Polycab India Limited — Interim / Quarterly Report 2021

Nov 7, 2020

POLYCAB INDIA LIMITED

(formerly known as Polycab Wires Limited) Polycab House, 771 Mogul Lane, Mahim (W), Mumbai – 400016 CIN: L31300GJ1996PLC114183 Tel : +91 22 2432 7070-74 Fax : +91 22 2432 7075 Email: shares@polycab.com Website: www.polycab.com

Date: 07th November 2020

To Department of Corporate Services BSE Limited Phiroze Jeejeebhoy Towers, Dalal Street Mumbai – 400 001

To Listing Department National Stock Exchange of India Limited C-1, G-Block, Bandra-Kurla Complex Bandra (E), Mumbai – 400 051

Scrip Code: 542652 Scrip Symbol: Polycab ISIN:- INE455K01017

Dear Sir / Madam

Sub: Disclosure under Regulation 23(9)of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015('SEBI (LODR) Regulations, 2015')

Pursuant to Regulation 23(9) of SEBI (LODR)Regulations, 2015.we enclose herewith the disclosure on Related Party Transactions on consolidated basis for the period ended 30th September 2020, prepared in accordance with the applicable Accounting Standards.

You are requested to kindly take the same on record. The report will also be hosted on the Company's website at www.polycab.com.

Thanking you Yours Faithfully For Polycab India Limited

NARAYANA SUBRAMANIM AM SAI Digitally signed by NARAYANA SUBRAMANIMAM SAI DN: c=IN, o=Personal, postalCode=400081, st=MAHARASHTRA, serialNumber=77c944f626ae6bfeb79cca0b16f 0aef0417f2dc27b7326ddcf51c7d6d1c765a3, cn=NARAYANA SUBRAMANIMAM SAI Date: 2020.11.07 11:20:18 +05'30'

Sai Subramaniam Narayana Company Secretary and Compliance Officer Membership No.: F5221 Address: Polycab House, 771, Mogul Lane Mahim (West), Mumbai - 400 016

Polycab India Limited (Formerly known as 'Polycab Wires Limited')

Unaudited Interim Condensed Consolidated Financial Statements for the six months ended 30 September 2020

Related party disclosure

The transactions with related parties are made on terms equivalent to those that prevail in arm's length transactions. Outstanding balances at the period-end are unsecured and settlement occurs in cash or credit as per the terms of the arrangement. For the six months ended 30 September 2020, the Group has not recorded any impairment of receivables relating to amounts owed by related parties (31 March 2020: ₹ Nil). This assessment is undertaken each financial year through examining the financial position of the related party and the market in which the related party operates.

(A) Enterprises where control exists

	Country of	Ownership interest (%)
	incorporation	30 Sep 20	31 Mar 20
Joint Ventures
Ryker Base Private Limited (Ryker) (i)	India	-	50%
Techno Electromech Private Limited (TEPL)	India	50%	50%
(i) Joint venture till 05 May 2020 and became wholly owned subsidiary from 06 May 2020

(B) Enterprise owned or significantly influenced by KMP

AK Enterprises (A K)
Dowells Elektro Werke (DEW)
Dowells Electricals (DE)
D J Electricals Private Limited (DJEPL)
Tirupati Tradelinks Private Limited (TTPL)
(C) Key management personnel
(i)Executive directors
Mr. Inder T. Jaisinghani	Chairman and managing director
Mr. Ramesh T. Jaisinghani	Whole-time director
Mr. Ajay T. Jaisinghani	Whole-time director
Mr. Shyam Lal Bajaj (i)	Whole time director
Mr. Gandharv Tongia	Chief Financial Officer (w.e.f. 31 May 2020)
Mr. Subramaniam Sai Narayana	Company secretary and compliance officer
(ii) Non- Executive directors
Mr. R S Sharma	Independent director
Mr. T P Ostwal	Independent director
Mr. Pradeep Poddar	Independent director
Ms. Hiroo Mirchandani	Independent director
(iii) Relatives of Key management personnel
Mr. Girdhari T. Jaisinghani	Brother of Mr. Inder T. Jaisinghani, Mr. Ajay T. Jaisinghani & Mr. Ramesh T. Jaisinghani

Mr. Girdhari T. Jaisinghani

Mr. Bharat A. Jaisinghani Son of Mr. Ajay T. Jaisinghani Mr. Nikhil R. Jaisinghani Son of Mr. Ramesh T. Jaisinghani

Mr. Kunal I. Jaisinghani Son of Mr. Inder T. Jaisinghani

(i) Mr. Shyam Lal Bajaj resigned from CFO position w.e.f. 31 May 2020 and continues as a whole time director.

