Академический Документы
Профессиональный Документы
Культура Документы
01 38
Corporate Review Management Review
04 Eicher Motors Limited 40 Management
06 Financial Position – Discussion & Analysis
Consolidated
07 Operational Highlights –
Consolidated
08 Message to the
51
Statutory Reports
Shareholders
52 Business Responsibility
12 Pure Motorcycling with
Report
IfpXc<eÔ\c[
63 Directors’ Report
14 The oldest Motorcycle Brand
88 Corporate Governance
in Continuous Production
Report
16 Key Highlights for the year
18 Financial Position –
Standalone
19 Operational Highlights –
107
Financial Statements
Standalone
108 Standalone Financial
20 The Twins are Here!
Statements
28 Spreading Footprint in
175 Consolidated Financial
South East Asia
Statements
30 Recreating Authentic
Inspirations from Royal
<eÔ\c[ËjDfkfiZpZc\
Pedigree
243
32 >ifn`e^k_\IfpXc<eÔ\c[ Review of Subsidiary
Community 244 Performance Highlights
34 IfpXc<eÔ\c[:ljkfd 246 Business Highlights and
Programme Future Prospects
36 Driving Manufacturing
Excellence to Meet Global 252 Notice
Aspirations
2018-19 26.6
2017-18 28.8
J_Xi\f]gifÔkf]Af`ek
Venture - VECV (Rs. Crores)
2018-19 258
2017-18 257
0.7%
Total Comprehensive income
`eZcl[`e^j_Xi\f]gifÔkjf]Af`ek
Venture (Rs. Crores)
2018-19 2,214
2017-18 2,190
1.1%
* Excluding discontinued operation of Eicher Polaris
Private Limited
TO ENCOURAGE,
ENABLE AND
KICKSTART
THE ACTIVE,
LIFELONG
PURSUIT OF
EXPLORATION
We believe that pure motorcycling unlocks
this pursuit, that’s why - we keep riding pure
RIDE Invite people to
the world of pure
motorcycling
8,22,724 72,969
IfpXc<eÔ\c[YiXe[%8^cfYXcc\X[\i
`ed`[$j`q\[dfkfiZpZc\j\^d\ek#
IfpXc<eÔ\c[`jk_\fc[\jkdfkfiZpZc\ motorcycles sold commercial vehicles sold
YiXe[`eZfek`elfljgif[lZk`fej`eZ\
(0'(%N`k_`kj[`jk`eZk`m\iXe^\f]
j`dgc\p\k\e^X^`e^Xe[XZZ\jj`Yc\
motorcycles, exhilarating community
96% 29.4%
DXib\kj_Xi\`e@e[`XËjd`[$j`q\ Commercial vehicles market share
riding events and an ecosystem that
(250cc-750cc) motorcycles in domestic light-to-medium duty
`ekif[lZ\jZljkfd\ijkfk_\nfic[f] segment (3.5 to 15 tonnes) segment
gli\dfkfiZpZc`e^#IfpXc<eÔ\c[_Xj
\mfcm\[`ekfXe\og\i`\ek`XcYiXe[%
IfpXc<eÔ\c[n`k_`kjdfkfiZpZc\ VE Commercial
that combine modern-day elements IfpXc<eÔ\c[ Vehicles (VECV)
with the brand’s heritage, garners World’s oldest motorcycle brand Designs, manufactures and markets
immense enthusiasm amongst in continuous production i\c`XYc\#]l\c$\øZ`\ekkilZbjXe[
^cfYXcdfkfiZpZc`jk%@k_Xjdf[\ie Focussed on mid-size buses
gif[lZk[\m\cfgd\ekZ\eki\jXk motorcycles (250 cc-750 cc)
Leicestershire, UK and Chennai, Products sold in India and 50
@e[`Xn_\i\\og\ikk\Z_e`ZXck\Xd countries globally through
ZfeZ\gklXc`j\e\ok$^\e\iXk`fe exclusive stores and dealers
dfkfiZpZc\j%IfpXc<eÔ\c[Xcjf_Xj
k_i\\jkXk\$f]$k_\$XikdXel]XZkli`e^ Portfolio Portfolio
]XZ`c`k`\jXifle[:_\eeX`kfd\\k Motorcycles – Bullet, Classic, Eicher branded 3.5-4.9 tonnes,
global demand. Thunderbird, Himalayan, Light Medium Duty Trucks (5-15
Interceptor 650, Continental tonnes), Heavy Duty Trucks (16-
EML’s joint venture VE Commercial >KÀ-,' 49 tonnes) and buses
Vehicles (VECV) with Sweden’s AB Apparel – Protective riding Volvo Trucks
Mfcmf#\e^X^\j`ek_\dXel]XZkli\ apparel, urban casual wear and Engineering components and
f]_`^_$k\Z_efcf^pYlj\jXe[kilZbj personal accessories aggregates
]ifd*%,$+0kfee\j%@k_Xjg`fe\\i\[ Motorcycle accessories - touring Assembly of Euro-VI Compliant
seats, protective engine and Medium Duty engines for
df[\ie`jXk`fef]Zfdd\iZ`Xc
leg gaurds, luggage solutions MfcmfÀ>iflg
m\_`Zc\j`e@e[`XXe[fk_\i[\m\cfg`e^ Xe[ÀZfekifcj
Zfleki`\j%M<:MËj`ek\^iXk\[gcXek`e
G`k_Xdgli#DX[_pXGiX[\j_`jX^cfYXc
_lY]fid\[`ld[lkpÔm\$Xe[\`^_k$
c`ki\\e^`e\j]fik_\Mfcmf>iflg%
3 3 42
DXel]XZkli`e^]XZ`c`k`\j`e@e[`XXk Fully-owned subsidiaries – Royal <oZclj`m\IfpXc<eÔ\c[jkfi\jXZifjj
Thiruvottiyur, Oragadam and Vallam <eÔ\c[Efik_8d\i`ZXLJ8 #IfpXc UK, Colombia, USA, Mexico, UAE,
MX[X^Xce\Xi:_\eeX`#@e[`X <eÔ\c[9iXq`cXe[IfpXc<eÔ\c[ =iXeZ\#JgX`e#@e[fe\j`X#K_X`cXe[#
Thailand G_`c`gg`e\j#8ljkiXc`X#E\nQ\XcXe[#
Gfikl^Xc#DXcXpj`X#9iXq`c#M`\keXd
and Argentina.
2 915
Technology Centers at Leicestershire, <oZclj`m\jkfi\j`e@e[`X
LBXe[:_\eeX`#@e[`X
Foreign Domestic
Institutional Institutional
Promoter Group Investors Investors Others
49.32% 32.49% 4.55% 13.64%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
IfpXc<eÔ\c[I<
VE Commercial
Vehicles (VECV)
Royal IfpXc<eÔ\c[
IfpXc<eÔ\c[
<eÔ\c[Efik_
Thailand Ltd. Brasil Comercio de
America Ltd. Motorcicletas Ltda
Motorcycles Business
Royal
<eÔ\c[
Canada Ltd.
Net Fixed Assets Net Worth Book Value Per Share Market Capitalisation
(Rs. Crores) (Rs. Crores) (Rs.) (Rs. Crores)
** Total comprehensive income excludes exceptional item for 2017-18 and 2018-19
MESSAGE TO THE
SHAREHOLDERS
Dear Shareholders,
I’m writing to you after what’s been a fairly tough year
for the Indian automotive industry and your company.
The latter half of 2018-19 was very challenging for
the industry in India with a slowing economy, coupled
with price increases driven by a number of regulatory
changes, weakening demand across the industry.
After several years of double-digit sales Museum in Duxford, U.K. Inspired by the entire ownership experience for
growth, we recorded flat sales volumes the RE/WD motorcycle, lovingly known our riders. We have various initiatives
XkIfpXc<eÔ\c[Xjjcfn`e^\Zfefd`Z as the Flying Flea, which played a underway that will give our riders more
growth along with price increases pivotal role in World War 2, only 1,000 jlggfikXe[ZfeÔ[\eZ\`efliYiXe[%
brought on by regulatory changes motorcycles were available across the
Xù\Zk\[[\dXe[%M<:MnXjXcjf world. We sold all the 250 motorcycles As I look ahead into the longer term,
Xù\Zk\[Ypk_\\Zfefd`Zjcfn[fne# meant for India in just 178 seconds via I see that we are in the perfect space
liquidity crisis and an all-time high an online sale! We also successfully in the motorcycle industry globally. I
discounting across the commercial introduced Anti-lock Braking Systems believe the trend for premiumisation
vehicles industry. (ABS) on all our motorcycles, well ahead of most product categories, including
of the regulatory deadline, starting motorcycles, in India and developing
We believe our fundamentals are with the Signals, inspired by our long markets will continue for the next
robust, and that we have built association with the Indian armed few decades; and we are very well
outstanding capabilities for our next forces. positioned for that. In addition to
phase of growth and evolution. The outstanding and distinctive premium
trend of premiumisation continues to 2018-19 will be remembered as the motorcycles, our brand experience,
j_fnj`^e`ÔZXekgfk\ek`Xc]fiIfpXc jkXe[flkp\Xi]fiIfpXc<eÔ\c[Ëj distribution, and organisational
<eÔ\c[`e@e[`XXe[dXepgXikjf]k_\ global ambitions, with the fantastic approach are all upmarket - creating
world. For the CV industry, we continue 650 Twins going on sale. Launching to a unique and desirable positioning in
to believe that we can be the catalyst to stellar reviews and winnings dozens of people’s minds. In developed markets,
drive the modernisation of commercial awards including the Indian Motorcycle there is a trend towards down-sizing
transportation in India and other of the Year and other motorcycle of
developing markets. the year awards in India and 'Best
Modern Classic Middle-Weight’ in
Thailand, the Interceptor 650 and
IfpXc<eÔ\c[
Continental GT 650 have emerged as
In the year ended March 2019, EML’s
serious contenders for riders across the
consolidated net revenue from
world, looking for simple yet charming,
operations (reflecting the business
engaging and fun to ride motorcycles. IfpXc<eÔ\c[
f]IfpXc<eÔ\c[dfkfiZpZc\j nXjlg
by 9% to Rs. 9,797 crores, compared
to Rs. 8,965 crores recorded for the
year ended March 2018; Consolidated
We have been making steady progress
in International markets with the 24.9%
success of the Himalayan, and more Market share in 125cc+ motorcycle
EBITDA was Rs. 2,903 crores, up by 3%
so since the Twins went on sale around j\^d\ek`e@e[`X
ZfdgXi\[kfIj)#/'/Zifi\j2GifÔk
the world. The Twins have only had a few
After Tax rose to Rs. 2,203 crores from
months of sales in 2018-19, and in our
Rs. 1,960 crores in the same period
key priority markets such as Thailand
cXjkÀÀp\Xi%
and Brazil, we are now expanding our
distribution. We have also formed our
IfpXc<eÔ\c[jfc[/#))#.)+dfkfiZpZc\j
wholly-owned subsidiary in Thailand,
in the year, largely flat from 8,20,121
where the customer response to our
motorcycles sold last year. In 2018-19,
products has been fantastic.
we added 90 dealers in India and the
IfpXc<eÔ\c[e\knfibjki\e^k_nXj0(,
Eicher Motors
To transform RE into an experiential
dealerships as of March 2019. We now
have 42 exclusive stores outside of India,
spread across 19 countries and we just
brand, selling a motorcycle has to be
seen only as a start of the relationship 29.6%
with our customer. Our ambition is to :fejfc`[Xk\[<9@K;8DXi^`e
Y\^XejXc\j`eJflk_Bfi\Xn`k_fliÔijk
become #1 in customer satisfaction in
exclusive store in Seoul.
2019-20 (we ranked #2 last year for
In June 2018, we introduced the limited
customer satisfaction by JD Power) and
to maintain that position over time. To
22.5%
edition Pegasus at the Imperial War :fejfc`[Xk\[E\kGifÔkDXi^`e
do so, we need to dramatically change
for some time now - for export to Volvo and VECV is extremely robust. We will
globally. I’m sure that we will be well continue to focus on building products
prepared to seize the opportunity that - motorcycles and commercial vehicles
this transition gives us. - that will keep our customers delighted.
By April 2020, we plan to complete I would like to thank all our stakeholders
construction of our new plant in Bhopal for their resolute faith in us. We
with a capacity to produce an additional are well poised to capitalize on the
40,000 units a year. When completed, opportunities coming our way, and to
our overall capacity will be 130,000 create new ones, to take EML to a new
units a year. orbit of growth and success.
Looking ahead
At EML, we have created a business
model that has enabled us to achieve
a strong and sustained growth over
the years. While the short term looks
challenging, we believe that the long
k\idgfk\ek`Xc]fiYfk_IfpXc<eÔ\c[
PURE
MOTORCYCLING
WITH ROYAL
ENFIELD
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dpc`]\i\X[`e^XYflkk_\\og\i`\eZ\jf]fk_\ij%@
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it makes me realise that there is no greater
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with my motorcycle, with the road below, and
k_\k\iiX`ek_ifl^_n_`Z_@i`[\%@_Xm\]fle[ 8]le[Xd\ekXc\og\i`\eZ\f]c`]\ÆXlk_\ek`ZXe[
XnXpf]c`]\k_XkÔccjd\n`k_i\Xc#Xlk_\ek`Z real. Connecting at a sensorial level with your
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MOTORCYCLING
Motorcycling includes riding, owning, maintaining, caring
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\jj\ek`XcjXe[efkk_\\oZ\jj%EfkkiXej]fid`e^#Ylk
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with machine and terrain.
IN CONTINUOUS PRODUCTION
1901 1909 1914
K_\ÔijkIfpXc<eÔ\c[ IfpXc<eÔ\c[ËjÔijkM$kn`e IfpXc<eÔ\c[ËjÔijk
dfkfiZpZc\`jgif[lZ\[% is launched at the Stanley 2-stroke motorcycle goes
;\j`^e\[YpI%N%Jd`k_ Cycle Show, having a `ekf]lccgif[lZk`fe%8j
and Frenchman Jules )(&+_g\e^`e\dX[\ 9i`kX`e^\kj[\\gcp`emfcm\[
>fk`\k#`k_XjX((&)_g Ypk_\Jn`jjZfdgXep# `eNfic[NXi@#gif[lZk`fe
Minerva engine mounted in Motosacoche. f]Xccfk_\iIfpXc<eÔ\c[
]ifekf]k_\jk\\i`e^_\X[% motorcycles ceases
K_\ÔeXc[i`m\`jXkk_\i\Xi barring this machine and
n_\\cYpd\Xejf]Xcfe^ k_\:fdgXepËjY`^^\jk
rawhide belt. motorcycle, the 770 cc
-_gM$kn`e%
2002 2004
The Thunderbird, a stylish K_\<c\ZkiXO#Xe\ogfik
lean burn cruiser is launched Bullet with a 500cc version
`e@e[`X%@k]\Xkli\jk_\Ôijk f]k_\Xcc$Xccfpc\XeYlie
,$jg\\[^\XiYfolj\[feX engine, goes on sale.
IfpXc<eÔ\c[j`eZ\(0-,`e The retrostyled ‘Bullet
Redditch. Over 1000 Royal Machismo’ is rated the ‘No.1
<eÔ\c[dfkfiZpZc\jf]Xcc Cruiser’ in a TNS Autocar
ages descend on Redditch survey.
]fik_\IfpXc<eÔ\c[Fne\ij
Club Redditch Revisited
event.
Quarter 1 Quarter 2
(April 2018 – June 2018) (July 2018 – September 2018)
Planned a capex of Rs. 800 crores CXleZ_Xe[k_\Ôijk>cfYXcD\[`X
for 2018-19 towards construction i`[\f]k_\IfpXc<eÔ\c[-,'Kn`ej
of Phase-II manufacturing facility - the INT and the GT. The 650 Twins
at Vallam Vadagal, construction of gcXk]fid`jIfpXc<eÔ\c[jÔijkkn`e$
technology centre in Chennai and cylinder motorcycle platform in 50
product development. years. The motorcycles received
excellent reviews across the world,
Launched the Limited Edition ‘Classic from media and experts alike. Royal
500 Pegasus’ motorcycles across the <eÔ\c[fg\e\[Yffb`e^jXe[k\jk
globe. Conceived as a tribute to the rides across USA.
legendary World War II motorcycle
RE/WD 125 Flying Flea, the Pegasus Launched the Classic 350 Signals
has attracted enthusiasts and XjXki`Ylk\kfIfpXc<eÔ\c[Ëj
connoisseurs across the globe. Only 65-year-old heritage with the Indian
1,000 such motorcycles were sold armed forces along with dedicated
globally out of which, only 250 were collection of apparel and motorcycle
sold in India via an online sale. All 250 accessories. The motorcycles were
motorcycles were sold in a record introduced in two colours - Airborne
time of 178 seconds! Blue and Stormrider Sand colours.
K_\:cXjj`ZJ`^eXcj*,'nXjk_\Ôijk
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=cX^^\[$fùk_\(,k_\[`k`fef]IfpXc
<eÔ\c[?`dXcXpXeF[pjj\p#n_\i\
60 riders (including 10 women)
embarked on a 2200 km, 18 days
journey, traversing through some of
the toughest terrains and highest
mountain passes in the world.
Quarter 3 Quarter 4
(October 2018 – December 2018) (January 2019 – March 2019)
=`ijk$\m\iglYc`Z[`jgcXpf]k_\Ôijk Witnessed record participation from Launched the Bullet Trials Works
full-production versions of the highly IfpXc<eÔ\c[Zfddle`kpXkI`[\i Replica 2019 motorcycle as a
anticipated twin-cylinder motorcycles Mania, Goa – the largest gathering celebration of Bullet's 87-year
– the Interceptor INT 650 and the f]IfpXc<eÔ\c[\ek_lj`Xjkj%K_\ heritage, the world's oldest
Continental GT 650 – made to customers thoroughly enjoyed the motorcycle brand in continuous
enthusiasts in Europe at EICMA 2018, new spread out venue at the Vagator. production since 1932. It
Milan. This was followed by initiation Scores of customers took the test Zfdd\dfiXk\jIfpXc<eÔ\c[j9lcc\k
of bookings and inquiries across rides for the Interceptor 650 and the Trials motorcycle of 1949 and is a
dealerships in Europe and UK. Continental GT 650 at the specially ki`Ylk\kfk_\c\^\e[XipIfpXc<eÔ\c[
created experience zone. factory riders’ team and to Trials
Developed ‘Concept Kx’ prototype, Wizard Johnny Brittain who rode it to
a V-Twin motorcycle inspired by win various Trials Championship
IfpXc<eÔ\c[Ëjfi`^`eXcDf[\cBOf]
the 1930s, from scratch in under six
months and showcased it at EICMA The 650 Twins
2018. launched in India, at
Goa, and across 120
India media ride and price launch
dealerships in 14 key
of the 650 Twins at Goa. Event
attended by automotive and business
metro and mini metro
publications across India. Display and cities of India
bookings open nationally across 120
dealerships in 14 key cities.
Investments in Mutual
Net Fixed Assets Net Worth Funds, Bonds & Fixed
(Rs. Crores) (Rs. Crores) Deposits (Rs. Crores)
* Total comprehensive income excludes exceptional item for 2017-18 & 2018-19
IfpXc<eÔ\c[#k_\^cfYXcc\X[\i`ek_\
mid-sized motorcycle segment, opened
the latest chapter in its storied 117-year
motorcycle production history with the
initial outing of its highly anticipated twin
cylinder motorcycles - the Interceptor
650 and the Continental GT 650. The
motorcycles were launched in the presence
of senior motorcycling journalists and
editors of leading automotive and lifestyle
publications across the world in the sun-
drenched, surf loving city of Santa Cruz,
California, USA in September 2018. With
k_\j\dfkfiZpZc\j#IfpXc<eÔ\c[`jj\kkf
disrupt this segment by bringing back ‘Twin
=leËn`k_`kjÔijkkn`e$Zpc`e[\idfkfiZpZc\j
in 50 years. Inspired by its iconic
motorcycles in the 1960’s, the 650 Twins
powered by an all new 648cc air-cooled
kn`eZpc`e[\i\e^`e\Xi\IfpXc<eÔ\c[ËjÔijk
truly global motorcycles.
IfpXc<eÔ\c[cXleZ_\[k_\-,'Kn`ejXZifjj<lifg\Xk<@:D8
DfkfiJ_fn`eD`cXe#@kXcp`eEfm\dY\i)'(/%K_\Ôijk]lcc$
production version of the all-new 650 Twins were displayed
kfk_\^\e\iXcglYc`ZXkk_\IfpXc<eÔ\c[dXihl\\Xk<@:D8
show. The Continental GT 650 café racer and Interceptor INT
650 roadster were displayed in standard, custom, and chrome
ZfcflinXpj%IfpXc<eÔ\c[Xcjfj_fnZXj\[`kjn`[\iXe^\f]føZ`Xc
>\el`e\DfkfiZpZc\8ZZ\jjfi`\j#jg\Z`ÔZXccp[\j`^e\[]fik_\
650 Twins, garnering a great response from the Europe-based
automotive publications and enthusiasts.
IfpXc<eÔ\c[Ëje\n-,'ZZ@ek\iZ\gkfi
and Continental GT retros are looking
good. sweet handling and well made.
And we’re expecting them to be of
stupendous value. Time to put an Indian-
made bike in your garage? This bike that
we are riding will surely be the world's
biggest selling bike of 2019.
- Bike Magazine, UK
KXb`e^]finXi[`kj^cfYXcXdY`k`fej#IfpXc<eÔ\c[cXleZ_\[k_\-,'
twin motorcycles at the Melbourne Motor Show held in November
)'(/%K_\j\dfkfiZpZc\jfù\iXg\i]\ZkYc\e[f]Xlk_\ek`Z
appeal, contemporary fun ride experience and accessibility, for
motorcyclists in Australia.
20-years testing and At its core, with great retro looks, nice engine, and a
23-years racing means respectable chassis, the INT 650 should be getting
I ride a lot of bikes. It’s some attention, and, with the aggressive pricing
maybe once per year jkilZkli\#IfpXc<eÔ\c[`jXYflkXjj\i`fljXjpflZXe
that a new model sticks get about shifting the tide.
out so quickly. Ultra Ultimate Motorcycling, USA
smooth. Balanced.
Torquey. Sounds sweet.
Fun.
Bike Review, Australia
SPREADING FOOTPRINT IN
SOUTH EAST ASIA
IfpXc<eÔ\c[`jjk\X[`cp\ogXe[`e^`kj
presence in the international markets
to cater to these enthusiasts with its
evocative and accessible motorcycles
that mix historical roots with
df[\ieÀk\Z_efcf^p%
@e)'(/$(0#IfpXc<eÔ\c[Zfek`el\[
n`k_`kj\ùfikjkf\e_XeZ\gi\j\eZ\
in the South East Asian markets. The
Company added new stores in Malaysia
and Thailand taking the number of our
exclusive stores to 9 in South-East
Asian region for the year. The countries
in South East Asia are largely commuter
segment driven but have strong
motorcycling culture. Their regions have
several amazing terrains, country roads,
mountain passes, naturally preserved
landscapes, and scenic highways
making them an ideal location for rides
feIfpXc<eÔ\c[ËjdfkfiZpZc\j%
RECREATING AUTHENTIC
INSPIRATIONS FROM ROYAL ENFIELD’S
MOTORCYCLE PEDIGREE
IfpXc<eÔ\c[Ëj_`jkfip`j[\\gcpjk\\g\[`edfkfiZpZc`e^g\[`^i\\Xe[`k_Xjjfd\`Zfe`Z
motorcycles that have been revered by enthusiasts across generations. In 2018-19, Royal
<eÔ\c[`ekif[lZ\[k_i\\e\nmXi`Xekj#`ejg`i\[Ypk_\`i\Xic`\iXmXkXij%
THE CLASSIC
350 SIGNALS
8ef[\kfk_\<eÔ\c[j`e
army service and to the
armed personnel riding
them
IfpXc<eÔ\c[`jk_\gi\]\ii\[
motorcycle of the Indian Armed Forces,
and has been associated with them
since the early 1950’s and continues
to be their largest suppliers of given its
reputation of making resilient, reliable
and versatile motorcycles. As a tribute
kfk_`j-,$p\Xi_\i`kX^\#IfpXc<eÔ\c[
introduced the Classic Signals 350
motorcycles that is inspired by the
<eÔ\c[j`ej\im`Z\#Xe[k_\d\eXe[
women who ride them.
Gone in 178 seconds!
IfpXc<eÔ\c[jfc[),'le`kjf] The motorcycle is launched in two
its limited edition ‘Classic 500 colourways – Airborne Blue and
Pegasus’ in India on its website in Stormrider Sand, inspired by coveted
under three minutes. units of Indian Armed Forces. It
i\gi\j\ekjIfpXc<eÔ\c[Ëjgi`[\f]
partnering with the men and women
guarding the country’s skies and land.
8kIfpXc<eÔ\c[#k_\
vision is to create a brand
that surpasses the usual
manufacture and retail
mould and to become more
experiential in conjoining
the global riding community.
8e[IfpXc<eÔ\c[[f\j
this with its marquee rides
and events to deepen its
engagement. We have
conducted events across the
globe to nurture and grow
the riding community.
RIDER MANIA
IfpXc<eÔ\c[dfkfiZpZc\j#n`k_
their simple and uncomplicated
design, have always been a medium
of self-expression for riders and
customisers, inspiring motorcycle
sculptors to explore new frontiers
f]Zljkfd`jXk`fe%IfpXc<eÔ\c[Ëj
technical team continues to dig
IfpXc<eÔ\c[Ëj`Zfe`Z_`jkfipXe[
combine them with new technology
to express their creativeness on
these timeless machines.
IfpXc<eÔ\c[jkXp`e^kil\kfk_\]\jk`mXcËjjg`i`k#`ccljkiXk\[`kjÊGli\DfkfiZpZc`e^Ë\ogi\jj`fen`k_`kjk_i\\Zljkfdi\e[`k`fejÆK_\
Lock Stock, Rohini, and Interceptor on its new 650 Twin motorcycles.
Manufacturing excellence is
Zfi\kfIfpXc<eÔ\c[gif[lZ`e^
world-class products. Every
motorcycle that rolls out of the
plant is an uncompromising
blend of technology with
traditional craftsmanship. Royal
<eÔ\c[dfkfiZpZc\jXi\Yl`ckkf
be resilient, accessible and to
create timeless stories
Embarking on Phase-II of
Vallam Vadagal plant
Within 12 months of commissioning of
the Vallam Vadagal facility in August
2017, the Company commenced
construction of Phase-II of the
facility in 2018-19. With construction
progressing well, the unit is expected
to operationalise in H2 2019-20. Once
fully commissioned, it will take Royal
<eÔ\c[ËjdXel]XZkli`e^ZXgXZ`kpkf
fm\i(d`cc`fedfkfiZpZc\jXÀp\Xi%
MANAGEMENT DISCUSSION
AND ANALYSIS
;\jg`k\k_`j#k_\fm\iXccknf$n_\\c\i`e[ljkipmfcld\`e@e[`X
13.6
12.6
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11.1
f],fm\i)'%)d`cc`fe`e)'(.$(/%;i`m\eYpX^ifnk_`e
motorcycles with engine displacement of up to 150cc, the 7.8%
dfkfiZpZc\j\^d\ekmfcld\^i\nYp/]ifd()%-d`cc`fe`e
)'(.$(/kf(*%-d`cc`fe`e)'(/$(0%@eZfekiXjk#X]k\ifm\iX
decade of consistent growth, the scooter segment recorded 3.7%
2018-19
2016-17
2017-18
X'%*[\Zc`e\p\Xi$fe$p\Xin`k_kfkXcmfcld\i\dX`e`e^Xk
XYflk-%.d`cc`fe`e)'(/$(0%
Chart 2 // IfpXc<eÔ\c[jDXib\kJ_Xi\
in India in motorcyles 8,03,003
@e[`XdfkfiZpZc\jjXc\j`e)'(/$(0
801 6.4%
803
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,%0 ,%0 `e[ljkipXe[pfli:fdgXep_XjY\\ek_\[i`m`e^]fiZ\f]k_`j
651
ki\e[fm\ik_\gXjk[\ZX[\%IfpXc<eÔ\c[Zfek`el\jkfkfgk_\
Zfej`[\iXk`fej\kn_\eZljkfd\ijXi\cffb`e^kflg^iX[\k_\`i
\o`jk`e^dfkfiZpZc\%Fm\ik_\p\Xij#pfli:fdgXep_XjY\\e
jk\X[`cp`em\jk`e^`ejki\e^k_\e`e^`kjgif[lZk[\m\cfgd\ek
and manufacturing capabilities to enhance customer
2018-19
2016-17
2017-18
\og\i`\eZ\%@k_XjXcjfY\\ejk\X[`cp\ogXe[`e^`kj[`jki`Ylk`fe
]ffkgi`ekkfdXb\IfpXc<eÔ\c[XZZ\jj`Yc\Y\pfe[k_\D\kifj
Xe[K`\i$(Z`k`\j`e@e[`XXjn\ccXjZfleki`\jXifle[k_\nfic[%
IfpXc<eÔ\c[@e[`XMfcld\''' 8jZljkfd\ij`eZi\Xj`e^cpkXb\lggli\dfkfiZpZc`e^XjX
IfpXc<eÔ\c[DXib\kJ_Xi\ gXikf]k_\`ic`]\jkpc\#IfpXc<eÔ\c[Zfek`el\jkfkXb\jki`[\j
in maintaining its thought leadership in the segment and by
Source - SIAM fù\i`e^dfkfiZpZc\jk_XkXi\j`dgc\#\mfZXk`m\#\e^X^`e^Xe[
great fun to ride.
@e)'(/$(0#k_\`e[ljkipmfcld\]fidfkfiZpZc\jn`k_\e^`e\
[`jgcXZ\d\ekf]XYfm\(),ZZ^i\nYp/#[i`m\eYpjkife^ Chart 4 // IfpXc<eÔ\c[jMXib\kShare
^ifnk_f])+`ek_\ZXk\^fipXYfm\(),ZZkf(,'ZZ#gi`dXi`cp in 250cc+ Segment in motorcyles
feXZZflekf]e\ncXleZ_\jXe[[`jZflekj%IfpXc<eÔ\c[Ëj
dXib\kj_Xi\`ek_\XYfm\(),ZZdfkfiZpZc\j\^d\ek[\Zc`e\[ 0-
0, 0,
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j_Xi\`eXYfm\(,'ZZdfkfiZpZc\j\^d\ek`dgifm\[]ifd+)%/
836
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Chart 3 // IfpXc<eÔ\c[jMXib\kShare
683
2017-18
)+%0
3,228
24.0%
)#0.)
2,715
JXc\f]dfkfiZpZc\jf]<e^`e\:XgXZ`kp),'ZZ"'000)
IfpXc<eÔ\c[DXib\kJ_Xi\
Source - SIAM
2018-19
2016-17
2017-18
Eld\ifljYXZbjkfi`\j_Xm\[\Ôe\[IfpXc<eÔ\c[fm\ik_\ N`k_X]fZljfegifm`[`e^cXjk$d`c\j\im`Z\i\XZ_#[li`e^
past century. Drawing from a rich legacy of such inspiring k_\p\Xi#pfli:fdgXepcXleZ_\[Xe\ngif^iXdd\
jkfi`\j#pfli:fdgXepcXleZ_\[j\m\iXcmXi`Xekjf]`kj ÈService on 2 wheelsÉ%Le[\ik_`jgif^iXdd\#dfY`c\
\o`jk`e^fù\i`e^jn_`Z_^Xm\k_\Zljkfd\ijXefggfikle`kpkf j\im`Z\dfkfiZpZc\jXi\]XYi`ZXk\[kfY\XYc\kfg\i]fid
associate with this legacy and a rich heritage. (Refer pages ^\e\iXcj\im`Z\Xe[d`efii\gX`ijXkk_\Zljkfd\ij
*'Xe[*(]fi]lik_\i[\kX`cj% doorstep.
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Motorcycle Accessories
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k`\[lgn`k_e\n\iÔeXeZ`\ijkf`eZi\Xj\XZZ\jj`Y`c`kpXe[ With an aim to proliferate the desire for personalisation
ÔeXeZ`e^fgk`fej%K_\ÔeXeZ`e^f]IfpXc<eÔ\c[dfkfiZpZc\ Xe[f]]\igif[lZkjn_`Z_\eXYc\Zljkfd\ijc`m\k_\YiXe[
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f]k_\dfkfiZpZc\gliZ_Xj\jcXjkp\Xin\i\ÔeXeZ\[k_ifl^_ Zfddlk\#pfli:fdgXepj\kflkkfYl`c[k_\dfkfiZpZc\
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aflie\p#pfli:fdgXep_Xj\ogXe[\[`kjf]]\i`e^jkffm\i
80 products across its motorcycle accessory portfolio.
:ljkfd\i\og\i`\eZ\`jZfi\kfIfpXc<eÔ\c[Xe[Xe`e$jkfi\
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products for customers to choose from, but also
K_\Y\[ifZbf]k_`j`e`k`Xk`m\`jkfgifm`[\XY\jk$`e$ZcXjj
\e_XeZ\[[\j`^eXe[k\jk`e^XZk`m`k`\j]fik_\dkfY\XYc\
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satisfaction, help strengthen loyalty, relationships and spread
k_\gfj`k`m\nfi[f]dflk_% =fik_\]`ijkk`d\XkIfpXc<e]`\c[#[\j`^eXe[
[\m\cfgd\ekf]XZZ\jjfi`\j]fik_\-,'ZZKn`e
After-Sales Service motorcycles commenced alongside that of the
IfpXc<eÔ\c[ËjZfek`elflj\ùfikkfgifm`[\jlg\i`fij\im`Z\ dfkfiZpZc\`kj\c]%=fikp[\[`ZXk\[XZZ\jjfi`\jn\i\
\og\i`\eZ\kf`kjZljkfd\ij_Xji\jlck\[`ekfpfli:fdgXep Zf$[\m\cfg\[Xcfe^n`k_k_\kn`edfkfiZpZc\jn_`Z_
Y\`e^iXeb\[J\Zfe[`ek_\:ljkfd\iJXk`j]XZk`fe@e[\o enabled better design compatibility.
2018#Xjg\iA%;%Gfn\ijlim\p#fe\f]k_\Zfm\k\[jlim\pj`e
K f[i`m\\e^X^\d\ekXdfe^Zljkfd\ij#Xe`e[ljkip
automobile industry.
leading motorcycle configurator was introduced
[li`e^k_\p\Xi#n_`Z_XccfnjXm`\n\ikfZfe]`^li\X
:fek`el`e^n`k_k_\\e[\Xmflikf\e_XeZ\j\im`Z\i\XZ_Xe[
m`iklXcdfkfiZpZc\`eXepXmX`cXYc\ZfcfliXe[X[[
hlXc`kp#pfli:fdgXeple[\ikffbj\m\iXc`e`k`Xk`m\j[li`e^
XZZ\jjfi`\j]ifdX[`m\ij\iXe^\%K_`jnXj`ekif[lZ\[
k_\p\Xi%K_\j\iXe^\XZifjjXn`[\jg\Zkildf]XZk`m`k`\j
for the 650cc twins in the initial phase and is planned
jlZ_XjXmX`cXY`c`kpf]j\im`Z\e\knfibXk[ffijk\gjXe[]cff[
kfY\\ogXe[\[XZifjjXccIfpXc<e]`\c[gif[lZk
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catalogue of parts across dealerships.
8
cck_\e\ncXleZ_\j`eZcl[`e^-,'Kn`ej#J`^eXcj# \hl`kpXZifjjb\p^\f^iXg_`\j%;\m\cfg`e^nfic[$ZcXjj
9lcc\kKi`XcjXe[G\^XjljZXd\n`k_Xjl`k\f] gif[lZkjn_`Z_Xi\j`dgc\Xe[]lekfi`[\#\ogXe[`e^
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comfort, styling, functionality and protection, also `e`k`Xk`m\jXi\_\cg`e^pfli:fdgXepdXb\`eifX[jkf
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catalogue and image-rich content on products,
features and benefits. Chart 5 // IfpXc<eÔ\c[<ogfikMfcld\
Fek_\jlggcpj`[\#pfli:fdgXepZfek`el\[kf
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19.7
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[\c`m\ip%
15.0
Apparel
@ejg`i\[YpXdfkfiZpZc`e^nXpf]c`]\#IfpXc<eÔ\c[8ggXi\c
comprises riding gear, apparel and lifestyle accessories, which
2017-18
2015-16
2016-17
\eXYc\i`[\ij\ogcfi\Xe[\ogi\jjk_\dj\cm\j#feXe[fùk_\
motorcycle.
<ogfikMfcld\'''
;li`e^k_\p\Xi#IfpXc<eÔ\c[cXleZ_\[dlck`gc\iXe^\Xe[
collections - some celebrating the heritage stories of Royal Pfli:fdgXep`jjk\X[`cpdfm`e^]ifdXe\ogfik$YXj\[df[\c
<eÔ\c[Xe[jfd\`ejg`i\[Ypk_\dfkfiZpZc\cXleZ_\jXe[ kfYl`c[`e^X[\[`ZXk\[`ek\ieXk`feXcYlj`e\jj#n`k_XdXib\k
kiXm\cjkfi`\j% ]fZljXggifXZ_%N`k_XeX`dkfle[\ijkXe[dXib\k$jg\Z`ÔZ
customer preferences and also foster a deeper customer
@efi[\ikf\ogXe[`kjXZZ\jj`Y`c`kp#pfli:fdgXep_Xj engagement, a distributor and dealership led footprint is also
forayed into online retail landscape through its own Y\`e^Zfdgc\d\ek\[Yp_Xm`e^dXib\k`e^jlYj`[`Xi`\j`eb\p
online store and third-party online retail channels. gi`fi`kpdXib\kj%;li`e^k_\p\Xi#IfpXc<eÔ\c[jki\e^k_\e\[
;li`e^k_\p\Xi#pfli:fdgXepXcjf\ogXe[\[`kjfùc`e\ `kj[`jki`Ylk`fee\knfibflkj`[\@e[`XYp`eZi\Xj`e^`kj\oZclj`m\
]ffkgi`ekk_ifl^_k_\J_fg$`e$J_fgdf[\cXkÈ:\ekiXcÉ jkfi\Zflekkf+)Xe[`kjDlck`9iXe[Flkc\kjkfdfi\k_Xe-''%
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partnering with leading retail chains and through omni- by the right product and also commitments to the region.
Z_Xee\ce\knfibj% CXleZ_f]k_\-,'ZZKn`ej`e)'(/$(0Xe[i\jgfej\kf
k_\?`dXcXpXefm\ik_\gXjk()dfek_j`e[`ZXk\k_XkIfpXc
@eXe\e[\XmflikfdXb\k_\iXe^\dfi\g\ijfeXckfk_\ <eÔ\c[efnefkfecp_XjifYljkgif[lZk[\m\cfgd\ek
Zfejld\ij#IfpXc<eÔ\c[`ekif[lZ\[XZljkfd`jXk`fe ZXgXY`c`k`\jn_`Z_ZXele`]fidcpZXk\ikfi\hl`i\d\ekjXZifjj
fù\i`e^ZXcc\[ÈDXb\PfliFneÉ%K_`jg\ijfeXc`jXk`fe geographies, but also it is steadily positioning itself as a
]\Xkli\fù\ijZljkfd\ijkfZfeÔ^li\[\ZXcj#j_\ccYXj\ credible global player.
Zfcfli#Ôe`j_#m`jfi\kZ%`eX[[`k`fekfX[[`e^k\ok%K_`j`j
Zlii\ekcpXmX`cXYc\]fi_\cd\kjXe[n`ccY\\ok\e[\[kf The 650 Twins - The Global Opportunity
other categories this year. @ek\i\jk`ek_\-,'ZZKn`ej_X[Y\\e_`^_Xdfe^dfkfiZpZc\
\ek_lj`Xjkjj`eZ\`kjlem\`c`e^Xkk_\<@:D8DfkfiJ_fn`e
8jdfi\Xe[dfi\Zljkfd\ijXi\kXb`e^lgk_\i`[`e^Zlckli\# D`cXe`e)'(.%Fm\ik_\]fccfn`e^dfek_j#k_\Kn`ejn\i\
IfpXc<eÔ\c[8ggXi\c`jX`[`e^k_\dXZZ\eklXk\k_\`ic`]\jkpc\ cXleZ_\[XZifjjb\pdXib\kj`e<lifg\#8J<8E#CXk`e8d\i`ZX
Xe[j\c]\ogi\jj`fe% Xe[8j`X$GXZ`ÔZ%K_\Kn`ejXi\XcjfY\`e^gifdfk\[XZifjj
dXib\kjk_ifl^_XZfdY`eXk`fef]flk$f]$jkfi\k\jki`[\jYp
International Business nXpf]gXik`Z`gXk`fe`eeXk`feXcXe[i\^`feXci`[\\m\ekjXjn\cc
Kf\jkXYc`j_IfpXc<e]`\c[XjX^cfYXcYiXe[Xe[c\X[ as multiple-city tours, auto shows and custom programmes.
the middle-weight motorcycle segment in international K_\`ek\i\jk`eXe[i\jgfej\kfk_\Kn`ejXZifjjdXib\kj
dXib\kj#pfli:fdgXep`jYl`c[`e^ZXgXY`c`k`\jXe[YiXe[ flkj`[\f]@e[`X_XjY\\em\ipgfj`k`m\%8jpfli:fdgXep
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up production to cater to this demand.
379
/#0-,
281
7,033
217
2018-19
2018-19
2016-17
2017-18
2016-17
2017-18
Chart 7 // Net Revenue from India Chart 9 // Net Revenue from Sale of Spare
Business - CAGR 18% Parts, Apparel and Services - CAGR 34%
1,039
9,418
8,684
841
6,816
,.0
2018-19
2018-19
2016-17
2017-18
2016-17
2017-18
<Xie`e^jY\]fi\@ek\i\jk#KXo#;\gi\Z`Xk`feXe[ Pfli:fdgXepZfek`el\[kf^\e\iXk\X_\Xck_pZXj_]cfn
8dfik`jXk`fe<9@K;8 f]pfli:fdgXep`eZi\Xj\[Yp with cash generated from operations being Rs. 1,573 crores
*]ifdIj%)#/'/Zifi\j`e)'(.$(/kfIj%)#0'*Zifi\j `e)'(/$(0%Pfli:fdgXep`eZlii\[XZXg`kXc`em\jkd\ek
`e)'(/$(0%;li`e^k_\p\Xi#pfli:fdgXepZfek`el\[ of about Rs. 800 crores during the year, primarily on
kf`em\jk`eYl`c[`e^ZXgXY`c`k`\jk_ifl^_k_\X[[`k`fe ZfejkilZk`fenfib]fiG_Xj\$)dXel]XZkli`e^]XZ`c`kpXk
f]i\jfliZ\jXe[\ogXe[`e^ZXgXZ`kp#Xe[Xcjffe MXccXdMX[X^XcXe[K\Z_efcf^p:\eki\`e:_\eeX`#Xe[
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[\Zc`e\[]ifd*(%*`e)'(.$(/kf)0%-`e)'(/$(0
dX`ecp[l\kf]cXkmfcld\jXe[gifdfk`feXcjg\e[fee\n Key Financial Ratios
launches. @eXZZfi[XeZ\n`k_J<9@C`jk`e^Xe[;`jZcfjli\I\hl`i\d\ekj
)'(/ 8d\e[d\ek I\^lcXk`fe#)'(/#XZfdgXep`ji\hl`i\[
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Chart 10 // Earnings Before Interest, XjZfdgXi\[kfk_\`dd\[`Xk\cpgi\m`fljÔeXeZ`Xcp\Xi %
Depreciation and Tax (EBITDA) and Margin
Pfli:fdgXep_Xj[\Z`[\[kfi\gfik]fccfn`e^b\pÔeXeZ`Xc
31.3% ratios:
*'%0
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2,903
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:lii\ekIXk`f K`d\j 2.2 1.2 2.1 1.1
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GifÔkDXi^`e
2018-19
2016-17
2017-18
Pfli:fdgXepj\ccjkf>fm\ied\ek`ejk`klk`fej#:Xek\\e
Chart 11 // E\kGifÔk8]k\iKXoXe[DXi^`e Jkfi\j;\gXikd\ek]fi@e[`XeXid\[]fiZ\jXe[\ogfikjkf
fm\i,'Zfleki`\j#n_`Z_Zfeki`Ylk\jc\jjk_Xe+kfk_\kfkXc
23.7% jXc\j%8cXi^\gXikf]k_\j\jXc\j`jfeZi\[`k%;\YkfijKliefm\i
22.5% iXk`f[\Zi\Xj\[]ifd-%-`e)'(.$(/kf+%.`e)'(/$(0[l\kf
)(%0 increase in international sales which has resulted in increase in
Xm\iX^\[\Ykfij%
2,203
(#0-'
OPERATIONS REVIEW
1,667
2017-18
K_\ZfejkilZk`fe`jkXb`e^gcXZ\fek_\jXd\kiXZkf]fm\i [\j`^ejkl[`f#[\m\cfgd\eknfibj_fgXe[\e^`e\\i`e^føZ\#
,'XZi\j`ej`q\Xe[k_\G_Xj\$)`jXcjfY\eZ_dXib\[kfk_\ and is now fully operational.
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Xdf[\iegX`ekj_fggifm`[`e^Y\jk$`e$ZcXjjgX`ekÔe`j_Xe[ @e:_\eeX`#nfib`je\XicpZfdgc\k\fek_\@e[`XK\Z_efcf^p
d`e`dldnXjkX^\]ifdk_\fm\iXccgifZ\jj%K_\e\nm\_`Zc\ :\eki\%K_\]XZ`c`kpn`cc_Xm\k_\\e^`e\\i`e^Xe[[\j`^e
assembly line is being set-up and will also facilitate smooth k\Xdjnfib`e^le[\ife\iff]Xe[n`cc_flj\jkXk\$f]$k_\$Xik
kiXej`k`fef]k_\\o`jk`e^]XZ`c`k`\jkfk_\lgZfd`e^\d`jj`fe \e^`e\#Z_Xjj`jXe[Zfdgfe\ekk\jk\hl`gd\ekXe[n`ccY\
i\^lcXk`fej9J$M@% ]lccp`ek\^iXk\[n`k_k_\K\Z_efcf^p:\eki\`ek_\LB%GXikf]
k_\gif[lZk[\m\cfgd\ekk\Xd_XjXci\X[pdfm\[kfk_\e\n
Pfli:fdgXepËjkfkXc`ejkXcc\[ZXgXZ`kpXZifjjgcXekjXj ]XZ`c`kpXe[k_\i\jkf]k_\k\Xd`jgcXee\[kfdfm\`eYpd`[
feDXiZ_)'(0nXj0#''#'''dfkfiZpZc\j%G_Xj\$)f] )'(0$)'%
MXccXdMX[X^Xc`j\og\Zk\[kfZfdd\eZ\Zfdd\iZ`Xc
gif[lZk`fe`ek_\j\Zfe[_Xc]f])'(0$)'%;li`e^)'(/$(0# K_\]XZ`c`k`\jXkk_\j\knfk\Z_efcf^pZ\eki\jXi\nfic[$ZcXjj#
the total production from all the three plants was ~8,42,000 Xe[\eXYc\IfpXc<eÔ\c[kfkXb\]lccfne\ij_`gf]XccXjg\Zkj
motorcycles. f]dfkfiZpZc\[\j`^eXe[[\m\cfgd\ek#]ifdZfeZ\gkk_ifl^_
kfgif[lZk`fe%K_\i\Z\ekjlZZ\jj]lccXleZ_f]k_\e\n
Building Product Development Capabilities - @ek\iZ\gkfi-,'Xe[:fek`e\ekXc>K-,'`jk\jk`dfepf]pfli
R&D and Technology Focus :fdgXepËjflkjkXe[`e^gif[lZk[\m\cfgd\ekZXgXY`c`k`\j%
IfpXc<eÔ\c[ËjjkXk\$f]$k_\$XikK\Z_efcf^p:\eki\XkLB K_\lem\`c`e^f]k_\:feZ\gkBOXkk_\<@:D8DfkfiJ_fn`e
K\Z_efcf^p:\eki\Xk9ilek`e^k_fig\#C\`Z\jk\ij_`i\`ek_\ D`cXe`eEfm\dY\i)'(/nXjd\Xekkfj_fnZXj\k_\gifn\jj
Le`k\[B`e^[fdZfdgc\k\[knfp\Xijf]fg\iXk`fe%K_\]XZ`c`kp Xe[Zi\Xk`m`kpf]\e^`e\\ijXe[[\j`^e\ijXkIfpXc<eÔ\c[%K_\
`ji`^_ke\okkfk_\Ê9ilek`e^k_fig\Gifm`e^>ifle[Ë#fe\f]k_\ :feZ\gkBOnXj[\m\cfg\[^ifle[lgn`k_`ej`odfek_jYpk_\
cXi^\jkm\_`Zc\k\jkkiXZb]XZ`c`k`\j`ek_\LB%K_\*-#'''jh% k\Xdj`ek_\LBXe[@e[`Xnfib`e^`ekXe[\d#[\dfejkiXk`e^
feet facility is the hub for product research, strategy, design Xhl`ZbklieXifle[ZXgXY`c`kpf]k_\k\XdjXjn\ccXj
Xe[[\m\cfgd\ekXZk`m`k`\jf]IfpXc<eÔ\c[ËjdfkfiZpZc\ j\Xdc\jjnfib`e^\em`ifed\ekXkIfpXc<eÔ\c[`ii\jg\Zk`m\f]
gcXk]fidj%K_\]XZ`c`kp_flj\jXjkXk\$f]$k_\$Xik`e[ljki`Xc geographical boundaries.
Re-casting the Web to create more, with 70% of the content on social media and
8jIfpXc<eÔ\c[Zfek`el\jkfnfibkfnXi[jYl`c[`e^X^cfYXc 30% of the content on the website being curated from the
YiXe[n`k_dfkfiZpZc\cXleZ_\jXe[\ogXej`fekfe\n community.
^\f^iXg_`\j#pfli:fdgXepXcjfcXleZ_\[`kje\n^cfYXc
n\Yj`k\`e)'(/$(0Xjk_\]XZ\f]k_\YiXe[%
New Ride Formats
N`k_Xm`\nkf]fjk\iZfddle`kp\e^X^\d\ekXe[gifm`[\X
K_\e\nn\Yj`k\`jYl`ckkf[\c`m\iXjlg\i`filj\i\og\i`\eZ\ c`]\k`d\\og\i`\eZ\#IfpXc<eÔ\c[`ekif[lZ\[e\ni`[\]fidXkj
`ek\idjf]eXm`^Xk`feXe[[`jZfm\iXY`c`kpk_ifl^_X[\j`^e n_`Z_\eXYc\[i`[\ij\og\i`\eZ\k_\X[m\ekli\`e\oki\d\
k_XkdXb\j`ek\iXZk`feXcfkdfi\`ekl`k`m\%N`k_k_\\mfclk`fe terrains. In the N_`k\Flkji`[\#((_`^_cpjb`cc\[i`[\ijif[\
`efec`e\lj\iY\_Xm`fliXe[Zfek\ekZfejldgk`fe#k_\lj\i fm\i0''bdj]ifdJ_`dcX`eZfe[`k`fejf]jefn#YcXZb`Z\#
\og\i`\eZ\Xe[`ek\i]XZ\`jf]gi`d\`dgfikXeZ\%K_\e\n dirt and tarmac. In the After Darki`[\#i`[\ij\og\i`\eZ\[k_\
n\Yj`k\j\Xdc\jjcp[\c`m\ijfeXcck_\j\Zi`k`ZXcXjg\Zkj%K_`j X[m\ekli\f]i`[`e^le[\ijkXic`kfg\ejb`\jfejXe[[le\j#]cXk
gifm`[\jIfpXc<eÔ\c[Zfddle`kpn`k_Xi\XjfekfZfd\YXZb cXe[Xe[kXidXZj%K_`ji`[\Zfdd\eZ\[]ifdAf[_gliXe[jXn
to the nnn%ifpXc\eÔ\c[%Zfd more for all motorcycling participation from 12 riders.
