AR19

THE INDIA CEMENTS LIMITED
Corporate Office Coromandel Towers, 93, Santhome High Road, Karpagam Avenue,
RA. Puram, Chennai -600 028. Phone : 044-2852 1526, 2857 2100
Fax 044-2851 7198, Grams 'INDCEMENT'
GIN : L26942TN1946PLC000931
SH/B2/ 19.08.2019
BSE Limited
Corporate Relationship Dept.
First Floor, New Trading Ring
Rotunda Building, Phiroze Jeejeebhoy Towers
Dalal Street, Fort
MUMBAI 400 023.
Dear Sir(s)/Madam,
Sub.: Annual General Meeting

Ref.: Our letters dated 11.02.2019 and 07.08.2019
This is to inform you that the 73rd Annual General Meeting of the Company
will be held at 3.30 P.M. on Thursday, the 12th September 2019, at "Sathguru
Gnanananda Hall", Narada Gana Sabha, No.314, T.T.K. Road, Alwarpet,
Chennai 600 018.
In pursuance of Regulation 34 of the SEBI (Listing Obligations and

Disclosure Requirements) Regulations, 2015, we enclose the following:
1 Annual Report for the year ended 31st March 2019.
2 Notice convening the 73td Annual General Meeting of the Company.
Besides the routine items, the following items of business requiring

approval of the shareholders by special resolution are included in the notice
convening the AGM:
1 Reappointment of Sri.V.Ranganathan as an Independent Director of the

Company; and
2 Alteration of Articles of Association of the Company to bring it in line with the

provisions of the Companies Act, 2013.
Thanking you,
Yours faithfully,
for THE INDIA CEMENTS LIMITED
-09$ \kW)
COMPANY SECRETARY
End.: As above
Registered Office Dhun Building, 827, Anna Sala, Chennai -600002

www.indiacements.coin
C.WORMAITAOM-Notle• WRACIII4611 notice le illUstock
anhanga. TO SE ZIONED ST SECT 41014401e cloc Email id: investorandiacements.co.in
THE
INDIA CEMENTS
LIMITED
ANNUAL REPORT
2019
73rd Annual General Meeting
A REQUEST
Date : 12 September 2019 (Thursday)
th
The practice of distributing copies of Annual
Report at the Annual General Meeting has been
Time : 3.30 P.M.
discontinued in view of the high cost of paper and
printing. Shareholders are, therefore, requested
Venue : Sathguru Gnanananda Hall,
to bring their copy of the Annual Report to the
(Narada Gana Sabha),
meeting.
No.314, T.T.K.Road, Alwarpet, Chennai 600018.
CONTENTS Page No.
Notice to Shareholders ........................................................................................................ 2
Ten Years in Brief – Financial Information ........................................................................ 12
Directors’ Report ............................................................................................................... 13
Corporate Governance ...................................................................................................... 32
Independent Auditors’ Report ............................................................................................ 86
Balance Sheet ................................................................................................................... 96
Statement of Profit & Loss ................................................................................................. 97
Cash Flow Statement ........................................................................................................ 99
Notes on Accounts .......................................................................................................... 101
Independent Auditors’ Report on the Consolidated
Financial Statements ....................................................................................................... 134
Consolidated Balance Sheet ........................................................................................... 142
Consolidated Statement of Profit & Loss ........................................................................ 143

BOARD OF DIRECTORS Sri N. Srinivasan Vice Chairman & Managing Director

Smt. Chitra Srinivasan
Smt. Rupa Gurunath Wholetime Director
Sri K. Balakrishnan (till 28.08.2019)
Sri S. Balasubramanian Adityan
Sri Basavaraju
Sri M.R. Kumar (Nominee of Life Insurance Corporation of India) (till 17.03.2019)
Smt. Lakshmi Aparna Sreekumar
Sri V. Ranganathan
Smt. Sandhya Rajan
Sri N. Srinivasan (till 31.03.2019)
Sri Suneel Babu Gollapalli (Nominee of IDBI Bank Limited) (till 15.10.2018)
Sri V. Venkatakrishnan (Nominee of IDBI Bank Limited) (w.e.f. 15.10.2018)
Auditors Messrs K.S. Rao & Co. Messrs S. Viswanathan LLP

Chartered Accountants Chartered Accountants
7-B, 7th Floor, Century Plaza, 560-562, 17, Bishop Wallers Avenue (West)
Anna Salai, Chennai - 600 018. Mylapore, Chennai – 600 004.
CEMENT FACTORIES
Registered Office TAMILNADU ANDHRA PRADESH

“Dhun Building” Sankarnagar, Tirunelveli District. Chilamkur, Kadapa District
827, Anna Salai Sankari, Salem District. Yerraguntla, Kadapa District.
Chennai – 600 002. Dalavoi, Ariyalur District.
RAJASTHAN TELANGANA
Nokhla, Banswara District Vishnupuram, Nalgonda District
Malkapur, Ranga Reddy District
Corporate Office GRINDING UNITS

“Coromandel Towers” TAMILNADU MAHARASHTRA
93, Santhome High Road Vallur Village, Parli Vaijnath,
Karpagam Avenue Tiruvallur District Beed District.
R.A.Puram
Chennai – 600 028.
RMC UNITS
Website: www.indiacements.co.in Tamil Nadu, Karnataka and Telangana
CIN: L26942TN1946PLC000931
Registered Office : “Dhun Building”, 827, Anna Salai, Chennai – 600 002.
Corporate Office: ‘Coromandel Towers’, 93, Santhome High Road,
Karpagam Avenue, R.A.Puram, Chennai – 600 028.
Website: www.indiacements.co.in E-Mail Id: investor@indiacements.co.in
Phone: 044-28521526 / 28572100 / 400 Fax: 044-28517198
NOTICE TO SHAREHOLDERS
NOTICE is hereby given that the Seventythird Annual General Meeting of The India Cements Limited will be held at 3.30 P.M. on Thursday, the
12th September, 2019, at Sathguru Gnanananda Hall, (Narada Gana Sabha), No.314, T.T.K.Road, Alwarpet, Chennai 600 018, to transact the
following business:
ORDINARY BUSINESS:
1. o receive, consider and adopt Audited Standalone Financial Statements of the Company for the financial year ended 31st March 2019 and
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Reports of Directors and Auditors thereon.
2. To receive, consider and adopt Audited Consolidated Financial Statements of the Company for the financial year ended 31st March 2019
and Report of Auditors thereon.
3. To declare dividend on Equity Shares for the financial year ended 31.03.2019.
4. To consider and if thought fit, to pass with or without modification, the following resolution as an ORDINARY RESOLUTION:
“RESOLVED THAT Smt.Chitra Srinivasan (DIN:01094213) who retires by rotation and is eligible for reappointment be and is hereby
reappointed as a Director of the Company, subject to retirement by rotation.”
SPECIAL BUSINESS:
5. To appoint Sri V.Venkatakrishnan as a Director of the Company and for that purpose to consider and if thought fit, to pass the following
ORDINARY RESOLUTION of which notice has been received from a Member of the Company as required under Section 160 of the
Companies Act, 2013:
“RESOLVED THAT Sri V.Venkatakrishnan (DIN:08067933) be and is hereby appointed as a Director of the Company subject to retirement
by rotation.”
6. To consider and if thought fit, to pass with or without modification, the following resolution as SPECIAL RESOLUTION:
“RESOLVED THAT pursuant to the provisions of Sections 149, 150 and 152 read with Schedule IV and other applicable provisions, if any,
of the Companies Act, 2013 and the Rules made thereunder (including any statutory modification(s) or re-enactments thereof for the time
being in force) and Regulation 17 and other applicable Regulations of the Securities and Exchange Board of India (Listing Obligations and
Disclosure Requirements) Regulations, 2015 (Listing Regulations), as amended, Sri V.Ranganathan (DIN:00550121), a Non-executive
Independent Director of the Company, who holds office upto 28th August, 2019 and who has submitted a declaration that he meets the
criteria of independence as provided in the Companies Act, 2013 and Listing Regulations and in respect of whom the Company has
received a notice in writing under Section 160 of the Companies Act, 2013 from a Member proposing his candidature for the office of
Director of the Company, be and is hereby reappointed as an Independent Director of the Company to hold office for a second and final
term of 2 consecutive years from 29.08.2019 to 28.08.2021 and that he shall not be liable to retire by rotation.”
7. To consider and, if thought fit, to pass with or without modification, the following resolutions as SPECIAL RESOLUTIONS:
“RESOLVED THAT pursuant to the provisions of Section 14 and other applicable provisions, if any, of the Companies Act, 2013 read with
the Companies (Incorporation) Rules, 2014 (including any statutory modification(s) or re-enactment(s) thereof for the time being in force)
and subject to requisite approvals, as may be required, the new set of Articles of Association of the Company as submitted to this meeting,
which are available on the website of the Company www.indiacements.co.in be and are hereby approved and adopted as the Articles of
Association of the Company in substitution and to the entire exclusion of the existing Articles of Association of the Company.”
“ RESOLVED FURTHER THAT the Board of Directors be and is hereby authorised to do all such acts, deeds, matters and things, as
may be deemed necessary, proper or expedient, for the purpose of giving effect to this resolution and for matters connected therewith or
incidental thereto.”
“RESOLVED THAT pursuant to the provisions of Section 148 and other applicable provisions, if any, of the Companies Act, 2013 and the
Rules made thereunder (including any statutory modification(s) or re-enactments thereof for the time being in force), the remuneration of
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` 20 Lakhs (Rupees Twenty Lakhs only) payable to Sri S.A.Murali Prasad, Cost Accountant (Membership No.2730), as Cost Auditor,
besides reimbursement of applicable tax, travelling and out of pocket expenses, as recommended by the Audit Committee and approved
by the Board of Directors for auditing the cost accounts of the Company in respect of Cement Plants, including Grinding Units, Electricity
Plants and Ready Mix Concrete (RMC) (Organic and Inorganic Chemicals) Units for the year ending 31st March 2020, be and is hereby
ratified.”
NOTES:
1. Explanatory Statement is annexed to the Notice of the Seventythird Annual General Meeting of the Company as required by Section 102
of the Companies Act, 2013 in respect of Items No.5 to 8.
2. Details pursuant to Regulation 36(3) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements)
Regulations, 2015 (Listing Regulations) and Secretarial Standard on General Meetings (SS2) issued by The Institute of Company
Secretaries of India in respect of Directors seeking appointment / reappointment at the Annual General Meeting are annexed hereto for
Items No.4 to 6 of the Notice convening the 73rd Annual General Meeting of the Company.
3. MEMBER ENTITLED TO ATTEND AND VOTE AT THE MEETING IS ENTITLED TO APPOINT A PROXY TO ATTEND AND VOTE
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INSTEAD OF HIMSELF / HERSELF AND THE PROXY NEED NOT BE A MEMBER OF THE COMPANY.
person can act as proxy on behalf of members not exceeding fifty (50) and holding in the aggregate not more than ten percent of the
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total share capital of the Company carrying voting rights; provided that a member holding more than 10% of the total share capital of the
Company carrying voting rights may appoint a single person as Proxy and such person shall not act as Proxy for any other person or
shareholder.
he Proxy Form, duly completed, stamped and signed, should be deposited at the Registered Office of the Company not later than 48
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hours before the commencement of the meeting.
Members / Proxies should bring the Attendance Slip, duly filled-in and signed, to attend the meeting.
4. In case of joint holders attending the Annual General Meeting, only such joint holder who is higher in the order of names will be entitled to vote.
Corporate Members intending to send their authorised representatives to attend the meeting are requested to send to the Company a
certified copy of the Board Resolution authorising their representative to attend and vote on their behalf at the meeting.
5. The Register of Members and Share Transfer Books of the Company will remain closed from 06.09.2019 to 12.09.2019 (both days
inclusive).
6. The equity dividend as recommended by the Board, if approved at the Annual General Meeting, will be paid on or before 11.10.2019 to
those Members (or their mandatees) whose names will appear in the Company’s Register of Members as on 12.09.2019. In respect of
shares held in electronic form, the dividend will be paid on the basis of beneficial ownership as per details furnished by the depositories for
this purpose.
7. embers are requested to contact the Registrar and Share Transfer Agent (RTA) for all matters connected with the Company’s shares at
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Integrated Registry Management Services Private Limited, [formerly Integrated Enterprises (India) Limited], 2nd Floor, ‘Kences Towers’,
No.1, Ramakrishna Street, North Usman Road, T.Nagar, Chennai 600017, Tel.: 044-28140801 to 28140803 & Fax: 044-28142479; Email:
corpserv@integratedindia.in.
Members holding shares in physical form are requested to notify change of address, if any, to the RTA. Members holding shares in physical
form in more than one folio are requested to write to the RTA immediately enclosing their Share Certificates for consolidation of their
holdings into one folio.
Members holding shares in the dematerialised mode are requested to intimate all changes with respect to their bank details, mandate,
nomination, power of attorney, change of address, etc. to their Depository Participant (DP). These changes will be automatically reflected
in the Company’s records.
8. he Ministry of Corporate Affairs, New Delhi, vide its notification dated May 7, 2018, has done away with the requirements to place
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the matter relating to appointment of Auditors for ratification by the members at every Annual General Meeting (AGM). Accordingly, no
resolution is proposed at the AGM for ratification of appointment of M/s.K.S. Rao & Co., Chartered Accountants and M/s.S.Viswanathan
LLP, Chartered Accountants, Statutory Auditors, who were appointed in the AGM held on 4th September, 2017 for a term of five years to
hold office from the conclusion of the Seventyfirst AGM until the conclusion of the Seventysixth AGM of the Company.
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9. nclaimed dividends upto and including for the financial year 1994-95 have been transferred to the General Revenue Account of the
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Central Government. Shareholders who have not encashed their dividend warrants relating to financial year(s) upto 1994-95 may claim
the same from the Registrar of Companies, Tamil Nadu-I, Chennai, No.26, Haddows Road, Chennai 600006, in the prescribed form which
will be supplied by the Company / RTA on request.
10. U
nclaimed dividends for the financial years from 1995-96 to 2000-01, 2006-07 to 2010-11 have been transferred to Investor Education and
Protection Fund (IEPF). Dividend for the financial years ended 31st March, 2012, 31st March, 2013 and 31st March, 2016 to 31st March, 2018
which remain unpaid or unclaimed for a period of 7 years will be transferred to the IEPF established under Section 125 of the Companies
Act, 2013. Shareholders who have not encashed the dividend warrant(s) so far for the financial year ended 31st March, 2012 to 31st March,
2013 and for the financial years ended 31st March, 2016 to 31st March, 2018 are requested to make their claim forthwith to the Registered /
Corporate Office of the Company / RTA.
In terms of Sections 124 and 125 of the Companies Act, 2013 and Investor Education and Protection Fund (Accounting, Audit, Transfer and
Refund) Rules, 2016 (Rules), as amended, all the equity shares in respect of which dividend has remained unpaid / unclaimed for a period
of seven consecutive years or more are required to be transferred to the Demat account of IEPF Authority. Accordingly, the Company had
transferred equity shares on which dividend remained unpaid / unclaimed for the financial years 2008-09 to 2010-11 to the IEPF Authority,
after following the procedures prescribed in the aforesaid Rules. A Statement containing the details of such shareholders whose equity
shares were transferred to IEPF Authority is available on the Company’s website: www.indiacements.co.in under the heading “Investors
Corner”.
The Shareholders, who have not encashed / claimed their dividends from the year 2011-12, are advised to contact or write to the Company
or to the RTA, Integrated Registry Management Services Private Limited, immediately claiming the dividend. In case, the Company / RTA
do not receive any communication from the concerned shareholders, claiming their dividends, the Company shall, in compliance with the
said Rules, transfer Dividend for the year 2011-12 and corresponding shares to IEPF account on the due date i.e. 17.09.2019.
It may be noted that all benefits, if any, which may accrue in future on such shares, including bonus shares, dividend, etc. will be credited /
transferred to the IEPF account. Any claim in respect of the said shares / dividend so transferred, may be submitted online to IEPF Authority
in the prescribed e-form IEPF-5 by following the procedures laid down in the Rules, available on the IEPF website: www.iepf.gov.in.
In terms of the aforesaid Rules, the Company had filed with the MCA the information on unclaimed dividend as on 20.09.2018, the date of
the 72nd Annual General Meeting and hosted the same on the Company’s website: www.indiacements.co.in under the heading “Investors
Corner”.
11. U
nder the provisions of Section 72 of the Companies Act, 2013, shareholder(s) is / are entitled to nominate in the prescribed manner, a
person to whom his / her / their shares in the Company, shall vest after his / her / their lifetime. Members who are holding shares in physical
form and are interested in availing this nomination facility are requested to write to the Company / RTA.
12. Members are requested to note that in case of deletion of name of deceased shareholder, transmission and transposition of names in
respect of shares held in physical form, submission of self-attested photocopy of PAN Card of the claimant(s), surviving holder(s), legal
heir(s) and joint holder(s) respectively, along with necessary documents at the time of lodgement of request for transmission / transposition,
is mandatory.
13. In accordance with the provisions of Section 101 of the Companies Act, 2013 read with Rule 18 of the Companies (Management and
Administration) Rules, 2014, Regulation 36 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements)
Regulations, 2015 and Secretarial Standard on General Meetings (SS2), Annual Report along with this Notice of the Annual General
Meeting, Attendance Slip and Proxy Form is sent by e-mail to those Members who have registered their e-mail address with the Company/
Registrar and Share Transfer Agent (in respect of shares held in physical form) or with their DP (in respect of shares held in electronic form)
and made available to the Company by the Depositories.
hareholders are requested to note that the said documents would also be available on the Company’s website ‘www.indiacements.co.in’
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from where it can be downloaded. In case any Shareholder desires to receive the above document(s) in physical form, such Shareholder is
required to write a letter to the Company/RTA or send an e-mail to investor@indiacements.co.in quoting their DP ID and Client ID Number
in case the shares are held in electronic form and Folio Number in case the shares are held in physical form.
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Members, who have not registered their e-mail addresses, are requested to register their e-mail addresses with (i) the Depository
Participant(s), if the shares are held in electronic form and (ii) with the Company / Registrar & Share Transfer Agent (RTA) of the Company,
if the shares are held in physical form.
14. The Securities and Exchange Board of India (SEBI) vide its Circular dated 20.04.2018, has mandated registration of Permanent Account
Number (PAN) and Bank Account Details for all securities holders. Members holding shares in physical form are therefore, requested to
submit their PAN and Bank Account Details to RTA / Company by sending a duly signed letter along with self-attested copy of PAN Card
and original cancelled cheque leaf. The original cancelled cheque leaf should bear the name of the Member. In the alternative, Members
are requested to submit a copy of bank passbook / statement attested by the Bank Officials.
In terms of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, securities of listed companies can only be
transferred in dematerialised form with effect from April 1, 2019, except in case of request received for transmission or transposition of
securities. In the view of above, members are advised to dematerialise equity shares held by them in physical form.
15. Electronic Voting (e-Voting)

I. In compliance with provisions of Section 108 of the Companies Act, 2013, Rule 20 of the Companies (Management and Administration)
Rules, 2014, as amended by the Companies (Management and Administration) Amendment Rules, 2015 and Regulation 44 of SEBI
(Listing Obligations and Disclosure Requirements), Regulations, 2015, the Company is pleased to provide its members, facility to
exercise their right to vote on resolutions proposed to be considered at the 73rd Annual General Meeting (AGM) by electronic means
and the business may be transacted through e-Voting Services. The facility of casting the votes by the members using an electronic
voting system from a place other than venue of the AGM (“remote e-Voting”) will be provided by National Securities Depository Limited
(NSDL).
II. The facility for voting through ballot paper shall be made available at the AGM and the members attending the meeting who have not
cast their vote by remote e-Voting shall be able to exercise their right at the meeting through ballot paper. In case any member casts
his / her vote through ballot at the AGM in addition to remote e-Voting, the voting through remote e-Voting shall be considered as final
and vote cast at the AGM through ballot shall be considered as invalid.
III. The members who have cast their vote by remote e-Voting prior to the AGM may also attend the AGM but shall not be entitled to cast
their vote again.
IV. The remote e-Voting period commences on 08.09.2019 (9.00 A.M.) and ends on 11.09.2019 (5.00 P.M.). During this period, members
of the Company holding shares either in physical form or in dematerialized form, as on the cut-off date of 05.09.2019, may cast their
vote by remote e-Voting. The remote e-Voting module shall be disabled by NSDL for voting thereafter. Once the vote on a resolution(s)
is cast by the member, the member shall not be allowed to change it subsequently.
V. Smt.P.R.Sudha, Company Secretary in Practice (Membership No.F6046, C.P.No.4468), has been appointed as the Scrutinizer to
scrutinize the voting and remote e-Voting process in a fair and transparent manner.
VI. The process and manner for remote e-Voting are as under:
Step 1 :Log-in to NSDL e-Voting system at https://www.evoting.nsdl.com/
1. Visit the e-Voting website of NSDL. Open web browser by typing the following URL: https://www.evoting.nsdl.com/ either on a
Personal Computer or on a mobile.
2. Once the home page of e-Voting system is launched, click on the icon “Login” which is available under ‘Shareholders’ section.
3. A new screen will open. You will have to enter your User ID, your Password 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 https://eservices.nsdl.com/ with your existing
IDEAS login. Once you log-in to NSDL eservices after using your log-in credentials, click on e-Voting and you can proceed to Step
2 i.e. Cast your vote electronically.
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4. Your User ID details are given below :
Manner of holding shares i.e.
Your User ID is:
Demat (NSDL or CDSL) or Physical
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 IN300***12******.
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 A01*** and EVEN is 101456
then user ID is 101456A01***
5. Your password details are given below:

a) If you are already registered for e-Voting, then you can use 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 attachment 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, your ‘initial password’ is communicated to you on your postal address.
6. If you are unable to retrieve or have not received the “ Initial password” or have forgotten your password:
a) C
lick 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 evoting@nsdl.co.in mentioning
your demat account number / folio number, your PAN, your name and your registered address.
d) Members can also use the OTP (One Time Password) based login for casting the votes on the e-Voting system of NSDL.
7. After entering your password, tick on Agree to “Terms and Conditions” by selecting on the check box.
8. Now, you will have to click on “Login” button.
9. After you click on the “Login” button, Home page of e-Voting will open.
Step 2 : Cast your vote electronically on NSDL e-Voting system.
1. After successful login at Step 1, you will be able to see the Home page of e-Voting. Click on e-Voting. Then, click on Active
Voting Cycles.
2. After clicking on Active Voting Cycles, you will be able to see all the companies “EVEN” in which you are holding shares and
whose voting cycle is in active status.
3. Select “EVEN” of The India Cements Limited.
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4. Now you are ready for e-Voting as the Voting page opens.
5. 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.
6. Upon confirmation, the message “Vote cast successfully” will be displayed.
7. You can also take the printout of the votes cast by you by clicking on the print option on the confirmation page.
8. Once you confirm your vote on the resolution, you will not be allowed to modify your vote.
General Guidelines for shareholders

1. Institutional shareholders (i.e. other than individuals, HUF, NRI etc.) are required to send scanned copy (PDF/JPG Format) of
the relevant Board Resolution/ Authority letter etc. with attested specimen signature of the duly authorized signatory(ies) who
are authorized to vote, to the Scrutinizer by e-mail to sudha.pr2@gmail.com or sudha_pr@yahoo.com with a copy marked to
evoting@nsdl.co.in.
2. 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 attempts 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.
3. 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.:1800-222-990 or send a request
at evoting@nsdl.co.in.
VII. The voting rights of members shall be in proportion to their shares of the paid up equity share capital of the Company as on the cut-off
date i.e. 05.09.2019.
VIII. Any person, who acquires shares of the Company and becomes a member of the Company after dispatch of the notice and holding
shares as of the cut-off date i.e. 05.09.2019, may obtain the login ID and password by sending a request at evoting@nsdl.co.in or to
the Company / RTA.
IX. A Member may participate in the AGM even after exercising his right to vote through remote e-Voting but shall not be allowed to vote
again at the AGM.
X. A
person, whose name is recorded in the register of members or in the register of beneficial owners maintained by the depositories
as on the cut-off date only shall be entitled to avail the facility of remote e-Voting or voting at the AGM through ballot paper.
XI. The Chairman shall, at the AGM, at the end of discussion on the resolutions on which voting is to be held, allow voting with the
assistance of scrutinizer, by use of “Ballot Paper” for all those members who are present at the AGM but have not cast their votes by
availing the remote e-Voting facility.
XII. The Scrutinizer shall after the conclusion of voting at the general meeting, will first count the votes cast at the meeting and thereafter
unblock the votes cast through remote e-Voting in the presence of at least two witnesses not in the employment of the Company and
shall submit, not later than fourtyeight hours from the conclusion of the AGM, a consolidated scrutinizer’s report of the total votes cast
in favour or against, if any, to the Chairman or a person authorized by him in writing, who shall countersign the same and declare the
result of the voting forthwith.
XIII. The Results declared along with the report of the Scrutinizer shall be placed on the Company’s website www.indiacements.co.in and
on the website of NSDL immediately after the declaration of result by the Chairman or a person authorized by him in writing. The
results shall also be immediately forwarded to the BSE Limited and National Stock Exchange of India Limited, where equity shares
are listed.
(By order of the Board)

Place : Chennai S.SRIDHARAN
Date : 7th August, 2019 Company Secretary
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PURSUANT TO REGULATION 36(3) OF THE SECURITIES AND EXCHANGE BOARD OF INDIA (LISTING OBLIGATIONS AND
DISCLOSURE REQUIREMENTS) REGULATIONS, 2015 AND SECRETARIAL STANDARD ON GENERAL MEETINGS (SS2) ISSUED BY
THE INSTITUTE OF COMPANY SECRETARIES OF INDIA, FOLLOWING INFORMATION ARE FURNISHED ABOUT THE DIRECTORS
PROPOSED TO BE APPOINTED / REAPPOINTED, VIDE ITEMS NO.4 TO 6 OF THE NOTICE CONVENING THE 73RD ANNUAL GENERAL
MEETING OF THE COMPANY.
(i) Name of the Director : Smt.Chitra Srinivasan

Director Identification Number (DIN) : 01094213
Date of Birth : 31st July 1949

Date of appointment on the Board as Director : 5th March 2010
Category of Directorship : Promoter, Non-Executive
Date of last reappointment as Director : 4th September 2017
Expertise in specific functional areas : Industry
Qualification : B.Sc.
Brief Profile / Experience : She is a Director of the Company since 2010
Number of Equity Shares held in the Company by the Director : 78580
or for other persons on a beneficial basis
List of outside Directorships held in Public Companies : Nil
Chairman / Member of the Committees of Board of Directors of : Nil
the Company
Chairman / Member of the Committees of Board of Directors of : Not Applicable
other Companies in which she is a Director
Relationships between directors inter-se / Key Managerial : Spouse of Sri N.Srinivasan, Vice Chairman & Managing Director
Personnel and Mother of Smt.Rupa Gurunath, Wholetime Director
(ii) Name of the Director : Sri V.Venkatakrishnan
Date of Birth : 16th June, 1961
Date of appointment on the Board as Director : 15th October, 2018
Category of Directorship : Nominee Director of IDBI Bank Ltd.
Date of last reappointment as Director : Not Applicable
Expertise in specific functional areas : Banking
Qualification : M.Com.; CAIIB; Graduate CWA
Brief Profile / Experience : He has been working in Banking Sector for more than 3½
decades and presently he is General Manager, Trade Finance,
IDBI Bank Limited, Chennai. He has varied experience in
Corporate Banking, Infrastructure Financing, Retail Banking etc.
8
the Company
other Companies in which he is a Director
Relationships between directors inter-se : Nil
Relationship with Key Managerial Personnel : Nil
(iii) Name of the Director : Sri V.Ranganathan
Date of Birth : 10th November, 1958
Date of appointment on the Board as Director : 29th August, 2016
Category of Directorship : Independent, Non-Executive
Expertise in specific functional areas : Tax and Regulatory Services
Qualification : B.Com., C.A., C.S.,
Brief Profile / Experience : He has worked for Murugappa Group for 14 years in the areas
of Finance, Secretarial and Taxation. He served at Ernst &
Young (E&Y) as a Partner after nearly 20 years of service. He
also acts as an advisor to the Tax Practice of E&Y.
Number of Equity Shares held in the Company by the Director : Nil
List of outside Directorships held in Public Companies : Listed Entity:
TTK Healthcare Limited
Others:
Murugappa Management Services Limited
Chairman / Member of the Committees of Board of Directors of : Audit Committee – Member
the Company
9
EXPLANATORY STATEMENT PURSUANT TO SECTION 102 OF THE COMPANIES ACT, 2013 ANNEXED TO THE NOTICE OF THE
SEVENTYTHIRD ANNUAL GENERAL MEETING OF THE COMPANY IN RESPECT OF ITEMS NO.5 TO 8 OF THE SAID NOTICE.
Item No. 5:
The Board recorded at its meeting held on 19th October, 2018, the appointment of Sri V.Venkatakrishnan (DIN:08067933) on the Board of the
Company by IDBI Bank Limited in the place of Sri Suneel Babu Gollapalli w.e.f. 15.10.2018. Sri V.Venkatakrishnan will hold office upto the
73rd Annual General Meeting of the Company.
Notice in writing under Section 160 of the Companies Act, 2013 has been received from a member signifying his intention to propose the
appointment of Sri V.Venkatakrishnan as a Director of the Company liable to retirement by rotation.
The disclosure containing the profile and other details of Sri V.Venkatakrishnan as required under Regulation 36(3) of the Securities and
Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 and Secretarial Standard on General Meetings
(SS2) is annexed to the Notice.
The Nomination and Remuneration committee, after considering Sri V.Venkatakrishnan’s profile and performance, has recommended his
appointment as a Director liable to retirement by rotation and the Board has approved the same. The Board considers that the appointment of
Sri V.Venkatakrishnan as a Director, as aforesaid, would be in the best interests of the Company. Hence the Board recommends the Ordinary
Resolution as set out in Item No.5 of the Notice convening the 73rd Annual General Meeting of the Company for approval of Members.
Interest of Directors and Key Managerial Personnel:

None of the Directors except Sri V.Venkatakrishnan and none of Key Managerial Personnel of the Company or their relatives is directly or
indirectly concerned or interested, financially or otherwise, in this resolution.
Item No. 6:
Sri V.Ranganathan (DIN:00550121) was appointed as an Independent Director of the Company for a period of three consecutive years with
effect from 29th August, 2016 to 28th August, 2019 and he will hold office as an Independent Director upto 28th August, 2019.
Pursuant to the provisions of Section 149(10) of the Companies Act, 2013, (“the Act”) an Independent Director shall hold office for a term upto
five consecutive years on the Board of a Company, but shall be eligible for reappointment of another term on passing a Special Resolution by
the Members of the Company.
Sri V.Ranganathan is eligible for reappointment as an Independent Director in terms of Section 149(4) and has given a declaration to the Board
that he meets the criteria of Independence as provided under Section 149(6) of the Act and Regulation 16(1)(b) of SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015 (Listing Regulations).
In terms of Section 149 and any other applicable provisions of the Companies Act, 2013, Sri V.Ranganathan is proposed to be reappointed as
an Independent Director for the second and final term of 2 consecutive years with effect from 29th August, 2019.
Considering Sri V.Ranganathan’s qualification, acumen, rich experience, expertise in functional areas of finance, accounts, audit and taxation
and the contribution made by him during his tenure in the first term of 3 years as an Independent Director, the Nomination and Remuneration
Committee, at its meeting held on 7th August, 2019, has recommended to the Board of Directors, his reappointment as an Independent Director
for the aforesaid term and the Board of Directors has approved the same.
reappointment of Sri V.Ranganathan as an Independent Director of the Company. Sri V.Ranganathan fulfils all the conditions specified in
the Companies Act, 2013 and the Rules made thereunder and Listing Regulations and he is independent of the Management. The Board
considers that his reappointment as an Independent Director for the aforesaid term would be in the best interests of the Company. Hence, the
Board recommends the Special Resolution as set out in Item No.6 of the Notice convening the 73rd Annual General Meeting of the Company for
approval of Members.
The disclosure containing the profile and other details of Sri V.Ranganathan as required under Regulation 36(3) of the Securities and Exchange
Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 and Secretarial Standard on General Meetings (SS2) is
annexed to the Notice.
A copy of the draft letter of reappointment of Sri V.Ranganathan as an Independent Director setting out the terms and conditions would be
available for inspection at the Registered Office of the Company during normal business hours on any working day prior to the date of the
meeting and will also be available for inspection at the meeting.
10
None of the Directors except Sri V.Ranganathan and none of Key Managerial Personnel of the Company or their relatives is directly or indirectly
concerned or interested, financially or otherwise, in this resolution.
Item No.7:
The existing Articles of Association (AoA) of the Company was adopted at the time of incorporation of the Company in 1946 under the Indian
Companies Act, 1913 and further amendments were made from time to time. The enactment of the Companies Act, 2013 (“the Act”) has
necessitated alteration of several articles of the existing AoA of the Company as they are not in conformity with the Act. Certain Regulations are
required to be deleted as corresponding provisions are no longer existing in the Act and certain new Regulations are required to be added in
order that the AoA has to be in line with the Act. Hence it is considered expedient to replace the existing Articles of Association of the Company
with an entirely new set of Articles to be in substitution for and to the entire exclusion of existing Articles of Association.
The Board of Directors at its meeting held on 11th February, 2019, decided (subject to the approval of members) to adopt the new set of Articles
of Association in place of and to the entire exclusion of existing Articles of Association of the Company.
Pursuant to the provisions of Section 14 of the Companies Act, 2013, consent of the Members by way of Special Resolution is required for
alteration of AoA of the Company. Hence, the Board recommends the Special Resolutions as set out in Item No.7 of the Notice convening the
73rd Annual General Meeting of the Company for approval of Members.
Inspection of documents:
The proposed new Articles of Association is available on the website of the Company at www.indiacements.co.in for perusal of Members and
the same is available for inspection at the Registered Office / Corporate Office of the Company between 11:00 a.m. to 1:00 p.m. on any working
day prior to the date of the meeting and will also be available for inspection at the meeting.

None of the Directors or key managerial personnel of the Company or their relatives is directly or indirectly concerned or interested, financially
or otherwise, in these resolutions.
Item No.8:
The Board of Directors at its meeting held on 25th May, 2019, based on the recommendation of the Audit Committee approved the appointment
of Sri S.A.Murali Prasad, Cost Accountant (Membership No.2730), as Cost Auditor for auditing the cost accounts of the Company in respect
of Cement Plants, including Grinding Units, Electricity Plants and Ready Mix Concrete (RMC) (Organic and Inorganic Chemicals) Units for the
financial year ending 31.03.2020 at a remuneration of ` 20 lakhs, besides reimbursement of applicable tax, travelling and out of pocket expenses.
In terms of Section 148(3) of the Companies Act, 2013 and the Companies (Audit and Auditors) Rules, 2014 the remuneration payable to the
Cost Auditor is required to be ratified by the shareholders. Hence, the Board recommends the Ordinary Resolution as set out in Item No.8 of the
Notice convening the 73rd Annual General Meeting of the Company for approval of Members.

None of the Directors or Key Managerial Personnel of the Company or their relatives is directly or indirectly concerned or interested, financially
or otherwise, in this resolution.

11
TEN YEARS IN BRIEF - FINANCIAL INFORMATION
YEAR ENDED 31ST MARCH
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Sales & Earnings
1. Sales and other Income ` Lakhs 422169 401134 474181 523155 512324 502857 483359 579404 536013 565896
2. Profit/(Loss) before tax ` Lakhs 53132 8987 38098 25236 (16240) 2945 20031 26002 11611 9342
Cash Generated (internally)

3. ` Lakhs 72087 33158 63228 53420 11399 28736 41833 51709 37205 34472
(before tax)
Assets @
4. Fixed Assets (Net) ` Lakhs 462151 487431 427802 448128 426250 367484 350232 710069 696754 689006
5. Investments ` Lakhs 29625 56896 85196 95783 94554 158522 158469 61646 58834 69462
Capital & Reserves
6. Share Capital ` Lakhs 30717 30718 30718 30718 30718 30718 30718 30815 30815 30990
7. Reserves and Surplus * ` Lakhs 318019 319457 322934 331945 315716 295533 305837 480175 489218 492980
8. Shareholder’s Fund ` Lakhs 348736 350175 353652 362663 346434 326251 336555 510990 520033 523970
Net worth, EPS & Dividend
9. Net worth per equity share (`) 113.53 114.00 115.13 118.06 112.78 106.21 109.56 165.82 168.75 169.07
10. Earnings per equity share (`) 12.49 2.22 9.54 5.32 (5.29) 0.96 4.49 5.45 3.47 2.07
11. Equity Dividend Per share (`) 2 1.50 2 2 - - 1 1 0.80 0.80
* Figures for the year 2010 to 2016 exclude revaluation reserve and deferred income and after adjustment of deferred revenue expenditure.
@ The figures shown for the year 2012 to 2016 are as per the revised Schedule VI / Schedule III format and hence are not comparable to previous years’ figures.
The figures shown for the years 2017, 2018 and 2019 are as per Ind AS and includes financials of Trinetra Cement Limited and Trishul Concrete Products Limited,
the amalgamated companies and hence are not comparable to previous years’ figures.
12
DIRECTORS’ REPORT
Your Directors have pleasure in presenting their Seventy-third Annual Report together with audited accounts for the year ended 31st March 2019.
` in Crore
For the year ended 31st March
2019 2018
FINANCIAL RESULTS
Profit before Interest, Depreciation & Exceptional Items 668.90 712.22
Less: Finance costs 324.17 340.17
Less: Depreciation / Amortization 251.31 255.94
Profit Before Tax 93.42 116.11
Current Tax 32.45 17.90
MAT credit entitlement 12.66 (0.02)
Deferred Tax (21.13) (2.39)
Tax Expenses 23.98 15.49
Profit After Tax 69.44 100.62
Other Comprehensive income (net) (5.30) 6.29
Total comprehensive income 64.14 106.91
Add : Surplus brought forward from last year 969.29 939.47
Less: Dividend (including Dividend Distribution Tax) 33.50 37.09
Less: Transfer to General Reserve 0.00 40.00
Surplus carried forward 999.93 969.29
SHARE CAPITAL
The paid up equity share capital of the Company has increased to ` 309.90 crores as on 31st March, 2019 comprising 30,98,97,201 equity shares
of ` 10/- each, on allotment of 17,45,000 equity shares at a price of ` 50/- per share (including the premium of ` 40/- per share) during the year,
on exercise of stock options by eligible employees, in terms of Employees Stock Option Scheme, 2016.
EMPLOYEES STOCK OPTION SCHEME, 2016
During the year, 17,45,000 equity shares of ` 10/- each were issued and allotted upon exercise of equivalent number of stock options by the
option holders in terms of Employees Stock Option Scheme, 2016 (ESOS, 2016). The said shares rank pari passu with other fully paid up equity
shares of the Company.
Details of ESOS, 2016, including shares issued and allotted under the said Scheme and also the disclosures in compliance with Regulation 14
of Securities and Exchange Board of India (Share Based Employee Benefits) Regulations, 2014 (SEBI (SBEB) Regulations), are uploaded in
the Company’s website.
Messrs.K.S.Rao & Co., Statutory Auditors of the Company, have certified that the ESOS, 2016 has been implemented in accordance with the
SEBI (SBEB) Regulations and the resolutions passed by the members approving ESOS, 2016.
DIVIDEND & RESERVES
The Board of Directors has recommended a dividend of ` 0.80 per equity share of ` 10/- each on 30,98,97,201 equity shares of ` 10/- each
for the year ended 31st March, 2019 including proportionate dividend on 1,165 equity shares having calls in arrears. The proposed dividend,
on approval by the shareholders at the ensuing Annual General Meeting, will be met out of surplus in the Statement of Profit and Loss in the
Balance Sheet.
The Company has not transferred any amount to the reserves for the year ended 31st March, 2019.
13
MANAGEMENT DISCUSSION AND ANALYSIS
Pursuant to Regulation 34(2) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015,
(SEBI (LODR) Regulations, 2015) a Management Discussion and Analysis Report is given in Annexure ‘B’
CORPORATE GOVERNANCE
Pursuant to Regulation 34(3) of SEBI (LODR) Regulations, 2015, a report on Corporate Governance and Auditors’ Certificate confirming its
compliance are included as part of the Annual Report and are given in Annexure ‘C’ and Annexure ‘D’ respectively. Further, a declaration
on Code of Conduct signed by the Vice Chairman & Managing Director in his capacity as Chief Executive Officer of the Company is given in
Annexure ‘E’.
BUSINESS RESPONSIBILITY REPORT (BRR)
Pursuant to Regulation 34(2)(f) of SEBI (LODR) Regulations, 2015, a Business Responsibility Report is given in Annexure ‘F’.
CORPORATE SOCIAL RESPONSIBILITY (CSR)
A report on CSR activities of the Company during 2018-19 is given in Annexure ‘G’.
LICENCES & RECOGNITIONS
The Company’s Sankari Plant has received a commendation certificate in August 2018 for State Level Award for Industrial Safety and Health. The
Chilamkur Plant was granted licence for the Quality Management Systems Certification in accordance with IS/ISO 9001:2015 by the Bureau of Indian
Standards. The Yerraguntla Plant was granted licence for the Quality Management Systems Certification in accordance with IS/ISO 9001:2015
and the Environmental Management Systems Certification in accordance with IS/ISO 14001-2015, by the Bureau of Indian Standards. The Dalavoi
Plant was granted Licence for Occupational Health and Safety Management System in accordance with IS/ISO 45001-2018 by the Bureau of Indian
Standards. The Plant has won the Good Industrial Relations Award for the years 2015 and 2016 and the Awards were presented by the Honourable
Labour Minister, Government of Tamil Nadu at a State Award Function held in February’19. The R & D unit at Dalavoi Plant also got the renewal for
recognition of our in-house R&D by the Government of India, Ministry of Science and Technology for a further period of 3 years. The Grinding Unit at
Chennai was granted licence for the Quality Management Systems Certification in accordance with IS/ISO 9001:2015 and Occupational Health and
Safety Management System in accordance with IS/ISO 45001-2018 by the Bureau of Indian Standards. The Banswara Plant was awarded a silver
medal by the International Research Institute for Manufacturing Competitiveness for the year 2017-18 during September 2018.
OPERATIONS
The performance of the Company for the year under review has been discussed in detail in the Management Discussion and Analysis section.
The cement industry in India is the second largest in the world with a capacity of around 450 million tons. After a long period of low growth
scenario in cement demand, the country started witnessing uptrend in cement production and dispatch from the last quarter of the previous
fiscal and during the current year the country witnessed a healthy demand growth of 13% as per the information published by Department of
Industrial Policy and Promotion (DIPP). South also witnessed a growth of over 19% for the year under review. The overall capacity utilization
improved close to 75% on an all India basis. South which has more than 1/3rd of the India’s capacity had to be content with a lesser capacity
utilization of around 70% and with huge supply overhang in this region, the cement prices remained subdued during most part of the year. This
was compounded by the fact that most demand in the south was driven by infrastructural push given by the governments of Andhra Pradesh,
Telangana and Maharashtra at a relatively lower price. The year also witnessed substantial increase in the price of petroleum products (upto
17% hike in diesel) and in the price of fuel. The exchange rate of rupee against dollar also went up adding to woes of the industry.
Given the tough market conditions, the performance of the Company can be considered to be satisfactory with a capacity utilization of around
79% as against 70% in the previous year which was better than the industry peers in the South. The overall sales volume was 124.40 lakh tons
an increase of 11% as compared to 111.75 lakh tons in the previous year. However, the total revenue was up only by 5% at ` 5659 crores due
to lesser price realization. With the increase in price of coal and oil, the EBIDTA was lower at ` 669 crores (` 712 crores), interest and other
charges were ` 324 crores (` 340 crores) while depreciation was ` 251 crores (` 256 crores). The resultant profit before exceptional items and
tax was at ` 93 crores against ` 116 crores in the previous year.
The shipping division deployed its ship on the coastal movement of cargo and reported improved earnings of ` 29 crores as against ` 17 crores
in the previous year. The performance of RMC division also improved with an increased volume of 3.06 Lakh cu.m against 2.32 Lakh cu.m with
corresponding revenue of ` 121 crores against ` 95 crores in the previous year.
EXPANSION / MODERNISATION
While the Company already got in-principle clearance for capacity upgrades at its Dalavoi and Sankari plants, the same will be taken up based
on the demand and supply scenario in the region. As earlier mentioned, the Company has taken steps for putting an additional grinding unit at
14
Khandwa in Madhya Pradesh with a capacity of around 1.50 Million tons and the surplus clinker from its existing plants will be diverted to this
Unit. Necessary approvals have been obtained and the land purchase activities are in progress.
SUBSIDIARIES
CONSOLIDATED FINANCIAL STATEMENTS
Pursuant to Section 129(3) of the Companies Act, 2013 read with Rules, the Audited Consolidated Financial Statement of the Company and of
all the Subsidiary and Associate Companies is enclosed. A separate statement containing the salient features of the audited financial statement
of all the Subsidiary and Associate Companies is also enclosed in Form AOC-1, (Annexure ‘H’) as prescribed under the Companies Act, 2013
and the Rules made thereunder.
POLICY ON DETERMINATION OF MATERIAL SUBSIDIARIES
The India Cements Limited has, as on date, 13 subsidiaries controlled through shareholdings in such Companies, none of which is material.
SPRINGWAY MINING PRIVATE LIMITED AND NKJA MINING PRIVATE LIMITED
During the year, Springway Mining Private Limited and NKJA Mining Private Limited became subsidiaries of the Company. The Company has
acquired voting rights of these Companies with an objective of setting up of a Cement Plant in the State of Madhya Pradesh.
The land purchase activities for plant and mines have commenced with around 30% of the land purchased sofar. Public hearing activity has been
completed and environmental clearance is expected shortly for the mining activities. As regards plant operations, necessary Terms of Reference
(TOR) has been obtained and the process of obtaining environmental clearance is in progress.
COROMANDEL ELECTRIC COMPANY LIMITED
The power generation from the Gas power plant at Ramanathapuram further improved during the year due to continuous availability of full quota
of gas from Oil and Natural Gas Corporation Limited. The plant’s total generation for the year was 209 million KWH as against 201 million KWH in
the previous financial year. The Company achieved highest plant load factor of 93.02% as against 89.22% in the previous year. While the Company
had sold 22 million KWH of power to the cement plants of The India Cements Limited located in Tamil Nadu, the balance power of 187 million
KWH was sold to other group captive consumers. The Company earned a gross income from operations of ` 105.40 crores and the net profit was
` 3.17 crores for the year under review.
COROMANDEL TRAVELS LIMITED
The Company has operated the flight for a total of 181:50 flying hours during the financial year 2018-19. The Company has earned a total
income of ` 4.40 crores and incurred a loss of ` 27 crores for the year under review. During October 2018, the Company sold the aircraft for a
consideration of ` 44.16 crores and is in the process of purchasing another aircraft.
PT. COROMANDEL MINERALS RESOURCES, INDONESIA AND COROMANDEL MINERALS PTE LIMITED, SINGAPORE
During the year under review, due to local regulations in Indonesia, one of the subsidiaries of your Company which owned majority shareholding
in PT Mitra Setia Tanah Bumbu, Indonesia, had to bring down its shareholding to 49% resulting in this step down subsidiary becoming an
associate Company. During the year, PT Mitra Setia Tanah Bumbu, which owns the coal mines has mined and sold 222135 Tonnes of coal,
including 103398 Tonnes of coal sold to your Company.
INDIA CEMENTS INFRASTRUCTURES LIMITED
The first phase of the joint development of the property in Coimbatore has been completed and as on date, over 80% of the flats have either been
sold or buyers are identified. The Company is in the process of selling the remaining units. The second phase is in progress. In order to improve
the marketability of the units and due to regulatory changes, the Company has submitted revised plan to DTCP for their approval.
The Company has not taken up any new projects during the year. However the Company is completing the remaining part of the works already taken up.
ASSOCIATE COMPANIES
COROMANDEL SUGARS LIMITED
For the Second year in succession, India has recorded very high sugar production and it is expected to end 2018-19 season with a production
of 330 Lakh Tons, surpassing 2017-18 production of 325 Lakh Tons. The Domestic consumption continues to be around 250 Lakh Tons and
hence the very high levels of Inventory is carried impacting the market sentiments and the sugar realisations.
While the Government has taken various initiatives to stabilize the sugar prices by capping the quantity of sugar which the Mills can sell and
fixing the Minimum selling price, the mismatch between the rising cost of production and the realisations has affected the financial performance
of the Company.
15
In view of the above, the Company could not take full advantage of the increased crushing of 7.22 Lakh Tons (as against 5.68 Lakh Tons in
FY 18), and improved power exports of 401 Lakh units (as against 243 Lakh units in FY 18) achieved during the year. The Sugar production
increased to 7.04 Lakh quintals (as against 5.31 Lakh quintals in FY 18) and the sugar sales volume (including exports) was restricted to 4.53
Lakh quintals (4.25 Lakh quintals in FY 18) due to the monthly release mechanism in force from June 18.
While the Company was able to achieve an improved EBITDA of around ` 43.51 crores (as against ` 36.54 crores achieved in FY 18), the lower
realisations coupled with higher finance costs, due to increased working capital, had an impact on the profits of the Company.
With the oversupply scenario expected to continue this year as well, in the absence of any substantial increase in the minimum selling price, the
industry’s performance is likely to be impacted during the current year.
INDIA CEMENTS CAPITAL LIMITED (ICCL)
The main focus of the Company continues to be on various fee-based activities such as Full Fledged Money Changing [FFMC], Travel & Tours
and Forex Advisory Services. The Company’s FFMC Division continues to enjoy the status of Authorised Dealers, Category II. The wholly owned
subsidiary viz. India Cements Investment Services Limited (ICISL) is in Stock Broking. The consolidated Gross income from operations of ICCL
was ` 582.59 lakhs during the year under review as against ` 665.32 lakhs in the previous year and the consolidated Net profit after tax was
` 13.48 lakhs as against ` 79.90 lakhs in the previous year.The other comprehensive income for the year was ` 1.22 lakhs (Previous Year
(` 1.35) lakhs). Overall comprehensive income was ` 14.70 lakhs for the year as against ` 78.55 lakhs in the previous year.
ADEQUACY OF INTERNAL FINANCIAL CONTROLS
In accordance with Section 134(5)(e) of the Companies Act, 2013 and Rule 8(5)(viii) of Companies (Accounts) Rules, 2014, the Company has
an Internal Financial Control Policy and Procedures commensurate with the size and nature of operations and financial reporting. The Company
has defined standard operating procedures covering all functional areas like sales, marketing, materials, fixed assets etc.
The Company has engaged the services of Chartered Accountant firms for carrying out internal audit of all its plants as well as marketing
offices. The internal auditors have been given the specific responsibility to verify and report on compliance of standard operating procedures.
The auditors have reported that there are adequate financial controls in place and are being followed by the Company. This has been further
explained in the Management Discussion and Analysis Report.
RISK MANAGEMENT POLICY
Pursuant to Section 134(3)(n) of the Companies Act, 2013 and Regulation 17(9) of SEBI (LODR) Regulations, 2015, the Company has developed
and implemented a Risk Management Policy. The Policy envisages identification of risk and procedures for assessment and mitigation thereof.
VIGIL MECHANISM / WHISTLE BLOWER POLICY
In accordance with Section 177(9) and (10) of the Companies Act, 2013 and Regulation 22 of SEBI (LODR) Regulations, 2015, the Company
has established a Vigil Mechanism and has a Whistle Blower Policy. The Policy has been uploaded on the Company’s website
www.indiacements.co.in.
The Company has always been encouraging its employees to give constructive criticism and suggestions, which will better the overall prospects
of the Company and its various stakeholders. The Company will continue to adopt this as a corner stone of its Personnel Policy.
THE SEXUAL HARRASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITIION AND REDRESSAL) ACT, 2013
The Company has in place an anti-sexual harassment policy in line with the requirements of the captioned Act and Rules made thereunder.
There was no complaint of harassment, reported during the year.
POLICY ON DEALING WITH RELATED PARTIES
All related party transactions that were entered into during the financial year were on arm’s length basis and were in the ordinary course of
business. There are no materially significant related party transactions entered by the Company with Promoters, Directors, Key Managerial
Personnel or other designated persons which may have a potential conflict with the interest of the Company at large. All Related Party
Transactions are placed before the Audit Committee as also the Board for approval. Prior omnibus approval of the Audit Committee is obtained
for the transactions which are of a foreseeable and repetitive in nature. The transactions entered into pursuant to the omnibus approval so
granted are audited and a statement giving details of all related party transactions is placed before the Audit Committee and the Board of
Directors for their approval on a quarterly basis. The policy on Related Party Transactions as approved by the Board has been uploaded on the
Company’s website. None of the Directors has any pecuniary relationships or transactions vis-à-vis the Company other than remuneration in the
case of executive directors or sitting fee in the case of others.
16
TRANSACTIONS WITH RELATED PARTIES
Particulars of contracts or arrangements with related parties in Form AOC-2 along with justification are given in Annexure ‘I’.
LOANS / INVESTMENTS / GUARANTEES ETC UNDER SECTION 186 OF THE COMPANIES ACT, 2013
Details of loans, investments and guarantees covered under Section 186 of the Companies Act, 2013 are given in Note No.40.13 on accounts
for the financial year 2018-19.
ORDERS PASSED BY REGULATORS OR COURTS OR TRIBUNALS
There has been no Order passed by any Regulatory authority or Court or Tribunal impacting the going concern status and future operations of
the Company.
MATERIAL CHANGES AND COMMITMENTS
There have been no material changes and commitments affecting the financial position of the Company which have occurred between 1st April,
2019 and the date of this report other than those disclosed in the financial statements.
ANNUAL RETURN
Extract of the Annual Return in Form No. MGT-9 is attached with this Report as Annexure ‘J’.
PUBLIC DEPOSITS
Your Company has not been accepting deposits from public and shareholders since 16th September 2013. Deposits totalling ` 7.64 lakhs have
not so far been claimed by the depositors.
CONSERVATION OF ENERGY, ETC.
Necessary particulars regarding conservation of energy etc., as per provisions of Section 134 of the Companies Act, 2013 are set out in
Annexure A.
RESEARCH & DEVELOPMENT
During the year, your Company spent ` 116.30 Lakhs towards revenue expenditure on the R&D Department.
DIRECTORS
Under Article 109 of the Articles of Association of the Company, Smt.Chitra Srinivasan retires by rotation at the ensuing Annual General Meeting
of the Company and she is eligible for re-appointment.
Sri V.Venkatakrishnan was appointed as a Nominee Director by IDBI Bank Limited with effect from 15.10.2018 in the place of Sri Suneel Babu
Gollapalli and he will hold office upto the date of the ensuing Annual General Meeting and the resolution for his election as a director liable to
retire by rotation is included under Special Business in the Notice convening the 73rd Annual General Meeting of the Company.
Sri M.R.Kumar, Nominee of Life Insurance Corporation of India and Sri N.Srinivasan (F&R) resigned as Directors with effect from 18.03.2019
and 01.04.2019 respectively.
Under Section 149 of the Companies Act, 2013, Sri K.Balakrishnan and Sri V.Ranganathan were appointed as Independent Directors of the
Company for a term of three consecutive years with effect from 29th August, 2016 and their present term of office as Independent Directors
of the Company concludes on 28th August, 2019. The Board, based on the recommendation of the nomination and remuneration committee
reappointed Sri V.Ranganathan as an Independent Director of the Company to hold office for a second and final term of 2 consecutive years from
29.08.2019 to 28.08.2021, subject to the approval of the shareholders. A special resolution for his reappointment as an Independent Director
of the Company is included in the Notice convening the 73rd Annual General Meeting of the Company. Sri K. Balakrishnan has not opted for
reappointment due to his official commitments and other engagements.
The Board expresses its appreciation of the valuable contribution made by Sri Suneel Babu Gollapalli, Sri M.R.Kumar, Sri N.Srinivasan (F&R)
and Sri K. Balakrishnan during their tenure of Office as directors of the Company.
Brief particulars of Directors eligible for reappointment / appointment are annexed to the Notice convening the 73rd Annual General Meeting of
the Company.
Sri N.Srinivasan, Vice Chairman & Managing Director and Smt.Rupa Gurunath, Wholetime Director of the Company are related to Smt.Chitra
Srinivasan and are also related to each other. No other director is related to them or each other.
The details of shares and convertible instruments held by non-executive directors are given in Annexure ‘C’.
17
INDEPENDENT DIRECTORS
A statement on declaration given by independent directors under Section 149(7) of the Companies Act, 2013 that they meet the criteria of
independence as provided under Section 149(6) of the Companies Act, 2013, has been received by the Company. The details of familiarization
programme for independent directors can be had from the Company’s website www.indiacements.co.in.
FAMILIARIZATION PROCESS
Senior management personnel of the Company, on a structured basis, interact with directors from time to time to enable them to understand
the Company’s strategy, business model, operations, service and product offerings, markets, organization structure, finance, human resources,
technology and risk management and such other areas. The directors also are facilitated to visit Company’s plants to familiarize themselves
with factory operations.
DIRECTORS’ RESPONSIBILITY STATEMENT
Your Directors make the following statement in terms of Section 134(5) of the Companies Act, 2013.
“We confirm
1. that in the preparation of the accounts for the year ended 31st March, 2019, the applicable accounting standards have been followed along
with proper explanation relating to material departures.
2. that such Accounting Policies have been selected and applied 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 as at 31st March, 2019 and of the profit of the Company for
the year ended on that date.
3. that proper and sufficient care has been taken 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.
4. that the annual accounts for the year ended 31st March, 2019, have been prepared on a going concern basis.
5. that internal financial controls to be followed by the Company have been laid down and that such internal financial controls are adequate and
were operating effectively.
6. that proper systems to ensure compliance with the provisions of all applicable laws have been devised and that such systems are adequate
and operating effectively.”
REMUNERATION
As prescribed under Section 197(12) of the Companies Act, 2013 (“Act”) and Rule 5(1) of the Companies (Appointment and Remuneration
of Managerial Personnel) Rules, 2014, the details are given in Annexure ‘K’. In terms of provisions of Section 197(12) of the Companies Act,
2013 and Rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, a statement showing names of
the employees drawing remuneration and other particulars, as prescribed in the said Rules forms part of this report. However, in terms of first
proviso to Section 136(1) of the Act, the Annual Report, excluding the aforesaid information is being sent to the members of the Company. The
said information is available for inspection at the Registered Office of the Company during working hours and any member who is interested in
obtaining these particulars may write to the Company Secretary of the Company.
BOARD MEETINGS
During the year, five Board Meetings were held. The details of the meetings of the Board and its Committees are given in the Corporate
Governance Report (Annexure ‘C’).
EVALUATION OF BOARD / BOARD COMMITTEES
Pursuant to the provisions of the Companies Act, 2013 and SEBI (LODR) Regulations, 2015, the Board has carried out annual performance
evaluation of its own performance, the directors individually as well as evaluation of the working of its Committees.
REMUNERATON POLICY
The Board has, on the recommendation of the Nomination and Remuneration Committee, framed a Policy for selection and appointment of
Directors, Key Managerial Personnel (KMP) and other employees and their remuneration for implementation.
Broadly, the performance of the employee concerned and the performance of the Company are the fundamental parameters determining the
remuneration payable to an employee. More specifically, there will be reciprocity in the matter of remunerating executive directors, KMPs and
other employees.
18
At the middle and lower levels of management, the yardsticks of assessment are different. The ability to speedily execute policy decisions,
sincerity and devotion and discipline are the main attributes expected.
KEY MANAGERIAL PERSONNEL
The Key Managerial Personnel of the Company for the purpose of Companies Act, 2013 are Sri N.Srinivasan, Vice Chairman & Managing
Director (Chief Executive Officer), Smt. Rupa Gurunath, Wholetime Director, Sri R.Srinivasan, Executive President (Finance & Accounts) (Chief
Financial Officer) and Sri S.Sridharan, Company Secretary.
PERSONNEL
Industrial relations continued to remain cordial during the year.
AUDITORS
The Shareholders of the Company at the 71st Annual General Meeting (AGM) held on 4th September, 2017, appointed Messrs K.S.Rao & Co.,
and Messrs S.Viswanathan, LLP, Chennai, as Statutory Auditors of the Company, to hold office for a period of 5 years from the conclusion of the
71st AGM until conclusion of 76th AGM, subject to ratification of their appointment by the Shareholders at every AGM held after the 71st AGM of
the Company. In terms of the provisions of Section 139(1) of the Companies Act, 2013 which was amended by the Companies (amendment) Act,
2017, notified by the Ministry of Corporate Affairs on 7th May, 2018, the requirement of ratification of appointment of Auditors by the Shareholders
at every AGM is dispensed with and accordingly, the resolution for ratification of appointment of Auditors is not included in the Notice convening
the 73rd Annual General Meeting of the Company. The Company has obtained necessary certificate from the Statutory Auditors confirming
their eligibility to continue as the Statutory Auditors of the Company for the financial year 2019-20. The Auditors’ Report does not contain any
qualification, reservation or other remarks.
INTERNAL AUDITORS
Messrs Capri Assurance and Advisory Servicies, Gopalaiyer & Subramanian, Kalyanasundaram & Associates, Bala & Co., Brahmayya & Co.,
P.S.Subramania Iyer & Co. and Chaturvedi SK & Fellows, have been appointed as Internal Auditors for the year 2019-20.
COST AUDITOR
Mr.S.A.Murali Prasad, Cost Accountant, Chennai has been appointed as Cost Auditor for the year 2019-20 at a remuneration of ` 20 lakhs.
The remuneration is subject to ratification of members and hence is included in the Notice convening the 73rd Annual General Meeting of the
Company.
SECRETARIAL AUDITOR
Ms.P.R.Sudha, Practising Company Secretary, has been appointed as Secretarial Auditor of the Company for the year 2019-20. Secretarial
Auditor’s Report in Form MR-3, as prescribed under Section 204(1) of the Companies Act, 2013 read with Rule-9 of the Companies (Appointment
and Remuneration of Managerial Personnel) Rules, 2014, is enclosed as Annexure ‘L’. The Secretarial Audit Report does not contain any
qualification, reservation or other remarks.
ACKNOWLEDGEMENT
The Directors are thankful to the Financial Institutions and the Bankers for their continued support. The Directors also thank the Central
Government and the various State Governments for their support. The stockists continued their excellent performance during the year and the
Directors are appreciative of this. The continued dedication and sense of commitment shown by the employees at all levels during the year
deserve special mention.
On behalf of the Board
N. SRINIVASAN S. Balasubramanian Adityan

Vice Chairman & Managing Director Director
Place : Chennai
Date : 7th August, 2019
19
ANNEXURE ‘A’ TO DIRECTORS’ REPORT FOR THE YEAR ENDED 31ST MARCH, 2019
[Information pursuant to Section 134(3)(m) of the Companies Act, 2013 read Rule 8(3) of Companies (Accounts) Rules, 2014]
A. Conservation of Energy:
(i) The steps taken or impact on conservation of energy:
(a) Continuous process diagnostic studies undertaken to improve the outputs of various sections resulting in reduced power and heat
consumption.
(b) Further investments in variable frequency drives are made wherever required to ensure energy saving.
(c) Raw mill dam ring height reduced resulting in increased output and reduced power consumption.
(d) Installation of mill chute flaps in 2nd and 3rd stage and revamping of conventional grate plates with modified plates resulting in specific
heat reduction.
(e) Lighting units reduction through replacement of conventional lamps with LED lamps in phase 2 at some of the plants.
(f) Raw Mill Hybrid Bag House outlet duct modified for reducing pressure drop resulting in power savings.
(g) Compressed air optimization done through studies resulting in power savings.
(h) Coal mill existing twin bag house converted to a single bag house.
(i) Replacement of old compressors in a phased manner with energy efficient screw compressors.
(j) Replacement of preheater fans with high efficiency fans at one of the units.
(k) Removed grit separator from cement mill circuit to reduce system pressure drop.
(l) Detailed illumination survey conducted at some of the plants and colonies for further replacement with energy efficient lamps.
(m) Old HT breakers retrofitting done with energy efficient breakers.
(n) Further capacitor banks added to ensure improvement in power factor.
(o) New energy efficiency cement mill is being installed at Sankar Nagar replacing old cement mills.
(ii) The steps taken by the Company for utilizing alternate sources of energy:
(a) The Company has been using power from the waste heat recovery system at one of its plants.
(b) The Company also uses the power generated from Windmills.
(c) The Company uses alternate fuel like plastic waste, paper waste and agriculture waste based on availability at its locations.
(d) Solar lights are also being installed replacing conventional lighting at the plants.
(iii) Further capital investment on energy conservation equipment:

(a) Automation of packing and loading system to reduce manpower and to reduce power consumption.
(b) Conversion of Pneumatic conveying system to Belt Bucket Elevator system for silo feed as well as kiln feed to save on power.
(c) Proposed to install a new grinding mill replacing all the old cement mills at Sankari plant.
(d) Retrofitting the coolers with high efficiency coolers to reduce heat and power consumption.
(e) Preheater top cyclone modification and duct modification for reducing exit temperature, pressure drop and improvement in efficiency.
(f) Replacement of Hammer Crusher with modern crusher.
(g) Upgradation of Preheater ESP fan motors with VFD motors.
(h) Installation of lighting sensors and GPS based timer for controlling all the lighting switches at the plants.
(i) Installation of new grinding system at Khandwa in Madhya Pradesh as part of capacity enhancement programme.
(j) Installation of additional Waste Heat Recovery System at two more plants.
(k) Proposed to install further wind mills and also take up investment on solar power as part of energy cost reduction.
Impact of measures at (i) and (ii) above for reduction of energy consumption and consequent impact on cost of production of goods:
20
The above measures that have been undertaken have resulted in a power saving of 2 units per ton of cement and heat consumption by
13 K cals per kg of clinker and the proposal under (iii) are expected to reduce the power by further 3 units per ton of cement and fuel by additional
15 K cals per kg of clinker.
B. Technology Absorption:
Particulars given in Form A annexed.
C. Foreign exchange earnings & outgo:

(a) Activities relating to exports, initiatives taken to increase exports, development of new exports markets for products & services and
export plans:
There was no significant export sale during the year under review.
(b) Total foreign exchange used and earned:
Current Year Previous Year
Earned `/Crores 66.95 85.93
Used `/Crores 10.47 6.26

Place : Chennai
21
FORM A
FORM FOR DISCLOSURE OF PARTICULARS WITH RESPECT TO ABSORPTION
Research and Development (R & D) :
1. Specific areas in which R&D carried out by the Company The company has started an in-house R&D department during
December 1999 with a specified objective of carrying out of R &D
projects in development of expert systems for the Mills and kilns
2. Benefits derived as a result of above R & D
optimization, Benchmark studies of our Cement Plants, optimization
of process systems and parameters ensuring product improvement
3. Future plan of actions
and cost reduction.
4. Expenditure on R & D:
(a) Capital : Nil
(b) Recurring : A sum of ` 116.30 lakhs has been spent during the year for the
functioning of R & D department.
(c) Total : `116.30 Lakhs
(d) Total R&D expenditure as a percentage of total turnover : 0.02
Technology absorption, adaptation and innovation:

1.
Efforts, in brief, made towards technology absorption,
adaptation and innovation.
2. B
enefits derived as a result of above efforts e.g. product
improvement, cost reduction, product development, import
substitution etc.
3. In case of imported technology (imported during the last 5
years reckoned from the beginning of the financial year), Not applicable
following information may be furnished:
(a) Technology imported
(b) Year of Import
(c) Has technology been fully absorbed
(d) If not fully absorbed, areas where this has not taken
place, reasons thereof and future plans of action.