(D) Transactions with group companies

						(₹ million)
			Three monthsperiod ended30 Sep 20	Three monthsperiod ended30 Sep 19	Six monthsperiod ended30 Sep 20	Six monthsperiod ended30 Sep 19
(i)	Sale of goods (including GST)
	Ryker Base Private Limited	Joint Venture	-	2.73	-	5.21
	Techno Electromech Private Limited	Joint Venture	9.29	3.06	11.41	3.32
(ii)	Purchase of goods (including GST)
	Techno Electromech Private Limited	Joint Venture	138.31	161.59	184.16	279.45
	Ryker Base Private Limited	Joint Venture	-	0.59	-	0.59
	Dowells Elektro Werke (DEW)	Enterprise owned orsignificantly influenced byKMP	-	-	-	0.12
	Tirupati Tradelinks Private Limited (TTPL)	-do	22.14	59.66	32.92	97.25

Polycab India Limited (Formerly known as 'Polycab Wires Limited')

Notes to Unaudited Interim Condensed Consolidated Financial Statements for the six months ended 30 September 2020

(D) Transactions with group companies

			Three monthsperiod ended	Three monthsperiod ended	Six monthsperiod ended	(₹ million)Six monthsperiod ended
			30 Sep 20	30 Sep 19	30 Sep 20	30 Sep 19
(iii)	Sub-contracting expense (including GST)
	Ryker Base Private Limited	Joint Venture	-	192.11	1.34	317.15
	Techno Electromech Private Limited	Joint Venture	7.06	-	15.02	-
	Tirupati Tradelinks Private Limited (TTPL)	Enterprise owned orsignificantly influenced byKMP	0.58	0.69	0.64	1.25
(iv)	Rent received
	Ryker Base Private Limited	Joint Venture	-	0.80	0.05	1.59
(v)	Interest received
	Techno Electromech Private Limited	Joint Venture	3.48	3.48	6.93	6.93
(vi)	Testing charges paid
	Techno Electromech Private Limited	Joint Venture	8.93	1.27	8.93	1.27
(vii)	Other Charges
	Ryker Base Private Limited	Joint Venture	-	1.32	-	1.43
	Dowells Elektro Werke (DEW)	Enterprise owned orsignificantly influenced byKMP	-	-	-	0.01
	(viii) Sale of Machinery (including GST)
	Techno Electromech Private Limited	Joint Venture	7.95	-	34.81	40.86
(ix)	Purchase of Machinery (including GST)
	Dowells Elektro Werke (DEW)	Enterprise owned orsignificantly influenced byKMP	-	-	-	0.16
(x)	Investment made
	Techno Electromech Private Limited	Joint Venture	-	-	-	35.00
(xi)	Rent paid
	AK Enterprises	Enterprise owned orsignificantly influenced byKMP	7.29	7.28	7.29	14.55

(E) Outstanding as at the period end :

				(₹ million)
			30 Sep 20	31 Mar 20
(i)	Loans
	Techno Electromech Private Limited	Joint Venture	115.21	115.21
(ii)	Trade Receivables
	Techno Electromech Private Limited	Joint Venture	112.89	74.11
(iii)	Interest accrued on loan given
	Techno Electromech Private Limited	Joint Venture	3.25	-
(iv)	Trade Payables
	Techno Electromech Private Limited	Joint Venture	58.76	36.64
	Ryker Base Private Limited	Joint Venture	-	3.49
	Dowells Elektro Werke (DEW)	Enterprise owned orsignificantly influenced by KMP	0.81	1.26
	Dowells Electricals (DE)	-do-	0.08	0.08
	D J Electricals Private Limited (DJEPL)	-do-	0.63	1.13
	Tirupati Tradelinks Private Limited (TTPL)	-do-	25.83	48.63
	AK Enterprises	-do	6.83	-
(v)	Security Deposits given
	AK Enterprises	Enterprise owned orsignificantly influenced by KMP	6.17	6.13

Note:

Company has provided a guarantee for credit facility availed by the Ryker Base Private Limited amounting to ₹ 1,243.87 Million for 31 March 2020. The fair value of corporate guarantee ₹ 12.98 million for 31 March 2020 has been included in carrying cost of investment.