Zfek\ek%8cf^^\[$`e\og\i`\eZ\^`m\jXZljkfd`j\[Xjn\ccXj
g\ijfeXc`j\[\og\i`\eZ\kf\m\ipi\^`jk\i\[lj\iYXj`j_`jfi I`[\iDXe`X$@e[`XËjDfjk;\Ôe`k`m\
_\i`ek\i\jkj#i\Zfi[\[Y\_Xm`flifek_\n\Yj`k\Xe[gif[lZk Motorcycling Festival
fne\[%K_\fec`e\ZfeÔ^liXkfiXccfnjXlj\ikfm`jlXc`j\ In the continuous journey towards building a meaningful
the product with his or her preferred choice of accessories. and engaging brand going beyond the transactional,
K_`j`jkilcpXjk\g]finXi[`e[\c`m\i`e^XmXjkcpjlg\i`fiXe[ pfli:fdgXepfi^Xe`j\[`kjY\jk\m\iÊI`[\iDXe`XË`e
Zfek`elfljZljkfd\i\og\i`\eZ\% Efm\dY\i)'(/`ek\idjf]jZXc\Xe[Xkk\e[XeZ\%Fm\i
/#'''\ek_lj`XjkjgXik`Z`gXk\[`ek_\\m\ekXe[dfi\k_Xe
Building and Fostering Communities ,#''#'''g\fgc\m`\n\[k_\Zfek\ekc`m\#n`ke\jj`e^XeXZk`m\
IfpXc<eÔ\c[i\dX`ejfe\f]k_\]Xjk\jk^ifn`e^jfZ`Xc community engagement and passion.
Zfddle`k`\j`ek_\Zflekipkf[XpXe[)'(/$(0nXjXp\Xi
n_`Z_n`ke\jj\[j`^e`ÔZXek^ifnk_`eZfddle`kp\e^X^\d\ek RISK MANAGEMENT FRAMEWORK
Xe[`e`kjYXj\%Pfli:fdgXep_XjkXb\eXeldY\if] 8k<`Z_\iDfkfijC`d`k\[#mXi`fljZXk\^fi`\jf]i`jbjXi\
d\Xjli\jkf[\c`^_k`kjZfddle`kpXe[[\c`m\i^iXk`]p`e^ \mXclXk\[le[\iXZfdgi\_\ej`m\i`jbdXeX^\d\ek
\og\i`\eZ\j%IfpXc<eÔ\c[Zfek`el\jkf^`m\mXjk\ogfjli\ ]iXd\nfib#n_`Z_`jk_\]fle[Xk`fef]pfli:fdgXepËj
to user-generated content and encourage the community <ek\igi`j\I`jbDXeX^\d\ekXiZ_`k\Zkli\%@ec`e\n`k_k_\
Financing IfpXc<eÔ\c[`jZfek`elfljcpnfib`e^kfnXi[jZi\Xk`e^
K_\E9=:j\Zkfi`e@e[`Xn`ke\jj\[Xelegi\Z\[\ek\[Zi`j`j`e X[`m\ij\nfib]fiZ\k_Xk`eZcl[\j[`m\ij`kpf]^\e[\i#
k_\p\Xi)'(/$(0%K_`jc\[kfXZi\[`kjhl\\q\`ek_\jpjk\d Xe[\og\i`\eZ\XZifjj`e[ljki`\jXe[^\f^iXg_`\j%Pfli
Xe[[`øZlckp`eXmX`cXY`c`kpf]Xùfi[XYc\ÔeXeZ\%8mX`cXY`c`kp :fdgXepËjgif^iXdd\jkXi^\klgjb`cc`e^f]k_\nfib]fiZ\kf
f]ÔeXeZ\`jb\p`ek_\Xlkfdfk`m\j\ZkfiXe[`egXik`ZlcXi d\\kk_\[\dXe[jf]k_\]lkli\Xe[b\\gk_\fi^Xe`jXk`fe
n_\i\k_\fù\i`e^`jXjg`iXk`feXc`eeXkli\Xe[`eXi`j`e^gi`Z\ aligned with its strategic goals.
i\^`d\#[i`m\eYpi\^lcXkfipi\hl`i\d\ekj%
INFORMATION TECHNOLOGY
Pfli:fdgXep`jnfib`e^kfnXi[j`eZi\Xj`e^k_\XmX`cXY`c`kp IfpXc<eÔ\c[_XjY\\eXkk_\]fi\]ifekf]X[fgk`e^
f]ÔeXeZ\YpgXike\i`e^n`k_mXi`fljYXebjXe[E9=:jXj`kj technology and digitising a lot of processes to support and
i\kX`c]ffkgi`ek`j`eZi\Xj`e^%@k`jXcjfnfib`e^fegXike\i`e^ kiXej]fidYlj`e\jj%KXb`e^k_\Gif[lZkC`]\ZpZc\DXeX^\d\ek
n`k_cfZXcÔeXeZ`\ijXjg\e\kiXk`fe`eZi\Xj\[Y\pfe[d\kifj# ("PLM") journey forward from last year, an 'Electronic Parts
K`\i$(Xe[)Z`k`\j% :XkXcf^l\`ek\^iXk\[n`k_GCDGcXk]fidnXj\eXYc\[kfj_Xi\
gXikjXe[j\im`Z\`e]fidXk`fen`k_IfpXc<eÔ\c[ËjeXk`feXcXe[
international dealer community.
51-106
STATUTORY
REPORTS
SECTION D: BR INFORMATION
D-1 Details of Director/Directors responsible for BR
;\kX`cjf]k_\;`i\Zkfi&;`i\Zkfiji\jgfej`Yc\]fi`dgc\d\ekXk`fef]k_\9Igfc`Zp&gfc`Z`\jXe[[\kX`cjf]9I?\X[1
The Corporate Social Responsibility (CSR) committee is the BR head at EML. The composition of CSR committee is
d\ek`fe\[Y\cfn1
;$)X@]k_\Xejn\ikfJ%Ef%;$(X^X`ejkXepgi`eZ`gc\#`jÊEfË#gc\Xj\\ogcX`en_p1K`Zblgkf)fgk`fej
S. No. Questions P1 P2 P3 P4 P5 P6 P7 P8 P9
1. The company has not understood the Principles Not applicable
2. K_\ZfdgXep`jefkXkXjkX^\n_\i\`kÔe[j`kj\c]`e Not applicable
a position to formulate and implement the policies
fejg\Z`Ô\[gi`eZ`gc\j
3. K_\ZfdgXep[f\jefk_Xm\ÔeXeZ`XcfidXegfn\i Not applicable
resources available for the task
4. It is planned to be done within next 6 months Not applicable
5. It is planned to be done within the next 1 year Not applicable
6. Any other reason (please specify) P9: At EML, customer satisfaction is of the upmost priority.
Detailed systems and processes have been implemented
by the Company for handling customer grievance and
improving customer experience.
Does the Company publish a BR or a Sustainability 1 EML has been publishing annual BR Report since FY 2015-16.
Report? What is the hyperlink for viewing this report? K_\i\gfikjZXeY\m`\n\[Xk1
?fn]i\hl\ekcp`k`jglYc`j_\[6 =P)'(,$(-1_kkg1&&nnn%\`Z_\i%`e&lgcfX[j&(,*'(---'0V
9IIV=PV)'(,$(-%g[]
=P)'(-$(.1_kkg1&&nnn%\`Z_\i%`e&lgcfX[j&(,*'(---'0V9IIV
=PV)'(-$(.%g[]
=P)'(.$(/1_kkg1&&nnn%\`Z_\i%`e&lgcfX[j&(,*)0,*)*-V9IIV
=PV)'(.$(/%g[]
The Code of Conduct for Directors & Senior Management, Policy for Determining
Materiality of Events and Information and Code of Practices and Procedures for
Fair Disclosure of Unpublished Price Sensitive Information extend to the Company’s
subsidiary and joint venture companies as well. Several subsidiaries and joint venture
ZfdgXe`\jXcjf_Xm\ZfdgXepjg\Z`ÔZn_`jkc\$Ycfn\igiXZk`Z\j`egcXZ\%
In FY 2018-19, EML received 58 complaints from stakeholders. EML successfully Stakeholder's complaints redressal
resolved 56 complaints during the year which include 4 complaints pertaining to
previous period. The resolution of complaints is reviewed by EML’s Stakeholder’s
Relationship Committee which looks into the redressal of complaints received from
shareholders and investors. The Committee is comprised of three non-executive
independent directors as its members. The Managing Director and the Chief
=`eXeZ`XcFøZ\iXi\`em`k\[kfk_\Zfdd`kk\\d\\k`e^jXji\hl`i\[%K_\>\e\iXc
Counsel and Company Secretary acts as the Secretary to the Stakeholder’s
relationship committee.
At Eicher Motors Limited, environmental and social concerns are an integral part of Social or environmental concerns and
its product development policy. Aspects like raw material, energy, water and waste their importance in product design
are taken into consideration during the product design and manufacturing process.
At the product development stage, material recyclability of the motorcycles is also a
critical factor from a product life-cycle perspective.
EML focuses on indigenisation of components and local sourcing. A predominant Sustainable sourcing and Procurement
section of our supplier base is located within a 100-kilometer radius of our from local and small producers
manufacturing sites. We source 98.1% by value of our raw materials from within India,
translating to procurement of roughly INR 4,959 crores from indigenous suppliers
in FY 2018-19. This helps in optimising cost, increasing productivity, and reducing
environmental footprint associated with logistics. It also creates employment
opportunities for the local community.
We also strive to integrate sustainability into our in-bound supply chain. Towards
k_`j\e[#n\_Xm\kXb\e`e`k`Xk`m\jkfj`^e`ÔZXekcp\c`d`eXk\k_\lj\f]gXZbX^`e^
materials through use of bins, pallets, and reusable trolleys. For export of
motorcycles, especially the popular 650 twins, we use the Chennai port, which is
close to our manufacturing sites for reducing transportation related emissions.
A committed and productive workforce is the backbone of EML. As on 31st March Manpower resources including women
)'(0#k_\kfkXcnfib]fiZ\n`k_k_\:fdgXepnXj(+#,-/%Flkf]k_`j#n\_Xm\+'/) employees
g\idXe\ekjkXùXe[\o\Zlk`m\jfefligXpifcc%I\jkf]k_\nfib]fiZ\jZfdgi`j\jf]
engineers, workmen, trainees, casual and contract workmen.
EML is an equal opportunity employer and does not discriminate among employees
on the basis of gender, caste, creed, religion, or any other characteristic. We are also
committed to increasing the representation of women across our workforce. Women
account for 6% of full-time employees in our company. They also accounted for
((f]e\n_`i\j`e=P)'(/$(0%N\XcjfdXb\Xe\ùfikkf`eZcl[\g\fgc\n`k_jg\Z`Xc
needs as part of our workforce.
Recognising the right to collective bargaining of our employees, we have Employee association and its
established internal and independent labour unions at our Thiruvottiyur plant. All membership
the permanent employees at the plant are members of this union. The union follows
all statutory requirements. We also undertake wage settlements with the employee
union once in three years.
The Company has developed systems and processes to eliminate the presence Child labour, forced labour, sexual
of child labour, forced labour, involuntary labour, and sexual harassment in its harassment
operations. We also conduct various programmes to build awareness of employees
on these issues. In line with the statutory requirements, EML doesn’t employ anyone
c\jjk_Xe(/p\Xijf]X^\%;li`e^k_\ÔeXeZ`Xcp\Xile[\ii\m`\n#:fdgXepi\Z\`m\[
one complaints of sexual harassment which was investigated and appropriately
dealt with as per the statutory provisions.
EML provides regular trainings to its employees for the upgradation of their skills Safety, training and upskilling
and knowledge, and safety related issues. Training is provided by in-house experts
and external agencies according to an annual calendar. In FY 2018-19, 77% of
the permanent employees and 87% of women employees received training on
the above-mentioned aspects. We also trained our contractual and temporary
employees on safety and other relevant aspects.
EMPOWER:IliXc<c\Zki`ÔZXk`fe`eCX[Xb_
<DC`dgc\d\ek\[k_\<DGFN<Igifa\Zk`eCX[Xb_i\^`fekf]XZ`c`kXk\
holistic development of the community and empower the local
population. With our support, solar micro-grids were setup in remote
m`ccX^\jf]k_\i\^`fe%N`k_k_\jlggfikf]>cfYXc?`dXcXpXe<og\[`k`fe#
B_Xe^iXc#9XkXdY`jLgg\i#D`[[c\#Cfn\i #Xe[?XeXdlim`ccX^\jn\i\
`[\ek`Ô\[]fi\c\Zki`ÔZXk`fe%
Projects Undertaken:Fm\i-#,''Zcfk_\jn\i\[`jki`Ylk\[[li`e^k_\Zcfk_\j
[`jki`Ylk`fe[i`m\XkBXj_d`i#LkkXiXb_Xe[#A_Xib_Xe[Xe[?`dXZ_XcGiX[\j_#
helping more than 5,000 families with clean and warm clothes.
EML is committed to upholding the leading standards of integrity and accountability Human rights policies and stakeholder
across our operations. In line with our commitment, we have laid down policies/ complaints
codes like Code of Conduct for Directors and Senior Management, Policy on
Gi\m\ek`fef]J\olXc?XiXjjd\ek#<dgcfp\\N\c]Xi\Gfc`Z`\j#:JIGfc`Zp#\kZ%8ccfli
subsidiaries and joint venture companies are also covered under Company’s Policies
and/or have their own Policies of similar nature.
;li`e^k_\ÔeXeZ`Xcp\Xile[\ii\m`\n#:fdgXepi\Z\`m\[fe\ZfdgcX`ekjf]j\olXc
harassment which was investigated and appropriately dealt with as per the statutory
provisions.
Principle 6: Environment
EML’s Environment Policy showcases our commitment to implement initiatives Coverage of environmental policies
i\cXk\[kfi\jfliZ\\øZ`\eZp#Zc\Xe\igif[lZk`fe#Xe[nXjk\i\[lZk`feXe[ and practices and strategies to
management; awareness generation; and training of employees on environmental address environmental issues
issues. At present, the Company’s environment policy does not cover Group/Joint
M\ekli\j&Jlggc`\ij&:fekiXZkfij&E>Fj%?fn\m\i#n\\eZfliX^\XccflijkXb\_fc[\ij
to implement robust environmental practices across their operations.
Recognizing the risks posed by environmental issues such as climate change on Initiatives on clean technology, energy
their businesses and on the society, EML has been implementing initiatives to reduce \øZ`\eZp\kZ
k_\ZXiYfe]ffkgi`ek%N\_Xm\le[\ikXb\e\ùfikjkfcfn\ifli\e\i^pZfejldgk`fe
in manufacturing units and shop floors. Through our energy saving measures, we
_Xm\jXm\[)#((0DN_f]\e\i^pn_`Z_`j\hl`mXc\ekkf)#'.+Kfee\jf]:F)\%
We also use recycled water in our production processes. Almost 90% of the water
used in manufacturing is recycled. Water from the Sewage Treatment Plant (STP)
`jXcjflj\[]fi^Xi[\e`e^#X`i$_Xe[c`e^le`kj8?L #Yf`c\ij#Zffc`e^kfn\ij#Xe[`e
toilets. Additionally, rain water harvesting systems set up at all the plants help in
ground water recharge.
EML has a formal risk management framework in place to assess potential risks and Environmental risk assessment and
take appropriate measures to mitigate them. The Risk Management Committee, development mechanism
overseen by MD, is responsible for the implementation of this framework. Regular
meetings with various internal departments, as well as external associations and
industry bodies are conducted to identify emerging risks. All processes are analysed
with ASPECT-IMPACT analysis to ensure that the impact on environment is reduced
feXZfek`elfljYXj`jk_ifl^_fg\iXk`feXcZfekifcgifZ\[li\jF:G %
<DC[f\jeËk_Xm\Xepgifa\Zkji\cXk\[kf:c\Xe;\m\cfgd\ekD\Z_Xe`jd%?fn\m\i#
j\m\iXc`e`k`Xk`m\jkf`dgifm\\e\i^p\øZ`\eZp_Xm\Y\\e`dgc\d\ek\[`efli
dXel]XZkli`e^le`kj#c\X[`e^kfj`^e`ÔZXeki\[lZk`fe`edXel]XZkli`e^ZfjkjXjn\cc
greenhouse gas emissions from our operations.
EML has laid down procedures to ensure statutory compliance with the Central Emission control and violations, if any
Pollution Control Board/ State Pollution Control Board on emissions, air and
noise quality, and waste generation. We conduct regular ambient air and noise
quality tests through laboratories accredited by National Accreditation Board for
Testing and Calibration Laboratories (NABL) and submit reports to the Tamil Nadu
Pollution Control Board (TNPCB). We have also installed an online monitoring
jpjk\d]fiMfcXk`c\Fi^Xe`Z:fdgfle[jMF: %K_`j`jZfee\Zk\[kfk_\KEG:9
Care Air Centre to monitor any fluctuations in the permissible limits. We also ensure
proper segregation, recycling and disposal of hazardous and non-hazardous waste
generated at the site.
During the FY 2018-19, all emissions and waste generated by EML were within the
permissible limits given by CPCB and TNPCB and no show cause or legal notices were
received.
EML is a member of the Confederation of Indian Industry (CII), Federation of Industry associations and advocacy
Indian Chambers of Commerce and Industry (FICCI), Society of Indian Automobile
Manufacturers (SIAM) and Society of Automotive Fitness and Environment (SIAM
SAFE). Participation in such associations provides us a platform to engage with
other automotive companies on relevant issues. We aim to contribute to the
development of policies and regulations, implementation plans, etc. through regular
engagement with the Government of India. We also interact regularly with the
Bureau of Indian Standards (BIS) to suggest inputs for new regulations for vehicles,
new standards and their feasibility, etc.
EML has a clearly articulated CSR policy in line with the Companies Act, 2013 Jg\Z`ÔZgif^iXdd\j&`e`k`Xk`m\j&
Xe[k_\Ilc\jdX[\k_\i\le[\i%FliYifX[Xi\Xjf]`ek\im\ek`feXe[[\kX`cjfe projects in pursuit of the policy related
initiatives implemented in FY 2018-19 are described under Principle 4. to Principle 8
In FY 2018-19, EML spent INR 45.39 crores on CSR activities under the broad Contribution to community
themes of rural development, livelihood development disaster relief and road safety. development projects and
N\ZfccXYfiXk\n`k_i\glk\[E>FgXike\ijkf\ejli\\øZ`\ek`dgc\d\ekXk`fe implementation
and quality outcomes. These programmes are regularly managed and monitored
by an in-house CSR Committee facilitated by Eicher Group Foundation. The CSR
committee assesses the progress and impacts of the programmes, provides
valuable insights and suggests course correction and improvement in the existing
programmes.
A participatory approach is adopted by EML for developing and implementing
the community development initiatives, which address the unmet needs of the
community. This helps in on-boarding community members from the very beginning
of the programme, ensuring greater ownership and successful implementation.
FliÔ\c[k\XdjZfek`elfljcp`ek\iXZkn`k_Zfddle`kpd\dY\ij[li`e^k_\
implementation period.
EML is committed to provide world-class quality products and services to its Displaying product information on the
Zljkfd\ijYfk_eXk`feXccpXe[`ek\ieXk`feXccp%Fligif[lZkjZfdgcpn`k_Xcci\hl`j`k\ product label
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They also comply with statutory safety norms of India as well as export markets. All the
product literature, including safety information is disclosed to the customers through
user manuals, media platforms, and company’s website. The dealers also orient the
customers on products’ features and performance during pre-sales interactions and
product delivery. In addition, the Company regularly uses various media and non-
media platforms to communicate the importance of safe driving to its customers.
K_\:fdgXep_XjX]fidXcXe[n\cc$[\Ôe\[gifZ\jj`egcXZ\]fiX[[i\jj`e^ Pending customers complaints
Zljkfd\i^i`\mXeZ\j%:fdgcX`ekjÔc\[YpZljkfd\ik_ifl^_jfZ`Xcd\[`Xfik_\
central command centre are documented with the Dealer Management System
(DMS). Dedicated teams analyse these complaints to provide timely resolutions.
There is an escalation matrix built into the system to ensure any delays in resolution
Xi\efk`Ô\[kfk_\j\e`fidXeX^\d\ek%;li`e^=P)'(/$(0#0+f]Zljkfd\i
complaints were resolved.
Customer satisfaction is critical to the growth of our business. We and/or our dealers Customer surveys
regularly undertake customer satisfaction surveys. In case of low satisfaction scores
(1-2), we take corrective actions and resolve them within 15 days. JD, a third-party
agency, had conducted surveys in 2017. As per the survey, EML is ranked No. 2.
There were no cases of litigation against the company regarding unfair trade practices,
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DIRECTORS’ REPORT
FINANCIAL RESULTS
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March 31, 2019 March 31, 2018
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Interest 2.99 *%'+
Depreciation 298.93 )))%*+
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Other income 508.04 **)%+*
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V. INDEBTEDNESS
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:fdd`jj`fe ,*#)+#''' )#('#,*0 0#0/#''/ ))#-/#)'' 0#0/#''/ - 97,98,755
Fk_\ij#gc\Xj\jg\Z`]p - - - - - - -
Total (1) 57,44,000 2,10,539 9,98,008 24,88,200 13,28,008 1,20,000 1,08,88,755
)% Fk_\iEfe$<o\Zlk`m\ -
Directors
=\\]fiXkk\e[`e^ - - - - - - -
9fXi[&:fdd`kk\\
meetings
:fdd`jj`fe - - - - - - -
Fk_\ij#gc\Xj\jg\Z`]p - - - - - - -
Total (2) - - - - - - -
KfkXc9 4(") 57,44,000 2,10,539 9,98,008 24,88,200 13,28,008 1,20,000 1,08,88,755
KfkXcDXeX^\i`Xc 13,30,33,304
I\dle\iXk`fe8"9
Fm\iXcc:\`c`e^Xjg\ik_\8Zk((f]k_\e\kgifÔkjf]k_\:fdgXep# 3,38,84,37,855
Zfdglk\[Xjg\iJ\Zk`fe(0/f]k_\:fdgXe`\j8Zk#)'(*
#
Di%Gi`pX9iXk#Di%D%A%JlYYX`X_Xe[Di%GiXk\\bAXcXe#Efe$<o\Zlk`m\@e[\g\e[\ek;`i\Zkfiji\j`^e\[]ifdk_\9fXi[n%\%]Ale\(-#)'(.#DXiZ_*(#)'(/Xe[
FZkfY\i(*#)'(/i\jg\Zk`m\cp%
!Di% @e[\i Df_Xe J`e^_ nXj Xggf`ek\[ Yp k_\ 9fXi[ Xj Xe X[[`k`feXc ;`i\Zkfi @e[\g\e[\ek n%\%]% Efm\dY\i ()# )'(/# jlYa\Zk kf i\hl`j`k\ XggifmXc f] k_\
j_Xi\_fc[\ij%
:% I<DLE<I8K@FEKFB<PD8E8><I@8CG<IJFEE<CFK?<IK?8ED;&D8E8><I&NK;1
8dflek`eIj%
Sl. GXik`ZlcXijf]I\dle\iXk`fegX`[[li`e^k_\p\Xi B\pDXeX^\i`XcG\ijfee\c
No. :fdgXepJ\Zi\kXip CFO Total
(% Gross salary
X J XcXipXjg\igifm`j`fejZfekX`e\[`eJ\Zk`fe(.( 0'#++#,-) (#/0#.-#--0 2,80,21,231
f]k_\@eZfd\$kXo8Zk#(0-(
Y M Xcl\f]g\ihl`j`k\jl&j(.) @eZfd\$kXo8Zk#(0-( ,+#.00 )'#(,#/(/ 20,70,617
Z G ifÔkj`ec`\lf]jXcXiple[\iJ\Zk`fe(.* - - -
@eZfd\$kXo8Zk#(0-(
)% JkfZbFgk`fe (#'.#(+#,-/ )#,/#)+#*'' 3,65,38,868
*% Jn\Xk<hl`kp - - -
+% Commission - - -
,% Fk_\ij#gc\Xj\jg\Z`]p - - -
Total 1,98,13,929 4,68,16,787 6,66,30,716
CORPORATE GOVERNANCE
REPORT
1. THE COMPANY’S PHILOSOPHY ON CODE The governance processes of the Company include
OF CORPORATE GOVERNANCE creation of empowered sub-committees of the Board
Corporate Governance continues to be a strong focus to oversee the functions of executive management.
area for the Company. These sub-committees of the Board mainly comprise
Non-Executive Directors and Independent Directors,
Our philosophy on Corporate Governance in Eicher which meet and deliberate regularly to discharge their
emanates from resolute commitment to protect obligations.
stakeholder’s rights and interest, proactively manage
risks and create long-term wealth and value. It In India, Corporate Governance standards for listed
permeates in all aspects of working - workplace companies are regulated by the Securities and Exchange
management, marketplace responsibility, community Board of India (Listing Obligations and Disclosure
engagement and business decisions. Requirements) Regulations, 2015 [SEBI (LODR)
Regulations, 2015]. The Company has adopted best
The Code of Conduct(s)/Company’s Policies and the practices contained in SEBI (LODR) Regulations, 2015.
governance are based on the corporate principles and
strong emphasis laid on transparency, accountability,
integrity and compliance.
2. BOARD OF DIRECTORS
2.1 Composition, Meetings, Attendance, Other Directorship, Chairmanship and Membership
K_\9fXi[`ji\jgfej`Yc\]fik_\dXeX^\d\ekf]k_\XùX`ijf]k_\:fdgXep%8jfeDXiZ_*(#)'(0#k_\9fXi[jki\e^k_
consists of four directors comprising three Non-Executive Independent Directors of which one is a woman director
Xe[fe\<o\Zlk`m\;`i\Zkfi%=`m\9fXi[d\\k`e^jn\i\_\c[[li`e^k_\ÔeXeZ`Xcp\Xi\e[\[DXiZ_*(#)'(0#fe8gi`c)#
2018, May 9, 2018, August 9, 2018, November 12, 2018 and February 11, 2019. Details about attendance in the Board
meetings and other details of the directors are given below:
Sl. No. Name of the Category No. of Whether Number of Number of Committee
Director Board attended the Directorship Memberships /Chairmanships
Meetings 36th AGM held on held in other held in other Companies#
attended August 10, 2018 Companies#
Memberships* Chairmanships*
(1) (2) (3) (4) (5) (6) (7) (8)
1. Mr. S. Sandilya Chairman-Non-Executive 5 Yes 4 1 3
DIN: 00037542 Independent Director
2. Mr. Siddhartha Lal Promoter –Managing 5 Yes 1 - -
DIN: 00037645 Director
3. Ms. Manvi Sinha Non-Executive 5 Yes - - -
DIN: 07038675 Independent Director
4. Mr. Inder Mohan Singh^ Non-Executive 2 N.A. - - -
DIN: 07114750 Independent Director
None of the director hold chairmanship of the Board While formulating and approving policies
:fdd`kk\\j`e\oZ\jjf]k_\dXo`dldZ\`c`e^f]Ôm\ concerning appointment of directors and other
and membership in excess of the maximum ceiling of j\e`fiføZ\ij#YfXi[[`m\ij`kp#i\dle\iXk`feXe[
k\eXjjg\Z`Ô\[le[\iI\^lcXk`fe)-f]J<9@CF;I evaluation, the Board seeks to ensure business
Regulations, 2015. No Director of the Company is continuity with due weightage to succession
related to any other director on the Board. Mr. Sandilya planning.
is also a Non-Executive Independent Director in Mastek
2.3. Information supplied to the Board
Limited (Chairman), Rane Brake Lining Limited and
The required information, including information as
GMR Infrastructure Limited, all being listed companies.
enumerated under Regulation 17(7) read with Part
A of Schedule II of the SEBI (LODR) Regulations,
No independent director serves as a Whole-time
2015 is made available to the Board of Directors,
Director/Managing Director in any other listed for discussions and consideration at the quarterly
company. Further, None of the Directors of the Board Meetings.
Company, holds Directorship/Independent Directorship
in more than seven listed companies, as provided under 2.4. Separate Meeting of Independent Directors
Regulation 17A of SEBI (LODR) Regulations, 2015. As stipulated by the Code of Independent Directors
under the Companies Act, 2013 and the SEBI
Your Company’s Board has an optimum combination (LODR) Regulations, 2015, a separate meeting
of Executive, Non-Executive and Independent of the Independent Directors of the Company
Directors with one Independent woman Director, as was held on May 9, 2018, without the attendance
per the requirements of Regulation 17 of SEBI (LODR) of non-independent Director and members of
Regulations, 2015. The composition of the Board is management to:
as per the requirements of SEBI (LODR) Regulations,
(a) review the performance of non-independent
2015 and the Companies Act, 2013. In the opinion of
Director and the Board as a whole;
the Board, the Independent Directors of the company
d\\kXcck_\Zi`k\i`XXe[Zfe[`k`fejjg\Z`Ô\[YpJ<9@ (b) review the performance of the Chairperson of
(LODR) Regulations, 2015 and the Companies Act, the Company, taking into account the views
2013 and are Independent of the Management. None of Executive Director and Non-Executive
of the Directors of the Company have been debarred Directors;
fi[`jhlXc`Ô\[]ifdY\`e^Xggf`ek\[fiZfek`el`e^Xj
directors of companies by SEBI or Ministry of Corporate (c) assess the quality, quantity and timeliness of
8ùX`ijfiXepfk_\ijlZ_Xlk_fi`kp%K_\:fdgXep_Xj flow of information between the Company’s
XcjffYkX`e\[XZ\ik`ÔZXk\f]k_\GiXZk`j`e^:fdgXep management and the Board that is necessary
Secretary in this regard. ]fik_\9fXi[kf\ù\Zk`m\cpXe[i\XjfeXYcp
perform their duties.
The Company has appointed separate persons to the
gfjkf]k_\:_X`idXeXe[k_\:_`\]<o\Zlk`m\FøZ\i% 2.5. Shareholding of Non-Executive Directors
As on March 31, 2019, Mr. S. Sandilya, Chairman
Mr S. Sandilya is the Chairman of the Board of Directors
and Non-Executive Independent Director of the
and Mr. Siddhartha Lal is the Managing Director and
Company holds 11,766 equity shares in the Company
:_`\]<o\Zlk`m\FøZ\if]k_\:fdgXep%Di%JXe[`cpX`j
and Mr. Vinod Kumar Aggarwal, appointed as an
efki\cXk\[kfDi%J`[[_Xik_XCXcXjg\ik_\[\Ôe`k`fe 8[[`k`feXc;`i\ZkfiEfe$<o\Zlk`m\ n`k_\ù\Zk
f]k_\k\idÈi\cXk`m\É[\Ôe\[le[\ik_\:fdgXe`\j from April 1, 2019, holds 6,700 equity shares in the
8Zk#À)'(*% Company. Other Non-Executive Directors viz. Mr.
Inder Mohan Singh and Ms. Manvi Sinha do not hold
2.2. Appointment of Directors
any shares in the Company. The Company has not
Directors are appointed or re-appointed with the
issued any convertible instruments.
approval of the shareholders and shall remain in
2.6. Familiarization Programme for Independent (iii) Reviewing with the management the quarterly,
Directors _Xc]p\XicpXe[XeelXcÔeXeZ`XcjkXk\d\ekj
The Company has a programme to familiarize and auditors’ report thereon before
Independent Directors with regard to their roles, submission to the Board for approval;
rights, responsibilities in the Company, nature of
`m I\m`\n`e^k_\:fdgXepËjÔeXeZ`XcXe[i`jb
the industry in which the Company operates, the
management policies;
business models of the Company, major statutory
updates etc. and the same is available on the (v) Review and monitor the Auditor’s
weblink http://www.eicher.in/familiarization- independence and performance, and
program. \ù\Zk`m\e\jjf]Xl[`kgifZ\jj2
m` 8ggifmXcfiXepjlYj\hl\ekdf[`ÔZXk`fe
2.7. Skills/expertise/competencies of the Board
of transactions of the Company with related
The Board recongnises certain skills/expertise/
parties;
competencies that are required by it to function
\ù\Zk`m\cp`ek_\Zfek\okf]Ylj`e\jjf]k_\ (vii) Scrutiny of inter-corporate loans and
Company and which inter alia consist of experience investments;
& knowledge of the automobile industry, technical
(viii) Valuation of assets of the company, whenever
skills & specialist knowledge in various areas. Board
it is necessary;
d\dY\ij_Xm\j`^e`ÔZXek\og\i`\eZ\Xe[\og\ik`j\
in the areas of corporate governance, strategy, `o <mXclXk`fef]`ek\ieXcÔeXeZ`XcZfekifcjXe[
ÔeXeZ\#\e^`e\\i`e^#XlkfdfY`c\`e[ljkip#d\[`X risk management systems;
and public relations, law and general management. (x) Reviewing, with the management, performance
The Company gains immensely from the strategic of statutory and internal auditors, adequacy
vision and insights provided by Directors. of the internal control systems;
The Board is of the opinion that all Directors (xi) Reviewing the adequacy of internal audit
possess personal attributes in addition to sound function, if any, including the structure
professional knowledge and experience and f]k_\`ek\ieXcXl[`k[\gXikd\ek#jkXøe^
contribute to the collective skills expertise/ Xe[j\e`fi`kpf]k_\føZ`Xc_\X[`e^k_\
competencies that are required in the Company’s department, reporting structure coverage and
industry and business environment. frequency of internal audit;
(i) management discussion and analysis of various measures and initiatives taken by the listed
ÔeXeZ`XcZfe[`k`feXe[i\jlckjf]fg\iXk`fej2 entity for reducing the quantum of unclaimed dividends
(ii) statement of related party transactions and ensuring timely receipt of dividend warrants/annual
submitted by management; reports/statutory notices, if any, by the shareholders of
the Company.
(iii) internal audit reports relating to internal
control weaknesses; 4.1 Meetings and Attendance
(iv) management letters/ letters of internal Four Meetings of the Stakeholders’ Relationship
control weaknesses issued by the statutory Committee of Directors were held during the
auditors, if any. Financial Year ended March 31, 2019 on May 9,
2018, August 9, 2018, November 12, 2018 and
3.2 Meetings and Attendance February 11, 2019. The name of the Member and
Five Meetings of the Audit Committee of Directors Chairperson of the Committee and attendance
were held during the Financial Year ended March 31, details are as under:
2019 on April 2, 2018, May 9, 2018, August 9, 2018,
November 12, 2018 and February 11, 2019. The
Sl. Name Chairperson/ No. of No. of
name of Members, Chairperson of the Committee No. Member meetings meetings
and their attendance details are as under: which the attended
member
was eligible
Sl. Name Chairman/ No. of No. of to attend
No. Member meetings meetings
1. Ms. Manvi Sinha Chairperson 4 4
which the attended
member 2. Mr. S. Sandilya Member 4 4
was eligible
to attend The Board at its meeting held on April 1, 2019,
1. Mr. S. Sandilya Chairman 5 5 has appointed Mr. Inder Mohan Singh, Non-
2. Mr. Siddhartha Lal Member 5 5 Executive Independent Director, as member of
3. Ms. Manvi Sinha* Member 2 2 the Stakeholders’ Relationship Committee of the
* The Board at its Meeting held on November 12, 2018, appointed Ms. Manvi Company, thereby increasing the total number of
Sinha, Non-Executive Independent Director as Member of the Audit members to 3 (three).
Committee
5.1 Major terms of Reference During the year under review, Mr. Prateek Jalan,
` @[\ek`]p`e^g\ijfejn_fXi\hlXc`Ô\[kfY\Zfd\ Non-Executive Independent Director and Chairman
Directors and who may be appointed in senior of the Nomination & Remuneration Committee
management in accordance with the criteria resigned from the Board w.e.f. October 13, 2018.
laid down and recommending to the Board their He attended three meetings of the Nomination &
appointment, removal and all remuneration, in Remuneration Committee held on April 2, 2018,
whatever form, payable to senior management; May 9, 2018 and August 9, 2018.
(ii) Laying down the evaluation criteria for
Mr. Manhar Kapoor, General Counsel & Company
performance evaluation of Individual
Secretary acts as the Secretary to the Nomination
Directors, Board as whole and its Committees;
and Remuneration Committee.
(iii) Review the implementation and compliance
of the performance evaluation process in 5.3 Performance Evaluation Criteria for
k_\À:fdgXep2 Independent Directors
The Company has adopted an Evaluation policy to
(iv) To decide on whether to extend or continue the
evaluate performance of individual Directors, the
term of appointment of the independent director,
Board as a whole and its committees. Nomination
on the basis of the report of performance
and Remuneration Committee of the Company
evaluation of independent Directors;
_Xjjg\Z`Ô\[k_\dXee\i]fi\ù\Zk`m\\mXclXk`fe
(v) Devising a policy on diversity of Board of Directors; of performance of Board, its committees and
Individual Directors. Evaluation of Individual
(vi) Formulating the criteria for determining
Directors including Independent Directors is
hlXc`ÔZXk`fej#gfj`k`m\Xkki`Ylk\jXe[
carried out by the entire Board, amongst others,
independence of a director and recommend
in accordance with the provisions of Code for
to the Board of Directors a Policy relating
Independent Directors as outlined under Schedule
to the Remuneration of the Directors, Key
IV, Section 134 & Section 178 of the Companies Act,
Managerial Personnel and other employees.
2013. Evaluation factors includes various criteria
(vii) To undertake and perform all such functions, including thought contribution, business insight,
powers of administration and superintendence applied knowledge, etc.
of Employee Stock Option Plan – 2006
(ESOP), inter alia as contained under SEBI ;li`e^k_\ÔeXeZ`Xcp\Xile[\ii\m`\n#]fidXc
J_Xi\9Xj\[<dgcfp\\9\e\Ôkj I\^lcXk`fej# annual evaluation of the Board, its committees,
2014 including any amendments thereof; the Chairman and individual Directors was carried
out pursuant to the Board Performance Evaluation
(viii) To review and approve any other matter
Policy on May 9, 2018.
relating to the aforesaid ESOP which may be
considered necessary and incidental thereto.
6. CORPORATE SOCIAL RESPONSIBILITY
5.2 Meetings and Attendance COMMITTEE
Five Meetings of the Nomination & Remuneration The Company has a Corporate Social Responsibility
Committee of Directors of the Company were Committee of Directors comprising two Non-Executive
held during the Financial Year ended March 31, Independent Directors and one Executive Director as
2019 on April 2, 2018, May 9, 2018, August 9, at March 31, 2019. The composition and the role of
2018, November 12, 2018 and February 11, 2019. the Committee are in conformity with the provisions of
The names of the Members, Chairperson of the Section 135 of Companies Act, 2013.
Committee and attendance details are as under:
6.1 Major terms of Reference
(i) Formulating and recommending to the Board,
Sl. Name Chairperson/ No. of No. of a Corporate Social Responsibility Policy which
No. Member meetings meetings
shall indicate the activities to be undertaken
which the attended
member by the Company in the areas or subjects
was eligible jg\Z`Ô\[`eJZ_\[lc\M@@kfk_\:fdgXe`\j
to attend Act, 2013.
1. Ms. Manvi Sinha Chairperson^ 5 5
(ii) Recommending the amount of expenditure
2. Mr. S. Sandilya Member 5 5
to be incurred on the activities referred to in
3. Mr. Inder Mohan Singh* Member 2 2
Company’s CSR policy.
^appointed as Chairperson w.e.f. November 12, 2018.
*The Board at its meeting held on November 12, 2018, appointed Mr. Inder (iii) Monitoring the CSR Policy of the Company
Mohan Singh, Non- Executive Independent Director, as a member of the from time to time.
Nomination and Remuneration Committee.
9. REMUNERATION OF DIRECTORS
9.1 Remuneration to Managing Director
K_\i\dle\iXk`fef]k_\DXeX^`e^;`i\Zkfi`jÔo\[Ypk_\9fXi[f];`i\ZkfijXe[Xggifm\[Ypj_Xi\_fc[\ij`ek_\8eelXc
>\e\iXcD\\k`e^%K_\[\kX`cjf]i\dle\iXk`fef]DXeX^`e^;`i\Zkfi]fik_\ÔeXeZ`Xcp\Xi\e[\[DXiZ_*(#)'(0`jXjle[\i1
(Rs. in Crores)
Name of the Director Salary Commission Perquisites Service Contract
Tenure Notice period
Mr. Siddhartha Lal, 3.79 5.28 3.63 5 years (Members at their AGM held 3 months’ notice or salary in
Managing Director on June 18, 2016, approved re- lieu of notice for 3 months or for
appointment of Mr. Siddhartha Lal as such period which falls short of
Managing Director w.e.f. May 1, 2016 3 months
up to April 30, 2021)
Notes:
1. No Special Resolutions were passed in the last 3 (three) Annual General Meetings.
2. No Special Resolution was passed through postal ballot last year. Also, no Special Resolutions are proposed to be
conducted through postal ballot.
Tentative Financial Calendar – for the 13.8 Name of Depositories for dematerialisation
ÔeXeZ`Xcp\Xi\e[`e^DXiZ_*(#)')' of equity shares and stock code/symbol
Quarterly results for the quarters ending June 30,
2019, September 30, 2019, December 31, 2019
Name of the depository ISIN No.
and quarterly/annual results for the quarter/
year ending March 31, 2020 will be approved National Securities Depository Limited (NSDL) & INE 066A 01013
in the Board Meetings which will be tentatively Central Depository Services (India) Limited (CDSL)
held in the months of July 2019, November 2019,
February 2020 and May 2020 respectively The equity shares are quoted under the following Code/
jlYa\Zkkfk_\ÔeXc`jXk`fef][Xk\jYpk_\9fXi[ Symbol:
of Directors). Annual General Meeting for the
Financial Year 2019-20 will be tentatively held Stock Exchanges Code / Symbol
in between July-August 2020. The Consolidated BSE Limited, Mumbai (BSE) 505200
quarterly and annual results will likely be published National Stock Exchange of India Limited, EICHERMOT
in the Business Standard (English) in all Editions Mumbai (NSE)
and in Business Standard (Hindi), Delhi Edition.
The Standalone and Consolidated quarterly and 13.9 Registrar and Share Transfer Agent /
annual results will be submitted with the Stock Address for correspondence:
Exchanges. Additionally, the same will be posted Share transfer, transmission, transposition,
on Company’s website at www.eichermotors.com. dematerialisation and other communication
regarding change of address, dividends, share
13.5 Book Closure : July 26, 2019 to August 1, 2019 Z\ik`ÔZXk\j#`em\jkfiZfdgcX`ekj#\kZ%dXpY\
(both days inclusive) addressed to:
150
140
130
120
110
100
90
80
70
60
50
Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19
150
140
130
120
110
100
90
80
70
60
50
Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19
13.11 Share transfer system w.e.f. April 1, 2019 in terms of aforesaid provisions.
;li`e^k_\ÔeXeZ`Xcp\Xi\e[\[DXiZ_*(#)'(0# Any shareholder who is desirous of transferring
shares of the Company have been transferred shares, which are held in physical form, after
through Link Intime India Private Limited, the April 1, 2019, can do so only after the shares are
Registrar and Share Transfer Agent of the Company dematerialised. Shareholders of the Company
and the Shares Committee of the Company approved may please note that the above amended
the said share transfers. All valid requests for transfer/ provisions are not applicable in case of requests for
transmission of Equity shares held in physical form transmission (i.e. transfer of title of shares by way of
are processed within a period of 15 days from the inheritance/succession) and transposition (i.e. re-
[Xk\f]i\Z\`gkf]Zfdgc\k\[fZld\ekj&m\i`ÔZXk`fe arrangement / interchanging of the order of name
Xe[k_\j_Xi\Z\ik`ÔZXk\j[lcpkiXej]\ii\[Xi\ of shareholders).
immediately returned to the transferee/lodger.
In terms of provisions of SEBI circular SEBI/HO/
Details of total number of requests processed MIRSD/DOP1/CIR/P/2018/73 dated April 20, 2018,
for share transfer, transmission, duplicate share the Company has completed dispatch of letters
Z\ik`ÔZXk\j#eXd\[\c\k`fe#[\dXk\i`Xc`qXk`fe including reminder letters to the shareholders
[li`e^k_\ÔeXeZ`Xcp\Xile[\ii\m`\nXi\gifm`[\[ holding shares in physical mode whose PAN/
under Clause 8 of this Report. Bank account details were not registered with the
Company, requesting them to register the same.
During the year under review, in terms of amended
Members holding shares in physical form are
provisions of Regulation 40 of the SEBI (Listing
requested to register and/or update their PAN/
Obligations & Disclosure Requirements) Regulations,
Bank account details with the Company's Registrar
2015, read with National Stock Exchange of India
& Share Transfer Agent and those holding shares in
Limited circular NSE/CML/2018/26 dated July 9,
electronic form shall register/update such details
2018 and BSE circular LIST/COMP/15/2018-19
with their Depository Participants (DPs).
dated July 5, 2018 and subsequent circulars issued
`ek_`ji\^Xi[#k_\:fdgXepkffbjg\Z`Xc\ùfikj
13.12 Dematerialization of shares and liquidity
through its Registrar and Share Transfer Agent by
As per SEBI’s circular dated February 21, 2000, the
sending letters including reminder letters to the
Company’s equity shares are under the Compulsory
shareholders holding shares in physical mode,
Demat Category and can only be traded in the
advising them to dematerialise their shares on
dematerialised form w.e.f. March 22, 2000.
fiY\]fi\k_\gi\jZi`Y\[[l\[Xk\jg\Z`Ô\[Yp
SEBI by opening a Demat account with any of Members are requested to avail the facility of the
the Depository Participants and also sensitizing depository system by opening of Demat account with
them that transfer of shares shall not be allowed any of the Depository Participant (DP), namely, NSDL
in physical form on and after the prescribed due and CDSL. Members who hold shares in dematerialised
date. In this regard the Company also published form, should send all their communications
newspaper advertisement dated October 18, concerning rematerialisation of shares, transfers/
2018, in Business Standard, English (All Editions) transmissions, dividends, change of address, change
and Business Standard, Hindi (Delhi Edition). The in mandate, nominations, etc. to the concerned DPs
jX`[`e]fidXk`fe_XjXcjfY\\eÔc\[n`k_k_\jkfZb with whom they have opened Demat Account.
exchanges and also made available on the website
As on March 31, 2019, 2,69,44,486 shares
of the Company www.eichermotors.com.
constituting 98.76% of the total paid up equity share
Accordingly, the Company has not been accepting capital of the Company have been dematerialised
requests for transfer of shares held in physical form with NSDL and CDSL.
The Company has not issued any GDRs / ADRs, and there are no outstanding warrants or any convertible instruments.
13.14 Transfer of Unclaimed / Unpaid Dividend to Investor Education and Protection Fund Authority
The Company shall be transferring the unclaimed/unpaid dividends as mentioned hereunder to the Investor Education
and Protection Fund Authority, established by the Central Government, in terms of the provisions of Section 124 &
125 of the Companies Act, 2013 read with the Investor Education and Protection Fund Authority (Accounting, Audit,
Transfer and Refund) Rules, 2016.
The tentative schedule for unclaimed dividend to be transferred to Investor Education and Protection Fund Authority is
as under:
For the Financial Year Due date for transfer to the Central Government
2012 (January to December) April 25, 2020
2013 (January to December) April 25, 2021
2014 (January to December) April 25, 2022
2015-16 (January to March)* April 18, 2023
2016-17 (April to March) September 12, 2024
2017-18 (April to March) September 14, 2025
*Interim Dividend declared by the Board of Directors on March 12, 2016.
D\dY\ijn_f_Xm\efk\eZXj_\[k_\`i;`m`[\e[NXiiXekj]fik_\XYfm\ÔeXeZ`Xcp\Xij&g\i`f[dXpXggifXZ_k_\
Company’s Registrar & Share Transfer Agent for obtaining duplicate Dividend Warrants/Revalidation of Dividend Warrants.
13.15 Transfer of Shares to the Investor Education and Protection Fund Authority
In compliance with the provisions of Section 124 and 125 of the Companies Act, 2013 (“the Act”) read with the Investor
Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 (“the Rules”), as on
date the Company has transferred 1,88,467 (0.69%) equity shares of Rs. 10 each of the Company, on which dividend
remained unclaimed or unpaid for a period of seven consecutive years or more, belonging to 2,522 shareholders, to
the Investor Education and Protection Fund Authority (IEPF Authority).
K_\jX`[i\hl`i\d\ek[f\jefkXggcpkfj_Xi\j`ei\jg\Zkf]n_`Z_k_\i\`jXjg\Z`ÔZfi[\if]:flik#Ki`YleXcfi
Statutory Authority, restraining any transfer of the shares.
Any person whose share(s)/ unpaid dividend has been transferred to the IEPF Authority may claim the share(s)/
dividend from it pursuant to the said Act and the Rules by submitting an online application in Form IEPF-5 available on
the website www.iepf.gov.in. Simultaneously, claimant shall be required to submit a copy of Form IEPF-5 submitted with
@<G=8lk_fi`kp[lcpj`^e\[Xe[XZZfdgXe`\[YpXcci\hl`j`k\[fZld\ekjkfk_\:fdgXepËjI\^`jk\i\[føZ\X[[i\jj`e
Xe\em\cfg\dXib\[XjÈ:cX`d]fii\]le[]ifd@<G=8lk_fi`kpÉ]fim\i`ÔZXk`fe%K_\D\dY\ij&:cX`dXekjZXeÔc\fecpfe\
Zfejfc`[Xk\[ZcX`d`eXÔeXeZ`Xcp\XiXjg\ik_\@<G=Ilc\j%J_Xi\_fc[\ijXi\i\hl\jk\[kf^fk_ifl^_k_\gifm`j`fejf]
said Act and the Rules and also the information provided on the website www.iepf.gov.in. Shareholders may also write to
k_\:fdgXepfi:fdgXepËjIK8]fiXep]lik_\i`e]fidXk`fe&ZcXi`ÔZXk`fe`ek_`ji\^Xi[%
K_\[\kX`cjn`k_i\jg\Zkkfk_\leZcX`d\[j_Xi\jf]k_\:fdgXep]fik_\ÔeXeZ`Xcp\Xi\e[\[DXiZ_*(#)'(0Xi\Xjle[\i1
DECLARATION
As per Regulation 26(3) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, the Board
D\dY\ijXe[k_\J\e`fiDXeX^\d\ekG\ijfee\c_Xm\Xøid\[kfk_\Zfdgc`XeZ\n`k_k_\:f[\f]:fe[lZk]fi9fXi[f]
;`i\ZkfijXe[J\e`fiDXeX^\d\ek]fik_\ÔeXeZ`Xcp\Xi\e[\[DXiZ_*(#)'(0%
Siddhartha Lal
Managing Director
:_`\]<o\Zlk`m\FøZ\i
DIN: 00037645
Place: Gurugram, Haryana
Date: May 10, 2019
The above-mentioned procedures include examining 10. This report is addressed to and provided to the members
evidence supporting the particulars in the Corporate of the Company solely for the purpose of enabling it to
Governance Report on a test basis. Further, our scope of comply with its obligations under the Listing Regulations
work under this report did not involve us performing audit with reference to compliance with the relevant regulations
tests for the purposes of expressing an opinion on the of Corporate Governance and should not be used by any
]X`ie\jjfiXZZliXZpf]Xepf]k_\ÔeXeZ`Xc`e]fidXk`fefi other person or for any other purpose. Accordingly, we do
k_\ÔeXeZ`XcjkXk\d\ekjf]k_\:fdgXepkXb\eXjXn_fc\% not accept or assume any liability or any duty of care or
for any other purpose or to any other party to whom it is
Opinion
shown or into whose hands it may come without our prior
8. Based on the procedures performed by us as referred
consent in writing. We have no responsibility to update
in paragraph 7 above, and according to the information
this report for events and circumstances occurring after
and explanations given to us, we are of the opinion
the date of this report.
that the Company has complied with the conditions
of Corporate Governance as stipulated in the Listing
Regulations, as applicable for the year ended March 31, For S.R. Batliboi & Co. LLP
2019, referred to in paragraph 3 above. Chartered Accountants
ICAI Firm Registration Number: 301003E/E300005
Other matters and Restriction on Use
9. This report is neither an assurance as to the future per Sanjay Vij
m`XY`c`kpf]k_\:fdgXepefik_\\øZ`\eZpfi Partner
\ù\Zk`m\e\jjn`k_n_`Z_k_\dXeX^\d\ek_XjZfe[lZk\[ Place of Signature: Gurugram Membership Number: 095169
k_\XùX`ijf]k_\:fdgXep% Date: May 10, 2019 UDIN: 19095169AAAAAW1054
N\#J`[[_Xik_XCXcÆ:_`\]<o\Zlk`m\FøZ\iXe[DXeX^`e^;`i\ZkfiXe[CXc`kDXc`b$:_`\]=`eXeZ`XcFøZ\i#_\i\YpZ\ik`]pk_Xk1
X N\_Xm\i\m`\n\[k_\ÔeXeZ`XcjkXk\d\ekjXe[ZXj_]cfnjkXk\d\ek]fik_\ÔeXeZ`Xcp\Xi\e[\[DXiZ_*(#)'(0Xe[k_Xkkf
the best of our knowledge and belief:
(i) these statements do not contain any materially untrue statement or omit any material fact or contain statement that
might be misleading;
`` k_\j\jkXk\d\ekjkf^\k_\igi\j\ekXkil\Xe[]X`im`\nf]k_\:fdgXepËjXùX`ijXe[Xi\`eZfdgc`XeZ\n`k_\o`jk`e^
accounting standards, applicable laws and regulations.