Place : Chennai
22
ANNEXURE ‘B’ TO DIRECTORS’ REPORT FOR THE YEAR ENDED 31ST MARCH, 2019
MANAGEMENT DISCUSSION AND ANALYSIS

OVERVIEW OF THE ECONOMY
The World economy, after a strong recovery in 2017 with GDP growth of 3.7% in 2017, witnessed a slowdown in 2018, notably in the second
half of last year. As per IMF estimates, during 2018, global growth softened to 3.6% mainly due to slower expansion in the second half of 2018
caused by US-China trade tensions, macro-economic stress and financial tightening.
INDIAN ECONOMY: AFTER A BRISK START, GROWTH SLACKENS

At the beginning of last year, Indian economy was expected to sustain the revised GDP growth estimate of 7.2% reported in 2017-18, against
the earlier estimate of 6.7%. Aided by macro-economic stability, the economy also started on a brisk note with a healthy GDP growth rate of
8.2% in the first quarter (April-June) of 2018-19 indicating that the economy recovered from the twin shocks of demonetisation and the roll-out of
Goods and Services Tax (GST). The higher growth was also helped by the base effect of a lower growth of 5.6% in Q1 in the previous fiscal year.
However, the growth momentum slackened in the second quarter of 2018-19 with a GDP growth of 7.1%. It again slipped to a six quarter low
of 6.6% in the third quarter, pulled down largely by the slump in agricultural growth and Government spending.
The trend continued in the fourth quarter and growth slumped to a 20 quarter low of 5.8% belying expectations of improved economic activity with
discretionary public spending ahead of General Elections in April- May 2019. As a result, GDP growth for the entire year slipped to a five year
low of 6.8%, less than the earlier 7% estimated by Central Statistical Organisation. RBI has also pegged the growth rate less at 7.2% against
7.4% estimated earlier.
In its report, Finance Ministry has said Indian economy remains the fastest-growing major economy. However, the report has traced the slowdown
to factors like declining growth in private consumption, tepid increase in fixed investment and muted exports.
SECTORAL PERFORMANCE
During the year 2018-19, to address the stress in the farm sector, Centre and State Governments implemented schemes like direct income
transfer for farmers having less than two hectares, loan waivers, increased crop loans and enhanced crop prices. During the year, growth in
agriculture and allied sector is estimated at 2.7% against 5% in the previous year.
Aided by the rise in exports and credit growth, the manufacturing sector recorded a growth of 8.1% against 5.9% in the previous year. During the
year, while the capacity utilisation improved in major sectors, the new investment activity remained weak.
Industrial growth in February 2019 was the lowest in 20 months and it slowed down to 0.1% compared to 1.44% in January 2019 and 6.9% in
February 2018. The decline is largely due to contraction in capital goods and intermediate goods in the manufacturing sector.
The overall growth in terms of Index of Industrial Production (IIP) in 2018-19 is pegged lower at 3.6 % compared to 4.4% in 2017-18.
The overall growth was equally muted in the core sector or infrastructure sector with erratic performance of most of the eight Industries having
a weightage of 40.27 per cent in the Index of Industrial Production (IIP). The cumulative growth of core sector in 2018-19 remained same at
4.3 per cent.
However, construction sector posted a turnaround with the Government at the Centre and States giving push to infrastructure, affordable
housing, construction of concrete roads and irrigation projects. The construction sector is estimated to have clocked a higher growth of 8.2% up
from 5.2% in 2017-18.
Cement sector, by recording a double digit growth last year, bucked the subdued growth in the core sector. After three years of nil or negative
growth, cement industry showed signs of recovery from the second half of fiscal 2017-18. This uptrend in demand cycle continued till the third
quarter of 2018-19. Even South, which was reeling under pressure, achieved a turnaround last year with a higher growth than other regions.
According to information published by Department of Industrial Policy and Promotion (DIPP), the cement industry registered a double digit growth
of 13.31% in cement production at 337.32 million tonnes in 2018-19 compared to 297.71 million tonnes in the previous year. Capacity utilisation
also improved in the industry.
As per information available, it is inferred that the growth in South was also estimated at 20% during the period, largely driven by the demand
from infrastructure push by Andhra Pradesh and Telangana Governments. But, the supply overhang continued in the south putting pressure on
selling prices throughout the year which started recovering from the month of February’19.
23
EXPORTS, IMPORTS & TRADE BALANCES
During the year, despite the tensions in world trade, India sustained the recovery in exports achieved in the previous year.
Cumulative value of exports in 2018-19 was $ 331.02 Billion (` 23.14 Trillion) against $ 303.53 Billion (` 19.56 Trillion) in the previous year,
registering a positive growth of 9.06 per cent in US Dollar terms (` 18.29 per cent in Rupee terms). The previous peak level achieved was in
2013-14 with exports of $314 Billion.
Cumulative value of imports in 2018-19 was USD 507.44 Billion (` 35.48 Trillion), against USD 465.58 Billion (` 30.01 Trillion) in the previous
year, registering a positive growth of 8.99 per cent in US Dollar terms (18.23 per cent in Rupee terms)
The trade deficit during 2018-19 widened to $ 176.42 Billion mainly due to higher imports of oil and gold against $ 162.05 Billion in the previous
year.
India’s foreign exchange reserves stood at $ 411.9 Billion in the week to March 29, 2019.
On the external front, with spike in crude oil prices and rising imports, current account deficit is estimated to have widened to 2.1% against 1.8%
of GDP in the previous year primarily on account of the higher trade deficit.
FISCAL DEFICIT
Earlier, Government had pegged the fiscal deficit at ` 6.24 Trillion for 2018-19 or 3.3% of GDP. This was revised to ` 6.34 Trillion or 3.4% of GDP
in the interim budget for 2019-20 due to the new income transfer scheme announced by NDA Government for farmers from December 2018.
With the shortfall in tax collections being made good by disinvestment proceeds and by curtailing capital expenditure, the revised fiscal deficit
target of 3.4% was estimated to have been reached during the year.
INFLATION
During the year, while the headline retail inflation dropped by 1.85%, core inflation remained stable. As per the latest report of Finance Ministry,
the headline inflation, measured by using the consumer and wholesale price indices, declined in 2018-19. With the inflation rate remaining well
within the 4% limit of RBI, it created room for monetary easing by RBI and attempts through cut in repo rate in February 2019 for easing the
bank liquidity. All the same, it has been reported that inflation rate, excluding food and fuel, remained uncomfortably close to 5.5% or at elevated
levels for most part of the year.
CEMENT INDUSTRY
India is the second largest cement producer in the world with a capacity of approximately 430 million tons per annum. The Industry which suffered
from a low growth scenario in the last few years, started witnessing recovery in demand from the last quarter of the financial year 2017-18. This
rebound in growth in cement consumption was aided by the growth in the core sector of about 4.3% during the year under review. According to
the information published by the DIPP, the industry witnessed a good year of favourable demand with increased production of over 13% during
the year 2018-19 as compared to previous fiscal. Southern region which had been subjected to negative growths in cement demand in the last
few years, had recovered to register a growth of over 19% over that of previous year. This growth in South was primarily driven by infrastructural
and governmental demand in Andhra Pradesh, Telangana and Karnataka. The growth however was sluggish in Tamilnadu which was affected
by the sand mining restrictions for part of year and due to lack of governmental projects.
The capacity utilisation of the industry in general on an all India basis moved closer to 75%. Southern region of India which has highest cement
production capacity accounting for nearly one third of the country’s total cement capacity, has recorded a capacity utilisation of approximately
70% during the year which had improved from 60% in the previous year. However, the huge supply overhang in the South has affected the
price of cement which remained subdued during most part of the year and was much lower when compared with earlier levels. The realisation
was also lower due to higher demand from infrastructure and government projects. With the infrastructure and government project demand’s
proportion being higher in the overall demand structure which had to be met through Ordinary Portland Cement, the overall blended cement
proportion also came down for the industry in general resulting in cost push. As per information published, the capacity utilisation elsewhere in
the other regions was closer to 80 to 85%.
The year under review saw volatility in exchange rate of rupee against dollar and also increase in crude prices and this volatility had its impact by
way of increase in the prices of petroleum products and in the price of petcoke and coal. This again was compounded with the implementation
of stringent norms for usage of petcoke by the industry from the environmental agencies together with the ban on its usage in the power plant.
With the strict implementation of sox and nox norms and with the increase in price of petcoke, the usage of the same had come down during
the year under review for the industry in general. During the month of January’19, the All India Industry-wise wage settlement was also entered
into for a period of four years.
24
The cement demand is expected to grow as per the reports published by various research agencies driven primarily by government push through
housing for all, construction of roads, metro rail projects, irrigation projects and low cost scheme announced in the budget. The industry also has
started witnessing improvement in selling price from the month of February’19 and this is expected to sustain in the foreseeable future.
The price of fuel has also softened from the month of March’19 which may also favourably impact the bottom line.
COMPANY PERFORMANCE:
The performance of the Company was also in line with the improved performance of the industry with increase in clinker production, cement
production and sales which are as under:
in Lakh Tonnes
2018-19 2017-18 increase
Clinker production 91.59 80.09 14%
Cement Production 123.11 111.15 11%
Cement sales 122.83 111.50 10%
Clinker sales 1.57 0.26
Total sales 124.40 111.76
The capacity utilisation of the Company for the year improved to 79% from 71% in the previous year. Despite the reduction in blending cement
proportion, the clinker to cement ratio was maintained with improved blending efficiency.
As earlier mentioned, the selling price of cement was under tremendous pressure during the first 3 quarters resulting in a lower net plant
realisation when compared with the previous year. Added to this, variable cost of the Company also increased by nearly 9% during the year
under review on account of substantial increase in the price of fuel and reduction in the usage of petcoke. The steep increase in the price of
diesel also resulted in higher mining costs and higher outgo on the outward movement of cement. Increase in the fuel price affected the cost of
generation of power.
The proactive steps taken by the Company enabled it to achieve sizable saving in its logistics expenses with an overall reduction of around 5%
in its freight and handling expenses. Further, there was some marginal relief in the form of reduction of power by 2 units overall per ton of cement
and by reduction of nearly 13 Kcal in specific heat consumption.
As earlier mentioned, the Company’s continuous thrust on reducing fixed cost by closing non-core verticals, pruning down manpower and the
revised policies for employee benefits and other measures helped in reducing the fixed cost sizably. Despite the double whammy of reduction in
NPR and increase in variable cost, the increase in volume together with the results of the measures stated above helped in achieving an EBIDTA
of ` 669 crores against ` 712 crores in the previous year. Interest costs were lower at ` 324 crores against ` 340 crores while depreciation was
maintained at ` 251 crores (` 256 crores). The profit before tax accordingly was at ` 93 crores against ` 116 crores. After considering other
comprehensive items and the tax provision adjustments thereon, the net comprehensive income for the year was ` 64 crores against ` 107
crores in the previous year.
COST MITIGATION MEASURES AND OTHER IMPROVEMENT MEASURES:

On the cost front, the Company witnessed significant pressure during the year on account of rise in material prices. These were caused by
external factors which affected the industry in general. The crude prices substantially went up and the exchange rate fluctuated unfavourably
resulting in significant increase in the price of fuel causing increase in power and fuel cost. The increase in price of petroleum products also
affected the operating cost of mines and the product distribution expenses. However, lot of proactive steps had been taken by the Company
which ensured that the impact was minimal on the operations.
• On the fuel front, the Company used cost effective fuels of coal and Petcoke depending upon their prevailing prices.
• T
o ensure that the Company is in the carbon emission mitigation map, the clinker to cement ratio was further improved during the year through
higher blending efficiency despite marginal reduction in the blending cement proportion.
• The Company also used fully all the fly ash (waste) generated from its power plants in cement manufacture paving way for cost reduction.
• The Company also used other waste materials as part of manufacture like copper slag, chemical gypsum, etc.
• D
espite the increase in prices of fuel affecting the cost of generation steeply, the impact of the same was minimised with improvement in the
operating efficiency at its thermal plants.
25
• The power from captive thermal power plants was also improved to 66 crore units from 63 crore units in the previous year.
• T
he power from Waste Heat Recovery System was also improved to 6 crores units from 4.7 crores units in the previous year and the power
from low cost APGPCL (Andhra Pradesh Gas Power Corporation Ltd.) also increased to 11.70 crore units from 10.20 crore units in the
previous year.
• A
ll the above measures helped in mitigating the impact of steep increase in the prices of fuel for power and maintaining the operating cost of
power at around ` 4.80 per unit as against ` 4.40 per unit in the previous year.
• The Company also reduced the overall power consumption by 2 units per ton of cement through sustained efforts at all its locations.
• The Company also could achieve a reduction of around 13 Kcal per kg of clinker in its specific heat consumption.
• Almost all the plants recorded further improvements in the clinker output per day during the year under review.
• T
o comply with the latest emission norms, further investments in bag filters and necessary pollution control equipments were made during the
year contributing for the carbon emission reduction.
• T
he Company also used 1.55 Lakh tons of coal from its own mines in Indonesia for its thermal power plants which constituted around 30% of
its total fuel.
• O
ne of the significant achievements during the year was the reduction in logistics cost. With more focused approach and with the help of OR
models, the Company could achieve a reduction of 5% in its cement transportation and handling expenses despite the steep increase of 17%
in the price of diesel during the course of the year.
• T
he Company is also in the process of installing energy efficiency cement mill at one of its plants and Waste Heat Recovery System at one
more of its plants to reduce the cost further.
• O
n the fixed cost front, the Company has also taken steps through pruning down manpower further at all its locations and by closing down
unviable divisions and effected policy changes and taken such other actions regarding the manpower cost. Despite the significant increase
on account of all India wage settlement for the workers, increase in wages for the casual labour, contract labourers as prescribed by various
state governments, overall man power cost was significantly reduced during the year on account of above measures.
GREEN ENERGY AND CLEAN DEVELOPMENT MECHANISM

• Y
our Company’s endeavour is to enhance its environment conservation measures and is always aware of the social well-being of the
surroundings. Towards this, the Company has taken lot of environment development measures which is a continuous ongoing exercise.
• T
he Company is the first one to install Waste Heat Recovery System at its Vishnupuram plant which contributed nearly 6 crore units reducing
the carbon emission.
• T
he Company has also installed wind mills of a capacity of 18.65 MW in Tamil Nadu, as part of green power movement which could also be
counted for renewable energy obligation.
• T
he Company was the earliest one in India to get the licence for blended cement production and as part of its mission and vision, the Company
has taken steps to improve the blending efficiency in cement through lesser clinker consumption contributing for carbon emission reduction.
• F
urther steps were taken to install high efficiency bag filters at some more locations duly replacing some of the Electro static precipitators
(ESPs) as part of energy management program and emission control.
• A
ll the parameters relating to emissions from various locations in the plant are continuously monitored through Continuous Ambient Air Quality
Monitors which are directly linked to the State Pollution Control Boards.
• T
he Company has also been complying with the revised norms of Nox and Sox emissions and further investments are undertaken to tighten
the emissions for waste material usage like petcoke.
• T
he Company is also on the lookout for using alternative fuels and alternate materials including solid waste, paper waste, agricultural and
plastic waste to ensure reduction in carbon emission.
• T
he fugitive dust emission at all the plants are also being tightly controlled through suitable pollution control equipments/dust suppression
systems.
• T
he Company has taken steps for sustainable development of the surrounding villages by recharging water from mines to village ponds and
by creating ponds in the exhausted mines area which are available for local village agricultural developments.
• T
he Company has also taken steps to refill the exhausted mines with rejects as per the directives from governments enabling the place
sustainable for long term vegetation.
26
• T
he Company has also taken lot of steps to conserve water through process changes and through recycling of water after treatment from its
sewage treatment plants and through rain water harvesting at its plants, mines and colonies.
• Long term sustainable environment is the mission of the Company.
HEALTH AND SAFETY

• M
aintaining of health and safety of its constituents is an integral part of the Company. As mentioned earlier, the Company has a very well-
defined Safety, Health and Environment (SHE) policy which mentions the objectives, ownership and accountability.
• The health and safety programme covers all its employees, stakeholders including contractors, nearby community, customers, etc.
• F
requent workshops on safety and health management are being conducted at all the factories for the senior management as well as shop
floor employees.
• External agencies are also engaged on electrical safety, fire safety and instrumentation safety to adopt best practices.
• T
he Company has a high level safety review committee comprising of senior management people who periodically visit all the plants and give
reports on short comings and suggestions for improvements thereon.
• T
he Company also provides the regular personal protective equipments to all the executives, staff and workers and stringent rules are framed
for adherence of the safety procedures.
• Safety prayer meetings and Oaths taking are being conducted on a day to day basis.
• A
s regards health of the employees concerned, necessary welfare measures including provision of recreation facilities including GYM, play
area for various sports at all locations are provided.
• M
edical facilities have also been provided to all the employees at all locations to ensure timely treatment and emergency care done by
qualified medical practioners and ambulance kept at strategic location for any emergency.
• A
s part of health care program, all necessary details pertaining to employees including blood group have been digitised and employees being
subjected to medical check-up in periodic intervals in a systematic way.
• In order to ensure safety of the surroundings, safety camps programmes are being conducted in the nearby villages to increase awareness.
• T
he Company, as part of CSR has also been conducting medical camps at the nearby villages which include eye test, provision of spectacles,
free cataract operations, ear check-up and distribution of hearing aids, drunkard rehabilitation schemes, etc.
• P
eriodical visits are also made to its ware house of the stockists to ensure they adopt all the safety practices while handling products or storing
of our products.
• Safety celebrations and safety meets are also organised across all the plants and awards are also given for best adopted safety practices.
BUSINESS RISKS AND OPPORTUNITIES

The Company has a comprehensive Risk Management Policy which is well-defined to include strategic, operational, financial compliance related
risks and the mitigation process are also detailed. The Board of Directors of the Company periodically review these risks and plan for action to
be taken.
The risk management policy in general encompasses assessment process covering projects, raw materials, occupational health, environment,
regulatory rules, competition, demand, substitute products and other operational risks related to the business. Periodical meetings are held by
the senior management to identify business risks and to formulate plan for managing the same which helps in strategic decision making by the
Board easily.
The key risk run currently relates to compliance with the new regulations on climate and environment imposed by the Government viz to reduce
the burden of green gas emissions including Co2 in the atmosphere. This has necessitated strict implementation of rules relating to Sox and
Nox emissions and suspended particulate matter as per the guidelines issued by Ministry of Environment, Forests and Climate Change. The
Company is also investing on additional sewage treatment plant and extensive planting of greeneries in and around the plants to protect the
environment.
Non-compliance to new standards on emissions is viewed very seriously since it not only involves punitive damages but also may lead to
closure of a business. To meet this challenge, the industry has to invest heavily on the capital equipment projects and also on the running and
maintenance through primary and secondary abatements process.
27
Your Company has also invested heavily on the pollution control equipments duly replacing the electro static precipitators with high efficiency
bag filters and also carrying out necessary changes that are required in the process to ensure compliance with the above norms.
In order to control dust emission, the Company has also taken steps through Computational Fluid Dynamics (CFD) analysis of Cooler ESP along
with upgradation of 3 phase transformer, frequency controllers rectifier sets together with installation of water spray system to ensure stack
emission within norms. For controlling the Nox, CFD modelling has been undertaken along with burner tip modification and TAD to calciner inlet
duct modification which has resulted in Nox emission within the prescribed limits. As far as Sox is concerned, all the Company’s plants complied
with this regulation with emission level well within the regulatory limit.
On the cement demand, while in the previous two or three years the demand for cement shrunk, it has started improving from the current fiscal
driven by the focus on infrastructure development by the Central Government as well as some of the State Governments. The Company expects
this momentum to be sustained. In the recent budget lot of announcements have been made regarding spending on low cost housing for the
poor, huge investments on rural electrification together with substantial outlay planned for infrastructure over the next 5 years. This would augur
well for the industry in sustaining the demand growth. However, with more than 1/3rd of the cement capacity, the southern region is affected on
account of supply overhang resulting in competition for market space causing fluctuations in cement prices.
The peculiar nature of the industry is that it is not only capital intensive but also energy and raw material intensive which constitute a major
portion of the operating cost.
With the limestone resources fast depleting, securing a new raw material license has become cumbersome and also time consuming due to
amendments introduced by MMDR Regulations. With auctions coming into play, the cost of raw material is also becoming highly prohibitive.
Further land acquisition is also becoming more challenging and expensive. Obtaining environment clearances and Forest wild life clearances,
which are pre-requisites for commencing the mining and plant activities, are also time consuming and delaying the process of setting up further
capacity.
Your Company is guarded against this risk to a major extent with most of the mining licenses being renewed till 2030 as per the guidelines of
MMDR Act. The Company has also got sufficient mining areas to take care of the requirements of the Company for the next several decades.
In order to ensure continuous availability of quality limestone, the Company is also taking measures to augment resources further by initiating
the process for conversion of some of its prospecting licenses into mining leases in the additional areas purchased by it. The Company is also
constantly scouting for purchase of additional areas of limestone bearing lands.
The availability of quality fuel at affordable price is also an area of concern for the industry. There has been a shortage of coal in India particularly
for cement sector, as priority is given for power sector and the industry has been relying on imported coal and also on Petcoke. During the year
under review, the price of imported coal and petcoke increased with consequential impact on the cost.
The upward movement in the dollar rate against rupee during the current year also added to the woes in the form of increased cost of fuel for
the plant operations as well as power plant operations.
To leverage against this risk, the Company is buying coal in the spot markets spreading out the purchases throughout the year giving due
weightage to cost efficiency of the fuel and has been using coal or petcoke based on the prevailing prices.
Efforts are also being taken to increase the usage of alternate fuel like agricultural waste or other waste. The Company also partly mitigates this
risk through usage of Indonesian coal at cheaper price.
As far as other raw materials like Gypsum is concerned, the Company is reasonably secured against this risk through contracts with nearby
fertilizer plants and also resort to importing of gypsum which is available in plenty from Thailand. The Company has also got long term contracts
for supply of fly ash with the nearby thermal power plants.
Frequent fluctuations in the rupee against dollar exchange rate has also been a cause of concern which has been partially covered through some
export earnings while a major portion of the same is being covered through hedging mechanism.
Southern States in India which had been experiencing shortage of power in the past few years have turned out to be power surplus States. The
Company is reasonably secured against the power risk with its own thermal power plants in Tamil Nadu, Telangana and Rajasthan, Waste Heat
Recovery System at Vishnupuram, Wind Mill of 18.65 MW, availing of power through shareholding in APGPCL at a cheaper cost and Power
through its subsidiary which has gas power plant in Ramanathapuram.
Cement is also a freight sensitive commodity and containing the logistics cost in the face of substantial increase in the price of diesel is a big
challenge. As earlier mentioned, the Company has taken lot of steps in controlling this cost and despite the steep increase in the price of fuel,
the Company has cut down cost by 5% through a slew of measures including development of dedicated fleet of transportation and improvement
in its own fleet of vehicles.
28
Retaining quality man power is also a big challenge which the Company has been able to achieve successfully through improved morale and
excellent employer and employee relationship and have inculcated a sense of belonging among employees. The Company has a blend of long
serving senior management people along with a blend of youth. The cost of manpower which is also an area of concern has been addressed
through various measures taken to rationalise the benefits to employees and also through shutting down non remunerative verticals and such
other actions. While there was a wage board settlement during the year entailing every worker additional benefits, increase in contract wages,
etc., the Company could bring down overall manpower cost through the above measures.
Legal and regulatory compliance risks are also being addressed through a committee comprising of our legal department and experts and
through professional advice from outside agencies which have periodical meetings to ensure proper compliance.
As regards the ever changing laws, rules, standards, regulations relating to corporate governance, disclosures and requirements of listing
agreements, the Company is committed to maintain a very high standard of corporate governance.
OUTLOOK
Global economy is facing slow down with a projected lower growth of 3.3% in 2019 against 3.6 % in 2018 owing to escalating trade disputes,
rising debt and tight financial conditions. The crude oil prices have also escalated beyond $ 75 per barrel.
The stress in the global economy and headwinds appear to have cast a shadow on Indian economy with reports of slow down and decline in
consumption in some sectors like automobile and consumer goods and disruption in economic activity, partly caused by the General Elections
held in April- May 2019.
Reserve Bank of India has said growth impulses have weakened and there are clear evidences of economic activity losing traction as the GDP
growth in Q4 FY 19 slowed down to 5.8%
Lok Sabha Elections have given a decisive mandate in favour of the return of NDA Government led by BJP.
With the new Government expected to pursue development agenda more seriously and giving push to reforms, experts have predicted that
the Indian economy is expected to regain the growth momentum and record a higher GDP growth of 7.5% in 2019-20 over 6.8 % in 2018-19.
There are expectations of improvement in Government’s spending through fresh investments and gross fixed capital formation and pick up
in credit growth, private consumption expenditure and construction activity. The reported good rainfall during south west monsoon season is
expected to better the prospects of rural economy.
The full-fledged Union Budget has retained Government’s thrust on giving push to infrastructure and housing with higher outlays and tax breaks.
RBI is expected to further revise repo rate in the current season in a bid to boost consumption. These measures are expected to further improve
construction activity and increase the demand for cement in the near future.
COMPETITION COMMISSION
The Competition Commission of India (CCI) vide its Order dated 20.06.2012 imposed a penalty of ` 187.48 Crores on the Company along with
penalties on 10 other Cement Companies and Cement Manufactures’ Association (CMA), based on a complaint filed by Builders Association
of India, alleging cartelization and abuse of dominance. The Company along with other 10 Cement Companies preferred appeals to The
Competition Appellate Tribunal, New Delhi (COMPAT). The COMPAT vide its Order dated 11.12.2015 allowed the appeals and remanded
the matter back to Competition Commission on ground of procedural violations by CCI while passing the Order. In the remand proceedings,
the CCI, after hearing the parties, passed an Order dated 31.08.2016 wherein penalties imposed on 11 Cement Companies were reaffirmed
including a penalty ` 187.48 Crores on the Company. Based on legal advice, the Company filed an appeal before the COMPAT along with other
10 Cement Companies. The COMPAT vide its interim Order dated 21.11.2016 admitted the appeals and directed the 11 Cement Companies to
deposit 10 % of the penalty amount for grant of interim stay of the CCI Order dated 31.08.2016 till the disposal of appeals. The Company had
deposited ` 18.75 Crores in accordance with COMPAT’s interim Order dated 21.11.2016. The COMPAT (now as “NCLAT”– National Company
Law Appellate Tribunal) vide its Final Order dated 25.07.2018 dismissed the Appeals filed by 11 Cement Companies and confirmed the penalties
imposed by CCI vide its Order dated 31.08.2016. Based on legal advice, the Company has filed an appeal in Supreme Court challenging the
NCLAT order dated 25.07.2018 alongwith other Cement Companies and the Supreme Court vide its interim order dated 05.10.2018 admitted the
Company’s appeal and directed that the interim order passed by the Tribunal in the matter, will continue. In view of the Supreme Court appeal
and based on expert legal opinion, no provision has been made in the above Financial statements. (Without qualifying their report, the Auditors
have drawn attention to this matter).
HUMAN RESOURCES & INDUSTRIAL RELATIONS

The role of Human resources has evolved over a period of years. The Company is focussed on having least manpower at all its locations and has
been continuously reducing the workforce through multitasking, automation etc. The human relation policies have also been revised with suitable
29
performance appraisal schemes in order to ensure a strong performance culture and at the same time the focus on developing leaders for future
is not sacrificed. Various development programmes including “Leaders of Tomorrow” are conducted by premium institutions for grooming people
as per succession policy. Training programmes are also conducted wherever necessary for bridging competency gaps for critical departmental
leaders to improve their performance. The industrial relations remained cordial throughout the year at all our plants. As earlier mentioned, the
four year wage settlement was also signed during the year for the shop floor employees entailing additional benefits. The overall number of
employees on the rolls of the Company as at the end of the year under review was 2288.
INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY

Your Company has a well-defined internal control system commensurate with size, scale and complexity of operation to support the business
operations to ensure statutory compliance. The internal audit is carried out by a team of outside professional firms whose function is defined
through internal audit charter, which includes inter alia transaction audit, systems audit and process audit. In order to maintain their independence
and objectivity, the internal audit function directly reports to the Audit committee.
External auditors carry out concurrent audit of all the plants and offices which adds to the stability of the internal control systems. The detailed
annual audit plan is rolled out and the same is approved by the Audit Committee. Suitable internal checks have been built in to cover all monetary
transactions with proper delineation of authority, which provides for checks and balances at every stage. The Company has a strong system of
budgetary control which covers all aspects of operations, finance, capital expenditure at macro level and on a monthly basis reported directly to
top management. All the physical performances and efficiency parameters are monitored on a daily basis and actions are taken immediately.
The Company has an Audit Committee of Directors to review financial statements to shareholders. The role and terms of reference of the Audit
Committee cover the areas mentioned under SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 and Section 177 of the
Companies Act, 2013 besides other assignments referred to by the Board of Directors from time to time.
FINANCIAL PERFORMANCE WITH RESPECT TO OPERATIONAL PERFORMANCE
HIGHLIGHTS OF FINANCIAL PERFORMANCE:
` Crores
2018-19 2017-18
Net Sales / Income from operations 5627.98 5340.72
Other Income 30.98 19.41
Total Income 5658.96 5360.13
Total Expenditure 4990.06 4647.91
Operating Profit 668.90 712.22
Operating Margin % 11.82% 13.29%
Interest & Finance Charges 324.17 340.17
Depreciation 251.31 255.94
Profit / (Loss) before Exceptional items 93.42 116.11
Exceptional items -- --
Profit / (Loss) before tax 93.42 116.11
Tax Expenditure/Deferred Tax/MAT 23.98 15.49
Profit / (Loss) after tax 69.44 100.62
Other Comprehensive income/(Expenditure) net (5.30) 6.29
Total Comprehensive income 64.14 106.91
30
The sales volume increased by 10% during the year while the gross realisation per ton of cement was lower on account of lower selling price
resulting in only a marginal improvement in the top line. With the substantial increase in fuel cost, the operating expenditure was higher resulting
in lower margin during the year under review. The interest and other charges were lower due to repayments while the depreciation was at the
same level as that of previous year resulting in a lower net profit before tax of ` 93 crores against ` 116 crores caused by the lower net plant
realisation and higher expenditure. The details of increase in cost have been highlighted elsewhere in this report.
CAUTIONARY STATEMENT
Statements in the Management Discussion and Analysis Report describing the Company’s objectives, expectations or predictions may be
forward looking within the meaning of applicable securities laws and regulations. Actual results may differ materially from those expressed in the
statement. Important factors that could influence the Company’s operations include global and domestic supply and demand conditions affecting
selling prices of finished goods, input availability and prices, changes in government regulations, tax laws, economic developments within the
country and other factors such as litigation and industrial relations.

Place : Chennai
31
ANNEXURE ‘C’ TO DIRECTORS’ REPORT FOR THE YEAR ENDED 31ST MARCH, 2019
CORPORATE GOVERNANCE
(As required by Schedule (V) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015)
A. MANDATORY REQUIREMENTS
1] Company’s Philosophy:
The Company’s Philosophy on Corporate Governance aims at the attainment of the highest levels of transparency, accountability
and responsibility in all operations and all interactions with its Shareholders, Investors, Lenders, Employees, Government and other
stakeholders.
The Company believes that all its operations and actions must serve the underlying goal of enhancing overall shareholder value,
consistently over a sustained period of time.
2] Board of Directors:
The Board has 11 members consisting of a Vice Chairman & Managing Director and a Wholetime Director, six Independent Directors
and three Non-executive directors of whom one has been nominated by IDBI Bank Limited.
The Board functions both as a full Board and through Committees. The Board and Committees meet at regular intervals. The
Board has constituted seven Committees viz., Audit Committee, Share Transfer Committee, Stakeholders’ Relationship Committee,
Nomination and Remuneration Committee, Corporate Social Responsibility (CSR) Committee and Compensation Committee.
uring the year 2018-2019, five Board Meetings were held on 25.05.2018, 11.08.2018, 19.10.2018, 09.11.2018 and 11.02.2019.
D
The composition of the Board, attendance at the Board Meetings during the year and the last Annual General Meeting and also the
number of other directorships and Committee memberships are given below:
No. of Board No. of other No. of Membership (M) /

meetings Directorships Chairmanship (C)
Attendance
Sl. attended held in public in other Board
Name of the Director Category of Directorship at last
No. (From companies Committee(s)*
AGM
01.04.18 to
(As on 31/03/2019)
31.03.19)
1. Sri N.Srinivasan Promoter,
Vice Chairman & Executive Director 5 Yes 5 1 (C)
Managing Director
2. Smt. Chitra Srinivasan Promoter, Non-Executive
5 Yes Nil Nil
Director
3. Smt. Rupa Gurunath Promoter,
5 Yes 4 1 (M) & 1 (C)
Wholetime Director Executive Director
4. Sri K.Balakrishnan Independent,
4 No 1 Nil
Non-Executive Director
5. Sri S.Balasubramanian Independent,
5 Yes Nil Nil
Adityan Non-Executive Director
6. Sri Basavaraju *1 Independent,
4 Yes 1 2 (M)
7. Smt. Lakshmi Aparna Independent,
4 Yes Nil Nil
Sreekumar *1 Non-Executive Director
8. Sri V.Ranganathan Independent,
4 Yes 1 Nil
9. Sri N.Srinivasan (F&R) *2 Non-Executive Director 5 Yes 6 4 (C) & 2 (M)
10. Smt. Sandhya Rajan *1 Independent,
4 Yes Nil Nil
32
No. of Board No. of other No. of Membership (M) /
meetings Directorships Chairmanship (C)
Attendance
Sl. attended held in public in other Board
Name of the Director Category of Directorship at last
No. (From companies Committee(s)*
AGM
01.04.18 to
(As on 31/03/2019)
31.03.19)
11. Sri V.Venkatakrishnan *3
Nominee of IDBI Bank
3 NA Nil Nil
Ltd., in its capacity as
Lender
12. Sri Arun Datta *4 Independent,
Nil NA NA NA
13. Sri N.R.Krishnan *4 Independent,
1 NA NA NA
14. Sri V.Manickam *4 Independent, 2
NA NA NA
15. Sri Suneel Babu Non-Executive Director
Gollapalli *5
Nominee of IDBI Bank Nil No NA NA
Ltd., in its capacity as
Lender
16. Sri M.R.Kumar *6 Non-Executive Director
Nominee of Life
Insurance Corporation 4 No NA NA
of India in its capacity as
Shareholder
* Only Audit Committee and Stakeholders’ Relationship Committees are considered for the purpose.
*1
Appointed as an Independent Director of the Board w.e.f. 11.08.2018.
*2
Ceased to be a Director consequent to the final term of office as Independent Director concluded on 28.08.2018 and appointed as
a Non-executive Director w.e.f. 29.08.2018.
*3
Appointed as a Director of the Board w.e.f. 15.10.2018 by IDBI Bank Limited.
*4
Ceased to be a Director consequent to the final term of office as Independent Director concluded on 28.08.2018
*5
Ceased to be a Director of the Board w.e.f. 15.10.2018, consequent to withdrawal of nomination by IDBI Bank Limited.
*6
Ceased to be a Director of the Board w.e.f. 18.03.2019, consequent to his resignation and withdrawal of nomination by Life
Insurance Corporation of India.
The names of the listed entities in which Directors of the Company hold directorship and category thereof, as at 31st March, 2019, are
furnished below:
Sl. No. Name of the Director Name of the listed entity in which Directorship held Category of Directorship
1. Sri N.Srinivasan MM Forgings Limited Independent Director
2. Sri K.Balakrishnan The Federal Bank Limited Independent Director
3. Sri Basavaraju Lakshmi Machine Works Limited Independent Director
4. Sri N.Srinivasan (F&R) 1. GATI Limited Independent Director
2. Essar Shipping Limited Independent Director
3. The United Tea Estates Company Limited Non-Independent Director
33
Disclosure of relationship between directors inter-se:
Smt. Chitra Srinivasan, Smt. Rupa Gurunath and Sri N.Srinivasan, Vice Chairman & Managing Director of the Company are related to each
other. No other director is related to them or each other.
Independent Directors:
The Board has framed a ‘Code for Independent Directors’ as required under the Companies Act, 2013. Independent Directors are issued
Letters of Appointment setting out in detail, the terms of appointment, duties, responsibilities and expected time commitments.
During the financial year 2018-2019, Independent Directors met once i.e., on 11.02.2019.
The composition of and attendance at Committee of Independent Directors meeting are given below:
Sl. No. Name of the Member No. of Meetings held No. of Meetings attended
1. Sri K.Balakrishnan 1 -
2. Sri S.Balasubramanian Adityan 1 1
3. Sri Basavaraju *
1 1
4. Smt. Lakshmi Aparna Sreekumar *
1 1
5. Sri V.Ranganathan 1 1
6. Smt. Sandhya Rajan *
1 1
* Appointed as an Independent Director of the Company w.e.f. 11.08.2018.
During the year, no Independent director resigned before the expiry of his/her tenure.
Familiarisation programmes imparted to independent directors:

The Company has a familiarisation programme for Independent Directors with regard to their role, rights, responsibilities in the Company,
nature of the Cement Industry, the business models of the Company etc. and the details of the same are available on the website of the
Company.
At the time of appointing Independent Directors, an Appointment Letter incorporating their role, duties and responsibilities and the various
terms and conditions of their engagement is issued for the acceptance of the Independent Directors.
When a new Independent Director is appointed, the Vice Chairman & Managing Director and Key Managerial Personnel of the Company
brief him / her on the functioning of the Board and the nature of operations of the Company.
Independent Directors are provided with a copy of the latest Memorandum and Articles of Association of the Company, Company’s inhouse
journal “Compass”, the latest Annual Report, India Cements Code of Conduct for Directors and Senior Management and ICL Code of
Conduct for Prevention of Insider Trading.
Independent Directors are also advised from time to time, of the compliances required from them under the Companies Act, 2013, SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015 (hereinafter referred as “Listing Regulations”) and other relevant
Rules and Regulations.
The provision of access to senior managerial personnel at Board / Board Committee meetings enables Independent Directors to interact
with them to understand the Company’s strategy, business model, operations, service and product offerings, markets, organization
structure, finance, human resources, technology, quality and risk management and such other areas as may arise from time to time. The
Senior Management also makes presentations on different areas to the Board / Board Committees for informed appreciation of issues
being discussed.
Audio / visual presentations on operations are made to the Board / Audit Committee at the meetings.
The skills/expertise/competencies identified by the board of directors:
he Board of Directors has identified the following core skills, expertise, competence of Directors that would help them to function effectively
T
in the conduct of business of the Company:
Industry Knowledge, Leadership, Business Strategy, Operations, Marketing, Finance and Investment, Taxation, Governance, Auditing,
Regulatory Services, Training, Management and Administration, CSR, including Environment, Sustainability and Community Development
and Compliance of Statutes.
34
Board Evaluation:
In terms of Section 134 of the Companies Act, 2013, read with Companies (Accounts) Rules, 2014 and Securities and Exchange Board
of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, (SEBI (LODR) Regulations), it is required to
have a formal annual evaluation of the performance of the Board, its Committees and the Directors individually.
In pursuance of the aforesaid provisions of the Companies Act, 2013 and SEBI (LODR) Regulations, including the Guidance Note issued
by SEBI on Board Evaluation, the Board carries out the annual evaluation of its own performance, the working of its various Committees
as well as the evaluation of its Directors individually.
The evaluation process comprises of both assessment and review, including analysis of the functioning of the Board and its Committees,
the time spent by it in considering matters and whether the terms of reference of its Committees have been met, besides complying with
the provisions of the Companies Act, 2013 and SEBI (LODR) Regulations.
The evaluation of the performance of the Board, its Committees and individual directors was done, after seeking inputs from all the
Directors by way of a questionnaire. The questionnaire was prepared in a structured manner, ascertaining the individual directors various
attributes and their roles in bringing values to the deliberation and discussions at meetings.
The evaluation of Directors was done by the entire Board of Directors, excluding the Director being evaluated. Each Director independently
evaluates the performance and contribution of other Directors in the overall context of Board process and on the basis of performance
evaluation, it was noted that all the Directors were discharging their role effectively and that their terms of appointment as Director would
be extended / continued in the best interests of the Company.
3] Audit Committee:
The role and terms of reference of the Audit Committee cover the areas mentioned under Regulation 18 (3) of Listing Regulations and
Section 177 of the Companies Act, 2013, besides other terms as may be referred to by the Board of Directors from time to time.
The Audit Committee met four times during the year i.e. 25.05.2018, 11.08.2018, 09.11.2018 and 11.02.2019.
The composition of and attendance at Audit Committee meetings are given below:
1. Sri S.Balasubramanian Adityan, Chairman *1
4 4
2. Sri N.Srinivasan (F&R) *2
4 4
3. Sri V.Ranganathan *3
2 2
4. Smt. Sandhya Rajan *3 2 2
5. Sri Arun Datta *4
2 -
*1
Appointed as Chairman of the Committee w.e.f. 11.08.2018.
*2
Chairman upto 10.08.2018.
*3
Appointed as a Member of the Committee w.e.f. 29.08.2018.
*4
Ceased to be a Member consequent to the final term of office as Independent Director concluded on 28.08.2018.
The Company Secretary is also Secretary to the Audit Committee.
There has been no instance, where the Board has not accepted any recommendation of Audit Committee.
4] Nomination and Remuneration Committee & Policy:

The role and terms of reference of the Nomination and Remuneration Committee cover the areas mentioned under Regulation 19 (4) of
Listing Regulations and Section 178 of the Companies Act, 2013 read with Rules framed thereunder.
During the year 2018-2019, Nomination and Remuneration Committee met four times i.e., on 18.04.2018, 24.05.2018, 10.08.2018 and
28.12.2018 to consider and recommend to the Board on managerial remuneration, appointment of Directors and other matters.
35
The composition of and attendance at Nomination and Remuneration Committee meetings are given below:
1. Sri S.Balasubramanian Adityan, Chairman *1
1 1
2. Sri N.Srinivasan (F&R) 4 4
3. Smt. Sandhya Rajan *2
1 1
4. Sri N.R.Krishnan *3
3 3
5. Sri Arun Datta *4
3 1
*1
Appointed as Member of the Committee w.e.f. 29.08.2018 and elected as Chairman of the Committee w.e.f. 28.12.2018.
*2
Appointed as Member of the Committee w.e.f. 29.08.2018.
*3
Ceased to be a member and the Chairman consequent to his final term of office as Independent Director concluded on 28.08.2018.
*4
Ceased to be a member, consequent to his final term of office as Independent Director concluded on 28.08.2018.
5] Remuneration to Directors:
Details of remuneration paid to the Directors for the year ended 31st March, 2019:
(i) Executive Directors:
The two Executive Directors (Managing Director and Wholetime Director) are paid remuneration as decided by the Board of Directors
on the recommendation of the Nomination and Remuneration Committee of the Board, with the approval of the Shareholders and
other necessary approvals.
There are no stock options available / issued to the Managing Director or Wholetime Director.
Details of remuneration paid to the Executive Directors for the year ended 31st March, 2019: (` Lakhs)
Perquisites
Provident Retirement
Name & Position Salary & Commission Others Total
Fund Benefits
allowances
Sri N.Srinivasan *
Vice Chairman & 200.00 60.00 72.00 38.33 0.00 6.00 376.33
Managing Director
Smt. Rupa Gurunath
180.00 54.00 21.60 34.50 0.00 0.00 290.10
Wholetime Director
Total 380.00 114.00 93.60 72.83 0.00 6.00 666.43
* The maximum remuneration (including Provident Fund and Retirement Benefits) payable to Vice Chairman & Managing Director for
the year 2018-19 was ` 389.18 Lakhs with reference to net profits in terms of Companies Act, 2013. Against this limit, he restricted
his salary to ` 376.33 Lakhs.
(ii) Non-Executive Directors:
Remuneration by way of sitting fees is paid to all non-executive directors. The Board of Directors at its meeting held on 25.05.2018
has revised sitting fee payable to non-executive directors for attending each meeting of the Board and Committees thereof as per
details given below:
Sitting Fees payable
SI. No. Meetings
Existing Revised
i) Board `20,000/- ` 50,000/-
ii) Audit Committee ` 10,000/- ` 25,000/-
iii) Other Board Committees ` 10,000/- ` 20,000/-
iv) Share Transfer Committee * ` 10,000/- ` 10,000/-
*No revision proposed
36
articulars of sitting fees including for committee meetings paid to non-executive directors during the financial year 2018-2019 and
P
equity shares of the Company held by them as on 31st March 2019 are as follows:
Name of the Director Sitting Fees Paid (` ) No. of Equity Shares
Smt. Chitra Srinivasan 250000 78580
Sri Arun Datta 40000 NA
Sri S.Balasubramanian Adityan 385000 20000
Sri K.Balakrishnan 200000 Nil
Sri Basavaraju 220000 Nil
Smt. Lakshmi Aparna Sreekumar 260000 Nil
Sri V.Ranganathan 280000 Nil
Smt. Sandhya Rajan 290000 Nil
Sri M.R.Kumar (Paid to LIC of India) 200000 NA
Sri N.R.Krishnan 100000 NA
Sri V.Manickam 100000 NA
Sri V.Venkatakrishnan (Paid to IDBI Bank Ltd) 150000 300
Sri N.Srinivasan (F&R) 545000 10
No remuneration other than sitting fee as aforesaid is paid to non-executive Directors. There has been no pecuniary relationship or
transactions between the Company and non-executive Directors during the year 2018-2019. There are no stock options available/
issued to any non-executive Directors of the Company. There are no convertible instruments issued to any of the non-executive
Directors of the Company.
6] a] Stakeholders Relationship Committee:
During the year 2018-2019, 104 complaints were received from shareholders and investors. All the complaints have generally been
resolved to the satisfaction of the complainants, except for disputed cases and sub-judice matters, which would be resolved on final
disposal by the Courts / Forums where they are pending. The number of complaints received, disposed of and pending during the
year are as under:
Sl. No. Status No. of Complaints
1. Received 104
2. Disposed of 101
3. Pending 3
During the financial year 2018-2019, the Stakeholders Relationship Committee met 4 times i.e., on 25.05.2018, 10.08.2018, 09.11.2018
and 11.02.2019. The composition of and attendance at the Stakeholders Relationship Committee meetings are given below:
1. Sri N.Srinivasan 4 4
2. Smt. Rupa Gurunath 4 4
3. Smt. Lakshmi Aparna Sreekumar, 2 2
Chairperson *1
4. Sri Arun Datta *2 2 1
*1 Appointed as a Member of the Committee w.e.f. 29.08.2018 and elected as Chairperson of the Committee w.e.f. 09.11.2018.
*2 Ceased to be a member and the Chairman consequent to his final term of office as Independent Director concluded on 28.08.2018.
Sri S.Sridharan, Company Secretary is the Compliance Officer.
37
b] Corporate Social Responsibility (CSR) Committee:
In terms of Section 135 of the Companies Act, 2013, the Board of Directors constituted a CSR Committee for formulating and
monitoring CSR Policy / Activities.
During the financial year 2018-2019, the CSR Committee met once i.e., on 25.05.2018 to consider and approve CSR budget for CSR
activities for the year 2018-2019. The composition of and attendance at CSR Committee meeting are given below:
1. Sri N.Srinivasan, Chairman 1 1
3. Sri Basavaraju *1
- -
4. Smt. Sandhya Rajan *1
- -
5. Sri N.R.Krishnan *2 1 -
*1 Appointed as a Member of the Committee w.e.f. 29.08.2018.

*2 Ceased to be a member, consequent to his final term of office as Independent Director concluded on 28.08.2018.
c] Compensation Committee of Board of Directors:

Compensation Committee of Board of Directors has been constituted for administration of Employees Stock Option Scheme.
18,35,000 stock options were granted to eligible employees under the Employees Stock Option Scheme, 2016 (ESOS, 2016). In
terms of the Scheme, the options granted on 01.04.2017 vested with option holders on 01.04.2018 and the same shall be exercised
within the period of one year from the date of vesting (i.e,) on or before 31.03.2019. Each option on such vesting can be exercised
by applying for an equity share of ` 10/- each fully paid up for a sum of ` 50/- (inclusive of premium of ` 40/-). The exercise of options
shall be in not more than two tranches within a period of one year from the date of the vesting of the options (i.e.,) from 01.04.2018.

During the year 2018-2019, the Committee met once i.e. on 02.05.2018 to allot 7,09,500 Equity Shares of ` 10/- each to the
Employees who had exercised their 7,09,500 options that vested on 01.04.2018 and with regard to the balance options pending to be
exercised, the Board of Directors at its meeting held on 25.05.2018 had authorised the Share Transfer Committee to issue and allot
equity shares of ` 10/- each of the Company to the option holders on exercise of options, under the ESOS, 2016.
The composition of and attendance at the Compensation Committee meeting is given below:
1. Sri N.Srinivasan (F&R), Chairman 1 1
2. Sri S.Balasubramanian Adityan 1 1
3. Sri N.R.Krishnan * 1 1
4. Sri V.Ranganathan 1 1
* Ceased to be a member, consequent to the final term of office as Independent Director concluded on 28.08.2018.
d] Share Transfer Committee:

ll shares received for transfer were registered in favour of transferees and certificates despatched within prescribed time, wherever
A
the documents received were in order and complete.
During the year 2018-2019, 23,464 Equity Shares were transferred in physical mode in favour of transferees and share certificates
were despatched within prescribed time from the date of receipt.
The Board of Directors at its meeting held on 25.05.2018 had authorised the Share Transfer Committee to issue and allot equity
shares of ` 10/- each of the Company to the option holders on exercise of option, under the ESOS, 2016. The Committee during
the year 2018-2019, allotted 10,35,500 equity shares of ` 10/- each to the employees, who had exercised their 10,35,500 options.
Thus, the Company, including the shares allotted by the Compensation Committee, allotted 17,45,000 equity shares of ` 10/- each
on exercise of equal number of options by the option holders under the ESOS, 2016.
38
During the financial year 2018-2019, the Committee met 13 times. The composition of and attendance at the Share Transfer
Committee meetings are given below:
1. Sri N.Srinivasan, Chairman 13 13
3. Smt. Rupa Gurunath 13 12
7] Annual General Meetings:

The last three Annual General Meetings were held as under:
Special Resolutions passed in
Year Type Location Date Time
the AGM by the Shareholders
2016 AGM Sathguru Gnanananda Hall, (Narada Gana Sabha),
29.08.2016 10.00 A.M. Yes
No. 314, T.T.K. Road, Chennai 600 018.
04.09.2017 1.30 P.M. Yes
20.09.2018 11.00 A.M. No
No special resolution was required to be put through postal ballot last year.
No item of business requiring voting by postal ballot is included in the Notice convening the 73rd Annual General Meeting of the Company.
8] Means of Communication:
uarterly and annual financial results are published in the pro-forma prescribed by Stock Exchanges, in leading English newspapers
Q
“Business Line” & “Business Standard” and Tamil newspaper “Dinamani”. The financial results of the Company are also communicated
in the prescribed pro-forma to Stock Exchanges. The said financial results and press releases are displayed on the Company’s website
“www.indiacements.co.in”.
9] General Information for Shareholders:

(a) Date, Time and Venue of the Annual General Meeting : 12th September, 2019 at 3:30 p.m. at Sathguru Gnanananda Hall,
(Narada Gana Sabha), No. 314, T.T.K.Road, Alwarpet,
Chennai 600 018.
(b) Financial year 1st April to 31st March (Provisional) : Will be published on or before:
Results for Quarter ending June 30, 2019 : 14th August, 2019
Results for Quarter ending September 30, 2019 : 14th November, 2019
Results for Quarter ending December 31, 2019 : 14th February, 2020
Results for Quarter ending March 31, 2020 (audited) : 30th May, 2020
(c) Dates of Book Closure : 6th September, 2019 to 12th September, 2019 (both days inclusive)
(d) Dividend payment date : on or before 11th October, 2019
(e) Listing on Stock Exchanges:
I a) The Company’s Equity Shares are listed on the following Stock Exchanges:
i) BSE Limited, P.J. Towers, Dalal Street, Fort, Mumbai - 400 001 (Stock Code : 530005)
ii) National Stock Exchange of India Limited, Exchange Plaza, 5th Floor, Plot No. C/1, G Block, Bandra Kurla Complex,
Bandra (E), Mumbai - 400 051 (Stock Code EQ: INDIACEM)
b) Company’s Equity Shares are traded in Group “A” category in BSE Limited.
39
c) The Company has paid the Listing Fees for the year 2019-20 to BSE Limited and National Stock Exchange of India
Limited where the Company’s equity shares are listed.
II The Company’s Global Depository Shares (GDSs) are listed in Luxembourg Stock Exchange, P.O. Box 165, L-2811 Luxembourg,
Europe and Listing Fee for the year 2019 has been paid.
III The equity shares of the Company have been included in the list of equity shares on which derivatives are available for trading
in futures and options segment by BSE Limited.
(f) Market Price Data: (In ` )
Month BSE Limited National Stock Exchange of India Limited

High Low High Low
April 2018 155.80 142.10 155.85 142.50
May 2018 148.30 122.05 148.50 121.80
June 2018 132.55 102.45 132.60 102.00
July 2018 121.00 97.35 121.00 97.10
August 2018 128.20 107.35 128.00 107.20
September 2018 127.60 99.30 127.65 99.30
October 2018 104.00 80.05 103.85 79.95
November 2018 99.20 87.25 99.40 87.05
December 2018 100.00 82.60 100.00 82.80
January 2019 97.00 78.15 96.70 78.30
February 2019 91.80 74.85 91.80 74.75
March 2019 109.00 87.50 108.70 88.00
(g) Stock price performance in comparison to BSE Sensex:
MONTH
BSE (ICL) BSE SENSEX
40
(h) There was no suspension from trading in equity shares of the Company during the year 2018-19.
(i) Registrar and Share Transfer Agent:

The Company has appointed Integrated Registry Management Services Private Limited (formerly Integrated Enterprises (India)
Limited) as Registrar and Share Transfer Agent (RTA). Shareholders / Investors / Depository Participants are requested to send all
their documents and communications pertaining to both physical and demat shares to the RTA at the following address:
Integrated Registry Management Services Private Limited,
2nd Floor, “Kences Towers”, No.1, Ramakrishna Street,
North Usman Road, T. Nagar, Chennai - 600017.
Phone : 044-28140801 to 28140803; Fax: 044-28142479
Email: corpserv@integratedindia.in
(j) Share Transfer System:

Shares lodged in physical form with the Company / RTA till 31.03.2019 were processed and returned, duly transferred, within the
prescribed time from the date of receipt and with regard to few cases with incomplete / improper / insufficient documents, the same
were considered for transfer on receipt of requisite valid documents. In case of shares in electronic form, the transfers are processed
by NSDL / CDSL through the respective Depository Participants.
transferred in dematerialized form with effect from April 1, 2019, except in case of request received for transmission or transposition
of securities and in view of this, the Company has sent individual communication to the shareholders advising them to dematerialize
equity shares held by them in physical form.
(k) a) Distribution of Shareholding as on 31st March, 2019:

No. of Shares held No. of Shareholders % of Shareholders No. of Shares held % of Shareholding
Up to 500 142385 89.16 16828736 5.43
501 to 1000 9302 5.82 7447018 2.40
1001 to 2000 4267 2.67 6490464 2.09
2001 to 3000 1308 0.82 3384040 1.09
3001 to 4000 602 0.38 2166841 0.70
4001 to 5000 450 0.28 2126835 0.69
5001 to 10000 673 0.42 4979400 1.61
10001 and above 723 0.45 266473867 85.99
TOTAL 159710 100.00 309897201 100.00
b) Pattern of Shareholding as on 31st March, 2019:
Category No. of Shares %

Promoters 87421448 28.21
Mutual Funds 71220869 22.98
Alternate Investment Funds 18000 0.01
Foreign Portfolio Investors & Foreign Institutional Investors 41069484 13.25
Financial Institutions/ Banks 481249 0.16
Insurance Companies 16290034 5.26
Bodies Corporate 30431589 9.82
Resident Individuals 54479564 17.58
41
Category No. of Shares %
NRI 3157237 1.02
GDSs 1006968 0.32
Clearing Members 2044958 0.66
Limited Liability Partnerships 66145 0.02
Hindu Undivided Families 1780859 0.57
Trusts 66093 0.02
Investor Education and Protection Fund Authority 360113 0.12
Association of Persons 1301 0.00
Insurance Company registered with IRDA 1290 0.00
Total 309897201 100.00
(l) Dematerialisation of Equity Shares and Liquidity:

As on 31st March, 2019, 99.46% of the Company’s Equity Shares have been dematerialized.
s per directives issued by SEBI, it is compulsory to trade in the Company’s shares in the dematerialised form with effect from
A
29th November, 1999. The ISIN Number allotted by National Securities Depository Limited (NSDL) and Central Depository Services
(India) Limited (CDSL) for the Company’s shares in Demat form is INE383A01012.
During the year 2018-2019, the Company had received 587 requests for dematerialisation of shares. The Company has acted upon
all valid requests received for dematerialisation during the year 2018-2019.
(m) Outstanding GDRs / ADRs / Warrants or any Convertible Debentures, conversion date and likely impact on equity shares as
on 31st March, 2019:
5,03,484 GDSs are outstanding. Each GDS represents two underlying equity shares of ` 10/- each (10,06,968 underlying shares
represented by GDS constitutes 0.32% of total paid-up equity share capital).
Employees Stock Option Scheme, 2016:
18,35,000 stock options which were granted to eligible employees under Employees Stock Option Scheme, 2016 during 2017-2018,
were vested on 01.04.2018. During the year, out of 18,35,000 options:
• 17,45,000 options were exercised by the employees and equal number of shares were allotted to them; and
• 90,000 options lapsed on resignation of an employee before the date of vesting.
No fresh options have been granted under Employees Stock Option Scheme, 2016 during the financial year.
(n) Commodity price risk or Foreign exchange risk and hedging activities:
Hedging strategy in respect of the imports in foreign currency are taken as per hedging policy of the Company and in consultation
with the bankers and other forex experts, based on the prevailing market conditions, duly taking into account the cost of hedging and
any foreign currency receivables by the Company.
(o) Plant Locations:

Sankarnagar, Tirunelveli District, Tamil Nadu Nokhla Village, Banswara District, Rajasthan
Sankari, Salem District, Tamil Nadu Chilamakur, Kadapa District, Andhra Pradesh
Dalavoi, Ariyalur District, Tamil Nadu Yerraguntla, Kadapa District, Andhra Pradesh
Vallur Village, Tiruvallur District, Tamil Nadu Vishnupuram, Nalgonda District, Telangana
Parli Vaijnath, Beed District, Maharashtra Malkapur, Ranga Reddy District, Telangana
Ready mix concrete units at Tamil Nadu, Karnataka and Telangana
42
(p) Address for Correspondence : The India Cements Limited,
Registered Office:
“Dhun Building”, 827, Anna Salai,
Chennai 600 002.
Corporate Office:
“Coromandel Towers”,
93, Santhome High Road,
Karpagam Avenue, R.A. Puram,
Chennai - 600 028.
Tel. No. : (091) (044) 28521526/28572100/400
Fax No. : (091) (044) 28517198
Corporate Identity Number : L26942TN1946PLC000931

Website : :
www.indiacements.co.in
For Investor Complaints
Contact Person : : Sri S. Sridharan, Company Secretary
Email-Id : investor@indiacements.co.in
(q) Credit ratings:

CARE Ratings Limited vide their letter dated 07.09.2018 has assigned the rating of CARE A; Stable (Single A; Outlook: Stable) for
long-term bank facilities and CARE A1 (A One) for Short-term bank facilities of the Company.
10] Other Disclosures :
a) There are no significant Related Party Transactions during the year of material nature with the promoters, directors or relatives or Key
Managerial Personnel etc., potentially conflicting with Company’s interests at large. Related Party Transactions are disclosed in the
notes to Accounts forming part of this Annual Report.
b) There were no instances of non-compliance on any matter relating to the capital market, during the last three years.
c) he Company has adopted the Whistle Blower Policy and established a Vigil Mechanism and it affirms that no personnel have been
T
denied access to the Audit Committee.
d) Subsidiary Company:
In accordance with Regulation 16(1)(c) of Listing Regulations, the Company has formulated a policy for determining ‘material’
subsidiaries and the same is available on the website of the Company.
The Company does not have a “material subsidiary” as defined in 16(1)(c) of Listing Regulations.
e) In accordance with Regulation 23(1) of Listing Regulations, the Company has formulated a ‘Policy on Related Party Transactions’
and the same is available on the website of the Company.
f) Disclosure of commodity price risks and commodity hedging activities: Not applicable.
g) During the year the Company has not raised any fund through preferential allotment or qualified institutions placement as specified
under Regulation 32 (7A).
h) Mrs.P.R.Sudha, Practicing Company Secretary has certified that none of the directors on the board of the company have been
debarred or disqualified from being appointed or continuing as directors of companies by the Securities and Exchange Board of India/
Ministry of Corporate Affairs or any such statutory authority which is annexed.
i) There is no instance, where the board had not accepted any recommendation of any committee of the board which is mandatorily
required, in the financial year 2018-2019.
43
j) Messrs K.S. Rao & Co. and Messrs S. Viswanathan LLP., Chartered Accountants are the statutory auditors of the Company. Total
fees paid for the year ended 31.03.2019 by the Company and its subsidiaries, on a consolidated basis to the statutory auditors
including all entities in their network firm/entity of which they are a part is given below:
Particulars ` in Lakhs
Statutory Audit fees 60.00
Tax Audit Fees 10.00
Fees for other services 16.15
Total 86.15
k) The Company has in place an anti-sexual harassment policy in line with the requirements of the Sexual Harassment of Women at
Workplace (Prevention, Prohibition and Redressal) Act, 2013 and Rules made thereunder. There was no complaint of harassment,
reported during the year.
l) s required under Regulation 17(8) of Listing Regulations, the Chief Executive Officer i.e. the Managing Director and the Chief
A
Financial Officer i.e. Executive President (Finance & Accounts) certified to the Board on their review of financial statements and cash
flow statements for the financial year ended 31st March 2019 in the prescribed form which is annexed.
m) Details of information on appointment and re-appointment of directors:
A brief resume, nature of expertise in specific functional areas, relationships between directors inter-se, names of listed entities in
which the person also holds the directorship and the membership of Committees of the Board; and number of equity shares held
in the Company by the Director or for other person on a beneficial basis and other details forms part of the Notice convening the
73rd Annual General Meeting.
n) Unclaimed Shares:
The Company does not have any share(s) remaining unclaimed, issued pursuant to public / other issues.
o) ICL Code of Conduct for Directors and Senior Management:
In accordance with the provisions of the Companies Act, 2013 the Company has adopted and implemented a “India Cements
Code of Conduct for its Directors and Senior Management”. The Code of Conduct has also been posted on the Company’s website
“www.indiacements.co.in”. Affirmation of compliance of Code of Conduct for the financial year 2018-2019 has been received from all
the Directors and Senior Management personnel of the Company.
Managing Director of the Company has given declaration to the effect that members of the Board and the senior management
personnel have affirmed compliance with Code of Conduct for its Directors and Senior Management which is annexed.
p) Prohibition of Insider Trading:
In terms of the provisions of the Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015, as
amended (PIT Regulations), the Company has adopted the revised “ICL Code of Conduct to Regulate, Monitor and Report Trading
by Designated Persons” (“the Code”) in the place of existing “ICL Code of Conduct for Prevention of Insider Trading”. The Code is
applicable to Promoters, all Directors, Designated persons and connected Persons and their immediate relatives, who are expected
to have access to unpublished price sensitive information relating to the Company.
The Company has also formulated ‘A Code of Practices and Procedures for Fair Disclosure of Unpublished Price Sensitive Information
(UPSI)’ in compliance with the PIT Regulations. The Company has also formulated a “Policy and Procedures for inquiry in case of
leak of Unpublished Price Sensitive Information or Suspected leak of Unpublished Price Sensitive Information”.
The aforesaid Code and Policy are posted on the Company’s website “www.indiacements.co.in”
q) i) Investor Education & Protection Fund:
In terms of Section 124 of the Companies Act, 2013, any dividend declared by the Company, which remains unpaid or unclaimed
for a period of seven years shall be transferred to the Investor Education and Protection Fund (IEPF), established by the Central
Government.
44
In terms of Sections 124 and 125 of the Companies Act, 2013 read with Investor Education and Protection Fund Authority
(Accounting, Audit, Transfer and Refund) Rules, 2016 as amended, (“Rules”) all shares in respect of which dividend has not
been paid or claimed for seven consecutive years or more shall also be transferred by the Company to IEPF after complying
with the procedures laid down under the Rules.
During the financial year, the Company has transferred a sum of ` 13.13 lakhs to the IEPF. The said amount represents
unclaimed dividend and fixed deposits & interest thereon, which remained unclaimed with the Company for a period of 7 years
from their respective due dates of payment.
In compliance with the aforesaid provisions, the Company has also transferred 113425 equity shares of ` 10/- each to IEPF in
respect of unclaimed dividend for the financial years 2009-10 & 2010-11. It may be noted that all benefits, if any, which may
accrue in future on such shares, including bonus shares, dividend, etc. will be credited to IEPF account.
ii) Transfer of Unclaimed Dividend for 2011-12 / Equity Shares to IEPF:

The Company has sent individual communication by registered / speed post to those shareholders, who have not encashed /
claimed dividends for seven consecutive years since 2011-12 and also published a Notice in the Newspapers requesting the
shareholders to claim such unclaimed dividend. A statement containing the details of such shareholders and their Folio No./ DP
ID & Client Id has been placed on the Company’s website “www.indiacements.co.in” under the heading “Investors Corner”.
Shareholders who have not encashed / claimed their dividends from the year 2011-12 are advised to contact or write to the Company
or to the Registrar and Share Transfer Agent (RTA), Integrated Registry Management Services Private Limited, immediately in this
regard. In case, the Company / RTA do not receive any communication from the concerned shareholders, claiming their dividends,
the Company shall, in compliance with the said Rules, transfer the unclaimed dividend for the year 2011-12 and the corresponding
shares to IEPF account, after following the procedures laid down therein on the due date i.e. 17.09.2019.
Any claim in respect of the said shares / dividend so transferred, may be submitted online to IEPF in the prescribed eform by
following the procedures laid down in the Rules, available on the IEPF website: www.iepf.gov.in.
r) Dividend Distribution Policy:

Pursuant to Regulation 43A of Listing Regulations, a “Dividend Distribution Policy” is framed setting out the parameters and
circumstances in determining the payment of dividend to the shareholders and the same is made available on the Company’s
website “www.indiacements.co.in”.
s) Cost Auditor and Cost Audit Report 2017-2018:

Name, Membership number & address of Cost Auditor : Sri S.A. Murali Prasad, Membership No.2730
4 (New), Brindavan Street, Chennai 600004.
Filing of Cost Audit Report 2017-2018 with the Central Government : Due date of filing : 23.10.2018
Actual Date of filing : 22.10.2018
t) The Independent Directors have confirmed in writing that they meet the criteria of ‘Independence’ as stipulated under the
Companies Act, 2013 and Listing Regulations.
u) Green Initiative:
In terms of the provisions of the Companies Act, 2013, Companies (Accounts) Rules, 2014, Companies (Management and
Administration) Rules, 2014, and SEBI (LODR) Regulations, 2015, the annual report along with the notice of the Annual General
Meeting is sent by email to those members who have registered their e-mail address with the Company / Registrar and Share
Transfer Agent (in respect of shares held in physical form) or with their DP (in respect of shares held in electronic form) and
made available to the Company by the Depositories.
To support the Green Initiatives of the Government, members, who have not registered their e-mail addresses, are requested
to register their e-mail addresses with (i) the Depository Participant(s), if the shares are held in electronic form and (ii) with the
Company / Registrar & Share Transfer Agent (RTA) of the Company, if the shares are held in physical form.
45
11] The Company has complied with applicable Secretarial Standards issued by The Institute of Company Secretaries of India and approved
by the Central Government.
12] The Company has complied with sub-paras (2) to (10) of Schedule V (C) of Listing Regulations.
13] The Company has complied with the discretionary requirements of Part E of Schedule II of Listing Regulations, the extent of compliance
has been stated in Part B of this report.
14] The Company has complied with corporate governance requirements specified in Regulations 17 to 27 and 46 (2) (b) to (i) of Listing Regulations.
B. DISCRETIONARY REQUIREMENTS UNDER REGULATION 27 OF LISTING REGULATIONS:

1. The Board:
A non-executive chairperson may be entitled to maintain : The Company does not have a non-executive Chairman.
a Chairperson’s office at the listed entity’s expense and
also allowed reimbursement of expenses incurred in
performance of his duties.
2. Shareholder Rights:
A half-yearly declaration of financial performance including : As the Company’s half-yearly results are published in leading English
summary of the significant events in last six-months, may newspapers and in Tamil newspaper and also in the Company’s
be sent to each household of shareholders. website, the same are not sent to the Shareholders of the Company.
There is no publication of second half yearly results as the annual
results are approved by the Board and then published in the
newspapers and also communicated to the shareholders through the
Annual Report.
3. Modified opinion(s) in audit report:
The listed entity may move towards a regime of financial : Nil
statements with unmodified audit opinion.
4. Separate posts of chairperson and chief executive officer:
The Company may appoint separate persons to the post : At present, Vice Chairman & Managing Director is the Chief Executive
of chairperson and managing director or chief executive Officer of the Company.
officer.
5. Reporting of Internal Auditor:
The Internal auditor may report directly to the Audit : The Internal Auditors of the Company report directly to the Audit
Committee. Committee.

