĴached hereto and forming part of this resolution notwithstanding that the remuneration may exceed the limits prescribed in the provisions of Sections 197, 198 and Schedule V to the Companies Act, 2013 in case of no profits / inadequate profits during any financial year / period in between."

"RESOLVED FURTHER THAT the Board (the term " Board" includes Board of Directors of Company and the Nomination and Remuneration CommiĴee) be and is hereby authorized to vary and / or modify the terms and conditions including remuneration, benefits and perquisites payable / made available to the appointee in such manner as may be agreed upon between the board and the appointee."

"RESOLVED FURTHER THAT the Board be and is hereby authorized to do all acts, deeds and things and execute all such documents, instruments and writings, as may be required and to delegate all or any of its powers herein conferred to any commiĴee of directors or to any director or to any employee of the Company to give effect to the aforesaid resolutions."

5) To consider and if thought fit, to pass, the following Resolution as an Ordinary Resolution:

"RESOLVED THAT pursuant to the provisions of Sections 152, 160 and all other applicable provisions if any,

of the Companies Act, 2013 ("The Act") and the Companies (Appointment and Qualification of Directors) Rules, 2014 Mr. Rajshankar Ray (DIN: 03498696), who was inducted on the Board as Additional Director in the capacity of Managing Director & CEO of Appliances Division and for appointment of whom the Company has received a nomination from a member proposing his appointment be and is hereby appointed as Managing Director & CEO of Appliances Division of the Company for a period of 5 years with effect from 30.10.2020, liable to retire by rotation."

"RESOLVED FURTHER THAT pursuant to the provisions of Sections 196, 197, 198, 203 and other applicable provisions if any, of the Companies Act, 2013 ("The Act") read with Schedule V to the Act and the Companies (Appointment and Remunerations of Managerial Personnel) Rules, 2014 (including any statutory modification(s) or re-enactment(s) thereof, for the time being in force), consent of the Company be and is hereby accorded for appointment of Mr. Rajshankar Ray (DIN: 03498696), designated as Managing Director and CEO of Appliances Division of the Company for a period of 5 ( Five ) years, with effect from 30.10.2020, on the terms and conditions including remuneration alongwith interim revision in between as set out in explanatory statement aĴached hereto and forming part of this resolution notwithstanding that the remuneration may exceed the limits prescribed in the provisions of Sections 197, 198 and Schedule V to the Companies Act, 2013 in case of no profits / inadequate profits during any financial year / period in between."

6) To consider and if thought fit, to pass, the following Resolution as an Ordinary Resolution:

"RESOLVED THAT pursuant to the provisions of Sections 152, 160 and all other applicable provisions if any, of the Companies Act, 2013 ("The Act") and the Companies (Appointment and Qualification of Directors) Rules, 2014 Mr. Amar Singh Negi (DIN: 008941850) who was inducted on the Board as Additional Director in the capacity of Executive Director-Service Business Head and for appointment of whom the Company has received a nomination from a member proposing his appointment be and is hereby appointed as Executive Director-Service Business Head of the Company for a period of 5 years with effect from 30.10.2020, liable to retire by rotation."

"RESOLVED FURTHER THAT pursuant to the provisions of Sections 196, 197, 198 and other applicable provisions if any, of the Companies Act, 2013 ("The Act") read with Schedule V to the Act and the Companies (Appointment and Remunerations of Managerial Personnel) Rules, 2014 (including any statutory modification(s) or re-enactment(s) thereof, for the time being in force), consent of the Company be and is hereby accorded for appointment of Mr. Amar Singh Negi ( DIN: 008941850), designated as Executive Director – Service Business Head of the Company for a further period of 5 ( Five ) years, with effect from 30.10.2020, on the terms and conditions including remuneration alongwith interim revision in between as set out in explanatory statement aĴached hereto and forming part of this resolution notwithstanding that the remuneration may exceed the limits prescribed in the provisions of Sections 197, 198 and Schedule V to the Companies Act, 2013 in case of no profits / inadequate profits during any financial year / period in between."

"RESOLVED FURTHER THAT the board be and is hereby authorized to do all acts, deeds and things and execute all such documents, instruments and writings, as may be required and to delegate all or any of its powers herein conferred to any commiĴee of directors or to any director or to any employee of the Company to give effect to the aforesaid resolutions."

7) To consider and if thought fit, to pass, the following Resolution as an Ordinary Resolution:

"RESOLVED THAT pursuant to the provisions of Sections 196, 197, 198 and other applicable provisions if any, of the Companies Act, 2013 ("The Act") read with Schedule V to the Act and the Companies (Appointment and Remunerations of Managerial Personnel) Rules, 2014 (including any statutory modification(s) or re-enactment(s) thereof, for the time being in force), consent of the Company be and is hereby accorded to increase the remuneration paid/payable to Mr. Prabir ChaĴerjee (DIN: 02662511) , Whole-time Director and CFO of the Company with effect from 01.04.2021 as set out in the Explanatory Statement aĴached to this Notice."

"RESOLVED FURTHER THAT notwithstanding anything contained in Sections 197, 198 and Schedule V of the Companies Act, 2013 or any amendments / re-enactment thereof or any revised/ new schedule thereof, in the event of absence of profits or inadequate profits in any financial year, the salary, perquisites and statutory benefits as set out in the explanatory statement forming part of this resolution be paid as minimum remuneration to Mr. Prabir ChaĴerjee, designated as Whole-time Director & CFO of the Company even if it exceeds the various stipulated limits of the various provisions of the Companies Act, 2013 or the rules related thereto during any financial year / period in between."

"RESOLVED FURTHER THAT the Board (the term "Board" includes Board of Directors of Company and the Nomination and Remuneration CommiĴee) be and is hereby authorized to vary and / or modify the terms and conditions including remuneration, benefits and perquisites payable / made available to the appointee in such manner as may be agreed upon between the board and the appointee."

8) To consider and if thought fit, to pass, the following Resolution as a Special Resolution:

"RESOLVED THAT pursuant to the provisions of Sections 149, 152 and other applicable provisions, if any, of the Companies Act, 2013 and the Rules made thereunder read with Schedule IV of the Companies Act, 2013, or any amendment or modification thereof, and Regulation 17 and other applicable Regulations of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, Mr. Ashok Bhandari (DIN : 00012210), Independent Director of the Company, who has submiĴed a declaration that he meets the criteria for independence as provided in the Act and Listing Regulations, and who is eligible for re-appointment and in respect of whom based on his evaluation of performance, the Nomination and Remuneration CommiĴee has recommended his re-appointment on the Board, be and is hereby re-appointed as an Independent Director of the Company for second term of five consecutive years with effect from 30.01.2021, not liable to retire by rotation."

9) To consider and if thought fit, to pass, the following Resolution as an Ordinary Resolution:

"RESOLVED THAT pursuant to the provisions of Sections 149, 152, 160 and other applicable provisions of the Companies Act, 2013 and the Rules made thereunder read with Schedule IV of the Companies Act, 2013, or any amendment or modification thereof, and Regulation 17 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, Mr. Desh Raj Dogra (DIN : 00226775) who was inducted on the Board as Additional Director in the capacity of an Independent Director and for appointment of whom the Company has received a nomination from a member proposing his appointment be and is hereby appointed as an Independent Director of the Company for a term of one year with effect from 10.02.2021, not liable to retire by rotation."

10) To consider and if thought fit, to pass, the following Resolution as an Ordinary Resolution:

"RESOLVED THAT pursuant to the provisions of Sections 149, 152 , 160 and other applicable provisions of the Companies Act, 2013 and the Rules made thereunder read with Schedule IV of the Companies Act, 2013, or any amendment or modification thereof, and Regulation 17 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, Mr. Biswadip Gupta (DIN: 00048258) who was inducted on the Board as Additional Director in the capacity of an Independent Director and for appointment of whom the Company has received a nomination from a member proposing his appointment be and is hereby appointed as an Independent Director of the Company for a term of one year with effect from 10.02.2021, not liable to retire by rotation."

11) To consider and if thought fit, to pass, the following Resolution as an Ordinary Resolution:

"RESOLVED THAT pursuant to the provisions of Section 148(3) and other applicable provisions, if any, of the Companies Act, 2013 ( " The Act") read with Rule 14 of Companies (Audit and Auditors) Rules, 2014,the remuneration payable during the year 2021-22 to M/s. MANI & CO, Cost Accountants appointed by the Board of Directors of the Company to conduct the audit of cost records of the Company for the financial year 2021-22, amounting to Rs.8,00,000/- (Rupees Eight lacs Only) plus tax as applicable and reimbursement of conveyance expenses on actual basis as incurred by them in connection with the aforesaid audit be and is hereby ratified and confirmed."

Registered Offi ce : By Order of the Board

14, Taratolla Road Kolkata - 700 088 G Ray Chowdhury CIN : L51109WB1974PLC029637 Company Secretary E-mail : investors@iĠglobal.com Membership No. : A8529 Website : www.iĠindustries.com

Place : Kolkata Date : 14th June, 2021

NOTES :

1. In view of the continuing COVID-19 pandemic, the Ministry of Corporate Affairs ("MCA") has vide its circular nos. 14/2020 and 17/2020 dated April 8, 2020 and April 13, 2020 respectively, in relation to "Clarification on passing of ordinary and special resolutions by companies under the Companies Act, 2013 and the rules made thereunder on account of the threat posed by Covid-19", circular no. 20/2020 dated May 5, 2020 in relation to "Clarification on holding of annual general meeting (AGM) through video conferencing (VC) or other audio visual means (OAVM)" and Circular no. 02/2021 dated January 13, 2021 in relation to "Clarification on holding of annual general meeting (AGM) through video conferencing (VC) or other audio visual means (OAVM)" (collectively referred to as "MCA Circulars") and Securities and Exchange Board of India ("SEBI") vide its circular no. SEBI/HO/CFD/CMD1/CIR/P/2020/79 dated May 12, 2020 in relation to "Additional relaxation in relation to compliance with certain provisions of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 – Covid-19 pandemic" and circular no. SEBI/HO/CFD/ CMD2/CIR/P/2021/11 dated January 15, 2021 in relation to "Relaxation from compliance with certain provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 due to the COVID -19 pandemic" (collectively referred to as "SEBI Circulars") permiĴed the holding of the Annual General Meeting ("AGM") through VC / OAVM, without the physical presence of the Members at a common venue. In compliance with the MCA Circulars and SEBI Circulars, the AGM of the members of the Company is being held through VC / OAVM.
1. Brief resume of Directors including those proposed to be appointed/ reappointed, nature of their expertise in specific functional areas, no. of companies in which they hold directorships and memberships/ chairmanships of Board CommiĴees, shareholding and relationships between directors inter-se as stipulated under SEBI (Listing obligations & Disclosure Requirements) Regulation, 2015 are provided as Annexure to the Notice & Corporate Governance Report which forms part of the Annual Report.

1. Members of the Company had approved the appointment of Messars DeloiĴee Haskins & Sells, Chartered Accountants, having registration No. 302009E as the Statutory Auditors of the Company at the 43rd Annual General Meeting which is valid till 48th AGM. In accordance with the Act, the appointment of Statutory Auditors is not required to be ratified in every AGM.
1. Pursuant to SEBI Circular no. SEBI/HO/CFD/CMD2/CIR/P/2021/11 dated January 15, 2021 the requirement of sending hard copies of annual reports to shareholders has been dispensed with.
1. Pursuant to the provisions of the Act, a Member entitled to aĴend and vote at the AGM is entitled to appoint a proxy to aĴend and vote on his/her behalf and the proxy need not be a Member of the Company. Since this AGM is being held pursuant to the MCA Circulars through VC / OAVM, physical aĴendance of Members has been dispensed with. Accordingly, the facility for appointment of proxies by the Members will not be available for the AGM and hence the Proxy Form and AĴendance Slip are not annexed to this Notice.
1. Institutional / Corporate Shareholders of its Board or governing body Resolution/Authorization etc., authorizing its representative to aĴend the AGM through VC / OAVM on its behalf and to vote through remote e-voting. The said Resolution/Authorization shall be sent to the Scrutinizer by email through its registered email address to [email protected] with a copy marked to [email protected].
1. A statement pursuant to Section 102(1) of the Companies Act, 2013, relating to the Special Business to be transacted at the meeting is annexed hereto.
1. The Company has notified closure of Register of Members and Share Transfer Books from 31.07.2021 to 06.08.2021 (both days inclusive) for the purposes of AGM.
1. Members are requested to intimate changes, if any, pertaining to their name, postal address, email address, telephone/ mobile numbers, Permanent Account Number (PAN), mandates, nominations, power of aĴorney, etc., to their DPs in case the shares are held by them in electronic form and to IFB/Registrar of the Company in case the shares are held by them in physical form.
1. In case of joint holders, the Member whose name appears as the first holder in the order of names as per the Register of Members of the Company will be entitled to vote at the AGM.
1. Members seeking any information with regard to the accounts or any maĴer to be placed at the AGM, are requested to write to the Company on or before 3rd August, 2021 through email to investors@iĠgolobal.com. The same will be replied by the Company suitably.
1. Since the AGM will be held through VC / OAVM, the Route Map is not annexed in this Notice.
1. During the AGM, the Register of Directors and Key Managerial Personnel and their shareholding maintained under Section 170 of the Act and the Register of Contracts or arrangements in which Directors are interested maintained under Section 189 of the Companies Act, shall be made available for on-line inspection upon login at NSDL e-Voting system at www.evoting.nsdl.com.
1. Pursuant to the Circular No. 14/2020 dated April 08, 2020, issued by the Ministry of Corporate Affairs, the facility to appoint proxy to aĴend and cast vote for the members is not available for this AGM. However, the Body Corporates are entitled to appoint authorised representatives to aĴend the AGM through VC/OAVM and participate there at and cast their votes through e-voting.
1. The Members can join the AGM in the VC/OAVM mode 45 minutes before the scheduled time of the commencement of the Meeting by following the procedure mentioned in the Notice. The facility of participation at the AGM through VC/ OAVM will be made available for 1000 members on first come first served basis. This will not include large Shareholders (Shareholders holding 2% or more shareholding), Promoters, Institutional Investors, Directors, Key Managerial Personnel, the Chairpersons of the Audit CommiĴee, Nomination and Remuneration CommiĴee and Stakeholders Relationship CommiĴee, Auditors etc. who are allowed to aĴend the AGM without restriction on account of first come first served basis.
1. The aĴendance of the Members aĴending the AGM through VC/OAVM will be counted for the purpose of reckoning the quorum under Section 103 of the Companies Act, 2013.
1. Pursuant to the provisions of Section 108 of the Companies Act, 2013 read with Rule 20 of the Companies (Management and Administration) Rules, 2014 (as amended) and Regulation 44 of SEBI (Listing Obligations & Disclosure Requirements) Regulations 2015 (as amended), and the Circulars issued by the Ministry of Corporate Affairs dated April 08, 2020, April 13, 2020 and May 05, 2020 the Company is providing facility of remote e-Voting to its Members in respect of the business to be transacted at the AGM. For this purpose, the Company has entered into an agreement with National Securities Depository Limited (NSDL) for facilitating voting through electronic means, as the authorized agency. The facility of casting votes by a member using remote e-Voting system as well as venue voting on the date of the AGM will be provided by NSDL.
1. In line with the Ministry of Corporate Affairs (MCA) Circular No. 17/2020 dated April 13, 2020, the Notice calling the AGM has been uploaded on the website of the Company at www.iĠindustries.com. The Notice can also be accessed from the websites of the Stock Exchanges i.e. BSE Limited and National Stock Exchange of India Limited at www. bseindia.com and www.nseindia.com respectively and the AGM Notice is also available on the website of NSDL (agency for providing the Remote e-Voting facility) i.e. www.evoting.nsdl.com.
1. The remote e-voting period begins on 3rd August, 2021 at 9:00 A.M. and ends on 5th August 2021 at 5:00 P.M. The remote e-voting module shall be disabled by NSDL for voting thereaĞer. The Members, whose names appear in the Register of Members / Beneficial Owners as on the record date (cut-off date) i.e. 30th July, 2021, may cast their vote electronically. The voting right of shareholders shall be in proportion to their share in the paid-up equity share capital of the Company as on the cut-off date, being 30th July 2021.
1. The details of the process and manner for remote e-Voting are explained herein below:

Step 1: Access to NSDL e-Voting system

Step 2: Cast your vote electronically and join virtual meeting on NSDL e-Voting system.

Details on Step 1 are mentioned below:

A. Login method for remote e-Voting and joining virtual meeting for Individual shareholders holding securities in demat mode

In terms of SEBI circular dated December 9, 2020 on e-Voting facility provided by Listed Companies, Individual shareholders holding securities in demat mode are allowed to vote through their demat account maintained with Depositories and Depository Participants. Shareholders are advised to update their mobile number and email Id in their demat accounts in order to access e-Voting facility.

Type of shareholders	Login Method
Individual Shareholders	A. NSDL IDeAS facility
holding securities in	If you are already registered, follow the below steps:
demat mode with NSDL.	1. Visit the e-Services website of NSDL. Open web browser by typing the following URL: hĴps://eservices.nsdl.com/ either on a Personal Computer or on a mobile.
	2. Once the home page of e-Services is launched, click on the "Beneficial Owner" icon under "Login" which is available under "IDeAS" section.
	3. A new screen will open. You will have to enter your User ID and Password. AĞer successful authentication, you will be able to see e-Voting services.

	4. Click on "Access to e-Voting" appearing on the leĞ hand side under e-Voting services and you will be able to see e-Voting page.
	5. Click on options available against company name or e-Voting service provider - NSDL and you will be re-directed to NSDL e-Voting website for casting your vote during the remote e-Voting period or joining virtual meeting and e-Voting during the meeting.
	If you are not registered, follow the below steps:
	1. Option to register is available at hĴps://eservices.nsdl. com.
	2. Select "Register Online for IDeAS" Portal or click at hĴps://eservices.nsdl.com/SecureWeb/ IdeasDirectReg.jsp
	3. Please follow steps given in points 1-5.
	B. e-Voting website of NSDL
	1. Open web browser by typing the following URL: hĴps://www.evoting.nsdl.com/ either on a personal computer or on a mobile phone.
	2. Once the home page of e-Voting system is launched, click on the icon "Login" which is available under 'Shareholder/Member' section.
	3. A new screen will open. You will have to enter your User ID (i.e. your sixteen digit demat account number held with NSDL), Password / OTP and a Verification Code as shown on the screen.
	4. AĞer successful authentication, you will be redirected to NSDL website wherein you can
	see e-Voting page. Click on options available against company name or e-Voting service
	provider - NSDL and you will be redirected to e-Voting website of NSDL for casting your
	vote during the remote e-Voting period or joining virtual meeting and e-Voting during the meeting.
Individual Shareholders holding securities in demat mode with CDSL	1. Existing users who have opted for Easi / Easiest, can login through their user id and password. Option will be made available to reach e-Voting page without any further authentication. The URL for users to login to Easi / Easiest is hĴps://web.cdslindia.com/ myeasi/home/login or www.cdslindia.com and click on New System Myeasi.
	2. AĞer successful login of Easi / Easiest the user will be also able to see the e-Voting Menu. The Menu will have links of ESP i.e. NSDL portal. Click on NSDL to cast your vote.
	3. If the user is not registered for Easi/Easiest, option to register is available at hĴps://web. cdslindia.com/myeasi/Registration/ EasiRegistration. Alternatively, the user can directly access e-Voting page by providing demat Account Number and PAN from a link in www.cdslindia.com home page. The system will authenticate the user by sending OTP on registered Mobile and e-mail as recorded in the demat Account. AĞer successful authentication, user will be provided links for the respective ESP i.e. NSDL where the e-Voting is in progress.
Individual Shareholders (holding securities in	1. You can also login using the login credentials of your demat account through your DP registered with NSDL / CDSL for e-Voting facility.
demat mode) login through their depository participants	2. Once logged-in, you will be able to see e-Voting option. Once you click on e-Voting option, you will be redirected to NSDL / CDSL Depository site aĞer successful authentication, wherein you can see e-Voting feature.
	3. Click on options available against company name or e-Voting service provider - NSDL and you will be redirected to e-Voting website of NSDL for casting your vote during the remote e-Voting period or joining virtual meeting and e-Voting during the meeting.

Important note: Members who are unable to retrieve User ID/ Password are advised to use Forget User ID and Forget Password option available at abovementioned website.

Helpdesk for Individual Shareholders holding securities in demat mode for any technical issues related to login through Depository i.e. NSDL and CDSL.

Login type	Helpdesk details
Individual Shareholders holding securities in demat mode with NSDL	Members facing any technical issue in login can contact NSDL helpdesk by sending a request at [email protected] or call at toll free no.: 1800 1020 990 and 1800 22 44 30
Individual Shareholders holding securities in demat mode with CDSL	Members facing any technical issue in login can contact CDSL helpdesk by sending a request at [email protected] or contact at 022- 23058738 or 022-23058542-43

B. Login Method for e-Voting and joining virtual meeting for shareholders other than Individual shareholders holding securities in demat mode and shareholders holding securities in physical mode:

How to Log-in to NSDL e-Voting website?

1. Visit the e-Voting website of NSDL. Open web browser by typing the following URL: hĴps://www.evoting.nsdl.com/ either on a Personal Computer or on a mobile.
1. Once the home page of e-Voting system is launched, click on the icon "Login" which is available under 'Shareholder/ Member' section.
1. A new screen will open. You will have to enter your User ID, your Password/OTP and a Verification Code as shown on the screen.

Alternatively, if you are registered for NSDL eservices i.e. IDEAS, you can log-in at hĴps://eservices.nsdl.com/ with your existing IDEAS login. Once you log-in to NSDL eservices aĞer using your log-in credentials, click on e-Voting and you can proceed to Step 2 i.e. Cast your vote electronically.

Your User ID details are given below :

Manner of holding shares i.e.Demat (NSDL or CDSL) or Physical	Your User ID is:
a) For Members who hold shares in demat account with NSDL.	8 Character DP ID followed by 8 Digit Client ID For example if your DP ID is IN300 and Client ID is 12 then your user ID is IN30012**.
b) For Members who hold shares in demat account with CDSL.	16 Digit Beneficiary ID For example if your Beneficiary ID is 12 then your user ID is 12
c) For Members holding shares in Physical Form.	EVEN Number followed by Folio Number registered with the company For example if folio number is 001 and EVEN is 101456 then user ID is 101456001

1. Password details for shareholders other than Individual shareholders are given below:
a) If you are already registered for e-Voting, then you can user your existing password to login and cast your vote.
b) If you are using NSDL e-Voting system for the first time, you will need to retrieve the 'initial password' which was communicated to you. Once you retrieve your 'initial password', you need to enter the 'initial password' and the system will force you to change your password.
c) How to retrieve your 'initial password'?
(i) If your email ID is registered in your demat account or with the company, your 'initial password' is

communicated to you on your email ID. Trace the email sent to you from NSDL from your mailbox. Open the email and open the aĴachment i.e. a .pdf file. Open the .pdf file. The password to open the .pdf file is your 8 digit client ID for NSDL account, last 8 digits of client ID for CDSL account or folio number for shares held in physical form. The .pdf file contains your 'User ID' and your 'initial password'.

(ii) If your email ID is not registered, please follow steps mentioned below in process for those shareholders whose email ids are not registered.
1. If you are unable to retrieve or have not received the " Initial password" or have forgoĴen your password:
a) Click on "Forgot User Details/Password?"(If you are holding shares in your demat account with NSDL or CDSL) option available on www.evoting.nsdl.com.
b) Physical User Reset Password?" (If you are holding shares in physical mode) option available on www.evoting. nsdl.com.
c) If you are still unable to get the password by aforesaid two options, you can send a request at [email protected] mentioning your demat account number/folio number, your PAN, your name and your registered address etc.
d) Members can also use the OTP (One Time Password) based login for casting the votes on the e-Voting system of NSDL.
1. AĞer entering your password, tick on Agree to "Terms and Conditions" by selecting on the check box.
1. Now, you will have to click on "Login" buĴon.
1. AĞer you click on the "Login" buĴon, Home page of e-Voting will open.

Step 2: Details are mentioned below

How to cast your vote electronically and join virtual Annual General Meeting on NSDL e-Voting system?

1. AĞer successful login at Step 1, you will be able to see all the companies "EVEN" in which you are holding shares and whose voting cycle and General Meeting is in active status.
1. Select "EVEN" of company for which you wish to cast your vote during the remote e-Voting period and casting your vote during the General Meeting. For joining virtual meeting, you need to click on "VC/OAVM" link placed under "Join General Meeting".
1. Now you are ready for e-Voting as the Voting page opens.
1. Cast your vote by selecting appropriate options i.e. assent or dissent, verify/modify the number of shares for which you wish to cast your vote and click on "Submit" and also "Confirm" when prompted.
1. Upon confirmation, the message "Vote cast successfully" will be displayed.
1. You can also take the printout of the votes cast by you by clicking on the print option on the confirmation page.
1. Once you confirm your vote on the resolution, you will not be allowed to modify your vote.

General Guidelines for shareholders

Any person holding shares in physical form and non-individual shareholders, who acquires shares of the Company and becomes member of the Company aĞer the notice is send through e-mail and holding shares as of the cut-off date i.e. 30th July, 2021, may obtain the login ID and password by sending a request at [email protected] or Issuer/ RTA. However, if you are already registered with NSDL for remote e-voting, then you can use your existing user ID and password for casting your vote. If you forgot your password, you can reset your password by using "Forgot User Details/Password" or "Physical User Reset Password" option available on www.evoting.nsdl.com or call on toll free no. 1800 1020 990 and 1800 22 44 30. In case of Individual Shareholders holding securities in demat mode who acquires shares of the Company and becomes a Member of the Company aĞer sending of the Notice and holding shares as of the cut-off date i.e. 30th July, 2021 may follow steps mentioned in the Notice of the AGM under Step 1 :"Access to NSDL e-Voting system"(Above).

1. It is strongly recommended not to share your password with any other person and take utmost care to keep your password confidential. Login to the e-voting website will be disabled upon five unsuccessful aĴempts to key in the correct password. In such an event, you will need to go through the "Forgot User Details/Password?" or "Physical User Reset Password?" option available on www.evoting.nsdl.com to reset the password.
1. In case of any queries, you may refer the Frequently Asked Questions (FAQs) for Shareholders and e-voting user manual for Shareholders available at the download section of www.evoting.nsdl.com or call on toll free no.: 1800 1020 990 and 1800 22 44 30 or send a request to NSDL at [email protected]

Process for those shareholders whose email ids are not registered with the depositories for procuring user id and password and registration of e mail ids for e-voting for the resolutions set out in this notice:

1. In case shares are held in physical mode please provide Folio No., Name of shareholder, scanned copy of the share certificate (front and back), PAN (self aĴested scanned copy of PAN card), AADHAR (self aĴested scanned copy of Aadhar Card) by email to investors@iĠglobal.com
1. In case shares are held in demat mode, please provide DPID-CLID (16 digit DPID + CLID or 16 digit beneficiary ID), Name, client master or copy of Consolidated Account statement, PAN (self aĴested scanned copy of PAN card), AADHAR (self aĴested scanned copy of Aadhar Card) to investors@iĠglobal.com. If you are an Individual shareholders holding securities in demat mode, you are requested to refer to the login method explained at step 1 (A) i.e. Login method for e-Voting and joining virtual meeting for Individual shareholders holding securities in demat mode.
1. Alternatively shareholder/members may send a request to [email protected] for procuring user id and password for e-voting by providing above mentioned documents.
1. In terms of SEBI circular dated December 9, 2020 on e-Voting facility provided by Listed Companies, Individual shareholders holding securities in demat mode are allowed to vote through their demat account maintained with Depositories and Depository Participants. Shareholders are required to update their mobile number and email ID correctly in their demat account in order to access e-Voting facility.

THE INSTRUCTIONS FOR MEMBERS FOR e-VOTING ON THE DAY OF AGM ARE AS UNDER:

1. The procedure for e-Voting on the day of the AGM is same as the instructions mentioned above for remote e-voting.
1. Only those Members/ shareholders, who will be present in the AGM through VC/OAVM facility and have not casted their vote on the Resolutions through remote e-Voting and are otherwise not barred from doing so, shall be eligible to vote through e-Voting system in the AGM.
1. Members who have voted through Remote e-Voting will be eligible to aĴend the AGM. However, they will not be eligible to vote at the AGM.
1. The details of the person who may be contacted for any grievances connected with the facility for e-Voting on the day of the AGM shall be the same person mentioned for Remote e-voting.

INSTRUCTIONS FOR MEMBERS FOR ATTENDING THE AGM THROUGH VC/OAVM ARE AS UNDER:

1. Member will be provided with a facility to aĴend the AGM through VC/OAVM through the NSDL e-Voting system. Members may access by following the steps mentioned above for Access to NSDL e-Voting system. AĞer successful login, you can see link of "VC/OAVM link" placed under "Join General meeting" menu against company name. You are requested to click on VC/OAVM link placed under Join General Meeting menu. The link for VC/OAVM will be available in Shareholder/Member login where the EVEN of Company will be displayed. Please note that the members who do not have the User ID and Password for e-Voting or have forgoĴen the User ID and Password may retrieve the same by following the remote e-Voting instructions mentioned in the notice to avoid last minute rush.
1. Please note that Participants Connecting from Mobile Devices or Tablets or through Laptop connecting via Mobile Hotspot may experience Audio/Video loss due to Fluctuation in their respective network. It is therefore recommended to use Stable Wi-Fi or LAN Connection to mitigate any kind of aforesaid glitches.

1. Members who would like to express their views or ask questions during the AGM may register themselves as a speaker by sending in writing their views or questions to investors@iĠgolobal.com/ [email protected] from their registered email address mentioning their name, DP ID and Client ID/folio number, PAN, mobile number till August 03, 2021 (5:00 p.m. IST). Those Members who have registered themselves as a speaker will only be allowed to express their views/ ask questions during the AGM. The Company reserves the right to restrict the number of speakers depending on the availability of time for the AGM. Each Speaker is requested to express his / her views within 2 – 3 minutes of the alloĴed time.
1. Members who need assistance before or during the AGM, can contact Ms. Pallavi Mhatre, Manager, NSDL at evoting@ nsdl.co.in or call 1800 1020 990 / 1800 22 44 30.

Other Instructions

1. Mr. S K Patnaik, Practicing Company Secretary (Membership No. FCS 5699) Partner of M/s. Patnaik & Patnaik, Company Secretaries has been appointed by the Board of Directors as the Scrutinizer for providing facility to the members of the Company, to scrutinize the remote e-voting process and casting vote through the e-Voting system during the Meeting in a fair and transparent manner.
1. The Scrutinizer shall, immediately aĞer the conclusion of voting at the AGM, first download the votes cast during the AGM, thereaĞer unblock the votes cast through remote e-voting system and make, not later than two working days of conclusion of the AGM, and make a consolidated Scrutinizer's Report of the total votes cast in favour or against, if any, to the Chairman or a person authorised by him in writing, who shall countersign the same.
1. The result declared along with the Scrutinizer's Report shall be placed on the Company's website www.iĠindustries. com and on the website of NSDL hĴps://www.evoting.nsdl.com immediately aĞer the declaration of the results by the Chairman or person authorized by him in writing. The Company shall simultaneously forward the results to National Stock Exchange of India Limited and BSE Limited, where the shares of the Company are listed.
1. Subject to receipt of requisite number of votes, the resolutions proposed in the notice shall be deemed to be passed on the date of the meeting itself, i.e. 6th August, 2021.

Statement Pursuant to Section 102(1) of the Companies Act, 2013

As required under section 102 of the Companies Act, 2013 the following explanatory statement sets out all material facts relating to business under Items no. 4 to 11 of the accompanying Notice:

Resolution no. 4

Mr. Partha Sen ( DIN: 07547244), aged 68 years was appointed as Managing Director & CEO of Engineering Division of the Company by the Board of Directors of the Company in its meeting held on 30th October, 2020 subject to approval of Shareholders of the Company in forthcoming Annual General Meeting of the Company for a period of five years w.e.f. 30th October, 2020. He was already associated with the Company as CEO since 26th May, 2017.

Requisite Notice under Section 160 of the Act proposing the appointment of Mr. Partha Sen has been received by the Company, and consent has been filed by Mr. Sen pursuant to Section 152 of the Act.

Section 196(3) of Companies Act, 2013, inter alia, provides that no Company shall continue the employment of a person who has aĴained the age of seventy years, as Managing Director, Whole-time Director or Manager unless it is approved by the members by passing a Special Resolution, Part I of Schedule V to the Act contains such relaxation. During the tenure of his appointment Mr. Sen will aĴain the age of seventy years.

Mr. Partha Sen (68), BTech (Hons) in Chemical Engg. IIT KGP, MS in Chemical Engg. and material Science from Syracuse University, New York, USA. He has more than 44 years of comprehensive experience in Manufacturing in diversified operational areas including Supply Chain Management, Cost & Management Control, Strategic Planning and Management, Corporate Governance, Risk Management, inventory and debtors control etc.

At the recommendation of Nomination & Remuneration CommiĴee, the Board of Directors of the Company appointed Mr. Partha Sen Managing Director & CEO of Engineering Division of the Company for a period of Five years with effect from 30.10.2020, subject to approval of the shareholders of the Company, in terms of Section 197, 198, Schedule V and any other applicable provisions of the Companies Act, 2013 , at the terms and conditions as set out below :

Remuneration :

a) Salary : Rs. 4,17,505/- (Rupees Four Lacs Seventeen Thousand Five Hundred Five only) per month
b) HRA : Rs 2,08,760/- (Rupees Two Lacs Eight Thousand Seven Hundred Sixty Only)
c) Special Personal Allowance (SPA) : Rs. 1,40,404/- (Rupees One Lac Forty Thousand Four Hundred Four only) per month.

Other Benefits :

i) Encashment of leave : As per the rules of the Company.

Apart from the aforesaid remuneration, he will be entitled to reimbursement of all expenses incurred in connection with the business of the Company.

The appointee shall not be entitled to any siĴing fees for Board / CommiĴee meetings.

Further at the recommendation of Nomination & Remuneration CommiĴee, the Board of Directors of the Company revised the remuneration of Mr. Partha Sen, Managing Director & CEO of Engineering Division of the Company with effect from 1st April, 2021, subject to approval of the shareholders of the Company, in terms of Section 197, 198, Schedule V and any other applicable provisions of the Companies Act, 2013 , at the terms and conditions as set out below :

Remuneration :

a) Salary : Rs. 4,75,005/- (Rupees Four Lacs Seventy Five Thousand Five only) per month
b) HRA : Rs 2,37,510/- ( Rupees Two Lacs Thirty Seven Thousand Five Hundred Ten Only) per month
c) Special Personal Allowance (SPA) : Rs. 1,69,154/- ( Rupees One Lac Sixty Nine Thousand One Hundred FiĞy Four only) per month.

Other Benefits :

i) Encashment of leave : As per the rules of the Company.

Apart from the aforesaid remuneration, he will be entitled to variable incentive pay not exceeding of Rs. 10 Lacs per year and reimbursement of all expenses incurred in connection with the business of the Company.

The appointee shall not be entitled to any siĴing fees for Board / CommiĴee meetings.

The said perquisites and allowances shall be evaluated, wherever applicable, as per the provisions of Income Tax Act,1961 or any rules thereunder or any statutory modifications or re-enactment thereof; and in the absence of any such rules, perquisite and allowances shall be evaluated at actual cost. The encashment of leave shall not be included for the purpose of computation of the overall ceiling of remuneration.

The terms and conditions of the said appointment and / or agreement are subject to provisions of Sections 196, 197, 203 and other applicable provisions if any, of the Companies Act, 2013 ("The Act") read with Schedule V to the Act and the Companies (Appointment and Remunerations of Managerial Personnel) Rules, 2014 including any statutory modifications or enactments thereof from time to time and may be altered and varied from time to time by the Board/ CommiĴee as it may in its discretion deem fit within the maximum amount of remuneration payable in accordance with the applicable rules and regulations. Further, the remuneration as would be paid to Mr. Partha Sen during his tenure would be the remuneration payable to him even if the said exceeds the stipulated managerial limits in terms of the provisions of Sections 196 and 197 of the Companies Act, 2013 read with Schedule V to the said Act and the excess payment of managerial remuneration, if any, during any financial year / period in between will stand waived subject to fulfillment and compliance of other conditions as mentioned under the various provisions of the Act or rules related thereto.

The agreement may be terminated by either party giving the other three months' notice.

The details of other Directorship and Membership in other companies/commiĴees of Mr. Partha Sen are provided in the 'Annexure' to the Notice. Mr Sen doesn't hold any share in the Company in his individual capacity or on a beneficial basis for any other person.

The above may be treated as an abstract of the terms of contract between the Company and Mr. Partha Sen.

Mr. Partha Sen is not disqualified from being appointed as a Director in terms of Section 164 of the Companies Act, 2013 and has given his consent to act as a Director.

Mr. Sen shall perform such duties and exercise such powers as are entrusted to him by the Board.

No director, Key managerial personnel or their relatives, except Mr. Partha Sen to whom resolution relates are concerned or interested, financially or otherwise, in the proposed resolution.

The board recommends the Resolutions set forth in item no. 4 for the approval of shareholders of the Company.

Resolution no. 5

Mr. Rajshankar Ray (DIN: 03498696), aged 52 years was appointed as Managing Director & CEO of Appliance Division of the Company by the Board of Directors of the Company in its meeting held on 30th October, 2020 subject to approval of Shareholders of the Company in forthcoming Annual General Meeting of the Company for a period of five years w.e.f. 30.10.2020. He was already associated with the Company as CEO since 26th May, 2017.

Requisite Notice under Section 160 of the Act proposing the appointment of Mr. Rajshankar Ray has been received by the Company, and consent has been filed by Mr. Rajshankar Ray pursuant to Section 152 of the Act.

Mr. Rajshankar Ray (52), B. Tech, Mechanical Engg,1991, IIT, Kharagpur. He has more than 29 years of comprehensive experience in Factory Management, Sales, Project Management and in diversified operational areas including Cost & Management Control, Strategic Management, Corporate Governance, Risk Management, SAP, inventory and debtors control etc. He was associated with Eicher Tractors as DGM from 1991 till April'06. He joined in the Company on 15.06.2006.

At the recommendation of Nomination & Remuneration CommiĴee, the Board of Directors of the Company appointed Mr. Rajshankar Ray (DIN: 03498696) as Managing Director & CEO of Appliances Division of the Company for a period of Five years with effect from 30.10.2020, subject to approval of the shareholders of the Company, in terms of Section 197, 198, Schedule V and any other applicable provisions of the Companies Act, 2013, at the terms and conditions as set out below :

Remuneration :

a) Salary : Rs. 3,36,725/- (Rupees Three Lacs Thirty Six Thousand Seven Hundred Twenty Five only) per month
b) HRA : Rs 1,68,365 /- (Rupees one Lac Sixty Eight Thousand Three Hundred Sixty Five only) per month
c) Special Personal Allowance (SPA) : Rs. 135,502/- (Rupees One Lac Thirty Five Thousand Five Hundred Two only) per month.
d) Additional SPA : Rs. 38,009/- (Rupees Thirty Eight Thousand Nine only) per month
e) Other allowances : Rs. 2550/- ( Rupees Two Thousand Five Hundred FiĞy Only)
f) Medical Reimbursement : As per the rules of the Company.
g) Leave Travel Allowance : For self and family once in a year incurred in accordance with the Rules of the Company.
h) Personal Accident Insurance : As per the rules of the Company.
i) Car : Provision of car for use on Company's Business will not be considered as perquisite. However, use of car for private purpose will be billed by the Company.
j) Telephone : Company will reimburse expenses in connection with telephone at residence & mobile connections used for official purposes as per the rules of the Company.

Explanation : For the purpose of this part, `family' means the spouse, the dependent children and dependent parents.

Other Benefits :

i) Gratuity : As per the rules of the Company.
ii) Contribution to the Provident Fund, Superannuation Fund or Annuity Fund : As per the rules of the Company.
iii) Encashment of leave : As per the rules of the Company.

Apart from the aforesaid remuneration, he will be entitled to reimbursement of all expenses incurred in connection with the business of the Company.

Further at the recommendation of Nomination & Remuneration CommiĴee, the Board of Directors of the Company revised the remuneration of Mr. Rajshankar Ray, Managing Director & CEO of Appliances Division of the Company with effect from 1st April, 2021, subject to approval of the shareholders of the Company, in terms of Section 197, 198, Schedule V and any other applicable provisions of the Companies Act, 2013 , at the terms and conditions as set out below :

Remuneration :

a) Salary : Rs. 5,53,710/- (Rupees Five Lacs FiĞy Three Thousand Seven Hundred Ten only) per month
b) HRA : Rs 2,76,860 /- (Rupees Two Lacs Seventy Six Thousand Eight Hundred Sixty only) per month
c) Special Personal Allowance (SPA) : Rs. 1,68,410/- ( Rupees One Lac Sixty Eight Thousand Four Hundred Ten only) per month.
d) Additional SPA : Rs. 38,009/- (Rupees Thirty Eight Thousand Nine only) per month
e) Other allowances : Rs. 2550/- ( Rupees Two Thousand Five Hundred FiĞy Only)
f) Medical Reimbursement : As per the rules of the Company.
g) Leave Travel Allowance : For self and family once in a year incurred in accordance with the Rules of the Company.
h) Personal Accident Insurance : As per the rules of the Company.
i) Car : Provision of car for use on Company's Business will not be considered as perquisite. However, use of car for private purpose will be billed by the Company.
j) Telephone : Company will reimburse expenses in connection with telephone at residence & mobile connections used for official purposes as per the rules of the Company.

Explanation : For the purpose of this part, `family' means the spouse, the dependent children and dependent parents.

Other Benefits :

i) Gratuity : As per the rules of the Company.
ii) Contribution to the Provident Fund, Superannuation Fund or Annuity Fund : As per the rules of the Company.
iii) Encashment of leave : As per the rules of the Company.

Apart from the aforesaid remuneration, he will be entitled to variable incentive pay not exceeding of Rs. 30 Lacs per year and reimbursement of all expenses incurred in connection with the business of the Company.

The appointee shall not be entitled to any siĴing fees for Board / CommiĴee meetings.

The said perquisites and allowances shall be evaluated, wherever applicable, as per the provisions of Income Tax Act,1961 or any rules thereunder or any statutory modifications or re-enactment thereof; and in the absence of any such rules, perquisite and allowances shall be evaluated at actual cost. The Company's contribution to Provident Fund, Superannuation or Annuity Fund, to the extent these singly or together are not taxable under the Income Tax law, gratuity payable and encashment of leave shall not be included for the purpose of computation of the overall ceiling of remuneration.

or enactments thereof from time to time and may be altered and varied from time to time by the Board/ CommiĴee as it may in its discretion deem fit within the maximum amount of remuneration payable in accordance with the applicable rules and regulations. Further, the remuneration as would be paid to Mr. Rajshankar Ray during his tenure would be the remuneration payable to him even if the said exceeds the stipulated managerial limits in terms of the provisions of Sections 196 and 197 of the Companies Act, 2013 read with Schedule V to the said Act and the excess payment of managerial remuneration, if any, during any financial year / period in between will stand waived subject to fulfillment and compliance of other conditions as mentioned under the various provisions of the Act or rules related thereto.

The agreement may be terminated by either party giving the other three months' notice.

The details of other Directorship and Membership in other companies/commiĴees of Mr. Rajshankar Ray are provided in the 'Annexure' to the Notice. Mr Ray holds 9,222 share in the Company.

The above may be treated as an abstract of the terms of contract between the Company and Mr. Rajshankar Ray.

Mr. Rajshankar Ray is not disqualified from being appointed as a Director in terms of Section 164 of the Companies Act, 2013 and has given his consent to act as a Director.

Mr. Ray shall perform such duties and exercise such powers as are entrusted to him by the Board.

No director, Key managerial personnel or their relatives, except Mr. Rajshankar Ray to whom resolution relates are concerned or interested, financially or otherwise, in the proposed resolution.

The board recommends the Resolutions set forth in item no. 5 for the approval of shareholders of the Company.

Resolution no. 6

Mr. Amar Singh Negi (DIN : 0008941850), aged 61 years was inducted on the Board as an Additional Director in the capacity of Executive Director-Service Business Head of the Company by the Board of Directors of the Company in its meeting held on 30th October, 2020 subject to approval of Shareholders of the Company in forthcoming Annual General Meeting of the Company for a period of five years w.e.f. 30th October, 2020.

Requisite Notice under Section 160 of the Act proposing the appointment of Mr. Negi has been received by the Company, and consent has been filed by Mr. Amar Singh Negi pursuant to Section 152 of the Act.

Mr. Amar Singh Negi (61), obtained Four Years Post diploma in Electrical Engg from YMCA Institute of Engineering Faridabad in 1982, with specialization in Electrical Machines and Power apparatus. He has more than 38 years of experience in various fields including service operations. He has been associated with our Company since 04-11-2000.

At the recommendation of Nomination & Remuneration CommiĴee, the Board of Directors of the Company appointed Mr. Amar Singh Negi (DIN : 0008941850) as Executive Director- Service Business Head of the Company for a period of five years with effect from 30.10.2020, subject to approval of the shareholders of the Company, in terms of Section 197, 198, Schedule V and any other applicable provisions of the Companies Act, 2013, at the terms and conditions as set out below :

Remuneration :

a) Salary : Rs. 3,14,595/- (Rupees Three Lacs Fourteen Thousand Five Hundred Ninety Five only) per month
b) HRA : Rs 1,57,300/- (Rupees One Lacs FiĞy Seven Thousand Three Hundred only) per month
c) Special Personal Allowance (SPA) : Rs. 93,556/- (Rupees Ninety Three Thousand Five Hundred FiĞy Six only) per month.
d) Additional SPA : Rs. 34,689/- (Rupees Thirty Four Thousand Six Hundred Eighty Nine only) per month
e) Other allowances : Rs. 2,550/- (Rupees Two Thousand Five Hundred FiĞy only) per month
f) Medical Reimbursement : As per the rules of the Company.
g) Leave Travel Allowance : For self and family once in a year incurred in accordance with the Rules of the Company.
h) Personal Accident Insurance : As per the rules of the Company.
i) Car : Provision of car for use on Company's Business will not be considered as perquisite. However, use of car for private purpose will be billed by the Company.

j) Telephone : Company will reimburse expenses in connection with telephone at residence & mobile connections used for official purposes as per the rules of the Company.

Explanation : For the purpose of this part, `family' means the spouse, the dependent children and dependent parents.

Other Benefits :

i) Gratuity : As per the rules of the Company.
ii) Contribution to the Provident Fund, Superannuation Fund or Annuity Fund : As per the rules of the Company.
iii) Encashment of leave : As per the rules of the Company.

Apart from the aforesaid remuneration, he will be entitled to reimbursement of all expenses incurred in connection with the business of the Company.

Further at the recommendation of Nomination & Remuneration CommiĴee, the Board of Directors of the Company revised the remuneration of Mr. Amar Singh Negi, Executive Director-Service Business Head of the Company with effect from 1st April, 2021, subject to approval of the shareholders of the Company, in terms of Section 197, 198, Schedule V and any other applicable provisions of the Companies Act, 2013 , at the terms and conditions as set out below :

Remuneration :

a) Salary : Rs. 4,90,395/- (Rupees Four Lacs Ninety Thousand Three Hundred Ninety Five only) per month
b) HRA : Rs. 2,45,200/- (Rupees Two Lacs Forty Five Thousand Two Hundred only) per month
c) Special Personal Allowance (SPA) : Rs. 1,20,487/- ( Rupees One lac Twenty Thousand Four Hundred Eighty Seven only) per month.
d) Additional SPA : Rs. 34,689/- (Rupees Thirty Four Thousand Six Hundred Eighty Nine only) per month
e) Other allowances : Rs. 2,550/- (Rupees Two Thousand Five Hundred FiĞy only) per month
f) Medical Reimbursement : As per the rules of the Company.
g) Leave Travel Allowance : For self and family once in a year incurred in accordance with the Rules of the Company.
h) Personal Accident Insurance : As per the rules of the Company.
i) Car : Provision of car for use on Company's Business will not be considered as perquisite. However, use of car for private purpose will be billed by the Company.
j) Telephone : Company will reimburse expenses in connection with telephone at residence & mobile connections used for official purposes as per the rules of the Company.

Explanation : For the purpose of this part, `family' means the spouse, the dependent children and dependent parents.

Other Benefits :

i) Gratuity : As per the rules of the Company.
ii) Contribution to the Provident Fund, Superannuation Fund or Annuity Fund : As per the rules of the Company.
iii) Encashment of leave : As per the rules of the Company.

The appointee shall not be entitled to any siĴing fees for Board / CommiĴee meetings.

The said perquisites and allowances shall be evaluated, wherever applicable, as per the provisions of Income Tax Act,1961 or any rules thereunder or any statutory modifications or re-enactment thereof; and in the absence of any such rules, perquisite and allowances shall be evaluated at actual cost. The Company's contribution to Provident Fund, Superannuation or Annuity Fund, to the extent these singly or together are not taxable under the Income Tax law, gratuity payable and encashment of leave shall not be included for the purpose of computation of the overall ceiling of remuneration.

The terms and conditions of the said appointment and / or agreement are subject to provisions of Sections 196, 197, 203 and other applicable provisions if any, of the Companies Act, 2013 ("The Act") read with Schedule V to the Act and the Companies (Appointment and Remunerations of Managerial Personnel) Rules, 2014 including any statutory modifications or enactments thereof from time to time and may be altered and varied from time to time by the Board/ CommiĴee as it may in its discretion deem fit within the maximum amount of remuneration payable in accordance with the applicable rules and regulations. Further, the remuneration as would be paid to Mr. Amar Singh Negi during his tenure would be the remuneration payable to him even if the said exceeds the stipulated managerial limits in terms of the provisions of Sections 196 and 197 of the Companies Act, 2013 read with Schedule V to the said Act and the excess payment of managerial remuneration, if any, during any financial year / period in between will stand waived subject to fulfillment and compliance of other conditions as mentioned under the various provisions of the Act or rules related thereto.

The agreement may be terminated by either party giving the other three months' notice.

The details of other Directorship and Membership in other companies/commiĴees of Mr. Amar Singh Negi are provided in the 'Annexure' to the Notice. Mr Negi holds 20,000 share in the Company.

The above may be treated as an abstract of the terms of contract between the Company and Mr. Amar Singh Negi.

Mr. Amar Singh Negi is not disqualified from being appointed as a Director in terms of Section 164 of the Companies Act, 2013 and has given his consent to act as a Director.

Mr. Negi shall perform such duties and exercise such powers as are entrusted to him by the Board.

No director, Key managerial personnel or their relatives, except Mr. Amar Singh Negi to whom resolution relates are concerned or interested, financially or otherwise, in the proposed resolution.

The board recommends the Resolutions set forth in item no. 6 for the approval of shareholders of the Company.

Resolution no. 7

At the recommendation of Nomination & Remuneration CommiĴee, the Board of Directors of the Company revised the remuneration of Mr. Prabir ChaĴerjee, Whole-time Director & CFO of the Company with effect from 1st April, 2021, subject to approval of the shareholders of the Company, in terms of Section 197, 198, Schedule V and any other applicable provisions of the Companies Act, 2013, at the terms and conditions as set out below :

Remuneration :

a) Salary : Rs. 5,63,900/- (Rupees Five Lacs Sixty Three Thousand Nine Hundred only) per month.
b) Special Personal Allowance (SPA) : Rs. 2,29,117/- ( Rupees Two lacs Twenty Nine Thousand One Hundred Seventeen only) per month.
c) Additional Special Personal Allowance : Rs. 59,483/- (Rupees FiĞy Nine Thousand Four Hundred Eighty Three only) per month.
d) Other allowances : Rs. 200/- (Rupees Two Hundred only) per month.
e) Medical Reimbursement : As per the rules of the Company.
f) Leave Travel Allowance : For self and family once in a year incurred in accordance with the Rules of the Company.
g) Personal Accident Insurance : As per the rules of the Company.
h) Car : Provision of car for use on Company's Business will not be considered as perquisite. However, use of car for private purpose will be billed by the Company.
i) Telephone : Company will reimburse expenses in connection with telephone at residence & mobile connections used for official purposes as per the rules of the Company.

Explanation : For the purpose of this part, `family' means the spouse, the dependent children and dependent parents.

Other Benefits :

i) Gratuity : As per the rules of the Company.
ii) Contribution to the Provident Fund, Superannuation Fund or Annuity Fund : As per the rules of the Company.
iii) Encashment of leave : As per the rules of the Company.

Apart from the aforesaid remuneration, he will be entitled to reimbursement of all expenses incurred in connection with the business of the Company.

The appointee shall not be entitled to any siĴing fees for Board / CommiĴee meetings.

The said perquisites and allowances shall be evaluated, wherever applicable, as per the provisions of Income Tax Act,1961 or any rules thereunder or any statutory modifications or re-enactment thereof; and in the absence of any such rules, perquisite and allowances shall be evaluated at actual cost. The Company's contribution to Provident Fund, NPS or Annuity Fund, to the extent these singly or together are not taxable under the Income Tax law, gratuity payable and encashment of leave shall not be included for the purpose of computation of the overall ceiling of remuneration.

The change in terms and conditions are subject to provisions of Sections 196, 197 and other applicable provisions if any, of the Companies Act, 2013 ("The Act") read with Schedule V to the Act and the Companies (Appointment and Remunerations of Managerial Personnel) Rules, 2014 including any statutory modifications or enactments thereof from time to time and may be altered and varied from time to time by the Board/ CommiĴee as it may in its discretion deem fit within the maximum amount of remuneration payable in accordance with the applicable rules and regulations. Further, the remuneration as would be paid to Mr. Prabir ChaĴerjee during his tenure would be the remuneration payable to him even if the said exceeds the stipulated managerial limits in terms of the provisions of Sections 196 and 197 of the Companies Act, 2013 read with Schedule V to the said Act and the excess payment of managerial remuneration, if any, during any financial year / period in between will stand waived subject to fulfillment and compliance of other conditions as mentioned under the various provisions of the Act or rules related thereto.

The agreement may be terminated by either party giving the other three months' notice.

The above may be treated as an abstract of the terms of contract between the Company and Mr. Prabir ChaĴerjee.

Mr. ChaĴerjee shall perform such duties and exercise such powers as are entrusted to him by the Board.

No director, Key managerial personnel or their relatives, except Mr. Prabir ChaĴerjee to whom resolution relates are concerned or interested, financially or otherwise, in the proposed resolution.

The board recommends the Resolutions set forth in item no. 7 for the approval of shareholders of the Company.

Resolution no. 8

The Board, on the recommendation of the Nomination and Remuneration CommiĴee has recommended for approval of members, the reappointment of Mr. Ashok Bhandari (DIN : 00012210) as Independent Director of the Company for second term of five consecutive years with effect from 30 January, 2021, in terms of Section 149 and other applicable provisions read with Schedule IV of the Companies Act, 2013, or any amendments thereto or modification thereof ("the Act") and Regulation 17 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Notice under Section 160 of the Act proposing the reappointment of Mr. Ashok Bhandari has been received. Requisite consent pursuant to Section 152 of the Act, has been filed by Mr. Bhandari.

Mr. Bhandari, a Chartered Accountant and his key areas of competency includes Fund Management, negotiation with Banks, Govt., JV Partners, technology and equipment suppliers etc.

The details of his other Directorship and memberships in other companies/commiĴees are provided in the "Annexure" to the Notice.

The CommiĴee and the Board are of view that the Company will be extremely benefiĴed by his rich management of forex risk, treasury management experience. Declaration has been received from Mr. Bhandari that he meets the criteria of Independence prescribed under Section 149 of the Act read with the Companies (Appointment and qualification of Directors) Rules, 2014 and

Regulation 16 of SEBI (LODR) Regulations, 2015. In the opinion of your Board Mr. Bhandari fulfills the conditions specified in the Act, the Rules thereunder and the Listing Regulations for appointment as Independent Director and he is Independent of the Management of the Company.

Mr. Ashok Bhandari is not disqualified from being appointed as a Director in terms of Section 164 of the Companies Act, 2013 and has given his consent to act as a Director.

Mr. Bhandari does not hold any share in the Company in his individual capacity or on a beneficial basis for any other person.

No director, Key managerial personnel or their relatives, except Mr. Ashok Bhandari to whom resolution relates are concerned or interested in the proposed resolution.

The board recommends the Resolution set forth in item no 8 for the approval of the Company.

Resolution no. 9

On the recommendation of the Nomination and Remuneration CommiĴee the Board through circular resolution dated 10th February, 2021 approved the appointment of Mr. Desh Raj Dogra (DIN 00226775) as Independent Director of the Company for a term of one year with effect from 10th February, 2021 in terms of Section 149 and other applicable provisions read with Schedule IV of the Companies Act, 2013, or any amendments thereto or modification thereof (" the Act") and Regulation 17 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Notice under Section 160 of the Act proposing the appointment of Mr. Desh Raj Dogra has been received. Requisite consent pursuant to Section 152 of the Act, has also been filed by Mr. Dogra.

Mr. Desh Raj Dogra (66 years) retired in 2016 as Managing Director and CEO of CARE Ratings. AĞer a stint of 15 years in Dena Bank, he joined CARE in 1993. By means of qualification, he holds a Bachelor's and a Master's degree in Agriculture from Himachal Pradesh University and MBA from Faculty of Management Studies, University of Delhi. He is a certified associate of the Indian Institute of Bankers

He has over 37 years of experience in the financial sector in the areas of banking and credit rating. He has been instrumental in driving CARE Ratings to the position which it has aĴained in the last few years.

The details of his other Directorship and memberships in other companies/commiĴees are provided in the "Annexure" to the Notice.

In the view of your Board, the association of Mr. Dogra and the rich experience he brings with him, would benefit the Company. Declaration has been received from Mr. Dogra that he meets the criteria of Independence prescribed under Section 149 of the Act read with the Companies ( Appointment and qualification of Directors) Rules, 2014 and Regulation 16 of SEBI (LODR) Regulations, 2015. In the opinion of your Board Mr. Dogra fulfills the conditions specified in the Act, the Rules thereunder and the Listing Regulations for appointment as Independent Director and he is Independent of the Management of the Company. Mr. Desh Raj Dogra does not hold any share in the Company in his individual capacity.

Mr. Desh Raj Dogra is not disqualified from being appointed as a Director in terms of Section 164 of the Companies Act, 2013 and has given his consent to act as a Director.

No director, Key managerial personnel or their relatives, except Mr. Desh Raj Dogra to whom resolution relates are concerned or interested in the proposed resolution.

The board recommends the Resolution set forth in item no 9 for the approval of the Company.

Resolution no. 10

On the recommendation of the Nomination and Remuneration CommiĴee the Board through circular resolution dated 10th February, 2021 approved the appointment of Mr. Biswadip Gupta (DIN 00048258) as Independent Director of the Company for a term of one year with effect from 10th February, 2021 in terms of Section 149 and other applicable provisions read with Schedule IV of the Companies Act, 2013, or any amendments thereto or modification thereof (" the Act") and Regulation 17 of the Securities and Exchange Board of India ( Listing Obligations and Disclosure Requirements) Regulations, 2015.

Notice under Section 160 of the Act proposing the appointment of Mr. Biswadip Gupta has been received. Requisite consent pursuant to Section 152 of the Act, has also been filed by Mr. Gupta.

Mr. Biswadip Gupta (70 years) is a BE (Metallurgy) and MBA (Marketing) and has more than 43 years' experience in the steel and refractory industry. He is Chairman of Vesuvius India Ltd., and Founder of Vesuvius India Ltd. and was Managing Director for over 27 years. He is President – Corporate Affairs (East) of JSW Steel Ltd. and Director of JSW Bengal Steel Ltd. He was formerly President of Bengal Chamber of Commerce and Industry and Former Chairman of CII (Eastern Region). He is also a member of Advisory CommiĴee of The Indian Chamber of Commerce and Member of Board of Governors, Indian Institute of Cerebral Palsy.

The details of his other Directorship and memberships in other companies/commiĴees are provided in the "Annexure" to the Notice.

In the view of your Board, the association of Mr. Gupta and the rich experience he brings with him, would benefit the Company. Declaration has been received from Mr. Gupta that he meets the criteria of Independence prescribed under Section 149 of the Act read with the Companies ( Appointment and qualification of Directors) Rules, 2014 and Regulation 16 of SEBI (LODR) Regulations, 2015. In the opinion of your Board Mr. Gupta fulfills the conditions specified in the Act, the Rules thereunder and the Listing Regulations for appointment as Independent Director and he is Independent of the Management of the Company. Mr. Biswadip Gupta does not hold any share in the Company in his individual capacity.

Mr. Biswadip Gupta is not disqualified from being appointed as a Director in terms of Section 164 of the Companies Act, 2013 and has given his consent to act as a Director.

No director, Key managerial personnel or their relatives, except Mr. Biswadip Gupta to whom resolution relates are concerned or interested in the proposed resolution.

The board recommends the Resolution set forth in item no 10 for the approval of the Company.

Resolution no. 11

The board on the recommendation of the Audit CommiĴee has approved the appointment and remuneration of the Cost Auditors to conduct the audit of the cost records of the company for the financial year ended March 31, 2022 at a fee of Rs 8,00,000.

In accordance with the provisions of Section 148 of the Companies Act read with the Companies (Audit and Auditors) Rules 2014, the remuneration payable to Cost Auditors require ratification by the shareholders of the company.

Accordingly, consent of the members is sought for passing an Ordinary Resolution as set out at item no 11 of the notice for ratification of the remuneration payable to the Cost Auditors for the financial year ending 31 March 2022.

None of the directors/ Key Managerial Personnel of the company / their relatives are in any way, concerned or interested, financially or otherwise in the resolution set out at item no 11 of the notice.

The board recommends the resolution set forth in item no 11 for the approval of the Company.

14, Taratolla Road Kolkata - 700 088 G Ray Chowdhury CIN : L51109WB1974PLC029637 Company Secretary E-mail : investors@iĠglobal.com Membership No. : A8529 Website : www.iĠindustries.com

Place : Kolkata Date : 14th June, 2021

Registered Offi ce : By Order of the Board

IFB INDUSTRIES LTD.