Y Kfk_\Y\jkf]flibefnc\[^\Xe[Y\c`\]#efkiXejXZk`fej\ek\i\[`ekfYpk_\:fdgXep[li`e^k_\ÔeXeZ`Xcp\Xi\e[\[DXiZ_
31, 2019 are fraudulent, illegal or in violation of the Company’s Code of Conduct.
Z N\XZZ\gki\jgfej`Y`c`kp]fi\jkXYc`j_`e^Xe[dX`ekX`e`e^`ek\ieXcZfekifcj]fiÔeXeZ`Xci\gfik`e^Xe[n\_Xm\\mXclXk\[k_\
\ù\Zk`m\e\jjf]`ek\ieXcZfekifcjpjk\djf]k_\:fdgXepg\ikX`e`e^kfÔeXeZ`Xci\gfik`e^%N\_Xm\[`jZcfj\[kfk_\8l[`kfij
Xe[k_\8l[`k:fdd`kk\\#[\ÔZ`\eZ`\j`ek_\[\j`^efifg\iXk`fef]jlZ_`ek\ieXcZfekifcj#`]Xep#f]n_`Z_n\Xi\XnXi\Xe[
k_\jk\gjn\_Xm\kXb\efigifgfj\kfkXb\kfi\Zk`]pk_\j\[\ÔZ`\eZ`\j%
` k_\i\_Xm\efkY\\eXepj`^e`ÔZXekZ_Xe^\j`e`ek\ieXcZfekifcjfm\iÔeXeZ`Xci\gfik`e^[li`e^k_\p\Xi\e[\[DXiZ_
31, 2019;
`` k_\i\_Xm\efkY\\eXepj`^e`ÔZXekZ_Xe^\j`eXZZflek`e^gfc`Z`\j[li`e^k_\p\Xi\e[\[DXiZ_*(#)'(02Xe[
``` k_\i\_XjefkY\\eXep`ejkXeZ\[li`e^k_\ÔeXeZ`Xcp\Xi\e[\[DXiZ_*(#)'(0f]j`^e`ÔZXek]iXl[n`k_`emfcm\d\ek
k_\i\`ef]k_\dXeX^\d\ekfiXep\dgcfp\\_Xm`e^Xj`^e`ÔZXekifc\`ek_\ZfdgXepËj`ek\ieXcZfekifcjpjk\dfm\i
ÔeXeZ`Xci\gfik`e^%
Key audit matters How our audit addressed the key audit matter
Intangibles assets capitalized or under development (Refer to the accounting estimates and judgements in Note 3 and
Efk\/kfk_\ÔeXeZ`XcjkXk\d\ekj%
The Company has various internally generated intangible Our audit procedures included reading Company's research
projects under development. Initial recognition of the and development expenditure accounting policies to assess
expenditure under these projects are based on assessing compliance with Ind AS 38 “Intangible Assets”.
\XZ_gifa\Zk`ei\cXk`fekfjg\Z`ÔZi\Zf^e`k`feZi`k\i`X
We performed test of control over management process of
that needs to be met for capitalization. In addition, the
identifying and capitalizing the development expenditure with
management also assess indication of impairment of
jg\Z`ÔZ]fZljfek_\XZZflek`e^gi`eZ`gc\jf]ZXg`kXc`qXk`fe
the carrying value of assets which requires management
of expenditure on internally generated intangible assets as
al[^d\ekXe[Xjjldgk`fejXjXù\Zk\[Yp]lkli\dXib\kfi
per IND AS 38 such as technical feasibility of the project,
economic developments.
intention and ability to complete the intangible asset, ability
to use or sell the asset, generation of future economic
Y\e\ÔkjXe[k_\XY`c`kpkfd\Xjli\Zfjkji\c`XYcp%
Key audit matters How our audit addressed the key audit matter
Due to the materiality of the assets under development We performed test of details of development expenditure
recognized and the level of management judgement capitalized by challenging the key assumptions including the
involved, initial recognition and measurement of internally authorization of the stage of the project in the development
generated intangible assets has been considered as a key phase and the accuracy of costs included and assessing
audit matter. the useful economic life attributed to the asset. In addition,
we considered whether any indicators of impairment were
present by understanding the business rationale for projects.
We tested the disclosure relating to research and development
\og\e[`kli\`ek_\jkXe[Xcfe\@e[8JÔeXeZ`XcjkXk\d\ekj
Revenue RecognitionI\]\ikfk_\XZZflek`e^gfc`Z`\j`eEfk\*kfk_\ÔeXeZ`XcjkXk\d\ekj
Revenue from the sale of goods is recognised upon the Our audit procedures included reading the Company's
transfer of control of the goods to the customer, usually on revenue recognition accounting policies to assess
delivery of goods. The Company uses a variety of shipment compliance with Ind AS 115 “Revenue from contracts with
terms across its operating markets and this has an impact customers”.
on the timing of revenue recognition. There is a risk that
revenue could be recognised in the incorrect period for We performed test of controls of management’s process
sales transactions occurring on and around the year end of recognizing the revenue from sales of goods and placed
k_\i\]fi\i\m\el\i\Zf^e`k`fe_XjY\\e`[\ek`Ô\[XjXb\p jg\Z`ÔZXkk\ek`fefek_\k`d`e^f]k_\i\m\el\i\Zf^e`k`feXj
audit matter. per the sales terms with the customers.
N
\Xcjfg\i]fid\[jXc\jZlkfùgifZ\[li\jYpX^i\\`e^
deliveries occurring around the year end to supporting
documentation to establish that sales and corresponding
trade receivables are properly recorded in the correct period.
applicable, matters related to going concern and using the up to the date of our auditor’s report. However, future
going concern basis of accounting unless management events or conditions may cause the Company to cease
either intends to liquidate the Company or to cease to continue as a going concern.
operations, or has no realistic alternative but to do so.
Evaluate the overall presentation, structure and
Zfek\ekf]k_\jkXe[Xcfe\@e[8JÔeXeZ`XcjkXk\d\ekj#
Those Board of Directors are also responsible for overseeing
including the disclosures, and whether the standalone
k_\:fdgXepËjÔeXeZ`Xci\gfik`e^gifZ\jj%
@e[8JÔeXeZ`XcjkXk\d\ekji\gi\j\ekk_\le[\icp`e^
transactions and events in a manner that achieves fair
Auditor’s Responsibilities for the Audit of the
presentation.
Standalone Ind AS Financial Statements
Our objectives are to obtain reasonable assurance about
We communicate with those charged with governance
n_\k_\ik_\jkXe[Xcfe\@e[8JÔeXeZ`XcjkXk\d\ekjXjXn_fc\
regarding, among other matters, the planned scope and
are free from material misstatement, whether due to fraud
k`d`e^f]k_\Xl[`kXe[j`^e`ÔZXekXl[`kÔe[`e^j#`eZcl[`e^
or error, and to issue an auditor’s report that includes our
Xepj`^e`ÔZXek[\ÔZ`\eZ`\j`e`ek\ieXcZfekifck_Xkn\`[\ek`]p
opinion. Reasonable assurance is a high level of assurance,
during our audit.
but is not a guarantee that an audit conducted in accordance
with SAs will always detect a material misstatement when it
We also provide those charged with governance with a
exists. Misstatements can arise from fraud or error and are
statement that we have complied with relevant ethical
considered material if, individually or in the aggregate, they
requirements regarding independence, and to communicate
could reasonably be expected to influence the economic
with them all relationships and other matters that may
decisions of users taken on the basis of these standalone Ind
reasonably be thought to bear on our independence, and
8JÔeXeZ`XcjkXk\d\ekj%
where applicable, related safeguards.
As part of an audit in accordance with SAs, we exercise
From the matters communicated with those charged with
professional judgment and maintain professional skepticism
governance, we determine those matters that were of most
throughout the audit. We also:
j`^e`ÔZXeZ\`ek_\Xl[`kf]k_\jkXe[Xcfe\@e[8JÔeXeZ`Xc
Identify and assess the risks of material misstatement jkXk\d\ekj]fik_\ÔeXeZ`Xcp\Xi\e[\[DXiZ_*(#)'(0
f]k_\jkXe[Xcfe\@e[8JÔeXeZ`XcjkXk\d\ekj# and are therefore the key audit matters. We describe these
whether due to fraud or error, design and perform matters in our auditor’s report unless law or regulation
audit procedures responsive to those risks, and obtain precludes public disclosure about the matter or when, in
Xl[`k\m`[\eZ\k_Xk`jjløZ`\ekXe[Xggifgi`Xk\ extremely rare circumstances, we determine that a matter
to provide a basis for our opinion. The risk of not should not be communicated in our report because the
detecting a material misstatement resulting from fraud adverse consequences of doing so would reasonably be
is higher than for one resulting from error, as fraud \og\Zk\[kfflkn\`^_k_\glYc`Z`ek\i\jkY\e\Ôkjf]jlZ_
may involve collusion, forgery, intentional omissions, communication.
misrepresentations, or the override of internal control.
Report on Other Legal and Regulatory Requirements
Obtain an understanding of internal control relevant to
1. As required by the Companies (Auditor’s Report) Order,
the audit in order to design audit procedures that are
2016 (“the Order”), issued by the Central Government
Xggifgi`Xk\`ek_\Z`iZldjkXeZ\j%Le[\ij\Zk`fe(+**
f]@e[`X`ek\idjf]jlY$j\Zk`fe(( f]j\Zk`fe(+*f]
(i) of the Act, we are also responsible for expressing our
the Act, we give in the “Annexure 1” a statement on the
opinion on whether the Company has adequate internal
dXkk\ijjg\Z`Ô\[`egXiX^iXg_j*Xe[+f]k_\Fi[\i%
ÔeXeZ`XcZfekifcjjpjk\d`egcXZ\Xe[k_\fg\iXk`e^
\ù\Zk`m\e\jjf]jlZ_Zfekifcj%
)% 8ji\hl`i\[YpJ\Zk`fe(+** f]k_\8Zk#n\i\gfikk_Xk1
Evaluate the appropriateness of accounting policies
(a) We have sought and obtained all the information
used and the reasonableness of accounting estimates
and explanations which to the best of our
and related disclosures made by management.
knowledge and belief were necessary for the
Conclude on the appropriateness of management’s use purposes of our audit;
of the going concern basis of accounting and, based
on the audit evidence obtained, whether a material (b) In our opinion, proper books of account as required
uncertainty exists related to events or conditions by law have been kept by the Company so far as it
k_XkdXpZXjkj`^e`ÔZXek[flYkfek_\:fdgXepËj appears from our examination of those books;
ability to continue as a going concern. If we conclude
that a material uncertainty exists, we are required to Z K_\9XcXeZ\J_\\k#k_\JkXk\d\ekf]GifÔkXe[Cfjj
draw attention in our auditor’s report to the related including the Statement of Other Comprehensive
[`jZcfjli\j`ek_\ÔeXeZ`XcjkXk\d\ekjfi#`]jlZ_ Income, the Cash Flow Statement and Statement
disclosures are inadequate, to modify our opinion. Our of Changes in Equity dealt with by this Report are in
conclusions are based on the audit evidence obtained agreement with the books of account;
(d) In our opinion, the aforesaid standalone Ind AS as amended in our opinion and to the best of our
ÔeXeZ`XcjkXk\d\ekjZfdgcpn`k_k_\8ZZflek`e^ information and according to the explanations
JkXe[Xi[jjg\Z`Ô\[le[\iJ\Zk`fe(**f]k_\8Zk# given to us:
read with Companies (Indian Accounting Standards)
i. The Company has disclosed the impact of
Rules, 2015, as amended;
g\e[`e^c`k`^Xk`fejfe`kjÔeXeZ`Xcgfj`k`fe
`e`kjjkXe[Xcfe\@e[8JÔeXeZ`XcjkXk\d\ekj
(e) On the basis of the written representations received
ÆI\]\iEfk\+'kfk_\jkXe[Xcfe\@e[8J
from the directors as on March 31, 2019 taken
ÔeXeZ`XcjkXk\d\ekj2
on record by the Board of Directors, none of the
[`i\Zkfij`j[`jhlXc`Ô\[XjfeDXiZ_*(#)'(0]ifd
ii. The Company did not have any long-term
being appointed as a director in terms of Section
contracts including derivative contracts for
(-+) f]k_\8Zk2
which there were any material foreseeable
losses;
(f) With respect to the adequacy of the internal
ÔeXeZ`XcZfekifcjfm\iÔeXeZ`Xci\gfik`e^f]k_\
iii. There has been no delay in transferring
Company with reference to these standalone
amounts, required to be transferred, to the
@e[8JÔeXeZ`XcjkXk\d\ekjXe[k_\fg\iXk`e^
Investor Education and Protection Fund by
\ù\Zk`m\e\jjf]jlZ_Zfekifcj#i\]\ikffli
the Company.
separate Report in “Annexure 2” to this report;
For S.R. Batliboi & Co. LLP
(g) In our opinion, the managerial remuneration for
Chartered Accountants
the year ended March 31, 2019 has been paid
ICAI Firm Registration Number: 301003E/E300005
/ provided by the Company to its directors in
accordance with the provisions of section 197 read
with Schedule V to the Act; per Sanjay Vij
Partner
(h) With respect to the other matters to be included in Membership Number: 095169
the Auditor’s Report in accordance with Rule 11 of Place of Signature: Gurugram
k_\:fdgXe`\j8l[`kXe[8l[`kfij Ilc\j#)'(+# Date: May 10, 2019
ANNEXURE 1 REFERRED TO IN
PARAGRAPH 1 OF THE SECTION
“REPORT ON OTHER LEGAL AND
REGULATORY REQUIREMENTS”
OF OUR REPORT OF EVEN DATE
Re: Eicher Motors Limited (‘the Company’) (iv) In our opinion and according to the information and
(i) (a) The Company has maintained proper records explanations given to us, the Company has not advanced
showing full particulars, including quantitative loans to directors/to a company in which the Director is
[\kX`cjXe[j`klXk`fef]Ôo\[Xjj\kj% interested in to which the provisions of section 185 of the
Companies Act, 2013 apply and hence not commented
(b) Property, Plant and Equipment were physically upon. Further, in our opinion and according to the
m\i`Ô\[Ypk_\dXeX^\d\ek[li`e^k_\p\Xi information and explanations given to us, the provisions
`eXZZfi[XeZ\n`k_`kjgcXef]m\i`ÔZXk`fe`eX of section 186 of the Companies Act, 2013 in respect
phased manner and no material discrepancies were of loans and advances given, investments made and,
`[\ek`Ô\[fejlZ_m\i`ÔZXk`fe% guarantees and securities given have been complied with
by the Company.
(c) According to the information and explanations
given by the management the title deeds of (v) The Company has not accepted any deposits within
immovable properties included in property, plant the meaning of Sections 73 to 76 of the Act and the
Xe[\hl`gd\ek&Ôo\[Xjj\kjXi\_\c[`ek_\eXd\f] :fdgXe`\j8ZZ\gkXeZ\f];\gfj`kj Ilc\j#)'(+Xj
the company except the following: amended). Accordingly, the provisions of clause 3(v) of
the Order are not applicable.
Particulars Carrying value as Remarks (vi) We have broadly reviewed the books of accounts
at March 31, 2019 maintained by the Company pursuant to the rules made
(Rs. Crore)
by the Central Government for the maintenance of cost
Freehold land 0.74 Pending i\Zfi[jle[\ij\Zk`fe(+/( f]k_\:fdgXe`\j8Zk#
located at Alwar, registration in 2013, related to the manufacture of certain products of
Rajasthan and the name of the
the Company, and are of the opinion that prima facie,
Jhajjar, Haryana Company
k_\jg\Z`Ô\[XZZflekjXe[i\Zfi[j_Xm\Y\\edX[\
and maintained. We have not, however, made a detailed
`` K_\dXeX^\d\ek_XjZfe[lZk\[g_pj`ZXcm\i`ÔZXk`fe
examination of the same.
of inventory at reasonable intervals during the year
and no material discrepancies were noticed on such
(vii) (a) The Company is generally regular in depositing with
g_pj`ZXcm\i`ÔZXk`fe%@em\ekfi`\jcp`e^n`k_k_`i[gXik`\j
appropriate authorities, undisputed statutory dues
_Xm\Y\\eZfeÔid\[Ypk_\d[li`e^k_\p\XiXe[ef
material discrepancies were noticed in respect of such including provident fund, employees’ state insurance,
ZfeÔidXk`fej% income-tax, goods and service tax, customs duty,
cess and other statutory dues applicable to it.
(iii) According to the information and explanations
given to us, the Company has not granted any loans, (b) According to the information and explanations
j\Zli\[filej\Zli\[kfZfdgXe`\j#]`idj#C`d`k\[ given to us, no undisputed amounts payable
C`XY`c`kpGXike\ij_`gjfifk_\igXik`\jZfm\i\[`e in respect of provident fund, employees’ state
the register maintained under section 189 of the insurance, income-tax, goods and service tax,
Companies Act, 2013. Accordingly, the provisions customs duty, cess and other statutory dues were
of clause 3(iii)(a), (b) and (c) of the Order are not outstanding, at the year end, for a period
applicable to the Company and hence not of more than six months from the date they
commented upon. became payable.
(c) According to the records of the Company, the dues of income-tax, sales-tax, service tax, duty of custom, duty of
excise, value added tax and cess on account of any dispute, are as follows:
Name of Statue Nature of Dues Forum where it is Period to which it Amount involved Amount unpaid
pending relates (Rs. crores) (Rs. crores)
Central Excise Act, Excise Duty Up to Commissioner 1995-96, 1996-97, 1.08 1.07
(0++ (Appeals)’s level )'(*$(+#)'(-$(.#
2017-18
Excise Duty CESTAT (0/*$/+kf (%++ 1.17
2000-01, 2012-13
to 2015-2016
Excise Duty Punjab and Haryana 1995-96 to 0.18 -
High Court 1998-99
The Central Sales Tax Sales Tax Commissioner of 1986-87 to 1987- 7.25 *%*+
Act, 1956 Sales Tax (Appeals) //#(00+$0,kf
)'')$'*#)''+$
05 to 2010-2011,
)'(*$(+#)'(+$(,#
2015-16
Sales Tax Sales Tax Appellate 1988-89, 1991- 0.89 0.70
Tribunal 92 to 1995-96,
1997-98 to 1999-
00, 2002-03 to
)''+$',#
2006-07
Sales Tax Allahabad High (0/+$/,#(0/,$ 0.83 0.39
Court, Madhya 86, 2000-01,
Pradesh High Court )''+$',
Tamil Nadu Value Value Added Commissioner of )'('$((#)'(*$(+ 0.76 '%+/
Added Tax Act, 2006 Tax Sales Tax (Appeals)
Bihar Finance Act, Sales Tax Commissioner of 2000-01 0.32 0.30
1981 Sales Tax (Appeals)
Sales Tax Patna High Court 2001-02 '%+- '%++
The Bihar Tax on Entry Tax Commissioner of )'(*$(+ 0.10 -
Entry of Goods into Sales Tax (Appeals)
CfZXc8i\Xj]fi
Consumption, Use
or Sale therein Act,
1993
Uttar Pradesh Sales Sales Tax / Commissioner of )'(*$(+ 0.02 -
KXo8Zk#(0+/# Value added Sales Tax (Appeals)
Uttar Pradesh VAT Tax
Act, 2008
Sales Tax / Appellate Tribunal (00($0)#(00*$0+ 0.22 0.19
Value added to 1995-96, 1999-
Tax 00, 2001-02
Sales Tax / Allahabad High Court 2000-01 '%+* 0.29
Value added
Tax
Name of Statue Nature of Dues Forum where it is Period to which it Amount involved Amount unpaid
pending relates (Rs. crores) (Rs. crores)
Rajasthan Sales Tax Sales Tax / Commissioner of 1996-97, 2000- 0.28 0.22
8Zk#(00+#IXaXjk_Xe Value added Sales Tax (Appeals) 01, 2002-03,
Value Added Tax Act, Tax )'(+$(,
2003 Sales Tax / Sales Tax Appellate 1990-2000 0.05 0.05
Value added Tribunal
Tax
Sales Tax / Rajasthan High (00*$0+ 0.03 0.01
Value added Court
Tax
Sales Tax / Supreme Court of 1986-87 to 1988- 1.96 (%+(
Value added India 89, 1990-91, 1991-
Tax 92, 2001-02 to
)''*$'+
Delhi Sales Tax Act, Sales Tax Sales Tax Appellate 1991-92, 1992-93, 0.35 0.31
1975 Tribunal 2000-01, 2002-
03
The Madhya Pradesh Sales Tax / Commissioner of 2000-01, 2008- 0.02 0.02
General Sales Tax Value added Sales Tax (Appeals) 09
Act, 1958, The Tax
Madhya Pradesh Sales Tax / Appellate Tribunal )'')$'*#)''+$ 0.26 0.16
VAT Act, 2002 Value added 05
Tax
The Maharashtra Value Added Commissioner of 2012-13 '%'+ 0.03
Value Added Tax Act, Tax Sales Tax (Appeals)
2002
The Odisha Sales Value Added Commissioner of 2000-01 0.01 0.00
KXo8Zk#(0+. Tax Sales Tax (Appeals)
Goods and Service GST Commissioner of 2018-19 0.06 0.02
Tax Act 2017 GST (Appeals)
=`eXeZ\8Zk#(00+ Service Tax CESTAT 2006-07 to 0.39 0.36
2011-12
The Income Tax Act, Income Tax Commissioner )'(*$(+Xe[ 6.32 6.32
1961 of Income Tax )'(+$(,
(Appeals)
The Income Tax Act, Income Tax Income Tax 2012-13 0.19 0.19
1961 Appellate Tribunal
(viii) In our opinion and according to the information the information and explanations given by the
and explanations given by the management, the management, we report that no fraud by the
Company has not defaulted in repayment of loans Company and no material fraud on the Company
fiYfiifn`e^kfXÔeXeZ`Xc`ejk`klk`fefiXYXeb% Ypk_\føZ\ijXe[\dgcfp\\jf]k_\:fdgXep_Xj
The Company did not have any outstanding loans been noticed or reported during the year.
or borrowing dues in respect of the government or
dues to debenture holders during the year. (xi) According to the information and explanations
given by the management, the managerial
(ix) According to the information and explanations
remuneration has been paid / provided in
given by the management, the Company has not
accordance with the requisite approvals mandated
iX`j\[Xepdfe\pnXpf]`e`k`XcglYc`Zfù\i&]lik_\i
by the provisions of section 197 read with Schedule
glYc`Zfù\i&[\Yk`ejkild\ekjXe[k\idcfXej
hence, reporting under clause (ix) is not applicable V to the Companies Act, 2013.
to the Company and hence not commented upon.
(xii) In our opinion, the Company is not a nidhi company.
(x) Based upon the audit procedures performed for Therefore, the provisions of clause 3(xii) of the
the purpose of reporting the true and fair view order are not applicable to the Company and hence
f]k_\ÔeXeZ`XcjkXk\d\ekjXe[XZZfi[`e^kf not commented upon.
(xiii) According to the information and explanations not entered into any non-cash transactions with
given by the management, transactions directors or persons connected with him as referred
with the related parties are in compliance to in section 192 of Companies Act, 2013.
with section 177 and 188 of Companies Act,
2013 where applicable and the details have (xvi) According to the information and explanations
been disclosed in the notes to the financial ^`m\ekflj#k_\gifm`j`fejf]j\Zk`fe+,$@8f]k_\
statements, as required by the applicable I\j\im\9Xebf]@e[`X8Zk#(0*+Xi\efkXggc`ZXYc\
accounting standards. to the Company.
BALANCE SHEET
AS AT MARCH 31, 2019
8CC8DFLEKJ8I<@EIS%:IFI<JLEC<JJFK?<IN@J<JK8K<;
per Sanjay Vij Manhar Kapoor Lalit Malik Vinod K. Dasari Siddhartha Lal
Partner Company Secretary :_`\]=`eXeZ`XcFøZ\i Whole-time Director & Managing Director
Membership No : 095169 :<Ff]IfpXc<eÔ\c[ ;@E1'''*.-+,
;@E1''*+,-,.
Particulars Note No. For the year ended For the year ended
March 31, 2019 March 31, 2018
INCOME
Sale of products 9,715.16 9,167.73
Other operating income 79.32 ++%'/
Revenue from operations 27 9,794.48 9,211.81
Other income 28 508.04 **)%+*
Total Income 10,302.52 0#,++%)+
EXPENSES
Cost of materials consumed 29 5,055.89 +#,(,%-'
Purchases of traded goods 30 205.33 (,+%0.
:_Xe^\`e`em\ekfi`\jf]Ôe`j_\[^ff[j#nfib$`e$gif^i\jjXe[kiX[\[^ff[j 31 (198.46) *(%+.
Excise duty on sale 27 - ),+%*'
<dgcfp\\Y\e\Ôkj\og\ej\ 32 679.53 ,+.%/-
Finance costs 33 2.99 *%'+
Depreciation and amortisation expense *+ 298.93 )))%*+
Other expenses 35 1,107.81 917.35
Total Expenses 7,152.02 6,583.99
GifÔkY\]fi\\oZ\gk`feXc`k\djXe[kXo 3,150.50 2,960.25
Exceptional item 36 17.52 311.98
GifÔkY\]fi\kXo 3,132.98 )#-+/%).
Tax expense
Current tax 37 941.92 /..%*+
Deferred tax 37 136.62 58.02
Total tax expense 1,078.54 935.36
E\kgifÔkX]k\ikXo 2,054.44 1,712.91
Other comprehensive income/(expense)
@k\djk_XkdXpY\i\ZcXjj`Ô\[kfgifÔkficfjj1$
<oZ_Xe^\[`ù\i\eZ\j`ekiXejcXk`e^k_\ÔeXeZ`XcjkXk\d\ekjf]]fi\`^e (7.47) 18.32
operations
@eZfd\kXo\ù\Zk 37 2.61 (6.33)
(4.86) 11.99
@k\djk_Xkn`ccefkY\i\ZcXjj`Ô\[kfgifÔkficfjj1$
I\$d\Xjli\d\ek^X`ej&cfjj\j fe[\Ôe\[Y\e\ÔkgcXej (1.40) (%.+
@eZfd\kXo\ù\Zk 37 0.49 0.60
(0.91) (%(+
Total Comprehensive income for the year 2,048.67 1,723.76
Earnings per equity share of Rs. 10 each (in Rs.)
(a) Basic +* 753.37 629.07
(b) Diluted +* 752.54 627.88
J\\XZZfdgXep`e^efk\j]fid`e^gXikf]k_\ÔeXeZ`XcjkXk\d\ekj
per Sanjay Vij Manhar Kapoor Lalit Malik Vinod K. Dasari Siddhartha Lal
Partner Company Secretary :_`\]=`eXeZ`XcFøZ\i Whole-time Director & Managing Director
Membership No : 095169 :<Ff]IfpXc<eÔ\c[ ;@E1'''*.-+,
;@E1''*+,-,.
B OTHER EQUITY
per Sanjay Vij Manhar Kapoor Lalit Malik Vinod K. Dasari Siddhartha Lal
Partner Company Secretary :_`\]=`eXeZ`XcFøZ\i Whole-time Director & Managing Director
Membership No : 095169 :<Ff]IfpXc<eÔ\c[ ;@E1'''*.-+,
;@E1''*+,-,.
Particulars As at As at
March 31, 2019 March 31, 2018
Components of cash and cash equivalents
Cash on hand 0.03 '%'+
Cheques/drafts on hand - 0.06
Balances with banks:
In current accounts 9.73 89.18
In deposit accounts with original maturity of less than three months 692.00 -
Cash and cash equivalents as per balance sheet (refer note 15) 701.76 89.28
Bank overdrafts (refer note 21) 11.23 -
Cash and cash equivalents as per statement of cash flows 690.53 89.28
J\\XZZfdgXep`e^efk\j]fid`e^gXikf]k_\ÔeXeZ`XcjkXk\d\ekj
per Sanjay Vij Manhar Kapoor Lalit Malik Vinod K. Dasari Siddhartha Lal
Partner Company Secretary :_`\]=`eXeZ`XcFøZ\i Whole-time Director & Managing Director
Membership No : 095169 :<Ff]IfpXc<eÔ\c[ ;@E1'''*.-+,
;@E1''*+,-,.
NOTES
FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2019
ALL AMOUNTS ARE IN RS. CRORES UNLESS OTHERWISE STATED
3. SIGNIFICANT ACCOUNTING POLICIES The Company considers whether there are other
*%( :lii\ekm\ijljefe$Zlii\ekZcXjj`ÔZXk`fe promises in the contract that are separate
The Company presents assets and liabilities in the performance obligations to which a portion of
YXcXeZ\j_\\kfeZlii\ek&efe$Zlii\ekZcXjj`ÔZXk`fe% the transaction price needs to be allocated (e.g.,
An asset is treated as current when it is: warranties, Road Side Assistance, Free Service
NOTES
FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2019
ALL AMOUNTS ARE IN RS. CRORES UNLESS OTHERWISE STATED
NOTES
FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2019
ALL AMOUNTS ARE IN RS. CRORES UNLESS OTHERWISE STATED
As a lessee <oZ_Xe^\[`ù\i\eZ\jXi`j`e^fej\kkc\d\ekfi
C\Xj\j`en_`Z_Xj`^e`]`ZXekgfik`fef]k_\ translation of monetary items are recognised in
risks and rewards of ownership are retained by k_\JkXk\d\ekf]gifÔkficfjjn`k_k_\\oZ\gk`fe
the lessor are classified as operating leases. of the following:
Payments made under operating leases are <oZ_Xe^\[`ù\i\eZ\jXi`j`e^fedfe\kXip
Z_Xi^\[kfk_\JkXk\d\ekf]Gif]`kXe[Cfjjfe items that forms part of a reporting entity’s net
a straight line basis over the period of the lease investment in a foreign operation are initially
in a manner which is representative of the time i\Zf^e`j\[`ek_\ÔeXeZ`XcjkXk\d\ekjf]k_\
pattern in which benefit derived from the use of Company in the other comprehensive income.
the leased asset is diminished. K_\j\\oZ_Xe^\[`ù\i\eZ\jXi\i\ZcXjj`Ô\[]ifd
equity (Foreign currency translation reserve) to
As a lessor gifÔkficfjjfe[`jgfjXcf]k_\e\k`em\jkd\ek%
The Company has leased out certain assets and
such leases where the Company has substantially Tax charges and credits attributable to exchange
retained all the risks and rewards of ownership [`ù\i\eZ\jfek_fj\dfe\kXip`k\djXi\Xcjf
Xi\ZcXjj`Ô\[Xjfg\iXk`e^c\Xj\j%C\Xj\`eZfd\ recorded in OCI.
on such operating leases are recognised in the
JkXk\d\ekf]GifÔkXe[CfjjfeXjkiX`^_kc`e\ 3.5 Borrowing costs
basis over the lease term in a manner which Borrowing costs directly attributable to the'
is representative of the time pattern in which acquisition, construction or production of qualifying
Y\e\Ôk[\i`m\[]ifdk_\lj\f]k_\c\Xj\[Xjj\k`j assets, which are assets that necessarily take a
diminished. Initial direct costs are recognised as an substantial period of time to get ready for their
\og\ej\`ek_\JkXk\d\ekf]GifÔkXe[Cfjj`ek_\ intended use or sale, are added to the cost of
period in which they are incurred. those assets, until such time as the assets are
substantially ready for their intended use or sale.
3.4 Foreign currencies
@K_\ÔeXeZ`XcjkXk\d\ekjXi\gi\j\ek\[`e@e[`Xe 8ccfk_\iYfiifn`e^ZfjkjXi\i\Zf^e`j\[`egifÔkfi
Rupees, which is also the functional currency of loss in the period in which they are incurred.
k_\:fdgXep%@egi\gXi`e^k_\ÔeXeZ`XcjkXk\d\ekj
of the Company, transactions in currencies other 3.6 Government grants
than the Company's functional currency (foreign Government grants are not recognised until there
currencies) are recognised at the rates of exchange is reasonable assurance that the Company will
prevailing at the dates of the transactions. comply with the conditions attached to them and
that the grants will be received. When the grant
At the end of each reporting period, monetary items relates to an expense item, it is recognised as
denominated in foreign currencies are retranslated income on a systematic basis over the periods
at the rates prevailing at that date. that the related costs, for which it is intended to
compensate, are expensed.
Transactions in foreign currencies are initially
recorded by the foreign operation at the When the Company receives grant of non-
functional currency spot rates at the date the monetary assets, the asset and the grant are
kiXejXZk`feÔijkhlXc`Ô\j]fii\Zf^e`k`fe%@e recorded at fair value amounts and released to
respect of foreign operation, the assets and k_\jkXk\d\ekf]gifÔkXe[cfjjfm\ik_\\og\Zk\[
liabilities are translated into INR at the rate of useful life in a pattern of consumption of the
exchange prevailing at the reporting date and their Y\e\Ôkf]k_\le[\icp`e^Xjj\k#`%\%#Yp\hlXc
jkXk\d\ekf]gifÔkXe[cfjjXkk_\iXk\jgi\mX`c`e^ annual instalments.
on the date of the transactions. However, for
NOTES
FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2019
ALL AMOUNTS ARE IN RS. CRORES UNLESS OTHERWISE STATED
In the case of Export Promotion Capital Goods carried out at the end of each annual reporting
(‘EPCG’) grant, the Company recognise the grant period.
`ek_\jkXk\d\ekf]gifÔkXe[cfjjfeXjpjk\dXk`Z
basis over the useful life of the assets. Re-measurements, comprising actuarial gains and
losses and the return on plan assets (excluding net
*%. I\k`i\d\ekXe[fk_\i\dgcfp\\Y\e\Ôkj interest), is reflected immediately in the balance
Provident fund sheet with a charge or credit recognised in other
(i) The Company operates a scheme of provident comprehensive income in the period in which they
]le[]fi\c`^`Yc\\dgcfp\\j#n_`Z_`jX[\Ôe\[ occur. Re-measurements recognised in other
Y\e\ÔkgcXe%9fk_k_\\dgcfp\\Xe[k_\ comprehensive income is reflected immediately in
Company make monthly contributions to i\kX`e\[\Xie`e^jXe[`jefki\ZcXjj`Ô\[kfgifÔk
k_\gifm`[\ek]le[gcXe\hlXckfXjg\Z`Ô\[ or loss. Net interest is calculated by applying the
percentage of the covered employee’s discount rate at the beginning of the period to the
salary. The Company contributes a part of e\k[\Ôe\[Y\e\Ôkc`XY`c`kpfiXjj\k%
the contributions to the “Eicher Executive
Provident Fund Trust”. The rate at which the ;\Ôe\[Y\e\ÔkZfjkjXi\ZXk\^fi`j\[Xj]fccfnj1
XeelXc`ek\i\jk`jgXpXYc\kfk_\Y\e\ÔZ`Xi`\j
service cost (including current service cost,
by the trust is being administered by the
past service cost, as well as gains and losses or
Government. The Company has an obligation
curtailments and settlements);
to make good the shortfall, if any, between the
return from the investments of the trust and net interest expense or income; and
k_\efk`Ô\[`ek\i\jkiXk\% re-measurement
NOTES
FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2019
ALL AMOUNTS ARE IN RS. CRORES UNLESS OTHERWISE STATED
NOTES
FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2019
ALL AMOUNTS ARE IN RS. CRORES UNLESS OTHERWISE STATED
3.10 Property, plant and equipment An item of property, plant and equipment is
Property, plant and equipment (including furniture, derecognised upon disposal or when no future
Ôokli\j#m\_`Zc\j#\kZ% _\c[]filj\`ek_\gif[lZk`fe \Zfefd`ZY\e\ÔkjXi\\og\Zk\[kfXi`j\]ifd
or supply of goods or services, or for administrative the continued use of the asset. Any gain or loss
purposes, are stated in the balance sheet at cost arising on the disposal or retirement of an item of
less accumulated depreciation and accumulated property, plant and equipment is determined as
NOTES
FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2019
ALL AMOUNTS ARE IN RS. CRORES UNLESS OTHERWISE STATED
NOTES
FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2019
ALL AMOUNTS ARE IN RS. CRORES UNLESS OTHERWISE STATED
*%()@dgX`id\ekf]efe$ÔeXeZ`XcXjj\kj @ekXe^`Yc\Xjj\kjn`k_`e[\Ôe`k\lj\]lcc`m\jXe[
At the end of each reporting period, the Company intangible assets not yet available for use are tested
assesses, whether there is any indication that an for impairment at least annually, and whenever there
asset may be impaired. If any such indication exists, is an indication that the asset may be impaired. In
the recoverable amount of the asset is estimated assessing value in use, the estimated future cash
in order to determine the extent of the impairment flows are discounted to their present value using a
loss (if any). Recoverable amount is the higher of pre-tax discount rate that reflects current market
fair value less costs of disposal and value in use. assessments of the time value of money and the
i`jbjjg\Z`ÔZkfk_\Xjj\k]fin_`Z_k_\\jk`dXk\jf]
When it is not possible to estimate the recoverable future cash flows have not been adjusted.
amount of an individual asset, the Company
estimates the recoverable amount of the cash- 3.13 Investment property
generating unit to which the asset belongs. When a Investment property is a property held to earn
reasonable and consistent basis of allocation can rentals and capital appreciation. Investment
Y\`[\ek`Ô\[#ZfigfiXk\Xjj\kjXi\XcjfXccfZXk\[ property is measured initially at cost, including
to individual cash-generating units, or otherwise transaction costs. Subsequent to initial
recognition, investment property is measured
they are allocated to the smallest group of
in accordance with Ind AS 16’s requirements for
cash-generating units for which a reasonable and
cost model. The Company depreciates building
Zfej`jk\ekXccfZXk`feYXj`jZXeY\`[\ek`Ô\[%
component of investment property over 30 years
from the date of capitalisation.
In assessing value in use, the estimated future
cash flows are discounted to their present value
Investment properties are derecognised either
using a pre-tax discount rate that reflects current
when they have been disposed of or when they
market assessments of the time value of money
are permanently withdrawn from use and no future
Xe[k_\i`jbjjg\Z`ÔZkfk_\Xjj\k%@e[\k\id`e`e^
\Zfefd`ZY\e\Ôk`j\og\Zk\[]ifdk_\`i[`jgfjXc%
fair value less costs of disposal, recent market
K_\[`ù\i\eZ\Y\kn\\ek_\e\k[`jgfjXcgifZ\\[j
transactions are taken into account. If no such and the carrying amount of the asset is recognised
kiXejXZk`fejZXeY\`[\ek`Ô\[#XeXggifgi`Xk\ `egifÔkficfjj`ek_\g\i`f[f][\i\Zf^e`k`fe%
valuation model is used.
3.14 Inventories
The Company bases its impairment calculation on Inventories comprising Raw materials, work-in-
detailed budgets and forecast calculations, which progress, stores and spares, loose tools, traded
are prepared separately for each of the Company’s ^ff[jXe[Ôe`j_\[^ff[jXi\jkXk\[Xkk_\cfn\i
cash generating unit (CGU). of cost and net realisable value. Cost includes cost
of purchase and other costs incurred in bringing
If the recoverable amount of an asset (or cash- the inventories to its present location. Cost of
generating unit) is estimated to be less than its inventories is determined on a moving average.
carrying amount, the carrying amount of the
asset (or cash-generating unit) is reduced to Finished goods and work-in-progress include
its recoverable amount. An impairment loss is appropriate proportion of manufacturing overheads
i\Zf^e`j\[`dd\[`Xk\cp`egifÔkficfjj%N_\eXe at normal capacity and where applicable, duty. Net
impairment loss subsequently reverses, the carrying realisable value represents the estimated selling
amount of the asset (or a cash-generating unit) is price for inventories less all estimated costs of
increased to the revised estimate of its recoverable completion and costs necessary to make the sale.
amount, but so that the increased carrying amount
does not exceed the carrying amount that would 3.15 Provisions
have been determined had no impairment loss been Provisions are recognised when the Company
recognised for the asset (or cash-generating unit) has a present obligation (legal or constructive)
in prior years. A reversal of an impairment loss is as a result of a past event, it is probable that the
i\Zf^e`j\[`dd\[`Xk\cp`egifÔkficfjj% Company will be required to settle the obligation,
NOTES
FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2019
ALL AMOUNTS ARE IN RS. CRORES UNLESS OTHERWISE STATED
NOTES
FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2019
ALL AMOUNTS ARE IN RS. CRORES UNLESS OTHERWISE STATED
NOTES
FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2019
ALL AMOUNTS ARE IN RS. CRORES UNLESS OTHERWISE STATED
NOTES
FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2019
ALL AMOUNTS ARE IN RS. CRORES UNLESS OTHERWISE STATED
Accumulated depreciation
At March 31, 2017 - 27.75 309.70 5.83 31.71 12.05 */.%'+
Charge for the year - 16.87 (-*%*+ 3.20 17.32 -%+' 207.13
Disposals / Adjustments - - (%*+ 0.03 '%'+ (%++ 2.85
At March 31, 2018 - 44.62 471.70 9.00 48.99 17.01 591.32
Charge for the year - 25.33 210.92 *%++ 23.71 0%+, 272.85
Disposals / Adjustments - 0.38 +-%0/ 0.25 0.37 1.70 +0%-/
At March 31, 2019 - 69.57 635.64 12.19 72.33 24.76 814.49
Carrying amount
At March 31, 2018 85.95 +*0%(/ 830.13 11.57 -'%+- ).%+. (#+,+%.-
At March 31, 2019 85.95 573.74 911.05 15.24 66.83 35.51 1,688.32
* Title deeds for land and other properties at Alwar and Jhajjar are pending for mutation in favour of the Company.
5. CAPITAL WORK-IN-PROGRESS
Particulars As at As at
March 31, 2019 March 31, 2018
Capital work-in-progress* 272.14 (+(%/0
272.14 (+(%/0
* Capital work in progress as at March 31, 2019 comprises expenditure for buildings, plant in the course of construction and
machineries yet to be installed.
NOTES
FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2019
ALL AMOUNTS ARE IN RS. CRORES UNLESS OTHERWISE STATED
6. INVESTMENT PROPERTY
Accumulated depreciation
At March 31, 2017 5.91 5.91
Charge for the year 0.35 0.35
Disposals - -
At March 31, 2018 6.26 6.26
Charge for the year 0.35 0.35
Disposals - -
At March 31, 2019 6.61 6.61
Carrying amount
At March 31, 2018 3.86 3.86
At March 31, 2019 3.51 3.51
For the building located in Jaipur, India, the fair value of structure as on March 31, 2018 and March 31, 2019 was determined
based on S.O. No.X-3/2015 dated 15/07/2015 of State P.W.D.B&R issued by Chief Engineer, PWD Building and Roads,
Government of Rajasthan, Jaipur with suitable adjustments for rise in cost index since July 2015 to average mean period of
construction. The items not covered under Standing Order No. X-3/2015 have been valued on the rates of State PWD BSR.
Detail of the investment properties and information about the fair value hierarchy as at March 31, 2019 and
March 31, 2018 are as follows :-
Particulars Level 2
Fair value as at Fair value as at
March 31, 2019 March 31, 2018
Building located at Jaipur, India 4.33 +%+(
NOTES
FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2019
ALL AMOUNTS ARE IN RS. CRORES UNLESS OTHERWISE STATED
7. INTANGIBLE ASSETS
Accumulated depreciation
At March 31, 2017 9.20 19.70 28.90
Charge for the year 3.80 11.06 (+%/-
Disposals / Adjustments - 0.02 0.02
At March 31, 2018 13.00 30.74 43.74
Charge for the year 10.88 (+%/, 25.73
Disposals / Adjustments 0.01 0.16 0.17
At March 31, 2019 23.87 45.43 69.30
Carrying amount
At March 31, 2018 17.83 20.83 38.66
At March 31, 2019 151.97 27.01 178.98
Particulars As at As at
March 31, 2019 March 31, 2018
Intangible assets under development* 177.60 191.32
177.60 191.32
* Intangible assets under development mainly consists of cost of new products under development.
NOTES
FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2019
ALL AMOUNTS ARE IN RS. CRORES UNLESS OTHERWISE STATED
Particulars As at As at
March 31, 2019 March 31, 2018
Non-Current Non-Current
Unquoted Investments
(a) Investment in equity instruments of subsidiary companies (at cost)
+.#(*#,-0DXiZ_*(#)'(/1+.#(*#,-0 j_Xi\jf]9iXj`c`XeI\Xc(\XZ_]lccpgX`[ 9.82 9.82
lgf]IfpXc<eÔ\c[9iXj`c:fdiZ`f[\DfkfZ`Zc\kXjCk[X
(#''#'''DXiZ_*(#)'(/1(#''#''' j_Xi\jf]IfpXc<eÔ\c[Efik_8d\i`ZX 34.17 *+%(.
C`d`k\[ef]XZ\mXcl\
1,67,50,000 (March 31, 2018 : Nil) shares of Thai Bhat 5 each fully paid up of 18.50 -
IfpXc<eÔ\c[K_X`cXe[ C`d`k\[
Sub-total (A) 62.49 +*%00
*Cost of investment is stated as Rs. Nil as the same cannot be distributed to the members in the event of liquidation. Actual cost of
`em\jkd\ekf]Ij%)#,'#'''_XjY\\eZ_Xi^\[kfk_\JkXk\d\ekf]GifÔkXe[Cfjj`ek_\ÔeXeZ`Xcp\Xi)'(,$(-%
NOTES
FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2019
ALL AMOUNTS ARE IN RS. CRORES UNLESS OTHERWISE STATED
FINANCIAL ASSETS :
10. INVESTMENTS
Particulars As at As at
March 31, 2019 March 31, 2018
Non-Current Current Non-Current Current
Unquoted Investments
(a) Investment in equity instruments of companies at fair value 0.09 - 0.09 -
k_ifl^_gifÔkficfjj=MKGC +#.,'DXiZ_*(#)'(/1+#.,'
<hl`kpj_Xi\jf]JlipX[\m8ccfpjXe[Gfn\iGi`mXk\C`d`k\[
:Xk\^fip$n`j\`em\jkd\ekj$Xjg\i@e[8J('0:cXjj`ÔZXk`fej
=`eXeZ`XcXjj\kjZXii`\[Xk]X`imXcl\k_ifl^_gifÔkficfjj
(FVTPL)
Unquoted
Investment in equity instruments 0.09 - 0.09 -
Quoted
Investment in mutual funds 2,465.76 468.81 3,139.13 -**%+'
Financial assets carried at amortized cost
Quoted
Investment in bonds 43.94 - +*%0+ -
NOTES
FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2019
ALL AMOUNTS ARE IN RS. CRORES UNLESS OTHERWISE STATED
11. LOANS
Particulars As at As at
March 31, 2019 March 31, 2018
Current
Unsecured, considered good
CfXejkf\dgcfp\\j 1.29 0.28
Total 1.29 0.28
Particulars As at As at
March 31, 2019 March 31, 2018
Non-current
Unsecured, considered good
Security deposits 26.89 ))%++
Others 1.38 )%++
Total 28.27 )+%//
Current
Unsecured, considered good
Insurance claim receivable 0.73 1.02
@ek\i\jkXZZil\[feÔo\[[\gfj`kjXe[Yfe[j 70.08 29.68
Others 2.45 3.01
Total 73.26 33.71
13. INVENTORIES
(At lower of cost and net realisable value)
Particulars As at As at
March 31, 2019 March 31, 2018
Raw materials 166.09 (+*%++
R@eZcl[\j^ff[j`ekiXej`kf]Ij%+,%)*Zifi\jDXiZ_*(#)'(/1Ij%)/%.+Zifi\j T
Work in progress 21.68 18.01
Finished goods 359.71 188.68
Traded goods 40.39 16.63
Stores and spares 13.72 10.22
Cffj\kffcj 3.75 2.25
Total 605.34 379.23
Ni`k\$[fnejf]`em\ekfi`\jkfe\ki\Xc`jXYc\mXcl\i\jlck\[`ee\kcfjjf]Ij%,%/*Zifi\jDXiZ_*(#)'(/1Ij%*%/+Zifi\j %
K_\j\n\i\i\Zf^e`j\[XjXe\og\ej\[li`e^k_\p\Xi`ek_\JkXk\d\ekf]GifÔkXe[Cfjj%
K_\df[\f]mXclXk`fef]`em\ekfi`\j_XjY\\ejkXk\[`eefk\*%(+%
NOTES
FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2019
ALL AMOUNTS ARE IN RS. CRORES UNLESS OTHERWISE STATED
Particulars As at As at
March 31, 2019 March 31, 2018
Trade receivables 85.59 65.59
I\Z\`mXYc\j]ifdi\cXk\[gXik`\ji\]\iefk\+, 27.06 ()%+*
Total 112.65 78.02
Current
Considered good - secured 0.45 0.07
Considered good - unsecured 112.20 77.95
I\Z\`mXYc\jn_`Z__Xm\j`^e`ÔZXek`eZi\Xj\`eZi\[`ki`jb - -
Receivables - credit impaired 0.74 0.25
113.39 78.27
C\jj1Gifm`j`fe]fi[flYk]lci\Z\`mXYc\j (0.74) (0.25)
Total 112.65 78.02
EfkiX[\fifk_\ii\Z\`mXYc\Xi\[l\]ifd[`i\Zkfijfifk_\iføZ\ijf]k_\ZfdgXep\`k_\ij\m\iXccpfiaf`ekcpn`k_Xepfk_\i
g\ijfe%EfiXepkiX[\fifk_\ii\Z\`mXYc\Xi\[l\]ifdÔidjfigi`mXk\ZfdgXe`\ji\jg\Zk`m\cp`en_`Z_Xep[`i\Zkfi`jX
partner, a director or a member.