Place : Chennai
46
CEO AND CFO CERTIFICATION
To
The Board of Directors of The India Cements Limited
In compliance with Regulation 17(8) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations,
2015, we hereby certify that:
(a) We have reviewed financial statements and the cash flow statement for the year ended 31st March 2019 and that 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 the Company’s affairs and are in compliance with existing accounting standards,
applicable laws and regulations;
(b) There are, to the best of our knowledge and belief, no transactions entered into by the Company during the year 2018-19 which are
fraudulent, illegal or violative of the Company’s Code of Conduct.
(c) We accept responsibility for establishing and maintaining internal controls for financial reporting and that we have evaluated the effectiveness
of internal control systems of the Company pertaining to financial reporting and we have not observed any deficiencies in the design or
operation of such internal controls.
(d) We have indicated to the auditors and the Audit Committee that there are:
(i) no significant changes in internal control over financial reporting during the year;
(ii) no significant changes in accounting policies during the year; and
(iii) no instances of significant fraud where the involvement of management or an employee having a significant role in the Company’s
internal control system over financial reporting have been observed.
Place : Chennai N. Srinivasan R. Srinivasan

Date : 25th May, 2019 Vice Chairman & Managing Director Executive President (Finance & Accounts)
47
CERTIFICATE ON NON-DISQUALIFICATION OF DIRECTORS
(pursuant to Regulation 34(3) and Schedule V Para C clause (10)(i) of the SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015)
To
The Members of
The India Cements Limited
I have examined the relevant registers, records, forms, returns and disclosures received from the Directors of The India Cements Limited
(CIN:L26942TN1946PLC000931) having its Registered Office at “Dhun Building”, 827, Anna Salai, Chennai 600002 (hereinafter referred to as ‘the
Company’), produced before me by the Company for the purpose of issuing this Certificate, in accordance with Regulation 34(3) read with Schedule V
Para-C Sub clause 10(i) of the Securities Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.
In my opinion and to the best of my information and according to the verifications (including Directors Identification Number (DIN) status at the
portal www.mca.gov.in) as considered necessary and explanations furnished to me by the Company and its officers, I hereby certify that none
of the Directors on the Board of the Company, as stated below, for the Financial Year ending on 31st March, 2019, have been debarred or
disqualified from being appointed or continuing as Directors of Companies by the Securities and Exchange Board of India, Ministry of Corporate
Affairs, or any such other Statutory Authority.
Sl. No. Name of Director DIN Date of appointment in the Company

1 Sri Narayanaswamy Srinivasan 00116726 15-09-1989
2 Smt. Chitra Srinivasan 01094213 05-03-2010
3 Smt. Rupa Gurunath 01711965 24-09-2007
4 Sri Balakrishnan Krishnamurthy 00034031 29-08-2016
5 Sri Balasubramanian Sivanthi Adityan 00036898 07-12-2015
6 Sri Basavaraju 01252772 11-08-2018
7 Smt. Lakshmi Aparna Sreekumar 08196552 11-08-2018
8 Sri Vijayaraghavachari Ranganathan 00550121 29-08-2016
9 Smt. Sandhya Rajan 08195886 11-08-2018
10 Sri Srinivasan Natesan 00004195 30-09-2006
11 Sri V.Venkatakrishnan 08067933 15-10-2018
Ensuring the eligibility for the appointment / continuity as Director, on the Board of the Company, is the responsibility of the management of the
Company. My responsibility is to express an opinion on this, based on our verification. This certificate is neither an assurance as to the future
viability of the Company nor of the efficiency or effectiveness with which the management has conducted the affairs of the Company
P R SUDHA
Place : Chennai FCS No. : 6046
Date : 25th May, 2019 CP No. : 4468
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ANNEXURE ‘D’ TO DIRECTORS’ REPORT FOR THE YEAR ENDED 31ST MARCH, 2019
AUDITORS’ CERTIFICATE ON CORPORATE GOVERNANCE

To the Members of
The India Cements Limited.
We have examined the compliance of conditions of Corporate Governance by The India Cements Limited (the ‘Company’), for the year ended
March 31, 2019, as stipulated in Chapter IV of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements)
Regulations, 2015 as amended (‘Listing Regulations’).
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 the Corporate Governance
stipulated in Listing Regulations.
Our responsibility is limited to examining the procedures and implementation thereof, adopted by the Company for ensuring compliance with the
conditions of Corporate Governance. It is neither an audit nor an expression of opinion on the financial statements of the Company.
Based on our examination of the relevant records and according to the information and explanations given to us and the representation made by
the Directors and the Management, we certify that the Company has complied with the conditions of Corporate Governance as stipulated in the
provisions as specified in Chapter IV of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations,
2015 as amended (‘Listing Regulations’).
We further state that such compliance is neither an assurance as to the future viability of the Company nor the efficiency or effectiveness with
which the management has conducted the affairs of the Company.
For K.S. RAO & CO., For S. VISWANATHAN, LLP
Firm Registration No. 003109S Firm Registration No. 004770S / S200025
M. KRISHNA CHAITHANYA CHELLA K SRINIVASAN
Partner Partner
Membership No.231282 Membership No. 023305
UDIN: 19231282AAAAAW9192 UDIN: 19023305AAAABX8723
Place : Chennai.
Date : 7th August, 2019.
ANNEXURE ‘E’ TO DIRECTORS’ REPORT FOR THE YEAR ENDED 31ST MARCH, 2019
CODE OF CONDUCT - Declaration under Schedule V(D) of Securities and Exchange

Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.
This is to certify that all Board members and Senior Management Personnel have affirmed compliance with the India Cements Code of Conduct
for Directors and Senior Management for the year ended 31st March, 2019.
N. SRINIVASAN
Place : Chennai Vice Chairman &
Date : 25th May, 2019 Managing Director
49
ANNEXURE ‘F’ TO DIRECTORS’ REPORT FOR THE YEAR ENDED 31ST MARCH, 2019
BUSINESS RESPONSIBILITY REPORT AS ON 31.03.2019

Section A: General Information about the Company:
1. Corporate Identity Number (CIN) of the Company : L26942TN1946PLC000931
2. Name of the Company : The India Cements Limited
3. Registered address : “Dhun Building”, 827, Anna Salai, Chennai - 600 002.
4. Website : www.indiacements.co.in
5. E-mail ID : investor@indiacements.co.in
6. Financial Year reported : 1st April 2018 - 31st March 2019
7. Sector(s) that the Company is engaged in :
Group Class Sub-class Description
(industrial activity code-wise)
239 2394 23941 Manufacture of
23942 Clinker & Cement
8. List three key products / services that the Company manufactures / : • Cement
provides (as in balance sheet) • Cementitious Products
9. Total number of locations where business activity is
undertaken by the Company
(a) Number of International Locations (Provide details of major 5) : NIL
(b) Number of National Locations : 8 Cement Factories, 2 Grinding Units and Regional Offices
and Sales / Marketing Offices in various places.
10. Markets served by the Company - Local / State / National / International :
Local State National International
4 4 4 4
Section B: Financial details of the Company
1. Paid-up Capital (INR) : ` 30989.78 Lakhs
2. Total Turnover (INR) : ` 562798.43 Lakhs
3. Total profit after taxes (INR) : ` 6413.57 Lakhs
4. Total Spending on Corporate Social Responsibility (CSR) : The Company has spent ` 449.81 Lakhs on CSR activities,
as percentage of profit after tax (%) constituting 7.01% of profit after tax for 2018-19.
5. List of activities in which expenditure in 4 above has been incurred : (a) Eradication of Poverty;
(b) Promotion of Education;
(c) Rural Development;
(d) Environment;
(e) Rural Sports;
(f) Promotion of Gender Equality.
Section C: Other details
1. Does the Company have any Subsidiary Company / Companies? : Yes. The Company has 13 Subsidiary Companies viz.,
(1) Industrial Chemicals and Monomers Limited
(2) ICL Financial Services Limited
(3) ICL Securities Limited
(4) ICL International Limited
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(5) Coromandel Electric Company Limited
(6) India Cements Infrastructures Limited
(7) Coromandel Travels Limited
(8) NKJA Mining Private Limited
(9) Springway Mining Private Limited
(10) Coromandel Minerals Pte. Ltd., Singapore.
(11) Raasi Minerals Pte. Limited
(12) PT. Coromandel Minerals Resources, Indonesia
(13) PT Adcoal Energindo, Indonesia
2. Do the Subsidiary Company/ Companies participate in the BR : Out of 13 subsidiaries, 2 subsidiaries viz., Coromandel
Initiatives of the parent company? Electric Company Limited and India Cements Infrastructures
If yes, then indicate the number of such subsidiary company(s) Limited participate in Business Responsibility initiatives of
holding Company.
3. Do any other entity / entities (e.g. suppliers, distributors etc.) that the : No. The other entities with whom the Company does
Company does business with, participate in the BR initiatives of the business do not participate in the BR initiatives of the
Company? If yes, then indicate the percentage of such entity/entities? Company.
[Less than 30%, 30-60%, More than 60%]
Section D: BR Information
1. Details of Director / Directors responsible for BR:
(a) Details of the Director / Director responsible for implementation of the BR policy / policies:
1. DIN Number : 00116726
2. Name : Mr.N.Srinivasan
3. Designation : Vice Chairman & Managing Director
(b) Details of the BR head :

No. Particulars Details
1. DIN Number (if applicable) : 00116726
2. Name : Mr.N.Srinivasan
3. Designation : Vice Chairman & Managing Director
4. Telephone number : 044-28572100
5. e-mail id : officeofmd@indiacements.co.in
2. Principle wise (as per NVGs) BR Policy / policies:

The nine principles are as under:
P1 Businesses should conduct and govern themselves with Ethics, Transparency and Accountability.
P2 Businesses should provide goods and services that are safe and contribute to sustainability throughout their life cycle.
P3 Businesses should promote the well-being of all employees.
P4 Businesses should respect the interests of and be responsive towards all stakeholders, especially those who are disadvantaged,
vulnerable and marginalized.
P5 Businesses should respect and promote human rights.
P6 Businesses should respect, protect and make efforts to restore the environment.
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P7 Businesses, when engaged in influencing public and regulatory policy, should do so in a responsible manner.
P8 Businesses should support inclusive growth and equitable development.
P9 Businesses should engage with and provide value to their customers and consumers in a responsible manner.
(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 ? Y Y Y Y Y Y Y Y Y
2 Has the policy being formulated in consultation with the
Y Y Y Y Y Y Y Y Y
relevant stakeholders?
3 Does the policy conform to any national / international
Y Y Y Y Y Y Y Y Y
standards? If yes, specify? (50 words)
4 Has the policy being approved by the Board? If yes, has
it been signed by MD / owner / CEO / appropriate Board Y Y Y Y – Y – Y –
Director?
5 Does the Company have a specified committee of the
Board / Director / Official to oversee the implementation Y Y Y Y Y Y Y Y Y
of the policy?
6 Indicate the link for the policy to be viewed online? – – – – – – – – –
7 Has the policy been formally communicated to all relevant
Y Y Y Y – Y – Y –
internal and external stakeholders?
8 Does the Company have in–house structure to implement
Y Y Y Y Y Y Y Y Y
the policy / policies.
9 Does the Company have a grievance redressal
mechanism related to the policy / policies to address Y Y Y Y – Y – Y –
stakeholders’ grievances related to the policy / policies?
10 Has the Company carried out independent audit /
We are in the process of appointing independent internal / external
evaluation of the working of this policy by an internal or
agency for evaluating the working of all the Policies.
external agency?
(b) If answer to the question at serial number 1 against any principle, is ‘No’, please explain why: (Tick up to 2 options):
No. Questions P1 P2 P3 P4 P5 P6 P7 P8 P9
1 The Company has not understood the Principles – – – – – – – – –
2 The Company is not at a stage where it finds itself in
a position to formulate and implement the policies on – – – – – – – – –
specified principles
3 The Company does not have financial or manpower
– – – – – – – – –
resources available for the task
4 It is planned to be done within next 6 months – – – – – – – – –
5 It is planned to be done within the next 1 year – – – – – – – – –
6 Any other reason (please specify) – – – – – – – – –
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3. Governance related to BR:
(a) Indicate the frequency with which the Board of Directors, Committee of the Board or CEO to assess the BR performance of the Company.
Within 3 months, 3-6 months, Annually, More than 1 year :
Annually
(b) Does the Company publish a BR or a Sustainability Report? What is the hyperlink for viewing this report? How frequently it is published?
No.
Section E: Principle-wise performance

Principle 1: Businesses should conduct and govern themselves with Ethics, Transparency and Accountability.
(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?
The Company has got a Code of Conduct and Vigil Mechanism that has been approved by the Board of Directors. These are applicable to
all the senior management staff of the Company and an annual affirmation on compliance of these Codes is taken from them. The company
does not have a policy covering the above principles for outside parties but it persuades all the constituents associated with it to follow the
principles of ethics, etc. and corporate governance which is an integral part of the management is given top importance by the company .The
business activities of the other subsidiaries or group company are not material in relation to business activities of the company.
(2) 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.
There were no complaints on ethics / transparency and accountability during the year.
Principle 2: Businesses should provide goods and services that are safe and contribute to sustainability throughout their life cycle.
1. List upto 3 of your products or services whose design has incorporated social or environmental concerns, risks and / or opportunities.
(a) The Company is strategically focusing and engaged in the manufacture of products and give such services that will enable its customers
to build sustainable structures which are more durable in nature, more cost effective and more conducive to human life style. The
company is primarily engaged in the production of Ordinary Portland Cement and blended cement which uses fly ash, a natural waste,
as an additive contributing for the improvement in the environment. All the products comply with relevant standards applicable.
(b) The Company also concentrates on reducing the use of clinker in the cement thereby resulting in conservation of lime stone and
reducing the CO2 emissions.
(c) The Company also effectively generates power from the waste heat, addressing the carbon emissions, saving of water and fossil fuels
in the process of power generation.
(d) Technical services are also provided to its customers namely stockists and builders on the sustainability aspects of its products and
various mason meets, engineers meets and plant visits are held to ensure a long term relationship to understand the sustainability of the
product.
2. 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?
The Company continuously strives to reduce the power and fuel consumption per ton of cement. During the year under review through
sustained efforts, the power consumption was brought down by 2 KWH per ton of cement and the heat consumption by 13 Kcal per kg
of clinker. Through improvement in supply chain management further economies were also achieved in the transport cost of inward
materials and logistics cost of outward movement of cement despite the huge increase in the diesel price.
(b) Reduction during usage by consumers (energy, water) has been achieved since the previous year?
It is very difficult to assess end usage of cement by customers as cement is used for variety of purposes by diverse consumers. Hence
the details relating to reduction in the energy or water by consumers through usage of our product cannot be quantified.
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3. 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.
he company’s procurement policy and selection of vendors are aimed at ensuring sustainable environment, social interest but at the
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same time, the focus is on cost efficient procurement of quality products.
The major raw-material namely limestone required for the Company is located in the vicinity of the plants resulting in very minimal
transport cost with lesser fuel and carbon emission. The company adopts latest mining methods involving the advanced technology of
surface mining, etc. resulting in avoidance of drilling and blasting, thereby ensuring sustainability of the environment.
ost of the other raw-materials like fly ash are sourced from the very near thermal power plants and are focused towards buying the
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same at the cheaper cost with very little freight.
As far as the stores and maintenance items are concerned, the company gives preference in selection of vendors to the people who are
associated with company for a long time and who confirm to the principles of sustainability, statutory compliance and non-employment
of child labour and also gives preference to the local vendors involving minimal freight on transport of such goods and services adding
to the conservation of energy.
4. Has the Company taken any steps to procure goods and services from local & small producers, including communities surrounding their
place of work?
(a) If yes, what steps have been taken to improve their capacity and capability of local and small vendors?
The Company has always given the preference to local vendors for supply of stores, spares, PP bags and repair works. Our contractors
who are engaged in the repairs and maintenance of plants are employing workmen from the nearby villages by providing opportunities
to them to earn livelihood.
Many small entrepreneurs have put up their workshops nearer to our plants. Our Company engages their services for outside repair jobs.
The local vendors are provided with safety equipments and apparatus and are expected to adhere to the safety procedures of the
Company. Long term rate contracts are entered and periodical feedback given to vendors to improve quality, delivery, etc.
5. D
oes 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.
The Company is engaged in manufacture of cement and power and does not directly discharge any effluent or wastes.
he fly ash from our power plants is entirely used in our cement production. The waste water discharged from the power plant operations is
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purified, recycled and used for dust separation, gardening and house-keeping in the colony.
The excess heat available from the kiln is also captured by the waste heat recovery plant and used for generation of power at the cheapest
cost. All waste materials like copper slag, fly ash, gypsum are being used in the process.
Oil wastes are disposed of duly complying with pollution control procedures to approved vendors.
The company is also in the process of increasing the usage of alternate fuel and waste materials like plastic waste, paper waste, agriculture
waste etc. in its process.
Principle 3 Businesses should promote the well-being of all employees
1. Please indicate the Total number of employees. : No. of permanent employees is 2288 (Managerial -1302 &
Non-Managerial -986)
2. Please indicate the Total number of employees hired on temporary / : Average Number of Contract Employees engaged through
contractual / casual basis. Registered / Licensed Contractors 1756 (Packing Plant &
Other areas)-Mines & security not included.
3. Please indicate the Number of permanent women employees. : 27
4. Please indicate the Number of permanent employees with disabilities : 4
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5. Do you have an employee association that is recognized by : Yes. There are recognized trade unions constituted as per the
management. terms of the Trade Unions Act at the Company’s manufacturing
units.
6. What percentage of your permanent employees is members of this : Around 35%.
recognized employee association?
7. 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. of complaints filed during No. of complaints pending as on

No. Category
the financial year end of the financial year
1. Child labour / forced labour / involuntary labour NIL NA
2. Sexual harassment NIL NA
3. Discriminatory employment NIL NA
8. What percentage of your under mentioned employees were given safety & skill up-gradation training in the last year?
(a) Permanent Employees : Around 60% were given Skill up-gradation Training.
(b) Permanent Women Employees : Around 70% were given safety training by way of OJT/Mock
drills.
(c) Casual / Temporary / Contractual Employees : 100% safety training. However, details are not available
regarding other trainings as they are done by their respective
employers.
(d) Employees with Disabilities : 100% safety training.
Principle 4 Businesses should respect the interests of, and be responsive towards all stakeholders, especially those who are
disadvantaged, vulnerable and marginalized.
1. Has the Company mapped its internal and external stakeholders? Yes/No
Yes. The Company has mapped its internal stakeholders as well as external stakeholders.
2. Out of the above, has the company identified the disadvantaged, vulnerable & marginalized stakeholders.
he Company has identified its marginalised stakeholders by way of vendors, stockists, contract workers who are situated in and around its
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factory locations which are essentially under-developed locations requiring attention. Disabled youth and women are also catered through
skill development and women empowerment programme in the nearby communities.
3. 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.
Most of the Corporate Social Responsibility (CSR) activities undertaken by the Company are towards the welfare of the people and
stakeholders in and around our factory locations by providing health and sanitary care, educational facilities and vocational training,
infrastructural facilities like road, water, etc. Most of the welfare schemes undertaken by the Company are targeted towards upliftment of the
poor and down-trodden and marginalised stakeholders located in and around our factories to enable them to have a sustainable livelihood
and aimed at rural development.
Principle 5 Businesses should respect and promote human rights

1. D
oes the policy of the Company on human rights cover only the Company or extend to the Group / Joint Ventures / Suppliers / Contractors
/ NGOs / Others?
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The Company complies with the National and Local Laws as far as the individual rights are concerned. However, there is no specific human
rights policy for the time being.
2. H
ow many stakeholder complaints have been received in the past financial year and what percent was satisfactorily resolved by the
management?
No complaints for violation of human rights were received by the Company during the financial year.
Principle 6 Business should respect, protect and make efforts to restore the environment
1. D
oes the policy related to Principle 6 cover only the Company or extends to the Group / Joint Ventures / Suppliers / Contractors / NGOs /
others.
The Company has a Policy on Safety Health and Environment (SHE), which covers all the operations of the Company. As earlier mentioned
2 of the subsidiaries are also covered in BR initiatives of the company.
2. D
oes 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.
Yes. The Company is committed to reduce Greenhouse Gas (GHG) emissions and have got short-term and long-term targets in this regard.
All these targets are aimed at:
• Improving the blended cement ratio and reducing clinker in the overall cement by paving way for carbon reduction.
• Continuous focus on reduction of thermal and electrical energy consumption.
• Installation of Waste Recovery System and renewable energy in the form of windmills.
• Utilization of waste products from its thermal power plants like fly ash to improve the environment.
• Development of ponds and afforestation of the mined area to ensure greener environment.
• Installation of high efficiency bag filters in place of ESPs to ensure emissions are well within the permissible limits and continuous
monitoring of the same by relevant authorities.
• Usage of alternate fuel and residue materials in its process to ensure carbon emission reduction.
3. Does the Company identify and assess potential environmental risks? Y / N

The Company has got a Risk Management Policy and the potential environmental risk and other risks form part of Business Risk Management
review, where all such risks are identified and mitigation process are formulated.
4. D
oes 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?
es. The Company had a project registered under Clean Development Mechanism (CDM) for Waste Heat Recovery utilization at
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its Vishunupuram plant, on which Certified Emission Reduction (CER) certificate has been earned in the past. The Company has also
contributed for CDM through improvement in blended cement proportion and installation of windmills and gas-based power plants in Tamil
Nadu. The company is also in the process of setting up additional Waste Heat Recovery System at one more of its plant locations and
proportion of alternate fuel like usage of waster materials of plastic, paper and agriculture, etc. are also being stepped up.
5. H
as 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.
(a) As already mentioned, the Company has taken lot of steps towards clean technology, energy efficiency and renewable energy through
installation of windmills, waste heat recovery plant, etc. The Company is also in the process of installing two more waste heat recovery
plants at its locations to conserve the energy and improve energy efficiency.
(b) The Company’s in-house Research & Development continuously focusing on improving the usage of additives and reducing the clinker
in cement to ensure carbon reduction and also focus on value added varieties of cements.
(c) The company continuously monitor and takes measures for reducing power and fuel consumption. During the year under review, brought
down the usage of power by 2 units per ton of cement and heat consumption by 13 Kcal per kg of clinker.
(d) The company has further replaced some of the ESPs through pollution effective bag filters during the year complying with the emission
norms.
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6. A
re the Emissions / Waste generated by the Company within the permissible limits given by CPCB / SPCB for the financial year being
reported?
es. Emissions / generated by the Company are within the permissible limits given by the Central and State Pollution Control Boards. There
Y
are no significant wastes produced by the company.
7. 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.
There are certain environmental proceedings relating to our mines at Sankarnagar and also relating to our plant at Chilamkur pending before
the authorities as at the end of financial year.
Principle 7 Businesses, when engaged in influencing public and regulatory policy, should do so in a responsible manner
1. Is your company a member of any trade and chamber or association? If Yes, Name only those major ones that your business deals with:
(a) Cement Manufacturers Association (CMA)
(b) National Council for Cement and Building Materials (NCCBM)
(c) Confederation of Indian Industry (CII)
(d) The Associated Chambers of Commerce and Industry of India (ASSOCHAM)
(e) Federation of Indian Chambers of Commerce and Industry (FICCI)
(f) Bombay Chamber of Commerce and Industry
(g) The Madras Chamber of Commerce and Industry (MCCI)
(h) Hindustan Chamber of Commerce (HCC)
2. H
ave 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) ?
The Company was also a party to various initiatives taken through the aforesaid associations for:
(a) Promotion of concrete roads.
(b) Conservation of energy and use of renewable energy.
(c) Utilization of petcoke in kilns.
(d) Sustained mining practices.
(e) Manufacturing sand aggregates.
The Company, as part of its activities under Corporate Social Responsibility (CSR), has also taken steps for improvement of health and
safety of the people in the villages around its factories, conservation of water in the usage of concrete, biodiversity conservation, increased
usage of blended cement as sustainable building materials.
Principle 8 Businesses should support inclusive growth and equitable development.

1. Does the Company have specified programmes / initiatives / projects in pursuit of the policy related to Principle 8? If yes details thereof
As part of CSR, the Company has developed detailed programmes focused on developing the neighbourhood and ensuring a better
livelihood for the underprivileged people. Towards these programmes, all stakeholder groups are addressed which, inter alia, include
promotion of basic education, rural employment, sustainable operations of the public health centres, development of infrastructure like
roads, lights, drinking water supply, medical camps and facilities and social reforms, which will ultimately pave way for a sustained livelihood
for the neighbourhood. The waste water from the mining are also effectively recycled and are being used to recharge the nearby village
ponds and the company has invested for diverting such waste water to these locations.
2. Are the programmes / projects undertaken through in-house team / own foundation / external NGO / government structures / any other
organization?
The Company’s CSR projects are implemented through an In-house CSR Department. Some of the healthcare and welfare activities are
also being undertaken through governmental agencies and private hospitals and NGOs.
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3. Have you done any impact assessment of your initiative?
he Company is generally reviewing the impact assessment of its CSR initiatives, which is reflected in the form of feedback from the
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beneficiaries.
4. What is your company’s direct contribution to community development projects- Amount in INR and the details of the projects undertaken?

` 449.81 Lakhs towards Eradication of Poverty, Promotion of Education, Rural Development, Environment, Rural Sports, Promotion of
Gender Equality etc., as detailed in Sl.No.4 under Section B of this Report.
5. H
ave you taken steps to ensure that this community development initiative is successfully adopted by the community? Please explain in 50
words, or so.
es. The Company follows a process before undertaking any community development project. These projects are undertaken based on
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either the request from the community or based on the survey and initiative taken by the Company for improvement of the society and the
environment. An assessment report is prepared based on various parameters such as health indicators, literacy levels, population data,
state of infrastructure, cost and the benefits that will accrue to the people and based on the importance of such projects, these projects are
listed and being implemented one by one.
Principle 9 Businesses should engage with and provide value to their customers and consumers in a responsible manner
1. What percentage of customer complaints / consumer cases are pending as on the end of financial year.
The top management including Managing Director of the Company have been continuously meeting its stockists, consumers and masons
to apprise them on various issues regarding quality, setting time, strength, etc. and also to understand their concerns. Most of the concerns
are being reviewed regularly and then resolved immediately then and there to their satisfaction. There were one or two complaints from
end-consumers in the previous year, which have been sorted out fully and there are no significant complaints pending as of 31.03.2019 from
consumers.
2. D
oes 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)
The Company displays all the information regarding the product as mandated by Bureau of Indian Standards (BIS) and relevant Local Laws
applicable on the cement bag.
3. Is there any case filed by any stakeholder against the Company regarding unfair trade practices, irresponsible advertising and / or anti-
competitive behaviour during the last five years and pending as on end of financial year. If so, provide details thereof, in about 50 words or
so.
The Company does not indulge in any anti-competitive activities. There were no complaints pending, other than the item mentioned in Note
No.40.2(f) of Notes on Accounts for the year ended 31st March, 2019.
4. Did your company carryout any consumer survey / consumer satisfaction trends?
The senior management including Chief Executive periodically visit its main customers, namely, stockists, sub-dealers, consumers, as part
of the appraisal programme and get the feedback on the satisfaction levels on supply, quality and other terms, etc.

Place : Chennai
58
ANNEXURE ‘G’ TO DIRECTORS’ REPORT FOR THE YEAR ENDED 31ST MARCH, 2019
CORPORATE SOCIAL RESPONSIBILITY (CSR) 2018-19
1. A
brief outline of the Company’s CSR policy, including : CSR objective
overview of projects or programs proposed to be 1. Understanding, Supporting and Developing the Communities
undertaken and a reference to the web-link to the and the Cultures within which the Company works.
CSR policy and projects or programs. 2. Nurturing the Environment and the Surroundings of the
Company’s plants.
3.
Enhancing the Value of the Company through Sustainable
Development
CSR Policy is available at the Company’s website
www.indiacements.co.in
2. The Composition of CSR Committee : 1. Sri N. Srinivasan
2. Sri Basavaraju
3. Smt. Sandhya Rajan
3. Average net profit of the Company for the last three financial years : ` 19666.85 lakhs
4. Prescribed CSR Expenditure (two percent of the amount as in
item 3 above : ` 393.34 lakhs
5. Details of CSR spent during the financial year:
a) Total amount to be spent for the financial year : The Company has budgeted to spend ` 667 Lakhs towards CSR
b) Amount unspent, if any:
c) Manner in which the amount spent during the financial year is detailed below:
REPORT ON CSR ACTIVITIES ` Lakhs

1 2 3 4 5 6 7 8
Sl. CSR Sector in Projects / Programmes Amount Amount spent on the Cumulative Amount spent:
No. Project / which the 1. Local area / others outlay projects / programs spent upto Direct / through
Activity Project is 2. Specify the State / district (budget) Subheads: implementing
the reporting
Identified covered (Name of the District/s, projects / 1. Direct expenditure on agency
period
State/s where project / programs projects
programme was undertaken) wise
2. Overheads
Detailed below 399.31 Direct
Sector: Eradication of Poverty
Sl.
CSR Projects / activities identified Location (District, State) Budget Amount Spent
No.
1 Organise General Health Camps & Awareness Salem, Ariyalur, Thiruvallur-Tamilnadu
programme. / Kadapa-Andhra Pradesh / Nalgonda,
28.41 17.58
Ranga Reddy-Telangana / Beed-
Maharashtra / Banswara-Rajasthan
2 “Swatch Bharat Abhiyan” under the Prime Minister scheme Banswara-Rajasthan
2.50 1.31
- sanitation and awareness through campaign/local NGO.
59
Sl.
No.
3 Providing of medical apparatus like spectacles, hearing aid Tirunelveli, Ariyalur, Thiruvallur,
etc., to the needy. Chennai-Tamilnadu / Kadapa-Andhra 7.80 10.65
Pradesh / Ranga Reddy-Telangana
4 Water purification, desalination, storage, preservation and Tirunelveli, Salem, Thiruvallur-
0.50 0.72
rain water harvesting. Tamilnadu / Kadapa-Andhra Pradesh
5 Provision of equipment and instruments, medicines, Tirunelveli-Tamilnadu / Banswara-
construction and maintenance of rooms and other facilities Rajasthan 5.10 16.87
at Primary Health Centres.
6 Construction of drainage for sewage water, providing Tirunelveli, Ariyalur-Tamilnadu /
1.12 2.76
drinking water and water pond improvement etc. Ranga Reddy-Telangana
7 Providing Inverter with rechargeable tubular batteries for Tirunelveli, Ariyalur, Thiruvallur,
Public Offices, Traffic Signal, Street Light, Installation of Chennai-Tamilnadu / Kadapa-Andhra 21.39 17.97
CCTV & Computer with Invertors etc. Pradesh / Ranga Reddy-Telangana
8 Flood relief materials - Kerala & Tamil Nadu Tirunelveli, Salem, Ariyalur-Tamilnadu
2.66 8.41
/ Ranga Reddy-Telangana
9 Donation of Cement for renovating / reconstructing of Beed-Maharashtra / Nalgonda-
10.60 4.56
Water Canals and other public utilities. Telangana
10 Providing basic needs like Dress materials, Foot wear, Ariyalur, Thiruvallur-Tamilnadu /
Vessels, Tri-cycles etc. to Orphanages, Oldage homes, Kadapa-Andhra Pradesh / Nalgonda- 16.80 3.70
Blind & differently abled persons etc. Telangana
Total 96.88 84.53
Sector: Promotion of Education
Sl.
No.
1 Providing Technical Education to needy and poor villagers Thiruvallur-Tamilnadu / Nalgonda,
and organise Career counselling programmes. Ranga Reddy-Telangana / Beed- 19.00 10.33
2 Provision of infrastructure to Schools. Tirunelveli, Salem, Ariyalur,
Thiruvallur-Tamilnadu / Kadapa-
Andhra Pradesh / Nalgonda, 31.94 22.05
Ranga Reddy-Telangana / Beed-
3 Organising spark and inspire education, educational Tours Tirunelveli, Thiruvallur-Tamilnadu /
& exam kits for school children. Distribution of T-shirts for Kadapa-Andhra Pradesh 2.60 2.09
students in rural schools.
4 Financial Assistance for Poor Students for Higher Tirunelveli, Ariyalur-Tamilnadu /
Education & Assisting Government Schools to fill the Nalgonda, Ranga Reddy-Telangana
13.20 3.60
Teachers Vacancies. / Beed-Maharashtra / Banswara-
Rajasthan
5 Vocational Training, Abacus Training, Conducting Tailoring Tirunelveli, Thiruvallur-Tamilnadu
Classes, Special coaching classes, Technical know-how, / Ranga Reddy-Telangana / Beed- 7.00 4.27
etc. for poor in around the factory vicinity Maharashtra
60
Sl.
No.
6 Sponsorship for the National Level Workshop on “Status of Tirunelveli-Tamilnadu / Kadapa-
Petroleum Exploration in India” held at the PG & Research Andhra Pradesh
5.50 2.80
Department of Geology and “NALSA Legal Services”
Chaitanya Bharathi Institute of Technology
7 Science Exhibition to bring awareness & interest in Science. Tirunelveli-Tamilnadu 1.00 1.79
8 Adoption of the Govt. School through the office of Collector & Banswara-Rajasthan
0.50 0.50
SDM Banswara under the adoption scheme of Rajasthan Govt.
9 Prizes and Scholarships for meritorious students. Tirunelveli-Tamilnadu / Kadapa-
3.20 2.73
Andhra Pradesh / Beed-Maharashtra
Total 83.94 50.16
Sector: Rural Development
Sl.
No.
1 Provision of infrastructure facilities in the target villages Tirunelveli, Salem-Tamilnadu /
Nalgonda, Ranga Reddy-Telangana / 55.75 5.51
Kadapa-Andhra Pradesh
2 Support for Drinking Water & Agriculture etc. Tirunelveli, Salem-Tamilnadu / Ranga
12.00 0.21
Reddy-Telangana
3 Develop and maintenance of Road, Solar Lights Fixing etc. Ariyalur, Salem-Tamilnadu /
95.00 73.21
Nalgonda-Telangana
4 Provide Water Tank and Motor, RO water system to nearby Tirunelveli, Ariyalur, Salem-Tamilnadu
villages for drinking water / Nalgonda-Telangana / Kadapa- 34.39 14.56
Andhra Pradesh
5 Construction & Renovation of School, Compound wall, Tirunelveli, Ariyalur, Salem-
Public Toilet and Bathroom for Ladies near Mines villages Tamilnadu / Kadapa-Andhra Pradesh
26.75 12.90
/ Ranga Reddy-Telangana / Beed-
Maharashtra
6 Construction of Multi-purpose Community Hall, Social Tirunelveli, Salem, Ariyalur,
Function Centre Building, Bus stop / shelter, Police booth, Thiruvallur, Chennai-Tamilnadu
School room bldg., provision of Bore well with submersible / Kadapa-Andhra Pradesh / 126.70 51.41
pump and Ground level water tank for villagers. Ranga Reddy-Telangana / Beed-
7 Promote Organic Farming concept in the nearby villages Banswara-Rajasthan
for improving crop productivity, farmers health & quality for 4.00 3.45
better livelihood of the villagers.
Total 354.59 161.25
61
Sector: Rural Sports
Sl.
No.
1 Assistance & financial support to local sports Ariyalur, Thiruvallur-Tamilnadu / Kadapa-Andhra
organising agencies in coordination with local Pradesh / Nalgonda, Ranga Reddy-Telangana / 14.41 10.93
sport authorities. Beed-Maharashtra / Banswara-Rajasthan
2 Conducting Rural Games & Sports Ariyalur-Tamilnadu / Nalgonda-Telangana / Beed-
2.44 0.63
Maharashtra
Total 16.85 11.56
Sector: Environment
Sl.
No.
1 Organise plantation event on the occasion of Salem, Ariyalur, Thiruvallur-Tamilnadu / Kadapa-
Environment Day and Creating awareness Andhra Pradesh / Nalgonda-Telangana / Beed- 13.90 4.53
on environmental issues Maharashtra / Banswara-Rajasthan
2 Providing Barbed wire fencing around the
Reserve Forest Boundary to prevent the Tirunelveli-Tamilnadu 2.00 4.80
entry of Wild life into Agricultural lands
3 De-silting and deepening of River, Lake,
Pond & heightening of Tank bund. Planting
Tirunelveli, Ariyalur-Tamilnadu 14.41 21.22
of trees and removal of Seemai Karuvelam
(Tree)- Road sides and Govt. barren lands
4 Garden on the road side & Model Eco Park
Green initiative. Creating Awareness on Tirunelveli, Salem, Ariyalur, Chennai-Tamilnadu 8.05 7.96
Single Use Plastic Ban activities
5 Veterinary Camp / Organise Cattle
Management Camp and provide free
medicine, technical assistance and
equipment for improving the quality of fodder Kadapa-Andhra Pradesh / Banswara-Rajasthan 3.50 2.51
and also create awareness about using
biomass stoves for improving the quality of
life.
6 Renovation of Forest Department
Awareness boards in and around area. Tirunelveli-Tamilnadu 0.00 4.15
Fixing of road side plastic banner.
7 Adoption of two nearby Panchayat under
Rajasthan Government Jal Swavlamban Banswara-Rajasthan 7.00 7.09
Abhiyan scheme.
Total 48.86 52.26
62
Sector: Promotion of Gender Equality
Sl.
No.
1 Promoting gender equality and empowering women
(SHG), women day celebration, setting up homes
and hostels for women and orphans, setting Tirunelveli-Tamilnadu / Kadapa-Andhra
up old age homes, day care centers and such Pradesh / Ranga Reddy-Telangana / 11.00 3.23
other facilities for senior citizens and measures Banswara-Rajasthan
for reducing inequalities faced by socially and
economically backward groups.
2 Skill Development Program for Women - Tailoring Tirunelveli, Ariyalur-Tamilnadu / Nalgonda-
4.23 1.23
Training etc. Telangana / Kadapa-Andhra Pradesh
3 Skill Development for Youth Tirunelveli, Ariyalur, Thiruvallur-Tamilnadu /
10.75 4.05
Nalgonda-Telangana / Beed-Maharashtra
Total 25.98 8.51
Sector: Protection of National Heritage
Sl.
No.
1 Protection of national heritage, art and culture
including restoration of buildings, Temples and sites
of historical importance and work of art, setting up Chennai-Tamilnadu / Kadapa-Andhra
of public libraries, promotion and development of Pradesh / Nalgonda, Ranga Reddy-
39.75 31.04
traditional arts, festival, spiritual and handicrafts Telangana / Beed-Maharashtra / Banswara-
organize with the help of local representatives, Rajasthan
institutions and NGO .Republic Day, Independence
Day, and other social activities in nearby villages
Total 39.75 31.04
Grand Total 666.85 399.31
6. In case the Company has failed to spend the two per cent of the average : Not applicable
net profit of the last three financial years or any part thereof, the Company
shall provide the reasons for not spending the amount in its Board Report
7. A responsibility statement of the CSR Committee that the implementation : The CSR Committee confirms that the implementation
and monitoring of CSR Policy is in compliance with CSR objectives and and monitoring of CSR Policy is in compliance with CSR
Policy of the Company objectives and policy of the Company.
Place : Chennai N.SRINIVASAN

Date : 7 August, 2019
th
Chairman, CSR Committee
63
ANNEXURE ‘H’ TO DIRECTORS’ REPORT FOR THE YEAR ENDED 31ST MARCH, 2019
FORM AOC-1
STATEMENT ATTACHED TO THE BALANCE SHEET AS AT 31ST MARCH 2019 PURSUANT TO SECTION 129 (3) OF THE COMPANIES
ACT, 2013 READ WITH RULE 5 OF COMPANIES (ACCOUNTS) RULES, 2014
PART - A - SUBSIDIARIES
` In Lakhs
1 Sl. No. 1 2 3 4 5 6 7 8 9 10 11
2 Name of the Subsidiary Industrial ICL ICL Financial ICL Coromandel Coromandel India NKJA Mining Springway PT Coromandel
Chemicals & Securities Services International Travels Electric Cements Private Mining Coromandel Minerals
Monomers Limited Limited Limited Limited Company Infrastructure Limited Private Minerals Pte Limited,
Limited Limited Limited Limited Resources, Singapore *
Indonesia
3 Date since when subsidiary
was acquired 09-04-1992 28-11-1996 08-06-1994 08-06-1994 06-02-2017 27-03-2012 31-01-2013 03-12-2018 03-12-2018 10-07-2008 01-06-2010
4 Reporting Period for the
Subsidiary Accounts 31-03-2019 31-03-2019 31-03-2019 31-03-2019 31-03-2019 31-03-2019 31-03-2019 31-03-2019 31-03-2019 31-12-2018 31-03-2019
5 Reporting Currency for the RP
Subsidiary INR INR INR INR INR INR INR INR INR -0.00504 USD-67.93
6 Share Capital 227.82 613.02 596.20 5.00 6731.00 70.00 5.00 1.00 1.00 128.54 9167.05
7 Reserves and Surplus 14063.47 1892.29 (1176.86) (3198.25) (17232.24) 14683.40 (3155.32) (7.25) (197.85) (2824.55) 424.56
8 Total Assets 15876.17 15471.57 16019.55 310.77 410.72 23160.06 7755.37 1.02 4172.59 3901.97 11443.08
9 Total Liabilities 1584.88 12966.26 16600.21 3504.02 10911.96 8406.66 10905.69 7.27 4369.44 6597.99 1843.17
10 Investments 0.00 12225.08 15299.54 0.00 0.00 3843.00 0.00 0.49 0.00 8.30 224.28
11 Turnover 1.76 79.79 79.84 205.54 454.15 8997.12 843.46 0.00 10.76 4967.29 16.33
12 Profit /(Loss) before Taxation (31.33) 74.23 0.17 (73.50) (2728.69) 366.87 (1079.38) (6.41) (214.06) (892.42) (86.32)
13 Provision for Taxation 0.00 0.00 0.00 0.00 0.00 50.15 0.00 0.00 1.75 0.00 0.00
14 Profit /(Loss) after Taxation (31.33) 74.23 0.17 (73.50) (2728.69) 316.72 (1079.38) (6.41) (215.81) (892.42) (86.32)
15 Proposed Dividend NIL NIL NIL NIL NIL NIL NIL NIL NIL NIL NIL
16 Extent of Shareholding (%) 98.59% 100% 100% 100% 98.50% 50.14% 100% 100% 51% 100% 100%
17 No. of Shares 2228191 6130200 5962000 50000 67310000 700000 50000 10000 10000 3000 18986501
18 Book Value per Share 641.39 40.87 (9.74) (6386.50) (15.60) 2107.63 (6300.64) (62.50) (1968.50) (89867.13) 50.52
Notes :
1 Yet to commence operation Commenced Commenced Commenced Commenced Commenced Commenced Commenced Yet to be Yet to be Commenced Commenced
Commenced Commenced
2 Liquidated / Sold during NIL NIL NIL NIL NIL NIL NIL NIL NIL NIL NIL
the Year
* Includes figures of subsidiaries namely Raasi Minerals Pte. Limited, PT Adcoal Energindo and associate PT. Mitra Setia Tanah Bumbu
As per our report of 25th May, 2019

For K.S. Rao & Co., For S. Viswanathan LLP N. SRINIVASAN RUPA GURUNATH CHITRA SRINIVASAN
Chartered Accountants Chartered Accountants Vice Chairman & Wholetime Director K. BALAKRISHNAN
Firm Regn. No. 003109S Firm Regn. No. 004770S / S200025 Managing Director S. BALASUBRAMANIAN ADITYAN
M. KRISHNA CHAITHANYA CHELLA K. SRINIVASAN R. SRINIVASAN S. SRIDHARAN BASAVARAJU
Partner Partner Executive President Company Secretary LAKSHMI APARNA SREEKUMAR
Membership No:231282 Membership No: 023305 (Finance & Accounts) V. RANGANATHAN
SANDHYA RAJAN
Place : Chennai V. VENKATAKRISHNAN
Date : 25th May, 2019 Directors
64
STATEMENT ATTACHED TO THE BALANCE SHEET AS AT 31ST MARCH 2019 PURSUANT TO SECTION 129 (3) OF THE COMPANIES
ACT, 2013 READ WITH RULE 5 OF COMPANIES (ACCOUNTS) RULES, 2014
PART - B - ASSOCIATES
Unique
Sl. Raasi Cement Coromandel India Cements Receivable
Name of Associates / Joint Ventures
No. Limited Sugars Limited Capital Limited Management
Private Limited
1 Latest Audited Balance Sheet Date 31-03-2018 31-03-2018 31-03-2018 31-03-2018
2 Date on which the associate was associated or
acquired 25-02-2000 15-11-1999 07-02-1997 08-02-2007
3 Shares of Associates held by the Company & its
subsidiaries on the year end
No. of Shares 239409 7000100 10400000 24600
Amt. of Investment in Associates (` in Lakhs) 0.00 994.80 2544.99 2.46
Extent of Holding % 28.94% 49.99% 47.91% 49.20%
4 Description of How there is significant Influence Holding > 20% Holding > 20% Holding > 20% Holding > 20%
5 Reason why the associate is not Consolidated Not Applicable Not Applicable Not Applicable Not Applicable
6 Net Worth attributable to Shareholding as per
Latest audited Balance sheet (` Lakhs) (39.67) 6472.97 1362.97 (4325.91)
7 Profit / Loss for the Year (2018-19)
i. Considered in Consolidation (` Lakhs) 0.00 (172.13) 6.33 0.00
ii. Not Considered in Cosolidation (` Lakhs) Not Applicable Not Applicable Not Applicable Not Applicable
Notes
1 Yet to commence operation Commenced Commenced Commenced Commenced
2 Liquidated / Sold during the year NIL NIL NIL NIL

SANDHYA RAJAN
65
ANNEXURE ‘I’ TO DIRECTORS’ REPORT FOR THE YEAR ENDED 31ST MARCH, 2019
Form No. AOC-2
(Pursuant to Clause (h) of sub-section (3) of Section 134 of the Act and Rule 8(2) of the Companies (Accounts) Rules, 2014)
1. Details of contracts or arrangements or transactions not at arm’s length basis : Nil
2. Details of material contracts or arrangement or transactions at arm’s length basis : ` In Lakhs
2(d) Salient terms

2 (c) Duration of the contracts 2(f) Amount paid
2 (b) Nature of
2 (a) Name(s) of the related of contracts/ or arrangements 2 (e) Date(s) of approval by as advances, if any
contracts/arrangements/
party and nature of relationship. arrangements/ or transactions the Board, if any (Outstanding as on
transactions.
transactions. including the value, 31.03.2019)
if any.
ICL FINANCIAL SERVICES Limited - Subsidiary Transfer of Equity Need Based 0.90 11.08.2018, 09.11.2018,
Shares 11.02.2019 & 25.05.2019
ICL INTERNATIONAL Limited - Subsidiary Purchase of Goods Need Based 6.96 11.08.2018, 09.11.2018,
11.02.2019 & 25.05.2019

Receiving of Services Need Based 163.86 11.08.2018, 09.11.2018,
11.02.2019 & 25.05.2019
INDIA CEMENTS INFRASTRUCTURES Limited Sale of Goods Need Based 30.94 11.08.2018, 09.11.2018, 10384.00
- Subsidiary 11.02.2019 & 25.05.2019
Purchase of Goods Need Based 1.35 25.05.2019
Interest on Advances As per Agreement 876.20 25.05.2019

Sale of Land As per Agreement 145.40 25.05.2019
COROMANDEL ELECTRIC COMPANY Limited Renting of Land As per Agreement 1.42 25.05.2019
- Subsidiary
Receiving of Services As per Agreement 774.61 11.08.2018, 09.11.2018,
11.02.2019 & 25.05.2019
Revenue Sharing As per Agreement 2371.70 11.02.2019 & 25.05.2019
NKJA MINING Private Limited - Subsidiary Acquisition of Shares As per Agreement 7981.81 25.05.2019
SPRINGWAY MINING Private Limited- Acquisition of Shares As per Agreement 1277.60 25.05.2019
Subsidiary

COROMANDEL TRAVELS Limited - Subsidiary Receiving of Services Need Based 444.25 11.08.2018, 09.11.2018,
11.02.2019 & 25.05.2019
COROMANDEL MINERALS PTE. Limited- Advances As per Agreement 1049.43

SINGAPORE - Subsidiary
PT. COROMANDEL MINERALS RESOURCES, Purchase of Goods Need Based 2773.90 09.11.2018, 11.02.2019 & 259.04
INDONESIA - Subsidiary 25.05.2019
PT. MITRA SETIA TANAH BUMBU, (MSTB), Purchase of Goods Need Based 1413.29 11.08.2018, 09.11.2018,
INDONESIA - Subsidiary (In the last quarter MSTB 11.02.2019 & 25.05.2019
has become an Associate Co.)
66
Form No. AOC-2 (Contd.)
(Pursuant to Clause (h) of sub-section (3) of Section 134 of the Act and Rule 8(2) of the Companies (Accounts) Rules, 2014)
2(d) Salient terms

2 (c) Duration of the contracts 2(f) Amount paid
2 (b) Nature of
2 (a) Name(s) of the related of contracts/ or arrangements 2 (e) Date(s) of approval by as advances, if any
contracts/arrangements/
party and nature of relationship. arrangements/ or transactions the Board, if any (Outstanding as on
transactions.
transactions. including the value, 31.03.2019)
if any.
COROMANDEL SUGARS LIMITED - Associate Sale of Goods Need Based 54.37 11.08.2018, 09.11.2018,
11.02.2019 & 25.05.2019

Purchase of Goods Need Based 13.32 09.11.2018, 11.02.2019 &
25.05.2019
INDIA CEMENTS CAPITAL LIMITED - Associate Receiving of Services Need Based 300.37 11.08.2018, 09.11.2018, 396.93
11.02.2019 & 25.05.2019

COROMANDEL SUGARS LIMITED - Associate Guarentee O/s at the Need Based 14000.00 11.02.2019 & 25.05.2019
end of the Year
No Guarantee commission has been charged in the case of :

Coromandel Sugars Limited, an associate Company and a Public Limited Company, as the guarantee has been given for the purpose of its availing financial assistance from
banks / financial institutions. The guarantee(ies) are valid till the date of repayment of loan.

Place : Chennai
Date : 25th May, 2019
67
ANNEXURE ‘J’ TO DIRECTORS’ REPORT FOR THE YEAR ENDED 31ST MARCH, 2019
FORM No. MGT-9

EXTRACT OF ANNUAL RETURN
As on the financial year ended on 31.03.2019
[Pursuant to Section 92(3) of the Companies Act, 2013 and Rule 12(1) of the Companies
(Management and Administration) Rules, 2014]
I. REGISTRATION AND OTHER DETAILS:
i) CIN : L26942TN1946PLC000931
ii) Registration Date : 21.02.1946
iii) Name of the Company : The India Cements Limited
iv) Category / Sub-Category of the Company : Public Limited Company
v) Address of the Registered office and contact details : ‘Dhun Building’, 827, Anna Salai, Chennai – 600002;
Phone : 044-2852 1526 / 28572 100 / 400; Fax: 044-2851 7198;
Email: investor@indiacements.co.in
vi) Whether listed company Yes / No : Yes
vii) Name, Address and Contact details of Registrar : Integrated Registry Management Services Private Limited
and Transfer Agent, if any [formerly Integrated Enterprises (India) Limited],
2nd Floor, “Kences Towers”,
No.1, Ramakrishna Street, North Usman Road,
T. Nagar, Chennai - 600017.
Phone : 044-28140801 to 28140803.
Fax: 044-28142479.
Email: corpserv@integratedindia.in
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. Name and Description of main products NIC code of the product / service % to total turnover of the Company
No. / services
1 Cement / Clinker 2521 97.03
III. PARTICULARS OF HOLDING, SUBSIDIARY AND ASSOCIATE COMPANIES:
Holding / % of
Sl. Applicable
Name and Address of the Company CIN / GLN Subsidiary / shares
No. Section
Associate held
1 Industrial Chemicals and Monomers Limited,
145 Madurai Road, Sankar Nagar P.O. U24111TN1979PLC007911 Subsidiary 98.59% Sec.2(87)(ii)
Tirunelveli 627357
2 ICL Financial Services Limited,
U65991TN1993PLC026056 Subsidiary 100.00% Sec.2(87)(ii)
‘Dhun Building’, 827, Anna Salai, Chennai 600002.
3 ICL Securities Limited,
68
Holding / % of
Sl. Applicable
Name and Address of the Company CIN / GLN Subsidiary / shares
No. Section
Associate held
4 ICL International Limited,
5 Coromandel Electric Company Limited,
6 India Cements Infrastructures Limited,
7 Coromandel Travels Limited,
‘Dhun Building’, 827, Anna Salai, Chennai 600002
8 Springway Mining Private Limited
McLeod House, 1st Floor, 3, Netaji Subhas Road, U10100WB2010PTC152849 Subsidiary 51.00% Sec.2(87)(ii)
Kolkata 700001
9 NKJA Mining Private Limited
301, Rajnigandha, Green Garden Estate, U10100MP2012PTC027609 Subsidiary 100.00% Sec.2(87)(ii)
Near S. P Office, City Centre, Gwalior 474011
10 PT. Coromandel Minerals Resources, Foreign Company
Foreign
Epiwalk Office Suite, 5th Floor Unit B 528, Rasuna 71/1.824.7/2008 100.00% Sec.2(87)(ii)
Subsidiary
Epicentrum Complex, Jakarta Selatan 12940, Indonesia. (Incorporated in Indonesia)
11 Coromandel Minerals Pte. Limited, Foreign Company
Foreign
24, Raffles Place, #18-00, Clifford Centre, 200918251D 100.00% Sec.2(87)(ii)
Subsidiary
Singapore 048621. (Incorporated in Singapore)
12 Raasi Minerals Pte. Limited, Foreign Company
Foreign
24 Raffles Place #18-00 Clifford Centre, 200918260E 100.00% Sec.2(87)(ii)
Subsidiary
Singapore 048621 (Incorporated in Singapore)
13 PT Adcoal Energindo,
Foreign Company
Epiwalk Office Suite, 5th Floor - Unit B 528, Rasuna Foreign
09.03.1.09.55461 100.00% Sec.2(87)(ii)
Epicentrum Complex, Jl. HR Rasuna Said, Kuningan, Subsidiary
(Incorporated in Indonesia)
South Jakarta 12940, Indonesia
14 PT Mitra Setia Tanah Bumbu,
Foreign Company
Epiwalk Office Suite, 5th Floor - Unit B 528, Foreign
09.03.1.05.77198 49.00% Sec.2(6)
Rasuna Epicentrum Complex, Jl. HR Rasuna Said, Associate
(Incorporated in Indonesia)
KuninganSouth Jakarta 12940, Indonesia
15 Raasi Cement Limited,
White House, Block III B, 3rd Floor,
U26942TG1978PLC002288 Associate 28.94% Sec.2(6)
6-3-1192/1/1, Kundanbagh, Begumpet,
Hyderabad 500016
16 Coromandel Sugars Limited,
U15421TN1996PLC035549 Associate 49.99% Sec.2(6)
17 India Cements Capital Limited,
L65191TN1985PLC012362 Associate 47.91% Sec.2(6)
18 Unique Receivable Management Private Limited,
U67200TN2002PTC048428 Associate 49.20% Sec.2(6)
69
IV. SHAREHOLDING PATTERN (Equity Share Capital Breakup as percentage of Total Equity)
i) Category-wise Shareholding
No. of Shares held at the beginning of the year No. of Shares held at the end of the year * %
change
Category of Shareholders % of total % of total
Demat Physical Total Demat Physical Total during the
shares shares year**
A. Promoters
1 Indian
a) Individual/HUF 20015896 0 20015896 6.50 20013956 0 20013956 6.46 (0.04)
b) Central Govt - - - - - - - - -
c) State Govt (s) - - - - - - - - -
d) Bodies Corp. 66168057 0 66168057 21.48 66168057 0 66168057 21.35 (0.13)
e) Banks / FI - - - - - - - - -
f) Any Other
749435 0 749435 0.25 1239435 0 1239435 0.40 0.15
Directors & Relatives
Sub-total (A) (1) 86933388 0 86933388 28.23 87421448 0 87421448 28.21 (0.02)
2 Foreign
- - - - - - - - -
a) NRIs - Individuals
b) Other - Individuals - - - - - - - - -
c) Bodies Corp. - - - - - - - - -
d) Banks / FI - - - - - - - - -
e) Any Other - - - - - - - - -
Sub-total (A) (2) - - - - - - - - -
Total shareholding of
Promoter (A) = (A)(1)+(A)(2) 86933388 0 86933388 28.23 87421448 0 87421448 28.21 (0.02)
B. Public Shareholding
1. Institutions
a) Mutual Funds 69121369 34079 69155448 22.44 71187590 33279 71220869 22.98 0.54
b) Banks / FI 408956 6714 415670 0.13 474535 6714 481249 0.16 0.03
c) Central Govt - - - - - - - - -
d) State Govt(s) - - - - - - - - -
e) Venture Capital Funds - - - - - - - - -
f) Insurance Companies 16558641 250 16558891 5.37 16289784 250 16290034 5.26 (0.11)
g) FIIs / FPIs 55785750 40400 55826150 18.12 41047084 22400 41069484 13.25 (4.87)
h) Foreign Venture Capital
- - - - - - - - -
Funds
i) Alternate Investment
690839 0 690839 0.22 18000 0 18000 0.01 (0.21)
Funds
j) Others (specify) - - - - - - - - -
Sub-total (B)(1) 142565555 81443 142646998 46.28 129016993 62643 129079636 41.66 (4.62)
2. Non-Institutions
a) Bodies Corp.
i) Indian 28294060 649353 28943413 9.39 29787464 644125 30431589 9.82 0.43
ii) Overseas - - - - - - - - -
70
No. of Shares held at the beginning of the year No. of Shares held at the end of the year * %
change
Category of Shareholders % of total % of total
Demat Physical Total Demat Physical Total during the
shares shares year**
b) Individuals
i) Individual shareholders
holding nominal share
capital upto `1 lakh 30598779 1048908 31647687 10.27 37143835 872395 38016230 12.27 2.00
ii) Individual Shareholders
holding nominal share
capital in excess of ` 1 lakh 10839104 69478 10908582 3.54 16373546 69478 16443024 5.31 1.77
c) Others (specify)
Directors & Relatives 4000 20000 24000 0.01 310 20000 20310 0.01 0.00
Insurance Company
Registered with IRDA 0 0 0 0.00 1290 0 1290 0.00 0.00
Non-Resident Individuals 2916514 16404 2932918 0.95 3143573 13664 3157237 1.02 0.07
Foreign National (Enemy
Property) 11854 0 11854 0.00 0 0 0 0.00 0.00
Trust 99338 0 99338 0.03 66093 0 66093 0.02 (0.01)
Hindu Undivided Families 1296742 0 1296742 0.42 1780859 0 1780859 0.57 0.15
Clearing Members 668877 0 668877 0.22 2044958 0 2044958 0.66 0.44
Limited Liability Partnerships 70071 0 70071 0.02 66145 0 66145 0.02 0.00
Association of Persons
(AOP) 201 0 201 0.00 1301 0 1301 0.00 0.00
Investor Education and
Protection Fund Authority 246688 0 246688 0.08 360113 0 360113 0.12 0.04
Sub-total (B)(2) 75046228 1804143 76850371 24.93 90769487 1619662 92389149 29.82 4.89
Total Public Shareholding
(B) = (B)(1) + (B)(2) 217611783 1885586 219497369 71.21 219786480 1682305 221468785 71.48 0.27
C. Shares held by Custodian
for GDRs & ADRs
Global Depository Shares
(GDSs) 1721444 0 1721444 0.56 1006968 0 1006968 0.31 (0.25)
Sub-total (C) 1721444 0 1721444 0.56 1006968 0 1006968 0.31 (0.25)
Grand Total (A+B+C) 306266615 1885586 308152201 100.00 308214896 1682305 309897201 100.00 –
* Includes 1745000 equity shares of `10/- fully paid up allotted to the employees under Employee Stock Option Scheme, 2016.
** The % change in shareholding is due to increase in paid up equity share capital.
ii) Shareholding of Promoters

Shareholding at the beginning of the year Shareholding at the end of the year
% of Shares % of Shares % change in
Sl. % of total % of total shareholding
Shareholder’s Name Pledged / Pledged /
No. No. of Shares No. of Shares during the
encumbered encumbered
Shares of the Shares of the Year #
to total to total
Company Company
shares shares
EWS Finance & Investments Private
1
Limited 27643432 8.97 0.52 27643432 8.92 3.53 (0.05)
Prince Holdings (Madras) Private
2
Limited 25500000 8.28 8.28 25500000 8.23 5.81 (0.05)
71
Shareholding at the beginning of the year Shareholding at the end of the year
% of Shares % of Shares % change in
Sl. % of total % of total shareholding
Shareholder’s Name Pledged / Pledged /
No. No. of Shares No. of Shares during the
encumbered encumbered
Shares of the Shares of the Year #
to total to total
Company Company
shares shares
3 Anna Investments Private Limited 13024625 4.23 3.57 13024625 4.20 3.55 (0.03)
4 Mr. N. Srinivasan 634415 0.21 0.00 1124415 0.36 0.00 0.15
5 Mrs.Chitra Srinivasan 78580 0.03 0.00 78580 0.03 0.00 0.00
6 Ms.Rupa Gurunath 36440 0.01 0.00 36440 0.01 0.00 0.00
7 Mrs.Vidya Subramanian (Trustee) 19954024 6.48 0.00 19954024 6.44 0.00 (0.04)
8 Mr.S.K.Asokh Baalaje 59932 0.02 0.00 59932 0.02 0.00 0.00
9 Mrs.Rajam Krishnamoorthy 1940 0.00 0.00 0 0.00 0.00 0.00
Total 86933388 28.23 12.37 87421448 28.21 12.89 (0.02)
# The % change in shareholding is due to increase in paid up equity share capital.
iii) Change in Promoters’ Shareholding (please specify, if there is no change):
Shareholding at the Date wise increase / Decrease in Promoters Cumulative Shareholding

beginning of the year Shareholding during the year during the year
No. of % of total Date Reason for No. of No. of % of total
shares shares increase / decrease shares shares shares
of the (e.g. allotment / of the
Company transfer / bonus / Company
sweat equity etc.)
EWS Finance & Investments Private
27643432 8.97 - - - 27643432 8.92
Limited
Prince Holdings (Madras) Private
25500000 8.28 - - - 25500000 8.23
Limited
Anna Investments Private Limited 13024625 4.23 - - - 13024625 4.20
27.06.2018 &
Mr. N. Srinivasan 634415 0.21 Market Purchase 490000 1124415 0.36
28.06.2018
Mrs.Chitra Srinivasan 78580 0.03 - - - 78580 0.03
Ms.Rupa Gurunath 36440 0.01 - - - 36440 0.01
Mrs.Vidya Subramanian (Trustee) 19954024 6.48 - - - 19954024 6.44
Mr.S.K.Asokh Baalaje 59932 0.02 - - - 59932 0.02
Mrs.Rajam Krishnamoorthy 1940 0.00 30.03.2019 Deceased 1940 0 0.00
Total 86933388 28.23 87421448 28.21
72
iv) Shareholding Pattern of top ten Shareholders (other than Directors, Promoters and Holders of GDRs and ADRs):
Shareholding at the Increase / Decrease in Shareholding during Cumulative Shareholding Shareholding at the end
beginning of the year the year during the year of the year
Reasons
Sl. For Each of the Top 10 for increase % of % of
% of total
No. Shareholders / decrease total total
No. of shares No. of No. of No. of
Date (e.g. allotment shares shares
shares of the shares shares shares
/ transfer / of the of the
Company
bonus / sweat Company Company
equity etc.)
1 Reliance Capital Trustee 18030320 5.85 06/04/2018 Purchase 87500 18117820 5.85
Co LimitedA/C Reliance
13/04/2018 Purchase 182000 18299820 5.91
Focused Equity Fund;
Reliance small Cap Fund; 20/04/2018 Purchase 528500 18828320 6.08
Reliance Equity Hybrid 27/04/2018 Purchase 300000 19128320 6.17
Fund; Reliance Growth
Fund; Reliance Power 04/05/2018 Purchase 577000 19705320 6.36
& Infra Fund; Reliance 11/05/2018 Purchase 5500 19710820 6.36
Arbitrage Fund; Reliance
Equity Savings Fund; 18/05/2018 Sale -38500 19672320 6.35
Reliance Capital Builder 01/06/2018 Purchase 371000 20043320 6.47
Fund 4 SR A; Reliance
08/06/2018 Sale -407900 19635420 6.34
Capital Builder Fund 4 SR
C; Reliance Capital Builder 22/06/2018 Sale -1200500 18434920 5.95
Fund 2 SR B; Reliance 29/06/2018 Sale -185500 18249420 5.89
Capital Builder Fund 4
SR D; 20/07/2018 Purchase 860000 19109420 6.17
27/07/2018 Purchase 871000 19980420 6.45
03/08/2018 Purchase 1682500 21662920 6.99
10/08/2018 Purchase 304500 21967420 7.09
24/08/2018 Purchase 50000 22017420 7.11
07/09/2018 Sale -45500 21971920 7.09
14/09/2018 Sale -280000 21691920 7.00
21/09/2018 Sale -994500 20697420 6.68
28/09/2018 Sale -651000 20046420 6.47
26/10/2018 Purchase 66500 20112920 6.49
02/11/2018 Purchase 73500 20186420 6.51
09/11/2018 Purchase 31500 20217920 6.52
16/11/2018 Sale -171500 20046420 6.47
07/12/2018 Purchase 189000 20235420 6.53
14/12/2018 Purchase 1925546 22160966 7.15
21/12/2018 Purchase 1738097 23899063 7.71
28/12/2018 Purchase 1004500 24903563 8.04
18/01/2019 Sale -9000 24894563 8.03
22/02/2019 Purchase 58500 24953063 8.05
01/03/2019 Purchase 126500 25079563 8.09
15/03/2019 Purchase 1000000 26079563 8.42
22/03/2019 Sale -99000 25980563 8.38
29/03/2019 Purchase 1026000 27006563 8.72 27006563 8.71
73
Reasons
% of total
Company
equity etc.)
2 Sri Saradha Logistics
Private Limited (Formerly
Trishul Investments Private
Limited) 18101843 5.87 - - - - - 18101843 5.84
3 Aditya Birla Sun Life 17283760 5.61 06/04/2018 Sale -638500 16645260 5.37
Trustee Private Limited
04/05/2018 Purchase 600000 17245260 5.57
A/C Aditya Birla Sun Life
Equity Fund; Aditya Birla 15/06/2018 Purchase 600000 17845260 5.76
Sun Life Small Cap Fund; 22/06/2018 Purchase 30000 17875260 5.77
Aditya Birla Sun Life
Arbitrage Fund; Aditya 20/07/2018 Sale -115500 17759760 5.73
Birla Sun Life Pure Value 07/09/2018 Purchase 1226000 18985760 6.13
Fund; Aditya Birla Sun Life
Balanced Advantage Fund; 14/09/2018 Purchase 2000000 20985760 6.77
India Excel (Offshore) 21/09/2018 Purchase 1000000 21985760 7.10
Fund; Aditya Birla Sun
28/09/2018 Purchase 476500 22462260 7.25
Life Infrastructure Fund;
Aditya Birla Sun Life 05/10/2018 Sale -1584500 20877760 6.74
Manufacturing Equity Fund; 26/10/2018 Sale -549500 20328260 6.56
India Advantage (Offshore)
Fund; Aditya Birla Sun 23/11/2018 Sale -1000000 19328260 6.24
Life Equity Savings Fund; 30/11/2018 Sale -805500 18522760 5.98
Aditya Birla Sun Life
Emerging Leaders Fund- 14/12/2018 Purchase 329500 18852260 6.08
Series 4 21/12/2018 Sale -147000 18705260 6.04
28/12/2018 Sale -6000 18699260 6.03
01/02/2019 Sale -1000000 17699260 5.71
08/02/2019 Sale -1000000 16699260 5.39
15/02/2019 Purchase 638500 17337760 5.60
01/03/2019 Purchase 1066020 18403780 5.94
08/03/2019 Purchase 499500 18903280 6.10
15/03/2019 Sale -800000 18103280 5.84
29/03/2019 Sale -79500 18023780 5.82 18023780 5.82
4 ELM Park Fund Limited 15861746 5.15 08/06/2018 Purchase 400000 16261746 5.25
22/06/2018 Purchase 500000 16761746 5.41
31/08/2018 Sale -900000 15861746 5.12 15861746 5.12
5 Life Insurance Corporation
14795598 4.80 15/02/2019 Sale -218857 14576741 4.70 14576741 4.70
of India
74
Reasons
% of total
Company
equity etc.)
6 L and T Mutual Fund 8094383 2.63 06/04/2018 Purchase 136300 8230683 2.66
Trustee LimitedL and T
20/04/2018 Purchase 7000 8237683 2.66
Infrastructure Fund; L and
T Equity Fund; L and T 27/04/2018 Purchase 217000 8454683 2.73
India Value Fund; L and T 11/05/2018 Purchase 140000 8594683 2.77
Large and Midcap Fund;
L&T Arbitrage Opportunities 18/05/2018 Sale -115500 8479183 2.74
Fund; L and T Conservative 08/06/2018 Sale -175000 8304183 2.68
Hybrid Fund
15/06/2018 Purchase 173700 8477883 2.74
24/08/2018 Purchase 255500 8733383 2.82
07/09/2018 Sale -143500 8589883 2.77
14/09/2018 Sale -112000 8477883 2.74
21/12/2018 Purchase 63000 8540883 2.76
11/01/2019 Sale -63000 8477883 2.74
18/01/2019 Purchase 193500 8671383 2.80
25/01/2019 Purchase 40500 8711883 2.81
01/02/2019 Purchase 232891 8944774 2.89
15/02/2019 Sale -1334774 7610000 2.46
01/03/2019 Purchase 4500 7614500 2.46 7614500 2.46
7 Sundaram Mutual Fund 7118250 2.31 06/04/2018 Purchase 335201 7453451 2.41
A/C Sundaram Small Cap
Fund; Sundaram Rural
And Consumption Fund;
Sundaram Emerging Small
Cap - Series II; Sundaram
Select Microcap Series VIII;
Sundaram Emerging Small
Cap - Series I; Sundaram
Long Term Micro Cap Tax
Advantage Fund Series
III; Sundaram Select Micro
Cap Series XIV; Sundaram
Value Fund - Series IX;
Sundaram Select Micro
Cap Series - XV; Sundaram
Select Micro Cap Series XI;
Sundaram Select Microcap
Series IX; Sundaram Select
Micro Cap Series - XVI;
Cap Series XII; Sundaram
Value Fund - Series X;
Cap - Series - XVII;
75
Reasons
% of total
Company
equity etc.)
Sundaram Select Microcap 20/04/2018 Purchase 65206 7518657 2.43
Series X; Sundaram Long
18/05/2018 Purchase 28662 7547319 2.44
Term Micro Cap Tax
Advantage Fund Series IV; 24/08/2018 Sale -146515 7400804 2.39
Sundaram Long Term Tax 31/08/2018 Sale -200000 7200804 2.32
Advantage Fund - Series -
III; Sundaram Value Fund - 28/12/2018 Purchase 59961 7260765 2.34 7260765 2.34
Series VII; Sundaram Long
Term Tax Advantage Fund
- Series IV; Sundaram
Long Term Micro Cap Tax
Advantage Fund - Series V
8 Ishares Core Emerging 1876190 0.61 06/04/2018 Purchase 18396 1894586 0.61
Markets Mauritius Co
13/04/2018 Purchase 15768 1910354 0.62
20/04/2018 Purchase 22338 1932692 0.62
27/04/2018 Purchase 13140 1945832 0.63
08/06/2018 Purchase 143977 2089809 0.67
20/07/2018 Purchase 475316 2565125 0.83
27/07/2018 Purchase 489215 3054340 0.99
03/08/2018 Purchase 96068 3150408 1.02
10/08/2018 Purchase 18396 3168804 1.02
31/08/2018 Purchase 22484 3191288 1.03
07/09/2018 Purchase 8176 3199464 1.03
28/09/2018 Purchase 10220 3209684 1.04
05/10/2018 Purchase 16352 3226036 1.04
02/11/2018 Purchase 658844 3884880 1.25
09/11/2018 Purchase 27071 3911951 1.26
16/11/2018 Purchase 71102 3983053 1.29
23/11/2018 Purchase 81609 4064662 1.31
30/11/2018 Purchase 42041 4106703 1.33
07/12/2018 Purchase 156655 4263358 1.38
14/12/2018 Purchase 7509 4270867 1.38
76
Reasons
% of total
Company
equity etc.)
21/12/2018 Purchase 5006 4275873 1.38
11/01/2019 Purchase 78752 4354625 1.41
18/01/2019 Purchase 49220 4403845 1.42
25/01/2019 Purchase 110745 4514590 1.46
01/02/2019 Sale -340566 4174024 1.35
08/02/2019 Sale -159604 4014420 1.30
15/02/2019 Sale -318741 3695679 1.19
22/02/2019 Sale -29416 3666263 1.18
01/03/2019 Sale -27827 3638436 1.17
15/03/2019 Sale -16076 3622360 1.17
22/03/2019 Purchase 3800 3626160 1.17
29/03/2019 Purchase 5700 3631860 1.17 3631860 1.17
9 Dimensional Emerging 2685958 0.87 01/02/2019 Purchase 53659 2739617 0.88
Markets Value Fund
15/02/2019 Purchase 65430 2805047 0.91
22/02/2019 Purchase 45860 2850907 0.92
15/03/2019 Purchase 369179 3220086 1.04
22/03/2019 Purchase 227010 3447096 1.11 3447096 1.11
10 Principal Trustee Co. 2110575 0.68 01/06/2018 Purchase 180000 2290575 0.74
Private Limited A/C -
22/06/2018 Purchase 2577 2293152 0.74
Principal Mutual Fund
- Principal Hybrid Equity 06/07/2018 Purchase 78 2293230 0.74
Fund; Principal Multi Cap 20/07/2018 Sale -62 2293168 0.74
Growth Fund; Principal
Tax Savings Fund; 03/08/2018 Purchase 57 2293225 0.74
Principal Personal Tax 14/12/2018 Sale -112000 2181225 0.70
Saver Fund; Principal
Retirement Savings Fund- 28/12/2018 Sale -35000 2146225 0.69
Progressive Plan; Principal 15/02/2019 Purchase 867000 3013225 0.97
Retirement Savings Fund
22/02/2019 Purchase 240000 3253225 1.05
- Moderate Plan; Principal
Retirement Savings Fund - 22/03/2019 Sale -179 3253046 1.05 3253046 1.05
Conservative Plan;
77
v) Shareholding of Directors and Key Managerial Personnel:
Date wise Increase / Decrease

in Shareholding during the
Shareholding at the year specifying the reasons Shareholding at the
beginning of the year for increase / decrease (e.g. end of the year
Sl. allotment / transfer / bonus /
For each of the Directors and KMP
No. sweat equity etc)
% of total % of total
Date of No. of
No. of shares shares of the No. of shares shares of the
transfer shares
Company Company
I DIRECTORS
1. Sri N. Srinivasan, 27.06.2018 &
634415 0.21 490000 1124415 0.36
Managing Director & CEO 28.06.2018
2. Mrs. Chitra Srinivasan 78580 0.03 - - 78580 0.03
3. Ms. Rupa Gurunath,
36440 0.01 - - 36440 0.01
Wholetime Director
4. Sri K. Balakrishnan - - - - - -
5. Sri S. Balasubramanian Adityan 20000 0.01 - - 20000 0.01
6. Sri Basavaraju *1
NA NA - - - -
7. Ms. Lakshmi Aparna Sreekumar *1 NA NA - - - -
8. Sri V. Ranganathan - - - - - -
9. Sri N. Srinivasan (F&R) - - 28.08.2018 10 10 0.00
10. Ms. Sandhya Rajan *1 NA NA - - - -
11. Sri V Venkatakrishnan *2
NA NA - - 300 -
12. Sri Arun Datta *3 4000 0.00 - - NA NA
13. Sri N.R. Krishnan *3 - - - - NA NA
14. Sri M.R.Kumar *4
- - - - NA NA
15. Sri V. Manickam *3 - - - - NA NA
16. Sri Suneel Babu Gollapalli *5 - - - - NA NA
II KMP:
1. Sri R. Srinivasan,
25056 0.01 02.05.2018 # 175000 200056 0.06
Chief Financial Officer
2. Sri S. Sridharan, 11.08.2018 # 20000
Company Secretary 14674 0.00 27.10.2018 # 20000 53674 0.02
30.03.2019 (1000)
* 1 Appointed as a Director of the Board w.e.f.11.08.2018;