Details of Directors seeking appointment / reappointment in Annual General Meeting (in pursuance of Clause 36(3) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Name of Director	Mr. Prabir ChaĴerjee	Mr. Ashok Bhandari	Mr. Desh Raj Dogra	Mr. Biswadip Gupta	Mr. Partha Sen	Mr. Rajshankar Ray	Mr. Amar Singh Negi
Date of birth	18.06.1955	02.02.1953	21.09.1954	25.12.1950	12.10.1952	30.01.1969	02.06.1960
Nationality	Indian	Indian	Indian	Indian	Indian	Indian	Indian
Date of first appoint ment on the board	01.04.2013	30.01.2018	10.02.2021	10.02.2021	30.10.2020	30.10.2020	30.10.2020
Qualification	B.Sc and Cost Accountant.	Chartered Accountant.	Bachelor's and a Master's degree in Agriculture from Himachal Pradesh Univer sity and MBA from Faculty of Management Studies, University of Delhi	BE (Metallurgy) and MBA (Marketing)	BTech (Hons)- Chemical Engg. IIT KGP, MS from USA	B. Tech, Mechanical Engg,1991, IIT, Kharagpur.	Four Years Post diploma in Electrical Engg from YMCA Institute of Engineering Faridabad in 1982, specialization in Electrical Machines and Power apparatus.
Experience in functional area	More than 40 years experience in accounts, finance, costing, budgeting, management accounting, Financial analysis etc.	More than 40 years of experience as a key senior executive and his area of specialiazation includes Fund Management negotiations with Banks, Govt. , JV Partners etc.	He has over 37 years of experience in the financial sector in the areas of banking and credit rating. He has been instrumental in driving CARE Ratings to the position which it has aĴained in the last few years.	He has more than 43 years' experience in the steel and refractory industry. He is Chairman of Vesuvius India Ltd., and Founder of Vesuvius India Ltd. and was Managing Director for over 27 years.	He has more than 44years of comprehensive experience in Manufacturing in diversified operational areas including Supply Chain Management, Cost & management Controls, Strategic Planning and Management, Corporate Governance, Risk Management, inventory and debtor controls etc	He has more than 29 years of comprehensive experience in Factory Management, Sales, Project Management and in diversified operational areas including cost & management Control, Strategic Management, Corporate Governance, Risk Management, SAP, inventory and debtors control etc.	He has more than 38 years of experiencein various fields including Service Management etc.
Relationship with other Directors	Not related to any Director.	Not related to any Director.	Not related to any Director.	Not related to any Director.	Not related to any Director	Not related to any Director	Not related to any Director.
Shareholding in the Company	18,670	Nil	Nil	Nil	Nil	9,222	20,000
List of directorship held in other listed companies	Nil	IntrasoĞ Technologies ltd. Maithan Alloys ltd. Skipper ltd. N.B.I. Industrial Finance company ltd. Rupa & Company Ltd. Maharashtra Seamless Ltd.	S Chand and Company Ltd. Welspun Corp Ltd. Capri Global Capital Ltd. Axiscades Technologies Ltd. Sintex Plastics Technology Ltd.	Vesuvius India Ltd.	Nil	Nil	Nil

IFB INDUSTRIES LTD.

Name of Director	Mr. Prabir ChaĴerjee	Mr. Ashok Bhandari	Mr. Desh Raj Dogra	Mr. Biswadip Gupta	Mr. Partha Sen	Mr. Rajshankar Ray	Mr. Amar Singh Negi
CommiĴee membership in other listed companies	Nil	Audit CommiĴ ee , Nomination and Remuneration CommiĴ ee, Risk Management CommiĴ ee - Maharashtra Seamless Ltd Audit CommiĴ ee – Rupa & Company Ltd. IntrasoĞ Technologies – Member of Stakeholders Relationship CommiĴ ee	Audit CommiĴ ee- S Chand and Company Ltd. Welspun Corp Ltd. Axiscades Technologies Ltd. Sintex Plastics Technology Ltd. Nomination and Remuneration CommiĴ ee - S Chand and Company Ltd. Welspun Corp Ltd. Axiscades Technologies Ltd Stakeholders Relationship CommiĴ ee - Axiscades Technologies Ltd CSR CommiĴ ee - S Chand and Company Ltd. Axiscades Technologies Ltd Risk Management CommiĴ ee - Welspun Corp Ltd	Audit CommiĴ ee, Stakeholders Relationship CommiĴ ee, CSR CommiĴ ee, Risk Management CommiĴ ee, Nomination and Remuneration CommiĴ ee - Vesuvius India Ltd.	Nil	Nil	Nil

DIRECTORS' REPORT to the Members

To the Members,

The Directors have pleasure in presenting before you the forty fiĞh Annual Report of the Company together with the Audited Financial Statements of the Company for the year ended 31 March 2021.

FINANCIAL RESULTS

The performance during the period ended 31 March 2021 has been as under:

				Rs. in lacs
Particulars	Standalone		Consolidated
	2020-21	2019-20	2020-21	2019-20
Total revenue	273,566	256,418	282,316	264,947
Profit before depreciation/amortisation, finance costs and tax	22,800	13,170	23,224	13,331
Less : Finance costs	2,935	1,450	3,091	1,609
Less : Depreciation and amortization	9,911	8,898	10,242	9,195
Profit before Tax and exceptional item	9,954	2,822	9,891	2,527
Add : Exceptional Items	–	148	–	148
Profit before Tax	9,954	2,970	9,891	2,675
Less : Current tax	3,738	172	3,763	178
Less : Deferred tax (net)	42	(1)	(283)	( 80)
Profit aĞer tax	6,174	2,799	6,411	2,577
Other comprehensive income
Items that will not to be classified to profit or loss –
- Re measurements of defined benefit plan	(72)	(656)	(68)	(6)
- Income tax relating to items that will not be reclassified to profit or loss	25	–	25	(656)
Items that will reclassified to profit or loss –
- Exchange differences in translating the financial statements of foreign operations	–	–	(14)	181
- Income tax relating to items that will be reclassified to profit or loss	–	–	–	–
Other comprehensive income	( 47)	( 656)	(57)	(481)
Total comprehensive income for the year	6,127	2,143	6,354	2,096
- Owners of the parents	NA	NA	6,266	2,263
- Non-controlling interests	NA	NA	88	(167)

The consolidated figure includes standalone figure and figure of Trishan Metals Private Limited, a wholly owned subsidiary company, Global Appliances & Automotive Limited (GAAL), a wholly owned subsidiary company and step down subsidiary company, Thai Automotive and Appliances Pte. Ltd. (TAAL).

OPERATIONS - Standalone

Your company completed year 2020-21 on a marginal growth on revenue terms and achieved rise in profit before tax by more than three times of the last year. The company achieved above success despite a bleak performance in 1st quarter due to shut down on account of COVID-19. Net revenue from operations grew by 6.5 % to Rs 271,652 lacs. The profit before depreciation, finance cost and tax as compared to last year increased by 73.1% to Rs 22,800 lacs. The increase in margin is largely on account of favourable product mix, price hike, reduction in material cost, scheme cost and overheads etc.

OPERATIONS - Consolidated

Net revenue from operations on consolidated basis increased by 6.2% to Rs. 280,080 lacs. Profit before depreciation, finance cost and tax on consolidated basis as compared to last year increased by 74.2% to Rs. 23,224 lacs as compared to the last year.

DIVIDEND

Your Directors have decided not to recommend any dividend for the financial year under review to conserve resources for working capital, capital expenditure projects, acquisition etc.

TRANSFER TO RESERVE

The company does not propose to transfer any amount to Reserve.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

As required under Listing Obligations and Disclosure Requirements Regulations (LODR Regulations), 2015, the Management Discussion and Analysis Report is enclosed as a part of this report.

CHANGE IN THE NATURE OF BUSINESS OF THE COMPANY

During the year under review, there is no change in the nature of the business operations of the Company.

CORPORATE GOVERNANCE AND SHAREHOLDERS INFORMATION

Your Company has always taken adequate steps to adhere to all the stipulations laid down in LODR Regulations, 2015. A report on Corporate Governance is included as a part of this Annual Report. Certificate from the Statutory Auditors of the company M/s. DeloiĴe Haskins & Sells, Chartered Accountants confirming the compliance with the conditions of Corporate Governance as stipulated under Listing Obligations & Disclosure Requirements, Regulations, 2015 (LODR) is included as a part of this report.

LISTING WITH STOCK EXCHANGES

The Company confirms that it has paid the Annual Listing Fee for the year 2021-22 to NSE, BSE & CSE where the Company's Shares are listed. The company applied for delisting from CSE which is pending before them.

DEMATERIALISATION OF SHARES

98.23% of the company's paid up Equity Share Capital is in dematerialized form as on 31st March, 2021 and balance 1.77% is in physical form. The Company's Registrars is M/s C.B. Management Services Pvt. Ltd., having their registered office at P-22, Bondel Road, Kolkata - 700 019. The entire shareholding of the promoters' and promoters' group are in dematerialized form.

NUMBER OF BOARD MEETINGS HELD

The Board of Directors duly met six times during the financial year from 01 April 2020 to 31 March 2021. The dates on which the meetings were held are as follows :

6th July 2020, 6th August 2020, 30th October 2020, 30th December 2020, 28th January 2021 and 29th March 2021.

DIRECTORS AND KEY MANAGERIAL PERSONNEL (KMP)

Mr. Bijon Nag , Chairman of the Company was re-appointed for a further period of two years w.e.f 1st June, 2020 and the same was approved by the shareholders at the 44th AGM of the Company held on 4th September, 2020.

Mr. Bikramjit Nag, Joint Executive Chairman and Managing Director of the Company was re-appointed for a further period of three years w.e.f 1st November, 2019 and the same was approved by the shareholders at the 44th AGM of the Company held on 4th September, 2020.

Mr. Prabir ChaĴerjee, Director & CFO of the Company was re-appointed for a further period of two years w.e.f 1st April, 2020 and the same was approved by the shareholders at the 44th AGM of the Company held on 4th September, 2020.

Mr. Chacko Joseph was appointed to the Board as an Independent Director w.e.f 2nd November, 2019 for a term of three years and the same was approved by the shareholders at the 44th AGM of the Company held on 4th September, 2020.

Ms. Sangeeta Shankaran Sumesh, an Independent Director of the Company was re-appointed for second term of five consecutive years with effect from 30th January 2020 and the same was approved by the shareholders at the 44th AGM of the Company held on 4th September, 2020.

Mr. Prabir ChaĴerjee retires by rotation and being eligible offers himself for reappointment.

The three years term as an Independent Director of Mr. Ashok Bhandari has expired on 29th January 2021. Based on recommendation of Nomination and Remuneration CommiĴee, it is proposed to re-appoint him for second term of five consecutive years with effect from 30th January, 2021.

Mr. Desh Raj Dogra and Mr. Biswadip Gupta were appointed as Independent Directors w.e.f 10th February, 2021 for a term of one year and the same is subject to approval of the shareholders.

Mr. Partha Sen, Mr. Raj Shankar Ray and Mr. Amar Singh Negi were appointed as Managing Director and CEO of Engineering Division, Managing Director and CEO of Appliances Division and Executive Director - Service Business Head of the Company respectively for a period of five years w.e.f 30th October, 2020 and the concerned resolutions for approval of their appointment are proposed for approval of the members.

Brief particulars and expertise of all the directors seeking appointment/re-appointment together with their other Directorship and CommiĴee membership have been given in the annexure to the notice of the Annual General Meeting.

During the year under review, there is no other change in KMP of the Company.

DIRECTORS RESPONSIBILITY STATEMENT

Pursuant to Section 134(5) of the Companies Act, 2013, Directors of your Company hereby state and confirm that:

a) in the preparation of the annual accounts for the year ended 31 March 2021, the applicable accounting standards have been followed and that there are no material departures;
b) they have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the company at the end of the financial year and of the profit of the company for the same period;
c) they have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities;
d) they have prepared the annual accounts on a going concern basis;
e) they have laid down internal financial controls in the company that are adequate and were operating effectively;
f) they have devised proper systems to ensure compliance with the provisions of all applicable laws and these are adequate and are operating effectively.

DECLARATION BY INDEPENDENT DIRECTORS

All the Independent Directors have submiĴed a declaration that each of them meets the criteria of independence as provided in Section 149(6) of the Companies Act, 2013 along with Rules framed thereunder and Regulation 16(1) (b) of the SEBI Listing Regulations. In the opinion there has been no change in the circumstances affecting their status as independent directors of the Company. The Independent Directors have also confirmed the compliance pertaining to their enrolment with the databank of the independent directors maintained by The Institute of Corporate Affairs in terms of Rule 6 of the Companies (Appointment and Qualification of Directors) Rules, 2014. The declaration was placed and noted by the Board in its meeting held on 14th June, 2021.

REMUNERATION POLICY

A Nomination and Remuneration Policy has been formulated pursuant to the provisions of Section 178 and other applicable provisions of the Companies Act, 2013 and rules there to and Regulation 19 of SEBI ( LODR) Regulation 2015 stating therein the Company's policy on Directors/ Key Managerial Personnel/ other employees appointment and remuneration by the Nomination and Remuneration CommiĴee and approved by the Board of Directors. The said policy may be referred to on company's website at www.iĠindustries.com. As part of the policy, the Company strives to ensure that the level and composition of remuneration is reasonable and sufficient to aĴract, retain and motivate Directors / KMPs of the quality required to run the company successfully; Relationship between remuneration and performance is clear and meets appropriate performance benchmarks.

ANNUAL EVALUATION OF BOARD'S PERFORMANCE

The Board of Directors has carried out an annual evaluation of its own performance, board commiĴees, and individual directors pursuant to the provisions of the Act and SEBI Listing Regulations.

The performance of the board was evaluated by the Board aĞer seeking inputs from all the directors on the basis of criteria such as the board composition and structure, effectiveness of board processes, information and functioning, etc.

The performance of the commiĴees was evaluated by the Board aĞer seeking inputs from the commiĴee members on the basis of criteria such as the composition of commiĴees, effectiveness of commiĴee meetings, etc.

In a separate meeting of independent directors, performance of non-independent directors, the Board as a whole and Chairman of the Company was evaluated, taking into account the views of executive directors and non-executive directors.

At the board meeting that followed the meeting of the independent directors and meeting of Nomination and Remuneration CommiĴee, the performance of the Board, its CommiĴees, and individual directors was also discussed. Performance evaluation of independent directors was done by the entire Board, excluding the independent director being evaluated.

AUDIT COMMITTEE

The Board has constituted an Audit CommiĴee, the details pertaining to the composition of the audit commiĴee are included in the report on Corporate Governance. There has been no instance during the year where recommendations of the Audit CommiĴee were not accepted by the board.

AUDITORS' REPORT

The notes on Financial statements referred to in the Auditor's Report are self-explanatory and do not call for any further explanation. During the year under review, the Auditors did not report any maĴer under Section 143(12) of the Act, therefore no detail is required to be disclosed under Section 134(3)(ca) of the Act.

STATUTORY AUDITORS

At 43rd Annual General Meeting held on 26th July, 2019 the shareholders of the company reappointed M/s. DeloiĴe Haskins & Sells (Firm Registration No.: 302009E), Chartered Accountants as the Auditors of the Company for the second term of five consecutive years from the conclusion of 43rd Annual General Meeting to the conclusion of 48th Annual General Meeting. The requirement to place the maĴer relating to reappointment of auditors for ratification by Members at every Annual General Meeting has been done away by the Companies (Amendment) Act, 2017 with effect from May 7, 2018. Accordingly, no resolution is being proposed for ratification of reappointment of statutory auditors at the ensuing AGM and a note in respect of same has been included in the Notice for this AGM.

COST AUDITORS

Your Board has appointed M/s MANI & Co., Cost Accountants as Cost Auditors of the Company for conducting cost audit for the financial year 2021-22. Accordingly, a resolution seeking approval of the members for ratifying the remuneration payable to Cost Auditors for financial year 2021-22 is provided in the Notice to the ensuing Annual General Meeting.

COST RECORDS

The Cost accounts and records as required to be maintained under Section 148(1) of the Act are duly made and maintained by the Company.

SECRETARIAL AUDIT

The provisions of Section 204 read with Section 134(3) of the Companies Act, 2013 mandates Secretarial Audit of the Company to be done from the financial year commencing on or aĞer 1 April 2014 by a Company Secretary in practice. The board in its meeting held on 29th March 2021 appointed Mr. Sankar Kumar Patanaik, Practising Company Secretary (Certificate of Practice no 7177) as the Secretarial Auditor for the financial year ended 31st March 2021.

According to the provision of section 204 of the Companies Act, 2013 read with Rule 9 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Secretarial Audit Report submiĴed by Company Secretary in Practice is enclosed as a part of this report as Annexure-A. The observations of the Secretarial Auditor are self explanatory in nature and does not call for any further explanation.

SECRETARIAL STANDARDS

The Company has in place proper system to ensure compliance with the provisions of the applicable Secretarial Standards issued by The Institute of Company Secretaries of India and such systems are adequate and operating effectively.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO

Information required under section 134(3)(m) of the Companies Act, 2013 read with Rule 8 of the Companies (Accounts) Rules, 2014, is enclosed as a part of this report as Annexure-B.

CORPORATE SOCIAL RESPONSIBILITY (CSR)

In terms of section 135 and Schedule VII of the Companies Act, 2013, the Board of Directors of your Company constituted a CSR CommiĴee. The CommiĴee comprises Independent Director, non-executive director and executive director. CSR CommiĴee of the Board has developed a CSR Policy uploaded on the website of the Company at

hĴp://iĠindustries.com. Your company has identified the activities and accordingly activities covering mainly relating to (a) Promoting education, (b) Promoting Health Care and (c) skill development programme in line with the CSR policy of the Company. The company made an expenditure of Rs 156.87 lacs against the budgeted amount of Rs 156.54 lacs. The complete disclosure on CSR activities in terms of Rule 8 of the Companies (Corporate Social Responsibility Policy) Rules, 2014 is enclosed as Annexure C and constitutes part of the report.

VIGIL MECHANISM

In pursuant to the provisions of section 177(9) & (10) of the Companies Act, 2013, a Vigil Mechanism for directors and employees to report genuine concerns has been established. The Vigil Mechanism Policy has been uploaded on the website of the Company at www.iĠindustries.com.

CONTRACTS AND ARRANGEMENTS WITH RELATED PARTIES

All contracts/ arrangements/ transactions entered by the company during the financial year with related parties were in ordinary course of business and on an arm's length basis. During the year, the company had not entered into any contract / arrangement / transaction with related parties which could be considered material in accordance with the policy of the company on materiality of related party transaction on which is required to be reported in Form No. AOC-2 in terms of Section 134(3)(h) read with Section 188 of the Act. The policy on materiality of related party transaction and on dealing with related party transaction as approved by the board may be accessed on company's website at the link www.iĠindustries.com. There were no materially significant related party transaction which could have protential conflict with interest of the Company at large. Your directors draw aĴention of members to note 37 to the Financial Statements which set out related party disclosures.

EXTRACT OF ANNUAL RETURN

The details forming part of the extract of the Annual Return in Form MGT-9 may be referred to at the Company's official website at the weblink : hĴp://www.iĠindustries.com/. The detail forming part of the extract of the Annual Return in Form MGT -9 is annexed herewith as Annexure D.

PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS

The particulars of Loans, Guarantees and Investments

covered under the provisions of Section 186 of the Companies Act, 2013 are given in the notes to the Financial Statements.

REMUNERATION RATIO OF THE DIRECTORS / KEY MANAGERIAL PERSONNEL (KMP) / EMPLOYEES

The information required pursuant to Section 197 of the Companies Act, 2013 read with Rule 5 of The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is enclosed as a part of this report as Annexure - E.

The number of permanent employees on the payroll of the company as on 31 March 2021 is 2466

The statement containing particulars of employees employed throughout the year and in receipt of remuneration of Rs. 1.02 crore or more per annum and employees employed for part of the year and in receipt of remuneration of Rs. 8.5 lacs or more per month, as required under Section 197(12) of the Companies Act, 2013, read with Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, forming part of this report and is available on the website of the Company, at www.iĠindustries.com.

In terms of Section 136 of the Act, the said Annexure is open for inspection and any member interested in obtaining a copy of the same may write to the Company to e-mail id : investors@iĠglobal.com.

BUSINESS RESPONSIBILITY REPORT

In conformance to the requirements of the clause (f) of subregulation (2) of regulation 34 of Securities and Exchange Board of India (SEBI) Listing Regulations, the Business Responsibility Report for Financial Year 2020-2021 is given in as Annexure F which forms part of this Report.

DIVIDEND DISTRIBUTION POLICY

The Board of Directors of IFB Industries Limited at its meeting held on May 29, 2018 has adopted the Dividend Distribution Policy (the "Policy") as required by Regulation 43A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (the "Listing Regulations") is available at our website www.iĠindustries.com

DEPOSITS

During the year under review, your company has not accepted any deposit from the public / members u/s 73 of the Companies Act 2013 read with the Companies ( Acceptance of Deposits) Rules during the year.

SHARE CAPITAL

During the year under review, no new shares were issued by the Company, therefore there was no change in the Authorised, Issued and Paid-Up Share Capital of the Company.

SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS

There has been no significant and material orders passed by the Regulators/ Courts/ Tribunals which would impact the going concerns status of the Company and its future operations.

MATERIAL CHANGES AND COMMITMENTS, IF ANY, AFFECTING THE FINANCIAL POSITION OF THE COMPANY WHICH HAVE OCCURRED BETWEEN THE END OF THE FINANCIAL YEAR OF THE COMPANY TO WHICH THE FINANCIAL STATEMENTS RELATE AND THE DATE OF THE REPORT

There has been no material changes and commitments have occurred aĞer the closure of the year till the date of this Report, which affect the financial position of the Company.

DISCLOSURE UNDER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION &REDRESSAL ) ACT, 2013

As per the requirement of Sexual Harassment of Women at workplace ( Prevention, Prohibition & redressal) Act, 2013, your Company has in place a Policy for Prevention of Sexual Harassment of Women at Work Place and constituted an Internal Complaints CommiĴees. No compliant has been raised during the year ended March, 2021.

DEVELOPMENT AND IMPLEMENTATION OF A RISK MANAGEMENT POLICY

The Board of Directors of the Company already formed a Risk Management CommiĴee to frame, implement and monitor the risk management plan for the Company. The CommiĴee is monitoring and reviewing the risk management plan and ensuring its effectiveness.

Risk management is the process of minimizing or mitigating the risk. It starts with the identification and evaluation of risk followed by optimal use of resources to monitor and minimize the same. The company is exposed to several risks. They can be categorized as operational risk and strategic risk. The company has taken several mitigating actions, applied many strategies and introduced control and reporting systems to reduce and mitigate those risks.

Appropriate structures are in place to proactively monitor and manage the inherent risks in businesses with unique/ relatively high risk profiles.

An independent Internal Audit function carries out risk focused audits across all business, enabling identification of areas where risk management processes may need to be strengthened. The Audit commiĴee of the board reviews internal audit findings on risk and provides strategic guidance on internal controls.

FAMILARISATION PROGRAMME FOR INDEPENDENT DIRECTORS

To familiarize the Independent Directors with the strategy, operations and functions of our company, the executive directors/ senior managerial employees make presentation to the Independent Directors about the company's strategy, operations, product and service offerings, markets, finance, quality etc. Independent Directors are also visiting factories and branch offices to familarise themselves with the operations of the company and to offer their specialized knowledge for improvement of the performance of the company.

Further, at the time of appointment of an Independent director, the company issues a formal leĴer of appointment outlining his/ her role, function, duties and responsibilities as a director. The format of the leĴer of appointment is available at our website www.iĠindustries.com under legal/ investors relation/ appointment of independent directors.

MERGER AND ACQUISITION

During the year, the board of directors of your company at its meeting held on 30th December 2020 approved the amalgamation of its wholly owned subsidiary Trishan Metals Private Limited (TMPL) with IFB Industries Limited (IFBIL). The transferor company (TMPL) and transferee company (IFBIL) submiĴed merger application on 6th February, 2021 to National Company Law Tribunal, Kolkata Bench with appointed date considered as 1st April, 2021. The first hearing was held on 5th April, 2021, the NCLT accepted the application and by its order dated 5th April, 2021 appointed the Chairperson and Scrutinizer for NCLT convened meeting of Equity Shareholders and Creditors (secured and unsecured) to be held on 24th May 2021 through video conferencing or other audio visual means to approve the Scheme of amalgamation. The meetings took place on 24th May, 2021 and the Equity Shareholders and Creditors (secured and unsecured) approved the

scheme of amalgamation between Trishan Metals Private Limited and IFB Industries Limited and their respective shareholders and creditors under the provisions of Sections 230 to 232 of the Companies Act, 2013 ("the Act") and other relevant provisions of the Act and rules framed thereunder ("Scheme") with requisite majority .The maĴer is now under process and pending before NCLT for further consideration.

SUBSIDIARY COMPANIES

IFB Industries Limited, has two wholly owned subsidiary companies (1)Trishan Metals Pvt. Ltd (TMPL) and (2) Global Automotive & Appliances Pte Ltd. (GAAL) and one step down subsidiary Thai Automotive and Appliances Ltd. (TAAL).

Trishan Metals Private Ltd. (TMPL)

IFB Industries Ltd. acquired 51.12% equity shares of TMPL, during 2016-17. Further, on 31 October, 2020, the Company (IFBIL) acquired the balance 48.88% (1,14,74,020 nos. equity shares) equity shares from the other shareholders of Trishan Metals Private Limited (TMPL) at a consideration of Rs. 1430 lacs, thereby making TMPL as its wholly owned subsidiary.

TMPL's performance has not reached its potential largely due to slow down and partly due to impact of COVID-19.

		Rs. in lacs
Particulars	2020-21	2019-20
Revenue	7815	7606
PBDIT	(19)	(119)
PBT	(265)	(414)
PAT	60	(335)

Wholly Owned Subsidiary Global Automotive & Appliances Pte Ltd. (GAAL) and step down subsidiary Thai Automotive and Appliances Ltd. (TAAL)

IFB Industries Ltd. acquired 100 % equity shares of GAAL during July 2017. GAAL holds 100% equity holding in TAAL. GAAL acts as a special purpose vehicle for further investment in TAAL. GAAL is also engaged in trading of Electronics Parts and semi conductors and other commodities. TAAL is engaged in the business of Fine Blanking and Conventional Blanking and its acquisition helps IFB to consolidate its position in similar type of business in Thailand.

GAAL

During the year under review, GAAL has achieved revenue

of US\$ 4.53 Million and made a PBT of 3.03% and PAT of 2.73% on revenues. GAAL estimates that market would be subdued till end of Q2 and slowly would begin to rise subsequently.

TAAL

During the year under review, TAAL has achieved modest turnover of 171.86 million THB, which is a 2.39% decrease compared to 176.07 million THB achieved during 2019-20. During the year the company earned PBT of 2.39 million THB as compared to PBT of 4.49 million THB achieved during 2019-20.

We have, in accordance with Section 129(3) of the Companies Act, 2013 prepared consolidated financial statements of the company and its subsidiariesTrishan Metals Pvt. Ltd and Global Automotive & Appliances Pte Ltd. Further, the report on the performance and financial position of the subsidiary companies in the prescribed form AOC-1 is given in Annexure G.

In accordance with Section 136 of the Companies Act, 2013, the audited financial statements, including the Consolidated financial statements and related information of the company and financial statement of the subsidiary companies will be available on our website www.iĠindustries.com. These documents will also be available for inspection during business hours at the corporate office of company.

ACKNOWLEDGEMENT :

Directors take this opportunity to express their thanks to various departments of the Central and State Government, Bankers, Customers and Shareholders for their continued support.

The Directors wish to place on record their appreciation for the dedicated efforts put in by the Employees of the Company at all level.

For and on behalf of the Board of Directors

Bikramjit Nag (DIN: 00827155) Joint Executive Chairman & Managing Director

Place : Kolkata (DIN: 02662511) Date : 14th June 2021 Director & CFO

Prabir Chatterjee

MANAGEMENT DISCUSSIONS AND ANALYSIS REPORT

a) Structure and Developments, Opportunities and Threats, Performance, outlook, Risks and Concerns:

The good news that came a year ago may not hold good for long due to a severe contraction in gross domestic product, India is set to lose its gradually improving position in global gross domestic product. The International Monetary Fund (IMF) data shows that India became the world's fiĞh largest economy in 2019, surpassing U.K and France. The latest IMF data, however, puts India back in the sixth position in 2020 and further down to 7 in 2021.

As India baĴles the second wave of coronavirus infection, 98% of the nation is under some kinds of restrictions and lockdown which once again is leading to a crumbling economy. The Indian economy, by far, has been suffering since the pre-pandemic times and aĞer the surge in infection, the nation's economy has been hit hard.

Indian auto component industry's revenue dropped significantly in FY 2020-21. However, aĞer market demand for automotive components remained stable.

The CORONA virus pandemic has taken a toll on the Indian automobile industry by bringing down vehicle sales to figures lower than those recorded in 2019, which was the worst year for the Indian automobile industry in the last two decades. The COVID-19 outbreak, which started showing its effect in March 2020, not only impacted sales but also disrupted the global supply chain. This worsened things for the Indian automobile component industry which was already struggling because of the vehicle sales slowdown in the country. Going forward ACMA has once again recommended a uniform 18% GST rate across the automotive industry in India. Currently, almost 60 percent of auto component aĴracts 18 percent GST while the remaining aĴract 28 percent GST.

The year 2020 has been full of unwelcome surprises and unavoidable new realities. What started out as a health challenge escalated rapidly into an economic and humanitarian crisis. For the automotive industry- already under a shadow cast by sales slow-down in 2019-20, the spread of COVID-19 darkened the outlook further. The pandemic came with fluctuating supply chain scenarios, restricted people's relationship with mobility and sparked off new growth areas such as aĞermarket. As auto component manufacturers set their course for the future, strategizing to build locally to meet local and global demand, expanding to complementary sectors and optimizing costs could help regain growth momentum and shape the next normal aĞer 2nd strain of the COVID is over.

The G.O.I encourages foreign investment in the automobile sector and has allowed 100 percent FDI under the automatic route.

Going forward, with transition to BSVI and implementation of safety norms, the value-addition from the component industry is expected to progressively increase.

The survey to assess impact of Coronavirus by different agencies reveal that besides the direct impact on demand and supply of goods and services, businesses are also facing reduced cash flows due to slowing economic activity which in turn is having an impact on all payments including to those for employees, interest, loan repayments and taxes.

Subdued vehicle demand, recent investments made for transition from BS 4 to BS 6, liquidity crunch, lack of clarity on policy for electrification of vehicles among others, had also an adverse impact on the expansion plans of the auto component sector. The situation was so grim even before COVID-19 that discounts and freebies failed to spur any major demand.

Covid-19 which has so far disrupted the global complex auto-component supply chains and in immediate term automotive demand. This could manifest into a demand shock lasting multiple quarters for the domestic industry. As novel coronavirus is spreading across the country, the auto component manufacturing companies are all set to defer their planned capex till 2022 to preserve cash and cope with supply chain disruption. The domestic auto industry is set to decline in double digit this year and therefore almost all the companies in the component space are re-drawing their strategic road map. Going forward the majority of the tier-1 component maker will focus more on consolidating capacities rather than expanding at least for the short-term in order to preserve cash. The crisis has been further aggravated post COVID outbreak. The current situation demands government's handholding to help component makers to emerge from this crisis situation. We started our financial year 20-21 with zero revenue. The demand generation will only be possible if Government motivates the consumers by incentivizing or by providing tax relaxations etc.

Government Initiatives

Electric cars in India are expected to get new green number plates and may also get free parking for three years along with toll waivers. The GOI is also mulling the idea of granting the EV sector favourable terms in registration etc.

The Ministry of Heavy Industries, Government of India has shortlisted 11 cities in the country for introduction of electric vehicles (EVs) in their public transport systems under the FAME (Faster Adoption and Manufacturing of (Hybrid) and Electric Vehicles in India) scheme.

In the backdrop of the pandemic and the lock down, the automotive industry faced unprecedented challenges in the first half of 20-21. The auto component industry through agility, flexibility and financial discipline, has displayed remarkable resilience and has come back strongly with the unlocking of the economy. Going forward the performance of the industry during 2nd half was heartening. The increased focus by the auto industry on deep-localization and the recent announcement of PLI schemes for the automotive sector and cell/ baĴery manufacturing by Govt, augur well towards making the auto-component industry a self-reliant one.

Fine blanking Division (FBD) was already under pressure during FY2019-20 due to slowdown in automobile sector. Situation went into adverse mode aĞer country wide lockdown was imposed in the last week of March 2020. However, situation started to show signs of improvement since second week of May 2020 & production started in our factories located in Kolkata and Bangalore. Though initially dispatches were in low scale but things improved rapidly and the schedules received by both plants from different OEMs and Tier 1 suppliers were high. The Raw Material crisis which set in from September 2020 and is still continuing which has restricted the Divisions ability to service the schedules received in full thereby depriving the Division from the much-needed topline.The division could achieve a turnover of Rs 44989 lacs which was marginally higher by 6.2% over last year and PBDIT earned Rs 5,397 lacs higher by 6.1% over last year. Despite lock down, turnover was higher due to increase in turnover of AFM and pent-up demand in Automobile industry post lock down.

Currently Most states are extending lockdown-like restrictions till second week of June due to the second wave of the pandemic and this will again have a detrimental impact on the turnover of the company for Q1 of FY 2021-22.

Stamping Division

This Division was acquired from IFB Automotive Pvt. Ltd. in October'19, keeping in mind the operational synergy with the Fine Blanking Division. In FY '20-'21, due to outbreak of COVID-19 Pandemic and subsequent lockdowns imposed by government, there was negligible turnover in the 1st Quarter. However, things improved in the balance three quarters, which improved the YTD revenue. The 3rd and 4th quarter order value was Rs 20.60 crore and Rs 17.57 crore respectively. However, we could only achieve Rs 12.81 crore and Rs 12.77 crore respectively due to reasons such as material crisis, the impact of COVID-19 pandemic etc. The product has been well accepted and order book of FY'21-'22 is also robust. The strategic decision to buy this business and integrate it with Fine Blanking Division was well received by the customers. Unfortunately COVID-19 and the related shutdown have affected the division, a situation faced by many other countries. The company has enhanced its marketing thrust to garner additional revenue from existing customers while also accelerating its efforts to increase revenue from the non-auto segment.

The issues that FBD is successfully addressing include

i. Countering the reduction in demand of auto components.
ii. Strong pricing pressure from customers & competitors.
iii. Higher cost of CRC and HRC steel.
iv. Consistent increase in power cost.
v. Rapid increase in minimum wages.
vi. High cost for new machinery & technology.
vii. Timely Raw material availability.
viii. Fluctuations in demand forecasting by the automobile sector has created pressure in meeting inventory, debtors and margin metrics.

The Appliance Division has ended the year on a marginal growth of 6.4% in revenue terms and achieved a turnover of Rs 2,24,809 lacs including service income of Rs 7637 lacs. However, EBITDA margins reached to Rs 19319 lacs, and registered a growth of 90.9% as compared to 2019-20. The performance improved due to favorable product mix, price hike, material cost control, reduction in operating and administrative cost etc.

Our focus remains on the key agenda of localization for some of our high cost imports. This is a key de-risking mechanism against future currency fluctuations which has an impact on our business. Our focus on localizing manufacturing within India has resulted in a new generation of electronic components for models being manufactured in India. The work resulted in a significant portion of electronic controller imports being substituted by localized production in the washer segment. For this year, the key focus is in localization of controllers in the air conditioning segment. The expected customer demand, combined with the launch of new models and plans to reduce material costs, provide a positive outlook for the division.

With most states extending lockdown-like restrictions till 2nd week/ 3rd week of June 2021 due to the second wave of the pandemic, the consumer durable industry has started the financial year with a significant drop in sales and a washedout summer season. With consumer sentiment negatively affected due to the intensity of the second wave, there are concerns on the pace of recovery in demand for consumer durables once restrictions are liĞed. Air-conditioners did witness strong sales momentum in March and the early part of April 21, before the second wave hit the country. Last year, there was strong pent-up demand witnessed in the second half of the year as consumers prioritized spending on appliances. But this time, with consumers experiencing the pain of the pandemic more seriously than the last year, there are concerns about whether the second half of the year will be as good as the last year. The market saw only less than 15 percent of the consumer durables retail stores operational in the country, that too under restrictions and limited footfalls. It is expected that if the spread is curbed and with the focus on vaccinations, consumer sentiment will see a revival in the second half of the year especially during the festive season. The industry is hoping to see pent up demand for appliances from June onwards. As on date, consumer appliance retailers are saddled with large inventories of cooling products as they began stocking up due to projections of an intense summer as early as February. Due to above situation most of the appliance companies have either completely shut down all their plants or have cut production significantly in April and May 21.

The Appliance Division continues to deliver a wellpositioned and differentiated range of products in both domestic and industrial categories. The products include domestic washing machines, industrial washing systems (including dry cleaning and other finishing equipment like ironers etc), microwave ovens, domestic and industrial dishwashers, clothes dryers, modular kitchens, kitchen appliances (hobs, chimneys and built-in ovens), air conditioners, a range of service products etc. The industrial laundry division of the company has added a significant product portfolio in the ~11kg semi-commercial segment which will drive business volumes and has also finished field testing of a new water-less technology of washing laundry. The commercial laundry and dishwashing range of the company is unique. The key action we have taken since FY 2019-20 (March 20) is localizing the manufacturing for inverter ranges of air conditioners. The impact of the increased forex levels and additional customs duties is also being addressed through price increases, which are regularly rolled out. Customer demand for the products of the Appliance Division remains healthy. The models introduced and to be introduced include a new series of front load and top load washing machines as well as new microwave models. Along with plans to grow the markets, targeted reduction in material costs in manufacturing are being addressed through projects. The price increases and material cost reductions under implementation will help to improve the boĴom line margins in order to negate impact of the current forex levels and customs duties.

Post last year's lock down, demand increased from the 2nd Qtr 2020 and remained healthy upto the Q4 2020- 21. However, supply chain stresses, especially in areas of electronic components, remain high. Also, commodity prices have significantly increased since November '20 and continue to rise. These issues pose a serious risk to market pricing and profitability. We have taken price increases in both washers and air conditioners – however, these have partially offset the impact of the price increases.

Tier 2 and Tier 3 towns are seeing a significant rise in demand towards high capacity washers as well as in categories like dishwashers etc.

The updates on the products and the relative market position of our future plans are as given hereunder:

Washing Category

Front Loaders (Domestic Segment)

The range of models is well differentiated, both by aesthetics and performance. The demand for these is high and we have also addressed gaps against competition models. The Company continues to maintain a dominant market share in this segment. The key task is to drive an increase in shares in this segment through its distribution network and also through increases in revenue shares from large Key Accounts. This will be done through the introduction of new models, which has already been completed. The volume potential going forward from the existing market reach and the current direct and indirect channels is high and will be released shortly. A range, with the technology to significantly reduce/ eliminate water usage during the clothes cleaning process.

Top loading washing machines (Domestic Segment)

Demand has been high in the top loader washing machine segment as well over the last few quarters. The new models introduced in the 6.5 Kg segment, including ones with inbuilt hearers, have generated good demand. The key task is to ensure availability of the new models and to drive further placements of them across market segments. There is increasing demand for models of higher capacities in the market and we are improving our supply chain capabilities to address this need. Additions made to the range and the new range will now fully address market segments, including the high growth higher capacity segments in which IFB now has very well differentiated models and features.

Clothes Dryers and Dishwashers (Domestic Segment)

Demand in the clothes dryers segment increased in the 3rd & 4th quarter. This is no longer a seasonal product and its demand has been consistently high since the 2nd quarter of 20-21.This category may partially move to the washerdryer-refresher segment. The domestic dishwasher segment has seen significant growth for the company and continues to be under-served in terms of displays / availability to all customers touchpoints across India. The availability scenario for dishwashers has been fixed in theQ4 of 20-21 and we are preparing the distribution network to sell > 100,000 dishwashers per annum from the current fiscal year. Both dishwashers and cloth dryers will be strong growth categories, going forward.

Dish washing and Laundry Equipment (Industrial Segment)

IFB range covers the categories of glass washers, under counter dishwashers as well as hood type and rack conveyor type dishwashing equipment. The company has significant presence in varied customer segments including defense establishments, pubs, bars, large institutions, hotels and restaurants etc.

The revenues in both the commercial categories have been low, given that all major institutions in the education, hotel and restaurant categories have remained closed upto the 3rd quarter of 20-21. We expected a turnaround in demand from 4th quarter 20-21, including tender-based sales, for which we have a healthy pipe line. However, 2nd phase of Covid 19 has further dampened the demand.

Kitchen Appliances

In this category, the range includes products like chimneys, hobs and built-in-ovens. These are products which are aspiration led- and with the modernizing of the Indian kitchens and the rising disposable incomes- your company expects significant growth from these products in the medium term of 2-3 years.

Built-in Ovens, cooker hoods and Hobs

We have targeted market placements in this category at 1500 counters, likely to be completed by the Q3 of this current financial year. This includes the displays in the IFB Points. The IFB Points accounts for ~50 % of sales in this category, The Company is investing in full range product displays for increasing its presence in multi-brand channels to 1000 nos. The kitchen appliances category is a key segment for expansion and is also accretive to margins.

The IFB Points are a key vertical for driving growth in this segment and ~50% of the company's sales in this category is generated from IFB Points. IFB Point sales were affected in the 4th Quarter as compared to 3rd Quarter due to a partial lockdown at the end of March'21. Organic growth initiatives have been put in place that focus on growth in conversion, footfall and revenue of like for like stores. Retail experience enhancement will also be undertaken to showcase our complete portfolio across the laundry, living and kitchen categories. The addition of new stores will be delayed due to the lockdown. Instead, we will closely watch whether the third wave comes and how the market reacts. ThereaĞer, we will decide on enhancing geographic coverage etc.

Microwave Ovens

IFB continues to be a dominant player in this category. The key delivery targets ahead are to address the new model introductions, including those with new technology for automating and improving the cooking process. There has been a surge in demand in this segment over last few quarters and we have been unable to service the demand fully due to COVID related supply chain issue etc. With the new range, the company continues to innovate with new cooking programs eg. cooking with variations like olive oil for healthier cooking options.

Modular Kitchens

We have expanded the kitchen format presence in Goa and Bangalore by adding another three outlets in last financial year. The new design format combines the modular kitchens with appliances. This format will be a part of future retail expansion. In the current year, we will reformat ~30 stores to expand the modular kitchen business to selected locations.

This is a segment in which we have not delivered the desired results and our processes and operating structures are key focus areas for business delivery as commiĴed.

The IFB design offering for this category is of high quality with unique customer offerings. The products are well priced and include aĴractive EMI offers and an enabling range of accessories for the various storage modules.

Cooling category

Air conditioner

Our range of Air conditioners feature rich energy efficient and deliver superior performance products at high ambient temperatures. The IFB range is uniquely placed in the market, with features such as 58 degrees complaint compressors across all models with green gas and copper piping features designed for high-end performance. IFB is also unique in terms of having a complete green range of products at par with the best in the market. This category was affected by the COVID-19 pandemic last year. We achieved sales volume of 81K in the fiscal year as compared to 90K in previous year. This deficit was due to a complete washout in April and May'20. However, sales in 4th Quarter were significantly higher over last year's volume. The 1st Quarter of new fiscal year was also severly affected by the second wave of pandemic. Sadly, the AC plant was supposed to start operating from January'20 but the technicians from China who were here to do installations went back in January'20 and did not return due to outbreak of COVID-19 pandemic. As a result, the installation was delayed. Operation began on 17 March, '20 but unfortunately faced a shutdown again within three days (from 20 March,'20) due to a lockdown. In the process, we lost season in '20-21. Sales started to pick up thereaĞer and the 4th Quarter volumes were good. However, the business was disrupted once again in the 1st Quarter of FY '21-'22 due to the second wave of the pandemic. However, we foresee good sales going forward from 2nd Quarter onwards based on new and pent-up demand etc.

The range has been well received in the market and is differentiated and benchmarked to the best in the industry. In addition, a new series is being introduced in the 2nd Quarter of the new fiscal year with lower price positioning and features benchmarked to the middle of high volume segment. This will increase Company's penetration in segments like distribution etc.

Commodity price changes have been the largest in the AC raw materials segment and the pricing area remains crucial, given the high stocks in the market and competitors' reluctance to pass on price increase to customers. The Company has invested in marketing, for increased communication related to the quality and features of the IFB range.

One of the key strengths for the Appliances Division is the service function and its reach to the customers. We have a total of ~1200 service franchisees across India. Currently, we have 29 service training centers, which are fully equipped to impart training on all aspects of assembly, dismantling, installation and troubleshooting of our products.

Sales of additives and accessories continue to be a key focus area and are expected to continue to contribute significantly, both to the topline and boĴom line in the current year. IFB's 6 million plus customer base has a high potential for the company to generate revenues through the sale of additives and accessories. The company's own contact centers in Goa, Delhi and Bangalore - which we call "service centers" continue to be effective in issue resolution and customer feed-back / cross selling initiatives with a total manning of ~250 people as on date. IFB has also outsourced call centers at Munnar and Hyderabad. The service centers focus on outbound calls to track and improve customer satisfaction and drive reduction in the number of pending customer issues.

In the Company's Customer Contact Program, we continue to contact customers directly and then visit them. This is increasing customer satisfaction and is also enabling higher revenues from the customer visits.

Amongst the major issues, Appliances Division is addressing are:

1. Competition is increasing. To manage this, company is in continuous process of improving its placement of products and managing multiple channels effectively.
1. The impact of significant commodity price increases, increased duties.This is being addressed through multiple projects to drop material costs.

Your company continues to answer against the above challenges and to be focused on differentiating itself by beĴer product range planning continuously. Local challenges are addressed as applicable and needed. We are confident of our ability to remain a dominant market player across categories as it is now and we will keep investing in building market networks and product development capability.

Motor Division

The division started operation in 1993, producing motors for our washing machine plant in Goa. In 2019, the Motor Division acquired Automotive Motor Division from IFB Automotive Pvt. Ltd. and merged it with existing business, keeping in mind the operational synergy between the two. The Division is supplying to our Appliance Division as well as to automotive companies such as Hanon Automotive, M&M, Subros, Sanden Vikas etc. Business trends were down over the last year due to COVID-19 pandemic and we forecast that in coming months the oğake from OEMs will improve.

b) Internal Control Systems and their Adequacy :

Your Management has put in place effective Internal Control Systems to provide reasonable assurance for:

Safeguarding Assets and their usage.
Maintenance of Proper Accounting Records and
Adequacy and Reliability of the information used for carrying on Business Operations.

Key elements of the Internal Control Systems are as follows:

(i) Corporate policies for Financial Reporting and Accounting.
(ii) A Management information system updated from time to time as may be required.
(iii) Annual Budgets and Long Term Business Plans.
(iv) Internal Audit System.
(v) Periodical review of opportunities and risk factors depending on the Global / Domestic Scenario and to undertake measures as may be necessary.
(vi) Application of Internal Financial Control Your company has in place adequate internal financial controls with reference to the Financial Statements. Such controls have been tested at during the year and no reportable material weakness in the design or operations was observed. Moreover, regular review of the processes ensure that such systems are reinforced on an ongoing basis.

Over and above Company's in house Internal Audit team, the Company has appointed PWC and Maheswari Associates to ensure compliance and effectiveness and of the Internal Control Systems.

The Audit CommiĴee regularly reviews the Internal Audit/ Internal Control Reports for the auditing carried out in all the key areas of the operations. Additionally the Audit CommiĴee approves all the audit plans and reports for significant issues raised by the Internal and External Auditors. Regular reports on the business development, future plans and projections are given to the Board of Directors. Internal Audit Reports are regularly circulated for perusal of Senior Management for appropriate action as required.

Normal foreseeable risks of the Company's assets are adequately covered by comprehensive insurance.

c) Financial and Operational Performance :

The Highlights of Financial Operational Performance are given below :

					(Rs. in lacs)
Sl.	Particulars	Standalone		Consolidated
No.		2020-21 2019-20		2020-21	2019-20
1	Revenue from operations	2,71,652	2,55,142	2,80,080	2,63,697
2	Other Income	1,914	1,276	2,236	1,250
3	Sub-total	2,73,566	2,56,418	2,82,316	2,64,947
4	Total Expenditure (Before interest and depreciation)	2,50,766	2,43,248	2,59,092	2,51,616
5	PBDIT before exceptional item	22,800	13,170	23,224	13,331
6	PBDIT %	8.33%	5.14%	8.23%	5.03%
7	Profit AĞer Tax	6,174	2,799	6,411	2,577

d) Human Resources Development and Industrial Relations :

IFB is a knowledge-driven organization and its greatest asset is the experience and skill of its employees. Recognizing that the workforce will provide critical competitive edge in its growth endeavor, IFB has laid major emphasis on recruiting, maintaining and developing its human asset base. Itoffer's a wide range of career development programmes including on the job training and job rotation amongst others. A highly evolved Human Resource Policy has ensured a minimal rate of aĴrition amongst executives.

IFB's welfare activities for employees include Medical Care, Group Insurance etc.

e) Ke y Financial Ratios :

Key Financial Ratios for the financial year ended 31 March 2021 to be enclosed as a part of this report as Annexure - H.

f) Cautionary Statement :

Statements in the Management Discussion and Analysis and Directors Report describing the Company's strengths, strategies, projections and estimates, are forward-looking statements and progressive within the meaning of applicable laws and regulations. The Actual results may vary from those expressed or implied, depending upon economic conditions, Government Policies and other incidental factors. Readers are cautioned not to place undue reliance on the forward looking statements.

For and on behalf of the Board of Directors

Bikramjit Nag (DIN: 00827155) Joint Executive Chairman & Managing Director

Prabir Chatterjee Place : Kolkata (DIN: 02662511) Date : 14th June 2021 Director & CFO

ANNEXURE - A

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 IFB Industries Ltd. 14 Taratolla Road Kolkata – 700 088

We have conducted the secretarial audit of the compliance of applicable statutory provisions and the adherence to good corporate practices by IFB Industries Ltd. (hereinaĞ er called the Company). Secretarial audit was conducted in a manner that provided us a reasonable basis for evaluating the corporate conducts/statutory compliances and expressing our opinion thereon.

Based on our verifi cation of the books, papers, minute books, forms and returns fi led and other records maintained by the Company and also the information provided by the Company, its offi cers, agents and authorised representatives during the conduct of secretarial audit, we hereby report that in our opinion, the Company has, during the audit period covering the fi nancial year ended on 31st March, 2021("Audit Period") complied with the statutory provisions listed hereunder and also that the Company has proper Board-processes and compliance-mechanism in place to the extent, in the manner and subject to the reporting made hereinaĞ er.

We have examined the books, papers, minute books, forms and returns fi led and other records maintained by the Company for the fi nancial year ended on 31stMarch, 2021 according to the provisions of:

(i) The Companies Act, 2013 ("the Act") and the rules made thereunder;
(ii) The Securities Contracts (Regulation) Act, 1956 ("SCRA") and the rules made thereunder;
(iii) The Depositories Act, 1996 and the Regulations and Bye-laws framed thereunder;
(iv) Foreign Exchange Management Act, 1999 and the rules and regulations made thereunder to the extent of Foreign Direct Investment and Overseas Direct Investment;
(v) The following Regulations and Guidelines prescribed under the Securities and Exchange Board of India Act, 1992 ("SEBI Act"):-
a] The Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011;
b] The Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015;
c] The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 (Not applicable to the company during the audit period);
d] Securities and Exchange Board of India (Share Based Employee Benefi ts) Regulations, 2014 (Not applicable to the company during the audit period);
e] The Securities and Exchange Board of India (Issue and Listing of Debt Securities) Regulations, 2008 (Not applicable to the company during the audit period);
f] The Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) Regulations, 1993 regarding the Companies Act and dealing with client;
g] The Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009 (Not applicable to the company during the audit period); and
h] The Securities and Exchange Board of India (Buy-Back of Securities) Regulations, 2018 (Not applicable to the company during the audit period).
(vi) The other laws, as informed and certifi ed by the Management of the Company, which are specifi cally applicable to the Company namely:
a] The Environment (Protection) Act, 1986, read with the Environment (Protection) Rules, 1986;
b] The Water (Prevention & Control of Pollution)Act, 1974, read with Water (Prevention & Control of Pollution) Rules, 1975;
c] The Air (Prevention & Control of Pollution) Act, 1981 read with Air (Prevention & Control of Pollution) Rules, 1982;
d] The Factories Act, 1948 and allied state laws.

We have also examined compliance with the applicable clauses of the following :

(i) The Secretarial Standards (SS-1 and SS-2) issued by The Institute of Company Secretaries of India;
(ii) The Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015;

We report that, during the period under review the Company has complied with the provisions of the Act, Rules, Regulations, Guidelines, Standards, etc. mentioned above subject to the following observation:

The Company has complied with all the mandatory requirements as specifi ed in SEBI LODR except the provisions of Regulation 17(1) pertaining to composition of the Board of Directors which was also complied with as on 31st March 2021. The Company received notices from NSE& BSE against which proper representation were made before the exchanges and under protest paid the fi ne imposed by stock exchanges.

We further report that, the Board of Directors of the Company is duly constituted with proper balance of Executive Directors, Non-Executive Directors and Independent Directors. The changes in the composition of the Board of Directors that took place during the period under review were carried out in compliance with the provisions of the Act.

Adequate notice is given to all Directors to schedule the Board Meetings, agenda and detailed notes on agenda were sent at least seven days in advance and a system exists for seeking and obtaining further information and clarifi cations on the agenda items before the meeting and for meaningful participation at the meeting.

As per the minutes of the meetings duly recorded and signed by the Chairman, the decisions of the Board were unanimous and no dissenting views have been recorded.

We further report that there are adequate systems and processes in the Company commensurate with the size and operations of the Company to monitor and ensure compliance with applicable laws, rules, regulations and guidelines.

We further report that during the audit period the board of directors of the company at its meeting held on 30th December, 2020 approved the amalgamation of its wholly owned subsidiary Trishan Metals Private Limited (TMPL) with IFB Industries Limited(IFBIL). The transferor company (TMPL) and transferee company (IFBIL) submiĴ ed merger application on 6th February, 2021 to National Company Law Tribunal, Kolkata Bench with appointed date considered as 1st April, 2021. The fi rst hearing was held on 5th April, 2021 the NCLT accepted the application and by its order dated 5th April, 2021 appointed the Chairperson and Scrutinizer for NCLT convened meeting of Equity Shareholders and Creditors (secured and unsecured) to be held on 24th May 2021 through video conferencing or other audio visual means to approve the Scheme of amalgamation. The meetings took place on 24.5.2021 and the Equity Shareholders and Creditors (secured and unsecured) approved the scheme of amalgamation between Trishan Metals Private Limited and IFB Industries Limited and their respective shareholders and creditors under the provisions of Sections 230 to 232 of the Companies Act, 2013 ("the Act") and other relevant provisions of the Act and rules framed thereunder ("Scheme") with requisite majority.Except the same there were no other instances of the Company entering into any events/actions, having a major bearing on the Company's aff airs in pursuance of the above referred laws, rules, regulations, guidelines, standards, etc.

For Patnaik & Patnaik Company Secretaries

S. K. Patnaik Partner Place : Kolkata FCS No.: 5699, C.P. No.: 7117 Date : 14th June, 2021 UDIN: F005699C000455491

Note: This Report is to be read with our leĴ er of declaration which is annexed hereto as "Annexure –A" and forms an integral part of this Report.]

Annexure - A

To The Members IFB Industries Ltd. 14 Taratolla Road Kolkata – 700 088.

Our Report is to be read along with this leĴ er.

(i) Maintenance of secretarial record is the responsibility of the Management of the Company. Our responsibility is to express an opinion on these secretarial records based on our audit.
(ii) We have followed the audit practices and processes as appropriate to obtain reasonable assurance about the correctness of the contents of the secretarial records. The verifi cation was done on test basis to ensure that correct facts are refl ected in secretarial records. We believe that the processes and practices, we followed provide a reasonable basis for our opinion.
(iii) Our Audit was based on examination, in physical or electronic form, as feasible under the prevailing circumstances, of books and records maintained by the Company.
(iv) We have not verifi ed the compliance by the Company of applicable fi nancial laws such as direct and indirect tax laws and maintenance of fi nancial records and books of accounts since the same have been subject to review by the statutory fi nancial auditors, tax auditors and other designated professionals.
(v) The status of compliance of other laws as listed at (vi)in our Report, we relied upon the statement provided by the Management.
(vi) Wherever required, we have obtained the Management representation about the compliance of laws, rules and regulations and happening of events, etc.
(vii) The compliance of the provisions of Corporate and other applicable laws, rules, regulations, standards is the responsibility of Management. Our examination was limited to the verifi cation of the same on test basis.
(viii) The Secretarial Audit Report is neither an assurance as to the future viability of the Company nor of the effi cacy or eff ectiveness with which the Management has conducted the aff airs of the Company.

For Patnaik & Patnaik Company Secretaries

S. K. Patnaik Partner Place : Kolkata FCS No.: 5699, C.P. No.: 7117 Date : 14th June, 2021 UDIN: F005699C000455491

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNING AND OUTGO ETC.

Information on conservation of Energy, Technology absorption, Foreign Exchange earning and outgo required to be disclosed under section 134 of the companies Act, 2013 read with Companies (Accounts) Rules, 2014 are provided hereunder:

(A)		Conservation of Energy :
	1.	Steps taken or impact on conservation of energy.	Energy conservation continues to receive priority aĴ ention at all levels.
			All the factories have implemented measures to maintain the power factor in excess of 0.97 to reduce reactive power losses.
			High energy illumination is being replaced, on an ongoing basis, by lower power consuming illumination (Eg LED lights) in the working area.
			We have started drive of puĴ ing variable frequency drive on rotating parts of machines. Such as blowers, pumps etc. That is through capital investments and could save a minimum of 10 % power and can be even up to 40% on case to case basis.
			Engineering Division had installed some press automation for component evacuation which will help in reduction of Air consumption and also will help in protecting the parts from dent and damages.
	2.	The steps taken by the company for utilizing alternate sources of energy.	The factory at Goa is now operating majorly with solar energy. All lighting in offi ces are covered by auto-shut off mode sensors – which only activate lighting when movements are traceable.
			Areas like the paint shop have already been shiĞ ed to LPG led burners - diesel usage has been eliminated.
			As mentioned earlier, the washer factory at Goa is running with solar energy for a major part of its consumption.
	3.	The capital investment on energy conservation equipment.	Not signifi cant, as work has been done over the years.
(B)		Technology absorption :
	1.	The eff orts made towards technology absorption.	In its Home Appliance Division, the company continues to work with partners from countries like Italy, China, Korea etc - to enhance knowledge and capability developments.
	2.	The benefi ts derived like product improvement, cost reduction, product development or import substitution.	Localization of electronic controllers – this is a major import substitution agenda for the country – in line with the Government's Make in India program.
			Testing and validation of products iOT, wireless controls and app based controls for appliances. Advance Sensors Internal design teams are working on technology upgrades, cost reduction and product improvement projects on an ongoing basis.

	3. In case of imported technology (imported during the last three years reckoned from the beginning of the fi nancial year)
	a. The details of technology imported	The technology imported during last year includes designs for Air conditioners, with which the company will substitute imports and save foreign exchange. The technology has been fully absorbed.
	b. The year of import	2019-20
	c. Whether the technology been fully absorbed	Technology fully absorbed.
	d. If not fully absorbed, areas where absorption has not taken place, and the reasons thereof.	–
(C)	The expenditure incurred on Research and	Data provided in the table below :
	Development.	Expenditure on R&D			(Rs in lacs)
		Sl No	Particulars	2020-21	2019-20
		A	Capital	87	2,188
		B	Recurring	3,560	3,884
		C	Total	3,647	6,072
(D)	The foreign exchange earnings and Outgo.		Data provided in the table below :
					(Rs in lacs)
		Sl No	Particulars	2020-21	2019-20
		A	Foreign exchange earnings	1,045	1,286
		B	Foreign exchange outgo	67,332	62,097

For and on behalf of the Board of Directors

Bikramjit Nag

(DIN: 00827155) Joint Executive Chairman & Managing Director

Prabir Chatterjee

Place : Kolkata(DIN: 02662511) Date : 14th June 2021 Director & CFO

ANNEXURE - C

CORPORATE SOCIAL RESPONSIBILITY

1. Brief outline on CSR Policy of the Company.

The CSR CommiĴ ee decided to spend amount towards promoting education, skill development programme etc. during the year 2020-21.

The activities undertaken are within the broad framework of Schedule VII of the Companies Act, 2013. Details of the CSR policy and activities undertaken by the Company are available on www.iĠ industries.com

Composition of CSR CommiĴee:

Sl. No.	Name of Director	Designation / Nature of Directorship	Number of meetings of CSR CommiĴee held during the year	Number of meetings of CSR CommiĴee aĴended during the year
1	Mr. Sudip Banerjee	Chairman/Non Executive Director	1	1
2	Mr. Ashok Bhandari	Member/ Independent Director	1	1
3	Mr. Prabir ChaĴerjee	Member/ Executive Director	1	1

Provide the web-link where Composition of CSR commiĴee, CSR Policy and CSR projects approved by the board are disclosed on the website of the company. –

Composition of the CSR commiĴee, CSR Policy etc. are available on the Company's website on www.iĠindustries.com

1. 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 (aĴach the report) – Not Applicable. There is no project undertaken or completed aĞer January 22, 2021, for which the impact assessment report is applicable in FY 2021.
1. 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:- NOT Applicable

Sl.	Financial Year	Amount available for set-off from	Amount required to be setoff for the
No.		preceding financial years (in Rs)	financial year, if any (in Rs)
	-	NIL	NIL

1. Average net profit of the company as per section 135(5) Rs. 7827.00 lakhs
1. (a) Two percent of average net profit of the company as per section 135(5) Rs. 156.54 lakhs
(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. 156.54 lakhs
1. (a) CSR amount spent or unspent for the financial year:

Total Amount Spent		Total Amount transferred to	Amount transferred to any fund specified under
for the Financial Year.		Unspent CSR Account as per	Schedule VII as per second proviso to section
(in Rs.)		section 135(6)	135(5)
	Amount. Date of transfer		Name of the Fund	Amount. Date of transfer
Rs. 156.87 lakhs	NIL	-	-	NIL

IFB INDUSTRIES LTD.