All domestic sales are on advance payment basis, except for sale to distributors and certain institutional sales which carries
credit period of maximum to 60 days.
<ogfikjXc\jZXii`\jZi\[`kg\i`f[f]'kf)+'[Xpj#[\g\e[`e^fek_\ZfekiXZklXck\idjn`k_i\jg\Zk`m\Zljkfd\ij%
=fik\idjXe[Zfe[`k`fe]fii\cXk\[gXikpjXc\ji\]\iefk\+,
Particulars As at As at
March 31, 2019 March 31, 2018
Cash on hand 0.03 '%'+
Cheques/drafts on hand - 0.06
Balances with banks:
In current accounts 9.73 89.18
In deposit accounts with original maturity of less than three months 692.00 -
Total 701.76 89.28
NOTES
FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2019
ALL AMOUNTS ARE IN RS. CRORES UNLESS OTHERWISE STATED
For the purpose of the statement of cash flows, cash and cash equivalents comprise the following:
Particulars As at As at
March 31, 2019 March 31, 2018
Cash on hand 0.03 '%'+
Cheques/drafts on hand - 0.06
Balances with banks:
In current accounts 9.73 89.18
In deposit accounts with original maturity of less than three months 692.00 -
Total 701.76 89.28
Bank overdrafts (refer note 21) 11.23 -
Total 690.53 89.28
:_Xe^\j`ec`XY`c`k`\jXi`j`e^]ifdÔeXeZ`e^XZk`m`k`\j
Particulars April 1, 2018 Net cash flows Others March 31, 2019
Short-term borrowings 85.98 (20.83) - 65.15
Interest accrued but not due - (1.39) 1.39 -
Dividend payable including tax on dividend - *+/%(- *+/%(- -
KfkXcc`XY`c`k`\j]ifdÔeXeZ`e^XZk`m`k`\j 85.98 (370.38) *+0%,, 65.15
Particulars As at As at
March 31, 2019 March 31, 2018
In unpaid dividend accounts 12.31 10.60
On deposit accounts
- Original maturity between three and twelve months 1,221.00 ,*/%0+
- Original maturity greater than twelve months 1,005.00 570.00
Total 2,238.31 (#((0%,+
Particulars As at As at
March 31, 2019 March 31, 2018
Non-current
Unsecured, considered good
Capital advances 50.41 66.22
Share application money pending allotment 5.04 -
Balance with government authorities 7.98 .%+0
Prepayment land leases 87.24 88.25
Other prepayments 2.37 1.89
Total 153.04 163.85
NOTES
FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2019
ALL AMOUNTS ARE IN RS. CRORES UNLESS OTHERWISE STATED
Particulars As at As at
March 31, 2019 March 31, 2018
Current
Unsecured, considered good
Advance to suppliers 54.71 +,%+(
Advance to employees 5.66 +%/(
Prepaid expenses 17.98 11.06
Balance with government authorities:
Considered good 88.91 119.28
Considered doubtful 1.11 1.11
90.02 120.39
C\jj1Gifm`j`fe]fi[flYk]lcX[mXeZ\j (1.11) (1.11)
88.91 119.28
Gratuity fund (net) - '%+.
Prepayment land leases 0.95 0.89
Government grant receivable 8.95 8.36
Other prepayments 0.81 0.68
Total 177.97 190.96
Particulars As at As at
March 31, 2019 March 31, 2018
Authorised Equity share capital
3,00,00,000 (March 31, 2018 : 3,00,00,000) Equity shares of Rs. 10 each 30.00 30.00
Total 30.00 30.00
Issued, subscribed and fully paid up
)#.)#/)#,.'DXiZ_*(#)'(/1)#.)#,,#,+0 <hl`kpj_Xi\jf]Ij%('\XZ_ 27.28 27.26
Total 27.28 27.26
The Company has only one class of equity shares having a par value of Rs. 10 per share. Each holder of equity shares is
entitled to one vote per share held. In the event of liquidation, the equity shareholders are eligible to receive the remaining
assets of the Company after distribution of all preferential amount, in proportion to their shareholding.
(i) Reconciliation of the number of shares and amount outstanding at the beginning and at the end of the
reporting year:
NOTES
FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2019
ALL AMOUNTS ARE IN RS. CRORES UNLESS OTHERWISE STATED
(ii) Details of shareholders holding more than 5% equity shares in the Company:
Particulars As at As at
March 31, 2019 March 31, 2018
Nos. % holding in Nos. % holding in the
the class class
K_\J`diXeJ`[[_Xik_XKXiX9\e\ÔkKiljk 1,20,30,648 44.10% (#)'#*'#-+/ ++%(+
(iii) Share options granted under the Company's employee share option plan carry no rights to dividend and no voting rights.
=lik_\i[\kX`cjf]k_\\dgcfp\\j_Xi\fgk`fegcXeXi\gifm`[\[`eefk\+/%
Particulars As at As at
March 31, 2019 March 31, 2018
Authorised Preference share capital
1,01,000 (March 31, 2018 : 1,01,000) Redeemable preference shares of Rs. 100 each 1.01 1.01
Total 1.01 1.01
Particulars As at As at
March 31, 2019 March 31, 2018
Capital reserves 0.25 0.25
Capital redemption reserve 1.41 (%+(
Securities premium reserve 115.11 60.37
General reserves 339.89 339.89
Share based payments reserve 58.75 59.80
Foreign currency translation reserve 7.13 11.99
Retained earnings 6,576.63 +#/.(%)-
Total 7,099.17 ,#*++%0.
Particulars As at As at
March 31, 2019 March 31, 2018
A Capital reserve
Opening balance 0.25 0.25
8[[&C\jj1Dfm\d\ek[li`e^k_\p\Xi - -
Closing balance 0.25 0.25
NOTES
FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2019
ALL AMOUNTS ARE IN RS. CRORES UNLESS OTHERWISE STATED
The Capital redemption reserve was created at the time of buy back of shares. The Company can utilize the same for the purpose of issue of
fully paid-up bonus shares to its members.
Securities premium reserve is used to record the premium on issue of shares. The reserve can be utilised only for limited purposes such as
issuance of bonus shares in accordance with the provisions of the Companies Act, 2013.
K _\^\e\iXci\j\im\`jlj\[]ifdk`d\kfk`d\kfkiXej]\igifÔkj]ifdi\kX`e\[\Xie`e^j]fiXggifgi`Xk`fegligfj\j%8jk_\^\e\iXci\j\im\
is created by a transfer from one component of equity to another and is not an item of other comprehensive income, items included in the
^\e\iXci\j\im\n`ccefkY\i\ZcXjj`Ô\[jlYj\hl\ekcpkfgifÔkficfjj%
NOTES
FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2019
ALL AMOUNTS ARE IN RS. CRORES UNLESS OTHERWISE STATED
FINANCIAL LIABILITIES :
20. OTHER FINANCIAL LIABILITIES
Particulars As at As at
March 31, 2019 March 31, 2018
Non-current
Security deposits received 9.96 8.88
Total 9.96 8.88
Current
Employee dues 73.00 59.16
Capital creditors 57.38 69.15
Unpaid dividend * 12.31 10.60
Provision for constructive obligation towards the discontinued operations of 5.00 (.%+/
a joint venture (refer note 36)
Others 10.31 10.31
Total 158.00 166.70
* Does not include any amounts outstanding which are required to be credited to Investor Education and Protection Fund.
21. BORROWINGS
Particulars As at As at
March 31, 2019 March 31, 2018
Unsecured
- From bank
Overdraft facility 11.23 -
J_fik$k\idCfXe 65.15 85.98
Total 76.38 85.98
Lej\Zli\[cfXeZXii`\j`ek\i\jk7/%+,g\iXeeldXjXkDXiZ_*(#)'(0%
NOTES
FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2019
ALL AMOUNTS ARE IN RS. CRORES UNLESS OTHERWISE STATED
Particulars As at As at
March 31, 2019 March 31, 2018
Total outstanding dues of micro enterprises and small enterprises
;l\jkfd`ZifXe[jdXcc\ek\igi`j\ji\]\iefk\+( 19.28 27.15
Sub-total (A) 19.28 27.15
Total outstanding dues of creditors other than micro enterprises and small enterprises
Acceptances 107.76 110.12
Other trade payables 1026.66 0-+%/+
KiX[\gXpXYc\jkfi\cXk\[gXik`\ji\]\iefk\+, 77.40 68.36
Sub-total (B) 1,211.82 (#(+*%*)
Total (A+B) 1,231.10 (#(.'%+.
=fik\idjXe[Zfe[`k`fejg\ikX`e`e^kfi\cXk\[gXikp[l\j#i\]\iefk\+,
23. PROVISIONS
Particulars As at As at
March 31, 2019 March 31, 2018
Non-current
<dgcfp\\Y\e\Ôkj$i\]\iefk\` Y\cfn
Fk_\i\dgcfp\\Y\e\Ôkj 4.23 3.88
Warranties - refer note (ii) below 18.77 ),%)+
Total 23.00 29.12
Current
<dgcfp\\Y\e\Ôkj$i\]\iefk\` Y\cfn
Compensated absences 10.72 8.06
Fk_\i\dgcfp\\Y\e\Ôkj 0.08 '%'+
Sub-total (A) 10.80 8.10
` K_\gifm`j`fe]fi\dgcfp\\Y\e\Ôkj`eZcl[\j\Xie\[c\Xm\#j`Zbc\Xm\Xe[m\jk\[cfe^j\im`Z\i\nXi[%
(ii) Movement in warranties provision
The provision for warranty claims represents the present value of the management's best estimate of the future economic
costs that will be required under the Company's obligations for warranties. The estimate has been made on the basis of
historical warranty trends and may vary as a result of new materials, altered manufacturing processes or other events
Xù\Zk`e^gif[lZkhlXc`kp%
NOTES
FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2019
ALL AMOUNTS ARE IN RS. CRORES UNLESS OTHERWISE STATED
Particulars As at As at
March 31, 2019 March 31, 2018
Deferred tax liabilities on
Property, plant and equipment and intangible assets 250.38 (,'%+/
@em\jkd\ekjd\Xjli\[Xk=MKGC 46.25 11.88
Others 0.68 0.97
Sub-total (A) 297.31 163.33
Less: Deferred tax assets on
Accrued expenses deductible on payment 1.55 2.80
Deferred revenue 10.73 10.08
Gifm`j`fe]fiZfdg\ejXk\[XYj\eZ\jXe[fk_\i\dgcfp\\Y\e\Ôkj 3.75 2.79
Provision for doubtful debts and advances 0.65 '%+.
Others 4.14 +%))
Sub-total (B) 20.82 20.36
Total (A-B) 276.49 (+)%0.
NOTES
FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2019
ALL AMOUNTS ARE IN RS. CRORES UNLESS OTHERWISE STATED
Particulars As at As at
March 31, 2019 March 31, 2018
Tax liabilities
Provision for current tax (net) 141.47 108.01
Total 141.47 108.01
Tax assets
Advance income tax (net) 18.44 (/%++
Total 18.44 (/%++
Particulars As at As at
March 31, 2019 March 31, 2018
Non-current
Deferred revenue arising from Government grant - refer note (i) below 62.66 +-%/+
Others 0.47 -
Total 63.13 +-%/+
NOTES
FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2019
ALL AMOUNTS ARE IN RS. CRORES UNLESS OTHERWISE STATED
Particulars As at As at
March 31, 2019 March 31, 2018
Current
Contract liability 77.59 )/'%)+
Advance from customers 93.24 (+'%*.
Deferred revenue arising from Government grant - refer note (i) below 11.58 10.13
Deferred revenue 30.70 29.13
Statutory remittances (contributions to PF and ESIC, withholding taxes, GST, etc.) 89.38 (+,%+)
Others 11.29 10.97
Total 313.78 616.26
X K _\Y\e\Ôki\Z\`m\[Ypk_\Le`k\[B`e^[fdLB 9iXeZ_f]k_\:fdgXep]ifdk_\>fm\ied\ekf]LB$;\gXikd\ek]fi
Business Innovation & Skills and Department for Her Majesty's Revenue & Customs.
Y I
\gi\j\ekj^fm\ied\ekXjj`jkXeZ\`ek_\]fidf]k_\[lkpY\e\ÔkXmX`c\[le[\i<ogfikGifdfk`fe:Xg`kXc>ff[j<G:>
Scheme on purchase of property, plant and equipments accounted for as government grant.
K_\j\^iXekjn`ccY\i\Zf^e`q\[`ejkXk\d\ekf]gifÔkXe[cfjjfeXjpjk\dXk`ZYXj`jfm\ik_\lj\]lcc`]\f]k_\i\cXk\[Ôo\[Xjj\kj%
NOTES
FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2019
ALL AMOUNTS ARE IN RS. CRORES UNLESS OTHERWISE STATED
NOTES
FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2019
ALL AMOUNTS ARE IN RS. CRORES UNLESS OTHERWISE STATED
NOTES
FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2019
ALL AMOUNTS ARE IN RS. CRORES UNLESS OTHERWISE STATED
NOTES
FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2019
ALL AMOUNTS ARE IN RS. CRORES UNLESS OTHERWISE STATED
GlijlXekkfk_\[\Z`j`fef]k_\9fXi[f];`i\Zkfijf]k_\af`ekm\ekli\ZfdgXep#<`Z_\iGfcXi`jGi`mXk\C`d`k\[Xkk_\`id\\k`e^
_\c[feDXiZ_'0#)'(/kfn`e[[fnek_\fg\iXk`fejn`k_`dd\[`Xk\\ù\Zk#k_\:fdgXep_X[i\Zfi[\[Xe`dgX`id\ekcfjjf]
Ij%)0+%,'Zifi\jfek_\`em\jkd\ekXe[Ij%(.%+/Zifi\jkfnXi[j`kjj_Xi\f]Zfjkkfn`e[[fnek_\fg\iXk`fej#kfkXcc`e^kf
Rs. 311.98 crores in the previous year.
During the current year, it has further recorded an impairment loss of Rs. 12.52 crores and Rs. 5.00 crores towards share of cost
to wind down operations, totalling to Rs. 17.52 crores.
Cumulatively, the company has recorded total impairment loss of Rs. 329.50 crores till date. (refer note 9, 20).
K_\`eZfd\kXo\og\ej\]fik_\p\XiZXeY\i\ZfeZ`c\[kfk_\XZZflek`e^gifÔkXj]fccfnj1
NOTES
FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2019
ALL AMOUNTS ARE IN RS. CRORES UNLESS OTHERWISE STATED
Particulars As at As at
March 31, 2019 March 31, 2018
a) In respect of the following:
- Excise duty matters 2.52 1.72
- Sales tax matters 6.50 6.38
- Service tax matters 0.39 0.39
- Customs duty matters 3.48 *%+/
b) Claims against the Company not acknowledged as debts 8.68 5.23
c) Guarantees given: 184.20 101.66
to bank/others for credit facility granted to 100% subsidiary Company
- Dues outstanding 110.37 -+%/-
All the above matters other than guarantee given by the Company are subject to legal proceedings in the ordinary course of business. The
c\^XcgifZ\\[`e^n_\elck`dXk\cpZfeZcl[\[n`ccefk#`ek_\fg`e`fef]dXeX^\d\ek#_Xm\XdXk\i`Xc\ù\Zkfek_\i\jlckf]fg\iXk`fejfik_\
ÔeXeZ`Xcgfj`k`fef]k_\:fdgXep%
There are numerous interpretation issues relating to the Supreme Court judgement on Provident Fund dated February 28, 2019. Given the
uncertainty of the impact of such matter, the Company will create a provision after receiving further clarity
NOTES
FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2019
ALL AMOUNTS ARE IN RS. CRORES UNLESS OTHERWISE STATED
41. DISCLOSURES REQUIRED UNDER SECTION 22 OF THE MICRO, SMALL AND MEDIUM
ENTERPRISES DEVELOPMENT ACT, 2006
Particulars As at As at
March 31, 2019 March 31, 2018
(i) Principal amount remaining unpaid to any supplier as at the end of the accounting year 18.95 26.95
(ii) Interest due thereon remaining unpaid to any supplier as at the end of the 0.01 -
accounting year
(iii) The amount of interest paid along with the amounts of the payment made to the 26.22 9.89
supplier beyond the appointed day
(iv) The amount of interest due and payable for the year 0.12 0.07
(v) The amount of interest accrued and remaining unpaid at the end of the accounting year 0.33 0.20
(vi) The amount of further interest due and payable even in the succeeding year, until - -
such date when the interest dues as above are actually paid
F
lkf]k_\kfkXcZfeki`Ylk`fedX[\]fi\dgcfp\\jËgifm`[\ek]le[#Ij%+%.(Zifi\jDXiZ_*(#)'(/1Ij%*%,,Zifi\j `jdX[\kf<`Z_\i<o\Zlk`m\
Provident Fund Trust, while the remainder contribution has been made to government administered provident fund.
9% ;\Ôe\[9\e\ÔkGcXej1
K_\;\Ôe\[Y\e\ÔkgcXef]k_\:fdgXep`eZcl[\j\ek`kc\d\ekf]^iXkl`kpXe[gifm`[\ek]le[jZ_\d\%
This plan typically expose the Company to actuarial risks such as: investment risk, interest rate risk , longevity risk and salary risk
K _\dfjki\Z\ekXZklXi`XcmXclXk`fef]k_\gcXeXjj\kjXe[k_\gi\j\ekmXcl\f]k_\[\Ôe\[Y\e\ÔkfYc`^Xk`fen\i\ZXii`\[flkXjXk
DXiZ_*(#)'(0YpDi%B%B%;_Xie`=@8@D%Ef%''',( #=\ccfnf]k_\@ejk`klk\f]8ZklXi`\jf]@e[`X%K_\gi\j\ekmXcl\f]k_\[\Ôe\[Y\e\Ôk
obligation, and the related current service cost, were measured using the projected unit credit method.
NOTES
FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2019
ALL AMOUNTS ARE IN RS. CRORES UNLESS OTHERWISE STATED
Provident fund:
K _\gifm`[\ek]le[`j^fm\ie\[Ypk_\Gifm`[\ek=le[8Zk#(0,)%Le[\ik_\[\Ôe\[Y\e\ÔkgcXe#k_\:fdgXepZfeki`Ylk\jkfk_\
"Eicher Executive Provident Fund Trust", for certain designation. The Company has an obligation to make good the shortfall, if any,
Y\kn\\ek_\i\klie]ifdk_\`em\jkd\ekjf]k_\kiljkXe[k_\efk`Ô\[`ek\i\jkiXk\%
The Actuary has provided a valuation for Provident Fund liabilities on the basis of guidance issued by Actuarial Society of India and based
on the assumptions provided below, the Company does not have additional obligation as at March 31, 2019.
The principal assumptions used for the purposes of the actuarial valuations were as follows:
Gratuity:
K_\^iXkl`kpgcXe`j^fm\ie\[Ypk_\GXpd\ekf]>iXkl`kp8Zk#(0.)%Le[\ik_\XZk#\dgcfp\\n_f_XjZfdgc\k\[Ôm\p\Xijf]j\im`Z\`j
\ek`kc\[kfjg\Z`ÔZY\e\Ôk%K_\c\m\cf]Y\e\Ôkjgifm`[\[[\g\e[jfek_\d\dY\iËjc\e^k_f]j\im`Z\Xe[jXcXipXki\k`i\d\ekX^\%K_\
fund has the form of a trust and it is governed by the Board of Trustees.
The principal assumptions used for the purposes of the actuarial valuations were as follows:
NOTES
FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2019
ALL AMOUNTS ARE IN RS. CRORES UNLESS OTHERWISE STATED
8dflekji\Zf^e`q\[`ejkXk\d\ekf]gifÔkXe[cfjj`ei\jg\Zkf]k_\j\[\Ôe\[Y\e\ÔkgcXejXi\Xj]fccfnj1$
Particulars Gratuity
For the year ended For the year ended
March 31, 2019 March 31, 2018
Service cost:
Current service cost 3.46 2.66
Net Interest expense (0.04) (0.02)
:fdgfe\ekjf][\Ôe\[Y\e\ÔkZfjkji\Zf^e`j\[`egifÔkficfjj 3.42 )%-+
I\d\Xjli\d\ekfek_\e\k[\Ôe\[Y\e\Ôkc`XY`c`kp1
Actuarial (gains)/ losses arising from experience adjustments 1.40 (%.+
:fdgfe\ekjf][\Ôe\[Y\e\ÔkZfjkji\Zf^e`q\[`efk_\iZfdgi\_\ej`m\ 1.40 (%.+
income
Total 4.82 +%*/
K_\Xdflek`eZcl[\[`ek_\YXcXeZ\j_\\kXi`j`e^]ifdk_\\ek`kpjfYc`^Xk`fe`ei\jg\Zkf]`kj[\Ôe\[
Y\e\ÔkgcXej`jXj]fccfnj1
Particulars Gratuity
As at As at
March 31, 2019 March 31, 2018
Gi\j\ekMXcl\f]]le[\[[\Ôe\[Y\e\ÔkfYc`^Xk`fe 21.65 17.13
Fair value of plan assets 21.65 17.60
E\kc`XY`c`kpXi`j`e^]ifd[\Ôe\[Y\e\ÔkfYc`^Xk`fe - '%+.
Dfm\d\ekj`ek_\gi\j\ekmXcl\f]k_\[\Ôe\[Y\e\ÔkfYc`^Xk`feXi\Xj]fccfnj1$
Particulars Gratuity
For the year ended For the year ended
March 31, 2019 March 31, 2018
Fg\e`e^[\Ôe\[fYc`^Xk`fe 17.13 13.32
Current service cost 3.46 2.66
Interest cost 1.35 1.00
Actuarial (gains)/ losses 1.13 (%,+
9\e\ÔkjgX`[ (1.42) (1.39)
:cfj`e^[\Ôe\[Y\e\ÔkfYc`^Xk`fe 21.65 17.13
Particulars Gratuity
For the year ended For the year ended
March 31, 2019 March 31, 2018
Opening fair value of plan assets@ 17.60 13.67
Interest income 1.39 1.02
Actuarial gains/ (losses) (0.27) (0.20)
Contribution 4.35 +%,'
9\e\ÔkgX`[ (1.42) (1.39)
Closing fair value of plan assets@ 21.65 17.60
@
=le[jdXeX^\[Yp<DC<dgcfp\\j:fdgXep>iXkl`kpJZ_\d\Kiljk %
NOTES
FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2019
ALL AMOUNTS ARE IN RS. CRORES UNLESS OTHERWISE STATED
The major categories of plan assets maintained with the approved insurance companies for EML Trust are
as follows:
The Fair value of the plan assets at the end of reporting period for each category are as follows.
Particulars As at As at
March 31, 2019 March 31, 2018
Government securities 6.15 5.67
Debt instruments categorized by issuers' credit rating:
AAA 10.60 /%/+
AA+ 2.53 1.78
AA 1.31 0.91
Cash, deposits, etc. 1.06 '%+'
Total 21.65 17.60
The fair values of the above instruments are determined based on quoted market prices in active market. The actual return
on plan assets was Rs. 1.12 crores for the year ended March 31, 2019.
J`^e`ÔZXekXZklXi`XcXjjldgk`fej]fik_\[\k\id`eXk`fef]k_\[\Ôe\[fYc`^Xk`feXi\[`jZflekiXk\#\og\Zk\[jXcXip`eZi\Xj\
and mortality. The sensitivity analysis below have been determined based on reasonable possible changes of the respective
assumptions occurring at the end of the reporting period, while holding all other assumptions constant.
$ @]k_\[`jZflekiXk\`j,'YXj`jgf`ekj_`^_\icfn\i #k_\[\Ôe\[Y\e\ÔkfYc`^Xk`fenflc[[\Zi\Xj\YpIj%(%)'Zifi\j
`eZi\Xj\YpIj%(%*)Zifi\j RXjXkDXiZ_*(#)'(/1;\Zi\Xj\YpIj%'%/.Zifi\`eZi\Xj\YpIj%'%0,Zifi\ T%
$ @]k_\\og\Zk\[jXcXip^ifnk_`eZi\Xj\j[\Zi\Xj\j Yp,'YXj`jgf`ekj#k_\[\Ôe\[Y\e\ÔkfYc`^Xk`fenflc[`eZi\Xj\Yp
Ij%(%*)Zifi\j[\Zi\Xj\YpIj%(%)(Zifi\j RXjXkDXiZ_*(#)'(/1@eZi\Xj\YpIj%'%0,Zifi\[\Zi\Xj\YpIj%'%/.Zifi\ T%
Sensitivities due to change in mortality rate and change in withdrawal rate are not material and hence impact of such
change is not calculated.
Sensitivity Analysis
K_\j\ej`k`m`kpXeXcpj`jgi\j\ek\[XYfm\dXpefkY\i\gi\j\ekXk`m\f]k_\XZklXcZ_Xe^\`ek_\[\Ôe\[Y\e\ÔkfYc`^Xk`feXj`k`j
unlikely that the change in assumptions would occur in isolation of one another as some of the assumptions may be correlated.
=lik_\idfi\#`egi\j\ek`e^k_\XYfm\j\ej`k`m`kpXeXcpj`j#k_\gi\j\ekmXcl\f]k_\[\Ôe\[Y\e\ÔkfYc`^Xk`fe_XjY\\e
calculated using the projected unit credit method at the end of reporting period, which is same as that applied in calculating
k_\[\Ôe\[Y\e\ÔkfYc`^Xk`fec`XY`c`kpi\Zf^e`q\[`ek_\YXcXeZ\j_\\k%
There was no change in the methods and assumptions used in preparing the sensitivity analysis from prior years.
Other disclosures
DXkli`kpgifÔc\f][\Ôe\[Y\e\ÔkfYc`^Xk`fe
Particulars As at As at
March 31, 2019 March 31, 2018
8m\iX^\[liXk`fef]k_\[\Ôe\[Y\e\ÔkfYc`^Xk`fe`ep\Xij 20.03 19.67
K_\\jk`dXk\[Zfeki`Ylk`fe[li`e^e\okp\Xi`jIj%+%',Zifi\jDXiZ_*(#)'(/1Ij%*%(/Zfi\j kfk_\[\Ôe\[Y\e\ÔkgcXe%
NOTES
FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2019
ALL AMOUNTS ARE IN RS. CRORES UNLESS OTHERWISE STATED
Geographical information
The "Geographical Segments" comprises of domestic segment which includes sales to customers located in India and the
overseas segment includes sales to customers located outside India.
NOTES
FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2019
ALL AMOUNTS ARE IN RS. CRORES UNLESS OTHERWISE STATED
NOTES
FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2019
ALL AMOUNTS ARE IN RS. CRORES UNLESS OTHERWISE STATED
Particulars Nature of transaction For the year ended For the year ended
March 31, 2019 March 31, 2018
Di%J`[[_Xik_XCXc Managerial remuneration
J_fik$k\idY\e\Ôkj 12.69 10.12
Gfjk$\dgcfpd\ekY\e\Ôkj 0.06 '%(+
Fk_\icfe^$k\idY\e\Ôkj 0.06 0.05
12.81 10.31
Mr. S. Sandilya Sitting fees 0.04 0.03
Commission 0.59 0.53
Mr. Priya Brat Sitting fees - 0.01
Commission 0.02 -
Mr. M.J. Subbaiah Sitting fees - 0.02
Commission - 0.10
Mr. Prateek Jalan Sitting fees 0.02 0.03
Commission 0.25 0.23
Ms. Manvi Sinha Sitting fees 0.03 0.02
Commission 0.11 0.10
Mr. Inder Mohan Singh Sitting fees 0.01 -
Commission 0.25 -
Di%CXc`kDXc`b Remuneration
J_fik$k\idY\e\Ôkj 4.68 2.06
Gfjk$\dgcfpd\ekY\e\Ôkj 0.04 '%'+
Fk_\icfe^$k\idY\e\Ôkj 0.03 -
4.75 2.10
Mr. Manhar Kapoor Remuneration
J_fik$k\idY\e\Ôkj 1.98 0.88
Gfjk$\dgcfpd\ekY\e\Ôkj 0.02 0.01
Fk_\icfe^$k\idY\e\Ôkj 0.02 0.01
2.02 0.90
Name of related party Nature of transaction For the year ended For the year ended
March 31, 2019 March 31, 2018
M<:fdd\iZ`XcM\_`Zc\jC`d`k\[ Purchase of raw materials and components / 172.28 (-'%(+
services
Expenses reimbursed 0.49 0.35
Corporate service charges paid 2.53 )%+*
Dividend income 65.28 51.68
<`Z_\iGfcXi`jGi`mXk\C`d`k\[ Investment in equity share capital 30.00 27.60
(including advance given in previous year)
Expenses recovered - 0.05
Rent income 0.26 2.92
<`Z_\i>ff[\Xik_Gi`mXk\C`d`k\[ Corporate service charges paid 1.16 0.88
Rent 4.69 *%+)
Brand fees - 16.02
Eicher Goodearth India Private Brand fees 24.42 6.31
C`d`k\[
IfpXc<eÔ\c[Efik_8d\i`ZXCk[ Investment in shares capital of subsidiary - 15.90
company
NOTES
FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2019
ALL AMOUNTS ARE IN RS. CRORES UNLESS OTHERWISE STATED
Name of related party Nature of transaction For the year ended For the year ended
March 31, 2019 March 31, 2018
Guarantee given / forex revaluation 60.13 -
Sale of products 56.89 ()%/+
Expenses recovered 1.18 5.58
Expenses reimbursed 21.29 0.66
IfpXc<eÔ\c[9iXj`c:fd\iZ`f[\ Guarantee given / forex revaluation 22.40 26.02
DfkfZ`Zc\kXjCk[X
Sale of products 6.99 10.88
Expenses recovered 0.41 -
IfpXc<eÔ\c[K_X`cXe[ Ck[ Investment in shares capital of subsidiary company 18.50 -
Sale of products 0.08 -
E`ZfYXi;\j`^eGi`mXk\C`d`k\[ Rent income 0.99 -
Eicher Group Foundation Corporate social responsibility expenditure 42.69 25.08
Eicher Executive Provident Fund Contribution to provident fund 4.71 3.55
<`Z_\iKiXZkfij<o\Zlk`m\JkXù Contribution to superannuation fund 0.33 0.31
Superannuation Fund
<`Z_\iDfkfijC`d`k\[<dgcfp\\j Contribution to gratuity fund 4.35 +%,'
Gratuity Trust
9\e\ÔkjgX`[ (1.42) (1.39)
K_\:fdgXepgifm`[\jXZi\[`kg\i`f[f]*'[Xpjkf)+'[Xpjn`k_i\jg\Zkkfi\Z\`mXYc\j]ifdI<K#I<E8Xe[I<9iXj`c#
respectively.
NOTES
FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2019
ALL AMOUNTS ARE IN RS. CRORES UNLESS OTHERWISE STATED
The management of the Company reviews the capital structure of the Company on regular basis. As part of this review, the
management of the Company considers risks associated with the movement in the working capital.
Particulars As at As at
March 31, 2019 March 31, 2018
Borrowings (refer note 21) 76.38 85.98
C\jj1:Xj_Xe[ZXj_\hl`mXc\ekji\]\iefk\(, (701.76) (89.28)
Net debt* - -
+-%(:Xk\^fi`\jf]ÔeXeZ`Xc`ejkild\ekj
Particulars As at As at
March 31, 2019 March 31, 2018
=`eXeZ`XcXjj\kjXk]X`imXcl\k_ifl^_gifÔkficfjj
Non-current
Investments in equity 0.09 0.09
Investments in mutual funds 2,465.76 3,139.13
Current
Investments in mutual funds 468.81 -**%+'
Financial assets at amortised cost
Non-current
Investments in bonds 43.94 +*%0+
Fk_\iÔeXeZ`XcXjj\kj 28.27 )+%//
Current
Trade receivables 112.65 78.02
Cash and bank balances 2,940.07 1,208.82
CfXej 1.29 0.28
Fk_\iÔeXeZ`XcXjj\kj 73.26 33.71
Financial liabilities at amortized cost
Non-current
Fk_\iÔeXeZ`Xcc`XY`c`k`\j 9.96 8.88
Current
Borrowings 76.38 85.98
Trade payables 1,231.10 (#(.'%+.
Fk_\iÔeXeZ`Xcc`XY`c`k`\j 158.00 166.70
NOTES
FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2019
ALL AMOUNTS ARE IN RS. CRORES UNLESS OTHERWISE STATED
=X`imXcl\f]k_\:fdgXepjÔeXeZ`XcXjj\kjk_XkXi\d\Xjli\[Xk]X`imXcl\feXi\Zlii`e^YXj`j1$
K_\i\Xi\Z\ikX`e:fdgXepjÔeXeZ`XcXjj\kjn_`Z_Xi\d\Xjli\[Xk]X`imXcl\Xkk_\\e[f]\XZ_i\gfik`e^g\i`f[%=fccfn`e^
kXYc\^`m\j`e]fidXk`feXYflk_fnk_\]X`imXcl\jf]k_\j\ÔeXeZ`XcXjj\kjXi\[\k\id`e\[1$
* Investment in equity (level-3) has been valued using weighted average of value arrived using Discounted Cash Flow Method and Net Assets Method.
=X`imXcl\f]k_\:fdgXepjÔeXeZ`XcXjj\kjXe[ÔeXeZ`Xcc`XY`c`k`\jk_XkXi\efkd\Xjli\[Xk]X`imXcl\Ylk
fair value disclosures are required)
<oZ\gkXj[\kX`c\[flk`ek_\]fccfn`e^kXYc\#k_\dXeX^\d\ekZfej`[\ijk_Xkk_\ZXiip`e^Xdflekjf]ÔeXeZ`XcXjj\kjXe[
ÔeXeZ`Xcc`XY`c`k`\ji\Zf^e`q\[`ek_\jkXe[Xcfe\ÔeXeZ`XcjkXk\d\ekjXggifo`dXk\k_\`i]X`imXcl\j%
NOTES
FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2019
ALL AMOUNTS ARE IN RS. CRORES UNLESS OTHERWISE STATED
K_\]X`imXcl\f]k_\ÔeXeZ`XcXjj\kjXe[c`XY`c`k`\jXi\`eZcl[\[Xkk_\Xdflekk_Xknflc[Y\i\Z\`m\[kfj\ccXeXjj\kXe[
paid to transfer a liability in an orderly transaction between market participants. The following methods and assumptions
were used to estimate the fair values:
$ @em\jkd\ekjkiX[\[`eXZk`m\dXib\kjXi\[\k\id`e\[Ypi\]\i\eZ\kfhlfk\j]ifdk_\ÔeXeZ`Xc`ejk`klk`fej2]fi\oXdgc\1
Net asset value (NAV) for investments in mutual funds declared by mutual fund house.
- The fair value of bonds is based on quoted prices and market observable inputs.
$ K iX[\i\Z\`mXYc\j#ZXj_Xe[ZXj_\hl`mXc\ekj#fk_\iYXebYXcXeZ\j#cfXej#fk_\iZlii\ekÔeXeZ`XcXjj\kj#Zlii\ek
Yfiifn`e^j#kiX[\gXpXYc\jXe[fk_\iZlii\ekÔeXeZ`Xcc`XY`c`k`\j18ggifo`dXk\k_\`iZXiip`e^XdflekjcXi^\cp[l\kfk_\
short-term maturities of these instruments.
$ D
XeX^\d\eklj\j`kjY\jkal[^d\ek`e\jk`dXk`e^k_\]X`imXcl\f]`kjÔeXeZ`Xc`ejkild\ekj%?fn\m\i#k_\i\Xi\`e_\i\ek
c`d`kXk`fej`eXep\jk`dXk`fek\Z_e`hl\%K_\i\]fi\#]fijlYjkXek`XccpXccÔeXeZ`Xc`ejkild\ekj#k_\]X`imXcl\\jk`dXk\j
presented above are not necessarily indicative of all the amounts that the Company could have realized or paid in sale
kiXejXZk`fejXjf]i\jg\Zk`m\[Xk\j%8jjlZ_#k_\]X`imXcl\f]k_\ÔeXeZ`Xc`ejkild\ekjjlYj\hl\ekkfk_\i\jg\Zk`m\
i\gfik`e^[Xk\jdXpY\[`ù\i\ek]ifdk_\Xdflekji\gfik\[Xk\XZ_p\Xi\e[%
$ K_\i\n\i\efkiXej]\ijY\kn\\eC\m\c(Xe[C\m\c)[li`e^k_\p\Xi%
Market risk
Market risk is the risk of any loss in future earnings, in realizable fair values or in future cash flows that may result from a
Z_Xe^\`ek_\gi`Z\f]XÔeXeZ`Xc`ejkild\ek%K_\:fdgXepjXZk`m`k`\j\ogfj\`kgi`dXi`cpkfk_\ÔeXeZ`Xci`jbjf]Z_Xe^\j
in foreign currency exchange rates and interest rates risk/ liquidity risk which impact returns on investments. Market risk
exposures are measured using sensitivity analysis.
NOTES
FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2019
ALL AMOUNTS ARE IN RS. CRORES UNLESS OTHERWISE STATED
9XcXeZ\jn`k_YXebjn\i\efkgXjk[l\fi`dgX`i\[XjXkk_\p\Xi\e[%@efk_\iÔeXeZ`XcXjj\kjk_XkXi\efkgXjk[l\jXe[efk
impaired, there were no indication of default in repayment as at the year end.
K_\:fdgXep_Xjlj\[XgiXZk`ZXc\og\[`\ekYpZfdglk`e^k_\\og\Zk\[cfjjXccfnXeZ\]fiÔeXeZ`XcXjj\kjYXj\[fe_`jkfi`ZXc
credit loss experience and adjustments for forward looking information.
Dfm\d\ek`ek_\\og\Zk\[Zi\[`kcfjjXccfnXeZ\f]ÔeXeZ`XcXjj\kj
Liquidity risk
The Company manages liquidity risk by maintaining adequate reserves, banking facilities and reserve borrowing facilities, by
Zfek`elfljcpdfe`kfi`e^]fi\ZXjkXe[XZklXcZXj_]cfnj#Xe[YpdXkZ_`e^k_\dXkli`kpgifÔc\jf]ÔeXeZ`XcXjj\kjXe[c`XY`c`k`\j%
NOTES
FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2019
ALL AMOUNTS ARE IN RS. CRORES UNLESS OTHERWISE STATED
DXkli`kpgifÔc\f]ÔeXeZ`Xcc`XY`c`k`\j1
K_\jligclj]le[jn`k_k_\:fdgXepXe[fg\iXk`feXcZXj_]cfnjn`ccY\jløZ`\ekkf[`jgfj\k_\ÔeXeZ`Xcc`XY`c`k`\jn`k_`ek_\
maturity period.
<`Z_\i<dgcfp\\JkfZbFgk`feGcXe`jXggc`ZXYc\kfXccg\idXe\ekXe[]lcc$k`d\\dgcfp\\jXj[\Ôe\[`ek_\GcXe #
excluding promoters of the Company. The eligibility of employees to receive grants under the Plan has to be decided by the
Nomination and Remuneration Committee from time to time at its sole discretion.
Vesting of the options shall take place in the manner determined by the Nomination and Remuneration Committee at the
time of grant, provided, the vesting period shall not be less than 1 year from the date of grant.
Vesting of options shall be subject to the condition that the Grantee shall be in continuous employment with the Company
and such other conditions as provided under Company’s Employee Stock Option Plan, 2006.
The Exercise Price of each grant is determined by the Nomination and Remuneration Committee at the time of grant,
provided that the Exercise Price shall not be less than the closing market price of the shares of the Company on NSE/BSE on
the day preceding the date of grant of Options.
The options granted can be exercised at any time until completion of seven years from the date of vesting. Any options
remaining unexercised at the end of the exercise period shall lapse. At the time of exercise the participant may pay the
exercise price in the form of payment as approved by the Nomination and Remuneration Committee.
Each employee share option converts into one equity share of the Company on exercise. No amounts are paid or payable
by the recipient on receipt of the option. The options carry neither rights to dividends nor voting rights. Options may be
exercised at any time from the date of vesting to the date of their expiry.
NOTES
FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2019
ALL AMOUNTS ARE IN RS. CRORES UNLESS OTHERWISE STATED
Options series Number Grant date Vesting period Expiry date Exercise Price Fair value of options
at grant date
Rs. Rs.
(ii) 2,08,900 22-Oct-07 3 Years 21-Oct-17 +-)%'' )+*%0'
(iii) +'#''' 29-Apr-10 1 Year 28-Apr-18 695.00 (,+%-)
(iv) (,#+'' 8-Nov-10 3 Years 7-Nov-20 (#+((%'' )+*%0'
(v) 1,08,200 6-May-11 3-5 Years 5-May-21 1,162.00 -),%(+
(vi) ,#+'' 11-Feb-12 3-5 Years 10-Feb-22 1,770.00 967.06
(vii) 5,000 16-Dec-13 3-5 Years 15-Dec-23 +#0(,%'' 2,522.03
(viii) 16,000 (($8l^$(+ 3-5 Years ('$8l^$)+ /#+..%,' +#**-%**
(ix) ,#+'' ()$Efm$(+ 3-5 Years (($Efm$)+ 12,993.65 6,555.65
(x) 2,000 12-Jan-15 1 Year 11-Jan-25 (+#.*0%'' 7,626.61
(xi) 20,300 12-Jan-15 3-5 Years 11-Jan-25 (+#.*0%'' 7,393.91
(xii) +#,'' 20-Mar-15 3-5 Years 20-Mar-25 16,112.00 8,295.62
(xiii) 53,000 8-May-15 3-5 Years 7-May-25 (+#/'.%'' .#.+(%0-
(xiv) 6,590 21-Jul-15 3-5 Years 20-Jul-25 )(#)+/%'' 11,112.50
(xv) 7,800 6-Nov-15 3-5 Years 5-Nov-25 17,678.00 0#'('%+-
(xvi) +#)'' 5-Feb-16 3-5 Years +$=\Y$)- (-#/0+%'' 8,565.87
(xvii) )#+'' 27-Apr-16 3-5 Years 26-Apr-26 )'#(+/%'' 10,055.79
(xviii) 2,100 28-Jul-16 3-5 Years 27-Jul-26 )'#*+'%'' ('#+*.%'-
(xix) 3,000 28-Oct-16 3-5 Years 27-Oct-26 )+#+0)%'' 11,753.96
(xx) 1,800 1-Feb-17 3-5 Years 31-Jan-27 23,028.00 ('#/.,%-+
(xxi) 3,500 27-Mar-17 3-5 Years 26-Mar-27 )+#*,'%'' 11,601.21
(xxii) 1,350 9-Aug-17 3-5 Years 8-Aug-27 32,121.00 (+#0.*%,+
(xxiii) 1,500 (+$Efm$(. 3-5 Years 13-Nov-27 30,585.00 (+#,)'%//
(xxiv) 2,100 7-Feb-18 3-5 Years 6-Feb-28 27,579.00 ()#.)0%.+
(xxv) +#,'' 2-Apr-18 3-5 Years 1-Apr-28 28,373.00 ()#0*+%..
(xxvi) 1,250 9-May-18 3-5 Years 8-May-28 *'#+).%'' (+#'0(%0,
(xxvii) )#+'' 9-Aug-18 3-5 Years 8-Aug-28 ).#,0+%'' 12,887.07
(xxviii) 2,800 12-Nov-18 3-5 Years 11-Nov-28 ))#+0-%'' ('#+-0%+'
(xxix) 1,250 11-Feb-19 3-5 Years 10-Feb-29 )'#/+/%'' 0#-(,%+'
NOTES
FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2019
ALL AMOUNTS ARE IN RS. CRORES UNLESS OTHERWISE STATED
<ù\Zkf]j_Xi\$YXj\[gXpd\ekkiXejXZk`fejfek_\\ek`kpËjGifÔkfiCfjj1
* Excludes Rs. 2.19 crores of share-based payment capitalised in intangible assets under development.
NOTES
FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2019
ALL AMOUNTS ARE IN RS. CRORES UNLESS OTHERWISE STATED
NOTES
FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2019
ALL AMOUNTS ARE IN RS. CRORES UNLESS OTHERWISE STATED
Particulars As at As at
March 31, 2019 March 31, 2018
Not later than one year 9.89 +%-/
CXk\ik_Xefe\p\XiXe[efkcXk\ik_XeÔm\p\Xij 14.85 +%()
Particulars As at As at
March 31, 2019 March 31, 2018
Not later than one year - 0.26
CXk\ik_Xefe\p\XiXe[efkcXk\ik_XeÔm\p\Xij - -
CXk\ik_XeÔm\p\Xij - -
Efk\1C\Xj\X^i\\d\ekn`k_<`Z_\iGfcXi`jGi`mXk\C`d`k\[_XjY\\ek\id`eXk\[n`k_\ù\Zk]ifd8gi`c*'#)'(/%
NOTES
FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2019
ALL AMOUNTS ARE IN RS. CRORES UNLESS OTHERWISE STATED
Share-based payments
"Estimating fair value for share-based payment transactions requires determination of the most appropriate valuation
model, which is dependent on the terms and conditions of the grant. This estimate also requires determination of the most
appropriate inputs to the valuation model including the expected life of the share option, volatility and dividend yield and
making assumptions about them. The assumptions and models used for estimating fair value for share-based payment
kiXejXZk`fejXi\[`jZcfj\[`eEfk\+/%
@dgX`id\ekf]efe$ÔeXeZ`XcXjj\kj
Impairment exists when the carrying value of an asset or cash generating unit exceeds its recoverable amount, which is the
higher of its fair value less costs of disposal and its value in use. The fair value less costs of disposal calculation is based on
available data from binding sales transactions, conducted at arm’s length, for similar assets or observable market prices less
incremental costs for disposing of the asset. The value in use calculation is based on a DCF model.
NOTES
FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2019
ALL AMOUNTS ARE IN RS. CRORES UNLESS OTHERWISE STATED
52. Gi\m`fljp\XiËjÔ^li\j_Xm\Y\\ei\ZXjk&i\^iflg\[#n_\i\m\ie\Z\jjXipkfZfe]fidn`k_k_\Zlii\ekg\i`f[Ëjgi\j\ekXk`fe%
C\jj\\jn`ccY\Xcjfi\hl`i\[kfi\d\Xjli\k_\c\Xj\c`XY`c`kplgfek_\fZZlii\eZ\f]Z\ikX`e\m\ekj\%^%#XZ_Xe^\`e
the lease term, a change in future lease payments resulting from a change in an index or rate used to determine those
payments). The lessee will generally recognise the amount of the remeasurement of the lease liability as an adjustment to
the right-of-use asset.
C\jjfiXZZflek`e^le[\i@e[8J((-`jjlYjkXek`XccpleZ_Xe^\[]ifdkf[XpËjXZZflek`e^le[\i@e[8J(.%C\jjfijn`cc
Zfek`el\kfZcXjj`]pXccc\Xj\jlj`e^k_\jXd\ZcXjj`ÔZXk`fegi`eZ`gc\Xj`e@e[8J(.Xe[[`jk`e^l`j_Y\kn\\eknfkpg\jf]
c\Xj\j1fg\iXk`e^Xe[ÔeXeZ\c\Xj\j%
The Company intends to adopt these standards from April 01, 2019. As the Company does not have any material leases,
therefore the adoption of this standard is not likely to have a material impact on the Financial Statements.
NOTES
FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2019
ALL AMOUNTS ARE IN RS. CRORES UNLESS OTHERWISE STATED
An entity has to determine whether to consider each uncertain tax treatment separately or together with one or
more other uncertain tax treatments. The approach that better predicts the resolution of the uncertainty should be
followed. In determining the approach that better predicts the resolution of the uncertainty, an entity might consider,
for example, (a) how it prepares its income tax filings and supports tax treatments; or (b) how the entity expects the
taxation authority to make its examination and resolve issues that might arise from that examination.
The interpretation is effective for annual reporting periods beginning on or after 1 April 2019, but certain transition
reliefs are available. The Company will apply the interpretation from its effective date. However, the Company does
not foresee a material impact on account of the same.
per Sanjay Vij Manhar Kapoor Lalit Malik Vinod K. Dasari Siddhartha Lal
Partner Company Secretary :_`\]=`eXeZ`XcFøZ\i Whole-time Director & Managing Director
Membership No : 095169 :<Ff]IfpXc<eÔ\c[ ;@E1'''*.-+,
;@E1''*+,-,.