* 2 Appointed as a Director of the Board w.e.f.15.10.2018 by IDBI Bank Limited;
* 3 Ceased to be Director consequent to term of office as Independent Director concluded on 28.08.2018;
* 4 Ceased to be a Director of the Board w.e.f.18.03.2019, consequent to his resignation and withdrawal of nomination by Life Insurance
Corporation of India.;
* 5 Ceased to be a Director of the Board w.e.f.15.10.2018, consequent to withdrawal of nomination by IDBI Bank Limited.
# Equity shares of `10/- each allotted on exercise of stock options granted under the Employees Stock Option Scheme, 2016.
78
V. INDEBTEDNESS:
Indebtedness of the Company including interest outstanding / accrued but not due for payment: (` in Lakhs)
Secured Loans
Unsecured Loans Deposits Total Indebtedness
excluding deposits
Indebtedness at the beginning of the financial year
i) Principal Amount 273178.06 39508.27 0.00 312686.33
ii) Interest due but not paid 0.00 0.00 0.00 0.00
iii) Interest accrued but not due 922.34 11.64 0.00 933.98
Total (i + ii + iii) 274100.40 39519.91 0.00 313620.31
Change in Indebtedness during the financial year
• Addition 52235.79 2000.00 0.00 54235.79
• Reduction -24334.95 -3124.57 0.00 -27459.52
Net Change 27900.84 -1124.57 0.00 26776.27
Indebtedness at the end of the financial year
i) Principal Amount 301078.90 38383.70 0.00 339462.60
ii) Interest due but not paid 0.00 0.00 0.00 0.00
iii) Interest accrued but not due 1107.44 37.64 0.00 1145.09
Total (i + ii + iii) 302186.34 38421.34 0.00 340607.69
VI. REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL

A. Remuneration to Managing Director, Wholetime Director and / or Manager (` in Lakhs)
Sri N.Srinivasan Total Amount

Sl Smt. Rupa Gurunath
Particulars of Remuneration Managing Director
No. Wholetime Director
& CEO
1. Gross salary
(a) Salary as per provisions contained in Section 260.00 234.00 494.00
17(1) of the Income-tax Act, 1961
(b) Value of perquisites u/s 17(2 ) of the Income- 6.00 0.00 6.00
tax Act, 1961
(c) Profits in lieu of salary under Section 17(3) of – – –
the Income-tax Act, 1961
2. Stock Option – – –
3. Sweat Equity – – –
4. Commission
- as % of profit 0.00 0.00 0.00
- others, specify… – – –
5. Others, please specify (Retirement benefits)
• Contribution to Provident Fund 72.00 21.60 93.60
• Contribution to Gratuity & Superannuation Fund 38.33 34.50 72.83
• Others – – –
Total (A) 376.33 290.10 666.43
Ceiling as per the Act 778.36
79
B. Remuneration to other directors: (` in Lakhs)
Name of Director
Sl Particulars Sri N. Sri S. Bala Smt. Lakshmi Smt.
Total
No. of Remuneration Sri Arun Sri N.R Sri V. Sri K. Sri V Sri Amount
Srinivasan Subramanian Aparna Sandhya
Datta Krishnan Manickam Balakrishnan Ranganathan Basavaraju
(F&R) Adityan Sreekumar Rajan
1. Independent Directors
• Fee for attending 0.40 1.00 1.00 5.45 3.85 2.00 2.80 2.20 2.60 2.90 24.20
board / committee
meetings
• Commission – – – – – – – – – – –
• Others, please specify – – – – – – – – – – –
Total (1) 0.40 1.00 1.00 5.45 3.85 2.00 2.80 2.20 2.60 2.90 24.20
(` in Lakhs)
Sl Name of Director Total

Particulars of Remuneration
No. Smt. Chitra Srinivasan Sri M.R.Kumar # Sri V Venkatakrishnan * Amount
2. Other non-executive Directors
• Fee for attending board / committee 2.50 2.00 1.50 6.00
meetings
• Commission – – – –
• Others, please specify – – – –
Total (2) 2.50 2.00 1.50 6.00
Total (B) = (1 + 2) 30.20
Total Managerial Remuneration 696.63
Overall Ceiling as per the Act NA
# Paid to Life Insurance Corporation of India * Paid to IDBI Bank Limited
C. Remuneration to Key Managerial Personnel other than MD / Manager / WTD (` in Lakhs)
Sl Key Managerial Personnel Total

Particulars of Remuneration
No. Chief Financial Officer Company Secretary
1. Gross salary
(a) Salary as per provisions contained in Section 222.75 59.37 282.12
17(1) of the Income-tax Act, 1961
(b) Value of perquisites u/s 17(2) of the Income-tax 151.54 18.60 170.14
Act, 1961
(c) Profits in lieu of salary under Section 17(3) of – – –
the Income-tax Act, 1961
2. Stock Option – – –
3. Sweat Equity – – –
4. Commission
- as % of profit – – –
- others, specify… – – –
5. Others, please specify – – –
Total 374.29 77.97 452.26
80
VII. PENALTIES / PUNISHMENT/ COMPOUNDING OF OFFENCES:
Details of Penalty Appeal

Section of the Authority
/ Punishment / made, if
Type Companies Act, Brief Description [RD / NCLT /
Compounding fees any (give
1956 / 2013 COURT]
imposed Details)
Penalty – – – – –
Punishment – – – – –
Compounding Section 372 A(5) The alleged offence that ‘Investment ` 1 Lakh NCLT –
of the Companies Register’ of the Company, not maintained
Act, 1956 in accordance with the provisions of Section
372 A(5) of the Companies Act, 1956, was
compounded.
C. OTHER OFFICERS IN DEFAULT
Penalty – – – – –
Punishment – – – – –
Compounding – – – – –

Place : Chennai

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ANNEXURE “K” TO DIRECTORS’ REPORT FOR THE YEAR ENDED 31ST MARCH, 2019
INFORMATION AS REQUIRED UNDER RULE 5(1) OF THE COMPANIES
(APPOINTMENT AND REMUNERATION OF MANAGERIAL PERSONNEL) RULES, 2014
2018-19 2017-18
Ratio of remuneration of each director to the median remuneration of employees
Managing Director 88.34:1 192.15:1
Wholetime Director 68.10:1 108.40:1
Percentage increase in remuneration
Managing Director -51.76% -40.69%
Wholetime Director -34.08% -0.37%
Chief Financial Officer (CFO) -33.84% 550.07%
Company Secretary 62.54% 55.83%
Percentage increase in the median remuneration of employees 4.67% 7.11%
Number of permanent employees on the rolls of the Company 2635 2815
Average percentile increase already made in the salaries of employees other than the Not Applicable In the case of CFO and
managerial personnel in the last financial year and its comparison with the percentile Company Secretary, the
increase in the managerial remuneration and justification thereof and point out if there variable pay during 2016-
are any exceptional circumstances for increase in the managerial remuneration. 17 was deferred. Hence the
increase in 2017-18.
Affirmation that the remuneration is as per the remuneration policy of the Company. Yes Yes

Place : Chennai

82
ANNEXURE ‘L’ TO DIRECTORS’ REPORT FOR THE YEAR ENDED 31ST MARCH, 2019
Form No.MR-3
SECRETARIAL AUDIT REPORT
FOR THE FINANCIAL YEAR ENDED 31ST MARCH, 2019
[Pursuant to Section 204(1) of the Companies Act, 2013 and Rule No.9 of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014]
To
The Members
I have conducted the secretarial audit of the compliance of applicable statutory provisions and the adherence to good corporate practices by
THE INDIA CEMENTS LIMITED (hereinafter called “The Company”) during the financial year 2018-19. Secretarial Audit was conducted in a
manner that provided me a reasonable basis for evaluating the corporate conducts/statutory compliances and expressing my opinion thereon.
Based on my verification of THE INDIA CEMENTS LIMITED’s books, papers, minute books, forms and returns filed and other records maintained
by the Company and also the information provided by the Company, its officers, agents and authorized representatives during the conduct of
secretarial audit, I hereby report that in my opinion, the Company has, during the audit period covering the financial year ended on 31.03.2019
complied with the statutory provisions listed hereunder and also that the Company has proper Board processes and compliance mechanism in
place to the extent, in the manner and subject to the reporting made hereinafter:
I have examined the books, papers, minute books, forms and returns filed and other records maintained by THE INDIA CEMENTS LIMITED for
the financial year ended on 31.03.2019, according to the provisions of:
(i) The Companies Act, 2013 (the Act) and the Rules made thereunder;
(ii) The Securities Contracts (Regulation) Act, 1956 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,
Overseas Direct Investment and External Commercial Borrowings;
(v) Secretarial Standards (SS-1, SS-2 and SS-3) issued by the Institute of Company Secretaries of India;
(vi) 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 (Prohibition of Insider Trading ) Regulations, 2015;
(b) The Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements ) Regulations, 2015;
(c) The Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011;
(d) The Securities and Exchange Board of India (Share Based Employee Benefits) Regulations, 2014;
(e) The Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) Regulations, 1993 regarding the
Companies Act and dealing with client;
(vii) Other Laws specifically applicable to the Company :
A) Labour laws and its corresponding Rules thereto:
a. Factories Act, 1948
b. Industrial Disputes Act, 1947
c. Payment of Wages Act, 1936
d. Minimum Wages Act, 1948
e. Employees State Insurance Act, 1948
f. The Employees Provident Fund and Miscellaneous Provisions Act, 1952
g. The Payment of Bonus Act, 1965
h. The Payment of Gratuity Act, 1972
i. The Contract Labour (Regulation and Abolition) Act, 1970
83
j. The Maternity Benefit Act, 1961
k. The Child Labour (Prohibition and Regulation) Act, 1986
l. The Industrial Employment (Standing Orders) Act, 1946
m. The Employees Compensation Act, 1923 (earlier known as Workmen’s Compensation Act, 1923)
n. The Apprentices Act, 1951 and its amendment thereto
o. The Employment Exchange (Compulsory Notification of Vacancies) Act, 1956
B) Environmental Acts and its corresponding Rules thereto:
a. The Environment (Protection) Act, 1986
b. The Hazardous and other Wastes (Management, and Transboundary Movement) Rules, 2016
c. The Water (Prevention & Control of Pollution) Act, 1974
d. The Air (Prevention & Control of Pollution) Act, 1981
C) Electricity Act, 2003 and its corresponding Rules thereto:
D) Mines Act, 1952 and its corresponding Rules thereto
E) Explosives Act, 1884 and its corresponding Rules thereto
F) Legal Metrology Act, 2011
I have also examined compliance with the applicable clauses of the revised Listing Agreements entered into by the Company with BSE
Limited and National Stock Exchange of India Limited.
During the period under review and as per the explanations and clarifications given to me and the representation made by the
Management, the Company has complied with the provisions of the Act, Rules, Regulations, Guidelines, Standards, etc. mentioned
above by all the units / factories located across India, except instances which would not materially affect the operations of the Company.
I further report that,
The Board of Directors of the Company is duly constituted with proper balance of Executive Directors, Non-Executive Directors and
Independent Directors. The changes in the composition of the Board of Directors 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. A system exists for seeking and obtaining further information and clarifications on the agenda items before the
meeting and for meaningful participation at the meeting.
Decisions at the Board Meetings, as represented by the Management, were unanimous and therefore there were no dissenting views
that were required to be recorded.
I further report that as per the explanations given to me and the representations made by the Management and relied upon by me, there
are adequate systems and processes in the Company commensurate with the size and operations of the Company to monitor and
ensure compliance with applicable Laws, Rules, Regulations and Guidelines.
I further report that:
1. Pursuant to the special resolutions passed by the shareholders through Postal Ballot during Jan 2017 approving the Employees
Stock Option Scheme, 2016, (ESOS 2016), the Company has granted ‘stock options’ to eligible employees on 01.04.2017 and the
same got vested with them on 01.04.2018, to be exercised on or before 31.03.2019. The Company has allotted 1745000 equity
shares of ` 10/- each on exercise of options by the option holders in terms of ESOS 2016 and the paid up equity share capital got
increased to ` 309.90 Crores during the year.
2. The Company has, during the year, transferred to IEPF authority 62755 equity shares of ` 10/- each in respect of unclaimed
dividend for the year 2009-10 and 50670 equity shares of ` 10/- each in respect of unclaimed dividend for the year 2010-11 in
compliance of the provisions of section 124 (6) of the Companies Act, 2013 read with Investor Education and Protection Fund
Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 and the circulars and notifications issued thereto.
3. T
he Company has, during the year, acquired the controlling stake of 100% in NKJA Mining Private Limited (NKJA) and together
with NKJA, the Company holds 51% controlling stake in Springway Mining Private Limited (SMPL) thereby both NKJA and SMPL
have become the Company’s subsidiaries.
84
I further report that
1. Maintenance of Secretarial record is the responsibility of the management of the Company. My responsibility is to express an
opinion on these secretarial records based on my audit.
2. I have followed the audit practices and process as were appropriate to obtain reasonable assurance about the correctness of the
contents of the Secretarial records. The verification was done on test basis to ensure that correct facts are reflected in secretarial
records. I believe that the processes and practices, I followed provide a reasonable basis for my opinion.
3. I have not verified the correctness and appropriateness of financial records and Books of Accounts of the Company and have relied
on the report of statutory auditors and financial statements.
4. Wherever required, I have obtained the management representation about the compliance of Laws, Rules and Regulations and
happening of events etc.
5. The compliance of the provisions of Corporate and other applicable Laws, Rules, Regulations, standards is the responsibility of
management. My examination was limited to the verification of procedures on test basis.
6. T
he Secretarial Audit report is neither an assurance as to the future viability of the Company nor of the efficacy or effectiveness
with which the management has conducted the affairs of the Company.
P.R. SUDHA
Place : Chennai FCS No.6046
Date : 25th May, 2019 CP No.:4468
85
K.S. Rao & Co. S. Viswanathan LLP
Anna Salai, Mylapore,
Chennai - 600 018. Chennai – 600 004.
INDEPENDENT AUDITORS’ REPORT

To the Members of
Report on the Audit of the Standalone Ind AS Financial Statements
Opinion
We have audited the accompanying Standalone Ind AS Financial Statements of The India Cements Limited (“the Company”), which comprise
the Balance sheet as at 31st March 2019, the statement of Profit and Loss (Including Other Comprehensive Income), the Cash Flow Statements
and the Statement of Changes in Equity for the year then ended, and notes to the financial statements, including a summary of significant
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 Ind AS financial
statements give the information required by the Companies Act, 2013, as amended (“the Act”) in the manner so required and give a true and
fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2019, its
profit including other comprehensive income, its cash flows and the changes in equity for the year ended on that date.
Basis for Opinion
We conducted our audit of standalone Ind AS financial statements in accordance with the Standards on Auditing (SAs), as specified under
section 143(10) of the Act. Our responsibilities under those Standards are further described in the ‘Auditor’s Responsibilities for the Audit of the
Standalone Ind AS Financial Statements’ section of our report. We are independent of the Company in accordance with the ‘Code of Ethics’
issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the standalone
Ind AS financial statements under the provisions of the Companies Act, 2013 and the Rules thereunder, and we have fulfilled our other ethical
responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our audit opinion on the standalone Ind AS financial statements.
Emphasis of Matter
Without qualifying our report, we draw attention to
(a) Note No.40.4 of the Standalone Ind AS Financial Statements, regarding the order of attachment issued under Prevention of Money laundering
Act through which certain assets of the company amounting to ` 120.34 Crores have been attached vide provisional attachment Order dated 25th
February 2015 which the company is disputing before legal forums. The company has been legally advised that it has strong grounds to defend
its position, pending the outcome of the proceedings the impact if any is not ascertainable at this stage.
(b) Note No.40.2(f) of the Standalone Ind AS Financial Statements relating to the order of the Competition Commission of India (CCI), concerning
alleged contravention of the provisions of Competition Act, 2002 and imposing a penalty of ` 187.48 Crores on the Company. On Company’s
appeal, National Company Law Appellate Tribunal (NCLAT), in its Order passed on 25th July, 2018, has reportedly upheld the CCI’s Order.
The company appealed against the order before Supreme Court and the Supreme Court vide its Order dated 05th October, 2018 admitted the
Company’s appeal and directed that the interim order passed by the Tribunal in the matter, will continue. Pending the outcome, no adjustments
have been made in the Standalone Ind AS Financial Statements.
Key Audit Matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the standalone Ind AS financial
statements for the financial year ended March 31, 2019. These matters were addressed in the context of our audit of the standalone Ind AS
financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. We have
determined the matters described below to be the key audit matters to be communicated in our report. For each matter below, our description of
how our audit addressed the matter is provided in that context.
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1. Revenue recognition:
Discounts, Incentives and Rebates etc.:
Reasons why the matter was determined to be a Auditor’s Response

key audit matter
(i) Revenue is measured net of discounts, Our procedures included:
incentives and rebates earned by customers • Assessing the appropriateness of the Company’s revenue recognition accounting
on the Company’s sales. policies, including those relating to discounts, incentives and rebates by comparing
(ii) The Company has its presence across different with applicable accounting standards.
marketing regions within the country and • Testing the effectiveness of the Company’s controls over the calculation of
operates in competitive business environment. discounts, incentives and rebates based on commitments made.
The company recognises discounts, incentives
• Obtaining management’s assessment of its obligations towards discounts,
and rebates at the time of sale. The assessment
incentives and rebates accruals under applicable schemes and compared the
of discounts, incentives and rebate schemes
accruals made with the approved schemes on sample basis.
recognised on sales made during the year is
material and considered to be complex and • Examined on a sample basis, all the supporting documentation required for
dependent on various performance obligations computing the company’s obligation towards discounts, incentives and rebates
and market conditions. There is a risk of recorded and disbursed during the year including credit notes issued after the year
revenue being affected as a result of variations end date to determine whether these were recorded appropriately.
in assessment of discounts, incentives and • The management’s assessment of discounts, incentives and rebates recorded
rebates recognised on sales. for the current year have been compared with past practices of payments and
Given the complexity involved in the reversal of such discounts and incentives and rebates to assess the adequacy of
assessment of provisions required for provisions made during the current year.
discounts, incentives and rebates the same is • Examining the manual journals posted to discounts, rebates and incentives to
considered as key audit matter. identify unusual or irregular items.
2. Litigations and Contingencies
Reasons why the matter was determined to be a key audit matter Auditor’s Response
The Company is subject to a large number of legal and tax Our audit procedures included the following: -
related claims which have been disclosed / provided for in the • Gained an understanding of the process of identification of claims,
financial statements based on the facts and circumstances litigations and contingent liabilities and identified key controls in the
of each case in view of its operations spread across various process. For selected controls we have performed tests of such
regions within India. controls.
Taxation and litigation exposures have been identified as a key • Obtained the summary of Company’s legal and tax cases and critically
audit matter due to the, timescales involved for resolution and assessed management’s position through discussions with the Legal
the potential financial impact arising out of these on the financial Counsel and operational management, on both the probability of
statements given the inherent complexity and magnitude of success in significant cases, and the magnitude of any potential loss.
potential exposures across the Company and the judgement
• Inspected external legal opinions (where considered necessary) and
necessary to estimate the amount of provisions required
other evidence to corroborate management’s assessment of the risk
or to determine required disclosures. Further significant
profile in respect of pending legal claims and disputes.
management judgement is involved in assessing the exposure
of each case and eventual obligation on the company and thus • Engaged with legal experts to technically appraise the legal positions
there is a risk that such cases may not be adequately provided taken by management with respect to local tax issues.
for or disclosed. • Assessed whether management assessment of similar cases is
These estimates could change substantially over time as new consistent across the divisions or that differences in positions are
facts emerge and each legal case progress and subsequent adequately justified.
judicial guidance emerges or statutory amendments if any with • Assessed the relevant disclosures made within the financial
retrospective effects are enacted. statements to address whether they appropriately reflect the facts
(Refer note 40.2 & 40.4 to the standalone Ind AS financial and circumstances of the respective tax and legal exposures and the
statements). requirements of relevant accounting standards.
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3. Allowance for Receivables:
Trade receivables of the company comprise mainly receivables in relation We have performed the following procedures in relation to the
to the company’s receivables from its customers towards sale of cement recoverability of trade receivables:
and other cement related products and shipping and infrastructure
• Tested the accuracy of aging of trade receivables at year
development business. The operating environment in the cement industry
end on a sample basis;
and other businesses the company operates has the inherent risks of
default on receivables from the company’s customers. In particular, in the • Obtained a list of outstanding receivables along
event of financial stress at the customers end the company is exposed to confirmation of balances on a sample basis as per
potential risk of financial loss when the customers fail to meet their payment the auditing standards and identified any debtors with
obligations in accordance with the agreed credit terms. financial difficulty through discussion with management.
The recoverable amount was estimated by management based on their • Assessed the recoverability of the unsettled receivables
specific recoverability assessment on individual debtor with reference to on a sample basis through our evaluation of
the aging profile, historical payment pattern and the past record of default management’s assessment with reference to the credit
of the customer. Management would make specific provision against profile of the customers, historical payment pattern of
individual balances with reference to the recoverable amount. For the customers, publicly available information if any and latest
purpose of determination of provision requirement, significant judgements correspondence with customers and to consider if any
and assumptions, including the credit risks of customers, the timing and additional provision should be made; and
amount of realisation of these receivables, are required for the identification
• Tested subsequent settlement of trade receivables after
of impairment events and the determination of the provision to be made
the balance sheet date on a sample basis, if any.
towards the receivables.
Other Information
The Company’s Board of Directors is responsible for the other information. The other information comprises the information included in the Board
Report but does not include the standalone Ind AS financial statements and our auditors’ report thereon
Our opinion on the standalone Ind AS financial statements does not cover the other information and we do not express any form of assurance
conclusion thereon.
In connection with our audit of the standalone Ind AS financial statements, our responsibility is to read the other information and, in doing so,
consider whether the other information is materially inconsistent with the standalone Ind AS financial statements or our knowledge obtained in
the audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report
that fact. We have nothing to report in this regard.
Responsibilities of Management and Those Charged with Governance for the Financial Statements
The Company’s Board of Directors is responsible for the matters stated in section 134(5) of the Act with respect to the preparation of
these Standalone Ind AS Financial Statements that give a true and fair view of the financial position, financial performance including Other
Comprehensive Income, cash flows and changes in equity of the Company in accordance with the accounting principles generally accepted in
India, including the Indian Accounting Standards (IND AS) specified under section 133 of the Act read with relevant rules issued thereunder.
This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of
the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting
policies; making judgments and the estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate
internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant
to the preparation and presentation of the Standalone Ind AS financial statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
In preparing the standalone Ind AS financial statements, management is responsible for assessing the Company’s ability to continue as a going
concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either
intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
The Board of Directors are also responsible for overseeing the Company’s financial reporting process.
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Chennai - 600 018. Chennai – 600 004.
Auditor’s Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the standalone Ind AS financial statements as a whole are free from material
misstatement, whether due to fraud or error, and to issue an Auditors’ report that includes our opinion. Reasonable assurance is a high level
of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected
to influence the economic decisions of users taken on the basis of these standalone Ind AS financial 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 Ind AS financial statements, whether due to fraud or error, design
and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for
our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may
involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances.
Under section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the company has adequate internal
financial controls system in place and the operating effectiveness of such controls.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by
management.
• Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained,
whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue
as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors’ report to the related
disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit
evidence obtained up to the date of our auditors’ 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 Ind AS financial statements, including the disclosures, and whether
the standalone Ind AS financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant
audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding
independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence,
and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of
the standalone Ind AS financial statements of the financial year ended March 31, 2019 and are therefore the key audit matters. We describe these
matters in our auditors’ report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances,
we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be
expected to outweigh the public interest benefits of such communication.
Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditors’ Report) Order, 2016 (“the Order”), issued by the Central Government of India in terms of sub-
section (11) of section 143 of the Act, we give in the “Annexure A” a statement on the matters specified in paragraphs 3 and 4 of the Order.
2. As required by Section 143(3) of the Act, we report that:
a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the
purposes of our audit.
b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of
those books.
c) The Balance Sheet, the Statement of Profit and Loss including other comprehensive income, the Cash Flow Statement and the Statement
of Changes in Equity dealt with by this Report are in agreement with the books of accounts.
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d) In our opinion, the aforesaid standalone Ind AS financial statements comply with the Ind AS specified under Section 133 of the Act, read with
read with Rule 7 of the Companies (Accounts) Rules, 2014.
e) On the basis of the written representations received from the directors as on 31st March, 2019 taken on record by the Board of Directors,
none of the directors is disqualified as on 31st March, 2019 from being appointed as a director in terms of Section 164 (2) of the Act.
f) With respect to the adequacy of the internal financial controls over financial reporting of the Company with reference to these standalone Ind
AS financial statements and the operating effectiveness of such controls, refer to our separate Report in “Annexure B” to this report.
g) With respect to the other matters to be included in the Auditors’ 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 financial position in its standalone Ind AS financial statements –
Refer Note 40.2 & 40.4 to standalone Ind AS financial 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
3. As required by the section 197(16) of the Act, in our opinion and to the best of our information and according to the explanations given to us,
the remuneration paid/provided by the company to its directors during the year is in accordance with the provisions of section 197 of the Act.
For K.S. Rao & Co., For S. Viswanathan LLP.,

Firm Regn No: 003109S Firm Regn No: 004770S/S200025
M. Krishna Chaithanya Chella K. Srinivasan
Partner Partner
Membership No.231282 Membership No.023305
Place : Chennai
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ANNEXURE ‘A’ TO THE INDEPENDENT AUDITORS’ REPORT

The Annexure referred to in paragraph 1 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 fixed assets.
(b) The Company has a regular programme of physical verification of its fixed assets by which fixed assets are verified in a phased
manner over a period of three years. Pursuant to the programme, certain fixed assets were physically verified by the management
during the year and according to the information and explanations given to us, no material discrepancies were noticed on such
verification. In our opinion, this periodicity of physical verification is reasonable having regard to the size of the Company and the
nature of its assets.
(c) In our opinion and according to the information and explanations given to us and on the basis of our examination of the records of
the Company, the title deeds of immovable properties are held in the name of the Company except for the following which are not
held in the name of the company. In regard to Immovable properties of land and buildings wherever title deeds have been pledged as
securities towards loans, guarantees etc availed by the company the same are stated to have been held in the name of the company
and are confirmed by the lenders as on the reporting date.
(INR in Lakhs)
Value as at 31.03.2019
Particulars of Land & Building No of Cases
Gross Block Net Block
Building – Apartment at Delhi 5.70 4.88 1
Freehold land includes land transferred pursuant merger, pending mutation in the name of the company.
ii) According to information and explanations given to us the inventories were physically verified during the year by the management at
reasonable intervals and no material discrepancies were noticed on physical verification.
iii) According to the information and explanations given to us and on the basis of our examination of the books of account, the Company has
not granted any loans, secured or unsecured, to companies, firms 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 section
185 and 186 of the Act, in respect to the loans given, investments made, guarantees given and security provided.
v) In our opinion and according to the information and explanations given to us, the Company has not accepted any deposits from the public
during the year. However, in regard to the unclaimed deposits the company has complied with the provisions of Section 73 to 76 or any
other relevant provisions of the Companies Act and the rules framed there under.
vi) The maintenance of cost records has been specified by the central government under section 148(1) of Companies Act, 2013. We
have broadly reviewed the cost records maintained by the company pursuant to Companies (Cost Records and Audit) Rules, 2014 as
amended, prescribed by the central government under sub-section (1) of section 148 of Companies Act, 2013, and are opinion that prima
facie the prescribed cost records have been made and maintained. We have however not made a detailed examination of the said records
with a view to determine whether they are accurate or complete and we have relied on the reports of cost auditors in this regard.
vii) According to the information and explanations given to us and on the basis of our examination of the books of account in respect of
statutory dues:
a) The company has generally been regular in depositing undisputed statutory dues, barring few instances of delays in making payment
towards Provident Fund, Employees’ State Insurance, Income-tax, Goods and Service Tax, Duty of Customs, Value Added Tax,
Cess and any other Statutory Dues to the appropriate authorities. There were no undisputed amounts payable towards Provident
Fund, Employees’ State Insurance, Income-tax, Goods and Service Tax, Duty of Customs, Cess and any other Statutory Dues as
on 31st of March, 2019 for a period of more than six months from the date they became payable.
b) According to the information and explanations given to us and on the basis of our examination of the records of the Company, details
of dues of Sales tax, Income tax, Service tax, Customs Duty, Excise duty, VAT and Cess, which have not been deposited as on
31st March 2019 on account of any dispute and the forum where disputes are pending is given in Annexure - I.
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viii) Based on the audit procedure and according to the information given to us, we are of the opinion that the company has not defaulted in
repayment of loans from financial institutions, banks, government or dues to debenture holders.
ix) In our opinion and according to the information and explanations given to us and based on the records produced for our perusal during the
year the term loans have been applied by the company for purposes for which they were raised and the company has not raised monies
by way of initial public offer or further public offer (including debt instruments).
x) According to the information and explanations given to us, no material fraud by the Company or on the Company by its officers or
employees has been noticed or reported during the course of our audit.
xi) In our opinion and according to the information and explanations give to us, we are of the opinion that the Company has paid/provided for
managerial remuneration in accordance with the requisite approvals mandated by the provisions of section 197 read with Schedule V to
the Act.
xii) In our opinion and according to the information and explanations given to us, the Company is not a Nidhi company. Accordingly, paragraph
3(xii) of the Order is not applicable.
xiii) According to the information and explanations given to us and based on our examination of the records of the Company, transactions with
the related parties are in compliance with sections 177 and 188 of the Act where applicable and details of such transactions have been
disclosed in the standalone Ind AS financial statements as required by the applicable accounting standards.
xiv) According to the information and explanations give to us and based on our examination of the records of the Company, the Company has
not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year.
xv) According to the information and explanations given to us and based on our examination of the records of the Company, the Company
has not entered into non-cash transactions with directors or persons connected with him. Accordingly, paragraph 3(xv) of the Order is not
applicable.
xvi) The Company is not required to be registered under section 45-IA of the Reserve Bank of India Act 1934.

Partner Partner
Place : Chennai
92
Chennai - 600 018. Chennai – 600 004.
Annexure - B to the Independent Auditors’ Report

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (“the Act”)
In conjunction with our audit of the Standalone Ind AS Financial Statements of the Company as of and for the year ended March 31, 2019, we
have audited the internal financial controls over financial reporting of The India Cements Limited (“the Company”) as of that date.
Management’s Responsibility for Internal Financial Controls

The Company’s Management is responsible for establishing and maintaining internal financial controls based on the internal control over financial
reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit
of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India (‘ICAI’). These responsibilities
include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the
orderly and efficient conduct of its business, including adherence to company’s policies, the safeguarding of its assets, the prevention and
detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial
information, as required under the Companies Act, 2013.
Auditors’ Responsibility
Our responsibility is to express an opinion on the Company’s internal financial controls over financial 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”) and the
Standards on Auditing, issued by ICAI and deemed to be prescribed under section 143(10) of the Companies Act, 2013, to the extent applicable
to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued by the Institute of Chartered
Accountants of India. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit
to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and
if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial
reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of
internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and
operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor’s judgment, including the
assessment of the risks of material misstatement of the Standalone Financial Statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company’s
internal financial controls system over financial reporting.
Meaning of Internal Financial Controls over Financial Reporting

A company’s internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of
financial reporting and the preparation of Financial Statements for external purposes in accordance with generally accepted accounting principles.
A company’s internal financial control over financial reporting includes those policies and procedures that (1) Pertain to the maintenance of
records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) Provide
reasonable assurance that transactions are recorded as necessary to permit preparation of Financial Statements in accordance with generally
accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of
management and directors of the company; and (3) Provide reasonable assurance regarding prevention or timely detection of unauthorized
acquisition, use, or disposition of the company’s assets that could have a material effect on the Financial Statements.
Inherent Limitations of Internal Financial Controls over financial Reporting

Because of the inherent limitations of internal financial controls over financial 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 financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial
reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may
deteriorate.
93
Chennai - 600 018. Chennai – 600 004.
Opinion
In our opinion and to the best of our information and according to the explanation given to us, the Company has, in all material respects, an
adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating
effectively as at 31 March 2019, based on the internal control over financial reporting criteria established by the Company considering the
essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by
the Institute of Chartered Accountants of India.

Partner Partner
Place : Chennai
94
Chennai - 600 018. Chennai – 600 004.
ANNEXURE - i to the Independent Auditors’ Report as mentioned in

Paragraph 3 (vii) (b) of CARO 2016
Sl. Nature of the Nature of

Amount (`) Period to which amount relates Forum where dispute is pending
No. Statute Dues
149617635 Various Periods from 1995-96 to 2008-09 Supreme Court

Excise Duty 213053878 Various Periods from 1994-95 to 2013-14 High Court
Central Excise
1 and Service
Act, 1944 1933917660 Various Periods from 1988-89 to 2017-18 CESTAT
Tax
145221538 Various Periods from 1995-96 to 2017-18 Commissioner / Commissioner (Appeals)
Sub Total 2441810711
25977554 2008-09 & 2013-14 Additional Commissioner (Rev. Petition)
207365414 Various pendings from 1969-70 to 2013-14 Appeal to High Court
Central Sales
Tax Act, 1956 5853451 1997-98,2005-06 and 2007-08 Deputy Commissioner (Appeals)
Sales Tax /
2 and Sales Tax
VAT 1522444 2014-15 Joint Commissioner (Rev. Petition)
of Various
States
12884480 Various pendings from 1989-90 to 2008-09 Sales Tax Apellate Tribunal
4756000 2013-14 Commissioner (Appeals)
Sub Total 258359343
Customs Customs 640246258 2013-14 & 2014-15 CESTAT

3
Duty, 1962 Duty 2711742 2017-18 Additional Commissioner of Customs
Sub Total 642958000
81064938 1996-1997 Supreme Court
36383000 Various periods from 1982-83 to 1986-87 High Court
Income Tax
4 Income Tax 531000 1991-1992 Income Tax Apellate Tribunal
Act, 1961
9902394 2016-2017 Deputy Commissioner of Income Tax
796048116 2015-2016 CIT Appeals
Sub Total 923929448
Grand Total 4267057502

Partner Partner
Place : Chennai
95
BALANCE SHEET AS AT 31ST MARCH 2019
Figures as at the end of Figures as at the end of
current reporting period previous reporting period
31st March, 2019 31st March, 2018
ASSETS Note No. ` Lakhs ` Lakhs ` Lakhs ` Lakhs
1. Non-Current Assets :
Property, Plant and Equipment 4 668002.83 676968.49
Capital Work in Progress 4 17701.65 17121.79
Investment Property 0.00 0.00
Goodwill 4 0.00 0.00
Other Intangible assets 4 3301.71 2664.25
Intangible Assets under development 0.00 0.00
Financial Assets :
i. Investments 5 69239.98 58621.48
ii. Trade Receivables 0.00 0.00
iii. Loans 6 102732.66 104273.09
iv. Other financial assets 7 5323.89 177296.53 4941.95 167836.52
Deferred Tax Assets 0.00 0.00
Other Non- Current Assets 8 31784.19 32026.99
Total Non -Current Assets 898086.91 896618.04
2. Current Assets :
Inventories 9 82321.29 67224.55
Financial Assets :
i. Investments 10 222.28 212.53
ii. Trade Receivables 11 72896.60 62947.27
iii. Cash and Cash Equivalents 12 673.20 836.74
iv. Loans 13 4280.99 4280.99
v. Other financial assets 0.00 78073.07 0.00 68277.53
Current Tax Assets (Net) 14 9907.97 13386.51
Other Current Assets 15 42112.86 24372.60
Total Current Assets 212415.19 173261.19
TOTAL ASSETS 1110502.10 1069879.23
EQUITY AND LIABILITIES
1. Equity:
(a) Equity Share Capital 16 30989.78 30815.27
(b) Other Equity 17 492980.21 489218.14
Total Equity 523969.99 520033.41
2. Liabilities:
Non Current Liabilities :
Financial Liabilities
i. Borrowings 18 264329.79 279746.64
ii. Trade Payables 0.00 0.00
iii. Other financial liabilities 0.00 264329.79 0.00 279746.64
Provisions 19 14036.30 14264.54
Deferred tax liabilities (Net) 20 63082.13 65323.34
Other non-current liabilities 21 2902.31 2841.10
Total Non Current Liabilities 344350.53 362175.62
3. Current Liabilities :
i. Borrowings 22 33719.08 15483.29
ii. Trade Payables 23
(a) Total Outstanding dues to Micro Enterprises & Small Enterprises 440.90 0.00
(b) Total Outstanding dues of creditors other than Micro Enterprises &
Small Enterprises 131191.73 117591.85
iii. Other financial liabilities 24 56698.01 222049.72 33494.14 166569.28
Provisions 25 17.94 17.94
Current tax liabilities (Net) 26 0.00 0.00
Other current liabilities 27 20113.92 21082.98
Total Current Liabilities 242181.58 187670.20
TOTAL EQUITY AND LIABILITIES 1110502.10 1069879.23
See accompanying Notes to the Financial Statements
SANDHYA RAJAN
96
STATEMENT OF PROFIT AND LOSS
FOR THE YEAR ENDED 31ST MARCH 2019
Figures for the Current Figures for the Previous
reporting period reporting period
April 2018 - March 2019 April 2017 - March 2018
INCOME: Note No. ` Lakhs ` Lakhs ` Lakhs ` Lakhs
Revenue from Operations 28 562798.43 534071.83
Other Income 29 3097.38 1941.06
Total Revenue 565895.81 536012.89
EXPENSES:
Cost of materials consumed 30 104440.29 90138.09
Purchases of stock-in-trade 31 38.30 1191.42
Changes in inventories of finished goods, work-in-progress 32 (2156.72) 2831.71
Employee benefits expense 33 35713.79 39709.99
Finance costs 34 32417.32 34017.06
Depreciation and Amortisation Expense 4 25130.71 25594.12
Other expenses
Manufacturing and other Operating Expenses 35 177495.87 156440.24
Administration and Other Charges 36 14940.63 15341.39
Selling and Distribution Expenses 37 168417.62 158621.73
Donations 38 116.29 360970.41 515.85 330919.21
Total Expenses 556554.10 524401.60
Profit / (Loss) before exceptional items and tax 9341.71 11611.29
Exceptional Items 0.00 0.00
Tax expense
Current Tax 3244.71 1790.26
MAT Credit Entitlement /Utilisation 1266.54 (1.75)
Deferred Tax (2113.25) 2398.00 (239.19) 1549.32
Profit / (Loss) for the year from Continuing Operations 6943.71 10061.97
Profit / (Loss) from discontinued Operations 0.00 0.00
Tax Expense of Discontinued Operations 0.00 0.00
Profit / (Loss) from discontinued Operations after tax 0.00 0.00
Profit / (Loss) for the year 6943.71 10061.97
Other Comprehensive Income
Items that will not be classified into Profit or Loss (814.89) 962.37
Income tax relating to Items that will not be classified into Profit or Loss 284.75 (333.06)
Items that will be classified into Profit or Loss 0.00 0.00
Income tax relating to Items that will be classified into Profit or Loss 0.00 0.00
Other Comprehensive Income for the year- Total (530.14) 629.31
Total Comprehensive Income for the year 6413.57 10691.28
(Comprising Profit / (Loss) and Other Comprehensive Income)
Earnings per Share for continuing operations : 40.12
(face value of `10/- per equity share):
Basic (`) 2.07 3.47
Diluted (`) 2.07 3.47
Earnings per Share for discontinued operations :
Basic (`) 0.00 0.00
Diluted (`) 0.00 0.00
Earnings per Share for continuing & discontinued operations :
Basic (`) 2.07 3.47
Diluted (`) 2.07 3.47

SANDHYA RAJAN
97
STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31ST MARCH 2019
A. EQUITY SHARE CAPITAL (Refer Note No.16) ` Lakhs
Balance as at March 31, 2017 30815.27

Changes in Equity share Capital during the year 0.00
B. OTHER EQUITY (Refer Note No.17) ` Lakhs

Capital Stock Option Debenture Shipping IndAS Surplus in Other
Capital Securities Deferred General
Redemption Outstanding Redemption Tonnage Tax Transition Profit and Comprehensive Total
Reserve Premium Income Reserve
Reserve Reserve Reserve Reserve Reserve Loss Income
Balance as at March 31, 2017 16.17 2500.00 147670.92 0.00 48.00 2316.34 90.00 203586.84 30000.00 94494.06 -547.11 480175.22
Add: Profit for the year 10061.97 10061.97
Add: Re-measurement of defined
benefit Plans transferred to OCI 629.31 629.31
Add: Additions during the year 0.01 2060.48 4000.00 6060.49
Add:/ -Less: Transfers to Debenture
Redemption Reserve 3461.54 -3461.54 0.00
Add:/ -Less: Transfers to General
Reserve -4000.00 -4000.00
Less: Dividends -3708.85 -3708.85
Balance as at March 31, 2018 16.17 2500.00 147670.93 2060.48 3509.54 2316.34 90.00 203586.84 30538.46 96847.18 82.20 489218.14
Add: Re-measurement of defined
benefit Plans transferred to OCI -530.14 -530.14
Add: Additions during the year 2660.25 2660.25
Add:/ -Less: Transfers to Debenture
Redemption Reserve -1201.85 1201.85 0.00
Add:/ -Less: Transfers to General
Reserve -98.21 -2316.34 -90.00 2504.54 -0.01
Add:/ -Less: Transfers to Share
Premium -1962.27 -1962.27
Less: Dividends -3349.47 -3349.47
Balance as at March 31, 2019 16.17 2500.00 150331.18 0.00 2307.69 0.00 0.00 203586.84 34244.85 100441.42 -447.94 492980.21

S. SRIDHARAN BASAVARAJU
M. KRISHNA CHAITHANYA CHELLA K. SRINIVASAN R. SRINIVASAN
Company Secretary LAKSHMI APARNA SREEKUMAR
Partner Partner Executive President
V. RANGANATHAN
Membership No:231282 Membership No: 023305 (Finance & Accounts)
SANDHYA RAJAN
98
CASH FLOW STATEMENT FOR THE YEAR ENDED 31st MARCH 2019
April 2018 to March 2019 April 2017 to March 2018

` Lakhs ` Lakhs ` Lakhs ` Lakhs
A. Cash flow from operating activities :
Net profit/(loss) before exceptional items & tax 9341.71 11611.29
Other Comprehensive Income (814.89) 962.37
Net profit/(loss) before tax and exceptional items 8526.82 12573.66
Adjusted for :
Depreciation 25130.71
25594.12
Provision for Doubtful Debts & Advances 99.36 640.12
Foreign Exchange 0.82 6.13
Profit / (Loss) on sale of Investments (1399.18)
(375.20)
Profit / (Loss) on sale of Assets 107.98 776.74
Interest Expense 31566.38
33045.19
Interest Income (829.68)
(846.32)
Dividend Income 0.00 0.00
Perquisite value of Employees’ stock options 0.00 0.00
Deferred revenue expenditure / income 0.00 54676.39 0.00 58840.78
Operating profit before Working Capital changes 63203.21 71414.44

Trade and other receivables (28123.15)
(13498.62)
Inventories (15096.74)
7275.06
Trade payables 12531.01 (30688.88) (14500.46) (20724.02)
Cash generated from operations 32514.33 50690.42
Direct Taxes (875.92) (3843.56)
Cash flow before exceptional items 31638.41 46846.86
Exceptional items 0.00 0.00
Net cash from operating activities (A) 31638.41 46846.86
B. Cash flow from Investing activities :

Purchase of Fixed Assets (17838.16) (19767.68)
Sale of Fixed Assets 719.01 751.45
[Purchase] / Sale of Investments (9229.07) 3441.96
Interest received 829.68 846.32
Dividend received 0.00 0.00
Refund by / advances to subsidiaries, Associates and others 1480.38 (14691.42)
Net cash from Investing activities (B) (24038.16) (29419.37)
99
CASH FLOW STATEMENT FOR THE YEAR ENDED 31st MARCH 2019 (Contd.)

C. Cash flow from financing activities :
Proceeds from issue of share capital 174.51 0.00
Dividend paid (3358.45) (3713.31)
Proceeds from long-term borrowings 54235.79 95833.67
Repayment of borrowings (27459.52) (75276.24)
Interest paid (net) (31356.12) (34112.40)
Net cash from financing activities (C) (7763.79) (17268.28)
Increase / (Decrease) in cash and cash equivalent (A+B+C) (163.54) 159.21
Cash and cash equivalent at the beginning of the year 836.74 677.53
Cash and cash equivalent at the close of the year 673.20 836.74

V. RANGANATHAN
SANDHYA RAJAN
100
NOTES ON ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2019
1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS
The Financial Statements upto the year ended 31st March 2016 were prepared in accordance with the Accounting Standards Rules 2006 (as
amended) and other relevant provisions of the Companies Act 2013 (Indian GAAP).
The Ministry of Corporate Affairs (MCA) issued a Notification on 16th February, 2015, making Indian Accounting Standards (Ind AS), issued
under Section 133 of Companies Act 2013 mandatory for certain class of Companies.
As per the Notification, Ind AS is mandatory for the Company for the Financial year commencing 1st April 2016. Accordingly, the Company
has adopted Ind AS from 1st April 2016 and the financial Statements from the year 2016-17 are prepared in accordance with the principles
laid down in the said Ind AS.
The financial statements are presented in Indian Rupees, which is the functional currency of the Company and the currency of the primary
economic environment in which the Company operates.
The financial statement have been prepared on a historical cost basis, except for the following assets and liabilities:
(i) Certain financial assets and liabilities measured at fair value (refer accounting policy regarding financial instruments);
(ii) Employee’s Defined Benefit plan as per Actuarial valuation;
(iii) Plant, Property and Equipment measured at fair value;
The Company has considered its operating cycle to be 12 months for the purpose of Current and Non-current classification of assets and liabilities.
The financial statements are presented in Indian Rupees rounded to the nearest lakhs with two decimals.
2 First time adoption of Ind AS during the financial year 2016-17

The company restated the financial statements as at 1st April 2015 (opening), being the transition date, on the following basis:
Exemptions availed as per Ind AS 101:
1) Past Business Combination:
The company has elected not to apply Ind AS 103-Business Combinations retrospectively to Past Business Combinations that
occurred before the transition date of 01-April-2015, consequently, the company has kept the same classification for the past business
combinations as in its previous GAAP financial statements.
2) Property, Plant and Equipments:
The company has elected to measure the PPE at Fair value on transition date.
3) Investments in Subsidiaries & Associates:
The Company has elected to carry its Investments in Subsidiaries & Associates at deemed cost which is its previous GAAP carrying
amount at the date of transition to Ind AS.
4) Sales Tax Deferrment Loan:
The Company has elected to use the previous GAAP carrying amounts of Sales Tax Deferrment Loan existing at the date of transition
to Ind AS as the carrying amount of the loan in the opening Ind AS Balance Sheet.
5) Fair Value of Financial Assets and Liabilities:
As per the Ind AS exemption, the company has not fair valued the financial assets and liabilities retrospectively and has measured the
same prospectively.
3 SIGNIFICANT ITEMS OF ACCOUNTING POLICY (To be read with Notes 1 & 2)

1 Use of estimates:
The preparation of financial statements in conformity with generally accepted Indian Accounting standards (Ind AS) principles, requires
management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent
liabilities at the date of the financial statements and the results of operations during the reporting period. Although these estimates are
based upon management’s best knowledge of current events and actions, actual results could differ from these estimates.
2 Inventories:
(a) Raw materials, fuel, stores & spares and packing materials are valued at lower of weighted average cost and Net Realisable Value
(NRV). However, these items are considered to be realisable at cost, if the finished products, in which they will be used, are expected
to be sold at or above cost.
101
(b) Work-in-progress, Stock-in-trade and Finished goods are valued at lower of cost and NRV. Cost of Finished goods and WIP includes
cost of raw materials, cost of conversion and other costs incurred in bringing the inventories to their present location and condition.
(c) Construction and Infrastructure Projects are valued at cost or net realisable value whichever is lower.
3 Cash and Cash equivalents:
Cash and cash equivalents for the purpose of Cash Flow Statement comprise cash at bank, cash in hand (including cheques in hand) and
short term investment with an original maturity of three months or less.
4 Property, Plant and Equipments:
(a) During transition from Indian GAAP to Ind AS on 01 April, 2015, the fair value of Property, Plant and Equipments (PPE) is considered as
the deemed cost of acquisition.
(b) Additions to Property, plant and equipment are stated at cost of acquisition or construction. Subsequent costs are included in the asset’s
carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated
with the item will flow to the Company and the cost of the item can be measured reliably. All other repairs and maintenance are charged
to the Statement of Profit and Loss during the period in which they are incurred.
(c) Property, Plant and Equipments (PPE) acquired on hire purchase or on Financial Lease are shown at their principal cost, excluding the
interest cost included in these agreements which is charged to revenue over the life of the agreement.
(d) Depreciation is recognised using straight line method so as to depreciate the carrying value less the residual values over the remaining
useful life of the asset(s), other than freehold land and properties under construction, specified in Schedule II to the Companies Act,
2013, or in the case of assets where the useful life was determined by technical evaluation, over the useful life so determined.
(e) Capital work-in-progress includes cost of property, plant and equipment under installation/ under development as at the Balance Sheet
date and are carried at cost, comprising of direct cost, directly attributable cost and attributable interest.
(f) Software development costs are capitalised and depreciated along with computers. Software, that are capitalised, are depreciated over
3 years under straight line method.
(g) Material items such as Spare parts, Stand-by equipments and service equipments are classified as PPE when they meet the definition
of PPE as specified in Ind AS 16 and depreciated.
(h) Fair value of PPE is ascertained at regular intervals. However, PPE and intangible assets with definite lives, are reviewed for impairment
at each Balance Sheet date, if events or changes in circumstances indicate that their carrying values may not be recoverable and
impairment, if any, is charged to revenue.
5 Foreign Currency Transactions:
(a) Foreign Exchange transactions are accounted at the exchange rates prevailing at the time of transactions or at contracted rates. Assets
and Liabilities in foreign currencies are translated at values prevailing as at the year end. Gains / Losses if any, arising therefrom are
recognised in the Profit and Loss account.
(b) Forward Exchange contracts used to hedge Foreign Currency Transactions are initially recognised at the spot rate on the date of
contract. Forward Exchange contracts remaining unsettled at the end of the year are translated at the year end rates.The difference in
translation of Forward Exchange contracts are recognised in the Profit and Loss Account.
6 Borrowing Costs:
Borrowing costs consist of interest and other ancillary costs that the Company incurs in connection with the borrowing of funds. The
borrowing costs directly attributable to the acquisition or construction of any asset that takes a substantial period of time to get ready for its
intended use or sale are capitalised. All the other borrowing costs are recognised in the Statement of Profit and Loss within finance costs of
the period in which they are incurred.
7 Mines Restoration Expenses:
The company provides for the expenditure to reclaim the quarries used for mining based on the estimated expenditure required to be made
towards restoration and rehabilitation at the time of vacation of mines. Costs arising from such obligation for restoration and rehabilitation at
closure of the mines are assessed at each Balance Sheet date and the provision if any required is made in the financial statements so as to
reflect the current best estimates.
8 Revenue Recognition:
(A) The Company has adopted Ind AS 115 with effect from 01-04-2018 (i.e) from the date on which it became effective.
(a) Revenue from Sale of Goods:
Revenue is recognized on the basis of approved contracts regarding the transfer of goods or services to a customer for an amount
that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Revenue is
102
measured at the fair value of consideration received or receivable taking into account the amount of discounts, incentives, volume
rebates on sales. Any amounts receivable from the customer are recognised as revenue after the control over the goods sold are
transferred to the customer.
The Company does not adjust the promised amount of consideration for the effects of a significant financing component if it
expects, at contract inception, that the period between the transfer of the promised good or service to the customer and when the
customer pays for that good or service will be one year or less.
(b) Revenue from Freight Services (Charter of ship):
Revenue from ship hiring services which are on time charter is recognised on accrual basis.
(c ) Revenue from sale of Power generated:
Income from Power generated from windmills and sale of surplus units generated from captive thermal power plants are
recognised upon transmission of energy to the grids.
(B) Dividend income is recognised when the Company’s right to receive dividend is established.
9 Research and Development:
Research and Development expenses not resulting in any tangible property/equipment are charged to revenue.
10 Investments:
Investments other than in Subsidiaries and Associates are stated at fair values. Investment carried at cost is tested for impairment as per
IND AS 36.
11 Employee benefits:
Recognition and measurement of Defined Contribution Plans:
(a)
The Company recognizes contribution payable to a Defined Contribution Plan as an expense in the Statement of Profit and Loss when
the employees render services to the Company during the reporting period.
Recognition and measurement of Defined Benefit plans:
(b)
The cost of providing defined benefits is determined using the Projected Unit Credit method with actuarial valuations being carried out at
each reporting date. The defined benefit obligations recognized in the Balance Sheet represent the present value of the defined benefit
obligations as reduced by the fair value of plan assets, if applicable.
All expenses represented by current service cost, past service cost, if any, and net interest on the defined benefit liability/(asset) are
recognized in the Statement of Profit and Loss.
Re-measurements of the net defined benefit liability comprising actuarial gains and losses and the return on the plan assets (excluding
amounts included in net interest on the net defined benefit liability), are recognized in Other Comprehensive Income.
(c) Other Long Term Employee Benefits:
Entitlements to annual leave and sick leave are recognized when they accrue to employees. Unavailed leave balances are accounted
using the Projected Accrued Benefit method with actuarial valuations being carried out at each Balance Sheet date.
(d) Fringe Benefits arising on options vested under Employees Stock Options Scheme (ESOS) are charged to Profit and Loss Account
and credited to Stock Options Outstanding Account. On allotment of shares, corresponding amount is transferred from Stock Option
Outstanding Account to Securities Premium Account.
12 Tax Expense:
(a) Current income tax is measured and accounted based on the amount expected to be paid to the tax authorities in accordance with the
Indian Income Tax Act, 1961 at the tax rates applicable for the year.
(b) Deferred Tax
Deferred tax is provided, on all temporary differences at the reporting date between the tax base of assets and liabilities and their
carrying amounts for financial reporting purposes. Deferred tax is measured and accounted based on the tax rates and tax laws enacted
or substantively enacted at the Balance Sheet date.
A deferred tax asset is recognized to the extent that it is probable that future taxable profits will be available against which the temporary
difference can be utilised.
13 Provisions, Contingent Liabilities & Contingent Assets:
(a) Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event and it is probable
that an outflow of resources, that can be reliably estimated, will be required to settle such an obligation.
103
(b) Contingent liability is disclosed in books for a present obligation arising from past events where it is not probable that an outflow of
resources will be required to settle the obligation and a reliable estimate is not possible.
Contingent assets are disclosed where an inflow of economic benefits is probable. Provisions, contingent liabilities and contingent assets
are reviewed at each Balance Sheet date.
14 Government Grants:
Government grants related to income under State Investment Promotion Scheme linked with VAT / GST payment are recognised in the
Statement of Profit and Loss in the period in which there is reasonable assurance that money becomes receivable.
Sales Tax deferral liability to State Governments, which is at a below-market rate of interest, that existed at the transition date is continued
to be stated at gross liability, as permitted under IndAS 101.
15 Leases:
As a Lessee:
Leases of property, plant and equipment where the Company, as lessee, has substantially all the risks and rewards of ownership are
classified as finance leases. PPE acquired under finance leases are capitalised.
Leases in which a significant portion of the risks and rewards of ownership are not transferred to the group as lessee are classified as
operating leases and are charged to the Statement of Profit and Loss on straight line basis over the period of the lease unless the payments
are structured to increase in line with expected general inflation to compensate for the lessor’s expected inflationary cost increases.
16 (a) Financial Assets:

Financial assets are recognized when the Company becomes a party to the contractual provisions of the instrument. All financial assets
are recognised initially at fair value. These assets are subsequently classified and measured at:
(i) Amortised Cost
(ii) Fair Value Through Profit and Loss (Fvtpl)
(iii) Fair Value Through Other Comprehensive Income (Fvtoci).
All equity instruments other than in subsidiaries and associates in scope of Ind AS 109 are measured at fair value, the company may,
on initial recognition, irrevocably elect to measure the same either at FVTOCI or FVTPL.
The Company makes such election on an instrument-by-instrument basis. Fair value changes on an equity instrument is recognised as
other income in the Statement of Profit and Loss unless the Company has elected to measure such instrument at FVTOCI. Fair value
changes excluding dividends, on an equity instrument measured at FVTOCI are recognised in OCI. Amounts recognised in OCI are not
subsequently reclassified to the Statement of Profit and Loss. Dividend income on the investments in equity instruments are recognised
as ‘other income’ in the Statement of Profit and Loss.
Debt instruments are measured at amortised cost, fair value through other comprehensive income (‘FVTOCI’) or fair value through Profit
or Loss (‘FVTPL’) till derecognition on the basis of (i) the entity’s business model for managing the financial assets and (ii) the contractual
cash flow characteristics of the financial asset.
The Company derecognises a financial asset when the contractual rights to the cash flows from the financial asset expire, or it transfers
the contractual rights to receive the cash flows from the asset.
Expected credit losses are recognised for financial assets other than those classified under FVTPL category. The expected credit losses
are measured as lifetime expected credit losses if the credit risk on financial asset increases significantly since its initial recognition. The
company’s trade receivables do not contain significant financing component and loss allowance on trade receivables is measured at an
amount equal to lifetime expected credit losses i.e., expected credit short fall. The impairment losses and reversals are recognised in
Statement of Profit and Loss.
(b) Financial Liabilities:

Financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument. Financial liabilities
are classified and measured at amortised cost / fair value through Profit and Loss (FVTPL). In case of trade payables, they are initially
recognised at fair value and subsequently, these liabilities are held at amortised cost, using effective interest method.
Financial liabilities are subsequently measured at amortised cost. Financial liabilities carried at fair value through Profit or Loss are
measured at fair value with all changes in fair value recognised in the Statement of Profit and Loss.
A financial liability is derecognised when the obligation specified in the contract is discharged, cancelled or expires.
104
NON-CURRENT ASSETS
4. PROPERTY, PLANT AND EQUIPMENT ` Lakhs
GROSS BLOCK DEPRECIATION BLOCK NET BLOCK
Depreciation Cumulative Depreciation Cumulative
Particulars Balance as Gross Gross Balance as Net Block as Net Block as
Addition Deletion Addition Deletion Depreciation on depreciation Depreciation on depreciation
at April 01, Block as on Block as on at April 01, on March 31, on March 31,
2017-18 2017-18 2018-19 2018-19 2017-18 Deduction as at 2018-19 Deduction as at March
2017 31.03.2018 31.03.2019 2017 2018 2019
2017-18 31-03- 2018 2018-19 31, 2019
Tangible Assets
Land 365296.27 547.30 1034.05 364809.52 1892.10 364.01 366337.61 0.00 0.00 0.00 0.00 40.86 0.00 40.86 364809.52 366296.75
Leasehold Land 2053.80 0.00 0.00 2053.80 308.24 0.00 2362.04 97.45 49.61 0.00 147.06 49.61 0.00 196.67 1906.74 2165.37
Buildings 52449.31 1402.87 0.00 53852.18 4461.07 4.29 58308.96 8874.98 3889.90 0.00 12764.88 3739.55 0.46 16503.97 41087.30 41804.99
Railway Siding 6726.88 14.93 0.00 6741.81 0.00 0.00 6741.81 1288.99 641.36 0.00 1930.35 641.47 0.00 2571.82 4811.46 4169.99
Plant and Machinery
including Electrical
installations1 312599.57 3946.22 460.91 316084.88 7242.18 585.24 322741.82 37685.69 18293.56 64.48 55914.77 17912.65 239.48 73587.94 260170.11 249153.88
Furniture and Fixtures 1057.18 90.79 37.38 1110.59 929.60 23.71 2016.48 419.09 174.92 16.22 577.79 214.82 9.24 783.37 532.80 1233.11
Office Equipments and
105
Computers 2770.56 1230.81 33.50 3967.87 748.74 10.14 4706.47 1042.87 781.60 11.33 1813.14 972.41 4.42 2781.13 2154.73 1925.34
Vehicles 1865.52 506.89 111.12 2261.29 148.21 197.84 2211.66 526.26 295.94 56.74 765.46 297.44 104.64 958.26 1495.83 1253.40
Total Tangible Assets 744819.09 7739.81 1676.96 750881.94 15730.14 1185.23 765426.85 49935.33 24126.89 148.77 73913.45 23868.81 358.24 97424.02 676968.49 668002.83
Intangible Assets
Computer software 5329.71 1727.44 0.00 7057.15 1899.36 0.00 8956.51 2925.67 1467.23 0.00 4392.90 1261.90 0.00 5654.80 2664.25 3301.71
Total Intangible Assets 5329.71 1727.44 0.00 7057.15 1899.36 0.00 8956.51 2925.67 1467.23 0.00 4392.90 1261.90 0.00 5654.80 2664.25 3301.71
Capital Work-in-Progress-
Tangible 17121.79 17701.65
Total 750148.80 9467.25 1676.96 757939.09 17629.50 1185.23 774383.36 52861.00 25594.12 148.77 78306.35 25130.71 358.24 103078.82 696754.53 689006.19
1
Includes ` 1479.07 Lakhs of equipments on ‘ right to use basis ‘, which is depreciated over the useful life asset [Previous Year: `1540.63 Lakhs ]
Buildings include purchase of flats and leasehold lands for which this document of title are yet to be executed in favour of the Company ` 4.88 Lakhs [Previous year `5.09 Lakhs]
Total Amount of Borrowing Cost capitalised during the year in accordance with Ind AS 23 is `531.80 Lakhs [ Previous Year ` Nil]
` Lakhs
Asset Category 2018-19
BUILDINGS 36.62
PLANT & MACHINERY 168.03
CWIP 327.15
Grand Total 531.80
No of Shares/ Face Value March 2019 March 2018
Debentures ` ` Lakhs ` Lakhs
5. NON-CURRENT INVESTMENTS
1 Investments in Equity Instruments (fully paid up):
(a) In Subsidiaries: (Unquoted)
Coromandel Electric Company Limited 24000 10 2.40 1.50
Coromandel Electric Company Limited (Non-dividend bearing equity shares)
(Prev. Year: 5000 Shares - ` 0.50 Lakhs) 1000 10 0.10 0.50
Industrial Chemicals & Monomers Limited 2196691 10 35.58 35.58
ICL Financial Services Limited 5962000 10 596.20 596.20
ICL Securities Limited 6130200 10 613.02 613.02
ICL International Limited 50000 10 5.00 5.00
PT. Coromandel Minerals Resources, Indonesia 2940 1 USD 125.94 125.94
Coromandel Minerals Pte. Limited, Singapore 18986500 9167.05 9167.05
India Cements Infrastructures Limited 50000 10 5.00 5.00
Coromandel Travels Limited (Net of Provision : ` 6531 Lakhs) 65310000 10 0.00 0.00
Coromandel Travels Limited 200000 10 20.00 20.00
NKJA Mining Private Limited (Prev. Year : NIL) 10000 10 7981.82 0.00
Springway Mining Private Limited (Prev. Year : NIL) 200 10 365.78 0.00
Sub total 18917.89 10569.79
(b) In Associates (Unquoted)
Coromandel Sugars Limited 100 10 0.01 0.01
(c) Other than Subsidiaries / Associates (Unquoted)
at Fair values through P&L (FVTPL):
Andhra Pradesh Gas Power Corp. Limited 5896000 10 9068.05 7709.61
Jagati Publications Private Limited 1111110 10 0.00 0.00
Carmel Asia Holdings Private Limited 190839 10 0.00 0.00
Sub total 9068.05 7709.61
(d) Fully paid Equity Shares of Companies (Quoted):
Karur KCP Packagings Limited (Fair value thro’P&L) 996500 10 0.00 0.00
Other Investments Fully paid shares of Co-operative
(e)
Societies Long-term (Unquoted):
The India Cements Employees Co-operative Stores Limited, Sankarnagar 2500 50 1.25 1.25
The India Cements Employees Co-operative Stores Limited, Sankari 5000 10 0.50 0.50
The India Cements Mines Employees Co-operative Stores Limited, Sankari 5300 10 0.53 0.53
Sub total 2.28 2.28
Total - Investments in Equity 27988.23
18281.69
2 Investments in Preference share capital (Unquoted) :
Subsidiaries:
11% Cumulative Redeemable Preferences Shares of
Industrial Chemicals & Monomers Limited 5000 100 0.20 0.20
9% Non-Convertible Cumulative Redeemable Preference Shares of
Trinetra Cement Limited (Refer Note No.40.4) 1000000 100 1000.00 1000.00
9% Non-Convertible non-Cumulative Redeemable Preference Shares of
Trinetra Cement Limited (Refer Note No.40.4) 8667097 100 8667.10 8667.10
9% Non-Convertible Cumulative Redeemable Preference Shares of
Springway Mining Private Limited (Prev. Year : NIL) 9118155 10 911.81 0.00
Total - Investments in Preference share capital 10579.11
9667.30
106
3 Government & Trustee Securities (Unquoted):
National Savings Certificates 1.45 1.30
Indira Vikas Patra Certificates 0.02 0.02
Total - Government & Trustee Securities 1.47 1.32
4 Investments in Debentures:
(a) In Subsidiaries:
Zero% Unsecured Non-Convertible Redeemable Debentures of
ICL Financial Services Limited 11210630 100 11210.63 11210.63
ICL Securities Limited 12962540 100 12962.54 12962.54
ICL International Limited 2948000 100 2948.00 2948.00
Sub total 27121.17 27121.17
(b) In Associates:
Zero% Unsecured Convertible Debentures of Coromandel Sugars Limited
(Refer Note no.40.4(d)) 3550000 100 3550.00 3550.00
Sub total 3550.00 3550.00
Total - Investments in Debentures 30671.17
30671.17
Total - Investments 69239.98
58621.48
Aggregate value of:
Quoted Investments 0.00 0.00
Unquoted Investments 69239.98 58621.48
FINANCIAL ASSETS:
6. LOANS
Loans and Advances to Related Parties - Considered good - Unsecured 25162.14 22317.86
Loans and Advances to Body Corporate - Considered good - Unsecured 76615.99 80940.65
Housing Loan and other Loans to Employees - Considered good - Secured 954.53 1014.58
102732.66 104273.09
7. OTHER FINANCIAL ASSET

Deposits 5323.89 4941.95
5323.89 4941.95
8. OTHER NON-CURRENT ASSET

Capital Advances - Considered good - Unsecured 31784.19 32026.99
31784.19 32026.99
107
March 2019 March 2018
CURRENT ASSETS ` Lakhs ` Lakhs
9. INVENTORIES
Stores / Spares 19316.39 17267.60
Fuel Including coal 35520.53 25177.95
Packing Materials 1993.52 1779.78
Raw Materials 9237.32 8902.41
Work-in-Process 1977.51 1128.12
Semi-finished Goods 10057.32 9686.73
Finished Goods 3158.72 2181.16
Construction and Infrastructure - In Progress 1023.67 1064.48
Stock-in-Trade 36.31 36.32
82321.29 67224.55
10. CURRENT INVESTMENTS