(b) Details of CSR amount spent against ongoing projects for the financial year: NIL

Sl. No.	Name of the Project	Item from the list of activities in Schedule VII to the Act	Local area (Yes/No)	Location of the project		Project duration	Amount allocated for the project (in Rs.)	Amount spent in the current financial Year (in Rs.)	Amount transferred to Unspent CSR Account for the project as	Mode of Implementation - Direct (Yes/No)	Mode of Imple	mentation - Through Implementing Agency
				State	District				per Section 135(6) (in Rs.)		Name	CSR Registration number
–	–	–	–	–	–	–	–	–	–	–		–

(c) Details of CSR amount spent against other than ongoing projects for the financial year:

Sl. No.	Name of the Project	Item from the list of activities in Schedule VII to the Act	Local area (Yes/No)	Location of the project.		Amount spent Mode of for the project Implementation - (in Rs.). Direct (Yes/No)		Mode of Implementation - Through Implementing Agency
				State	District			Name	CSR Registration number
1.	Promoting Health	(i)	Yes	Goa	South Goa District	66,289	Yes		Office of the Collector & District Magistrate, South Goa District
2.	Promoting Health	(i)	Yes	Goa	South Goa District	505,240	Yes		Verna Industrial Association
3.	Promoting Health	(i)	Yes	Goa	South Goa District	20,000	Yes	CII
4.	Promoting Education	(ii)	Yes	Goa	South Goa District	5,00,000	Yes	Holy Cross High School
5.	Promoting Education	(ii)	Yes	Goa	Curchorem	10,00,000	Yes	Chetna Charitable Trust, Curchorem
6.	Promoting Education	(ii)	Yes	Goa	South Goa District	15,00,000	Yes	Sai Nursing Institute
7.	Promoting Education	(ii)	Yes	Goa	Sankli	10,00,000	Yes	Sankli	Shri Bhumika Primary School,
8.	Promoting Education	(ii)	Yes	Bangalore	Bangalore	5,00,000	Yes	GHPS CHARVAKA
9.	Promoting Education	(ii)	Yes	Bangalore	Udupi	5,00,000	Yes	EDUCATION TRUST	SHRI SODE VADIRAJA MUTT
10.	Promoting Education	(ii)	Yes	Bangalore	Bangalore	5,00,000	Yes	PATLA	RURAL EDCATON SOCIETY
11.	Promoting Education	(ii)	Yes	Mumbai	Andheri (East)	15,00,000	Yes	Abhiyan
12.	Promoting Education	(ii)	Yes	Madhya Pradesh	Chhindwara	7,00,000	Yes	Maa Education Society
13.	Promoting Education	(ii)	Yes	West Bengal	Hooghly	3,96,000	Yes		Pratibondhi Kalyan Kendra
14.	Promoting Education	(ii)	Yes	West Bengal	Hooghly	6,00,000	Yes	Prabartak Nari Mandir
15.	Promoting Education	(ii)	Yes	West Bengal	Burdwan	1,00,000	Yes	Institute	Rasuikhananda MA Public
16.	Promoting Health	(i)	Yes	Maharashtra	Nagpur	10,00,000	Yes	Dr. Aabaji ThaĴe Seva Aur Institute	Anusandhan Sanstha, Cancer care
17.	Promoting Education	(ii)	Yes	Maharashtra	Nagpur	10,00,000	Yes		Sevasadan Shikshan Sanstha
18.	Promoting Education	(ii)	Yes	Haryana	Gurgaon	40,00,000	Yes	Anjali Foundation
19.	Promoting Education	(ii)	Yes	West Bengal	Purba Medinipur	3,00,000	Yes		Vivekananda Mission Ashram

(d) Amount spent in Administrative Overheads : NIL
(e) Amount spent on Impact Assessment, if applicable : Not Applicable
(f) Total amount spent for the Financial Year (8b+8c+8d+8e) : Rs. 1,56,87,529
(g) Excess amount for set off, if any

Sl. No.	Particulars	Amount (in Rs.)
1.	Two percent of average net profit of the company as per section 135(5)	1,56,54,000
2.	Total amount spent for the Financial Year	1,56,87,529
3.	Excess amount spent for the financial year [(ii)-(i)]	33529
4.	Surplus arising out of the CSR projects or programmes or activities of the previous financial years, if any	NIL
5.	Amount available for set off in succeeding financial years [(iii)-(iv)]	33529

9. (a) Details of Unspent CSR amount for the preceding three financial years: N.A

Sl. No.	Preceding Financial Year	Amount transferred to Unspent CSR Account under section 135 (6) (in Rs.)	Amount spent in the reporting Financial Year (in Rs.)	Amount transferred to any fund specified under Schedule VII as per section 135(6), if any Name of the Fund	Amount (in Rs)	Date of transfer	Amount remaining to be spent in succeeding financial years. (in Rs.)
1	–	NIL	–	–	NIL		–

(b) Details of CSR amount spent in the financial year for ongoing projects of the preceding financial year(s): NIL

1.	2.	3.	4.	5.	6.	7.	8.	9.
Sl. No.	Project ID.	Name of the Project.	Financial Year in which the project was commenced.	Project duration.	Total amount allocated for the project (in Rs.).	Amount spent on the project in the reporting Financial Year (in Rs).	Cumulative amount spent at the end of reporting Financial Year. (in Rs.)	Status of the project - Completed / Ongoing.
–	–	–	–	–	–	–	–	–

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) – Not Applicable
(a) Date of creation or acquisition of the capital asset(s) : Not Applicable
(b) Amount of CSR spent for creation or acquisition of capital asset : NIL
(c) Details of the entity or public authority or beneficiary under whose name such capital asset is registered, their address etc. : Not Applicable
(d) Provide details of the capital asset(s) created or acquired (including complete address and location of the capital asset) : Not Applicable
11. Specify the reason(s), if the company has failed to spend two per cent of the average net profit as per section 135(5) – Not Applicable

For and on behalf of the Board of Directors

Bikramjit Nag

(DIN: 00827155) Joint Executive Chairman & Managing Director

Prabir Chatterjee

Place : Kolkata (DIN: 02662511) Date : 14th June 2021 Director & CFO

ANNEXURE - D

Form No MGT-9

EXTRACT OF THE ANNUAL RETURN

As on the financial year ended on 31 March 2021

[Pursuant to section 92(3) of the Companies Act, 2013 and rule 12(1) of the Companies(Management and Administration) Rules, 2014]

I. REGISTRATION AND OTHER DETAILS

i)	CIN	L51109WB1974PLC029637
iii)	Registration Date	12.09.1974
iii)	Name of the Company	IFB INDUSTRIES LIMITED
iv)	Category/Sub Category of the Company	Company Limited by shares
v)	Address of registered office & Contact Details	14 Taratolla Road
		Kolkata-700088
		Tel: (033) 3048 9219
		Fax: (033) 3048 9230
vi)	Whether shares listed on recognized Stock	Yes
	Exchange(s)
vii)	Name, Address and Contact details of Registrar	CB Management Services Pvt Ltd
	and Transfer Agent, if any:	P-22 Bondel Road, Kolkata-700 019
		Tel No: (033) 4011 6700/22806692/93/94
		Fax No: (033) 2287 0263

II. PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY

All the business activities contributing 10% or more of the total turnover of the company shall be stated :

SL No.	Name & Description of the main products/services	NIC Code of the Product/Service	% to total turnover of the Company
1.	Engineering – Manufacture of diverse part and accessories for Motor Vehicle, etc.	29301	16
2.	Home Appliance Products	27501	82

III. PARTICULARS OF HOLDING, SUBSIDIARY AND ASSOCIATE COMPANIES

S.No.	Name and address of the Company	CIN/GLN	Holding/ Subsidiary/ Associate	% of shares held	Applicable section
1	Trishan Metals Private Limited	U27109WB1996PTC079844	Wholly Owned Subsidiary	100	2(87)
2	Global Automotive & Appliances Pte. Ltd	N.A	Wholly Owned Subsidiary	100	2(87)
3	Thai Automotive & Appliances Ltd.	N.A	Step Down Subsidiary	100	2(87)

IV. SHARE HOLDING PATTERN (Equity Share Capital Breakup as percentage of Total Equity)

i) Category-wise Share Holding

		No. of Shares held at the beginning of the	year 01.04.2020			No. of Shares held at the end of the year	31.03.2021		%
Category of Shareholders	Demat	Physical	Total	% of Total Shares	Demat	Physical	Total	% of Total Shares	Change during the year
A. Promoters
(1) Indian
a) Individual/ HUF	292771	–	292771	0.72	292771	–	292771	0.72	–
b) Central Government(s)	–	–	–	–	–	–	–	–	–
c) State Government(s)	–	–	–	–	–	–	–	–	–
d) Bodies Corporate	30080428	–	30080428	74.24	30080428	–	30080428	74.24	–
e) Bank/Financial Institutions	–	–	–	–	–	–	–	–	–
f) Others	–	–	–	–	–	–	–	–	–
Sub Total (A)(1) :	30373199	–	30373199	74.96	30373199	–	30373199	74.96	–
(2) Foreign
a) NRIs - Individuals	–	–	–	–	–	–	–	–	–
b) Other - Individuals	–	–	–	–	–	–	–	–	–
c) Bodies Corporate	–	–	–	–	–	–	–	–	–
d) Bank/Financial Institutions	–	–	–	–	–	–	–	–	–
e) Any Other	–	–	–	–	–	–	–	–	–
Sub Total (A)(2) :	–	–	–	–	–	–	–	–	–
Total shareholding of Promoter (A) = (A)(1) + (A)(2)	30373199	–	30373199	74.96	30373199	0	30373199	74.96	–

B. Public Shareholding
1. Institutions
a) Mutual Funds b) Alternate Investment Funds	951681 –	35763 –	987444 –	2.44 –	516186 57000	35763 –	551949 57000	1.36 0.14	–1.08 0.14
c) Foreign Portfolio Investors	3340709	17512	3358221	8.29	3269081	17512	3286593	8.11	–0.18
d) Bank/Financial Institutions	8129	1647	9776	0.02	1895	1647	3542	0.01	–0.01
e) Central Government(s)	–	–	–	–	–	–	–	–	–
f) State Government(s)	–	–	–	–	–	–	–	–	–
g) Venture Capital Funds	–	–	–	–	–	–	–	–	–
h) Insurance Companies	–	–	–	–	–	–	–	–	–
i) Foreign Institutional Investors (FII)	–	–	–	–	–	–	–	–	–
j) Foreign Venture Capital Investors	–	–	–	–	–	–	–	–	–
k) Others (specify)	–	–	–	–	–	–	–	–	–
Sub Total (B)(1) :	4300519	54922	4355441	10.75	3844162	54922	3899084	9.62	–1.13

		No. of Shares held at the beginning	of the year 01.04.2019			No.of Shares held at the end	of the year 31.03.2020		%
Category of Shareholders	Demat	Physical	Total	% of Total Shares	Demat	Physical	Total	% of Total Shares	Change during the year
2. Non-Institutions
a) Bodies Corporate
i) Indian	1299935	33005	1332940	3.29	1651597	32805	1684402	4.16	0.87
ii) Overseas	–	–	–	–	–	–	–	–	–
b) Individuals	–	–	–	–	–	–	–	–	–
i) Individual shareholders holding nominal share capital upto Rs. 1 lakh	2116612	549366	2665978	6.58	1964135	539418	2503553	6.18	–0.40
ii) Individual shareholders holding nominal share capital in excess of Rs 1 lakh	1230930	–	1230930	3.03	757924	–	757924	1.87	–1.16
c) Other (specify)
i) NRI	187361	1699	189060	0.47	76335	1699	78034	0.19	–0.28
ii) Clearing Member	34073	–	34073	0.08	99617	–	99617	0.25	0.17
iii) OCB	–	–	–	–	–	–	–	–	–
iv) Trust	33379	–	33379	0.08	34335	–	34335	0.08	0.00
Foreign Body Corporate	–	–	–	–	–	–	–	–	–
Employee	135091	94449	229540	0.57	108959	89125	198084	0.49	–0.08
Director & Director Relatives	18670	–	18670	0.05	47892	–	47892	0.12	0.07
LLP	15626	–	15626	0.04	767162	–	767162	1.89	1.85
HUF	39960	–	39960	0.10	75510	–	75510	0.19	0.09
Sub-total (B)(2) :	5111637	678519	5790156	14.29	5583466	663047	6246513	15.42	1.13
(B) Total Public Shareholding (B) = (B) (1)+ (B)(2)	9412156	733441	10145597	25.04	9427628	717969	10145597	25.04	–
TOTAL (A)+(B)	39785355	733441	40518796	100.00	39800827	717969	40518796	100.00	–
(C) Shares held by Custodians for GDRs & ADRs	–	–	–	–	–	–	–	–	–
Grand Total (A)+(B)+(C)	39785355	733441	40518796	100.00	39800827	717969	40518796	100.00	–

IFB INDUSTRIES LTD.

ii) Shareholding of Promoters

			the year 01.04.2020	Shareholding at the beginning of		Shareholding at the end of the year 31.03.2021
SL. No.	Shareholder's Name	No. of Shares	% of total Shares of the company	% of Shares Pledged / encumbered to total shares	No. of Shares	% of total Shares of the company	% of Shares Pledged / encumbered to total shares	% change in share holding during the year
1	Bijon Nag	157869	0.3896	–	157869	0.3896	–	–
2	Preombada Nag	131902	0.3255	–	131902	0.3255	–	–
3	Bikramjit Nag	3000	0.0074	–	3000	0.0074	–	–
4	Mac Consultants Pvt Ltd.	706197	1.7429	–	706197	1.7429	–	–
5	CPL Industries Ltd.	74813	0.1846	–	74813	0.1846	–	–
6	CPL Projects Ltd.	523535	1.2921	–	523535	1.2921	–	–
7	IFB Agro Industries Ltd.	172733	0.4263	–	172733	0.4263	–	–
8	Shubh Engineering Ltd.	260723	0.6435	–	260723	0.6435	–	–
9	Asansol BoĴling & Packaging Company Pvt Ltd	3366428	8.3083	–	3366428	8.3083	–	–
10	IFB Automotive Pvt. Ltd.	18856833	46.5385	–	18856833	46.5385	–	–
11	Special Drinks Pvt. Ltd.	17250	0.0426	–	17250	0.0426	–	–
12	ZIM Properties Pvt.Ltd.	34300	0.0847	–	34300	0.0847	–	–
13	Windsor Marketiers Pvt. Ltd.	19600	0.0484	–	19600	0.0484	–	–
14	Lupin Agencies Pvt. Ltd.	37600	0.0928	–	37600	0.0928	–	–
15	Nurpur Gases Pvt. Ltd.	6010416	14.8336	–	6010416	14.8336	–	–
	Total	30373199	74.9608	–	30373199	74.9608	–	–

iii) Change in Promoters Shareholding (please specify, if there is no change) : NO CHANGE

		Shareholding at the beginning of the year 01.04.2020	Cumulative Shareholding during the year 31.03.2021
	No. of shares	% of total shares of the company	No. of shares	% of total shares of the company
At the beginning of the year	30373199	74.96	30373199	74.96
Date wise increase/decrease in Promoters Shareholding during the year specifying the reason for increase/decrease (e.g. allotment/ transfer/bonus sweat equity etc. ) :	No Change in Shareholding during the year
At the end of the year	30373199 74.96 30373199

				Shareholding at the		Cumulative Shareholding
					beginning of the year		during the year
Sl.	NAME	Date	Reason	No.of	% of total	No.of	% of total
No.				Shares	shares of the Company	Shares	shares of the Company
1	JWALAMUKHI INVESTMENT
	HOLDINGS
	a) At the beginning of the year	1-Apr-2020		2905140	7.17	2905140	7.17
	b) Changes during the year	4-Sep-2020	Buy	975	0.00	975	0.00
	c) At the end of the year	31-Mar-2021				2906115	7.17
2	CHATTERJEE MANAGEMENT SERVICES PRIVATE LIMITED
	a) At the beginning of the year	1-Apr-2020		680260	1.68	680260	1.68
	b) Changes during the year	NIL		NIL	NIL	NIL	NIL
	c) At the end of the year	31-Mar-2021				680260	1.68
3	HDFC TRUSTEE COMPANY LTD A/C - HDFC CHILDREN'S GIFT FUND - INVESTMENT PLAN
	a) At the beginning of the year	1-Apr-2020		538428	1.33	538428	1.33
	b) Changes during the year
		17-Jul-2020	Sale	7819	0.02	530609	1.31
		31-Jul-2020	Sale	13437	0.03	517172	1.28
		7-Aug-2020	Sale	3200	0.01	513972	1.27
		14-Aug-2020	Sale	11887	0.03	502085	1.24
		21-Aug-2020	Sale	16180	0.04	485905	1.20
		28-Aug-2020	Sale	281771	0.70	204134	0.50
		4-Sep-2020	Sale	33324	0.08	170810	0.42
		11-Sep-2020	Sale	55200	0.14	115610	0.29
		18-Sep-2020	Sale	27085	0.07	88525	0.22
		18-Dec-2020	Sale	58310	0.14	30215	0.07
		15-Jan-2021	Sale	23949	0.06	6266	0.02
		22-Jan-2021	Sale	6266	0.02	0	0.00
	c) At the end of the year	31-Mar-2021		NIL	NIL	NIL	NIL
4	UTI-MID CAP FUND
	a) At the beginning of the year	1-Apr-2020		393755	0.97	393755	0.97
	b) Changes during the year
		23-Oct-2020	Sale	35755	0.09	358000	0.88
		30-Oct-2020	Sale	1625	0.00	356375	0.88

iv) Shareholding PaĴern of top ten shareholders (Other than Directors, Promoters and Holders of GDRs and ADRs)

IFB INDUSTRIES LTD.

		5-Feb-2021	Sale	3807	0.01	352568	0.87
		12-Feb-2021	Sale	2089	0.01	350479	0.86
	c) At the end of the year	31-Mar-2021				350479	0.86
5	ASHISH AGARWAL
	a) At the beginning of the year	1-Apr-2020		298529	0.74	298529	0.74
	b) Changes during the year
		29-May-2020	Sale	23529	0.06	275000	0.68
		10-Jul-2020	Sale	4203	0.01	270797	0.67
		17-Jul-2020	Sale	28381	0.07	242416	0.60
		24-Jul-2020	Sale	29708	0.07	212708	0.52
		31-Jul-2020	Sale	15753	0.04	196955	0.49
		7-Aug-2020	Sale	41748	0.10	155207	0.38
		14-Aug-2020	Sale	155207	0.38	0	0.00
	c) At the end of the year	31-Mar-2021		NIL	NIL	NIL	NIL
6	ASHISH KACHOLIA
	a) At the beginning of the year	1-Apr-2020		223759	0.55	223759	0.55
	b) Changes during the year
		5-Jun-2020	Sale	23759	0.06	200000	0.49
		26-Jun-2020	Sale	24822	0.06	175178	0.43
		3-Jul-2020	Sale	175178	0.43	0	0.00
	c) At the end of the year	31-Mar-2021		NIL	NIL	NIL	NIL
7	MERLIN RESOURCES PRIVATE LIMITED
	a) At the beginning of the year	1-Apr-2020		186673	0.46	186673	0.46
	b) Changes during the year	NIL		NIL	NIL	NIL	NIL
	c) At the end of the year	31-Mar-2021				186673	0.46
8	SURESH KUMAR AGARWAL
	a) At the beginning of the year	1-Apr-2020		151350	0.37	151350	0.37
	b) Changes during the year
		17-Apr-2020	Sale	18700	0.05	132650	0.33
		24-Apr-2020	Sale	6300	0.02	126350	0.31
		29-May-2020	Sale	26350	0.07	100000	0.25
		5-Jun-2020	Sale	100000	0.25	0	0.00
	c) At the end of the year	31-Mar-2021		NIL	NIL	NIL	NIL
9	TCG ADVISORY SERVICES PRIVATE LIMITED
	a) At the beginning of the year	1-Apr-2020		122071	0.30	122071	0.30
	b) Changes during the year	NIL		NIL	NIL	NIL	NIL
	c) At the end of the year	31-Mar-2021				122071	0.30

10	PLUTUS WEALTH MANAGEMENT LLP
	a) At the beginning of the year	1-Apr-2020		5943	0.01	5943	0.01
	b) Changes during the year
		17-Apr-2020	Sale	592	0.00	5351	0.01
		24-Apr-2020	Buy	1114	0.00	6465	0.02
		5-Jun-2020	Buy	267629	0.66	274094	0.68
		12-Jun-2020	Buy	906	0.00	275000	0.68
		26-Jun-2020	Sale	6183	0.02	268817	0.66
		30-Jun-2020	Buy	24683	0.06	293500	0.72
		3-Jul-2020	Buy	200000	0.49	493500	1.22
		10-Jul-2020	Sale	3000	0.01	490500	1.21
		28-Aug-2020	Buy	250000	0.62	740500	1.83
		4-Sep-2020	Buy	9500	0.02	750000	1.85
		18-Sep-2020	Buy	200	0.00	750200	1.85
		25-Sep-2020	Sale	200	0.00	750000	1.85
		12-Feb-2021	Sale	22491	0.06	727509	1.80
		19-Feb-2021	Sale	469	0.00	727040	1.79
		26-Feb-2021	Sale	62	0.00	726978	1.79
		19-Mar-2021	Buy	23022	0.06	750000	1.85
	c) At the end of the year	31-Mar-2021				750000	1.85
11	ADITYA BIRLA SUN LIFE TRUSTEE PRIVATE LIMITED A/C ADITYA BIRLA SUN LIFE SMALL CAP FUND
	a) At the beginning of the year	1-Apr-2020		NIL	NIL	NIL	NIL
	b) Changes during the year
		9-Oct-2020	Buy	19155	0.05	19155	0.05
		16-Oct-2020	Buy	5220	0.01	24375	0.06
		23-Oct-2020	Buy	4867	0.01	29242	0.07
		6-Nov-2020	Buy	11041	0.03	40283	0.10
		13-Nov-2020	Buy	14700	0.04	54983	0.14
		20-Nov-2020	Buy	3270	0.01	58253	0.14
		19-Feb-2021	Buy	10382	0.03	68635	0.17
		26-Feb-2021	Buy	9100	0.02	77735	0.19
		5-Mar-2021	Buy	2600	0.01	80335	0.20
		12-Mar-2021	Buy	20000	0.05	100335	0.25
		19-Mar-2021	Buy	15521	0.04	115856	0.29
		26-Mar-2021	Buy	34524	0.09	150380	0.37

		31-Mar-2021	Buy	10425	0.03	160805	0.40
	c) At the end of the year	31-Mar-2021				160805	0.40
12	DHUNSERI TEA AND INDUSTRIES LIMITED
	a) At the beginning of the year	1-Apr-2020		NIL	NIL	NIL	NIL
	b) Changes during the year
		11-Dec-2020	Buy	14906	0.04	14906	0.04
		18-Dec-2020	Buy	134767	0.33	149673	0.37
		25-Dec-2020	Buy	6000	0.01	155673	0.38
		12-Feb-2021	Buy	3600	0.01	159273	0.39
	c) At the end of the year	31-Mar-2021				159273	0.39
13	MATTHEWS ASIA SMALL COMPANIES FUND
	a) At the beginning of the year	1-Apr-2020		NIL	NIL	NIL	NIL
	b) Changes during the year
		4-Sep-2020	Buy	5250	0.01	5250	0.01
		11-Sep-2020	Buy	153485	0.38	158735	0.39
		18-Sep-2020	Buy	97399	0.24	256134	0.63
		18-Dec-2020	Sale	12795	0.03	243339	0.60
		12-Feb-2021	Sale	20788	0.05	222551	0.55
		19-Feb-2021	Sale	9252	0.02	213299	0.53
		12-Mar-2021	Sale	49514	0.12	163785	0.40
		19-Mar-2021	Sale	21733	0.05	142052	0.35
		26-Mar-2021	Sale	24028	0.06	118024	0.29
		31-Mar-2021	Sale	3501	0.01	114523	0.28
	c) At the end of the year	31-Mar-2021				114523	0.28
14	DHUNSERI VENTURES LIMITED
	a) At the beginning of the year	1-Apr-2020		NIL	NIL	NIL	NIL
	b) Changes during the year
		18-Dec-2020	Buy	8650	0.02	8650	0.02
		25-Dec-2020	Buy	32118	0.08	40768	0.10
		31-Dec-2020	Buy	30200	0.07	70968	0.18
		29-Jan-2021	Buy	5980	0.01	76948	0.19
		5-Feb-2021	Buy	1343	0.00	78291	0.19
		12-Feb-2021	Buy	11000	0.03	89291	0.22
		26-Feb-2021	Buy	13001	0.03	102292	0.25
		5-Mar-2021	Buy	4050	0.01	106342	0.26
	c) At the end of the year	31-Mar-2021				106342	0.26

15	SG JOKALAND HOLDINGS LLC
	a) At the beginning of the year	1-Apr-2020		NIL	NIL	NIL	NIL
	b) Changes during the year
		4-Sep-2020	Buy	74475	0.18	74475	0.18
		11-Sep-2020	Buy	5180	0.01	79655	0.20
		18-Sep-2020	Buy	17602	0.04	97257	0.24
		30-Sep-2020	Buy	4046	0.01	101303	0.25
	c) At the end of the year	31-Mar-2021				101303	0.25
16	VIJAY AGGARWAL
	a) At the beginning of the year	1-Apr-2020		75000	0.19	75000	0.19
	b) Changes during the year	NIL		NIL	NIL	NIL	NIL
	c) At the end of the year	31-Mar-2021				75000	0.19
17	THE EMERGING MARKETS SMALL CAP SERIES OF THE DFA INVESTMENT TRUST COMPANY
	a) At the beginning of the year	1-Apr-2020		69703	0.17	69703	0.17
	b) Changes during the year
		17-Apr-2020	Sale	2932	0.01	66771	0.16
		8-May-2020	Sale	3644	0.01	63127	0.16
		15-May-2020	Sale	2105	0.01	61022	0.15
		17-Jul-2020	Sale	4424	0.01	56598	0.14
		24-Jul-2020	Sale	2377	0.01	54221	0.13
		14-Aug-2020	Sale	2462	0.01	51759	0.13
		21-Aug-2020	Sale	1793	0.00	49966	0.12
		4-Sep-2020	Sale	2650	0.01	47316	0.12
	c) At the end of the year	31-Mar-2021				47316	0.12
18	DOLLY KHANNA
	a) At the beginning of the year	1-Apr-2020		10731	0.03	10731	0.03
	b) Changes during the year	Date	Reason Sale		0.00		0.02
		17-Apr-2020	Sale	2000	0.01	8731	0.01
		24-Apr-2020	Sale	6000	0.00	2731	0.00
		1-May-2020 3-Jul-2020	Sale	2000 500	0.00	731 231	0.00
		17-Jul-2020	Sale	200	0.00	31	0.00
		28-Aug-2020	Buy	1000	0.00	1031	0.00
		4-Sep-2020	Buy	10000	0.02	11031	0.03
		11-Sep-2020	Buy	13000	0.03	24031	0.06
		18-Sep-2020	Sale	22031	0.05	2000	0.00



25-Sep-2020	Buy	22031	0.05	24031	0.06
25-Sep-2020	Sale	22031	0.05	2000	0.00
30-Sep-2020	Buy	22031	0.05	24031	0.06
30-Sep-2020	Sale	22031	0.05	2000	0.00
2-Oct-2020	Buy	22031	0.05	24031	0.06
2-Oct-2020	Sale	19762	0.05	4269	0.01
9-Oct-2020	Buy	19762	0.05	24031	0.06
9-Oct-2020	Sale	18762	0.05	5269	0.01
16-Oct-2020	Buy	18762	0.05	24031	0.06
16-Oct-2020	Sale	18012	0.04	6019	0.01
23-Oct-2020	Buy	18012	0.04	24031	0.06
23-Oct-2020	Sale	15762	0.04	8269	0.02
30-Oct-2020	Buy	15762	0.04	24031	0.06
30-Oct-2020	Sale	13762	0.03	10269	0.03
6-Nov-2020	Buy	13762	0.03	24031	0.06
6-Nov-2020	Sale	10762	0.03	13269	0.03
13-Nov-2020	Buy	10762	0.03	24031	0.06
13-Nov-2020	Sale	8762	0.02	15269	0.04
20-Nov-2020	Buy	8762	0.02	24031	0.06
20-Nov-2020	Sale	1221	0.00	22810	0.06
27-Nov-2020	Buy	1221	0.00	24031	0.06
27-Nov-2020	Sale	221	0.00	23810	0.06
4-Dec-2020	Buy	1000	0.00	24810	0.06
11-Dec-2020	Buy	28031	0.07	52841	0.13
18-Dec-2020	Buy	7000	0.02	59841	0.15
25-Dec-2020	Buy	4000	0.01	63841	0.16
31-Dec-2020	Buy	3500	0.01	67341	0.17
8-Jan-2021	Sale	4000	0.01	63341	0.16
15-Jan-2021	Sale	1000	0.00	62341	0.15
22-Jan-2021	Sale	6000	0.01 0.02	56341	0.14 0.16
5-Feb-2021	Buy	10000	0.00	66341	0.16
19-Feb-2021	Sale Sale	380	0.02	65961	0.15
26-Feb-2021 5-Mar-2021	Sale	6581 5822	0.01	59380 53558	0.13

12-Mar-2021 Sale 7930 0.02 45628 0.11 19-Mar-2021 Sale 8000 0.02 37628 0.09 26-Mar-2021 Sale 8000 0.02 29628 0.07 c) At the end of the year 31-Mar-2021 0.00 29628 0.07

SL. No. For each of the Directors and KMP Date Reason Shareholding at the beginning of the year Cumulative Shareholding during the year No. of shares % of total shares of the company No. of shares % of total shares of the company 1. Bijon Nag Chairman a) At the beginning of the year 01.04.2020 157869 0.3896 157869 0.3896 b) Changes during the year NIL NIL NIL NIL NIL c) At the end of the year 31.03.2020 157869 0.3896 2. Bikramjit Nag Joint Executive Chairman and MD a) At the beginning of the year 01.04.2020 3000 0.0074 3000 0.0074 b) Changes during the year NIL NIL NIL NIL NIL c) At the end of the year 31.03.2021 3000 0.0074 3. Prabir ChaĴerjee (Director & CFO) a) At the beginning of the year 01.04.2020 18670 0.0461 18670 0.0461 b) Changes during the year NIL NIL NIL NIL NIL c) At the end of the year 31.03.2021 18670 0.0461 4. Goutam Ray Chowdhury (Company Secretary) a) At the beginning of the year 01.04.2020 18228 0.0450 18228 0.0450 b) Changes during the year NIL NIL NIL NIL NIL c) At the end of the year 31.03.2021 18228 0.0450 5. Raj Shankar Ray (MD & CEO -Appliances Division) a) At the beginning of the year 01.04.2020 12222 0.0320 12222 0.0320 b) Changes during the year 21.08.2020 Sale 3000 0.01 9222 0.02 c) At the end of the year 31.03.2021 9222 0.02 9222 0.02 6. Partha Sen (MD & CEO – Engineering) a) At the beginning of the year 01.04.2020 NIL NIL NIL NIL b) Changes during the year NIL NIL NIL NIL NIL c) At the end of the year 31.03.2021 NIL NIL NIL NIL 7. Amar Singh Negi (ED- Service Business Head) a) At the beginning of the year 01.04.2020 20000 0.0493 20000 0.0493 b) Changes during the year NIL NIL NIL NIL NIL

v) Shareholding of Directors & Key Managerial Personnel

c) At the end of the year 31.03.2021 20000 0.0493 20000 0.0493

				(Rs.)
	Secured Loans excluding deposits	Unsecured Loans	Deposits	Total Indebtedness
Indebtedness at the beginning of the financial year
i) Principal Amount	2,84,90,17,085	–	–	2,84,90,17,085
ii) Interest due but not paid	–	–	–	–
iii) Interest accrued but not due	3,32,22,629	–	–	3,32,22,629
Total (i+ii+iii)	2,88,22,39,714	–	–	2,88,22,39,714
Change in Indebtedness during the financial year
Addition	1,11,67,14,682	–	–	1,11,67,14,682
Reduction	–1,77,57,80,758	–	–	–1,77,57,80,758
Net Change	–65,90,66,076	–	–	–65,90,66,076
Indebtedness at the end of the financial year
i) Principal Amount	2,19,34,72,342	–	–	2,19,34,72,342
ii) Interest due but not paid	–	–	–	–
iii) Interest accrued but not due	2,97,01,296	–	–	2,97,01,296
Total (i+ii+iii)	2,22,31,73,638	–	–	2,22,31,73,638

V) INDEBTEDNESS - Indebtedness of the Company including interest outstanding/accrued but not due for payment

IFB INDUSTRIES LTD.

VI. REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL

A. Remuneration to Managing Director, Whole-time Directors and/or Manager : (Rs.)

					Name of the Directors
Sl. No.	Particulars of Remuneration	Mr. Bijon Nag, Chairman –WTD	Mr. Bikramjit Nag, Joint Executive Chairman & MD	Mr. Prabir ChaĴerjee –WTD	Mr. Partha Sen –MD & CEO, Engineering Division – w.e.f 30th October, 2020	Mr. Rajshankar Ray– MD & CEO, Appliances Division – w.e.f 30th October, 2020	Mr. Amar Singh Negi, ED- Service Business Head - w.e.f 30th October, 2020	Total Amount
1	Gross salary
	a) Salary as per provisions contained in section 17(1) of the Income-Tax Act	1,44,22,983	85,65,140	87,09,629	35,45,844	33,78,168	31,30,652	4,17,52,416
	b) Value of perquisite u/s 17(2) of the Income-tax Act, 1961	9,00,060	2,51,019	93,589	–	1,924	731	12,47,323
	c) Profit in lieu of salary under section 17(3) Income Tax Act 1961	–	–	–	–	–	–	–
2	Stock Option	–	–	–	–	–	–	–
3	Sweat Equity	–	–	–	–	–	–	–
4	Commission - as % of profit - others, specify	–	–	–	–	–	–	–
5	Others, please specify	–	–	–	–	–	–	–
	Total (A)	1,53,23,043	88,16,159	88,03,218	35,45,844	33,80,092	31,31,383	4,29,99,739
	Ceiling as per the Act	4,91,49,987	4,91,49,987	4,91,49,987	4,91,49,987	4,91,49,987	4,91,49,987

B. Remuneration to other directors								(Rs.)
					Name of Directors
Sl. No.	Particulars of Remuneration	Dr. Rathindra Nath Mitra	Mr. Ashok Bhandari	Ms. Sangeeta Sumesh	Mr. Rahul Choudhuri	Mr. Chacko Joseph	Mr. Desh Raj Dogra	Mr. Biswadip Gupta	Mr. Sudip Banerjee	Total Amount
1	Independent Directors
	Fee for aĴending board commiĴee meetings	11,90,000	10,10,000	8,70,000	9,40,000	8,70,000	1,30,000	1,30,000	–	51,40,000
	Commission	–	–	–	–	–			–	–
	Others, please specify	–	–	–	–	–			–	–
	Total (1)	11,90,000	10,10,000	8,70,000	9,40,000	8,70,000	1,30,000	1,30,000	–	51,40,000
2	Other Non-Executive Directors
	Fee for aĴending board commiĴee meetings	–	–	–	–	–			8,40,000	8,40,000
	Commission	–	–	–	–	–			–	–
	Others, please specify	–	–	–	–	–			–	–
	Total (2)	–	–	–	–	–			8,40,000	8,40,000
	Total (B)=(1+2)	11,90,000	10,10,000	8,70,000	9,40,000	8,70,000	1,30,000	1,30,000	8,40,000	59,80,000
	Total Managerial Remuneration (A+B)									4,89,79,739
	Ceiling as per the Act									10,81,29,971

C. Remuneration to Key Managerial Personnel other than Directors (Rs.)

Sl. No.	Particulars of Remuneration	Goutam Ray Chowdhury (Company Secretary)	Raj Shankar Ray (Chief Executive Officer–HAD)	Partha Sen (Chief Executive Officer–FBD)	Total
1.	Gross salary
	(a) Salary as per provisions contained in section 17(1) of the Income-tax Act, 1961	75,80,584	81,07,604	85,10,025	2,41,98,213
	(b) Value of perquisites u/s 17(2) Income-tax Act, 1961	6,015	4,618	–	10,633
	(c) Profits in lieu of salary under section 17(3) Income-tax Act, 1961	–	–	–	–
2.	Stock Option	–	–	–	–
3.	Sweat Equity	–	–	–	–
4.	Commission	–	–	–	–
	- as % of profit	–	–	–	–
	Others, please specify	–	–	–	–
5.	Total	75,86,599	81,12,222	85,10,025	2,42,08,846

Type	Section of the Companies Act	Brief Description	Details of Penalty / Punishment/ Compounding fees imposed	Authority [RD / NCLT/ COURT]	Appeal made, if any (give Details)
A. COMPANY
Penalty	NIL	NIL	NIL	NIL	NIL
Punishment	NIL	NIL	NIL	NIL	NIL
Compounding	NIL	NIL	NIL	NIL	NIL
B. DIRECTORS
Penalty	NIL	NIL	NIL	NIL	NIL
Punishment	NIL	NIL	NIL	NIL	NIL
Compounding	NIL	NIL	NIL	NIL	NIL
C. OTHER OFFICERS IN DEFAULT
Penalty	NIL	NIL	NIL	NIL	NIL
Punishment	NIL	NIL	NIL	NIL	NIL
Compounding	NIL	NIL	NIL	NIL	NIL

VII. PENALTIES/PUNISHMENT/COMPOUNDING OF OFFENCES – NIL

For and on behalf of the Board of Directors

Bikramjit Nag

(DIN: 00827155) Joint Executive Chairman & Managing Director

Prabir Chatterjee

Place : Kolkata (DIN: 02662511) Date : 14th June 2021 Director & CFO IFB INDUSTRIES LTD.

ANNEXURE - E

PARTICULARS OF EMPLOYEES

Part A : Information required pursuant to section 197(12) of the Companies Act, 2013 read with Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 are given hereunder.

1) The ratio of remuneration of each director to the median remuneration of the employees of the Company:

Name	Ratio of remuneration to Median remuneration of employee (including whole time directors)
Mr. Bijon Nag	25.11
Mr. Bikramjit Nag	14.45
Mr. Rajshankar Ray*	5.54
Mr. Amar Singh Negi*	5.13
Mr. Partha Sen*	5.81
Mr. Prabir ChaĴerjee	14.43

* Remuneration has been considered with effect from 30th October, 2020.

2) Percentage increase in remuneration of each director, Chief Financial Officer (CFO), Chief Executive Officer (CEO), Company Secretary in the financial year 2020-21

Name	Designation	% increase/(decrease) in remuneration in the financial year
Mr. Bijon Nag	Executive Chairman	(6.11)
Mr. Bikramjit Nag	Joint Executive Chairman and Managing director	(6.16)
Mr. Rajshankar Ray	CEO, Home Appliances Division	(17.67)
Mr. Partha Sen	CEO, Engineering Division	(16.57)
Mr. Prabir ChaĴerjee	Director and CFO	(4.58)
Mr. G Ray Chowdhury	Company Secretary	(1.08)

• Decrease in remuneration % is partly due to availing arrear LTA, Leave Salary, Medical during 2019-20 and Pay-cut etc. during the year.

• Since last year Mr. Amar Singh Negi was not a Director, therefore his name has not been included in the above table.

3) Percentage increase in the median remuneration of employees in the financial year 2020-21: Nil

The median remuneration of employees (including whole time directors) was Rs.6.10 lacs and Rs. 6.89 lacs in financial year 2020-21 and 2019-20 respectively.

4) The number of permanent employees on the rolls of the Company as on 31 March 2021 is 2466 nos.

5) Average percentage increase in salaries of employees other than managerial personnel in the last financial year and its comparison with the percentage increase in the Managerial Remuneration and justification thereof and point out if there are any exceptional circumstances for increase in the Managerial Remuneration.

Average percentage increase in salaries of employees other than managerial personnel during 2020-21	4.63
The percentage increase/(decrease) in the Managerial Remuneration	(17.54)

6) Key parameter for any variable component availed by the Directors:

No variable component of remuneration was availed by the Directors.

7) Affirmation that the remuneration is as per the remuneration policy of the Company:

The Board of Directors of the Company affirms that the remuneration is as per the remuneration policy of the Company.

Part B : The Statement of Disclosure Pursuant to Section 197 of Companies Act, 2013 read with Rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014

Name	Mr. Seungki Bae	Mr. Dong Shin	Mr. Hwan Myung	Mr. Jin Kim	Mr. Bijon Nag
	(1)	(2)	(3)	(4)	(5)
Designation	Head-Design	Head-Mechanical Design	Head-R&D	Head-R&D Drives	Chairman
Remuneration received (2020-21)	Rs 280.18 lacs	Rs 240.12 lacs	Rs 259.16 lacs	Rs 180.09 lacs	Rs 153.23 lacs
Nature of employment	Permanent employee	Permanent Employee	Permanent Employee	Permanent Employee	Permanent Employee
Qualification	Graduation	MSC (Mechanical Systems Major)	PHD Mechanical Engg	Poly techs Mold Major	Mechanical Engineer
Experience	28 years	28 years	19 years	29 years	> 50 years
Date of joining the company	1 April 2015	25 Nov 2016	12 Nov 2016	14 Nov 2016	9 Dec 1974
Age of employee on 31.03.2021	56 years	59 years	52 years	59 years	78 years
Last employment held before joining the company	Don Design	Institute of Press Die Techn of Dong Gu	L.G	Kum-Oh Engg.	–
Percentage of equity shares held by the employee within the meaning of clause (iii) of Rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014	NIL	NIL	NIL	NIL	0.39
Whether the employee is a relative of any director	No	No	No	No	Yes

(A) Top ten employees in terms of remuneration drawn.

Name	Mr. Amitabha Kumar Nag	Mr. JAE UK LEE	Mr. BACKGUN HO
	(6)	(7)	(8)
Designation	Sr. President	Deputy GM	Sr. Manager
Remuneration received (2020-21)	Rs. 136.96 lacs	Rs. 112.50 lacs	Rs 123.24 lacs
Nature of employment	Permanent employee	Permanent Employee	Permanent Employee
Qualification	FCA, M. Com	Industrial design Major	Mechanical Major
Experience	40 years	12.5 years	21 years
Date of joining the company	16 Dec 1982	27 March `2019	15 February 2020
Age of employee on 31.03.2021	65 years	41 years	41 years
Last employment held before joining the company	Price Waterhouse & Co., Kolkata	Daewoo Electronics Co. Ltd.	NARA–M&D Co. Ltd.
Percentage of equity shares held by the employee within the meaning of clause (iii) of Rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014	NIL	NIL	NIL
Whether the employee is a relative of any director	No	No	No

(B) Names of other employees employed throughout the financial year and was in receipt of remuneration during the Financial year 2020-21 which in the aggregate was not less than Rs. 102 lacs: Nil
(C) Other employees employed for a part of the financial year and was in receipt of remuneration for any part of that year, at a rate which, in the aggregate, was not less than Rs. 8.5 lacs per month:

Name	Moon Kim
Designation	Sr. Manager
Monthly Remuneration received (2020-21)	6.69 lacs (monthly gross was 8.72 lacs, last working date was 20.04.2020
Nature of employment	Permanent
Qualification	MECHANICAL ENGG
Experience	28 YEARS
Date of joining the company	25-04-2017
Age of employee on 31.03.2021	63 years
Last employment held before joining the company	DAWOO DELTA CO. LTD.
Percentage of equity shares held by the employee within the meaning of clause (iii) of Rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014	NIL
Whether the employee is a relative of any director	NO

(D) Other employees employed throughout the financial year and was in receipt of remuneration which, in the aggregate, is in excess of that drawn by the managing director or whole time director or manager and holds by himself or along with his spouse and dependent children not less than 2% of the equity shares of the company: Nil

For and on behalf of the Board of Directors

Bikramjit Nag

(DIN: 00827155) Joint Executive Chairman & Managing Director

Prabir Chatterjee

Place : Kolkata (DIN: 02662511) Date : 14th June 2021 Director & CFO

ANNEXURE - F

BUSINESS RESPONSIBILITY REPORT

The Company is conscious of its responsibilities towards various stakeholders such as customers, vendors, employees, shareholders, Bankers, Statutory authorities and to the society at large. Our Business Responsibility Report includes the responses of the Company to the questions on its practices and performance on key principles defined by the Regulation 34(2)(f) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 covering topics across environment, governance and stakeholder relationships. We provide hereunder the Business Responsibility Report in the format provided under Regulation 34(2)(f) of SEBI (listing Obligations and Disclosure Requirements) Regulations, 2015.

SECTION A: GENERAL INFORMATION ABOUT THE COMPANY

1. Corporate Identity Number (CIN) of the Company : L51109WB1974PLC029637
1. Name of the Company : IFB Industries Limited
1. Registered Office Address : 14, Taratolla Road, Kolkata 700088

Website: www.iĠindustries.com

E-mail id : investors@iĠglobal.com

1. Financial Year reported : 2020-2021
1. Sector(s) that the Company is engaged in (industrial activity code-wise)

Sl. No.	Name and Description of main products/ service	NIC Code of the Product/Service
1	Engineering – Manufacture of diverse parts and accessories for	29301
	motor vehicles etc.
2	Home Appliances Products	27501

1. List three key products/services that the Company manufactures/provides (as in balance sheet)
(a) Diverse parts and accessories for motor vehicles etc.
(b) Washing Machines
(c) Microwave Ovens
1. Total number of locations where business activity is undertaken by the Company
(a) Number of International Locations (Provide details of major 5): NIL. However, the company has a subsidiary i.e. Global Automotive & Appliances Pte. Ltd. at Singapore and a step down subsidiary Thai Automotive & Appliances Ltd. at Thailand.
(b) Number of National Locations: The Company's business and operations are spread across the country. Details of Plant locations are provided in the section, 'General Shareholder Information' in the Corporate Governance Report.
1. Markets served by the Company IFB's products and services have a national presence and some of products are exported.

SECTION B: FINANCIAL DETAILS OF THE COMPANY

1. Paid up Capital (INR): Rs.4,128 lacs
1. Total Turnover (INR): Rs. 2,73,566 lacs
1. Total profit aĞer taxes (INR): Rs. 6,174 lacs
1. Total Spending on Corporate Social Responsibility (CSR) as percentage of profit aĞer tax (%): 2..52% of average profit for previous three years.

1. List of activities in which expenditure in 4 above has been incurred:
(a) Promoting Education
(b) Skill Development Program
(c) Eradicating Hunger, malnutrition and safe drinking water.

SECTION C: OTHER DETAILS

1. Does the Company have any Subsidiary Company/ Companies? Yes.
1. Do the Subsidiary Company/Companies participate in the BR Initiatives of the parent company? If yes, then indicate the number of such subsidiary company(s) - No
1. Do any other entity/entities (e.g. suppliers, distributors etc.) that the Company does business with, participate in the BR initiatives of the Company? If yes, then indicate the percentage of such entity/entities? [Less than 30%, 30-60%, More than 60%] - No

SECTION D: BR INFORMATION

1. Details of Director/Directors responsible for BR

(a) Details of the Director/Directors responsible for implementation of the BR policy/policies
1. DIN Number 00827155
1. Name: Mr. Bikramjit Nag
1. Designation: Joint Executive Chairman and Managing Director
(b) Details of the BR Head

No.	Particulars	Details	Details
1	DIN Number(if applicable)	03498696	07547244
2	Name	Mr. Rajshankar Ray	Mr. Partha Sen
3	Designation	Managing Director and CEO – Home Appliances Division	Managing Director and CEO – Engineering Division
4	Telephone number	0832 303380	033 30489299
5	e-mail id	rajshankar_ray@iĠglobal.com	partha_sen@iĠglobal.com

2. Principle-wise (as per NVGs) BR Policy/policies

(a) Details of compliance (Reply in Y/N)

No.	Questions	P1	P2	P3	P4	P5	P6	P7	P8	P9
1	Do you have a policy/ policies for.	√	√	√	√	√	√	√	√	√
2	Has the policy being formulated in consultation with the relevant stakeholders?	√	√	√	√	√	√	√	√	√
3	Does the policy conform to any national / international standards? If yes, specify?	√	√	√	√	√	√	√	√	√
4	Has the policy being approved by the Board? Is yes, has it been signed by MD/ Owner/CEO/ appropriate Board director?	√	√	√	√	√	√	√	√	√
5	Does the Company have a specified commiĴee of the Board /Director/Official to oversee the implementation of the Policy?	√	√	√	√	√	√	√	√	√

No.	Questions	P1	P2	P3	P4	P5	P6	P7	P8	P9
6	Indicate the link for the policy to be viewed online?		Policies available on Company website www.iĠindustries.com
7	Has the policy been formally communicated to all relevant internal and external stakeholders?	√	√	√	√	√	√	√	√	√
8	Does the Company have in house structure to implement the policy/ policies.	√	√	√	√	√	√	√	√	√
9	Does the Company have a grievance redressal mechanism related to the policy/ policies to address stakeholders' grievances related to the policy/ policies?	√	√	√	√	√	√	√	√	√
10	Has the Company carried out independent audit/ evaluation of the working of this policy by an internal or external agency?	The BR Policy is evaluated internally.

(b) If answer to the question at serial number 1 against any principle, is 'No', please explain why: (Tick up to 2 options) – Not applicable

3. Governance related to BR

(a) Indicate the frequency with which the Board of Directors, CommiĴee of the Board or CEO to assess the BR performance of the Company. Within 3 months, 3-6 months, Annually, More than 1 year: Six Board meetings were held during the year and different commiĴees meeting were held time to time.
(b) Does the Company publish a BR or a Sustainability Report? What is the hyperlink for viewing this report? How frequently it is published? –

Yes. It is used to get hosted on website of the Company at www.iĠindustries.com as and when arises.

SECTION E: PRINCIPLE-WISE PERFORMANCE

Principle 1

Does the policy relating to ethics, bribery and corruption cover only the company? Yes/ No. Does it extend to the Group/ Joint Ventures/ Suppliers/Contractors/NGOs /Others?

Yes. It extends only to the Company.

How many stakeholder complaints have been received in the past financial year and what percentage was satisfactorily resolved by the management? If so, provide details thereof, in about 50 words or so

During the past financial year no compliant received.

Principle 2

1. List up to 3 of your products or services whose design has incorporated social or environmental concerns, risks and/or opportunities.
(a) Not directly applicable however, the following points can be noted
a. The front loading and top loading automatic washers save water during the washing process compared to manual washing.
b. The appliances manufactured and marketed are energy efficient and benchmarked to global standards
c. Fine blanking does not have any product design of its own. It manufactures components etc. on the basis of drawings and designs given by customers. FBD follows the process as agreed and approved by the customers.
(b) The design process currently followed does not directly incorporate social and environmental inputs however, the manufacturing process followed by the company and by its suppliers have controls on environmental friendly processes, effluent discharge control which are fully addressed as mandated by the Government.
1. For each such product, provide the following details in respect of resource use (energy, water, raw material etc.) per unit of product (optional):
(a) Reduction during sourcing/production/ distribution achieved since the previous year throughout the value chain? Not specifically measured throughout the value chain.

Power to the factory is now through solar energy. Sewage and water effluent treatments are in line with Government regulations. Water is recycled, post treatment, for usage in areas like gardening.

(b)Reduction during usage by consumers (energy, water) has been achieved since the previous year?

All washing machines produced by the company now have 5 star rating in energy norms as per Government Norms. The company started voluntary rating of its products in the year. The new air conditioning manufacturing plant started since 17th March, 2020 is also producing products with energy ratings as per Government directives.

1. Does the company have procedures in place for sustainable sourcing (including transportation)?
(a)If yes, what percentage of your inputs was sourced sustainably? Also, provide details thereof, in about 50 words or so.

No formal procedures wriĴen specifically for sustainable sourcing as on date – as this is still evolving within India. As wriĴen earlier, the supplier partners of the company adhere to all environmental and social standards as mandated by the Government of India.

Has the company taken any steps to procure goods and services from local & small producers, including communities surrounding their place of work?

Yes, the company has built up a complete small producers' supplier base over the years – generating employment in the local community.

(a) If yes, what steps have been taken to improve their capacity and capability of local and small vendors?

For capacity and capability enhancement, the company's suppliers visit technology hubs in India and abroad. They also aĴend exhibitions and learn about new raw material / processing trends. The company organizes discussions / interactions with leading global players also – along-with the local / small supplier partners – thus involving them in all projects and driving the upgradation agenda.

For the Fine Blanking Division (FBD): Most of the subcontracting works done on the products of the company are done through local small vendors and MSME suppliers. The parties are trained and their competencies increased through intervention of company's vendor development department.

Does the company have a mechanism to recycle products and waste? If yes what is the percentage of recycling of products and waste (separately as <5%, 5-10%, >10%). Also, provide details thereof, in about 50 words or so. –

Yes, the company promotes a product "End Of Life" return policy. The company enables exchange of old products and the returned products are then recycled by approved partners in an environmentally friendly manner – in accordance with regulations of the Government of India.

In both the Appliances Division and the Fine Blanking Division, the Scrap generated in the processes are disposed of in accordance to regulations under the EPR standards or are sent to Mini steel plants and copper smelters for recycling into another value added product.

Principle 3

1. Please indicate the Total number of employees: 2466 Nos. as on March 31, 2021 employees in IFB Industries Ltd – inclusive of the appliances, motor and engineering divisions.
1. Please indicate the Total number of employees hired on temporary/ contractual/ casual basis. 2353 nos. as on March 31, 2021 – across all divisions of the company
1. Please indicate the Number of permanent women employees. 259 nos. as on March 31, 2021. across all the division
1. Please indicate the Number of permanent employees with disabilities None
1. Do you have an employee association that is recognized by management Not applicable?
1. What percentage of your permanent employees is members of this recognized employee association? Not applicable
1. Please indicate the Number of complaints relating to child labour, forced labour, involuntary labour, sexual harassment in the last financial year and pending, as on the end of the financial year :

No.	Category	No. of complaints pending as on end of the financial year
1	Child labour/ forced labour/ involuntary labour	NIL
2	Sexual harassment
3	Discriminatory employment

8. What percentage of your under mentioned employees were given safety & skill upgradation training in the last year?
(a) Permanent employees 100%
(b) Permanent Women employees 100%
(c) Casual / Temporary/ Contractual employees 60 70%
(d) Employees with disabilities Not applicable

Principle 4

1. Has the company mapped its internal and external stakeholders? Yes/No Yes – in terms of mapping stake holders upto supplier / sales partner levels
1. Out of the above, has the company identified the disadvantaged, vulnerable & marginalized stakeholders. No
1. Are there any special initiatives taken by the company to engage with the disadvantaged, vulnerable and marginalized stakeholders? If so, provide details thereof, in about 50 words or so. - No

Principle 5

Does the policy of the company on human rights cover only the company or extend to the Group/Joint Ventures/ Suppliers/Contractors/NGOs/Others? –

The policy of the company on human rights is cover only the Company.

How many stakeholder complaints have been received in the past financial year and what percent was satisfactorily resolved by the management? -

There was no complaint received related to violation of human rights during 2020-21.

Principle 6

Does the policy related to Principle 6 cover only the company or extends to the Group/Joint Ventures/Suppliers/ Contractors/NGOs/others. –

All supplier partners and also the company itself adhere to the environment and social norms as mandated by the Government of India.

1. Does the company have strategies/ initiatives to address global environmental issues such as climate change, global warming, etc? Y/N. If yes, please give hyperlink for webpage etc. Not applicable.
1. Does the company identify and assess potential environmental risks? Not applicable.
1. Does the company have any project related to Clean Development Mechanism? If so, provide details thereof, in about 50 words or so. Also, if Yes, whether any environmental compliance report is filed? Not applicable
1. Has the company undertaken any other initiatives on clean technology, energy efficiency, renewable energy, etc. Y/N. If yes, please give hyperlink for web page etc.

The company has projects on energy efficiency at the work place and in its products. Details of the energy efficiency of the company's products and it's activities are listed on the company's website.

Are the Emissions/Waste generated by the company within the permissible limits given by CPCB/SPCB for the financial year being reported? –

Yes

Number of show cause/ legal notices received from CPCB/SPCB which are pending (i.e. not resolved to satisfaction) as on end of Financial Year. –

We have received two notices which have been duly replied.

Principle 7

Is your company a member of any trade and chamber or association? If Yes, Name only those major ones that your business deals with:

Confederation of Indian Industries (CII), GIDC (Local Goa chamber), Consumer Electronics and Manufacturers Association (CEAMA), CII, MAIT.

Have you advocated/lobbied through above associations for the advancement or improvement of public good? Yes/No; if yes specify the broad areas (drop box: Governance and Administration, Economic Reforms, Inclusive Development Policies, Energy security, Water, Food Security, Sustainable Business Principles, Others) Not Applicable

Principle 8

Does the company have specified programs / initiatives/projects in pursuit of the policy related to Principle 8? If yes details thereof.

Not applicable

Are the programs / projects undertaken through in-house team/ own foundation/ external NGO/ government structures/ any other organization?

Not applicable

1. Have you done any impact assessment of your initiative? Not applicable
1. What is your company's direct contribution to community development projects- Amount in INR and the details of the projects undertaken?

The company's contribution in CSR projects during 2020-21 was Rs. 156.54 lacs which has been elaborated in Annexure to the Board's Report.

Have you taken steps to ensure that this community development initiative is successfully adopted by the community? Please explain in 50 words, or so.

Currently the company is working with schools and Charitable Trust and working to establish infrastructure and programs to promote education and skill development for under privileged.

Principle 9

1. What percentage of customer complaints/consumer cases are pending as on the end of financial year? These are handled on an ongoing manner – through a contact center / service teams.
1. Does the company display product information on the product label, over and above what is mandated as per local laws? Yes/No/N.A./ Remarks (additional information) – Yes
1. Is there any case filed by any stakeholder against the company regarding unfair trade practices, irresponsible advertising and/or anti-competitive behavior during the last five years and pending as on end of financial year? If so, provide details thereof, in about 50 words or so - No

Did your company carry out any consumer survey/ consumer satisfaction trends?

Yes, these are done on an ongoing manner – through the contact centers, service teams etc as applicable on an ongoing basis.

For and on behalf of the Board of Directors

Bikramjit Nag (DIN: 00827155) Joint Executive Chairman & Managing Director

Prabir Chatterjee

Place : Kolkata(DIN: 02662511) Date : 14th June 2021 Director & CFO

Form AOC-1

(Pursuant to fi rst proviso to sub-section (3) of section 129 read with rule 5 of Companies (Accounts) Rules, 2014)

Statement containing salient features of the fi nancial statement of subsidiaries or associate companies or joint ventures

Part A : Summary of Financial Information of Subsidiary Companies

(Rs. in lacs)

Sl. No.	1	2	3
Name of the subsidiary	Trishan Metals Private Limited	Global Automotive & Appliances Pte Ltd.	Thai Automotive and Appliances Limited
The date since when subsidiary was acquired	11 July 2016	13 July 2017	13 July 2017
Reporting period for the subsidiary concerned, if different from the holding company's reporting period.	Same as holding company ie., 31 March, 2021	Same as holding company ie., 31 March, 2021	Same as holding company ie., 31 March, 2021
Reporting currency	Indian Rupees	U.S. Dollar	Thai BhaĴ
Exchange rate as on the last date of the relevant Financial year in the case of foreign subsidiaries.	–	73.11	2.34
Indian Rupees	2347	2976	2763
Reserves and surplus	(2201)	609	(792)
Total assets	3703	4566	3767
Total Liabilities	3557	981	1796
Investments (excluding investments made in subsidiaries)	–	–	–
Turnover	7815	3360	4109
Profit before taxation	(265)	102	60
Provision for taxation	(325)	10	15
Profit aĞer taxation	60	92	45
Proposed Dividend	–	–	–
Extent of shareholding (in percentage)	100%	100%	100%

Notes :

There are no subsidiaries which are yet to commence operations
There are no subsidiaries which have been liquidated or sold during the year.

Part B : Associates and Joint Ventures

Statement containing salient features of the fi nancial statement of subsidiaries or associate companies or joint ventures

Since there are no associates and joint ventures as at 31 March, 2021 the information required in Part B has not been furnished.

Notes :

1. There are no associates or joint ventures which are yet to commence operations.
1. There are no associates or joint ventures which have been liquidated or sold during the year.

For and on behalf of the Board of Directors

Bikramjit Nag

(DIN: 00827155) Joint Executive Chairman & Managing Director

Prabir Chatterjee

Place : Kolkata(DIN: 02662511) Date : 14th June 2021 Director & CFO

ANNEXURE - H

KEY FINANCIAL RATIOS

Disclosure of Key Financial Ratios pursuant to Schedule V(B) to the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Key Financial Ratios for the Company:

Sl. No.	Particulars	FY 2020-21	FY 2019-20
i)	Interest Coverage Ratio ( No of times) 1	11	20
ii)	Debt Equity Ratio (No of times) 2	0.27	0.43
iii)	Operating Profit Margin (%) 3	4.71	1.67
iv)	Net Profit Margin (%) 3	2.26	1.09

Notes :

1. Interest expenses on borrowings have increased in FY 21 as compared to last year, full impact on increased borrowings was not refl ected as borrowings happened mostly in second half of the year. Secondly the company made pre-payments to DBS Bank India Ltd. & Standard Chartered Bank and charges on pre-payments also enhanced interest expenses.
1. Debt decreased on account of two pre-payments made during the year one in December'20 to DBS Bank India Ltd. for Rs. 2291 lacs and another for Rs. 2832 lacs in January' 21 to Standard Chartered Bank. Apart from these pre-payments, the residual old term loan amount of Rs. 250 lacs from DBS Bank India Ltd was also cleared off during the year. This has reduced the debt portion as compared to equity.
1. There has been signifi cant improvement in margin due to favouable product mix, decline in material costs and operating expenses.

Return on Net Worth

Return on net worth for the year has been improved to 10.3% from 5.2% of previous year due to signifi cant improvements in margins.

& Managing Director

For and on behalf of the Board of Directors

Bikramjit Nag (DIN: 00827155) Joint Executive Chairman

Place : Kolkata(DIN: 02662511) Date : 14th June 2021 Director & CFO

Prabir Chatterjee

REPORT ON CORPORATE GOVERNANCE

[Pursuant to Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015(hereinaĞ er referred as "SEBI LODR")]

1) Company's philosophy on code of Governance

The Company is commiĴ ed to good Corporate Governance. The Company fully realizes the rights of its shareholders to information on the performance of the Company and considers itself a trustee of its shareholders. The Company is of the view that good Corporate Governance is an optimum mix of regulatory compliances as well as voluntary disclosures and practices.

The Company is focused on aĴ aining the highest levels of transparency, fairness, accountability and integrity in its dealings with all the constituents of its business i.e. the stakeholders. Towards this end, substantial disclosures on the Board of Directors and its CommiĴ ees, fi nancial and stock performance has been made in this Annual Report.

2) Board of Directors

A) Composition of the Board of Directors as on 31 March 2021 is as follows:

The Board of Directors of the Company had an optimum combination of Executive, Non-Executive and Independent Directors. The Composition of the board as on 31 March 2021 is as per "SEBI LODR".