To 8Zk%Flii\jgfej`Y`c`k`\jle[\ik_fj\JkXe[Xi[jXi\]lik_\i
The Members of described in the ‘Auditor’s Responsibilities for the Audit of
Eicher Motors Limited the Consolidated Ind AS Financial Statements’ section of
flii\gfik%N\Xi\`e[\g\e[\ekf]k_\>iflg`eXZZfi[XeZ\
REPORT ON THE AUDIT OF THE CONSOLIDATED with the ‘Code of Ethics’ issued by the Institute of Chartered
IND AS FINANCIAL STATEMENTS Accountants of India together with the ethical requirements
Opinion k_XkXi\i\c\mXekkffliXl[`kf]k_\ÔeXeZ`XcjkXk\d\ekj
We have audited the accompanying consolidated Ind under the provisions of the Act and the Rules thereunder,
8JÔeXeZ`XcjkXk\d\ekjf]Eicher Motors Limited Xe[n\_Xm\]lcÔcc\[flifk_\i\k_`ZXci\jgfej`Y`c`k`\j`e
(hereinafter referred to as “the Holding Company”), its XZZfi[XeZ\n`k_k_\j\i\hl`i\d\ekjXe[k_\:f[\f]<k_`Zj%
subsidiaries (the Holding Company and its subsidiaries We believe that the audit evidence we have obtained is
together referred to as “the Group”) and joint ventures jløZ`\ekXe[Xggifgi`Xk\kfgifm`[\XYXj`j]fifliXl[`k
comprising of the consolidated Balance sheet as at March fg`e`fefek_\Zfejfc`[Xk\[@e[8JÔeXeZ`XcjkXk\d\ekj%
*()'(0#k_\Zfejfc`[Xk\[JkXk\d\ekf]GifÔkXe[Cfjj#
including other comprehensive income, the consolidated Key Audit Matters
Cash Flow Statement and the consolidated Statement of Key audit matters are those matters that, in our professional
Changes in Equity for the year then ended, and notes to al[^d\ek#n\i\f]dfjkj`^e`ÔZXeZ\`efliXl[`kf]k_\
k_\Zfejfc`[Xk\[@e[8JÔeXeZ`XcjkXk\d\ekj#`eZcl[`e^ Zfejfc`[Xk\[@e[8JÔeXeZ`XcjkXk\d\ekj]fik_\ÔeXeZ`Xc
XjlddXipf]j`^e`ÔZXekXZZflek`e^gfc`Z`\jXe[fk_\i p\Xi\e[\[DXiZ_*(#)'(0%K_\j\dXkk\ijn\i\X[[i\jj\[`e
explanatory information (hereinafter referred to as “the k_\Zfek\okf]fliXl[`kf]k_\Zfejfc`[Xk\[@e[8JÔeXeZ`Xc
Zfejfc`[Xk\[@e[8JÔeXeZ`XcjkXk\d\ekjÉ % statements as a whole, and in forming our opinion thereon,
Xe[n\[fefkgifm`[\Xj\gXiXk\fg`e`fefek_\j\dXkk\ij%
In our opinion and to the best of our information and For each matter below, our description of how our audit
according to the explanations given to us and based on X[[i\jj\[k_\dXkk\i`jgifm`[\[`ek_XkZfek\ok%
the consideration of reports of other auditors on separate
ÔeXeZ`XcjkXk\d\ekjXe[fek_\fk_\iÔeXeZ`Xc`e]fidXk`fef] We have determined the matters described below to be the
the subsidiaries and joint ventures, the aforesaid consolidated b\pXl[`kdXkk\ijkfY\Zfddle`ZXk\[`eflii\gfik%N\
@e[8JÔeXeZ`XcjkXk\d\ekj^`m\k_\`e]fidXk`fei\hl`i\[ _Xm\]lcÔcc\[k_\i\jgfej`Y`c`k`\j[\jZi`Y\[`ek_\8l[`kfiËj
by the Companies Act, 2013, as amended (“the Act”) in the responsibilities for the audit of the consolidated Ind AS
manner so required and give a true and fair view in conformity ÔeXeZ`XcjkXk\d\ekjj\Zk`fef]flii\gfik#`eZcl[`e^`e
with the accounting principles generally accepted in India, i\cXk`fekfk_\j\dXkk\ij%8ZZfi[`e^cp#fliXl[`k`eZcl[\[
f]k_\Zfejfc`[Xk\[jkXk\f]XùX`ijf]k_\>iflgXe[af`ek the performance of procedures designed to respond to our
m\ekli\jXjXkDXiZ_*(#)'(0#k_\`iZfejfc`[Xk\[gifÔk assessment of the risks of material misstatement of the
including other comprehensive income, their consolidated Zfejfc`[Xk\[@e[8JÔeXeZ`XcjkXk\d\ekj%K_\i\jlckjf]
cash flows and the consolidated statement of changes in audit procedures performed by us and by other auditors of
\hl`kp]fik_\p\Xi\e[\[fek_Xk[Xk\% components not audited by us, as reported by them in their
audit reports furnished to us by the management, including
Basis for Opinion those procedures performed to address the matters below,
We conducted our audit of the consolidated Ind AS provide the basis for our audit opinion on the accompanying
ÔeXeZ`XcjkXk\d\ekj`eXZZfi[XeZ\n`k_k_\JkXe[Xi[jfe Zfejfc`[Xk\[@e[8JÔeXeZ`XcjkXk\d\ekj%
8l[`k`e^J8j #Xjjg\Z`Ô\[le[\ij\Zk`fe(+*(' f]k_\
Key audit matters How our audit addressed the key audit matter
Intangibles assets capitalized or under development (Refer to the accounting estimates and judgements in Note 3 and
Efk\/kfk_\Zfejfc`[Xk\[ÔeXeZ`XcjkXk\d\ekj
The Group has various internally generated intangible F liXl[`kgifZ\[li\j`eZcl[\[i\X[`e^k_\>iflgji\j\XiZ_
gifa\Zkjle[\i[\m\cfgd\ekfiZXg`kXc`q\[%@e`k`Xc and development expenditure accounting policies to assess
recognition of the expenditure under these projects are Zfdgc`XeZ\n`k_@e[8J*/È@ekXe^`Yc\8jj\kjÉ%
YXj\[feXjj\jj`e^\XZ_gifa\Zk`ei\cXk`fekfjg\Z`ÔZ
We performed test of control over management process of
i\Zf^e`k`feZi`k\i`Xk_Xke\\[jkfY\d\k]fiZXg`kXc`qXk`fe%
identifying and capitalizing the development expenditure
In addition, the management also assess indication of
Xe[`dgX`id\ekk\jk`e^n`k_jg\Z`ÔZ]fZljfek_\XZZflek`e^
impairment of the carrying value of assets which requires
principles of capitalization of expenditure on internally
dXeX^\d\ekal[^d\ekXe[Xjjldgk`fejXjXù\Zk\[Yp
generated intangible assets as per IND AS 38 such as
]lkli\dXib\kfi\Zfefd`Z[\m\cfgd\ekj%
technical feasibility of the project, intention and ability to
Due to the materiality of the assets capitalized or under complete the intangible asset, ability to use or sell the asset,
development and the level of management judgement ^\e\iXk`fef]]lkli\\Zfefd`ZY\e\ÔkjXe[k_\XY`c`kpkf
involved, initial recognition and measurement and d\Xjli\Zfjkji\c`XYcp%
valuation of internally generated intangible assets has
We performed test of details of development expenditure
Y\\eZfej`[\i\[XjXb\pXl[`kdXkk\i%
capitalized by challenging the key assumptions including the
authorization of the stage of the project in the development
phase and the accuracy of costs included and assessing
k_\lj\]lc\Zfefd`Zc`]\Xkki`Ylk\[kfk_\Xjj\k%@eX[[`k`fe#
we considered whether any indicators of impairment were
gi\j\ekYple[\ijkXe[`e^k_\Ylj`e\jjiXk`feXc\]figifa\Zkj%
We tested the disclosure relating to research and
[\m\cfgd\ek\og\e[`kli\`ek_\Zfejfc`[Xk\[@e[8JÔeXeZ`Xc
statements
Revenue RecognitionI\]\ikfk_\XZZflek`e^gfc`Z`\j`eEfk\*kfk_\Zfejfc`[Xk\[ÔeXeZ`XcjkXk\d\ekj
Revenue from the sale of goods is recognised upon the F
liXl[`kgifZ\[li\j`eZcl[\[i\X[`e^k_\>iflgji\m\el\
transfer of control of the goods to the customer, usually recognition accounting policies to assess compliance with Ind
fe[\c`m\ipf]^ff[j%K_\>iflglj\jXmXi`\kpf]j_`gd\ek 8J((,ÈI\m\el\]ifdZfekiXZkjn`k_Zljkfd\ijÉ%
terms across its operating markets and this has an impact
We performed test of controls of management’s process
fek_\k`d`e^f]i\m\el\i\Zf^e`k`fe%K_\i\`jXi`jbk_Xk
of recognizing the revenue from sales of goods and placed
revenue could be recognised in the incorrect period for
jg\Z`ÔZXkk\ek`fefek_\k`d`e^f]k_\i\m\el\i\Zf^e`k`feXj
sales transactions occurring on and around the year end
g\ik_\jXc\jk\idjn`k_k_\Zljkfd\ij%
and therefore revenue recognition has been considered as
Xb\pXl[`kdXkk\i% We performed test of details of the sales transactions testing
based on a representative sampling of the sales orders to
ensure that the related revenues and trade receivables are
recorded appropriately taking into consideration the terms
Xe[Zfe[`k`fejf]k_\jXc\fi[\ij#`eZcl[`e^k_\j_`gg`e^k\idj%
N
\Xcjfg\i]fid\[jXc\jZlkfùgifZ\[li\jYpX^i\\`e^
deliveries occurring around the year end to supporting
[fZld\ekXk`fe`eZcl[`e^[\Xc\ijËZfeÔidXk`fej#n_\i\
necessary, to establish that sales and corresponding trade
i\Z\`mXYc\jXi\gifg\icpi\Zfi[\[`ek_\Zfii\Zkg\i`f[%
Responsibilities of Management for the Consolidated or in the aggregate, they could reasonably be expected to
Ind AS Financial Statements influence the economic decisions of users taken on the basis
The Holding Company’s Board of Directors is responsible for f]k_\j\Zfejfc`[Xk\[@e[8JÔeXeZ`XcjkXk\d\ekj%
the preparation and presentation of these consolidated Ind
8JÔeXeZ`XcjkXk\d\ekj`ek\idjf]k_\i\hl`i\d\ekjf]k_\ As part of an audit in accordance with SAs, we exercise
8Zkk_Xk^`m\Xkil\Xe[]X`im`\nf]k_\Zfejfc`[Xk\[ÔeXeZ`Xc professional judgment and maintain professional skepticism
gfj`k`fe#Zfejfc`[Xk\[ÔeXeZ`Xcg\i]fidXeZ\`eZcl[`e^ k_ifl^_flkk_\Xl[`k%N\Xcjf1
other comprehensive income, consolidated cash flows and
consolidated statement of changes in equity of the Group Identify and assess the risks of material misstatement
including its joint ventures in accordance with the accounting f]k_\Zfejfc`[Xk\[@e[8JÔeXeZ`XcjkXk\d\ekj#
principles generally accepted in India, including the Indian whether due to fraud or error, design and perform audit
8ZZflek`e^JkXe[Xi[j@e[8J jg\Z`Ô\[le[\ij\Zk`fe procedures responsive to those risks, and obtain audit
133 of the Act read with the Companies (Indian Accounting \m`[\eZ\k_Xk`jjløZ`\ekXe[Xggifgi`Xk\kfgifm`[\X
JkXe[Xi[j Ilc\j#)'(,#XjXd\e[\[%K_\i\jg\Zk`m\9fXi[f] YXj`j]fiflifg`e`fe%K_\i`jbf]efk[\k\Zk`e^XdXk\i`Xc
Directors of the companies included in the Group and of its misstatement resulting from fraud is higher than for
joint ventures are responsible for maintenance of adequate one resulting from error, as fraud may involve collusion,
accounting records in accordance with the provisions of the forgery, intentional omissions, misrepresentations, or the
Act for safeguarding of the assets of the Group and of its fm\ii`[\f]`ek\ieXcZfekifc%
joint ventures and for preventing and detecting frauds and F
YkX`eXele[\ijkXe[`e^f]`ek\ieXcZfekifci\c\mXekkf
other irregularities; selection and application of appropriate the audit in order to design audit procedures that are
accounting policies; making judgments and estimates that Xggifgi`Xk\`ek_\Z`iZldjkXeZ\j%Le[\ij\Zk`fe(+**
are reasonable and prudent; and the design, implementation (i) of the Act, we are also responsible for expressing our
Xe[dX`ek\eXeZ\f]X[\hlXk\`ek\ieXcÔeXeZ`XcZfekifcj# opinion on whether the Holding Company has adequate
k_Xkn\i\fg\iXk`e^\ù\Zk`m\cp]fi\ejli`e^k_\XZZliXZp `ek\ieXcÔeXeZ`XcZfekifcjjpjk\d`egcXZ\Xe[k_\
and completeness of the accounting records, relevant to fg\iXk`e^\ù\Zk`m\e\jjf]jlZ_Zfekifcj%
the preparation and presentation of the consolidated Ind AS
ÔeXeZ`XcjkXk\d\ekjk_Xk^`m\Xkil\Xe[]X`im`\nXe[Xi\]i\\ Evaluate the appropriateness of accounting policies
from material misstatement, whether due to fraud or error, used and the reasonableness of accounting estimates
which have been used for the purpose of preparation of the Xe[i\cXk\[[`jZcfjli\jdX[\YpdXeX^\d\ek%
Zfejfc`[Xk\[@e[8JÔeXeZ`XcjkXk\d\ekjYpk_\;`i\Zkfijf] Conclude on the appropriateness of management’s use
k_\?fc[`e^:fdgXep#XjX]fi\jX`[% of the going concern basis of accounting and, based
on the audit evidence obtained, whether a material
@egi\gXi`e^k_\Zfejfc`[Xk\[ÔeXeZ`XcjkXk\d\ekj#k_\ uncertainty exists related to events or conditions that
respective Board of Directors of the companies included in the dXpZXjkj`^e`ÔZXek[flYkfek_\XY`c`kpf]k_\>iflg
Group and of its joint ventures are responsible for assessing Xe[`kjaf`ekm\ekli\jkfZfek`el\XjX^f`e^ZfeZ\ie%@]
the ability of the Group and of its joint ventures to continue we conclude that a material uncertainty exists, we are
as a going concern, disclosing, as applicable, matters related required to draw attention in our auditor’s report to the
to going concern and using the going concern basis of i\cXk\[[`jZcfjli\j`ek_\Zfejfc`[Xk\[@e[8JÔeXeZ`Xc
accounting unless management either intends to liquidate the statements or, if such disclosures are inadequate, to
Group or to cease operations, or has no realistic alternative df[`]pflifg`e`fe%FliZfeZclj`fejXi\YXj\[fek_\
Ylkkf[fjf% audit evidence obtained up to the date of our auditor’s
i\gfik%?fn\m\i#]lkli\\m\ekjfiZfe[`k`fejdXpZXlj\
Those respective Board of Directors of the companies
the Group and its joint ventures to cease to continue as
included in the Group and of its joint ventures are also
X^f`e^ZfeZ\ie%
i\jgfej`Yc\]fifm\ij\\`e^k_\ÔeXeZ`Xci\gfik`e^gifZ\jjf]
k_\>iflgXe[f]`kjaf`ekm\ekli\j% Evaluate the overall presentation, structure and content
f]k_\Zfejfc`[Xk\[@e[8JÔeXeZ`XcjkXk\d\ekj#
Auditor’s Responsibilities for the Audit of the including the disclosures, and whether the consolidated
Consolidated Ind AS Financial Statements @e[8JÔeXeZ`XcjkXk\d\ekji\gi\j\ekk_\le[\icp`e^
FlifYa\Zk`m\jXi\kffYkX`ei\XjfeXYc\XjjliXeZ\XYflk transactions and events in a manner that achieves fair
n_\k_\ik_\Zfejfc`[Xk\[@e[8JÔeXeZ`XcjkXk\d\ekj gi\j\ekXk`fe%
as a whole are free from material misstatement, whether
F
YkX`ejløZ`\ekXggifgi`Xk\Xl[`k\m`[\eZ\i\^Xi[`e^
due to fraud or error, and to issue an auditor’s report that
k_\ÔeXeZ`Xc`e]fidXk`fef]k_\\ek`k`\jfiYlj`e\jj
`eZcl[\jflifg`e`fe%I\XjfeXYc\XjjliXeZ\`jX_`^_c\m\cf]
activities within the Group and its joint ventures of which
assurance, but is not a guarantee that an audit conducted
n\Xi\k_\`e[\g\e[\ekXl[`kfijXe[n_fj\ÔeXeZ`Xc
in accordance with SAs will always detect a material
information we have audited, to express an opinion
d`jjkXk\d\ekn_\e`k\o`jkj%D`jjkXk\d\ekjZXeXi`j\]ifd
fek_\Zfejfc`[Xk\[@e[8JÔeXeZ`XcjkXk\d\ekj%N\
fraud or error and are considered material if, individually
are responsible for the direction, supervision and
g\i]fidXeZ\f]k_\Xl[`kf]k_\ÔeXeZ`XcjkXk\d\ekj ÔeXeZ`XcjkXk\d\ekj#`ejf]XiXj`ki\cXk\jkfk_\XdflekjXe[
f]jlZ_\ek`k`\j`eZcl[\[`ek_\Zfejfc`[Xk\[ÔeXeZ`Xc disclosures included in respect of the subsidiary, the jointly
jkXk\d\ekjf]n_`Z_n\Xi\k_\`e[\g\e[\ekXl[`kfij%=fi controlled entity and the subsidiaries of the jointly controlled
k_\fk_\i\ek`k`\j`eZcl[\[`ek_\Zfejfc`[Xk\[ÔeXeZ`Xc entity, and our report in terms of sub-sections (3) of
statements, which have been audited by other auditors, J\Zk`fe(+*f]k_\8Zk#`ejf]XiXj`ki\cXk\jkfk_\X]fi\jX`[
such other auditors remain responsible for the direction, subsidiary, the jointly controlled entity and the subsidiaries of
supervision and performance of the audits carried out by the jointly controlled entity, is based solely on the report(s) of
k_\d%N\i\dX`ejfc\cpi\jgfej`Yc\]fifliXl[`kfg`e`fe% jlZ_fk_\iXl[`kfij%
We communicate with those charged with governance of
The subsidiary and the subsidiaries of the jointly controlled
the Holding Company and such other entities included in the
\ek`kpXi\cfZXk\[flkj`[\@e[`Xn_fj\ÔeXeZ`XcjkXk\d\ekj
Zfejfc`[Xk\[@e[8JÔeXeZ`XcjkXk\d\ekjf]n_`Z_n\Xi\k_\
Xe[fk_\iÔeXeZ`Xc`e]fidXk`fe_Xm\Y\\egi\gXi\[`e
independent auditors regarding, among other matters, the
accordance with accounting principles generally accepted
gcXee\[jZfg\Xe[k`d`e^f]k_\Xl[`kXe[j`^e`ÔZXekXl[`k
in their respective countries and which have been audited by
Ôe[`e^j#`eZcl[`e^Xepj`^e`ÔZXek[\ÔZ`\eZ`\j`e`ek\ieXc
other auditors under generally accepted auditing standards
Zfekifck_Xkn\`[\ek`]p[li`e^fliXl[`k%
Xggc`ZXYc\`ek_\`ii\jg\Zk`m\Zfleki`\j%K_\:fdgXepËj
dXeX^\d\ek_XjZfem\ik\[k_\ÔeXeZ`XcjkXk\d\ekjf]jlZ_
We also provide those charged with governance with a
subsidiary and subsidiaries of the jointly controlled entity
statement that we have complied with relevant ethical
located outside India from accounting principles generally
requirements regarding independence, and to communicate
accepted in their respective countries to accounting principles
with them all relationships and other matters that may
^\e\iXccpXZZ\gk\[`e@e[`X%N\_Xm\Xl[`k\[k_\j\Zfem\ij`fe
reasonably be thought to bear on our independence, and
X[aljkd\ekjdX[\Ypk_\:fdgXepËjdXeX^\d\ek%Fli
n_\i\Xggc`ZXYc\#i\cXk\[jX]\^lXi[j%
fg`e`fe`ejf]XiXj`ki\cXk\jkfk_\YXcXeZ\jXe[XùX`ijf]
such subsidiary and subsidiaries of the jointly controlled
From the matters communicated with those charged with
entity located outside India is based on the report of other
governance, we determine those matters that were of
auditors and the conversion adjustments prepared by the
dfjkj`^e`ÔZXeZ\`ek_\Xl[`kf]k_\Zfejfc`[Xk\[@e[8J
dXeX^\d\ekf]k_\:fdgXepXe[Xl[`k\[Yplj%
ÔeXeZ`XcjkXk\d\ekj]fik_\ÔeXeZ`Xcp\Xi\e[\[DXiZ_*(#
)'(0Xe[Xi\k_\i\]fi\k_\b\pXl[`kdXkk\ij%N\[\jZi`Y\
Flifg`e`feXYfm\fek_\Zfejfc`[Xk\[@e[8JÔeXeZ`Xc
these matters in our auditor’s report unless law or regulation
jkXk\d\ekj#Xe[flii\gfikfeFk_\iC\^XcXe[I\^lcXkfip
precludes public disclosure about the matter or when, in
I\hl`i\d\ekjY\cfn#`jefkdf[`Ô\[`ei\jg\Zkf]k_\XYfm\
extremely rare circumstances, we determine that a matter
matters with respect to our reliance on the work done and the
should not be communicated in our report because the
i\gfikjf]k_\fk_\iXl[`kfijXe[k_\ÔeXeZ`XcjkXk\d\ekjXe[
adverse consequences of doing so would reasonably be
fk_\iÔeXeZ`Xc`e]fidXk`feZ\ik`Ô\[Ypk_\DXeX^\d\ek%
\og\Zk\[kfflkn\`^_k_\glYc`Z`ek\i\jkY\e\Ôkjf]jlZ_
Zfddle`ZXk`fe%
Report on Other Legal and Regulatory Requirements
8ji\hl`i\[YpJ\Zk`fe(+** f]k_\8Zk#YXj\[fefliXl[`kXe[
Other Matter
on the consideration of report of the other auditors on separate
N\[`[efkXl[`kk_\ÔeXeZ`XcjkXk\d\ekjXe[fk_\iÔeXeZ`Xc
ÔeXeZ`XcjkXk\d\ekjXe[k_\fk_\iÔeXeZ`Xc`e]fidXk`fef]k_\
`e]fidXk`fe#`ei\jg\Zkf]k_\jlYj`[`XipeXd\cp#IfpXc<eÔ\c[
subsidiary, jointly controlled entity and subsidiaries of the jointly
9iXj`c:fd\iZ`f;\DfkfZ`Zc\kXjCk[X#n_fj\@e[8JÔeXeZ`Xc
controlled entity, as noted in the ‘other matter’ paragraph, we
jkXk\d\ekj`eZcl[\kfkXcXjj\kjf]Ij()%.'Zifi\jXjXk
i\gfik#kfk_\\ok\ekXggc`ZXYc\#k_Xk1
DXiZ_*(#)'(0#Xe[kfkXci\m\el\jf]Ij(+%0*Zifi\jXe[
total loss after tax (including other comprehensive income) (a) We/the other auditors whose report we have relied
f]Ij(0%)+Zifi\j]fik_\p\Xi\e[\[fek_Xk[Xk\%K_`j@e[ upon have sought and obtained all the information and
8JÔeXeZ`XcjkXk\d\ekXe[fk_\iÔeXeZ`Xc`e]fidXk`fe_Xj explanations which to the best of our knowledge and
Y\\eXl[`k\[Ypfk_\iXl[`kfij#n_`Z_ÔeXeZ`XcjkXk\d\ekj# belief were necessary for the purposes of our audit of the
fk_\iÔeXeZ`Xc`e]fidXk`feXe[Xl[`kfiËji\gfik_XjY\\e X]fi\jX`[Zfejfc`[Xk\[@e[8JÔeXeZ`XcjkXk\d\ekj2
]lie`j_\[kfljYpk_\dXeX^\d\ek%K_\Zfejfc`[Xk\[@e[
8JÔeXeZ`XcjkXk\d\ekjXcjf`eZcl[\k_\>iflgËjj_Xi\f]e\k (b) In our opinion, proper books of account as required by
cfjjf]Ij%('%.+Zifi\j]fik_\p\Xi\e[\[DXiZ_*(#)'(0#Xj law relating to preparation of the aforesaid consolidation
Zfej`[\i\[`ek_\Zfejfc`[Xk\[@e[8JÔeXeZ`XcjkXk\d\ekj#`e f]k_\ÔeXeZ`XcjkXk\d\ekj_Xm\Y\\eb\gkjf]XiXj
respect of the jointly controlled entity Eicher Polaris Private it appears from our examination of those books and
C`d`k\[Xe[k_\jlYj`[`Xi`\jf]k_\af`ekcpZfekifcc\[\ek`kpM< reports of the other auditors;
:fdd\iZ`XcM\_`Zc\jC`d`k\[#eXd\cp#M<:MCXebXGi`mXk\
C`d`k\[Xe[M<:MJflk_8]i`ZXGKP C`d`k\[#n_fj\ÔeXeZ`Xc (c) The Consolidated Balance Sheet, the Consolidated
jkXk\d\ekj#fk_\iÔeXeZ`Xc`e]fidXk`fe_Xm\Y\\eXl[`k\[Yp JkXk\d\ekf]GifÔkXe[Cfjj`eZcl[`e^k_\JkXk\d\ek
other auditors and whose reports have been furnished to us f]Fk_\i:fdgi\_\ej`m\@eZfd\#k_\:fejfc`[Xk\[:Xj_
Ypk_\DXeX^\d\ek%Flifg`e`fefek_\Zfejfc`[Xk\[@e[8J Flow Statement and Consolidated Statement of Changes
Particulars Efk\Ef% As at As at
March 31, 2019 March 31, 2018
ASSETS
Non-current assets
(a) Property, plant and equipment + 1,692.07 (#+,0%(.
(b) Capital work-in-progress 5 272.14 (+(%/0
(c) Investment property 6 3.51 *%/-
(d) Intangible assets . 179.00 */%--
(e) Intangible assets under development 8 177.60 (0(%*)
(f) Investments in joint ventures 9 1,943.92 (#.-+%).
(g) Financial assets
(i) Investments 10 2,509.79 *#(/*%(.
`` Fk_\iÔeXeZ`XcXjj\kj 12 27.05 ))%,,
(h) Non-current tax assets 25 18.44 (/%++
` Fk_\iefe$Zlii\ekXjj\kj (. 153.04 (-*%/-
Total non-current assets 6,976.56 -#0/.%(0
Current assets
(a) Inventories 13 633.38 *0+%-+
(b) Financial assets
(i) Investments 10 468.81 -**%+'
(ii) Trade receivables (+ 90.34 -/%''
(iii) Cash and cash equivalents 15 726.98 0)%+-
(iv) Bank balances other than (iii) above 16 2,238.31 (#((0%,+
m CfXej 11 1.29 '%.'
m` Fk_\iÔeXeZ`XcXjj\kj 12 70.88 *'%.,
Z Fk_\iZlii\ekXjj\kj (. 180.28 (0,%,,
Total current assets 4,410.27 )#,*,%'+
Total assets 11,386.83 0#,))%)*
EQUITY AND LIABILITIES
Equity
(a) Equity share capital 18 27.28 ).%)-
Y Fk_\i\hl`kp 19 8,891.44 .#'')%/(
Total equity 8,918.72 .#'*'%'.
Liabilities
Non-current liabilities
(a) Financial liabilities
` Fk_\iÔeXeZ`Xcc`XY`c`k`\j 20 9.99 /%//
(b) Provisions 23 23.00 )0%()
(c) Deferred tax liabilities (net) )+ 273.89 (+)%'/
[ Fk_\iefe$Zlii\ekc`XY`c`k`\j 26 63.13 +-%/+
Total non-current liabilities 370.01 ))-%0)
Current liabilities
(a) Financial liabilities
(i) Borrowings 21 186.76 (,'%/+
(ii) Trade payables 22
Total outstanding dues of micro enterprises and small enterprises 19.28 ).%(,
Total outstanding dues of creditors other than micro and small enterprises 1,214.77 (#(++%.(
``` Fk_\iÔeXeZ`Xcc`XY`c`k`\j 20 163.17 (.'%'(
(b) Provisions 23 57.65 +.%)(
(c) Current tax liabilities 25 141.48 ('/%')
[ Fk_\iZlii\ekc`XY`c`k`\j 26 314.99 -(.%*'
Total current liabilities 2,098.10 )#)-,%)+
Total liabilities 2,468.11 )#+0)%(-
Total equity and liabilities 11,386.83 0#,))%)*
J\\XZZfdgXep`e^efk\j]fid`e^gXikf]k_\ÔeXeZ`XcjkXk\d\ekj
per Sanjay Vij Manhar Kapoor Lalit Malik Vinod K. Dasari Siddhartha Lal
Partner Company Secretary :_`\]=`eXeZ`XcFøZ\i Whole-time Director & Managing Director
D\dY\ij_`gEf1'0,(-0 :<Ff]IfpXc<eÔ\c[ ;@E1'''*.-+,
;@E1''*+,-,.
GcXZ\1>lil^iXd GcXZ\1>lil^iXd
;Xk\1DXp('#)'(0 ;Xk\1DXp('#)'(0
CONSOLIDATED STATEMENT OF
PROFIT AND LOSS
FOR THE YEAR ENDED MARCH 31, 2019
8CC8DFLEKJ8I<@EIS%:IFI<JLEC<JJFK?<IN@J<JK8K<;
Particulars Efk\Ef% For the year ended For the year ended
March 31, 2019 March 31, 2018
INCOME
Sale of products 9,717.44 0#(.,%(-
Fk_\ifg\iXk`e^`eZfd\ 79.62 ++%('
Revenue from operations ). 9,797.06 0#)(0%)-
Fk_\i`eZfd\ 28 443.39 )/'%('
Total Income 10,240.45 0#+00%*-
EXPENSES
Cost of materials consumed 29 5,055.89 +#,(,%-'
Purchases of traded goods 30 211.65 (-(%.-
:_Xe^\`e`em\ekfi`\jf]Ôe`j_\[^ff[j#nfib$`e$gif^i\jjXe[kiX[\[^ff[j 31 (210.16) **%/.
Excise duty on sale ). - ),+%*'
<dgcfp\\Y\e\Ôkj\og\ej\ 32 702.44 ,.*%-/
Finance costs 33 7.33 ,%*+
Depreciation and amortisation expense *+ 300.28 ))*%*'
Fk_\i\og\ej\j 35 1,134.13 0+'%(-
Total Expenses 7,201.56 -#-+'%).
GifÔkY\]fi\j_Xi\f]gifÔkf]Af`ekm\ekli\Xe[kXo]ifdZfek`el`e^fg\iXk`fe 3,038.89 )#/,0%'0
J_Xi\f]gifÔkf]af`ekm\ekli\M<:fdd\iZ`XcM\_`Zc\jC`d`k\[ 258.40 ),-%,-
GifÔkY\]fi\kXoXe[X]k\ij_Xi\f]gifÔkf]Af`ekm\ekli\]ifdZfek`el`e^fg\iXk`fe 3,297.29 *#((,%-,
Tax expense
Current tax 36 941.94 /..%*,
Deferred tax 36 135.10 ,/%,/
Total tax expense 1,077.04 0*,%0*
E\kGifÔkX]k\ikXo\jXe[j_Xi\f]gifÔkf]Af`ekm\ekli\]ifdZfek`el`e^fg\iXk`fe 2,220.25 )#(.0%.)
Discontinued operation :
J_Xi\f]cfjjf]af`ekm\ekli\<`Z_\iGfcXi`jGi`mXk\C`d`k\[ i\]\iefk\0`` (17.52) ))'%',
E\kGifÔkX]k\ikXo 2,202.73 (#0,0%-.
Other comprehensive income/(expense) (including share of other
Zfdgi\_\ej`m\`eZfd\&\og\ej\ f]Af`ekm\ekli\j
@k\djk_XkdXpY\i\ZcXjj`Ô\[kfgifÔkficfjj1$
<oZ_Xe^\[`ù\i\eZ\j`ekiXejcXk`e^k_\ÔeXeZ`XcjkXk\d\ekjf]]fi\`^efg\iXk`fej (8.02) (/%+(
@eZfd\kXo\ù\Zk 36 2.80 -%*.
Share of other comprehensive income in joint ventures (net of tax) 0.50 '%(+
(4.72) 11.90
@k\djk_Xkn`ccefkY\i\ZcXjj`Ô\[kfgifÔkficfjj1$
I\$d\Xjli\d\ek^X`ej&cfjj\j fe[\Ôe\[Y\e\ÔkgcXej (1.40) (%.+
@eZfd\kXo\ù\Zk 36 0.49 '%-'
Share of other comprehensive income in joint ventures (net of tax) (0.57) '%.0
(1.48) (%0*
Total Comprehensive income for the year 2,196.53 (#0-0%-+
GifÔk]fik_\p\XiXkki`YlkXYc\kf1
- Equity holders of the parent 2,202.73 (#0,0%-.
- Non-controlling interests - -
Other comprehensive income for the year attributable to:
- Equity holders of the parent (6.20) 0%0.
- Non-controlling interests - -
Total comprehensive income for the year attributable to:
- Equity holders of the parent 2,196.53 (#0-0%-+
- Non-controlling interests - -
<Xie`e^jg\i\hl`kpj_Xi\f]Ij%('\XZ_`eIj%
=fi:fek`el`e^Fg\iXk`fej
(a) Basic +) 814.18 /''%,'
(b) Diluted +) 813.28 .0/%00
=fi;`jZfek`el\[Fg\iXk`fej
(a) Basic +) (6.42) /'%/(
(b) Diluted +) (6.42) /'%--
=fi:fek`el`e^Xe[;`jZfek`el\[Fg\iXk`fej
(a) Basic +) 807.76 .(0%-0
(b) Diluted +) 806.86 .(/%**
J\\XZZfdgXep`e^efk\j]fid`e^gXikf]k_\ÔeXeZ`XcjkXk\d\ekj
per Sanjay Vij Manhar Kapoor Lalit Malik Vinod K. Dasari Siddhartha Lal
Partner Company Secretary :_`\]=`eXeZ`XcFøZ\i Whole-time Director & Managing Director
D\dY\ij_`gEf1'0,(-0 :<Ff]IfpXc<eÔ\c[ ;@E1'''*.-+,
;@E1''*+,-,.
GcXZ\1>lil^iXd GcXZ\1>lil^iXd
;Xk\1DXp('#)'(0 ;Xk\1DXp('#)'(0
ANNUAL REPORT 2018-19
184
FINANCIAL STATEMENTS (CONSOLIDATED)
CONSOLIDATED STATEMENT OF
CHANGES IN EQUITY
FOR THE YEAR ENDED MARCH 31, 2019
8CC8DFLEKJ8I<@EIS%:IFI<JLEC<JJFK?<IN@J<JK8K<;
A EQUITY SHARE CAPITAL
B OTHER EQUITY
per Sanjay Vij Manhar Kapoor Lalit Malik Vinod K. Dasari Siddhartha Lal
Partner Company Secretary :_`\]=`eXeZ`XcFøZ\i Whole-time Director & Managing Director
D\dY\ij_`gEf1'0,(-0 :<Ff]IfpXc<eÔ\c[ ;@E1'''*.-+,
;@E1''*+,-,.
GcXZ\1>lil^iXd GcXZ\1>lil^iXd
;Xk\1DXp('#)'(0 ;Xk\1DXp('#)'(0
Particulars As at As at
March 31, 2019 March 31, 2018
Components of cash and cash equivalents
Cash on hand 0.04 '%'-
Cheques/drafts on hand - '%'-
Balances with banks:
In current accounts 34.94 0)%*+
In deposit accounts with original maturity of less than three months 692.00 -
Cash and cash equivalents as per balance sheet (refer note 15) 726.98 0)%+-
Bank overdrafts (refer note 21) 11.23 -
Cash and cash equivalents as per statement of cash flows 715.75 0)%+-
J\\XZZfdgXep`e^efk\j]fid`e^gXikf]k_\ÔeXeZ`XcjkXk\d\ekj
per Sanjay Vij Manhar Kapoor Lalit Malik Vinod K. Dasari Siddhartha Lal
Partner Company Secretary :_`\]=`eXeZ`XcFøZ\i Whole-time Director & Managing Director
D\dY\ij_`gEf1'0,(-0 :<Ff]IfpXc<eÔ\c[ ;@E1'''*.-+,
;@E1''*+,-,.
GcXZ\1>lil^iXd GcXZ\1>lil^iXd
;Xk\1DXp('#)'(0 ;Xk\1DXp('#)'(0
NOTES
FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2019
ALL AMOUNTS ARE IN RS. CRORES UNLESS OTHERWISE STATED
2.2 Accounting convention The size of the Group’s holding of voting rights
K _\Zfejfc`[Xk\[ÔeXeZ`XcjkXk\d\ekj_Xm\Y\\e relative to the size and dispersion of holdings
prepared on the historical cost basis except for f]k_\fk_\imfk\_fc[\ij%
Z\ikX`eÔeXeZ`Xc`ejkild\ekjk_XkXi\d\Xjli\[ Potential voting rights held by the Group,
at fair values at the end of each reporting period, other vote holders or other parties; rights
Xj\ogcX`e\[`ek_\XZZflek`e^gfc`Z`\jY\cfn% arising from other contractual arrangements;
Historical cost is generally based on the fair and
value of the consideration given in exchange for
^ff[jXe[j\im`Z\j%K_\Zfejfc`[Xk\[ÔeXeZ`Xc Any additional facts and circumstances that
statements are presented in Indian Rupees and all indicate that the Group has, or does not
values are rounded to the nearest crore, except have, the current ability to direct the relevant
fk_\in`j\`e[`ZXk\[% activities at the time that decisions need to be
made, including voting patterns at previous
2.3 Operating Cycle j_Xi\_fc[\ijd\\k`e^j%
Based on the nature of products/ activities of the
Group and the normal time between acquisition Consolidation of a subsidiary begins when the Group
of assets and their realization in cash or cash obtains control over the subsidiary and ceases
equivalents, the Group has determined its n_\ek_\>iflgcfj\jZfekifcf]k_\jlYj`[`Xip%
operating cycle as 12 months for the purpose of Jg\Z`ÔZXccp#`eZfd\Xe[\og\ej\jf]XjlYj`[`Xip
ZcXjj`ÔZXk`fef]`kjXjj\kjXe[c`XY`c`k`\jXjZlii\ek acquired or disposed of during the year are included
Xe[efe$Zlii\ek% `ek_\Zfejfc`[Xk\[jkXk\d\ekf]gifÔkXe[cfjj
from the date the Group gains control until the date
n_\ek_\>iflgZ\Xj\jkfZfekifck_\jlYj`[`Xip%
NOTES
FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2019
ALL AMOUNTS ARE IN RS. CRORES UNLESS OTHERWISE STATED
:
fejfc`[Xk\[ÔeXeZ`XcjkXk\d\ekjXi\ ]fiZfejfc`[Xk`fegligfj\j#X[[`k`feXcÔeXeZ`Xc
prepared using uniform accounting policies `e]fidXk`feXjf]k_\jXd\[Xk\Xjk_\ÔeXeZ`Xc
for like transactions and other events in similar statements of the parent to enable the parent to
Z`iZldjkXeZ\j%@]Xd\dY\if]k_\^iflglj\j Zfejfc`[Xk\k_\ÔeXeZ`Xc`e]fidXk`fef]
accounting policies other than those adopted k_\jlYj`[`Xip%
`ek_\Zfejfc`[Xk\[ÔeXeZ`XcjkXk\d\ekj]fic`b\
transactions and events in similar circumstances, G
ifÔkficfjjXe[\XZ_Zfdgfe\ekf]fk_\i
appropriate adjustments are made to that group comprehensive income are attributed to the owners
d\dY\iËjÔeXeZ`XcjkXk\d\ekj`egi\gXi`e^k_\ f]k_\>iflgXe[kfk_\efe$Zfekifcc`e^`ek\i\jkj%
Zfejfc`[Xk\[ÔeXeZ`XcjkXk\d\ekjkf\ejli\ Total comprehensive income of subsidiaries is
Zfe]fid`kpn`k_k_\^iflgËjXZZflek`e^gfc`Z`\j% attributed to the owners of the Group and to the
non-controlling interests even if this results in the
K _\ÔeXeZ`XcjkXk\d\ekjf]Xcc\ek`k`\jlj\[]fik_\ efe$Zfekifcc`e^`ek\i\jkj_Xm`e^X[\ÔZ`kYXcXeZ\%
purpose of consolidation are drawn up to same
reporting date as that of the parent company, All intragroup assets and liabilities, equity, income,
`%\%#p\Xi\e[\[DXiZ_*(#)'(0%N_\ek_\\e[ expenses, and cash flows relating to transactions
f]k_\i\gfik`e^g\i`f[f]k_\gXi\ek`j[`ù\i\ek between members of the Group are eliminated in
from that of a subsidiary, the subsidiary prepares, ]lccfeZfejfc`[Xk`fe%
*%(%(K_\]fccfn`e^jlYj`[`XipZfdgXe`\jXi\Zfej`[\i\[`ek_\Zfejfc`[Xk\[ÔeXeZ`XcjkXk\d\ekj1
NOTES
FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2019
ALL AMOUNTS ARE IN RS. CRORES UNLESS OTHERWISE STATED
and that event (or events) has an impact on the estimated future cash flows from the net investment that can be reliably
\jk`dXk\[%@]k_\i\\o`jkjjlZ_XefYa\Zk`m\\m`[\eZ\f]`dgX`id\ek#k_\e`k`je\Z\jjXipkfi\Zf^e`j\`dgX`id\ekcfjj
n`k_i\jg\Zkkfk_\>iflgj`em\jkd\ek`eXaf`ekm\ekli\%
When necessary, the entire carrying amount of the investment (including goodwill) is tested for impairment in
accordance with Ind AS 36 Impairment of Assets as a single asset by comparing its recoverable amount (higher of
mXcl\`elj\Xe[]X`imXcl\c\jjZfjkjf][`jgfjXc n`k_`kjZXiip`e^Xdflek%8ep`dgX`id\ekcfjji\Zf^e`j\[]fidjgXikf]
k_\ZXiip`e^Xdflekf]k_\`em\jkd\ek%8epi\m\ijXcf]k_Xk`dgX`id\ekcfjj`ji\Zf^e`j\[`eXZZfi[XeZ\n`k_@e[8J*-
kfk_\\ok\ekk_Xkk_\i\Zfm\iXYc\Xdflekf]k_\`em\jkd\ekjlYj\hl\ekcp`eZi\Xj\j%
K_\]fccfn`e^af`ekm\ekli\ZfdgXe`\jXi\Zfej`[\i\[`ek_\Zfejfc`[Xk\[ÔeXeZ`XcjkXk\d\ekj1
NOTES
FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2019
ALL AMOUNTS ARE IN RS. CRORES UNLESS OTHERWISE STATED
NOTES
FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2019
ALL AMOUNTS ARE IN RS. CRORES UNLESS OTHERWISE STATED
Y\e\Ôk[\i`m\[]ifdk_\lj\f]k_\c\Xj\[Xjj\k \oZ_Xe^\[`ù\i\eZ\jXi\i\ZcXjj`Ô\[]ifd\hl`kp
`j[`d`e`j_\[% =fi\`^eZlii\eZpkiXejcXk`fei\j\im\ kfgifÔkfi
cfjjfe[`jgfjXcf]k_\e\k`em\jkd\ek%
As a lessor
The Group has leased out certain assets and such Tax charges and credits attributable to exchange
leases where the Group has substantially retained [`ù\i\eZ\jfek_fj\dfe\kXip`k\djXi\Xcjf
Xcck_\i`jbjXe[i\nXi[jf]fne\ij_`gXi\ZcXjj`Ô\[ i\Zfi[\[`eF:@%
Xjfg\iXk`e^c\Xj\j%C\Xj\`eZfd\fejlZ_
operating leases are recognised in the Statement 3.7 Borrowing costs
f]GifÔkXe[CfjjfeXjkiX`^_kc`e\YXj`jfm\ik_\ Borrowing costs directly attributable to the
lease term in a manner which is representative acquisition, construction or production of qualifying
f]k_\k`d\gXkk\ie`en_`Z_Y\e\Ôk[\i`m\[]ifd assets, which are assets that necessarily take a
k_\lj\f]k_\c\Xj\[Xjj\k`j[`d`e`j_\[%@e`k`Xc substantial period of time to get ready for their
direct costs are recognised as an expense in the intended use or sale, are added to the cost of
JkXk\d\ekf]GifÔkXe[Cfjj`ek_\g\i`f[`en_`Z_ those assets, until such time that the assets are
k_\pXi\`eZlii\[% jlYjkXek`Xccpi\X[p]fik_\`i`ek\e[\[lj\fijXc\%
Transactions in foreign currencies are initially When the Group receives grant of non-monetary
recorded by the foreign operations at the functional assets, the asset and the grant are recorded at
currency spot rates at the date the transaction fair value amounts and released to the statement
ÔijkhlXc`Ô\j]fii\Zf^e`k`fe%@ei\jg\Zkf]]fi\`^e f]gifÔkXe[cfjjfm\ik_\\og\Zk\[lj\]lcc`]\`e
operations, the assets and liabilities are translated XgXkk\ief]Zfejldgk`fef]k_\Y\e\Ôkf]k_\
into INR at the rate of exchange prevailing at the le[\icp`e^Xjj\k#`%\%#Yp\hlXcXeelXc`ejkXcd\ekj%
i\gfik`e^[Xk\Xe[k_\`ijkXk\d\ekf]gifÔkXe[
loss at the rates prevailing on the date of the In the case of Export Promotion Capital Goods
kiXejXZk`fej%?fn\m\i#]figiXZk`ZXci\Xjfej#k_\ (‘EPCG’) grant, the Group recognise the grant in the
Group uses an average rate to translate the income jkXk\d\ekf]gifÔkXe[cfjjfeXjpjk\dXk`ZYXj`j
and expense items, if the average approximates the fm\ik_\lj\]lcc`]\f]k_\Xjj\kj%
XZklXciXk\Xkk_\[Xk\f]k_\kiXejXZk`fe%
*%0 I\k`i\d\ekXe[fk_\i\dgcfp\\Y\e\Ôkj
<
oZ_Xe^\[`ù\i\eZ\jXi`j`e^fej\kkc\d\ekfi Provident fund
translation of monetary items are recognised in the (i) The Group operates a scheme of provident
JkXk\d\ekf]gifÔkficfjjn`k_k_\\oZ\gk`fef] ]le[]fi\c`^`Yc\\dgcfp\\j#n_`Z_`jX[\Ôe\[
k_\]fccfn`e^1 Y\e\ÔkgcXe%9fk_k_\\dgcfp\\Xe[k_\
Group make monthly contributions to the
<oZ_Xe^\[`ù\i\eZ\jXi`j`e^fedfe\kXip
gifm`[\ek]le[gcXe\hlXckfXjg\Z`Ô\[
items that forms part of a reporting entity’s net
percentage of the covered employee’s
investment in foreign operations are initially
jXcXip%K_\>iflgZfeki`Ylk\jXgXikf]
i\Zf^e`j\[`ek_\ÔeXeZ`XcjkXk\d\ekjf]k_\
the contributions to the “Eicher Executive
>iflg`ek_\fk_\iZfdgi\_\ej`m\`eZfd\%K_\j\
NOTES
FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2019
ALL AMOUNTS ARE IN RS. CRORES UNLESS OTHERWISE STATED
Gifm`[\ek=le[KiljkÉ%K_\iXk\Xkn_`Z_k_\ ;\Ôe\[Y\e\ÔkZfjkjXi\ZXk\^fi`j\[Xj]fccfnj1
XeelXc`ek\i\jk`jgXpXYc\kfk_\Y\e\ÔZ`Xi`\j
service cost (including current service cost,
by the trust is being administered by the
past service cost, as well as gains and losses or
>fm\ied\ek%K_\>iflg_XjXefYc`^Xk`fekf
curtailments and settlements);
make good the shortfall, if any, between the
return from the investments of the trust and net interest expense or income; and
k_\efk`Ô\[`ek\i\jkiXk\%
re-measurement
K _\Zfjkf]gifm`[`e^Y\e\Ôkjle[\iXYfm\
Net interest is calculated by applying the discount
d\ek`fe\[[\Ôe\[Y\e\ÔkgcXe`j[\k\id`e\[
iXk\kfk_\e\k[\Ôe\[Y\e\Ôkc`XY`c`kpfiXjj\k%
using the projected unit credit method with
actuarial valuations being carried out at each K _\>iflggi\j\ekjk_\ÔijkknfZfdgfe\ekjf]
balance sheet date, which recognizes each [\Ôe\[Y\e\ÔkZfjkj`egifÔkficfjj`ek_\c`e\`k\d
period of service as giving rise to additional Ê<dgcfp\\Y\e\Ôkj\og\ej\Ë%
le`kf]\dgcfp\\Y\e\Ôk\ek`kc\d\ekXe[
measures each unit separately to build up the K _\i\k`i\d\ekY\e\ÔkfYc`^Xk`fei\Zf^e`j\[`e
ÔeXcfYc`^Xk`fe% k_\YXcXeZ\j_\\ki\gi\j\ekjk_\XZklXc[\ÔZ`kfi
jligclj`ek_\>iflgËj[\Ôe\[Y\e\ÔkgcXej%8ep
(ii) The employees, who are not covered under surplus resulting from this calculation is limited
k_\jZ_\d\jkXk\[`e*%0` XYfm\#Xi\ kfk_\gi\j\ekmXcl\f]Xep\Zfefd`ZY\e\Ôkj
Zfm\i\[`eX[\Ôe\[Zfeki`Ylk`fejZ_\d\ available in the form of refunds from the plan or
wherein their portion of provident fund is i\[lZk`fej`e]lkli\Zfeki`Ylk`fejkfk_\gcXej%
contributed to the government administered
gifm`[\ek]le[%K_\>iflg_XjeffYc`^Xk`fe# Short-term and other long-term employee
other than the contribution payable to Y\e\Ôkj
k_\gifm`[\ek]le[%K_\>iflgi\Zf^e`q\j 8
c`XY`c`kp`ji\Zf^e`j\[]fiY\e\ÔkjXZZil`e^kf
contribution payable to the provident fund employees in respect of wages and salaries, in
scheme as expenditure, when an employee the period the related service is rendered at the
i\e[\ijk_\i\cXk\[j\im`Z\% le[`jZflek\[Xdflekf]k_\Y\e\Ôkj\og\Zk\[kf
Y\gX`[`e\oZ_Xe^\]fik_Xkj\im`Z\%
Gratuity
G
Xpd\ekjkf[\Ôe\[Zfeki`Ylk`fegcXejXi\ C `XY`c`k`\ji\Zf^e`j\[`ei\jg\Zkf]j_fik$
recognised as an expense when employees have k\id\dgcfp\\Y\e\ÔkjXi\d\Xjli\[Xkk_\
i\e[\i\[j\im`Z\\ek`kc`e^k_\dkfk_\Zfeki`Ylk`fej% le[`jZflek\[Xdflekf]k_\Y\e\Ôkj\og\Zk\[kf
Y\gX`[`e\oZ_Xe^\]fik_\i\cXk\[j\im`Z\%
= fi[\Ôe\[Y\e\ÔkgcXej#k_\Zfjkf]gifm`[`e^
Y\e\Ôkj`j[\k\id`e\[lj`e^k_\gifa\Zk\[le`k C `XY`c`k`\ji\Zf^e`j\[`ei\jg\Zkf]fk_\icfe^$k\id
credit method, with actuarial valuations being \dgcfp\\Y\e\ÔkjjlZ_XjXeelXcc\Xm\Xe[j`Zb
carried out at the end of each annual reporting leave are measured at the present value of the
g\i`f[%I\$d\Xjli\d\ek#Zfdgi`j`e^XZklXi`Xc estimated future cash outflows expected to be
gains and losses and the return on plan assets made by the Group in respect of services provided
(excluding net interest), is reflected immediately Yp\dgcfp\\jlgkfk_\i\gfik`e^[Xk\%
in the balance sheet with a charge or credit
recognised in other comprehensive income in 3.10 Share-based payment arrangements
k_\g\i`f[`en_`Z_k_\pfZZli%I\$d\Xjli\d\ek Employees (including senior executives) of the
recognised in other comprehensive income is Group receive remuneration in the form of share-
reflected immediately in retained earnings and based payments, whereby employees render