Investments in Mutual Fund (Unquoted) 222.28 212.53
222.28 212.53
11. TRADE RECEIVABLES

Trade Receivables - Considered good - Secured 0.00 0.00
Trade Receivables - Considered good - Unsecured 72896.60 62947.27
Trade Receivables - Which have significant increase in Credit Risk 0.00 0.00
Trade Receivables - Credit Impaired 3153.09 2575.23
76049.69 65522.50
Less: Provision For Doubtful Receivables (3153.09) (2575.23)
Total - Sundry Debtors, considered good 72896.60 62947.27
[Net of Security Deposit ` 40219.52 Lakhs (As at 31st March 2018 ` 42604.73 Lakhs)]
12. CASH AND CASH EQUIVALENTS

Cash on Hand 98.47 158.25
Cash at Banks 567.90 669.35
Fixed Deposit with Scheduled banks 6.83 9.14
Total Cash and Cash Equivalents 673.20 836.74
13. SHORT TERM LOANS

Other Advances - Financial Asset - Considered good - Unsecured 4280.99 4280.99
4280.99 4280.99
14. CURRENT TAX ASSETS
Advance payment of tax (Net of provision) 9907.97 13386.51
9907.97 13386.51
15. OTHER CURRENT ASSETS
Advance for goods 6287.75 6474.60
Prepaid Expenses 1610.54 1282.31
Other Advances 34214.57 16615.69
42112.86 24372.60
108
16. SHARE CAPITAL No. of Par value March 2019 No. of Par value March 2018
Shares per share ` lakhs Shares per share ` lakhs
(`) (`)
AUTHORISED :
Equity Shares 529808600 10 52980.86 529808600 10 52980.86
Redeemable Cumulative Preference Shares 7500000 100 7500.00 7500000 100 7500.00
Redeemable Non-Cumulative Preference Shares 81500000 100 81500.00 81500000 100 81500.00
141980.86 141980.86
ISSUED :
Equity Shares 309897267 10 30989.73 308152267 10 30815.23
30989.73 30815.23
SUBSCRIBED AND PAID UP :
Equity Shares fully paid up
Opening balance 308150984 10 30815.18 307177340 10 30717.73
Add: partly paid up shares, subscribed fully during the year 52 10 0.01 100 10 0.01
Add: Subscribed / allotted during the year 1745000 10 174.50 973544 10 97.44
Total issued, subscribed and fully paid up 309896036 30989.69 308150984 30815.18
Equity Shares - subscribed, but not fully paid (other than Directors)
Opening balance 1217 10 0.09 1317 10 0.10
Less: partly paid up shares, subscribed fully during the year 52 10 0.00 100 10 0.01
Total -Equity Shares subscribed, but not fully paid 1165 0.09 1217 0.09
Sub total 309897201 30989.78 308152201 30815.27
Total 30989.78 30815.27
List of shareholders holding more than 5% of the equity share capital
(Par value per share is `10/-)
Shareholder’s name No.of % held March 2019 No.of % held March 2018
shares Total face shares Total face
held value held value
` Lakhs ` Lakhs
EWS Finance & Investments Private Limited 27643432 8.92 2764.34 27643432 8.97 2764.34
Reliance Capital Trustee Co Ltd. A/C Reliance Focused Equity Fund;
Reliancesmall Cap Fund; Reliance Equity Hybrid Fund; Reliance
Growth Fund; Reliance Power & Infra Fund; Reliance Arbitrage Fund;
Reliance Equity Savings Fund; Reliance Capital Builder Fund 4 Sr A;
Reliance Capital Builder Fund 4 Sr C; Reliance Capital Builder Fund 2
Sr B; Reliance Capital Builder Fund 4 Sr D. 27006563 8.71 2700.66 18030320 5.85 1803.03
Prince Holdings (Madras) Private Limited 25500000 8.23 2550.00 25500000 8.28 2550.00
Mrs. Vidya Subramanian * 19954024 6.44 1995.40 19954024 6.48 1995.40
Sri Saradha Logistics Private Limited (Formerly Trishul Investments Pvt. Ltd.) 18101843 5.84 1810.18 18101843 5.87 1810.18
Aditya Birla Sun Life Trustee Private Limited A/C Aditya Birla Sun
Life Equity Fund; Aditya Birla Sun Life Small Cap Fund; Aditya
Birla Sun Life Arbitrage Fund; Aditya Birla Sun Life Pure Value
Fund; Aditya Birla Sun Life Balanced Advantage Fund; India
Excel (Offshore) Fund; Aditya Birla Sun Life Infrastructure Fund;
Aditya Birla Sun Life Manufacturing Equity Fund; India Advantage
(Offshore) Fund; Aditya Birla Sun Life Equity Savings Fund; Aditya
Birla Sun Life Emerging Leaders Fund-Series 4 18023780 5.82 1802.38 17283760 5.61 1728.38
ELM Park Fund Limited 15861746 5.12 1586.17 15861746 5.15 1586.17
* Shares are held in the capacity of a Trustee for the shares held by the Whollyowned Subsidiaries in Trusts.
109
Terms / Rights / restrictions attached to shares
The company has only one class of Equity share. Each share has a paid up value of `10/- Every shareholder is entitled to one vote per share,
except for the holders of Global Depository Shares, as given below:
During the year 2005-06, the company allotted 5,12,27,592 underlying equity shares of `10/- each represented by 2,56,13,796 Global Depository
Shares (GDS) in the ratio of 2:1. Holders of these GDSs have no voting rights with respect to the Deposited shares.
During the previous year 2017-18, the Company had declared and distributed a dividend of ` 0.80 per share.
The Board of Directors has recommended a dividend of ` 0.80 per share, for the year 2018-19, which is subject to the approval of the shareholders.
During the year 2017-18, pursuant to the Scheme of Amalgamation of Trinetra Cement Limited and Trishul Concrete Products Limited (Transferor
Companies) with The India Cements Limited (Transferee Company) approved by the Hon’ble National Company Law Tribunal, Division Bench,
Chennai, vide its Order dated 20.04.2017, the Company has allotted, in June 2017, 9,73,544 equity shares of ` 10/- each fully paid-up to the
eligible shareholders of Trinetra Cement Limited and erstwhile Trishul Concrete Products Limited.
Shares reserved for issue under Employees stock option scheme, 2016:
As recommended by the Compensation Committee, the Board of Directors has granted, as on 01.04.2017, 18,35,000 options to eligible
employees under Employees Stock Option Scheme, 2016 (Scheme). The options granted under the Scheme got vested with the employees on
01.04.2018 and the vested options were to be exercised within one year from the date of vesting. On exercise of each option, one equity share
of `10/- each fully paid-up were to be allotted at a price of `50/- per share, including a premium of ` 40/- per share.
Out of the above, 17,45,000 Stock Options were vested on 01.04.2018 and the balance 90,000 Stock Options were cancelled. During the year,
all the 17,45,000 options were exercised by the Optionholders and equal number of equity shares were allotted to them. Consequently the paid
up equity share capital stands at ` 309.90 Crores.
110
` Lakhs ` Lakhs
17. OTHER EQUITY
Capital Reserve 16.17 16.17
Capital Redemption Reserve 2500.00 2500.00

Securities Premium
Opening balance 147670.93 147670.92
Add : Additions during the year 2660.25 0.01
Closing balance 150331.18 147670.93
Stock Options Outstanding Reserve

Less : Transfer to Share Premium 1962.27 0.00
Less : Transfer to General Reserve 98.21 0.00
Debenture Redemption Reserve

Less : Transfer to General Reserve 1201.85 0.00
General Reserve
Add / (Less) : Transfer from Debenture Redemption Reserve 1201.85 (3461.54)
Add : Transfer from Deferred Income 2316.34 0.00
Add : Transfer from Shipping Tonnage Tax Reserve 90.00 0.00
Add : Transfer from Stock Options Outstanding Reserve 98.20 0.00
Deferred Income (Free Reserve)
Less: Transfer / withdrawals 2316.34 0.00
Shipping Tonnage Tax Reserve 90.00 90.00
Ind AS Transition Reserve 203586.84 203586.84
Surplus in Profit & Loss account
Add: Profit/(Loss) after tax for the year 6413.57 10691.28
Add: Net profit of the amalgamating entities for the year 2015-16 0.00 0.00
Sub total 103342.95 104638.23
111
` Lakhs ` Lakhs
Appropriations
Dividend (8%) on Equity capital (Proposed for the year 2017-18, paid in 2018-19) 2475.22 3081.53
Dividend Distribution tax 508.79 627.32
Deemed Dividend 303.15 0.00
Dividend Distribution tax on Deemed Dividend 62.31 0.00
Transfer to General Reserve 0.00 4000.00
Transfer to/(from) Debenture redemption reserve 0.00 0.00
Sub total 3349.47 7708.85
Total - Other Equity 492980.21 489218.14
Other Comprehensive Income (Re-measurement of Defined Benefit Plans):
Opening Balance 82.20 (547.11)
Additions (530.14) 629.31
Closing balance (447.94) 82.20
NON-CURRENT LIABILITIES
18. LONG-TERM BORROWINGS
1. Secured (Refer Note No.39)
a. Term Loans from Banks 222741.92 229598.45
b. Debentures 4615.38 9230.77
c. Others 9158.35 9533.72
2. Unsecured others 27814.14 31383.70
264329.79 279746.64
19. LONG-TERM PROVISIONS
Provision for Mines Refilling & Others 7984.09 7984.09
Provision for Unavailed leave 6052.21 6280.45
14036.30 14264.54
20. DEFERRED TAX LIABILITY (NET)
Deferred Tax Liability arising on account of timing differences on depreciation and others 69017.65 71648.50
Less: Deferred Tax Assets 5935.52 6325.16
Deferred Tax Liability (net) 63082.13 65323.34
21. OTHER LONG-TERM LIABILITIES

Deposits 2902.31 2841.10
2902.31 2841.10
CURRENT LIABILITIES
22. SHORT-TERM BORROWINGS
Secured:
Loans Repayable on Demand:
Cash Credit facilities from Banks 26719.08 10483.29
Unsecured:
Loans repayable on Demand:
Unsecured loans from Banks 7000.00 5000.00
33719.08 15483.29
112
` Lakhs ` Lakhs
23. TRADE PAYABLES
[A] Total Outstanding dues to Micro Enterprises & Small Enterprises
(i) Creditors for Goods 440.90 0.00
440.90 0.00
[B] Total Outstanding dues of creditors other than Micro Enterprises & Small Enterprises
(ii) Acceptances 35250.21 29955.34
(iii) Other Trade Payables 39317.83 38629.12
(iv) Trade deposits from Customers 10906.52 10668.48
131191.73 117591.85
Total (A) + (B) 131632.63 117591.85
24. OTHER FINANCIAL LIABILITIES

(i) Current Maturities - Secured Loans - Banks 34756.77 11260.67
(ii) Current Maturities - Secured Loans - Others 375.37 371.44
(iii) Current Maturities - Unsecured Loans - Others 3569.56 3124.57
(iv) Interest accrued but not due on borrowings 1145.09 933.98
(v) Creditors Capital goods 1420.37 1291.97
(vi) Other Liabilities 15352.53 16422.64
(vii) Dividend payable 70.42 79.40
(viii) Unpaid matured deposits and Interest accrued thereon 7.90 9.47
56698.01 33494.14
25. SHORT TERM PROVISIONS
Unpaid Dividend (Provision) 17.94 17.94
26. CURRENT TAX LIABILITIES

Provision for Income Tax (net) 0.00 0.00
27. OTHER CURRENT LIABILITIES

Customer Credit Balances 8026.64 11158.03
Other Current Liabilities - Others 12087.28 9924.95
20113.92 21082.98
113
28. REVENUE FROM OPERATIONS

Sales (Effective from July 01, 2017, Sales are recorded net of GST whereas earlier sales
were recorded gross of excise dutly which formed part of expenses) 543917.00 518290.51
Government Incentive on Sales Tax/ GST 2166.35 473.37
Other Operating Revenues:
Freight Earnings from Ships 2891.13 1733.71
Value of Power Generated from Wind Farms 1584.82 1688.81
Income from Thermal Power Plant 76.06 148.26
Income from Ready Mix Concrete 12059.44 9286.17
Income from Construction and Infrastructure Projects 90.34 996.82
Trade Sales 13.29 1454.18
Revenue from Operations 562798.43 534071.83
29. OTHER INCOME
Interest Income 829.68 846.32
Gain on Sale of Investments 1399.18 2228.86 375.20 1221.52
Other Non Operating Income
Rent Recovery 29.51 31.40
Profit on Sale of Assets 327.17 37.80
Foreign Exchange translation difference 0.82 6.13
Miscellaneous Income 511.02 644.21
Total Other Income 3097.38 1941.06
30. COST OF MATERIALS CONSUMED
Raw Material Consumed
Opening Stock 8902.41 8965.95
Add: Purchases 72629.09 66826.60
Own Quarrying (Net) (Refer Note No.40.5) 32146.11 104775.20 23247.95 90074.55
Less: Closing Stock 9237.32 8902.41
Total Raw Materials Consumed 104440.29 90138.09
31. Purchases of Traded Stock
Trade Purchases 38.30 1191.42
32. CHANGES IN INVENTORIES OF FINISHED GOODS, WORK-IN-PROGRESS
Opening Stock :
Construction & Infrastructure - Projects-in-Progress 1064.48 1484.65
14096.81 16928.52
Closing Stock :
Construction & Infrastructure - Projects-in-Progress 1023.67 1064.48
16253.53 14096.81
Total (Increase)/Decrease in stock (2156.72) 2831.71
114
33. EMPLOYEE BENEFITS EXPENSE

(a) Employees Other than Directors
Salaries, Wages and Bonus 27674.90 28154.77
Contribution to Provident Fund 1303.08 1331.01
Gratuity 662.46 1336.84
Superannuation 689.13 2366.10
Employees’ Provident Fund Administration Charges 60.84 73.13
Employees’ State Insurance Scheme 75.05 72.50
Workmen and Staff Welfare Expenses * 4070.76 6175.37
Unavailed leave (Refer Note No. 40.18) 511.14 (1019.94)
Sub total 35047.36 38489.78
* 2017-18 Figures include ` 2060.48 Lakhs of Fringe Benefit arising on
account of Employee Stock Option Scheme. Refer Note No. 16 under
the heading Terms / Rights / Restrictions attached to Shares
(b) Directors
Director’s Remuneration
Managing Director :
Salary 200.00 450.00
HRA 60.00 135.00
Contribution to Gratuity and Superannuation Funds 38.33 115.00
Commission 0.00 0.00
Others 6.00 376.33 8.11 780.11
Managerial Remuneration to VC & MD has been restricted to limits
permitted under Companies Act, 2013
Whole Time Director:
Salary 180.00 180.00
HRA 54.00 54.00
Contribution to Gratuity and Superannuation Funds 34.50 34.50
Commission 0.00 150.00
Others 0.00 290.10 0.00 440.10
Director’s Remuneration -Total 666.43 1220.21
Total Employee benefits expense (a+b) 35713.79 39709.99
34. FINANCE COSTS

Interest expense 27669.75 26395.22
Other borrowing costs 3896.63 6649.97
Loss on Foreign currency transactions and translations 850.94 971.87
32417.32 34017.06
115
35. MANUFACTURING AND OTHER OPERATING EXPENSES

Stores Consumed 5110.94 4637.69
Power and Fuel *** 164099.26 123887.60
Repairs & Maintenance
1. Building 38.59 41.02
2. Machinery 6247.24 9282.80
3. Others 1962.30 8248.13 2042.92 11366.74
Agency and Port Expenses 37.52 30.17
Excise Duty 0.02 16518.04
177495.87 156440.24
*** Break up of Thermal Power Cost Captive Consumed
Description 2018-19 2017-18
` in Lakhs ` in Lakhs
Power & Fuel 33357.23 29793.32
Stores and Spares 724.23 363.45
Salaries and Wages 1379.45 1378.19
Overheads 51.59 36.32
Depreciation 4152.64 4147.19
Total 39665.14 35718.47
36. ADMINISTRATION AND OTHER CHARGES

Insurance and P & I Charges 628.06 610.23
Rent 71.27 139.27
Rates and Taxes 1242.36 1150.20
Printing and Stationery 246.79 190.99
Postage, Telephones and Telegrams 381.59 364.26
Other Administration Expenses 11290.16 10777.19
Legal Fees 390.92 465.19
Directors’ Sitting Fees 30.25 12.30
Audit Expenses
Audit Fees 60.00 60.00
Cost Audit Fees 20.80 17.00
Certifications/Others 16.65 6.10
Tax Audit/Other Services 10.00 0.00
Travel/out of pocket expenses 17.27 124.72 14.85 97.95
Amortisation of Deferred Revenue Expenses 0.00 0.00
Loss on sale of assets 435.15 814.54
Diminution in value of Investments (FVTPL) 0.00 79.15
Provision for Doubtful Advances 99.36 640.12
14940.63 15341.39
116
37. SELLING AND DISTRIBUTION EXPENSES

Packing Charges 24428.99 21255.90
Entry Tax 0.00 131.54
Freight outwards 118700.65 109059.65
Handling 8909.73 10336.33
Advertisement 2060.77 4667.20
Others 14317.48 13171.11
168417.62 158621.73
38. DONATIONS
The India Cements Educational Society 0.00 400.00
Others 116.29 115.85
116.29 515.85
Corporate Social Responsibility (CSR) Expenditure:

CSR Expenditure included in Donation:
Donation - Including Contribution to
The India Cements Education Society / Trust 50.50 198.50
CSR expenditure included in administration and other charges 399.31 553.61
Total CSR expenditure incurred 449.81 752.11
CSR Expenses required to be spent as per Section 135 of Companies Act, 2013 393.34 318.62
Spent towards construction of Asset 127.32 111.09
Others 322.49 641.02
39. Security for Secured Borrowings

Non Current Maturities Current Maturities Total Principal
Last due
Break up of Borrowings March 2019 March 2018 March 2019 March 2018 March 2019 March 2018 payment
date
` Lakhs ` Lakhs ` Lakhs ` Lakhs ` Lakhs ` Lakhs Frequency
(a) Debentures (Secured) :
1 HDFC BANK - 1500 Nos, Rated, 4615.38 9230.77 4615.38 4615.40 9230.76 13846.17 26/02/2021 Quarterly
Unlisted, Secured 10% Redeemable
Non-Convertible Debentures of Face
Value of Inr 10,00,000
Debentures Total 4615.38 9230.77 4615.38 4615.40 9230.76 13846.17
117
Security for Secured Borrowings (contd.)
Last due
date
(b) Term Loans (Secured) :
From Banks:
1 IDBI Bank Limited 0.00 8333.34 8333.34 0.00 8333.34 8333.34 01/09/2019 Monthly
2 ICICI Bank Limited 0.00 9475.00 0.00 0.00 0.00 9475.00 Paid
3 IDBI Bank Limited 28275.00 29103.00 828.00 600.00 29103.00 29703.00 01/10/2028 Quarterly
4 ICICI Bank Limited 14137.45 14550.02 309.28 300.00 14446.73 14850.02 01/10/2028 Quarterly
5 State Bank of India 18578.25 19263.74 526.00 316.66 19104.25 19580.40 01/07/2028 Quarterly
6 Andhra Bank 18582.30 19264.00 526.00 320.35 19108.30 19584.35 01/07/2028 Quarterly
7 Central Bank of India 18599.69 19264.00 526.00 337.86 19125.69 19601.86 01/07/2028 Quarterly
9 Yes Bank Limited 12000.00 18000.00 6000.00 2000.00 18000.00 20000.00 02/02/2022 Quarterly
10 Kotak Mahindra Bank Limited 954.00 2382.00 1428.00 1428.00 2382.00 3810.00 02/12/2020 Quarterly
11 HDFC Bank Limited 0.00 0.00 5500.00 0.00 5500.00 0.00 29/05/2019 Quarterly
12 HDFC Bank Limited 0.00 109.89 109.92 109.92 109.92 219.81 30/03/2020 Monthly
13 Axis Bank Limited 17500.00 20000.00 2500.00 0.00 20000.00 20000.00 31/08/2023 Quarterly
16 Kotak Mahindra Bank Limited 9821.13 10713.96 892.83 0.00 10713.96 10713.96 04/12/2022 Monthly
Less : Prorata Processing Fee -1827.77 -1987.37 -817.98 -617.51 -2645.75 -2604.88
Total Secured Loans from Banks 222741.92 229598.45 30141.39 6645.27 252883.31 236243.72
From Others:
20 L&T Financial Services Limited 9200.00 9600.00 400.00 400.00 9600.00 10000.00 31/01/2024 Quarterly
Total Secured Loans from Others 9158.35 9533.72 375.37 371.44 9533.72 9905.16
Total Secured Long-Term
borrowings 236515.65 248362.94 35132.14 11632.11 271647.79 259995.05
UNSECURED:
From Banks:
Total Unsecured Loans from Banks 0.00 0.00 7000.00 5000.00 7000.00 5000.00
From Others:
2 Interest free Sales Tax Deferral Loans 27814.14 31383.70 3569.56 3124.57 31383.70 34508.27 31/03/2028 Yearly
Total Unsecured Loans from Others 27814.14 31383.70 3569.56 3124.57 31383.70 34508.27
Total Unsecured Long-Term
Borrowings 27814.14 31383.70 10569.56 8124.57 38383.70 39508.27
SECURED:
[c] Cash Credit Facilities and other 0.00 0.00 26719.08 10483.29 26719.08 10483.29 Various Yearly
Working Capital Loans from Dates
Scheduled Banks
Total term Liabilities including
Current Maturities 264329.79 279746.64 72420.78 30239.97 336750.57 309986.61
118
Security for Secured Borrowings (contd.)
SECURITY CLAUSE FOR BORROWINGS
As on 31-03-2019 As on 31-03-2018
(a) Debentures: (a) Debentures:
• Item (a) The Debentures are secured by way of exclusive charge • Item (a) The Debentures are secured by way of exclusive charge
on immovable fixed assets situated at No.4/9, Boat Club Road, III on immovable fixed assets situated at No.4/9, Boat Club Road, III
Avenue, R.A. Puram, Chennai. Avenue, R.A. Puram, Chennai.
(b) Term Loans: (b) Term Loans:
• Item (b) 1 is secured by way of exclusive first pari passu charge on • Item (b) 1 was secured by way of first pari passu charge on the
the immovable & movable fixed assets of the cement grinding unit immovable & movable fixed assets of the cement grinding unit located
located at Vallur Village, Ponneri Taluk, Tamil Nadu. at Vallur Village, Ponneri Taluk, Tamil Nadu.
• Items (b) 8, 17, 18 & 19 are secured by way of first Charge on the • Items (b) 2, 8 & 17 were secured by way of first Charge on the entire
entire immovable and movable fixed assets pertaining to cement plant immovable and movable fixed assets pertaining to cement plant and
and Captive Thermal Power Plant at Vishnupuram on pari passu basis Captive thermal power plant at Vishnupuram on pari passu basis.
with ICICI Bank Term Loans.
• Items (b) 3 to 7 were secured by way of first pari passu charge among
• Items (b) 3 to 7 are secured by way of first pari passu charge among five Term Lenders on the immovable and movable fixed assets of
five Term Lenders on the immovable and movable fixed assets of Sankarnagar Cement Plant & Thermal Power Plant and Malkapur
Sankarnagar Cement Plant & Thermal Power Plant and Malkapur Cement Plant of the Company.
Cement Plant of the Company.
• Items (b) 9 & 14 were secured by way of an exclusive first charge on
• Items (b) 9 & 14 are secured by way of an exclusive first charge on the immovable and movable fixed assets of Chilamkur Cement Plant
the immovable and movable fixed assets of Chilamkur Cement Plant of the Company.
of the Company.
• Items (b) 10 & 16 were secured by way of an exclusive charge on
• Items (b) 10 & 16 are secured by way of an exclusive charge on the immovable properties of the Company being land and building
the immovable properties of the Company being land and building situated at 142/1 (Old No.93), Santhome High Road, Chennai and
situated at 142/1 (Old No.93), Santhome High Road, Chennai and further secured by the movable assets pertaining to ship / vessel MV
further secured by the movable assets pertaining to ship / vessel MV Chennai Selvam and all the ten shares of vessel MV Chennai Selvam.
Chennai Selvam and all the ten shares of vessel MV Chennai Selvam.
• Item (b) 12 was secured by way of an exclusive first charge on the
• Item (b) 12 is secured by way of an exclusive first charge on the movable fixed assets of all RMC Units
movable fixed assets of all RMC Units.
• Item (b) 13 was secured by way of an exclusive first charge on the
• Item (b) 13 is secured by way of an exclusive first charge on the immovable and movable fixed assets of Sankaridurg Cement Plant of
immovable and movable fixed assets of Sankaridurg Cement Plant of the Company.
the Company.
• Items (b) 15 & 20 were secured by way of first pari passu Charge on
• Items (b) 15 & 20 are secured by way of first pari passu Charge on both immovable and movable fixed assets of Dalavoi Cement Plant of
both immovable and movable fixed assets of Dalavoi Cement Plant of the Company.
the Company.
• Item (c) The Working Capital Facilities availed by the Company are
• Item (b) 11 is secured by way of pari passu charge on immovable secured by First Pari Passu Charge on the Current Assets of the
fixed assets situated at No.4/9, Boat Club Road, III Avenue, R.A. Cement Business of the Company and by Second Pari passu Charge
Puram, Chennai. on the movable properties (other than Current Assets), ranking after
the charges created / to be created in favour of the Term Lenders
• Item (c) The Working Capital Facilities availed by the Company are
secured by First Pari Passu Charge on the Current Assets of the
Cement Business of the Company and by Second Pari passu Charge
on the movable properties (other than Current Assets), ranking after
the charges created / to be created in favour of the Term Lenders.
119
` Lakhs ` Lakhs
40.1 Estimated amounts of contracts for Capital Expenditure and Commitments (Net of Advances) 13855.84 8684.25
40.2 Monies for which the company is contingently Liable:
a. Guarantees to Banks / Institutions 14000.00 19350.00
(including guarantees given on behalf of Subsidiaries and Associates)
b. Unpaid demands under dispute:
i) Central Excise & Service Tax 24418.10 11044.67
ii) Sales Tax and Value Added Tax 2583.59 2315.66
iii) Customs Duty 6429.58 6415.38
iv) Income Tax 9239.29 5237.79
The above includes Contingent Liability pertaining to Raasi Cement Ltd. (Residuary
Company) for Sales Tax, Income tax and Central Excise aggregating to ` 2,249.46 Lakhs
(Previous Year ` 2,249.46 Lakhs)
c. Amount paid towards disputed CENVAT / Sales Tax / Income tax Claims pending in
different stages of appeal. Management is of the opinion that these are recoverable at
values stated. 960.22 740.65
d. Contingent Liability on account of Show Cause Notices issued by Excise & other tax
authorities (other than (b) & (c) mentioned above) duly contested. 37566.98 38698.20
e. Other Claims against the Company not acknowledged as debts. 30357.22 26748.84
f. The Competition Commission of India (CCI) vide its Order dated 31.08.2016 imposed
a penalty of ` 187.48 Crores on the Company. The Company filed an appeal before
COMPAT (Now called NCLAT). The COMPAT in its interim order directed the Company
to pay 10% of the penalty amount (` 18.75 Crores) before granting stay which was
deposited by the Company. NCLAT vide its order dated 25/07/2018 dismissed the appeal
filed by the Company. Against this the Company has filed an appeal in the Supreme
Court challenging the NCLAT order and the Supreme Court vide its Order dated
5-10-2018 admitted the Company’s appeal and directed that the interim order passed by
the Tribunal in the matter, will continue.
40.3 As at Balance Sheet date, amounts aggregating to ` 473.90 Lakhs were due to Micro, Small
and Medium Enterprises as per the provisions of the Micro, Small and Medium Enterprises
Development Act, 2006.
Particulars:
(a) The principal amount remaining unpaid to any supplier at the end of each accounting
year; 440.90
(b) The interest payable thereon on (a); 0.01
(c) The amount of interest paid by the buyer along with the amount of the payment made to
the supplier beyond the due date (as per Purchase Order or 45 days whichever is earlier)
during each accounting year; Nil
(d) The amount of interest due and payable for the period of delay in making payment (which
has been paid but beyond the appointed day during the year) but without adding the interest
specified under the Micro, Small and Medium Enterprises Development Act, 2006; Nil
(e) The amount of interest accrued and remaining unpaid at the end of each accounting year; 33.01
(f) the amount of further interest remaining due and payable even in the succeeding years,
until such date when the interest dues above are actually paid to the small enterprise, for
the purpose of disallowance of a deductible expenditure under Section 23 of the Micro,
Small and Medium Enterprises Development Act, 2006. Nil
The above information has been determined to the extent such parties have been identified on the
basis of a information available with the Company and same has been relied upon by the auditors.
120
` Lakhs ` Lakhs
40.4 Note on PMLA.
The Authorities have issued an attachment notice under the Prevention of Money Laundering
Act, 2002 (PMLA) attaching certain assets of the company for an aggregate value of ` 120.34
Crores. The Company filed an appeal against the order of the adjudicating authority specified
under PMLA disputing the attatchement of assets . The matter is currently sub judice.
Details of Assets given below:
a) 886 Sq yards plot with 8000 sq.ft building - Punjagutta, Somajiguda Circle, Hyderabad 211.89
b) 245.86 Acres of Land - Konauppalapadu Village, Yadki Mandal, Anantapur Dist. 122.93
c) 10,00,000 9% Non-Convertible Cumulative Redeemable Preference Shares in Trinetra Cement Ltd.* 1000.00
d) 20,32,260 Convertible Debentures of Coromandel Sugars Ltd. 2032.26
e) 86,67,097 9% Non-Convertible Non-Cumulative Redeemable Preference Shares in
Trinetra Cement Ltd.* 8667.10
* Not withstanding merger of Trinetra Cement Ltd. with the company, as per the order of
NCLT, read with order of High Court of Madras, to the extent of security referred above
continues to be held by the company in Trinetra Cement Ltd.
40.5 [a] Raw Materials consumed:
Own Quarrying includes:
(i) Salaries & Wages 2840.61 2337.53
(ii) Stores Consumed 4070.76 3453.73
(iii) Royalty 12912.11 9629.54
[b] Total Consumption of Stores and Spares during the year, including used in own quarrying;
Captive Power generation and Repairs & Maintenance. 19628.36 20302.57
40.6 Repairs and maintenance includes Stores & Spares. 8530.85 7575.67
40.7 Detailed Information of goods Sold during the Report Period:
1 CEMENT:
Sales – Value of Cement 540733.96 517529.42
Value of White Cement 188.66 645.84
Value of Clinker 5160.74 588.62
546083.36 518763.88
2 Ready Mix Concrete:
Sales – Value of RMC 12059.44 9286.17
40.8 Note - Government Subsidy:
Note on RIPS 2010 - Rajasthan
Sales revenue includes ` 2025.85 Lakhs representing subsidy offered by Government of
Rajasthan as a part of Rajasthan Investment Promotion Scheme (RIPS). The incentive was
sanctioned in the name of Trinetra Cement Limited which merged with the Company under
a Scheme of Amalgamation duly approved by NCLT and High Court of Madras. In respect of
the Customized Package of Incentives, Company’s request for change in name of beneficiary
from Trinetra Cement Limited to The India Cements Limited was approved by the State
Empowered Committee (Chaired by Chief Secretary) on 14th September 18. The approval by
the State Cabinet is awaited.
Investment Subsidy - Maharashtra
Maharashtra for Sales Tax Incentive Scheme.
40.9 Expenditure in Foreign Currency:
Consultancy Fee 292.56 174.64
Travel Expenses and Others 633.20 451.77
121
` Lakhs ` Lakhs
40.10 Details of Raw Materials consumed:
Quantity in Tonnes:-
Limestone 12981169 10872662
Gypsum 1190032 995269
Others 3696752 3056975
Value:-
Limestone 49031.97 37985.13
Gypsum 11565.46 11294.08
Others 36357.59 34683.44
Freight on Inter Unit Transfer of Clinker 7819.69 6175.44
Total 104774.71 90138.09
Cost of Materials consumed includes ` 13.66 crores representing claims pertaining to earlier years.
40.11 Auditors Remuneration:

(a) Statutory Auditors:
Audit fees 60.00 60.00
Tax Audit fees 10.00 0.00
Fees for Other Services 16.15 6.10
Expenses reimbursed 17.27 14.32
(b) Cost Auditors:

Audit Fees 20.00 17.00
Fees for Other Services 0.80 0.94
Expenses reimbursed 0.75 0.53
40.12 Earnings Per Share

Profit / (Loss ) for the year 6943.71 10061.97
Other Comprehensive Income for the year (530.14) 629.31
Weighted average no. of ordinary shares for Basic & Diluted EPS 309187262 308151768
Basic & Diluted Earning per Ordinary Share on Profit and Loss 2.25 3.27
Basic & Diluted Earning per Ordinary Share on Other Comprehensive Income (0.17) 0.20
Basic & Diluted Earning per Ordinary Share on Total Comprehensive Income 2.07 3.47
Equity shares issuable pursuant to ESOS that could potentially dilute basic earnings per
share in the future, were not included in the calculation of diluted earnings per share as they
are antidilutive for the previous period presented.
The Company had, as on 1st April 2017, granted 1835000 Options to eligible employees
under Employees Stock Option Scheme 2016 (Scheme). Out of the above, 1745000
Options were vested on 01.04.2018 and the balance options have been cancelled. The
Options so vested were to be exercised within one year from the date of vesting. During the
year, upon option holders exercising their Options, the company allotted 17,45,000 equity
shares of ` 10/- each fully paid up. Consequently the paid up equity share capital stands at
` 309.90 Crores.
122
` Lakhs ` Lakhs
40.13 Related Party Disclosures:
Names of the related parties and the nature of the relationship:
(I) Subsidiary Companies % of Share Holding
& Voting power
Industrial Chemicals and Monomers Limited, India 98.59% 98.59%
ICL Financial Services Limited, India 100.00% 100.00%
ICL Securities Limited, India 100.00% 100.00%
ICL International Limited, India 100.00% 100.00%
Coromandel Electric Company Limited (CECL), India * 50.14% 50.71%
India Cements Infrastructures Limited, India 100.00% 100.00%
Coromandel Travels Limited (CTL), India 98.50% 98.50%
Coromandel Minerals Pte. Limited, Singapore 100.00% 100.00%
Raasi Minerals Pte. Ltd., Singapore (Control obtained during March 18) 100.00% 100.00%
PT. Coromandel Minerals Resources, Indonesia 100.00% 100.00%
PT Adcoal Energindo, Indonesia (Control obtained during March 18) 100.00% 100.00%
Springway Mining Private Limited, India # 51.00% 0.00%
NKJA Mining Private Limited, India # 100.00% 0.00%
* changes in ownership not resulting in loss of control.
# During the year, The company has acquired the 100% voting interest in NKJA Mining
Private Ltd. on 03.12.2018 pursuant to which the Company is able to obtain 51%
controlling interest in the paid-up equity share capital of Springway Mining Private Limited
(a company which owns limestone mining rights), thereby both Springway Mining Private
Limited and NKJA Mining Private Limited have become subsidiaries of the Company.
(ii) Associate Companies:
Raasi Cement Limited,India 28.94% 28.94%
Coromandel Sugars Limited,India 49.99% 49.99%
India Cements Capital Limited,India 47.91% 47.91%
Unique Receivable Management Private Limited, India 49.20% 49.20%
PT. Mitra Setia Tanah Bumbu, Indonesia (MSTB) 49.00% 90.00%
During the year, MSTB Indonesia, a step down subsidiary, engaged in mining coal, has
become an Associate company.
(iii) Post employment benefit plan trust:
India Cements Gratuity Fund
The India Cements Employees Provident Fund, Chilamkur
The India Cements Employees Provident Fund, Yerraguntla
(iv) Key Management personnel [KMP] as defined under Ind AS 24:
Sri N.Srinivasan – Vice Chairman & Managing Director
Smt.Rupa Gurunath - Whole Time Director
Smt.Chitra Srinivasan - Director
Sri V.Venkatakrishnan / Sri Suneel Babu Gollapalli - IDBI Bank Limited, Nominee Director
Sri M.R.Kumar - LIC Nominee Director (till 17.03.2019)
Sri N.Srinivasan [F & R] - Director
Sri N.R.Krishnan - Director (till 28.08.2018)
Sri Arun Kumar Datta - Director (till 28.08.2018)
Sri V.Manickam - Director (till 28.08.2018)
Sri S Balasubramanian Adityan - Director
Sri Ranganathan V - Director
Sri Balakrishnan K - Director
Smt.Lakshmi Aparna Sreekumar - Director (w.e.f. 11.08.2018)
Smt.Sandhya Rajan - Director (w.e.f. 11.08.2018)
Sri Basavaraju - Director (w.e.f. 11.08.2018)
123
` Lakhs ` Lakhs
A. Transactions with Subsidiaries and Associate Companies (excluding reimbursements)
during the year:
Sale of Goods
India Cements Infrastructures Limited 30.94 70.40
Coromandel Sugars Limited 54.37 245.60
85.31 316.00
Purchase of Goods
PT.Coromanel Minerals Resources 2773.90 5389.17
ICL International Limited 6.96 4.78
PT Mitra Setia Tanah Bumbu 1413.29 2713.44
4208.82 8112.59
Sale of Land:
India Cements Infrastructures Ltd. 145.40 288.92
Acquisition of Shares from third parties which resulted in the following companies
becoming subsidiaries during the financial year:
NKJA Mining Pvt. Ltd. 7981.82 0.00
Springway Mining Pvt. Ltd. ** 1277.60 0.00
9259.42 0.00
** Includes Investment in 9% Non-Convertible Cumulative Redeemable
Preference Shares of ` 911.81 lakhs
Transfer of Shares in Coromandel Electric Company Ltd.
ICL Financial Services Ltd. 0.90 2940.00
Revenue sharing receipt
Coromandel Electric Company Limited 2371.70 1829.47
Rendering of Services
Receiving of Services
Coromandel Travels Limited 444.25 1349.18
India Cements Capital Limited 300.37 325.76
1683.09 2762.38
Interest on Advances
Springway Mining Private Limited 60.30 0.00
1505.27 1338.57
Remuneration to KMP
Sri N.Srinivasan – Vice Chairman & Managing Director 376.33 780.11
Smt.Rupa Gurunath - Whole Time Director 290.10 440.10
666.43 1220.21
124
` Lakhs ` Lakhs
Disclosure of Key Managerial Personnel compensation in total and for each of the following categories:
Particulars
Short Term benefits 500.00 977.11
Post employment benefits 166.43 243.10
TOTAL 666.43 1220.21
Managerial Remuneration to Vice Chairman & Managing Director has been paid for 4 months only.
Amount due by Vice Chairman & Managing Director as on 31-03-2019, was ` 234.40 Lakhs
which has since been received.
Sitting Fee paid to Directors:
IDBI Bank Limited, Nominee - Sri V. Venkatakrishnan / Sri Suneel Babu Gollapalli 1.50 1.00
LIC Nominee - Sri M.R. Kumar 2.00 0.60
Sri N.Srinivasan [F& R] 5.45 3.20
Sri N.R.Krishnan 1.00 1.20
Sri Arun Kumar Datta 0.40 1.20
Smt.Chitra Srinivasan 2.50 1.00
Sri V.Manickam 1.00 1.10
Sri Basavaraju 2.20 0.00
Sri S Balasubramanian Adityan 3.85 1.50
Sri Ranganathan V 2.80 0.70
Sri Balakrishnan K 2.00 0.80
Smt.Lakshmi Aparna Sreekumar 2.60 0.00
Smt.Sandhya Rajan 2.90 0.00
30.20 12.30
Dividends paid to KMP:
Sri N.Srinivasan – Vice Chairman & Managing Director 9.00 6.34
Smt.Rupa Gurunath - Whole Time Director 0.29 0.36
Smt.Chitra Srinivasan - Director 0.63 0.79
10.08 7.69
Contributions to Post employment benefit plan trust:
India Cements Gratuity Fund 946.02 867.37
The India Cements Employees Provident Fund, Chilamkur 58.94 66.96
The India Cements Employees Provident Fund, Yerraguntla 21.29 39.56
1026.25 973.89
B. (i) Outstanding Balances as at the year end
1. Loans and Advances
ICL Securities Limited * (2146.41) (2116.78)
ICL Financial Services Limited * 5386.90 5446.29
India Cements Infrastructures Limited ** 10384.00 9883.41
Coromandel Sugars Limited * 6382.12 5889.53
India Cements Capital Limited * 396.93 367.25
Springway Mining Private Limited * 1875.46 0.00
NKJA Mining Private Limited * 6.07 0.00
PT. Coromandel Mineral Resources, Indonesia ** 259.04 259.04
Coromandel Minerals Pte. Limited, Singapore ** 1049.43 1049.43
125
` Lakhs ` Lakhs
2. Deposit:
Industrial Chemicals and Monomers Limited ** (Rental Deposit) 1568.60 1539.68
25162.14 22317.86
3. Receivables / Payables:
Coromandel Electric Company Limited (2968.80) (2883.78)
1874.19 600.23
4. Outstanding balances in Post employment benefit plan trust:
India Cements Gratuity Fund (6916.76) (6755.74)
The India Cements Employees Provident Fund, Chilamkur (21.96) (24.93)
The India Cements Employees Provident Fund, Yerraguntla (10.51) (13.24)
(ii) Maximum balance outstanding during the year:
ICL Securities Limited * (2150.41) (2116.78)
ICL Financial Services Limited * 5467.60 5446.29
India Cements Infrastructures Limited ** 11600.47 9883.41
Coromandel Sugars Limited * 6090.17 7551.52
India Cements Capital Limited * 396.93 367.25
PT. Coromandel Mineral Resources, Indonesia ** 259.04 259.04
Coromandel Minerals Pte. Limited, Singapore ** 1049.43 1049.43
Springway Mining Private Limited * 1875.46 0.00
NKJA Mining Private Limited * 6.07 0.00
(iii) Interest Rate:
India Cements Infrastructures Limited 9% 9%
Coromandel Sugars Limited 9% 9%
India Cements Capital Limited 9% 9%
Springway Mining Private Limited 9% 0%
* - Loans
** - Advances
Notes:-
1. Loans to Employees as per Company’s policy are not considered.
2. None of the Loanees / Loanee Subsidiaries have per se made any investment in the shares
of the Company. However, pursuant to the scheme of Amalgamation approved by the
Honorable High Court of Judicature at Madras, the Company has issued equity shares to
the Shareholders of Visaka Cement Industry Limited. [Visaka] . As per the said Order 400
lakh shares of the Company have been allotted in aggregate, to the subsidiaries (199.54
lakh shares) and other loanees (200.46 lakh shares) in exchange for their shares of Visaka.
The shares allotted to the subsidiaries are held in a Trust on their behalf.
C. Guarantee / Securities given to Group Companies:
Guarantees Issued (Amount represents loan outstanding as on Balance Sheet date)
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` Lakhs ` Lakhs
40.14 Leases:
Operating Lease: Company as Lessee:
The company has entered into a Lease Agreement with SREI Equipment Finance Limited to get
certain equipment (heavy earth moving equipment, pollution control equipment and locomotives)
on Operating Lease basis for a tenor of 3 years, with lease rentals payable at monthly interval.
Lease Rentals Charged during the year 971.05 784.37
Future Minimum lease payments under Non-Cancellable Leases:
Not later than one year 903.56 971.05
Later than One year and not later than 3 Years 128.10 937.35
Later than 3 Years Nil Nil
Note on IND AS 116 - “Leases”:
Ministry of Corporate Affairs issued the Companies (Indian Accounting Standards) Amendment
Rules,2019, notifying Ind AS 116 “Leases”, which replaces Ind AS 17 “Leases”.
The Standard sets out the principles for the recognition, measurement, presentation and
disclosure of leases for both parties to a contract, i.e., the lessee and the lessor. Ind AS 116
introduces a single lessee accounting model and requires a lessee to recognise assets and
liabilities for all leases with a term of more than twelve months, unless the underlying asset
is of low value. Currently, operating lease expenses are charged to the Statement of Profit
& Loss. The new standard will not have any material impact on the Company’s financial
statements. The amendment will come into force from April 01,2019.
40.15 IND AS 115 - “Revenue form Contacts with Customers”:
Adoption of IND AS 115 w.e.f. of 01/04/2018 will not have any material impact on the
Company’s financial statements.
Amount of contract revenue recognised as revenue during the period 90.34 996.82
Details regarding contracts in progress
Aggregate amount of costs incurred and recognised profits (less recognised losses) 5040.50 6672.80
Amount of customer advances outstanding for contracts in progress 394.34 537.41
Retention amount due from customers for contracts in progress 300.54 495.31
Gross amount due from customers for contract works as an asset 1015.19 1064.48
Gross amount due to customers for contract works as a liability 0 0
40.16 Movement in Provisions:
(i) Trade Receivables:
(a) Opening Balance 2575.23 2094.24
(b) Additional Provision made during the year 577.86 509.80
(c) Provision reversed / utilised during the year 0.00 28.81
(d) Closing Balance 3153.09 2575.23
(ii) Mines Refilling & Others:
(iii) Leave balances:
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` Lakhs ` Lakhs
(iv) Distribution made and proposed (Ind AS 1)
Cash dividend on equity shares:
Final dividend proposed for the year ended on March 31, 2019 : ` 0.80 per share (March 31
2018: ` 0.80 per share) 2479.18 2465.22
Dividend Distribution Tax on final dividend 509.60 506.73
Total Dividend 2988.78 2971.95
Proposed Dividends on equity shares are subject to approval at the Annual General
Meeting and are not recognised as a liability (including Dividend Distribution Tax thereon)
as at March 31.
(v) Segment Reporting:
The Principal business of the Company is of manufacturing and sale of cement and
cement related products. All other activities of the Company revolve around its main
business. The Company have concluded that there is only one operating reportable
segment as defined by Ind AS 108, i.e., cement and cement related products.
(vi) Share Based Payments:
The Company has granted 18,35,000 options to certain employees
under ESOS Scheme details are as under:
a) Particulars
Exercise Period 1 year
Grant Date 01-04-2017
Exercise Price / Share 50
Method of Settlement Equity
b) Movement of Options Granted:
Particulars No. of Options
Outstanding at the beginning of the year 1835000
Granted during the year 0
Exercised during the year 1745000
Cancelled during the year 90000
Outstanding at the end of the year 0
(vii) Effective Rate of Tax - Reconciliation:
Profit Before Tax & Other Comprehensive Income Before Tax 8526.82 12573.66
Tax @ Marginal Rate (%) 34.94 34.61
Tax Effects of Timing and Permanent Differences (%) -10.16 -19.64
Tax Expenses as per Books (%) 24.78 14.97
40.17 (I) Financial Risk Management Objectives and Policies:
The Company’s principal financial liabilities, other than derivatives, comprises of
borrowings, trade and other payables. The main purpose of these financial liabilities is
to finance the company’s operations. The Company’s principal financial assets include
trade and other receivables, investments and cash and cash equivalets that derive
directly from its operations.
The Company’s activities exposes it to various risk including market risk, liquidity risk
and credit risk. Company’s overall risk management focuses on the unpredictability
of financial markets and seeks to minimise potential adverse effects on the financial
performance fo the company. The Company uses derivative financial instruments such
as foreign exchange forward contracts that are entered into to hedge foreign currency
risk exposure.
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` Lakhs ` Lakhs
A. Capital Management:
Long-Term Debt 264329.78 279746.64
Less: Cash Equivalent 673.20 836.74
Net Debt 263656.58 278909.90
Total Equity 523969.99 520033.41
Net Debt to Equity Ratio 0.50 0.54
B. Interest Rate Risk:
Sensitivity Analysis:
An increase of 100 basis points in interest rate at the end of the reporting period for
the variable financial instruments will increase / decrease PAT for the year by amount
shown below:
Long-Term interest bearing Borrowing 236515.65 248362.94
Interest incidence on above 24538.60 24226.66
Average Interest Rate 10.58% 10.13%
Impact of Increase in interest by 100 basis points (2319.00) (2391.32)
Impact of Decrease in interest by 100 basis points 2319.00 2391.32
C. Company’s Foreign Currency Exposure:
Hedged Foreign Currency
Trade Payable - USD 23.23 million @ ` 71.31 Per USD
[Previous Year: USD 12.86 million @ ` 64.58 per USD ] 16566.80 8303.69
Unhedged Foreign Currency:
Trade Payable - USD 24.48 million @ ` 69.16 per USD
[Previous Year: USD 10.54 million @ ` 65.18 per USD] 16928.81 6870.73
Trade Receivable - USD 1.01 million @ ` 69.29 per USD
[Previous Year: USD 1.49 Million @ 65.18 Per USD] 701.38 971.78
Sensitivity Analysis:
Foreign Currency Sensitivity on Unhedged Exposure:
` 1/- increase in foreign exchange rates will have the following impact on profit
before tax 234.65 90.50
Note:If the rate is decreased by 100 bps profit will increase by an equal amount.
D. Liquidity Risk:
Borrowings - Variable Interest Rate:
After 1 Year But <= 5 Years 143214.25 156874.63
After 5 Years 88685.93 82257.57
Less than or Equal to 1 Year 37516.75 12016.82
269416.93 251149.02
Borrowings - Fixed Interest Rate:
After 5 Years 0.00 0.00
Less than 1 Year 4615.38 4615.40
9230.76 13846.17
Borrowings - Zero Interest Rate:
After 5 Years 20321.41 23891.01
Less than 1 Year 3569.57 3124.57
31383.62 34508.27
129
(II) Disclosure of Fair Value Measurements:
The Fair Values of Financial assets and liabilities are determined at the amount at which the instrument could be exchanged in a current
transaction between willing parties, other than in a forced or liquidation sale. Fair Value of cash and short-tem deposits, trade and other
short-term receivables, trade payables, other current liabilities, short-term loans from banks and other financial instruments approximate
their carrying amounts largely due to their short-term maturities of these instruments.

Financial Instruments by Category ` Lakhs
Particulars Amortised Cost FVTPL FVTOCI Carrying Amount Fair Value

As at 31-03-2019
Financial Assets:
Other Investments (Other than
Subsidiaries & Associates) 3.75 9290.33 0.00 9294.08 9294.08
Loans and Advances 107013.65 0.00 0.00 107013.65 107013.65
Trade Receivables 72896.60 0.00 0.00 72896.60 72896.60
Cash and Bank balances 673.20 0.00 0.00 673.20 673.20
Other Financial Assets 5323.89 0.00 0.00 5323.89 5323.89
Financial Liabilities:
Borrowings 298048.87 0.00 0.00 298048.87 298048.87
Trade Payables 131632.63 0.00 0.00 131632.63 131632.63
Other Financial Liabilities 56698.01 0.00 0.00 56698.01 56698.01
As at 31-03-2018
Financial Assets:
Other Investments (Other than
Subsidiaries & Associates) 3.60 7709.61 0.00 7713.21 7713.21
Cash and bank balances 836.74 0.00 0.00 836.74 836.74
Borrowings 295229.93 0.00 0.00 295229.93 295229.93
Trade Payables 117591.85 0.00 0.00 117591.85 117591.85
Fair Value Hierarchy

The Company uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique:
Level 1: Quoted (Unadjusted) prices in active markets for identical assets or liabilities.
Level 2: Other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or
indirectly.
Level 3: Techniques which use inputs that have a significant effect on the recorded fair value that are not based on observable market data.
130
The details of financial instruments that are measured at fair value on recurring basis are given below: ` Lakhs
Particulars Level 1 Level 2 Level 3
Financial Instruments at FVTPL
Investments in Listed equity securities and Mutual Funds
As at 31-03-2019 0.00 222.28 0.00
As at 31-03-2018 0.00 0.00 0.00

Investments in Unlisted equity securities
As at 31-03-2019 0.00 9068.05 0.00
As at 31-03-2018 0.00 7709.61 0.00
Valuation techniques used to determine the fair value
The Significant inputs used in the fair value measurement categorized within the fair value hierarchy are given below:
Nature of Financial Instrument Valuation Technique Remarks
Investment in Listed Securities Market Value Closing Price as at 31st March in Stock Exchange
Investment in Unlisted Securities Market Approach Based on information provided and considering the availability
of information in the public domain.
40.18 A. Employee Benefits:

Leave of absence and encashment:
The Company has different leave plans including paid leave and encashment of leave
for employees at different grades and provision has been made in accordance with
Ind AS19 (Acounting Standard 15). The total amount of provision available for the
unavailed leave balances as at 31st Mar 2019 is ` 6,052.21 Lakhs (as at 31st March 2018:
` 6,374.63 Lakhs). Liability has been created based on actuarial valuation done during
the year, with the Discount rate of 7.41%. Actuarial Valuation differences included in
Other Comprehensive Income Nil (as at 31st Mar 2018 - ` 96.86 Lakhs).
B. Defined Contribution Plan: March 2019 March 2018
Particulars ` Lakhs ` Lakhs
Employer’s Contribution to Provident Fund 1457.52 1497.74
C. Defined Benefit Plan:
The details of parameters adopted for valuation of post-employment benefit plans and
leave benefits, as per Ind AS 19, are as under:
(a) Contribution to Pension Funds:
The company offers pension plans for managerial grade employees and whole
time Directors. While some of the employees are eligible for Defined Benefit Plan of
Pension, others are eligible for Defined Contribution Plan of Pension. The Defined
Benefit Plans of pension are managed by Life Insurance Corporation of India and the
provision has been made on the basis of actuarial valuation.
(b) Gratuity:
The employees are eligible for Gratuity benefits as per the Payment of Gratuity Act,
1972. The Gratuity Scheme is governed by a Trust created for this purpose by the
Company. The amount of Contribution to be made is arrived at based on an actuarial
valuation done at the Balance Sheet date.
131
As at March 31, 2019 As at March 31, 2018
Particulars Pension Gratuity Pension Gratuity

` Lakhs (Funded) ` Lakhs (Funded)
` Lakhs ` Lakhs
(i) Change in defined benefit obligation:
Balance at the beginning of the year 6,387.49 7,522.85 6,321.12 7,271.16
Adjustment of:
Current Service Cost - 292.40 - 254.66
Past Service Cost - - - -
Interest Cost 423.69 457.69 442.48 446.19
Actuarial (gains) losses recognised in Other Comprehensive Income:
- Change in Financial Assumptions (400.67) 62.61 (699.78) (154.71)
- Change in Demographic Assumptions - - - -
- Experience Changes 971.15 181.80 323.68 (334.70)
Benefits Paid (1,476.63) (1,118.32) - -
Balance at the end of the year 5905.04 7399.03 6387.49 7522.85
(ii) Change in fair Value of assets:

Balance at the beginning of the year - - - -
Expected Return on Plan Assets - - - -
Re-measurements due to:
Actual Return on Plan Assets less interest on Plan Assets - - - -
Contribution by the employer - - - -
Benefits Paid - - - -
Balance at the end of the year - - - -
(iii) Net asset / (liability) recognised in the Balance sheet:

Present value of Defined Benefit Obligation 5905.04 7399.03 6387.49 7522.85
Fair Value of Plan Assets - - - -
net asset / (liability) in the Balance sheet (5,905.04) (7,399.03) (6,387.49) (7,522.85)
(iv) expenses recognised in the statement of Profit and loss:

Interest Cost 423.69 457.69 442.48 446.19
Benefits paid - - - -
total expense 423.69 750.09 442.48 700.85
Less: Transferred to Pre-operative Expenses - - - -
amount charged to the Statement of Profit and Loss 423.69 750.09 442.48 700.85
132
Particulars Pension Gratuity Pension Gratuity

` Lakhs (Funded) ` Lakhs (Funded)
` Lakhs ` Lakhs
(v) Re-measurements recognised in other comprehensive Income (ocI):

Changes in Financial Assumptions (400.67) 62.61 (699.78) (154.71)
Changes in Demographic Assumptions - - - -
Experience Adjustments 971.15 181.80 323.68 (334.70)
Actual return on Plan assets less interest on plan assets - - - -
amount recognised in other comprehensive Income (OCI) 570.48 244.41 (376.10) (489.41)
(vi) Sensitivity analysis for significant assumptions:
Increase / (decrease) in present value of defined benefits obligation
at the end of the year
0.5% increase in discount rate 5800.86 6427.12 6800.78 6438.54
0.5% decrease in discount rate 6013.91 6778.45 7087.28 6740.33
0.5% increase in salary escalation rate 5905.04 6780.07 6387.49 6745.29
0.5% decrease in salary escalation rate 5905.04 6422.77 6387.49 6432.75
0.5% increase in employee turnover rate - 6617.55 - -
0.5% decrease in employee turnover rate - 6578.58 - -
(vii) Actuarial assumptions:
Discount Rate (p.a.) 7.50% 7.32% 7.50% 7.50%
Expected Return on Plan Assets (p.a.) 0.00 0.00 0.00 0.00
Turnover Rate - - - -
IALM IALM IALM IALM
Mortality tables (2006-08) (2006-08) (2006-08) (2006-08)
Ultimate Ultimate Ultimate Ultimate
Salary Escalation Rate (p.a.) 1.00% 2.00% 2.00% 2.00%
Retirement age: 60 years 60 years 60 years 60 years
For eligible employees
(viii) Weighted average duration of defined benefit obligation: 11.68 8.24 12.50 10.16
Expected Total Benefit Payments
a Year 1 1413.22 544.45 1571.41 734.64
b Year 2 1101.29 1100.05 605.78 819.64
c Year 3 1002.68 1186.23 1258.16 980.42
d Year 4 597.53 1011.33 1045.02 736.76
e Year 5 223.12 791.60 542.15 671.30
f Next 5 Years 2069.17 2728.67 1828.07 2063.41
40.19 Previous years’ figures have been regrouped wherever necessary.
V. RANGANATHAN
SANDHYA RAJAN
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INDEPENDENT AUDITORS’ REPORT

To the Members of
Report on the Audit of the Consolidated Ind AS Financial Statements

Opinion
We have audited the accompanying Consolidated Ind AS Financial Statements of The India Cements Limited (hereinafter referred to as “the
Company”) and its subsidiaries (the company and its subsidiaries together referred to as “the Group”), and its associates, which comprise the
consolidated Balance sheet as at 31st March 2019, the consolidated statement of Profit and Loss (Including Other Comprehensive Income), the
consolidated statement of Cash Flow Statements and the consolidated Statement of Changes in Equity for the year then ended, and notes to the
consolidated financial statements, including a summary of significant accounting policies and other explanatory information (hereinafter referred
to as “the consolidated Ind AS financial statements”).
In our opinion and to the best of our information and according to the explanations given to us and based on the consideration of reports of the
other auditors on standalone or consolidated financial statements, as applicable, of such subsidiaries and associates as were audited by the
other auditors, the aforesaid Consolidated Ind AS financial statements give the information required by the Companies Act, 2013 (“the Act”), in
the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the consolidated
state of affairs of the Group and its associates as at March 31, 2019, and its consolidated profit and other comprehensive income, consolidated
changes in equity and consolidated cash flows for the year then ended.
Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs), as specified under section 143(10) of the Act. Our responsibilities
under those Standards are further described in the Auditor’s Responsibilities for the Audit of the Consolidated Ind AS Financial Statements
section of our report. We are independent of the group and its subsidiaries in accordance with the ethical requirements that are relevant to our
audit of the consolidated financial statements in India in terms of Code of Ethics issued by the Institute of Chartered Accountants of India and
the relevant provisions of the Act, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that
the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Consolidated Ind AS financial
statements.
Emphasis of Matter
Without qualifying our report, we draw attention to
(a) Note No.40.4 of the Consolidated Ind AS Financial Statements, regarding the order of attachment issued under Prevention of Money
laundering Act through which certain assets of the company amounting to ` 120.34 Crores have been attached vide provisional attachment
Order dated 25th February 2015 which the company is disputing before legal forums. The company has been legally advised that it has
strong grounds to defend its position, pending the outcome of the proceedings the impact if any is not ascertainable at this stage.
(b) Note No.40.2 (f) of the Consolidated Ind AS Financial Statements relating to the order of the Competition Commission of India (CCI),
concerning alleged contravention of the provisions of Competition Act, 2002 and imposing a penalty of ` 187.48 Crores on the Company.
On Company’s appeal, National Company Law Appellate Tribunal (NCLAT), in its Order passed on 25th July, 2018, has reportedly upheld
the CCI’s Order. The company appealed against the order before Supreme Court and the Supreme Court vide its Order dated 05th October,
2018 admitted the Company’s appeal and directed that the interim order passed by the Tribunal in the matter, will continue. Pending the
outcome, no adjustments have been made in the Consolidated Ind AS Financial Statements.
Key Audit Matters

Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the Consolidated Ind AS
financial statements for the financial year ended March 31, 2019. These matters were addressed in the context of our audit of the Consolidated
Ind AS financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. We have
determined the matters described below to be the key audit matters to be communicated in our report. For each matter below, our description of
how our audit addressed the matter is provided in that context.
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1. Revenue recognition:
Discounts, Incentives and Rebates etc.:
Reasons why the matter was determined to be a Auditor’s Response

key audit matter
(i) Revenue is measured net of discounts, Our procedures included:
incentives and rebates earned by customers • Assessing the appropriateness of the Company’s revenue recognition accounting
on the Company’s sales. policies, including those relating to discounts, incentives and rebates by comparing
(ii) The Company has its presence across different with applicable accounting standards.
marketing regions within the country and • Testing the effectiveness of the Company’s controls over the calculation of
operates in competitive business environment. discounts, incentives and rebates based on commitments made.
The company recognises discounts, incentives
• Obtaining management’s assessment of its obligations towards discounts,
and rebates at the time of sale. The assessment
incentives and rebates accruals under applicable schemes and compared the
of discounts, incentives and rebate schemes
accruals made with the approved schemes on sample basis.
recognised on sales made during the year is
material and considered to be complex and • Examined on a sample basis, all the supporting documentation required for
dependent on various performance obligations computing the company’s obligation towards discounts, incentives and rebates
and market conditions. There is a risk of recorded and disbursed during the year including credit notes issued after the year
revenue being affected as a result of variations end date to determine whether these were recorded appropriately.
in assessment of discounts, incentives and • The management’s assessment of discounts, incentives and rebates recorded
rebates recognised on sales. for the current year have been compared with past practices of payments and
Given the complexity involved in the reversal of such discounts and incentives and rebates to assess the adequacy of
assessment of provisions required for provisions made during the current year.
discounts, incentives and rebates the same is • Examining the manual journals posted to discounts, rebates and incentives to
considered as key audit matter. identify unusual or irregular items.
2. Litigations and Contingencies
The Company is subject to a large number of legal and tax Our audit procedures included the following: -
related claims which have been disclosed / provided for in the • Gained an understanding of the process of identification of claims,
financial statements based on the facts and circumstances litigations and contingent liabilities and identified key controls in the
of each case in view of its operations spread across various process. For selected controls we have performed tests of such
regions within India. controls.
Taxation and litigation exposures have been identified as a key • Obtained the summary of Company’s legal and tax cases and critically
audit matter due to the, timescales involved for resolution and assessed management’s position through discussions with the Legal
the potential financial impact arising out of these on the financial Counsel and operational management, on both the probability of
statements given the inherent complexity and magnitude of success in significant cases, and the magnitude of any potential loss.
potential exposures across the Company and the judgement
• Inspected external legal opinions (where considered necessary) and
necessary to estimate the amount of provisions required
other evidence to corroborate management’s assessment of the risk
or to determine required disclosures. Further significant
profile in respect of pending legal claims and disputes.
management judgement is involved in assessing the exposure
of each case and eventual obligation on the company and thus • Engaged with legal experts to technically appraise the legal positions
there is a risk that such cases may not be adequately provided taken by management with respect to local tax issues.
for or disclosed. • Assessed whether management assessment of similar cases is
These estimates could change substantially over time as new consistent across the divisions or that differences in positions are
facts emerge and each legal case progress and subsequent adequately justified.
judicial guidance emerges or statutory amendments if any with • Assessed the relevant disclosures made within the financial
retrospective effects are enacted. statements to address whether they appropriately reflect the facts
(Refer note 40.2 & 40.4 to the Consolidated Ind AS financial and circumstances of the respective tax and legal exposures and the
statements). requirements of relevant accounting standards.
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3. Allowance for Receivables:
Trade receivables of the company comprise mainly receivables in We have performed the following procedures in relation to the
relation to the company’s receivables from its customers towards recoverability of trade receivables:
sale of cement and other cement related products and shipping and
• Tested the accuracy of aging of trade receivables at year end
infrastructure development business. The operating environment in the
on a sample basis;
cement industry and other businesses the company operates has the
inherent risks of default on receivables from the company’s customers. • Obtained a list of outstanding receivables along confirmation of
In particular, in the event of financial stress at the customers end balances on a sample basis as per the auditing standards and
the company is exposed to potential risk of financial loss when the identified any debtors with financial difficulty through discussion
customers fail to meet their payment obligations in accordance with with management.
the agreed credit terms.
• Assessed the recoverability of the unsettled receivables on
The recoverable amount was estimated by management based on their a sample basis through our evaluation of management’s
specific recoverability assessment on individual debtor with reference assessment with reference to the credit profile of the customers,
to the aging profile, historical payment pattern and the past record of historical payment pattern of customers, publicly available
default of the customer. Management would make specific provision information if any and latest correspondence with customers
against individual balances with reference to the recoverable amount. and to consider if any additional provision should be made; and
For the purpose of determination of provision requirement, significant
• Tested subsequent settlement of trade receivables after the
judgements and assumptions, including the credit risks of customers,
balance sheet date on a sample basis, if any.
the timing and amount of realisation of these receivables, are required
for the identification of impairment events and the determination of the
provision to be made towards the receivables.
Other Information
The Company’s management and Board of Directors is responsible for the other information. The other information comprises the information
included in the company’s annual but does not include the Consolidated Ind AS financial statements and our auditors’ report thereon.
Our opinion on the Consolidated Ind AS financial statements does not cover the other information and we do not express any form of assurance
conclusion thereon.
In connection with our audit of the Consolidated Ind AS financial statements, our responsibility is to read the other information and, in doing so,
consider whether the other information is materially inconsistent with the Consolidated Ind AS financial statements or our knowledge obtained
in the audit or otherwise appears to be materially misstated.
If, based on the work we have performed and based on the audit reports of other auditors, 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.
Responsibilities of Management and Those Charged with Governance for the Consolidated Ind AS financial statements
The Company’s Board of Directors is responsible for the matters stated in section 134(5) of the Act with respect to the preparation of these
Consolidated Ind AS Financial Statements that give a true and fair view of the consolidated financial position, consolidated financial performance
including Other Comprehensive Income, consolidated cash flows and consolidated changes in equity of the Group including its Associates in
accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards (IND AS) specified under
section 133 of the Act read with relevant rules issued thereunder. The respective Board of Directors of the Companies included in the Group and
of its Associates are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding
of the assets of the Group and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting
policies; making judgments and the estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate
internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to
the preparation and presentation of the Consolidated Ind AS financial 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 Ind AS financial statements
by the Directors of the Holding Company, as aforesaid.
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In preparing the Consolidated Ind AS financial statements, the respective management and Board of Directors of the companies included in the
Group and its Associates are responsible for assessing the ability of the Group and of its Associates to continue as a going concern, disclosing,
as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate
the Company/Group and its associates 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 and its associates is responsible for overseeing the financial reporting
process of each company.
Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements

Our objectives are to obtain reasonable assurance about whether the Consolidated Ind AS financial statements as a whole are free from material
misstatement, whether due to fraud or error, and to issue an Auditors’ report that includes our opinion. Reasonable assurance is a high level
of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected
to influence the economic decisions of users taken on the basis of these Consolidated Ind AS financial 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 Ind AS financial statements, whether due to fraud or error, design
and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for
our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may
involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances.
Under section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the parent has adequate internal financial
controls system in place and the operating effectiveness of such controls.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by
management.
• Conclude on the appropriateness of management’s use of the going concern basis of accounting in preparation of consolidated Ind AS
financial statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that
may cast significant doubt on the ability of the Group and its associates to continue as a going concern. If we conclude that a material
uncertainty exists, we are required to draw attention in our auditors’ report to the related disclosures in the consolidated Ind AS financial
statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to
the date of our auditors’ report. However, future events or conditions may cause the Group as well as associates to cease to continue as a
going concern.
• Evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and whether the
consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
• Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group and
its joint ventures to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and
performance of the audit of the financial statements of such entities or business activities included in the consolidated financial statements of
which we are the independent auditors. For the other entities or business activities included in the consolidated financial statements, which
have been audited by the other auditors, such other auditors remain responsible for the direction, supervision and performance of the audits
carried out by them. We remain solely responsible for our audit opinion. Our responsibilities in this regard are further described in para (a)
and (b) of the section titled ‘Other Matters’ in this audit report.
We believe that the audit evidence obtained by us along with the consideration of audit reports of the other auditors as noted in ‘Other Matters’
paragraph below, is sufficient and appropriate to provide a basis for our audit opinion on the consolidated Ind AS financial statements.
We communicate with those charged with governance of the company and such other entities included in the consolidated Ind AS Financial
Statements of which we are the independent auditors regarding, among other matters, the planned scope and timing of the audit and significant
audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding
independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence,
and where applicable, related safeguards.
137
Chennai - 600 018. Chennai – 600 004.
From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit
of the Consolidated Ind AS financial statements of the financial year ended March 31, 2019 and are therefore the key audit matters. We
describe these matters in our auditors’ report unless law or regulation precludes public disclosure about the matter or when, in extremely rare
circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would
reasonably be expected to outweigh the public interest benefits of such communication.
Other Matters
a) We did not audit the financial statements of fourteen subsidiaries, whose financial statements reflect total assets of ` 108189.96 Lakhs and
net assets of ` 30492.43 Lakhs as at March 31, 2019, total revenues of ` 15656.04 Lakhs and net cash flows amounting to ` 1444.98 Lakhs
for the year ended on that date, as considered in the consolidated Ind AS financial statements. The Consolidated Ind AS financial statements
also include the Group’s share of net loss of ` 5144.22 Lakhs for the year ended 31st March 2019, whose financial statements have not been
audited by us. These financial statements have been audited by other auditors whose reports have been furnished to us by the management
and our opinion on the consolidated Ind AS financial statements, in so far as it relates to the aforesaid subsidiaries is based solely on the
reports of the other auditors. Our opinion is not modified in respect of this matter.
b) In respect of the financial information pertaining to the associates considered in the consolidated financial statements for the year ended 31
March 2019 whose financial statements reflect the Group’s share of loss aggregating to ` 71.85 Lakhs for the year then ended on 31 March
2019 are not audited by us. These financial statements of the aforesaid associates are unaudited and have been furnished to us by the
management of the holding company and our opinion on the consolidated Ind AS financial statements, in so far as it relates to the aforesaid
associates are based solely on such unaudited financial statements. In our opinion and according to the information and explanations given
to us by the Management of the holding company, these financial results are not material to the Group. Our opinion is not modified in respect
of this matter.
c) Our opinion on the consolidated Ind AS financial statements, and our report on Other Legal and Regulatory Requirements below, is not
modified in respect of the above matters with respect to our reliance on the work done and the reports of the other auditors and the financial
statements certified by the Management.
Report on Other Legal and Regulatory Requirements

As required by sub-section 3 of Section 143 of the Act, we report, based on our audit and on the consideration of reports of other auditors
on separate Ind AS financial statements, and the other financial information of subsidiaries and associates as noted in the ‘Other Matters’
paragraph, 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 Ind AS financial statements.
b) In our opinion, proper books of account as required by law relating to preparation of the aforesaid consolidated Ind AS financial statements
have been kept so far as it appears from our examination of those books and the reports of the other auditors.
c) The Consolidated Balance Sheet, the Consolidated Statement of Profit and Loss including other comprehensive income, 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 accounts maintained for the purpose of preparation of the consolidated Ind AS Financial Statements.
d) In our opinion, the aforesaid Consolidated Ind AS financial statements comply with the Ind AS specified under Section 133 of the Act, read
with read with Rule 7 of the Companies (Accounts) Rules, 2014.
e) On the basis of the written representations received from the directors as on 31st March, 2019 taken on record by the Board of Directors of
the Parent Company and the reports of the statutory auditors of its subsidiary companies incorporated in India, none of the directors of the
Group companies, its associate companies incorporated in India are disqualified as on 31st March, 2019 from being appointed as a director
in terms of Section 164 (2) of the Act.
f) With respect to the adequacy of the internal financial controls with reference to financial statements of the Company, its subsidiary companies
and associate companies incorporated in India and the operating effectiveness of such controls, refer to our separate Report in ‘Annexure A’.
138
Chennai - 600 018. Chennai – 600 004.
g) With respect to the other matters to be included in the Auditors’ 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 and based on the
consideration of the reports of the other auditors on standalone or consolidated financial statements, as applicable, of the subsidiaries and
associates, as noted in the ‘Other Matters’ paragraph:
i. The Consolidated Ind AS financial statements disclose the impact of pending litigations on the consolidated financial position of the
Group and its associates – Refer Note 40.2 & 40.4 to Consolidated Ind AS financial statements.
ii. The Group 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 or its subsidiary companies and associate companies incorporated in India
h) As required by the section 197(16) of the Act, in our opinion and to the best of our information and according to the explanations given to us
and based on the reports of the statutory auditors of such subsidiary companies and associate companies incorporated in India which were
not audited by us, the remuneration paid/provided by the company, its subsidiaries and associate companies to its directors during the year
is in accordance with the provisions of section 197 of the Act.