Category	No. of Directors	%
Executive Directors	6	43.00
Non-Executive & Independent Directors	7	50.00
Non-Executive & Non-Independent Director	1	7.00
Total	14	100.00

B) Particulars of Directorships & CommiĴ ee Chairmanship/Membership of other Companies & AĴ endance at the Board Meetings & Last AGM held on 4th September 2020

Name	Category	No. of Board Meetings aĴended during	Last AGM AĴended	No. of Directorships in other Indian Public Limited Companies as on 31 March 2021*		March 2021**	No. of CommiĴee position held in other Indian Public Limited Companies as on 31	Directorship in other listed entity (Category of Directorship)
		2020-21		Chairman	Member	Chairman	Member
Mr Bijon Nag (Executive Chairman)	Executive, Non Independent	1	Yes	1	–	–	–	IFB Agro Industries Limited-Non Executive Chairman, Non Independent
Mr Bikramjit Nag (Joint Executive Chairman & MD)	Executive, Non Independent	6	Yes	1	2	–	–	IFB Agro Industries Limited - Joint Executive Chairman, Non Independent
Mr Prabir ChaĴerjee	Executive, Non Independent	6	Yes	–	1	–	–	–
Mr Sudip Banerjee	Non-Executive, Non Independent	6	Yes	–	3	–	3	1. Kesoram Industries Limited (Non-Executive, Independent) 2. L & T Technology Services Limited (Non - Executive, Independent) 3. LTI Limited (Non - Executive, Independent)

Name	Category	No. of Board Meetings aĴended during	Last AGM AĴended	No. of Directorships in other Indian Public Limited Companies as on 31 March 2021*		No. of CommiĴee position held in other Indian Public Limited Companies as on 31 March 2021**		Directorship in other listed entity (Category of Directorship)
		2020-21		Chairman	Member	Chairman	Member
Dr Rathindra Nath Mitra	Non-Executive, Independent	6	Yes	–	1	1	–	–
Ms. Sangeeta Shankaran Sumesh	Non-Executive, Independent	6	Yes	–	–	–	–	–
Mr. Rahul Choudhuri	Non-Executive, Independent	6	Yes	–	–	–	–	–
Mr. Ashok Bhandari	Non-Executive, Independent	6	Yes	–	8	–	5	1. IntrasoĞ Technologies Limited (Non - Executive, Independent) 2. Maithan Alloys Ltd (Non - Executive, Independent) 3. Maharashtra Seamless Limited( Non - Executive, Independent) 4. N.B.I. Industrial Finance Co. Ltd. (Non - Executive, Independent) 5. Rupa & Company Limited (Non - Executive, Independent) 6. Skipper Limited (Non - Executive, Independent)
Mr. Chacko Joseph	Non-Executive, Independent	6	Yes	–	2	–	–	–
Mr. Partha Sen (Appointed on 30.10.2020)	Executive, Non Independent	4	N.A	–	1	–	–	–
Mr. Raj Shankar Ray (Appointed on 30.10.2020)	Executive, Non Independent	3	N.A	–	–	–	–	–
Mr. Amar Singh Negi (Appointed on 30.10.2020)	Executive, Non Independent	3	N.A	–	–	–	–	–
Mr. Biswadip Gupta (Appointed on 10.02.2021)	Non-Executive, Independent	1	N.A	1	8	2	1	Vesuvius India Ltd

Name	Category	No. of Board Meetings aĴended during	Last AGM AĴended		No. of Directorships in other Indian Public Limited Companies as on 31 March 2021*	March 2021**	No. of CommiĴee position held in other Indian Public Limited Companies as on 31	Directorship in other listed entity (Category of Directorship)
		2020-21		Chairman	Member	Chairman	Member
Mr. Desh Raj Dogra (Appointed on 10.02.2021)	Non-Executive, Independent	1	N.A	1	5	2	3	1. S Chand and Company limited (Non - Executive, Independent) 2. Welspun Corp Limited (Non - Executive, Independent) 3. Capri Global Capital Limited (Non - Executive, Independent) 4. Axiscades Technologies limited (Non - Executive, Independent) 5. Sintex Plastics Technology Limited (Non - Executive, Independent)

*Number includes only Public limited companies as per Companies Act, 2013.

**Only Membership/ Chairmanship of Audit Committee, Stakeholders Relationship Committee have been considered.

None of the Directors held directorship in more than 10 Public Limited Companies and/or were members of more than 10 committees or acted as Chairman of more than 5 committees across all the Indian Public Limited Companies in which they were Directors.

None of the Directors served as Director in more than 8 listed Companies.

None of the Independent Directors served as an Independent Director in more than 7 listed Companies.

No Director is related to any other Director on the Board except Mr. Bijon Nag and Mr. Bikramjit Nag in terms of the definition of "Relative" given under the Companies Act, 2013.

No shares or any other convertible instrument is held by any Non-Executive Director during the year.

C) Board Meetings held in the fi nancial year 2020-2021

The Board meets at least once in a quarter in order to consider amongst other business, the quarterly performance of the Company and its fi nancial results. The gap between any two meetings does not exceed 120 days.

During the year under review 6 meetings were held on following dates:

6th July 2020, 6th August 2020, 30th October 2020, 30th December 2020, 28th January 2021 and 29th March 2021.

D) Independent Directors

The Company has complied with the defi nition of Independent Director as per "SEBI LODR" and according to the Provisions of section 149(6) Companies Act, 2013. In terms of Regulation 25(8) of the SEBI Listing Regulations, they have confi rmed that they are not aware of any circumstance or situation which exists or may reasonably be anticipated that could impair or impact their ability to discharge their duties. Based on the declarations received from the Independent Directors, the Board of Directors has confi rmed that they meet the criteria of independence as mentioned under Section 149 of the Act and Regulation 16(1)(b) of the SEBI Listing Regulations and that they are independent of the management. Further, the IDs have in terms of Section 150 of the Act read with Rule 6 of the Companies (Appointment & Qualifi cation of Directors) Rules, 2014, confi rmed that they have enrolled themselves in the Independent Directors' Databank maintained with the Indian Institute of Corporate Aff airs.

i) Training of Independent Directors

Whenever new Non-executive and Independent Directors are inducted on the Board they are introduced to our Company's culture through appropriate session and they are also introduced to our organization structure, our business, constitution, board procedures, our major risks and management strategy.

The appointment leĴ ers of Independent Directors has been placed on the Company's website at hĴ p:// iĠ industries.com.

ii) Performance Evaluation of Board, its commiĴ ees and individual Directors

During the year, the Board evaluated the performance of its own performance, its commiĴ ees and individual directors which has been recommended by Nomination and Remuneration CommiĴ ee. All the Directors are eminent personalities having wide experience in the fi eld of business, industry and administration. Their presence on the Board is advantageous and fruitful in taking business decisions.

iii) Separate Meeting of the Independent Directors

The Independent Directors held a Meeting on 29th March, 2021, without the aĴ endance of Non-Independent Directors and members of Management. All Independent Directors were present at the meeting.

iv) Familiarisation program for Independent Directors

The familiarisation of the Independent Directors is done by the Managing Director/ Executive Director / Sr. Management Personnel who conducts presentations/ programmes to familiarise the Independent Directors with the operations and functioning of the Company.

Such presentation/ programs enable the Independent Directors to directly interact with senior leadership of the company and help them to know Company's strategy, business model, product, market, fi nance, human resource, technology and such other areas as may arise from time to time. Presentations cover annual results, budgets, policies, internal audit etc.

The presentation/ program familiarizes the Independent Directors with their role, rights and responsibilities specifi ed under the Companies Act and the "SEBI LODR". The Web link of the familiarization programme is given under the offi cial website of the company at hĴ p://www.iĠ industries.com

The Company is also conducting familiarisation program whenever a new Independent Director is inducted on the Board of the Company.

E) Code of conduct

The Board of the Company has laid down a code of conduct for all Board members and for its employees including Senior Management of the Company. The Code of Conduct is available on the website of the Company under the weblink: hĴ p://iĠ industries.com. All Board members and Senior Management personnel have affi rmed compliance with the Code of Conduct.

F) Skills / Expertise/ Competencies of Board of Directors

The Board composition is evenly poised between members specialized in Technical & commercial fi elds. The specialized skills/ experience of Board Members are given hereunder :

1. Mr. Bij on Nag, Chairman

Mr. Bij on Nag a Mechanical Engineer, Mentor, having more than fi ve decades of vast experience in Machine tool and Engineering industries. He is a visionary for our state of art Washing Machine factory at Goa, Engineering Factories in Kolkata & Bangalore.

2. Mr. Bikramjit Nag, Joint Executive Chairman and Managing Director

Mr. Bikramjit Nag a BBA from Richmond College, U.K. His area of core competency area includes Business Management, Controls, Financial analysis, Planning, Strategic decision Making, Marketing etc.

Mr. Sudip Banerjee, Non Executive Director

Mr. Sudip Banerjee Graduated in Economics ( Hons.) from Sri Ram College of Commerce, New Delhi and obtained Diploma in Management from AIMA. Mr. Banerjee is having rich exposure in functions like business development, Operations, Technology, H.R, IT services, acquisitions etc.

Dr. Rathindra Nath Mitra, Independent Director

Dr. Rathindra Nath Mitra is a B.Sc. ( Hons.) from IIT Kharagpur, M. Sc., DIIT from IIT Kharagpur and also a Ph. D from IIT Kharagpur. He is specialized in process development and IT System etc.

Mr. Ashok Bhandari, Independent Director

Mr. Ashok Bhandari, a qualifi ed Chartered Accountant and his key areas of competency includes Fund Management, negotiation with Banks, Govt., JV Partners, technology and equipment suppliers etc.

6. Ms. Sangeeta Sumesh, Independent Director

Ms Sangeeta Sumesh has done her graduation in commerce from the University of Madras. She is a qualifi ed Chartered Accountant, Cost Accountant and also a Certifi ed Public Accountant from Botswana Institute of Accountants. She also has undergone Executive Education in Organizational leadership from Harvard Business School. She is a credentialed coach from International Coaching Federation. She got comprehensive experience in diversifi ed areas including cost & management Controls, Financials Analysis, Strategic Management, CSR activities, Corporate governance, Risk Management, Operations Management etc.

Mr. Chacko Joseph, Independent Directorr

Mr. Chacko Joseph, a qualifi ed Chartered Accountant with 37 years rich experience in overseeing fi nancial operations encompassing Financial Reporting, Strategic Financial Reporting, Project Financing, Budgeting, Finance & Accounting, Auditing, International Business and System Implementations etc.

8. Mr. Rahul Choudhuri, Independent Director

Mr. Rahul Choudhuri Hons. Graduated from Presidency College, Kolkata, Certifi ed Associates of Indian Institute of Banking, Mumbai. His key areas of competency includes management of forex risk, treasury management, working capital management, investment etc.

9. Mr. Prabir ChaĴ erjee, Whole-time Director and Chief Financial Offi cer

Mr. Prabir ChaĴ erjee a B.Sc. & qualifi ed Cost Accountant and core areas of competency includes Management Accounting, Financial Accounting, Budgeting, Control, Financial Analysis etc.

Mr. Partha Sen, Managing Director & CEO – Engineering Division

Mr. Partha Sen (68), B. Tech (Hons)- Chemical Engg. IIT KGP, MS in Chemical Engg. and Material Science from Syracuse University, New York, USA. He has more than 44 years of experience.

11. Mr. Raj Shankar Ray, Managing Director & CEO – Appliances Division

Mr. Rajshankar Ray (51), B. Tech, Mechanical Engg,1991, IIT, Kharagpur. He has more than 29 years of experience.

Mr. Amar Singh Negi, Executive Director -Service Business Head

Mr. Amar Singh Negi (60), Four Years Post diploma in Electrical Engg from YMCA Institute of Engineering Faridabad in 1982, specialization in Electrical Machines and Power apparatus. He has more than 38 years of experience.

Mr. Biswadip Gupta, Independent Director

Mr. Biswadip Gupta (70 years) is a BE (Metallurgy) and MBA (Marketing) and has more than 43 years' experience in steel and refractory industry etc.

Mr. Desh Raj Dogra, Independent Director

Mr. Desh Raj Dogra, Bachelor's and Master's in Agriculture from Himachal Pradesh University and MBA from Faculty of Management Studies, University of Delhi. He is a certifi ed associate of the Indian Institute of Bankers. He has over 37 years of experience in the fi nancial sector in the areas of banking and credit rating.

G) Confi rmation

The Board of Directors of the Company has confi rmed that the Independent Directors of the Company fulfi ll the conditions specifi ed in the SEBI ( LODR) Regulations, 2015 and they are Independent of the management as on 31.03.2021.

3. Audit CommiĴ ee

A) Terms of Reference

The Audit CommiĴ ee is responsible for reviewing with the management the fi nancial statements and adequacy of internal audit function and to discuss signifi cant internal audit fi ndings. The CommiĴ ee acts as a link between the management, external and internal auditors and the Board of Directors of the Company. The broad terms of reference of this CommiĴ ee cover the maĴ ers specifi ed for Audit CommiĴ ees under section 177 of the Companies Act, 2013 as well as "SEBILODR":

i) Overview of the Company's fi nancial reporting processes and fi nancial information disclosure;
ii) Review with the Management, the annual and quarterly fi nancial statements before submission to the Board; maĴ ers to be included into the Director Responsibility Statement;
iii) Monitoring the auditor's independence and performance, and eff ectiveness of audit process;
iv) Review with the Management, the Internal and External Audit Reports and the adequacy of internal control systems and risk management systems;
v) Review the adequacy and eff ectiveness of accounting and fi nancial controls of the company, compliance with the Company's policies and applicable laws and regulations;
vi) Review the functioning of the Whistle Blower Mechanism;
vii) Recommending the appointment and removal of External Auditors and fi xation remuneration and of audit terms;
viii) To approve transaction at the Company with related parties.
ix) Review of utilisation proceeds raised from Public/Right issue.
B) Composition, Name of members, Number of meetings, Chairman and aĴ endance of the Audit CommiĴ ee during the fi nancial year 2020-21:

Name of Members	Member/Chairman	No. of Meetings held	No. of Meetings aĴ ended
Dr. Rathindra Nath Mitra	Chairman	5	5
Mr. Ashok Bhandari	Member	5	5
Ms. Sangeeta Sumesh	Member	5	5
Mr. Chacko Joseph	Member	5	5
Mr. Prabir ChaĴ erjee	Member	5	5

The Company Secretary acted as the 'Secretary' to the Audit CommiĴ ee.
The Chairman of the audit commiĴ ee is an Independent Director.

C) No. of Meetings held during the year

During the year under review fi ve meetings were held of the members of the CommiĴ ee which are as follows: 6th July 2020, 6th August 2020, 30th October 2020, 30th December 2020 and 28th January 2021.

M/s DeloiĴ e Haskins & Sells, Statutory Auditors, Internal Auditors of the Company are invited to aĴ end the Audit CommiĴ ee Meetings.

The Minutes of the Audit CommiĴ ee are circulated to all the members of the CommiĴ ee.

4. Nomination and Remuneration CommiĴ ee:

A) Terms of reference :

This CommiĴ ee identifi es the persons, who are qualifi ed to become Directors of the Company / who may be appointed in Senior Management in accordance with the criteria laid down, recommend to the Board their appointment and removal and also carries out evaluation of the performance of the board, its commiĴ ees and each director's performance. The CommiĴ ee also formulate the criteria for determining qualifi cations, positive aĴ ributes, independence of the Directors and recommend to the Board a Policy, relating to the remuneration for the Directors, Key Managerial Personnel and other employees.

B) Composition, Name of members, Number of meetings, Chairperson and aĴ endance of the Nomination and Remuneration CommiĴ ee during the fi nancial year 2020-21 :

Name of Members	Member/Chairman	No. of Meetings held	No. of Meetings aĴ ended
Dr. Rathindra Nath Mitra#	Erstwhile Chairman	4	3
Mr. Ashok Bhandari*	Chairman	4	1
Mr. Rahul Choudhuri	Member	4	4
Mr. Sudip Banerjee	Member	4	4
Ms. Sangeeta Shankaran Sumesh**	Member	4	1

*Appointed as member and Chairman in the CommiĴ ee on 28th January, 2021

# Cessation from the CommiĴ ee as Chairman and Member w.e.f 28th January, 2021.

**Appointed as member in the CommiĴ ee on 28th January, 2021

C) No. of meetings held during the year

During the year under review four meetings were held on 4th July, 2020, 29th October 2020, 30th December, 2020 and 9th February, 2021.

D) Nomination and Remuneration Policy

The Nomination and Remuneration policy may be referred to at the Company's offi cial website at the web link hĴ p://iĠ industries.com/nomination_remuneration_policy.php.

E) Remuneration paid or payable to Directors for the year ended 31 March 2021 are as follows:

				(Fig in Rs.)
Name of Director	SiĴ ing Fees	Salary and	Total	Stock Option
		Perquisites		granted
Mr. Bij on Nag	–	1,53,23,043	1,53,23,043	NIL
Mr. Bikramjit Nag	–	88,16,159	88,16,159	NIL
Mr. Prabir ChaĴ erjee	–	88,03,218	88,03,218	NIL
Mr. Rajshankar Ray#	–	33,80,092	33,80,092	NIL
Mr. Partha Sen#	–	35,45,844	35,45,844	NIL
Mr. Amar Singh Negi#	–	31,31,383	31,31,383	NIL
Mr. Sudip Banerjee	8,40,000	–	8,40,000	NIL
Dr. Rathindra Nath Mitra	11,90,000	–	11,90,000	NIL
Ms. Sangeeta Shankaran Sumesh	8,70,000	–	8,70,000	NIL

Name of Director	SiĴ ing Fees	Salary and	Total	Stock Option
		Perquisites		granted
Mr. Rahul Choudhuri	9,40,000	–	9,40,000	NIL
Mr. Ashok Bhandari	10,10,000	–	10,10,000	NIL
Mr. Chacko Joseph	8,70,000	–	8,70,000	NIL
Mr. Desh Raj Dogra	1,30,000	–	1,30,000	NIL
Mr. Biswadip Gupta	1,30,000	–	1,30,000	NIL
Total	59,80,000	4,29,99,739	4,89,79,739

No severance fee is payable, no stock option has been given & no performance bonus is granted.
Other than siĴ ing fees, there is no other pecuniary relationship or transactions with any of the Non Executive Directors.

# Mr. Rajshankar Ray appointed as Managing Director & CEO of Appliances Division w.e.f 30th October, 2020 # Mr. Partha Sen appointed as Managing Director & CEO of Engineering Division w.e.f 30th October, 2020 # Mr. Amar Singh Negi appointed as Executive Director- Service Business Head w.e.f 30th October, 2020.

5. Corporate Social Responsibility CommiĴ ee (CSR)

A) Terms of reference

The CommiĴ ee formulates and recommend to the Board a CSR Policy. CommiĴ ee framed a mechanism for implementation of CSR projects or programs or activities undertaken by the Company and also monitor CSR Policy from time to time. This policy has been placed in the website of the company at the weblink hĴ p:// iĠ industries.com/csr_policy.php

B) No of meetings held during the year

During the year the CommiĴ ee had one meeting i.e. on 29th March, 2021.

C) Composition, Name of Members and AĴ endance

The CSR CommiĴ ee of the company consists of Non-Executive, Independent and Executive Director

Name of Director	Position	No of Meetings held	No of Meetings aĴ ended
Mr. Sudip Banerjee	Chairman	1	1
Mr. Ashok Bhandari	Member	1	1
Mr. Prabir ChaĴ erjee	Member	1	1

6. Risk Management

A) Terms of reference :

The CommiĴ ee formulates and recommend to the Board a Risk Management Policy. The primary objectives of the CommiĴ ee are to assist the Board in the following :

i. To assist the Board in fulfi lling its responsibilities with regard to the identifi cation, evaluation and mitigation of strategic, operational, and external environment risks.
ii. To periodically assess risks to the eff ective execution of business strategy by reviewing key leading indicators in this regard.
iii. To periodically review the risk management processes and practices of the Company and ensure that the Company is taking the appropriate measures to achieve prudent balance between risk and reward in both ongoing and new business activities.
iv. To evaluate signifi cant risk exposures of the Company and assess the Management's actions to mitigate the exposures in a timely manner.

B) No of meetings held during the year

During the year the CommiĴ ee had two meetings i.e. on 11th September 2020 and 26th March 2021.

C) Composition, Name of Members and AĴ endance

The Risk Management CommiĴ ee of the company consists of Non-Executive, Independent and Executive Director

Name of Director	Position	No of Meetings held	No of Meetings aĴ ended
Dr. Rathindra Nath Mitra	Chairman	2	2
Mr. Sudip Banerjee	Member	2	2
Mr. Rahul Choudhuri	Member	2	2
Mr. Chacko Joseph	Member	2	1
Mr. Prabir ChaĴ erjee	Member	2	2
Mr. Raj Shankar Ray	Member	2	2
Mr. Partha Sen	Member	2	2

7. Investors Grievance & Stakeholder's Relationship CommiĴ ee :

A) Terms of reference :

The terms of reference of the CommiĴ ee includes the following:

i. To review all complaints recorded in SCORES of SEBI and replies made to the same by the RTA/Company Secretary of the Company.
ii. To receive report on all complaints recorded in SCORES of the Registrar and Share Transfer Agent and note the corrective actions taken by the Registrars.
iii. To take action of all grievances and complaints lodged by stock exchange, shareholder associations and other bodies.
iv. To review grievances of other Stakeholders of the Company given in their individual capacity.
v. Overview activities relating to Share maintenance and related work.
B) Composition and aĴ endance of the Investors Grievance & Stakeholder's Relationship CommiĴ ee during the fi nancial year 2020-21 :

Name of Members	Executive/ Non	Member/	No. of Meetings	No. of Meetings
	Executive	Chairman	held	aĴ ended
Dr. Rathindra Nath Mitra	Independent	Chairman	6	6
Mr. Ashok Bhandari	Independent	Member	6	6
Mr. Prabir ChaĴ erjee	Executive	Member	6	6
Mr. Rahul Choudhuri	Independent	Member	6	6

In view of compulsory trading of shares in dematerialized form and consequent lowering of volume of physical transfers there were very few complaints which were adequately addressed to at the level of the Compliance Offi cer and CB Management Services (P) Ltd., the Registrar & Shares Transfer Agent of the Company for shares both in physical and demat modes.

C) No. of Meetings Held during the year

During the year under review six meetings were held on the following dates:

21st July 2020, 18th September 2020, 9th December 2020, 18th December 2020, 13th January 2021 and 4th March 2021.

D) Complaints

No. of shareholders complaints received so far	7
No. of complaints not solved to the satisfaction of shareholders	0
No. of pending complaints	0
No of Complaint disposed off	7

E) Name, Designation & Address of the Compliance Offi cer :

Mr. G Ray Choudhury, Company Secretary IFB Industries Limited Plot No IND-5 Sector 1, East Kolkata Township Kolkata 700107 Tel: (033) 39849524 Fax: (033) 24421003 E-Mail: investors@iĠ global.com

8. General Body Meetings :

A) Location and time where last three AGMs were held:

	Annual General Meeting	Date	Time	Venue of the AGM	No of Special Resolutions passed
	44th Annual General Meeting	4th September 2020	10.30 A.M	through Video Conferencing ("VC") / Other Audio Visual Means ("OAVM")	7
	43rd Annual General 26 July 2019 9.30 A.M Meeting		Club Ecovista, Eco Space (Business Park), Premises No. 2F/11, Action Area II, Rajarhat, New Town, Kolkata – 700 156.	1
	42nd Annual General Meeting	27 July 2018	9.30 A.M	Club Ecovista, Eco Space (Business Park), Premises No. 2F/11, Action Area II, Rajarhat, New Town, Kolkata – 700 156.	1
B)	Whether any special resolution passed in the previous three AGMs			:	Yes
C)	Whether any special resolution passed last year through postal ballot			:	No
	i) Details of voting paĴ ern			:	Not Applicable
	ii) Person who conducted the postal ballot exercise			:	Not Applicable
D)				Whether any special resolution is proposed to be conducted through postal ballot :	No
E)	Procedure for postal ballot :
		Company will comply with the requirements of postal ballot as and when such maĴ er arises requiring approval of the shareholders by such process under the

Companies Act, 2013 and Rules made there under, if any. : Not Applicable

9. Means of communication :

The quarterly, half yearly and annual results of the Company are forthwith communicated to the Stock Exchanges with whom the Company has listing agreements as soon as the results are approved and taken on record by the Board of Directors of the Company. Further, the results are generally published in leading newspapers such as Business Standard (English) and Aajkal (Bengali). Presentation of quarterly Results were made to the Stock Exchanges & also in company website during the year 2020-21. Investors calls on such presentations were duly aĴ ended and redressed by company representative.

The quarterly, half-yearly and annual fi nancial results and Offi cial News releases are posted in respective Stock Exchange web-sites and also on the web site of the Company..

10. General Shareholder Information :

i)	45th AGM date, time and venue	:	6thAugust, 2021 At 10.30. A.M
			The Company is conducting meeting through VC / OAVM pursuant to the MCA Circular dated May 5, 2020 read with circulars dated April 8, 2020, April 13, 2020 and January 13, 2021 and as such there is no requirement to have a venue for the AGM.
ii)	Financial Year	:	1 April 2020 to 31 March 2021
iii)	Book Closure date	:	31.07.2021 to 06.08.2021
iv)	Dividend payment date	:	Dividend is not recommended.
v)	Listing on Stock Exchange	:	a) BSE Limited
			b) The National Stock Exchange of India Limited
			c) The CalcuĴ a Stock Exchange Association Limited (CSE) (applied for delisting)
vi)	Listing Fees to Stock Exchange	:	The listing Fees for NSE, BSE & CSE has been paid with in time limit for the year 2020-21.
	vii) Stock Code	:	BSE : 505726
			NSE : IFBIND
			CSE : 10019067
	viii) Market Price Data (In Rupees)	:	Monthly High and Low quotation along with the volume

of shares traded at National Stock Exchange of India Ltd during the Financial Year 2020-21. NATIONAL STOCK EXCHANGE OF INDIA LIMITED

Monthly Low (Rs.)	Monthly High (Rs.)	Monthly Volume
255.00	495.00	1548149
332.00	408.00	974730
375.00	470.00	2831529
361.20	433.00	1072149
362.00	550.00	4028987
445.05	687.00	5030452

NATIONAL STOCK EXCHANGE OF INDIA LIMITED
Period	High (Rs.)	Low (Rs.)	Monthly Volume
Oct-20	594.30	793.80	3002916
Nov-20	681.10	802.00	933431
Dec-20	760.00	1217.95	2750057
Jan-21	1150.00	1459.00	1790547
Feb-21	1090.30	1502.90	786298
Mar-21	970.75	1249.00	1649105

Share price performance in comparison to broad based indices- NSE High V/S NIFTY High on a month to month basis

ix) Registrar & Share Transfer Agent : CB Management Services (P) Ltd.

P-22, Bondel Road, Kolkata - 700 019 Tel : (033) 4011 6700/2280 6692/2282 3643/2287 0263 Fax : (033) 4011 6739 E-mail : [email protected] Website : www.cbmsl.com

x) Share Transfer System

In order to expedite the process, the Board of Directors has delegated the authority to approve the share transfers to the Stakeholder's Relationship CommiĴ ee of the Company. The transactions of shares held in Demat and Physical form are handled by the Company's Registrar, CB Management Services (P) Ltd.

Shares transferred in physical form during the years are as follows :

Particulars	2020-21	2019-20
No. of Shares Transferred	200	1781
Total No. of Shares	4,05,18,796	4,05,18,796
% on Share Capital	0.00	0.00

			As on 31 March 2021		As on 31 March 2020
No. of Equity Shares Held	No. of share holders	% of Share holders	No. of Shares	% of Share holding	No. of share holders	% of Share holders	No. of Shares	% of Share holding
1-500	23479	96.08	1502125	3.71	22859	95.86	1763561	4.35
501-1000	419	1.72	327286	0.81	490	2.06	376645	0.93
1001-2000	211	0.86	307386	0.76	200	0.84	291974	0.72
2001-3000	103	0.42	266808	0.66	96	0.40	242793	0.60
3001-4000	42	0.17	148541	0.36	38	0.16	132323	0.33
4001-5000	32	0.13	150066	0.37	34	0.14	159708	0.39
5001-10000	66	0.27	486226	1.20	51	0.21	357110	0.88
10001 and above	86	0.35	37330358	92.13	79	0.33	37194682	91.80
Total	24438	100.00	40518796	100.00	23847	100.00	405187966	100.00

xii) Distribution of Shareholding & Shareholding PaĴ ern :

A) Distribution of Shareholding as on 31 March 2021 :

B) Shareholding PaĴ ern as on 31 March 2021 :

	No. of Shares	% of total
Indian Promoters	30373199	74.96
Mutual Funds/UTI	551949	1.36
Alternate Investment Funds	57000	0.14
Foreign Portfolio Investors	3286593	8.11
Banks, Financial Institutions	3542	0.01
Indian Public	3261477	8.05
Trust	34335	0.08
Clearing Members	99617	0.25
Non - Resident Indians	78034	0.19
Private Corporate Bodies	1684402	4.16
Employee	198084	0.49
Director & Director Relatives	47892	0.12
LLP	767162	1.89
HUF	75510	0.19
Total :	40518796	100.00

xii) Dematerialization of shares :

As on 31 March 2021, 98.23% of the Company's total shares representing 3,98,00,827 shares were held in dematerialised form and the balance 1.77% representing7,17,969 shares were held in physical form.

xiii) Commodity Price Risk or Foreign Exchange Risk and Hedging Activities :

The Company is exposed to foreign currency risk for the raw materials, fi nished goods and capital goods that it imports and export of fi nished goods and engages in foreign currency hedging with banks by way of currency forward contracts in order to protect its foreign exchange exposure arising from its foreign-currency denominated purchase in terms of the foreign exchange risk management policy of the Company.

xiv) Credit Ratings :

Credit Ratings obtained by the Company for any debt instrument, fi xed deposit programme for any other scheme involving mobilization of funds : India Ratings and Research has given credit rating of diff erent instruments. The details of Credit Ratings are available on the website of the Company.

any convertible instruments conversion any GDRs/ ADRs/Warrants
xv) Outstanding GDRs/ADRs/Warrants or : The Company has not issued any Convertible instruments

	14 Taratolla Road, Kolkata 700088
	JL-71, P.O. Bishnupur, Gangarampur, West Bengal
	L-1, Verna Electronic City, Verna, Selcete, Goa - 403722
	62, 64 & 66 CorlimIndl. Estate, CorlimIlhas, Goa – 403110
	Plot No. 7, Survey No 261/0, Phase – IV, Verna Industrial Estate, Verna, Salcete – Goa - 403722
	16/17, VisveswariahIndl. Estate, Whitefi eld Road, Bangalore-560048
	3B/3C Bommasandra Industrial Area, Anekal Taluk, Bengaluru Urban, Karnataka - 560099
	Plot No. 5, 4A, 4B, 3B, Malur Industrial Area, Kurandanahalli Village-563160
:	Corporate Offi ce IFB Industries Limited Plot No. IND 5, Sector I, East Kolkata Township, Kolkata 700 107. Tel.: (033) 39849475, Fax: (033) 39849676
	:

E-mail: investors@iĠ global.com 11. Other Disclosures :

A) Disclosure on materially signifi cant related party transactions that may have potential confl ict with the interest of the Company at large.

None of the transactions with any of the related parties were in confl ict with interests of the Company. Transactions with the related parties are disclosed in Note No. 37 "Notes to Financial Statements" annexed to the Financial Statements for the year. The Policy on Related Party has been given under Company's offi cial website under the web link: hĴ p://iĠ industries.com.

B) Details of non-compliance by the Company, penalties, and strictures imposed on the Company by the Stock Exchanges, SEBI or any statutory authorities on any maĴ er related to capital markets during the last 3 years: During the year, the Company received notices from NSE & BSE for non compliance pertaining to provisions of Regulation 17 (1) of SEBI ( LODR) and accordingly the fi ne as demanded by these exchanges were paid by the Company under protest. The Company made proper representations before the exchanges.
C) The fi nancial statements for the year 2020-21 have been prepared in accordance with the applicable accounting standards prescribed by The Institute of Chartered Accountants of India and there are no deviations.
D) The Board has noted and reviewed the Compliance Reports of all laws applicable to the Company, which were placed before each of its meeting held during the year 2020-2021.
E) The Company has adopted Whistle Blower/Vigil Mechanism Policy for Directors and employees which has been placed in the website of the Company under the web link hĴ p://www.iĠ industries.com. No personnel has been denied access to the Audit CommiĴ ee.
F) The Company has adopted Policy for determining 'material' subsidiaries which has been placed in the website of the Company under the weblink hĴ p://www.iĠ industries.com.
G) The Company has taken several mitigating actions, applied many strategies and introduced control and reporting systems to reduce and mitigate risk.
H) The Company has not raised funds through preferential allotment or qualifi ed institutions placement as specifi ed under Regulation 32(7A) during the fi nancial year 2020-21.
I) The disclosure regarding the complaints of sexual harassment as per the Sexual Harassment of Women at workplace (prevention, prohibition and Redressal) Act, 2013 are given in the Directors' Report.
J) The Company has received a certifi cate from a Company Secretary in Practice that none of the Directors on the Board of the Company have been debarred or disqualifi ed from being appointed or continuing as Directors of Company by the Securities and Exchange Board of India, Ministry of Corporate Aff airs or any such statutory authority.
K) During the fi nancial year 2020-21, the Board had accepted all mandatory recommendation made by its CommiĴ ees.

L) Ms/ DeloiĴ e Haskins &Sells , Chartered Accountants (Firm's Registration No. 302009E) have been appointed as the Statutory Auditors of the Company. The particulars of payment of Statutory Auditors' fee, on consolidated basis for fi nancial year 2020-21 is given below:

	Rs. in lacs
Particulars	Amount
Statutory Audit Fee	52.00
Tax Audit Fee	17.00
Limited Review Fee	18.00
Others	21.00
Reimbursement of expenses	3.00
Total	111.00

M) Reconciliation of Share Capital Audit:

A Qualifi ed Practicing Company Secretary carried out Reconciliation of Share Capital Audit during the fi nancial year 2020-21 on quarterly basis to reconcile the total admiĴ ed capital with National Securities Depository Limited (NSDL) and Central Depository Services (India) Limited (CDSL) and the total issued and listed capital. The Reconciliation of Share Capital Audit Report confi rms that the Total Paid up Share Capital is in agreement with the total No. of Shares in physical form and the total number of Dematerialized shares held with NSDL and CDSL.

N) The Company has complied with all the mandatory requirements specifi ed in Regulations 17 to 27 and clauses (b) to (i) of sub-regulation (2) of regulation 46 of the SEBI LODR as on 31st March, 2021.

This Corporate Governance Report of the Company for the year 2020-2021 as on 31 March 2021 are in compliance with the requirements of Corporate Governance under SEBI LODR as applicable.

12. Requirement under PART E of Schedule II

i) The Board

It is not applicable as the company is having one Executive Chairman.

ii) Shareholders' Rights

The Company's fi nancial results are published in the newspaper and also posted on its website (www. iĠ industries.com). Hence Financial Results are not send to the Shareholders. However the Company furnishes the fi nancial results on receipt of request from the shareholders.

iii) Modifi ed opinion in Audit Report

Statutory Auditor have provided an unmodifi ed opinion in their Audit Reports on the fi nancials for Standalone and Consolidated Reports of IFB Industries Limited for the year ended 31st March 2021.

iv) Separate Post of Chairman and Chief Executive Offi cer

The Company has appointed separate persons as Chairman, Managing Director& CEOs.

v) Reporting of Internal Auditor

Internal Auditors report to the Audit CommiĴ ee.

For and on behalf of the Board of Directors

Bikramjit Nag

(DIN: 00827155) Joint Executive Chairman & Managing Director

Prabir Chatterjee

Place : Kolkata(DIN: 02662511) Date : 14th June 2021 Director & CFO

CERTIFICATION BY CHIEF EXECUTIVE OFFICERS (CEOs) AND CHIEF FINANCIAL OFFICER (CFO) UNDER REGULATION 17(8) OF (LISTING OBLIGATIONS AND DISCLOSURE REQUIREMENTS) REGULATIONS, 2015

We have reviewed the fi nancial statements and the cash fl ow of IFB Industries Limited ('the Company') for the year ended 31 March 2021 and to the best of our knowledge and belief :

i) These statements do not contain any materially untrue statement or omit any material fact or contain statements that might be misleading;
ii) These statements together present a true and fair view of Company's aff airs and are in compliance with existing accounting standards, applicable laws and regulations.

To the best of our knowledge and belief, no transactions entered into by the Company during the year which are fraudulent, illegal or violative to Company's code of conduct.

We accept the responsibility for establishing and maintaining internal controls for fi nancial reporting. We have evaluated the eff ectiveness of internal control systems of the company pertaining to fi nancial reporting. Defi ciencies in the design or operation of such internal controls, if any, of which we are aware have been disclosed to the Auditors and Audit CommiĴ ee and steps have been taken to rectify the defi ciencies.

There has not been any signifi cant changes in the Internal Control over fi nancial reporting during the year.

There has not been any signifi cant change in accounting policies during the year and that the same have been disclosed suitably in the notes to the fi nancial statements:

We are not aware of any instances during the year of fraud with involvement therein of the management or any employee having a signifi cant role in the Company's internal control system over fi nancial reporting.

We further declare that all Board members and senior management personnel have affi rmed compliance with the code of conduct for board of directors and senior management.

Yours truly,

Date : 14 June 2021 Engineering Division Home Appliances Division

Partha Sen Rajshankar Ray Prabir ChaĴ erjee Managing Director & Managing Director & Director & Place : Kolkata Chief Executive Offi cer Chief Executive Offi cer Chief Financial Offi cer

INDEPENDENT AUDITORS' CERTIFICATE on Corporate Governance

To the Members of IFB Industries Limited

1. This certifi cate is issued in accordance with the terms of our engagement leĴ er dated 5 October, 2020.
1. We, DeloiĴ e Haskins & Sells, Chartered Accountants, the Statutory Auditors of IFB INDUSTRIES LIMITED ("the Company"), have examined the compliance of conditions of Corporate Governance by the Company, for the year ended on 31 March 2021, as stipulated in regulations 17 to 27 and clauses (b) to (i) of regulation 46(2) and para C and D of Schedule V to the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended from time to time (The Listing regulations).

Managements' Responsibility

The compliance of conditions of Corporate Governance is the responsibility of the Management. This responsibility includes the design, implementation and maintenance of internal control and procedures to ensure the compliance with the conditions of Corporate Governance stipulated in Listing Regulations.

Auditor's responsibility

1. Our responsibility is limited to examining the procedures and implementation thereof, adopted by the Company for ensuring compliance with the conditions of the Corporate Governance. It is neither an audit nor an expression of opinion on the fi nancial statements of the Company.
1. We have examined the books of account and other relevant records and documents maintained by the Company for the purposes of providing reasonable assurance on the compliance with Corporate Governance requirements by the Company.
1. We have carried out an examination of the relevant records of the Company in accordance with the Guidance Note on Certifi cation of Corporate Governance issued by the Institute of the Chartered Accountants of India (the ICAI), the Standards on Auditing specifi ed under Section 143(10) of the Companies Act 2013, in so far as applicable for the purpose of this certifi cate and as per the Guidance Note on Reports or Certifi cates for Special Purposes issued by the ICAI which requires that we comply with the ethical requirements of the Code of Ethics issued by the ICAI.
1. We have complied with the relevant applicable requirements of the Standard on Quality Control (SQC) 1, Quality Control for Firms that Perform Audits and Reviews of Historical Financial Information, and Other Assurance and Related Services Engagements.

Opinion

1. Based on our examination of the relevant records and according to the information and explanations provided to us and the representations provided by the Management, we certify that the Company has complied with the conditions of Corporate Governance as stipulated in Regulations 17 to 27 and clauses (b) to (i) of Regulation 46(2) and para C and D of Schedule V to the Listing Regulations during the year ended 31 March, 2021.
1. We state that such compliance is neither an assurance as to the future viability of the Company nor the effi ciency or eff ectiveness with which the Management has conducted the aff airs of the Company.

For DELOITTE HASKINS & SELLS Chartered Accountants (Firm Registration No. 302009E)

Abhij it Bandyopadhyay Partner Place : Kolkata (Membership No. 054785) Date : 14 June 2021 UDIN: 21054785AAAADJ7702

Independent Auditor's Report to the Members of IFB INDUSTRIES LIMITED

Report on the Audit of the Standalone Financial Statements

Opinion

We have audited the accompanying standalone fi nancial statements of IFB Industries Limited ("the Company"), which comprise the Balance Sheet as at 31March, 2021, and the Statement of Profi t and Loss (including Other Comprehensive Loss),the Cash Flow Statement and the Statement of Changes in Equity for the year then ended, and a summary of signifi cant accounting policies and other explanatory information.

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone fi nancial 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 Indian Accounting Standards prescribed under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended, ("Ind AS") and other accounting principles generally accepted in India, of the state of aff airs of the Company as at 31 March, 2021, and its profi t, total comprehensive income, its cash fl ows and the changes in equity for the year ended on that date.

Basis for Opinion

We conducted our audit of the standalone fi nancial statements in accordance with the Standards on Auditing specifi ed under section 143(10) of the Act (SAs). Our responsibilities under those Standards are further described in the Auditor's Responsibility for the Audit of the Standalone 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 (ICAI) together with the ethical requirements that are relevant to our audit of the standalone fi nancial statements under the provisions of the Act and the Rules made thereunder, and we have fulfi lled our other ethical responsibilities in accordance with these requirements and the ICAI's Code of Ethics. We believe that the audit evidence obtained by us is suffi cient and appropriate to provide a basis for our audit opinion on the standalone fi nancial statements.

Key Audit MaĴ ers

Key audit maĴ ers are those maĴ ers that, in our professional judgment, were of most signifi cance in our audit of the standalone fi nancial statements of the current period. These maĴ ers were addressed in the context of our audit of the standalone fi nancial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these maĴ ers. We have determined the maĴ ers described below to be the key audit maĴ ers to be communicated in our report.

Sr. No.	Key Audit MaĴer	Auditor's Response
1	Recognition of Revenue Revenue from the sale of goods (hereinaĞer referred to as "Revenue") is recognised when the Company performs its obligation to its customers and the amount of revenue can be measured reliably and recovery of the consideration is probable. The timing of such recognition is when the control over the same is transferred to the customer which is mainly upon delivery.	Our audit approach was a combination of test of internal controls and substantive procedures including: • Assessing the appropriateness of the Company's revenue recognition accounting policies, in line with Ind AS 115 ("Revenue from Contracts with Customers"). • Evaluating the design and implementation of Company's controls in respect of revenue recognition. Testing the effectiveness of such controls over revenue cut off during the year.

Sr. No.	Key Audit MaĴer	Auditor's Response
	The timing of revenue recognition is relevant to the reported performance of the Company. Revenue may be recognised before completion of contractual performance obligation due to incorrect recording of point of time when the customer obtains control of the asset. Refer to 1(B)(c) for the Accounting policy on recognition on revenue.	• Testing the supporting documentation for sales transactions recorded during the period closer to the yearend including customer acknowledgments of receipt of goods on a sample basis. • Testing sales returns subsequent to the year end, including examination of credit notes issued aĞer the yearend to determine whether revenue was recognised in the correct period.
		• Rolling out confirmation requests to customers to confirm the recorded yearend balances on a sample basis.

Information Other than the Financial Statements and Auditor's Report Thereon

The Company's Board of Directors is responsible for the other information. The other information comprises the information included in the Director's report, but does not include the consolidated fi nancial statements, standalone fi nancial statements and our auditor's report thereon.
Our opinion on the standalone fi nancial 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 standalone fi nancial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the standalone fi nancial statements or our knowledge obtained during the course of our 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 to report in this regard.

Management's Responsibility for the Standalone Financial Statements

The Company's Board of Directors is responsible for the maĴ ers stated in section 134(5) of the Act with respect to the preparation of these standalone fi nancial statements that give a true and fair view of the fi nancial position, fi nancial performance including other comprehensive income, cash fl ows and changes in equity of the Company in accordance with the Ind ASand other accounting principles generally accepted in India.This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal fi nancial controls, that were operating eff ectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone fi nancial statement that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the standalone fi nancial statements, management is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, maĴ ers related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

Those Board of Directors are also responsible for overseeing the Company's fi nancial reporting process.

Auditor's Responsibility for the Audit of the Standalone Financial Statements

Our objectives are to obtain reasonable assurance about whether the standalone fi nancial 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 infl uence the economic decisions of users taken on the basis of these standalone fi nancial statements.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also :

Identify and assess the risks of material misstatement of the standalone fi nancial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is suffi cient 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, misrepresentations, or the override of internal control.
Obtain an understanding of internal fi nancial 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 fi nancial controls system in place and the operating eff ectiveness of such controls.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the 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 signifi cant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw aĴ ention in our auditor's report to the related disclosures in the standalone fi nancial 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. However, 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 standalone fi nancial statements, including the disclosures, and whether the standalone fi nancial statements represent the underlying transactions and events in a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the standalone fi nancial statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the standalone fi nancial statements may be infl uenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the eff ect of any identifi ed misstatements in the standalone fi nancial statements.

We communicate with those charged with governance regarding, among other maĴ ers, the planned scope and timing of the audit and signifi cant audit fi ndings, including any signifi cant defi ciencies in internal control that we identify during our audit.

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 maĴ ers that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the maĴ ers communicated with those charged with governance, we determine those maĴ ers that were of most signifi cance in the audit of the standalone fi nancial statements of the current period and are therefore the key audit maĴ ers. We describe these maĴ ers in our auditor's report unless law or regulation precludes public disclosure about the maĴ er or when, in extremely rare circumstances, we determine that a maĴ er should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefi ts of such communication.

Report on Other Legal and Regulatory Requirements

1. As required by Section 143(3) of the Act, based on our audit,we report that:
a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit.
b) In our opinion, proper books of account as required by law have been kept by the Companyso far as it appears from our examination of those books.
c) The Balance Sheet, the Statement of Profi t and Loss including Other Comprehensive Loss, the Cash Flow Statement and Statement of Changes in Equity dealt with by this Report are in agreement with the relevantbooks of account.
d) In our opinion, the aforesaid standalone fi nancial statements comply with the Ind AS specifi ed under Section 133 of the Act.
e) On the basis of the wriĴ en representations received from the directors as on 31 March, 2021 taken on record by the Board of Directors, none of the directors is disqualifi ed as on 31 March, 2021 from being appointed as a director in terms of Section 164(2) of the Act.
f) With respect to the adequacy of the internal fi nancial controls over fi nancial reporting of the Company and the operating eff ectiveness of such controls, refer to our separate Report in "Annexure A". Our report expresses an unmodifi ed opinion on the adequacy and operating eff ectiveness of the Company's internal fi nancial controls over fi nancial reporting.
g) With respect to the other maĴ ers to be included in the Auditor's Report in accordance with the 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 by the Company to its directors during the year is in accordance with the provisions of section 197 of the Act.
h) With respect to the other maĴ ers to be included in the Auditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, as amended 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 fi nancial position in Note 36 of the standalone fi nancial statements.
ii. The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses.
iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company.
1. As required by the Companies (Auditor's Report) Order, 2016 ("the Order") issued by the Central Government in terms of Section 143(11) of the Act, we give in "Annexure B" a statement on the maĴ ers specifi ed in paragraphs 3 and 4 of the Order.

For DELOITTE HASKINS & SELLS Chartered Accountants (Firm Registration No. 302009E)

Abhij it Bandyopadhyay Place : Kolkata Partner Date : 14 June, 2021 (Membership No. 054785)

ANNEXURE "A" to the Independent Auditor's Report

(Referred to in paragraph 1(f) under 'Report on Other Legal and Regulatory Requirements' section of our report of even date)

Report on the Internal Financial Controls Over Financial Reporting under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 ("the Act")

We have audited the internal fi nancial controls over fi nancial reporting of IFB Industries Limited ("the Company") as of 31 March, 2021 in conjunction with our audit of the standalone fi nancial statements of the Company for the year ended on that date.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing and maintaining internal fi nancial controls based on the internal control over fi nancial 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. These responsibilities include the design, implementation and maintenance of adequate internal fi nancial controls that were operating eff ectively for ensuring the orderly and effi cient 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 fi nancial information, as required under the Companies Act, 2013.

Auditor's Responsibility

Our responsibility is to express an opinion on the Company's internal fi nancial controls over fi nancial reporting 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") issued by the Institute of Chartered Accountants of India and the Standards on Auditing prescribed under Section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal fi nancial controls. 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 fi nancial controls over fi nancial reporting was established and maintained and if such controls operated eff ectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal fi nancial controls system over fi nancial reporting and their operating eff ectiveness. Our audit of internal fi nancial controls over fi nancial reporting included obtaining an understanding of internal fi nancial controls over fi nancial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating eff ectiveness 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 fi nancial statements, whether due to fraud or error.

We believe that the audit evidence we have obtained is suffi cient and appropriate to provide a basis for our audit opinion on the Company's internal fi nancial controls system over fi nancial reporting.

Meaning of Internal Financial Controls Over Financial Reporting

A company's internal fi nancial control over fi nancial reporting is a process designed to provide reasonable assurance regarding the reliability of fi nancial reporting and the preparation of fi nancial statements for external purposes in accordance with generally accepted accounting principles. A company's internal fi nancial control over fi nancial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly refl ect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of fi nancial 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 eff ect on the fi nancial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

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

Opinion

In our opinion, to the best of our information and according to the explanations given to us, the Company has, in all material respects, an adequate internal fi nancial controls system over fi nancial reporting and such internal fi nancial controls over fi nancial reporting were operating eff ectively as at 31 March, 2021, based on the criteria for internal fi nancial control over fi nancial reporting 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 DELOITTE HASKINS & SELLS

Chartered Accountants (Firm Registration No. 302009E)

Abhij it Bandyopadhyay Place : Kolkata Partner Date : 14 June, 2021 (Membership No. 054785)

ANNEXURE "B" to the Independent Auditor's Report

(Referred to in paragraph 2 under 'Report on Other Legal and Regulatory Requirements' section of our report of even date)

(i) (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of property, plant and equipment.
(b) The property, plant and equipment were physically verifi ed during the year by the Management in accordance with a regular programme of verifi cation which, in our opinion, provides for physical verifi cation of all the property, plant and equipment at reasonable intervals. According to the information and explanation given to us, no material discrepancies were noticed on such verifi cation.
(c) According to the information and explanations given to us and the records examined by us and based on the examination of the registered sale deed/ transfer deed / conveyance deed provided to us, we report that, the title deeds, comprising all the immovable properties of land and buildings which are freehold, are held in the name of the Company as at the balance sheet date. In respect of immovable properties of land and buildings that have been taken on lease and disclosed as Right- of Use assets in the fi nancial statements, the lease agreements are in the name of the Company, where the Company is the lessee in the agreement.
(ii) As explained to us, inventories were physically verifi ed during the year by the Management at reasonable intervals and no material discrepancies were noticed on physical verifi cation.
(iii) The Company has not granted any loans, secured or unsecured, to companies, fi rms, Limited Liability Partnerships or other parties covered in the register maintained under Section 189 of the Companies Act, 2013.
(iv) In our opinion and according to the information and explanations given to us, the Company has complied with the provisions of Sections 185 and 186 of the Companies Act, 2013 in respect of grant of loans, making investments and providing guarantees and securities, as applicable.
(v) According to the information and explanations given to us, the Company has not accepted any deposit during the year and had no unclaimed deposits at the beginning of the year as per the provisions of Sections 73 to 76 or any other relevant provisions of the Companies Act, 2013.
(vi) The maintenance of cost records has been prescribed by the Central Government under section 148(1) of the Companies Act, 2013 in respect of specifi ed products of the Company. For such products we have broadly reviewed the cost records maintained by the Company pursuant to the Companies (Cost Records and Audit) Rules, 2014, as amended, and are of the opinion that, prima facie, the prescribed cost records have been made and maintained. We have, however, not made a detailed examination of the cost records with a view to determine whether they are accurate or complete.
(vii) According to the information and explanations given to us, in respect of statutory dues:
(a) The Company has generally been regular in depositing undisputed statutory dues, including Provident Fund, Employees' State Insurance, Income-tax, Goods & Services Tax, Customs Duty, Cess and other material statutory dues applicable to it to the appropriate authorities.
(b) There were no undisputed amounts payable in respect of Provident Fund, Employees' State Insurance, Incometax, Goods & Services Tax, Customs Duty, Cess and other material statutory dues in arrears as at 31 March, 2021 for a period of more than six months from the date they became payable.
(c) Details of dues of Income-tax, Sales Tax, Service Tax, Custom Duty, Excise Duty and Value Added Tax which have not been deposited as on 31 March, 2021 on account of disputes are given below :

(Rs. in Lacs)

Name of Statue	Nature of Dues	Forum where Dispute is	Period to which the	Amount	Amount Paid
		Pending	amount relates	involved net of amount paid	under Protest
				under protest
Income Tax Act, 1961	Income Tax	Commissioner of Income Tax (Appeals)	AY 2012-13	24.00	-
Income Tax Act, 1961	Income Tax	Commissioner of Income Tax (Appeals)	AY 2018-19	4206.58
Central Excise Act 1944	Excise Duty	Customs Excise and Service Tax Appellate Tribunal (CESTAT)	2004-05 to 2009-10	42.93	6.00
Central Sales Tax	Sales Tax	Assessing officer	1991-92 to 1994-95	176.00	-
Act and Local	including trade	Assistant Commissioner	2002-03	1.00	-
Sales Tax Act	tax	Additional Commissioner	2008-09 and 2009-10	10.00	-
		Commissioner Appeals	2009-10 and 2015-16	-	3.92
		Deputy Commissioner (Appeals)	2005-06, 2009-10, 2010-11 and 2013-15	27.00	0.78
		Deputy Commissioner	2013-14	1.00	0.21
		Trade Tax Tribunal	1999-2000, 2003-05 and 2007-12	24.00	0.47
		Joint Commissioner	2006-07 and 2011-13	12.00	8.48
		High Court	2009-10	89.00	174.00
		Objection Hearing Authority	2009 - 17	56.00	1.00
		Appeallate Board	1996-97	10.00	0.42
		Commercial Tax Appellate Board	2009-10	89.00	16.25
		Sr. Jt. Commissionerate, Corporate division	2013-14	2.00	0.32
		Appellate Tribunal	2002-03 and 2005-06	9.00	39.92
		Supreme Court	2001-03	62.00	82.96
Central Goods & Service Tax	GST	High Court	2017-18	67.00	-
	GST	Commissioner Customs	2019-20	72.00	-
Customs Act, 1962	Customs duty	Additional Director General, Directorate of Revenue Intelligence	2008-2012	2.00	-
The Finance Act,	Service Tax	Assistant Commissioner	2013-2015	3.74	-
1994		Customs Excise and Service Tax Appellate Tribunal (CESTAT)	2005-06 to 2011-12	532.84	-
		Deputy / Assistant Commissioner (Appeal)	2012-16	16.00	-

(viii) In our opinion and according to the information and explanations given to us, the Company has not defaulted in the repayment of loans or borrowings to fi nancial institutions, banks and government. The Company has not issued any debentures.
(ix) The Company has not raised moneys by way of initial public off er or further public off er (including debt instruments). In our opinion and according to the information and explanations given to us, the term loans have been applied by the Company during the year for the purposes for which they were raised.
(x) To the best of our knowledge and according to the information and explanations given to us, no fraud by the Company and no material fraud on the Company by its offi cers or employees has been noticed or reported during the year.
(xi) In our opinion and according to the information and explanations given to us, the Company has not paid/provided managerial remuneration in excess of the limits and approvals prescribed under section 197 read with Schedule V to the Companies Act, 2013.
(xii) The Company is not a Nidhi Company and hence reporting under clause (xii) of the CARO 2016 Order is not applicable.
(xiii) In our opinion and according to the information and explanations given to us the Company is in compliance with Section 177 and 188 of the Companies Act, 2013, where applicable, for all transactions with the related parties and the details of related party transactions have been disclosed in the fi nancial statements etc. as required by the applicable accounting standards.
(xiv) During the year the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures and hence reporting under clause (xiv) of CARO 2016 is not applicable to the Company.
(xv) In our opinion and according to the information and explanations given to us, during the year the Company has not entered into any non-cash transactions with its directors or directors of its holding, subsidiary or associate company or persons connected with them and hence provisions of section 192 of the Companies Act, 2013 are not applicable.
(xvi) The Company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934.

For DELOITTE HASKINS & SELLS Chartered Accountants (Firm Registration No. 302009E)

Abhij it Bandyopadhyay Place : Kolkata Partner Date : 14 June, 2021 (Membership No. 054785)

Standalone Balance Sheet

			As at	As at
			31 March 2021	31 March 2020
		Notes	Rs. in Lacs	Rs. in Lacs
	ASSETS
1.	Non-current assets (a) Property, plant and equipment	3A	48,522	44,753
	(b) Capital work-in-progress	3A	1,774	700
	(c) Right of use assets	3C	6,834	6,808
	(d) Investment property	4	11	11
	(e) Goodwill	40	1,355	1,355
	(f) Other intangible assets	3B	3,331	4,106
	(g) Intangible assets under development	3B	232	96
	(h) Financial assets
	(i) Investments	5	5,015	3,360
	(ii) Loans	6	51	55
	(iii) Others	7	1,729	2,356
	(i) Income tax assets	8	–	1,829
	(j) Other non-current assets	9	1,212	4,411
2.	Current assets (a) Inventories	10	45,062	37,337
	(b) Financial assets
	(i) Investments	5	25,822	15,280
	(ii) Trade receivables	11	24,350	18,514
	(iii) Cash and cash equivalents	12	9,535	10,140
	(iv) Other bank balances	13	2,026	1,949
	(v) Loans	6	53	55
	(vi) Others	7	332	432
	(c) Income tax assets	8	645	–
	(d) Other current assets	9	8,281	7,819
	Total assets		1,86,172	1,61,366
	EQUITY AND LIABILITIES
	Equity
	(a) Equity share capital (b) Other equity	14	4,128 66,729	4,128 60,602
	Liabilities
1.	Non-current liabilities
	(a) Financial liabilities
	(i) Borrowings	15	16,537	25,167
	(ii) Lease liabilities		3,894	4,413
	(iii) Other fi nancial liabilities	16	45	26
	(b) Provisions	18	5,895	6,535
	(c) Deferred tax liabilities (net)	19	2,676	804
2.	(d) Other non-current liabilities Current liabilities	17	2,551	1,651
	(a) Financial liabilities
	(i) Borrowings	20	2,342	2,606
	(ii) Lease liabilities		2,090	1,508
	(iii) Trade payables
	(A) total outstanding dues of micro enterprises and small
	enterprises (B) total outstanding dues of creditors other than micro		10,141	2,517
	enterprises and small enterprises		52,674	41,423
	(iv) Other fi nancial liabilities	16	4,851	2,375
	(b) Other current liabilities	17	10,961	7,189
	(c) Provisions	18	604	422
	(d) Income tax liabilities		54	–
	Total equity and liabilities		1,86,172	1,61,366
	The accompanying notes 1 to 48 are an integral part of the fi nancial statements

In terms of our report aĴ ached For DeloiĴ e Haskins & Sells Chartered Accountants Abhij it Bandyopadhyay Partner Kolkata 14 June 2021 For and on behalf of the Board of Directors of IFB Industries Limited Joint Executive Chairman and Managing Director Bikramjit Nag Managing Director and Chief Executive Offi cer, Home Appliances Division Rajshankar Ray Managing Director and Chief Executive Offi cer, Engineering Division Partha Sen Director and Chief Financial Offi cer Prabir ChaĴ erjee Company Secretary G. Ray Chowdhury Goa / Kolkata 14 June 2021

IFB INDUSTRIES LTD.

Standalone Statement of Profi t and Loss

			For the year ended 31 March 2021	For the year ended 31 March 2020
		Notes	Rs. in Lacs	Rs. in Lacs
I	Revenue from operations	21	2,71,652	2,55,142
II	Other income	22	1,914	1,276
III	Total income (I + II)		2,73,566	2,56,418
IV	Expenses
	(a) Cost of materials consumed	23	1,21,984	1,00,209
	(b) Purchases of stock-in-trade	24	32,043	37,519
	(c) Changes in inventories of fi nished goods, stock-in-trade and work-in-progress	25	(2,331)	6,628
	(d) Employee benefi ts expense	26	29,562	28,785
	(e) Finance costs	27	2,935	1,450
	(f) Depreciation and amortisation expense	28	9,911	8,898
	(g) Other expenses	29	69,508	70,107
	Total expenses (IV)		2,63,612	2,53,596
V	Profi t before exceptional items and tax (III - IV)		9,954	2,822
VI	Exceptional Items	41	–	148
VII	Profi t before tax (V + VI)		9,954	2,970
VIII	Tax expense
	(a) Current tax (b) Deferred tax	30A 30A	3,738 42	172 (1)
			3,780	171
IX	Profi t for the year (VII - VIII)		6,174	2,799
X	Other comprehensive income
	A (i) Items that will not to be reclassifi ed to profi t or loss
	- Remeasurements of the defi ned benefi t plan	32	(72)	(656)
	(ii) Income tax relating to items that will not be reclassifi ed to profi t or loss	30B	25	–
	B (i) Items that will be reclassifi ed to profi t and loss		–	–
	(ii) Income tax relating to items that will be reclassifi ed to profi t and loss		–	–
	Total other comprehensive income		(47)	(656)
XI	Total comprehensive income for the year (IX + X)		6,127	2,143
XII	Earnings per equity share (Face value Rs. 10 each)
	(a) Basic (in Rs.)	31	15.24	6.91
	(b) Diluted (in Rs.)	31	15.24	6.91

The accompanying notes 1 to 48 are an integral part of the fi nancial statements

For and on behalf of the Board of Directors of IFB Industries Limited
	Bikramjit Nag
	Rajshankar Ray
	Partha Sen
	Prabir ChaĴ erjee
Company Secretary	G. Ray Chowdhury
Goa / Kolkata 14 June 2021
	Joint Executive Chairman and Managing Director Managing Director and Chief Executive Offi cer, Home Appliances Division Managing Director and Chief Executive Offi cer, Engineering Division Director and Chief Financial Offi cer

Standalone Statement of Changes in Equity

A. Equity share capital

	As at the beginning of the reporting year	Changes in equity share capital during the year	As at the end of the reporting year
	Rs. in lacs	Rs. in lacs	Rs. in lacs
For the year ended 31 March 2020	4,128	–	4,128
For the year ended 31 March 2021	4,128	–	4,128

B. Other equity

				Reserves and surplus		Total
	Capital Reserve	Securities premium	Capital redemption reserve	Debt restructuring reserve	Retained earnings
	Rs. in lacs	Rs. in lacs	Rs. in lacs	Rs. in lacs	Rs. in lacs	Rs. in lacs
Balance as at 01 April 2019	–	17,433	1,605	8,981	29,918	57,937
Recognised on business combination	522	–	–	–	–	522
Profi t for the year	–	–	–	–	2,799	2,799
Other comprehensive income (net of tax)	–	–	–	–	(656)	(656)
Total comprehensive income for the year	522	–	–	–	2,143	2,665
Balance as at 31 March 2020	522	17,433	1,605	8,981	32,061	60,602
Profi t for the year	–	–	–	–	6,174	6,174
Other comprehensive income (net of tax)	–	–	–	–	(47)	(47)
Total comprehensive income for the year	–	–	–	–	6,127	6,127
Balance as at 31 March 2021	522	17,433	1,605	8,981	38,188	66,729

Capital reserve This reserve represents the diff erence between the value of net assets acquired by the Company in the course of business combinations and the consideration paid for such combinations.

Securities premium	This reserve represents premium on issue of shares and expenses on employee stock purchase scheme
	and can be utilised in accordance with the provisions of the Companies Act, 2013.

Capital redemption reserve This reserve has been created under the Companies Act, 1956 on redemption of redeemable preference shares and can be utilised in accordance with the provisions of the Companies Act, 2013.

Debt restructuring reserve This reserve represents the principal loan amount that were waived off in earlier years.

Retained earnings This reserve represents the cumulative profi ts of the Company and eff ects of remeasurement of defi ned benefi t plans. This can be utilised in accordance with the provisions of the Companies Act, 2013.