`jefki\ZcXjj`Ô\[kfgifÔkficfjj%E\k`ek\i\jk`j services as consideration for equity instruments
calculated by applying the discount rate at the \hl`kp$j\kkc\[kiXejXZk`fej %
Y\^`ee`e^f]k_\g\i`f[kfk_\e\k[\Ôe\[Y\e\Ôk
c`XY`c`kpfiXjj\k%
NOTES
FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2019
ALL AMOUNTS ARE IN RS. CRORES UNLESS OTHERWISE STATED
NOTES
FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2019
ALL AMOUNTS ARE IN RS. CRORES UNLESS OTHERWISE STATED
3.12 Property, plant and equipment An item of property, plant and equipment is
Property, plant and equipment (including furniture, derecognised upon disposal or when no future
Ôokli\j#m\_`Zc\j#\kZ% _\c[]filj\`ek_\gif[lZk`fe \Zfefd`ZY\e\ÔkjXi\\og\Zk\[kfXi`j\]ifd
or supply of goods or services, or for administrative k_\Zfek`el\[lj\f]k_\Xjj\k%8ep^X`eficfjj
purposes, are stated in the balance sheet at cost arising on the disposal or retirement of an item of
less accumulated depreciation and accumulated property, plant and equipment is determined as
`dgX`id\ekcfjj\j%:fjkf]XZhl`j`k`fe`j`eZclj`m\f] k_\[`ù\i\eZ\Y\kn\\ek_\jXc\jgifZ\\[jXe[k_\
carrying amount of the asset and is recognised in
]i\`^_k#[lk`\j#kXo\jXe[fk_\i`eZ`[\ekXc\og\ej\j%
gifÔkficfjj%K_\lj\]lcc`m\j]fimXi`fljgifg\ikp#
N_\ej`^e`ÔZXekgXikjf]gcXekXe[\hl`gd\ek
gcXekXe[\hl`gd\ekXi\^`m\eY\cfn1
are required to be replaced at intervals, the Group
[\gi\Z`Xk\jk_\dj\gXiXk\cpYXj\[fek_\`ijg\Z`ÔZ
lj\]lcc`m\j%=i\\_fc[cXe[`jefk[\gi\Z`Xk\[% Particulars Useful life (in years)
Buildings 30-60
Properties in the course of construction for Plant and equipment 5-15
production, supply or administrative purposes are
=lie`kli\Xe[Ôokli\j 10
carried at cost, less any recognised impairment
FøZ\\hl`gd\ek 5
cfjj%:fjk`eZcl[\j`k\dj[`i\ZkcpXkki`YlkXYc\kfk_\
M\_`Zc\j 5
construction or acquisition of the item of property,
NOTES
FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2019
ALL AMOUNTS ARE IN RS. CRORES UNLESS OTHERWISE STATED
As part of transition from the previous GAAP, the The amount initially recognised for internally-
Group had elected to continue with the carrying generated intangible assets is the sum of the
value for all of its property, plant and equipment expenditure incurred from the date when the
and intangible assets recognised in the previous `ekXe^`Yc\Xjj\kÔijkd\\kjk_\i\Zf^e`k`feZi`k\i`X
>88GXj[\\d\[ZfjkXkk_\kiXej`k`fe[Xk\% c`jk\[XYfm\%N_\i\ef`ek\ieXccp$^\e\iXk\[
intangible asset can be recognised, development
3.13 Intangible assets \og\e[`kli\`ji\Zf^e`j\[`ek_\jkXk\d\ekf]gifÔk
Intangible assets acquired separately ficfjj`ek_\g\i`f[`en_`Z_`k`j`eZlii\[%
@ekXe^`Yc\Xjj\kjn`k_Ôe`k\lj\]lcc`m\jk_XkXi\
acquired separately are carried at cost less Subsequent to initial recognition, internally-
accumulated amortisation and accumulated generated intangible assets are reported at cost
`dgX`id\ekcfjj\j%8dfik`jXk`fe`ji\Zf^e`j\[fe less accumulated amortisation and accumulated
a straight-line basis over their useful economic impairment losses, on the same basis as intangible
life and assessed for impairment whenever there Xjj\kjk_XkXi\XZhl`i\[j\gXiXk\cp%
is an indication that the intangible asset may be
`dgX`i\[%K_\\jk`dXk\[lj\]lcc`]\Xe[Xdfik`jXk`fe Derecognition of intangible assets
method are reviewed at the end of each reporting An intangible asset is derecognised on disposal,
g\i`f[#n`k_k_\\ù\Zkf]XepZ_Xe^\j`e\jk`dXk\ fin_\eef]lkli\\Zfefd`ZY\e\ÔkjXi\\og\Zk\[
Y\`e^XZZflek\[]fifeXgifjg\Zk`m\YXj`j% ]ifdlj\fi[`jgfjXc%>X`ejficfjj\jXi`j`e^]ifd
@ekXe^`Yc\Xjj\kjn`k_`e[\Ôe`k\lj\]lcc`m\jk_Xk derecognition of an intangible asset, measured as
k_\[`ù\i\eZ\Y\kn\\ek_\e\k[`jgfjXcgifZ\\[j
are acquired separately are not amortised, but are
and the carrying amount of the asset, and are
tested for impairment annually, either individually or
i\Zf^e`j\[`ek_\jkXk\d\ekf]gifÔkficfjjn_\e
at the cash-generating unit level
k_\Xjj\k`j[\i\Zf^e`j\[%
Internally-generated intangible assets -
Useful lives of intangible assets
research and development expenditure
Intangible assets comprising of product design,
Expenditure on research activities is recognised as
gifkfkpg\j#\kZ%#\`k_\iXZhl`i\[fi`ek\ieXccp
Xe\og\ej\`ek_\g\i`f[`en_`Z_`k`j`eZlii\[%
developed are amortised over a period of 5 to 10
years, the estimated minimum useful life of the
An internally-generated intangible asset arising
i\cXk\[gif[lZkj%:fjkf]jf]knXi\`jXdfik`j\[
from development (or from the development phase
over a period of 3 years or less depending on the
of an internal project) is recognised if, and only if, all
\jk`dXk\[lj\]lcc`]\f]Xjj\k%K_\lj\]lcc`m\j]fi
f]k_\]fccfn`e^_Xm\Y\\e[\dfejkiXk\[1
`ekXe^`Yc\Xjj\kjXi\^`m\eY\cfn1
the technical feasibility of completing the
intangible asset so that it will be available for
lj\fijXc\% Particulars Useful life (in years)
Product designs, 5 to 10
the intention to complete the intangible asset gifkfkpg\j#\kZ%
and use or sell it; Computer software 3
the ability to use or sell the intangible asset;
*%(+@dgX`id\ekf]efe$ÔeXeZ`XcXjj\kj
how the intangible asset will generate probable At the end of each reporting period, the Group
]lkli\\Zfefd`ZY\e\Ôkj2 assesses, whether there is any indication that an
the availability of adequate technical, Xjj\kdXpY\`dgX`i\[%@]XepjlZ_`e[`ZXk`fe\o`jkj#
the recoverable amount of the asset is estimated
ÔeXeZ`XcXe[fk_\ii\jfliZ\jkfZfdgc\k\k_\
in order to determine the extent of the impairment
development and to use or sell the intangible
cfjj`]Xep %I\Zfm\iXYc\Xdflek`jk_\_`^_\if]
asset; and
]X`imXcl\c\jjZfjkjf][`jgfjXcXe[mXcl\`elj\%
the ability to measure reliably the expenditure
attributable to the intangible asset during its When it is not possible to estimate the recoverable
[\m\cfgd\ek% amount of an individual asset, the Group estimates
NOTES
FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2019
ALL AMOUNTS ARE IN RS. CRORES UNLESS OTHERWISE STATED
NOTES
FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2019
ALL AMOUNTS ARE IN RS. CRORES UNLESS OTHERWISE STATED
= `eXeZ`XcXjj\kjXe[ÔeXeZ`Xcc`XY`c`k`\jXi\ @ek\i\jk`eZfd\`ji\Zf^e`j\[`egifÔkficfjj]fi
recognised when the Group becomes a party to the =MKF:@[\Yk`ejkild\ekj%
ZfekiXZklXcgifm`j`fejf]k_\`ejkild\ekj%
8
ccfk_\iÔeXeZ`XcXjj\kjXi\jlYj\hl\ekcp
= `eXeZ`XcXjj\kjXe[ÔeXeZ`Xcc`XY`c`k`\jXi\`e`k`Xccp d\Xjli\[Xk]X`imXcl\%
d\Xjli\[Xk]X`imXcl\%KiXejXZk`feZfjkjk_XkXi\
directly attributable to the acquisition or issue <ù\Zk`m\`ek\i\jkd\k_f[
f]ÔeXeZ`XcXjj\kjXe[ÔeXeZ`Xcc`XY`c`k`\jfk_\i K _\\ù\Zk`m\`ek\i\jkd\k_f[`jXd\k_f[f]
k_XeÔeXeZ`XcXjj\kjXe[ÔeXeZ`Xcc`XY`c`k`\jXk calculating the amortised cost of a debt instrument
]X`imXcl\k_ifl^_gifÔkficfjj Xi\X[[\[kffi and of allocating interest income over the relevant
[\[lZk\[]ifdk_\]X`imXcl\f]k_\ÔeXeZ`XcXjj\kj g\i`f[%K_\\ù\Zk`m\`ek\i\jkiXk\`jk_\iXk\k_Xk
fiÔeXeZ`Xcc`XY`c`k`\j#XjXggifgi`Xk\#fe`e`k`Xc exactly discounts estimated future cash receipts
i\Zf^e`k`fe%KiXejXZk`feZfjkj[`i\ZkcpXkki`YlkXYc\ (including all fees and points paid or received that
kfk_\XZhl`j`k`fef]ÔeXeZ`XcXjj\kjfiÔeXeZ`Xc ]fidXe`ek\^iXcgXikf]k_\\ù\Zk`m\`ek\i\jkiXk\#
c`XY`c`k`\jXk]X`imXcl\k_ifl^_gifÔkficfjjXi\ transaction costs and other premiums or discounts)
i\Zf^e`j\[`dd\[`Xk\cp`egifÔkficfjj% through the expected life of the debt instrument,
or, where appropriate, a shorter period, to the net
3.19 Financial assets ZXiip`e^Xdflekfe`e`k`Xci\Zf^e`k`fe%
8
cci\Zf^e`j\[ÔeXeZ`XcXjj\kjXi\jlYj\hl\ekcp
measured in their entirety at either amortised cost @eZfd\`ji\Zf^e`j\[feXe\ù\Zk`m\`ek\i\jkYXj`j
fi]X`imXcl\k_ifl^_gifÔkXe[cfjjfi]X`imXcl\ ]fi[\Yk`ejkild\ekjfk_\ik_Xek_fj\ÔeXeZ`Xc
through other comprehensive income, depending Xjj\kjZcXjj`Ô\[Xk=MKGC%@ek\i\jk`eZfd\`j
fek_\ZcXjj`ÔZXk`fef]k_\ÔeXeZ`XcXjj\kj i\Zf^e`j\[`egifÔkficfjjXe[`j`eZcl[\[`ek_\
Fk_\i`eZfd\c`e\`k\d%
:cXjj`ÔZXk`fef]ÔeXeZ`XcXjj\kj
Debt instruments that meet the following conditions = `eXeZ`XcXjj\kjXk]X`imXcl\k_ifl^_gifÔk
are subsequently measured at amortised cost or loss (FVTPL)
(except for debt instruments that are designated at @em\jkd\ekj`e\hl`kp`ejkild\ekjXi\ZcXjj`Ô\[
]X`imXcl\k_ifl^_gifÔkficfjjfe`e`k`Xci\Zf^e`k`fe 1 Xk=MKGC#lec\jjk_\>iflg`ii\mfZXYcp\c\Zkjfe
initial recognition to present subsequent changes
t
he asset is held within a business model whose
in fair value in other comprehensive income for
objective is to hold assets in order to collect
investments in equity instruments which are not
contractual cash flows; and
_\c[]fikiX[`e^%
t
he contractual terms of the instrument give
i`j\fejg\Z`Ô\[[Xk\jkfZXj_]cfnjk_XkXi\ Debt instruments that do not meet the amortised
solely payments of principal and interest on ZfjkZi`k\i`Xfi=MKF:@Zi`k\i`XXi\d\Xjli\[Xk
k_\gi`eZ`gXcXdflekflkjkXe[`e^% =MKGC%@eX[[`k`fe#[\Yk`ejkild\ekjk_Xkd\\kk_\
NOTES
FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2019
ALL AMOUNTS ARE IN RS. CRORES UNLESS OTHERWISE STATED
Xdfik`j\[ZfjkZi`k\i`Xfik_\=MKF:@Zi`k\i`XYlk \og`i\#fin_\e`kkiXej]\ijk_\ÔeXeZ`XcXjj\kXe[
Xi\[\j`^eXk\[Xk=MKGCXi\d\Xjli\[Xk=MKGC% substantially all the risks and rewards of ownership
f]k_\Xjj\kkfXefk_\igXikp%
8
ÔeXeZ`XcXjj\kk_Xkd\\kjk_\Xdfik`j\[Zfjk
Zi`k\i`Xfi[\Yk`ejkild\ekjk_Xkd\\kk_\=MKF:@ 3.20 Financial liabilities and equity instruments
Zi`k\i`XdXpY\[\j`^eXk\[Xk=MKGClgfe`e`k`Xc :cXjj`ÔZXk`feXjÔeXeZ`Xcc`XY`c`kpfi\hl`kp
recognition if such designation eliminates or Debt and equity instruments issued by Group are
j`^e`ÔZXekcpi\[lZ\jXd\Xjli\d\ekfii\Zf^e`k`fe ZcXjj`Ô\[Xj\`k_\iÔeXeZ`Xcc`XY`c`k`\jfiXj\hl`kp`e
inconsistency that would arise from measuring accordance with the substance of the contractual
assets or liabilities or recognising the gains and XiiXe^\d\ekjXe[k_\[\Ôe`k`fejf]XÔeXeZ`Xc
cfjj\jfek_\dfe[`ù\i\ekYXj\j% c`XY`c`kpXe[Xe\hl`kp`ejkild\ek%
NOTES
FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2019
ALL AMOUNTS ARE IN RS. CRORES UNLESS OTHERWISE STATED
For the purpose of the statement of cash flows, 3.24 Changes in accounting policies and disclosures
cash and cash equivalents consist of cash and Ind AS 115 Revenue from Contracts with
j_fik$k\id[\gfj`kj#Xj[\Ôe\[XYfm\#e\kf] Customers
outstanding bank overdrafts as they are considered Ind AS 115 Revenue from Contracts with Customers,
Xe`ek\^iXcgXikf]k_\>iflgËjZXj_dXeX^\d\ek% mandatory for reporting periods beginning on
or after April 1, 2018, replaces existing revenue
3.22 Cash flow statement i\Zf^e`k`fei\hl`i\d\ekj%K_\>iflg_XjXggc`\[
Cash flows are reported using the indirect method, df[`Ô\[i\kifjg\Zk`m\XggifXZ_`eX[fgk`e^k_\
n_\i\YpgifÔk&cfjj Y\]fi\kXo`jX[aljk\[]fik_\ e\njkXe[Xi[%Le[\ik_\df[`Ô\[i\kifjg\Zk`m\
\ù\Zkjf]kiXejXZk`fejf]efe$ZXj_eXkli\Xe[Xep XggifXZ_#k_\i\Xi\efj`^e`ÔZXekX[aljkd\ekj
deferrals or accruals of past or future cash receipts i\hl`i\[kfk_\i\kX`e\[\Xie`e^jXk8gi`c(#)'(/%
figXpd\ekj%K_\ZXj_]cfnj]ifdfg\iXk`e^# Also, the application of Ind AS 115 does not
`em\jk`e^Xe[ÔeXeZ`e^XZk`m`k`\jf]k_\>iflgXi\ _Xm\Xepj`^e`ÔZXek`dgXZkfei\Zf^e`k`feXe[
j\^i\^Xk\[YXj\[fek_\XmX`cXYc\`e]fidXk`fe% measurement of revenue and related items in the
Zfejfc`[Xk\[ÔeXeZ`XcjkXk\d\ekj%
3.23 Earnings per share
Basic earnings per share is computed by dividing Appendix B to Ind AS 21 Foreign Currency
k_\gifÔkX]k\ikXoYpk_\n\`^_k\[Xm\iX^\eldY\i Transactions and Advance Considerations
f]\hl`kpj_Xi\jflkjkXe[`e^[li`e^k_\p\Xi% K _\Xgg\e[`oZcXi`Ô\jk_Xk#`e[\k\id`e`e^k_\jgfk
exchange rate to use on initial recognition of the
Diluted earnings per share is computed by dividing related asset, expense or income (or part of it)
k_\gifÔkX]k\ikXoXjX[aljk\[]fi[`m`[\e[#`ek\i\jk on the derecognition of a non-monetary asset
and other charges to expense or income relating to or non-monetary liability relating to advance
the dilutive potential equity shares, by the weighted consideration, the date of the transaction is the
average number of equity shares considered for date on which an entity initially recognises the
deriving basic earnings per share and the weighted non-monetary asset or non-monetary liability
average number of equity shares which could Xi`j`e^]ifdk_\X[mXeZ\Zfej`[\iXk`fe%@]k_\i\
have been issued on the conversion of all dilutive are multiple payments or receipts in advance,
gfk\ek`Xc\hl`kpj_Xi\j% then the entity must determine the date of the
transactions for each payment or receipt of
X[mXeZ\Zfej`[\iXk`fe%K_`jXgg\e[`o[f\jefk
_Xm\Xepj`^e`ÔZXek`dgXZkfek_\Zfejfc`[Xk\[
ÔeXeZ`XcjkXk\d\ekj%
NOTES
FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2019
ALL AMOUNTS ARE IN RS. CRORES UNLESS OTHERWISE STATED
Accumulated depreciation
At March 31, 2017 - ).%.- *'0%/* ,%/- *(%.0 ()%*' */.%,+
Charge for the year - (-%0* (-*%,- *%), (.%+, -%/0 )'/%'/
Disposals / Adjustments - - (%*+ '%'+ '%'+ (%,. )%00
At March 31, 2018 - 44.69 472.05 9.07 49.20 17.62 592.63
Charge for the year - ),%** )((%+. *%,( )*%/) ('%'- ).+%(0
Disposals / Adjustments - '%*/ +.%', '%)+ '%*. (%00 ,'%'*
At March 31, 2019 - 69.64 636.47 12.34 72.65 25.69 816.79
Carrying amount
At March 31, 2018 /,%0, +*0%-- /*'%/, ((%0+ -'%.+ *'%'* (#+,0%(.
At March 31, 2019 85.95 574.22 911.40 15.57 67.05 37.88 1,692.07
!K`kc\[\\[j]ficXe[Xe[fk_\igifg\ik`\jXk8cnXiXe[A_XaaXiXi\g\e[`e^]fidlkXk`fe`e]Xmflif]k_\>iflg%
5. CAPITAL WORK-IN-PROGRESS
Particulars As at As at
March 31, 2019 March 31, 2018
Capital work-in-progress* 272.14 (+(%/0
272.14 (+(%/0
* Capital work in progress as at March 31, 2019 comprises expenditure for buildings, plant in the course of construction and
dXZ_`e\i`\jp\kkfY\`ejkXcc\[%
NOTES
FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2019
ALL AMOUNTS ARE IN RS. CRORES UNLESS OTHERWISE STATED
6. INVESTMENT PROPERTY
Accumulated depreciation
At March 31, 2017 ,%0( ,%0(
Charge for the year '%*, '%*,
Disposals - -
At March 31, 2018 6.26 6.26
Charge for the year '%*, '%*,
Disposals - -
At March 31, 2019 6.61 6.61
Carrying amount
At March 31, 2018 *%/- *%/-
At March 31, 2019 3.51 3.51
=fik_\Yl`c[`e^cfZXk\[`eAX`gli#@e[`X#k_\]X`imXcl\f]jkilZkli\XjfeDXiZ_*(#)'(/Xe[DXiZ_*(#)'(0nXj[\k\id`e\[
YXj\[feJ%F%Ef%O$*&)'(,[Xk\[(,&'.&)'(,f]JkXk\G%N%;%9I`jjl\[Yp:_`\]<e^`e\\i#GN;9l`c[`e^Xe[IfX[j#
>fm\ied\ekf]IXaXjk_Xe#AX`glin`k_jl`kXYc\X[aljkd\ekj]fii`j\`eZfjk`e[\oj`eZ\Alcp)'(,kfXm\iX^\d\Xeg\i`f[f]
ZfejkilZk`fe%K_\`k\djefkZfm\i\[le[\iJkXe[`e^Fi[\iEf%O$*&)'(,_Xm\Y\\emXcl\[fek_\iXk\jf]JkXk\GN;9JI%
Detail of the investment properties and information about the fair value hierarchy as at March 31, 2019 and
March 31, 2018 are as follows :-
Particulars Level 2
Fair value as at Fair value as at
March 31, 2019 March 31, 2018
9l`c[`e^cfZXk\[XkAX`gli#@e[`X 4.33 +%+(
NOTES
FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2019
ALL AMOUNTS ARE IN RS. CRORES UNLESS OTHERWISE STATED
7. INTANGIBLE ASSETS
Accumulated amortisation
At March 31, 2017 0%)' (0%.( )/%0(
Charge for the year *%/' ((%'. (+%/.
Disposals / Adjustments - '%'* '%'*
At March 31, 2018 13.00 30.75 43.75
Charge for the year ('%// (+%/- ),%.+
Disposals / Adjustments '%'( '%(- '%(.
At March 31, 2019 23.87 45.45 69.32
Carrying amount
At March 31, 2018 (.%/* )'%/* */%--
At March 31, 2019 151.97 27.03 179.00
Particulars As at As at
March 31, 2019 March 31, 2018
Intangible assets under development* 177.60 (0(%*)
177.60 (0(%*)
!@ekXe^`Yc\Xjj\kjle[\i[\m\cfgd\ekdX`ecpZfej`jkjf]Zfjkf]e\ngif[lZkjle[\i[\m\cfgd\ek%
NOTES
FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2019
ALL AMOUNTS ARE IN RS. CRORES UNLESS OTHERWISE STATED
Particulars As at As at
March 31, 2019 March 31, 2018
Unquoted Investments
VE Commercial Vehicles Limited :
,+#+'#'''DXiZ_*(#)'(/1,+#+'#''' <hl`kpj_Xi\jf]Ij%('\XZ_]lccpgX`[lg
Cost of investment 5.44 ,%++
>iflgjj_Xi\f]e\kXjj\kj 1,938.48 (#.,/%/*
Sub-total (A) 1,943.92 (#.-+%).
` @eX[[`k`fekfk_\XYfm\`em\jkd\ek#k_\>iflg_XjdX[\Xe`em\jkd\ekf]Ij%)#,'#'''`eXaf`ekm\ekli\\ek`kp#<`Z_\i
>iflg=fle[Xk`feC`Z\ej\le[\iJ\Zk`fe/( f]k_\:fdgXe`\j8Zk#)'(* n_`Z__XjY\\eZ_Xi^\[kfk_\JkXk\d\ek
f]GifÔkXe[Cfjj`ek_\ÔeXeZ`Xcp\Xi)'(,$(-%
`` GlijlXekkfk_\[\Z`j`fef]k_\9fXi[f];`i\Zkfijf]k_\af`ekm\ekli\ZfdgXep#<`Z_\iGfcXi`jGi`mXk\C`d`k\[Xk
k_\`id\\k`e^_\c[feDXiZ_0#)'(/kfn`e[[fnek_\fg\iXk`fejn`k_`dd\[`Xk\\ù\Zk#k_\le[\icp`e^Zfejfc`[Xk\[
ÔeXeZ`XcjkXk\d\ekj`eZcl[\XeXdflekf]Ij%))'%',Zifi\jf]\oZ\gk`feXceXkli\i\gi\j\ek`e^k_\>iflgËjj_Xi\f]
cfjj]fik_\p\Xi\e[\[DXiZ_*(#)'(/%K_`j`eZcl[\[XeXdflekf]Ij%(.%+/Zifi\ji\Zfi[\[Ypk_\>iflgkfnXi[j`kj
j_Xi\f]Zfjkkfn`e[[fnek_\fg\iXk`feji\]\iefk\)' %
;li`e^k_\Zlii\ekp\Xi#k_\>iflg_Xji\Zfi[\[Ij%(.%,)Zifi\jf]\oZ\gk`feXceXkli\i\gi\j\ek`e^k_\>iflgËjj_Xi\
f]cfjj]fik_\p\Xi\e[\[DXiZ_*(#)'(0%K_`j`eZcl[\jXeXdflekf]Ij%,%''Zifi\jkfnXi[j`kjj_Xi\f]Zfjkkfn`e[
[fnek_\fg\iXk`feji\]\iefk\)' %
K_\XYfm\af`ekm\ekli\jXi\XZZflek\[]filj`e^k_\\hl`kpd\k_f[`ek_\j\Zfejfc`[Xk\[ÔeXeZ`XcjkXk\d\ekj%
NOTES
FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2019
ALL AMOUNTS ARE IN RS. CRORES UNLESS OTHERWISE STATED
Y JlddXi`j\[ÔeXeZ`Xc`e]fidXk`fe`ei\jg\Zkf]k_\>iflgjdXk\i`Xcaf`ekm\ekli\j%
K _\jlddXi`j\[ÔeXeZ`Xc`e]fidXk`feY\cfni\gi\j\ekjXdflekjj_fne`ek_\af`ekm\ekli\jÔeXeZ`XcjkXk\d\ekj
gi\gXi\[`eXZZfi[XeZ\n`k_@e[8JX[aljk\[Ypk_\>iflg]fi\hl`kpXZZflek`e^gligfj\j%
VE Commercial Vehicles Limited For the year ended For the year ended
March 31, 2019 March 31, 2018
Revenue from operations 11,599.94 ('#))*%*+
GifÔk]fik_\p\Xi 475.00 +.(%-)
Fk_\iZfdgi\_\ej`m\`eZfd\]fik_\p\Xi (0.13) (%.+
Total comprehensive income for the year 474.87 +-0%//
Dividends received from the joint venture during the year 65.28 ,(%-/
I\ZfeZ`c`Xk`fef]k_\XYfm\jlddXi`\[ÔeXeZ`Xc`e]fidXk`fekfk_\ZXiip`e^Xdflekf]k_\`ek\i\jk
`ek_\af`ekm\ekli\i\Zf^e`j\[`ek_\Zfejfc[`Xk\[ÔeXeZ`XcjkXk\d\ekj
Eicher Polaris Private Limited For the year ended For the year ended
March 31, 2019 March 31, 2018
Revenue from operations (1.30) ).%,-
GifÔk&cfjj ]fik_\p\Xi (16.03) +)'%('
Fk_\iZfdgi\_\ej`m\`eZfd\]fik_\p\Xi - -
Total comprehensive income for the year (16.03) +)'%('
NOTES
FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2019
ALL AMOUNTS ARE IN RS. CRORES UNLESS OTHERWISE STATED
I\ZfeZ`c`Xk`fef]k_\XYfm\jlddXi`\[ÔeXeZ`Xc`e]fidXk`fekfk_\ZXiip`e^Xdflekf]k_\`ek\i\jk
`ek_\af`ekm\ekli\i\Zf^e`j\[`ek_\Zfejfc`[Xk\[ÔeXeZ`XcjkXk\d\ekj
* As at the year end, the joint venture is in the process of winding up and the net assets will be fully utilised towards such winding
lg%8ZZfi[`e^cp#e\kXjj\kjf]k_\af`ekm\ekli\_XjefkY\\eZfejfc`[Xk\[%
FINANCIAL ASSETS :
10. INVESTMENTS
Particulars As at As at
March 31, 2019 March 31, 2018
Non-Current Current Non-Current Current
Unquoted Investments
(a) Investment in equity instruments of companies at fair value
k_ifl^_gifÔkficfjj=MKGC
+#.,'DXiZ_*(#)'(/1+#.,' <hl`kpj_Xi\jf]JlipX[\m8ccfpj 0.09 - '%'0 -
Xe[Gfn\iGi`mXk\C`d`k\[
Sub-total (A) 0.09 - 0.09 -
Quoted Investments
Y @em\jkd\ekj`edlklXc]le[jZXii`\[Xk]X`imXcl\k_ifl^_gifÔk 2,465.76 468.81 *#(*0%(+ -**%+'
ficfjj=MKGC
Sub-total (B) 2,465.76 468.81 *#(*0%(+ -**%+'
NOTES
FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2019
ALL AMOUNTS ARE IN RS. CRORES UNLESS OTHERWISE STATED
Particulars As at As at
March 31, 2019 March 31, 2018
Non-Current Current Non-Current Current
11. LOANS
Particulars As at As at
March 31, 2019 March 31, 2018
Current
Lej\Zli\[#Zfej`[\i\[^ff[
CfXejkf\dgcfp\\j 1.29 '%.'
Total 1.29 '%.'
Particulars As at As at
March 31, 2019 March 31, 2018
Non-current
Unsecured, considered good
Security deposits 27.05 ))%,,
Total 27.05 ))%,,
Current
Unsecured, considered good
Security deposits 0.02 -
Insurance claim receivable 0.73 (%')
@ek\i\jkXZZil\[feÔo\[[\gfj`kjXe[Yfe[j 70.08 )0%-/
Fk_\ij 0.05 '%',
Total 70.88 *'%.,
NOTES
FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2019
ALL AMOUNTS ARE IN RS. CRORES UNLESS OTHERWISE STATED
13. INVENTORIES
(At lower of cost and net realisable value)
Particulars As at As at
March 31, 2019 March 31, 2018
Raw materials 166.09 (+'%00
R@eZcl[\j^ff[j`ekiXej`kf]Ij%+,%)*Zifi\jDXiZ_*(#)'(/1Ij%)/%.+Zifi\j T
Work in progress 21.68 (/%'(
Finished goods 383.49 )'*%-'
Traded goods 44.65 (/%',
Stores and spares 13.72 ((%.+
Cffj\kffcj 3.75 )%),
Total 633.38 *0+%-+
Ni`k\$[fnejf]`em\ekfi`\jkfe\ki\Xc`jXYc\mXcl\i\jlck\[`ee\kcfjjf]Ij%-%(.Zifi\jDXiZ_*(#)'(/1Ij%+%/(Zifi\j %
K_\j\n\i\i\Zf^e`j\[XjXe\og\ej\[li`e^k_\p\Xi`ek_\JkXk\d\ekf]GifÔkXe[Cfjj%
$K_\df[\f]mXclXk`fef]`em\ekfi`\j_XjY\\ejkXk\[`eefk\*%(-%
Particulars As at As at
March 31, 2019 March 31, 2018
Current
Considered good - secured 0.45 '%'-
Considered good - unsecured 89.89 -.%0+
Receivables - credit impaired 0.74 '%),
91.08 -/%),
C\jj1Gifm`j`fe]fi[flYk]lci\Z\`mXYc\j (0.74) '%),
Total 90.34 -/%''
EfkiX[\fifk_\ii\Z\`mXYc\Xi\[l\]ifd[`i\Zkfijfifk_\iføZ\ijf]k_\>iflg\`k_\ij\m\iXccpfiaf`ekcpn`k_Xepfk_\i
g\ijfe%EfiXepkiX[\fifk_\ii\Z\`mXYc\Xi\[l\]ifdÔidjfigi`mXk\ZfdgXe`\ji\jg\Zk`m\cp`en_`Z_Xep[`i\Zkfi`jX
gXike\i#X[`i\ZkfifiXd\dY\i%
All domestic sales are on advance payment basis, except for sale to distributors and certain institutional sales which carries
Zi\[`kg\i`f[dXo`dldkf-'[Xpj%
<ogfikjXc\jZXii`\jZi\[`kg\i`f[f]'kf0'[Xpj#[\g\e[`e^fek_\ZfekiXZklXck\idjn`k_i\jg\Zk`m\Zljkfd\ij%
NOTES
FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2019
ALL AMOUNTS ARE IN RS. CRORES UNLESS OTHERWISE STATED
Particulars As at As at
March 31, 2019 March 31, 2018
Cash on hand 0.04 '%'-
Cheques/drafts on hand - '%'-
Balances with banks:
In current accounts 34.94 0)%*+
In deposit accounts with original maturity of less than three months 692.00 -
Total 726.98 0)%+-
For the purpose of the statement of cash flows, cash and cash equivalents comprise the following:
Particulars As at As at
March 31, 2019 March 31, 2018
Cash on hand 0.04 '%'-
Cheques/drafts on hand - '%'-
Balances with banks:
In current accounts 34.94 0)%*+
In deposit accounts with original maturity of less than three months 692.00 -
Total 726.98 0)%+-
Bank overdrafts (refer note 21) 11.23 -
Total 715.75 0)%+-
:_Xe^\j`ec`XY`c`k`\jXi`j`e^]ifdÔeXeZ`e^XZk`m`k`\j
Particulars April 1, 2018 Net cash flows Others March 31, 2019
Short term borrowings (,'%/+ )+%-0 - 175.53
Interest accured but not due '%-' +%0- ,%.* 1.37
Dividend payable including tax on dividend - *+/%(- *+/%(- -
KfkXcc`XY`c`k`\j]ifdÔeXeZ`e^XZk`m`k`\j (,(%++ *)/%+* *,*%/0 176.90
Particulars As at As at
March 31, 2019 March 31, 2018
In unpaid dividend accounts 12.31 ('%-'
Fe[\gfj`kXZZflekj
$ Fi`^`eXcdXkli`kpY\kn\\ek_i\\Xe[kn\cm\dfek_j 1,221.00 ,*/%0+
$ Fi`^`eXcdXkli`kp^i\Xk\ik_Xekn\cm\dfek_j 1,005.00 ,.'%''
Total 2,238.31 (#((0%,+
NOTES
FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2019
ALL AMOUNTS ARE IN RS. CRORES UNLESS OTHERWISE STATED
Particulars As at As at
March 31, 2019 March 31, 2018
Non-current
Unsecured, considered good
Capital advances 50.41 --%))
Share application money pending allotment 5.04 -
Balance with government authorities 7.98 .%+0
Prepayment land leases 87.24 //%),
Fk_\igi\gXpd\ekj 2.37 (%0'
Total 153.04 (-*%/-
Current
Unsecured, considered good
Advance to suppliers 54.96 +,%0(
Advance to employees 5.70 +%/(
Prepaid expenses 19.00 ((%.+
Balance with government authorities
Considered good 89.91 ())%-0
Considered doubtful 1.11 (%((
91.02 ()*%/'
C\jj1Gifm`j`fe]fi[flYk]lcYXcXeZ\ (1.11) (%((
89.91 ())%-0
Gratuity fund (net) - '%+.
Prepayment land leases 0.95 '%/0
Government grant receivable 8.95 /%*-
Fk_\igi\gXpd\ekj 0.81 '%-/
Total 180.28 (0,%,,
Particulars As at As at
March 31, 2019 March 31, 2018
Authorised Equity share capital
*#''#''#'''DXiZ_*(#)'(/1*#''#''#''' <hl`kpj_Xi\jf]Ij%('\XZ_ 30.00 *'%''
Total 30.00 *'%''
Issued, subscribed and fully paid up
)#.)#/)#,.'DXiZ_*(#)'(/1)#.)#,,#,+0 <hl`kpj_Xi\jf]Ij%('\XZ_ 27.28 ).%)-
Total 27.28 ).%)-
K_\>iflg_Xjfecpfe\ZcXjjf]\hl`kpj_Xi\j_Xm`e^XgXimXcl\f]Ij%('g\ij_Xi\%<XZ__fc[\if]\hl`kpj_Xi\j`j\ek`kc\[
kffe\mfk\g\ij_Xi\_\c[%@ek_\\m\ekf]c`hl`[Xk`fe#k_\\hl`kpj_Xi\_fc[\ijXi\\c`^`Yc\kfi\Z\`m\k_\i\dX`e`e^Xjj\kjf]
k_\:fdgXepX]k\i[`jki`Ylk`fef]Xccgi\]\i\ek`XcXdflek#`egifgfik`fekfk_\`ij_Xi\_fc[`e^%
NOTES
FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2019
ALL AMOUNTS ARE IN RS. CRORES UNLESS OTHERWISE STATED
(i) Reconciliation of the number of shares and amount outstanding at the beginning and at the end of the
reporting year:
(ii) Details of shareholders holding more than 5% equity shares in the Company:
Particulars As at As at
March 31, 2019 March 31, 2018
Nos. % holding in Efj% % holding in the
the class class
K_\J`diXeJ`[[_Xik_XKXiX9\e\ÔkKiljk 1,20,30,648 44.10% (#)'#*'#-+/ ++%(+
(iii) J_Xi\fgk`fej^iXek\[le[\ik_\>iflgj\dgcfp\\j_Xi\fgk`fegcXeZXiipefi`^_kjkf[`m`[\e[Xe[efmfk`e^i`^_kj%
=lik_\i[\kX`cjf]k_\\dgcfp\\j_Xi\fgk`fegcXeXi\gifm`[\[`eefk\+.%
Particulars As at As at
March 31, 2019 March 31, 2018
Authorised Preference share capital
(#'(#'''DXiZ_*(#)'(/1(#'(#''' I\[\\dXYc\gi\]\i\eZ\j_Xi\jf]Ij%(''\XZ_ 1.01 (%'(
Total 1.01 (%'(
K_\>iflg_Xjefk`jjl\[Xepgi\]\i\eZ\j_Xi\ZXg`kXc%
Particulars As at As at
March 31, 2019 March 31, 2018
Capital reserves 0.25 '%),
Capital redemption reserve 1.41 (%+(
Securities premium reserve 115.11 -'%*.
General reserves 339.89 **0%/0
Share based payments reserve 58.75 ,0%/'
Foreign currency translation reserve 7.92 ()%-+
Retained earnings 8,368.11 -#,)/%+,
Total 8,891.44 .#'')%/(
NOTES
FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2019
ALL AMOUNTS ARE IN RS. CRORES UNLESS OTHERWISE STATED
K _\:Xg`kXci\[\dgk`fei\j\im\nXjZi\Xk\[Xkk_\k`d\f]YlpYXZbf]j_Xi\j%K_\>iflgZXelk`c`q\k_\jXd\]fik_\gligfj\f]`jjl\f]
]lccpgX`[$lgYfeljj_Xi\jkf`kjd\dY\ij%
J
\Zli`k`\jgi\d`ldi\j\im\`jlj\[kfi\Zfi[k_\gi\d`ldfe`jjl\f]j_Xi\j%K_\i\j\im\ZXeY\lk`c`j\[fecp]fic`d`k\[gligfj\jjlZ_Xj
`jjlXeZ\f]Yfeljj_Xi\j`eXZZfi[XeZ\n`k_k_\gifm`j`fejf]k_\:fdgXe`\j8Zk#)'(*%
K _\^\e\iXci\j\im\`jlj\[]ifdk`d\kfk`d\kfkiXej]\igifÔkj]ifdi\kX`e\[\Xie`e^j]fiXggifgi`Xk`fegligfj\j%8jk_\^\e\iXci\j\im\
is created by a transfer from one component of equity to another and is not an item of other comprehensive income, items included in the
^\e\iXci\j\im\n`ccefkY\i\ZcXjj`Ô\[jlYj\hl\ekcpkfgifÔkficfjj%
NOTES
FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2019
ALL AMOUNTS ARE IN RS. CRORES UNLESS OTHERWISE STATED
FINANCIAL LIABILITIES :
20. OTHER FINANCIAL LIABILITIES
Particulars As at As at
March 31, 2019 March 31, 2018
Non-current
Security deposits received 9.99 /%//
Total 9.99 /%//
Current
Employee dues 76.80 -(%/.
Capital creditors 57.38 -0%(,
LegX`[[`m`[\e[! 12.31 ('%-'
Interest accrued but not due 1.37 '%-'
Provision for constructive obligation towards the discontinued operations of a joint 5.00 (.%+/
venture (refer note 9 (ii))
Fk_\ij 10.31 ('%*(
Total 163.17 (.'%'(
!;f\jefk`eZcl[\XepXdflekjflkjkXe[`e^n_`Z_Xi\i\hl`i\[kfY\Zi\[`k\[kf@em\jkfi<[lZXk`feXe[Gifk\Zk`fe=le[%
NOTES
FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2019
ALL AMOUNTS ARE IN RS. CRORES UNLESS OTHERWISE STATED
21. BORROWINGS
Particulars As at As at
March 31, 2019 March 31, 2018
Secured
J_fik$k\idCfXe# 110.38 -+%/-
Unsecured
- From bank
Fm\i[iX]k]XZ`c`kp! 11.23 -
J_fik$k\idCfXe 65.15 /,%0/
Total 186.76 (,'%/+
#
J\Zli\[j_fikk\idcfXejf]jlYj`[`XipZfdgXepm`q%#IfpXc<eÔ\c[Efik_8d\i`ZXCk[XjXkDXiZ_*(#)'(0f]Ij%.-%.0Zifi\jDXiZ_*(#
)'(/1Ij%+)%)/Zifi\j #ZXiip`e^`ek\i\jk7C@9FI")%),g%X%k`ccJ\gk\dY\i)'(.Xe[C@9FI"(%.'g%X%]ifdFZkfY\i)'(.#Xe[IfpXc
<eÔ\c[9iXj`c:fd\iZ`f[\DfkfZ`Zc\kXjCk[XXjXkDXiZ_*(#)'(0f]Ij%**%,0Zifi\jDXiZ_*(#)'(/1Ij%))%,/Zifi\j #ZXiip`e^`ek\i\jk7
+%)(g%XDXiZ_*(#)'(/1*%*0g%X %K_\j\cfXejXi\X^X`ejk:figfiXk\>lXiXek\\^`m\eYpk_\?fc[`e^:fdgXep#<`Z_\iDfkfijC`d`k\[%
!Lej\Zli\[cfXeZXii`\j`ek\i\jk7/%+,g\iXeeldXjXkDXiZ_*(#)'(0%
Particulars As at As at
March 31, 2019 March 31, 2018
Total outstanding dues of micro enterprises and small enterprises
;l\jkfd`ZifXe[jdXcc\ek\igi`j\ji\]\iefk\+' 19.28 ).%(,
Sub-total (A) 19.28 ).%(,
Total outstanding dues of creditors other than micro enterprises and small enterprises
Acceptances 107.76 (('%()
Fk_\ikiX[\gXpXYc\j 1031.48 0--%*-
KiX[\gXpXYc\jkfi\cXk\[gXik`\ji\]\iefk\++ 75.53 -/%)*
Sub-total (B) 1,214.77 (#(++%.(
Total (A+B) 1,234.05 (#(.(%/-
=fik\idjXe[Zfe[`k`fejg\ikX`e`e^kfi\cXk\[gXikp[l\j#i\]\iefk\++
23. PROVISIONS
Particulars As at As at
March 31, 2019 March 31, 2018
Non-current
<dgcfp\\Y\e\Ôkj$i\]\iefk\` Y\cfn
Fk_\i\dgcfp\\Y\e\Ôkj 4.23 *%//
Warranties - refer note (ii) below 18.77 ),%)+
Total 23.00 )0%()
NOTES
FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2019
ALL AMOUNTS ARE IN RS. CRORES UNLESS OTHERWISE STATED
Particulars As at As at
March 31, 2019 March 31, 2018
Current
<dgcfp\\Y\e\Ôkj$i\]\iefk\` Y\cfn
Compensated absences 10.72 /%'-
Fk_\i\dgcfp\\Y\e\Ôkj 0.08 '%'+
Sub-total (A) 10.80 /%('
` K_\gifm`j`fe]fi\dgcfp\\Y\e\Ôkj`eZcl[\j\Xie\[c\Xm\#j`Zbc\Xm\Xe[m\jk\[cfe^j\im`Z\i\nXi[%
(ii) Movement in warranties provision
K_\gifm`j`fe]finXiiXekpZcX`dji\gi\j\ekjk_\gi\j\ekmXcl\f]k_\dXeX^\d\ekjY\jk\jk`dXk\f]k_\]lkli\\Zfefd`Z
Zfjkjk_Xkn`ccY\i\hl`i\[le[\ik_\>iflgjfYc`^Xk`fej]finXiiXek`\j%K_\\jk`dXk\_XjY\\edX[\fek_\YXj`jf]
historical warranty trends and may vary as a result of new materials, altered manufacturing processes or other events
Xù\Zk`e^gif[lZkhlXc`kp%
Particulars As at As at
March 31, 2019 March 31, 2018
Deferred tax liabilities on
Property, plant and equipment and intangible assets 250.38 (,'%+/
@em\jkd\ekjd\Xjli\[Xk=MKGC 46.25 ((%//
Fk_\ij 0.68 '%0.
Sub-total (A) 297.31 (-*%**
Less: Deferred tax assets on
Accrued expenses deductible on payment 1.55 )%/'
Deferred revenue 10.73 ('%'/
Gifm`j`fe]fiZfdg\ejXk\[XYj\eZ\jXe[fk_\i\dgcfp\\Y\e\Ôkj 3.75 )%.0
Provision for doubtful debts and advances 0.65 '%+.
Fk_\ij 6.74 ,%((
Sub-total (B) 23.42 )(%),
Total (A-B) 273.89 (+)%'/
NOTES
FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2019
ALL AMOUNTS ARE IN RS. CRORES UNLESS OTHERWISE STATED
8kDXiZ_*(#)'(0#k_\i\nXjefi\Zf^e`j\[[\]\ii\[kXoc`XY`c`kpDXiZ_*(#)'(/1E`c ]fikXo\jk_Xknflc[Y\gXpXYc\fe
k_\lei\d`kk\[\Xie`e^jf]Z\ikX`ef]k_\>iflgËjaf`ekm\ekli\%K_\>iflg_Xj[\k\id`e\[k_Xkle[`jki`Ylk\[gifÔkjf]`kj
af`ekm\ekli\jn`ccefkY\[`jki`Ylk\[`ek_\]fi\j\\XYc\]lkli\%K_\>iflgËjaf`ekm\ekli\jn`ccefk[`jki`Ylk\`kjgifÔkjlek`c`k
fYkX`ejk_\Zfej\ek]ifdXccm\ekli\gXike\ij%
NOTES
FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2019
ALL AMOUNTS ARE IN RS. CRORES UNLESS OTHERWISE STATED
Particulars As at As at
March 31, 2019 March 31, 2018
Tax liabilities
Provision for current tax (net) 141.48 ('/%')
Total 141.48 ('/%')
Tax assets
Advance income tax (net) 18.44 (/%++
Total 18.44 (/%++
Particulars As at As at
March 31, 2019 March 31, 2018
Non-current
Deferred revenue arising from Government grant - refer note (i) below 62.66 +-%/+
Fk_\ij 0.47 -
Total 63.13 +-%/+
Current
Contract liability 77.79 )/'%*+
Advance from customers 93.24 (+'%.(
Deferred revenue arising from Government grant - refer note (i) below 11.58 ('%(*
Deferred revenue 30.70 )0%(*
JkXklkfipi\d`kkXeZ\jZfeki`Ylk`fejkfG=Xe[<J@:#n`k__fc[`e^kXo\j#>JK#\kZ% 90.39 (+-%')
Fk_\ij 11.29 ('%0.
Total 314.99 -(.%*'
` K_\[\]\ii\[i\m\el\Xi`j\jXjXi\jlckf]1
X K _\Y\e\Ôki\Z\`m\[Ypk_\Le`k\[B`e^[fdLB 9iXeZ_f]k_\:fdgXep]ifdk_\>fm\ied\ekf]LB$;\gXikd\ek]fi
9lj`e\jj@eefmXk`feJb`ccjXe[;\gXikd\ek]fi?\iDXa\jkpjI\m\el\:ljkfdj%
Y I
\gi\j\ekj^fm\ied\ekXjj`jkXeZ\`ek_\]fidf]k_\[lkpY\e\ÔkXmX`c\[le[\i<ogfikGifdfk`fe:Xg`kXc>ff[j<G:>
JZ_\d\fegliZ_Xj\f]gifg\ikp#gcXekXe[\hl`gd\ekjXZZflek\[]fiXj^fm\ied\ek^iXek%
K_\j\^iXekjn`ccY\i\Zf^e`q\[`ejkXk\d\ekf]gifÔkXe[cfjjfeXjpjk\dXk`ZYXj`jfm\ik_\lj\]lcc`]\f]k_\i\cXk\[Ôo\[Xjj\kj%
NOTES
FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2019
ALL AMOUNTS ARE IN RS. CRORES UNLESS OTHERWISE STATED
NOTES
FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2019
ALL AMOUNTS ARE IN RS. CRORES UNLESS OTHERWISE STATED
NOTES
FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2019
ALL AMOUNTS ARE IN RS. CRORES UNLESS OTHERWISE STATED
NOTES
FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2019
ALL AMOUNTS ARE IN RS. CRORES UNLESS OTHERWISE STATED
K_\`eZfd\kXo\og\ej\]fik_\p\XiZXeY\i\ZfeZ`c\[kfk_\XZZflek`e^gifÔkXj]fccfnj1
NOTES
FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2019
ALL AMOUNTS ARE IN RS. CRORES UNLESS OTHERWISE STATED
37. <jk`dXk\[Xdflekf]ZfekiXZkji\dX`e`e^kfY\\o\Zlk\[feZXg`kXcXZZflekXe[efkgifm`[\[]fiIj%)0'%/,Zifi\j
DXiZ_*(#)'(/1Ij%).*%''Zifi\j %
The Group has other commitments, for purchase/sales orders which are issued after considering requirements per operating
ZpZc\]figliZ_Xj\&jXc\f]^ff[jXe[j\im`Z\j#\dgcfp\\ËjY\e\Ôkj`eZcl[`e^le`feX^i\\d\ek`eefidXcZflij\f]Ylj`e\jj%
The Group does not have any long term commitments or material non-cancellable contractual commitments/contracts,
n_`Z_d`^_k_Xm\dXk\i`Xc`dgXZkfek_\ÔeXeZ`XcjkXk\d\ekj%
Particulars As at As at
March 31, 2019 March 31, 2018
X @ei\jg\Zkf]k_\]fccfn`e^1
- Excise duty matters 2.52 (%.)
- Sales tax matters 6.50 -%*/
- Service tax matters 0.39 '%*0
- Customs duty matters 3.48 *%+/
b) Claims against the Group not acknowledged as debts 8.68 ,%)*
c) Contingent liabilities arising from its interests in joint ventures 101.24 (*(%'-
8cck_\XYfm\dXkk\ijXi\jlYa\Zkkfc\^XcgifZ\\[`e^j`ek_\fi[`eXipZflij\f]Ylj`e\jj%K_\c\^XcgifZ\\[`e^n_\e
lck`dXk\cpZfeZcl[\[n`ccefk#`ek_\fg`e`fef]dXeX^\d\ek#_Xm\XdXk\i`Xc\ù\Zkfek_\i\jlckf]fg\iXk`fejfik_\
ÔeXeZ`Xcgfj`k`fef]k_\>iflg%
There are numerous interpretation issues relating to the Supreme Court judgement on Provident Fund dated February 28,
)'(0%>`m\ek_\leZ\ikX`ekpf]k_\`dgXZkf]jlZ_dXkk\i#k_\:fdgXepn`ccZi\Xk\Xgifm`j`feX]k\ii\Z\`m`e^]lik_\iZcXi`kp%
NOTES
FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2019
ALL AMOUNTS ARE IN RS. CRORES UNLESS OTHERWISE STATED
40. DISCLOSURES REQUIRED UNDER SECTION 22 OF THE MICRO, SMALL AND MEDIUM
ENTERPRISES DEVELOPMENT ACT, 2006
F
lkf]k_\kfkXcZfeki`Ylk`fedX[\]fi\dgcfp\\jËgifm`[\ek]le[#Ij%+%.(Zifi\jDXiZ_*(#)'(/1Ij%*%,,Zifi\j `jdX[\kf<`Z_\i<o\Zlk`m\
Gifm`[\ek=le[Kiljk#n_`c\k_\i\dX`e[\iZfeki`Ylk`fe_XjY\\edX[\kf^fm\ied\ekX[d`e`jk\i\[gifm`[\ek]le[%
9% ;\Ôe\[9\e\ÔkGcXej1
K_\;\Ôe\[Y\e\ÔkgcXef]k_\>iflg`eZcl[\j\ek`kc\d\ekf]^iXkl`kpXe[gifm`[\ek]le[jZ_\d\%
K_`jgcXekpg`ZXccp\ogfj\k_\>iflgkfXZklXi`Xci`jbjjlZ_Xj1`em\jkd\eki`jb#`ek\i\jkiXk\i`jb#cfe^\m`kpi`jbXe[jXcXipi`jb
K _\dfjki\Z\ekXZklXi`XcmXclXk`fef]k_\gcXeXjj\kjXe[k_\gi\j\ekmXcl\f]k_\[\Ôe\[Y\e\ÔkfYc`^Xk`fen\i\ZXii`\[flkXjXk
DXiZ_*(#)'(0YpDi%B%B%;_Xie`=@8@D%Ef%''',( #=\ccfnf]k_\@ejk`klk\f]8ZklXi`\jf]@e[`X%K_\gi\j\ekmXcl\f]k_\[\Ôe\[Y\e\Ôk
fYc`^Xk`fe#Xe[k_\i\cXk\[Zlii\ekj\im`Z\Zfjk#n\i\d\Xjli\[lj`e^k_\gifa\Zk\[le`kZi\[`kd\k_f[%
NOTES
FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2019
ALL AMOUNTS ARE IN RS. CRORES UNLESS OTHERWISE STATED
Provident fund:
K _\gifm`[\ek]le[`j^fm\ie\[Ypk_\Gifm`[\ek=le[8Zk#(0,)%Le[\ik_\[\Ôe\[Y\e\ÔkgcXe#k_\>iflgZfeki`Ylk\jkfk_\<`Z_\i
<o\Zlk`m\Gifm`[\ek=le[Kiljk%K_\>iflg_XjXefYc`^Xk`fekfdXb\^ff[k_\j_fik]Xcc#`]Xep#Y\kn\\ek_\i\klie]ifdk_\`em\jkd\ekjf]
k_\kiljkXe[k_\efk`Ô\[`ek\i\jkiXk\%
The Actuary has provided a valuation for Provident Fund liabilities on the basis of guidance issued by Actuarial Society of India and based
fek_\Xjjldgk`fejgifm`[\[Y\cfn#k_\>iflg[f\jefk_Xm\X[[`k`feXcfYc`^Xk`feXjXkDXiZ_*(#)'(0%
The principal assumptions used for the purposes of the actuarial valuations were as follows:
Gratuity:
K_\^iXkl`kpgcXe`j^fm\ie\[Ypk_\GXpd\ekf]>iXkl`kp8Zk#(0.)%Le[\ik_\XZk#\dgcfp\\n_f_XjZfdgc\k\[Ôm\p\Xijf]j\im`Z\`j
\ek`kc\[kfjg\Z`ÔZY\e\Ôk%K_\c\m\cf]Y\e\Ôkjgifm`[\[[\g\e[jfek_\d\dY\iËjc\e^k_f]j\im`Z\Xe[jXcXipXki\k`i\d\ekX^\%K_\
]le[_Xjk_\]fidf]XkiljkXe[`k`j^fm\ie\[Ypk_\9fXi[f]Kiljk\\j%
The principal assumptions used for the purposes of the actuarial valuations were as follows :-
8dflekji\Zf^e`q\[`ejkXk\d\ekf]gifÔkXe[cfjj`ei\jg\Zkf]k_\j\[\Ôe\[Y\e\ÔkgcXejXi\Xj]fccfnj1$
Particulars Gratuity
For the year ended For the year ended
March 31, 2019 March 31, 2018
J\im`Z\Zfjk1
Current service cost 3.46 )%--
Net Interest expense (0.04) '%')
:fdgfe\ekjf][\Ôe\[Y\e\ÔkZfjkji\Zf^e`q\[`egifÔkficfjj 3.42 )%-+
I\d\Xjli\d\ekfek_\e\k[\Ôe\[Y\e\Ôkc`XY`c`kp1
Actuarial (gains)/ losses arising from experience adjustments 1.40 (%.+
:fdgfe\ekjf][\Ôe\[Y\e\ÔkZfjkji\Zf^e`q\[`efk_\iZfdgi\_\ej`m\ 1.40 (%.+
income
Total 4.82 +%*/
NOTES
FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2019
ALL AMOUNTS ARE IN RS. CRORES UNLESS OTHERWISE STATED
K_\Xdflek`eZcl[\[`ek_\YXcXeZ\j_\\kXi`j`e^]ifdk_\\ek`kpjfYc`^Xk`fe`ei\jg\Zkf]`kj[\Ôe\[
Y\e\ÔkgcXej`jXj]fccfnj1
Particulars Gratuity
As at As at
March 31, 2019 March 31, 2018
Gi\j\ekMXcl\f]]le[\[[\Ôe\[Y\e\ÔkfYc`^Xk`fe 21.65 (.%(*
Fair value of plan assets 21.65 (.%-'
E\kc`XY`c`kpXi`j`e^]ifd[\Ôe\[Y\e\ÔkfYc`^Xk`fe - '%+.
