(A GOVERNMENT OF INDIA ENTERPRI SE )

A MINIRATNA I PSE
(Under Ministry of Petroleum and Natural Gas)

A proud Heritage
A futuristic Enterprise

AN N UAL R E PO R T 2022 – 2023

A solid legacy of 156 years’
Trust, Reliability and Transparency
 To be a leading diversified corporate entity
having market leadership with global presence
in chosen business segments, consistently
delivering value to all stakeholders,
with environmental and social responsibility.

TURNOVER (Rs. Crores) PROFIT (Rs. Crores)

2500 2383 300 280

2105
2000 1857 250 232
211
1612 1593 200
1500 170
157
150
1000
100

500 50

0 0
2018-19 2019-20 2020-21 2021-22 2022-23 2018-19 2019-20 2020-21 2021-22 2022-23
 “The Azadi Ka Amrit Mahotsav means elixir of energy of independence; elixir
of inspirations of the warriors of freedom struggle; elixir of new ideas and pledges;
and elixir of Aatmanirbharta. Therefore, this Mahotsav is a festival of awakening
of the nation; festival of fulfilling the dream of good governance; and the festival
of global peace and development.
Shri Hardeep S Puri
Like the history of the freedom movement, the journey of 75 years after Hon’ble Minister of Petroleum and Natural
Gas & Housing and Urban Affairs
independence is a reflection of the hard work, innovation, enterprise of ordinary
Indians. Whether in the country or abroad, we Indians have proved ourselves
with our hard work. We are proud of our Constitution. We are proud of our
democratic traditions. The mother of democracy, India is still moving forward
by strengthening democracy. India, rich in knowledge and science, is leaving its
mark from Mars to the moon.” – Shri Narendra Modi
Prime Minister of India

Shri Rameswar Teli

Hon’ble State Minister of Petroleum
and Natural Gas & Labour and Employment

As part of the second phase of Azadi Ka Amrit Mahotsav (AKAM) celebrations

under Ministry of Petroleum and Natural Gas (MOPNG), GOI various initiatives
have been undertaken by Balmer Lawrie & Co. Ltd. The Company has initiated
a livelihood project for improving the quality of life for 75 underprivileged
tribal women at Sayli and Khadoli villages in Silvassa with the help of Local
Administration and Implementation partner. This project will involve end-to-
end training and handholding for skills / livelihood like dairy farming, poultry
farming, tailoring, setting up of flour mill / bakery etc. This project will be
part of the National Rural Livelihood Mission Program under the guidance
of District Panchayat.
As part of the Balmer Lawrie sponsored Woman Empowerment Livelihood
Project - Phase II at Padghe Village, Taloja (Navi Mumbai), training and capacity
building of 5 SHGs and tribal group of women for sustainable livelihood
has been undertaken. 75 underprivileged women will benefit from this
program which aims to develop a bag making unit. The village is located
near the state-of-the-art Industrial Packaging plant of Balmer Lawrie.
A year-long ‘Health and Hygiene’ project has been undertaken in Silvassa. The project scope includes 6 primary schools with 872
children in Sayli, 4 schools with 264 children in Khadoli and 17 Integrated Child Development Services (ICDS) centres covering
590 children in Khadoli. Balmer Lawrie will also be conducting swachhata awareness programs in Government schools in Silvassa
and Taloja. A drawing competition was organised on Swachhata [AKAM] in the primary school at Andherpada, Sayli Village, and
Prathamik Gujarati school, Khadoli Village, Silvassa in March 2023, in which students participated with great enthusiasm.
As part of the Government of India’s Skill India initiative, Skill Development Institutes (SDI) have been set
up at various places in the country by the member companies of the Ministry of Petroleum and Natural
Gas (MoPNG), Government of India. As a member company of the MoPNG, Balmer Lawrie contributed
Rs 140 Lakhs for the SDIs at Ahmedabad, Raebareli, Guwahati, Visakhapatnam and Bhubaneswar as
per the funding module set by the MOPNG. Balmer Lawrie is also training apprentices in line with the
National Apprenticeship Promotion Scheme in the Logistics and Travel & Vacations Business Units.

Skilling is building a better India.

If we have to move India
towards development then
Skill Development should be
our mission – Shri Narendra Modi
Prime Minister of India
 C olle ct Stor ie s

INTERNATIONAL HOLIDAYS
DOMESTIC HOLIDAYS
M I C E (Meetings, Incentives, Conferences and Exhibitions)
CORPORATE TOURS
HOTEL / RESORTS BOOKING
AIR TICKET
LTC PACKAGES
VISA PROCESSING
TRAVEL INSURANCE
CAR / LUXURY COACH RENTAL
 C olle ct Stor ie s

EUROPE | USA | AFRICA | ASIA

AUSTRALIA | NEW ZEALAND | INDIA
BENGALURU CHENNAI DELHI HYDERABAD KOLKATA MUMBAI
094494 02596 044-4211 1900 011-4252 4111 040-4012 6565 033-2222 5555 022-4214 3333
www.vacationsexotica.com | holidays@balmerlawrie.com
 BALMER LAWRIE & CO. LTD.
A DECADE OF PROGRESS
(Rs. in Lakh)
Dividend
Paid up Profit Provision Profit
Reserves Loan Gross Current Current Net (incl. Tax No. of
Year Share before for after
& Surplus Funds block Assets Liabilities Turnover on Employees
Capital Taxation Taxation Taxation
dividend)
(a) (b) (c) (d) (e) (f) (g) (h) (i) (j) (k) (l) (m)

2013-2014 2,850 79,114 - 46,923 101,256 61,875 159,797 21,962 6,295 15,667 6,002 1431

2014-2015 2,850 87,456 - 60,629 96,704 50,458 176,731 21,044 6,300 14,744 6,204 1365

2015-2016 2,850 96,883 - 40,004 108,439 55,349 165,731 24,021 7,701 16,320 6,893 1248

2016-2017 11,400 105,199 - 42,681 123,132 57,148 177,946 25,411 8,369 17,042 9,650 1153

2017-2018 11,400 114,185 1,490 46,590 125,436 53,830 179,710 26,112 7,630 18,482 13,786 1128

2018-2019 11,400 118,620 1,367 49,123 117,498 52,299 185,375 28,010 9,160 18,850 15,119 1069

2019-2020 17,100 114,866 1,118 59,549 114,816 48,635 161,216 23,244 5,527 17,717 12,825 1076

2020-2021
17,100 113,672 497 62,740 117,858 52,291 159,277 15,665 4,020 11,645 10,260 989
(Restated)

2021-2022
17,100 114,886 - 64,869 121,006 51,467 210,485 17,014 4,734 12,281 11,115 936
(Restated)

2022-2023 17,100 118,524 - 66,951 133,896 62,876 238,309 21,130 5,744 15,386 12,825 871

1
 CONTENTS

Company Information 3

Management Team 4

Chairman’s Address 6

Board’s Report 12

Management Discussion and Analysis Report 39

Business Responsibility and Sustainability Report 61

Report on Corporate Governance 105

Auditors’ Certificate on Compliance of Conditions of Corporate Governance 138

Certificate of Non-disqualification of Directors 140

Form No. MR 3 Secretarial Audit Report 142

Independent Auditors’ Report on Standalone Financial Statements 146

Comments of Comptroller & Auditor General of India [C&AG] 160

Balance Sheet 161

Statement of Profit & Loss 162

Cash Flow Statement 163

Significant Accounting Policy 165

Notes to Accounts 171

Form AOC1- Information in respect of Subsidiaries, Associates & Joint Ventures 207

Independent Auditors’ Report on Consolidated Financial Statements 209

Comments of Comptroller & Auditor General of India [C&AG]- CFS 219

Consolidated Financial Statements 221

Office & Plant Locations 263

2
 Company Information
Board of Directors : Shri Adika Ratna Sekhar, Chairman & Managing Director
(as on 07/08/2023) Shri Adhip Nath Palchaudhuri, Director (Service Businesses)
Shri R. M. Uthayaraja, Director (Manufacturing Businesses)
Shri Saurav Dutta, Director (Finance) & Chief Financial Officer
Shri Abhijit Ghosh, Director (Human Resources & Corporate Affairs)
Shri Rajinder Kumar, Government Nominee Director
Dr. Vandana Minda Heda, Independent Director
Shri Rajeev Kumar, Independent Director
Company Secretary : Ms. Kavita Bhavsar
Registered Office : Balmer Lawrie & Co. Ltd.,
21, Netaji Subhas Road, Kolkata – 700 001
Bankers : Bank of Baroda
Canara Bank
HDFC Bank Limited
IndusInd Bank Limited
Standard Chartered Bank
State Bank of India
Statutory Auditors : M/s B. K. Shroff & Co. (CA0071),
23A, Netaji Subhas Road, 3rd Floor, Room No. – 15,
Kolkata – 700001
Branch Auditors : For Western Region
M/s. S C Mehra & Associates LLP (BO0931)
Office No.42, 1st Floor, Singh Estate No.3, off S V Road,
near Movie Star Cinema, Ram Mandir West,
Mumbai - 400104, Maharashtra
: For Southern Region
M/s. Sankaran & Krishnan (MD0016)
Komalam Building, No.11/23, 1st Main Road
R A Puram, Chennai- 600028, Tamil Nadu
: For Northern Region
M/s. Gupta Nayar & Co. (DE0984)
Office no. 610, Jaksons Crown Height
Twin District Centre, 3 B-1, Section 10, Rohini
New Delhi- 110085
Internal Auditors : M/s. Haribhakti & Co. LLP
705, Leela Business Park, Andheri Kurla Road,
Andheri (East), Mumbai – 400059
Registrar & Share Transfer : M/s KFin Technologies Limited,
Agent Selenium Building, Tower-B, Plot No. 31 & 32, Financial District,
Nanakramguda, Serilingampally, Hyderabad, Rangareddy,
Telangana India - 500 032
Toll free No. 1800 309 4001
WhatsApp Number: (91) 910 009 4099
E-mail: einward.ris@kfintech.com
KPRISM: https://kprism.kfintech.com
KFIN Corporate Website Link: https://www.kfintech.com
Corporate Registry (RIS) Website Link: https://ris.kfintech.com
Investor Support Centre Link: https://ris.kfintech.com/clientservices/isc
Kolkata Branch
Kankaria Centre, 2/1, Russel Street, 4th Floor, Kolkata 700071
Telephone No. – 033 66285900
3
 MANAGEMENT TEAM