Partner Partner
Place : Chennai
139
Chennai - 600 018. Chennai – 600 004.
Annexure - A to the Independent Auditors’ Report

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (“the Act”)
In conjunction with our audit of the Consolidated Ind AS Financial Statements of the Company as of and for the year ended March 31, 2019, we
have audited the internal financial controls over financial reporting of The India Cements Limited (hereinafter referred to as “the Company”) and
its subsidiaries, associates, which are companies incorporated in India, as of that date.
Management’s Responsibility for Internal Financial Controls

The Respective Board of Directors of the Holding Company and its subsidiary and associate companies which are companies incorporated in
India, are responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria
established by the Holding 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 (“ICAI’). These responsibilities include
the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly
and efficient conduct of its business, including adherence to respective company’s policies, the safeguarding of its assets, the prevention
and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial
information, as required under the Companies Act, 2013.
Auditors’ Responsibility
Our responsibility is to express an opinion on the Holding Company’s internal financial controls with reference to consolidated Ind AS financial
statements of the company, its subsidiaries and its associate companies which are companies incorporate in India, over financial 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”) and the Standards on Auditing, issued by ICAI and deemed to be prescribed under section 143(10) of the Companies Act,
2013, to the extent applicable to an audit of internal financial controls with reference to consolidated Ind AS financial statements, both applicable
to an audit of internal financial controls and, both issued by the Institute of Chartered Accountants of India. Those Standards and the Guidance
Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate
internal financial controls with reference to consolidated Ind AS financial statements over financial reporting was established and maintained and
if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls with reference to
consolidated Ind AS financial statements system over financial reporting and their operating effectiveness. Our audit of internal financial controls
with reference to consolidated Ind AS financial statements over financial reporting included obtaining an understanding of internal financial controls
over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of
internal control based on the assessed risk. The procedures selected depend on the auditor’s judgment, including the assessment of the risks
of material misstatement of the Consolidated Ind AS financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained and the audit evidence obtained by the other auditors of the relevant subsidiary and
associate companies in terms of their reports referred to in the Other Matters paragraph below, is sufficient and appropriate to provide a basis
for our audit opinion on the Holding Company’s internal financial controls system with reference to consolidated Ind AS financial statements over
financial reporting.
Meaning of Internal Financial Controls over Financial Reporting

A company’s internal financial controls with reference to consolidated Ind AS financial statements over financial reporting is a process designed
to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes
in accordance with generally accepted accounting principles. A company’s internal financial controls with reference to consolidated Ind AS
financial statements over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in
reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance
that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting
principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and
directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or
disposition of the company’s assets that could have a material effect on the financial statements.
140
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Inherent Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal financial controls with reference to consolidated Ind AS financial statements over financial reporting,
including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and
not to be detected. Also, projections of any evaluation of the internal financial controls with reference to consolidated Ind AS financial statements
over financial reporting to future periods are subject to the risk that the internal financial control with reference to consolidated Ind AS financial
statements over financial 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 and to the best of our information and according to the explanations given to us and based on the consideration of reports of the
other auditors as mentioned in the Other Matters paragraph, the Company and such companies incorporated in India which are its subsidiaries,
have, in all material respects, adequate internal financial controls with reference to consolidated Ind AS financial statements and such internal
financial controls were operating effectively as at 31 March 2019, based on the internal financial controls with reference to consolidated Ind
AS financial statements criteria established by such companies considering the essential components of such internal controls stated in the
Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India. As
regards the associate companies where consolidation is based on financial statements prepared by management we express our inability to
comment on the adequacy and operating effectiveness of internal financial controls over financial reporting.
Other matter
Our aforesaid reports under section 143(3)(i) of the Act on the adequacy and operating effectiveness of the internal financial controls with
reference to consolidated Ind AS financial statements over financial reporting in so far as it relates to ten subsidiary companies which are
companies incorporated in India, is based on the corresponding reports of the auditors of such companies incorporated in India.

Partner Partner
Place : Chennai
141
CONSOLIDATED BALANCE SHEET AS AT 31ST MARCH 2019
Figures as at the end of Figures as at the end of
current reporting period previous reporting period
31st March, 2019 31st March, 2018
ASSETS Note No. ` Lakhs ` Lakhs ` Lakhs ` Lakhs
1. Non-Current Assets :
Property, Plant and Equipment 4 688589.28 701762.53
Capital Work in Progress 4 19573.68 17572.62
Investment Property 0.00 0.00
Goodwill 4 15267.04 10220.52
Other Intangible assets 4 3301.74 2664.44
Intangible Assets under development 0.00 0.00
Financial Assets :
i. Investments 5 36889.15 35627.68
ii. Trade Receivables 0.00 0.00
iii. Loans 6 95714.24 95527.10
iv. Other financial assets 7 5454.41 138057.80 5037.95 136192.73
Deferred Tax Assets 283.02 17.00
Other Non-Current Assets 8 31808.47 32027.06
Total Non-Current Assets 896881.03 900456.90
2. Current Assets :
Inventories 9 84675.95 69465.31
Financial Assets :
i. Investments 10 222.28 212.53
ii. Trade Receivables 11 74554.58 64534.01
iii. Cash and Cash Equivalents 12 4872.23 5354.33
iv. Loans 13 4173.12 3799.80
v. Other financial assets 0.00 83822.21 0.00 73900.67
Current Tax Assets (Net) 14 9944.78 13446.40
Other Current Assets 15 54701.73 37307.19
Total Current Assets 233144.67 194119.57
TOTAL ASSETS 1130025.70 1094576.47
EQUITY AND LIABILITIES
1. Equity:
(a) Equity Share Capital 16 30989.78 30815.27
(b) Other Equity 17 493608.13 496092.55
Non Controlling Interest 5407.98 3997.19
Total Equity 530005.89 530905.01
2. Liabilities:
Non Current Liabilities :
i. Borrowings 18 269143.11 287815.64
ii. Trade Payables 0.00 0.00
iii. Other financial liabilities 0.00 269143.11 0.00 287815.64
Provisions 19 14056.19 14280.16
Deferred tax liabilities (Net) 20 63084.23 65325.44
Other non-current liabilities 21 2906.51 3341.56
Total Non Current Liabilities 349190.04 370762.80
3. Current Liabilities :
i. Borrowings 22 35629.94 15598.05
ii. Trade Payables 23
(a) Total Outstanding dues to Micro Enterprises & Small Enterprises 440.90 0.00
(b) Total Outstanding dues of creditors other than Micro Enterprises &
Small Enterprises 134749.52 118648.20
iii. Other financial liabilities 24 59490.44 230310.80 37382.28 171628.53
Provisions 25 17.94 17.94
Current tax liabilities (Net) 26 181.57 82.12
Other current liabilities 27 20319.46 21180.07
Total Current Liabilities 250829.77 192908.66
TOTAL EQUITY AND LIABILITIES 1130025.70 1094576.47

V. RANGANATHAN
SANDHYA RAJAN
142
CONSOLIDATED STATEMENT OF PROFIT AND LOSS
FOR THE YEAR ENDED 31ST MARCH 2019
Figures for the Current Figures for the Previous
reporting period reporting period
April 2018 - March 2019 April 2017 - March 2018
INCOME: Note No. ` Lakhs ` Lakhs ` Lakhs ` Lakhs
Revenue from Operations 28 577037.23 543226.84
Other Income 29 3923.26 2450.43
Total Revenue 580960.49 545677.27
EXPENSES:
Cost of materials consumed 30 109930.76 94066.60
Purchases of stock-in-trade 31 38.30 1191.42
Changes in inventories of finished goods, work-in-progress 32 (2158.32) 2835.96
Employee benefits expense 33 36521.26 40623.15
Finance costs 34 35041.69 36475.73
Depreciation and Amortisation Expense 4 26474.48 27900.30
Other expenses
Manufacturing and other Operating Expenses 35 185246.27 159027.11
Administration and Other Charges 36 16509.76 15583.40
Selling and Distribution Expenses 37 168264.10 158483.59
Donations 38 116.29 370136.42 515.85 333609.95
Total Expenses 575984.59 536703.11
Profit / (Loss) before exceptional items and tax 4975.90 8974.16
Exceptional Items 0.00 0.00
Tax expense
Current Tax 3560.88 2442.78
Less : MAT Credit Entitlement 1266.54 (1.75)
Deferred Tax (2377.52) 2449.90 (516.86) 1924.17
Profit / (Loss) for the year from Continuing Operations 2526.00 7049.99
Profit / (Loss) from discontinued Operations 0.00 0.00
Tax Expense of discontinued Operations 0.00 0.00
Profit / (Loss) from discontinued Operations after tax 0.00 0.00
Profit / (Loss) for the year 2526.00 7049.99
Proportionate Profit / (Loss) of Associate Companies
Share of Profit of Associates 123.82 (109.97)
Minority Interest (543.79) (433.89)
Other Comprehensive Income
Items that will not be classified into Profit or Loss (817.94) 959.62
Income tax relating to Items that will not be classified into Profit or Loss 284.75 (333.06)
Items that will be classified into Profit or Loss (512.40) (199.10)
Income tax relating to Items that will be classified into Profit or Loss 0.00 0.00
Other Comprehensive Income for the year- Total (1045.59) 427.46
Proportionate Profit / (Loss) of Associate Companies in Other comprehensive Income
Share of Profit of Associates (195.67) 138.05
Minority Interest 0.00 0.00
(Comprising Profit / (Loss) and Other Comprehensive Income)
Earnings per Share for continuing operations : 40.12
Basic (`) 0.28 2.29
Diluted (`) 0.28 2.29
Earnings per Share for discontinued operations :
Basic (`) 0.00 0.00
Diluted (`) 0.00 0.00
Earnings per Share for continuing & discontinued operations :
Basic (`) 0.28 2.29
Diluted (`) 0.28 2.29

V. RANGANATHAN
SANDHYA RAJAN
143
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31ST MARCH 2019
A. EQUITY SHARE CAPITAL (Refer Note No.16) ` Lakhs
B. OTHER EQUITY (Refer Note No.17) ` Lakhs

Instruments entirely
Stock
Capital Debenture Equity in nature Shipping IndAS Surplus in Other
Capital Securities Options Deferred General
Redemption Redemption (Compulsorily Tonnage Tax Transition Profit and Comprehensive Total
Reserve Premium Outstanding Income Reserve
Reserve Reserve Convertible Reserve Reserve Loss Income
Reserve
Debentures)
Balance as at March 31, 2017 16.17 3452.03 147670.92 48.00 0.00 0.00 2316.34 90.00 233309.18 30798.63 67991.87 981.89 486675.03
Add: Remeasurement of defined
benefit Plans transferred to OCI 427.46 427.46
Add: Gain from translating the
financial statements of a foreign
operation 0.00
Add:/ -Less: Transfers to
General Reserve 4087.03 -4087.03 0.00
Debenture Redemption Reserve 3461.54 -3461.54 0.00
Add:/ -Less: Additions /
Transfers 0.01 2060.48 3794.70 5855.19
Less: Dividends -3509.31 -3509.31
Add: Profit for the year 1910.36 -512.40 1397.96
Add: Remeasurement of defined
benefit Plans transferred to OCI -533.19 3810.02
Add:/ -Less: Additions /
Transfers -315.44 2660.25 -2060.48 -900.27 -278.43 -894.37
Debenture Redemption Reserve -1201.85 1201.85 0.00
General Reserve -2316.34 -90.00 3141.36 -3608.19
Less: Dividends -3189.84 -3189.84

V. RANGANATHAN
SANDHYA RAJAN
144
CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31st MARCH 2019

A. Cash flow from operating activities :
Net profit/(loss) before exceptional items & tax 4975.90
8974.16
Exceptional Items (1330.34) 760.52
Net profit/(loss) before tax and exceptional items 3645.56
9734.68
Adjusted for :
Depreciation 26474.48
27900.30
Provision for Doubtful Debts & Advances 99.36 642.23
Foreign Exchange 0.82 6.13
Profit / (Loss) on sale of Investments (1399.18)
(139.04)
Profit / (Loss) on sale of Assets 1002.12 776.74
Interest Expense 33730.48
35101.01
Interest Income (1611.39)
(1347.04)
Dividend Income 0.00 0.00
Perquisite value of Employees’ Stock Options 0.00 0.00
Deferred revenue expenditure / income 0.00 58296.69 0.00 62940.33
Operating profit before Working Capital changes 61942.25 72675.01
Trade and other receivables (28252.97)
(7856.43)
Inventories (15210.64)
7897.54
Trade payables 10590.43 (32873.18) (11987.23) (11946.12)
Cash generated from operations 29069.07
60728.89
Direct Taxes (1071.31) (5123.56)
Cash flow before exceptional items 27997.76 55605.33
Exceptional items 0.00 0.00
Net cash from operating activities (A) 27997.76 55605.33
B. Cash flow from Investing activities :

Purchase of Fixed Assets (30437.57)
(20287.88)
Sale of Fixed Assets 8796.33 772.91
(Purchase) / Sale of Investments 56.11
(7817.26)
Interest received 1611.39
1347.04
Dividend received 0.00 0.00
Refund by / advances to subsidiaries, Associates and others (255.16)
(4610.64)
Net cash from Investing activities (B) (20228.90) (30595.83)
145
CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31st MARCH 2019 (Contd.)

C. Cash flow from financing activities :
Proceeds from issue of share capital 2932.96 0.00
Dividend paid (3198.82)

(3513.77)
Proceeds from long-term borrowings 57558.45

98172.28
Repayment of borrowings (31977.52)

(81923.18)
Interest paid (net) (33566.03)

(36188.77)
Net cash from financing activities (C) (8250.96) (23453.44)
Increase / (Decrease) in cash and cash equivalent (A+B+C) (482.10) 1556.06
Cash and cash equivalent at the beginning of the year 5354.33

3798.27
Cash and cash equivalent at the close of the year 4872.23

5354.33

V. RANGANATHAN
SANDHYA RAJAN
146
ADDITIONAL INFORMATION, AS REQUIRED UNDER SCHEDULE III TO THE COMPANIES ACT, 2013
OF ENTERPRISES CONSOLIDATED AS SUBSIDIARIES / ASSOCIATES FOR THE YEAR 2018-19
Net Assets i.e., Share in Other Comprehensive Share in Total Comprehensive
Share in Profit or Loss
Total Assets minus Liabilities Income Income
As % of
Name of the Entity in the Group As % of As % of Consolidated As % of Total
Amount Amount Amount Amount
Consolidated Consolidated Other Comprehensive
(` in Lakhs) (` in Lakhs) (` in Lakhs) (` in Lakhs)
Net Assets Profit or Loss Comprehensive Income
Income
The India Cements Limited 98.24 524337.94 35.83 9344.20 -44.01 -530.14 36.29 6416.06
Indian Subsidiaries
1. Industrial Chemicals and Monomers Limited 2.68 14291.29 -0.12 -31.33 0.00 0 -0.18 -31.33
2. ICL Financial Services Limited -0.11 -580.66 0.00 0.17 0.00 0 0 0.17
3. ICL Securities Limited 0.47 2505.31 0.28 74.23 0.00 0 0.42 74.23
4. ICL International Limited -0.60 -3193.25 -0.28 -73.50 0.00 0 -0.42 -73.50
5. Coromandel Electric Company Limited 2.76 14753.40 1.21 316.72 0.00 0 1.79 316.72
6. India Cements Infrastructures Limited -0.59 -3150.30 -4.14 -1079.37 0.00 0 -6.11 -1079.37
7. Coromandel Travels Limited -1.97 -10501.24 -10.46 -2728.69 -0.25 -3.05 -15.45 -2731.74
8. NKJA Mining Private Limited 0.00 -6.25 -0.02 -6.41 0.00 0 -0.04 -6.41
9. Springway Mining Private Limited -0.04 -196.87 -0.83 -215.83 0.00 0 -1.22 -215.83
Foreign Subsidiaries
1. PT. Coromandel Minerals Resources,
Indonesia -0.42 -2250.73 -1.71 -447.13 -8.13 -97.96 -3.08 -545.09
2. Coromandel Minerals Pte. Limited,
Singapore * 1.80 9599.91 -0.33 -86.32 -34.41 -414.44 -2.83 -500.76
Associates:
1. Coromandel Sugars Limited 0.09 23.54 -16.24 -195.67
2. India Cements Capital Limited 0.02 6.32
3. PT.Mitra Setia Tanah Bambu 0.36 93.96
Non-Controlling Interest in all Subsidiaries
1. Coromandel Electric Company Limited 0.78 5463.68
2. Springway Mining Private Limited -0.02 -96.46
3. Coromandel Travels Limited -157.48
4. Industrial Chemicals and Monomers
Limited 198.23
* Includes figures of subsidiaries namely Raasi Minerals Pte. Limited and PT Adcoal Energindo

V. RANGANATHAN
SANDHYA RAJAN
147
CONSOLIDATED ACCOUNTS
NOTES ON ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2019
1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS
The Financial Statements upto the year ended 31st March 2016 were prepared in accordance with the Accounting Standards Rules 2006 (as
amended) and other relevant provisions of the Companies Act 2013 (Indian GAAP).
The Ministry of Corporate Affairs (MCA) issued a Notification on 16th February 2015 making Indian Accounting Standards (Ind AS) issued
under Section 133 of Companies Act, 2013 mandatory for certain class of Companies.
As per the Notification, Ind AS is mandatory for the Company for the Financial year commencing 1st April 2016. Accordingly the Company
has adopted Ind AS from 1st April 2016 and the Financial Statements from the year 2016-17 are prepared in accordance with the principles
laid down in the said Ind AS.
The financial statements are presented in Indian Rupees which is the functional currency of the Company and the currency of the primary
economic environment in which the Company operates.
The financial statement have been prepared on a historical cost basis, except for the following assets and liabilities:
(i) Certain financial assets and liabilities measured at fair value (refer accounting policy regarding financial instruments)
(ii) Employee’s Defined Benefit plan as per Actuarial valuation
(iii) Plant Property and Equipment measured at fair value
The Company has considered its operating cycle to be 12 months for the purpose of Current and Non-current classification of assets and liabilities
The financial statements are presented in Indian Rupees rounded to the nearest lakhs with two decimals.
2 First time adoption of Ind AS during the financial year 2016-17
The company restated the financial statements as at 1st April 2015 (opening), being the transition date on the following basis:
Exemptions availed as per Ind AS 101:
1) Past Business Combination:
The company has elected not to apply Ind AS 103-Business Combinations retrospectively to Past Business Combinations that occurred
before the transition date of 01-Apr-2015, consequently, the company has kept the same classification for the past business combinations
as in its previous GAAP financial statements.
2) Property Plant and Equipments:
The company has elected to measure the PPE at Fair value on transition date.
3) Investments in Subsidiaries & Associates:
The Company has elected to carry its Investments in Subsidiaries & Associates at deemed cost which is its previous GAAP carrying
amount at the date of transition to Ind AS.
4) Sales Tax Deferrment Loan:
The Company has elected to use the previous GAAP carrying amounts of Sales Tax Deferrment Loan existing at the date of transition
to Ind AS as the carrying amount of the loan in the opening Ind AS Balance Sheet.
5) Fair Value of Financial Assets and Liabilities:
As per the Ind AS exemption, the company has not fair valued the financial assets and liabilities retrospectively and has measured the
same prospectively.
3 SIGNIFICANT ITEMS OF ACCOUNTING POLICY (To be read with Notes 1 & 2):
1 Use of estimates:
The preparation of financial statements in conformity with generally accepted Indian Accounting standards (Ind AS) principles requires
management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent
liabilities at the date of the financial statements and the results of operations during the reporting period. Although these estimates are
based upon management’s best knowledge of current events and actions actual results could differ from these estimates.
2 Inventories:
(a) Raw materials, fuel, stores & spares and packing materials are valued at lower of weighted average cost and net realisable value
(NRV). However these items are considered to be realisable at cost if the finished products, in which they will be used are expected
to be sold at or above cost.
(b) Work-in-progress, Stock-in-trade and Finished goods are valued at lower of cost and NRV. Cost of Finished goods and WIP includes
cost of raw materials cost of conversion and other costs incurred in bringing the inventories to their present location and condition.
(c) Construction and Infrastructure Projects are valued at cost or net realisable value, whichever is lower.
148
NOTES ON ACCOUNTS FOR THE YEAR ENDED 31.03.2019 (Contd.)
3 Cash and Cash equivalents:

Cash and cash equivalents for the purpose of Cash Flow Statement comprise cash at bank, cash in hand (including cheques in hand)
and short term investment with an original maturity of three months or less.
4 Property Plant and Equipments:
(a) During transition from Indian GAAP to Ind AS on 1st April 2015, the fair value of Property Plant and Equipments (PPE) is considered
as the deemed cost of acquisition.
(b) Additions to Property, plant and equipment are stated at cost of acquisition or construction. Subsequent costs are included in
the asset’s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic
benefits associated with the item will flow to the Company and the cost of the item can be measured reliably. All other repairs and
maintenance are charged to the Statement of Profit and Loss during the period in which they are incurred.
(c) Property, Plant and Equipments (PPE) acquired on hire purchase or on Fiancial Lease are shown at their principal cost, excluding
the interest cost included in these agreements which is charged to revenue over the life of the agreement.
(d) Depreciation is recognised using straight line method so as to depreciate the carrying value less the residual values over the
remaining useful life of the asset(s), other than freehold land and properties under construction, specified in Schedule II to the
Companies Act, 2013 or in the case of assets where the useful life was determined by technical evaluation, over the useful life so
determined.
(e) Capital work-in-progress includes cost of property, plant and equipment under installation/ under development as at the balance
sheet date and are carried at cost comprising of direct cost, directly attributable cost and attributable interest.
(f) Software development costs are capitalised and depreciated along with computers. Software, that are capitalised, are depreciated
over 3 years under straight line method.
(g) Material items such as Spare parts, Stand-by equipments and service equipments are classified as PPE when they meet the
definition of PPE as specified in Ind AS 16 and depreciated.
(h) Fair value of PPE is ascertained at regular intervals. However, PPE and intangible assets with definite lives, are reviewed for
impairment at each Balance Sheet date, if events or changes in circumstances indicate that their carrying values may not be
recoverable and impairment, if any, is charged to revenue.
5 Foreign Currency Transactions:
(a) Foreign Exchange transactions are accounted at the exchange rates prevailing at the time of transactions or at contracted rates.
Assets and Liabilities in foreign currencies are translated at values prevailing as at the year end. Gains / Losses, if any, arising
therefrom are recognised in the Statement of Profit and Loss.
(b) Forward Exchange contracts used to hedge Foreign Currency Transactions are initially recognised at the spot rate on the date of
contract. Forward Exchange contracts remaining unsettled at the end of the year are translated at the year end rates.The difference
in translation of Forward exchange contracts are recognised in the Statement of Profit and Loss.
6 Borrowing Costs:
Borrowing costs consist of interest and other ancillary costs that the Company incurs in connection with the borrowing of funds. The
borrowing costs directly attributable to the acquisition or construction of any asset that takes a substantial period of time to get ready
for its intended use or sale are capitalised. All the other borrowing costs are recognised in the statement of profit and loss within
finance costs of the period in which they are incurred.
7 Mines Restoration Expenses:
The company provides for the expenditure to reclaim the quarries used for mining based on the estimated expenditure required to
be made towards restoration and rehabilitation at the time of vacation of mines. Costs arising from such obligation for restoration and
rehabilitation at closure of the mines are assessed at each Balance Sheet date and the provision if any, required is made in the financial
statements so as to reflect the current best estimates.
8 Revenue Recognition:
(A) The Company has adopted Ind AS 115 with effect from 01-04-2018 (i.e) from the date on which it became effective.
(a) Revenue from Sale of Goods:
Revenue is recognized on the basis of approved contracts regarding the transfer of goods or services to a customer for an
amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.
Revenue is measured at the fair value of consideration received or receivable taking into account the amount of discounts,
incentives, volume rebates on sales. Any amounts receivable from the customer are recognised as revenue after the control over
the goods sold are transferred to the customer.
149
The Company does not adjust the promised amount of consideration for the effects of a significant financing component if it
expects, at contract inception, that the period between the transfer of the promised good or service to the customer and when
the customer pays for that good or service will be one year or less.
(b) Revenue from Freight Services (Charter of ship):
Revenue from ship hiring services which are on time charter is recognised on accrual basis.
(c) Revenue from sale of Power generated:
Income from Power generated from windmills and sale of surplus units generated from captive thermal power plants are
recognised upon transmission of energy to the grids.
(B) Dividend income is recognised when the Company’s right to receive dividend is established.
9 Research and Development:
Research and Development expenses not resulting in any tangible property/equipment are charged to revenue.
10 Investments:
Investments other than in Subsidiaries and Associates are stated at fair values.Investment carried at cost is tested for impairment as per IND
AS 36.
11 Employee benefits:
Recognition and measurement of defined contribution plans:
(a)
The Company recognizes contribution payable to a defined contribution plan as an expense in the Statement of Profit and Loss when
the employees render services to the Company during the reporting period.
Recognition and measurement of Defined Benefit plans:
(b)
The cost of providing defined benefits is determined using the Projected Unit Credit method with actuarial valuations being carried out at
each reporting date. The defined benefit obligations recognized in the Balance Sheet represent the present value of the defined benefit
obligations as reduced by the fair value of plan assets, if applicable.
All expenses represented by current service cost, past service cost, if any, and net interest on the defined benefit liability/(asset) are
recognized in the Statement of Profit and Loss.
Remeasurements of the net defined benefit liability/ comprising actuarial gains and losses and the return on the plan assets (excluding
amounts included in net interest on the net defined benefit liability), are recognized in Other Comprehensive Income.
Other Long Term Employee Benefits:
(c)
Entitlements to annual leave and sick leave are recognized when they accrue to employees. Unavailed leave balances are accounted
using the Projected Accrued Benefit method with actuarial valuations being carried out at each Balance Sheet date.
(d) Fringe Benefits arising on options vested under Employees Stock Options Scheme (ESOS) are charged to Statement of Profit and Loss
and credited to Stock Options Outstanding Account. On allotment of shares, corresponding amount is transferred from Stock Option
Outstanding account to Securities Premium Account.
12 Tax Expense :
(a) Current income tax is measured and accounted based on the amount expected to be paid to the tax authorities in accordance with the
Indian Income Tax Act, 1961 at the tax rates applicable for the year.
Deferred Tax
(b)

Deferred tax is provided on all temporary differences at the reporting date between the tax base of assets and liabilities and their
carrying amounts for financial reporting purposes. Deferred tax is measured and accounted based on the tax rates and tax laws
enacted or substantively enacted at the Balance Sheet date.
A deferred tax asset is recognized to the extent that it is probable that future taxable profits will be available against which the temporary
difference can be utilised.
13 Provisions, Contingent Liabilities & Contingent Assets:
(a) Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event and it is probable
that an outflow of resources, that can be reliably estimated, will be required to settle such an obligation.
(b) Contingent liability is disclosed in books for a present obligation arising from past events where it is not probable that an outflow of
resources will be required to settle the obligation and a reliable estimate is not possible.
150
Contingent assets are disclosed where an inflow of economic benefits is probable. Provisions contingent liabilities and contingent assets are
reviewed at each Balance Sheet date.
14 Government Grants:
Government grants related to income under State Investment Promotion Scheme linked with VAT / GST payment are recognised in the
Statement of Profit and Loss in the period in which there is reasonable assurance that money becomes receivable.
Sales Tax deferral liability to State Governments, which is at a below-market rate of interest, that existed at the transition date is continued
to be stated at gross liability, as permitted under IndAS 101.
15 Leases:
As a Lessee:
Leases of property, plant and equipment where the Company as lessee has substantially all the risks and rewards of ownership are
classified as finance leases. PPE acquired under finance leases are capitalised.
Leases in which a significant portion of the risks and rewards of ownership are not transferred to the group as lessee are classified as
operating leases and are charged to the Statement of Profit and Loss on straight line basis over the period of the lease unless the payments
are structured to increase in line with expected general inflation to compensate for the lessor’s expected inflationary cost increases
16 (a) Financial Assets:
Financial assets are recognized when the Company becomes a party to the contractual provisions of the instrument. All financial assets
are recognised initially at fair value. These assets are subsequently classified and measured at:
(i)
amortised cost
(ii) fair value through profit and loss (FVTPL)
(iii) fair value through other comprehensive income (FVTOCI).
All equity instruments other than in subsidiaries and associates in scope of Ind AS 109 are measured at fair value, the company may on
initial recognition, irrevocably elect to measure the same either at FVTOCI or FVTPL.
The Company makes such election on an instrument-by-instrument basis. Fair value changes on an equity instrument is recognised as
other income in the Statement of Profit and Loss unless the Company has elected to measure such instrument at FVTOCI. Fair value
changes excluding dividends, on an equity instrument measured at FVTOCI are recognised in OCI. Amounts recognised in OCI are not
subsequently reclassified to the Statement of Profit and Loss. Dividend income on the investments in equity instruments are recognised
as ‘other income’ in the Statement of Profit and Loss.
Debt instruments are measured at amortised cost, fair value through other comprehensive income (‘FVTOCI’) or fair value through profit
or loss (‘FVTPL’) till derecognition on the basis of (i) the entity’s business model for managing the financial assets and (ii) the contractual
cash flow characteristics of the financial asset.
The Company derecognises a financial asset when the contractual rights to the cash flows from the financial asset expire or it transfers
the contractual rights to receive the cash flows from the asset.
Expected credit losses are recognised for financial assets other than those classified under FVTPL category. The expected credit losses
are measured as lifetime expected credit losses if the credit risk on financial asset increases significantly since its initial recognition. The
company’s trade receivables do not contain significant financing component and loss allowance on trade receivables is measured at an
amount equal to lifetime expected credit losses ie., expected credit short fall. The impairment losses and reversals are recognised in
statement of Profit and Loss.
(b) Financial Liabilities:

Financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument. Financial liabilities
are classified and measured at amortised cost / fair value through profit and loss (FVTPL). In case of trade payables, they are initially
recognised at fair value and subsequently, these liabilities are held at amortised cost, using effective interest method.

Financial liabilities are subsequently measured at amortised cost. Financial liabilities carried at fair value through profit or loss are
measured at fair value with all changes in fair value recognised in the Statement of Profit and Loss.

A financial liability is derecognised when the obligation specified in the contract is discharged, cancelled or expires.
151
NON-CURRENT ASSETS
4 PROPERTY, PLANT AND EQUIPMENT
` Lakhs
GROSS BLOCK DEPRECIATION BLOCK NET BLOCK

Depreciation Cumulative Depreciation Cumulative
Particulars Balance Gross Gross Balance as Net Block Net Block
Addition Deletion Addition Deletion Depreciation on depreciation Depreciation on depreciation
as at April Block as on Block as on at April 01, as on March as on March
2017-18 2017-18 2018-19 2018-19 2017-18 Deduction as at 2018-19 Deduction as at March
01, 2017 31.03.2018 31.03.2019 2017 31, 2018 31, 2019
2017-18 31.03. 2018 2018-19 31, 2019
Tangible Assets:
Land 381814.94 547.30 1034.05 381328.19 3744.69 364.01 384708.87 0.00 0.00 0.00 0.00 40.86 0.00 40.86 381328.19 384668.01
Lease Hold Land 2053.80 0.00 0.00 2053.80 308.24 0.00 2362.04 97.45 49.61 0.00 147.06 49.61 0.00 196.67 1906.74 2165.37
Buildings 52808.44 1808.94 0.00 54617.38 4461.07 410.36 58668.09 8907.42 3986.87 0.00 12894.29 3754.46 82.52 16566.23 41723.09 42101.86
Railway Siding 6726.88 14.93 0.00 6741.81 0.00 0.00 6741.81 1288.99 641.36 0.00 1930.35 641.47 0.00 2571.82 4811.46 4169.99
Plant and Machinery including
Electrical installations1 325889.42 4163.62 460.91 329592.13 8165.78 10363.78 327394.13 41590.25 20454.49 64.48 61980.26 19200.53 4711.55 76469.24 267611.87 250924.89
Wind Electric Generators 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Ships 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Furniture and Fixtures 1065.44 91.19 37.38 1119.25 932.65 23.71 2028.19 421.88 176.98 16.22 582.64 216.22 9.24 789.62 536.61 1238.57
Office Equipments and
152
Computers 2787.17 1233.94 33.79 3987.32 759.99 12.38 4734.93 1051.60 787.10 11.61 1827.09 976.24 6.14 2797.19 2160.23 1937.74
Vehicles 2085.34 593.41 153.31 2525.44 153.58 234.20 2444.82 582.11 336.47 77.48 841.10 333.03 112.16 1061.97 1684.34 1382.85
Total Tangible Assets 775231.43 8453.33 1719.44 781965.32 18526.00 11408.44 789082.88 53939.70 26432.88 169.79 80202.79 25212.42 4921.61 100493.60 701762.53 688589.28
Intangible Assets:
Computer software 5330.39 1727.44 0.00 7057.83 1899.36 0.00 8957.19 2925.97 1467.42 0.00 4393.39 1262.06 0.00 5655.45 2664.44 3301.74
Total Intangible Assets 5330.39 1727.44 0.00 7057.83 1899.36 0.00 8957.19 2925.97 1467.42 0.00 4393.39 1262.06 0.00 5655.45 2664.44 3301.74
Good Will 2289.91 7930.61 0.00 10220.52 8358.14 3311.62 15267.04 0.00 0.00 0.00 0.00 0.00 0.00 0.00 10220.52 15267.04
Capital Work in Progress-Tangible 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 17572.62 19573.68
Capital Work in Progress-
Intangible 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total 782851.73 18111.38 1719.44 799243.67 28783.50 14720.06 813307.11 56865.67 27900.30 169.79 84596.18 26474.48 4921.61 106149.05 732220.11 726731.74
1
Includes ` 1479.07 Lakhs of equipments on ‘ right to use basis ‘, which is depreciated over the useful life of asset [Previous Year `1540.63 Lakhs ]
Buildings include purchase of flats and leasehold lands for which this document of title are yet to be executed in favour of the Company `4.88 Lakhs [Previous year `5.09 Lakhs]
Total Amount of Borrowing Cost capitalised during the year in accordance with Ind AS 23 is `531.80 Lakhs [ Previous Year ` Nil]
` Lakhs
Asset Category 2018-19
BUILDINGS 36.62
PLANT & MACHINERY 168.03
CWIP 327.15
Grand Total 531.80

5 NON-CURRENT INVESTMENTS
OTHER INVESTMENTS
A. Fully paid Equity Shares of Companies (Quoted):
Associates
India Cements Capital Limited 10400000 10 2544.99 2545.76
Other than Associates
The India Cements Limited (Held in Trust on behalf of subsidiaries) 19954024 10 16730.84 16730.84
Servalakshmi Paper Limited 1693783 10 491.20 491.20
Karur KCP Packagings Limited (Fair value thro’P&L) 996500 10 0.00 0.00
19767.03 19767.80
B. Shares of Companies - (Unquoted):
(i) Associates:
Fully paid Equity Shares:
Coromandel Sugars Limited 7000100 10 994.80 1149.63
Unique Receivable Management Private Limited 224600 10 2.46 2.46
PT Mitra Setiah Tanah Bumbu 2695 130.32 0.00
Debentures:
Zero% Unsecured Convertible Debentures of Coromandel Sugars Limited (Refer Note No.40.4d) 3550000 100 3550.00 3550.00
4677.58 4702.09
(ii) Other than Subsidiaries / Associates (Unquoted) at Fair values through P&L (FVTPL):
Andhra Pradesh Gas Power Corporation Limited 5896000 10 9068.06 7709.61
ICL Shipping Limited 5000 10 0.50 0.50
Coromandel Packaging Private Limited 460000 10 46.00 46.00
Senka Carbon Private Limited 6450 100 39.38 39.38
TCP Limited 729752 10 556.01 556.01
Sun Paper Mill Limited 325200 10 32.52 32.52
Jagati Publications Private Limited 1111110 10 0.00 0.00
Carmel Asia Holdings Private Limited 190839 10 0.00 0.00
Other than Associates - Total 9742.47 8384.02
C. Government & Trustee Securities (Unquoted):
National Savings Certificates 1.45 1.30
Indira Vikas Patra Certificates 0.02 0.02
1.47 1.32
D. Other Investments Fully paid shares of Co-operative Societies Longterm (Unquoted):
The India Cements Employees Co-operative Stores Limited, Sankarnagar 2500 50 1.25 1.25
The India Cements Employees Co-operative Stores Limited, Sankari 5000 10 0.50 0.50
The India Cements Mines Employees Co-operative Stores Limited, Sankari 5300 10 0.53 0.53
2.28 2.28
34190.83 32857.51
Adjustment as per IND AS 28
1. Increase/ (Decrease) in Value Post Investment
India Cements Capital Limited (1298.38) (1304.70)
Pt. Mitra Setiah Tanah Bumbu 93.96 0.00
Raasi Cement Limited 0.00 0.00
2466.09 2537.94
2. Goodwill arising on Investment
Unique Receivable Management Private Limited (2.46) (2.46)
232.23 232.23
36889.15 35627.68
Aggregate value of:
Quoted Investments 19767.03 19767.80
Unquoted Investments 17122.12 15859.88
153
March 2019 March 2018 March 2019 March 2018

FINANCIAL ASSETS
11 TRADE RECEIVABLES
6 LOANS Trade Receivables - Considered good - Secured 0.00 0.00
Loans and Advances to Related Parties 17932.92 13353.10 Trade Receivables - Considered
Loans and Advances to Body Corporate 76816.99 81141.65 good - Unsecured 74554.58 64534.01
Housing Loan and other Loans to Employees 964.33 1032.35 Add: Trade Receivables-Credit Impaired 3153.09 2575.23
95714.24 95527.10 Trade Receivables -Which have significant
increase in Credit Risk 0.00 0.00
7 OTHER FINANCIAL ASSETS Sub Total 77707.67 67109.24
Deposits 5391.35 5037.95 Less: Provision For Doubtful Receivables (3153.09) (2575.23)
Other Financial assets 63.06 0.00 Total - Sundry Debtors, considered good 74554.58 64534.01
5454.41 5037.95 [Net of Security Deposit ` 40219.52 Lakhs
(As at 31st March 2018 `42604.73 Lakhs) ]
8 OTHER NON CURRENT ASSETS
Unsecured and Considered good : 0.07 0.07 12 CASH AND CASH EQUIVALENTS
Capital Advances 31808.40 32026.99 Cash on Hand 119.95 163.96
31808.47 32027.06 Cash at Banks 4043.26 5152.09
Fixed Deposit with Scheduled banks 336.58 9.14
CURRENT ASSETS Earmarked Bank Balances 372.44 29.14
9 INVENTORIES Total Cash and Cash Equivalents 4872.23 5354.33
Stores / Spares 20010.38 18054.45
13 SHORT TERM LOANS
Fuel including coal 35520.53 25177.95
Other Advances - Financial Asset - Considered
Packing Materials 1993.51 1779.78
good - Unsecured 4173.12 3799.80
Raw Materials 9253.15 8918.62
Work-in-Process 1977.51 1128.12 14 CURRENT TAX ASSETS
Semi-finished Goods 10057.32 9686.73 Advance payment of tax (Net of provision) 9944.78 13446.40
Finished Goods 3271.19 2291.65 15 OTHER CURRENT ASSETS
Construction and Infrastructure - in-Progress 2556.05 2391.69 Advance for goods 6310.88 6927.56
Stock-in-Trade 36.31 36.32 Prepaid Expenses 1659.75 1403.23
84675.95 69465.31 Other Advances 46731.10 28976.40
54701.73 37307.19
10 CURRENT INVESTMENTS
Investments in Mutual Fund 222.28 212.53
154
16. SHARE CAPITAL No. of Par value March 2019 No. of Par value March 2018
Shares per share ` lakhs Shares per share ` lakhs
(`) (`)
AUTHORISED :
Equity Shares 529808600 10 52980.86 529808600 10 52980.86
Redeemable Cumulative Preference Shares 7500000 100 7500.00 7500000 100 7500.00
Redeemable Non-Cumulative Preference Shares 81500000 100 81500.00 81500000 100 81500.00
141980.86 141980.86
ISSUED :
Equity Shares 309897267 10 30989.73 308152267 10 30815.23
30989.73 30815.23
SUBSCRIBED AND PAID UP :
Equity Shares fully paid up
Opening balance 308150984 10 30815.18 307177340 10 30717.73
Add: partly paid up shares, subscribed fully during the year 52 10 0.01 100 10 0.01
Add: Subscribed / allotted during the year 1745000 10 174.50 973544 10 97.44
Total issued, subscribed and fully paid up 309896036 30989.69 308150984 30815.18
Equity Shares - subscribed, but not fully paid (other than Directors)
Opening balance 1217 10 0.09 1317 10 0.10
Less: partly paid up shares, subscribed fully during the year 52 10 0.00 100 10 0.01
Total -Equity Shares subscribed, but not fully paid 1165 0.09 1217 0.09
Sub total 309897201 30989.78 308152201 30815.27
Total 30989.78 30815.27
List of shareholders holding more than 5% of the equity share capital
(Par value per share is `10/-)
Shareholder’s name No.of % held March 2019 No.of % held March 2018
shares Total face shares Total face
held value held value
` Lakhs ` Lakhs
EWS Finance & Investments Private Limited 27643432 8.92 2764.34 27643432 8.97 2764.34
Reliance Capital Trustee Co Ltd. A/C Reliance Focused Equity Fund;
Reliancesmall Cap Fund; Reliance Equity Hybrid Fund; Reliance
Growth Fund; Reliance Power & Infra Fund; Reliance Arbitrage Fund;
Reliance Equity Savings Fund; Reliance Capital Builder Fund 4 Sr A;
Reliance Capital Builder Fund 4 Sr C; Reliance Capital Builder Fund 2
Sr B; Reliance Capital Builder Fund 4 Sr D. 27006563 8.71 2700.66 18030320 5.85 1803.03
Prince Holdings (Madras) Private Limited 25500000 8.23 2550.00 25500000 8.28 2550.00
Mrs. Vidya Subramanian * 19954024 6.44 1995.40 19954024 6.48 1995.40
Sri Saradha Logistics Private Limited (Formerly Trishul Investments Pvt. Ltd.) 18101843 5.84 1810.18 18101843 5.87 1810.18

Aditya Birla Sun Life Trustee Private Limited A/C Aditya Birla Sun
Life Equity Fund; Aditya Birla Sun Life Small Cap Fund; Aditya
Birla Sun Life Arbitrage Fund; Aditya Birla Sun Life Pure Value
Fund; Aditya Birla Sun Life Balanced Advantage Fund; India
Excel (Offshore) Fund; Aditya Birla Sun Life Infrastructure Fund;
Aditya Birla Sun Life Manufacturing Equity Fund; India Advantage
(Offshore) Fund; Aditya Birla Sun Life Equity Savings Fund; Aditya
Birla Sun Life Emerging Leaders Fund-Series 4 18023780 5.82 1802.38 17283760 5.61 1728.38
ELM Park Fund Limited 15861746 5.12 1586.17 15861746 5.15 1586.17
* Shares are held in the capacity of a Trustee for the shares held by the Whollyowned Subsidiaries in Trusts.
155
Terms / Rights / restrictions attached to shares

The company has only one class of Equity share. Each share has a paid up value of `10/- Every shareholder is entitled to one vote per share,
except for the holders of Global Depository Shares, as given below:
During the year 2005-06, the company allotted 5,12,27,592 underlying equity shares of `10/- each represented by 2,56,13,796 Global Depository
Shares (GDS) in the ratio of 2:1. Holders of these GDSs have no voting rights with respect to the Deposited shares.
During the previous year 2017-18, the Company had declared and distributed a dividend of ` 0.80 per share.
The Board of Directors has recommended a dividend of ` 0.80 per share, for the year 2018-19, which is subject to the approval of the shareholders.
During the year 2017-18, pursuant to the Scheme of Amalgamation of Trinetra Cement Limited and Trishul Concrete Products Limited (Transferor
Companies) with The India Cements Limited (Transferee Company) approved by the Hon’ble National Company Law Tribunal, Division Bench,
Chennai, vide its Order dated 20.04.2017, the Company has allotted, in June 2017, 9,73,544 equity shares of ` 10/- each fully paid-up to the
eligible shareholders of Trinetra Cement Limited and erstwhile Trishul Concrete Products Limited.
Shares reserved for issue under Employees stock option scheme, 2016:
As recommended by the Compensation Committee, the Board of Directors has granted, as on 01.04.2017, 18,35,000 options to eligible
employees under Employees Stock Option Scheme, 2016 (Scheme). The options granted under the Scheme got vested with the employees on
01.04.2018 and the vested options were to be exercised within one year from the date of vesting. On exercise of each option, one equity share
of `10/- each fully paid-up were to be allotted at a price of `50/- per share, including a premium of ` 40/- per share.
Out of the above, 17,45,000 Stock Options were vested on 01.04.2018 and the balance 90,000 Stock Options were cancelled. During the year,
all the 17,45,000 options were exercised by the Optionholders and equal number of equity shares were allotted to them. Consequently the paid
up equity share capital stands at ` 309.90 Crores.
156

17 OTHER EQUITY Shipping Tonnage Tax Reserve 90.00 90.00
Capital Reserve 16.17 16.17 Less: Transfer / Withdrawals 90.00 0.00
Capital Redemption Reserve Closing Balance 0.00 90.00
Instruments entirely Equity in nature
(Compulsorily Convertible Debentures)
Less: Transfer during the period 315.44 0.00
Opening Balance 3794.70 0.00
Closing Balance 3136.59 3452.03 Transfer / withdrawals 0.00 3794.70
Securities Premium Closing balance 3794.70 3794.70
Opening balance 147670.93 147670.92 Ind AS Transition Reserve 232408.91 233309.18
Add: Calls in arrears received 0.00 0.01 Surplus in Profit & Loss Account
Less: Premium on redemption of Bonds 0.00 0.00 Opening balance 68449.06 68973.76
Closing balance 150331.18 147670.93 Add: Total Comprehensive Income / (Loss)
for the year 864.77 7071.64
Stock Options Outstanding Reserve Sub Total 69313.83 76045.40
Add: Additions during the year 0.00 2060.48 Appropriations
Less: Transfer to share premium 1962.27 0.00 Proposed Dividend on Equity capital 2315.59 2881.99
Less: Transfer to general reserve 98.21 0.00 Dividend Distribution tax 508.79 627.32
Deemed Dividend 303.15 0.00
Closing Balance 0.00 2060.48
Dividend Distribution tax on Deemed Dividend 62.31 0.00
Debenture Redemption Reserve Capital Profit on acquisition of Subsidiary 0.00 0.00
Opening balance 3509.54 48.00 Transfer to General Reserve 0.00 4087.03
Add: Additions during the year 0.00 3461.54 Transfer to/(from) Debenture Redemption Reserve 0.00 0.00
Less: Transfer to General Reserve 1201.85 0.00 Transfer to Capital Redemption reserve 0.00 0.00
Closing balance 2307.69 3509.54 Sub total 3189.84 7596.34
General Reserve
Total - Other Equity 493608.13 496092.55
Add : Additions during the year 4343.21 4087.03 Other Comprehensive Income
Withdrawals 278.43 3461.54 (Remeasurement of Defined Benefit Plans)
Closing balance 35488.90 31424.12 Opening Balance 1409.35 981.89
Additions (1045.59) 427.46
Deferred Income Closing Balance 363.76 1409.35
157

NON-CURRENT LIABILITIES [B] Total Outstanding dues of creditors
18 LONG-TERM BORROWINGS other than Micro Enterprises &
1. Secured (Refer Note No.39): Small Enterprises
a. Term Loans from Banks 222741.92 233048.45 (i) Creditors for Goods 46351.76 39134.40
b. Debentures 4615.38 9230.77 (ii) Acceptances 35250.21 29955.34
c. Others 12818.55 14152.72 (iii) Other Trade Payables 42238.98 38889.03
(iv) Trade deposits from Customers 10908.57 10669.43
2. Unsecured Loans: 134749.52 118648.20
a. From Banks 0.00 0.00
Total (A) + (B) 135190.42 118648.20
b. From Holding Company 0.00 0.00
c. Others 27814.14 31383.70 24 OTHER FINANCIAL LIABILITIES
3. Preference Share Capital 1153.12 0.00 (i) Current Maturities - Secured
Loans - Banks 34756.77 12160.67
269143.11 287815.64
(ii) Current Maturities - Secured
19 LONG-TERM PROVISIONS Loans - Others 1834.17 1039.44
Provision for Mines Refilling & Others 8003.98 7997.60 (iii) Current Maturities - Unsecured
Provision for Unavailed leave 6052.21 6282.56 Loans - Others 3928.87 3124.57
14056.19 14280.16 (iv) Interest accrued but not due on
borrowings 1147.79 982.50
20 DEFERRED TAX LIABILITY (NET)
(v) Creditors Capital goods 1420.37 1291.97
Deferred Tax Liability arising on account of
(vi) Other Liabilities 16323.69 18693.80
timing differences on depreciation and others 69019.75 71650.60
(vii) Unpaid dividends 70.88 79.86
Less: Deferred Tax Assets 5935.52 6325.16
(viii) Unpaid matured deposits and
63084.23 65325.44 Interest accrued thereon 7.90 9.47
21 OTHER LONG-TERM LIABILITIES 59490.44 37382.28
Deposits 2902.31 2841.10
25 SHORT TERM PROVISIONS
Others 4.20 500.46
Proposed Dividend 17.94 17.94
2906.51 3341.56
26 CURRENT TAX LIABILITIES
Provision for Income Tax 181.57 82.12
CURRENT LIABILITIES
22 SHORT-TERM BORROWINGS 27 OTHER CURRENT LIABILITIES
a. Cash Credit facilities from Banks 27134.37 10598.05 Customer Credit Balances 8166.16 11221.23
b. Unsecured loans from Banks 8495.57 5000.00 Other Current Liabilities - Others 12153.30 9958.84
35629.94 15598.05 20319.46 21180.07
23 TRADE PAYABLES
[A] Total Outstanding dues to Micro
Enterprises & Small Enterprises 440.90 0.00
440.90 0.00
158
April 2018 - March 2019 April 2017 - March 2018 April 2018 - March 2019 April 2017 - March 2018
` Lakhs ` Lakhs ` Lakhs ` Lakhs ` Lakhs ` Lakhs ` Lakhs ` Lakhs
28 REVENUE FROM OPERATIONS Closing Stock :
Sales (Effective from July 01, 2017, Sales are Work-in-Process 1977.51
1128.12
recorded net of GST whereas earlier sales Semi-finished Goods 10057.32
9686.73
were recorded gross of excise duty which Finished Goods 3287.01
2307.85
formed part of expenses) 543902.06 521145.47 Stock-in-Trade 36.31 36.32
Government Incentive on Sales Tax/ GST 2166.35 473.37 Construction & Infrastructure -
Other Operating Revenues: Projects-in-Progress 1023.67 1064.48
Freight Earnings from Ships 2891.13 1733.71 16381.82 14223.50
Income from Gas Power Plant 9863.76 4732.99 Total (Increase)/Decrease in stock (2158.32)
2835.96
Value of Power Generated from Wind Farms 1584.82 1688.81
Income from Thermal Power Plant 76.06 148.26 33 EMPLOYEE BENEFITS EXPENSE
Income from RMC 12043.44 9286.17 (a) Employees other than Directors:
Income from Construction and Salaries, Wages and Bonus 28382.30 28953.91
Infrastructure Projects 90.34 1028.68 Contribution to Provident Fund 1319.89 1350.01
Income from Real estate projects 842.32 1498.03 Gratuity 668.29 1340.21
Aviation Service Receipts 63.95 0.00 Superannuation 689.13 2366.10
Trade Sales 3513.00 1491.35 Employees’ Provident Fund
Revenue from Operations 577037.23
543226.84 Administration Charges 61.00 75.10
Employees’ State Insurance Scheme 75.28 72.77
29 OTHER INCOME Workmen and Staff Welfare Expenses* 4130.94 6237.85
Dividend Income 0.00 0.00 Unavailed leave / leave encashment 528.00 (993.01)
Interest Income 1611.39 1347.04 Subtotal 35854.83
39402.94
Gain on Sale of Investments 1399.18 375.20
*2017-18 Figures Include `2060.48 Lakhs
3010.57 1722.24
of Fringe Benefit arising on account of
Other Non Operating Income
Employee Stock Option Scheme. Refer
Rent Recovery 29.51 31.40
Note 16 under the heading Terms / Rights /
Profit on Sale of Assets 327.17 37.80
Restrictions attached to Shares
Foreign Exchange translation difference 0.82 6.13
Miscellaneous Income 555.19 652.86 (b) Directors:
Director’s Remuneration
Total Other Income 3923.26 2450.43
Managing Director *:
30 COST OF MATERIALS CONSUMED Salary 200.00 450.00
Raw Material Consumed HRA 60.00 135.00
Opening Stock 8902.41 8965.95 Contribution to Provident Fund 72.00 72.00
Add: Purchases 78119.56 70755.11 Contribution to Gratuity and
Own Quarrying (Net) Superannuation funds 38.33 115.00
(Refer Note No. 40.5) 32146.11 110265.67 23247.95 94003.06 Commission 0.00 0.00
Less: Closing Stock 9237.32 8902.41 Others 6.00 376.33 8.11 780.11
Total Raw Materials Consumed 109930.76 94066.60 * Managerial Remuneration to VC
& MD has been restricted to limits
31 Purchases of Stock in trade permitted under Companies Act, 2013
Trade Purchases 38.30
1191.42 Whole Time Director:
Salary 180.00 180.00
32 CHANGES IN INVENTORIES OF FINISHED GOODS, WORK-IN-PROGRESS
Opening Stock : HRA 54.00 54.00
Work-in-Process 1128.12 902.73 Contribution to Provident Fund 21.60 21.60
Semi-finished Goods 9686.73 10733.41 Contribution to Gratuity and
Finished Goods 2307.85 3900.05 Superannuation funds 34.50 34.50
Stock-in-Trade 36.32 38.62 Commission 0.00 150.00
Construction & Infrastructure - Others 0.00 290.10 0.00 440.10
Projects-in-Progress 1064.48 1484.65 Director’s Remuneration-Total 666.43 1220.21
14223.50 17059.46 Total Employee benefits expense (a+b) 36521.26
40623.15
159
April 2018 - March 2019 April 2017 - March 2018 April 2018 - March 2019 April 2017 - March 2018
` Lakhs ` Lakhs ` Lakhs ` Lakhs ` Lakhs ` Lakhs ` Lakhs ` Lakhs
34 FINANCE COSTS Loss on sale of assets 1329.29 814.54
Interest expense 28792.74
27615.93 Loss on Sale of Investments 0.00 236.16
Other borrowing costs 4937.74 7485.08 Diminution in Value of Investments (FVTPL) 0.00 79.15
Loss on Foreign currency Provision for Doubtful Advances 99.36 642.23
transactions and translations 1311.21
1374.72 16509.76
15583.40
35041.69
36475.73
37. SELLING AND DISTRIBUTION EXPENSES
35 MANUFACTURING AND OTHER Packing Charges 24428.99 21255.90
OPERATING EXPENSES
Entry Tax 0.00 131.54
Stores Consumed 5646.17 5346.62
Freight outwards 118536.79 108909.47
Power and Fuel 168824.08 122597.41
Handling 8909.73 10337.13
Repairs & Maintenance: Advertisement 2066.11 4667.20
1. Building 38.59 41.02 Others 14322.48 13182.35
2. Machinery 6972.45 10019.93 168264.10
158483.59
3. Others 2513.07 9524.11 2156.74 12217.69
Agency and Port Expenses 37.52 30.17 38. DONATIONS
Construction Costs 524.52 1588.02 The India Cements Educational Society 0.00 400.00
Aircraft Operating Expenses 689.85 729.16 Others 116.29 115.85
Excise Duty 0.02 16518.04
116.29 515.85
185246.27
159027.11
Corporate Social Responsibility
36 ADMINISTRATION AND OTHER CHARGES
(CSR) Expenditure:
Insurance and P&I Charges 644.05 626.73
CSR Expenditure included in Donation
Rent 73.59 141.13
Donation - Including Contribution to
Rates and Taxes 1294.64 1159.92
The India Cements Education
Printing and Stationery 248.56 192.71
Society / Trust 50.50 198.50
Postage, Telephones and Telegrams 390.10 374.20
Other Administration Expenses 11813.70 10729.46 CSR expenditure included in
Legal Fees 454.61 469.45 administration and other charges 399.31 553.61
Directors’ Sitting Fees 30.25 12.32 Total CSR expenditure incurred 449.81 752.11
Audit Expenses CSR Expenses Required to be

Audit Fees 66.21 67.18 spent as per Section 135 of
Cost Audit Fees 20.80 17.00 Companies Act, 2013 393.34 350.05
Certifications/Others 17.21 6.25 Spent towards Construction of Asset 127.32 111.09
Tax Audit/Other Services 10.12 0.12 Others 377.67 672.45
Travel/out of pocket expenses 17.27 131.61 14.85 105.40
39 Security for Secured Borrowings

Last due
date
(a) Debentures (Secured) :
1 HDFC BANK - 1500 Nos, Rated, 4615.38 9230.77 4615.38 4615.40 9230.76 13846.17 26/02/2021 Quarterly
Unlisted, Secured 10% Redeemable
Non-Convertible Debentures of Face
Value of Inr 10,00,000
Debentures Total 4615.38 9230.77 4615.38 4615.40 9230.76 13846.17
160
Security for Secured Borrowings (Contd.)