Polycab India Limited (Formerly known as 'Polycab Wires Limited')

Notes to Unaudited Interim Condensed Consolidated Financial Statements for the six months ended 30 September 2020

(F) Transactions with KMP:

(i) Remuneration paid for the period ended and outstanding as on:(i) (₹ million)

	Three monthsperiod ended30 Sep 20	Six monthsperiod ended30 Sep 20	Outstandingas at30 Sep 20	Three monthsperiod ended30 Sep 19	Six monthsperiod ended30 Sep 19	Outstandingas at31 March 20
Executive directors(Includes Salary, Performance Incentive andcommission to CMD)
Mr. Inder T. Jaisinghani	31.76	53.34	35.92	30.05	52.22	75.35
Mr. Ramesh T. Jaisinghani	8.08	14.28	3.95	8.66	15.60	7.50
Mr. Ajay T. Jaisinghani	8.08	14.28	3.95	8.66	15.60	7.50
Mr. Shyam Lal Bajaj	7.04	12.54	3.39	10.04	17.08	6.17
Mr. Gandharv Tongia	4.93	5.99	1.45	NA	NA	NA
Non- Executive directors(Includes sitting fees and commission)
Mr. T P Ostwal	0.76	1.70	1.00	0.56	1.19	2.00
Mr. R S Sharma	0.76	1.70	1.00	0.56	1.19	2.00
Mr. Pradeep Poddar	0.76	1.62	1.00	0.64	1.19	2.00
Ms. Hiroo Mirchandani	0.76	1.54	1.00	0.56	1.11	2.00
Other (Includes Salary and Performance Incentive)
Mr. Subramaniam Sai Narayana	0.74	1.41	0.34	0.86	2.95	0.41

(i) As the liabilities for gratuity and leave encashment are provided on actuarial basis for the Company as a whole, the amounts pertaining to the directors and KMP are not included above.

(ii) Share based payments to KMP(i) (₹ million)

	Three monthsperiod ended30 Sep 20	Three monthsperiod ended30 Sep 20	Six monthsperiod ended30 Sep 20	Six monthsperiod ended30 Sep 19
Mr. Shyam Lal Bajaj	3.61	1.84	5.28	4.40
Mr. Gandharv Tongia	1.62	NA	1.88	NA
Mr. Subramaniam Sai Narayana	0.36	0.23	0.53	0.55
(i)Represents expense by way of share based payments attributable to directors and KMP

(iii)	Transactions where KMP's are interested:(₹ million)
		Nature oftransaction	Three monthsperiod ended	Six monthsperiod ended	Outstandingas at	Three monthsperiod ended	Six monthsperiod ended	Outstandingas at
			30 Sep 20	30 Sep 20	30 Sep 20	30 Sep 19	30 Sep 19	31 March 20
	Polycab Social Welfare Foundation	Donation	-	39.73	39.73	-	-	61.00
	T.P. Ostwal & Associates LLP(excluding GST)	Professional feesfor tax advisory	0.12	0.77	0.88	0.34	0.74	1.09

Mr. Nikhil R. Jaisinghani 3.32 5.89 1.61 3.32 6.63 2.98 Mr. Kunal I. Jaisinghani 0.60 1.21 0.21 0.60 1.20 0.01

(G) Transactions with relatives of KMP:

Remuneration paid for the period ended and outstanding as on:
	Three monthsperiod ended	Six monthsperiod ended	Outstandingas at	Three monthsperiod ended	Six monthsperiod ended	Outstandingas at
	30 Sep 20	30 Sep 20	30 Sep 20	30 Sep 19	30 Sep 19	31 March 20
Mr. Girdhari T. Jaisinghani	1.01	2.78	1.14	2.27	4.62	2.18
Mr. Bharat A. Jaisinghani	3.32	5.89	1.61	3.32	6.63	2.98