Sl. Name Qualification Designation Date of Birth Date of Total

No. Joining years of
in Balmer experi-
Lawrie ence as
on
07.08.2023
1 SHRI ADIKA B.A., MSW CHAIRMAN & 10.06.1964 27.01.2014 35
RATNA SEKHAR MANAGING
DIRECTOR
2 SHRI ADHIP NATH B.E.[ELECTRONICS DIRECTOR [SERVICE 18.03.1969 13.02.2012 29
PALCHAUDHURI & TELECOMMUNICA- BUSINESSES]
TION] & PGDM
3 SHRI R M B.E. [CHEMICAL] DIRECTOR 11.08.1967 31.12.2014 32
UTHAYARAJA [MANUFACTURING
BUSINESSES]
4 SHRI SAURAV B.Sc. [HONS], CA, CS DIRECTOR 07.03.1968 16.06.1997 29
DUTTA [FINANCE]
5 SHRI ABHIJIT B.COM (HONS), DIRECTOR [HUMAN 09.11.1967 04.12.2019 31
GHOSH PGDPM, MBA, RESOURCE &
PGCHRM CORPORATE
AFFAIRS]
6 SHRI ROMON B.COM, PGDMM, CHIEF OPERATING 22.11.1972 02.11.1998 29
SEBASTIAN LOUIS PGDMSM OFFICER [LOGISTICS
INFRASTRUCTURE]
7 DR. SRIRAM B.E. [ELECTRONICS CHIEF INFORMATION 26.08.1969 05.10.2020 30
KUMAR CHAVALI & COMMUNICATION], OFFICER
M.TECH, BACHELOR
OF LAW, MBA
(FINANCE), PhD
8 MS KAVITA B.COM [HONS], FCS, COMPANY 11.02.1968 08.12.2014 33
BHAVSAR LL.B, PGDFM SECRETARY
9 SHRI RAJ KUMAR B.E. (MECH), CHIEF OPERATING 31.12.1974 31.10.2011 24
MAITY EXECUTIVE OFFICER [GREASES
MANAGEMENT & LUBRICANTS]
(GENERAL
MANAGEMENT,
STRATEGY)
10 SHRI N V BALAJI BE (MECH), MBA CHIEF OPERATING 27.02.1966 02.07.1997 34
OPERATIONS OFFICER
MANAGEMENT [INDUSTRIAL
PACKAGING]
11 SHRI AMITAVA BE (MECH) SENIOR VICE 01.07.1966 31.10.1997 34
BANDYOPADHYAY PRESIDENT
[TECHNICAL]
12 SHRI SUJOY B.COM (HONS), ACA SENIOR VICE 17.10.1967 11.05.1999 30
GHOSH PRESIDENT
[FINANCE]

4
Sl. Name Qualification Designation Date of Birth Date of Total
No. Joining years of
in Balmer experi-
Lawrie ence as
on
07.08.2023
13 SHRI ASHOK B.COM, LLB, PGDPM CHIEF OPERATING 02.01.1967 12.10.2007 34
KUMAR GUPTA [NIPM], PG DIPLOMA OFFICER [TRAVEL]
IN HRD,
MA-PSYCHOLOGY,
LLM,
14 SHRI B. A (ECONOMICS) VICE PRESIDENT 04.01.1968 01.02.2014 29
THIYAGARAJAN S. [VACATIONS]
15 SHRI RAVINDER B.TECH (CHEMICAL HEAD [CHEMICALS] 18.08.1973 06.08.2020 26
SINGH MAKAN ENGINEERING), MBA
(MARKETING)
16 SHRI SUSHIL B.COM, MBA HEAD [LOGISTICS 31.12.1971 21.02.2018 27
DUGAR SERVICES]
17 SHRI V PH.D. RUBBER HEAD [RESEARCH & 29.01.1976 28.06.2006 20
VIJAYABAASKAR TECHNOLOGY DEVELOPMENT]
18 SHRI AMLAN B.COM, MBA HEAD [COLD CHAIN] 28.01.1971 12.08.2013 29
GUPTA

DEPUTED / SECONDED FROM BALMER LAWRIE TO JOINT VENTURE COMPANY

Sl Name Qualification Designation & JV Date of Birth Date of Total
No Company Joining years of
in Balmer experi-
Lawrie ence as
on
07.08.2023
1 SHRI SREEJIT B.SC., B.TECH PRESIDENT 04.06.1967 01.04.2016 30
BANERJEE DIRECTOR, PT
BALMER LAWRIE
INDONESIA

DEPUTED FROM THE GOVT. OF INDIA TO BALMER LAWRIE

Sl Name Qualification Designation Date of Birth Date of Total
No Joining years of
in Balmer experi-
Lawrie ence as
on
07.08.2023
1 SHRI ANANT B. TECH (MINING CHIEF VIGILANCE 09.09.1968 24.02.2021 34
KUMAR SINGH, ENGINEERING) OFFICER
IPS

5
 CHAIRMAN’S ADDRESS

Dear Esteemed Members, hinterland. The UDAN scheme focuses on the

connectivity between the Tier-2 and Tier-3 cities
I welcome you all at the 106th Annual General
in the country. Further, the Government has also
Meeting of your Company being held through
accorded ‘in-principle’ approval for the setting up
VC / OAVM. On behalf of the Board of Directors
of 21 greenfield airports across the country.
of Balmer Lawrie, I thank you all for your trust
and support as we continue to work through the In logistics industry the thrust is to facilitate the
challenges before us. last mile connectivity and also reduce travel time
for people, further reducing the logistics cost
The Business Environment
and promoting export competitiveness. PM Gati
The Indian economy appears to have moved Shakti and National Logistics Policy (NLP) has
forward after its encounter with the pandemic, sectoral complementarity of logistics facilitation.
staging a full recovery in Financial Year 2023 The NLP was launched in September 2022. This
ahead of many nations and positioning itself has also helped the country move from unimodal
to ascend to the pre-pandemic growth path in to multimodal transportation. The multimodal
Financial Year 2023. The Indian economy in connectivity will provide integrated and seamless
Financial Year 2023 has nearly “recouped” what connectivity for movement of people and goods
was lost, “renewed” what had paused, and “re- from one mode of transport to another.
energised” what had slowed during the pandemic.
At Balmer Lawrie, we believe strongly that there
With the containment of COVID-19 infections is no short cut to success. Business success can
and the lifting of travel restrictions worldwide, be achieved only through hard work and giving
the current Financial Year has shown a rebound, preference to customer satisfaction. As a result,
with both passenger and cargo movements the Company has continued to grow. With this
being close to the pre-COVID-19 levels. The background, let me move on to the performance
civil aviation sector in India has great potential of your Company during the Financial Year 2022-
owing to growing demand from the middle 23.
class, growth in population and tourism, higher
INDUSTRIAL PACKAGING [IP]
disposable incomes, favourable demographics
and greater penetration of aviation infrastructure. Being a market leader in the 210 L mild steel
This is further supported by the Government drum industry, Balmer Lawrie enjoys a significant
through schemes such as UDAN, which has position with a handsome market share in most
considerably enhanced regional connectivity of the customer segments, be it fruits, chemicals,
through the opening of airports in India’s lubricants, transformer oils or additives. With

6
state-of-the-art manufacturing facilities and The SBU is focussing on further improving the
highly skilled technocrats, this Strategic Business processes to increase output efficiency. Many
Unit (SBU) manufactures all types of steel drums measures are being taken by doing reverse
like conical, composite, open top, tight head, engineering for better output.
galvanized, tall, plain, lacquered and necked in.
In the Contract Manufacturing segment, the SBU
Balmer Lawrie has six manufacturing facilities pan has taken a lot of initiatives to tap the potential
India to cater to the needs of all the customers. and increase volumes. Efforts are being made to
The kind of steel being used with specialized revive the segment as it helps to improve capacity
lacquers and customer specific paints enables utilization.
Balmer Lawrie to manufacture superior quality
CHEMICALS
products with high reliability in supplies in the
modern manufacturing plants. It enjoys high Leather processing consists of three stages.
brand value and a large and delighted customer Beam house, Wet end and Finishing. SBU-
base in India as well as in overseas export Chemicals with its strong presence in Wet end
markets. particularly in synthetic Fatliquors, has started
catering in the other two stages to its customers.
SBU-IP has been continuously focusing on
quality upgradation, technological innovations, There is huge scope in the leather chemicals
health, safety and environmental parameters, market and thus, SBU-Chemicals has its plan to
and most importantly on sustainability which tap the market with both existing and new products.
helps in having an edge over competition. With a complete product basket in hand, SBU-
Chemicals is focusing on the Southern Region
The SBU expects to continue its growth trajectory
where market potential is higher and registered a
in 2023-24. The SBU also plans to expand
sales growth of 24% over last year in this region.
aggressively in the Exports segment.
SBU-Chemicals participated in Manufacturing
GREASES & LUBRICANTS [G&L]
Excellence Audit conducted by International
Balmer Lawrie was the first grease manufacturer Research Institute of Manufacturing and was
in India when it opened plants in Sewree (Mumbai) awarded Gold for two years consecutively.
in 1934 and in Kolkata in 1937. Balmer Lawrie’s
SBU-Chemicals is also focusing on synergy
“Balmerol” greases are the leaders in the field
businesses like Textile Chemicals and Agro
with over 80 years of manufacturing experience.
Chemicals. Some of the products are launched
With the current R&D facilities clubbed with
and this will enhance the business performance
our infrastructure, the SBU has a very good
of SBU-Chemicals.
opportunity to increase its market share and
continue to strengthen “Balmerol” as a trusted SBU-Chemicals has enough opportunities to grow
brand that stands for its quality and reliability. in other segments like Finishing, Chrome tanning
The overall growth of the SBU in volumes vis-à- and Beam house. The SBU has introduced new
vis last Financial Year is about 3%. chemicals in Beam house segments like Wetting
agents. The SBU also launched a new range of
SBU-G&L has a strong presence in industrial
Finishing chemicals with a modern manufacturing
segment and is coming up with new products
facility.
to cater to the diverse demand of the industrial
market. In the grease segment, we are among the SBU-Chemicals has been able to reach 97%
top three companies in the steel and jute sector. of previous year’s volume and has clocked
The SBU is also a preferred supplier of greases 11% higher turnover by capturing the market of
for some of the big automobile companies of Imported Fatliquors. The SBU is able to realize
India. better price compared to previous years.
In automotive segment SBU-G&L is doing good LOGISTICS INFRASTRUCTURE (LI)
business across India. With our depots in place, Presently, the Company has three state-of-the-
the focus of the SBU is appointing new distributors art Container Freight Stations (CFS) located at
to increase our reach and penetrate nationally. Nhava Sheva-Mumbai, Chennai and Kolkata.