Dfm\d\ekj`ek_\gi\j\ekmXcl\f]k_\[\Ôe\[Y\e\ÔkfYc`^Xk`feXi\Xj]fccfnj1$
Particulars Gratuity
For the year ended For the year ended
March 31, 2019 March 31, 2018
Fg\e`e^[\Ôe\[fYc`^Xk`fe 17.13 (*%*)
Current service cost 3.46 )%--
Interest cost 1.35 (%''
Actuarial (gains)/ losses 1.13 (%,+
9\e\ÔkjgX`[ (1.42) (%*0
:cfj`e^[\Ôe\[Y\e\ÔkfYc`^Xk`fe 21.65 (.%(*
Particulars Gratuity
For the year ended For the year ended
March 31, 2019 March 31, 2018
Fg\e`e^]X`imXcl\f]gcXeXjj\kj7 17.60 (*%-.
Interest income 1.39 (%')
Actuarial gains/ (losses) (0.27) '%)'
Contribution 4.35 +%,'
9\e\ÔkgX`[ (1.42) (%*0
Closing fair value of plan assets7 21.65 (.%-'
7
=le[jdXeX^\[Yp<DC<dgcfp\\j:fdgXep>iXkl`kpJZ_\d\Kiljk %
The major categories of plan assets maintained with the approved insurance companies for EML Trust are
as follows:
The Fair value of the plan assets at the end of reporting period for each category are as follows.
Particulars As at As at
March 31, 2019 March 31, 2018
Government securities 6.15 ,%-.
;\Yk`ejkild\ekjZXk\^fi`q\[Yp`jjl\ijZi\[`kiXk`e^1
AAA 10.60 /%/+
88" 2.53 (%./
AA 1.31 '%0(
:Xj_#[\gfj`kj#\kZ% 1.06 '%+'
Total 21.65 17.60
NOTES
FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2019
ALL AMOUNTS ARE IN RS. CRORES UNLESS OTHERWISE STATED
K_\]X`imXcl\jf]k_\XYfm\`ejkild\ekjXi\[\k\id`e\[YXj\[fehlfk\[dXib\kgi`Z\j`eXZk`m\dXib\k%K_\XZklXci\klie
fegcXeXjj\kjnXjIj%(%()Zifi\j]fik_\p\Xi\e[\[DXiZ_*(#)'(0%
J`^e`ÔZXekXZklXi`XcXjjldgk`fej]fik_\[\k\id`eXk`fef]k_\[\Ôe\[fYc`^Xk`feXi\[`jZflekiXk\#\og\Zk\[jXcXip`eZi\Xj\
Xe[dfikXc`kp%K_\j\ej`k`m`kpXeXcpj`jY\cfn_Xm\Y\\e[\k\id`e\[YXj\[fei\XjfeXYc\gfjj`Yc\Z_Xe^\jf]k_\i\jg\Zk`m\
Xjjldgk`fejfZZlii`e^Xkk_\\e[f]k_\i\gfik`e^g\i`f[#n_`c\_fc[`e^Xccfk_\iXjjldgk`fejZfejkXek%
$ @]k_\[`jZflekiXk\`j,'YXj`jgf`ekj_`^_\icfn\i #k_\[\Ôe\[Y\e\ÔkfYc`^Xk`fenflc[[\Zi\Xj\YpIj%(%)'Zifi\j
`eZi\Xj\YpIj%(%*)Zifi\j RXjXkDXiZ_*(#)'(/1;\Zi\Xj\YpIj%'%/.Zifi\`eZi\Xj\YpIj%'%0,Zifi\ T%
$ @]k_\\og\Zk\[jXcXip^ifnk_`eZi\Xj\j[\Zi\Xj\j Yp,'YXj`jgf`ekj#k_\[\Ôe\[Y\e\ÔkfYc`^Xk`fenflc[`eZi\Xj\Yp
Ij%(%*)Zifi\j[\Zi\Xj\YpIj%(%)(Zifi\j RXjXkDXiZ_*(#)'(/1@eZi\Xj\YpIj%'%0,Zifi\[\Zi\Xj\YpIj%'%/.Zifi\ T%
Sensitivities due to change in mortality rate and change in withdrawal rate are not material and hence impact of such
Z_Xe^\`jefkZXcZlcXk\[%
Sensitivity Analysis
K_\j\ej`k`m`kpXeXcpj`jgi\j\ek\[XYfm\dXpefkY\i\gi\j\ekXk`m\f]k_\XZklXcZ_Xe^\`ek_\[\Ôe\[Y\e\ÔkfYc`^Xk`feXj`k`j
lec`b\cpk_Xkk_\Z_Xe^\`eXjjldgk`fejnflc[fZZli`e`jfcXk`fef]fe\Xefk_\iXjjfd\f]k_\Xjjldgk`fejdXpY\Zfii\cXk\[%
=lik_\idfi\#`egi\j\ek`e^k_\XYfm\j\ej`k`m`kpXeXcpj`j#k_\gi\j\ekmXcl\f]k_\[\Ôe\[Y\e\ÔkfYc`^Xk`fe_XjY\\e
calculated using the projected unit credit method at the end of reporting period, which is same as that applied in calculating
k_\[\Ôe\[Y\e\ÔkfYc`^Xk`fec`XY`c`kpi\Zf^e`q\[`ek_\YXcXeZ\j_\\k%
K_\i\nXjefZ_Xe^\`ek_\d\k_f[jXe[Xjjldgk`fejlj\[`egi\gXi`e^k_\j\ej`k`m`kpXeXcpj`j]ifdgi`fip\Xij%
Other disclosures
DXkli`kpgifÔc\f][\Ôe\[Y\e\ÔkfYc`^Xk`fe
Particulars As at As at
March 31, 2019 March 31, 2018
8m\iX^\[liXk`fef]k_\[\Ôe\[Y\e\ÔkfYc`^Xk`fe`ep\Xij 20.03 (0%-.
K_\\jk`dXk\[Zfeki`Ylk`fe[li`e^e\okp\Xi`jIj%+%',Zifi\jDXiZ_*(#)'(/1Ij%*%(/Zfi\j kfk_\[\Ôe\[Y\e\ÔkgcXe%
NOTES
FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2019
ALL AMOUNTS ARE IN RS. CRORES UNLESS OTHERWISE STATED
Geographical information
The "Geographical Segments" comprises of domestic segment which includes sales to customers located in India and the
fm\ij\Xjj\^d\ek`eZcl[\jjXc\jkfZljkfd\ijcfZXk\[flkj`[\@e[`X%
X ;fd\jk`Zj\^d\ek`eZcl[\jjXc\jXe[j\im`Z\jkfZljkfd\ijcfZXk\[`e@e[`X%
Y Fm\ij\Xjj\^d\ek`eZcl[\jjXc\jXe[j\im`Z\ji\e[\i\[kfZljkfd\ijcfZXk\[flkj`[\@e[`X%
Z Efe$Zlii\ekj\^d\ekXjj\kj`eZcl[\gifg\ikp#gcXekXe[\hl`gd\ek#efe$Zlii\ekÔeXeZ`XcXjj\kjXe[fk_\i
efe$Zlii\ekXjj\kj%
d) The accounting policies adopted for segment reporting are in conformity with the accounting policies adopted for
k_\>iflg%I\m\el\_Xm\Y\\e`[\ek`Ô\[kfj\^d\ekjfek_\YXj`jf]k_\`ii\cXk`fej_`gkfk_\fg\iXk`e^XZk`m`k`\jf]
k_\j\^d\ek%
NOTES
FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2019
ALL AMOUNTS ARE IN RS. CRORES UNLESS OTHERWISE STATED
NOTES
FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2019
ALL AMOUNTS ARE IN RS. CRORES UNLESS OTHERWISE STATED
Particulars Nature of transaction For the year ended For the year ended
March 31, 2019 March 31, 2018
Di%J`[[_Xik_XCXc Managerial remuneration
J_fik$k\idY\e\Ôkj 12.69 ('%()
Gfjk$\dgcfpd\ekY\e\Ôkj 0.06 '%(+
Fk_\icfe^$k\idY\e\Ôkj 0.06 '%',
12.81 ('%*(
Di%J%JXe[`cpX Sitting fees 0.04 '%'*
Commission 0.59 '%,*
Di%Gi`pX9iXk Sitting fees - '%'(
Commission 0.02 -
Di%D%A%JlYYX`X_ Sitting fees - '%')
Commission - '%('
Di%GiXk\\bAXcXe Sitting fees 0.02 '%'*
Commission 0.25 '%)*
Dj%DXem`J`e_X Sitting fees 0.03 '%')
Commission 0.11 '%('
Di%@e[\iDf_XeJ`e^_ Sitting fees 0.01 -
Commission 0.25 -
Di%CXc`kDXc`b Remuneration
J_fik$k\idY\e\Ôkj 4.68 )%'-
Gfjk$\dgcfpd\ekY\e\Ôkj 0.04 '%'+
Fk_\icfe^$k\idY\e\Ôkj 0.03 -
4.75 )%('
Di%DXe_XiBXgffi Remuneration
J_fik$k\idY\e\Ôkj 1.98 '%//
Gfjk$\dgcfpd\ekY\e\Ôkj 0.02 '%'(
Fk_\icfe^$k\idY\e\Ôkj 0.02 '%'(
2.02 '%0'
d. Transactions with the related parties:
Name of related party Nature of transaction For the year ended For the year ended
March 31, 2019 March 31, 2018
M<:fdd\iZ`XcM\_`Zc\jC`d`k\[ Purchase of raw materials and components / 172.28 (-'%(+
services
Expenses reimbursed 0.49 '%*,
Corporate service charges paid 2.53 )%+*
<`Z_\iGfcXi`jGi`mXk\C`d`k\[ Investment in equity share capital 30.00 ).%-'
(including advance given in previous year)
Expenses recovered - '%',
Rent income 0.26 )%0)
<`Z_\i>ff[\Xik_Gi`mXk\C`d`k\[ Corporate service charges paid 1.16 '%//
Rent 4.69 *%+)
Brand fees - (-%')
<`Z_\i>ff[\Xik_@e[`XGi`mXk\C`d`k\[ Brand fees 24.42 -%*(
E`ZfYXi;\j`^eGi`mXk\C`d`k\[ Rent income 0.99 -
Eicher Group Foundation Corporate social responsibility expenditure 42.69 ),%'/
Eicher Executive Provident Fund Contribution to provident fund 4.71 *%,,
<`Z_\iKiXZkfij<o\Zlk`m\JkXù Contribution to superannuation fund 0.33 '%*(
Superannuation Fund
<`Z_\iDfkfijC`d`k\[<dgcfp\\j Contribution 4.35 +%,'
Gratuity Trust
9\e\ÔkjgX`[ (1.42) (%*0
NOTES
FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2019
ALL AMOUNTS ARE IN RS. CRORES UNLESS OTHERWISE STATED
K_\>iflg`jefkjlYa\ZkkfXep\ok\ieXccp`dgfj\[ZXg`kXci\hl`i\d\ekj%
K_\dXeX^\d\ekf]k_\>iflgi\m`\njk_\ZXg`kXcjkilZkli\f]k_\>iflgfei\^lcXiYXj`j%8jgXikf]k_`ji\m`\n#k_\
dXeX^\d\ekf]k_\>iflgZfej`[\iji`jbjXjjfZ`Xk\[n`k_k_\dfm\d\ek`ek_\nfib`e^ZXg`kXc%
K_\]fccfn`e^kXYc\jlddXi`q\jk_\ZXg`kXcf]k_\>iflg1
Particulars As at As at
March 31, 2019 March 31, 2018
9fiifn`e^ji\]\iefk\ef%)( 186.76 (,'%/+
C\jj1:Xj_Xe[ZXj_\hl`mXc\ekji\]\iefk\ef%(, (726.98) 0)%+-
Net debt* - ,/%*/
NOTES
FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2019
ALL AMOUNTS ARE IN RS. CRORES UNLESS OTHERWISE STATED
+,%(:Xk\^fi`\jf]ÔeXeZ`Xc`ejkild\ekj
Particulars As at As at
March 31, 2019 March 31, 2018
=`eXeZ`XcXjj\kjXk]X`imXcl\k_ifl^_gifÔkficfjj
Non-current
Investments in equity 0.09 '%'0
Investments in mutual funds 2,465.76 *#(*0%(+
Current
Investments in mutual funds 468.81 -**%+'
Financial assets at amortized cost
Non-current
Investments in bonds 43.94 +*%0+
Fk_\iÔeXeZ`XcXjj\kj 27.05 ))%,,
Current
Trade receivables 90.34 -/%''
Cash and bank balances 2,965.29 (#)()%''
CfXej 1.29 '%.'
Fk_\iÔeXeZ`XcXjj\kj 70.88 *'%.,
Financial liabilities at amortized cost
Non-current
Fk_\iÔeXeZ`Xcc`XY`c`k`\j 9.99 /%//
Current
Borrowings 186.76 (,'%/+
Trade payables 1,234.05 (#(.(%/-
Fk_\iÔeXeZ`Xcc`XY`c`k`\j 163.17 (.'%'(
NOTES
FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2019
ALL AMOUNTS ARE IN RS. CRORES UNLESS OTHERWISE STATED
!@em\jkd\ek`e\hl`kpc\m\c$* _XjY\\emXcl\[lj`e^n\`^_k\[Xm\iX^\f]mXcl\Xii`m\[lj`e^;`jZflek\[:Xj_=cfnD\k_f[Xe[E\k8jj\kjD\k_f[%
=X`imXcl\f]k_\>iflgjÔeXeZ`XcXjj\kjXe[ÔeXeZ`Xcc`XY`c`k`\jk_XkXi\efkd\Xjli\[Xk]X`imXcl\Ylk]X`i
value disclosures are required)
<oZ\gkXj[\kX`c\[flk`ek_\]fccfn`e^kXYc\#k_\dXeX^\d\ekZfej`[\ijk_Xkk_\ZXiip`e^Xdflekjf]ÔeXeZ`XcXjj\kjXe[
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$ D
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presented above are not necessarily indicative of all the amounts that the Group could have realized or paid in sale
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$ K_\i\n\i\efkiXej]\ijY\kn\\eC\m\c(Xe[C\m\c)[li`e^k_\p\Xi%
NOTES
FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2019
ALL AMOUNTS ARE IN RS. CRORES UNLESS OTHERWISE STATED
Market risk
Market risk is the risk of any loss in future earnings, in realizable fair values or in future cash flows that may result from a
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\ogfjli\jXi\d\Xjli\[lj`e^j\ej`k`m`kpXeXcpj`j%
Financial instruments that are subject to concentrations of credit risk, principally consist of balance with banks, investments in
[\Yk`ejkild\ekj&Yfe[j#kiX[\i\Z\`mXYc\j#cfXejXe[X[mXeZ\j%Efe\f]k_\ÔeXeZ`Xc`ejkild\ekjf]k_\>iflgi\jlck`edXk\i`Xc
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cfjj\og\i`\eZ\Xe[X[aljkd\ekj]fi]finXi[cffb`e^`e]fidXk`fe%
NOTES
FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2019
ALL AMOUNTS ARE IN RS. CRORES UNLESS OTHERWISE STATED
Dfm\d\ek`ek_\\og\Zk\[Zi\[`kcfjjXccfnXeZ\f]ÔeXeZ`XcXjj\kj
Liquidity risk
The Group manages liquidity risk by maintaining adequate reserves, banking facilities and reserve borrowing facilities, by
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dXkli`kpg\i`f[%
NOTES
FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2019
ALL AMOUNTS ARE IN RS. CRORES UNLESS OTHERWISE STATED
<`Z_\i<dgcfp\\JkfZbFgk`feGcXe`jXggc`ZXYc\kfXccg\idXe\ekXe[]lcc$k`d\\dgcfp\\jXj[\Ôe\[`ek_\GcXe #\oZcl[`e^
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f]^iXek#gifm`[\[#k_\m\jk`e^g\i`f[j_XccefkY\c\jjk_Xe(p\Xi]ifdk_\[Xk\f]^iXek%
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Zfe[`k`fejXjgifm`[\[le[\i<dgcfp\\JkfZbFgk`feGcXe#)''-%
The Exercise Price of each grant is determined by the Nomination and Remuneration Committee at the time of grant, provided
that the Exercise Price shall not be less than the closing market price of the shares of the Company on NSE/BSE on the day
gi\Z\[`e^k_\[Xk\f]^iXekf]Fgk`fej%
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XkXepk`d\]ifdk_\[Xk\f]m\jk`e^kfk_\[Xk\f]k_\`i\og`ip%
Option series Number Grant date Vesting period Expiry date Exercise Price Fair value of options
at grant date
Rs. Rs.
(ii) 2,08,900 ))$FZk$'. *P\Xij )($FZk$(. +-)%'' )+*%0'
(iii) +'#''' 29-Apr-10 (P\Xi 28-Apr-18 -0,%'' (,+%-)
(iv) (,#+'' 8-Nov-10 *P\Xij .$Efm$)' (#+((%'' )+*%0'
(v) 1,08,200 6-May-11 *$,P\Xij 5-May-21 (#(-)%'' -),%(+
(vi) ,#+'' 11-Feb-12 *$,P\Xij 10-Feb-22 (#..'%'' 0-.%'-
(vii) 5,000 16-Dec-13 *$,P\Xij 15-Dec-23 +#0(,%'' )#,))%'*
(viii) 16,000 (($8l^$(+ *$,P\Xij ('$8l^$)+ /#+..%,' +#**-%**
(ix) ,#+'' ()$Efm$(+ *$,P\Xij (($Efm$)+ ()#00*%-, -#,,,%-,
(x) 2,000 ()$AXe$(, (P\Xi (($AXe$), (+#.*0%'' .#-)-%-(
(xi) 20,300 ()$AXe$(, *$,P\Xij (($AXe$), (+#.*0%'' .#*0*%0(
(xii) +#,'' 20-Mar-15 *$,P\Xij 20-Mar-25 (-#(()%'' /#)0,%-)
(xiii) 53,000 8-May-15 *$,P\Xij .$DXp$), (+#/'.%'' .#.+(%0-
(xiv) 6,590 )($Alc$(, *$,P\Xij )'$Alc$), )(#)+/%'' ((#(()%,'
(xv) .#/'' 6-Nov-15 *$,P\Xij 5-Nov-25 (.#-./%'' 0#'('%+-
(xvi) +#)'' 5-Feb-16 *$,P\Xij +$=\Y$)- (-#/0+%'' /#,-,%/.
NOTES
FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2019
ALL AMOUNTS ARE IN RS. CRORES UNLESS OTHERWISE STATED
Option series Number Grant date Vesting period Expiry date Exercise Price Fair value of options
at grant date
Rs. Rs.
(xvii) )#+'' ).$8gi$(- *$,P\Xij 26-Apr-26 )'#(+/%'' ('#',,%.0
(xviii) 2,100 )/$Alc$(- *$,P\Xij ).$Alc$)- )'#*+'%'' ('#+*.%'-
(xix) 3,000 )/$FZk$(- *$,P\Xij ).$FZk$)- )+#+0)%'' ((#.,*%0-
(xx) 1,800 ($=\Y$(. *$,P\Xij *($AXe$). )*#')/%'' ('#/.,%-+
(xxi) 3,500 ).$DXi$(. *$,P\Xij )-$DXi$). )+#*,'%'' ((#-'(%)(
(xxii) 1,350 0$8l^$(. *$,P\Xij /$8l^$). *)#()(%'' (+#0.*%,+
(xxiii) 1,500 (+$Efm$(. *$,P\Xij (*$Efm$). *'#,/,%'' (+#,)'%//
(xxiv) 2,100 .$=\Y$(/ *$,P\Xij 6-Feb-28 ).#,.0%'' ()#.)0%.+
(xxv) +#,'' 2-Apr-18 *$,P\Xij 1-Apr-28 )/#*.*%'' ()#0*+%..
(xxvi) 1,250 9-May-18 *$,P\Xij 8-May-28 *'#+).%'' (+#'0(%0,
(xxvii) )#+'' 9-Aug-18 *$,P\Xij 8-Aug-28 ).#,0+%'' ()#//.%'.
(xxviii) 2,800 12-Nov-18 *$,P\Xij 11-Nov-28 ))#+0-%'' ('#+-0%+'
(xxix) 1,250 11-Feb-19 *$,P\Xij 10-Feb-29 )'#/+/%'' 0#-(,%+'
NOTES
FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2019
ALL AMOUNTS ARE IN RS. CRORES UNLESS OTHERWISE STATED
<ù\Zkf]j_Xi\$YXj\[gXpd\ekkiXejXZk`fejfek_\\ek`kpËjGifÔkfiCfjj1
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NOTES
FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2019
ALL AMOUNTS ARE IN RS. CRORES UNLESS OTHERWISE STATED
NOTES
FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2019
ALL AMOUNTS ARE IN RS. CRORES UNLESS OTHERWISE STATED
Particulars As at As at
March 31, 2019 March 31, 2018
Not later than one year 11.71 +%-/
CXk\ik_Xefe\p\XiXe[efkcXk\ik_XeÔm\p\Xij 17.21 +%()
Particulars As at As at
March 31, 2019 March 31, 2018
Not later than one year - '%)-
CXk\ik_Xefe\p\XiXe[efkcXk\ik_XeÔm\p\Xij - -
CXk\ik_XeÔm\p\Xij - -
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Y 8dflekjg\ek1
NOTES
FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2019
ALL AMOUNTS ARE IN RS. CRORES UNLESS OTHERWISE STATED
Name of the entity Share of other comprehensive income Share of total comprehensive income
For the year ended March 31, 2019 For the year ended March 31, 2019
As % of Rs. in crores As % of Rs. in crores
consolidated consolidated
net assets gifÔkficfjj
Parent
<`Z_\iDfkfijC`d`k\[ 93.15% (5.77) 90.99% 1,998.52
Subsidiaries
Foreign
(% IfpXc<eÔ\c[Efik_8d\i`ZXC`d`k\[ 22.25% (1.38) -1.02% (22.42)
)% I
fpXc<eÔ\c[9iXj`c:fd\iZ`f[\DfkfZ`Zc\kXjCk[X -19.42% 1.20 -0.82% (18.04)
*% IfpXc<eÔ\c[K_X`cXe[ C`d`k\[ 2.88% (0.18) -0.11% (2.34)
Af`ekM\ekli\j`em\jkd\ekXjg\ik_\\hl`kpd\k_f[
Indian
(% M<:fdd\iZ`XcM\_`Zc\jC`d`k\[ 1.14% (0.07) 11.76% 258.33
)% <`Z_\iGfcXi`jgi`mXk\C`d`k\[ - - -0.80% (17.52)
NOTES
FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2019
ALL AMOUNTS ARE IN RS. CRORES UNLESS OTHERWISE STATED
Name of the entity Share of other comprehensive income Share of total comprehensive income
For the year ended March 31, 2018 For the year ended March 31, 2018
As % of Ij%`eZifi\j As % of Ij%`eZifi\j
consolidated consolidated
net assets gifÔkficfjj
Parent
<`Z_\iDfkfijC`d`k\[ ('/%0( ('%/- (''%-0 (#0/*%*)
Subsidiaries
Foreign
(% IfpXc<eÔ\c[Efik_8d\i`ZXC`d`k\[ $'%'0 '%'( $(%.- *+%.'
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Indian
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)% <`Z_\iGfcXi`jGi`mXk\C`d`k\[ - - $((%(. ))'%',
51. Gi\m`fljp\XiËjÔ^li\j_Xm\Y\\ei\ZXjk&i\^iflg\[#n_\i\m\ie\Z\jjXipkfZfe]fidn`k_k_\Zlii\ekg\i`f[Ëjgi\j\ekXk`fe%
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The following are the areas of estimation uncertainty and critical judgements that the management has made in the process
f]Xggcp`e^k_\>iflgËjXZZflek`e^gfc`Z`\jXe[k_Xk_Xm\k_\dfjkj`^e`ÔZXek\ù\Zkfek_\Xdflekji\Zf^e`j\[`ek_\
Zfejfc`[Xk\[ÔeXeZ`XcjkXk\d\ekj1$
Control over VE Commercial Vehicles Limited
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NOTES
FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2019
ALL AMOUNTS ARE IN RS. CRORES UNLESS OTHERWISE STATED
K_\XiiXe^\d\ekj_XccY\ki\Xk\[XjXaf`ekXiiXe^\d\ekle[\i@e[8J(((ÈAf`ek8iiXe^\d\ekjÉ%
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Recoverability of intangible assets and intangible assets under development
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NOTES
FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2019
ALL AMOUNTS ARE IN RS. CRORES UNLESS OTHERWISE STATED
c\Xj\jn`k_Xc\Xj\k\idf]()dfek_jfic\jj %8kk_\Zfdd\eZ\d\ek[Xk\f]Xc\Xj\#Xc\jj\\n`cci\Zf^e`j\Xc`XY`c`kpkf
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k\id`%\%#k_\i`^_k$f]$lj\Xjj\k %C\jj\\jn`ccY\i\hl`i\[kfj\gXiXk\cpi\Zf^e`j\k_\`ek\i\jk\og\ej\fek_\c\Xj\c`XY`c`kp
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the lease term, a change in future lease payments resulting from a change in an index or rate used to determine those
gXpd\ekj %K_\c\jj\\n`cc^\e\iXccpi\Zf^e`j\k_\Xdflekf]k_\i\d\Xjli\d\ekf]k_\c\Xj\c`XY`c`kpXjXeX[aljkd\ekkf
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c\Xj\j1fg\iXk`e^Xe[ÔeXeZ\c\Xj\j%
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k_\X[fgk`fef]k_`jjkXe[Xi[`jefkc`b\cpkf_Xm\XdXk\i`Xc`dgXZk`e`kj:fejfc`[Xk\[=`eXeZ`XcJkXk\d\ekj%
An entity has to determine whether to consider each uncertain tax treatment separately or together with one or more
fk_\ileZ\ikX`ekXoki\Xkd\ekj%K_\XggifXZ_k_XkY\kk\igi\[`Zkjk_\i\jfclk`fef]k_\leZ\ikX`ekpj_flc[Y\]fccfn\[%@e
determining the approach that better predicts the resolution of the uncertainty, an entity might consider, for example, (a)
_fn`kgi\gXi\j`kj`eZfd\kXoÔc`e^jXe[jlggfikjkXoki\Xkd\ekj2fiY _fnk_\\ek`kp\og\Zkjk_\kXoXk`feXlk_fi`kpkf
dXb\`kj\oXd`eXk`feXe[i\jfcm\`jjl\jk_Xkd`^_kXi`j\]ifdk_Xk\oXd`eXk`fe%
K_\`ek\igi\kXk`fe`j\ù\Zk`m\]fiXeelXci\gfik`e^g\i`f[jY\^`ee`e^fefiX]k\i8gi`c'(#)'(0#YlkZ\ikX`ekiXej`k`fei\c`\]j
Xi\XmX`cXYc\%K_\>iflgn`ccXggcpk_\`ek\igi\kXk`fe]ifd`kj\ù\Zk`m\[Xk\%?fn\m\i#k_\>iflg[f\jefk]fi\j\\XdXk\i`Xc
`dgXZkfeXZZflekf]k_\jXd\%
per Sanjay Vij Manhar Kapoor Lalit Malik Vinod K. Dasari Siddhartha Lal
Partner Company Secretary :_`\]=`eXeZ`XcFøZ\i Whole-time Director & Managing Director
D\dY\ij_`gEf1'0,(-0 :<Ff]IfpXc<eÔ\c[ ;@E1'''*.-+,
;@E1''*+,-,.
GcXZ\1>lil^iXd GcXZ\1>lil^iXd
;Xk\1DXp('#)'(0 ;Xk\1DXp('#)'(0
VE COMMERCIAL
VEHICLES LIMITED
A SUBSIDIARY OF THE COMPANY
PERFORMANCE HIGHLIGHTS
OF VE COMMERCIAL VEHICLES LIMITED
Chart 1 // Eicher Commercial Vehicles Chart 2 // Eicher 3.5-15 Tonne Cargo Domestic
Xe[À>ifnk_ and Market Share
,+%*
*)%- *)%/
*(%, *(%*
71,743
)0%+
-+#/..
-(#,+-
33,010
,.#++(
30,131
37,706
)-#').
()%0
('%-
39,892
20,316
2015-16 (15M)
2015-16 (15M)
$(%-
$-%.
2018-19
2018-19
)'(-$(.
)'(.$(/
)'(-$(.
)'(.$(/
)'(+
)'(+
Chart 3 // Eicher 16 Tonne and above Cargo Chart 4 // Eicher Exports: Cargo/Buses
Domestic and Market Share and Growth
,#/)+
.#,()
8,035
9,001
8,746 10,010
+%0
+%, .-%,
+%-
*%0
.#+',
*%-
13,281
()#*.)
6,005
,#(/+
11,109
('#/-+
+#+-'
)0%'
5,629
()%'
2015-16 (15M)
2015-16 (15M)
.%' ((%)
2018-19
2018-19
)'(-$(.
)'(-$(.
)'(.$(/
)'(.$(/
2,030
2,328
1,596
(#)-+
(#*-+
)'(+
)'(+
Chart 5 // Eicher Buses Domestic and Chart 6 // Volvo Trucks Domestic and Growth
Market Share
-/%)
(-%/ (.%(
(,%*
(,%-
(+%0
13,038
(#+00
()#).'
).%(
1,226
10,746
('#+0+
(-%)
1,163
1,055
8,123
891
$0%*
$))%+
2015-16 (15M)
2015-16 (15M)
2018-19
2018-19
)'(-$(.
)'(-$(.
)'(.$(/
)'(.$(/
)'(+
)'(+
+.' +.,
0%'
386
/%) /%+
*+*
.%0
11,600
973
905
-%.
('#'+0
9,309
.-/
189
8,553
-./
,#.,/
383
2015-16 (15M)
2015-16 (15M)
2018-19
2018-19
)'(-$(.
)'(-$(.
)'(.$(/
)'(.$(/
)'(+
)'(+
E\kI\m\el\]ifdFg\iXk`fej Total Comprehensive Income Earnings before Interest, Depreciation % to Net Revenue
:fejfc`[Xk\[ Ij%`e:ifi\j Ij%`e:ifi\j Xe[KXo\j:fejfc`[Xk\[ Ij%`e:ifi\j ]ifdFg\iXk`fej
Ij%`e:ifi\j
Particulars As at As at
March 31, 2019 March 31, 2018
ASSETS
Non-current assets
(a) Property, plant and equipment 1,674.72 (#-'-%00
(b) Capital work-in-progress 288.97 0-%+,
(c) Intangible assets 493.71 ,)'%/*
[ À@ekXe^`Yc\Xjj\kjle[\i[\m\cfgd\ek 366.64 )*/%.)
(e) Financial assets
` À À@em\jkd\ekj 0.14 '%',
`` À KiX[\i\Z\`mXYc\j - (%0.
``` À CfXej 2.01 )%(.
`m Fk_\iÔeXeZ`XcXjj\kj 33.64 *+%+*
] Fk_\iXjj\kj 233.72 )'*%)-
Total non-current assets 3,093.55 )#.'+%/.
Current assets
(a) Inventories 1,285.77 0+/%00
(b) Financial assets
(i) Trade receivables 1,264.48 (#*0)%+.
(ii) Cash and cash equivalents 726.90 *+,%))
(iii) Bank balances other than (ii) above 994.98 (#)-,%,(
`m CfXej 3.67 (%,)
m Fk_\iÔeXeZ`XcXjj\kj 237.12 (0'%,-
Z Fk_\iXjj\kj 183.66 (-0%'-
Total current assets 4,696.58 +#*(*%**
Total assets 7,790.13 .#'(/%)'
EQUITY AND LIABILITIES
Equity
(a) Equity share capital 10.00 ('%''
Y Fk_\i\hl`kp 3,563.38 *#)**%(/
Total equity 3,573.38 *#)+*%(/
LIABILITIES
Non-current liabilities
(a) Financial liabilities
` Fk_\iÔeXeZ`Xcc`XY`c`k`\j 7.06 -%+)
(b) Provisions 124.29 (-'%/(
(c) Deferred tax liabilities (net) 83.25 +)%,)
[ Fk_\ic`XY`c`k`\j 3.92 (%+)
Total non-current liabilities 218.52 )((%(.
Current liabilities
(a) Financial liabilities
(i) Borrowings 295.89 ),/%.+
(ii) Trade payables
$ÀKfkXcflkjkXe[`e^[l\jf]d`Zif\ek\igi`j\jXe[jdXcc\ek\igi`j\j 102.06 .0%,,
- Total outstanding dues of creditors other than micro enterprises 2,904.19 )#,0+%**
and small enterprises
``` Fk_\iÔeXeZ`Xcc`XY`c`k`\j 301.76 )-,%'/
(b) Provisions 94.75 0(%'(
(c) Income tax liabilities (net) 26.51 (0%'.
[ Fk_\ic`XY`c`k`\j 273.07 ),-%'.
Total current liabilities 3,998.23 *#,-*%/,
Total liabilities 4,216.75 *#..,%')
Total equity and liabilities 7,790.13 .#'(/%)'
Efk\1:fejfc`[Xk\[ÔeXeZ`XcjkXk\d\eki\gi\j\ekjÔeXeZ`XcjkXk\d\ekjf]M<:fdd\iZ`XcM\_`Zc\jC`d`k\[Xe[`kjJlYj`[`Xi`\j#m`q#M<:MCXebX
Gi`mXk\ C`d`k\[Xe[M<:MJflk_8]i`ZXGKP C`d`k\[
CONSOLIDATED STATEMENT OF
PROFIT AND LOSS
VE COMMERCIAL VEHICLES LIMITED FOR THE YEAR ENDED MARCH 31, 2019
Ij%`e:ifi\j
Particulars For the year ended For the year ended
March 31, 2019 March 31, 2018
INCOME
Revenue from operations 11,599.94 ('#))*%*+
Fk_\i`eZfd\ 97.37 /)%--
Total Income 11,697.31 ('#*'-%''
EXPENSES
Cost of raw materials consumed 7,721.72 -#*)/%).
Purchases of stock-in-trade 1,467.21 (#*)+%(-
:_Xe^\`e`em\ekfi`\jf]Ôe`j_\[^ff[j#nfib$`e$gif^i\jjXe[jkfZb$`e$kiX[\ (387.05) ().%+'
Excise duty on sale of goods - (.*%0/
<dgcfp\\Y\e\Ôkj\og\ej\j 776.67 -//%,)
Finance costs 22.29 (-%),
Depreciation and amortisation expenses 374.04 *))%,)
Fk_\i\og\ej\j 1,048.80 0*'%*)
Total expenses 11,023.68 0#-,-%-)
GifÔkY\]fi\kXo 673.63 -+0%*/
Tax expense
Current tax 160.41 (,(%//
Tax adjustment relating to earlier years (2.57) .%)/
;\]\ii\[kXoZ_Xi^\&Y\e\Ôk 40.79 **%(-
Total tax expense 198.63 (..%.-
Total Comprehensive income for the year, net of tax 474.87 +-0%//
<Xie`e^jg\ij_Xi\f]Ij%('\XZ_ `eIj%
Basic/diluted 475.00 +.(%-)
Ij%`e:ifi\j
Particulars For the year ended For the year ended
March 31, 2019 March 31, 2018
A. CASH FLOW FROM OPERATING ACTIVITIES
GifÔkX]k\ikXo 475.00 +.(%-)
8[aljkd\ekj]fi1
Current tax 160.41 (,(%//
Tax adjustment relating to earlier years (2.17) .%)/
Deferred tax charge 40.39 **%(-
Depreciation and amortisation expenses 374.04 *))%,)
Property, plant and equipment and intangible assets discarded 2.63 -%-+
CfjjfejXc\f]gifg\ikp#gcXekXe[\hl`gd\ek 1.52 )%-'
<oZ_Xe^\[`ù\i\eZ\j`ekiXejcXk`e^k_\ÔeXeZ`XcjkXk\d\ekjf]]fi\`^efg\iXk`fej 1.42 '%*0
I\$d\Xjli\d\ekcfjj\jfe[\Ôe\[Y\e\ÔkgcXej (1.61) )%)-
Interest income (81.89) -0%(0
Finance costs 22.29 (-%),
Fg\iXk`e^gifÔkY\]fi\Z_Xe^\j`enfib`e^ZXg`kXc 992.03 0),%,,
Changes in working capital:
Adjustments for (increase) / decrease assets:
Non-current
Trade receivables 1.97 -%0*
CfXej 0.16 '%)-
Fk_\iÔeXeZ`XcXjj\kj (2.18) '%/,
Fk_\iXjj\kj 10.80 (0%))
Current
Inventories (336.78) )/-%))
Trade receivables 127.99 *-)%/-
CfXej (2.15) +%(.
Fk_\iÔeXeZ`XcXjj\kj (51.32) ,'%./
Fk_\iXjj\kj (14.60) (()%/-
Adjustments for increase / (decrease) in liabilities:
Non-current
Fk_\iÔeXeZ`Xcc`XY`c`k`\j 0.64 '%'*
Provisions (36.52) *-%(0
Fk_\ic`XY`c`k`\j 2.50 *-%()
Current
Trade payables 332.37 .,.%,.
Provisions 3.74 ,%(-
Fk_\iÔeXeZ`Xcc`XY`c`k`\j (35.74) ,)%))
Fk_\ic`XY`c`k`\j 17.00 -*%)*
Cash generated from operating activities 1,009.91 (#)'.%,+
Income taxes paid (150.40) (*-%'+
Net cash flow from operating activities (A) 859.51 (#'.(%,'
Ij%`e:ifi\j
Particulars For the year ended For the year ended
March 31, 2019 March 31, 2018
Ij%`e:ifi\j
Particulars As at As at
March 31, 2019 March 31, 2018
Components of cash and cash equivalents
Cash on hand 0.22 '%((
Cheques/drafts on hand 37.94 *+%-.
Balances with banks:
In current accounts 130.72 +,%++
In deposit accounts 558.02 )-,%''
Total cash and cash equivalents (refer note no. 15) 726.90 *+,%))
“RESOLVED THAT pursuant to the provisions of Sections RESOLVED FURTHER THAT the Board of Directors and
149 and 152 and other applicable provisions, if any, of the Nomination & Remuneration Committee, be and are
k_\:fdgXe`\j8Zk#)'(*Èk_\8ZkÉ #k_\ilc\j]iXd\[ _\i\YpXlk_fi`j\[kfj\kkc\Xephl\jk`fe#[`øZlckpfi
thereunder including the Companies (Appointment and [flYk#k_XkdXpXi`j\`e^`m`e^\ù\Zkkfk_`ji\jfclk`fe
HlXc`ÔZXk`fef];`i\Zkfij Ilc\j#)'(+Xe[k_\Xggc`ZXYc\ and to do all such acts, deeds and things as may be
provisions of the SEBI (Listing Obligations and Disclosure e\Z\jjXip#\og\[`\ekXe[[\j`iXYc\]fik_\gligfj\f]
Requirements) Regulations, 2015 (including any ^`m`e^\ù\Zkkfk_`ji\jfclk`fe%É
6. To appoint Mr. Inder Mohan Singh as an RESOLVED FURTHER THAT the Board of Directors and
@e[\g\e[\ek;`i\Zkfif]k_\:fdgXep1 the Nomination & Remuneration Committee, be and are
_\i\YpXlk_fi`j\[kfj\kkc\Xephl\jk`fe#[`øZlckpfi
@ek_`ji\^Xi[#`k`jgifgfj\[kfZfej`[\iXe[`]k_fl^_kÔk#kf [flYk#k_XkdXpXi`j\`e^`m`e^\ù\Zkkfk_`ji\jfclk`fe
pass the following resolution as an Fi[`eXipI\jfclk`fe1 and to do all such acts, deeds and things as may be
e\Z\jjXip#\og\[`\ekXe[[\j`iXYc\]fik_\gligfj\f]
“RESOLVED THAT pursuant to the provisions of Sections
^`m`e^\ù\Zkkfk_`ji\jfclk`fe%É
149 and 152 read with other applicable provisions, if any,
f]k_\:fdgXe`\j8Zk#)'(*Èk_\8ZkÉ #k_\ilc\j]iXd\[
/% KfZfej`[\iXe[Xggifm\gXpd\ekf]i\dle\iXk`fe
thereunder including the Companies (Appointment
by way of commission to Directors, other than
Xe[HlXc`ÔZXk`fef];`i\Zkfij Ilc\j#)'(+Xe[k_\
Managing Director(s) and Whole Time Director(s)
applicable provisions of the SEBI (Listing Obligations and
f]k_\:fdgXep1
Disclosure Requirements) Regulations, 2015 (including
XepjkXklkfipdf[`ÔZXk`fej fii\$\eXZkd\ekj k_\i\f]# @ek_`ji\^Xi[#`k`jgifgfj\[kfZfej`[\iXe[`]k_fl^_kÔk#
for the time being in force), Mr. Inder Mohan Singh (DIN: to pass the following resolution as Jg\Z`XcI\jfclk`fe1
07114750), who was appointed as an Additional Director
(Independent) by the Board in terms of Section 161 of the RESOLVED THAT pursuant to the provisions of Sections
8Zkn`k_\ù\Zk]ifdEfm\dY\i()#)'(/Xe[n_f_fc[j 197, 198 and all other applicable provisions of the
føZ\lgkfk_\ZfeZclj`fef]k_`j8eelXc>\e\iXcD\\k`e^ Companies Act, 2013 and the rules made thereunder
and being eligible and in respect of whom the Company including Companies (Appointment and Remuneration
has received a notice in writing from a Member under of Managerial Personnel) Rules, 2014 and SEBI (Listing
Section 160(1) of the Act proposing his candidature for Obligations and Disclosure Requirements) Regulations,
k_\føZ\f];`i\Zkfif]k_\:fdgXep#Y\Xe[`j_\i\Yp )'(,#`eZcl[`e^XepjkXklkfipdf[`ÔZXk`fej fii\$
appointed as an Independent Director on the Board of the enactment(s) thereof, for the time being in force, approval
:fdgXep#kf_fc[føZ\]fiXg\i`f[f],Ôm\ Zfej\Zlk`m\ of the Company be and is hereby accorded for payment
p\Xijn`k_\ù\Zk]ifdEfm\dY\i()#)'(/% f]i\dle\iXk`feYpnXpf]Zfdd`jj`feefk\oZ\\[`e^`e
X^^i\^Xk\fe\g\iZ\ekf]k_\XeelXce\kgifÔkjf]k_\
RESOLVED FURTHER THAT the Board of Directors and
:fdgXep]fi\XZ_ÔeXeZ`Xcp\Xi#Zfdglk\[`ek_\dXee\i
the Nomination & Remuneration Committee, be and are
laid down in the said Section 198 or any other applicable
_\i\YpXlk_fi`j\[kfj\kkc\Xephl\jk`fe#[`øZlckpfi
provisions of the Companies Act, 2013, to the Non-
[flYk#k_XkdXpXi`j\`e^`m`e^\ù\Zkkfk_`ji\jfclk`fe
<o\Zlk`m\;`i\Zkfij#fk_\ik_Xek_\DXeX^`e^;`i\Zkfij
and to do all such acts, deeds and things as may be
and Whole-time Director(s) of the Company), or some
e\Z\jjXip#\og\[`\ekXe[[\j`iXYc\]fik_\gligfj\f]
or any of them in such proportion and in such manner as
^`m`e^\ù\Zkkfk_`ji\jfclk`fe%É
may be determined by the Board of Directors.
.% KfXggf`ekDi%M`ef[BldXi8^^XinXcXjEfe$
\o\Zlk`m\;`i\Zkfif]k_\:fdgXep1 RESOLVED FURTHER THAT the above remuneration shall
Y\`eX[[`k`fekf]\\jgXpXYc\kfk_\Efe$<o\Zlk`m\
@ek_`ji\^Xi[#`k`jgifgfj\[kfZfej`[\iXe[`]k_fl^_kÔk#kf Director(s) for attending the meetings of the Board or
pass the following resolution as an Fi[`eXipI\jfclk`fe1 Committee thereof or for any other purpose whatsoever
“RESOLVED THAT pursuant to the provisions of Sections as may be decided by the Board of Directors and
149 and 152 and other applicable provisions, if any, of i\`dYlij\d\ekf]\og\ej\j]figXik`Z`gXk`fe`ek_\9fXi[
k_\:fdgXe`\j8Zk#)'(*Èk_\8ZkÉ #k_\ilc\j]iXd\[ and other meetings.
thereunder including the Companies (Appointment and
HlXc`ÔZXk`fef];`i\Zkfij Ilc\j#)'(+Xe[k_\Xggc`ZXYc\ RESOLVED FURTHER THAT the Board of Directors and
provisions of the SEBI (Listing Obligations and Disclosure the Nomination & Remuneration Committee, be and are
Requirements) Regulations, 2015 (including any statutory _\i\YpXlk_fi`j\[kfj\kkc\Xephl\jk`fe#[`øZlckpfi
df[`ÔZXk`fej fii\$\eXZkd\ekj k_\i\f]#]fik_\ [flYk#k_XkdXpXi`j\`e^`m`e^\ù\Zkkfk_`ji\jfclk`fe
k`d\Y\`e^`e]fiZ\ #Di%ÀM`ef[BldXi8^^XinXc;@E1 and to do all such acts, deeds and things as may be
00038906), who was appointed as an Additional Director e\Z\jjXip#\og\[`\ekXe[[\j`iXYc\]fik_\gligfj\f]
Efe$<o\Zlk`m\#Efe$@e[\g\e[\ek Ypk_\9fXi[`ek\idj ^`m`e^\ù\Zkkfk_`ji\jfclk`fe%É
f]J\Zk`fe(-(f]k_\8Zkn`k_\ù\Zk]ifd8gi`c(#)'(0
Xe[n_f_fc[jføZ\lgkfk_\ZfeZclj`fef]k_`j8eelXc 0% KfZfej`[\iXe[Xggifm\gXpd\ekf]i\dle\iXk`fe
General Meeting and being eligible and in respect of kfDi%ÀJ%JXe[`cpX#:_X`idXeEfe$<o\Zlk`m\
whom the Company has received a notice in writing from @e[\g\e[\ek;`i\Zkfi ]fik_\ÔeXeZ`Xcp\Xi)'(/$
a Member under Section 160(1) of the Act proposing his (0#n_`Z_dXp\oZ\\[Ô]kpg\iZ\ekf]k_\kfkXc
ZXe[`[Xkli\]fik_\føZ\f];`i\Zkfif]k_\:fdgXep#Y\ i\dle\iXk`fegXpXYc\kfXcck_\Efe$<o\Zlk`m\
Xe[`j_\i\YpXggf`ek\[XjEfe$<o\Zlk`m\;`i\Zkfifek_\ ;`i\Zkfijf]k_\:fdgXep1
Board of the Company, liable to retire by rotation, for a @ek_`ji\^Xi[#`k`jgifgfj\[kfZfej`[\iXe[`]k_fl^_kÔk#
g\i`f[f],Ôm\ p\Xijn`k_\ù\Zk]ifd8gi`c(#)'(0% to pass the following resolution as Jg\Z`XcI\jfclk`fe1
“RESOLVED THAT pursuant to the provisions of Company, from time to time, of face value of Rs. 10 each
Regulation 17(6) and other applicable provisions, if any, fully paid-up, subject to such terms and conditions as
f]k_\J\Zli`k`\jXe[<oZ_Xe^\9fXi[f]@e[`XC`jk`e^ may be determined in accordance with the provisions of
Obligations and Disclosure Requirements) Regulations, the applicable laws including SEBI SBEB Regulations and
)'(,`eZcl[`e^XepXd\e[d\ek#df[`ÔZXk`fe#mXi`Xk`fe the provisions of the RSU 2019 as applicable from time
or re-enactment(s) thereof for the time being in force to time.
and other applicable provisions, if any, of the Companies
Act, 2013, approval of the Members of the Company be RESOLVED FURTHER THAT the equity shares so issued
and is hereby accorded for payment of remuneration and allotted as mentioned hereinbefore shall rank
to Mr. S. Sandilya (DIN: 00037542), Chairman (Non- gXi`gXjjln`k_k_\k_\e\o`jk`e^\hl`kpj_Xi\jf]
<o\Zlk`m\Xe[@e[\g\e[\ek;`i\Zkfi #]fik_\ÔeXeZ`Xc the Company and that the Board/ Nomination and
p\Xi)'(/$(0#\oZ\\[`e^Ô]kpg\iZ\ekf]k_\kfkXc Remuneration Committee be and is hereby authorised
i\dle\iXk`fek_XkdXpY\gXpXYc\kfXccEfe$<o\Zlk`m\ to take requisite steps for listing of the equity shares
;`i\Zkfijf]k_\:fdgXep]fik_\ÔeXeZ`Xcp\Xi)'(/$(0% Xccfkk\[le[\iIJL)'(0fek_\JkfZb<oZ_Xe^\j n_\i\
the equity shares of the Company are listed.