Last due
date
(b) Term Loans (Secured) :
From Banks:
1 IDBI Bank Limited 0.00 8333.34 8333.34 0.00 8333.34 8333.34 01/09/2019 Monthly
3 IDBI Bank Limited 28275.00 29103.00 828.00 600.00 29103.00 29703.00 01/10/2028 Quarterly
5 State Bank of India 18578.25 19263.74 526.00 316.66 19104.25 19580.40 01/07/2028 Quarterly
6 Andhra Bank 18582.30 19264.00 526.00 320.35 19108.30 19584.35 01/07/2028 Quarterly
7 Central Bank of India 18599.69 19264.00 526.00 337.86 19125.69 19601.86 01/07/2028 Quarterly
10 Kotak Mahindra Bank Limited 954.00 2382.00 1428.00 1428.00 2382.00 3810.00 02/12/2020 Quarterly
13 Axis Bank Limited 17500.00 20000.00 2500.00 0.00 20000.00 20000.00 31/08/2023 Quarterly
16 Kotak Mahindra Bank Limited 9821.13 10713.96 892.83 0.00 10713.96 10713.96 04/12/2022 Monthly
Total Secured Loans from Banks 222741.92 233048.45 30141.39 7545.27 252883.31 240593.72
From Others:
21 L&T Financial Services Limited 9200.00 9600.00 400.00 400.00 9600.00 10000.00 31/01/2024 Quarterly
22 Housing Development Finance
Corporation Limited 3697.00 4665.00 1468.00 668.00 5165.00 5333.00 31/03/2024 Quarterly
Total Secured Loans from Others 12818.55 14152.72 1834.17 1039.44 14652.72 15192.16
Total Secured Long-Term
borrowings 240175.85 256431.94 36590.94 13200.11 276766.79 269632.05
UNSECURED:
From Banks:
Less : Prorata Processing Fee 0.00 0.00 -4.43 0.00 -4.43 0.00
Total Unsecured Loans from Banks 0.00 0.00 8495.57 5000.00 8495.57 5000.00
From Others:
3 Interest free Sales Tax Deferral
Loans 27814.13 31383.70 3569.56 3124.57 31383.70 34508.27 31/03/2028 Yearly
4 Others 0.00 0.00 359.32 0.00 359.32 0.00
Total Unsecured Loans from Others 27814.13 31383.70 3928.88 3124.57 31743.02 34508.27
Total Unsecured Long-Term
Borrowings 27814.13 31383.70 12424.45 8124.57 40238.59 39508.27
SECURED
[c] Cash Credit Facilities and other
Working Capital Loans from
Scheduled Banks
1. Holding Company 0.00 0.00 26719.08 10483.29 26719.08 10483.29 Various Dates Yearly
2. Subsidiaries-CECL 0.00 0.00 415.29 114.76 415.29 114.76 Various Dates Yearly
0.00 0.00 27134.37 10598.05 27134.37 10598.05
Total Term Liabilities including
Current Maturities 267989.98 287815.64 76149.76 31922.73 344139.75 319738.37
161
Security for Secured Borrowings (Contd.)
SECURITY CLAUSE FOR BORROWINGS
As on 31-03-2019 As on 31-03-2018
(a) Debentures: (a) Debentures:
• Item (a) The Debentures are secured by way of exclusive charge • Item (a) The Debentures are secured by way of exclusive charge
on immovable fixed assets situated at No.4/9, Boat Club Road, III on immovable fixed assets situated at No.4/9, Boat Club Road, III
Avenue, R.A. Puram, Chennai. Avenue, R.A. Puram, Chennai.
(b) Term Loans: (b) Term Loans:
• Item (b) 1 is secured by way of exclusive first pari passu charge on the • Item (b) 1 was secured by way of first pari passu charge on the
immovable & movable fixed assets of the cement grinding unit located immovable & movable fixed assets of the cement grinding unit located
at Vallur Village, Ponneri Taluk, Tamil Nadu. at Vallur Village, Ponneri Taluk, Tamil Nadu.
• Items (b) 8, 17, 18 & 19 are secured by way of first Charge on the • Items (b) 2, 8 & 17 were secured by way of first Charge on the
entire immovable and movable fixed assets pertaining to cement plant entire immovable and movable fixed assets pertaining to cement
and Captive Thermal Power Plant at Vishnupuram on pari passu basis plant and Captive Thermal Power Plant at Vishnupuram on pari
with ICICI Bank Term Loans passu basis.
• Items (b) 3 to 7 are secured by way of first pari passu charge among • Items (b) 3 to 7 were secured by way of first pari passu charge among
five Term Lenders on the immovable and movable fixed assets of five Term Lenders on the immovable and movable fixed assets of
Sankarnagar Cement Plant & Thermal Power Plant and Malkapur Sankarnagar Cement Plant & Thermal Power Plant and Malkapur
Cement Plant of the Company. Cement Plant of the Company.
• Items (b) 9 & 14 are secured by way of an exclusive first charge on • Items (b) 9 & 14 were secured by way of an exclusive first charge on
the immovable and movable fixed assets of Chilamkur Cement Plant the immovable and movable fixed assets of Chilamkur Cement Plant
of the Company. of the Company.
• Items (b) 10 & 16 are secured by way of an exclusive charge on • Items (b) 10 & 16 were secured by way of an exclusive charge on
the immovable properties of the Company being land and building the immovable properties of the Company being land and building
situated at 142/1 (Old No.93), Santhome High Road, Chennai and situated at 142/1 (Old No.93), Santhome High Road, Chennai and
further secured by the movable assets pertaining to ship / vessel MV further secured by the movable assets pertaining to ship / vessel MV
Chennai Selvam and all the ten shares of vessel MV Chennai Selvam. Chennai Selvam and all the ten shares of vessel MV Chennai Selvam.
• Item (b) 12 is secured by way of an exclusive first charge on the • Item (b) 12 was secured by way of an exclusive first charge on the
movable fixed assets of all RMC Units movable fixed assets of all RMC Units
• Item (b) 13 is secured by way of an exclusive first charge on the • Item (b) 13 was secured by way of an exclusive first charge on the
immovable and movable fixed assets of Sankaridurg Cement Plant of immovable and movable fixed assets of Sankaridurg Cement Plant of
the Company. the Company.
• Items (b) 15 & 21 are secured by way of first pari passu Charge on • Items (b) 15 & 21 were secured by way of first pari passu Charge on
both immovable and movable fixed assets of Dalavoi Cement Plant of both immovable and movable fixed assets of Dalavoi Cement Plant of
the Company the Company
• Item (b) 11 is secured by way of pari passu charge on immovable fixed • Item (b) 20 was secured by way an exclusive charge/mortgage over
assets situated at No.4/9, Boat Club Road, III Avenue, R.A. Puram, the aircraft Falcon-2000 Ex Easy Aircraft including all engines, parts,
Chennai. APU and Aircraft Documents
• Item (b) 22 is secured by way of mortgage of a property owned by an • Item (b) 22 was secured by way of mortgage of a property owned by
associate company an associate company
• Item (c) 1 the Working Capital Facilities availed by the Company are • Item (c) 1 the Working Capital Facilities availed by the Company were
secured by First Pari Passu Charge on the Current Assets of the secured by First Pari Passu Charge on the Current Assets of the
Cement Business of the Company and by Second Pari passu Charge Cement Business of the Company and by Second Pari passu Charge
on the movable properties (other than Current Assets) ranking after on the movable properties (other than Current Assets), ranking after
the charges created / to be created in favour of the Term Lenders the charges created / to be created in favour of the Term Lenders
• Item (c) 2 the Working Capital Facilities of Coromandel Electric • Item (c) 2 the Working Capital Facilities of Coromandel Electric
Company Limited is secured by first charge on the current assets and Company Limited were secured by first charge on the current assets
second charge on the fixed assets of the said Company and second charge on the fixed assets of the said Company
162

40.1
Estimated amounts of contracts for (b) The interest payable thereon on (a) 0.01
Capital Expenditure and Commitments (Net of Advances). 13866.80 8684.25 (c) The amount of interest paid by the buyer along
40.2 Monies for which the company is contingently Liable with the amount of the payment made to the
a. Guarantees to Bankers 14000.00 19350.00 supplier beyond the due date (as per PO or 45 days
(including guarantees given on behalf of whichever is earlier) during each accounting year; Nil
Subsidiaries and Associates) (d) The amount of interest due and payable for the
b. Unpaid demands under dispute period of delay in making payment (which has been
i) Central Excise & Service Tax 24418.10 11044.67 paid but beyond the appointed day during the year)
but without adding the interest specified under the
ii) Sales Tax and Value Added Tax 2583.59 2315.66
Micro, Small and Medium Enterprises Development
iii) Custom Duty 6429.58 6415.38 Act 2006; Nil
iv) Income Tax 9239.29 5237.79 (e) The amount of interest accrued and remaining
The above includes Contingent liability unpaid at the end of each accounting year; 33.01
pertaining to Raasi Cement Ltd. (Residuary (f) the amount of further interest remaining due and
Company) for Sales Tax Income tax and payable even in the succeeding years, until such date
Central Excise aggregating to ` 2249.46 Lakhs when the interest dues above are actually paid to
(Previous Year ` 2249.46 Lakhs). the small enterprise, for the purpose of disallowance
c. Amount paid towards disputed CENVAT / Sales of a deductible expenditure under Section 23 of the
Tax Claims pending in different stages of appeal. Micro, Small and Medium Enterprises Development
Management is of the opinion that these are Act 2006. Nil
recoverable at values stated. 960.22 740.65 The above information has been determined to
d. Contingent Liability on account of Show cause the extent such parties have been identified on the
Notices issued by Excise & other tax authorities basis of information available with the Company
(other than (b) & (c) mentioned above 37566.98 38698.20 and same has been relied upon by the auditors.
e. Other claims against the Company not 40.4 Note on PMLA.
acknowledged as Debts. 34649.22 31040.84 The Authorities have issued an attachment notice
f. The Competition Commission of India (CCI) vide under the Prevention of Money Laundering Act, 2002
its Order dated 31.08.2016 imposed a penalty of (PMLA) attaching certain assets of the Company for an
` 187.48 Crores on the Company. The Company aggregate value of ` 120.34 Crores. The Company filed
filed an appeal before COMPAT (Now called an appeal against the order of the adjudicating authority
NCLAT). The COMPAT in its interim order directed specified under PMLA. The matter is currently sub judice.
the Company to pay 10% of the penalty amount Details of Assets given below:
(` 18.75 Crores) before granting stay which was
a) 886 Sq yards plot with 8000 sq.ft building - Punjagutta
deposited by the Company. NCLAT vide its order
Somajiguda circle Hyderabad 211.89
dated 25/07/2018 dismissed the appeal filed by
the Company. Against this the Company has filed b) 245.86 Acres of Land-Konauppalapadu Village
an appeal in the Supreme Court challenging the Yadki Mandal Anantapur Dist. 122.93
NCLAT order and the Supreme Court vide its Order c) 10,00,000 9% Non Convertible Cum. Redeemable
dated 5-10-2018 admitted the Company’s appeal Pref. Shares in Trinetra Cement Ltd.* 1000.00
and directed that the interim order passed by the d) 20,32,260 Convertible Debentures of Coromandel
Tribunal in the matter will continue. Sugars Ltd. 2032.26
40.3 As at Balance Sheet date, amounts aggregating to e) 86,67,097 9% Non-Convertible Non-Cumulative
` 473.90 Lakhs were due to Micro, Small and Medium Redeemable Pref. Shares in Trinetra Cement Ltd.* 8667.10
Enterprises as per the provisions of the Micro, Small and * Not withstanding merger of Trinetra Cement Ltd. with
Medium Enterprises Development Act 2006. the company as per the order of NCLT read with order
Particulars of High Court of Madras to the extent of security referred
(a) The principal amount remaining unpaid to any above continues to be held by the company in Trinetra
supplier at the end of each accounting year; 440.90 Cement Ltd.
163

40.5 [a] Raw Materials consumed: 40.10 Details of Raw Materials consumed:
Own Quarrying includes: Quantity in Tonnes:-
(i) Salaries & Wages 2840.61 2337.53 Limestone 12981169 10872662
(ii) Stores Consumed 4070.76 3453.73 Gypsum 1190032 995269
(iii) Royalty 12912.11 9629.54 Others 3696752 3056975
[b] Total Consumption of Stores and Spares during the Value:-
year, including used in own quarrying; Captive Limestone 49031.97 37985.13
Power generation and Repairs & Maintenance. 19628.36 20302.57 Gypsum 11565.46 11294.08
40.6 Repairs and maintenance includes Stores & Spares 8530.85 7575.67 Others 36357.59 34683.44
40.7 Detailed Information of goods Sold during the Report Period: Freight on Inter Unit Transfer of Clinker 7819.69 6175.44
1 CEMENT: Total 104774.71 90138.09
(a) Sales – Value of Cement 540719.02 517529.42 Cost of Materials consumed includes ` 13.66 crores
Value of Clinker 5160.74 588.62 representing claims pertaining to earlier years.
Value of White Cement 188.66 645.84 40.11 Auditors Remuneration:
546083.36 518763.88 (a) Statutory Auditors:
(b) Sales - Value of Ready Mix Concrete 12043.44 9249.43 Audit fees 66.21 69.61
2 CALCIUM CARBIDE: Tax Audit fees 10.12 0.12
Sale Value Nil Nil Fees for Other Services 16.41 5.28
3 TEXTILES: Expenses reimbursed 17.27 11.92
(a) Sales Value Home Textiles 6.30 6.08 (b) Cost Auditors:
(b) Sale Value Non Textiles 28.41 26.32 Audit Fees 20.80 17.00
4 ELECTRICITY: Fees for Other Services 0.80 0.94
Sale Value 9863.76 7501.15 Expenses reimbursed 0.75 0.53
5 SALE OF COAL: 2193.39 0.00 40.12 Earnings Per Share
6 Real Estate 842.32 1498.03 Profit / (Loss) for the year 2106.03 6506.13
7 Construction and Infrastructure Projects 90.34 1028.68 Other Comprehensive Income for the year (1241.26) 565.51
40.8 Note on Government Subsidy:
Weighted average no. of ordinary shares for
RIPS 2010 - Rajasthan Basic & Diluted EPS 309187262 308151768
Sales revenue includes ` 2025.85 Lakhs representing subsidy offered by Government Basic and Diluted Earning per Ordinary
of Rajasthan as a part of Rajasthan Investment Promotion Scheme. The incentive was Share on Profit and Loss 0.68 2.28
sanctioned in the name of Trinetra Cement Limited which merged with the Company
Basic and Diluted Earning per Ordinary Share on Other
under a Scheme of Amalgamation duly approved by NCLT and High Court of Madras.
Comprehensive Income (0.40) 0.01
In respect of the Customized Package of Incentives, Company’s request for change in
name of beneficiary from Trinetra Cement Limited to The India Cements Limited was Basic and Diluted Earning per Ordinary Share on
approved by the State Empowered Committee (Chaired by Chief Secretary) on 14th Total Comprehensive Income 0.28 2.29
September 2018. The approval by the State Cabinet is awaited. Equity shares issuable pursuant to ESOS that could potentially dilute basic earnings per
Investment Subsidy - Maharashtra: share in the future were not included in the calculation of diluted earnings per share as
they are antidilutive for the previous period presented.
Maharashtra for Sales Tax Incentive Scheme. The Company had, as on 1st April 2017, granted 1835000 Options to eligible employees
under Employees Stock Option Scheme 2016 (Scheme). Out of the above, 1745000
40.9 Expenditure in Foreign Currency (on accrual basis): Options were vested on 01.04.2018 and the balance options have been cancelled. The
Consultancy Fee 292.56 174.64 Options so vested were to be exercised within one year from the date of vesting. During the
Travel Expenses and Others 1028.77 750.31 year, upon option holders exercising their Options, the company allotted 17,45,000 equity
shares of ` 10/- each fully paid up. Consequently the paid up equity share capital stands at
` 309.90 Crores.
164

40.13 Related Party Disclosures: Remuneration to KMP
A. Names of the related parties and the nature of the relationship: Sri N.Srinivasan – Vice Chairman & Managing Director 376.33 780.11
(i) Associate Companies: Smt.Rupa Gurunath - Whole Time Director 290.10 440.10
Raasi Cement Limited, India 666.43 1220.21
Coromandel Sugars Limited, India
Disclosure of Key Managerial Personnel
India Cements Capital Limited, India compensation in total and for each of the following
Unique Receivable Management Private Limited, India categories:
PT. Mitra Setia Tanah Bumbu, Indonesia (MSTB) Particulars
During the year MSTB Indonesia, a step down Short-Term employment benefits 500.00 977.11
subsidiary, engaged in mining coal, has become an Post employment benefits 166.43 243.10
Associate company. TOTAL 666.43
1220.21
(ii) Key Management personnel [KMP]: Managerial Remuneration to Vice Chairman &
Sri N.Srinivasan – Vice Chairman & Managing Director Managing Director has been paid for 4 months
Smt.Rupa Gurunath - Whole Time Director only.
Smt.Chitra Srinivasan - Director
Amount due by Vice Chairman & Managing
Sri V.Venkatakrishnan / Sri Suneel Babu Gollapalli - IDBI Bank Ltd., Nominee Director
Director as on 31-03-2019 was ` 234.40 Lakhs
Sri M.R.Kumar - LIC Nominee Director (till 18.03.2019) which has since been received.
Sri N.Srinivasan [F& R] - Director
Sri N.R.Krishnan - Director (till 28.08.2018) Sitting Fee paid to Directors:
Sri Arun Kumar Datta - Director (till 28.08.2018) IDBI Bank Limited, Nominee - Sri V. Venkatakrishnan /
Sri V.Manickam - Director (till 28.08.2018) Sri Suneel Babu Gollapalli 1.50 1.00
Sri S Balasubramanian Adityan - Director LIC Nomineee - Sri M.R. Kumar 2.00 0.60
Sri Ranganathan V - Director Sri N.Srinivasan [F& R] 5.45 3.20
Sri Balakrishnan K - Director Sri N.R.Krishnan 1.00 1.20
Smt.Lakshmi Aparna Sreekumar - Director (w.e.f 11.08.2018) Sri Arun Kumar Datta 0.40 1.20
Smt.Sandhya Rajan - Director (w.e.f 11.08.2018) Smt.Chitra Srinivasan 2.50 1.00
Sri Basavaraju - Director (w.e.f 11.08.2018) Sri V.Manickam 1.00 1.10
Sri Basavaraju 2.20 0.00
(iii) Post employment benefit plan trust:
India Cements Gratuity Fund
The India Cements Employees Provident Fund, Chilamkur Sri Ranganathan V 2.80 0.70
The India Cements Employees Provident Fund, Yerraguntla Sri Balakrishnan K 2.00 0.80
Smt.Lakshmi Aparna Sreekumar 2.60 0.00
B. Transactions with Associate Companies during the year: Smt.Sandhya Rajan 2.90 0.00
Associates: 30.20 12.30
Sale of Goods Dividends paid to KMP
Coromandel Sugars Limited 54.37 245.60 Sri N.Srinivasan – Vice Chairman &
Purchase of Goods Managing Director 9.00 6.34
PT Mitra Setia Tanah Bumbu 1413.29 2713.44 Smt.Rupa Gurunath - Whole Time Director 0.29 0.36
Coromandel Sugars Limited 13.32 5.20 Smt.Chitra Srinivasan - Director 0.63 0.79
1426.61 2718.64 Sri S Balasubramanian Adityan 0.16 0.20
Receiving of Services 10.08 7.69
India Cements Capital Limited 300.37 325.76 Contributions to Post employment
benefit plan trust:
Interest on Advances
India Cements Gratuity Fund 946.02 867.37
The India Cements Employees Provident Fund,
Chilamkur 58.94 66.96
568.77 560.11
The India Cements Employees Provident Fund,
Yerraguntla 21.29 39.55
1026.25 973.89
165

C. a. Outstanding Balances at the year end Note on Ind AS-116 - “Leases”:
Loans and Advances Ministry of Corporate Affairs issued the Companies
Coromandel Sugars Limited * 13242.07 5889.53 (Indian Accounting Standards) Amendment Rules,
India Cements Capital Limited * 1819.93 367.25 2019 notifying Ind AS 116 “Leases”, which replaces
PT. Mitra Setia Tanah Bumbu Indonesia (MSTB) * 2870.92 0.00 Ind AS 17 “Leases”.
Outstanding balances in Post employment The Standard sets out the principles for the recognition
benefit plan trust: measurement presentation and disclosure of leases for
India Cements Gratuity Fund (6916.76) (6755.74) both parties to a contract i.e. the lessee and the lessor.
IndAS116 introduces a single lessee accounting model
The India Cements Employees Provident
and requires a lessee to recognise assets and liabilities
Fund, Chilamkur (21.96) (24.93)
for all leases with a term of more than twelve months
The India Cements Employees Provident unless the underlying asset is of low value. Currently
Fund, Yerraguntla (10.51) (13.24) operating lease expenses are charged to the Statement
b. Rate of Interest: of Profit & Loss. The new standard will not have any
Coromandel Sugars Limited 9% 9% material impact on the Company’s financial statements.
India Cements Capital Limited 9% 9% The amendment will come into force from April 01,
* - Loans 2019.
** - Advances 40.15
IND AS 115 - “Revenue form Contacts with
Notes:- Customers”
1. Loans to Employees as per Company’s policy Adoption of IND AS 115 w.e.f of 01/04/2018 will not
are not considered. have any material impact on the Company’s financial
2. None of the Loanees / Loanee Subsidiaries statements.
have per se made any investment in the shares Amount of contract revenue recognised as revenue
of the Company. Pursuant to the Scheme of during the period 932.66 2,526.71
Amalgamation approved by the Honorable High Details regarding contracts in progress
Court of Judicature at Madras the Company Aggregate amount of costs incurred and recognised
has issued equity shares to the Shareholders profits (less recognised losses) 7380.89 13,699.58
of Visaka Cement Industry Limited. [Visaka] . Amount of customer advances outstanding for
As per the said Order, 400 lakh shares of the
contracts in progress 509.45 567.32
Company have been allotted in aggregate to
the subsidiaries (199.54 lakh shares) and other Retention amount due from customers for contracts in
loanees (200.46 lakh shares) in exchange for progress 300.54 495.31
their shares of Visaka and the same are held in Gross amount due from customers for contract works
a Trust on their behalf. as an asset 1608.96 1,810.03
D. Guarantee / Securities given to Group Companies Gross amount due to customers for contract works as
Guarantees Issued a liability 0.00 0.00
Coromandel Sugars Limited 14000.00 15000.00 Amount of work in progress and value of inventory 1990.54 2124.89
40.14 Leases: 40.16 I. Movement in Provisions:
Operating Lease: Company as Lessee: (i) Trade Receivables
The Company has entered into a Lease Agreement (a) Opening Balance 2575.23 2094.24
with SREI Equipment Finance Limited to get certain (b) Additional Provision made during the year 577.86 509.80
equipment (heavy earth moving equipment pollution (c) Provision reversed / utilised during the year 0.00 28.81
control equipment and locomotives) on Operating (d) Closing Balance 3153.09 2575.23
Lease basis for a tenor of 3 years, with lease rentals (ii) Mines Refilling & Others:
payable at monthly interval. (a) Opening Balance 7997.60 7984.09
Lease Rentals Charged during the year 971.05 784.37 (b) Additional Provision made during the year 19.89 13.51
Future Minimum lease payments under (c) Provision reversed / utilised during the year 0.00 0.00
Non Cancellable Leases: (d) Closing Balance 8003.49 7997.60
Not later than one year 903.56 971.05
Later than One year and not later than 3 Years 128.10 937.35
Later than 3 Years Nil Nil
166

(iii) Leave balances: A. Capital Management
(a) Opening Balance 6374.63 8081.96 Long-Term Debt 267989.98 287815.64
(b) Additional Provision made during the year 0.00 0.00 Less Cash Equivalent 4872.23 5354.33
(c) Provision reversed / utilised during the year 322.42 1707.33 Net Debt 263117.75 282461.31
Total Equity 524597.91 526907.82
Net Debt to Equity Ratio 0.50 0.54
(iv) Distribution made and proposed (Ind AS 1)
B. Interest Rate Risk:
Cash dividend on equity shares: Sensitivity Analysis:
Final dividend proposed for the year ended on An increase of 100 basis points in interest
March 31, 2019 : ` 0.80 per share rate at the end of the reporting period for the
(March 31, 2018 : ` 0.80 per share for ` 2465.22 Lakhs variable financial instruments will increase /
declared and paid) 2479.18 2465.22 decrease PAT for the year by amount shown
Dividend Distribution Tax on final dividend 509.60 506.73 below:
2988.78 2971.95 Long-Term interest bearing Borrowing 240175.85 256431.94
Proposed Dividends on equity shares are subject to approval at the Annual General Interest incidence on above 25069.12 25233.31
Meeting and are not recognised as a liability (including Dividend Distribution Tax Average Interest Rate 10.64% 10.21%
thereon) as at March 31. Impact of Increase in interest by 100 basis points (2355.60) (2472.01)
Impact of Decrease in interest by 100 basis points 2355.60 2472.01
(v) Share Based Payments:
C. Company’s Foreign Currency Exposure
The Company has granted 1835000 options to
Hedged Foreign Currency Exposure
certain employees under ESOS Scheme details
Trade Payable - USD 23.23 million @ ` 71.31 Per
are as under:
USD [Previous Year USD 12.86 Million @ ` 64.58
a) Particulars
per USD ] 16566.80 8303.69
Exercise Period 1 year
Unhedged Foreign Currency:
Grant Date 01-04-2017
Trade Payable - USD 24.48 million @ ` 69.16 per
Exercise Price / Share 50
USD [Previous Year USD 10.54 million @ ` 65.24
Method of Settlement Equity
per USD ] 16928.81 6870.73
b) Movement of Options Granted: Trade Receivable - USD 1.01 Million @ ` 69.29
Particulars No. of Options per USD [Previous Year USD 2.64 Million @ 66.91
Outstanding at the beginning of the year 1835000 Per USD ] 701.38 971.78
Granted during the year 0 Sensitivity Analysis:
Exercised during the year 1745000 Foreign Currency Sensitivity on
Cancelled during the year 90000 Unhedged Exposure:
Outstanding at the end of the year 0 ` 1/- increase in foreign exchange rates will
(vi) Effective Rate of Tax - Reconciliation: have the following impact on profit before tax 234.65 90.50
Profit Before Tax & Other Comprehensive Note: If the rate is decreased by 100 bps profit
Income Before Tax 3645.56 9734.68 will increase by an equal amount.
Tax @ Marginal Rate (%) 34.94 34.61 D. Liquidity Risk:
Tax Effects of Timing and Permanent Differences (%) 24.45 -11.42 Borrowings - Variable Interest Rate
Tax Expenses as per Books (%) 59.39 23.19 After 1 Year But <= 5Years 146874.60 164943.57
40.17 (I) Financial Risk Management Objectives and Policies After 5 Years 88685.93 82257.57
The Group’s principal financial liabilities, other than derivatives, comprises of Less than or Equal to 1 Year 40471.11 8584.71
borrowings, trade and other payables. The Group’s principal financial assets, other 276031.64 255785.85
than derivatives include trade and other receivables, investments and cash and Borrowings - Fixed Interest Rate
cash equivalents that derive directly from its operations. After 5 Years 0.00 0.00
The Groups’s activities exposes it to various risk including market risk,liquidity
risk and credit risk. Overall risk management focuses on the unpredictability of
9230.76 13846.20
financial markets and seeks to minimise potential adverse effects on the financial
Borrowings - Zero Interest Rate
performance of the Group. Derivative financial instruments such as foreign
After 1 Year But <= 5Years 20321.41 23891.01
exchange forward contracts, foreign currency option contracts, principal only
After 5 Years 7492.64 7492.69
swaps that are entered into are used to hedge foreign currency risk exposure..
31742.95 34508.27
167
(II) Disclosure of Fair Value Measurements

The Fair Values of Financial assets and liabilities are determined at the amount at which the instrument could be exchanged in a current
transaction between willing parties, other than in a forced or liquidation sale. Fair Value of cash and short-term deposits, trade and other short-
term receivables, trade payables, other current liabilities, short-term loans from banks and other financial instruments approximate their carrying
amounts largely due to their short-term maturities of these instruments.
Financial Instruments by Category ` Lakhs
Particulars Amortised Cost FVTPL FVTOCI Carrying Amount Fair Value
As at 31-03-2019
Financial Assets:
Other Investments 3.75 10455.94 0.00 10459.69 10459.69
Borrowings 304773.05 0.00 0.00 304773.05 304773.05
Trade Payables 135190.42 0.00 0.00 135190.42 135190.42
As at 31-03-2018
Financial Assets:
Other Investments 3.60 8875.22 0.00 8878.82 8878.82
Borrowings 303413.00 0.00 0.00 303413.00 303413.00
Trade Payables 118648.20 0.00 0.00 118648.20 118648.20
Fair Value Hierarchy

The Company uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique:
Level 1: Quoted (Unadjusted) prices in active markets for identical assets or liabilities.
Level 2: Other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly.
Level 3: Techniques which use inputs that have a significant effect on the recorded fair value that are not based on observable market data.
168
The details of financial instruments that are measured at fair value on recurring basis are given below: ` Lakhs
Financial Instruments at FVTPL
Investments in Listed equity securities and Mutual Funds
As at 31-03-2019 0.00 222.28 491.20
As at 31-03-2018 0.00 0.00 491.20

Investments in Unlisted equity securities
As at 31-03-2019 0.00 9068.05 674.41
As at 31-03-2018 0.00 7709.61 674.41
Valuation techniques used to determine the fair value.
The Significant inputs used in the fair value measurement categorized within the fair value hierarchy are given below:
Nature of Financial Instrument Valuation Technique Remarks
Investment in Listed Securities Market Value Closing Price as at 31st March in Stock Exchange
Investment in Unlisted Securities Market Approach Based on information provided and considering the availability
of information in the public domain.

40.18 Employee Benefits (a) Contribution to Pension Funds:
A. Employee Benefits: The company offers pension plans for
Leave of absence and encashment: managerial grade employees and whole time
The Company has different leave plans including Directors. While some of the employees are
paid leave of absence plans and encashment of eligible for Defined Benefit Plan of Pension
leave plans for employees at different grades and others are eligible for Defined Contribution
provision has been made in accordance with ind AS Plan of Pension. The Defined Benefit Plans
19 (Accounting Standard 15). The total amount of of pension are managed by Life Insurance
provision available for the unavailed leave balances Corporation of India and the provision has been
as at 31st March 2019 is ` 6054.86 Lakhs (as at made on the basis of actuarial valuation.
31st March 2018 : ` 6375.03 Lakhs). Liability has (b) Gratuity:
been created based on actuarial valuation done The employees are eligible for Gratuity benefits
during the year, with the Discount rate of 7.41%. as per the Payment of Gratuity Act 1972.
Actuarial Valuation differences included in Other The Gratuity Scheme is governed by a Trust
Comprehensive Income Nil (as at 31st March 2018- created for this purpose by the Company. The
` 96.86 Lakhs). amount of Contribution to be made is arrived
at based on an actuarial valuation done at the
B. Defined Contribution Plan: Balance Sheet date.
Employer’s Contribution to Provident Fund 1474.49 1518.71
C Defined Benefit Plan:
The details of parameters adopted for valuation of
post-employment benefit plans and leave benefits
as per Ind AS 19 are as under:
169

Particulars Pension Gratuity (Funded) Pension Gratuity (Funded)
(i) Change in defined benefit obligation

Balance at the beginning of the year 6387.49 7537.69 6321.12 7280.52
Adjustment of:
Interest Cost 423.69 458.73 442.48 446.87
Actuarial (gains) losses recognised in Other Comprehensive Income:
- Change in Financial Assumptions (400.67) 62.56 (699.78) (155.37)
- Change in Demographic Assumptions - - - -
- Experience Changes 971.15 184.90 323.68 (331.29)
Benefits Paid (1476.63) (1117.96) - -
Balance at the end of the year 5905.04 7423.12 6387.49 7537.69
(ii) Change in fair Value of assets

Balance at the beginning of the year - - - -
Re-measurements due to:
Actual Return on Plan Assets less interest on Plan Assets - - - -
Contribution by the employer - - - -
Benefits Paid - - - -
Balance at the end of the year - - - -
(iii) net asset / (liability) recognised in the Balance sheet

Present value of Defined Benefit Obligation 5905.04 7423.12 6387.49 7537.69
Fair Value of Plan Assets - - - -
Net asset / (liability) in the Balance sheet (5905.04) (7423.12) (6387.49) (7537.69)
(iv) expenses recognised in the Statement of Profit and Loss

Interest Cost 423.69 458.73 442.48 446.87
Benefits paid - - - -
Total expense 423.69 753.42 442.48 744.83
Less: Transferred to Pre-operative Expenses - - - -
Amount charged to the Statement of Profit and Loss 423.69 753.42 442.48 744.83
170

Particulars Pension Gratuity (Funded) Pension Gratuity (Funded)
(v) Re-measurements recognised in other comprehensive Income (ocI):

Changes in Financial Assumptions (400.67) 62.56 (699.78) (155.37)
Changes in Demographic Assumptions - - - -
Experience Adjustments 971.15 184.90 323.68 (331.29)
Actual return on Plan assets less interest on plan assets - - - -
Amount recognised in other comprehensive Income (OCI) 570.48 247.46 (376.10) (486.66)
(vi) sensitivity analysis for significant assumptions:

Increase / (decrease) in present value of defined benefits obligation at the
end of the year
0.5% increase in discount rate 5800.86 6445.75 6800.78 6453.13
0.5% decrease in discount rate 6013.91 6799.72 7087.28 6756.19
0.5% increase in salary escalation rate 5905.04 6801.31 6387.49 6761.13
0.5% decrease in salary escalation rate 5905.04 6441.43 6387.49 6447.34
0.5% increase in employee turnover rate - 6637.44 - -
0.5% decrease in employee turnover rate - 6598.48 - -
(vii) actuarial assumptions:

Discount Rate (p.a.) 7.50% 7.32% 7.50% 7.50%
Expected Return on Plan Assets (p.a.) 0.00 0.00 0.00 0.00
Turnover Rate - - - -
IALM IALM IALM IALM
Mortality tables (2006-08) (2006-08) (2006-08) (2006-08)
Ultimate Ultimate Ultimate Ultimate
Salary Escalation Rate (p.a.) 1.00% 2.00% 2.00% 2.00%

Retirement age: For eligible employees 60 years 60 years 60 years 60 years
(viii) Weighted average duration of defined benefit obligation 11.68 28.70 12.50 40.20
Expected Total Benefit Payments
a Year 1 1413.22 544.56 1571.41 735.19
b Year 2 1101.29 1100.18 605.78 820.22
c Year 3 1002.68 1186.39 1258.16 981.01
d Year 4 597.53 1011.51 1045.02 737.41
e Year 5 223.12 791.81 542.15 672.01
f Next 5 Years 2069.17 2741.01 1828.07 2077.22
171

40.19 (i) Consolidation method adopted (ii) Disclosure of Interest in Subsidiary
These Consolidated Financial Statements (CFS) Name of the entity:
are prepared in accordance with Ind AS on Coromandel Electric Company Ltd.
“Consolidated Financial Statements” (Ind AS 110), Ownership interest held by the Group 50.14 50.71
“Investments in Associates and Joint Ventures” (Ind Non-controlling Interest (NCI) 49.86 49.29
AS 28), and “Disclosure of interest in other entities”
Accumulated balances of NCI 5407.98 3997.19
(Ind AS 112), specified under Section 133 of the
Companies Act, 2013. Profit allocated to NCI 243.68 433.89
2019 2018 Dividend paid to NCI Nil Nil
Name of the Subsidiary Company % of % of The summarised separate financial information of
Ownership Ownership subsidiary is as below:
ICL Securities Limited, India 100.00 100.00 Balance Sheet
ICL Financial Services Limited, India 100.00 100.00 Non-current assets 13816.88 12687.77
ICL International Limited, India 100.00 100.00 Current assets 9551.59 8829.26
Industrial Chemicals & Monomers Limited, India 98.59 98.59 Total assets 23368.47 21517.03
PT Coromandel Mineral Resources, Indonesia * 100.00 100.00 Non-Current Liabilities 4661.34 5096.51
PT Adcoal Energindo, Indonesia 100.00 100.00 Current Liabilities 3781.72 1983.84
Coromandel Mineral Pte Limited, Singapore 100.00 100.00 Total Liabilities 8443.06 7080.35
Rasi Minerals Pte. Limited, Singapore 100.00 100.00 Total Equity 14925.41 14436.68
Coromandel Electric Company Limited, India 50.14 50.71 Profit and Loss
India Cements Infrastructures Limited, India 100.00 100.00 Revenue 9106.17 8004.69
Coromandel Travels Limited, India 98.50 98.50 Profit for the year 488.73 859.67
NKJA Mining Pvt. Limited, India 100.00 0.00 Other comprehensive income 0 -1.69
Springway Mining Pvt. Limited, India 51.00 0.00 Total comprehensive Income 488.73 857.98
* Financials considered for the year ended 31st Summarised Cash flow
December 2018 and for all others is 31st March 2019 Cash flows from Operating activities 807.21 (1925.45)
2019 2018 Cash flows from Investing activities (1403.89) (4066.93)
Name of the Associate Company % of % of Cash flows from Financing activities 945.32 6127.70
Ownership Ownership Net Increase in Cash and Cash Equivalents 348.65 135.32
Directly or Directly or
Through Through (iii) Disclosure of Interest in Associates under equity method
Subsidiaries Subsidiaries Name of the Associate Location Principal Activities of Business
Raasi Cement Limited, India 28.94 28.94 Coromandel Sugars Ltd. India Manufacture and Sale of Sugar
Coromandel Sugars Limited, India 25.06 49.99 % of Ownership Interest
India Cements Capital Limited, India 47.91 47.91 Coromandel Sugars Ltd. 25.06% 49.99%
Unique Receivable Management Private Limited, India 49.20 49.20
PT. Mitra Setia Tanah Bumbu, Indonesia (MSTB) 49.00 90.00
During the year, MSTB, Indonesia, a step down subsidiary, engaged in mining coal,
has become an Associate company.
172
Summarised Financial Information for Associates ` Lakhs 40.20 The Primary Segment of the Company is Cement and Other Segments are below the
Balance Sheet Non-current Investment Current Non-Current Current Total required reportable levels as per Ind AS 108.
Assets in Associates Assets Liabilities Liabilities Equity
As at 31-03-2019 40.21 The accounting policies adopted by the holding Company have been applied from
Coromandel Sugars Limited 38567.48 0.00 27919.6 32360.73 21779.37 12346.98 the financial year 2001-2002 as per IGAAP for the subsidiaries for which IndAS is not
As at 31-03-2018
Coromandel Sugars Limited 39874.65 0.00 14421.57 30674.76 10606.64 13014.83 applicable. (However consolidation is based on the Ind AS Financial information of such
entities prepared in accordance with the accounting policies followed by the parent).
Profit and Loss
Total Revenue 19081.51 20265.75 40.22 Previous year’s figures have been regrouped wherever necessary.
Profit Before Tax -1011.07 -786.40
Tax Expenses 1181.37 300.80
Profit after Tax 170.30 -485.60
Share of Profit in Associate 0.00 0.00
Other Comprehensive Income -771.83 544.53
Total Comprehensive Income -601.53 58.93

V. RANGANATHAN
SANDHYA RAJAN
173
Seventythird Annual General Meeting Venue:
‘Sathguru Gnanananda Hall’, (Narada Gana Sabha),
No. 314, T.T.K. Road, Alwarpet, Chennai 600 018
174
CIN: L26942TN1946PLC000931
Website: www.indiacements.co.in E-Mail ID: investor@indiacements.co.in
Phone: 044-28521526 / 28572100 / 400 Fax: 044-28517198
PROXY FORM
Name of the Member(s) :
Registered address :
E-mail ID :
Folio No./DP ID & Client ID :
I/We, being the Member(s) of …........................................................…… shares of the above named company, hereby appoint
1. Name : ……………………................................................….. Address : ……………………………………...........……………………

E-mail Id : ……………………................................................….. Signature : …………………………………...................… or failing him
2. Name : …….............................................……………...…….. Address : ………………………………………….....……………......…

E-mail Id : ………………….............................................…...….. Signature : ……………………………………................... or failing him
3. Name : ……………………….................................................. Address : ………………………………………….....…….......……..….

E-mail Id : ……………………................................................….. Signature : ………………………………...............................................
as my/our proxy to attend and vote (on a poll) for me/us on my/our behalf at the Seventythird Annual General Meeting of the Company to be
held on Thursday, the 12th September, 2019 at 3.30 P.M at Sathguru Gnanananda Hall, (Narada Gana Sabha), No.314, T.T.K. Road, Alwarpet,
Chennai 600 018 and at any adjournment thereof in respect of such resolutions as are indicated below:
Resolution
Resolutions
No.
Ordinary Business
1 Adoption of Standalone Audited financial Statements for the year ended 31.03.2019 Ordinary Resolution
2 Adoption of Consolidated Audited Financial Statements for the year ended 31.03.2019 Ordinary Resolution
3 Declaration of dividend on equity shares for the year ended 31.03.2019 Ordinary Resolution
4 Appointment of a director in the place of Smt.Chitra Srinivasan, who retires by rotation and being Ordinary Resolution
eligible, offers herself for reappointment.
Special Business
5 Appointment of Sri V.Venkatakrishnan as a Director of the Company, liable to retire by rotation. Ordinary Resolution
6 Re-appointment of Sri V.Ranganathan as an Independent Director of the Company. Special Resolution
7 Alteration of Articles of Association of the Company. Special Resolution
8 Ratification of remuneration to Cost Auditor of the Company. Ordinary Resolution
Signed: ……..………………. day of ……………………… 2019.

Affix
` 1/-
Signature of Shareholder ……………………………………………. Revenue
Stamp
Signature of Proxyholder(s) …………………………………………
Note: A
ny member entitled to attend and vote at the meeting is entitled to appoint a proxy to attend and vote instead of himself / herself and the proxy need not
be a member. This form of proxy in order to be effective should be duly completed and deposited at the Registered Office of the Company, not less than
48 hours before the commencement of the Meeting i.e. before 3.30 P.M on Tuesday, the 10th September, 2019.
176
TOWARDS CORPORATE SOCIAL RESPONSIBILITY
Providing drinking Water Facility to Villagers Construction of restroom at Government School
Pulse Polio Camp Medical Camp organised through Public Health Department
Certificate course on Tailoring Coaching class on Tailoring
Distribution of Sports items to students Providing Furniture to Balwadi Centres

Corporate Office:
“Coromandel Towers”,
93, Santhome High Road, Karpagam Avenue, R.A.Puram, Chennai - 600 028.
Phone: 044-28521526
Website: www.indiacements.co.in
CIN: L26942TN1946PLC000931
Website: www.indiacements.co.in E-Mail Id: investor@indiacements.co.in
Phone: 044-28521526 / 28572100 / 400 Fax: 044-28517198
NOTICE TO SHAREHOLDERS
NOTICE is hereby given that the Seventythird Annual General Meeting of The India Cements Limited will be held at 3.30 P.M. on Thursday, the
12th September, 2019, at Sathguru Gnanananda Hall, (Narada Gana Sabha), No.314, T.T.K.Road, Alwarpet, Chennai 600 018, to transact the
following business:
ORDINARY BUSINESS:
1. o receive, consider and adopt Audited Standalone Financial Statements of the Company for the financial year ended 31st March 2019 and
T
Reports of Directors and Auditors thereon.
2. To receive, consider and adopt Audited Consolidated Financial Statements of the Company for the financial year ended 31st March 2019
and Report of Auditors thereon.
3. To declare dividend on Equity Shares for the financial year ended 31.03.2019.
“RESOLVED THAT Smt.Chitra Srinivasan (DIN:01094213) who retires by rotation and is eligible for reappointment be and is hereby
reappointed as a Director of the Company, subject to retirement by rotation.”
SPECIAL BUSINESS:
5. To appoint Sri V.Venkatakrishnan as a Director of the Company and for that purpose to consider and if thought fit, to pass the following
ORDINARY RESOLUTION of which notice has been received from a Member of the Company as required under Section 160 of the
Companies Act, 2013:
“RESOLVED THAT Sri V.Venkatakrishnan (DIN:08067933) be and is hereby appointed as a Director of the Company subject to retirement
by rotation.”
6. To consider and if thought fit, to pass with or without modification, the following resolution as SPECIAL RESOLUTION:
“RESOLVED THAT pursuant to the provisions of Sections 149, 150 and 152 read with Schedule IV and other applicable provisions, if any,
of the Companies Act, 2013 and the Rules made thereunder (including any statutory modification(s) or re-enactments thereof for the time
being in force) and Regulation 17 and other applicable Regulations of the Securities and Exchange Board of India (Listing Obligations and
Disclosure Requirements) Regulations, 2015 (Listing Regulations), as amended, Sri V.Ranganathan (DIN:00550121), a Non-executive
Independent Director of the Company, who holds office upto 28th August, 2019 and who has submitted a declaration that he meets the
criteria of independence as provided in the Companies Act, 2013 and Listing Regulations and in respect of whom the Company has
received a notice in writing under Section 160 of the Companies Act, 2013 from a Member proposing his candidature for the office of
Director of the Company, be and is hereby reappointed as an Independent Director of the Company to hold office for a second and final
term of 2 consecutive years from 29.08.2019 to 28.08.2021 and that he shall not be liable to retire by rotation.”
7. To consider and, if thought fit, to pass with or without modification, the following resolutions as SPECIAL RESOLUTIONS:
“RESOLVED THAT pursuant to the provisions of Section 14 and other applicable provisions, if any, of the Companies Act, 2013 read with
the Companies (Incorporation) Rules, 2014 (including any statutory modification(s) or re-enactment(s) thereof for the time being in force)
and subject to requisite approvals, as may be required, the new set of Articles of Association of the Company as submitted to this meeting,
which are available on the website of the Company www.indiacements.co.in be and are hereby approved and adopted as the Articles of
Association of the Company in substitution and to the entire exclusion of the existing Articles of Association of the Company.”
“ RESOLVED FURTHER THAT the Board of Directors be and is hereby authorised to do all such acts, deeds, matters and things, as
may be deemed necessary, proper or expedient, for the purpose of giving effect to this resolution and for matters connected therewith or
incidental thereto.”
“RESOLVED THAT pursuant to the provisions of Section 148 and other applicable provisions, if any, of the Companies Act, 2013 and the
Rules made thereunder (including any statutory modification(s) or re-enactments thereof for the time being in force), the remuneration of
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` 20 Lakhs (Rupees Twenty Lakhs only) payable to Sri S.A.Murali Prasad, Cost Accountant (Membership No.2730), as Cost Auditor,
besides reimbursement of applicable tax, travelling and out of pocket expenses, as recommended by the Audit Committee and approved
by the Board of Directors for auditing the cost accounts of the Company in respect of Cement Plants, including Grinding Units, Electricity
Plants and Ready Mix Concrete (RMC) (Organic and Inorganic Chemicals) Units for the year ending 31st March 2020, be and is hereby
ratified.”
NOTES:
1. Explanatory Statement is annexed to the Notice of the Seventythird Annual General Meeting of the Company as required by Section 102
of the Companies Act, 2013 in respect of Items No.5 to 8.
2. Details pursuant to Regulation 36(3) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements)
Regulations, 2015 (Listing Regulations) and Secretarial Standard on General Meetings (SS2) issued by The Institute of Company
Secretaries of India in respect of Directors seeking appointment / reappointment at the Annual General Meeting are annexed hereto for
Items No.4 to 6 of the Notice convening the 73rd Annual General Meeting of the Company.
3. MEMBER ENTITLED TO ATTEND AND VOTE AT THE MEETING IS ENTITLED TO APPOINT A PROXY TO ATTEND AND VOTE
A
INSTEAD OF HIMSELF / HERSELF AND THE PROXY NEED NOT BE A MEMBER OF THE COMPANY.
person can act as proxy on behalf of members not exceeding fifty (50) and holding in the aggregate not more than ten percent of the
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total share capital of the Company carrying voting rights; provided that a member holding more than 10% of the total share capital of the
Company carrying voting rights may appoint a single person as Proxy and such person shall not act as Proxy for any other person or
shareholder.
he Proxy Form, duly completed, stamped and signed, should be deposited at the Registered Office of the Company not later than 48
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hours before the commencement of the meeting.
Members / Proxies should bring the Attendance Slip, duly filled-in and signed, to attend the meeting.
4. In case of joint holders attending the Annual General Meeting, only such joint holder who is higher in the order of names will be entitled to vote.
Corporate Members intending to send their authorised representatives to attend the meeting are requested to send to the Company a
certified copy of the Board Resolution authorising their representative to attend and vote on their behalf at the meeting.
5. The Register of Members and Share Transfer Books of the Company will remain closed from 06.09.2019 to 12.09.2019 (both days
inclusive).
6. The equity dividend as recommended by the Board, if approved at the Annual General Meeting, will be paid on or before 11.10.2019 to
those Members (or their mandatees) whose names will appear in the Company’s Register of Members as on 12.09.2019. In respect of
shares held in electronic form, the dividend will be paid on the basis of beneficial ownership as per details furnished by the depositories for
this purpose.
7. embers are requested to contact the Registrar and Share Transfer Agent (RTA) for all matters connected with the Company’s shares at
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Integrated Registry Management Services Private Limited, [formerly Integrated Enterprises (India) Limited], 2nd Floor, ‘Kences Towers’,
No.1, Ramakrishna Street, North Usman Road, T.Nagar, Chennai 600017, Tel.: 044-28140801 to 28140803 & Fax: 044-28142479; Email:
corpserv@integratedindia.in.
Members holding shares in physical form are requested to notify change of address, if any, to the RTA. Members holding shares in physical
form in more than one folio are requested to write to the RTA immediately enclosing their Share Certificates for consolidation of their
holdings into one folio.
Members holding shares in the dematerialised mode are requested to intimate all changes with respect to their bank details, mandate,
nomination, power of attorney, change of address, etc. to their Depository Participant (DP). These changes will be automatically reflected
in the Company’s records.
8. he Ministry of Corporate Affairs, New Delhi, vide its notification dated May 7, 2018, has done away with the requirements to place
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the matter relating to appointment of Auditors for ratification by the members at every Annual General Meeting (AGM). Accordingly, no
resolution is proposed at the AGM for ratification of appointment of M/s.K.S. Rao & Co., Chartered Accountants and M/s.S.Viswanathan
LLP, Chartered Accountants, Statutory Auditors, who were appointed in the AGM held on 4th September, 2017 for a term of five years to
hold office from the conclusion of the Seventyfirst AGM until the conclusion of the Seventysixth AGM of the Company.
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9. nclaimed dividends upto and including for the financial year 1994-95 have been transferred to the General Revenue Account of the
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Central Government. Shareholders who have not encashed their dividend warrants relating to financial year(s) upto 1994-95 may claim
the same from the Registrar of Companies, Tamil Nadu-I, Chennai, No.26, Haddows Road, Chennai 600006, in the prescribed form which
will be supplied by the Company / RTA on request.
10. U
nclaimed dividends for the financial years from 1995-96 to 2000-01, 2006-07 to 2010-11 have been transferred to Investor Education and
Protection Fund (IEPF). Dividend for the financial years ended 31st March, 2012, 31st March, 2013 and 31st March, 2016 to 31st March, 2018
which remain unpaid or unclaimed for a period of 7 years will be transferred to the IEPF established under Section 125 of the Companies
Act, 2013. Shareholders who have not encashed the dividend warrant(s) so far for the financial year ended 31st March, 2012 to 31st March,
2013 and for the financial years ended 31st March, 2016 to 31st March, 2018 are requested to make their claim forthwith to the Registered /
Corporate Office of the Company / RTA.
In terms of Sections 124 and 125 of the Companies Act, 2013 and Investor Education and Protection Fund (Accounting, Audit, Transfer and
Refund) Rules, 2016 (Rules), as amended, all the equity shares in respect of which dividend has remained unpaid / unclaimed for a period
of seven consecutive years or more are required to be transferred to the Demat account of IEPF Authority. Accordingly, the Company had
transferred equity shares on which dividend remained unpaid / unclaimed for the financial years 2008-09 to 2010-11 to the IEPF Authority,
after following the procedures prescribed in the aforesaid Rules. A Statement containing the details of such shareholders whose equity
shares were transferred to IEPF Authority is available on the Company’s website: www.indiacements.co.in under the heading “Investors
Corner”.
The Shareholders, who have not encashed / claimed their dividends from the year 2011-12, are advised to contact or write to the Company
or to the RTA, Integrated Registry Management Services Private Limited, immediately claiming the dividend. In case, the Company / RTA
do not receive any communication from the concerned shareholders, claiming their dividends, the Company shall, in compliance with the
said Rules, transfer Dividend for the year 2011-12 and corresponding shares to IEPF account on the due date i.e. 17.09.2019.
It may be noted that all benefits, if any, which may accrue in future on such shares, including bonus shares, dividend, etc. will be credited /
transferred to the IEPF account. Any claim in respect of the said shares / dividend so transferred, may be submitted online to IEPF Authority
in the prescribed e-form IEPF-5 by following the procedures laid down in the Rules, available on the IEPF website: www.iepf.gov.in.
In terms of the aforesaid Rules, the Company had filed with the MCA the information on unclaimed dividend as on 20.09.2018, the date of
the 72nd Annual General Meeting and hosted the same on the Company’s website: www.indiacements.co.in under the heading “Investors
Corner”.
11. U
nder the provisions of Section 72 of the Companies Act, 2013, shareholder(s) is / are entitled to nominate in the prescribed manner, a
person to whom his / her / their shares in the Company, shall vest after his / her / their lifetime. Members who are holding shares in physical
form and are interested in availing this nomination facility are requested to write to the Company / RTA.
12. Members are requested to note that in case of deletion of name of deceased shareholder, transmission and transposition of names in
respect of shares held in physical form, submission of self-attested photocopy of PAN Card of the claimant(s), surviving holder(s), legal
heir(s) and joint holder(s) respectively, along with necessary documents at the time of lodgement of request for transmission / transposition,
is mandatory.
13. In accordance with the provisions of Section 101 of the Companies Act, 2013 read with Rule 18 of the Companies (Management and
Administration) Rules, 2014, Regulation 36 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements)
Regulations, 2015 and Secretarial Standard on General Meetings (SS2), Annual Report along with this Notice of the Annual General
Meeting, Attendance Slip and Proxy Form is sent by e-mail to those Members who have registered their e-mail address with the Company/
Registrar and Share Transfer Agent (in respect of shares held in physical form) or with their DP (in respect of shares held in electronic form)
and made available to the Company by the Depositories.
hareholders are requested to note that the said documents would also be available on the Company’s website ‘www.indiacements.co.in’
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from where it can be downloaded. In case any Shareholder desires to receive the above document(s) in physical form, such Shareholder is
required to write a letter to the Company/RTA or send an e-mail to investor@indiacements.co.in quoting their DP ID and Client ID Number
in case the shares are held in electronic form and Folio Number in case the shares are held in physical form.
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Members, who have not registered their e-mail addresses, are requested to register their e-mail addresses with (i) the Depository
Participant(s), if the shares are held in electronic form and (ii) with the Company / Registrar & Share Transfer Agent (RTA) of the Company,
if the shares are held in physical form.
14. The Securities and Exchange Board of India (SEBI) vide its Circular dated 20.04.2018, has mandated registration of Permanent Account
Number (PAN) and Bank Account Details for all securities holders. Members holding shares in physical form are therefore, requested to
submit their PAN and Bank Account Details to RTA / Company by sending a duly signed letter along with self-attested copy of PAN Card
and original cancelled cheque leaf. The original cancelled cheque leaf should bear the name of the Member. In the alternative, Members
are requested to submit a copy of bank passbook / statement attested by the Bank Officials.
transferred in dematerialised form with effect from April 1, 2019, except in case of request received for transmission or transposition of
securities. In the view of above, members are advised to dematerialise equity shares held by them in physical form.
15. Electronic Voting (e-Voting)

I. In compliance with provisions of Section 108 of the Companies Act, 2013, Rule 20 of the Companies (Management and Administration)
Rules, 2014, as amended by the Companies (Management and Administration) Amendment Rules, 2015 and Regulation 44 of SEBI
(Listing Obligations and Disclosure Requirements), Regulations, 2015, the Company is pleased to provide its members, facility to
exercise their right to vote on resolutions proposed to be considered at the 73rd Annual General Meeting (AGM) by electronic means
and the business may be transacted through e-Voting Services. The facility of casting the votes by the members using an electronic
voting system from a place other than venue of the AGM (“remote e-Voting”) will be provided by National Securities Depository Limited
(NSDL).
II. The facility for voting through ballot paper shall be made available at the AGM and the members attending the meeting who have not
cast their vote by remote e-Voting shall be able to exercise their right at the meeting through ballot paper. In case any member casts
his / her vote through ballot at the AGM in addition to remote e-Voting, the voting through remote e-Voting shall be considered as final
and vote cast at the AGM through ballot shall be considered as invalid.
III. The members who have cast their vote by remote e-Voting prior to the AGM may also attend the AGM but shall not be entitled to cast
their vote again.
IV. The remote e-Voting period commences on 08.09.2019 (9.00 A.M.) and ends on 11.09.2019 (5.00 P.M.). During this period, members
of the Company holding shares either in physical form or in dematerialized form, as on the cut-off date of 05.09.2019, may cast their
vote by remote e-Voting. The remote e-Voting module shall be disabled by NSDL for voting thereafter. Once the vote on a resolution(s)
is cast by the member, the member shall not be allowed to change it subsequently.
V. Smt.P.R.Sudha, Company Secretary in Practice (Membership No.F6046, C.P.No.4468), has been appointed as the Scrutinizer to
scrutinize the voting and remote e-Voting process in a fair and transparent manner.
VI. The process and manner for remote e-Voting are as under:
Step 1 :Log-in to NSDL e-Voting system at https://www.evoting.nsdl.com/
1. Visit the e-Voting website of NSDL. Open web browser by typing the following URL: https://www.evoting.nsdl.com/ either on a
Personal Computer or on a mobile.
2. Once the home page of e-Voting system is launched, click on the icon “Login” which is available under ‘Shareholders’ section.
3. A new screen will open. You will have to enter your User ID, your Password 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 https://eservices.nsdl.com/ with your existing
IDEAS login. Once you log-in to NSDL eservices after using your log-in credentials, click on e-Voting and you can proceed to Step
2 i.e. Cast your vote electronically.
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4. Your User ID details are given below :
Manner of holding shares i.e.
Your User ID is:
Demat (NSDL or CDSL) or Physical
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 IN300***12******.
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 A01*** and EVEN is 101456
then user ID is 101456A01***
5. Your password details are given below:

a) If you are already registered for e-Voting, then you can use 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 attachment 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, your ‘initial password’ is communicated to you on your postal address.
6. If you are unable to retrieve or have not received the “ Initial password” or have forgotten your password:
a) C
lick 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 evoting@nsdl.co.in mentioning
your demat account number / folio number, your PAN, your name and your registered address.
d) Members can also use the OTP (One Time Password) based login for casting the votes on the e-Voting system of NSDL.
7. After entering your password, tick on Agree to “Terms and Conditions” by selecting on the check box.
8. Now, you will have to click on “Login” button.
9. After you click on the “Login” button, Home page of e-Voting will open.
Step 2 : Cast your vote electronically on NSDL e-Voting system.
1. After successful login at Step 1, you will be able to see the Home page of e-Voting. Click on e-Voting. Then, click on Active
Voting Cycles.
2. After clicking on Active Voting Cycles, you will be able to see all the companies “EVEN” in which you are holding shares and
whose voting cycle is in active status.
3. Select “EVEN” of The India Cements Limited.
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4. Now you are ready for e-Voting as the Voting page opens.
5. 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.
6. Upon confirmation, the message “Vote cast successfully” will be displayed.
7. You can also take the printout of the votes cast by you by clicking on the print option on the confirmation page.
8. Once you confirm your vote on the resolution, you will not be allowed to modify your vote.
General Guidelines for shareholders

1. Institutional shareholders (i.e. other than individuals, HUF, NRI etc.) are required to send scanned copy (PDF/JPG Format) of
the relevant Board Resolution/ Authority letter etc. with attested specimen signature of the duly authorized signatory(ies) who
are authorized to vote, to the Scrutinizer by e-mail to sudha.pr2@gmail.com or sudha_pr@yahoo.com with a copy marked to
evoting@nsdl.co.in.
2. 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 attempts 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.
3. 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.:1800-222-990 or send a request
at evoting@nsdl.co.in.
VII. The voting rights of members shall be in proportion to their shares of the paid up equity share capital of the Company as on the cut-off
date i.e. 05.09.2019.
VIII. Any person, who acquires shares of the Company and becomes a member of the Company after dispatch of the notice and holding
shares as of the cut-off date i.e. 05.09.2019, may obtain the login ID and password by sending a request at evoting@nsdl.co.in or to
the Company / RTA.
IX. A Member may participate in the AGM even after exercising his right to vote through remote e-Voting but shall not be allowed to vote
again at the AGM.
X. A
person, whose name is recorded in the register of members or in the register of beneficial owners maintained by the depositories
as on the cut-off date only shall be entitled to avail the facility of remote e-Voting or voting at the AGM through ballot paper.
XI. The Chairman shall, at the AGM, at the end of discussion on the resolutions on which voting is to be held, allow voting with the
assistance of scrutinizer, by use of “Ballot Paper” for all those members who are present at the AGM but have not cast their votes by
availing the remote e-Voting facility.
XII. The Scrutinizer shall after the conclusion of voting at the general meeting, will first count the votes cast at the meeting and thereafter
unblock the votes cast through remote e-Voting in the presence of at least two witnesses not in the employment of the Company and
shall submit, not later than fourtyeight hours from the conclusion of the AGM, a consolidated scrutinizer’s report of the total votes cast
in favour or against, if any, to the Chairman or a person authorized by him in writing, who shall countersign the same and declare the
result of the voting forthwith.
XIII. The Results declared along with the report of the Scrutinizer shall be placed on the Company’s website www.indiacements.co.in and
on the website of NSDL immediately after the declaration of result by the Chairman or a person authorized by him in writing. The
results shall also be immediately forwarded to the BSE Limited and National Stock Exchange of India Limited, where equity shares
are listed.

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PURSUANT TO REGULATION 36(3) OF THE SECURITIES AND EXCHANGE BOARD OF INDIA (LISTING OBLIGATIONS AND
DISCLOSURE REQUIREMENTS) REGULATIONS, 2015 AND SECRETARIAL STANDARD ON GENERAL MEETINGS (SS2) ISSUED BY
THE INSTITUTE OF COMPANY SECRETARIES OF INDIA, FOLLOWING INFORMATION ARE FURNISHED ABOUT THE DIRECTORS
PROPOSED TO BE APPOINTED / REAPPOINTED, VIDE ITEMS NO.4 TO 6 OF THE NOTICE CONVENING THE 73RD ANNUAL GENERAL
MEETING OF THE COMPANY.
(i) Name of the Director : Smt.Chitra Srinivasan

Date of Birth : 31st July 1949

Date of appointment on the Board as Director : 5th March 2010
Category of Directorship : Promoter, Non-Executive
Date of last reappointment as Director : 4th September 2017
Expertise in specific functional areas : Industry
Qualification : B.Sc.
Brief Profile / Experience : She is a Director of the Company since 2010
the Company
Chairman / Member of the Committees of Board of Directors of : Not Applicable
other Companies in which she is a Director
Relationships between directors inter-se / Key Managerial : Spouse of Sri N.Srinivasan, Vice Chairman & Managing Director
Personnel and Mother of Smt.Rupa Gurunath, Wholetime Director
(ii) Name of the Director : Sri V.Venkatakrishnan
Date of Birth : 16th June, 1961
Date of appointment on the Board as Director : 15th October, 2018
Category of Directorship : Nominee Director of IDBI Bank Ltd.
Expertise in specific functional areas : Banking
Qualification : M.Com.; CAIIB; Graduate CWA
Brief Profile / Experience : He has been working in Banking Sector for more than 3½
decades and presently he is General Manager, Trade Finance,
IDBI Bank Limited, Chennai. He has varied experience in
Corporate Banking, Infrastructure Financing, Retail Banking etc.
8
the Company
(iii) Name of the Director : Sri V.Ranganathan
Date of Birth : 10th November, 1958
Date of appointment on the Board as Director : 29th August, 2016
Category of Directorship : Independent, Non-Executive
Expertise in specific functional areas : Tax and Regulatory Services
Qualification : B.Com., C.A., C.S.,
Brief Profile / Experience : He has worked for Murugappa Group for 14 years in the areas
of Finance, Secretarial and Taxation. He served at Ernst &
Young (E&Y) as a Partner after nearly 20 years of service. He
also acts as an advisor to the Tax Practice of E&Y.
Number of Equity Shares held in the Company by the Director : Nil
List of outside Directorships held in Public Companies : Listed Entity:
TTK Healthcare Limited
Others:
Murugappa Management Services Limited
Chairman / Member of the Committees of Board of Directors of : Audit Committee – Member
the Company
9
EXPLANATORY STATEMENT PURSUANT TO SECTION 102 OF THE COMPANIES ACT, 2013 ANNEXED TO THE NOTICE OF THE
SEVENTYTHIRD ANNUAL GENERAL MEETING OF THE COMPANY IN RESPECT OF ITEMS NO.5 TO 8 OF THE SAID NOTICE.
Item No. 5:
The Board recorded at its meeting held on 19th October, 2018, the appointment of Sri V.Venkatakrishnan (DIN:08067933) on the Board of the
Company by IDBI Bank Limited in the place of Sri Suneel Babu Gollapalli w.e.f. 15.10.2018. Sri V.Venkatakrishnan will hold office upto the
73rd Annual General Meeting of the Company.
appointment of Sri V.Venkatakrishnan as a Director of the Company liable to retirement by rotation.
The disclosure containing the profile and other details of Sri V.Venkatakrishnan as required under Regulation 36(3) of the Securities and
Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 and Secretarial Standard on General Meetings
(SS2) is annexed to the Notice.
The Nomination and Remuneration committee, after considering Sri V.Venkatakrishnan’s profile and performance, has recommended his
appointment as a Director liable to retirement by rotation and the Board has approved the same. The Board considers that the appointment of
Sri V.Venkatakrishnan as a Director, as aforesaid, would be in the best interests of the Company. Hence the Board recommends the Ordinary
Resolution as set out in Item No.5 of the Notice convening the 73rd Annual General Meeting of the Company for approval of Members.

None of the Directors except Sri V.Venkatakrishnan and none of Key Managerial Personnel of the Company or their relatives is directly or
indirectly concerned or interested, financially or otherwise, in this resolution.
Item No. 6:
Sri V.Ranganathan (DIN:00550121) was appointed as an Independent Director of the Company for a period of three consecutive years with
effect from 29th August, 2016 to 28th August, 2019 and he will hold office as an Independent Director upto 28th August, 2019.
Pursuant to the provisions of Section 149(10) of the Companies Act, 2013, (“the Act”) an Independent Director shall hold office for a term upto
five consecutive years on the Board of a Company, but shall be eligible for reappointment of another term on passing a Special Resolution by
the Members of the Company.
Sri V.Ranganathan is eligible for reappointment as an Independent Director in terms of Section 149(4) and has given a declaration to the Board
that he meets the criteria of Independence as provided under Section 149(6) of the Act and Regulation 16(1)(b) of SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015 (Listing Regulations).
In terms of Section 149 and any other applicable provisions of the Companies Act, 2013, Sri V.Ranganathan is proposed to be reappointed as
an Independent Director for the second and final term of 2 consecutive years with effect from 29th August, 2019.
Considering Sri V.Ranganathan’s qualification, acumen, rich experience, expertise in functional areas of finance, accounts, audit and taxation
and the contribution made by him during his tenure in the first term of 3 years as an Independent Director, the Nomination and Remuneration
Committee, at its meeting held on 7th August, 2019, has recommended to the Board of Directors, his reappointment as an Independent Director
for the aforesaid term and the Board of Directors has approved the same.
reappointment of Sri V.Ranganathan as an Independent Director of the Company. Sri V.Ranganathan fulfils all the conditions specified in
the Companies Act, 2013 and the Rules made thereunder and Listing Regulations and he is independent of the Management. The Board
considers that his reappointment as an Independent Director for the aforesaid term would be in the best interests of the Company. Hence, the
Board recommends the Special Resolution as set out in Item No.6 of the Notice convening the 73rd Annual General Meeting of the Company for
approval of Members.
The disclosure containing the profile and other details of Sri V.Ranganathan as required under Regulation 36(3) of the Securities and Exchange
Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 and Secretarial Standard on General Meetings (SS2) is
annexed to the Notice.
A copy of the draft letter of reappointment of Sri V.Ranganathan as an Independent Director setting out the terms and conditions would be
available for inspection at the Registered Office of the Company during normal business hours on any working day prior to the date of the
meeting and will also be available for inspection at the meeting.
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None of the Directors except Sri V.Ranganathan and none of Key Managerial Personnel of the Company or their relatives is directly or indirectly
concerned or interested, financially or otherwise, in this resolution.
Item No.7:
The existing Articles of Association (AoA) of the Company was adopted at the time of incorporation of the Company in 1946 under the Indian
Companies Act, 1913 and further amendments were made from time to time. The enactment of the Companies Act, 2013 (“the Act”) has
necessitated alteration of several articles of the existing AoA of the Company as they are not in conformity with the Act. Certain Regulations are
required to be deleted as corresponding provisions are no longer existing in the Act and certain new Regulations are required to be added in
order that the AoA has to be in line with the Act. Hence it is considered expedient to replace the existing Articles of Association of the Company
with an entirely new set of Articles to be in substitution for and to the entire exclusion of existing Articles of Association.
The Board of Directors at its meeting held on 11th February, 2019, decided (subject to the approval of members) to adopt the new set of Articles
of Association in place of and to the entire exclusion of existing Articles of Association of the Company.
Pursuant to the provisions of Section 14 of the Companies Act, 2013, consent of the Members by way of Special Resolution is required for
alteration of AoA of the Company. Hence, the Board recommends the Special Resolutions as set out in Item No.7 of the Notice convening the
73rd Annual General Meeting of the Company for approval of Members.
Inspection of documents:
The proposed new Articles of Association is available on the website of the Company at www.indiacements.co.in for perusal of Members and
the same is available for inspection at the Registered Office / Corporate Office of the Company between 11:00 a.m. to 1:00 p.m. on any working
day prior to the date of the meeting and will also be available for inspection at the meeting.

None of the Directors or key managerial personnel of the Company or their relatives is directly or indirectly concerned or interested, financially
or otherwise, in these resolutions.
Item No.8:
The Board of Directors at its meeting held on 25th May, 2019, based on the recommendation of the Audit Committee approved the appointment
of Sri S.A.Murali Prasad, Cost Accountant (Membership No.2730), as Cost Auditor for auditing the cost accounts of the Company in respect
of Cement Plants, including Grinding Units, Electricity Plants and Ready Mix Concrete (RMC) (Organic and Inorganic Chemicals) Units for the
financial year ending 31.03.2020 at a remuneration of ` 20 lakhs, besides reimbursement of applicable tax, travelling and out of pocket expenses.
In terms of Section 148(3) of the Companies Act, 2013 and the Companies (Audit and Auditors) Rules, 2014 the remuneration payable to the
Cost Auditor is required to be ratified by the shareholders. Hence, the Board recommends the Ordinary Resolution as set out in Item No.8 of the
Notice convening the 73rd Annual General Meeting of the Company for approval of Members.

None of the Directors or Key Managerial Personnel of the Company or their relatives is directly or indirectly concerned or interested, financially
or otherwise, in this resolution.