7
The Company’s Warehousing and Distribution minute purchases was suddenly relied upon for
facilities are presently fully operational at Kolkata everything – the weekly shop, clothing, essential
and Coimbatore. CFS - Kolkata added 43000 sq. work items, all ordered online and all expected in
ft area of warehouse in addition to the existing a very short delivery window. This caused a huge
37000 sq. ft, CFS - Chennai added 5000 sq. ft spike in demand.
of bonded warehouse for handling Hazardous
SBU-LS, for the second consecutive year
Cargo and added 20000 sq. ft warehouse space
achieved all-time record turnover. The growth
during Financial Year 2022-23 to increase focus
was driven by incremental business in mainly Air
on Warehousing activities.
Import, Ocean Import, Ocean Export and Express
SBU-LI won “Best Warehouse of the Year” and service.
“Logistics Visionary Team of the Year” under the
SBU-LS was able to retain its major GOI and
Warehouse & Logistics Leadership Category as
CPSU customers and was also able to sign
part of Warehouse & Supply Chain Leadership
some of the new activities from those contracted
Awards 2022. CFS - Mumbai and CFS - Chennai
customers. SBU-LS has a well-defined plan and
under LI received awards in the category of
ambition to continue increasing its private sector
“Managing Risk and Risk Assessment at Work”
business with a view to improve topline as the
and “Best Health and Well Being Programme”
new sales team gains traction on a pan India
in the 6th Annual Health, Safety, Environment,
basis.
Strategy Summit Awards 2023 conducted by
Inventicon Business Intelligence Pvt. Ltd. Major focus has been emphasized to enhance
‘Customer Delight’ by providing one stop logistics
SBU-LI of Balmer Lawrie is able to bring together
solution aligning Logistics Services along with
a unique set of value proposition for its customers.
Infrastructure and 3PL services. SBU-LS has
The SBU is able to offer a basket of solutions:
plans to enter the 3PL business and is exploring
Container Freight Stations, Ambient Warehouses
options to diversify in other areas of logistics
and a Multimodal Logistics Hub (through
to become an Integrated Logistics solutions
Vishakhapatnam Port Logistics Park Limited).
provider.
The comprehensive services offered across pan-
India locations make SBU-LI a partner of choice Technology being the backbone of customer
to Importers, Exporters, Shipping Lines, CHAs, satisfaction, SBU-LS is in the process of
Freight Forwarders and the trade. So, while implementing new initiatives like online customer
there is a wide variety of hurdles for the industry survey feedback and customized IT solutions
and SBU-LI, it is expected that a combination of for faster, dedicated, and focused time bound
diversified service range, pan-India presence, service and delivery.
technology-led customer service, knowledgeable COLD CHAIN SERVICES (CC)
resources will ensure that the SBU is able to grow
in the face of significant crisis that was inflicted to India being an agro-based nation, one of the
the economy by the pandemic. major challenges faced is huge losses of
agricultural produce due to improper storage
LOGISTICS SERVICES (LS) and not adhering to right temperature and
The Indian logistics industry is growing due to the proper infrastructure along with transportation
flourishing E-commerce market and technological at optimum temperature. This is where the Cold
advancement. The industry has progressed from Chain Industry plays a vital role. The Government
a transportation and storage-focused activity to a of India has come up with various initiatives in
specialised function that now encompasses end- providing aids, schemes, concession on various
to-end product planning and management, value- duties and income tax benefits to the Cold Chain
added services for last-mile delivery, predictive industry. Due to all these recent developments,
planning, and analytics, among other things. there has been a huge demand of organized
cold chain industry offering state-of-the-art
One thing the global pandemic showed us was
Temperature Controlled Warehouses (TCWs)
just how much could be ordered online. What
along with value added services like pre-cooling,
once was used for impulse purchases or last

8
pre-conditioning, ripening, packaging, blast new B2C website that places strong emphasis on
freezing etc. and primary and secondary logistics vacations and other services on a single platform.
by Temperature Controlled Vehicles (TCV). To meet a variety of customer needs, domestic
and international ticketing, hotel booking and
The cold chain market is expected to grow at
ancillary services have been combined with an
nearly 17% per annum on a sustained basis over
excellent search function.
the next 4 years. The major products include
fruits and vegetables, meat and fish, dairy The SBU has already developed a special
products, and healthcare products. SBU-CC has website for employees of the Government of India
four cold chain units operating at Hyderabad, to use for their official travel, and it wants to give
Rai (Haryana), Patalaganga (Maharashtra) and major corporations a booking website tailored
Bhubaneshwar (Odisha). To manage the end-to- specifically to their needs. Together with our
end supply chain of the Cold Chain operations, counter personnel, our digital offering establishes
the SBU is also operating with 18 numbers of 4 a local presence through partnerships, enabling
MT capacity of reefer vehicles on pan India basis. us to provide consumers with a hybrid brick-
and-click solution. The Travel Industry is highly
Storage business (TCW) had increased 32% in
dependent on technology and with the increasing
the sales YOY and transportation segment (TCV)
use of AI and Machine learning platforms, it is
has shown a nominal decrease in revenue, which
necessary for us to adapt to these technologies
is mainly due to lower volume in the COVID-19
as soon as possible to keep our services at par
vaccine distribution business. However, the SBU
with the market standards.
has been able to rope in new customers from
other segments to increase utilization of vehicles VACATIONS
vis-à-vis an improvement in revenues which
The start of the year has again shown tourism’s
is expected to improve the revenue generation
unique ability to bounce back. In many places,
moving forward.
we are close to or even above pre-pandemic
With the improvement in the asset utilization and levels of arrivals. Tourism has continued to show
the revenue, SBU-CC is expecting to increase its its resilience. India’s tourism sector is showing
footprints across India by setting up of Mini Cold signs of revival following the easing of COVID-19
Storage facilities which will be executed at lower restrictions and the waning of the pandemic. It
capex infusion and implementation lead time. also noted that foreign tourist arrivals in India in
Financial Year 2023 have been growing month-
TRAVEL
on-month with the resumption of scheduled
Over the past ten years, the aviation industry in international flights.
India has experienced substantial expansion and
India has seen an upsurge in medical tourism due
change. With more people preferring to travel by
to the various Government initiatives like Ayush
air than ever before, India has grown to become
visa for medical tourists, the launch of the National
the third-largest domestic market in the world, only
Strategy for Sustainable Tourism and Responsible
behind the United States and China. In Financial
Traveller Campaign, the introduction of the
Year 2021–2022, the COVID-19 pandemic
Swadeshi Darshan 2.0 scheme and Heal in India.
significantly affected the civil aviation sector and
imposed a financial burden on airlines, airports, The Government initiatives like E-Visa, Swadesh
and related services. However, domestic aviation Dekho etc. along with the G20 presidency have
traffic increased again as of Financial Year 2022- resulted in the rise of MICE activities and inbound
23 and is predicted to reach 97% of pre-COVID travellers. The G20 presidency has provided a
levels. strong platform for India to promote its agenda of
developing sustainable / green tourism practices.
The SBU has a lot of scope to grow because
a company like Balmer Lawrie is typically seen With the change in tourism landscape, “Bleisure
of as one that serves in-person needs through travel” is one of the concepts that is gaining
travel desks and implants. The SBU has worked popularity which has evolved as a radical
hard to improve our online presence by creating a concept among the business travellers combining

9
business and leisure travel. India now ranks 2nd in OVERALL FINANCIAL PERFORMANCE
the world in terms of Bleisure travel.
The Company recorded net turnover of
The Financial Year 2022-23 is a source of great Rs.2,38,309.16 Lakh during Financial Year
pride for the Vacations vertical, which achieved 2022-23 as against Rs. 2,10,484.97 Lakh in the
its highest-ever gross topline of INR 129.91 crore Financial Year 2021-22 which is an increase of
along with bottom line of INR 77.13 Lakh. The 13.22% over last year. Further the Company
efforts made to recoup the losses incurred over recorded a Profit Before Tax of Rs.21,130.23
the past two years and return to profitability are Lakh in the Financial Year 2022-23 as against
notable. The aggregate business increased by Rs.17,014.45 Lakh in the Financial Year 2021-
more than 2.03 times compared to the previous 22. The increase is being attributable to the
fiscal year. easing out effect of COVID-19 pandemic on the
performance of SBU - Travel and Vacations which
REFINERY & OIL FIELD SERVICES [ROFS]
was severely affected in previous two financial
The SBU: Refinery & Oil Field Services is years due to the same. The Reserve and Surplus
rendering service to all the refineries in India by of your Company increased to Rs.1,18,524.12
recovering hydrocarbon from crude oil storage Lakh as on 31st March 2023 as compared to
tanks and lagoons. It handles mechanized oily Rs.1,14,885.52 Lakh as on 31st March 2022.
sludge processing where the sludge is being
CORPORATE GOVERNANCE
processed to recover oil and hydrocarbons.
Corporate Governance essentially involves
However, the market share has decreased
balancing the interests of your Company’s
significantly in recent years. The main threats
various stakeholders, such as shareholders,
visualized by SBU-ROFS relate to subdued
management, customers, suppliers, financiers,
market demand and the entry of new players in
the Government and the community. Your
the niche market. Preference of MSME vendors
Company’s culture, policies, relationship with
also poses a significant challenge to the SBU
stakeholders and loyalty to values is reflected in
with respect to booking of new orders.
the Corporate Governance Report. Following are
The demand for sludge processing services is the five pillars of Governance that the Company
expected to be stagnant in the near term. SBU- conforms to as a part of its commitment to adopt
ROFS aims to differentiate its offerings in the global best practices:
sludge processing space through technological
‡ High accountability to its stakeholders
upgradation and incorporation of new
technologies for reducing processing times and ‡ Absolute transparency in its reporting system
manual intervention in sludge processing. and adherence to disclosure compliance
With a highly technical team with sound ‡ High ethical standards in the conduct of
experience and maintaining stringent safety business with due compliance of laws and
norms, this SBU is catering to all oil companies. regulations
SBU-ROFS continues to have the highest market
‡ Enhancement in the stakeholders’ value on
share in the oily sludge processing segment
consistent basis
in India. SBU-ROFS intends to leverage its
experience in project execution and wide base ‡ Contributing to the enrichment of quality
of satisfied clientele to foray into allied service of life of the community through discharge
areas by diversifying its service offerings. SBU- of Corporate Social Responsibility and
ROFS is working towards mitigation of the risks promotion of Sustainable Development
through upgradation of technology, as well as The Companies Act, 2013 is being amended
expansion and diversification of service offerings almost regularly. Similarly Listing Regulations,
and client base. are also amended frequently. Your Company is