The accompanying notes 1 to 48 are an integral part of the fi nancial statements

In terms of our report aĴ ached	For and on behalf of the Board of Directors of IFB Industries Limited
For DeloiĴ e Haskins & Sells Chartered Accountants	Joint Executive Chairman and Managing Director Managing Director and Chief Executive Offi cer, Home Appliances Division Managing Director and Chief Executive Offi cer, Engineering Division	Bikramjit Nag Rajshankar Ray Partha Sen
Abhij it Bandyopadhyay	Director and Chief Financial Offi cer Company Secretary	Prabir ChaĴ erjee G. Ray Chowdhury
Partner Kolkata 14 June 2021	Goa / Kolkata 14 June 2021

Standalone Cash Flow Statement

		For the year ended 31 March 2021	For the year ended 31 March 2020
		Rs. in Lacs	Rs. in Lacs
A.	Cash fl ows from operating activities
	Profi t before tax	9,954	2,970
	Adjustments for:
	Depreciation and amortisation expense	9,911	8,898
	(Gain)/Loss on disposal of property, plant and equipment	(13)	3
	Exceptional Loss of inventory due to fi re	–	1,157
	Write-off of property, plant and equipment	153	88
	Write-off of debts/ advances	18	57
	Allowances for doubtful debts and advances	104	76
	Dividend from investments in mutual fund	(23)	(331)
	Net loss/(gain) on disposal of mutual funds measured at fair value through statement of profi t and loss (FVTPL)	(98)	76
	Write back of liabilities no longer required	(118)	(57)
	Write back of provision on assets no longer required	(3)	(47)
	Unrealised exchange loss / (gain)	(888)	1,346
	Interest income on fi nancial assets	(443)	(312)
	Net gain arising on mutual funds measured at FVTPL	(783)	(101)
	Net (gain)/loss arising on derivative instruments measured at FVTPL	974	(1,413)
	Income in respect to deferred revenue from government grant	(12)	–
	Finance costs	2,665	1,255
	Operating profi t before working capital changes	21,398	13,665
	Adjustments for:
	Trade payables	19,041	1,839
	Provisions	(530)	374
	Other fi nancial liabilities	201	151
	Other liabilities	2,982	1,051
	Trade receivables	(5,935)	2,607
	Other fi nancial assets	(288)	(313)
	Other assets	208	(2,906)
	Loans	6	–
	Inventories	(7,725)	1,013
	Cash generated from operations	29,358	17,481
	Income tax paid (net of refunds)	(643)	(953)
	Net cash generated from operating activities	28,715	16,528
B.	Cash fl ows from investing activities
	Purchase of property, plant and equipment	(9,177)	(21,173)
	Sale of property, plant and equipment	139	1
	Investment in equity shares of a company (other than subsidary)	(225)	–
	Government grant received (Refer note 46)	1,702	–
	Investment in equity shares of a subsidary (Refer note 45)	(1,430)	–
	Consideration paid for business combination	–	(3,650)
	Purchase of current investments (mutual funds)	(74,921)	(57,091)
	Sale of current investments (mutual funds)	65,281	44,893
	Increase in bank balances (with maturity more than 12 months)	(77)	496
	Interest income on fi nancial assets	483	297
	Net cash used in investing activities	(18,225)	(36,227)

Standalone Cash Flow Statement

	For the year ended 31 March 2021	For the year ended 31 March 2020
	Rs. in Lacs	Rs. in Lacs
C. Cash fl ows from fi nancing activities
Proceeds from borrowing	9,041	49,528
Repayment of borrowing	(14,806)	(23,534)
Lease rent paid - principal portion	(3,034)	(2,713)
Lease rent paid - interest portion	(135)	(130)
Finance costs	(2,161)	(351)
Net cash generated from / (used in) fi nancing activities	(11,095)	22,800
Net change in cash and cash equivalents (A+B+C)	(605)	3,101
Cash and cash equivalents at the beginning of the year	10,140	7,039
Cash and cash equivalents at the end of the year [refer note 12]	9,535	10,140

Note :

The above cash fl ow statement has been prepared under the "Indirect Method" as set out in Ind AS 7 - Statements of Cash Flow.
Pursuant to business combinations, the fair value of the following assets and liabilities assumed as at the date of acquisition has been adjusted in the respective places in the Statement of Cash Flow :

Property, plant and equipment	–	4,085
Inventories	–	248
Loans	–	1
Trade receivables	–	66
Other assets	–	7
Trade payables	–	279
Other liabilities	–	38
Other fi nancial liability	–	3
Provisions	–	65

The accompanying notes 1 to 48 are an integral part of the fi nancial statements

In terms of our report aĴ ached For DeloiĴ e Haskins & Sells Chartered Accountants	For and on behalf of the Board of Directors of IFB Industries Limited Joint Executive Chairman and Managing Director Managing Director and Chief Executive Offi cer, Home Appliances Division Managing Director and Chief Executive Offi cer, Engineering Division	Bikramjit Nag Rajshankar Ray Partha Sen
Abhij it Bandyopadhyay Partner Kolkata 14 June 2021	Director and Chief Financial Offi cer Company Secretary Goa / Kolkata 14 June 2021	Prabir ChaĴ erjee G. Ray Chowdhury

1A. BACKGROUND :

IFB Industries Limited ("the Company") is a Listed Public Limited Company having its registered offi ce in Kolkata. The Company is engaged in the business of manufacturing of fi ne blanked components and in manufacturing and trading of home appliances.

1B. SIGNIFICANT ACCOUNTING POLICIES :

a. Statement of compliance

The standalone fi nancial statements have been prepared in accordance with Indian Accounting Standards (Ind ASs) notifi ed under Companies (Indian Accounting Standards) Rules, 2015.These fi nancial statements have also been prepared in accordance with the relevant presentation requirements of the Companies Act, 2013.

Except for the changes below, the company has consistently applied accounting policies to all periods.

i) The Company has adopted the amendments to Ind AS 116 for the fi rst time in the current year. The amendments provide practical relief to lessees in accounting for rent concessions occurring as a direct consequence of Covid-19, by introducing a practical expedient to Ind AS 116. The practical expedient permits a lessee to elect not to assess whether a Covid-19 related rent concession is a lease modifi cation. A lessee that makes this election shall account for any change in lease payments resulting from the Covid-19 related rent concession the same way it would account for the charge applying Ind AS 116 if the change were not a lease modifi cation.

The practical expedient applies only to rent concessions occurring as a direct consequence of Covid-19 and only if all of the following conditions are met:

a. The change in lease payments results in revised consideration for the lease that is substantially same as, or less than, the consideration for the lease immediately preceding the change;
b. Any reduction in lease payments aff ects only payments originally due on or before 30 June 2021 (a rent concession meets this condition if it results in reduced lease payments on or before 30 June 2021 and increased lease payments that extend beyond 30 June 2021); and
c. There is no substantive change to other terms and conditions of the lease.

The company has applied the practical expedient retrospectively to all eligible rent concessions and has not restated prior period fi gures.

ii) The Company has adopted the amendments to Ind AS 1 and Ind AS 8 for the fi rst time in the current year. The amendments make the defi nition of material in Ind AS 1 easier to understand and are not intended to alter the underlying concept of materiality in Ind ASs. The concept of 'obscuring' material information with immaterial information has been included as part of the new defi nition. The threshold for materiality infl uencing users has been changed from 'could infl uence' to 'could reasonably be expected to infl uence'. The defi nition of material in Ind AS 8 has been replaced by a reference to the defi nition of material in Ind AS 1. In addition, the MCA amended other standards that contain the defi nition of 'material' or refer to the term 'material' to ensure consistency.

The adoption of the amendments has not had any material impact on the disclosures or on amounts reported in these fi nancial statements.

b. Basis of preparation

The standalone fi nancial statements are prepared in accordance with the historical cost convention, except for certain items that are measured at fair values at the end of each reporting period, as explained in the accounting policies. Historical cost is generally based on the fair value of the consideration given in exchange for goods and services.

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, regardless of whether that price is directly observable or estimated using another valuation technique. In estimating the fair value of an asset or a liability, the Company takes into account the characteristics of the asset or liability if market participants would take those characteristics into account when pricing the asset or liability at the measurement date. Fair value for measurement and/or disclosure purposes in these fi nancial statements is determined on such a basis, except measurements that have some similarities to fair value but are not fair value, such as net realisable value in Ind AS 2 – Inventories or value in use in Ind AS 36 – Impairment of Assets.

In addition, for fi nancial reporting purposes, fair value measurements are categorised into Level 1, 2 or 3 based on the degree to which the inputs to the fair value measurements are observable and the signifi cance of the inputs to the fair value measurement in its entirety, which are described as follows:

Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company can access at the measurement date;
Level 2 inputs are inputs, other than quoted prices included within Level 1, that are observable for the asset or liability, either directly or indirectly; and
Level 3 inputs are unobservable inputs for the asset or liability.

The preparation of fi nancial statements in conformity with Ind AS requires management to make judgements, estimates and assumptions (such estimates and judgements are renewed every year) that aff ect the application of the accounting policies and the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the fi nancial statements, and the reported amounts of revenues and expenses during the year. Actual results could diff er from those estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision aff ects only that period; they are recognised in the period of the revision and future periods if the revision aff ects both current and future periods.

All assets and liabilities have been classifi ed as current or non-current as per Company's normal operating cycle and other criteria set out in Schedule III to the Companies Act 2013 and Ind AS 1- Presentation of Financial Statements based on the nature of products and the time between the acquisition of assets for processing and their realisation in cash and cash equivalents.

c. Going Concern

The directors have, at the time of approving the fi nancial statements, a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing the fi nancial statements.

d. Revenue recognition

Revenue from contract with customers is recognised when the Company satisfi es performance obligation by transferring promised goods and services to the customer. Performance obligations are satisfi ed at a point of time or over a period of time. Performance obligations satisfi ed over a period of time are recognised as per the terms of relevant contractual agreements/ arrangements. Performance obligations are said to be satisfi ed at a point of time when the customer obtains controls of the asset.

Revenue is measured based on transaction price, which is the fair value of the consideration received or receivable, stated net of discounts, returns, value added tax and goods and services tax. Transaction price is recognised based on the price specifi ed in the contract, net of the estimated sales incentives/ discounts. Accumulated experience is used to estimate and provide for the discounts/ right of return, using the expected value method.

Revenue from services rendered over a period of time, such as annual maintenance contracts, are recognised on straight line basis over the period or as per the terms of the contract.

Dividend income from investments is recognised when the shareholder's right to receive dividend has been established provided that it is probable that the economic benefi ts will fl ow to the company and the amount of income can be measured reliably.

Interest income from fi nancial assets is recognized when it is probable that the economic benefi t will fl ow to the company and the amount can be measured reliably. Interest income is accrued on time basis, by reference to the principle outstanding and at the eff ective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the fi nancial asset to that asset's net carrying amount on initial recognition.

Rental income from operating leases is accounted for on a straight-line basis over the lease term.

e. Property, plant and equipment

Property, plant and equipment are stated at cost of acquisition or construction less accumulated depreciation and impairment, if any.

Cost is inclusive of inward freight, duties and taxes and incidental expenses related to acquisition. In respect of major projects involving construction, related pre-operational expenses form part of the value of assets capitalised. Expenses capitalised also include applicable borrowing costs for qualifying assets, if any. All upgradation / enhancements are charged off as revenue expenditure unless they bring signifi cant additional benefi ts.

Properties in course of construction for production, supply or administrative purposes, or for purposes not yet determined, are carried at cost, less any recognised impairment loss. Cost includes professional fees and, for qualifying assets, borrowing costs capitalised in accordance with Company's policy. Depreciation on these assets commences when they are ready for their intended use.

Depreciation on property, plant and equipment has been provided on the straight-line method less residual values as per the useful life prescribed in Schedule II to the Companies Act, 2013 except in respect of the tools and moulds, in whose case the life of the assets has been assessed as 5 years based on technical advice, taking into account the nature of the asset, the estimated usage of the asset, the operating conditions of the asset, past history of replacement, anticipated technological changes, manufacturers warranties and maintenance support, etc. Depreciation commences when the assets are ready for their intended use.

Freehold land is not depreciated.

The estimated useful lives, residual values and depreciation method are reviewed at the end of each reporting period, with the eff ect of any changes in estimate accounted for on a prospective basis.

Buildings	30 years
Buildings (Roads and Fences)	5 years
Plant and equipment	10 – 15 years
Plant and equipment (Tools and Moulds)	5 years
Furniture and fi xtures	10 years
Offi ce equipment	5 years
Vehicles	8 years
Computers	3-6 years

The estimated useful lives of property, plant and equipment of the Company are as follows:

An item of property, plant and equipment is derecognised upon disposal or when no future economic benefi ts are expected to arise from the continued use of the asset. Any gain or loss arising on the disposal or retirement of an item of property, plant and equipment is determined as the diff erence between the sales proceeds and the carrying amount of the asset and is recognised in the standalone statement of profi t and Loss.

f. Investment property

Investment property are properties held to earn rentals and/or for capital appreciation (including property under construction for such purposes). Investment properties are measured initially at cost, including transaction costs. Subsequent to initial recognition, investment properties are measured in accordance with Ind AS 16 – Property, Plant and Equipment requirement for cost model, other than those that meet the criteria to be classifi ed as held for sale (or are included in a disposal group that is classifi ed as held for sale) in accordance with Ind AS 105 – Non-current Assets Held for Sale and Discontinued Operations.

An investment property is derecognised upon disposal or when the investment property is permanently withdrawn from use and no future economic benefi ts are expected from the disposal. Any gain or loss arising on de-recognition of the property (calculated as the diff erence between the net disposal proceeds and the carrying amount of the asset) is included in standalone statement of profi t and loss in the period in which the property is derecognised.

g. Intangible assets

Intangible assets that the Company acquires separately and from which it expects future economic benefi ts are capitalised upon acquisition and measured initially at cost comprising the purchase price (including import duties and non-refundable taxes) and directly aĴ ributable costs to prepare the asset for its intended use.

Internally generated assets for which the cost is clearly identifi able are capitalised at cost. All directly aĴ ributable expenditure incurred to prepare the asset for its intended use are recognised as the cost of such assets.

Research expenditure is recognised as an expense when it is incurred. Development costs are capitalised only aĞ er the technical and commercial feasibility of the asset for sale or use has been established. All directly aĴ ributable expenditure incurred to prepare the asset for its intended use are recognised as the cost of such assets.

Internally generated brands, websites and customer lists are not recognised as intangible assets.

The useful life of an intangible asset is considered fi nite where the rights to such assets are limited to a specifi ed period of time by contract or law (e.g., patents, licences, trademarks, franchise and servicing rights) or the likelihood of technical, technological obsolescence (e.g., computer soĞ ware, design, prototypes) or commercial obsolescence (e.g., lesser known brands are those to which adequate marketing support may not be provided).

Intangible assets that have fi nite lives are amortised over their estimated useful lives by the straight-line method unless it is practical to reliably determine the paĴ ern of benefi ts arising from the asset. An intangible asset with an indefi nite useful life is not amortised.

The estimated useful lives of intangible assets of the Company are as follows:
--------------------------------------------------------------------------------	--

Computer soĞ ware	3 years
Technical knowhow	5 years / 7 years
Brand	5 years
Non-Compete Agreement	10 years

All intangible assets are tested for impairment. Amortisation expenses and impairment losses and reversal of impairment losses are taken to the standalone statement of profi t and Loss. Thus, aĞ er initial recognition, an intangible asset is carried at its cost less accumulated amortisation and / or impairment losses.

The useful lives of intangible assets are reviewed annually to determine if a reset of such useful life is required for assets with fi nite lives and to confi rm that business circumstances continue to support an indefi nite useful life assessment for assets so classifi ed. Based on such review, the useful life may change or the useful life assessment may change from indefi nite to fi nite. The impact of such changes is accounted for as a change in accounting estimate.

An intangible asset is derecognised on disposal or when no future economic benefi ts are expected from use or disposal. Gains or losses from derecognitions are measured as the diff erence between the net disposal proceeds and the carrying amount of the assets, and are recognised in profi t or loss when the asset is derecognised.

h. Impairment of tangible and intangible assets

At the end of each reporting period, the Company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suff ered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). When it is not possible to estimate the recoverable amount of an individual asset, the Company estimates the recoverable amount of the cash-generating unit (CGU) to which the asset belongs.

Intangible assets with indefi nite useful lives and intangible assets not yet available for use are tested for impairment at least annually, and whenever there is an indication that the asset may be impaired.

Recoverable amount is the higher of fair value less costs of disposal and value in use. In assessing value in use, the estimated future cash fl ows are discounted to their present value using a pre-tax discount rate that refl ects current market assessments of the time value of money and the risks specifi c to the asset for which the estimates of future cash fl ows have not been adjusted.

If the recoverable amount of an asset (or CGU) is estimated to be less than it's carrying amount, the carrying amount of the asset (or CGU) is reduced to its recoverable amount. An impairment loss is recognised immediately in the standalone statement of profi t and loss.

When an impairment loss subsequently reverses, the carrying amount of the asset (or a CGU) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or CGU) in prior years. A reversal of an impairment loss is recognised immediately in standalone statement of profi t and loss.

i. Borrowing costs

Borrowing costs directly aĴ ributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale

Investment income earned on the temporary investment of specifi c borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalisation.

All other borrowing costs are recognised in the standalone statement of profi t and loss in the period in which they are incurred.

j. Foreign currency transactions

The functional and presentation currency of the Company is Indian Rupee.

Foreign currency transactions are recorded at the exchange rate prevailing on the date of the respective transactions. Gains / losses arising on foreign currency transactions seĴ led during the year are recognised in the standalone statement of profi t and loss.

At each reporting date, monetary assets and liabilities that are denominated in foreign currencies are retranslated

at the rates prevailing at that date. Exchange diff erences arising on translation of monetary items are recognised in the standalone statement of profi t and loss except for exchange diff erences on foreign currency borrowings relating to assets under constructions for future productive use, which are included in the cost of the assets when they are regarded as an adjustment to interest costs on these foreign currency borrowings.

Exchange diff erences arising on monetary items that, in substance, form part of the Company's net investment in a foreign operation (having a functional currency other than Indian Rupee) are accumulated in foreign currency translation reserve.

Non-monetary items denominated in foreign currency are carried at cost.

k. Derivatives

The Company enters into derivative fi nancial instruments, primarily foreign exchange forward contracts and currency swaps to manage its exposure to foreign exchange risks.

Derivatives are initially recognised at fair value and are subsequently re-measured to their fair value at the end of each reporting period. The resulting gains / losses is recognised in the standalone statement of profi t and loss.

l. Investment in subsidiaries

Investment in subsidiaries are carried at cost less accumulated impairment, if any.

m. Inventories

Inventories are valued at the lower of cost and net realisable value. Costs of inventories are determined using weighted average method. Cost comprises expenditure incurred in the normal course of business in bringing such inventories to its present location and condition and includes, where applicable, appropriate overheads based on normal level of activity. Net realisable value represents the estimated selling price for inventories less all estimated costs of completion and costs necessary to make the sale.

Obsolete, slow moving and defective inventories are identifi ed from time to time and, where necessary, a provision is made for such inventories.

n. Employee benefi ts

Retirement benefi t costs

Contribution payable for provident fund and superannuation fund, which are defi ned contribution schemes are recognised as an employee benefi t expense in the standalone statement of profi t and loss.

For retirement benefi t - defi ned benefi t plan i.e. gratuity, other long-term employee benefi ts i.e., leave encashment and sick leave, the cost of providing benefi ts is determined using the projected unit credit method, with actuarial valuations being carried out at the end of each annual reporting period.

Re-measurement, comprising actuarial gains and losses and the return on plan assets (excluding net interest), is refl ected immediately in the balance sheet with a charge or credit in other comprehensive income for gratuity and standalone statement of profi t and loss for leave encashment and sick leave in the period in which they occur.

Re-measurement recognised in other comprehensive income is refl ected immediately in retained earnings and is not reclassifi ed to profi t and loss. Net interest is calculated by applying the discount rate at the beginning of the period to the net defi ned benefi t liability or asset. Defi ned benefi t costs are categorised as follows:

service cost (including current service cost, past service cost, as well as gains and losses on curtailments and seĴ lements);
net interest expense or income; and
re-measurement

The Company presents the fi rst two components of defi ned benefi t costs in profi t and loss in the line item 'Employee benefi ts expense'.

The retirement benefi t obligation recognised in the balance sheet represents the actual defi cit or surplus in the Company's defi ned benefi t plans. Any surplus resulting from this calculation is limited to the present value of any economic benefi ts available in the form of reductions in future contributions to the plans.

Short-term employee benefi ts

A liability is recognised for benefi ts accruing to employees in respect of wages and salaries.

Liabilities recognised in respect of short-term employee benefi ts are measured at the undiscounted amount of the benefi ts expected to be paid in exchange for the related service.

o. Taxation

Tax expenses comprises current and deferred tax.

Current tax

Current tax is measured at the amount expected to be paid to tax authorities in accordance with the Income Tax Act, 1961. The Company's current tax is calculated using tax rates and tax laws that have been enacted during the period, together with any adjustment to tax payable in respect of previous years. Current tax assets and tax liabilities are off set where the entity has a legally enforceable right to off set and intends either to seĴ le on net basis, or to realise the asset and seĴ le the liability simultaneously.

Deferred tax

Deferred tax is recognised on temporary diff erences between the carrying amounts of assets and liabilities in the fi nancial statements and the corresponding tax bases used in the computation of taxable profi t. Deferred tax liabilities are generally recognised for all taxable temporary diff erences. Deferred tax assets are generally recognised for all deductible temporary diff erences to the extent that it is probable that taxable profi ts will be available against which those deductible temporary diff erences can be utilised. Such deferred tax assets and liabilities are not recognised if the temporary diff erence arises from the initial recognition of assets and liabilities in a transaction that aff ects neither the taxable profi t nor the accounting profi t.

The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that suffi cient taxable profi ts will be available to allow all or part of the asset to be recovered.

Deferred tax liabilities and assets are measured at the tax rates that are expected to apply in the period in which the liability is seĴ led or the asset realised, based on tax rates and tax laws that have been enacted or substantively enacted by the end of the reporting period.

Income tax, in so far as it relates to items disclosed under other comprehensive income or equity, are disclosed separately under other comprehensive income or equity, as applicable.

Deferred tax assets and liabilities are off set when there is legally enforceable right to off set current tax assets and liabilities and when the deferred tax balances related to the same taxation authority.

Minimum Alternate Tax (MAT) credit entitlement is recognised only to the extent there is convincing evidence that the Company will pay normal tax during the period specifi ed by the Income Tax Act, 1961. In the year in which the MAT credit becomes eligible to be recognised as an asset, the said asset is created by way of credit to the standalone statement of profi t and loss. The Company reviews the same at each balance sheet date and writes down the carrying amount of MAT credit entitlement to the extent there is no longer convincing evidence to the eff ect that the Company will pay normal income tax during the specifi ed period.

p. Government grants

Government grants are recognised when there is reasonable assurance that the grant will be received, and the Company will comply with the conditions aĴ ached to the grant. Accordingly, government grants:

a) related to or used for assets are included in the Balance Sheet as deferred income and recognised as income over the useful life of the assets.
b) related to incurring specifi c expenditures are taken to the standalone statement of profi t and loss on the same basis and in the same periods as the expenditures incurred.
c) by way of fi nancial assistance on the basis of certain qualifying criteria are recognised as they become receivable.

q. Warranties

Warranty costs are estimated by the Management on the basis of a technical evaluation and based on specifi c warranties, claims and claim history. Provision is made for estimated liability in respect of warranty cost in the year of sale of goods. Warranty provisions are measured at discounted amounts. The Company discounts its provision for warranty to present value at reporting dates. Consequently, the unwinding of discount is recognised in the standalone statement of profi t and loss.

Provision for warranty is expected to be utilised over a period of one to fi ve years.

r. Provisions and contingent liabilities

The Company recognises a provision when there is a present obligation as a result of an obligating event that probably requires outfl ow of resources and a reliable estimate can be made of the amount of the obligation. When some or all of the economic benefi ts required to seĴ le a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably. When a provision is measured using the cash fl ows estimated to seĴ le the present obligation, it's carrying amount is the present value of those cash fl ows (when the eff ect of the time value of money is material).

A disclosure of a contingent liability is made when there is a possible obligation or a present obligation that may, but probably will not, require an outfl ow of resources. When there is a possible obligation or a present obligation and the likelihood of outfl ow of resources is remote, no provision or disclosure of contingent liability is made.

s. Leasing

i. Company as a lessee

The Company assesses whether a contract is or contains a lease, at the inception of a contract. A contract is, or contains, a lease if the contract conveys the right to control the use of an identifi ed asset for a time in exchange for a consideration.

The Company recognises a right-of-use asset and corresponding lease liability at the lease commencement date with respect to all lease arrangements in which it is a lessee, except for short- term leases (defi ned as leases with a lease term of 12 months or less) and leases of low value assets. For these leases, the Company recognises the lease payments as an operating expense on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time paĴ ern in which economic benefi ts from the leased assets are consumed. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received.

The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the end of the lease term and evaluated for any impairment losses.

The Company applies Ind AS 36 to determine whether a right-of-use asset is impaired and accounts for any identifi ed impairment loss as described in the policy for 'Property, Plant and Equipment'.

Whenever the Company incurs an obligation for costs to dismantle and remove leased assets, restore the site on which it is located or restore the underlying asset to the condition required by the terms and conditions of the lease, a provision is recognised and measured under Ind AS 37. To the extent those costs relate to a right- of-use asset, the costs are included in the right-of-use asset, unless the costs are incurred to produce inventories.

The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the Company's incremental borrowing rate. It is re-measured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in the Company's estimate of the amount expected to be payable under a residual value guarantee, or if the Company changes its assessment of whether it will exercise a purchase, extension or termination option. When the lease liability is re-measured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset or is recorded in statement of profi t and loss if the carrying amount of the right-of-use asset has been reduced to zero.

Variable rents that do not depend on an index or rate are not included in the measurement of the lease liability and right-of-use asset. The related payments are recognised as an expense in the period in which the event or condition that triggers those payments occurs and are presented in the line 'Other Expenses' in the statement of profi t and loss.

The right-of-use assets and lease liabilities are presented as a separate line item in the standalone balance sheet.

ii. Company as a lessor

Leases for which the Company is a lessor are classifi ed as fi nance or operating leases. Whenever, the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee, the contract is classifi ed as a fi nance lease. All other leases are classifi ed as operating leases.

Lease receipts under operating leases are recognised as an income, on a straight-line basis in the statement of profi t and loss over the lease term except where the lease payments are structured to increase in line with expected general infl ation.

The Company does not has any fi nance lease arrangements.

t. Operating segments

Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker (CODM). The CODM, who is responsible for allocating resources and assessing performance of the operating segments, has been identifi ed as the Board of Directors.

Segments are organised based on business which have similar economic characteristics as well as exhibit similarities in nature of products and services off ered, the nature of production processes, the type and class of customer and distribution methods.

Segment revenue arising from third party customers is reported on the same basis as revenue in the fi nancial statements. Inter-segment revenue is reported on the basis of transactions which are primarily market led. Segment results represent profi ts before fi nance charges, unallocated expenses and taxes.

"Unallocated Expenses" represents revenue and expenses aĴ ributable to the enterprise as a whole and are not aĴ ributable to segments.

u. Financial instruments

A fi nancial instrument is any contract that gives rise to a fi nancial asset of one entity and a fi nancial liability or equity instrument of another entity. Financial assets and fi nancial liabilities are recognised when the Company becomes a party to the contractual provisions of the instruments. Financial assets and fi nancial liabilities are initially measured at fair value except for trade receivables that do not have a signifi cant fi nancing component which are measured at transaction price.

Transaction costs that are directly aĴ ributable to the acquisition or issue of fi nancial assets and fi nancial liabilities (other than fi nancial assets and fi nancial liabilities at fair value through standalone statement of profi t and loss) are added to or deducted from the fair value of the fi nancial assets or fi nancial liabilities, as appropriate, on initial recognition. Transaction costs directly aĴ ributable to the acquisition of fi nancial assets or fi nancial liabilities at fair value through profi t and loss are recognised immediately in the statement of profi t and loss.

Financial assets and liabilities are off set and the net amount is included in the balance sheet where there is a legally enforceable right to off set the recognised amounts and there is an intention to seĴ le on a net basis or realise the asset and seĴ le the liability simultaneously.

v. Financial assets

All regular way purchases or sales of fi nancial assets are recognised and derecognised on a trade date basis. Regular way purchases or sales are purchases or sales of fi nancial assets that require delivery of assets within the time frame established by regulation or convention in the marketplace.

All recognised fi nancial assets are subsequently measured in their entirety at either amortised cost or fair value, depending on the classifi cation of the fi nancial assets.

Classifi cation

Management determines the classifi cation of an asset at initial recognition depending on the purpose for which the assets were acquired. The subsequent measurement of fi nancial assets depends on such classifi cation.

Financial assets are classifi ed as those measured at:

(a) Amortised cost, where the fi nancial assets are held solely for collection of cash fl ows arising from payments of principal and / or interest.
(b) Fair value through other comprehensive income, where the fi nancial assets are held not only for collection of cash fl ows arising from payments of principal and interest but also from the sale of such assets. Such assets are subsequently measured at fair value, with unrealised gains and losses arising from changes in the fair value being recognised in other comprehensive income.
(c) Fair value through statement of profi t and loss, where the assets are managed in accordance with an approved investment strategy that triggers purchase and sale decisions based on their fair value of such assets. Such assets are subsequently measured at fair value, with unrealised gains and losses arising from changes in the fair value being recognised in the standalone statement of profi t and loss in the period in which they arise

Trade receivables, cash and cash equivalents, other bank balances, loans and other fi nancial assets are classifi ed for measurement at amortised cost. Derivative instruments are measured at fair value through statement of profi t and loss while investments may fall under any of the aforesaid classes. However, in respect of particular investments in equity instruments that would otherwise be measured at fair value through profi t and loss, an irrevocable election at initial recognition may be made to present subsequent changes in fair value through other comprehensive income.

interest income over the relevant period. The eff ective interest rate is the rate that exactly discounts estimated future cash receipts (including all fees and points paid or received that form an integral part of the eff ective interest rate, transaction costs and other premiums or discounts) through the expected life of the debt instrument, or, where appropriate, a shorter period, to the net carrying amount on initial recognition.

Recognition

Financial assets include investments, trade receivables, derivative instruments, cash and cash equivalents, other bank balances, loans and other fi nancial assets. Such assets are initially recognised at transaction price when the Company becomes party to contractual obligations. The transaction price includes transaction costs unless the asset is being fair valued through the standalone statement of profi t and loss.

Impairment

At each reporting date a fi nancial asset such as investment, trade receivable, loans and other fi nancial assets held at amortised cost and fi nancial assets that are measured at fair value through other comprehensive income are tested for impairment based on evidence or information that is available without undue cost or eff ort. Expected credit loss is assessed and loss allowance is recognised if the credit quality of that fi nancial asset has deteriorated signifi cantly since initial recognition.

Loss allowances for fi nancial assets measured at amortised cost are deducted from the gross carrying amount of the assets. For debt securities at fair value through other comprehensive income, the loss allowance is recognised in other comprehensive income and is not reduced from the carrying amount of the fi nancial asset in the balance sheet.

The gross carrying amount of a fi nancial asset is wriĴ en off (either partially or in full) to the extent that there is no realistic prospect of recovery. This is generally the case when the Company determines that the trade receivable does not have assets or sources of income that could generate suffi cient cash fl ows to repay the amounts subject to the write-off . However, fi nancial assets that are wriĴ en off could still be subject to enforcement activities under the Company's recovery procedures, taking into account legal advice where appropriate. Any recoveries made are recognised in standalone statement of profi t and loss.

Reclassifi cation

When and only when the business model is changed the Company shall reclassify all aff ected fi nancial assets prospectively from the reclassifi cation date as subsequently measured at amortised cost, fair value through other comprehensive income, fair value through standalone statement of profi t and loss without restating the previously recognised gains, losses or interest and in terms of the reclassifi cation principles laid down in the Ind AS relating to Financial instruments.

De-recognition

Financial assets are derecognised when the right to receive cash fl ows from the assets has expired, or has been transferred, and the Company has transferred substantially all of the risks and rewards of ownership. Consequently, if the asset is one that is measured at

(a) Amortised cost, the gain or loss is recognised in the standalone statement of profi t and loss.
(b) Fair value through other comprehensive income, the cumulative fair value adjustments previously taken to reserves are reclassifi ed to the standalone statement of profi t and loss unless the asset represents an equity investment in which case the cumulative fair value adjustments previously taken to reserves is reclassifi ed within equity.

w. Financial liabilities and equity instruments

Classifi cation:

Debt and equity instruments issued by the Company are classifi ed as either fi nancial liabilities or as equity in

accordance with the substance of the contractual arrangements and the defi nitions of a fi nancial liability and an equity instrument.

Equity instruments

An equity instrument is any contract that evidences a residual interest in the assets of an entity aĞ er deducting all of its liabilities. Equity instruments issued by a company are recognised at the proceeds received.

Financial liabilities

Borrowings, trade payables and other fi nancial liabilities are initially recognised at the value of the respective contractual obligations. They are subsequently measured at amortised cost. Any discount or premium on redemption / seĴ lement is recognised in the standalone statement of profi t and loss as fi nance cost over the life of the liability using the eff ective interest method and adjusted to the liability fi gure disclosed in the balance sheet.

Financial liabilities are derecognised when the liability is extinguished, that is, when the contractual obligation is discharged, cancelled and on expiry

x. Earning per share

Basic earnings per share are calculated by dividing the profi t and loss for the year aĴ ributable to shareholders by the weighted average number of shares outstanding during the year. For the purpose of calculating diluted earnings per share, the profi t and loss for the year aĴ ributable to shareholders and weighted average number of shares outstanding during the year is adjusted for the eff ects of all dilutive potential shares.

y. Goodwill

Goodwill is not amortised but is reviewed for impairment at least annually.

Goodwill arising on an acquisition of a business is carried at cost as established at the date of acquisition of the business less accumulated impairment losses, if any.

For the purposes of impairment testing, goodwill is allocated to each of the Company's cash-generating units (or groups of cash-generating units) that is expected to benefi t from the synergies of the combination. A cashgenerating unit to which goodwill has been allocated is tested for impairment annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than its carrying amount, the impairment loss is allocated fi rst to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata based on the carrying amount of each asset in the unit. Any impairment loss for goodwill is recognised directly in the statement of profi t and loss. An impairment loss recognised for goodwill is not reversed in subsequent periods. On disposal of the relevant cash-generating unit, the aĴ ributable amount of goodwill is included in the determination of the profi t or loss on disposal.

z. Business combinations

Acquisitions of businesses are accounted for using the acquisition method. The consideration transferred in a business combination is measured at fair value, which is calculated as the diff erence between the assets acquired by the Company and liabilities assumed by the Company at the acquisition-date.

Acquisition related costs are generally recognised in the statement of profi t and loss as incurred. The identifi able assets acquired and liabilities assumed are recognised at fair value except deferred tax assets or liabilities and liabilities related to employee benefi t arrangements which are recognised and measured in accordance with Ind AS 12 and Ind AS 19 respectively.

Goodwill is measured as the excess of the sum of the consideration transferred over the net amounts of the identifi able assets acquired and the liabilities assumed at the acquisition date. If the net of the acquisitiondate amounts of the identifi able assets acquired and liabilities assumed exceeds the sum of the consideration

transferred, the excess, aĞ er reassessment, is recognised in capital reserve through other comprehensive income or directly depending on whether there exists clear evidence of the underlying reason for classifying the business combination as a bargain purchase.

Business combinations arising from acquisition of net assets from entities that are under common control are accounted for using the pooling of interest method. The diff erence between any consideration transferred and the aggregate historical carrying values of assets and liabilities of the acquired entity are recognised in shareholders' equity.

2. USE OF ESTIMATES AND JUDGEMENTS:

The preparation of fi nancial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that aff ect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the fi nancial statements and the results of operations during the reporting period end. Although these estimates are based upon management's best knowledge of current events and actions, actual results could diff er from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision aff ects only that period, or in the period of the revision and future periods if the revision aff ects both current and future periods.

In particular, information about the signifi cant areas of estimation, uncertainty and critical judgements in applying accounting policies that have the most signifi cant eff ect on the amounts recognised in the fi nancial statements are related to:

(i) Useful life of property, plant and equipment and intangible assets
(ii) Provision for product warranties
(iii) Provision for employee benefi ts
(iv) Fair value of fi nancial assets / liabilities
(v) Provisions and contingent liabilities
(vi) Estimation uncertainty relating to COVID 19 outbreaks

Useful life of property, plant and equipment and intangible assets

As described in the signifi cant accounting policies, the Company reviews the estimated useful lives of property, plant and equipment and intangible assets at the end of each reporting period. The Company is required to determine whether its intangible assets have indefi nite or fi nite life which is a subject maĴ er of judgement.

Provision for product warranties:

Provision is estimated in respect of warranty cost in the year of sale of goods and it represents the present value of the management's best estimate of the future outfl ow of economic benefi t that will be required under the company's obligation for warranties. It is estimated by the management on the basis of a technical evaluation and based on specifi c warranties, claims and claim history.

The determination of provision for product warranties takes into account assumptions which is a subject maĴ er of judgement.

Provision for employee benefi ts

The determination of Company's liability towards defi ned benefi t obligation and other long-term employee benefi ts to employees is made through independent actuarial valuation including determination of amounts to be recognised in the standalone statement of profi t and loss and in other comprehensive income. Such valuation depends upon assumptions determined aĞ er taking into account infl ation, seniority, promotion and other relevant factors such as supply and demand factors in the employment market. Information about such valuation is provided in notes to accounts.

Fair value measurements and valuation processes

Some of the Company's assets and liabilities are measured at fair value for fi nancial reporting purposes. In estimating the fair value of an asset or a liability, the Company uses market-observable data to the extent it is available. Where Level 1 inputs are not available, the Company engages third party qualifi ed valuers to perform the valuation, if required.

Provisions and contingent liabilities

The Company has ongoing litigations with various regulatory authorities and third parties. Where an outfl ow of funds is believed to be probable and a reliable estimate of the outcome of the dispute can be made based on management's assessment of specifi c circumstances of each dispute and relevant external advice, management provides for its best estimate of the liability. Such accruals are by nature complex and can take number of years to resolve and can involve estimation uncertainty.

Estimation uncertainty relating to COVID – 19 outbreaks

The Management has considered the possible eff ects, if any that may result from the pandemic relating to COVID-19 on the carrying amounts of assets. In developing the assumptions and estimates relating to the uncertainties as at the Balance Sheet date in relation to the recoverable amounts of these assets, the management has considered the global economic conditions prevailing as at the date of approval of these fi nancial statements, and has used internal and external sources of information to the extent determined by it. The actual outcome of these assumptions and estimates may vary in future due to the impact of the pandemic.

RECENT ACCOUNTING PRONOUNCEMENT :

On March 24, 2021, the Ministry of Corporate Aff airs ("MCA") through a notifi cation, amended Schedule III of the Companies Act, 2013. The amendments revise Division I, II and III of Schedule III and are applicable from April 1, 2021. Key amendments relating to Division II which relate to companies whose fi nancial statements are required to comply with Companies (Indian Accounting Standards) Rules 2015 are:

Balance Sheet :

(i) Lease liabilities should be separately disclosed under the head 'fi nancial liabilities', duly distinguished as current or non-current.
(ii) Certain additional disclosures in the statement of changes in equity such as changes in equity share capital due to prior period errors and restated balances at the beginning of the current reporting period.
(iii) Specifi ed format for disclosure of shareholding of promoters.
(iv) Specifi ed format for ageing schedule of trade receivables, trade payables, capital work-in-progress and intangible asset under development.
(v) If a company has not used funds for the specifi c purpose for which it was borrowed from banks and fi nancial institutions, then disclosure of details of where it has been used.
(vi) Specifi c disclosure under 'additional regulatory requirement' such as compliance with approved schemes of arrangements, compliance with number of layers of companies, title deeds of immovable property not held in name of company, loans and advances to promoters, directors, key managerial personnel (KMP) and related parties, details of benami property held etc.

Statement of profi t and loss :

Additional disclosures relating to Corporate Social Responsibility (CSR), undisclosed income and crypto or virtual currency specifi ed under the head 'additional information' in the notes forming part of the standalone fi nancial statements.

The amendments are extensive and the Company will evaluate the same to give eff ect to them as required by law.

												Rs. in Lacs
	3A. Property, plant and equipment
				Gross Block					Depreciation and amortisation		Net Book Value
	Particulars of Assets	April 2020 As at 01	sets acquired on Fair Value of as business combi nation	Additions	disposals ments / Adjust	As at 31 March 2021	01 April As at 2020	For the year	disposals ments / Adjust	31 March As at 2021	31 March As at 2021	31 March As at 2020
(a)	Land	506	–	–	–	506	–	–	–	–	506	506
	Land	506	–	–	–	506	–	–	–	–	506	506
	Previous year	506	–	–	–	506	–	–	–	–	506	506
	(b) Buildings	9,560	–	2,243	–	11,803	932	397	–	1,329	10,474	8,628
	Buildings	8,292	–	2,243	–	10,535	763	352	–	1,115	9,420	7,529
	R and D buildings	1,268	–	–	–	1,268	169	45	–	214	1,054	1,099
	Previous year	4,842	525	4,193	–	9,560	668	264	–	932	8,628	4,174
(c)	Plant and equipment	48,161	–	7,183	(348)	54,996	15,140	5,153	(84)	20,209	34,787	33,021
	Plant and equipment	46,156	–	7,170	(346)	52,980	14,547	4,979	(83)	19,443	33,537	31,609
	R and D plant and equipment	2,005	–	13	(2)	2,016	593	174	(1)	766	1,250	1,412
	Previous year	30,751	3,539	14,000	(129)	48,161	10,804	4,386	(50)	15,140	33,021	19,947
	(d) Furniture and fixtures	2,478	–	413	(25)	2,866	739	264	(14)	989	1,877	1,739
	Furniture and fixtures	2,122	–	404	(25)	2,501	623	229	(14)	838	1,663	1,499
	R and D furniture and fixtures	356	–	9	–	365	116	35	–	151	214	240
	Previous year	2,211	18	269	(20)	2,478	512	235	(8)	739	1,739	1,699
(e)	Vehicles	61	–	15	–	76	32	9	–	41	35	29
	Vehicles	33	–	15	–	48	20	6	–	26	22	13
	R and D vehicles	28	–	–	–	28	12	3	–	15	13	16
	Previous year	58	–	3	–	61	24	8	–	32	29	34
(f)	ffice equipment O	473	–	77	(8)	542	260	71	(6)	325	217	213
	ffice equipment O	465	–	77	(8)	534	254	70	(6)	318	216	211
	ffice equipment R and D o	8	–	–	–	8	6	1	–	7	1	2
	Previous year	390	–	87	(4)	473	196	68	(4)	260	213	194
	(g) Computers	1,375	–	253	(20)	1,608	758	242	(18)	982	626	617
	Computers	1,249	–	226	(20)	1,455	679	225	(18)	886	569	570
	R and D computers	126	–	27	–	153	79	17	–	96	57	47
	Previous year	1,068	3	308	(4)	1,375	538	223	(3)	758	617	530
Total		62,614	–	10,184	(401)	72,397	17,861	6,136	(122)	23,875	48,522	44,753
Total		58,823	–	10,135	(399)	68,559	16,886	5,861	(121)	22,626	45,933	41,937
	Total R and D	3,791	–	49	(2)	3,838	975	275	(1)	1,249	2,589	2,816
	Previous year	39,826	4,085	18,860	(157)	62,614	12,742	5,184	(65)	17,861	44,753	27,084
	Capital work–in–progress	700	–	1,693	(619)	1,774	–	–	–	–	1,774	700
	Previous year	1,659	–	688	(1,647)	700	–	–	–	–	700	1,659

1 R and D denotes research and development.

2 Certain portions of land and building have been given on operating lease.

										Rs. in Lacs
3B. Intangible assets
		Gross Block				Depreciation and amortisation			Net Book Value
	01 April As at 2020	Additions	ments / Adjust	March 2021 As at 31	01 April As at 2020	For the year	ments / Adjust	31 March As at 2021	31 March As at 2021	31 March As at 2020
Brand (a)	382	–	– disposals	382	111	76	– disposals	187	195	271
Brand	382	–	–	382	111	76	–	187	195	271
Previous year	382	–	–	382	35	76	–	111	271	347
(b) Computer soĞware	1,827	156	(2)	1,981	1,477	176	(2)	1,651	330	350
Computer soĞware	1,471	118	(2)	1,587	1,286	111	(2)	1,395	192	185
R and D computer soĞware	356	38	–	394	191	65	–	256	138	165
Previous year	1,527	302	(2)	1,827	1,076	403	(2)	1,477	350	451
Technical knowhow (c)	4,378	–	–	4,378	1,420	617	–	2,037	2,341	2,958
Technical knowhow	960	–	–	960	202	138	–	340	620	758
R and D technical knowhow	3,418	–	–	3,418	1,218	479	–	1,697	1,721	2,200
Previous year	2,416	1,962	–	4,378	950	470	–	1,420	2,958	1,466
(d) Non-compete agreement	617	–	–	617	90	62	–	152	465	527
Non-compete agreement	617	–	–	617	90	62	–	152	465	527
Previous year	617	–	–	617	28	62	–	90	527	589
Total	7,204	156	(2)	7,358	3,098	931	(2)	4,027	3,331	4,106
Total	3,430	118	(2)	3,546	1,689	387	(2)	2,074	1,472	1,741
Total R and D	3,774	38	–	3,812	1,409	544	–	1,953	1,859	2,365
Previous year	4,942	2,264	(2)	7,204	2,089	1,011	(2)	3,098	4,106	2,853
Intangible assets under development	96	165	(29)	232	–	–	–	–	232	96
Previous year	581	67	(552)	96	–	–	–	–	96	581

1 R and D denotes research and development

2 The amortisation of intangible assets is disclosed in the face of Statement of Profit and Loss under the heading "Depreciation and amortisation expenses"

3 None of the above stated intangible assets are intenally generated

4 The remaining useful life of significant intangible assets are as under:-

Description	Remaining useful life as at 31 March 2021
(a) Design Cost for washing machines	The entire net block would be amortised in 2 years.
(b) Engineering design and process for Industrial Launderete Equipments	The entire net block would be amortised in 5 years.
(c) Design cost of Motors	The entire net block would be amortised in 3 years.
(d) Brand	The entire net block would be amortised in 3 years.
(e) Non-compete agreement	The entire net block would be amortised in 8 years.
(f) Design cost for Air Conditioner	The entire net block would be amortised in 4 years.
(g) Design cost for Washer Dryer	The entire net block would be amortised in 4 years.

IFB INDUSTRIES LTD.

										Rs. in Lacs
3C. Right of use assets
		Gross Block				Depreciation and amortisation			Net Book Value
	01 April As at 2020	Additions	disposals ments / Adjust	March 2021 As at 31	01 April As at 2020	For the year	disposals ments / Adjust	31 March As at 2021	31 March As at 2021	31 March As at 2020
Right of use assets	9,511	3,497	(2,370)	10,638	2,703	2,844	(1,743)	3,804	6,834	6,808
Previous year	8,070	1,441	-	9,511	-	2,703	-	2,703	6,808	-
Total	9,511	3,497	(2,370)	10,638	2,703	2,844	(1,743)	3,804	6,834	6,808
Previous year	8,070	1,441	-	9,511	-	2,703	-	2,703	6,808	-

Right of use assets pertaining to 01 April, 2019 amounting to Rs. 8,070 lacs was recognised during 2019-20

4. Investment property

				Rs. in Lacs
		Gross Block / Net Book Value
Particulars	As at 01 April, 2020	Additions	Adjustments/ disposals	As at 31 March 2021
Land	11	–	–	11
Total	11	–	–	11

The Company's investment properties consist of lands in India and it includes an amount of Rs. 7 lacs (31 March 2020: Rs. 7 lacs) being assets given on an operating lease.
As at 31 March 2021 and 31 March 2020 the fair values of the properties are Rs. 645 lacs and Rs. 586 lacs respectively. These valuations are based on valuations performed by NagChowdhury Associates, an accredited independent valuer. NagChowdhury Associates is a specialist in valuing these types of investment properties. A valuation model (market approach) in accordance with that recommended by Indian Institute of Surveyors has been applied. The fair value measurement can be categorised into level 3 category. Moreover there has been no change in the valuation technique as compared to 31 March, 2020.
1. The Company has no restrictions on the realisability of its investment properties and no contractual obligations to either purchase, construct or develop investment properties or for repairs, maintenance and enhancements.
1. Information regarding income and expenditure of investment property:

	Year ended
Particulars	31 March 2021 Rs. in Lacs	31 March 2020 Rs. in Lacs
Rental income derived from investment property	6	6
Total profi t arising from investment property	6	6

5. Investments

		As at 31 March 2021		As at 31 March 2020
	Particulars		Current	Non Current		Current	Non Current
		Nos	Rs. in Lacs	Rs. in Lacs	Nos	Rs. in Lacs	Rs. in Lacs
(A)	INVESTMENT IN EQUITY INSTRUMENTS
	Unquoted investments (fully paid)
(i)	Investment in subsidiaries (at cost)
	- Trishan Metals Private Limited (equity shares of Rs. 10/- each)	2,34,74,020	–		2,630 1,20,00,000	–	1,200
	- Global Automotive & Appliances Pte. Ltd. (ordinary shares of USD. 1/- each)	47,55,625	–	2,160	47,55,625	–	2,160
(ii)	Investment in others (at fair value through statement of profit and loss unless otherwise stated)
	- Astrea Greentech Private Ltd (equity shares of Rs. 10/- each)	15,000	–	225		–	–
			–	5,015		–	3,360

5. Investments (Contd.)

			As at 31 March 2021			As at 31 March 2020
	Particulars		Current	Non Current		Current	Non Current
		Nos	Rs. in Lacs	Rs. in Lacs	Nos	Rs. in Lacs	Rs. in Lacs
(B)	INVESTMENT IN MUTUAL FUNDS
	At fair value through statement of profit and loss
a)	Aditya Birla Sun Life Saving Fund - Direct plan- growth (face value Rs 100/-)	2,93,986	1,255	–	–	–	–
b)	AXIS Liquid Fund - Direct plan- growth (face value Rs. 100/-)	4,377	100	–	56,970	1,256	–
c)	Edelweiss Arbitrage Fund - Growth plan (face value Rs 10/-)	54,62,724	860	–	–	–	–
d)	HDFC Liquid Fund - Direct plan-growth (face value Rs. 1000/-)	–	–	–	80,833	3,158	–
e)	HDFC low duration fund - Direct plan- growth (face value Rs /- 10)	13,38,232	637	–	–	–	–
f)	HDFC Money Market Fund - Direct plan- growth (face value Rs 1000/-)	20,036	896	–	–	–	–
g)	HDFC Short term Debt Fund - Dividend reinvestment-fortnightly (face value Rs. 10/-)	99,11,019	2,472	–	1,31,97,202	1,361	–
h)	ICICI Prudential Liquid - Direct plan - daily dividend (face value Rs.100/-)	–	–	–	9,77,276	978	–
i)	ICICI Prudential Money Market Fund Option - Direct plan daily dividend (face value Rs. 100/-)	–	–	–	14,44,108	1,446	–
j)	ICICI Prudential Liquid - Direct plan - growth (face value Rs 100/-)	5,62,495	1,714	–	12,84,678	3,774	–
k)	ICICI Prudential Ultra Short term fund - Direct plan - growth (face value Rs 10/- )	1,43,18,024	3,276	–	–	–	–
l)	ICICI Prudential money market fund - Direct plan - growth (face value Rs 100/-)	6,92,656	2,045	–	–	–	–
m)	ICICI Prudential Short term fund - Direct plan - growth (face value Rs 10/-)	45,80,803	2,227	–	–	–	–
n)	IDFC Arbitrage Fund - Direct plan - growth (face value Rs 10/-)	32,13,512	860	–	–	–	–
o)	Kotak Equity Arbitrage fund - Direct plan- growth (face value Rs 10/-)	28,22,760	855	–	55,15,321	1,603	–
p)	Kotak Bond Fund - Direct plan - growth (face value Rs 10/-)	15,83,113	688	–	–	–	–
q)	Kotak Money Market Fund - Direct plan - growth (face value Rs 1000/-)	20,778	724	–	–	–	–

5. Investments (Contd.)

			As at 31 March 2021		As at 31 March 2020
	Particulars		Current	Non Current		Current	Non Current
		Nos	Rs. in Lacs	Rs. in Lacs	Nos	Rs. in Lacs	Rs. in Lacs
r)	Kotak Floating Rate Fund - Direct plan- growth (face value Rs 1000/-)	88,645	1,026	–	–	–	–
s)	SBI Magnum Ultra Short Duration Fund - Growth plan - growth option (face value Rs. 1000/-)	13,621	643	–	–	–	–
t)	SBI Magnum Low Duration Fund - Direct plan - growth (face value Rs 2000/-)	1,33,824	3,741	–	–	–	–
u)	Trust MF Banking & PSU Debt Fund - Direct plan- growth (face value Rs 1000/-)	1,79,991	1,803	–	–	–	–
v)	UTI Arbitrage fund - Direct plan- growth (face value Rs 10/-)	–	–	–	62,35,374	1,704	–
Total			25,822	–		15,280	–
	Total investments		25,822	5,015		15,280	3,360
	Other disclosures
	Aggregate amount of unquoted investments		25,822	5,015		15,280	3,360
	Aggregate amount of impairment in value of		–	–		–	–

investments

Proportion of the ownership interest and voting rights held 100% 100% Method used to account for above stated subsidiary Cost Cost

Details of investment in subsidiaries :	As at 31 March 2021	As at 31 March 2020
1. Name	Trishan Metals Private	Trishan Metals Private Limited
	Limited
Principal place of business	West Bengal	West Bengal
Proportion of the ownership interest and voting rights held	100.00%	51.12%
Method used to account for above stated subsidiary	Cost	Cost
2. Name	Global Automotive & Appliances Pte. Ltd	Global Automotive & Appliances Pte. Ltd
Principal place of business	Singapore	Singapore
Proportion of the ownership interest and voting rights held	100%	100%

6. Loans

	As at 31 March 2021		As at 31 March 2020
Particulars	Current	Non Current	Current	Non Current
	Rs. in Lacs	Rs. in Lacs	Rs. in Lacs	Rs. in Lacs
Unsecured, considered good
- Loans to related parties (refer note 37)	2	2	1	1
- Other loans to employees	51	49	54	54
Total	53	51	55	55

7. Other financial assets

		As at 31 March 2021	As at 31 March 2020
Particulars	Current	Non Current	Current	Non Current
	Rs. in Lacs	Rs. in Lacs	Rs. in Lacs	Rs. in Lacs
Margin money with more than 12 months maturity	–	31	–	31
Bank deposit with more than 12 months maturity	–	48	–	1
Security deposits
- to related parties (unsecured, considered good) - refer note 37	–	58	–	58
- to others
(i) Unsecured, considered good	31	1,278	64	1,298
(ii) Unsecured, considered doubtful	–	14	–	14
Less: Allowance for doubtful deposits	–	14	–	14
Others
- Derivative instruments at fair value through	65	313	286	934
profit or loss and not designated as hedges
- Interest accrued on fixed deposits	66	1	73	34
- Insurance claim receivable	–	–	1	–
- Other receivable from related parties - refer note 37	170	–	8	–
Total	332	1,729	432	2,356
Security deposit to related parties includes advances to private limited	–	50	–	50

companies in which any director is a director or a member

8. Income tax assets (net)

		As at 31 March 2021		As at 31 March 2020
Particulars	Current	Non Current	Current	Non Current
	Rs. in Lacs	Rs. in Lacs	Rs. in Lacs	Rs. in Lacs
Advance tax (net of provision)	645	–	–	1,829
Total	645	–	–	1,829

9. Other assets

	As at 31 March 2021		As at 31 March 2020
Particulars	Current	Non Current	Current	Non Current
	Rs. in Lacs	Rs. in Lacs	Rs. in Lacs	Rs. in Lacs
Capital advance	–	764	–	3,278
Advances other than capital advance
- deposit with statutory authorities	140	424	61	414
- advances with statutory authorities	3,397	23	4,668	719
- advances with related parties (refer note 37)	2,047	–	1,209	–
Other advances
- advances for goods and services	2,024	15	1,392	14
less: allowance for doubtful advances	–	14	–	14
- prepaid expenses	673	–	489	–
Total	8,281	1,212	7,819	4,411
Advance with related parties includes advances to private limited	2,005	–	1092	–

10. Inventories (valued at lower of cost and net realisable value)

companies in which any director is a director or a member

	As at 31 March 2021	As at 31 March 2020
Particulars	Rs. in Lacs	Rs. in Lacs
Raw materials	17,995	13,596
Work-in-progress	2,795	2,754
Finished goods	12,777	10,951
Stock-in-trade	6,307	6,524
Stores and spares	5,188	3,512
Total	45,062	37,337
The above includes goods in transit as under:
Raw materials	4,804	3,044
Stock-in-trade	2,614	918
Stores and spares	136	48
	7,554	4,010

1. The cost of inventories recognised as an expense during the year was Rs. 1,79,809 lacs (31 March 2020: Rs. 1,69,162 lacs).

2. The cost of inventories recognised as an expense includes Rs. 443 lacs (31 March 2020 : Rs. 500 lacs) in respect of write-downs of inventory to its net realisable value. Further a sum of Rs. 381 lacs (31 March 2020: Rs. 232 lacs) is in respect of reversal of such write-downs. The write downs have been reduced primarily as a result of increased sales price or subsequent disposals.

3. Carrying amount of inventories carried at fair value Rs. 558 Lacs (31 March 2020: Rs. 1054 lacs).

4. During the year ended 31 March 2020, carrying amount of inventories of Rs. 1036 lacs (Rs. 1157 lacs including taxes and freight) was charged off on account of loss of Inventory lying at a warehouse of the Company due to fi re on 2 December, 2019. The Insurance claim for the same was lodged and the same was treated as exceptional loss. The claim survey process is still on.
5. Carrying amount of inventories pledged as security for borrowings Rs. 45,062 lacs (31 March 2020: Rs. 37,337 lacs).

11. Trade receivables

Particulars	As at 31 March 2021 Rs. in Lacs	As at 31 March 2020 Rs. in Lacs
Unsecured, considered good
- receivable from subsidiaries	2	41
- receivable from related parties other than subsidiaries(*) (refer note 37)	3,365	1,969
- receivable from others	20,983	16,504
Unsecured, considered doubtful
- receivable from others	229	128
Less: allowances for doubtful debt	(229)	(128)
Total	24,350	18,514
(*) Includes trade receivable from private limited companies in which any director is a director or a member	3,339	1968

Transfer of fi nancial assets

The Company discounted certain trade receivable with an aggregate carrying amount of Nil (31 March 2020: Rs. 760 lacs) to a bank for cash proceeds of Nil (31 March 2020: Rs. 751 lacs). If the trade receivable are not paid at maturity, the bank has the right to request the Company to pay the unseĴ led balance. As the Company has not transferred the signifi cant risks and rewards relating to these trade receivable, it continues to recognise the full carrying amount of the receivables and has recognised the cash received on the transfer as a secured borrowings.

At the end of the reporting period, there were no trade receivable that has been transferred but have not been derecognised and the corresponding associated liability.

12. Cash and cash equivalents

Particulars	As at 31 March 2021 Rs. in Lacs	As at 31 March 2020 Rs. in Lacs
Balances with banks
- current account	6,736	4,389
- deposit account	2,245	5,672
Cheques on hand	499	13
Cash on hand	55	66
Total	9,535	10,140

13. Other bank balances

Particulars	As at 31 March 2021 Rs. in Lacs	As at 31 March 2020 Rs. in Lacs
In deposit account	2,026	1,949
Total	2,026	1,949

14. Equity share capital

	As at 31 March 2021		As at 31 March 2020
Particulars	No. of shares	Rs. in Lacs	No. of shares	Rs. in Lacs
Authorised share capital
Equity shares of Rs. 10 each	6,50,00,000	6,500	6,50,00,000	6,500
Total	6,50,00,000	6,500	6,50,00,000	6,500
	As at 31 March 2021		As at 31 March 2020
Particulars	No. of shares	Rs. in Lacs	No. of shares	Rs. in Lacs
Issued, subscribed and fully paid up
Equity shares of Rs. 10 each	4,05,18,796	4,052	4,05,18,796	4,052
Forfeited shares
30,50,000 (31 March 2020: 30,50,000) equity shares of Rs. 10 each,	–	76	–	76
Rs. 2.50 paid - up
Total	40,518,796	4,128	4,05,18,796	4,128

There has been no change in equity share capital during the year.

Rights, preferences and restrictions aĴ ached to equity shares

The Company has a single class of equity shares. Accordingly, all equity shares rank equally with regard to dividends and share in the Company's residual assets. The equity shares are entitled to receive dividend as declared from time to time. The voting rights of an equity shareholder on a poll (not on show of hands) are in proportion to its share of the paid-up equity capital of the Company.

Voting rights cannot be exercised in respect of shares on which any call or other sums presently payable have not been paid.

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive the residual assets of the Company, remaining aĞ er distribution of all preferential amounts in proportion to the number of equity shares held.

Details of shareholders holding more than 5% equity shares in the Company

				As at 31 March 2020
	Particulars	As at 31 March 2021 % 46.54% 14.83% 8.31% 7.17%	No. of shares	%	No. of shares
	1. IFB Automotive Private Limited		1,88,56,833	46.54%	1,88,56,833
	2. Nurpur Gases Private Limited		60,10,416	14.83%	60,10,416
	3. Asansol BoĴling & Packaging Company Private Limited		33,66,428	8.31%	33,66,428
	4. Jwalamukhi Investment Holdings		29,06,115	7.17%	29,05,140
15.	Non-current borrowings
	Particulars		As at 31 March 2021 Rs. in Lacs		As at 31 March 2020 Rs. in Lacs
	Term loans from banks - secured		16,537		25,167

(a) For sanction of credit facilities amounting to Rs. 2,000 lacs (including Capex LeĴ er of Credit amounting to Rs. 1500 lacs as its sublimit) and Rs. 3,000 lacs by ICICI Bank Ltd. (Utilised as at 31.03.2021 Rs. 3,500 lacs), following securities have been created:

Total 16,537 25,167

Exclusive charge over the movable properties including its movable plant and machinery, machinery spares, tools and accessories and other movables, both present and future, whether installed or not and whether now lying loose or in cases or which are now lying or stored in or about or shall hereaĞ er from time to time during the continuance of the security of these presents be brought into or upon or be stored or be in or about all the borrower's factories, premises and godowns or wherever else the same may be or be held by any party to the order or disposition of the borrower or in the course of transit or in high seas or on order, or delivery, howsoever and wheresoever in the possession of the borrower and either by way of substitution or addition in such manner that the security cover of 1.25 times is maintained. For the limit utilised the Term Loan is repayable in 20 quarterly instalments starting from 19 May, 2022.

(b) For sanction of credit facilities amounting to Rs. 6,000 lacs and Rs. 1,000 lacs by DBS Bank India Ltd., following securities have been created:

Hypothecation by way of fi rst and exclusive fl oating charge all present and future moveable plant and machinery, equipment, appliances, furniture, vehicles, machinery, spares and stores, tools and accessories and other moveables whether or not installed and whether lying loose or in cases or which are now lying or stored in or about and may hereaĞ er from time to time during the currency of this deed be brought into or upon or be stored in or about all the counterparty's factories, premises, warehouses and godowns or wherever else the same may be or be held by any party to the order or disposition of the counterparty or in the courses of transit or on high seas or on order, or delivery, howsoever and wheresoever in the possession of the counterparty and either by way of substitution or addition (all pertaining to borrower's units located at Kolkata and Bangalore) stored or to be stored at the Company's Godowns or premises or wherever else the same may be except asset charged specifi cally for debt availed, if any for purchase of conventional press line subject to NOC being sought from DBS). The Term Loan as at 31 March, 2021 is repayable in 15 equal quarterly instalments starting from 11 March, 2021.