11
ITEM NO.7 OF THE NOTICE OF THE 73RD ANNUAL GENERAL MEETING OF THE
COMPANY TO BE HELD ON 12.09.2019
ARTICLES OF ASSOCIATION (Draft)

OF

(INCORPORATED UNDER THE INDIAN COMPANIES ACT 1913)
CONSTITUTION OF THE COMPANY
1 Constitution The regulations contained in Table ‘F’ in the Schedule I to the

Companies Act, 2013 shall apply to the Company, except in so
far as they are inconsistent with the following Articles, which
shall be the regulations for the management of the Company.
INTERPRETATION
2 Interpretation The marginal notes hereto shall not affect the construction
hereof. In these presents, the following words and expressions
shall have the following meanings, unless excluded by the
subject or context:-
(a) ‘Act’ or ‘the Act’ means the Companies Act, 2013 or any
statutory modification or re-enactment thereof for the time
being in force and shall be deemed to include Rules,
Regulations, Notification, Guidelines, Circulars,
clarifications made, issued thereunder / given from time to
time.
(b) ‘Beneficial Owner’ means a person or persons, as defined

in clause (a) of sub-section (1) of Section 2 of the
Depositories Act, 1996.
(c) ‘Board of Directors’ or ‘The Board’ or ‘The Board of

Directors’ or ‘the Directors’ means the collective body of
the Directors, for the time being.
(d) ‘Company’ or ‘the Company’ when used with reference to

this Company shall mean The India Cements Limited.
(e) ‘Depositories Act, 1996’ shall include any statutory

modification or re-enactment thereof for the time being in
force.
(f) ‘Depository’ means a depository as defined under clause

(e) of sub-section (1) of Section 2 of the Depositories Act,
1996.
(g) ‘Dividend’ includes any interim dividend.
(h) ‘Equity Share Capital’ shall mean all share capital other
than the preference share capital.
(i) ‘Financial year’ in relation to the Company means, the

period commencing on the 1st day of April of a calendar
year and ending on the 31st day of March of the next
calendar year, in respect whereof financial statement of
the Company is made up.
(j) ‘In writing’ includes, printing, lithography, typewriting,

computer printing and any other usual substitutes for
writing, email and any other form of electronic
communication / transmission.
(k) ‘Key Managerial Personnel’ means such key managerial

personnel as defined in the Act.
(l) ‘Member’ shall mean Member(s) of the Company holding a

share or shares of any class in the share capital of the
Company, whose name is entered in the Register of
Members of the Company and includes person(s) whose
name(s) is/are entered as beneficial owner in the records
of the Depository, as defined in Section 2(55) of the
Companies Act, 2013.
(m) ‘Month’ shall mean a calendar month.
(n) ‘Office’ or ‘Registered Office’ means the Registered Office

for the time being of the Company.
(o) ‘Paid-up Share Capital’ shall include ‘capital credited as

paid up’.
(p) ‘Person’ shall include any company or association or body

of individuals, whether incorporated or not; and shall
include limited liability partnerships.
(q) ‘Register’ means the Register of Members of Equity or

Preference Shares, Register of Debenture holders and
other Security holders and also the Register and index of
Beneficial Owners maintained by a Depository under the
Depositories Act, 1996.
(r) ‘Rules’ or ‘the Rules’ means the applicable rules, as

amended from time to time, for the time being in force,
prescribed under the relevant Sections of the Act.
(s) ‘Seal’ or ‘the Seal’ shall mean the Common Seal of the
Company approved by the Board of Directors from time to
time.
(t) ‘SEBI Regulations’ shall mean the regulations issued by

SEBI from time to time.
2
(u) ‘Secretarial Auditor’ means a Company Secretary in
Practice appointed in pursuance of the Act to conduct the
Secretarial Audit of the Company.
(v) ‘Section’ means a section of the Act.
(w) ‘Securities and Exchange Board of India’ or SEBI means

the Securities and Exchange Board of India, established
under Section 3 of the Securities and Exchange Board of
India Act, 1992.
(x) ‘Security’ or ‘Securities’ means such securities as defined

in the Act.
(y) ‘These presents’ or ‘Articles’ or ‘regulations’ means these

Articles of Association as they stand or are altered from
time to time and includes the Memorandum of Association
where the context so requires.
(z) ‘Video conferencing or other audio-visual’ means audio-

visual electronic communication facility employed which
enables all the persons participating in a Meeting to
communicate concurrently with each other without an
intermediary and to participate effectively in the Meeting.
(aa) Words importing the singular shall include the plural and
words importing the plural shall include the singular.
(bb) Words importing the masculine gender shall include the

feminine gender and vice versa.
(cc) Unless the context otherwise requires, the words or

expressions defined or contained in these Articles, shall
bear the same meaning as defined in the Act and SEBI
Regulations in force at the date at which these articles
become binding on the Company.
CAPITAL
3 Capital and The Share Capital of the Company is as detailed in the capital
Division thereof clause of the Memorandum of Association of the Company.
4 Shares under Subject to the provisions of the Act and these Articles, the
the control of shares in the capital of the Company for the time being
the Board (including any shares forming part of any increased capital of the
Company) shall be under the control of the Board of Directors
who may issue, allot or otherwise dispose of the same or any of
them to such persons, in such proportions and on such terms
and conditions and either at a premium or at par for cash or
otherwise and at such times as the Board may from time to time
think fit and proper.
3
5 Demateria- (a) Notwithstanding anything contained in these Articles, the
lisation / Company shall be entitled to dematerialize / rematerialize its
Remateria- securities and to offer securities in a dematerialized form
lisation of pursuant to the Depositories Act, 1996 and any rules framed
shares thereunder.
(b) Every person subscribing to securities offered by the

Company shall hold the securities with a Depository. Such a
person who is the beneficial owner of the securities can at
any time opt out of a Depository, if permitted by law, in
respect of any security in the manner provided by the
Depositories Act, 1996 and the Company shall, in the
manner and within the time prescribed, issue to the
beneficial owner the required certificates of Securities.
6 Splitting and The Company may, at the request of the Shareholder, issue two
consolidation or more new Share Certificates in lieu of an existing Share
of share Certificate comprising the same shares bearing same distinctive
certificates numbers and consolidate the shares comprised in two or more
share certificates into one share certificate upon production and
surrender of the existing share certificates.
7 Issue of New (a) If a share certificate be mutilated, torn, defaced, lost or

Certificate in destroyed, a fresh one may be issued in its stead on
place of one payment of such fee, if any, as may be determined by the
lost or Board and on such terms as to evidence and indemnity
destroyed etc. and the payment of out of pocket expenses incurred by the
Company in investigating the evidence, as the Board may
think fit. But no fee shall be charged for issue of certificates
in replacement of those which are old, decrepit or worn out
or where the cages on the reverse for recording transfers
have been fully utilized. All such certificates shall be
marked ‘Duplicate’.
(b) The purchaser of any share sold by the Company in
exercise of the powers on forfeiture of or lien on shares
shall not be required to pay any fee for the fresh certificate
that may have to be issued by the Company in default of
the original holder of such share returning the certificate to
the Company. The Board may make arrangements for
distinguishing such new certificates from the one not so
surrendered.
(c) The provisions of Articles hereof shall mutatis mutandis
apply to the Debentures and other Securities of the
Company to the extent relevant.
8 Member's Every person whose name is entered as a member in the
right to Share Register of Members shall, without payment, be entitled to a
Certificates of Share Certificate under the Seal specifying the share or shares
the Company held by him and the amount paid thereon. The provisions on
entitlement and delivery of the Share Certificates shall be in
accordance with the Act.
4
9 Issue of (a) Every share certificate shall be issued in accordance with
Certificates the provisions of the Act for the time being in force.
(b) Notwithstanding anything contained herein, the Company
shall be entitled to dematerialize its shares, debentures and
other securities pursuant to the Depositories Act, 1996 and
to offer its shares, debentures and other securities for
subscription in a dematerialized form.
10 Issue of shares Subject to the provisions of the Act and these Articles, the Board
otherwise than may issue and allot shares in the capital of the Company on
for cash payment or part payment for any property or assets of any kind
whatsoever sold or transferred, goods or machinery or
appliances supplied or for services rendered or to be rendered
to the Company in the conduct of its business and any shares
which may be so allotted may be issued as fully paid-up shares
or partly paid-up shares otherwise than for cash, and if so
issued, shall be deemed to be fully paid-up or partly paid-up
shares subject to the compliance with such procedures as may
be prescribed under the Act.
11 Acceptance of An application signed by or on behalf of the applicant for shares

Shares in the Company, followed by an allotment of any shares therein,
shall be acceptance of shares within the meaning of these
Articles. Every person to whom any shares have been so
allotted or who otherwise accepts any shares and whose name
is on the Register shall for the purpose of these presents be a
Member / Beneficial Owner.
12 Liability of joint The joint holders of a share shall severally as well as jointly be
holders liable for the payment of all installments and calls due in respect
of shares of such shares.
13 Recognition to Save as otherwise provided by the Act and these Articles, the
Registered Company shall be entitled to treat the registered holder of any
Holders of shares as the absolute owner thereof and accordingly the
Shares Company shall not except when ordered by a court of
competent jurisdiction or by the statute required, be bound by or
to recognize any equitable, contingent, future or partial interest,
lien, pledge or charge in any share or any interest in any
fractional part of a share, or any other rights in respect of any
share except an absolute right to the entirety thereof of the
registered holder.
14 Board of Subject to the provisions of the Act, the Board of Directors may
Directors’ right issue preference shares from time to time on such terms and in
to issue such manner as considered appropriate.
Preference
shares The Board of Directors may, at their discretion, issue any portion
of the preference shares not already issued, which are liable to
be redeemed or converted into equity shares subject to the
provisions of the Act, on such terms and conditions as the Board
may deem fit.
5
15 Issue of further The Company shall, subject to the provisions of the Act, issue
Shares further shares :
(i) to the Persons who, at the date of the offer, are holders of
equity shares of the company in proportion, as nearly as
circumstances admit, to the paid-up share capital on those
shares by sending a letter of offer and the offer shall be
deemed to include a right of renunciation of the shares
offered to him or any of them in favour of any other person;
(ii) to employees under employees’ stock option scheme; or
(iii) to any persons with the sanction of such requisite

resolution passed by the Company in a general meeting,
for cash or for a consideration other than cash whether or
not those persons include the persons referred to in (i) and
(ii) above.
16 Issue of Bonus The Company may, subject to the provisions of the Act, issue
Shares fully paid-up bonus shares to its members, in any manner
whatsoever, out of (i) its free reserves; (ii) the securities
premium account or (iii) the capital redemption reserve account
or such other sources as may be prescribed under the Act.
17 Issue of Sweat The Company may issue sweat equity shares subject to the
Equity Shares provisions of the Act and any other laws, including the SEBI
Regulations, for the time being in force as may be applicable.
18 Issue of Equity The Company may issue equity shares with differential rights as
Shares with to dividend, voting or otherwise, subject to the provisions of the
differential Act.
rights
19 Buy back of Notwithstanding anything contained in these articles but subject

Shares or other to the provisions of the Act and any other applicable provisions
specified of the act or any other laws, including the SEBI Regulations, for
Securities the time being in force as may be applicable, the Company may
purchase its own Shares or other specified Securities.
20 Variation of If at any time the share capital is divided into different classes of
rights shares, the rights attached to any class of shares (unless
otherwise provided by the terms of the issue of that class),
Debentures and other Securities to the extent relevant, may,
subject to the provisions of the Act, be varied with the consent
in writing of such number of the holders of the issued shares /
Securities of that class or with the sanction of requisite
resolution passed at a separate meeting of the holders of the
shares /Securities of that class, as prescribed by the Act.
6
21 Commission The Company may, at any time, pay commission to any person
for placing in consideration of his subscribing or agreeing to subscribe,
Securities whether absolutely or conditionally, for any shares in or
debentures or any other Securities of the Company or his
procuring or agreeing to procure subscription, whether absolute
or conditional for any share in, or debentures or any other
Securities of the Company. Provided that the rate or amount
and the manner of disclosure of commission shall be as
prescribed in the Act. Such commission may be satisfied by
payment of cash or by allotment of fully or partly paid shares or
securities or partly in one way and partly in the other.
22 Company's lien The Company shall have first and paramount lien upon all the
on shares shares (other than fully paid up shares) registered in the name of
each member, whether solely or jointly with others and upon the
proceeds of sale thereof for all monies “whether presently
payable or not” called or payable at a fixed time in respect of
such shares and no equitable interest in any share shall be
created, except upon the footing and condition that Articles
hereof is to have full effect and such lien shall extend to all
dividends payable and bonuses declared from time to time in
respect of such shares. Unless otherwise agreed the registration
of a transfer of shares shall operate as a waiver of the
Company's lien, if any, on such shares. Provided that the Board
may at any time declare any share to be wholly or in part exempt
from the provisions of this Article.
23 As to enforcing For the purpose of enforcing the lien, the Board of Directors may
lien by sale. sell the shares subject thereto in such manner as they think fit
but no sale shall be made unless a sum in respect of which the
lien exists is presently payable and until notice in writing of the
intention to sell shall have been served on such member, his
executors or administrators or his committees, curator bonis or
other legal representatives as the case may be and default shall
have been made by him or them in the payment of the sum
payable as aforesaid for fourteen days after the date of such
notice.
24 Application of The net proceeds of the sale shall be received by the Company
proceeds of and applied in or towards payment of such part of the amount in
sale respect of which the lien exists as is presently payable and the
residue, if any, shall be paid to such member, his executors or
administrators or assigns or his committee, curator bonis or other
legal representatives, as the case may be.
25 Validity of sales Upon any sale after a forfeiture or for enforcing a lien in
in exercise of purported exercise of the powers hereinbefore given, the Board
Lien and after of Directors may appoint some person to execute an instrument
Forfeiture of transfer of the shares sold and cause the purchaser’s name to
be entered in the Register in respect of the shares sold and the
7
purchaser shall not be bound to see to the regularity of the
proceedings, nor to the application of the proceeds of sale and
after his name has been entered in the Register in respect of
such shares the validity of the sale shall not be impeached by
any person and the remedy of any person aggrieved by the
same shall be in damages only and against the Company
exclusively.
26 Provisions as to The provisions of these Articles relating to lien shall mutatis

lien to apply mutandis apply to any other Securities including debentures of
mutatis the Company.
mutandis to
debentures, etc.
CALLS ON SHARES
27 Board may (a) Subject to the provisions of the Act, the Board may, from
make Calls time to time, make such calls as they think fit upon the
members in respect of all monies unpaid on the shares held
by them respectively and not by the conditions of allotment
thereof made payable at fixed times and the member shall
pay the amount of every call so made on him to the persons
and at the time and place appointed by the Board.
Calls on shares (b) All calls shall be made on a uniform basis on all shares
of same class falling under the same class.
to be on Explanation: Shares of the same nominal value on which
uniform basis different amounts have been paid-up shall not be deemed to fall
under the same class.
28 Length of Each member shall, subject to receiving notice, as prescribed in
notice of call the Act, specifying the time or times and place of payment, pay
to the Company, at the time or times and place so specified, the
amount called on his shares.
29 Board may The Board may, from time to time, at its discretion, extend the
extend time for time fixed for the payment of any call and may extend such time
payment to all or any of the members as the Board may deem appropriate
in any circumstances, but no member shall be entitled to such
extension as a matter of right.
30 Revocation or A call may be revoked or postponed at the discretion of the

postponement Board.
of Call
31 Liability of joint The joint holders of a share shall be jointly and severally liable to
holders of pay all calls in respect thereof.
shares
8
32 Sums payable If by the terms of issue of any share or otherwise any amount is
in fixed made payable at any fixed time or by instalments at fixed times
instalments to whether on account of the nominal value of the share or by way
be deemed of premium, every such amount or instalment shall be payable
as if it were a call duly made by the Board, of which due notice
calls had been given and all the provisions herein contained in respect
of calls shall relate and apply to such amount or instalment
accordingly.
33 Date of call A call shall be deemed to have been made on the date fixed as
the date of the making of the call by a resolution of the Board
authorizing the call and failing such fixation the call shall be
deemed to have been made at the time when the resolution of
the Board authorizing the call is passed.
34 When interest (a) If a sum called in respect of a share is not paid before or
on calls payable on the day appointed for payment thereof, the person from
whom the sum is due shall pay interest upon the sum at
the rate not exceeding ten percent or at such lower rate as
fixed by the Board from the day appointed for payment
thereof to the time of the actual payment.
Board may (b) The Board shall be at liberty to waive payment of or vary
waive interest the rate of any such interest wholly or in part.
35 Payment of The Board may, if it thinks fit, receive from any member willing to
calls in advance advance all or any part of the moneys uncalled and unpaid upon
may carry any shares held by him and upon all or any of the money or
interest monies so advanced may (until the same would, but for such
advance, become presently payable) pay interest at such rate
not exceeding twelve percent per annum, as may be agreed
upon between the member paying the sum in advance and the
Board. Such advances shall not confer a right to the dividend or
to participate in profits or to any voting rights.
36 Partial payment Neither a judgement nor a decree in favour of the Company for
not to preclude calls or other moneys due in respect of any share nor any part
forfeiture payment or satisfaction thereunder nor the receipt by the
Company of a portion of any money which shall from time to time
be due from any member in respect of any share either by way
of principal or interest nor any indulgence granted by the
Company in respect of the payment of any such moneys shall
preclude the Company from thereafter proceeding to enforce a
forfeiture of such shares as hereinafter provided.
37 Provisions as to The provisions of these Articles relating to calls shall mutatis

calls apply mutandis apply to any other securities including debentures of
mutatis the Company.
mutandis to
other securities
9
TRANSFER AND TRANSMISSION OF SHARES
38 Transfer The instrument of transfer of any share in the Company shall be

executed both by or on behalf of the transferor and transferee
and the transferor shall be deemed to remain the holder of the
shares until the name of the transferee is entered in the Register
of Members in respect thereof. In the case of shares held jointly
and in case where shares have been transferred to more than
one person jointly the transfer deed shall be signed by all the
said joint holders or by all the transferees as the case may be.
39 Form of transfer The instrument of transfer shall be in such form as may be

prescribed under the Act, from time to time.
40 Board may The Board may, subject to the right of appeal conferred by the
decline to Act, decline to register—
register transfer
(a) the transfer of a share to a person of whom they do not
approve; or
(b) any transfer of shares on which the Company has a lien.
41 Board may The Board may decline to recognise any instrument of transfer
decline to unless—
recognise
instrument of (a) the instrument of transfer is in the form as prescribed in
transfer Rules made under the Act;
(b) the instrument of transfer, duly stamped, is accompanied
by the certificate of the shares to which it relates and such
other evidence as the Board may reasonably require to
show the right of the transferor to make the transfer; and
(c) the instrument of transfer is in respect of only one class of
shares.
42 Register of (a) The Company shall keep the ‘Register of Transfers and
Transfers and Transmission’ wherein shall be entered the particulars of
closure thereof every transfer or transmission of any shares.
(b) The Share Transfer Books and Register of Members may
be closed during such time as the Board thinks fit, not
exceeding in the aggregate forty five days in each year, but
not exceeding thirty days at any one time, after giving
atleast seven days previous notice or such notice as may
be prescribed by SEBI, in accordance with the Act and in
the manner prescribed in the Rules.
43 Provisions The provisions of these articles relating to transfer of shares

relating to shall mutatis mutandis apply to debentures and other securities
transfer of of the Company, to the extent relevant or appropriate.
shares apply for
debentures and
other Securities
10
44 Transmission (a) In the event of death of any one or more of the joint holders
of any registered shares, the survivor or survivors shall
alone be the persons recognised by the Company as
having any title to or interest in such shares.
(b) In the event of the death of any sole holder or of the death
of last surviving holder, the nominee or nominees or the
executors or administrators or other person legally entitled
to the shares shall be entitled to be recognised by the
Company as having title to the shares of the deceased.
Provided that on production of such evidence as to title and

on such indemnity or other terms as the Board may deem
sufficient, any person may be recognised as having title to
the shares as heir or legal representatives of the deceased
shareholder.
Provided further that if the member had been a member of

a Joint Hindu Family, the Board on being satisfied to that
effect and on being satisfied that the shares standing in his
name in fact belonged to the joint family may recognize the
survivors or the Karta thereof as having title to the shares
registered in the name of such member.
Provided further that in any case it shall be lawful for the

Board in their absolute discretion to dispense with the
production of probate or letters of administration or other
legal representation upon such terms as to indemnity or
otherwise as the Board may deem just.
45 Transfer of Any person becoming entitled to shares in consequence of the

shares of death or insolvency of any member, upon producing such
deceased or evidence that he sustains the character in respect of which he
insolvent proposes to act under this Article, or of his title, as the Board
members. thinks sufficient, may, with the consent of the Board be
registered as a member in respect of such shares, or may,
subject to the Articles as to transfer hereinbefore contained,
transfer such shares.
46 Rights of Any person becoming entitled to a share by reason of the death

Successor or insolvency of the holder shall be entitled to the same
dividends and other advantages to which he would be entitled if
he were the registered holder of the share, except that he shall
not before being registered as a member in respect of the share
be entitled in respect of it to exercise any right conferred by
membership in relation to the meetings of the Company.
47 Application for (1) An application for the registration of the transfer of shares
transfer may be made either by the transferor or the transferee
provided that where such application is made by the
transferor no registration shall, in the case of partly paid
shares be effected unless the Company gives notice of the
application to the transferee in such form as may be
11
prescribed under the Rules from time to time and subject
to the provisions of sub-clause (4), unless objection is
made by the transferee within the time prescribed from the
date of receipt of the notice, enter in the Register of
Members the name of the transferee in the same manner
and subject to the same conditions as if the application for
registration was made by the transferee.
Notice to (2) For the purpose of sub-clause (1) notice to the transferee
transferee in shall be deemed to have been duly given if sent by
case of partly registered post or such other modes, as prescribed under
paid shares for the Act, to the transferee at the address given in the
transfer instrument of transfer and shall be deemed to have been
delivered in the ordinary course and the transferee gives
no objection to the transfer within two weeks from the
receipt of notice.
Proper (3) It shall not be lawful for the Company to register a transfer
instrument etc., of any shares unless a proper instrument of transfer duly
necessary stamped, dated and executed by the transferor and the
transferee specifying the name, address and occupation, if
any, of the transferee has been delivered to the Company
by the transferor or transferee within prescribed period
along with the certificate and if no such certificate is in
existence, along with the letter of allotment or such other
evidence as the Board may reasonably require to show the
right of the transferor to make the transfer.
Where original Provided that where, on an application in writing made to

instrument of the Company by the transferee and bearing the stamp
transfer is lost required for the instrument of transfer, it is proved to the
satisfaction of the Board that the instrument of transfer
signed by or on behalf of the transferor and by or on behalf
of the transferee has been lost or the instrument of transfer
has not been delivered within the prescribed period, the
Company may register the transfer on such terms as to
indemnity as the Board may think fit.
Refusal to (4) If the Company refuses to register the transfer or

register transfer transmission of any shares, the Company shall within a
period as prescribed under the Act from the date on which
the instrument of transfer or the intimation of transmission,
as the case may be, was delivered to the Company send to
the transferee and transferor or the person giving
intimation of such transmission, the notice of the refusal,
giving reason for such refusal.
48 Company's The Company shall incur no liability or responsibility whatever in

right to register consequence of their registering or giving effect to any transfer of
transfer by shares made or purporting to be made, by any apparent legal
apparent legal owner thereof (as shown or appearing in the Register of
owner Members) to the prejudice of persons having or claiming any
equitable right, title or interest to or in the same shares
12
notwithstanding that the Company may have had notice of such
equitable right, title or interest or notice prohibiting registration of
transfer and may have entered such notice or referred thereto in
any record of the Company; and the Company shall not be
bound by or required to regard or attend to or give effect to any
notice which may be given to it of any equitable right or title or
interest or be under any liability whatsoever for refusing or
neglecting so to do, though it may have been entered or referred
to in the books of the Company; but the Company shall,
nevertheless, be at liberty to have regard to and attend to any
such notice and give effect thereto, if the Board shall think fit.
49 Provisions The provisions of these articles relating to transmission by

relating to operation of law shall mutatis mutandis apply to debentures and
transmission of other securities of the Company, to the extent relevant or
shares apply for appropriate.
debentures and
other Securities
50 Provisions on Nothing contained in the Act or the Articles which are

transfer of inconsistent with the provisions of Depositories Act, 1996 shall
securities not to apply to a transfer of securities effected by a transferor or
apply to transferee both of whom are entered as beneficial owners in the
securities under records of a Depository.
Depository
FORFEITURE OF SHARES
51 If call or If a member fails to pay any call, or instalment of a call, or any

instalment not money dues in respect of any share on the day appointed for
paid, notice payment thereof, the Board may, at any time thereafter during
may be given such time as any part of the call or instalment remains unpaid, or
a judgement or decree in respect thereof remains unsatisfied in
whole or in part serve a notice on him requiring payment of so
much of the call or instalment as is unpaid, together with any
interest which may have accrued and all expenses that may
have been incurred by the Company by reason of non-payment.
52 Form of notice The notice shall name a day (not earlier than the expiration of
fourteen days from the date of service of the notice) and a place
or places on and at which the payment required by the notice is
to be made, and shall state that, in the event of non-payment on
or before the time and at the place appointed, the shares in
respect of which the call was made will be liable to be forfeited.
53 If notice not If the requirements of any such notice as aforementioned are not
complied with, complied with, any share in respect of which the notice has been
shares may be given may at any time thereafter, before the payment required by
forfeited the notice has been made, be forfeited by a resolution of the
Board to that effect.
13
54 Disposal of A forfeited share may be sold or otherwise disposed of on such
forfeited shares/ terms and in such manner as the Board may think fit and at any
Cancellation of time before a sale or disposal as aforesaid, the forfeiture may be
forfeiture cancelled on such terms as the Board may think fit.
55 Liability after A person whose shares have been forfeited shall cease to be a
forfeiture member in respect of the forfeited shares but shall nevertheless
remain liable to pay and shall forthwith pay the Company all
moneys which at the date of forfeiture were presently payable by
him to the Company in respect of the shares, together with
interest at the rate fixed by the Board, whether such claim be
barred by limitation on the date of the forfeiture or not but his
liability shall cease if and when the Company receives payment
in full of all moneys due in respect of such shares. The Board
may, if they shall think fit, waive the payment of such interest or
any part thereof.
56 Declaration of A duly verified declaration in writing that the declarant is a

forfeiture Director or the Manager or the Secretary of the Company and
that a share in the Company has been duly forfeited on a date
stated in the declaration, shall be conclusive evidence of the
facts therein stated as against all persons claiming to be entitled
to the share.
The Company on receipt of the consideration, if any, given for
the shares on the sale or disposal thereof may execute a
transfer of the share in favour of the person to whom the share
is sold or disposed of who shall be registered as the holder of the
share and he shall not be bound to see to the application of the
purchase money (if any) nor shall his title to the share be
affected by any irregularity or invalidity in the proceedings in
reference to the forfeiture, sale or disposal of the share.
57 Non-payment of The provisions of these regulations as to forfeiture shall apply in

sums payable at the case of non-payment of any sum, which by the terms of
fixed times issue of a share, becomes payable at a fixed time, whether on
account of the nominal value of the share or by way of premium,
or otherwise, as if the same had been payable by virtue of a call
duly made and notified.
58 Set off of Any money due from the Company to a shareholder may,
money due to without the consent of such shareholder, be applied by the
shareholder Company in or towards payment of any money due from him,
either alone or jointly with any other person, to the Company in
respect of calls or otherwise.
CONVERSION OF SHARES INTO STOCK
59 Conversion of Subject to the provisions of the Act, the Board may, with the
shares into stock sanction of the Company previously given in general meeting
and convert all or any fully paid-up shares into stock and may with
reconversion the like sanction reconvert any stock into paid-up shares of any
denomination.
14
Where shares are converted into stock, —
(a) the holders of stock may transfer the same or any part
thereof in the same manner as, and subject to the same
regulations under which, the shares from which the stock
arose might before the conversion have been transferred, or
as near thereto as circumstances admit;
Provided that the Board may, from time to time, fix the
minimum amount of stock transferable, so, however, that
such minimum shall not exceed the nominal amount of the
shares from which the stock arose.
(b) the holders of stock shall, according to the amount of stock
held by them, have the same rights, privileges and
advantages as regards dividends, voting at meetings of the
Company, and other matters, as if they held the shares from
which the stock arose; but no such privilege or advantage
(except participation in the dividends and profits of the
company and in the assets on winding up) shall be
conferred by an amount of stock which would not, if existing
in shares, have conferred that privilege or advantage.
(c) such of the regulations of the Company as are applicable to
paid-up shares shall apply to stock and the words “share”
and “shareholder” in those regulations shall include “stock”
and “stock-holder” respectively.
60 Restriction on No member shall be entitled to vote at any general meeting
Voting Rights unless all calls or other sums presently payable by him in respect
of shares in the Company have been paid or in respect of his
Shares lien has been exercised by the Company.
ALTERATION OF CAPITAL
61 Power to The Company may, from time to time, with the sanction of the
increase capital requisite resolution in general meeting, increase the authorised
share capital by such sum to be divided into shares of such
amount as may be specified in the resolution.
62 Alteration of Subject to the provisions of the Act, the Company may with the
Share Capital sanction of the requisite resolution:
(a) consolidate and divide all or any of its share capital into
shares of larger amount than its existing shares;
(b) convert all or any of its fully paid-up shares into stock and
reconvert that stock into fully paid-up shares of any
denomination;
(c) sub-divide its existing shares or any of them into shares of
smaller amount than is fixed by the memorandum;
(d) cancel any shares which, at the date of the passing of the
resolution, have not been taken or agreed to be taken by
any person.
15
63 Reduction of The Company may with the sanction of the requisite resolution
Share Capital reduce its share capital or capital redemption reserve account or
share premium account or any other reserve in the nature of
share capital in any manner and with and subject to any incident
authorised and consent required by law.
GENERAL MEETINGS
64 Annual General (a) The Company shall in each year hold in addition to any
Meeting other meetings, a general meeting as its annual general
meeting and shall specify the meeting as such in the notices
calling it.
Extraordinary (b) All general meetings other than Annual General Meetings
General shall be called Extraordinary General Meetings.
Meetings
65 When Extra- The Board may, whenever it deems fit, call an Extraordinary
ordinary General Meeting of the Company.
General Meeting
to be called If at any time the Directors capable of acting who are sufficient in
number to form a quorum are not within India, any director of the
company may call an extraordinary general meeting in the same
manner, as nearly as possible, as that in which such a meeting
may be called by the Board.
66 Extraordinary The Board shall, at the requisition made by such number of

General members of the Company required under the Act, proceed to
Meetings on convene an Extraordinary General Meeting of the Company in
requisition the manner provided in the Act.
PROCEEDINGS AT GENERAL MEETINGS
67 Quorum The quorum for the General Meeting shall be as provided in the
Act and no business shall be transacted at any general meeting
unless the requisite quorum is present at the time when the
meeting proceeds to business.
68 If quorum not If within half-an-hour from the time appointed for holding the
present when meeting a quorum is not present, the meeting, if called upon the
meeting to be requisition of members, shall stand cancelled, and in any other
cancelled and case, it shall stand adjourned to the same day in the next week,
when to be at the same time and place or to such other date and such other
adjourned time and place as the Board may determine and if at the
adjourned meeting also a quorum is not present within half-an-
hour from the time appointed for holding the meeting, the
members present shall be the quorum.
69 Chairperson of The Chairperson, if any, of the Board of Directors shall preside

General Meeting as Chairperson at every general meeting of the Company.
16
70 When Subject to the provisions above, if there is no such Chairperson,
Chairperson or if at any meeting he is not present within fifteen minutes after
absent, choice the time appointed for holding the meeting, or is unwilling to act
of another as Chairperson, the Directors present shall choose one amongst
Chairperson them as Chairperson; and if no Director is present, or if all the
Directors decline to take the chair, then the members present
shall elect one of themselves to be Chairperson of the meeting.
71 Adjournment of The Chairperson may, with the consent of any meeting at which
Meeting a quorum is present (and shall, if so directed by the meeting)
adjourn that meeting from time to time and subject to the
provisions of the Articles hereof from place to place, but no
business shall be transacted at any adjourned meeting other
than the business left unfinished at the meeting from which the
adjournment took place. When a meeting is adjourned for thirty
days or more, notice of the adjourned meeting shall be given as
in the case of an original meeting. Save as aforesaid and as
provided in the Act, it shall not be necessary to give any notice of
an adjourned meeting or of the business to be transacted
thereat.
72 Casting vote In the case of an equality of votes, whether on a show of hands

and/or electronically and/or on a poll, the Chairperson of the
meeting shall have a casting vote in addition to the vote / votes
to which he may be entitled as a member.
VOTES OF MEMBERS
73 Votes of Subject to any rights or restrictions for the time being attached to
members any class or classes of shares -
(a) On a show of hands every member present in person shall

have one vote.
(b) On a poll or in an electronic voting, the voting rights of

members shall be in proportion to his share in the paid-up
equity share capital of the Company.
Voting through (c) A member may exercise his vote by electronic means in
electronic accordance with the provisions of the Act for the time being
means in force and shall vote only once. A member who has
already voted by electronic means shall not be entitled to
vote on the same business again in any other manner
whether on a poll or otherwise.
74 Votes of Joint In the case of joint holders the vote of the first named in the
holders Register of Members of such joint holders who tenders a vote,
whether in person or by proxy, shall be accepted to the exclusion
of the votes of other joint holders.
17
75 Votes by A member of unsound mind, or in respect of whom an order has
Members of been made by any Court having jurisdiction in lunacy, may vote,
unsound mind whether on a show of hands or on a poll, by his Committee or
other legal guardian and any such Committee or guardian on a
poll, may vote by proxy.
76 Restriction on (a) No member shall be entitled to vote at any general meeting

voting rights unless all calls or other sums presently payable by him in
respect of shares in the Company have been paid or in
regard to which the Company has exercised any right of lien.
Restriction on (b) A member is not prohibited from exercising his voting on the
exercise of ground that he has not held his share or other interest in the
voting rights in Company for any specified period preceding the date on
other cases to which the vote is taken, or on any other ground not being a
be void ground set out in the preceding Article.
77 Equal rights of Any member whose name is entered in the Register of Members
members of the Company shall enjoy the same rights and be subject to the
same liabilities as all other members of the same class.
78 Proxy permitted On a poll, votes may be given either personally or by proxy.

on poll
79 Instrument of The instrument appointing a proxy shall be in writing, under the

proxy hand of the appointer or of his attorney duly authorised in writing
or, if the appointer is a body corporate, either under its seal or
the hand of an officer or of its attorney duly authorised in writing.
80 Proxy need not Any person whether or not he is a member of the Company, may
be a member be appointed as a proxy.
81 Instrument of The instrument appointing a proxy and the power of attorney or

Proxy to be other authority (if any) under which it is signed or a notarised
deposited at the certified copy of that power or authority shall be deposited at the
Registered Registered Office of the Company within the time prescribed
Office under the Act for holding the meeting or adjourned meeting at
which the persons named in the instrument proposes to vote and
in default the instrument of proxy shall not be treated as valid.
82 Proxy valid A vote given in accordance with the terms of an instrument of

after death, proxy shall be valid notwithstanding the previous death or
etc., of given if insanity of the appointer, or revocation of the proxy or of the
not intimated to authority under which the proxy was executed or the transfer of
Company the shares in respect of which the proxy is given, provided no
intimation in writing of the death, insanity, revocation or transfer
shall have been received by the Company at its office before the
commencement of the meeting or adjourned meeting at which
the proxy is used.
83 Form of proxy An instrument appointing a proxy shall be in the form as

prescribed in theRules made under the Act and be duly stamped.
18
BOARD OF DIRECTORS
84 Number of Save as provided in the Act for the time being, the Company
Directors and shall have not less than five and not more than fifteen directors.
their The Company may appoint more than fifteen directors after
appointment passing requisite resolution at a General Meeting, as provided in
the Act.
85 Appointment of Subject to the provisions of the Act and any other laws, including
same individual SEBI Regulations that are for the time being in force, the
as Chairperson Company may appoint or re-appoint same individual at the same
and Managing time as the Chairperson of the Company as well as Managing
Director Director or Chief Executive Officer of the Company.
86 Independent The Company shall have independent directors as required

Directors under the Act. Such independent directors will be governed by
the provisions of the Act and they are not liable to retirement by
rotation at the Annual General Meeting.
87 Woman Director The Company shall have women directors as required under the
Act.
88 Qualification of A “Director” shall not be required to hold any share in the capital
Directors of the Company as his qualification.
89 Additional Subject to the provisions of the Act, the Board shall have power
Directors at any time and from time to time to appoint a Person as an
additional director, provided that the number of directors and
additional directors together shall not at any time exceed the
maximum strength fixed for the Board by the Articles hereof.
90 Alternate Subject to the provisions of the Act, the Board of Directors may
Directors appoint any person, not being a person holding any alternate
directorship for any other director in the Company, to act as an
alternate Director for a director (hereinafter referred to as the
“original director”) during his absence for a period of not less
than three months from India:
An alternate director shall not hold office for a period longer than
that permissible to the original director and shall vacate the office
if and when the original director returns to India. If the term of
office of the original director is determined before he so returns
to India, the provisions contained in the Act or these Articles for
the automatic reappointment of retiring directors in default of
another appointment shall apply to the original director and not to
the alternate director.
91 Board's power Subject to the provisions of the Act, if the office of any director
to fill up casual appointed by the Company in general meeting is vacated before
vacancy his term of office expires in the normal course, the resulting
casual vacancy may be filled by the Board of Directors at a
meeting of the Board. The Director so appointed shall hold office
only up to the date up to which the director in whose place he is
appointed would have held office if it had not been vacated.
19
92 Nominee Subject to the provisions of the Act, the Board may appoint any
Director person as a Director nominated by any financial institution(s) and
bank(s) in pursuance of the provisions of any law for the time
being in force or of any agreement or appointed by any
Government or any other Person to represent its interests and
the Company shall reimburse the relevant institution in respect of
any amounts paid or payable by such institution to the director
on account of travelling, accommodation and any other
expenses incurred for attending any of the above meetings.
93 Sitting fees The fee payable to the Directors for attending the Meetings of
the Board of Directors and Committees thereof shall be such as
may be determined by the Board from time to time within the
limits prescribed under the Act.
94 Reimbursement The Board of Directors shall be entitled to be paid all travelling,

of Expenses halting and other expenses incurred by them in attending and
returning from such meeting of the Board, or of any Committee of
the Board or for any other purpose whatsoever as may be
decided by the Board.
95 Remuneration The remuneration payable to the Directors of the Company,

payable to including any Managing or Whole-Time Director or Manager,
Directors shall be determined, in accordance with and subject to the
provisions of the Act.
96 Waiver of In the case of loss or inadequacy of profits, the Board of

amount Directors may waive the recovery of any excess remuneration
refundable paid to or drawn by the Directors, subject to the provisions of the
Act.
RETIREMENT AND REAPPOINTMENT OF DIRECTORS
97 Retirement of The Board of Directors shall determine the Non-Independent

Directors Directors, whose period of Office is or is not liable to
determination by retirement by rotation The manner of retirement
and reappointment of Directors at the Annual General Meeting
shall be in accordance with the provisions of the Act.
98 Reappointment A retiring director shall be eligible for reappointment in

of Directors accordance with the provisions of the Act.
POWERS OF DIRECTORS
99 General powers 1. Subject to the provisions of the Act and these presents, the
of the Board business of the Company shall be managed by the
Directors, who may exercise all such powers of the
Company as are not, by the Companies Act, or any
statutory modification thereof for the time being in force or
by these Articles, required to be exercised by the Company
in General Meeting.
20
2. Without prejudice to the general powers conferred by the
last preceding clause and so as not in any way to limit or
restrict those powers and without prejudice to the other
powers conferred by these presents, it is hereby expressly
declared that the Board shall, subject to the provisions of
the Act, have authorities, that is to say, power:
(a) To appoint Key Managerial Personnel and Officers for

permanent, temporary or special services as they may
from time to time think fit and to determine their powers
and duties and fix their salaries and emoluments and
to require security in such instances and for such
amounts as they think fit.
(b) To borrow on mortgage of the whole or any part of the

property of the Company or on the bonds, debentures
either secured or unsecured, by a charge or mortgage
or other securities of the Company, or otherwise, as
they may seem expedient, such sums as they may
think necessary for the purpose of the Company
subject to the provisions of the Act.
(c) To split share certificates, letters of allotment and in a

‘Rights’ issue to split letters of rights into smaller
denominations in the same name and to have any
such splits certified by an official of the Company.
(d) To purchase or otherwise acquire for the Company any

property, rights and privileges which the Company is
authorised to acquire, at such price and generally on
such terms and conditions as they may think fit and at
their discretion to pay for any property, rights or
privileges acquired by, or services rendered to the
Company, either wholly or partly in cash or in shares or
in both, or in bonds, debentures or other securities of
the Company and any such shares may be issued
either as fully paid-up or with such amount credited as
paid up thereon as may be agreed upon and any such
bonds, debentures, debenture stock, or other securities
may be either specifically charged upon all or any part
of the property of the Company and its uncalled capital
or not so charged.
(e) To undertake on behalf of the Company the payment

of all rent and the performance of all covenants,
conditions and agreements contained in or reserved by
any lease that may be granted or assigned to or
otherwise acquired by the Company and to purchase
the reversion or reversions and otherwise to acquire
the freehold or fee simple of all or any of the lands of
the Company for the time being held under lease or for
an estate less than a freehold estate.
21
(f) To sell for cash or on credit, and either wholesale or
retail and for ready or future delivery, movable or
immovable, or any rights or privileges belonging to the
Company, or in which the Company is interested, or
which the Company may have received as security, or
over which the Company may have any power of
disposal and to exchange any such property or rights
belonging to the Company for other property or rights.
(g) Subject where necessary to the consent of the

Company in general meeting, to sell property of the
Company, for such consideration as they may think fit
and in particular for cash or for shares, debentures or
securities of any other company having objects
altogether or in part similar to those of this Company.
(h) To draw, accept, endorse, negotiate, purchase and sell

bills of exchange and other negotiable instruments with
or without security and to determine from time to time
who shall be entitled to sign on the Company's behalf
bills, notes, receipts, acceptances, endorsements,
cheques, dividend warrants, releases, contracts and
documents and to give the necessary authority for
such purposes.
(i) to make advances and loans without any security, or

on such security as they may think proper and to take
security for already existing debts and to invest and
deal with any of the moneys of the Company upon
such securities (not being shares in this Company) and
in such manner as they may think fit and from time to
time to vary or realise such investments.
(j) To execute all deeds, agreements, contracts, receipts

and other documents that may be necessary or
expedient for the purposes of the Company and to
make and give receipts, releases and other discharges
for moneys or goods or property, received in the usual
course of business of the Company, or lent or payable
to, or belonging to the Company and for the claims and
demands of the Company.
(k) From time to time and at any time to entrust to and

confer upon the Managing Director and/or Whole-Time
Director or other officers for the time being of the
Company and to authorise or empower them to
exercise and perform and by power of attorney under
seal to appoint any persons to be the attorneys of the
Company and invest them with such of the powers,
authorities, duties and discretions exercisable by or
conferred or imposed upon the Directors under the
Memorandum and Articles of Association of the
22
Company, as the Directors may think fit and for such
time and to be exercised for such objects and
purposes and subject to such restrictions and
conditions as the Directors may think proper and
expedient and either collaterally with or to the
exclusion of and in substitution for all or any of the
powers, authorities, duties and discretions of the
Directors in that behalf, with authority to the Managing
Director and/or Whole-Time Director or such other
officers or attorneys to sub-delegate all or any of the
powers, authorities, duties and discretions for the time
being vested in or conferred upon them and from time
to time to revoke all such appointments of attorneys,
and withdraw, alter or vary all or any of such powers,
authorities, duties or discretions.
(l) To nominate, appoint and at their pleasure remove,

discharge, or suspend and to re-employ or replace, for
the management of the business of the Company such
Key Managerial Personnel, experts, engineers,
accountants, agents, sub-agents, bankers, brokers,
macadams, solicitors, officers, clerks, servants and
other employees for permanent, temporary or special
services as the Directors may from time to time think fit
and to determine their powers and duties and to fix
their emoluments, salaries, wages and bonus and to
require security in such instances and to such amount
as they think fit and to insure and arrange for
guarantees for fidelity of any employee of the
Company and to pay such premium on any policy of
guarantee which may from time to time become
payable.
(m) To give any officer or other person employed by the

Company a commission on the profits of any particular
business or transactions, or a share in general or
particular profits of the Company and such commission
or share of profits shall be treated as part of the
working expenses of the Company.
(n) To appoint any person or persons (whether

incorporated or not), to accept and hold in trust for the
Company any property belonging to the Company, or
in which the Company is interested, or for any other
purposes and to execute and do all such acts, deeds
and things as may be requisite in relation to any such
trust and to provide for the remuneration of such
trustee or trustees.
(o) To execute, in the name and on behalf of the

Company, in favour of any Director or other person
who may incur or be about to incur any personal
liability for the benefit of the Company such mortgages
23
of the Company's property (present and future) as they
may think fit and any such mortgage may contain a
power of sale and such other powers, covenants, and
provisions as shall be agreed upon.
(p) To allow time for the payment or satisfaction of any

debts due to the Company and to compound such
debts or any claims or demands by or against the
Company and to refer any such claims or demands or
any matter or dispute in which the Company is
interested to arbitration and to observe and perform the
awards.
(q) To institute, conduct, defend, compound or abandon

any actions, suits and legal proceedings by or against
the Company, or its officers, or otherwise concerning
the affairs of the Company and also to compound or
compromise or submit to arbitration the same actions,
suits and legal proceedings as the Directors in their
discretion may think fit and to act on behalf of the
Company in all matters relating to bankrupts and
insolvents. The Managing Director and/or Whole-Time
Director for the time being or any other person duly
authorised by the Directors shall be entitled to make,
give, sign and execute all and every warrants to sue or
defend on behalf of the Company and all and every
legal proceeding and submission to arbitration as may
be requisite and for the purposes aforesaid the
Managing Director and/or Whole-Time Director for the
time being or such other person shall be empowered to
use their or his own name on behalf of the Company
and such Managing Director and/or Whole-Time
Director or such other person, whose name shall be so
used as aforesaid, shall be saved harmless and
indemnified, out of the funds and property of the
Company, against all costs and damages which they or
he may incur or to be liable to by reason of his name
being so used as aforesaid; provided that the
Managing Director and/or Whole-Time Director or such
other person shall not be entitled to do anything
whereby the Directors may be prevented from
effectually conducting and bringing to an issue any
such action or suit.
(r) To enter into any agreement with any Government or
Authority, Municipal, local or otherwise and obtaining
from them any rights, concessions and privileges as
the Directors deem fit.
(s) From time to time to provide for the management and

transaction of the affairs of the Company outside the
place where the Registered Office or the factory is
situated, either in different parts of the Union of India,
or in any specified locality in India or outside India in
24
such manner as they think fit and in particular to
establish branches and to appoint any person to be the
attorneys or agents or employees of the Company with
such powers (including power to sub delegate) and
upon such terms as may be thought fit and for that
purpose the Company may exercise the powers
conferred by the Act, relating to official seal for use
abroad and the keeping of a foreign register
respectively and such powers shall accordingly be
vested in the Directors.
(t) To open banking accounts with any bank or banks for

and in the name of the Company and to operate on the
same and to draw cheques on the said banking
accounts provided that the Managing Director and/or
Whole-Time Director shall be entitled to determine,
from time to time, the persons being Directors, or
officers or other employees of the Company, who may
sign, or draw such cheques on the banking accounts of
the Company and sign on the Company's behalf and in
its name and for purposes of the Company, bills, notes,
receipts, acceptances, endorsements, cheques,
dividend warrants, releases, contracts and other
documents and to give the necessary instructions to
the Company's bankers, whether the amount be
overdrawn or not.
(u) To make and give receipts, release and other

discharges for money payable to the Company and for
the claims and demands of the Company.
(v) to invest and deal with any of the monies of the

Company upon such shares, securities, debentures,
etc. (not being shares in this company) and in such
manner as they may think fit and from time to time to
vary or realise such investments.
(w) to lend, deposit, advance or give credit monies

belonging to or entrusted to or at the disposal of the
Company to such person(s) or company(ies) with or
without security, upon such terms as may be thought
proper and to guarantee the performance of any
contract(s) or obligation(s) and the payment by any
such person(s) or company(ies) and generally to give
sureties, securities, guarantees and indemnities.
(x) To provide for the welfare of employees or ex-

employees of the Company or its predecessors in
business and the wives, widows and families or the
dependents or connections of such person by building
or contributing to the building of houses, dwellings or
chawls or by grants of money, pensions, allowances,
bonus, payments towards insurance or other payments
25
or by creating and from time to time subscribing or
contributing to, aiding or supporting provident or other
associations, institutions, funds or trusts, or
conveniences and by providing or subscribing or
contributing towards places of instruction and
recreation, hospitals and dispensaries, medical and
other attendance and other assistance as the
Company shall think fit; and to subscribe or contribute
or otherwise to assist or to guarantee money to
charitable, benevolent, religious, scientific, national or
other institutions or objects or for any exhibition, or for
any public, general or useful objects, to any political
party or for any political purpose to any individual or
body.
(y) To give, award or allow any pension, gratuity, or

compensation or bonus to any employee of the
Company, or his widow, children, or dependents that
may appear to the Directors just and proper, whether
he, she or they has or have not a legal claim upon the
Company; and before recommending any dividend, to
set aside portions of the profits of the Company to form
a fund to provide for such pensions, gratuities, or
compensation, bonuses, or to create any provident or
Benefit Fund or insurance Scheme in such or any other
manner as the Directors may deem fit.
(z) To acquire or erect houses or buildings for the officers

of the Company, or for transaction of its business or for
the employees of the Company or for the purpose of
investment or otherwise and to insure against fire or
other risks all or any of the insurable property of the
Company.
(aa) From time to time to make, vary and repeal bye-laws

for the regulation of the business of the Company, its
officers and servants.
(bb) For or in relation to any of the matters aforesaid, or

otherwise for the purposes and objects of the
Company, to enter into all such negotiations and
contracts and rescind and vary all such contracts and
execute, perform and do and sanction and authorise all
such acts, deeds, matters and things in the name and
on behalf of the Company, as they may consider
expedient.
(cc) From time to time borrow or acquire for payment any

sum or sums of money for the purposes of the
Company and may secure the repayment of such sum
or sums upon such terms and conditions in all respects
as they think fit and in particular by the issue of bonds,
perpetual or redeemable or redeemable debentures or
debenture stock or other securities or any mortgage,
26
charge or other security on the undertaking or on the
whole or any part of the property of the Company (both
present and future) including its uncalled capital for the
time being.
(dd) To pay the cost, charges and expenses, preliminary

and incidental to the promotion, formation,
establishment and registration of the Company, or any
other Company and subsequent to the registration
thereof, including, therein the fees and stamps paid in
respect thereof and the cost of advertising, printing,
stationery, brokerage, solicitor's charges, furniture and
fittings of office and such other cost which the Directors
consider may be fairly deemed and treated as
preliminary and to place the same to a separate
account, to be called the preliminary expenses account
and to charge the same to the profits of the Company
or to Capital as the Directors may deem expedient.
(ee) And generally, at their absolute discretion, to do and

perform every act and thing which they may consider
necessary or expedient for the purpose of carrying on
the business of the Company excepting such acts and
things as by law or by the Memorandum of Association
of the Company or by these presents may stand
prohibited.
100 Company to Subject to the provisions of the Act, the Board of Directors of a
contribute to Company may contribute to bona fide charitable and other
bona fide and funds.
charitable
funds, etc.
101 Charge on If any uncalled capital of the Company is included in or charged

uncalled by any mortgage or other security, the Directors may, by an
Capital instrument under the Company's seal authorise the person in
whose favour such mortgage or security is executed or any
other person in trust for him, to make calls on the members in
respect of such uncalled capital and the provisions hereinbefore
contained in regard to calls shall, mutatis mutandis apply to calls
made exercisable either conditionally or unconditionally and
either presently or contingently and either to the exclusion of the
Board's power or otherwise and shall be assignable if expressed
so to be.
27
102 Successive Where any uncalled capital of the Company is charged, all
charge on persons taking any subsequent charge thereon shall take the
uncalled same, subject to such prior charge and shall not be entitled, by
capital notice to the shareholders or otherwise, to obtain priority over
such prior charge.
103 Assignability Subject to the provisions of the Act, debentures or other
of securities securities may be made assignable free from any equities
between the Company and the person to whom the same may
be issued.
104 Minutes of (1) The Company shall cause minutes of the proceedings of
proceedings of every general meeting of any class of shareholders or
Meetings and creditors and every resolution passed by postal ballot and
postal Ballot every meeting of its Board of Directors or of every
resolutions Committee of the Board, to be prepared and signed in
such manner as may be prescribed and kept within thirty
days of the conclusion of every such meeting concerned,
or passing of resolution by postal ballot in books kept for
that purpose with their pages consecutively numbered.
Discretion of (2) The Chairperson of the meeting may exclude at his

Chairperson on absolute discretion such of the matters as are or could
Minutes reasonably be regarded as defamatory of any person or
irrelevant or immaterial to the proceedings or detrimental
to the interests of the Company.
Minutes to be (3) The minutes of the meeting kept in accordance with the
evidence provisions of the Act shall be evidence of the proceedings
recorded therein
Inspection of (4) The books containing the minutes of the proceedings of

minute books of any general meeting of the Company or a resolution
general meeting passed by postal ballot shall:
a) be kept at the registered office of the Company; and
b) be open to inspection by any member without charge

at a reasonable time which will be not less than two
hours on every working day other than Sunday.
Members may (5) Any member shall be entitled to be furnished, within the
obtain copy of time prescribed by the Act, after he has made a request
minutes in writing in that behalf to the Company and on payment
of such fees as may be fixed by the Board but not
exceeding the limits prescribed by the Act, with a copy of
any minutes referred to in clause (4) above:
28
KEY MANAGERIAL PERSONNEL
105 Appointment of Subject to the provisions of the Act —
Key Managerial
Personnel of (i) A Managing Director or Chief Executive Officer or
the Company Manager or Whole-time Director, Company Secretary
and Chief Financial Officer may be appointed by the Board
for such term, at such remuneration and upon such
conditions as it may think fit, in accordance with the
provisions of the Act.
(ii) A director may be appointed as Managing Director, Chief

Executive Officer, Whole-time Director, Company
Secretary or Chief Financial Officer.
PROCEEDINGS OF THE BOARD OF DIRECTORS
106 Proceedings of The Board may meet together, for the conduct of business,
the Board adjourn and otherwise regulate their meetings, as they think fit.
The Chairperson or in the absence of a Chairperson, the Vice
Chairperson or any director with the consent of the Chairperson
or the Vice Chairperson, as the case may be, or the Company
Secretary upon the direction of the Chairperson or the Vice
Chairperson, as the case may be, may at any time summon a
meeting of the Board at such times and places as they deem fit.
107 Quorum (1) The quorum for a meeting of the Board of Directors shall be
as provided in the Act.
Adjournment of (2) If a meeting of the Board cannot be held for want of a
meeting for quorum then the meeting shall stand adjourned to such day,
want of quorum time and place as the Director or Directors present at the
meeting may fix.
108 Participation at The participation of the Directors in a meeting of the Board may
Board Meetings be either in person or through Video Conferencing or audio-
visual means or teleconferencing, as may be prescribed in the
Act.
109 Chairperson The Board may elect one of its members to be the Chairperson
of its meetings and determine the period for which he is to hold
such office.
110 Vice The Board may elect one among its members to be the Vice
Chairperson Chairperson and determine the period for which he is to hold
such office.
111 Duties of The Chairperson or, in his absence, the Vice Chairperson shall
Chairperson preside over all the meetings of the Board and regulate the
and Vice conduct thereof. If at any time both the Chairperson and the
Chairperson Vice Chairperson are not present within fifteen minutes after the
time appointed for holding the meeting or being present are not
willing to preside over the meeting, the Directors present shall
choose one of their number to be Chairperson of such meeting.
29
112 Committee The Board may, subject to the provisions of the Act, Listing
Agreement, SEBI Regulations and of these presents, constitute
and delegate any of its powers to Committees consisting of such
member or members of its body as it thinks fit. A Committee so
formed shall, in the exercise of the powers so delegated,
conform to any regulation that may be imposed on it by the
Board.
113 Chairperson of A Committee may elect a Chairperson of its meetings. If no such
Committee Chairperson is elected or if at any meeting the Chairperson is
not present within fifteen minutes after the time appointed for
holding the meeting or is not willing to preside over the meeting,
the members present may choose one of their number to be
Chairperson of the meeting.
114 Questions at Save as otherwise expressly provided in the Act, questions
Committee arising at any meeting of the Committee shall be decided by a
Meetings majority of votes. In case of an equality of votes, the
decided by Chairperson shall have a second or casting vote.
casting vote
115 Acts of Board All acts done by any meeting of the Board or of a Committee
etc., valid in thereof, or by any person acting as a director, shall
spite of notwithstanding that it may afterwards be discovered that there
defective was some defect in the appointment of any one or more of such
appointment of Directors or of any person acting as aforesaid, or that they or any
Directors, etc. of them were disqualified, be as valid as if every such Director or
such person had been duly appointed and was qualified to be a
Director.
116 Directors not to The continuing Directors may act notwithstanding any vacancy in
act when their the Board, but if and so long as their number is reduced below
number falls the quorum fixed by the Act for a meeting of the Board, the
below minimum continuing Directors may act for the purpose of increasing the
number of directors to that fixed for the quorum, or of summoning
a general meeting of the Company, but for no other purpose.
117 Resolution by Save as otherwise expressly provided in the Act, a resolution
circulation together with necessary papers in writing, circulated to all the
Directors as specified in the Act and approved by a majority of
Directors or members, who are entitled to vote on the resolution,
shall be as valid and effectual as if it had been a resolution
passed at a meeting of the Board or of Committee duly convened
and held.
118 Managing and Subject to the provisions of the Act, the Board shall have the
Whole-time power to appoint and reappoint from time to time one or more
Directors Directors to be Managing Director(s) and Whole Time Director(s)
of the Company under such designation, for such period, on
such terms and conditions and on such remuneration (whether
by way of salary, perquisites, commission or participation in
profits, or otherwise or partly in one way and partly in another)
as the Directors may, under the provisions of the Act, or any
other law applicable for the time being in force.
30
Subject to the provisions of the Act and in particular to the
prohibitions and restrictions contained in Section 179 of the Act
thereof, the Board may, from time to time, entrust to and confer
upon, the Managing Director for the time being, such of the
powers exercisable under These Presents by the Board, as it
may think fit and may confer such powers of such time and to be
exercised for such objects and purposes and upon such terms
and conditions and with such restrictions as it thinks fit, either
collaterally with, or to the exclusion of and in substitution for all
or any of the powers of the Board in that behalf and may from
time to time alter, vary, withdraw or revoke all or any of such
powers.
The Whole Time Director(s), who are in whole-time employment

of the Company shall be subject to the supervision and control
of the Managing Director and exercise such powers as are
vested by the Board from time to time.
The Managing / Whole-Time Director(s) shall be subject to the
same provisions as to resignation and removal as the other
Directors and he shall ipso facto and immediately cease to be a
Managing / Whole-Time Director if he ceases to hold office as
Director.
SEAL
119 Common Seal of The Board may provide for a common seal of the Company. It
the Company shall have the power from time to time to destroy the same and
substitute a new seal in lieu thereof. The Board may also decide
upon discontinuing or dispensing with the common seal in
accordance with the Act.
The Board shall provide for safe custody of the seal. The Board
may in its discretion determine the documents or instruments for
which affixation of the common seal may be necessary.
Such affixation shall be done in the presence of any one of the
Directors or Key Managerial Personnel of the Company or such
other person authorised by the Board and such Director or Key
Managerial Personnel or person authorised by the Board shall
sign every document or instrument to which the seal of the
Company is so affixed in his presence.
Any document or instrument on which the common seal is not
affixed, shall not be construed as invalid.
DIVIDENDS AND RESERVE
120 Dividends The Company in General Meeting may declare dividends, but no
dividend shall exceed the amount recommended by the Board.
121 Interim Subject to the provisions of the Act, the Board may from time to
dividends time pay to the members such interim dividends as appear to it
to be justified by the profits of the Company.
31
122 Dividends to be The Board may, before recommending any dividend, set aside
paid out of the out of the profits of the Company such sums as it thinks fit as a
profits reserve or reserves which shall, at the discretion of the Board,
be applicable for any purpose to which the profits of the
Company may be properly applied, including provision for
meeting contingencies or for equalizing dividends; and pending
such application, may, at its discretion, either be employed in the
business of the company or be invested in such investments
(other than shares of the Company) as the Board may, from time
to time, think fit.
The Board may also carry forward any profits which it may
consider necessary not to divide, without setting them aside as a
reserve.
123 Dividend (1) Subject to the rights of persons, if any, entitled to shares with
entitlement special rights as to dividends, all dividends shall be declared
and paid according to the amounts paid or credited as paid-
up on the shares in respect whereof the dividend is paid.
Calls in (2) No amount paid or credited as paid on a share in advance

advance not of calls shall be treated for the purpose of this Article as
entitled for paid on the share.
dividend
Dividend (3) All dividends shall be apportioned and paid proportionately

payment in to the amounts paid or credited as paid on the shares during
proportion to any portion or portions of the period in respect of which the
amount paid-up dividend is paid; but if any share is issued on terms
providing that it shall rank for dividend as from a particular
date, such share shall rank for dividend accordingly.
124 Appropriations The Board may deduct from any dividend payable to any
of Dividends member all sums of money, if any, presently payable by him to
towards calls in the Company on account of calls or otherwise in relation to the
arrears shares of the Company.
125 No interest on No dividend shall bear interest as against the Company.

Dividends
126 Dividends how (1) Any dividend, interest, or other moneys payable in cash in
paid respect of shares may be paid through any electronic mode
or by cheque or warrant sent through the post directed to
the registered address of the holder or in the case of joint
holders to the registered address of the joint holder who is
first named on the Register of Members, or to such person
and to such address as the holder or joint holders may in
writing direct.
(2) Every such cheque or warrant shall be made payable to the

order of the person to whom it is sent.
32
(3) Payment in any way whatsoever shall be made at the risk of
the person entitled to the money paid or to be paid. The
Company will not be responsible for a payment which is lost
or delayed. The Company will be deemed to have
discharged its obligation of having made payment if such
payment has been made using any of the foregoing
permissible means to the recipient thereof.
127 Receipts by Any one of two or more joint holders of a share may give
Joint holders effectual receipts for any dividends, bonuses or other monies
payable in respect of such share.
128 Notice of Notice of any dividend that may have been declared shall be
declaration of given to the persons entitled to share therein in the manner
dividend mentioned in the Act and these presents.
CAPITALISATION OF PROFITS
129 Resolution to (1) The Company in General Meeting may, upon the
capitalise recommendation of the Board, resolve:
(a) that it is desirable to capitalise any part of the amount

for the time being standing to the credit of any of the
Company’s reserve accounts or to the credit of the
Statement of Profit and Loss, or otherwise available
for distribution; and
(b) that such sum be accordingly set free for distribution

in the manner specified in clause (2) amongst the
members, who would have been entitled thereto, if
distributed by way of dividend and in the same
proportions.
(2) The sum aforesaid shall not be paid in cash, but shall be
applied, subject to the provisions contained in clause (3),
either in or towards -
(i) paying up any amounts for the time being unpaid on

any shares held by such members respectively;
(ii) paying up in full, unissued shares of the Company to
be allotted and distributed, credited as fully paid up, to
and amongst such members in the proportion
aforesaid; or
(iii) partly in the way specified in sub-clause (i) and partly
in that specified in sub-clause (ii).
(3) Free Reserves, Securities Premium Account and Capital
Redemption Reserve Account or such other sources as
may be prescribed under the Act, may, for the purpose of
this Article, be applied in paying up of unissued shares to
be issued to the members of the Company as fully paid
bonus shares.
33
(4) The Board shall give effect to the resolution passed by the
Company in pursuance of this Article.
130 Capitalisation (1) Whenever such a resolution as aforesaid shall have been
of profits passed, the Board shall:
(a) make all appropriations and applications of the

undivided profits resolved to be capitalised thereby
and all allotments and issues of fully paid shares, if
any; and
(b) generally do all acts and things required to give effect

thereto.
(2) The Board shall have full power:
(a) to make such provision by the issue of fractional

certificates coupon or by payment in cash or otherwise
as it thinks fit, in the case of shares becoming
distributable in fractions; and also.
(b) to authorise any person to enter, on behalf of all the

members entitled thereto into an agreement with the
Company providing for the allotment to them
respectively, credited as fully paid up, of any further
shares to which they may be entitled upon such
capitalisation or (as the case may require) for the
payment by the Company on their behalf, by the
application thereto of their respective proportions of
the profits resolved to be capitalised, of the amount or
any part of the amounts remaining unpaid on their
existing shares.
(3) Any agreement made under such authority shall be

effective and binding on all such members.
AUDIT
131 Audit of Every Balance Sheet and Statement of Profit and Loss of the
Financial Company be audited by one or more auditors in accordance with
Statements the applicable provisions of the Act.
132 Statutory The appointment and reappointment, term, rotation, eligibility

Auditors qualification and disqualification, rights, powers, duties,
resignation and removal of Auditors and Audit Report shall be in
accordance with the provisions of the Act.
133 Audit of The Company shall get the secretarial and related records
Secretarial audited in the manner prescribed by the Act.
Records
34
134 Secretarial Appointment, reappointment, rotation, removal, resignation,
Auditors eligibility, qualification, disqualification, remuneration, powers
and duties etc. of the Secretarial Auditors and the Secretarial
Audit Report shall be in accordance with the provisions of the
Act.
SERVICE OF DOCUMENTS AND NOTICE
135 Service of Service of documents and Notice on a Company or a Member

documents of and the manner and mode of service shall be as provided in the
company Act.
AUTHENTICATION OF DOCUMENTS
136 Authentication Save as otherwise provided in the Act or these articles, a

of documents document or proceeding requiring authentication by the
and Company or contracts made by or on behalf of the Company
proceedings may be signed by any Key Managerial Personnel or an Officer or
employee of the Company authorized by the Board and need not
be under its seal.
INSPECTION OF BOOKS OF ACCOUNTS
137 Inspection of The Board shall, from time to time, determine whether and to
Accounts and what extent and at what times and places and under what
Books conditions or regulations the accounts and books of the
Company or any of them shall be open to the inspection of the
members not being directors and no member (not being a
director) shall have any right of inspecting any account or book
or document of the Company except as conferred by statute or
authorised by the Board or by the Company in General
Meetings.
STATUTORY REGISTER
138 Registers and (1) The Company shall keep and maintain at its Registered
inspection Office all statutory registers, other than the Register of
thereof Members, which shall be maintained by the Registrar &
Transfer Agents, for such duration as the Board may
decide unless otherwise prescribed and in such manner
and containing such particulars as prescribed by the Act.
(2) The Registers and copies of annual return shall be open

for inspection by any member at a reasonable time which
will be not less than two hours on every working day other
than Sunday, at the registered office of the Company by
the persons entitled thereon on payment, where required,
of such fees as may be fixed by the Board but not
exceeding the limits prescribed by the Act.
35
WINDING UP
139 Winding up Subject to the applicable provisions of the Act –
If the Company shall be wound up, the liquidator may, with the
sanction of the requisite resolution of the Company and any
other sanction required by the Act, divide amongst the members
in specie or in kind, the whole or any part of the assets of the
Company, available for distribution among members (whether
they shall consist of the property of the same kind or not).
For the purpose aforesaid, the liquidator may set such value as
he deems fair upon any property to be divided as aforesaid and
may determine how such division shall be carried out as between
the members or different classes of members.
The liquidator may, with the like sanction, vest the whole or any
part of such assets in trustees upon such trust for the benefit of
the contributories as he considers necessary, but so that no
member shall be compelled to accept any shares or other
securities whereon there is any liability.
INDEMNITY AND RESPONSIBILITY
140 Right of Key (a) Subject to the provisions of the Act, the Key Managerial
Managerial Personnel, Directors, Officers and Employees of the
Personnel, Company shall be indemnified by the Company out of the
Officers and funds of the Company to pay all costs, losses and
Employees to expenses including travelling expenses which such Key
indemnity Managerial Personnel, Directors, Officers and Employees
of the Company may incur or become liable to by reason of
any contract entered into or act done by him as such Key
Managerial Personnel, Director, officer or employee or in
any way in the discharge of his duties in such capacity
including expenses.
(b) Subject as aforesaid, the Key Managerial Personnel,

Director, Officers and Employees of the Company shall be
indemnified against any liability incurred by him in
defending any proceedings whether civil or criminal, in
which judgement is given in his favour or in which he is
acquitted or discharged or in connection with any
application under the provisions of the Act in which relief is
granted to him by the Court.
141 Indemnity to If the Directors or any of them or any other persons shall
the Directors become personally liable for the payment of any sum primarily
for becoming due from the Company, the Directors may execute or cause to
sureties, etc. be executed any mortgage, charge or security over or affecting
to the the whole or any part of the assets of the Company by way of
Company indemnity to secure the Directors or persons so becoming liable
as aforesaid from any loss in respect of such liability.
36
INSURANCE
142 Insurance for The Company may take and maintain any insurance as the
Key Managerial Board may think fit on behalf of its present and/or former Key
Personnel, Managerial Personnel, Directors and others for indemnifying all
Directors and or any of them against any liability for any acts in relation to the
others Company for which they may be liable but have acted honestly
and reasonably.
GENERAL POWER
143 General Power Wherever in the Act, or any other law for the time being in force
in Articles it has been provided that the Company shall have any right,
privilege or authority or that the Company could carry out any
transaction only if the Company is so authorised by its articles,
then and in that case this Article authorizes and empowers the
Company to have such rights, privileges or authorities and to
carry such transactions as have been permitted by the Act, or
such other law for the time being in force without there being
any specific Article in that behalf herein provided.
SECRECY
144 Secrecy Clause Subject to the provisions of this Act, no member shall be
entitled to visit or inspect the Company’s works without the
permission of the Managing Director or to require discovery of
or any information respecting any detail of the Company’s
trading or any matter or secret process which may relate to the
conduct of the business of the Company and which in the
opinion of the Board of Directors it will be inexpedient in the
interest of the Company to communicate to the public.
Every member of the Board, Manager, Secretary, Auditor,

Trustee, Members of a Committee, Officer, Servant, Agent,
Accountant or other person employed in the business of the
Company, shall if so required by the Board before entering
upon their duties or at any time during their term of office, sign
a declaration pledging themselves to observe strict secrecy
respecting all transactions of the Company and the state of
Accounts and in matters relating thereto and shall by such
declaration, pledge themselves not to reveal any of the matters
which may come to their knowledge in the discharge of duties
except when required to do so by the Board or by Court of law
or by the person to whom such matters relate and except so far
as may be necessary in order to comply with any of the
provisions contained in these Articles.
37
We, the several persons whose names and addresses are subscribed, are desirous of being
formed into a company in pursuance of this Memorandum of Association and we respectively
agree to take the number of shares in the Capital of the Company set opposite our respective
names.
Names Addresses and Number of shares Name, Address and

descriptions of subscribers taken by each description of Witness
subscriber
Def. Pref. Ordy.
1. S.N.N.Sankaralinga Iyer, 75,000 100 900 T.M.Kasthuri,
Managing Director, 5, Smith Road,
Indo Commercial Bank Ltd., Mount Road,
Bishop’s Gardens, Madras.
4, Greenways Road, Adayar,
Madras.
2. J.M.Doak, Nil 150 600 -do-
C/o A & F Harvey Ltd.,
Madura.
3. C.S.Loganathan, 2,000 500 4,000 R.Venkateswaran,
Contractor, Bank Assistant,
10, Mount Road, 107, Armenian Street,
Madras. G.T., Madras.
4. H.D. Rajah, 2,000 800 7,000 -do-
General Manager,
The Vanguard Insurance Co.
Ltd.,
‘Srinagar’, 20, Rajah Road,
Thyagarayanagar,
Madras.
5. P.Suryanarayana, 2,000 500 4,000 -do-
‘Kamalalaya’,
8, Boag Road,
Thyagarayanagar,
Madras.
6. S.A.Shaffee Mohamed, 1,000 70 525 -do-
‘Ashiana’,
Shaffee Mohamed Road,
Cathedral P.O., Madras.
7. A.Krishnaswami, Nil 50 400 -do-
(Sir Alladi Krishnaswami Iyer)
Advocate,
‘Ekambra Nivas’,
Luz, Mylapore,
Madras.
Carried over 82,000 2,170 17,425
38
Names Addresses and Number of shares Name, Address and description of
descriptions of subscribers taken by each Witness
subscriber
Def. Pref. Ordy.
Brought forward 82,000 2,170 17,425

8. N.Rajagopalan, Nil 350 2,600 -do-
Advocate,
‘Norton Lodge’,
Luz, Mylapore,
Madras.
9. M.Subbaraya Aiyer, Nil 75 700 -do-
Advocate,
Pelathope, Mylapore,
Madras.
10. S.Rm.Ct.Annamalai Chettiar, 5,000 800 6,000 R Venkateswaran
Proprietor, Bank Assistant
Trojan & Co., 107, Armenian Street
Stocks & Share Brokers, Madras.
13/14, Second line Beach,
Madras.
11. S.Chenniappa Mudaliar, 3,000 900 8,100 -do-
Merchant, Chandra Bhavan,
Fort, Erode.
12. S.Krishnan, 2,000 500 4,000 -do-
Merchant,
75, Godown Street,
Madras.
13. R.Ramjeedas Iyer, 1,000 50 250 -do-
Zamindar of Kannivadi,
49, Jatindas Road,
Rash Behari Avenue P.O.
Calcutta.
14. Alladi Kuppuswami, Nil 50 400 -do-
Advocate,
‘Ekambra Nivas’
Luz Church Road, Mylapore
Madras
15. Rajah, 3,000 350 2,600 T.B.Balagopal
Sri Shunmuga Rajeswara Advocate
Sethupathi, Mylapore
Rajah of Ramnad, Madras.
The Palace, Ramnad.
Carried over 96,000 5,245 42,075
39
Names Addresses and Number of shares Name, Address and description of
descriptions of subscribers taken by each Witness
subscriber
Def. Pref. Ordy.
Brought forward 96,000 5,245 42,075

16. V.S.Krishnaswami 2,000 300 2,800 R.Venkateswaran,
Prop.V.S.Krishnaswami & Co., Bank Assistant,
Stocks & Sharebrokers, 107, Armenian Street,
310-311, Linghi Chetty Street, Madras.
Madras
17. Pandyan Insurance Co.Ltd Nil 500 Nil T.M.Kasthuri,
Madura 5, Smith Road,
Mount Road,
Madras.
18. T.R.Venkatarama Sastri, 600 20 200 T.V.Rajagopalan,
Advocate, Advocate,
Edward Elliots Road, Edward Elliots Road,
Mylapore, Mylapore,
Madras. Madras.
Total 98,600 6,065 45,075
Shares of the total face value of Rs.22,26,375.
Dated this Eighteenth day of February, 1946
40

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THE INDIA CEMENTS LIMITED

Sub.: Annual General Meeting

In pursuance of Regulation 34 of the SEBI (Listing Obligations and

1 Annual Report for the year ended 31st March 2019.

2 Notice convening the 73td Annual General Meeting of the Company.

Besides the routine items, the following items of business requiring

1 Reappointment of Sri.V.Ranganathan as an Independent Director of the

2 Alteration of Articles of Association of the Company to bring it in line with the

Registered Office Dhun Building, 827, Anna Sala, Chennai -600002

CONTENTS Page No.

Notice to Shareholders ........................................................................................................ 2

Ten Years in Brief – Financial Information ........................................................................ 12

Directors’ Report ............................................................................................................... 13

Corporate Governance ...................................................................................................... 32

Independent Auditors’ Report ............................................................................................ 86

Balance Sheet ................................................................................................................... 96

Statement of Profit & Loss ................................................................................................. 97

Cash Flow Statement ........................................................................................................ 99

Notes on Accounts .......................................................................................................... 101

Independent Auditors’ Report on the Consolidated

Financial Statements ....................................................................................................... 134

Consolidated Balance Sheet ........................................................................................... 142

Consolidated Statement of Profit & Loss ........................................................................ 143

BOARD OF DIRECTORS Sri N. Srinivasan Vice Chairman & Managing Director

Auditors Messrs K.S. Rao & Co. Messrs S. Viswanathan LLP

Registered Office TAMILNADU ANDHRA PRADESH

Corporate Office GRINDING UNITS

15. Electronic Voting (e-Voting)

5. Your password details are given below:

General Guidelines for shareholders

(By order of the Board)

(i) Name of the Director : Smt.Chitra Srinivasan

Date of Birth : 31st July 1949

Interest of Directors and Key Managerial Personnel:

Interest of Directors and Key Managerial Personnel:

Interest of Directors and Key Managerial Personnel:

(By order of the Board)

Sales & Earnings

Cash Generated (internally)

Capital & Reserves

Net worth, EPS & Dividend

11. Equity Dividend Per share (`) 2 1.50 2 2 - - 1 1 0.80 0.80

On behalf of the Board

N. SRINIVASAN S. Balasubramanian Adityan

(iii) Further capital investment on energy conservation equipment:

C. Foreign exchange earnings & outgo:

On behalf of the Board

N. SRINIVASAN S. Balasubramanian Adityan

Research and Development (R & D) :

Technology absorption, adaptation and innovation:

On behalf of the Board

N. SRINIVASAN S. Balasubramanian Adityan

MANAGEMENT DISCUSSION AND ANALYSIS

INDIAN ECONOMY: AFTER A BRISK START, GROWTH SLACKENS

COST MITIGATION MEASURES AND OTHER IMPROVEMENT MEASURES:

GREEN ENERGY AND CLEAN DEVELOPMENT MECHANISM

HEALTH AND SAFETY

BUSINESS RISKS AND OPPORTUNITIES

HUMAN RESOURCES & INDUSTRIAL RELATIONS