10
making best efforts to adapt and comply with the The Company has successfully delivered on
changing statutes and continues to comply with its CSR commitments and continues to make
the Corporate Governance guidelines / norms to progress for the betterment of communities.
the extent within its control. During the Financial Year 2022-23 a total sum of
Rs. 377.74 Lakh was spent towards various CSR
CORPORATE SOCIAL RESPONSIBILITY
activities by the Company against the total CSR
(CSR)
obligation of Rs. 360.46 Lakh.
At Balmer Lawrie Corporate Social Responsibility
ACKNOWLEDGEMENT
(CSR) is the ongoing commitment of businesses
to integrate social and environmental concerns I once again thank all of you for your presence
into their operations. Over the past few decades, here today. On behalf of the Board of Directors, I
the Company has consistently undertaken various would like to convey to you our sincere gratitude.
CSR initiatives, driving sustainable development
I acknowledge the continued support and
and growth for its stakeholders. Following are the
guidance of our Administrative Ministry, the
main objectives of CSR activities undertaken by
Ministry of Petroleum & Natural Gas, Government
Balmer Lawrie:
of India for the guidance and encouragement
‡ Improve the health and nutrition status of provided to your Company. I also wish to thank
communities, particularly vulnerable groups other Ministries of the Government of India and
such as women, children and elderly by other Governmental authorities for their co-
improving health infrastructure and facilitating operation.
service provision.
I would also like to thank our holding company,
‡ Focus on quality of education and encourage Balmer Lawrie Investments Ltd., our valued
children from marginalized sections and girls shareholders, customers, vendors, business
to complete school education and opt for associates, bankers, financial institutions and
higher education. other stakeholders for their continued support
and co-operation.
‡ To focus on livelihoods and skill development
in order to provide opportunities to women Finally, I must convey my gratitude to my
and youth and make them self-reliant. colleagues on the Board for their wise counsel
and valued involvement. I look forward to your
‡ Initiate holistic development programs for
continued support and co-operation.
differently abled children and orphans with a
view to provide them opportunities to lead a Thanking you,
meaningful life.
Adika Ratna Sekhar
‡ To support the national efforts in rehabilitation
and relief post unfortunate natural disasters. Chairman & Managing Director

11
 BOARD’S REPORT
To the Members,
The Directors have pleasure in presenting the 106th Report of your Company for the Financial Year
st
(FY) ended 31 March, 2023, together with the Audited Financial Statements, Auditor’s Reports and
the Comments of Comptroller & Auditor General of India on the Accounts of the Company and other
statements/ reports attached thereto.
FINANCIAL SUMMARY & HIGHLIGHTS (Rs. in Lakh)
STANDALONE CONSOLIDATED
Over all Financial Results
FINANCIAL RESULTS FINANCIAL RESULTS*
Year ended 31st March Year ended 31st March
2023 2022 2023 2022
(Restated)
Surplus for the year before deduction of Finance Charges, 26804 22269 23905 20617
Depreciation and Tax
Deduct there from:
i. Finance Charges and Depreciation 5674 5254 7474 7014
ii. Provision for Taxation 5744 4734 5744 4734
Profit after Tax (PAT) 15386 12281 10687 8869
Add: Transfer from Profit & Loss Account 83189 81168 110027 104866
Total amount available for Appropriation 98575 93449 120714 113735
Appropriations:
Interim Dividends 0 0 0 0
Dividend @ Rs. 6.50 per equity share (for FY 2021-22) 11115 10260 11115 10260
Previous Year Rs. 6.00 per equity share (for FY 2020-21)
Transfer to General Reserve 0 0 0 0
Other Adjustments 0 0 -10768 -6552
Minority interest / Foreign Exchange Conversion Reserve etc. 0 0 0 0
Surplus carried forward to next year 87460 83189 120367 110027
Total of Appropriation 98575 93449 120714 113735

*The Board’s Report is based on standalone financial statements of the Company and this
information is given as an added information to the member.
OVERVIEW OF THE STATE OF THE as compared to Rs.1,14,885.52 Lakh as on
COMPANY’S AFFAIRS 31st March, 2022.
‡ The Company recorded net turnover of TRANSFER TO RESERVES
Rs.2,38,309.16 Lakh during the FY 2022-23
The Reserve and Surplus of your Company
as against Rs.21,04,84.97 Lakh in the FY
increased to Rs.1,18,524.12 Lakh as on 31st
2021-22 which is an increase of 13.22% over
March, 2023 as compared to Rs.1,14,885.52
last year.
Lakh as on 31st March, 2022. During the year,
‡ The Company recorded a Profit Before Tax no amount has been transferred to General
of Rs.21,130.23 Lakh in the FY 2022-23 as Reserve.
against Rs.17,014.45 Lakh in the FY 2021-
SHARE CAPITAL
22. The increase is being attributable to the
easing out effect of COVID-19 pandemic on The paid-up Equity share capital of the Company
the performance of SBU Travel and Vacations as on 31st March, 2023 stood at Rs.1,71,00,38,460
which was severely effected in previous two consisting of 17,10,03,846 Equity Shares of
Financial Years due to the same. The Reserve Rs.10/- each fully paid up. The Company has not
and Surplus of your Company increased to issued any shares with differential voting rights
Rs.1,18,524.12 Lakh as on 31st March, 2023 nor has granted any stock option or sweat equity
share.

12
DIVIDEND The dividend recommended by the Board is in
line with the above policy.
A dividend of Rs. 7.50/- (Rupees Seven and
Paise Fifty only) per fully paid up Equity Share, MATERIAL CHANGES AND COMMITMENTS
on the entire paid up equity share capital of the AFFECTING THE FINANCIAL POSITION OF
Company has been recommended by the Board THE COMPANY OCCURRED BETWEEN THE
of Directors for the FY 2022-23, for declaration END OF THE FINANCIAL YEAR AND THE
by the Members at the ensuing 106th Annual DATE OF THE REPORT
General Meeting (AGM) to be held on 27th
There have been no material changes and
September, 2023. The dividend, if declared,
commitments affecting the Financial Position of
will be paid within statutory time limit of 30 days
the Company occurred between the end of the
from the date of such declaration either by way
Financial Year and the date of the report.
of warrant, demand draft or electronic mode to
those Shareholders who would be holding shares MANAGEMENT DISCUSSION AND ANALYSIS
of the Company as on the cut-off date i.e. 20th REPORT
September, 2023, (End of Day). In respect of The Management Discussion and Analysis
shares held electronically, dividend will be paid to Report as per the provisions of SEBI (Listing
the beneficial owners, as on the cut-off date i.e. 20th Obligations and Disclosure Requirements)
September, 2023, (End of Day) as per details to Regulations, 2015 (“the Listing Regulations”)
be furnished by their respective Depositories, i.e., and guidelines on Corporate Governance for
either Central Depository Services (India) Ltd. or Central Public Sector Enterprises, 2010 by DPE
National Securities Depository Ltd. The dividend is attached separately as ‘Annexure- 1’.
to be paid shall be subject to Tax Deducted at
Source and other applicable provisions of the CONSOLIDATED FINANCIAL STATEMENTS
Income Tax Act, 1961. The Financial Statements and Results of your
The trend of dividend declared by the Company Company have been duly consolidated with its
in the past and recommended for the FY 2022-23 Subsidiary and Associates pursuant to applicable
is depicted below: provisions of the Companies Act, 2013 (“the Act”)
& allied Rules, the Listing Regulations and Indian
ŝǀŝĚĞŶĚƉĞƌƐŚĂƌĞ;ZƐ͘Ϳ Accounting Standards (Ind-AS).
ϭϮ ϭϭ
ŝǀŝĚĞŶĚƉĞƌƐŚĂƌĞ;ZƐ͘Ϳ

ϭϬ Further, in line with first proviso to Section 129(3)

ϴ
ϳ͘ϱ
ϲ͘ϱ
ϳ͘ϱ of the Companies Act, 2013 read with the
ϲ
ϲ allied Rules, Consolidated Financial statements
ϰ
prepared by your Company include a separate
Statement in Form ‘AOC-1’ containing the salient
Ϯ
features of the Financial Statement of your
Ϭ
ϮϬϭϴͲϭϵ ϮϬϭϵͲϮϬ ϮϬϮϬͲϮϭ ϮϬϮϭͲϮϮ ϮϬϮϮͲϮϯ
Company’s Subsidiary, Associates and Joint
Ventures which forms part of the Annual Report.
&ŝŶĂŶĐŝĂůzĞĂƌƐ
REPORT ON SUBSIDIARY ASSOCIATES
Note: The dividends for the FY(s) 2019-20 AND JOINT VENTURE COMPANIES AND
onwards is on the increased paid up capital upon THEIR CONTRIBUTION TO THE OVERALL
issue of Bonus shares in the year 2019. PERFOMANCE IN THE COMPANY
DIVIDEND DISTRIBUTION POLICY During the FY 2018-19, the Company had revised
Your Company formulated a Dividend Distribution the policy for determining material subsidiaries in
Policy in the year 2016. The Dividend Policy has terms of the amended Listing Regulations w.e.f.
been uploaded on the Company’s website at the 1st April, 2019. The policy may be accessed on
link: the Company’s website at the link:
https://www.balmerlawrie.com/adminls/dl_u/ https://www.balmerlawrie.com/adminls/dl_u/
DIVIDEND_DISTRIBUTION_POLICY.pdf Policy_on_Determining_Material_Subsidiary-BL.
pdf