(c) For sanction of external commercial borrowings amounting to USD 200 lacs by Standard Chartered Bank, London, following securities have been created:

Hypothecation by way of fi rst and exclusive charge over all present and future moveable properties of the borrower pertaining to the proposed capex for seĴ ing up of facility for manufacturing of air conditioners in Goa and on the existing plant and machinery of washing machine division at Goa (Verna) plant (except exclusive charge to

term lenders), including without limitations its moveable plant and machinery, furniture and fiĴ ings, equipments, computers, hardware, computer soĞ ware, machinery spares, tools and accessories and other movables, both whether now lying loose or in cases or which are now lying or stored in or about or shall hereaĞ er from time to time during the continuance of the security of these presents be brought into or upon or be stored or be in or about all the borrower's premises, warehouses, stockyards and godowns or those of the borrower's agents, affi liates, associates or representatives or at various worksites or at any upcountry place or places wherever else the same maybe or be held by any party including, without limitation, the following plot no. N-7, Phase IV, Survey No. 261/10, Verna Industrial Estate, Verna, Goa - 403722. The external commercial borrowings standing at USD 160 lacs as at 31 March, 2021 is repayable in 13 equal quarterly instalments starting from 1 October, 2021.

(d) For sanction of credit facilities amounting to Rs.5000 lacs by ICICI Bank Ltd., following securities have been created:

First and pari passu charge on all the current assets of the Company - the whole of the Company's stocks of raw materials, good-in-process, semi-fi nished and fi nished goods, consumable stores and spares and such other moveables, including book debts, bills whether documentary or clean, both present and future, whether in the possession or under the control of the borrower or not, whether now lying loose or in cases or which are now lying or stored in or about or shall hereaĞ er from time to time during the continuance of these presents be brought into or upon or be stored or be in or about all the Borrower's factories, premises and godowns situated at all places of business or wherever else the same may be or be held by any party to the order or disposition of the borrower or in course of transit or on high seas or on order or delivery.
Hypothecation by way of second charge on the moveable properties of the Company (save and except current assets) including its moveable plant and machinery, machinery spares, tools and accessories, non-trade receivables and other moveables both present and future whether in the possession or under the control of the borrower or not, whether installed or not and whether now lying loose or in cases or which are now lying or stored in or about or shall hereaĞ er from time to time during the continuance of these presents be brought into or upon or be stored or be in or about all the Borrower's factories, premises and godowns situated at all places of business or wherever else the same may be or be held by any party to the order or disposition of the borrower or in course of transit or on high seas or on order or delivery.
Hypothecation by way of fi rst and pari passu charge on the receivables of the Company - all amounts owing to and received and / or receivable by, the borrower and / or any person on its behalf, all book debts, all cash fl ows and receivables and proceeds arising from / in connection with business and all rights, titles, interest, benefi ts, claims and demand whatsoever of the borrower into or in respect of all the aforesaid assets, including but not limited to the borrower's cash-in-hand, both present and future. This facility remains unutilised as at 31 March, 2021.

The scheduled maturity of the above borrowings is as under:

Particulars	As at 31 March 2021 Rs. in Lacs	As at 31 March 2020 Rs. in Lacs
Repayable in fi rst year	3,056	717
Current maturities of long-term debt (refer note 16)	3,056	717
In the second year	5,555	4,195
In the third to fiĞ h year	10,282	19,572
Beyond fiĞ h year	700	1,400
Non-current borrowings	16,537	25,167

16. Other financial liabilities

Particulars		As at 31 March 2021	As at 31 March 2020
	Current	Non Current	Current	Non Current
	Rs. in Lacs	Rs. in Lacs	Rs. in Lacs	Rs. in Lacs
Current maturities of long-term debt (refer note 15)	3,056	–	717	–
Interest accrued but not due on borrowings	297	–	332	–
Derivative instruments at fair value through statement of profit and loss and not designated as hedges	181	–	49	–
Others
- Security deposit	759	45	577	26
- Payable for property, plant and equipment and intangibles	558	–	700	–
Total	4,851	45	2,375	26

17. Other liabilities

		As at 31 March 2021		As at 31 March 2020
Particulars	Current	Non Current	Current	Non Current
	Rs. in Lacs	Rs. in Lacs	Rs. in Lacs	Rs. in Lacs
Income received in advance on annual maintenance contracts and extended warranty services	4,613	992	3,466	1,651
Deferred government grant	131	1,559	–	–
Advance from customers	3,107	–	1,948	–
Others
- Statutory liabilities	3,110	–	1,775	–
Total	10,961	2,551	7,189	1,651

18. Provisions

As at 31 March 2021			As at 31 March 2020
Particulars	Current	Non Current	Current	Non Current
	Rs. in Lacs	Rs. in Lacs	Rs. in Lacs	Rs. in Lacs
Provision for employee benefits
Gratuity (Refer note 32)	–	709	–	1,260
Leave	–	893	–	1,376
Sick Leave	77	391	67	349
Others
Warranty	527	3,902	355	3,550
Total	604	5,895	422	6,535

IFB INDUSTRIES LTD.

Notes to the standalone fi nancial statements for the year ended 31 March 2021

Details of movement in warranty provisions

	Rs. in Lacs
Balance as at 01 April 2019	2,914
Additional provisions recognised	2,024
Eff ect of unwinding of discount	195
Amounts used (i.e. incurred and charged against the provision) during the period	(1,228)
Balance as at 31 March 2020	3,905
Additional provisions recognised	1,544
Eff ect of unwinding of discount	221
Amounts used (i.e. incurred and charged against the provision) during the period	(1,241)
Balance as at 31 March 2021	4,429

a. Provision is estimated in respect of warranty cost in the year of sale of goods and it represents the present value of the management's best estimate of the future outfl ow of economic benefi t that will be required under the Company's obligation for warranties.

b. Provision for warranty is expected to be utilised over a period of 1 to 5 years.
c. The estimates may vary as a result of product quality, availability of spare parts, price of raw materials, altered manufacturing processess and discount rates.
d. Warranty costs are estimated by the management on the basis of a technical evaluation and based on specifi c warranties, claims and claim history.

19. Deferred tax liabilities (net)

Particulars	As at 31 March 2021 Rs. in Lacs	As at 31 March 2020 Rs. in Lacs
Deferred tax liabilities	5,052	4,506
Less: Deferred tax assets	2,376	3,702
Total Deferred tax liabilities (net)	2,676	804

Breakup of deferred tax liabilities / asset balances is as under:

	As at 31 March 2021 Rs. in Lacs	As at 31 March 2020 Rs. in Lacs
Deferred tax liabilities
On provision for warranty	247	259
On changes in fair value of investments	94	16
On property, plant and equipment and intangible assets	4,711	4,231
	5,052	4,506
Deferred tax assets
On unused tax credits (Minimum Alternate Tax Credit)	–	1,834
On tax losses	–	407
On allowance for doubtful debts and advances	90	55
On government grants	591	–
On employee benefi ts	1,625	1,336
Other timing differences	70	70
	2,376	3,702
Deferred tax liabilities (net)	2,676	804
Movement of deferred tax (assets) / liabilities (net) is as under
Particulars	As at 31 March 2021 Rs. in Lacs	As at 31 March 2020 Rs. in Lacs
Deferred tax liabilities / (assets) as at the beginning of the year	804	601
Deferred tax for the year recognised in profi t and loss (@)	38	387
Minimum alternate tax credit for the year (@)	–	(389)
Minimum alternate tax credit related to previous years - Net (@)	4	1

Minimum alternate tax credit utilisation relating to previous years 76 203 Minimum alternate tax credit utilised during the year 1,754 1 Deferred tax liabilities as at the end of the year 2,676 804

(@) refer note 30

20. Current borrowings

	As at 31 March 2021 Rs. in Lacs	As at 31 March 2020 Rs. in Lacs
Secured
Loans from banks
- Working capital buyers credit	2,342	2,606
Total	2,342	2,606

Hypothecation details for credit facilities

For sanction of working capital facility amounting to Rs 10,000 lacs by Standard Chartered Bank, following securities have been created:

(i) First pari passu charge on the entire current assets, both present and future.
(ii) First and exclusive charge on the plant & machinery of washing machine division at Goa (Verna) plant (both present and future).
(iii) First and exclusive charge over the plant & machinery of air-conditioner division at Goa, (both present and future).

For sanction of capex facility amounting to Rs 2,000 lacs by Standard Chartered Bank, following securities have been created:

(i) First and exclusive charge on the plant & machinery of washing machine division at Goa (Verna) plant (both present and future).
(ii) First and exclusive charge over the plant & machinery of air-conditioner division at Goa, (both present and future).

21. Revenue from operations

	For the year ended 31 March 2021	For the year ended 31 March 2020
	Rs. in Lacs	Rs. in Lacs
Gross revenue from sale of manufactured products	2,47,497	2,15,228
Revenue from sale of traded products	82,790	97,193
Total sale of products	3,30,287	3,12,421
Less: trade schemes and discounts	70,442	69,480
Sale of products (net of trade schemes and discounts)	2,59,845	2,42,941
Sale of services	7,812	8,616
Other operating revenues
- Scrap sales	3,962	3,458
- Others	33	127
	2,71,652	2,55,142

Details of sale of products

		For the year ended 31 March 2021 Rs. in Lacs	For the year ended 31 March 2020 Rs. in Lacs
A.	Finished goods
	Press tools and dies	1,553	743
	Fine blanked components	39,352	38,406
	Motor	3,259	2,772
	Home appliances
	- Washing machines	1,72,944	1,67,369
	- Dryers	2,560	2,213
	- Industrial Launderete Equipments	2,198	2,769
	- Air conditioners	24,557	–
	Others	1,074	956
		2,47,497	2,15,228
B.	Stock-in-trade
	Home appliances
	- Microwave ovens	31,198	26,600
	- Accessories and additives	22,211	20,159
	- Dishwashers	11,811	6,156
	- Air conditioners	3,388	31,974
	- Spares	11,135	8,925
	Others	3,047	3,379
		82,790	97,193
	Details of sale of services :
	Annual maintenance/ service contracts income	6,672	7,214
	Extended warranty income	209	182
	Others	931	1,220
		7,812	8,616

22. Other income

	For the year ended 31 March 2021	For the year ended 31 March 2020
	Rs. in Lacs	Rs. in Lacs
Interest income
- Interest on fi nancial assets measured at amortised cost	443	312
- Other interest	161	5
Dividend from investments in mutual fund	23	331
Other non-operating income
(i) Operating lease rental income
- Investment property	6	6
- Others	161	73
(ii) Net loss on disposal of property, plant and equipment	13	(3)
(iii) Net foreign exchange gain / (loss)	711	(1,401)
(iv) Net gain / (loss) arising on fi nancial instruments measured at fair value
through statement of profi t and loss (FVTPL)
- Mutual fund	783	101
- Derivative instrument	(974)	1,413
(v) Net gain / (loss) on disposal of fi nancial instrument measured at FVTPL
- Mutual fund	98	(76)
(vi) Insurance claim received	71	52
(vii) Write back of liabilities no longer required (@)	118	57
(viii)Write back of provision on debts/advances no longer required	3	47
(ix) Income in respect to deferred revenue from government grant	12	–
(x) Miscellaneous income	285	359
	1,914	1,276

(@) includes write back of lease liability amounting to Rs. 44 lacs (31 March, 2020: Nil) (Refer note 34)

23. Cost of materials consumed

	For the year ended 31 March 2021 Rs. in Lacs	For the year ended 31 March 2020 Rs. in Lacs
Raw material consumed
Raw material inventory at the beginning of the year	13,596	9,941
Add: Fair value of raw material acquired on business acquisition	–	127
Add: Purchases during the year	1,26,383	1,03,737
	1,39,979	1,13,805
Raw material inventory at the end of the year	17,995	13,596
Cost of materials consumed	1,21,984	1,00,209
Expenditure related to research and development at Verna, Goa included in note 23 are:
Raw material consumed	207	148

24. Purchases of stock-in-trade

	For the year ended 31 March 2021	For the year ended 31 March 2020
	Rs. in Lacs	Rs. in Lacs
Home appliances
- Microwave ovens	13,374	10,821
- Accessories and additives	8,631	8,940
- Dishwashers	8,831	3,108
- Air conditioners	57	12,918
- Others	1,150	1,732
	32,043	37,519

25. Changes in inventories of fi nished goods, stock-in-trade and work-in-progress

		For the year ended 31 March 2021 Rs. in Lacs	For the year ended 31 March 2020 Rs. in Lacs
Inventories as at the end of the year
Stock-in-trade		6,307	6,524
Work-in-progress (@@)		2,795	2,073
Finished goods		12,777	10,951
	(A)	21,879	19,548
Inventories as at the beginning of the year
Stock-in-trade		6,524	13,313
Work-in-progress		2,073	2,087
Fair value of Finished goods acquired on business acquisition		–	7
Fair value of work-in-progress acquired on business acquisition		–	105
Finished goods		10,951	10,664
	(B)	19,548	26,176
	(B – A)	(2,331)	6,628
Details of inventories
Stock-in-trade
- Microwave ovens		1,511	1,870
- Accessories and additives		866	904
- Dishwashers		3,153	875
- Air conditioners		62	2,019
- Kitchen Appliances		238	417
- Others		477	439
		6,307	6,524

	For the year ended 31 March 2021 Rs. in Lacs	For the year ended 31 March 2020 Rs. in Lacs
Finished goods
- Washing machines	6,118	8,555
- Industrial Launderete Equipments	44	222
- Dryers	279	120
- Fine blanked components	1,269	1,588
- Press tools and dies	309	331
- Air conditioners	4,178	62
- Others	580	73
	12,777	10,951

(@@) Includes semi fi nished fi ne blanked components and semi fi nished press tools and dies amounting to Rs. 1,694 Lacs (31 March 2020: Rs. 1,494 Lacs)

26. Employee benefi ts expense

	For the year ended	For the year ended
	31 March 2021	31 March 2020
	Rs. in Lacs	Rs. in Lacs
Salaries and wages	24,484	24,042
Contribution to provident and other funds	2,412	2,107
Staff welfare expenses	2,666	2,636
	29,562	28,785
Expenditure related to research and development at Verna,
Goa included in note 26 are:
Salaries and wages	2,535	2,789
Contribution to provident and other funds	221	258
Staff welfare expenses	94	113
	2,850	3,160

27. Finance costs

For the year ended 31 March 2021 Rs. in Lacs	For the year ended 31 March 2020 Rs. in Lacs
	675
	195
	580
	–
2,935	1,450
	2,126 221 539 49

28. Depreciation and amortisation expense

	For the year ended	For the year ended
	31 March 2021	31 March 2020
	Rs. in Lacs	Rs. in Lacs
Depreciation of property, plant and equipment	6,136	5,184
Amortisation of intangible assets	931	1,011
Depreciation of right of use assets	2,844	2,703
	9,911	8,898

29. Other expenses

	For the year ended	For the year ended
	31 March 2021	31 March 2020
	Rs. in Lacs	Rs. in Lacs
Consumption of stores and spare parts	14,535	13,317
Rent	348	797
Insurance	365	243
Freight, octroi and carriage	9,062	8,677
Power and fuels	2,697	2,615
Ancillary cost	6,937	6,110
Rates and taxes	507	280
Expenditure on corporate social responsibility	157	69
Offi ce expenses	4,938	4,615
Advertisement and sales promotion	17,006	18,087
Travelling	1,269	3,345
Repairs
Buildings	76	117
Plant and machinery	1,018	1,061
Others	770	724
Write-off of property, plant and equipment	153	88
Write-off of debts/ advances	18	57
Allowances for doubtful debts	104	76
Bank charges	247	193
Directors' siĴ ing fees	60	35
Service expenses	5,100	5,302
Warranty expenses	1,544	2,024
Miscellaneous expenses	2,597	2,275
	69,508	70,107
Payment to statutory auditors included under offi ce expenses (excluding taxes)
As auditors
Audit fees	47	47
Tax audit fees	16	16
Limited review fees	18	18
Others	22	20
Reimbursement of expenses	3	3
	106	104

	For the year ended 31 March 2021 Rs. in Lacs	For the year ended 31 March 2020 Rs. in Lacs
Expenditure on corporate social responsibility
(a) Gross amount required to be spent by the company during the year	157	183
(b) Amount spent during the year on purpose other than construction/acquisition of assets in cash	157	69
Expenditure related to research and development at Verna, Goa included in note 29 are:
Rent	18	15
Power and fuels	100	88
Ancillary cost	5	10
Rates and taxes	2	1
Offi ce expenses	302	287
Travelling	21	89
Repairs
Building	1	3
Plant and machinery	6	13
Others	3	2
Write-off of property, plant and equipment	1	2
Miscellaneous expenses	44	66
	503	576
30. Tax expense
	For the year ended 31 March 2021 Rs. in Lacs	For the year ended 31 March 2020 Rs. in Lacs
A. Amount recognised in statement of profi t and loss
Current tax
Income tax for the year	3,666	389
Adjustments related to previous years (net)	72	(217)
Total current tax	3,738	172
Deferred tax
Deferred tax for the year	38	387
Minimum alternate tax credit for the year	–	(389)
Minimum alternate tax credit related to previous years (net)	4	1
Total deferred tax	42	(1)
	3,780	171

			For the year ended 31 March 2021 Rs. in Lacs	For the year ended 31 March 2020 Rs. in Lacs
	B.	Amount recognised in other comprehensive income
		Current tax:
		On items that will not be reclassifi ed to profi t or loss
		- Remeasurements of the defi ned benefi t liabilities / (asset)	(25)	–
			(25)	–
	C.	Reconciliation of eff ective tax rate
		The income tax expense for the year can be reconciled to the accounting profi t as follows:
		Profi t before tax	9,954	2,970
		Income tax expense calculated @ 34.944% (31 March 2020 - 34.944%) (*)	3,478	1,038
		Eff ect of income not taxable	–	(116)
		Eff ect of additional deductions under tax	27	(730)
		Eff ect of diff erent tax rate on certain items	3	(25)
		Eff ect of non allowable expenses	196	220
		Eff ect of adjustments relating to earlier year	76	(216)
		Income tax recognised in Statement of Profi t and Loss	3,780	171
		Tax rate used for current tax	34.944%	34.944%
		Tax rate used for deferred tax	34.944%	34.944%
		(*) The applicable tax rate is as prescribed by the Income Tax Act 1961
31.		Earnings per share
			For the year ended	For the year ended
			31 March 2021 Rs. in Lacs	31 March 2020 Rs. in Lacs

(a)	Profi t aĞ er taxes available to equity shareholders	6,174	2,799
(b)	Weighted average number of equity shares outstanding	4,05,18,796	4,05,18,796
(c)	Basic and diluted earnings per equity share of face value Rs. 10 each	15.24	6.91
	(in Rs.) [(a)/(b)]

32. Defi ned benefi t plan - Gratuity

The Company operates a defi ned benefi t plan for gratuity for its employees. It is administered through approved trust in accordance with its trust deeds and rules. The concerned trusts are managed by trustees who provide guidance with regard to the management of their assets and liabilities and review their performance periodically. Risk mitigation systems are in place to ensure that the health of the portfolio is regularly reviewed and the investments do not pose any signifi cant risk of impairment. Periodic audits are conducted to ensure the adequacy of internal controls.

The liability arising in the defi ned benefi t plan is determined by an independent professionally qualifi ed actuary using the projected unit credit method.

Risk management

The risks commonly aff ecting the gratuity liability and the fi nancial results are expected to be:

1. Interest rate risk The defi ned benefi t obligation calculated uses a discount rate based on government bonds. If bond yield falls, the defi ned benefi t obligations will tend to increase.
1. Salary Infl ation risk Higher the expected increase in salary will increase the defi ned benefi t obligation.
1. Demographic risk This is the risk of variability of results due to unsystematic nature of decrements that include mortality, withdrawal, disability and retirement. The eff ect of these decrements on the defi ned benefi t obligation is not straight forward and depends upon the combination of salary increase, discount rate and vesting criteria. It is important not to overstate withdrawals because in the fi nancial analysis the retirement benefi t of a short career employee typically costs less per year as compared to a long service employee.

I. Changes in defi ned benefi t obligations

			Rs. in Lacs
		Gratuity (funded)
		31 March 2021	31 March 2020
1.	Defined benefit obligations at the beginning of the year	6,111	4,672
2.	Current service cost	542	412
3.	Interest costs	366	321
4.	Acquisition cost / (credit)	57	159
5.	Effect of experience adjustment	59	404
6.	Effect of assumption change	77	293
7.	Benefits paid	(239)	(150)
8.	Defined benefit obligations at the end of the year	6,973	6,111

II. Changes in fair value of plan assets

			Rs. in Lacs
		Gratuity (funded)
		31 March 2021	31 March 2020
1.	Fair value of assets at the beginning of the year	4,851	3,715
2.	Interest income on plan assets	328	287
3.	Employer contribution	1,260	958
4.	Return on plan assets (less than discount rate)	64	41
5.	Benefits paid	(239)	(150)
6.	Fair value of assets at the end of the year	6,264	4,851
7.	Actual returns	392	328

III. Net assets / (liabilities) recognised in balance sheet

			Rs. in Lacs
		Gratuity (funded)
		31 March 2021	31 March 2020
1.	Defined benefit obligations	6,973	6,111
2.	Fair value of plan assets	6,264	4,851
3.	Funded status - deficit	709	1,260
4.	Net liability recognised in balance sheet
	– Current	–	–
	– Non current	709	1,260

IV. Components of employer expenses

			Rs. in Lacs
		Gratuity (funded)
		31 March 2021	31 March 2020
	Recognised in profit or loss
1.	Current service cost	542	412
2.	Net interest costs	38	34
3.	Total recognised in profit or loss (*)	580	446
	Recognised in other comprehensive income
1.	Effect of experience adjustment	59	404
2.	Effect of assumption change	77	293
3.	Return on plan assets (less than discount rate)	(64)	(41)
4.	Total recognised in other comprehensive income	72	656
Total expense recognised in total comprehensive income 652

(*) recognised in "Contribution to provident and other funds" in "Employee benefits expense" under note 26

V. Actuarial assumptions

	Gratuity (funded)
	31 March 2021	31 March 2020
Discount rate	5.9%	6.1%
Rate of salary increase	10.0%	10.0%
Mortality rate	Indian Assured	Indian Assured
	Lives Mortality	Lives Mortality
	(2006-08) Ult	(2006-08) Ult
Withdrawal rate	10.0%	10.0%

The estimates of rate of escalation in salary considered in actuarial valuation, take into account inflation, seniority, promotion and other relevant factors including supply and demand in employment market.

VI. Plan asset information

	Gratuity (funded)
	31 March 2021	31 March 2020
Cash	1%	34%
Scheme of insurance - conventional products	99%	66%

In the absence of detailed information regarding plan assets which is funded with insurance companies, the composition of each major category of plan assets, the percentage or amount for each category to the fair value of plan assets has not been disclosed.

VII. Net asset / (liability) recognised in balance sheet (including experience adjustment impact)

			Rs. in Lacs Gratuity (funded)
		31 March 2021	31 March 2020
1.	Present value of defined benefit obligations	6,973	6,111
2.	Fair value of plan assets	6,264	4,851
3.	Funded Status - deficit	709	1,260
4.	Experience adjustment of plan assets -gain/(loss)	64	41
5.	Experience adjustment of obligations - (loss)	(59)	(404)

VIII. Expected employer contribution for the next year (Rs. in lacs) 709 1,260

IX. Sensitivity analysis

The sensitivity results below determine their individual impact on the plan's year end defined benefit obligations. In reality, the plan is subject to multiple external experience items which may move the defined benefit obligations in similar or opposite directions, while the plans's sensitivity to such changes can vary over time.

			Rs. in Lacs
		Gratuity (funded)
		31 March 2021	31 March 2020
	Defined benefit obligations on base assumptions (refer point no V)	6,973	6,111
a.	1% increase in discount rate	6,604	5,787
b.	1% decrease in discount rate	7,388	6,474
c.	1% increase in salary escalation rate	7,323	6,422
d.	1% decrease in salary escalation rate	6,643	5,817

X. Maturity analysis of benefi t payments Rs. in Lacs

	Gratuity (funded)
	31 March 2021	31 March 2020
Year 1	923	829
Year 2	998	863
Year 3	763	931
Year 4	960	745
Year 5	1,057	973
Next 5 years	4,111	4,058

The Company has contributed Rs. 1,832 lacs (31 March, 2020: Rs. 1,661 lacs) to defined contribution schemes.

33. Segment reporting

							Rs. in Lacs
		Engineering	Home Appliances	Motor	Unallocated	Intersegment	Total
Revenue from sale	31 March 2021	41,275	2,23,757	3,348	–	(723)	2,67,657
of products and services	31 March 2020	39,164	2,10,197	2,691	–	(495)	2,51,557
Other operating	31 March 2021	3,310	660	25	–	–	3,995
revenue	31 March 2020	2,970	615	–	–	–	3,585
Revenue from	31 March 2021	44,585	2,24,417	3,373	–	(723)	2,71,652
operations	31 March 2020	42,134	2,10,812	2,691	–	(495)	2,55,142
	31 March 2021	404	392	27	1,091	–	1,914
Other income	31 March 2020	247	454	16	559	–	1,276
	31 March 2021	44,989	2,24,809	3,400	1,091	(723)	2,73,566
Total income	31 March 2020	42,381	2,11,266	2,707	559	(495)	2,56,418
Segment results	31 March 2021	2,986	12,008	(472)	(1,658)	25	12,889
before finance costs	31 March 2020	2,724	2,517	(54)	(752)	(15)	4,420
	31 March 2021						2,935
Less: finance costs	31 March 2020						1,450
	31 March 2021						9,954
Profit before tax	31 March 2020						2,970
	31 March 2021						3,780
Tax expense	31 March 2020						171
	31 March 2021						6,174
Profit for the year	31 March 2020						2,799
	31 March 2021	40,134	1,19,710	2,874	23,454	–	1,86,172
Segment assets	31 March 2020	36,770	1,00,044	3,073	21,479	–	1,61,366
Segment liabilities	31 March 2021	18,905	89,404	1,319	5,687	–	1,15,315
	31 March 2020	18,825	72,260	1,165	4,386	–	96,636

Other information

Depreciation	31 March 2021	2,411	7,311	131	58	–	9,911
and amortisation expense	31 March 2020	2,361	6,446	35	56	–	8,898
Capital	31 March 2021	4,545	10,134	180	188	–	15,047
expenditure	31 March 2020	6,586	24,652	602	1,436	–	33,276
Non cash	31 March 2021	4	263	4	4	–	275
expenditure other
than depreciation	31 March 2020	14	206	1	–	–	221
and amortisation

IFB INDUSTRIES LTD.

Notes to the standalone fi nancial statements for the year ended 31 March 2021

33. Segment reporting (Contd.)

		Rs. in lacs
Geographical information
Revenue from external customers
- Within India	31 March 2021	2,72,304
	31 March 2020	2,54,812

- Outside India	31 March 2021	1,262
	31 March 2020	1,606

	31 March 2021	2,73,566
Total	31 March 2020	2,56,418

Non - Current assets excluding financial assets and deferred tax assets
- Within India	31 March 2021	63,271
	31 March 2020	64,069

- Outside India	31 March 2021	–
	31 March 2020	–

Total	31 March 2021	63,271
	31 March 2020	64,069

NOTES :

The Company is primarily engaged in business of fine blanked components, motors and home appliances. Accordingly the Company considers the above business segment as the primary segment. Segment revenue, segment result, segment asset and segment liabilities include the respective amount identifiable to each of the segments as also amounts allocated on reasonable basis. The expenses, which are not directly relatable to the business segment, are shown as unallocable corporate cost and grouped as "Unallocated". Assets and liabilities that cannot be allocated between the segments are shown as unallocable corporate assets and liabilities and are grouped as "Unallocated". These segments have been reported in the manner consistent with the internal reporting to the Board of Directors, who are the chief operating decision makers.
The geographical information considered for disclosure are revenue within India and revenue outside India.
The Company is not reliant on revenues from transactions with any single external customer and does not receive 10% or more of its revenues from transactions with any single external customer.

34. Leases

The Company is obligated under cancellable leases for residential, office premises, warehouses, etc. Total rental expense under cancellable short term operating lease amounted to Rs. 298 Lacs (31 March 2020: Rs. 750 lacs).

In applying Ind AS 116 - "Leases", the company has applied a single discount rate to a portfolio of leases with reasonably similar characteristics. The leases with remaining lease term of less than 12 months are considered as "short term leases".

The movement of lease liabilities during the year is as under :-

		As at 31 March 2021 Rs. in Lacs	As at 31 March 2020 Rs. in Lacs
	Opening Balance	5,921	–
	Addition on account of adoption of Ind AS 116	–	6,743
	Addition during the year	3,364	1,441
	Adjustment for leases closed / expired / terminated	(627)	–
	Write back of liabilities no longer required (Refer note 22)	(44)	–
	Interest Expenses	539	580
	Payments	(3,169)	(2,843)
	Closing Balance	5,984	5,921
	The maturity analysis of lease liabilities is as under :
	Within one year	2,090	1,508
	Beyond one year	3,894	4,413
		5,984	5,921
35.	Commitments
		As at 31 March 2021	As at 31 March 2020
		Rs. in Lacs	Rs. in Lacs

(ii) Outstanding capital commitments for intangible assets	239	–

36. Contingent Liabilities :

	As at 31 March 2021 Rs. in Lacs	As at 31 March 2020 Rs. in Lacs
Disputed sales tax maĴ ers, excise maĴ ers, income tax maĴ ers and other maĴ ers contested in appeals.	5,655	1,403

(i) Outstanding capital commitments for tangible assets 1,647 3,579

(These disputes mostly relate to arbitrary disallowances of claims of the Company under various state laws, which are under appeal. The management is of the view that these demands are not sustainable in law and is hopeful of succeeding in appeals.)

37. Related party disclosures

(A) The Company has the following related parties

Investor Company :	IFB Automotive Private Limited
Subsidiary Companies :	Trishan Metals Private Limited (TMPL) Global Automotive and Appliances Pte Limited (GAAL) Thai Automotive and Appliances Limited (TAAL) – subsidiary of GAAL
Key Management Personnel	- Mr. Bijon Nag, Executive Chairman
(KMP) :	- Mr. Bikramjit Nag, Joint Executive Chairman and Managing Director
	- Mr. Prabir ChaĴerjee, Director and Chief Financial Officer
	- Mr. G. Ray Chowdhury, Company Secretary
	- Mr. A. K. Nag, Senior President
	- Mr. Sujan Kumar Ghosh Dastidar, President, Legal
	- Ms. Souravi Sinha, General Manager-Human Resource-Corporate
	- Mr. Uma Shankar Ghosh Dastidar, Head, Taxation
	- Mr. Rajat Paul, Assistant Vice President, IT
	- Mr. Soumitra Goswami, GM, Accounts and Finance

	Home Appliance division :
	- Mr. Rajshankar Ray, Managing Director and Chief Executive Officer
	- Mr. A. S. Negi, Executive Director and Service Business Head
	- Mr. B. M. Shetye, Senior Vice President, Sustainability
	- Mr. Pawan Koul, Head of Goa factory - Washing Machine Plant
	- Mr. Sukhdev Nag, National Sales Head
	- Mr. Ranjan Mohan Mathur, Business Head - Cooking Products
	- Mr. Abhijit Gangopadhyay, Business Head, North 2
	- Mr. R. Anand, Head, Motor Division
	- Mr. C.S.Govindaraj, CEO, Industrial Business & Projects
	- Mr. Deepak Kumar Behara, Business Head-South
	- Mr. Vilas Sanjeev Kamath, Head, Supply Chain Projects
	- Mr. Venkata Subba Rao Madala, Head of Factory - A.C. Plant
	- Mr. Manoj Agnihotri, Head, Human Resources, A.C. Plant
	- Mr. Narayana Panth, Head of R&D, A.C. Plant
	- Mr. Kartik Ishwar Muchandi, Head, Finance and Accounts, Air conditioner and Washing Machine Plants
	- Mr. Ashish Singh, Head, Finance and Accounts, Marketing

	Engineering division :
	- Mr. Partha Sen, Managing Director and Chief Executive Officer
	- Mr. K. R. K. Prasad, CEO, Bangalore Engineering Factory
	- Mr. Jayanta Chanda, AVP, Finance
	- Mr. Ashok Hazra, DGM, Finance
	- Mr. Arup Das, Head Marketing
Other related parties	- IFB Agro Industries Limited
	- IFB Agro Marine FZE (100% subsidiary of IFB Agro Industries Limited)
	- Travel Systems Limited
	- IFB Global Limited
	- IFB Appliances Limited
	- Anjali foundation
Employee trusts where	- Indian Fine Blank Limited Employees Gratuity Fund (IFBLEGF)
there is significant influence (Employee trusts) :	- The IFBL Group Superannuation Scheme (IFBLSAF) (merged and renamed on 3 October 2019) (Earlier known as The IFBL Senior Management Group Superannuation Scheme)
	- IFBL Employees' (Category-I) Superannuation Scheme (IFBLESS-Cat-I) (dissolved and merged on 3 October 2019)
	- IFBL Employees (Category Two) Group Superannuation Scheme (IFBLEGSS-Cat two) (dissolved and merged on 3 October 2019)

(B) Transactions with related parties

		For the year ended 31 March 2021 Rs. in Lacs	For the year ended 31 March 2020 Rs. in Lacs
1	Sales, service and other income
	- Investor Company	4,240	4,187
	- Subsidiaries	89	223
	- KMP	4	3
	- Other related parties	19	22
	Total	4,352	4,435
2	Purchase of inventories
	- Investor Company	90	1,957
	- Subsidiaries*	6,446	4,768
	- Other related parties	42	13
	Total	6,578	6,738
3	Expenditure on other services
	- Investor Company	389	221
	- Other related parties	7,742	9,844
	Total	8,131	10,065

			For the year ended	For the year ended
			31 March 2021	31 March 2020
			Rs. in Lacs	Rs. in Lacs
4	Expenditure on corporate social responsibility
	- Other related parties		40	–
		Total	40	–
5	Expenses recovered
	- Investor Company		–	11
		Total	–	11
6	Purchase of property, plant and equipment and intangibles
	- Investor Company		–	512
		Total	–	512
7	Purchase of business
	- Investor Company		–	3,500
		Total	–	3,500
8	Purchase of investments
	- Investor Company		225	–
		Total	225	–
9	Sale of property, plant and equipment
	- Investor Company		1	–
		Total	1	–
10	Contribution to employees' benefit plans
	- Employee trusts		715	1,413
		Total	715	1,413
11	Exceptional gain - Surplus money received
	- Employee trusts		–	1,305
		Total	–	1,305
12	Remuneration
	(a) Short term benefits - KMP		2,293	2,517
	(b) Post employment benefits - KMP		80	217
	(c) Other long term benefits - KMP		69	167
		Total	2,442	2,901

(*) GST input credits / liabilities paid/recovered from related parties have not been included above.

			As at 31 March 2021 Rs. in lacs	As at 31 March 2020 Rs. in lacs
1	Trade Receivables
	- Investor Company		3,339	1,968
	- Subsidiaries		2	41
	- Other related parties		26	1
		Total	3,367	2,010
2	Security deposits given
	- Investor Company		50	50
	- Other related parties		8	8
		Total	58	58
3	Advances given
	- Investor Company		47	145
	- Subsidiaries		1,958	947
	- KMP		1	4
	- Other related parties		41	113
		Total	2,047	1,209
4	Loans given
	- KMP		4	2
		Total	4	2
5	Other receivables
	- Subsidiaries		23	–
	- Other related parties		6	–
	- Employee trusts		141	8
		Total	170	8
6	Trade payables
	- Investor Company		43	95
	- Subsidiaries		123	179
	- Other related parties		163	838
7	Other payables	Total	329	1,112
	- Investor Company		4	–
	- Employee trusts		709	1,260
		Total	713	1,260
8	Guarantees given
	- Subsidiaries		1,889	1,781
		Total	1,889	1,781

(C) Outstanding balances with related parties

(D)	Party-wise details of signifi cant transactions with related parties
-----	----------------------------------------------------------------------	--	--

		For the year ended 31 March 2021 Rs. in Lacs	For the year ended 31 March 2020 Rs. in Lacs
1	Sales, service and other income
	- TMPL	61	53
	- TAAL	28	170
	- IFB Agro Industries Limited	12	21
2	Purchase of inventories
	- TMPL	5,979	4,255
	- TAAL	17	78
	- GAAL	450	435
3	Expenditure on other services
	- Travel Systems Limited	293	1,735
	- IFB Agro Marine FZE	54	27
	- IFB Appliances Limited	6,791	7,576
4	Expenditure on corporate social responsibility
	- Anjali foundation	40	–
5	Contribution to employees' benefit plans
	- IFBLEGF	709	957
	- IFBLSAF	5	175
	- IFBLESS-Cat-I	–	249
6	Exceptional gain - Surplus money received
	- IFBLSAF	–	1,305

(E) Party-wise details of signifi cant balances with related parties

		As at 31 March 2021 Rs. in lacs	As at 31 March 2020 Rs. in lacs
1	Trade Receivables
	- TAAL	2	41
2	Security deposits given
	- IFB Agro Industries Limited	8	8
3	Advances given
	- TMPL	1,958	947
	- IFB Agro Industries Limited	41	59
4	Other receivables
	- TAAL	14	–
	- GAAL	9	–
	- IFBLEGF	141	–
	- IFBLSAF	–	8

		As at 31 March 2021 Rs. in lacs	As at 31 March 2020 Rs. in lacs
5	Trade payables
	- TAAL	–	15
	- GAAL	123	164
	- IFB Agro Marine FZE	27	–
	- IFB Appliances Limited	82	772
6	Other payables
	- IFBLEGF	709	1,260
7	Guarantees given
	- TAAL	1,158	1,089
	- GAAL	731	692

38. Dues to micro, small and medium enterprises

The Ministry of micro, small and medium enterprises has issued an office memorandum dated 26 August 2008 which recommends that the micro and small enterprises should mention in their correspondence with its customers the Entrepreneurs Memorandum Number as allocated aĞer filing of the Memorandum in accordance with the 'Micro, Small and Medium Enterprise Development Act, 2006' ('the Act'). Accordingly, the disclosure in respect of the amounts payable to such enterprises has been made in the financial statements based on the information received and available with the Company. Payable to micro and small enterprises as at 31 March 2021: Rs. 10,141 lacs (31 March 2020: Rs. 2,517 lacs).

Further, in view of the management, the impact of the interest, if any, that may be payable in accordance with the provisions of the Act is not expected to be material. The Company has not received any claim for interest from any supplier as at the balance sheet date.

39. Financial instruments and related disclosures

i) Capital management

The Company's capital management policy is focused on business growth and creating value for shareholders. The Company determines the amount of capital required on the basis of annual business plans and the funding needs are met through internal accruals and bank borrowings.

				As at 31 March 2021			As at 31 March 2020
			Note	Carrying value	Fair value	Carrying value	Fair value
					Rs. in lacs Rs. in lacs Rs. in lacs Rs. in lacs
A.	Financial assets
	a)	Measured at amortised cost :
		i) Trade receivables	11	24,350	24,350	18,514	18,514
		ii) Cash and cash equivalents	12	9,535	9,535	10,140	10,140
		iii) Other bank balances	13	2,026	2,026	1,949	1,949
		iv) Loans	6	104	104	110	110
		v) Other financial assets		1,683	1,683	1,568	1,568

ii) Categories of financial instruments

					As at 31 March 2021		As at 31 March 2020
			Note	Carrying value	Fair value	Carrying value	Fair value
					Rs. in lacs Rs. in lacs Rs. in lacs Rs. in lacs
	b)	Measured at fair value through Statement of Profit and Loss :
		i) Investments	5	26,047	26,047	15,280	15,280
	c)	Derivatives measured at fair value through Statement of Profit and Loss :
		i) Derivatives not designated as hedges	7	378	378	1,220	1,220
B.		Financial liabilities
	a)	Measured at amortised cost :
		i) Term loans from banks	15	16,537	16,537	25,167	25,167
		ii) Working capital buyers credit	20	2,342	2,342	2,606	2,606
		from banks
		iii) Lease Liabilities		5,984	5,984	5,921	5,921
		iv) Trade payable		62,815	62,815	43,940	43,940
		v) Other financial liabilities		4,715	4,715	2,352	2,352
	b)	Derivatives measured at fair value through Statement of
		Profit and Loss :
		i) Derivative instruments not designated as hedges	16	181	181	49	49

Investments exclude investment in subsidiaries of Rs. 4,790 lacs (31 March 2020: Rs. 3,360 lacs) which are shown at cost in balance sheet as per Ind AS 27 - 'Separate Financial Statements'.

(iii) Financial risk management objectives

The Company has a system-based approach to risk management, anchored to policies and procedures and internal financial controls aimed at ensuring early identification, evaluation and management of key financial risks (such as market risk, credit risk and liquidity risk) that may arise as a consequence of its business operations as well as its investing and financing activities. Accordingly, the Company's risk management framework has the objective of ensuring that such risks are managed within acceptable and approved risk parameters in a disciplined and consistent manner and in compliance with applicable regulation. It also seeks to drive accountability in this regard.

a) Liquidity risks

Liquidity risk refers to the risk that the Company cannot meet its financial obligations. The objective of liquid risk management is to maintain sufficient liquidity and ensure that funds are available for use as per requirements.

The Company has obtained fund and non-fund based working capital lines from banks. Furthermore, the Company has sufficient quantities of finished goods and stock-in-trade which are liquid and readily saleable. Hence the risk that the Company may not be able to seĴle its financial liabilities as they become due does not exist.

The following tables shows a maturity analysis of the anticipated cash flows for the Company's derivative and nonderivative financial liabilities.

As at 31 March 2021

		Due within	Due aĞer
	Total	one year	one year
	Rs. in lacs	Rs. in lacs	Rs. in lacs
Borrowings	18,879	2,342	16,537
Lease liabilities	5,984	2,090	3,894
Trade payables	62,815	62,815	–
Other financial liabilities (including current maturities of	4,715	4,670	45
long-term debt)
Derivative financial liabilities	181	181	–
Total	92,574	72,098	20,476

As at 31 March 2020

		Due within	Due aĞer one
	Total	one year	year
	Rs. in lacs	Rs. in lacs	Rs. in lacs
Borrowings	27,773	2,606	25,167
Lease liabilities	5,921	1,508	4,413
Trade payables	43,940	43,940	–
Other financial liabilities (including current maturities of	2,352	2,326	26
long-term debt)
Derivative financial liabilities	49	49	–
Total	80,035	50,429	29,606

b) Market risks

The Company does not trade in equities. Treasury activities, focused on managing investments in debt instruments, are centralised and administered under a set of approved policies and procedures guided by the tenets of liquidity, safety and returns. This ensures that investments are only made within the acceptable risk parameters aĞer due evaluation.

The Company's investments are predominantly held in debt mutual funds. Such investments are susceptible to market risks that arise mainly from changes in interest rate which may impact the return and value of such investments. Mark to market movements in respect of these investments are measured at fair value through Statement of Profit and Loss.

Fixed deposits are held with highly rated banks and generally have a short tenure and are not subject to interest rate volatility.

The company has short-term borrowings which are generally not susceptible to interest rate volatility since they are for short tenure. Long term loans from banks are at highly competitive rates. Hence interest rate fluctuations on borrowings does not affect the Company significantly.

c) Foreign currency risk

The Company undertakes transactions denominated in foreign currency (mainly US Dollar, Euro, GBP, RMB, THB, JPY and AED) which are subject to the risk of exchange rate fluctuations.

The carrying amount of foreign currency denominated financial assets and liabilities, are as follows:

	As at 31 March 2021		As at 31 March 2020
	Financial Assets	Financial Liabilities	Financial Assets	Financial Liabilities
	Rs. in lacs	Rs. in lacs	Rs. in lacs	Rs. in lacs
USD	469	25,472	1,360	26,451
Euro	65	4,457	44	1,316
RMB	–	1,221	–	493
THB	–	–	–	1
JPY	–	–	–	1
Total	534	31,150	1,404	28,262

The Company uses forward exchange contracts and currency swaps to hedge its exposure in foreign currency.

i) Forward exchange contracts / Currency swaps that were outstanding for financial liabilities as at the end of respective reporting dates :

Particulars	No. of contracts	USD (lacs)	No. of contracts	Euro (lacs)	No. of contracts	RMB (lacs)
As at 31 March 2021	175	340	53	53	27	47
As at 31 March 2020	163	406	31	17	18	21

The aforesaid forwards / currency swaps have a maturity before 2nd October, 2024

ii) Unhedged foreign currency exposure (excluding derivatives) as at the end of the respective reporting dates:

	As at 31 March 2021		As at 31 March 2020
	Financial	Financial	Financial	Financial
	Asset	Liability	Asset	Liability
USD	1	3	2	–
Rs. in lacs	91	188	162	–
EURO	1	–	*	–
Rs. in lacs	65	–	22	–
RMB	–	62	–	25
Rs. in lacs	–	694	–	266
THB	–	–	–	*
Rs. in lacs	–	–	–	1
GBP	–	–	–	*
Rs. in lacs	–	–	–	1
JPY	–	–	–	1
Rs. in lacs	–	–	–	1
Total Rs. lacs	156	882	184	268

* represents foreign currency less than 50,000

iii) Foreign currency sensitivity

For every percentage point change in the underlying exchange rate of the outstanding foreign currency denominated assets and liabilities, holding all other variables constant, the profit before tax would change by Rs. 308 lacs for the year ended 31 March 2021 (31 March 2020: Rs 269 lacs).

d) Credit risk

Credit risk arise from the possibility that the counter party may not be able to seĴle their obligations. Financial instruments that are subject to such risk primarily consists of investments, trade receivables, bank deposits, loans, derivative instruments and other financial assets.

Bank deposits are primarily held with highly rated and different banks.

The Company's customer base is large and diverse limiting the risk arising out of credit concentration. Further the credit is extended in business interest in accordance with guidelines issued centrally and business-specific credit policies that are consistent with such guidelines. Exceptions are managed and approved by appropriate authorities aĞer due consideration of the counter parties credentials and financial capacity, trade practices and prevailing business and economic conditions.

The Company's historical experience of collecting receivable and the level of default indicates that the credit risk is low and generally uniform across markets. Loss allowances are recognised where considered appropriate by the management.

	As at 31 March 2021 Rs. in lacs	As at 31 March 2020 Rs. in lacs
Balance at beginning of the year	142	113
Provision recognised in the year	104	76
Amounts wriĴen off during the year as uncollectible	–	(36)
Amounts recovered during the year	(3)	(10)
Provisions wriĴen back	–	(1)
Balance at end of the year	243	142

The movement of allowance for doubtful advances and receivables is as under:-

Other than financial assets mentioned above, none of the Company's financial assets are either impaired or past due, and there were no indications that defaults in payment would occur.

e) Fair value hierarchy

The following table provides an analysis of financial instruments that are measured subsequent to initial recognition at fair value and have been grouped into Level 1, Level 2 and Level 3 below:

				Fair Value Fair value
			hierarchy	As at	As at
			(Level)	31 March 2021	31 March 2020
				Rs. in lacs	Rs. in lacs
A.		Financial Assets
	a)	Measured at FVTPL:
		Investment in mutual funds	1	25,822	15,280
		Investment in equity instruments (other than
		subsidiary)	2	225	–
	b)	Derivatives measured at FVTPL:
		Derivatives not designated as hedges	2	378	1,220
B.		Financial Liabilities
	a)	Derivatives measured at FVTPL:
		Derivatives not designated as hedges	2	181	49

40. Goodwill

A reconciliation of the carrying amount of goodwill at the beginning and end of the reporting period showing separately:

	As at	As at
	31 March 2021	31 March 2020
	Rs. in lacs	Rs. in lacs
Amount as at the beginning of the year
(net of accumulated impairment loss of Nil)	1,355	1,355
Amount as at the end of the year
(net of accumulated impairment loss of Nil)	1,355	1,355

The goodwill as stated above is allocated to home appliances division.The Company tests goodwill annually for impairment, or more frequently if there are indications that goodwill might be impaired.

41. Exceptional items includes the following:

		For the year ended 31 March 2021 Rs. in Lacs	For the year ended 31 March 2020 Rs. in Lacs
(a)	Surplus from superannuation scheme (#)	–	1,305
(b)	Loss of inventory due to fire (@)	–	(1,157)
		–	148

An amount of Rs. 1305 lacs received from The IFBL Group Superannuation Scheme for refund of Surplus money as per the Deed of Variance dated 3 October, 2019 approved by the Commissioner of Income Tax vide order dated 30 December, 2019.

@ An estimated amount of Rs. 1157 lacs on account of loss of Inventory lying at a warehouse of the Company due to fire on 2 December, 2019. The Insurance claim for the same was lodged and the same was treated as exceptional loss. The claim survey process is still on.
42. The Company has disaggregated revenues from contract with customers for the year by the type of goods and services. The Company believe that this disaggregation best depicts how the nature, amount, timing and uncertainty of revenues and cash flows are affected by industry, market and other economic factors. Refer note 21 for revenue disaggregation.

The following table includes revenue expected to be recognised in the future related to annual maintenance contracts and extended warranty services and advance from customers.

	Year ended 31 March 2022	Year ended 31 March 2023	Year ended 31 March 2024	Year ended 31 March 2025	Beyond 31 March 2025
	Rs. in lacs	Rs. in lacs	Rs. in lacs	Rs. in lacs	Rs. in lacs
Income received in advance on annual	4,430	725	–	–	–
maintenance contracts
Income received in advance on extended	183	164	65	32	6
warranty services
Advance from customers	3,107	–	–	–	–
	7,720	889	65	32	6

The Company recognized revenue of Rs. 5,414 lacs (31 March 2020 : Rs. 5,246 lacs) arising from contract liability balances comprising of income received in advance on annual maintenance contracts and extended warranty services and advance from customers at the beginning of the year.

The below table shows the movement of income received in advance on annual maintenance contracts and extended warranty services and advance from customers :

	As at 31 March 2021 Rs. in lacs	As at 31 March 2020 Rs. in lacs
Opening Balance	7,065	6,240
Progress billing during the year	2,69,304	2,52,382
Less: Revenue recognised during the year	2,67,657	2,51,557
Closing Balance	8,712	7,065

Invoicing in excess of revenues from sale of services are classified as "Income received in advance on annual maintenance contracts and extended warranty services" and Invoicing in excess of revenues from sale of goods are classified as "Advance from customers" in note no 17.

43. As per the E-Waste (Management) Rules, 2016, as amended, Companies dealing in certain categories of products as specified in Schedule-I therein are required to undertake Extended Producer Responsibility (EPR) for its end-of-life products. The obligation for a financial year is measured based on sales made in the preceding 9th/10th year and the Company has met its obligations for the current year. In accordance with Appendix B of Ind AS 37, 'Provisions, Contingent Liabilities and Contingent Assets', the Company will have an e-waste obligation for future years, only if it participates in the market in those years.
44. The spread of COVID-19 has impacted businesses around the globe. In India, Governments in certain states have imposed various restrictions with the increase in number of COVID 19 cases during the months of March 2021, April 2021 and May 2021.

On the basis of the assessment done by the management and internal/ external sources of information up to the date of approval of these financial results, the carrying amounts of assets are recoverable. The impact of pandemic may be different from that estimated as at the date of these financial results and the Company will closely monitor any material changes to the future economic conditions.

45. On 31 October, 2020, the Company has acquired the balance 48.88% (1,14,74,020 nos. equity shares) equity shares from the other shareholders of Trishan Metals Private Limited at a consideration of Rs. 1430 lacs, thereby making Trishan Metals Private Limited(TMPL) as its wholly owned subsidiary.

The board of directors at its meeting held on 30 December 2020 approved the amalgamation of its wholly owned subsidiary TMPL with IFB Industries Limited (IFBIL) The transferor company (TMPL) and transferee company (IFBIL) submitted merger application on 06 February, 2021 to National Company Law Tribunal, Kolkata Bench (NCLT) with effective date considered as 01 April, 2021. The first hearing was held on 05 April, 2021. The NCLT accepted the application and by its order dated 05 April, 2021 appointed the Chairperson and scrutinizer for shareholders and creditors meeting ( secured and unsecured) to be held on 24 May, 2021 through video conferencing or other audio vidual means to approve the 'Scheme of Amalgamation'. The meetings took place on 24 May, 2021 and the shareholders and creditors ( secured and unsecured ) approved the 'Scheme of Amalgamation' between TMPL and IFBIL under the provisions of Sections 230 to 232 of the Companies Act, 2013 and other relevant provisions of the Act and rules framed thereunder with requisite majority .The matter is now under process and pending before NCLT.

46. Government Grants

The Company has received an amount of Rs 1702 lacs during 2020-21 under Modified Special Incentive Package Scheme (M-SIPS) of Government of India . The incentive under the scheme is in the form of capital subsidy of 25% for Capital expenditure in new projects on reimbursement basis.

The Company has adopted the income approach as prescribed in Ind AS 20 - Accounting for Government Grants and Disclosure of Government Assistance. It has recognised the government grants received (related to depreciable assets) in Statement of Profit and Loss on a systematic basis over the remaining useful life of the asset. The Company has received claim amounting to

Rs 1702 lacs during 2020-21 and the same has been set up as deferred income. Out of the same Rs.12 lacs has been recognised as income during 2020-21 and balance has been shown in note no 17 - "Other Liabilities" as "Deferred government grant". There are no unfulfilled conditions or other contingencies attaching to this grant.

47. Previous year's figures have been regrouped / reclassiified wherever necessary to correspond with the current year's classification.
48. The standalone financial statements were approved by the Board of Directors on 14 June 2021.

Independent Auditor's Report to the Members of IFB INDUSTRIES LIMITED

Report on the Audit of the Consolidated Financial Statements

Opinion

We have audited the accompanying consolidated fi nancial statements of IFB Industries Limited ("the Parent") and its subsidiaries, (the Parent and its subsidiaries together referred to as "the Group"), which comprise the Consolidated Balance Sheet as at 31 March 2021, and the Consolidated Statement of Profi t and Loss (including Other Comprehensive Loss), the Consolidated Cash Flow Statement and the Consolidated Statement of Changes in Equity for the year then ended, and a summary of signifi cant accounting policies and other explanatory information.

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid consolidated fi nancial 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 Indian Accounting Standards prescribed under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended ('Ind AS')and other accounting principles generally accepted in India, of the consolidated state of aff airs of the Group as at 31 March,2021, and their consolidated profi t, their consolidated total comprehensive income, their consolidated cash fl ows and their consolidated changes in equity for the year ended on that date.

Basis for Opinion

We conducted our audit of the consolidated fi nancial statements in accordance with the Standards on Auditing specifi ed under section 143(10) of the Act (SAs). Our responsibilities under those Standards are further described in the Auditor's Responsibility for the Audit of the Consolidated Financial Statements section of our report. We are independent of the Group in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (ICAI) together with the ethical requirements that are relevant to our audit of the consolidated fi nancial statements under the provisions of the Act and the Rules made thereunder, and we have fulfi lled our other ethical responsibilities in accordance with these requirements and the ICAI's Code of Ethics. We believe that the audit evidence obtained by us is suffi cient and appropriate to provide a basis for our audit opinion on the consolidated fi nancial statements

Key Audit MaĴ ers

Key audit maĴ ers are those maĴ ers that, in our professional judgment, were of most signifi cance in our audit of the consolidated fi nancial statements of the current period. These maĴ ers were addressed in the context of our audit of the consolidated fi nancial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these maĴ ers. We have determined the maĴ ers described below to be the key audit maĴ ers to be communicated in our report

Sr. No.	Key Audit MaĴer	Auditor's Response
1	Revenue Recognition Revenue from the sale of goods (hereinaĞer referred to as "Revenue") is recognised when the Company performs its obligation to its customers and the amount of revenue can be measured reliably and recovery of the consideration is probable. The timing of such recognition is when the control over the same	Our audit approach was a combination of test of internal controls and substantive procedures including: • Assessing the appropriateness of the Company's revenue recognition accounting policies, in line with Ind AS 115 ("Revenue from Contracts with Customers"). • Evaluating the design and implementation of Company's controls in respect of revenue recognition. Testing the effectiveness of such controls over revenue cut off during
	is transferred to the customer which is mainly upon delivery.	the year.

Sr. No.	Key Audit MaĴer	Auditor's Response
	Revenue Recognition
	The timing of revenue recognition is relevant to the reported performance of the Company. Revenue may be recognised before completion of contractual performance obligation due to incorrect recording of point of time when the customer obtains control of the asset.	• Testing the supporting documentation for sales transactions recorded during the period closer to the yearend including customer acknowledgments of receipt of goods on a sample basis. • Testing sales returns subsequent to the year end, including examination of credit notes issued aĞer the year end to
	Refer to 1(B)(c) for the Accounting policy on recognition on revenue.	determine whether revenue was recognised in the correct period.
		• Rolling out confirmation requests to customers to confirm the recorded year end balances on a sample basis.

Information Other than the Financial Statements and Auditor's Report Thereon

The Parent's Board of Directors is responsible for the other information. The other information comprises the information included in the Director's report, but does not include the consolidated fi nancial statements, standalone fi nancial statements and our auditor's report thereon.
Our opinion on the consolidated fi nancial 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 consolidated fi nancial statements, our responsibility is to read the other information, compare with the fi nancial statements of the subsidiaries, and consider whether the other information is materially inconsistent with the consolidated fi nancial statements or our knowledge obtained during the course of our audit or otherwise appears to be materially misstated. Other information so far as it relates to the subsidiaries is traced from their respective fi nancial statements.
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 to report in this regard

Management's Responsibility for the Consolidated Financial Statements

The Parent's Board of Directors is responsible for the maĴ ers stated in section 134(5) of the Act with respect to the preparation of these consolidated fi nancial statements that give a true and fair view of the consolidated fi nancial position, consolidated fi nancial performance including other comprehensive loss, consolidated cash fl ows and consolidated changes in equity of the Group in accordance with the Ind AS and other accounting principles generally accepted in India. The respective Board of Directors of the companies included in the Group are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Group and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal fi nancial controls, that were operating eff ectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the fi nancial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of the consolidated fi nancial statements by the Directors of the Parent, as aforesaid.

In preparing the consolidated fi nancial statements, the respective Board of Directors of the companies included in the Group are responsible for assessing the ability of the respective entities to continue as a going concern, disclosing, as applicable,

maĴ ers related to going concern and using the going concern basis of accounting unless the respective Board of Directors either intends to liquidate their respective entities or to cease operations, or has no realistic alternative but to do so.

The respective Board of Directors of the companies included in the Group are also responsible for overseeing the fi nancial reporting process of the Group.

Auditor's Responsibility for the Audit of the Consolidated Financial Statements

Our objectives are to obtain reasonable assurance about whether the consolidated fi nancial 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 infl uence the economic decisions of users taken on the basis of these consolidated fi nancial statements.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the consolidated fi nancial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is suffi cient 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, misrepresentations, or the override of internal control.
Obtain an understanding of internal fi nancial 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 Parent has adequate internal fi nancial controls system in place and the operating eff ectiveness of such controls.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the 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 signifi cant doubt on the ability of the Group to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw aĴ ention in our auditor's report to the related disclosures in the consolidated fi nancial 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. However, future events or conditions may cause the Group to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the consolidated fi nancial statements, including the disclosures, and whether the consolidated fi nancial statements represent the underlying transactions and events in a manner that achieves fair presentation.
Obtain suffi cient appropriate audit evidence regarding the fi nancial information of the entities or business activities within the Group to express an opinion on the consolidated fi nancial statements. We are responsible for the direction, supervision and performance of the audit of the fi nancial statements of such branches or entities or business activities included in the consolidated fi nancial statements of which we are the independent auditors.

Materiality is the magnitude of misstatements in the consolidated fi nancial statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the consolidated fi nancial statements may be infl uenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the eff ect of any identifi ed misstatements in the consolidated fi nancial statements.

We communicate with those charged with governance of the Parent and such other entities included in the consolidated fi nancial statements of which we are the independent auditors regarding, among other maĴ ers, the planned scope and timing of the audit and signifi cant audit fi ndings, including any signifi cant defi ciencies in internal control that we identify during our audit.

From the maĴ ers communicated with those charged with governance, we determine those maĴ ers that were of most signifi cance in the audit of the consolidated fi nancial statements of the current period and are therefore the key audit maĴ ers. We describe these maĴ ers in our auditor's report unless law or regulation precludes public disclosure about the maĴ er or when, in extremely rare circumstances, we determine that a maĴ er should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefi ts of such communication.

Report on Other Legal and Regulatory Requirements

1. As required by Section 143(3) of the Act, based on our audit, we report, to the extent applicable 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 of the aforesaid consolidated fi nancial statements.
b) In our opinion, proper books of account as required by law relating to preparation of the aforesaid consolidated fi nancial statements have been kept so far as it appears from our examination of those books.
c) The Consolidated Balance Sheet, the Consolidated Statement of Profi t and Loss including Other Comprehensive Loss, the Consolidated Cash Flow Statement and the Consolidated Statement of Changes in Equity dealt with by this Report are in agreement with the relevant books of account maintained for the purpose of preparation of the consolidated fi nancial statements.
d) In our opinion, the aforesaid consolidated fi nancial statements comply with the Ind AS specifi ed under Section 133 of the Act.
e) On the basis of the wriĴ en representations received from the directors of the Group as on 31 March, 2021 taken on record by the Board of Directors of the respective companies in India, none of the directors of the Group companies in India are disqualifi ed as on 31 March, 2021 from being appointed as a director in terms of Section 164 (2) of the Act.
f) With respect to the adequacy of the internal fi nancial controls over fi nancial reporting and the operating eff ectiveness of such controls, refer to our separate Report in "Annexure A" which is based on the auditors' reports of the Parent and the subsidiary company incorporated in India. Our report expresses an unmodifi ed

opinion on the adequacy and operating eff ectiveness of internal fi nancial controls over fi nancial reporting of those companies.

g) With respect to the other maĴ ers to be included in the Auditor's Report in accordance with the 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 by the Parent to its directors during the year is in accordance with the provisions of section 197 of the Act.
h) With respect to the other maĴ ers to be included in the Auditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, as amended in our opinion and to the best of our information and according to the explanations given to us:
i) The consolidated fi nancial statements disclose the impact of pending litigations on the consolidated fi nancial position of the Group - Refer Note 35 to the consolidated fi nancial statements.
ii) The Group did not have any material foreseeable losses on long-term contracts including derivative contracts.
iii) There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Parent and its subsidiary company incorporated in India.