RESOLVED FURTHER THAT the Board of Directors and
the Nomination & Remuneration Committee, be and are RESOLVED FURTHER THAT in case of any corporate
_\i\YpXlk_fi`j\[kfj\kkc\Xephl\jk`fe#[`øZlckpfi action(s) such as rights issues, bonus issues, change
[flYk#k_XkdXpXi`j\`e^`m`e^\ù\Zkkfk_`ji\jfclk`fe in capital structure, merger, demerger, sale of division/
and to do all such acts, deeds and things as may be undertaking, or other reorganisation, the ceiling as
e\Z\jjXip#\og\[`\ekXe[[\j`iXYc\]fik_\gligfj\f] regards number of RSUs that can be issued, number
^`m`e^\ù\Zkkfk_`ji\jfclk`fe%É f]IJLjXe[k_\`i\o\iZ`j\gi`Z\`ei\cXk`fen`k_\XZ_
grantee, face value and number of equity shares to
('% KfXggifm\Xe[X[fgk<`Z_\iDfkfijC`d`k\[Ëj Y\`jjl\[Xe[Xccfkk\[lgfe\o\iZ`j\f]IJLjj_Xcc
I\jki`Zk\[JkfZbLe`kGcXe)'(0 be adjusted to facilitate making a fair and reasonable
adjustment as determined by the Board/ Nomination
@ek_`ji\^Xi[#`k`jgifgfj\[kfZfej`[\iXe[`]k_fl^_kÔk# and Remuneration Committee as per provisions of SEBI
to pass the following resolution as Jg\Z`XcI\jfclk`fe1 SBEB Regulations.
“RESOLVED THAT pursuant to the provisions of Section RESOLVED FURTHER THAT in case the face value of
62(1)(b) and other applicable provisions, if any, of the equity shares of the Company is either sub-divided or
Companies Act, 2013 and the Rules made thereunder consolidated, then the ceiling as aforesaid of RSUs and
Xe[I\^lcXk`fe-( f]k_\J\Zli`k`\jXe[<oZ_Xe^\ equity shares respectively to be issued and allotted,
9fXi[f]@e[`XJ_Xi\9Xj\[<dgcfp\\9\e\Ôkj Xe[kfk_\\ok\ekXccfn\[#\o\iZ`j\gi`Z\gXpXYc\Ypk_\
I\^lcXk`fej#)'(+i\X[n`k_Z`iZlcXij#efk`ÔZXk`fej grantees under the RSU 2019 shall automatically stand
issued thereunder (hereinafter referred as “SEBI SBEB augmented or reduced, as the case may be, in the same
I\^lcXk`fejÉ #Xe[`eXZZfi[XeZ\n`k_k_\D\dfiXe[ld proportion as the present face value of Rs. 10 (Rupees
of Association and the Articles of Association of the ten only) per equity share bears to the revised face
Company, subject to such other approvals, permissions value of the equity shares of the Company after such
and sanctions as may be necessary and subject to such Zfejfc`[Xk`fefijlY$[`m`j`fe#n`k_flkXù\Zk`e^Xepfk_\i
Zfe[`k`fejXe[df[`ÔZXk`fejXjdXpY\gi\jZi`Y\[fi rights or obligations of the said grantees.
imposed pursuant to such approvals, permissions and
sanctions, the approval of the Company be and is hereby RESOLVED FURTHER THAT the Board/ Nomination and
accorded to the introduction of ‘Eicher Motors Limited - Remuneration Committee be and is hereby authorized at
I\jki`Zk\[JkfZbLe`kGcXe)'(0ËÈIJL)'(0ÉfiÈGcXeÉ any time to modify, change, vary, alter, amend, suspend
authorising the Board of Directors of the Company or terminate the RSU 2019 subject to the compliance
_\i\`eX]k\ii\]\ii\[kfXjk_\È9fXi[Én_`Z_k\idj_Xcc with the provisions of the applicable laws and with prior
be deemed to include any Committee, including the XggifmXcf]k_\d\dY\ijf]k_\:fdgXepkfk_\\ok\ek
Nomination and Remuneration Committee, pursuant to required under SEBI SBEB Regulation and to do all such
Regulation 5 of SEBI SBEB Regulations) to formulate a acts, deeds, matters and things as may at its discretion
IJL)'(0Xe[kfZi\Xk\#`jjl\Xe[^iXek#efk\oZ\\[`e^ [\\djÔk#]fijlZ_gligfj\Xe[Xcjfkfj\kkc\Xep`jjl\j#
1% of the paid-up equity shares of the Company, from hl\jk`fej#[`øZlck`\jfi[flYkjk_XkdXpXi`j\`ek_`j
k`d\kfk`d\#i\jki`Zk\[jkfZble`kjÈIJLjÉ `ek_\eXkli\ i\^Xi[Xe[]lik_\ikf\o\Zlk\XccjlZ_[fZld\ekj#
of employee stock options thereunder, in one or more writings and to give such directions and/or instructions
tranches, from time to time, to the eligible employees XjdXpY\e\Z\jjXipfi\og\[`\ekkf^`m\\ù\ZkkfjlZ_
including Directors of the Company whether whole- df[`ÔZXk`fe#Z_Xe^\#mXi`Xk`fe#Xck\iXk`fe#Xd\e[d\ek#
k`d\fiefk#n_`Z_lgfe\o\iZ`j\j_Xcci\jlck`efe\e\n suspension or termination of the RSU 2019 and do all
\hl`kpj_Xi\kfY\`jjl\[Ypk_\:fdgXepefk\oZ\\[`e^ other things incidental and ancillary thereof.
in aggregate 1% of the paid-up equity shares of the
RESOLVED FURTHER THAT the the Board/ Nomination to create, issue and grant such number of restricted
and Remuneration Committee be and is hereby jkfZble`kjÈIJLjÉ `ek_\eXkli\f]\dgcfp\\jkfZb
authorized to do all such acts, deeds, and things, as may, options under the Plan, in one or more tranches,
at its absolute discretion, deems necessary including from time to time, to the eligible employees including
authorizing or directing to appoint merchant bankers, Directors whether whole-time or not of the subsidiary
Yifb\ij#jfc`Z`kfij#i\^`jkiXij#Zfdgc`XeZ\føZ\i# company(ies) of the Company, whether in or outside
and other advisors, consultants or representatives, India, within the overall and individual limits of the Plan
Y\`e^`eZ`[\ekXckfk_\\ù\Zk`m\`dgc\d\ekXk`feXe[ as amended from time to time, where one RSU upon
administration of RSU 2019, as also to make applications \o\iZ`j\j_Xcc\ek`kc\k_\^iXek\\kffe\\hl`kpj_Xi\f]
to the appropriate authorities, parties and the face value of Rs. 10 each fully paid-up to be issued by the
institutions for their requisite approvals as also to initiate Company, subject to such terms and conditions as may
all necessary actions for the preparation and issue of be determined in accordance with the provisions of the
glYc`ZXeefleZ\d\ekXe[Ôc`e^f]glYc`ZXeefleZ\d\ek# applicable laws including SEBI SBEB Regulations and the
`]i\hl`i\[#n`k_k_\J\Zli`k`\jXe[<oZ_Xe^\9fXi[ provisions of the RSU 2019 as prevail from time to time.
f]@e[`X&JkfZb<oZ_Xe^\j #Xe[Xccfk_\i[fZld\ekj
i\hl`i\[kfY\Ôc\[`ek_\XYfm\Zfee\Zk`feXe[kfj\kkc\ RESOLVED FURTHER THAT the equity shares so issued
XccjlZ_hl\jk`fej#[`øZlck`\jfi[flYkjn_Xkjf\m\in_`Z_ and allotted as mentioned hereinbefore shall rank
may arise and take all such steps and decisions in this gXi`gXjjln`k_k_\k_\e\o`jk`e^\hl`kpj_Xi\jf]k_\
i\^Xi[%É Company.
Notes:
1. K_\<ogcXeXkfipJkXk\d\ekglijlXekkfJ\Zk`fe(')f]k_\:fdgXe`\j8Zk#)'(*#n_`Z_j\kjflk[\kX`cji\cXk`e^kfJg\Z`Xc
9lj`e\jj\jkfY\kiXejXZk\[Xkk_\d\\k`e^#`jXee\o\[_\i\n`k_%
2. Appointment of Director:
Brief resume of the Director proposed to be re-appointed (item No. 3 of the Notice) is given hereunder:
In terms of Section 152 of the Companies Act, 2013, Mr. Siddhartha Lal, Managing Director, retires by rotation at this
8eelXc>\e\iXcD\\k`e^Xe[Y\`e^\c`^`Yc\#fù\ij_`dj\c]]fii\$Xggf`ekd\ek%K_\9fXi[f];`i\Zkfijf]k_\:fdgXep
recommend his re-appointment. Mr. Siddhartha Lal is interested in the business item no. 3 of the Notice with regard to
_`ji\$Xggf`ekd\ek%JXm\Xe[\oZ\gkk_\XYfm\#efe\f]k_\;`i\Zkfij&B\pDXeX^\i`XcG\ijfee\cf]k_\:fdgXep&k_\`i
i\cXk`m\jXi\#`eXepnXp#ZfeZ\ie\[fi`ek\i\jk\[#ÔeXeZ`Xccpfifk_\in`j\#`ek_\Fi[`eXip9lj`e\jjj\kflkle[\iYlj`e\jj
item no. 3 of the Notice.
11. To prevent fraudulent transactions, members are advised cost. For any communication, the shareholders may
kf\o\iZ`j\[l\[`c`^\eZ\Xe[efk`]pk_\:fdgXepf]Xep also write to the Company’s investor email id: investors@
change in address of any member as soon as possible. eichermotors.com.
Members who are holding shares in physical forms are
requested to notify changes in their respective address/ 15. Pursuant to the provisions of Section 72 of the
Bank Mandate/ National Electronic Clearing Service Companies Act 2013, the member(s) holding shares in
(NECS) details, if any, to Company’s Registrar i.e Link physical form may nominate, in the prescribed manner,
Intime India Pvt. Ltd. at Noble Heights, 1st Floor, Plot a person to whom all the rights in the shares shall vest
No. NH 2, LSC, C-1 Block, Near Savitri Market, Janakpuri, in the event of death of the sole holder or all the joint
E\n;\c_`$(('',/%9\e\ÔZ`Xcfne\ij_fc[`e^j_Xi\j holders. Member(s) may write to the Company/ Registrar
in electronic form are requested to intimate change in for this facility. Member(s) holding shares in demat form
address/ Bank Mandate/ National Electronic Clearing may contact their respective Depository Participant for
Service (NECS) details, if any, to their respective availing this facility.
Depository Participants (DP). To support the “Green
@e`k`Xk`m\É#d\dY\ijXi\i\hl\jk\[kfi\^`jk\i&lg[Xk\ 16. Guidelines for attending the ensuing Annual General
their e-mail addresses with the Registrar in case of Meeting of the Company:
shares held in physical form and with their respective
Depository Participants in case shares are held in a. Entry to the AGM Auditorium will be strictly against
electronic form. entry coupon which will be issued at the attendance
Zflek\ijXkk_\m\el\Xe[X^X`ejkk_\\oZ_Xe^\f]
12. K_\J\Zli`k`\jXe[<oZ_Xe^\9fXi[f]@e[`XJ<9@ m`[\ [lcpÔcc\[`e#j`^e\[Xe[mXc`[Xkk\e[XeZ\jc`g%K_\
its Circular dated April 20, 2018 has mandated the j_Xi\_fc[\i&gifopn`ccY\i\hl`i\[kfj_fnXmXc`[
submission of Permanent Account Number (PAN) and original photo identity proof such as PAN Card,
Bank account details by every participant in securities Passport, Driving License etc. at the attendance
market. Members holding shares in electronic form counter.
are, therefore, requested to submit the PAN to their
Depository Participants with whom they are maintaining b. Any briefcase/bags/eatables or such other articles
their demat accounts. Members holding shares in as may be ordered by the authorities are not
physical form are requested to submit their PAN and allowed inside the AGM Auditorium.
Bank account details to the Registrar & Share Transfer
Agent of the Company along with folio details. 17. 8cc[fZld\ekji\]\ii\[kf`ek_\Efk`Z\Xe[\ogcXeXkfip
statement are open for inspection at the registered
13. 8eelXcI\gfik]fik_\ÔeXeZ`Xcp\Xi)'(/$(0Xcfe^n`k_ føZ\f]k_\:fdgXepY\kn\\e((1''8DXe[,1''GDfe
the Notice of the 37th Annual General Meeting of the all working day (Monday-Friday) up to the date of AGM.
:fdgXep`eZcl[`e^8kk\e[XeZ\Jc`gXe[Gifop=fid
is being sent to all the members whose email IDs are (/% Members desirous of obtaining any information/
registered with the Registrar/Depository Participants(s) ZcXi`ÔZXk`fefek_\dXkk\ijgifm`[\[`ek_\8eelXc
through electronic mode unless any member has Report are requested to submit their query in writing to
requested for a hard copy of the same. For members who Di%;%J%D\_kX#K\XdDXeX^\i#Xkk_\I\^`jk\i\[FøZ\
have not registered their email address, physical copies of the Company at least 10 days before the date of the
f]k_\8eelXcI\gfik]fik_\ÔeXeZ`Xcp\Xi)'(/$(0Xcfe^ Meeting along with their folio number/ client ID and DP ID
with Notice of the 37th Annual General Meeting of the and other details.
:fdgXep`eZcl[`e^8kk\e[XeZ\Jc`gXe[Gifop=fid `j
being sent by other permissible modes. The process and (0% The Register of Directors and Key Managerial Personnel
manner of e-voting is provided under para 20 below. and their shareholding, maintained under Section 170
of the Companies Act, 2013, Register of Contracts or
14. Members may also note that the Notice of the 37th Arrangements in which directors are interested under
Annual General Meeting and the Annual Report for the Section 189, copies of draft letter of appointment of
ÔeXeZ`Xcp\Xi)'(/$(0`jXmX`cXYc\fek_\:fdgXepËj Efe$<o\Zlk`m\;`i\ZkfijXe[Xepfk_\i[fZld\ek
website www.eichermotors.com, for download. The referred in the notice of the Annual General Meeting
physical copies of the aforesaid documents will also be will be made available for inspection by members of the
XmX`cXYc\Xkk_\:fdgXepËjI\^`jk\i\[FøZ\`eE\n :fdgXepXkk_\d\\k`e^%:\ik`ÔZXk\]ifdk_\8l[`kfijf]
Delhi for inspection during 11:00 A.M. to 5:00 P.M on any the Company certifying that Employee Stock Option Plan
working day (Monday-Friday). Even after registering 2006 is being implemented in accordance with the SEBI
for e-communication, members are entitled to receive J_Xi\9Xj\[<dgcfp\\9\e\Ôkj I\^lcXk`fej#)'(+n`cc
such communication in physical form, upon making a also be available for inspection at the meeting.
request for the same, by any permissible mode, free of
c) How to retrieve your ‘initial password’? 2. After click on Active Voting Cycles, you will be
XYc\kfj\\Xcck_\ZfdgXe`\jÈ<M<EÉ`en_`Z_
(i) If your email ID is registered in
you are holding shares and whose voting cycle
your demat account or with the
is in active status.
company, your ‘initial password’ is
communicated to you by NSDL on *% J\c\ZkÈ<M<EÉf]<`Z_\iDfkfijC`d`k\[%
your email ID. Trace the email sent to
4. Now you are ready for e-Voting as the Voting
pfl]ifdEJ;C]ifdpflidX`cYfo%
page opens.
Open the email and open the
XkkXZ_d\ek`%\%XÈ%g[]Ôc\É%Fg\ek_\ 5. Cast your vote by selecting appropriate
È%g[]Ôc\É%K_\gXjjnfi[kffg\ek_\ options i.e. assent or dissent, verify/modify
È%g[]Ôc\É`jpfli/[`^`kZc`\ek@;]fi the number of shares for which you wish to
NSDL account, last 8 digits of client ZXjkpflimfk\Xe[Zc`ZbfeÈJlYd`kÉXe[Xcjf
ID for CDSL account or folio number È:feÔidÉn_\egifdgk\[%
for shares held in physical form. The
-% LgfeZfeÔidXk`fe#k_\d\jjX^\ÈMfk\ZXjk
È%g[]Ôc\ÉZfekX`ejpfliÊLj\i@;ËXe[
jlZZ\jj]lccpÉn`ccY\[`jgcXp\[%
your ‘initial password’.
7. You can also take the printout of the votes
(ii) If your email ID is not registered,
cast by you by clicking on the print option on
your ‘initial password’ is
k_\ZfeÔidXk`fegX^\%
communicated to you on your
postal address by the Company. /% FeZ\pflZfeÔidpflimfk\fek_\i\jfclk`fe#
you will not be allowed to modify your vote.
6. If you are unable to retrieve or have not
i\Z\`m\[k_\È@e`k`XcgXjjnfi[Éfi_Xm\ >\e\iXc>l`[\c`e\j]fij_Xi\_fc[\ij
forgotten your password:
1. Institutional shareholders (i.e. other than
a) Click on “Forgot User Details/ individuals, HUF, NRI etc.) are required to send
GXjjnfi[6É@]pflXi\_fc[`e^j_Xi\j`e scanned copy (PDF/JPG Format) of the relevant
your demat account with NSDL or CDSL) Board Resolution/ Authority letter etc. with
option available on www.evoting.nsdl.com. attested specimen signature of the duly authorized
b) Click on “Physical User Reset signatory(ies) who are authorized to vote, to the
GXjjnfi[6É@]pflXi\_fc[`e^j_Xi\j Scrutinizer by e-mail to vijaygupta.vkgn@gmail.com
in physical mode) option available on with a copy marked to evoting@nsdl.co.in.
www.evoting.nsdl.com. 2. It is strongly recommended not to share your
c) If you are still unable to get the password password with any other person and take utmost
by aforesaid two options, you can send a ZXi\kfb\\gpfligXjjnfi[ZfeÔ[\ek`Xc%Cf^`e
request at evoting@nsdl.co.in mentioning to the e-voting website will be disabled upon
your demat account number/folio Ôm\lejlZZ\jj]lcXkk\dgkjkfb\p`ek_\Zfii\Zk
number, your PAN, your name and your password. In such an event, you will need to go
registered address. k_ifl^_k_\È=fi^fkLj\i;\kX`cj&GXjjnfi[6Éfi
ÈG_pj`ZXcLj\iI\j\kGXjjnfi[6Éfgk`feXmX`cXYc\
d) Members can also use the OTP (One Time
on www.evoting.nsdl.com to reset the password.
Password) based login for casting the
votes on the e-Voting system of NSDL. 3. In case of any queries, you may refer the Frequently
Asked Questions (FAQs) for Shareholders and
7. After entering your password, tick on Agree
e-voting user manual for Shareholders available
kfÈK\idjXe[:fe[`k`fejÉYpj\c\Zk`e^fek_\
at the download section of www.evoting.nsdl.com
Z_\ZbYfo%
or call on toll free no.: 1800-222-990 or send a
/% Efn#pfln`cc_Xm\kfZc`ZbfeÈCf^`eÉYlkkfe% request at evoting@nsdl.co.in.
However, if a member is already registered with AGM but have not cast their votes by availing the remote
NSDL eservices i.e. IDEAS, he can log-in at https:// e-voting facility.
\j\im`Z\j%ej[c%Zfd&n`k__`j\o`jk`e^@;<8Jcf^`e%@]
the member forgets his password, he can reset his 26. The Scrutinizer shall after the conclusion of voting
password by using above instructions for remote Xkk_\8eelXc>\e\iXcD\\k`e^#n`ccÔijkZflekk_\
e-voting. votes cast through ballot process at the meeting and
thereafter unblock the votes cast through remote
6. A member may participate in the AGM even after e-voting in the presence of at least two witnesses not
\o\iZ`j`e^_`ji`^_kkfmfk\k_ifl^_ i\dfk\ in the employment of the Company and shall make a
e-voting but shall not be allowed to vote again at consolidated scrutinizer’s report within the prescribed
the AGM. time of the total votes cast in favor or against, if any, and
submit the report to the Chairman or a person authorized
)(% N\YZXjkf]k_\>\e\iXcD\\k`e^1 by him in writing, who shall countersign the same and
declare the result of the voting forthwith.
The Shareholders are informed that the Company will
be providing a facility to view the live streaming of the
27. Results of voting (remote e-voting and voting through
AGM proceedings on the NSDL website. You may access
ballot process at the AGM) shall be declared within
the same at https://www.evoting.nsdl.com by using your
48 hours from the time of conclusion of the meeting.
remote e-voting credentials. The link will be available in
The results along with the Scrutinizers’ report would be
shareholder login where the EVEN of Company will be
[`jgcXp\[Xkk_\i\^`jk\i\[føZ\f]k_\:fdgXep#Xkk_\
displayed.
ZfigfiXk\føZ\Xk0-#J\Zkfi*)#>lil^iXd())''(#
?XipXeXXe[j_XccY\`ek`dXk\[kfk_\JkfZb<oZ_Xe^\j
The Webcast facility will be available from the time of
where securities of the Company are listed, Depositories
commencement of AGM till the time of conclusion of
and Registrar & Share Transfer Agent and will be
AGM on August 1, 2019.
displayed on the Company’s website
22. A person, whose name is recorded in the register www.eichermotors.com and NSDL website
f]d\dY\ijfi`ek_\i\^`jk\if]Y\e\ÔZ`Xcfne\ij www.evoting.nsdl.com.
dX`ekX`e\[Ypk_\[\gfj`kfi`\jXjfek_\Zlk$fù[Xk\
)/% Any query relating to voting including e-voting may
only shall be entitled to avail the facility of remote
be addressed to Mr. D.S Mehta-Team Manager, at 96,
e-voting or voting at the AGM through ballot process.
Sector 32, Gurugram-122001, Haryana (Contact No. +91
23. Member(s) can choose only one mode of voting, i.e. (124) 7102968, E-mail: investors@eichermotors.com).
either remote e-voting or voting through ballot process
By order of the Board of Eicher Motors Limited
at the AGM. In case a member casts its vote through
both the modes, voting done through remote e-voting
Manhar Kapoor
shall prevail and voting done at the meeting through
General Counsel & Company Secretary
ballot process shall be treated as invalid.
Place: Gurugram, Haryana Membership No. FCS 5564
Date: May 10, 2019
24. Mr. Vijay Gupta, Chartered Accountant, or in his absence,
Ms. Navita Gupta, Chartered Accountant, shall act as the
CIN: L34102DL1982PLC129877
Scrutinizer(s) to scrutinize the ballot voting and remote
I\^[%Fù1*i[=cffi$J\c\Zk:`kpnXcb
e-voting process in a fair and transparent manner.
A-3 District Centre, Saket
New Delhi – 110017
25. The Chairman shall, at the AGM, at the end of discussion
Phone: 0124-4415600
on the resolutions on which voting is to be held, allow
Website: www.eichermotors.com
voting with the assistance of Scrutinizer, through “Ballot
E-mail: investors@eichermotors.com
GifZ\jjÉ]fiXcck_fj\d\dY\ijn_fXi\gi\j\ekXkk_\
EXPLANATORY STATEMENT PURSUANT TO He has also served as the President of the Society of Indian
SECTION 102 OF THE COMPANIES ACT, 2013 Automobile Manufacturers (SIAM) from 2015 to 2017 and as
President of Automotive Research Association of India (ARAI),
Item No. 4:
from 2013 to 2015. He holds a Masters degree in Engineering
Pursuant to Section 148 of the Companies Act, 2013 Management from the McCormick School of Engineering and
and Companies (Cost Records and Audit) Rules, 2014, a Master in Business Administration (MBA) from the Kellogg
remuneration payable to the Cost Auditors is required to be School of Management. He earned a Bachelor’s degree in
iXk`Ô\[Ypk_\d\dY\ijf]k_\:fdgXep%9fXi[f];`i\Zkfijf] Engineering from University of Louisville in 1988 and a dual
the Company at its meeting held on August 9, 2018 approved degree from Northwestern University.
appointment of Mr. V Kalyanaraman, Cost Accountant, to
conduct audit of relevant cost records of the Company for the Fk_\i`e]fidXk`feXYflkDi%M`ef[BldXi;XjXi`1
ÔeXeZ`Xcp\Xi)'(/$(0%9fXi[f];`i\ZkfijXk`kjd\\k`e^_\c[
(i) Date of Birth: 28-06-1966, Age: 52 Years
on May 10, 2019, decided to recommend to the shareholders
]fiiXk`ÔZXk`fe#gXpd\ekf]i\dle\iXk`fef]Ij%)#,'#'''&$ (ii) No. of meetings of the Board attended during the last
Ilg\\jknfcXZjÔ]kpk_fljXe[fecp gcljXggc`ZXYc\kXo\j ÔeXeZ`Xcp\Xi1Efk8ggc`ZXYc\
Xe[i\`dYlij\d\ekf]flkf]gfZb\k\og\ej\jkfDi%M
Kalyanaraman for audit of cost records of the Company ``` ;Xk\f]ÔijkXggf`ekd\ekfek_\9fXi[18gi`c(#)'(0
]fik_\ÔeXeZ`Xcp\Xi)'(/$(0%K_\9fXi[i\Zfdd\e[jXe[
(iv) Remuneration last drawn by Mr. Dasari: Not Applicable
therefore seeks shareholders’ approval through an Ordinary
Resolution as set out under business item no. 4 in the notice (v) Remuneration proposed to be paid: The overall
of this meeting. remuneration payable every year to Mr. Vinod Kumar
Dasari by way of salary, perquisites and allowances,
None of the Directors or Key Managerial Personnel of the incentive / bonus / performance linked incentive,
Company or their relatives is/are concerned or interested, i\dle\iXk`feYXj\[fee\kgifÔkj#\kZ%#Xjk_\ZXj\dXp
ÔeXeZ`Xccpfifk_\in`j\#`ek_\gifgfj\[i\jfclk`fe% Y\#j_Xccefk\oZ\\[`ek_\X^^i\^Xk\k_i\\g\iZ\ek*
f]k_\e\kgifÔkjf]k_\:fdgXepXjZfdglk\[`ek_\
Item No. 5: manner laid down in Section 198 of the Companies Act,
K_\9fXi[f];`i\Zkfijf]k_\:fdgXepÈk_\9fXi[É Xk )'(*Èk_\8ZkÉ fiXepjkXklkfipdf[`ÔZXk`fej fii\$
its meeting held on April 1, 2019, has appointed Mr. Vinod enactment(s) thereof.
Kumar Dasari (DIN: 00345657) as an Additional Director
n`k_\ù\Zk]ifd8gi`c(#)'(0`ek\idjf]gifm`j`fejf]J\Zk`fe (vi) Mr. Dasari’s appointment as Whole-time Director may
149, 152 and 161 of the Companies Act, 2013 and the rules be terminated by the Company or by him by giving the
made thereunder. The Board at the aforesaid meeting other 3 (three) months’ prior notice in writing or payment
also appointed Mr. Dasari, subject to the approval of the of salary in lieu of notice for 3 months or such a period
shareholders, as Whole-time Director of the Company which falls short of 3 months.
]fiXg\i`f[f],Ôm\ p\Xijn`k_\ù\Zk]ifd8gi`c(#)'(0
on the terms and conditions including remuneration as m`` Di%M`ef[B%;XjXi`_fc[jEfe$<o\Zlk`m\;`i\Zkfij_`gj
recommended by the Nomination and Remuneration in Pidilite Industries Limited, Vishay Engineering and
Committee of the Company and approved by the Board as set Holdings Private Limited, Waycool Foods and Products
out under business item no. 5 in the notice of this meeting. Private Limited and Lynks Logistics Limited. He is not
holding any committee position in any of the aforesaid
9i`\]gifÔc\f]Di%M`ef[BldXi;XjXi`1 Companies in terms of Regulation 26 of the SEBI (Listing
Obligations & Disclosure Requirements) Regulations,
Mr. Vinod K Dasari is amongst the top few CEOs in India with a
2015.
gifm\ekiXZbi\Zfi[f]dXeX^`e^Zfdgc\oYlj`e\jj\j^cfYXccp%
9\]fi\af`e`e^IfpXc<eÔ\c[#_\_\c[k_\gfj`k`fef]DXeX^`e^
(viii) The appointment and remuneration of Mr. Vinod K.
Director & CEO, Ashok Leyland since 2011. He joined Ashok
Dasari is in compliance with the provisions of Sections
C\pcXe[`e)'',Xjk_\:_`\]Fg\iXk`e^FøZ\i%Di%M`ef[
196, 197, the Rules made thereunder read with Schedule
Dasari has held senior positions in Cummins India Limited,
V of the Act and other relevant and applicable provisions,
where he served as the President and went on to become its
if any, of the Act and the Articles of Association of the
Joint Managing Director. He joined Timken Company, a world
:fdgXep%?\`jefk[`jhlXc`Ô\[]ifdY\`e^Xggf`ek\[
leader in bearings and steel, after starting his career with
as Director in terms of Section 164 of the Act and also
General Electric in 1986. He served as the Managing Director
eligible to act as Whole-time Director of the Company
of Timken India and thereafter as the President of its Global
pursuant to applicable provisions of the Act. The
Railroad business in USA. In his career, Mr. Dasari has received
Company has received his consent to act as a Director
several accolades for his leadership including the “CEO of
and also as Whole-time Director of the Company.
k_\P\XiÉYp9lj`e\jjKf[XpXe[dfi\i\Z\ekcp9lj`e\jj
Standard. He has also been honoured as the “CV Man of the
K_\Efk`Z\i\X[n`k_<ogcXeXkfipJkXk\d\ekj_flc[Y\
P\XiÉYp:MDX^Xq`e\Xe[È8lkfZXiGif]\jj`feXcf]k_\P\XiÉ%
considered as written Memorandum setting out the terms of
appointment and remuneration of Mr. Vinod Kumar Dasari the Act, received in writing a notice from Member, proposing his
as Whole-time Director as required under Section 190 of the ZXe[`[Xkli\]fik_\føZ\f];`i\Zkfi%
Companies Act, 2013. The Company has, in terms of Section
160(1) of the Act, received in writing a notice from Member, Mr. Inder Mohan Singh is a fellow member of the Institute
gifgfj`e^_`jZXe[`[Xkli\]fik_\føZ\f];`i\Zkfi% of Company Secretaries of India, a law graduate from Delhi
University and a postgraduate in Finance. Mr. Singh is a
Mr. Vinod Kumar Dasari does not hold any shares in the Company. Partner with Shardul Amarchand Mangaldas & Co., a leading
Di%;XjXi`]fi_`dj\c]Xe[k_ifl^__`ji\cXk`m\j#kfk_\\ok\ek cXnÔidXe[jg\Z`Xc`j\j`emXi`fljgiXZk`Z\Xi\Xj`eZcl[`e^
of their shareholding in the Company, if any, may be deemed General Corporate, Mergers & Acquisitions, Private Equity,
kfY\ZfeZ\ie\[fi`ek\i\jk\[#ÔeXeZ`Xccpfifk_\in`j\#`ek_\ Corporate Governance and Education. Mr. Singh has vast
Resolution as set out under business item no. 5 of the notice. \og\i`\eZ\`ek_\XlkfdfY`c\`e[ljkip\jg\Z`Xccp`edXkk\ij
Besides the remuneration proposed herein, Mr. Dasari, does related to joint ventures, distribution networks, business
not have any other pecuniary relationship with the Company. transfers and technology licensing issues. He has worked
He is not related to any Director or Key Managerial Personnel across industries including cement, media and entertainment,
f]k_\:fdgXep%JXm\Xe[\oZ\gkk_\XYfm\#efe\f]k_\fk_\i telecom, real estate and the education sector.
Directors, Key Managerial Personnel of the Company and/or their
i\cXk`m\jXi\`eXepnXpZfeZ\ie\[fi`ek\i\jk\[#ÔeXeZ`Xccpfi Fk_\i`e]fidXk`feXYflkDi%@e[\iDf_XeJ`e^_1
otherwise in the said Resolution. (i) Date of Birth: 21-09-1964, Age: 54 Years
It is therefore proposed to seek shareholders’ approval for (ii) No. of meetings of the Board attended during the last
the appointment of and remuneration payable to Mr. Vinod ÔeXeZ`Xcp\Xi1Di%J`e^_Xkk\e[\[)knf d\\k`e^jflkf]
Kumar Dasari as Whole-time Director of the Company 2 (two) meetings of the Board held during Financial Year
]fiXg\i`f[f],Ôm\ p\Xijn%\%]%8gi`c(#)'(0%K_\9fXi[ 2018-19 after his being appointed as Director.
recommends the Resolution as set out under business
item no. 5 in the notice of this meeting for approval of the ``` ;Xk\f]ÔijkXggf`ekd\ekfek_\9fXi[1Efm\dY\i()#
Members by means of Ordinary Resolution. 2018
In the opinion of the Board, it will be in the best interest ``` ;Xk\f]ÔijkXggf`ekd\ekfek_\9fXi[18gi`c(#)'(0
of the Company to appoint Mr. Inder Mohan Singh as an
(iv) Remuneration last drawn by Mr. Aggarwal: Not Applicable
Independent Director of the Company, keeping in view the
\og\ik`j\befnc\[^\k_Xk_\gfjj\jj%K_\9fXi[XZZfi[`e^cp (v) Remuneration proposed to be paid: None
recommends the Resolution as set out under business
item no. 6 in the notice of this meeting for approval by the Copy of the draft letter of appointment of Mr. Vinod Kumar
members as an Ordinary Resolution. 8^^XinXcXjEfe$<o\Zlk`m\;`i\Zkfij\kk`e^flkk_\k\idj
and conditions is available for inspection by members at the
Item No. 7: I\^`jk\i\[FøZ\f]k_\:fdgXepfeXccnfib`e^[Xpj#[li`e^
Pursuant to the provisions of Sections 149, 152 and 161(1) business hours, up to the date of the AGM.
f]k_\:fdgXe`\j8Zk#)'(*Èk_\8ZkÉ Xe[k_\8ik`Zc\jf]
Association of the Company, the Board of Directors of the Mr. Vinod Kumar Aggarwal holds 6,700 (0.02%) equity shares in
Company at its meeting held on April 1, 2019, appointed the Company. Mr. Aggarwal for himself and through his relatives,
Mr. Vinod Kumar Aggarwal as an Additional Director (Non- kfk_\\ok\ekf]k_\`ij_Xi\_fc[`e^`ek_\:fdgXep#dXpY\
<o\Zlk`m\#Efe$@e[\g\e[\ek f]k_\:fdgXepn`k_\ù\Zk]ifd [\\d\[kfY\ZfeZ\ie\[fi`ek\i\jk\[#ÔeXeZ`Xccpfifk_\in`j\#`e
April 1, 2019. The Nomination and Remuneration Committee the Resolution as set out under business item no. 7 of the notice.
has recommended the appointment of Mr. Vinod Kumar Mr. Aggarwal, does not have any other pecuniary relationship with
8^^XinXcXjXe8[[`k`feXc;`i\ZkfiXe[XcjfXjEfe$<o\Zlk`m\ the Company. He is not related to any Director or Key Managerial
Director of the Company, liable to retire by rotation, for a G\ijfee\cf]k_\:fdgXep%JXm\Xe[\oZ\gkk_\XYfm\#efe\f]
g\i`f[f],Ôm\ Zfej\Zlk`m\p\Xijn%\%]%8gi`c(#)'(0% the other Directors, Key Managerial Personnel of the Company
and/or their relatives are in any way concerned or interested,
In terms of the provisions of Section 161(1) of the Act, Mr. Vinod ÔeXeZ`Xccpfifk_\in`j\`ek_\jX`[I\jfclk`fe%
BldXi8^^XinXcj_Xcc_fc[føZ\lgkfk_\[Xk\f]k_`j8eelXc
>\e\iXcD\\k`e^%Di%M`ef[BldXi8^^XinXc`jefk[`jhlXc`Ô\[ In the opinion of the Board, it will be in the best interest
from being appointed as a Director in terms of Section 164 of the of the Company to appoint Mr. Vinod Kumar Aggarwal as
Act and has given his consent to act as a Director. Mr. Aggarwal Efe$<o\Zlk`m\;`i\Zkfif]k_\:fdgXep#b\\g`e^`em`\nk_\
holds directorship in VE Commercial Vehicles Limited and Eicher \og\ik`j\Xe[mXjkbefnc\[^\k_Xk_\gfjj\jj%8ggf`ekd\ek
Group Foundation. He is not holding any committee position in f]Di%8^^XinXcXjEfe$<o\Zlk`m\;`i\Zkfif]k_\:fdgXep
any of the aforesaid Companies in terms of Regulation 26 of the does not fall within the purview of related party transaction
SEBI (Listing Obligations & Disclosure Requirements) Regulations, under Section 188 of the Act and SEBI (LODR) Regulations,
2015. In the opinion of the Board, Mr. Vinod Kumar Aggarwal 2015. The Board accordingly recommends Resolution as set
]lcÔccjk_\Zfe[`k`fej]fi_`jXggf`ekd\ekXjX;`i\Zkfi#Xj out under business item no. 7 in the notice of this meeting for
jg\Z`Ô\[`ek_\8ZkXe[k_\J<9@I\^lcXk`fej%K_\:fdgXep_Xj# approval by the members as an Ordinary Resolution.
in terms of Section 160(1) of the Act, received in writing a notice
Item No. 8:
]ifdD\dY\i#gifgfj`e^_`jZXe[`[Xkli\]fik_\føZ\f];`i\Zkfi%
The members of the Company at their 33rd Annual General
Mr. Vinod Aggarwal is the Managing Director & CEO of VE Meeting held on March 20, 2015, had approved payment of
Commercial Vehicles Ltd (VECV), Eicher Motors’ joint venture i\dle\iXk`feYpnXpf]Zfdd`jj`fekfk_\Efe$<o\Zlk`m\
with Sweden’s AB Volvo. An industry veteran with over 40 Directors of the Company, (other than Managing or Whole-
p\Xijf]i`Z_\og\i`\eZ\`e^\e\iXcdXeX^\d\ek#ÔeXeZ\Xe[ time Director(s)), as may be decided by the Board of Directors
operations, Mr. Aggarwal has been leading VE Commercial ]ifdk`d\kfk`d\#efk\oZ\\[`e^(fe\g\iZ\ek f]k_\e\k
Vehicles Limited since 2010, two years after it was formed. In gifÔkjf]k_\:fdgXep]fi\XZ_ÔeXeZ`Xcp\Xi#ZXcZlcXk\[`e
his long and successful career with Eicher Group, spanning accordance with the provisions of the Companies Act, 2013, for
over 35 years, he has held several management positions Xg\i`f[f]Ôm\p\Xijn`k_\ù\Zk]ifdk_\ÔeXeZ`Xcp\Xi\e[\[
`eZcl[`e^k_\:_`\]=`eXeZ`XcFøZ\if]k_\<`Z_\i>iflg]ifd December 31, 2014.
2005- 2009. He has won several awards for his contribution
to the commercial vehicle industry including the “CV Man of SEBI (Listing Obligations and Disclosure Requirements)
k_\P\XiÉkn`Z\`e)'(0Xe[)'(+%?\nXjXcjfi\Zf^e`j\[ Regulations, 2015, stipulates that all fees/compensation
Xjk_\È9\jk:<F$D\[`ldXe[?\Xmp;lkpkilZbdXb\ijÉ`e \oZcl[`e^j`kk`e^]\\j #gX`[kfk_\Efe$<o\Zlk`m\;`i\Zkfij#
)'(-YpNfic[8lkf=fildXe[k_\È?Xccf]=Xd\)'(,ÉYp `eZcl[`e^`e[\g\e[\ek[`i\Zkfij#j_XccY\Ôo\[Ypk_\9fXi[f]
Manufacturing Today. He is presently the Treasurer of the Directors and shall require previous approval of shareholders
Society of Indian Automobile Manufacturers (SIAM). He is a in general meeting. Further, Section 197 of the Companies
hlXc`Ô\[:_Xik\i\[8ZZflekXekXe[:fjk8ZZflekXek% Act, 2013 provides that the remuneration payable to Directors
who are neither Managing Directors nor Whole-Time Directors
Fk_\i`e]fidXk`feXYflkDi%M`ef[B%8^^XinXc1 j_Xccefk\oZ\\[(f]k_\e\kgifÔkjf]k_\ZfdgXep%
(i) Date of Birth: 09-07-1959, Age: 59 Years
The commission will be paid to all or some of the Non-
(ii) No. of meetings of the Board attended during the last <o\Zlk`m\;`i\Zkfij`ejlZ_dXee\iXe[gifgfik`feXjdXpY\
ÔeXeZ`Xcp\Xi1Efk8ggc`ZXYc\ determined by the Board of Directors. The commission shall
be in addition to fee payable to the Directors for attending the under business item no. 9 in the notice of this meeting for the
meetings of the Board or Committee thereof or for any other approval of the members as Special Resolution. The details of
purpose whatsoever as may be decided by the Board and i\dle\iXk`fef]Di%J%JXe[`cpX]fik_\ÔeXeZ`Xcp\Xi)'(/$(0#
i\`dYlij\d\ekf]\og\ej\j]figXik`Z`gXk`fe`ek_\9fXi[Xe[ is given the Corporate Governance Report forming part of the
other meetings. Annual Report.
Accordingly, it is considered necessary to obtain approval of Mr. S. Sandilya holds 11,766 (0.04%) equity shares in the
the Members for payment of remuneration to Directors who :fdgXep%Di%J%JXe[`cpX#:_X`idXeEfe$<o\Zlk`m\
are neither Managing Directors nor Whole-Time Directors, @e[\g\e[\ek;`i\Zkfi Xe[_`ji\cXk`m\jkfk_\\ok\ekf]k_\`i
efk\oZ\\[`e^(fe\g\iZ\ek f]k_\XeelXce\kgifÔkjf] shareholding, if any, in the Company, may be deemed to be
k_\:fdgXep]fi\XZ_ÔeXeZ`Xcp\Xi%K_\9fXi[XZZfi[`e^cp ZfeZ\ie\[fi`ek\i\jk\[`ek_\i\jfclk`fekfk_\\ok\ekf]
recommends Resolution as set out under business item no. 8 i\dle\iXk`fek_Xk_\dXpi\Z\`m\%JXm\Xe[\oZ\gkk_\
in the notice of this meeting for approval of the members as above, none of the other Directors, Key Managerial Personnel
Special Resolution. of the Company and/or their relatives is concerned or
`ek\i\jk\[#ÔeXeZ`Xccpfifk_\in`j\#`ek_\X]fi\jX`[i\jfclk`fe%
All the Independent Directors other than the Managing
Director(s) and Whole-time Director(s) of the Company, and Item No. 10 & 11:
k_\`ii\cXk`m\jkfk_\\ok\ekf]k_\`ij_Xi\_fc[`e^#`]Xep`ek_\ Equity based compensation is considered to be an integral
Company, may be deemed to be concerned or interested part of employee compensation across sectors which
`ek_\i\jfclk`fekfk_\\ok\ekf]i\dle\iXk`fek_XkjlZ_ enables alignment of personal goals of the employees with
[`i\ZkfidXpi\Z\`m\%JXm\Xe[\oZ\gkk_\XYfm\#efe\f] fi^Xe`qXk`feXcfYa\Zk`m\j%@k`jk_fl^_k\og\[`\ekkfXkkiXZk#
the Key Managerial Personnel of the Company and/or their retain and incentivize key management personnel including
i\cXk`m\jXi\`eXepnXpZfeZ\ie\[fi`ek\i\jk\[#ÔeXeZ`Xccpfi Director(s) whether whole-time or not, of the Company
otherwise in the said Resolution. and of its subsidiary company(ies) (hereinafter referred
kfXjÈ<dgcfp\\jÉ n`k_Xm`\nkfXZ_`\m\Xe[dX`ekX`e
Item No. 9: jljkX`e\[ZfigfiXk\^ifnk_Xe[gifÔkXY`c`kp%K_\:fdgXep
Pursuant to amended provisions of SEBI (Listing Obligations views the proposed Restricted Stock Units as instruments
and Disclosure Requirements) Regulations, 2015 (“Listing that would while limiting dilution in the shareholding, also
I\^lcXk`fejÉ #\m\ipc`jk\[\ek`kp`ji\hl`i\[kffYkX`e enable the Employees to get a share in the value created
approval of Members of the Company by way of Special by the Company. With this in view, your Company intends to
Resolution for payment of remuneration to a single Non- implement ‘Eicher Motors Limited - Restricted Stock Unit
<o\Zlk`m\;`i\Zkfi\oZ\\[`e^Ô]kpg\iZ\ekf]k_\kfkXc GcXe)'(0ËÈIJL)'(0É&ÈGcXeÉ n_`Z_`j`ek_\eXkli\f]Xe
i\dle\iXk`fegXpXYc\kfXccEfe$<o\Zlk`m\;`i\Zkfijf]k_\ \dgcfp\\jkfZbfgk`fegcXen`k_jXc`\ek]\Xkli\j\ogcX`e\[
Company. below.
Every grant of RSU shall be followed by vesting. After Provided following category of persons are not entitled
vesting, the eligible Employees earn a right (but not for RSUs:
fYc`^Xk`fe kf\o\iZ`j\k_\m\jk\[IJLjn`k_`ek_\
a. An employee, who is a promoter or belongs to the
gi\[\Ôe\[\o\iZ`j\g\i`f[%<XZ_IJL`jZfem\ik`Yc\`ekf
promoter group;
one equity share of the Company upon vesting. The
:fdgXepj_Xcc`jjl\j_Xi\jlgfe\o\iZ`j\f]m\jk\[
b. A director, who either by himself or through his
IJLj#jlYa\Zkkf]lcÔcd\ekf]Z\ikX`eZfe[`k`fej
relatives or through any-body corporate, directly or
jlYa\ZkkfgXpd\ekf]\o\iZ`j\gi`Z\Xe[jXk`j]XZk`fef]
indirectly holds more than 10% of the outstanding
Zfej\hl\ek`XckXofYc`^Xk`fej%
shares of the Company;
(iii) an employee or a director, working in India or The vested RSUs, as permitted under the Plan, shall be
outside India (whether whole-time or not), of a \o\iZ`jXYc\Ypk_\<dgcfp\\jYpXni`kk\eXggc`ZXk`fe
Subsidiary Company, incorporated in India or kfk_\:fdgXep\ogi\jj`e^k_\`i[\j`i\kf\o\iZ`j\jlZ_
outside India. RSUs in such manner and in such format and in such
numbers as may be prescribed by the Committee from therein. The Company shall conform to the accounting
k`d\kfk`d\%K_\m\jk\[IJLjj_XcccXgj\#`]efk\o\iZ`j\[ gfc`Z`\jjg\Z`Ô\[`eI\^lcXk`fe(,f]J<9@J9<9
n`k_`ek_\jg\Z`Ô\[\o\iZ`j\g\i`f[jlYa\Zkkf\oZ\gk`fej Regulations.
as decided by the Committee.
f D\k_f[f]fgk`fe&IJLmXclXk`fe1
^ GifZ\jj]fi[\k\id`e`e^k_\\c`^`Y`c`kpf]<dgcfp\\j The Company shall adopt ‘fair value method’ for
le[\iIJL)'(01 valuation of RSUs as prescribed under applicable
The eligible employees and / or eligibility criteria shall @e[`Xe8ZZflek`e^JkXe[Xi[efk`Ô\[Ypk_\Zfdg\k\ek
be decided from time to time by the Committee. The authorities from time to time.
broad eligibility criteria may include parameters like
appointment to key managerial positions, tenure g ;\ZcXiXk`fe1
of association with the Company/ its subsidiary, @eZXj\k_\:fdgXepfgkj]fi\og\ej`e^f]j_Xi\YXj\[
performance during the previous years, contribution \dgcfp\\Y\e\Ôkjlj`e^k_\`eki`ej`ZmXcl\XkXep
towards strategic growth and such other parameters as time due to any regulatory or other requirement, the
may be decided by the Committee from time to time. [`ù\i\eZ\Y\kn\\ek_\\dgcfp\\Zfdg\ejXk`feZfjkjf
computed and the employee compensation cost that
_ DXo`dldeldY\if]fgk`fej&IJLjkfY\`jjl\[g\i shall have been recognized if it had used the fair value of
\dgcfp\\1 k_\IJLjXe[k_\`dgXZkf]k_`j[`ù\i\eZ\fegifÔkjXe[
K_\dXo`dldeldY\if]IJLjk_XkdXpY\^iXek\[ on earning per share (EPS) of the Company shall also be
under RSU 2019 to any eligible Employee per grant and disclosed in the Directors’ report.
in aggregate shall be less than 0.50% (half percent)
f]k_\gX`[$lg\hl`kpj_Xi\j\oZcl[`e^flkjkXe[`e^ It is therefore considered necessary to obtain approval of the
warrants and conversions) of the Company at the time of members to the Restricted Stock Unit Plan 2019 for granting
grant. RSUs, convertible into equity shares, to the eligible employees
of the Company and its subsidiary company(ies) pursuant to
` DXo`dldhlXekldf]Y\e\ÔkjkfY\gifm`[\[g\i Section 62(1)(b) and all other applicable provisions, if any,
\dgcfp\\le[\ik_\GcXe1 of the Companies Act, 2013 read with Regulation 6 of the
EfY\e\Ôkfk_\ik_XeYpnXpf]^iXekf]IJLj`j SEBI SBEB Regulations. The Board accordingly recommends
envisaged under the Plan. Resolution as set out under business item nos. 10 & 11 in
the notice of this meeting for approval of the members as
a @dgc\d\ekXk`fefiX[d`e`jkiXk`fef]k_\IJL)'(01 Special Resolutions. A draft copy of RSU 2019 is available
]fi`ejg\Zk`feYpd\dY\ijXkk_\I\^`jk\i\[FøZ\f]k_\
RSU 2019 shall be implemented and administered
Company on all working days, during business hours, up to the
directly by the Company without forming or involving any
date of the AGM.
trust.
@Y\`e^k_\i\^`jk\i\[J_Xi\_fc[\i&gifop]fik_\i\^`jk\i\[J_Xi\_fc[\if]k_\:fdgXep_\i\Ypi\Zfi[dpgi\j\eZ\Xkk_\
37th ANNUAL GENERAL MEETING of the Company on Thursday, August 1, 2019 at Sri Sathya Sai International Centre, Pragati
Vihar, Lodhi Road, New Delhi 110003 at 10:00 AM and at any adjournment(s) thereof.
____________________________________
J`^eXkli\f]J_Xi\_fc[\i&Gifop
!8ggc`ZXYc\]fi`em\jkfij_fc[`e^j_Xi\j`e\c\Zkife`Z]fid
PROXY FORM
Eicher Motors Limited
CIN: L34102DL1982PLC129877
I\^`jk\i\[FøZ\1*rd Floor-Select Citywalk, A-3 District Centre, Saket, New Delhi–110017
Phone: 0124-4415600
Website: www.eichermotors.com, Email: investors@eichermotors.com
I/We, being the holder of ….............................. shares of the above named company, hereby appoint
8øo
Revenue
Stamp of
Re. 1/-
Efk\1@efi[\ikfY\\ù\Zk`m\#k_`j]fidj_flc[Y\[\gfj`k\[Xkk_\i\^`jk\i\[føZ\f]k_\:fdgXep#[lcpZfdgc\k\Xe[j`^e\[#efk
c\jjk_Xe+/_flijY\]fi\k_\jZ_\[lc\[k`d\f]k_\d\\k`e^%8j_Xi\_fc[\i&gifopdXpmfk\\`k_\i]fifiX^X`ejk\XZ_i\jfclk`fe%
ROUTE MAP OF THE VENUE FOR ANNUAL GENERAL MEETING
www.eichermotors.com