13
As per the aforesaid policy, none of the subsidiary cargo coupled with offering of value-added
appear to be material subsidiary of your Company. services such as customs clearance, sorting,
grading, aggregation, disaggregation and freight
The contribution to the income of Balmer Lawrie
handling. It has a rail connectivity of 1.30 K.M.
& Co. Ltd. from Subsidiary, Associates and JV
where 4 rakes can be handled in a day. The MMLH
Companies are as under:
upon receipt of CFS license, has commenced its
Name Amount Nature CFS operations from 2nd March, 2023.
(Rs. In Lakh)
Balmer Lawrie (UAE) LLC 3065.11 Dividend The mechanised warehouse facility of the JVC
Balmer Lawrie-Van Leer 516.07 Dividend covering around 1,06,650 sq. ft. had witnessed
Ltd. an average capacity utilization of 92% during
AVI-OIL India Private Ltd. 63.00 Dividend the FY 2022-23, as against utilization of 97%
Balmer Lawrie (UAE) LLC 661.11 TSMS Fees during the previous FY 2021-22. In anticipation
PT Balmer Lawrie 116.17 TSMS Fees of receiving CFS license, the EXIM portion of the
Indonesia warehouse had to be vacated in November 2022,
which resulted in reduction of capacity utilization,
FINANCIAL STATEMENT OF SUBSIDIARY
which otherwise had witnessed 100% utilisation
COMPANY
till November 2022.
In line with the provisions of Section 136 of the
The JVC’s temperature-controlled warehouse
Companies Act, 2013, your Company has placed
facility is equipped with frozen & chilled chambers
audited accounts of its subsidiary on its website
with a capacity of handling 3,780 pallets. During
- www.balmerlawrie.com. Members shall be
the FY 2022-23, this business had reached its
provided the financial statement of the subsidiary
maximum capacity utilization of 100%, as against
company as per requisition made by them in
utilization of 95% during the previous FY 2021-
writing.
22.
A brief write-up about the Subsidiary, Associates
The JVC during the year under review experienced
and Joint Venture Companies of your Company,
challenges in achieving growth in the area of
inter-alia, reporting about their respective
Open Yard and Rail Siding business, due to
performance, financial position and other
imposition of export duty on steel products which
significant events is presented hereunder:
was effective from second quarter of the FY 2022-
REPORT ON SUBSIDIARY 23, ban on export of agricultural commodities and
Visakhapatnam Port Logistics Park Limited non-availability of rakes for the customers dealing
[VPLPL] - Subsidiary in Aluminum products. These significant factors
had adversely affected the capacity utilization of
Visakhapatnam Port Logistics Park Ltd. its Open Yard business, which had dropped from
(hereinafter referred to ‘the JVC’) was incorporated 40% (FY 2021-22) to 24% in the FY 2022-23. The
on 24th July, 2014, under the Companies Act, number of rakes handled also had reduced from
2013, with equity contribution in the ratio of 60:40 123 Rakes (FY 2021-22) to 60 rakes in the FY
between the two joint venture partners, namely 2022-23.
Balmer Lawrie & Co. Ltd. and Visakhapatnam
Port Authority. During the FY 2022-23, the JVC was able to
generate a total revenue of Rs.12.56 Crores
The JVC runs and operates a Multimodal Logistics as against Rs.14.05 Crores earned during
Hub (MMLH) facility in Visakhapatnam. The the previous FY 2021-22. However, due to
MMLH comprises of an open yard storage facility, depreciation and interest on borrowings, the JVC
mechanised warehouse and a temperature- ended up with a loss of Rs.10.54 Crores during
controlled storage solution facility for mechanised the FY 2022-23.
materials handling and intermodal transfer
between container terminals and break-bulk The significant achievement of the JVC during the
cargo terminals. The MMLH provides option for FY 2022-23, was the receipt of Container Freight
handling both bonded as well as non-bonded Station (CFS) license on 27th January, 2023 and
commencement of CFS operations on 2nd March,

14
2023. With this license in place, the facility is All product verticals performed very decently.
now aligned with the Prime Minister’s Gati Shakti Operational efficiency remained at the core and
initiative, since the JVC is well equipped to offer was the best ever.
an end-to-end Logistics Services with best-in-
Cost Leadership Initiatives helped the company
class infrastructure.
in the tightrope walk of severe competition.
The JVC had already handled 74 TEUs of Export
All approved Capex has duly been commissioned
containers in the month of March 2023 and
by 31st December, 2022.
generated a revenue of Rs.12 Lakh. The JVC
is expected to perform better in the current FY The company launched several new products
2023-24, since commercial agreements have in 2022. The focus of the company continues
been signed off with some of the major shipping to remain on Technology upgradation and IT
lines. initiatives.
REPORT ON JOINT VENTURES In order to rationalize competition in Metal
Balmer Lawrie (UAE) LLC (BLUAE) Packaging, company did the acquisition of the
number 2 player in the market.
Balmer Lawrie (UAE) LLC, the Financial Year of
operation is calendar year and hence this report The company expects to continue its leadership
is for the period of January to December 2022. position in Industrial Packaging in the Region.

Recovery from COVID-19 could not take place Balmer Lawrie-Van Leer Ltd. [BLVL]
fully as Global Supply Chain disruptions continued Global Challenges - during the year under
till Q3 of 2022. review FY 2022-23, Balmer Lawrie-Van Leer
The Region continues to face severe Geopolitical Ltd. (BLVL) has experienced challenging
challenges erupting out of the Russia-Ukraine war macroeconomic environment, marked by
and the deteriorating relationship with US-China. geopolitical uncertainties, high commodity
All these were followed by a cut in oil output, inflation, supply chain constraints, volatile trade
resulting in unstable petroleum prices resulting balance, rising energy prices, competition
from the instability of the demand. among other factor. The decline in global
demand for steel exports has impacted the sales
Drop in demand resulted in severe competitive of steel drum closures division.
pressures in pricing and competition from across
borders. Focus - The company focused engaging in
new opportunities, high growth segments and
Given the challenges, the Company fared decently retaining our key customer base. This has helped
during the FY 2022 due to the fundamental pillars the company to steer the course of profitable
of the Company where “People” remained at the growth. The company assessed the prospects in
center of all our focus. the Food & Lubricant sector and restructured its
Added to the above strategic goals of the Company Plastic manufacturing facilities to tap the steady
and sustainability drive kept the Company afloat growing demand.
beating all challenges due to the customer-centric Results - The company has for the third
culture and strong Supply Chain Management consecutive year achieved to deliver impressive
Systems of the Company. top-line for the Financial Year 2022-23. The
Performance Driver’s for the Company remained: financial performance for the year recorded the
highest ever revenue of Rs. 591 Crores which
a. People & Team
was Rs. 586 Crore in the previous year. The PBT
b. Customer Service Excellence
for the Financial Year 2022-23 stood at Rs.37.50
c. Transformational Performance
Crore as against Rs.50.42 Crore in the previous
d. Sustainability Drive.
year. The Steel Drum closure units of BLVL at
The company continued to keep focus on Export Turbhe and at Bengaluru have reported a decline
Markets and has expanded substantially. in turnover. The Plastic Division at Turbhe,

15
Dehradun & Chennai was able to increase its ‡ Market Size in 2021 is 879.84 million liters
turnover in the current year. The combined overall projected to reach 1.10 billion liters in 2026
turnover of both, Steel Drum Division and Plastic (CAGR 4.64%)
Drum division was higher in comparison to the
‡ 60% of the volume is contributed to Automotive
previous year.
Growth & one of the largest 2 Wheeler Market
Future - A food compliant facility is being in Asia.
developed at Pune and Dehradun. The Pune
‡ Consumption is likely to see increase riding on
manufacturing facility was completed during the
the back of increasing infrastructural activities
year and production is expected in next financial
& growth in vehicle population.
year. The additional manufacturing facility at
Dehradun plant is under construction. The PTBLI has 3 business verticals
Dahej plant has commenced its production in all ‡ Industrial & Direct B2B
segmented products.
‡ Retail Channel Business
AVI-Oil India Private Ltd. [AVI-OIL]
‡ Contract manufacturing business
For the FY 2022-23, AVI-OIL has achieved sales
volume of 1,429 KL of lubricants blended, 23 MT While Industrial & Retail Business focuses on
of greases reprocessed and 251 MT of esters. sales & promoting our own Balmerol Brand of
Lubricants in this region, Contract Manufacturing
During the FY 2022-23, the Company achieved is done on contract basis to manufacture for other
the net sales of Rs.9,125.53 Lakh as compared to Lube & Grease Marketing companies including
the previous year net sales of Rs.5,371.09 Lakh. Pertamina, the largest national oil Company of
The Profit before Tax (PBT) for the FY 2022-23 is Indonesia.
Rs.2,081.12 Lakh as compared to previous year The last Financial Year, 2022-23 witnessed a
PBT of Rs. 912.50 Lakh. The increase is mainly robust performance by PTBLI with
due to increase in sales and increase in other
income. ‡ Better Sales Realization has increased our
Business Turnover.
The Profit before Depreciation, Interest and Tax
(PBDIT) for the FY 2022-23 is Rs. 2,458 Lakh ‡ 64% Growth in Sales of Balmerol Brand.
as compared to the last year PBDIT of Rs.1,293 ‡ Better Control on Receivables, no new Bad
Lakh. Debts
Particulars (Rs. in Lakh) ‡ Retail Business has made significant increase
2022-2023 2021-2022 in sale of Motor Cycle Oil & Greases in small
Total Revenue 9240.68 5495.50 pouches.
Net Sales 9125.53 5371.09
Total Expenses 7159.56 4583.00 Transafe Services Ltd. [TSL]
3UR¿W /RVV %HIRUH7D[ 3%7 2081.12 912.50 Hon’ble National Company Law Tribunal (NCLT)
Taxation
vide its order dated 9th April, 2021 has approved
- Current tax 521.41 323.06
the Resolution Plan of M/s Om Logistics Limited
- Deferred tax (54.77) (53.24)
1HW3UR¿W /RVV 1614.48 642.68 (Resolution Applicant in the said matter of
Corporate Insolvency Resolution Process (CIRP)
PT Balmer Lawrie Indonesia [PTBLI] initiated upon M/s Transafe Services Ltd. (TSL),
PT Balmer Lawrie Indonesia (PTBLI) is a 50:50 wherein, the following had been approved upon
joint venture company between “PT Imani implementation of the Resolution Plan:
Wicaksana”, Indonesia and “Balmer Lawrie & Co. i. The entire existing Equity Share Capital of
Ltd.”, India. The company was formed in 2010. The TSL shall stand cancelled, extinguished and
business of the Joint Venture is to manufacture annulled & be regarded as reduction of Share
and sale of greases and lubricants in Indonesia & Capital to the extent of 99.99997% and the
adjoining region. Indonesia’s Lubricant market is remaining 0.00003% shall be required to be
characterized by: transferred to the Resolution Applicant.
16
ii. The entire existing Preference Share Capital HUMAN RESOURCE MANAGEMENT (HRM)
of TSL shall stand cancelled, extinguished
The organization believes that its success depends
and annulled to the extent of 100% and be
on the alignment & performance of its people. In
regarded as reduction of Capital.
order to create value for the Organization and
Consequent to the above, the Company ceased to based on the long term plan and current realities,
have joint control or have any significant influence the following domains have been the focus areas
over TSL and TSL ceased to be a Related Party of Human Resource Management in the FY
under the extant provisions of Section 2(76) of 2022-23:-
the Companies Act, 2013 or under IND AS-110 or
- To ensure the organization has the right
clause 2(1)(zb) of Listing Regulations. However,
people, in the right job, at the right time.
the Company has filed an appeal to Hon’ble
National Company Law Appellate Tribunal - Enhancing employee productivity to reach
(NCLAT) against the orders of Hon’ble NCLT. the best in class levels and support the
The investments of the Company (in both equity vision of the Company of becoming a leading
and preference shares in the said joint venture), diversified corporate entity having market
have been unilaterally reduced by way of capital leadership with global presence in the chosen
reduction, by the demat account service provider. business segments.
The Company has been following up with the - Consistently deliver value to all stakeholders
demat account service provider for re-instatement and focus on enhancing employee
of the same considering that the matter is sub- engagement and employee experience.
judice (supra).
- Continue to build employee capability,
Recently, Hon’ble NCLAT vide Order dated 26th upgrading leadership and manage talent &
July, 2023 has dismissed the appeal. employee performance across all levels of the
CESSATION / CHANGE IN JOINT VENTURES workforce.
/SUBSIDIARIES /ASSOCIATE COMPANIES (a) Talent Acquisition
DURING THE YEAR
In today’s intensely dynamic markets, the
During the FY 2022-23, there was no instances of Company has successfully inducted 31 (Thirty
cessation / change in Joint Venture/ Subsidiaries One) Executives and 6 (Six) Officers (Non-
/ Associate Companies. Unionized Supervisors) during the year to
Effective 8th August, 2022, BLUAE – a foreign reinforce the Company’s performance and bolster
joint-venture of the Company had acquired 100% the Company’s capabilities in all business areas.
of the issued share capital of Elegant Industries (b) Learning and Development
LLC which is a limited liability Company registered
at UAE and its financials are merged with BLUAE. The Company aligns its learning & development
practices and solutions in line with the
MEMORANDUM OF UNDERSTANDING (MOU) organizational growth and productivity. Our aim
Every year your Company signs an MOU with has been to continuously invest in enhancing
the Government of India, Ministry of Petroleum the professional skills and competencies of our
and Natural Gas, based on guidelines issued by employees. With the objective of enhancing
the Department of Public Enterprises (DPE). The the functional and leadership competencies,
MOU targets include revenue from operations, extensive training programs for employees in line
operating profit to Revenue, PAT/Net Worth, with the business requirement of the Company,
capital expenditure, receivable management, both in the areas of general management and
capacity utilization and research and specialist skill development were planned and
development initiative etc. Periodic review on executed.
achievement of MOU was carried out throughout Balmer Lawrie Mentorship Scheme (BLMS)
the year. MOU evaluation for the Financial Year has been implemented for providing effective
2021-22 has been received. The grading of the development opportunity which the organization
Company for the FY 2021-22 was “Good”. can offer to its new employees. The scheme