For DELOITTE HASKINS & SELLS Chartered Accountants (Firm Registration No. 302009E)

Date : 14 June, 2021 (Membership No. 054785)

Abhij it Bandyopadhyay Place : Kolkata Partner

ANNEXURE "A" to the Independent Auditor's Report

(Referred to in paragraph 1(f) under 'Report on Other Legal and Regulatory Requirements' section of our report of even date)

Report on the Internal Financial Controls Over Financial Reporting under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 ("the Act")

We have audited the internal fi nancial controls over fi nancial reporting of the Group ("the Company") as of 31 March, 2021 in conjunction with our audit of the consolidated fi nancial statements of the Company for the year ended on that date.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing and maintaining internal fi nancial controls based on the internal control over fi nancial reporting criteria established by the Group 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. These responsibilities include the design, implementation and maintenance of adequate internal fi nancial controls that were operating eff ectively for ensuring the orderly and effi cient conduct of its business, including adherence to Group'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 fi nancial information, as required under the Companies Act, 2013.

Auditor's Responsibility

Our responsibility is to express an opinion on the Group's internal fi nancial controls over fi nancial reporting 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") issued by the Institute of Chartered Accountants of India and the Standards on Auditing prescribed under Section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal fi nancial controls. 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 fi nancial controls over fi nancial reporting was established and maintained and if such controls operated eff ectively in all material respects.

We believe that the audit evidence we have obtained is suffi cient and appropriate to provide a basis for our audit opinion on the Group's internal fi nancial controls system over fi nancial reporting.

Meaning of Internal Financial Controls Over Financial Reporting

A Group's internal fi nancial control over fi nancial reporting is a process designed to provide reasonable assurance regarding the reliability of fi nancial reporting and the preparation of fi nancial statements for external purposes in accordance with generally accepted accounting principles. A Group's internal fi nancial control over fi nancial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly refl ect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of consolidated fi nancial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the Group are being made only in accordance with authorisations of management and directors of the Group; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the Group's assets that could have a material eff ect on the consolidated fi nancial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

Opinion

In our opinion, to the best of our information and according to the explanations given to us, the Group has, in all material respects, an adequate internal fi nancial controls system over fi nancial reporting and such internal fi nancial controls over fi nancial reporting were operating eff ectively as at 31 March, 2021 based on the criteria for internal fi nancial control over fi nancial reporting established by the Group 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 DELOITTE HASKINS & SELLS

Chartered Accountants (Firm Registration No. 302009E)

Abhij it Bandyopadhyay Place : Kolkata Partner Date : 14 June, 2021 (Membership No. 054785)

Consolidated Balance Sheet

		Notes	As at 31 March 2021 Rs. in Lacs	As at 31 March 2020 Rs. in Lacs
ASSETS
1. Non-current assets
(a) Property, plant and equipment		3A	52,824	49,146
(b) Capital work-in-progress		3A	1,883	887
(c) Right of use assets		3C	6,834	6,808
(d) Investment property		4	11	11
(e) Goodwill		3D	2,361	2,381
(f) Other intangible assets		3B	3,338	4,114
(g) Intangible assets under development		3B	232	96
(h) Financial assets
(i) Investments		10	225	–
(ii) Loans (ii) Others		5 6	51 1,772	55 2,397
(i) Income tax assets		7	9	1,834
(j) Other non-current assets		8	1,229	4,461
2. Current assets
(a) Inventories		9	46,228	38,338
(b) Financial assets
(i) Investments		10	25,822	15,280
(ii) Trade receivables		11	26,569	20,454
(iii) Cash and cash equivalents		12	9,829	10,487
(iv) Other bank balances		13	2,419	2,023
(v) Loans		5	53	55
(vi) Others		6	336	436
(c) Income tax assets (d) Other current assets		7 8	645 6,471	– 7,204

Total assets			1,89,141	1,66,467
EQUITY AND LIABILITIES
Equity
(a) Equity share capital		14	4,128	4,128
(b) Other equity (c) Non-controlling interest			65,460 –	60,496 40
Liabilities
1. Non-current liabilities
(a) Financial liabilities
(i) Borrowings		15	17,156	25,372
(ii) Lease liabilities			3,894	4,413
(iii) Other fi nancial liabilities		16	45	26
(b) Provisions		17	5,912	6,551
(c) Deferred tax liabilities (net)		18	2,676	1,129
(d) Other non-current liabilities		19	2,562	1,669
2. Current liabilities (a) Financial liabilities
(i) Borrowings		20	2,664	3,515
(ii) Lease liabilities			2,090	1,508
(iii) Trade payables
	(A) Total outstanding dues of micro enterprises and small enterprises		10,141	2,517
(B) Total outstanding dues of creditors other than micro			55,406	44,796
enterprises and small enterprises
(iv) Other fi nancial liabilities		16	5,271	2,549
(b) Other current liabilities		19	11,054	7,330
(c) Provisions		17	607	428
(d) Income tax liabilities			75	–
Total equity and liabilities			1,89,141	1,66,467
The accompanying notes 1 to 47 are an integral part of the fi nancial statements.
In terms of our report aĴ ached	For and on behalf of the Board of Directors

For DeloiĴ e Haskins & Sells Chartered Accountants	Joint Executive Chairman and Managing Director Managing Director and Chief Executive Offi cer, Home Appliances Division Managing Director and Chief Executive Offi cer, Engineering Division	Bikramjit Nag Rajshankar Ray Partha Sen
Abhij it Bandyopadhyay Partner	Director and Chief Financial Offi cer Company Secretary	Prabir ChaĴ erjee G. Ray Chowdhury
Kolkata 14 June 2021	Goa / Kolkata 14 June 2021

IFB INDUSTRIES LTD.

Consolidated Statement of Profi t and Loss

				For the year ended	For the year ended
				31 March 2021	31 March 2020
			Notes	Rs. in Lacs	Rs. in Lacs
I	Revenue from operations		21	2,80,080	2,63,697
II	Other income		22	2,236	1,250
III	Total income (I + II)			2,82,316	2,64,947
IV	Expenses
	(a) Cost of materials consumed		23	1,23,639	1,03,621
	(b) Purchases of stock-in-trade			35,129	39,208
	(c) Changes in inventories of fi nished goods, stock-in-trade and		24	(2,307)	6,544
	work-in-progress
	(d) Employee benefi ts expense		25	30,693	29,888
	(e) Finance costs		26	3,091	1,609
	(f) Depreciation and amortisation expense		27	10,242	9,195
	(g) Other expenses		28	71,938	72,355
	Total expenses (IV)			2,72,425	2,62,420
V	Profi t before exceptional items and tax (III - IV)			9,891	2,527
VI	Exceptional Items		40	–	148
VII	Profi t before tax (V + VI)			9,891	2,675
VIII	Tax expense
	(a) Current tax		29A	3,763	178
	(b) Deferred tax		29A	(283) 3,480	(80) 98
IX	Profi t for the year (VII - VIII)			6,411	2,577
X	Other comprehensive income
	A (i) Items that will not to be reclassifi ed to profi t or loss
	- Remeasurements of the defi ned benefi t plan		31	(68)	(656)
	(ii) Income tax relating to items that will not be reclassifi ed to profi t
	or loss		29B	25	(6)
	(i) B Items that will be reclassifi ed to profi t or loss
	- Exchange diff erences in translating the fi nancial statements of
	foreign operations			(14)	181
	(ii) Income tax relating to items that will be reclassifi ed to profi t or loss			– (57)	– (481)
	Other comprehensive income
XI	Total comprehensive income for the year (IX+ X)			6,354	2,096
	Profi t for the year AĴ ributable to :
	Owners of the parent			6,324	2,741
	Non-controlling interests			87	(164)
	Total comprehensive income for the year

	AĴ ributable to:			6,266	2,263
	Owners of the parent
	Non-controlling interests			88	(167)
XII	Earnings per equity share (Face value Rs. 10 each)
	(a) Basic (in Rs.)		30	15.61	6.76
	(b) Diluted (in Rs.)		30	15.61	6.76
	The accompanying notes 1 to 47 are an integral part of the fi nancial statements.
	In terms of our report aĴ ached	For and on behalf of the Board of Directors
	For DeloiĴ e Haskins & Sells	Joint Executive Chairman and Managing Director			Bikramjit Nag
	Chartered Accountants	Managing Director and Chief Executive Offi cer, Home Appliances Division Managing Director and Chief Executive Offi cer, Engineering Division			Rajshankar Ray Partha Sen

Managing Director and Chief Executive Offi cer, Home Appliances Division Rajshankar Ray
Partha Sen
Prabir ChaĴ erjee
G. Ray Chowdhury

Consolidated Statement of Changes in Equity

A. Equity share capital

	As at the beginning of the reporting year	Changes in equity share capital during the year	As at the end of the reporting year
	Rs. in lacs	Rs. in lacs	Rs. in lacs
For the year ended 31 March 2020	4,128	–	4,128
For the year ended 31 March 2021	4,128	–	4,128

B. Other equity

			Reserves and Surplus			Other	AĴ ribui	Non	Total
	Capital Reserve	Securities Premium	Capital Redemption Reserve	Debt Restruc turing Reserve	Retained earnings	comprehensive income Foreign currency translation reserve	table to owners of the parent	controlling interest
	Rs. in lacs	Rs. in lacs	Rs. in lacs	Rs. in lacs	Rs. in lacs	Rs. in lacs	Rs. in lacs	Rs. in lacs	Rs. in lacs
Balance as at 01 April 2019	–	17,433	1,605	8,981	29,607	292	57,711	207	57,918
Recognised on business combination	522	–	–	–	–	–	522	–	522
Profi t for the year	–	–	–	–	2,577	–	2,741	(164)	2,577
Other comprehensive income (net of tax)	–	–	–	–	(662)	181	(478)	(3)	(481)
Total comprehensive income for the year	522	–	–	–	1,915	181	2,785	(167)	2,618
Balance as at 31 March 2020	522	17,433	1,605	8,981	31,522	473	60,496	40	60,536
Profi t for the year	–	–	–	–	6,411	–	6,324	87	6,411
Other comprehensive	–	–	–	–	(43)	(14)	(58)	1	(57)
income (net of tax) Total comprehensive	–	–	–	–	6,368	(14)	6,266	88	6,354
income for the year Adjustment on acquisition of non-controlling interest of a subsidiary	–	–	–	–	(1,430)	–	(1,302)	(128)	(1,430)
Balance as at 31 March 2021	522	17,433	1,605	8,981	36,460	459	65,460	–	65,460
Capital reserve						: This reserve represents the diff erence between the value of net assets acquired by the Company in the course of business combinations and the consideration paid for such combinations.
Securities premium						: This reserve represents premium on issue of shares and expenses on employee stock purchase scheme and can be utilised in accordance with the provisions of the Companies Act, 2013.
Capital redemption reserve						: This reserve has been created under the Companies Act, 1956 on redemption of redeemable preference shares and can be utilised in accordance with the provisions of the Companies Act, 2013.
Debt restructuring reserve						: This reserve represents the principal loan amount that were waived off in earlier years.
Retained earnings						: This reserve represents the cumulative profi ts of the Group and eff ects of remeasurement of defi ned benefi t plans. This can be utilised in accordance with the provisions of the Companies Act, 2013.
Foreign currency translation reserve : Exchange diff erences on translating the fi nancial statements of foreign operations.

The accompanying notes 1 to 47 are an integral part of the fi nancial statements.

In terms of our report aĴ ached	For and on behalf of the Board of Directors
For DeloiĴ e Haskins & Sells Chartered Accountants	Joint Executive Chairman and Managing Director Managing Director and Chief Executive Offi cer, Home Appliances Division Managing Director and Chief Executive Offi cer, Engineering Division	Bikramjit Nag Rajshankar Ray Partha Sen
Abhij it Bandyopadhyay Partner	Director and Chief Financial Offi cer Company Secretary	Prabir ChaĴ erjee G. Ray Chowdhury
Kolkata 14 June 2021	Goa / Kolkata 14 June 2021

Consolidated Cash Flow Statement

		For the year ended 31 March 2021 Rs. in Lacs	For the year ended 31 March 2020 Rs. in Lacs
A.	Cash fl ows from operating activities
	Profi t before tax	9,891	2,675
	Adjustments for:
	Depreciation and amortisation expense	10,242	9,195
	Gain on disposal of property, plant and equipment	(14)	-
	Exceptional Loss of inventory due to fi re	–	1,157
	Write-off of property, plant and equipment	162	88
	Write-off of debts/ advances	30	58
	Allowances for doubtful debts and advances	104	76
	Dividend from investments in mutual fund	(23)	(331)
	Net loss/(gain) on disposal of mutual funds measured at FVTPL	(98)	76
	Write back of liabilities no longer required	(380)	(57)
	Write back of provision on assets no longer required	(6)	(47)
	Income in respect to deferred revenue from government grant	(19)	(8)
	Unrealised exchange (gain)/loss	(888)	1,346
	Interest income on fi nancial assets	(450)	(321)
	Net gain arising on mutual funds measured at FVTPL	(783)	(101)
	Net (gain)/loss arising on derivative instruments measured at FVTPL	974	(1,413)
	Finance costs	2,821	1,414
	Operating profi t before working capital changes	21,563	13,807
	Adjustments for:
	Trade payables	18,651	1,117
	Provisions	(532)	385
	Other fi nancial liabilities	201	151
	Other liabilities	2,934	1,019
	Trade receivables Other fi nancial assets	(6,214) (290)	4,362 (307)
	Other assets	1,428	(2,253)
	Loans	6	(1)
	Inventories	(7,904)	1,144
	Cash generated from operations	29,843	19,424
	Income tax paid (net of refunds)	(651)	(976)
	Net cash generated from operating activities	29,192	18,448
B.	Cash fl ows from investing activities
	Investment in equity shares of a company (other than subsidary)	(225)	–
	Consideration paid for business combination	–	(3,650)
	Consideration paid to the Non-controlling shareholders of a subsidiary	(1,430)	–
	Government grant received (Refer note 45)	1,702	–
	Purchase of property, plant and equipment	(9,330)	(22,353)
	Sale of property, plant and equipment	166	4
	Purchase of current investments (mutual funds)	(74,921)	(57,091)
	Sale of current investments (mutual funds)	65,281	44,893
	Increase in bank balances (with maturity more than 12 months)	(396)	483
	Interest income on fi nancial assets	490	305
	Net cash used in investing activities	(18,663)	(37,409)

Consolidated Cash Flow Statement

		For the year ended 31 March 2021 Rs. in Lacs	For the year ended 31 March 2020 Rs. in Lacs
C.	Cash fl ows from fi nancing activities
	Proceeds from borrowing	9,770	49,528
	Repayment of borrowing	(15,461)	(23,920)
	Lease rent paid - principal portion	(3,034)	(2,713)
	Lease rent paid - interest portion	(135)	(130)
	Finance costs	(2,317)	(510)
	Net cash generated from / (used in) fi nancing activities	(11,177)	22,255
	Net change in cash and cash equivalents (A+B+C)	(648)	3,294
	Cash and cash equivalents at the beginning of the year	10,487	7,164
	Foreign currency translation adjustment on cash and cash equivalents	(10)	29
	Cash and cash equivalents at the end of the year [refer note 12]	9,829	10,487

The above Cash fl ow statement has been prepared under the "Indirect Method" as set out in Ind AS - 7 - Statements of Cash Flow.
Pursuant to business combinations, the fair value of the following assets and liabilities assumed as at the date of acquisition has been adjusted in the respective places in the Statement of Cash Flow :

Property, plant and equipment	–	4,085
Inventories	–	248
Loans	–	1
Trade receivables	–	66
Other assets	–	7
Trade payables	–	279
Other liabilities	–	38
Other fi nancial liability	–	3
Provisions	–	65

The accompanying notes 1 to 47 are an integral part of the fi nancial statements.

In terms of our report aĴ ached	For and on behalf of the Board of Directors of IFB Industries Limited
For DeloiĴ e Haskins & Sells Chartered Accountants	Joint Executive Chairman and Managing Director Managing Director and Chief Executive Offi cer, Home Appliances Division Managing Director and Chief Executive Offi cer, Engineering Division	Bikramjit Nag Rajshankar Ray Partha Sen
Abhij it Bandyopadhyay Partner	Director and Chief Financial Offi cer Company Secretary	Prabir ChaĴ erjee G. Ray Chowdhury
Kolkata 14 June 2021	Goa / Kolkata 14 June 2021

1A. BACKGROUND :

IFB Industries Limited ("the Holding Company") and its subsidiaries (together, "the Group") is engaged in the business of fi ne blanked components, home appliances and steel.

1B. SIGNIFICANT ACCOUNTING POLICIES :

a. Statement of compliance

The consolidated fi nancial statements have been prepared in accordance with Indian Accounting Standards (Ind ASs) notifi ed under Companies (Indian Accounting Standards) Rules, 2015. These consolidated fi nancial statements have also been prepared in accordance with the relevant presentation requirements of the Companies Act, 2013.

Except for the changes below, the group has consistently applied accounting policies to all periods.

i) The Group has adopted the amendments to Ind AS 116 for the fi rst time in the current year. The amendments provide practical relief to lessees in accounting for rent concessions occurring as a direct consequence of Covid-19, by introducing a practical expedient to Ind AS 116. The practical expedient permits a lessee to elect not to assess whether a Covid-19 related rent concession is a lease modifi cation. A lessee that makes this election shall account for any change in lease payments resulting from the Covid-19 related rent concession the same way it would account for the charge applying Ind AS 116 if the change were not a lease modifi cation. The practical expedient applies only to rent concessions occurring as a direct consequence of Covid-19 and only if all of the following conditions are met:
The change in lease payments results in revised consideration for the lease that is substantially same as, or less than, the consideration for the lease immediately preceding the change;
Any reduction in lease payments aff ects only payments originally due on or before 30 June 2021 (a rent concession meets this condition if it results in reduced lease payments on or before 30 June 2021 and increased lease payments that extend beyond 30 June 2021); and
There is no substantive change to other terms and conditions of the lease.

The Group has applied the practical expedient retrospectively to all eligible rent concessions and has not restated prior period fi gures.

ii) The Group has adopted the amendments to Ind AS 1 and Ind AS 8 for the fi rst time in the current year. The amendments make the defi nition of material in Ind AS 1 easier to understand and are not intended to alter the underlying concept of materiality in Ind ASs. The concept of 'obscuring' material information with immaterial information has been included as part of the new defi nition. The threshold for materiality infl uencing users has been changed from 'could infl uence' to 'could reasonably be expected to infl uence'. The defi nition of material in Ind AS 8 has been replaced by a reference to the defi nition of material in Ind AS 1. In addition, the MCA amended other standards that contain the defi nition of 'material' or refer to the term 'material' to ensure consistency.

The adoption of the amendments has not had any material impact on the disclosures or on amounts reported in these fi nancial statements.

b. Basis of preparation

The consolidated fi nancial statements are prepared in accordance with the historical cost convention, except for certain items that are measured at fair values at the end of each reporting period, as explained in the accounting policies. Historical cost is generally based on the fair value of the consideration given in exchange for goods and services.

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, regardless of whether that price is directly observable or estimated using another valuation technique. In estimating the fair value of an asset or a liability, the Group takes into account the characteristics of the asset or liability if market participants would take those characteristics into account when pricing the asset or liability at the measurement date. Fair value for measurement and/or disclosure purposes in these consolidated fi nancial statements is determined on such basis, except measurements that have some similarities to fair value but are not fair value, such as net realisable value in Ind AS 2 - Inventories or value in use in Ind AS 36 - Impairment of Assets.

Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Group can access at the measurement date;
Level 2 inputs are inputs, other than quoted prices included within Level 1, that are observable for the asset or liability, either directly or indirectly; and
Level 3 inputs are unobservable inputs for the asset or liability.

The preparation of consolidated fi nancial statements in conformity with Ind AS requires management to make judgements, estimates and assumptions (such estimates and judgements are renewed every year) that aff ect the application of the accounting policies and the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated fi nancial statements, and the reported amounts of revenues and expenses during the year. Actual results could diff er from those estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision aff ects only that period; they are recognised in the period of the revision and future periods if the revision aff ects both current and future periods.

All assets and liabilities have been classifi ed as current or non-current as per Group's normal operating cycle and other criteria set out in Schedule III to the Companies Act 2013 and Ind AS 1- Presentation of Financial Statements based on the nature of products and the time between the acquisition of assets for processing and their realisation in cash and cash equivalents.

c. Basis of consolidation

The consolidated fi nancial statements incorporate the fi nancial statements of the Holding Company and entities (including structured entities) controlled by the Holding Company and its subsidiaries. Control is achieved when the Holding Company:

has the power over the investee;
is exposed, or has rights, to variable return from its involvement with the investee; and
has the ability to use its power to aff ect its return.

Generally, there is a presumption that a majority of voting rights result in control. To support this presumption and when the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including:

The contractual arrangement with the other vote holders of the investee
Rights arising from other contractual arrangements
The Group's voting rights and potential voting rights
The size of the group's holding of voting rights relative to the size and dispersion of the holdings of the other voting rights holders.

The Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Assets, liabilities, income and expenses of a subsidiary acquired or disposed off during the year are included in the consolidated fi nancial statements from the date the Group gains control until the date the Group ceases to control the subsidiary.

Consolidated fi nancial statements are prepared using uniform accounting policies for like transactions and other events in similar circumstances. If a member of the group uses accounting policies other than those adopted in the consolidated fi nancial statements for like transactions and events in similar circumstances, appropriate adjustments are made to that group member's fi nancial statements in preparing the consolidated fi nancial statements to ensure conformity with the group's accounting policies.

The fi nancial statements of all entities used for the purpose of consolidation are drawn up to same reporting date as that of the parent company. When the end of the reporting period of the parent is diff erent from that of a subsidiary, the subsidiary prepares, for consolidation purposes, additional fi nancial information as of the same date as the fi nancial statements of the parent to enable the parent to consolidate the fi nancial information of the subsidiary, unless it is impracticable to do so.

Consolidation procedure :

(a) Combine like items of assets, liabilities, equity, income, expenses and cash fl ows of the parent with those of its subsidiaries.
(b) Off set (eliminate) the carrying amount of the parent's investment in each subsidiary and the parent's portion of equity of each subsidiary. Business combinations policy explains how to account for any related goodwill.
(c) Eliminate in full intragroup assets and liabilities, equity, income, expenses and cash fl ows relating to transactions between entities of the group (profi ts or losses resulting from intragroup transactions that are recognised in assets, such as inventory and property, plant and equipment, are eliminated in full). Intragroup losses may indicate an impairment that requires recognition in the consolidated fi nancial statements. Ind AS 12 Income Taxes applies to temporary diff erences that arise from the elimination of profi ts and losses resulting from intragroup transactions.

Profi t or loss and each component of other comprehensive income (OCI) are aĴ ributed to the equity holders of the parent of the Group and to the non-controlling interests, even if this results in the non-controlling interests having a defi cit balance. All intra-group assets and liabilities, equity, income, expenses and cash fl ows relating to transactions between members of the Group are eliminated in full on consolidation.

A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. If the Group loses control over a subsidiary, it

Derecognises the assets (including goodwill) and liabilities of the subsidiary
Derecognises the carrying amount of any non-controlling interests
Derecognises the cumulative translation diff erences recorded in equity
Recognises the fair value of the consideration received
Recognises the fair value of any investment retained
Recognises any surplus or defi cit in profi t or loss

Reclassifi es the parent's share of components previously recognised in OCI to profi t or loss or retained earnings, as appropriate, as would be required if the Group had directly disposed of the related assets or liabilities.

d. Going concern

The directors have, at the time of approving the fi nancial statements, a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing the fi nancial statements.

e. Revenue recognition

Revenue from contract with customers is recognised when the Group satisfi es performance obligation by transferring promised goods and services to the customer. Performance obligations are satisfi ed at a point of time or over a period of time. Performance obligations satisfi ed over a period of time are recognised as per the terms of relevant contractual agreements/ arrangements. Performance obligations are said to be satisfi ed at a point of time when the customer obtains controls of the asset.

Revenue from services rendered over a period of time, such as annual maintenance contracts, are recognised on straight line basis over the period or as per the terms of the contract.

Dividend income from investments is recognised when the shareholder's right to receive dividend has been established provided that it is probable that the economic benefi ts will fl ow to the Group and the amount of income can be measured reliably.

Interest income from fi nancial assets is recognized when it is probable that the economic benefi t will fl ow to the Group and the amount can be measured reliably. Interest income is accrued on time basis, by reference to the principle outstanding and at the eff ective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the fi nancial asset to that asset's net carrying amount on initial recognition.

Rental income from operating leases is accounted for on a straight-line basis over the lease term.

f. Property, plant and equipment

Property, plant and equipment are stated at cost of acquisition or construction less accumulated depreciation and impairment, if any.

Properties in course of construction for production, supply or administrative purposes, or for purposes not yet determined, are carried at cost, less any recognised impairment loss. Cost includes professional fees and, for qualifying assets, borrowing costs capitalised in accordance with Group's policy. Depreciation on these assets commences when they are ready for their intended use.

Depreciation on property, plant and equipment has been provided on the straight-line method less residual values as per the useful life stated below.

Freehold land is not depreciated.

The estimated useful lives, residual values and depreciation method are reviewed at the end of each reporting period, with the eff ect of any changes in estimate accounted for on a prospective basis.

The estimated useful lives of property, plant and equipment of the Group are as follows:

Buildings	30 years
Buildings (Roads and Fences)	5 years
Building (improvements)	6 years
Plant and equipment	10 – 20 years
Plant and equipment (tools and moulds)	5years / on piece basis
Furniture and fi xtures	10 years
Offi ce equipment	3, 5,10 years
Vehicles	5, 8 years
Computers	3-6 years

g. Goodwill on consolidation

Goodwill on consolidation is stated at cost (substituted for restated cost where applicable) less impairment loss, where applicable. On disposal of a subsidiary, aĴ ributable amount of goodwill is included in the determination of the profi t and loss recognised in the consolidated statement of profi t and loss. Impairment loss, if any to the extent the carrying amount exceeds the recoverable amount is charged off to the consolidated statement of profi t and loss as it arises and is not reversed.

For impairment testing, goodwill is allocated to cash generating unit (CGU) or groupof CGUs to which it relates, which is not larger than an operating segment.

h. Investment property

Investment property are properties held to earn rentals and/or for capital appreciation (including property under construction for such purposes). Investment properties are measured initially at cost, including transaction costs. Subsequent to initial recognition, investment properties are measured in accordance with Ind AS 16 – Property, Plant and Equipment requirements for cost model, other than those that meet the criteria to be classifi ed as held for sale (or are included in a disposal group that is classifi ed as held for sale) in accordance with Ind AS 105 – Non-current Assets Held for Sale and Discontinued Operations.

An investment property is derecognised upon disposal or when the investment property is permanently withdrawn from use and no future economic benefi ts are expected from the disposal. Any gain or loss arising on de-recognition of the property (calculated as the diff erence between the net disposal proceeds and the carrying amount of the asset) is included in consolidated statement of profi t and loss in the period in which the property is de-recognised.

For transition to Ind AS, the Group has elected to continue with the carrying value of its investment property recognised as of 01 April 2016 (transition date) measured as per the previous GAAP and use that carrying value as its deemed cost as of the transition date.

i. Intangible assets

Intangible assets that the Group acquires separately and from which it expects future economic benefi ts are capitalised upon acquisition and measured initially at cost comprising the purchase price (including import duties and non-refundable taxes) and directly aĴ ributable costs to prepare the asset for its intended use.

Intangible assets that have fi nite lives are amortized over their estimated useful lives by the straight-line method unless it is practical to reliably determine the paĴ ern of benefi ts arising from the asset. An intangible asset with an indefi nite useful life is not amortized.

Computer soĞ ware	3 years
Technical knowhow	5 years / 7 years
Brand	5 years
Non-Compete Agreement	10 years

The estimated useful lives of intangible assets of the Group are as follows:

All intangible assets are tested for impairment. Amortisation expenses and impairment losses and reversal of impairment losses are taken to the consolidated statement of profi t and loss. Thus, aĞ er initial recognition, an intangible asset is carried at its cost less accumulated amortisation and / or impairment losses.

j. Impairment of tangible and intangible assets

At the end of each reporting period, the Group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suff ered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). When it is not possible to estimate the recoverable amount of an individual asset, the Group estimates the recoverable amount of the CGU to which the asset belongs.

If the recoverable amount of an asset (or CGU) is estimated to be less than its carrying amount, the carrying amount of the asset (or CGU) is reduced to its recoverable amount. An impairment loss is recognised immediately in the consolidated statement of profi t and loss.

k. Borrowing costs

Investment income earned on the temporary investment of specifi c borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalisation.

All other borrowing costs are recognised in the consolidated statement of profi t and loss in the period in which they are incurred.

l. Foreign currency transactions

The presentation currency of the Group is Indian Rupee.

At each reporting date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing at that date. Exchange diff erences arising on translation of monetary items are recognised in the consolidated statement of profi t and loss except for exchange diff erences on foreign currency borrowings relating to assets under constructions for future productive use, which are included in the cost of the assets when they are regarded as an adjustment to interest costs on these foreign currency borrowings. Non-monetary items denominated in foreign currency are carried at cost.

Exchange diff erences arising on monetary items that, in substance, form part of the Group's net investment in a foreign operation (having a functional currency other than Indian Rupee) are accumulated in foreign currency translation reserve.

For the preparation of the consolidated fi nancial statements :-

assets and liabilities of foreign operations, together with goodwill and fair value adjustments assumed on acquisition thereon, are translated to Indian Rupees at exchange rate prevailing at the reporting period end.
income and expense items are translated at the average exchange rate prevailing during the period; when exchange rates fl uctuate signifi cantly the rates prevailing on the transaction date are used instead.

Diff erences arising on such translation are accumulated in foreign currency translation reserve and aĴ ributed to non-controlling interests proportionately.

On the disposal of foreign operation, all of the exchange diff erences accumulated in equity in respect of that operating aĴ ributable to the owners of the Group is reclassifi ed to the consolidated statement of profi t and loss. In relation to partial disposal, that does not result in losing control over the subsidiary, the proportionate exchange diff erences accumulated in equity is reclassifi ed to the consolidated statement of profi t and loss.

m. Derivatives

The Group enters into derivative fi nancial instruments, primarily foreign exchange forward contracts and currency swaps to manage its exposure to foreign exchange risks.

n. Inventories

Inventories are valued at the lower of cost and net realisable value except for raw material, work-in-progress which are valued at cost and scrap which is valued at market price of a foreign subsidiary.

Costs of inventories are determined using weighted average method. Cost comprises expenditure incurred in the normal course of business in bringing such inventories to its present location and condition and includes, where applicable, appropriate overheads based on normal level of activity. Net realisable value represents the estimated selling price for inventories less all estimated costs of completion and costs necessary to make the sale.

Obsolete, slow moving and defective inventories are identifi ed from time to time and, where necessary, a provision is made for such inventories.

o. Employee benefi ts

Retirement benefi t costs

Contribution payable for provident fund and superannuation fund, which are defi ned contribution schemes are recognised as an employee benefi ts expense in the consolidated statement of profi t and loss.

For retirement benefi t – defi ned benefi t plan i.e. gratuity, other long-term employee benefi ts i.e. leave encashment and sick leave, the cost of providing benefi ts is determined using the projected unit credit method, with actuarial valuations being carried out at the end of each annual reporting period.

Re-measurement, comprising actuarial gains and losses and the return on plan assets (excluding net interest), is refl ected immediately in the consolidated balance sheet with a charge or credit in other comprehensive income for gratuity and consolidated statement of profi t and loss for leave encashment and sick leave in the period in which they occur.

Re-measurement recognised in other comprehensive income is refl ected immediately in retained earnings and is not reclassifi ed to consolidated statement of profi t and loss. Net interest is calculated by applying the discount rate at the beginning of the period to the net defi ned benefi t liability or asset. Defi ned benefi t costs are categorised as follows:

service cost (including current service cost, past service cost, as well as gains and losses on curtailments and seĴ lements);
net interest expense or income; and
re-measurement

The Group presents the fi rst two components of defi ned benefi t costs in consolidated statement of profi t and loss in the line item 'Employee benefi ts expense'.

The retirement benefi t obligation recognised in the consolidated balance sheet represents the actual defi cit or surplus in the Group's defi ned benefi t plans. Any surplus resulting from this calculation is limited to the present value of any economic benefi ts available in the form of reductions in future contributions to the plans.

For an overseas subsidiary, annual leave is recognised when they accrue to the employee. An accrual is made for the estimated liability for annual leave as a result of services rendered by the employee upto the year end date.

Short-term employee benefi ts

A liability is recognised for benefi ts accruing to employees in respect of wages and salaries.

Liabilities recognised in respect of short-term employee benefi ts are measured at the undiscounted amount of the benefi ts expected to be paid in exchange for the related service.

p. Taxation

Tax expenses comprises current and deferred tax.

Current tax

Current tax is measured at the amount expected to be paid to tax authorities in accordance with the Income Tax Act, 1961. The Group's current tax is calculated using tax rates and tax laws that have been enacted during the period, together with any adjustment to tax payable in respect of previous years. Current tax assets and tax liabilities are off set where the Group has a legally enforceable right to off set and intends either to seĴ le on net basis, or to realize the asset and seĴ le the liability simultaneously.

Deferred tax

Deferred tax is recognised on temporary diff erences between the carrying amounts of assets and liabilities in the consolidated fi nancial statements and the corresponding tax bases used in the computation of taxable profi t. Deferred tax liabilities are generally recognised for all taxable temporary diff erences. Deferred tax assets are generally recognised for all deductible temporary diff erences to the extent that it is probable that taxable profi ts will be available against which those deductible temporary diff erences can be utilised. Such deferred tax assets and liabilities are not recognised if the temporary diff erence arises from the initial recognition of assets and liabilities in a transaction that aff ects neither the taxable profi t nor the accounting profi t.

Income tax, in so far as it relates to items disclosed under other comprehensive income or equity, are disclosed separately under other comprehensive income or equity, as applicable.

Minimum Alternate Tax (MAT) credit entitlement is recognized only to the extent there is convincing evidence that the Group will pay normal tax during the period specifi ed by the Income Tax Act, 1961. In the year in which the MAT credit becomes eligible to be recognised as an asset,the said asset is created by way of credit to the consolidated statement of profi t and loss. The Group reviews the same at each balance sheet date and writes down the carrying amount of MAT credit entitlement to the extent there is no longer convincing evidence to the eff ect that the Group will pay normal income tax during the specifi ed period.

q. Government grants

Government grants are recognised when there is reasonable assurance that the grant will be received, and the Group will comply with the conditions aĴ ached to the grant. Accordingly, government grants:

a) related to or used for assets are included in the consolidated balance sheet as deferred income and recognised as income over the useful life of the assets.
b) related to incurring specifi c expenditures are taken to the consolidated statement of profi t and loss on the same basis and in the same periods as the expenditures incurred.
c) by way of fi nancial assistance on the basis of certain qualifying criteria are recognised as they become receivable.

r. Warranties

Warranty costs are estimated by the Management on the basis of a technical evaluation and based on specifi c warranties, claims and claim history. Provision is made for estimated liability in respect of warranty cost in the year of sale of goods. Warranty provisions are measured at discounted amounts. The Group discounts its provision for warranty to present value at reporting dates. Consequently, the unwinding of discount is recognised in the consolidated statement of profi t and loss.

Provision for warranty is expected to be utilized over a period of one to fi ve years.

s. Provisions and contingent liabilities

The Group recognizes a provision when there is a present obligation as a result of an obligating event that probably requires outfl ow of resources and a reliable estimate can be made of the amount of the obligation. When some or all of the economic benefi ts required to seĴ le a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably. When a provision is measured using the cash fl ows estimated to seĴ le the present obligation, its carrying amount is the present value of those cash fl ows (when the eff ect of the time value of money is material).

t. Leasing

Group as a lessee: At the inception of a contract, the Group assesses whether the contract is a lease or not. A contract is, or contains, a lease if the contract conveys the right to control the use of an identifi ed asset for a time in exchange for a consideration.

The Group recognises a right-of-use asset and corresponding lease liability at the lease commencement date with respect to all lease arrangements in which it is a lessee, except for short-term leases (defi ned as leases with a lease term of 12 months or less) and leases of low value assets. For these leases, the Group recognises the lease payments as an operating expense on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time paĴ ern in which economic benefi ts from the leased assets are consumed. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received.

The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the end of the lease term and evaluated for any impairment losses.

The Group applies Ind AS 36 to determine whether a right-of-use asset is impaired and accounts for any identifi ed impairment loss as described in the policy for 'Property, Plant and Equipment'.

Whenever the Group incurs an obligation for costs to dismantle and remove leased assets, restore the site on which it is located or restore the underlying asset to the condition required by the terms and conditions of the lease, a provision is recognised and measured under Ind AS 37. To the extent those costs relate to a right- of-use asset, the costs are included in the right-of-use asset, unless the costs are incurred to produce inventories.

The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the Group's incremental borrowing rate. It is re-measured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in the Group's

estimate of the amount expected to be payable under a residual value guarantee, or if the Group changes its assessment of whether it will exercise a purchase, extension or termination option. When the lease liability is re-measured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in consolidated statement of profi t and loss if the carrying amount of the right-of-use asset has been reduced to zero.

The right-of-use assets and lease liabilities are presented as a separate line item in the consolidated balance sheet.

Group as a lessor :

Leases for which the Group is a lessor are classifi ed as fi nance or operating leases. Whenever, the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee, the contract is classifi ed as a fi nance lease. All other leases are classifi ed as operating leases.

Lease receipts under operating leases are recognised as an income, on a straight-line basis in the consolidated statement of profi t and loss over the lease term except where the lease payments are structured to increase in line with expected general infl ation.

The Group does not have any fi nance lease arrangements.

u. Operating segments

Segment revenue arising from third party customers is reported on the same basis as revenue in the consolidated fi nancial statements. Inter-segment revenue is reported on the basis of transactions which are primarily market led. Segment results represent profi ts before fi nance charges, unallocated expenses and taxes.

"Unallocated expenses" represents revenue and expenses aĴ ributable to the enterprise as a whole and are not aĴ ributable to segments.

v. Financial instruments

A fi nancial instrument is any contract that gives rise to a fi nancial asset of one entity and a fi nancial liability or equity instrument of another entity. Financial assets and fi nancial liabilities are recognised when the Group becomes a party to the contractual provisions of the instruments. Financial assets and fi nancial liabilities are initially measured at fair value except for trade receivables that do not have a signifi cant fi nancing component which are measured at transaction price.

Transaction costs that are directly aĴ ributable to the acquisition or issue of fi nancial assets and fi nancial liabilities (other than fi nancial assets and fi nancial liabilities at fair value through statement of profi t and loss) are added to or deducted from the fair value of the fi nancial assets or fi nancial liabilities, as appropriate, on initial recognition. Transaction costs directly aĴ ributable to the acquisition of fi nancial assets or fi nancial liabilities at fair value through statement of profi t and loss are recognised immediately in consolidated statement of profi t and loss.

Financial assets and liabilities are off set and the net amount is included in the consolidated balance sheet where there is a legally enforceable right to off set the recognised amounts and there is an intention to seĴ le on a net basis or realise the asset and seĴ le the liability simultaneously.

w. Financial assets

All recognised fi nancial assets are subsequently measured in their entirety at either amortised cost or fair value, depending on the classifi cation of the fi nancial assets.

Classifi cation

Financial assets are classifi ed as those measured at:

(a) Amortised cost, where the fi nancial assets are held solely for collection of cash fl ows arising from payments of principal and / or interest.
(b) Fair value through other comprehensive income, where the fi nancial assets are held not only for collection of cash fl ows arising from payments of principal and interest but also from the sale of such assets. Such assets are subsequently measured at fair value, with unrealised gains and losses arising from changes in the fair value being recognised in other comprehensive income.
(c) Fair value through statement of profi t and loss, where the assets are managed in accordance with an approved investment strategy that triggers purchase and sale decisions based on their fair value of such assets. Such assets are subsequently measured at fair value, with unrealised gains and losses arising from changes in the fair value being recognised in the consolidated statement of profi t and loss in the period in which they arise.

Trade receivables, cash and cash equivalents, other bank balances, loans and other fi nancial assets are classifi ed for measurement at amortised cost. Derivative instruments are measured at fair value through statement of profi t and loss while investments may fall under any of the aforesaid classes. However, in respect of particular investments in equity instruments that would otherwise be measured at fair value through statement of profi t and loss, an irrevocable election at initial recognition may be made to present subsequent changes in fair value through other comprehensive income.

Financial assets at amortised cost are subsequently measured at amortised cost using eff ective interest method. The eff ective interest method is a method of calculating the amortised cost of an instrument and of allocating interest income over the relevant period. The eff ective interest rate is the rate that exactly discounts estimated future cash receipts (including all fees and points paid or received that form an integral part of the eff ective interest rate, transaction costs and other premiums or discounts) through the expected life of the debt instrument, or, where appropriate, a shorter period, to the net carrying amount on initial recognition.

Recognition

Financial assets include investments, trade receivables, derivative instruments, cash and cash equivalents, other bank balances, loans and other fi nancial assets. Such assets are initially recognised at transaction price when the Group becomes party to contractual obligations. The transaction price includes transaction costs unless the asset is being fair valued through the consolidated statement of profi t and loss.

Impairment

Loss allowances for fi nancial assets measured at amortised cost are deducted from the gross carrying amount of

the assets. For debt securities at fair value through other comprehensive income, the loss allowance is recognised in other comprehensive income and is not reduced from the carrying amount of the fi nancial asset in the consolidated balance sheet.

The gross carrying amount of a fi nancial asset is wriĴ en off (either partially or in full) to the extent that there is no realistic prospect of recovery. This is generally the case when the Group determines that the trade receivable does not have assets or sources of income that could generate suffi cient cash fl ows to repay the amounts subject to the write-off . However, fi nancial assets that are wriĴ en off could still be subject to enforcement activities under the Group's recovery procedures, taking into account legal advice where appropriate. Any recoveries made are recognised in consolidated statement of profi t and loss.

Reclassifi cation

When and only when the business model is changed the Group shall reclassify all aff ected fi nancial assets prospectively from the reclassifi cation date as subsequently measured at amortised cost, fair value through other comprehensive income, fair value through profi t and loss without restating the previously recognised gains, losses or interest and in terms of the reclassifi cation principles laid down in the Ind AS relating to fi nancial instruments.

De-recognition

Financial assets are derecognised when the right to receive cash fl ows from the assets has expired, or has been transferred, and the Group has transferred substantially all of the risks and rewards of ownership. Consequently, if the asset is one that is measured at

(a) Amortised cost, the gain or loss is recognised in the consolidated statement of profi t and loss.
(b) Fair value through other comprehensive income, the cumulative fair value adjustments previously taken to reserves are reclassifi ed to the consolidated statement of profi t and loss unless the asset represents an equity investment in which case the cumulative fair value adjustments previously taken to reserves is reclassifi ed within equity.

x. Financial liabilities and equity instruments

Classifi cation

Debt and equity instruments issued by the Group are classifi ed as either fi nancial liabilities or as equity in accordance with the substance of the contractual arrangements and the defi nitions of a fi nancial liability and an equity instrument.

Equity instruments

An equity instrument is any contract that evidences a residual interest in the assets of an entity aĞ er deducting all of its liabilities. Equity instruments issued by the Holding company are recognised at the proceeds received.

Financial liabilities

Borrowings, trade payables and other fi nancial liabilities are initially recognised at the value of the respective contractual obligations. They are subsequently measured at amortised cost. Any discount or premium on redemption / seĴ lement is recognised in the consolidated statement of profi t and loss as fi nance cost over the life of the liability using the eff ective interest method and adjusted to the liability fi gure disclosed in the consolidated balance sheet.

Financial liabilities are derecognised when the liability is extinguished, that is, when the contractual obligation is discharged, cancelled and on expiry.

y. Earning per share

Basic earnings per share are calculated by dividing the profi t and loss for the year aĴ ributable to owners of the parent of the group by the weighted average number of shares outstanding during the year. For the purpose of calculating diluted earnings per share, the net profi t and loss for the year aĴ ributable to owners of the parent of

the group and weighted average number of shares outstanding during the year is adjusted for the eff ects of all dilutive potential shares.

z. Business Combinations

Acquisitions of businesses are accounted for using the acquisition method. The consideration transferred in a business combination is measured at fair value, which is calculated as the sum of the acquisition-date value of the assets transferred by the Group, liabilities incurred by the Group to the former owners of the acquiree and the equity interest issued by the Group in exchange of control of the acquiree.

Acquisition related costs are generally recognised in the consolidated statement of profi t and loss as incurred. The identifi able assets acquired and liabilities assumed are recognised at fair value except deferred tax assets or liabilities and liabilities related to employee benefi t arrangements which are recognised and measured in accordance with Ind AS 12 and Ind AS 19 respectively.

Goodwill is measured as the excess of the sum of the consideration transferred, the amount of non-controlling interest in the acquiree and the fair value of the Group's previously held equity interest in the acquiree over the net of the acquisition date amounts of the identifi able assets acquired and the liabilities assumed.If the net of the acquisition-date amounts of the identifi able assets acquired and liabilities assumed exceeds the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree and the fair value of the acquirer's previously held interest in the acquiree (if any), the excess, aĞ er reassessment, is recognised in capital reserve through other comprehensive income or directly depending on whether there exists clear evidence of the underlying reason for classifying the business combination as a bargain purchase.

2. USE OF ESTIMATES AND JUDGEMENTS:

The preparation of consolidated fi nancial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that aff ect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the consolidated fi nancial statements and the results of operations during the reporting period end. Although these estimates are based upon management's best knowledge of current events and actions, actual results could diff er from these estimates.

(i) Useful life of property, plant and equipment and intangible assets
(ii) Provision for product warranties
(iii) Provision for employee benefi ts
(iv) Fair value of fi nancial assets / liabilities
(v) Provisions and contingent liabilities
(vi) Control
(vii) Estimation uncertainty relating to COVID 19 outbreak

Useful life of property, plant and equipment and intangible assets

As described in the signifi cant accounting policies, the Group reviews the estimated useful lives of property, plant and

equipment and intangible assets at the end of each reporting period The Group is required to determine whether its intangible assets have indefi nite or fi nite life which is a subject maĴ er of judgement.

Provision for product warranties

Provision is estimated in respect of warranty cost in the year of sale of goods and it represents the present value of the management's best estimate of the future outfl ow of economic benefi t that will be required under the group's obligation for warranties. It is estimated by the management on the basis of a technical evaluation and based on specifi c warranties, claims and claim history.

The determination of provision for product warranties takes into account assumptions which is a subject maĴ er of judgement.

Provision for employee benefi ts

The determination of Group's liability towards defi ned benefi t obligation and otherlong-term employee benefi ts to employees is made through independent actuarial valuation including determination of amounts to be recognized in the consolidated statement of profi t and loss and in other comprehensive income. Such valuation depends upon assumptions determined aĞ er taking into account infl ation, seniority, promotion and other relevant factors such as supply and demand factors in the employment market. Information about such valuation is provided in notes to accounts.

Fair value measurements and valuation processes

Some of the Group's assets and liabilities are measured at fair value for fi nancial reporting purposes. In estimating the fair value of an asset or a liability, the Group uses market-observable data to the extent it is available. Where Level 1 inputs are not available, the Group engages third party qualifi ed valuers to perform the valuation, if required.

Provisions and contingent liabilities

The Group has ongoing litigations with various regulatory authorities and third parties. Where an outfl ow of funds is believed to be probable and a reliable estimate of the outcome of the dispute can be made based on management's assessment of specifi c circumstances of each dispute and relevant external advice, management provides for its best estimate of the liability. Such accruals are by nature complex and can take number of years to resolve and can involve estimation uncertainty.

Control

The Group assessed whether or not it has control on its investees based on whether, as an investor, it has the power/ rights and consequently the practical ability to direct the relevant activities of its investees unilaterally. In making this judgement, the Group considered the absolute size of its holding, the relative size of and dispersion of other shareholders, and whether any contractual arrangements exist between the Group and other shareholders of the investees. Based on this, and in accordance with its accounting policy, the Group has determined that the entities listed in notes to the consolidated fi nancial statements are the only entities over which Group has control.

Impairment of goodwill

Determining whether goodwill is impaired requires an estimation of the value in use of the cash generating units to which goodwill has been allocated. The value in use calculation requires the Group to estimate the future cash fl ows expected to arise from the cash-generating unit and a suitable discount rate in order to calculate present value which is a subject maĴ er of judgement.

Estimation uncertainty relating to COVID – 19 outbreak

RECENT ACCOUNTING PRONOUNCEMENTS :

Balance Sheet:

(i) Lease liabilities should be separately disclosed under the head 'fi nancial liabilities', duly distinguished as current or non-current.
(ii) Certain additional disclosures in the statement of changes in equity such as changes in equity share capital due to prior period errors and restated balances at the beginning of the current reporting period.
(iii) Specifi ed format for disclosure of shareholding of promoters.
(iv) Specifi ed format for ageing schedule of trade receivables, trade payables, capital work-in-progress and intangible asset under development.
(v) If a company has not used funds for the specifi c purpose for which it was borrowed from banks and fi nancial institutions, then disclosure of details of where it has been used.
(vi) Specifi c disclosure under 'additional regulatory requirement' such as compliance with approved schemes of arrangements, compliance with number of layers of companies, title deeds of immovable property not held in name of company, loans and advances to promoters, directors, key managerial personnel (KMP) and related parties, details of benami property held etc

Statement of profi t and loss:

The amendments are extensive and the Company will evaluate the same to give eff ect to them as required by law.

3A Property, plant and equipment

Notes to the consolidated

fi nancial statements for the year ended 31 March 2021

Rs. in Lacs

			Gross Block						Depreciation and amortisation			Net Book Value
	1 April As at 2020	assets acquired Fair Value of on business		Additions Adjustments / disposals	translation currency Foreign	31 March As at 2021	1 April As at 2020		For the year Adjustments / disposals	translation currency Foreign	31 March As at 2021	31 March As at 2021	31 March As at 2020
		combination			reserve ad justment					reserve ad justment
Land (a)	1,405	–	–	–	–	1,405	–	–	–	–	–	1,405	1,405
Previous year	1,405	–	–	–	–	1,405	–	–	–	–	–	1,405
(b) Buildings	10,312	–	2,253	–	1	12,566	1,104	429	–	1	1,534	11,032	9,208
Previous year	5,580	525	4,204	–	3	10,312	806	295	–	3	1,104	9,208
Plant and equipment (c)	52,718	–	7,403	(529)	44	59,636	16,874	5,435	(239)	15	22,085	37,551	35,844
Previous year	34,097	3,539	15,069	(129)	142	52,718	12,225	4,630	(49)	68	16,874	35,844
(d) Furniture and fixtures	2,526	–	415	(25)	1	2,917	768	266	(14)	1	1,021	1,896	1,758
Previous year	2,256	18	271	(20)	1	2,526	537	239	(8)	–	768	1,758
Vehicles (e)	74	–	15	–	–	89	45	9	–	–	54	35	29
Previous year	82	–	3	(12)	1	74	47	9	(12)	1	45	29
ffice equipment O (f)	568	–	81	(22)	2	629	292	80	(11)	1	362	267	276
Previous year	429	–	141	(4)	2	568	220	75	(4)	1	292	276
(g) Computers	1,410	–	259	(20)	1	1,650	784	246	(18)	–	1,012	638	626
Previous year	1,099	3	311	(4)	1	1,410	558	228	(3)	1	784	626
Total	69,013	–	10,426	(596)	49	78,892	19,867	6,465	(282)	18	26,068	52,824	49,146
Previous year	44,948	4,085	19,999	(169)	150	69,013	14,393	5,476	(76)	74	19,867	49,146
Capital work–in–progress	887	–	1,693	(700)	3	1,883	–	–	–	–	–	1,883	887
Previous year	1,848	–	771	(1,741)	9	887	–	–	–	–	–	887
Certain portions of land and building have been given on operating lease

Amount of borrowing cost capitalised during the period Rs. 230 lacs (31 March, 2020 - Rs. 433 Lacs)

3B Intangible assets

	382	–	–	–	–	382	111	76	–	–	187	195	271
	382	–	–	–	–	382	35	76	–	–	111	271
	1,891	–	157	(2)	1	2,047	1,533	178	(2)	1	1,710	337	358
	1,587	–	303	(2)	3	1,891	1,123	408	(1)	3	1,533	358
	4,378	–	–	–	–	4,378	1,420	617	–	–	2,037	2,341	2,958
	2,416	–	1,962	–	–	4,378	950	470	–	–	1,420	2,958
(d) Non-compete agreement	617	–	–	–	–	617	90	62	–	–	152	465	527
	617	–	–	–	–	617	28	62	–	–	90	527
	7,268	–	157	(2)	1	7,424	3,154	933	(2)	1	4,086	3,338	4,114
	5,002	–	2,265	(2)	3	7,268	2,136	1,016	(1)	3	3,154	4,114
	96	–	165	(29)	–	232	–	–	–	–	–	232	96
	581	–	67	(552)	–	96	–	–	–	–	–	96

1. The amortisation of intangible assets is disclosed in the face of Consolidated Statement of Profi t and Loss under the heading "Depreciation and amortisation expenses" 2. None of the above stated intangible assets are intenally generated

3B Intangible assets (Contd.)

3. The remaining useful life of signifi cant intangible assets are as under:-

Description	Remaining useful life as at 31 March 2021
(a) Design Cost for washing machines	The entire net block would be amortised in 2 years.
(b) Engineering design and process for Industrial Launderete Equipments	The entire net block would be amortised in 5 years.
(c) Design cost of Motors	The entire net block would be amortised in 3 years.
(d) Brand	The entire net block would be amortised in 3 years.
(e) Non-compete agreement	The entire net block would be amortised in 8 years.
(f) Design cost for Air Conditioner	The entire net block would be amortised in 4 years.
(g) Design cost for Washer Dryer	The entire net block would be amortised in 4 years.

3C Right of use assets

Rs. in Lacs

		Gross Block				Depreciation and amortisation			Net Book Value
	As at	Additions	Adjustments /	As at	As at	For the year	Adjustments /	As at	As at	As at
	1 April 2020		disposals	31 March 2021	1 April 2020		disposals	31 March 2021	31 March	31 March 2020
									2021
Right of use assets	9,511	3,497	(2,370)	10,638	2703	2,844	(1,743)	3,804	6,834	6,808
Previous year	8,070	1,441	–	9,511	–	2,703	–	2,703	6,808
Total	9,511	3,497	(2,370)	10,638	2703	2,844	(1,743)	3,804	6,834	6,808
Previous year	8,070	1,441	–	9,511	–	2,703	–	2,703	6,808

Right of use assets pertaining to 01 April, 2019 amounting to Rs. 8,070 lacs was recognised during 2019-20

3D Goodwill

	As at	As at
Particulars	31 March 2021	31 March 2020
	Rs. in lacs	Rs. in lacs
Balance as at the beginning of the year	2,381	2,330
Add: Translation differences	(20)	51
	2,361	2,381

The carrying amount of goodwill has been allocated as follows:
Home appliances division	1,355	1,355
Cold rolled steel sheets division (others)	426	426
Engineering division	580	600
	2,361	2,381

The Group tests goodwill annually for impairment, or more frequently if there are indications that goodwill might be impaired.

Investment property				Rs. in lacs
		Gross Block/Net Book Value
Particulars	As at	Additions	Adjustments/	As at
	1 April 2020		disposals	31 March 2021
Land	11	–	–	11
Total	11	–	–	11
Previous year	11	–	–	11

1 Investment properties consist of lands in India and it includes an amount of Rs. 7 lacs (31 March 2020: Rs. 7 lacs) being assets given on an operating lease.

2 As at 31 March 2021 and 31 March 2020 the fair values of the properties are Rs. 645 lacs and Rs. 586 lacs respectively. These valuations are based on valuations performed by NagChowdhury Associates, an accredited independent valuer. NagChowdhury Associates is a specialist in valuing these types of investment properties. A valuation model (market approach) in accordance with that recommended by Indian Institute of Surveyors has been applied. The fair value measurement can be categorised into level 3 category. Moreover there has been no change in the valuation technique as compared to 31 March, 2020.
3 There are no restrictions on the realisability of its investment properties and no contractual obligations to either purchase, construct or develop investment properties or for repairs, maintenance and enhancements.
4 Information regarding income and expenditure of investment property Rs. in lacs

	Year ended
Particulars	31 March 2021	31 March 2020
Rental income derived from investment property	6	6
Total profit arising from investment property	6	6

5. Loans

	As at 31 March 2021		As at 31 March 2020
Particulars	Current	Non Current	Current	Non Current
	Rs. in Lacs	Rs. in Lacs	Rs. in Lacs	Rs. in Lacs
Unsecured, considered good
- Loans to related parties (refer note 36)	2	2	1	1
- Other Loans to employees	51	49	54	54
Total	53	51	55	55

6. Other financial assets

	As at 31 March 2021		As at 31 March 2020
Particulars	Current	Non Current	Current	Non Current
	Rs. in Lacs	Rs. in Lacs	Rs. in Lacs	Rs. in Lacs
Margin money with more than 12 months maturity	–	31	–	31
Bank deposit with more than 12 months maturity	–	48	–	1
Security deposits
to related parties (unsecured, considered good) - refer note 36	–	58	–	58
- to others
(i) Unsecured, considered good	31	1,321	64	1,339
(ii) Unsecured, considered doubtful	–	14	–	14
Less: Allowance for doubtful deposits	–	14	–	14
Others
- Derivative instruments at fair value through profit or loss and not designated as hedging instruments	65	313	286	934
- Interest accrued on fixed deposits	70	1	77	34
- Insurance and other claim receivable	–	–	1	–
- Other receivable from related parties - refer note 36	147	–	8	–
- Other receivables	23	–	–	–
Total	336	1,772	436	2,397
Security deposit to related parties includes advances to private	–	50	–	50

Security deposit to related parties includes advances to private limited companies in which any director is a director or a member

7. Income tax assets

	As at 31 March 2021	As at 31 March 2020
Particulars		Current Non Current		Current Non Current
	Rs. in Lacs	Rs. in Lacs	Rs. in Lacs	Rs. in Lacs
Advance tax (net of provision)	645	9	–	1,834
Total	645	9	–	1,834

8.	Other assets

	As at 31 March 2021		As at 31 March 2020
Particulars	Current Non Current			Current Non Current
	Rs. in Lacs	Rs. in Lacs	Rs. in Lacs	Rs. in Lacs
Capital advance	–	772	–	3,286
Advances other than capital advance
- deposit with statutory authorities	140	424	61	414
- deposit with others	1	6	–	8
- advances with statutory authorities	3,442	25	4,787	719
- advances with related parties (refer note 36)	89	–	262	–
Other advances
- advances for goods and services	2,090	15	1,566	45
less: allowance for doubtful advances	–	14	–	14
- prepaid expenses	709	1	528	3
Total	6,471	1,229	7,204	4,461
Advance with related parties includes advances to private limited	47	–	145	–

companies in which any director is a director or a member 9. Inventories (valued at lower of cost and net realisable value)

Particulars	As at 31 March 2021 Rs. in Lacs	As at 31 March 2020 Rs. in Lacs
Raw materials	18,346	13,734
Work-in-progress	3,231	2,526
Finished goods	13,050	11,233
Stock-in-trade	6,307	6,532
Stores and spares	5,294	4,313
Total	46,228	38,338
The above includes goods in transit as under:
Raw materials	4,804	3,044
Stock-in-trade	2,614	918
Stores and spares	136	48
	7,554	4,010

The cost of inventories recognised as an expense during the year was Rs. 1,93,551 lacs (31 March 2020: Rs. 1,81,982 lacs)

The cost of inventories recognised as an expense includes Rs. 443 lacs (31 March 2020 : Rs. 514 lacs) in respect of write-downs of inventory to its net realisable value. Further a sum of Rs. 395 lacs (31 March 2020: Rs. 232 lacs) is in respect of reversal of such writedowns. The write downs have been reduced primarily as a result of increased sales price or subsequent disposals.

Carrying amount of inventories carried at fair value Rs. 558 Lacs (31 March 2020: Rs. 1,054 lacs)

During the year ended 31 March 2020, carrying amount of inventories of Rs. 1036 lacs (Rs. 1,157 lacs including taxes and freight) was charged off on account of loss of Inventory lying at a ,warehouse of the Holding Company due to fi re on 2 December, 2019. The Insurance claim for the same was lodged and the same was treated as exceptional loss. The claim survey process is still on.

Carrying amount of Inventories pledged as security for borrowings Rs. 45,809 lacs (31 March 2020 : Rs. 37,959 lacs)

10. Investments

			As at 31 March 2021				As at 31 March 2020
	Particulars		Current	Non Current		Current	Non Current
		Nos	Rs. in Lacs	Rs. in Lacs	Nos	Rs. in Lacs	Rs. in Lacs
(A)	INVESTMENT IN EQUITY INSTRUMENTS
	Unquoted investments (fully paid) (at fair value through statement of profit and loss unless otherwise stated)
	- Astrea Greentech Private Ltd (equity shares of Rs. 10/- each)	15,000	–	225		–	–
			–	225		–	–
(B)	INVESTMENT IN MUTUAL FUNDS
	At fair value through statement of profit and loss Investments in Mutual Fund - unquoted
a)	Aditya Birla Sun Life Saving Fund - Direct plan- growth (face value Rs 100/-)	2,93,986	1,255	–	–	–	–
b)	AXIS Liquid Fund - Direct plan- growth (face value Rs. 100/-)	4,377	100	–	56,970	1,256	–
c)	Edelweiss Arbitrage Fund - Growth plan (face value Rs 10/-)	54,62,724	860	–	–	–	–
d)	HDFC Liquid Fund - Direct plan-growth (face value Rs. 1000/-)	–	–	–	80,833	3,158	–
e)	HDFC Low Duration Fund - Direct plan- growth (face value Rs /- 10)	13,38,232	637	–	–	–	–
f)	HDFC Money Market Fund - Direct plan- growth (face value Rs 1000/-)	20,036	896	–	–	–	–
g)	HDFC Short Term Debt Fund - Dividend reinvestment-fortnightly (face value Rs. 10/-)	99,11,019	2,472		– 1,31,97,202	1,361	–
h)	ICICI Prudential Liquid - Direct plan - daily dividend (face value Rs.100/-)	–	–	–	9,77,276	978	–
i)	ICICI Prudential Money Market Fund Option - Direct plan daily dividend (face value Rs. 100/-)	–	–	–	14,44,108	1,446	–
j)	ICICI Prudential Liquid - Direct plan - growth (face value Rs 100/-)	5,62,495	1,714	–	12,84,678	3,774	–
k)	ICICI Prudential Ultra Short Term Fund - Direct plan - growth (face value Rs 10/-)	1,43,18,024	3,276	–	–	–	–
l)	ICICI Prudential Money Market Fund - Direct plan - growth (face value Rs 100/-)	6,92,656	2,045	–	–	–	–

10. Investments (Contd.)

As at 31 March 2021		As at 31 March 2020
	Particulars		Current	Non Current		Current	Non Current
		Nos	Rs. in Lacs	Rs. in Lacs	Nos	Rs. in Lacs	Rs. in Lacs
m)	ICICI Prudential Short Term Fund - Direct plan - growth (face value Rs 10/-)	45,80,803	2,227	–	–	–	–
n)	IDFC Arbitrage Fund - Direct plan - growth (face value Rs 10/-)	32,13,512	860	–	–	–	–
o)	Kotak Equity Arbitrage Fund - Direct plan- growth (face value Rs 10/-)	28,22,760	855	–	55,15,321	1,603	–
p)	Kotak Bond Fund - Direct plan - growth (face value Rs 10/-)	15,83,113	688	–	–	–	–
q)	Kotak Money Market Fund - Direct plan - growth (face value Rs 1000/-)	20,778	724	–	–	–	–
r)	Kotak Floating Rate Fund - Direct plan- growth (face value Rs 1000/-)	88,645	1,026	–	–	–	–
s)	SBI Magnum Ultra Short Duration Fund - Growth plan - growth option (face value Rs. 1000/-)	13,621	643	–	–	–	–
t)	SBI Magnum Low Duration Fund - Direct plan - growth (face value Rs 2000/-)	1,33,824	3,741	–	–	–	–
u)	Trust MF Banking & PSU Debt Fund - Direct plan- growth (face value Rs 1000/-)	1,79,991	1,803	–	–	–	–
v)	UTI Arbitrage Fund - Direct plan- growth (face value Rs 10/-)	–	–	–	62,35,374	1,704	–
Total			25,822	–		15,280	–
	Total investments		25,822	225		15,280	-
	Other disclosures
	Aggregate amount of unquoted investments		25,822	225		15,280	–
	Aggregate amount of impairment in value of investments		–	–		–	–

11. Trade receivables

Particulars	As at 31 March 2021 Rs. in Lacs	As at 31 March 2020 Rs. in Lacs
Unsecured, considered good
- receivable from related parties (refer note 36)	3,395	1,979
- receivable from others	23,174	18,475
Unsecured, considered doubtful
- receivable from others	229	131
Less: allowances for doubtful debts	(229)	(131)
Total	26,569	20,454

Transfer of fi nancial assets

The Group discounted certain trade receivable with an aggregate carrying amount of Nil (31 March 2020: Rs. 760 lacs) to a bank for cash proceeds of Nil (31 March 2020: Rs. 751 lacs). If the trade receivable are not paid at maturity, the bank has the right to request the company to pay the unseĴ led balance. As the company has not transferred the signifi cant risks and rewards relating to these trade receivable, it continues to recognise the full carrying amount of the receivables and has recognised the cash received on the transfer as a secured borrowings.