17
has laid down criterias to objectively cover all skills are also emphasized, enabling supervisors
new joinees in Executive cadre who join the to effectively convey information, provide
Company in Grades E1 to E5. The Company feedback and foster strong relationships within
has also focused and invested in its resources their team.
on preparing a panel of mentors in each SBU/
To provide a safe working environment for
Function in Company. Executives in Grades E3
women, employees / others are being regularly
and above, upto grades E7 comprised of such
sensitised about the provisions of the ‘The Sexual
panels.
Harassment of Women at Workplace (Prevention,
The Management invested itself in designing a Prohibition and Redressal) Act, 2013’.
distinctive 9-month long leadership development
In addition, supervisors receive training on GeM
program, where the participants are given
and Purchase Manual, ensuring they are up-to-
opportunity to hone leadership skills through
date with the latest procurement procedures and
action learning. The arena of action learning are
can navigate the system efficiently. To uphold
projects which were futuristic, challenging, and
quality standards, supervisors are acquainted with
critical to growth and competitive advantage of
ISO guidelines and practices. Keeping pace with
the Company.
new age methodologies, supervisors are exposed
With the objective to create and nurture a to topics like design thinking, which encourages
learning culture within the organisation and innovative problem-solving approaches. Lastly,
positively impact performance, the Company other functional and behavioural trainings are
has developed SCORM-based and movie-based conducted for Supervisors to help them develop
video digital learning content for its Personnel. a well-rounded skill set and hence ensuring the
Online modules have been created for induction organization’s overall success.
of lateral hires and for creating awareness
In all 1600+ Training days were achieved which
of Purchase/ procurement procedures of the
included both in-house and external programmes
Company.
for all categories of employees during the year.
Worker’s and Supervisors Training: The
(c) Managing Performance
unionized staff members have been consistently
provided with regular Safety training sessions to Based on the Competency Framework developed
ensure their well-being and create a secure work for all Executive grades, the Company has
environment. This is in addition to the Tool Box implemented a Competency Linked Performance
talks, Safety training etc. being conducted for the Appraisal System for all Executives. With a view
regular and contractual workers for inculcating to ensure timely completion of Performance
and building a Safe working environment in the Management Appraisals, the process has
organisation. Recognizing the importance of their been e-enabled for Executives upto grade E-8.
overall health and happiness, additional training Our Company has maintained 100% online
programs have been conducted to equip them submission of ACR/APAR in respect of all Non-
with the necessary tools to address behavioural, unionised positions along with compliance of
social and mental health issues. These prescribed timelines w.r.t writing of ACR/APAR
specialized trainings aim to empower the staff during the FY 2022-23.
with the knowledge and skills to tackle various (d) Employee Engagement and Welfare
issues that may arise, fostering a supportive and
inclusive workplace environment that values their An effective work culture has been established in
holistic well-being. the organization which encourages participation
and involvement of employees in activities
The training sessions for Supervisors cover a beyond work. Towards furthering this, during the
wide range of topics to enhance their capabilities year the 157th Foundation Day was celebrated in
and effectiveness. Firstly, safety training is all units and establishments across the country.
provided to ensure supervisors are well versed The employees participated in large numbers
in maintaining a secure work environment and and made the event a memorable occasion.
promoting employee well-being. Communication

18
Welfare & representation of SCs, STs, OBCs, policy of the Government of India, the Company
PwBDs, EWS has taken several steps to promote usage of
Hindi in official work. Various activities like 27
During the year, in the Executive & Officers [NUS]
workshops were organized during the year in
cadre, 3 (Three) employees in the SC category,
which 378 employees were trained on usage
14 (Fourteen) employees in the OBC category, 1
of Hindi in Official work. Hindi Pakhwada was
(One) employee in the ST category and 2 (Two)
celebrated at all locations of the Company during
women employees were recruited.
the month of September 2022.
The actual number of employees belonging to
We have also trained 35 employees in Hindi
special categories, Group-wise, as on 31st March,
Prabodh, Praveen and Pragya courses. Issue of
2023 is given below:-
Balmer Lawrie Organizational Gazette (BLOG)
Group Regular SC ST OBC PH Women EWS Minori- for October 2022 was released completely in
Manpower [*] ties
Hindi. Similarly, Balmer Lawrie online monthly
as on
31.03.2023 (BLOOM) Bulletin also released bilingually.
A 483 57 8 88 5 61 2 33 Implementation of the Official Language Policy
B 185 36 7 51 5 21 2 12 is top driven in our Company and used Hindi in
C 37 2 0 13 1 8 0 2
D all our activities of CSR, Company’s Foundation
[includ- 166 18 3 40 6 4 0 31 Day, Town hall meetings, World Environment
ing D1] Day, Safety Week, Vigilance Awareness Week,
Total 871 113 18 192 17 94 4 78
th
International Women’s Day, Quami Ekta Week.
[*] On and from 08 September, 1993 onwards As a helping literature to use Hindi in Official work,
Implementation of the Persons with Disabilities file covers are now being printed with bilingual
[Equal Opportunities, Protection of Right and designations / Daily routine notings.
Full Participation] Act, 1995 and The Rights of Empowerment of Women
Persons with Disabilities Act, 2016
In an endeavour to promote diversity and inclusion,
In compliance with the above Acts, the Company adequate representation of women personnel
has implemented reservation rosters including across business verticals and regions has always
4% reservation for persons with benchmark been ensured. Efforts have been made at all times
disabilities. The Company also has implemented to create an atmosphere conducive and safe for
‘Equal Opportunity Policy’ in accordance with women employees to join and build a career in
the provisions of The Rights of Persons with this organization. The present strength of women
Disabilities Act, 2016 and Rights of Persons with employees is 10.79%.
Disabilities Rules, 2017.
We have representation of women in our
Employee Relations manufacturing businesses like Chemicals,
Management believes in a process of open & Industrial Packaging, Greases and Lubricants,
transparent consultation with the collectives. despite the fact that a large chunk of our workforce
Employees are represented in various Trusts constitutes of shop floor workers. We have
formed by the Company to administer various had generations of women leaders as full time/
employee benefit schemes. Plant level independent/ Government Nominee Directors,
committees are in place to discuss and settle leading Businesses like Travel and Functions like
productivity and work place related matters. Secretarial division. At present, we have women
Consultative Forums have been established to holding key positions in businesses and functions
resolve disputes / differences. who are continually nurturing and developing
the organization and making Balmer Lawrie an
The employee relations continued to be generally organization of excellence.
cordial at all Units / Locations of the Company
during the year. Like each year, this year too the Company
organized various developmental initiatives
Implementation of Official Language during International Women’s Day Celebration
To ensure implementation of Official Language for Women Personnel across Regions. A debut

19
edition of the special publication ‘Shakti’ on the enhance access to quality education.
occasion of International Women’s Day, was
Healthcare: Investing in healthcare facilities,
conceptualised and released as an endeavour to
medical camps, and initiatives to improve
celebrate the women workforce of Balmer Lawrie
healthcare services in underserved areas.
& Co. Ltd.
Skill Development: Providing skill training and
Welfare of the Weaker Sections
employment opportunities for underprivileged
The Company policy does not permit employment youth to enhance their employability through Skill
of any person below the age of 18, directly or Development Institutes set up by Oil PSU’s.
through contractor, in any of its businesses.
Environmental Sustainability: Undertaking eco-
To ensure this, the age of all candidates for
friendly initiatives, tree planting drives, and waste
employment is verified at the time of recruitment
management projects to promote environmental
and recruitment rules ban employment of persons
conservation.
below 18 years. It also does not buy goods/
products from agencies that use child labour. Swachh Bharat Abhiyan: Swachh Bharat
Abhiyan (Clean India Mission) is a flagship
The Company does not practice any form of
initiative launched by the Government of India
discrimination or bias in matters related to hiring
in 2014 to promote cleanliness, sanitation, and
of employees, their career planning, training
hygiene across the country. Our Company has
and development, promotion, transfers, or on
taken forward the campaign and every year
remuneration and perquisites. All sections of
activities are being undertaken in our peripheral
employees, including women, are given equal
areas.
opportunities and the Human Resource Policy is
to advance the cause of meritocracy and foster Azadi Ka Amrit Mahotsav (AKAM): Company
development of employees, including learning Undertakes initiatives that benefit local
and growth. communities, such as awareness campaigns,
cleanliness drives, and skill development
The Company does not practice any discrimination,
programs under the Aegis of AKAM.
in matters relating to recruitment, compensation,
promotion, training on the basis of religion, Sustainable Initiatives: Supporting eco-friendly
caste, region, political affiliation or sex, excepting and sustainable projects to contribute positively
positive discrimination in hiring of employees to to the environment and society.
give effect to constitutional guarantees for socially Women Empowerment: Promoting gender
backward / underprivileged groups like SC / ST / equality and empowerment of women through
OBC / Minorities / EWS/ Persons with benchmark vocational training and livelihood programs.
disabilities.
Disaster Relief: Extending support during
In all recruitments where there are candidates natural disasters and calamities to aid affected
from SC / ST / OBC communities, the Selection communities.
Committee has a member from the reserved
community to ensure that the interest of these Sports Promotion
communities is safeguarded. Our Company encourages participation in various
Community Development & Social Welfare intra-regional sports activities like cricket, football
etc. by its employees. Our Company is also a
Balmer Lawrie & Co. Ltd. has a corporate social member of the Petroleum Sports Promotion
responsibility (CSR) mandate. Like many other Board.
corporations, the Company is engaged in various
CSR activities aimed at contributing to the well- Web link for accessing various policies of the
being of the community and promoting social Company:
welfare. These initiatives include, but are not As a part of effective Corporate Governance,
limited to: various codes such as ‘The Code of Conduct for
Education: Supporting educational programs, Board Members and Designated Personnel of
and infrastructure development for schools to Balmer Lawrie & Co. Ltd.’, ‘Conduct Discipline &

20
Review Rules for Executives and Non-Unionised by improving health infrastructure and
Supervisors (NUS)’ and policies such as ‘HSE facilitating service provision.
Progressive Disciplinary Policy’, ‘Related Party ‡ Focus on quality of education and encourage
Transactions Policy’ etc. are uploaded on the children from marginalized sections and
Company’s website. The same can be accessed girls to complete school education and opt
at the link - https://www.balmerlawrie.com/static/ for higher education.
codes_&_policies
‡ To focus on livelihoods and skill development
Disclosures regarding the Sexual Harassment in order to provide opportunities to women
of Women at Workplace (Prevention, and youth and make them self-reliant.
Prohibition and Redressal) Act, 2013 ‡ Initiate holistic development programs for
Internal Committee (IC) differently abled children and orphans with
a view to provide them opportunities to lead
The Company has reconstituted Internal a meaningful life.
Committees in all four regions namely Eastern,
‡ To support the national efforts in rehabilitation
Western, Northern and Southern Region
and relief post unfortunate natural disasters.
(Separate ICs have been constituted in Bangalore,
Hyderabad and Chennai) of the country under Guiding Principles
the Sexual Harassment of Women at Workplace
We at Balmer Lawrie are committed to
(Prevention, Prohibition and Redressal) Act,
continuously improve our efforts towards our
2013. The following is furnished in terms of the
social responsibility, focus on marginalized
Act:-
sections and encourage our employees to
a) Number of complaints filed during the contribute in CSR activities. Towards this
Financial Year – Nil commitment, the Company shall be guided by
b) Number of complaints disposed of during the the following guiding principles:
Financial Year – Nil ‡ Affirmative action to provide opportunities to
c) Number of complaints pending as on end of marginalized communities
the Financial Year – Nil ‡ Efforts towards gender inclusiveness
CORPORATE SOCIAL RESPONSIBILITY ‡ Encourage community participation and
(CSR) ownership in order to ensure sustainability
of CSR activities.
Annual Report on CSR Activities
‡ Encourage voluntary participation of
1. A brief outline of the Company’s CSR employees.
policy
‡ Enhancing visibility of our CSR so that
Vision others can benefit from our learnings.
“We are committed to serve the community by ‡ CSR activities would be based on
empowering it to achieve its aspirations and partnerships.
improving its overall quality of life.” ‡ Wherever possible, we will align our
Mission activities with the business objectives.
‡ Capacity building for the weaker sections of
To undertake CSR activities in chosen areas
the society.
through partnerships, particularly for the
communities around us and weaker sections
Corporate Social Responsibility
of the society by supporting need-based
initiatives. Corporate Social Responsibility (CSR) is the
ongoing commitment of businesses to integrate
Objectives
social and environmental concerns into their
‡ Improve the health and nutrition status operations. India holds the distinction of being
of communities, particularly vulnerable the first country to enforce CSR activities and
groups such as women, children and elderly mandate the reporting of CSR initiatives under

21
the Companies Act, 2013. This landmark government-initiated programs such as the Clean
legislation marks the beginning of a new era for India Mission, Swachh Bharat Mission and Skill
CSR in India, bringing about significant changes Development Institutes. CSR has now become
that affect Company formation, administration, an integral part of a Company’s functioning, and
and governance. One notable addition is firms must demonstrate such responsibility.
Section 135, which outlines the Corporate Social
Balmer Lawrie’s CSR initiatives are primarily
Responsibility obligations for companies listed
driven by two flagship programs: the Balmer
in India. This section covers the requirements
Lawrie Initiative for Self-Sustenance [BLISS] and
for executing, allocating funds, and reporting
Samaj Mein Balmer Lawrie [SAMBAL]. While
on successful project implementation. The main
the former program focuses on providing and
objective of this mandate is to invest in the socio-
improving long-term economic sustenance for the
economic, cultural, and environmental betterment
underprivileged, the latter aims to enhance living
of communities. Achieving comprehensive
standards and quality of life for the population in
empowerment for disadvantaged communities
and around the Company’s operational areas.
necessitates sustainable approaches that align
To further its commitment to a sustainable
with shared community goals. CSR acts as a
society, Balmer Lawrie has implemented various
positive step towards promoting quality health,
innovative CSR programs. The Company has
education, livelihood, care, and protection
successfully delivered on its CSR commitments
while ensuring environmental sustainability
and continues to make progress for the
and ecological balance. Balmer Lawrie, as an
betterment of communities. Recognizing the
organization, is deeply committed to conducting
importance of national flagship programs
its business in a socially responsible manner
launched by the government, Balmer Lawrie
and being responsive to the needs of society
seeks partnerships with organizations that can
as a whole. Over the past few decades, the
identify community needs and effectively execute
Company has consistently undertaken various
the Company’s CSR objectives. By engaging with
CSR initiatives, driving sustainable development
impactful specialized organizations and adhering
and growth for its stakeholders. Balmer Lawrie
to guidelines such as the DPE guidelines, the
has independently spearheaded numerous
Companies Act, 2013, and Schedule VII thereto.
projects across its units and establishments
Balmer Lawrie takes pride in advancing initiatives
throughout the country, in addition to supporting
falling under the purview of CSR.

2. Composition of CSR Committee as on 31st March, 2023

Sl. Name of Director Designation / Nature of Number of Number of meetings
No. Directorship meetings of CSR of CSR Committee
Committee held attended during the
during the year year
1 Shri Adika Ratna Chairman and Managing 2 2
Sekhar*- Chairperson Director– Wholetime,
Executive Director
2 Shri Rajeev Kumar** Independent Director 2 2
- Member
3 Shri Adhip Nath Director (Service Businesses) – 2 2
Palchaudhuri - Wholetime, Executive Director
Member
4 Shri Abhijit Ghosh# Director (Human Resource and 1 1
- Member Corporate Affairs) – Wholetime,
Executive Director
* Shri Adika Ratna Sekhar, Chairman and Managing Director was appointed as the Chairperson
of the Committee w.e.f. 12th July, 2022.
** Shri Rajeev Kumar, Independent Director was appointed as the Member of the Committee w.e.f.
12th July, 2022.
22
 #
Shri Abhijit Ghosh, Director (HR & CA) was entitled to attend one meeting during the FY 2022-23
as he was appointed as the Member of the Committee w.e.f 10th February, 2023.
Shri Sandip Das had attended one meeting of the Committee held on 5th August, 2022 during the
FY 2022-23 since he ceased to be the Director of the Company and Committee Member w.e.f. 1st
January, 2023.
Shri Arun Kumar, Shri Anil Kumar Upadhyay and Shri Bhagawan Das Shivahare, Independent
Directors had ceased to be the Directors of the Company and Committee Members w.e.f. 12th July,
2022 and had not attended any Committee Meeting during the F.Y. 2022-23.
3. The web-link where composition of CSR committee, CSR Policy and CSR projects approved by
the Board are disclosed on the website of the Company:
https://www.balmerlawrie.com/static/committees
https://www.balmerlawrie.com/static/codes_&_policies
https://www.balmerlawrie.com/static/csr
4. Provide the executive summary along with web-link(s) of Impact Assessment of CSR Projects
carried out in pursuance of sub-rule (3) of rule 8, if applicable - Impact Assessment is not applicable
to the Company in pursuance of sub-rule (3) of rule 8. To understand impact of our community-
based projects a small impact assessment was conducted in the FY 2021-22.
5. (a) Average net profit of the Company as per sub-section (5) of section 135. - Rs.18023.14 Lakh.
(b) Two percent of average net profit of the Company as per sub-section (5) of section 135. -
Rs.360.46 Lakh.
(c) Surplus arising out of the CSR Projects or programmes or activities of the previous Financial
Years. - Nil.
(d) Amount required to be set-off for the Financial Year, if any. - Rs.200.00 Lakh.
(e) Total CSR obligation for the Financial Year [(b)+(c)-(d)]. - Rs.160.46 Lakh
6. (a) Amount spent on CSR Projects (both Ongoing Project and other than Ongoing Project). - Rs.
376.70 Lakh
(b) Amount spent in Administrative overheads. - Nil
(c) Amount spent on Impact Assessment, if applicable. - Rs. 1.04 Lakh.*
*Impact Assessment is not applicable to the Company in pursuance of sub-rule (3) of rule 8. To
understand impact of our community-based projects a small impact assessment was conducted
in the FY 2021-22.
(d) Total amount spent for the Financial Year [(a)+(b)+(c)]. - Rs. 377.74 Lakh.
(e) CSR amount spent or unspent for the Financial Year:
Amount Unspent (Rs. in Lakh)
Total Amount Total Amount transferred to Amount transferred to any fund specified
Spent for the Unspent CSR Account as per under Schedule VII as per second proviso to
Financial Year sub-section (6) of Section 135 sub-section (5) of Section 135
(Rs. in Lakh)
Amount. Date of transfer Name of the Fund Amount. Date of
transfer
377.74 NIL NA NA NIL NA