At the end of the reporting period, there were no trade receivable that has been transferred but have not been derecognised and the corresponding associated liability.

12. Cash and cash equivalents

	Particulars	As at 31 March 2021 Rs. in Lacs	As at 31 March 2020 Rs. in Lacs
	Balances with banks
	- current account	7,029	4,736
	- deposit account	2,245	5,672
	Cheques on hand	499	13
	Cash on hand	56	66
	Total	9,829	10,487
13.	Other bank balances

Particulars As at 31 March 2021 Rs. in Lacs As at 31 March 2020 Rs. in Lacs In deposit account 2,026 1,949 Margin money deposits 393 74 Total 2,419 2,023

14. Equity share capital

	As at 31 March 2021		As at 31 March 2020
Particulars	No. of shares		Rs. in lacs No. of shares	Rs. in lacs
Authorised share capital
Equity shares of Rs. 10 each	65,000,000	6,500	65,000,000	6,500
Total	65,000,000	6,500	65,000,000	6,500
Issued, subscribed and fully paid up
Equity shares of Rs. 10 each	4,05,18,796	4,052	4,05,18,796	4,052
Forfeited shares
30,50,000 (31 March 2020 : 30,50,000 equity shares of Rs. 10 each, Rs. 2.50 paid-up	–	76	–	76
Total	4,05,18,796	4,128	4,05,18,796	4,128

There has been no change in equity share capital during the year

Rights, preferences and restrictions aĴ ached to equity shares

The Holding Company has a single class of equity shares. Accordingly, all equity shares rank equally with regard to dividends and share in the Holding Company's residual assets. The equity shares are entitled to receive dividend as declared from time to time. The voting rights of an equity shareholder on a poll (not on show of hands) are in proportion to its share of the paid-up equity capital of the Holding Company.

Voting rights cannot be exercised in respect of shares on which any call or other sums presently payable have not been paid.

In the event of liquidation of the Holding Company, the holders of equity shares will be entitled to receive the residual assets of the Holding Company, remaining aĞ er distribution of all preferential amounts in proportion to the number of equity shares held.

Details of shareholders holding more than 5% equity shares in the Holding Company

		As at 31 March 2021		As at 31 March 2020
Particulars	%	No. of shares	%	No. of shares
1. IFB Automotive Private Limited	46.54%	1,88,56,833	46.54%	1,88,56,833
2. Nurpur Gases Private Limited	14.83%	60,10,416	14.83%	60,10,416
3. Asansol BoĴling & Packaging Company Private Limited	8.31%	33,66,428	8.31%	33,66,428
4. Jwalamukhi Investment Holdings	7.17%	29,06,115	7.17%	29,05,140

15. Non-current borrowings

Particulars	As at 31 March 2021 Rs. in Lacs	As at 31 March 2020 Rs. in Lacs
Term loan from banks - secured	17,156	25,372
Total	17,156	25,372
The scheduled maturity of the above borrowings is as under:
	As at 31 March 2021	As at 31 March 2020

Particulars	Rs. in Lacs	Rs. in Lacs
Repayable in first year	3,472	878
Current maturities of long term debt (refer note 16)	3,472	878
In the second year	6,174	4,356
In the third to fiĞh year	10,282	19,616
Beyond fiĞh year	700	1,400
Non-current borrowings	17,156	25,372

(a) For sanction of credit facilities amounting to Rs. 2,000 lacs (including Capex LeĴ er of Credit amounting to Rs. 1500 lacs as its sublimit) and Rs. 3,000 lacs by ICICI Bank Ltd. (Utilised as at 31.03.2021 Rs. 3,500 lacs), following securities have been created:

Exclusive charge over the movable properties including its movable plant and machinery, machinery spares, tools and accessories and other movables, both present and future, whether installed or not and whether now lying loose or in cases or which are now lying or stored in or about or shall hereaĞ er from time to time during the continuance of the security of these presents be brought into or upon or be stored or be in or about all the Holding Company's factories, premises and godowns or wherever else the same may be or be held by any party to the order or disposition of the Holding Company or in the course of transit or in high seas or on order, or delivery, howsoever and wheresoever in the possession of the Holding Company and either by way of substitution or addition in such manner that the security cover of 1.25 times is maintained. For the limit utilised the Term Loan is repayable in 20 quarterly instalments starting from 19 May, 2022

(b) For sanction of credit facilities amounting to Rs. 6,000 lacs and Rs. 1,000 lacs by DBS Bank India Ltd., following securities have been created:

Hypothecation by way of fi rst and exclusive fl oating charge all present and future moveable plant and machinery, equipment, appliances, furniture, vehicles, machinery, spares and stores, tools and accessories and other moveable whether or not installed and whether lying loose or in cases or which are now lying or stored in or about and may hereaĞ er from time to time during the currency of this deed be brought into or upon or be stored in or about all the counterparty's factories, premises, warehouses and godowns or wherever else the same may be or be held by any party to the order or disposition of the counterparty or in the courses of transit or on high seas or on order, or delivery, howsoever and wheresoever in the possession of the counterparty and either by way of substitution or addition (all pertaining to Holding Company's units located at Kolkata and Bangalore) stored or to be stored at the Holding Company's Godowns or premises or wherever else the same may be except asset charged specifi cally for debt availed, if any for purchase of conventional press line subject to NOC being sought from DBS). The Term Loan as at 31 March, 2021 is repayable in 15 equal quarterly instalments starting from 11 March, 2021.

(c) For sanction of external commercial borrowings amounting to USD 200 lacs by Standard Chartered Bank, London, following securities have been created:

Hypothecation by way of fi rst and exclusive charge over all present and future moveable properties of the Company

pertaining to the proposed capex for seĴ ing up of facility for manufacturing of air conditioners in Goa and on the existing plant and machinery of washing machine division at Goa (Verna) plant (except exclusive charge to term lenders), including without limitations its moveable plant and machinery, furniture and fiĴ ings, equipments, computers, hardware, computer soĞ ware, machinery spares, tools and accessories and other movables, both whether now lying loose or in cases or which are now lying or stored in or about or shall hereaĞ er from time to time during the continuance of the security of these presents be brought into or upon or be stored or be in or about all the Holding Company's premises, warehouses, stockyards and godowns or those of the Holding Company's agents, affi liates, associates or representatives or at various worksites or at any upcountry place or places wherever else the same maybe or be held by any party including, without limitation, the following plot no. N-7, Phase IV, Survey No. 261/10, Verna Industrial Estate, Verna, Goa - 403722. The external commercial borrowings standing at USD 160 lacs as at 31 March, 2021 is repayable in 13 equal quarterly instalments starting from 1 October, 2021.

(d) For sanction of credit facilities amounting to Rs.5000 lacs by ICICI Bank Ltd., following securities have been created:

First and pari passu charge on all the current assets of the Holding Company - the whole of the stocks of raw materials, good-in-process, semi-fi nished and fi nished goods, consumable stores and spares and such other moveables, including book debts, bills whether documentary or clean, both present and future, whether in the possession or under the control of the Holding Company or not, whether now lying loose or in cases or which are now lying or stored in or about or shall hereaĞ er from time to time during the continuance of these presents be brought into or upon or be stored or be in or about all the Holding Company's factories, premises and godowns situated at all places of business or wherever else the same may be or be held by any party to the order or disposition of the Holding Company or in course of transit or on high seas or on order or delivery.
Hypothecation by way of second charge on the moveable properties of the Holding Company (save and except current assets) including its moveable plant and machinery, machinery spares, tools and accessories, non-trade receivables and other moveables both present and future whether in the possession or under the control of the Holding Company or not, whether installed or not and whether now lying loose or in cases or which are now lying or stored in or about or shall hereaĞ er from time to time during the continuance of these presents be brought into or upon or be stored or be in or about all the Holding Company's factories, premises and godowns situated at all places of business or wherever else the same may be or be held by any party to the order or disposition of the Holding Company or in course of transit or on high seas or on order or delivery.
Hypothecation by way of fi rst and pari passu charge on the receivables of the Holding Company - all amounts owing to and received and / or receivable by, the Company and / or any person on its behalf, all book debts, all cash fl ows and receivables and proceeds arising from / in connection with business and all rights, titles, interest, benefi ts, claims and demand whatsoever of the Holding Company into or in respect of all the aforesaid assets, including but not limited to the Holding Company's cash-in-hand, both present and future. This facility remains unutilised as at 31 March, 2021.

(e) For sanction of term loan amounting to Rs 650 lacs by Federal Bank Ltd, following securities have been created:

Primary Security :

Term Loan: First charge on the machineries in the name of a subsidiary company.

Collateral Security:

Equitable Mortgage of factory land and building along with the property, plant and equipment (present & future). in the name of a subsidiary

The said loan has been restructured in September 2020 and thereaĞ er equal quarterly instalments of Rs. 43 lacs is payable for 10 quarters. The entire loan will discharge by December 2022.

(f) For sanction of term loan amounting to USD 10 lacs by Standard Chartered Bank (Thai) Public Company Limited, following securities have been created:

Charge on specifi c plant and machinery of a subsidiary.

16. Other financial liabilities

		As at 31 March 2021		As at 31 March 2020
	Particulars	Current	Non Current	Current	Non Current
		Rs. in Lacs	Rs. in Lacs	Rs. in Lacs	Rs. in Lacs
	Current maturities of long-term debt (refer note 15)	3,472	–	878	–
	Interest accrued but not due on borrowings	297	–	332	–
	Derivative instruments at fair value through profit or loss and not designated as hedging instruments	181	–	49	–
	Others
	- Security Deposit	759	45	577	26
	- Payable for property, plant and equipment and intangibles	562	–	713	–
	Total	5,271	45	2,549	26
17.	Provisions
			As at 31 March 2021	As at 31 March 2020
	Particulars	Current	Non Current	Current	Non Current
		Rs. in Lacs	Rs. in Lacs	Rs. in Lacs	Rs. in Lacs
	Provision for employee benefits
	Gratuity (refer note 31)	–	726	–	1,276
	Leave encashment	3	893	6	1,376
	Sick Leave	77	391	67	349
	Others
	Warranty	527	3,902	355	3,550
	Total	607	5,912	428	6,551
	Details of movement in warranty provisions
	Particulars		As at 31 March 2021		As at 31 March 2020
				Rs. in Lacs	Rs. in Lacs
	Balance as at the beginning of the year			3,905	2,914
	Additional provisions recognised (refer note 28)			1,544	2,024
	Effect of unwinding of discount (refer note 26) Amounts used (i.e. incurred and charged against the provision) during the year			221 (1,241)	195 (1,228)

Balance as at the end of the year 4,429 3,905

b. Provision for warranty is expected to be utilised over a period of 1 to 5 years.
c. The estimates may vary as a result of product quality, availability of spare parts, price of raw materials, altered manufacturing processess and discount rates.

d. Warranty costs are estimated by the management on the basis of a technical evaluation and based on specifi c warranties, claims and claim history.

18. Deferred tax liabilities (net)

	As at 31 March 2021 Rs. in Lacs	As at 31 March 2020 Rs. in Lacs
Deferred tax liabilities	5,378	4,833
Less: Deferred tax assets	2,702	3,704
Total Deferred tax liabilities (net)	2,676	1,129

Breakup of deferred tax liabilities / asset balances is as under:-

	As at 31 March 2021	As at 31 March 2020
	Rs. in Lacs	Rs. in Lacs
Deferred tax liabilities
On provision for warranty	247	259
On changes in fair value of investments	94	16
On property, plant and equipment and intangible assets	5,037	4,558
	5,378	4,833
Deferred tax assets
On unused tax credits (Minimum Alternate Tax credit)	–	1,834
On tax losses	326	407
On government grants	591	–
On allowance for doubtful debts and advances	90	56
On employee benefi ts	1,625	1,337
Other timing differences	70	70
	2,702	3,704
Deferred tax liabilities (net)	2,676	1,129
Movement of deferred tax assets / liabilities (net) is as under
	31 March 2021 Rs. in Lacs	31 March 2020 Rs. in Lacs
Deferred tax liabilities / (assets) as at the beginning of the year	1,129	1,005
- Deferred tax for the year (@)	(287)	308
- Minimum alternate tax credit for the year (@)	–	(389)
- Minimum alternate tax credit related to previous years - Net (@)	4	1
- Minimum alternate tax credit utilisation relating to previous years	76	203
- Minimum alternate tax credit utilised during the year	1,754	1
Deferred tax liabilities as at the end of the year	2,676	1,129
(@) refer note 29

Unrecognised deferred tax assets on tax losses of a subsidiary:

At the reporting date, a subsidiary has unused tax losses of Rs. 2,634 lacs (March 31, 2020: Rs. 2,385 lacs) available for off set against future profi ts. A deferred tax asset has been recognised in respect of Rs. 1,254 lacs (March 31, 2020: Nil) of such losses. No deferred asset has been recognised in respect of the remaining loss of Rs. 1,380 lacs (March 31, 2020: Rs. 2,385 lacs) due to lack of certainity. Included in above stated stated tax losses are losses of Rs.1,299 lacs (March 31, 2020: of Rs. 1,160 lacs) that will expire in as per the schedule given below. Other losses may be carried forward indefi nitely.

Expiration Schedule of Tax Losses:

	31 March 2021
	Rs. in Lacs
Year ending on
31st March 2025	474
31st March 2026	249
31st March 2027	163
31st March 2028	274
31st March 2029 (estimated)	139
Total	1,299

19. Other liabilities

		As at 31 March 2021	As at 31 March 2020
Particulars	Current Non Current		Current	Non Current
	Rs. in Lacs	Rs. in Lacs	Rs. in Lacs	Rs. in Lacs
- Income received in advance on annual maintenance contracts and extended warranty services	4,613	992	3,466	1,651
- Deferred government grant	138	1,570	7	18
- Advance from customers	3,165	–	2,059	–
- Others
Statutory liabilities	3,138	–	1,798	–
Total	11,054	2,562	7,330	1,669

20. Current borrowings

Particulars	As at 31 March 2021 Rs. in Lacs	As at 31 March 2020 Rs. in Lacs
Secured
Loans from banks
- Working capital buyers credit (Refer note a below)	2,342	2,606
- Cash Credit facility from bank (Refer note c below)	51	616
Loans from Others (Refer note d below)	271	–
Unsecured: Loans from Others (Refer note d below)	–	293
Total	2,664	3,515

(a) For sanction of working capital facility amounting to Rs 10,000 lacs by Standard Chartered Bank, following securities have been created:
(i) First pari passu charge on the entire current assets, both present and future.
(ii) First and exclusive charge on the plant & machinery of washing machine division at Goa (Verna) plant (both present and future).
(iii) First and exclusive charge over the plant & machinery of air-conditioner division at Goa, (both present and future).
(b) For sanction of capex facility amounting to Rs 2,000 lacs by Standard Chartered Bank, following securities have been created:
(i) First and exclusive charge on the plant & machinery of washing machine division at Goa (Verna) plant (both present and future).
(ii) First and exclusive charge over the plant & machinery of air-conditioner division at Goa, (both present and future).

(c) Hypothecation details of cash credit facility by Federal Bank Limited as at 31 March 2021

Working capital facilities has been sanctioned by The Federal Bank Limited to the extent Rs. 2,000 lacs. Out of this Rs. 1500 lacs can be used inter-changeably between fund based and non- fund based. Another Rs. 500 Lacs is exclusively for nonfund based. Interest rate for fund based limits are one year MCLR+0.48%. Following securities has been created:

Primary security :

Cash credit / Working Capital Demand Loan. Hypothecation of all the current assets (Present & Future) of a subsidiary.

LC (Import/Inland) - 10% cash margin. Extention of charge on current assets.

Collateral Security:

Equitable Mortgage of factory land and building along with the property, plant and equipment (present & future) in the name of a subsidiary company.

(d) Secured loans from others (Trishan Exports Private Limited) is secured by issuance of bank guarantee which is payable on 30th June 2021.

21. Revenue from operations

	For the year ended	For the year ended
	31 March 2021	31 March 2020
	Rs. in Lacs	Rs. in Lacs
Gross revenue from sale of manufactured products	2,52,296	2,21,723
Revenue from sale of traded products	85,707	98,664
Total sale of products	3,38,003	3,20,387
Less: trade schemes and discounts	70,443	69,479
Sale of products (net of trade schemes and discounts)	2,67,560	2,50,908
Sale of services	7,758	8,571
Other operating revenues:
- Scrap sales	4,560	3,955
- Others	202	263
	2,80,080	2,63,697

22. Other income

	For the year ended	For the year ended
	31 March 2021 Rs. in Lacs	31 March 2020 Rs. in Lacs
Interest Income
- Interest on fi nancial assets measured at amortised cost	450	321
- Other interest	161	5
Dividend from investments in mutual fund	23	331
Other non-operating income
(i) Operating lease rental income:
- Investment property	6	6
- Others	161	73
(ii) Loss on disposal of property, plant and equipment	14	–
(iii) Net foreign exchange gain / (loss)	736	(1,455)
(iv) Net gain / (loss) arising on fi nancial instruments measured at fair value
through statement of profi t and loss (FVTPL)
- Mutual fund	783	101
- Equity investments	–	–
- Derivative instrument	(974)	1,413
(v) Net gain / (loss) on disposal of fi nancial instrument measured at FVTPL
- Mutual fund	98	(76)
(vi) Insurance claim received	71	52
(vii) Write back of liabilities no longer required (@)	380	57
(viii)Write back of provision on debts/advances no longer required	6	47
(ix) Income in respect to deferred revenue from government grant	19	8
(x) Miscellaneous income	302	367
	2,236	1,250

(@) includes write back of lease liability amounting to Rs. 44 lacs (31 March, 2020: Nil) (Refer note 33)

23. Cost of materials consumed

	For the year ended 31 March 2021	For the year ended 31 March 2020
	Rs. in Lacs	Rs. in Lacs
Raw materials consumed
Raw material inventory at the beginning of the year	13,734	10,333
Add: Fair value of raw material acquired on business acquisition	–	127
Add: Purchases during the year	1,28,261	1,06,887
Translation diff erence	(6)	8
	1,41,989	1,17,355
Raw material inventory at the end of the year	18,350	13,734
Cost of materials consumed	1,23,639	1,03,621

24. Changes in inventories of fi nished goods, stock–in–trade and work–in–progress

		For the year ended 31 March 2021 Rs. in Lacs	For the year ended 31 March 2020 Rs. in Lacs
Inventories as at the end of the year
Stock-in-trade		6,307	6,532
Work-in-progress (@)		3,231	2,526
Finished goods		13,050	11,233
	(A)	22,588	20,291
Inventories as at the beginning of the year
Stock-in-trade		6,532	13,313
Work-in-progress		2,526	2,420
Fair value of Finished goods acquired on business acquisition		–	7
Fair value of work-in-progress acquired on business acquisition		–	105
Finished goods		11,233	10,975
	(B)	20,291	26,820
Translation diff erence	(C)	(10)	15
	(B + C – A)	(2,307)	6,544

(@) Includes semi fi nished fi ne blanked components and semi fi nished press tools and dies amounting to Rs. 1,871 lacs (31 March 2020: Rs. 1,736 lacs).

25. Employee benefi ts expense

	For the year ended
31 March 2021	31 March 2020
Rs. in Lacs	Rs. in Lacs
25,540	25,076
2,436	2,132
2,717	2,680
30,693	29,888
	For the year ended

26. Finance costs

	For the year ended	For the year ended
	31 March 2021	31 March 2020
	Rs. in Lacs	Rs. in Lacs
Interest on fi nancial liabilities measured at amortised cost	2,247	822
Eff ect of unwinding of discount for warranty provision	221	195
Interest on discounting of lease liability	539	580
Other interest expense	84	12
	3,091	1,609

IFB INDUSTRIES LTD.

Notes to the consolidated fi nancial statements for the year ended 31 March 2021

27. Depreciation and amortisation expense

	For the year ended	For the year ended
	31 March 2021	31 March 2020
	Rs. in Lacs	Rs. in Lacs
Depreciation of property, plant and equipment	6,465	5,476
Amortisation of intangible assets	933	1,016
Depreciation of right of use assets	2,844	2,703
	10,242	9,195

28. Other expenses

	For the year ended	For the year ended
	31 March 2021 Rs. in Lacs	31 March 2020 Rs. in Lacs
Consumption of stores and spare parts	14,722	13,584
Rent	441	888
Insurance	392	279
Freight, octroi and carriage	9,326	8,873
Power and fuels	3,252	3,192
Ancillary cost	7,144	6,304
Rates and taxes	513	291
Expenditure on corporate social responsibility	157	69
Offi ce expenses	5,112	4,736
Advertisement and sales promotion	17,028	18,089
Travelling	1,303	3,397
Repairs :
Buildings	87	136
Plant and machinery	1,268	1,269
Others	781	729
Write-off of property, plant and equipment	162	88
Write-off of debts/ advances	30	58
Allowances for doubtful debts	104	76
Bank charges	272	202
Directors' siĴ ing fees	60	35
Service expenses	5,100	5,302
Warranty expenses	1,544	2,024
Miscellaneous expenses	3,140	2,734
	71,938	72,355

29. Tax expense

31 March 2021 Rs. in Lacs 3,691 72 3,763 (287) – 4 (283)	31 March 2020 Rs. in Lacs 395 (217) 178 308 (389)









	1
	(80)
3,480	98



(25)	6
(25)	6


	2,675
	935
	(116)
	(730)
	1
	29
	(25)
	220
	(216)
3,480	98
34.944%	34.944%
	34.944%
	9,891 3,456 – 27 47 (326) 3 197 76 34.944%

30. Earnings per share

face value Rs 10 each (in Rs.) [(a)/(b)]

		For the year ended 31 March 2021 Rs. in Lacs	For the year ended 31 March 2020 Rs. in Lacs
(a)	Profi t aĞ er taxes available to equity shareholders	6,324	2,741
(b)	Weighted average number of equity shares outstanding	4,05,18,796	4,05,18,796
(c)	Basic and diluted earnings per equity share of	15.61	6.76

31. Defi ned benefi t plan - Gratuity

The Group operates a defi ned benefi t plan for gratuity for its employees of the holding company and a subsidiary company. For the holding company, It is administered through approved trust in accordance with its trust deeds and rules. The concerned trusts are managed by trustees who provide guidance with regard to the management of their assets and liabilities and review their performance periodically. For a subsidiary company it is managed through Insurance companies. Risk mitigation systems are in place to ensure that the health of the portfolio is regularly reviewed and the investments do not pose any signifi cant risk of impairment. Periodic audits are conducted to ensure the adequacy of internal controls.

The liability arising in the defi ned benefi t plan is determined by an independent professionally qualifi ed actuary using the projected unit credit method.

Risk management

The risks commonly aff ecting the gratuity liability and the fi nancial results are expected to be:

1. Interest rate risk The defi ned benefi t obligation calculated uses a discount rate based on government bonds. If bond yield falls, the defi ned benefi t obligations will tend to increase.
1. Salary Infl ation risk Higher the expected increase in salary will increase the defi ned benefi t obligation.
1. Demographic risk This is the risk of variability of results due to unsystematic nature of decrements that include mortality, withdrawal, disability and retirement. The eff ect of these decrements on the defi ned benefi t obligation is not straight forward and depends upon the combination of salary increase, discount rate and vesting criteria. It is important not to overstate withdrawals because in the fi nancial analysis the retirement benefi t of a short career employee typically costs less per year as compared to a long service employee.

		Rs. in Lacs
--	--	-------------

				Gratuity (funded)
I.		Changes in defi ned benefi t obligations		31 March 2020
	1.	Defined benefit obligations at the beginning of the year	6,150	4,698
	2.	Current service cost	551	419
	3.	Interest costs	369	323
	4.	Acquisition cost / (credit)	57	159
	5.	Effect of experience adjustment	55	404
	6.	Effect of assumption change	76	298
	7.	Benefits paid	(240)	(151)
	8.	Defined benefit obligations at the end of the year	7,018	6,150

Rs. in Lacs

	Changes in fair value of plan assets		Gratuity (funded)
II.			31 March 2021	31 March 2020
	1.	Fair value of assets at the beginning of the year	4,874	3,738
	2.	Interest income on plan assets	330	289
	3.	Employer contribution	1,264	958
	4.	Return on plan assets (less than discount rate)	64	40
	5.	Benefits paid	(240)	(151)
	6.	Fair value of assets at the end of the year	6,292	4,874
		Actual returns	394	329

IFB INDUSTRIES LTD.

Notes to the consolidated fi nancial statements for the year ended 31 March 2021

Rs. in Lacs

			Gratuity (funded)
III.		Net assets / (liabilities) recognised in balance sheet	31 March 2021	31 March 2020
	1. Defined benefit obligations		7,018	6,150
	2. Fair value of plan assets		6,292	4,874
	3. Funded status (deficit)		726	1,276
	4. Net asset / (liability) recognised in balance sheet
		-- Current	–	–
		-- Non-current	726	1,276

Rs. in Lacs

		Gratuity (funded)
	Components of employer expenses	31 March 2021	31 March 2020
	Recognised in the consolidated statement of profit and loss
1.	Current service cost	551	419
2.	Past service cost - plan amendments	–	–
3.	Net interest costs	39	34
4.	Immediate recognition of gain/(loss) - other long term employee benefit plans	–	–
5.	Total recognised in the consolidated statement of profit and loss (*)	590	453
	Recognised in other comprehensive income
1.	Effect of experience adjustment	55	404
2.	Effect of assumption change	76	298
3.	Return on plan assets (less than discount rate)	(64)	(40)
4.	Immediate recognition of gain/(loss) - other long term employee benefit plans	–	–
5.	Total recognised in other comprehensive income	67	662
	Total expense recognised in total comprehensive income	657	1,115

(*) recognised in "Contribution to provident and other funds" in "Employee benefits expense" under note 25

		Gratuity (funded)
V.	Actuarial assumptions	31 March 2021	31 March 2020
	Discount rate	5.9% to 6.9%	6.1% to 6.8%
	Rate of salary increase	10.0%	10.0%
	Mortality rate	Indian Assured	Indian Assured
		Lives Mortality	Lives Mortality
		(2006-08) Ult	(2006-08) Ult
	Withdrawal rate	2% to 10%	2% to 10%

		Gratuity (funded)
VI.	Plan asset information	31 March 2021	31 March 2020
	Cash	1%	34%
	Scheme of insurance - conventional products	99%	0%
	Scheme of insurance - ULIP products	0%	66%

Rs. in Lacs

		Net asset / (liability) recognised in balance sheet (including experience		Gratuity (funded)
VII.	adjustment impact)		31 March 2021	31 March 2020
	1.	Present value of defined benefit obligations	7,018	6,150
	2.	Fair value of plan assets	6,292	4,874
	3.	Funded status (deficit)	726	1,276
	4.	Experience adjustment of plan assets -gain/(loss)	64	40
	5.	Experience adjustment of obligations -gain/(loss)	(55)	(404)
		VIII. Expected employer contribution for the next year (Rs. in lacs)	726	1,276

IX. Sensitivity analysis

			Rs. in Lacs
		Gratuity (funded)
		31 March 2021	31 March 2020
	Defined benefit obligations on base assumptions (refer point no V)	7,018	6,150
a.	1% increase in discount rate	6,643	5,820
b.	1% decrease in discount rate	7,440	6,518
c.	1% increase in salary escalation rate	7,374	6,466
d.	1% decrease in salary escalation rate	6,682	5,850

		Rs. in Lacs
	Gratuity (funded)
Maturity analysis of benefi ts payments	31 March 2021	31 March 2020
Year 1	924	830
Year 2	999	864
Year 3	764	932
Year 4	963	746
Year 5	1,059	976
Next 5 years	4,164	4,098

The Group has contributed Rs. 1,855 lacs (31 March, 2020: Rs. 1,679 lacs) to defined contribution schemes

32.	Segment reporting
-----	--------------------------

				31 March 2021
	Engineering	Home Appliances Division	Motors	Others	Unallocated	Intersegment	Total
Revenue from sale of	45,095	2,26,674	3,348	6,957	–	(6,756)	2,75,318
products and services	42,840	2,12,173	2,691	7,075	–	(5,300)	2,59,479
Other operating revenue	3,520	660	25	564	–	(7)	4,762
	3,103	615	–	508	–	(8)	4,218
Revenue from	48,615	2,27,334	3,373	7,521	–	(6,763)	2,80,080
operations	45,943	2,12,788	2,691	7,583	–	(5,308)	2,63,697
	438	386	27	294	1,091	–	2,236
Other income	209	443	16	23	559	–	1,250
	49,053	2,27,720	3,400	7,815	1,091	(6,763)	2,82,316
Total revenue	46,152	2,13,231	2,707	7,606	559	(5,308)	2,64,947
Segment results before	3,220	12,028	(472)	(149)	(1,658)	13	12,982
finance costs	2,838	2,499	(54)	(269)	(752)	22	4,284
Less: finance costs							3,091
							1,609 9,891
Profit before tax							2,675
							3,480
Tax expense							98
Profit for the year							6,411
							2,577
Segment assets	42,135	1,24,116	2,874	3,702	16,314	–	1,89,141
	39,827	1,04,015	3,073	3,868	15,684	–	1,66,467
Segment liabilities	20,728	90,221	1,319	1,598	5,687	–	1,19,553
	20,711	72,702	1,165	2,839	4,386	–	1,01,803

Other information :

Depreciation and	2,610	7,313	131	130	58	–	10,242
amortisation expense	2,506	6,448	35	150	56	–	9,195
	4,664	10,134	180	46	188	–	15,212
Capital expenditure	7,627	24,652	602	88	1,436	–	34,405
Non cash expenditure	4	263	4	21	4	–	296
other than depreciation and amortisation	14	206	1	1	–	–	222

Segment reporting (Contd.)	Rs. in Lacs
	31 March 2021
Geographical information
Revenue from external customers
- Within India	2,74,076
	2,58,149
- Outside India	8,240
	6,798
	2,82,316
Total	2,64,947

Non - Current assets excluding financial assets and deferred tax assets
- Within India	65,884
	66,791

- Outside India	2,837
	2,947

Total	68,721
	69,738

(fi gures for previous year ended 31 March 2020, have been shown below each item)

NOTES :

The Group is primarily engaged in the business of fine blanked components, home appliances, motors and cold rolled steel sheets (others). Accordingly, the Group considers the above business segment as the primary segment. Segment revenue, segment result, segment asset and segment liabilities include the respective amount identifiable to each of the segments as also amounts allocated on reasonable basis. The expenses, which are not directly relatable to the business segment, are shown as unallocable corporate cost and grouped as "Unallocated". Assets and liabilities that cannot be allocated between the segments are shown as unallocable corporate assets and liabilities and are grouped as "Unallocated". These segments have been reported in the manner consistent with the internal reporting to the Board of Directors, who are the chief operating decision makers..

The geographical information considered for disclosure are revenue within India and revenue outside India.

The Group is not reliant on revenues from transactions with any single external customer and does not receive 10% or more of its revenues from transactions with any single external customer.

33. Leases

The Group is obligated under cancellable leases for residential, office premises, warehouses, etc. Total rental expense under cancellable short term operating lease amounted to Rs. 391 Lacs (31 March 2020: Rs. 841 lacs).

In adopting Ind AS 116, the group applied the below practical expedients:

The group has applied a single discount rate to a portfolio of leases with reasonably similar characteristics. The leases with remaining lease term of less than 12 months are 'considered as "short term leases".

The movement of lease liabilities during the year is as under:-

		As at 31 March 2021 Rs. in Lacs	As at 31 March 2020 Rs. in Lacs
	Opening Balance	5,921	–
	Addition on account of adoption of Ind AS 116	–	6,743
	Addition during the year	3,364	1,441
	Adjustment for leases closed / expired / terminated	(627)	–
	Write back of liabilities no longer required (Refer note 22)	(44)	–
	Interest Expenses	539	580
	Payments	(3,169)	(2,843)
	Closing Balance	5,984	5,921
	The maturity analysis of lease liabilities is as under:
	Within one year	2,090	1,508
	Beyond one year	3,894	4,413
		5,984	5,921
34.	Commitments
		As at	As at
		31 March 2021	31 March 2020
		Rs. in Lacs	Rs. in Lacs
	(i) Outstanding capital commitments for tangible assets	1,702	3,619
	(ii) Outstanding capital commitments for intangible assets	239	–
35.	Contingent Liabilities
		As at	As at
		31 March 2021	31 March 2020
		Rs. in Lacs	Rs. in Lacs
	Disputed sales tax maĴers, excise maĴers, income tax maĴers and other maĴers contested in appeals.	5,838	1,596

36. Related party disclosures

(A) The Company has the following related parties :

Investor Company :	IFB Automotive Private Limited
Key Management Personnel	– Mr. Bijon Nag, Executive Chairman
(KMP) :	– Mr. Bikramjit Nag, Joint Executive Chairman and Managing Director
	– Mr. Prabir ChaĴerjee, Director and Chief Financial Officer
	– Mr. G. Ray Chowdhury, Company Secretary
	– Mr. A. K. Nag, Senior President
	– Mr. Sujan Kumar Ghosh Dastidar, President, Legal
	– Ms. Souravi Sinha, General Manager–Human Resource–Corporate
	– Mr. Uma Shankar Ghosh Dastidar, Head, Taxation
	– Mr. Rajat Paul, Assistant Vice President, IT
	– Mr. Soumitra Goswami, GM, Accounts and Finance

	Home Appliance Division :
	– Mr. Rajshankar Ray, Managing Director and Chief Executive Officer
	– Mr. A. S. Negi, Executive Director and Service Business Head
	– Mr. B. M. Shetye, Senior Vice President, Sustainability
	– Mr. Pawan Koul, Head of Goa factory – Washing Machine Plant
	– Mr. Sukhdev Nag, National sales head
	– Mr. Ranjan Mohan Mathur, Business Head – Cooking products
	– Mr. Abhijit Gangopadhyay, Business Head, North 2 – Mr. R. Anand, Head, Motor Division
	– Mr. C.S.Govindaraj, CEO, Industrial Business & Projects
	– Mr. Deepak Kumar Behara, Business Head–South
	– Mr. Vilas Sanjeev Kamath, Head, Supply Chain Projects
	– Mr. Venkata Subba Rao Madala, Head of Factory – A.C. plant
	– Mr. Manoj Agnihotri, Head, Human Resources, A.C. plant
	– Mr. Narayana Panth, Head of R&D, A.C. plant
	– Mr. Kartik Ishwar Muchandi, Head, Finance and Accounts, Air conditioner and Washing Machine Plants
	– Mr. Ashish Singh, Head, Finance and Accounts, Marketing

	Engineering division:
	– Mr. Partha Sen, Managing Director and Chief Executive Officer
	– Mr. K. R. K. Prasad, CEO, Bangalore Engineering Factory
	– Mr. Jayanta Chanda, AVP, Finance
	– Mr. Ashok Hazra, DGM, Finance
	– Mr. Arup Das, Head Marketing

Other related parties	– IFB Agro Industries Limited – IFB Agro Marine FZE (100% subsidiary of IFB Agro Industries Limited) – Travel Systems Limited – IFB Global Limited – IFB Appliances Limited – Anjali foundation
Employee trusts where there is significant influence (Employee trusts)	– Indian Fine Blank Limited Employees Gratuity Fund (IFBLEGF) – The IFBL Group Superannuation Scheme (IFBLSAF) (merged and renamed on 3 October 2019) (Earlier known as The IFBL Senior management Group Superannuation Scheme) – IFBL Employees' (Category-I) Superannuation Scheme (IFBLESS-Cat-I) (dissolved and merged on 3 October 2019)
	– IFBL Employees (Category Two) Group Superannuation Scheme (IFBLEGSS-Cat two) (dissolved and merged on 3 October 2019)

(*) GST input credits / liabilities paid/recovered from related parties have not been included above.

(B) Transactions with related parties

			For the year ended	For the year ended
			31 March 2021	31 March 2020
			Rs. in lacs	Rs. in lacs
1	Sales, service and other income
	- Investor Company		4,400	4,298
	- KMP		4	3
	- Other related parties		19	22
		Total	4,423	4,323
2	Purchase of inventories
	- Investor Company		90	1,957
	- Other related parties		42	13
		Total	132	1,970
3	Expenditure on other services
	- Investor Company		389	221
	- Other related parties		7,744	9,847
		Total	8,133	10,068
4	Expenditure on corporate social responsibility
	- Other related parties		40	–
		Total	40	–
5	Expenses recovered
	- Investor Company		–	11
		Total	–	11
6	Purchase of property, plant and equipment and intangibles
	– Investor Company		–	512
		Total	–	512
7	Purchase of business
	- Investor Company		–	3,500
		Total	–	3,500

			For the year ended	For the year ended
			31 March 2021	31 March 2020
			Rs. in lacs	Rs. in lacs
8	Purchase of Investment
	- Investor Company		225	–
		Total	225	–
9	Sale of property, plant and equipment
	- Investor Company		1	–
		Total	1	–
10	Contribution to employees' benefit plans
	- Employee trusts		715	1,413
		Total	715	1,413
11	Exceptional gain - Surplus money received
	- Employee trusts		–	1,305
		Total	–	1,305
12	Remuneration
	(a) Short term benefits - KMP		2,293	2,517
	(b) Post employment benefits - KMP		80	217
	(c) Other long term benefits - KMP		69	167
		Total	2,442	2,901

(C) Outstanding balances with related parties

		As at	As at
		31 March 2021	31 March 2020
		Rs. in lacs	Rs. in lacs
1	Trade Receivables
	- Investor Company	3,369	1,978
	- Other related parties	26	1
	Total	3,395	1,979
2	Security deposits given
	- Investor Company	50	50
	- Other related parties	8	8
	Total	58	58
3	Advances given
	- Investor Company	47	145
	- KMP	1	4
	- Other related parties	41	113
	Total	89	262
4	Loans given
	- KMP	4	2
	Total	4	2
5	Other receivables
	- Other related parties	6	–
	- Employee trusts	141	8
	Total	147	8

		As at	As at
		31 March 2021	31 March 2020
		Rs. in lacs	Rs. in lacs
6	Trade payables
	- Investor Company	43	95
	- Other related parties	163	838
	Total	206	933
7	Other payables
	- Investor Company	4	–
	- Employee trusts	709	1,260
	Total	709	1,260

(D) Party-wise details of significant transactions with related parties

		For the year ended	For the year ended
		31 March 2021	31 March 2020
		Rs. in lacs	Rs. in lacs
1	Expenditure on other services
	- Travel Systems Limited	295	1,738
	- IFB Agro Marine FZE	54	27
	- IFB Appliances Limited	6,791	7,576
2	Expenditure on corporate social responsibility
	- Anjali foundation	40	–
3	Contribution to employees' benefit plans
	- IFBLEGF	709	957
	- IFBLSAF	5	175
	- IFBLESS-Cat-I	–	249
4	Exceptional gain - Surplus money received
	- IFBLSAF	–	1,305

(E) Party-wise details of signifi cant balances with related parties

		As at	As at
		31 March 2021	31 March 2020
		Rs. in lacs	Rs. in lacs
1	Security deposits given
	- IFB Agro Industries Limited	8	8
2	Advances given
	- IFB Agro Industries Limited	41	59
3	Other receivables
	- IFBLEGF	141	–
	- IFBLSAF	–	8
4	Trade payables
	- IFB Agro Marine FZE	27	–
	- IFB Appliances Limited	82	772
5	Other payables
	- IFBLEGF	709	1,260

37. Other information

Subsidiaries consolidated in the consolidated financial statements are as under:

Name of the company	Country of incorporation	Effective voting power held by the Holding company (%) as at 31 March 2021	Effective voting power held by the Holding company (%) as at 31 March 2020
Trishan Metals Private Limited	India	100.00%	51.12%
Global Automotive and Appliances Pte. Limited (GAAL)	Singapore	100.00%	100.00%
Thai Automotive and Appliances Limited (subsidiary of GAAL)	Thailand	100.00%	100.00%

Changes in Group structure:

31 March 2021 :

On 31 October, 2020, the Holding Company has acquired the balance 48.88% (1,14,74,020 nos. equity shares) equity shares from the other shareholders of Trishan Metals Private Limited at a consideration of Rs. 1430 lacs, thereby making Trishan Metals Private Limited as its wholly owned subsidiary.

31 March 2020 :

There has been no changes in the group structure during the year.

There are no significant restrictions to access or use the assets and to seĴle the liabilities of the Group.

Additional information as required by Schedule III to the Companies Act, 2013

Name of the entity		Net assets		Share in profit or loss		Share in other comprehensive income (OCI)		Share in total comprehensive income (TCI)
		As a % of net assets	Amount (Rs. In lacs)	As a % of profit or loss	Amount (Rs. In lacs)	As a % of OCI	Amount (Rs. In lacs)	As a % of TCI	Amount (Rs. In lacs)
Parent :
IFB Industries Ltd	31 March 2021	101.82%	70,857	96.30%	6,174	82.46%	(47)	96.43%	6,127
	31 March 2020	100.10%	64,730	108.61%	2,799	136.38%	(656)	102.24%	2,143
Subsidiaries :
Trishan Metals Private Limited
	31 March 2021	0.21%	146	-0.42%	(27)	-5.26%	3	-0.38%	(24)
– Owner of the parent	31 March 2020	0.06%	42	-6.64%	(171)	0.62%	(3)	-8.30%	(174)
– Non–controlling	31 March 2021	0.00%	–	1.36%	87	-1.75%	1	1.38%	88
interest	31 March 2020	0.06%	40	-6.36%	(164)	0.62%	(3)	-7.97%	(167)
Global Automotive and Appliances Pte.	31 March 2021	7.98%	5,556	2.14%	137	170.17%	(97)	0.63%	40
Limited (including subsidiary)	31 March 2020	8.53%	5,516	6.21%	160	-125.16%	602	36.35%	762
Consolidation	31 March 2021	-10.01%	(6,971)	0.62%	40	-145.62%	83	1.94%	123
adjustments	31 March 2020	-8.75%	(5,664)	-1.82%	(47)	87.54%	(421)	-22.33%	(468)
	31 March 2021	100.00%	69,588	100.00%	6,411	100.00%	(57)	100.00%	6,354
Total	31 March 2020	100.00%	64,664	100.00%	2,577	100.00%	(481)	100.00%	2,096

38. Dues to micro, small and medium enterprises

The Ministry of micro, small and medium enterprises has issued an offi ce memorandum dated 26 August 2008 which recommends that the micro and small enterprises should mention in their correspondence with its customers the entrepreneurs memorandum number as allocated after fi ling of the memorandum in accordance with the 'Micro, Small and Medium Enterprise Development Act, 2006 ('the Act'). Accordingly, the disclosure in respect of the amounts payable to such enterprises has been made in the fi nancial statements based on the information received and available with the Group. Payable to micro and small enterprises as at 31 March 2021: Rs 10,141 lacs (31 March 2020: Rs. 2,517 lacs).

Further, in view of the management, the impact of the interest, if any, that may be payable in accordance with the provisions of the Act is not expected to be material. The Group has not received any claim for interest from any supplier as at the balance sheet date.

39. Financial instruments and related disclosures

i) Capital management

The Group's capital management policy is focused on business growth and creating value for shareholders. The Group determines the amount of capital required on the basis of annual business plans and the funding needs are met through internal accruals and bank borrowings.

ii) Categories of financial instruments Rs. in Lacs

					As at 31 March 2021	As at 31 March 2020
		Particulars	Note	Carrying value	Fair value	Carrying value	Fair value
A.		Financial assets
	a)	Measured at amortised cost :
		i) Trade receivables	11	26,569	26,569	20,454	20,454
		ii) Cash and cash equivalents	12	9,829	9,829	10,487	10,487
		iii) Other bank balances	13	2,419	2,419	2,023	2,023
		iv) Loans	5	104	104	110	110
		v) Other financial assets		1,730	1,730	1,613	1,613
	b)	Measured at fair value through Statement of Profit and Loss:
		i) Investments	10	26,047	26,047	15,280	15,280
	c)	Derivatives measured at fair value through Statement of Profit and Loss:
		i) Derivatives not designated as hedges	6	378	378	1,220	1,220
B.		Financial liabilities
	a)	Measured at amortised cost :
		i) Term loan from banks	15	17,156	17,156	25,372	25,372
		ii) Cash Credit facility from bank	20	51	51	616	616
		iii) Working capital buyers credit from banks	20	2,342	2,342	2,606	2,606
		iv) Loans from Others	20	271	271	293	293
		v) Lease Liabilities		5,984	5,984	5,921	5,921
		vi) Trade payable		65,547	65,547	47,313	47,313
		vii) Other financial liabilities		5,135	5,135	2,526	2,526
	b)	Derivatives measured at fair value through Statement of Profit and Loss:
		i) Derivative instruments not designated as hedges	16	181	181	49	49

iii) Financial risk management objectives

The Group has a system-based approach to risk management, anchored to policies and procedures and internal financial controls aimed at ensuring early identification, evaluation and management of key financial risks (such as market risk, credit risk and liquidity risk) that may arise as a consequence of its business operations as well as its investing and financing activities. Accordingly, the Group's risk management framework has the objective of ensuring that such risks are managed within acceptable and approved risk parameters in a disciplined and consistent manner and in compliance with applicable regulation. It also seeks to drive accountability in this regard.

a) Liquidity risks

Liquidity risk refers to the risk that the Group cannot meet its financial obligations. The objective of liquid risk management is to maintain sufficient liquidity and ensure that funds are available for use as per requirements.

The Group has obtained fund and non-fund based working capital loans from banks. Furthermore, the Group has sufficient quantities of finished goods and stock-in-trade which are liquid and readily saleable. Hence the risk that the Group may not be able to seĴle its financial liabilities as they become due does not exist.

The following tables shows a maturity analysis of the anticipated cash flows for the Group's derivative and nonderivative financial liabilities.

	Total	Due within one year	Due aĞer one year
	Rs. in Lacs	Rs. in Lacs	Rs. in Lacs
Borrowings	19,820	2,664	17,156
Lease liabilities	5,984	2,090	3,894
Trade payables	65,547	65,547	–
Other financial liabilities (including current maturities of	5,135	5,090	45
long-term debt) Derivative financial liabilities	181	181	–
Total	96,667	75,572	21,095

As at 31 March 2021

As at 31 March 2020

	Total	Due within	Due aĞer one
		one year	year
	Rs. in Lacs	Rs. in Lacs	Rs. in Lacs
Borrowings	28,887	3,515	25,372
Lease liabilities	5,921	1,508	4,413
Trade payables	47,313	47,313	–
Other financial liabilities (including current maturities of	2,526	2,500	26
long-term debt)
Derivative financial liabilities	49	49	–
Total	84,696	54,885	29,811

b) Market risks

The Group does not trade in equities. Treasury activities, focused on managing investments in debt instruments, are centralised and administered under a set of approved policies and procedures guided by the tenets of liquidity, safety and returns. This ensures that investments are only made within the acceptable risk parameters aĞer due evaluation.

The Group's investments are predominantly held in debt mutual funds. Such investments are susceptible to market risks that arise mainly from changes in interest rate which may impact the return and value of such investments. Mark to market movements in respect of these investments are measured at fair value through consolidated statement of profit and loss.

Fixed deposits are held with highly rated banks and generally have a short tenure and are not subject to interest rate volatility.

The Group has short-term borrowings which are generally not susceptible to interest rate volatility since they are for short tenure. Long term loans from banks are at highly competitive rates and as such these loans are not that material taking into account the Group's asset base. Hence interest rate fluctuations on borrowings does not affect the Group significantly.

c) Foreign currency risk

The Group undertakes transactions denominated in foreign currency (mainly US Dollar, Euro, GBP, RMB,THB, JPY, SGD and AED) which are subject to the risk of exchange rate fluctuations.

	31 March 2021		31 March 2020
	Rs. in lacs	Rs. in lacs	Rs. in lacs	Rs. in lacs
		Financial assets Financial Liabilities		Financial assets Financial Liabilities
USD	467	25,351	1,318	26,265
Euro	65	4,457	44	1,316
RMB	–	1,221	–	493
SGD	–	82	–	16
THB	–	–	–	1
JPY	–	–	–	1
Total	532	31,111	1,362	28,092

The carrying amount of foreign currency denominated financial assets and liabilities, are as follows:

The Company uses forward exchange contracts and currency swaps to hedge its exposure in foreign currency.

i) Forward exchange contracts that were outstanding for financial liabilities as at the end of respective reporting dates :

	No. of	USD (lacs)	No. of	Euro (lacs)	No. of	RMB (lacs)
	contracts		contracts		contracts
As at 31 March 2021	173	338	53	53	27	47
As at 31 March 2020	161	404	31	17	18	21

The aforesaid forwards / currency swaps have a maturity before 2nd October, 2024.

		31 March 2021	31 March 2020
		Financial assets Financial Liabilities		Financial assets Financial Liabilities
USD	1	3	1	–
Rs. in lacs	89	188	120	–
EURO	1	–	*	–
Rs. in lacs	65	–	22	–
RMB	–	62	–	26
Rs. in lacs	–	694	–	266
THB	–	–	–	*
Rs. in lacs	–	–	–	1
JPY	–	–	–	1
Rs. in lacs	–	–	–	1
SGD	–	2	–	*
Rs. in lacs	–	82	–	16
	154	964	142	284

ii) Unhedged foreign currency exposure as at the end of the respective reporting dates :

* represents foreign currency less than 50,000

iii) Foreign currency sensitivity

For every percentage point change in the underlying exchange rate of the outstanding foreign currency denominated assets and liabilities, holding all other variables constant, the profit before tax would change by Rs. 306 lacs for the year ended 31 March 2021 (31 March 2020: Rs 267 lacs).

d) Credit risk

Bank deposits are primarily held with highly rated and different banks.

The Group's customer base is large and diverse limiting the risk arising out of credit concentration. Further the credit is extended in business interest in accordance with guidelines issued centrally and business-specific credit policies that are consistent with such guidelines. Exceptions are managed and approved by appropriate authorities aĞer due consideration of the counter parties credentials and financial capacity, trade practices and prevailing business and economic conditions.

The Group's historical experience of collecting receivable and the level of default indicates that the credit risk is low and generally uniform across markets. Loss allowances are recognised where considered appropriate by the management.

	As at	As at
	31 March 2021	31 March 2020
	Rs. in lacs	Rs. in lacs
Balance at beginning of the year	145	116
Provision recognised in the year	104	76
Amounts wriĴen off during the year as uncollectible	–	(36)
Amounts recovered during the year	(3)	(10)
Provisions wriĴen back	(3)	(1)
Balance at end of the year	243	145

The movement of allowance for doubtful advances and receivables is as under:-

Other than financial assets mentioned above, none of the Group's financial assets are either impaired or past due, and there were no indications that defaults in payment would occur.

e) Fair value hierarchy

The following table provides an analysis of financial instruments that are measured subsequent to initial recognition at fair value and have been grouped into Level 1, Level 2 and Level 3 below:

				Fair Value
			Fair value	Rs. in Lacs	Rs. in Lacs
			hierarchy	As at	As at
			(Level)	31 March 2021	31 March 2020
A.		Financial Assets
	a)	Measured at FVTPL:
		Investment in mutual funds	1	25,822	15,280
		Investment in equity instruments (other than
		subsidiary)	2	225	–
	b)	Derivatives measured at FVTPL:
		Derivatives not designated as hedges	2	378	1,220
B.		Financial Liabilities
	a)	Derivatives measured at FVTPL:
		Derivatives not designated as hedges	2	181	49

40 Exceptional Item includes the followings

		Year ended	Year ended
		31 March 2021	31 March 2020
		Rs. in Lacs	Rs. in Lacs
(a)	Surplus from superannuation scheme (#)	–	1,305
(b)	Loss of inventory due to fire (@)	–	(1,157)
		–	148

# An amount of Rs. 1305 lacs received from The IFBL Group Superannuation Scheme for refund of Surplus money as per the Deed of Variance dated 3 October, 2019 approved by the Commissioner of Income Tax vide order dated 30 December, 2019.

@ An estimated amount of Rs. 1157 lacs on account of loss of Inventory lying at a warehouse of the Company due to fire on 2 December, 2019. The Insurance claim for the same was lodged and the same was treated as exceptional loss. The claim survey process is still on.

41. The Group has disaggregated revenues from contract with customers for the year by the type of goods and services. The Group believe that this disaggregation best depicts how the nature, amount, timing and uncertainty of revenues and cash flows are affected by industry, market and other economic factors. Refer note 21 for revenue disaggregation.

The following table includes revenue expected to be recognised in the future related to annual maintenance contracts and extended warranty services and advance from customers.

	Year ended 31 March 2022	Year ended 31 March 2023	Year ended 31 March 2024	Year ended 31 March 2025	Beyond 31 March 2025
	Rs. in lacs	Rs. in lacs	Rs. in lacs	Rs. in lacs	Rs. in lacs
Income received in advance on annual maintenance contracts	4,430	725	–	–	–
Income received in advance on extended warranty services	183	164	65	32	6
Advance from customers	3,165	–	–	–	–
	7,778	889	65	32	6

The Group recognised revenue of Rs. 5,525 lacs (31 March 2020 : Rs. 5,405 lacs) arising from opening unreceived revenue at the beginning of the year.

The below table shows the movement of Income earned in advance on annual maintenance contracts and extended warranty services and advance from customers

	As at	As at
	31 March 2021	31 March 2020
	Rs. in lacs	Rs. in lacs
Opening Balance	7,176	6,399
Progress billing during the year	2,76,912	2,60,256
Less: Revenue recognised during the year	2,75,318	2,59,479
Closing Balance	8,770	7,176

42. As per the E-Waste (Management) Rules, 2016, as amended, Companies dealing in certain categories of products as specified in Schedule-I therein are required to undertake Extended Producer Responsibility (EPR) for its end-of-life products. The obligation for a financial year is measured based on sales made in the preceding 9th/10th year and the Group has met its obligations for the current year. In accordance with Appendix B of Ind AS 37, 'Provisions, Contingent Liabilities and Contingent Assets', the Group will have an e-waste obligation for future years, only if it participates in the market in those years.
43. The spread of COVID-19 has impacted businesses around the globe. In India, Governments in certain states have imposed various restrictions with the increase in number of COVID 19 cases during the months of March 2021, April 2021 and May 2021.

On the basis of the assessment done by the management and internal/ external sources of information up to the date of approval of these financial results, the carrying amounts of assets are recoverable. The impact of pandemic may be different from that estimated as at the date of these financial results and the Group will closely monitor any material changes to the future economic conditions.

44. On 31 October, 2020, the Company has acquired the balance 48.88% (1,14,74,020 nos. equity shares) equity shares from the other shareholders of Trishan Metals Private Limited at a consideration of Rs. 1430 lacs, thereby making Trishan Metals Private Limited(TMPL) as its wholly owned subsidiary.

April, 2021 appointed the Chairperson and scrutinizer for shareholders and creditors meeting (secured and unsecured) to be held on 24 May, 2021 through video conferencing or other audio visual means to approve the 'Scheme of Amalgamation'. The meetings took place on 24 May, 2021 and the shareholders and creditors (secured and unsecured) approved the 'Scheme of Amalgamation' between TMPL and IFBIL under the provisions of Sections 230 to 232 of the Companies Act, 2013 and other relevant provisions of the Act and rules framed thereunder with requisite majority .The matter is now under process and pending before NCLT.

45. Government Grants

The Group has received an amount of Rs 1702 lacs during 2020-21 under Modified Special Incentive Package Scheme (M-SIPS) of Government of India . The incentive under the scheme is in the form of capital subsidy of 25% for Capital expenditure in new projects on reimbursement basis.

The Group has adopted the income approach as prescribed in Ind AS 20 - Accounting for Government Grants and Disclosure of Government Assistance. It has recognised the government grants received (related to depreciable assets) in Statement of Profit and Loss on a systematic basis over the remaining useful life of the asset as deferred income. Balance remaining is shown in note no 19 - "Other Liabilities" as "Deferred government grant". There are no unfulfilled conditions or other contingencies attaching to this grant.

46. Previous year's figures have been regrouped / reclassiified wherever necessary to correspond with the current year's classification.
47. The consolidated financial statements were approved by the Board of Directors on 14 June 2021.

10 Year Highlights

										Rs. in lacs
	2011–12	2012–13	2013–14	2014–15	2015–16	2016–17	2017–18	2018–19	2019–20	2020–21
					@	@	@	@	@	@
Financial Highlights
Total revenue	81,440					92,760 1,02,896 1,27,658 1,51,425 1,91,189 2,20,710			2,55,020 2,56,418 2,73,566
Earnings before interest, tax, depreciation and amortisation (EBITDA)	5,114	6,193	5,335	10,165	8,275	11,612	17,502	15,649	13,318	22,800
Depreciation and amortisation	1,488	1,832	2,259	4,064	4,537	4,359	5,138	5,454	8,898	9,911
Exceptional expense / (income)	150	–	–	–	–	–	–	(1,935)	(148)	–
Profit aĞer tax	3,054	3,145	2,160	4,973	3,136	5,513	8,325	7,395	2,799	6,174
Equity Share capital	3,628	4,128	4,128	4,128	4,128	4,128	4,128	4,128	4,128	4,128
Other Equity	20,591	27,436	29,596	34,569	37,705	43,020	50,901	57,937	60,602	66,729
Net worth	13,435	20,780	22,940	27,913	31,049	36,562	44,443	51,479	53,622	59,749
Property, plant and equipment, investment property, intangibles including CWIP (Gross)	41,619	38,775	44,743	51,979	57,787	36,231	39,509	48,374	81,491	93,765
Property, plant and equipment, investment property, intangibles including CWIP (Net)	16,061	19,503	24,038	27,873	29,767	31,876	30,052	33,543	57,829	62,059
Total assets	44,112	53,834	64,121	77,092	79,143			88,122 1,08,200 1,20,417 1,61,366 1,86,172
Market capitalisation	28,095	32,739						32,091 2,37,400 1,28,809 2,62,197 4,62,907 3,96,254 1,03,883 4,50,178
Number of employees	1,286	1,390	1,453	1,537	1,626	1,646	1,690	1,970	2,322	2,466
Key indicators
Earnings per share (Rs.) (before exceptional items)	8.61	7.95	5.33	12.27	7.74	13.61	20.55	13.48	6.54	15.24
Earnings per share (Rs.) (aĞer exceptional items)	8.61	7.95	5.33	12.27	7.74	13.61	20.55	18.25	6.91	15.24
Total revenue per share (Rs.)	229.29	228.93	253.95	315.06	373.72	471.85	544.71	629.39	632.84	675.16
Book value per share (Rs.)	68	78	83	96	103	116	136	153	160	175
Current ratio	1.61	1.76	1.54	1.43	1.40	1.42	1.53	1.51	1.58	1.39
EBITDA / Total revenue	6.3%	6.7%	5.2%	8.0%	5.5%	6.1%	7.9%	6.1%	5.2%	8.3%
Net profit margin	3.8%	3.4%	2.1%	3.9%	2.1%	2.9%	3.8%	2.9%	1.1%	2.3%
Return on net worth on PBT	26.8%	20.9%	12.8%	21.2%	11.3%	18.6%	26.9%	18.7%	5.5%	16.7%

@ Years beginning 2016-17 and onwards are as per Ind AS, earlier years are as per previous GAAP.

NOTES

IFB INDUSTRIES LTD.

NOTES

AI assistant

IFB Industries Limited — Annual Report 2021

61668_rns_2021-07-13_f0770d61-f95a-4bfb-b7bb-9be4735496ce.pdf

IFll Inclustries lrmited

CorPorate Ofrce

IFB INDUSTRIES LTD.

BOARD OF DIRECTORS

AUDIT COMMITTEE

COMPANY SECRETARY

AUDITORS

REGISTRAR AND SHARE TRANSFER AGENT

REGISTERED OFFICE

CORPORATE OFFICE

CONTENTS

NOTICE TO MEMBERS

ORDINARY BUSINESS:

SPECIAL BUSINESS:

4) To consider and if thought fit, to pass, the following Resolution as a Special Resolution:

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6) To consider and if thought fit, to pass, the following Resolution as an Ordinary Resolution:

7) To consider and if thought fit, to pass, the following Resolution as an Ordinary Resolution:

8) To consider and if thought fit, to pass, the following Resolution as a Special Resolution:

9) To consider and if thought fit, to pass, the following Resolution as an Ordinary Resolution:

10) To consider and if thought fit, to pass, the following Resolution as an Ordinary Resolution:

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Resolution no. 4

Remuneration :

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IFB INDUSTRIES LTD.

Details of Directors seeking appointment / reappointment in Annual General Meeting (in pursuance of Clause 36(3) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

IFB INDUSTRIES LTD.

DIRECTORS' REPORT to the Members

To the Members,

FINANCIAL RESULTS

OPERATIONS - Standalone

OPERATIONS - Consolidated

DIVIDEND

TRANSFER TO RESERVE

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

CHANGE IN THE NATURE OF BUSINESS OF THE COMPANY

CORPORATE GOVERNANCE AND SHAREHOLDERS INFORMATION

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DIRECTORS AND KEY MANAGERIAL PERSONNEL (KMP)

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ANNUAL EVALUATION OF BOARD'S PERFORMANCE

AUDIT COMMITTEE

IFB Industries Limited Annual Report 2021