23
 (f) Excess amount for set-off, if any:

Sl No. Particular Amount

(Rs. /Lakh)

(1) (2) (3)

(i) Two percent of average net profit of the Company as per sub-section (5) 360.46
of section 135

(ii) Total amount spent for the Financial Year 377.74

(iii) Excess amount spent for the Financial Year [(ii)-(i)] 17.28

(iv) Surplus arising out of the CSR projects or programmes or activities of 0.00
the previous Financial Years, if any

(v) Amount available for set off in succeeding Financial Years [(iii)-(iv)] 17.28

7. Details of Unspent Corporate Social Responsibility amount for the preceding three Financial Years:
Not Applicable

1 2 3 4 5 6 7 8

Sl. Pre- Amount Balance Amount Amount Amount Deficien-

No ceding transferred Amount in Spent transferred remaining cy, if any
Financial to Unspent Unspent in the to a Fund as to be
Year(s) CSR CSR Financial specified under spent in
Account Account Year Schedule VII succeeding
under sub- under sub- (in Rs.) as per second Financial
section (6) section (6) proviso to sub- Years
of section of section section (5) of (in Rs.)
135 135 section 135, if
(in Rs.) (in Rs.) any

Amount Date of
(in Rs) transfer

1 FY-1 - - - - - - -

2 FY-2 - - - - - - -

3 FY-3 - - - - - - -

8. Whether any capital assets have been created or acquired through Corporate Social Responsibility
amount spent in the Financial Year: No
If Yes, enter the number of Capital assets created/ acquired: Not Applicable
Furnish the details relating to such asset(s) so created or acquired through Corporate Social
Responsibility amount spent in the Financial Year:

24
 Sl Short Pin code of Date of Amount of Details of entity/ Authority/
No. particulars of the property creation CSR amount beneficiary of the registered owner
the property or or asset(s) spent
asset(s)

1 2 3 4 5 6

CSR Registration Name Regis-

Number, if tered
applicable address

- - - - - - - -

9. Specify the reason(s), if the Company has failed to spend two per cent of the average net profit as
per sub-section (5) of section 135. - Not Applicable

Shri Adika Ratna Sekhar Shri Rajeev Kumar

Chairman & Managing Director Independent Director
Chairman of CSR Committee Member of CSR Committee
(DIN 08053637) (DIN 09402066)

BUSINESS RESPONSIBILITY AND A strong safety system is in place to fulfil the

SUSTAINABILITY REPORT Zero Harm Vision. These processes are well
designed, rely on online data, and are centred on
Pursuant to provision of Regulation 34(2)(f) of the
the shared responsibility principle.
Listing Regulations, the Business Responsibility
and Sustainability Report (BRSR) for the At Balmer Lawrie, we have set high standards of
Financial Year 2022-23 providing disclosures occupational safety in the premises of all our units
in environmental, social and governance / establishments. Regular assessment of health
perspectives is enclosed as ‘Annexure 2’ of the and safety practices and working conditions in all
Board’s Report. our plants and offices is done to identify gaps, if
any and accordingly corrective action plans are
OCCUPATIONAL HEALTH & SAFETY
developed.
Employee Health and Safety
Our Senior Management, along with key facility
By identifying health and safe working conditions workers, are responsible for implementing
as a risk and opportunity, your Company necessary safety policies, procedures, and
prioritizes the well-being of the employees, measures from the corporate governance
complies with legal norms, maintains operational standpoint.
efficiency & continuity, protects brand reputation,
Your Company has published an HSE Manual
and manages costs effectively. These factors,
which is being used as a reference book in plants
contribute to the overall sustainability and long-
and other establishments of your Company.
term success of the Company. Our priority is
Major plants / units of your Company are OHSAS
to ensure a safe working environment for all
18001 certified. All Occupational Health & Safety
our employees and workers with primary focus
Standards are adhered to as per the Factories
on safety management system, mitigation of
Act, 1948.
associated hazards, regular training and mock
drills, periodic risk assessment, inspections Your Company has an online HSE MIS System
and audits and continual improvement in OHS where all Manufacturing / Services units submit
management system. monthly HSE Report to corporate Office enabling
it to take corrective action.

25
Major initiatives / activities undertaken in this Air emissions norms also strictly adhere to the
domain in Financial Year 2022-23 are as follows: norms laid down in the Environment Protection
Act, 1986.
‡ +6($XGLWVZHUHFDUULHGRXWLQPDQXIDFWXULQJ
and service units / establishment of your Disposal of hazardous waste is done strictly as
Company during the year and recommendations per Hazardous and Other Wastes (Management
thereof implemented. & Transboundary Movement) Rules, 2016. All
Plants and major establishments of the Company
‡ ,Q WKH )<  WKHUH ZHUH QR HPSOR\HHV
are certified to environment standards ISO 14001.
who suffered high-consequence work-
The Company has in place a comprehensive Long
related injury/ill-health/fatalities. To further its
Term Integrated Sustainability Plan which lays
endeavour of employee health & safety (H&S),
down the sustainability policy, program framework,
your Company organises training classroom
governance structure, communication, etc.
programmes covering topics ranging from
employee’s health, stress management and Balmer Lawrie published its Sustainability Report
general awareness of a safe work environment and Business Responsibility Report for the
for permanent employees and contract year 2021-22 and it has been uploaded on the
workers. Company’s website.
‡ 7KHnd National Safety Week was observed COMMUNICATIONS & BRANDING INITIATIVES
from 4th to 10th March 2023 in all units /
The significant internal communication and
establishments across the country. The week
branding initiatives driven during the FY 2022-
commenced on 6th March, 2023 was observed
23 to create employee bonding and enhance the
as National Safety Day, with the administering
process of information sharing in Balmer Lawrie
of the safety pledge and reading out of
(BL), are as follows:
message of Chairman & Managing Director.
In line with the theme, various programs ‡ Regular publication of the Daily Media Update
were organised over the week. The programs (a news report for the Ministry and Top
included extempore, quiz, mock drills, safety Management team, covering news on BL,
slogan and essay writing competitions. news from the Oil & Gas sector and initiatives
of the Government.
ENVIRONMENTAL PROTECTION AND
SUSTAINABILITY: ‡ Regular publication of the Weekly Media Update
(a news report for employees covering news on
Being fully committed towards the protection and
BL, news related to GOI and PSEs, and news
conservation of the environment, your Company
from the verticals that we do business in); BL
has taken various initiatives to minimize the
Online Monthly Bulletin (monthly newsletter),
pollution load of operations.
BL Organizational Gazette (the quarterly house
To reduce environmental footprints, our strategies magazine). These publications are available on
include steps to reduce our carbon footprint, the Company’s intranet and website. BL Online
with renewable energy sources, implementing Monthly Bulletin is being published in Hindi
energy-efficient manufacturing processes, VFDs, from August 2019. Since April 2022, Balmer
motors, lights and buildings and investing in Lawrie Organisational Gazette (BLOG) is also
carbon offset manufacturing processes. being published in Hindi.
We believe that conservation of Water offers an ‡ Internal events like celebration of Foundation
opportunity to help to slow the Climate change. Day etc. to enhance employee engagement.
Major steps are taken by your Company to reduce
‡ Continuous communication on various
water usage and minimize waste, such as using
initiatives of BL and the Government of India at
low flow fixtures, water free urinals, recycling
the workplace.
wastewater, treatment via effluent plants and
implementing rainwater harvesting systems, etc. ‡ Development of Corporate Film and SBU
Treatment and disposal of effluents conform to versions in progress.
the statutory requirements.

26
The external communication initiatives, especially from Cyber Attacks. Cyber Protection is a
from a branding perspective and achievements continuous process.
are as follows:
Your Company always complied with the statutory
‡ Media Coverage: Corporate Reports in requirements. Integration with Pariyojana portal
business magazines / newspapers / television & and Lakshya Bharat portal are two important
online media and coverage of key organization integrations done by your Company. To meet the
events, CSR initiatives, AKAM activities etc. SEBI compliance requirement, your Company
implemented “Insider Trading Compliance
‡ Press Meet during launch of Cold Chain Unit
Solution”. Your Company successfully
at Bhubaneswar by Hon’ble Minister of State,
implemented Digital Signature solution for
MOPNG, GOI in July 2022.
e-Invoices.
‡ Branding in Exhibitions and Corporate events
Your Company integrated Vacations Business
highlighting BL as market leader in the various
applications with SAP for more seamless
businesses it operates.
business handling; integrated hotel and
‡ Regular updates related to Company events, Insurance booking services for Travel &
initiatives of Hon’ble PM and Ministry of Vacations Business; integrated new air alliances
Petroleum and Natural Gas are posted on the under UDAAN scheme; implemented solutions
BL Facebook, LinkedIn and Twitter pages. for Credit limit management and new GST rules
‡ Branding of Swachh Bharat Abhiyan and other were implemented.
similar initiatives. Your Company implemented Vigilance Complaint
‡ Branding support / Social Media campaign for system, automated candidate shortlisting from
SBU: Travel & Vacations with respect to Digital Company’s job portal and Employee onboarding
Marketing. using Robotic Process Automation.

‡ Support to HR Department for employee Your Company is implementing more robust

branding initiatives and participation in various Disaster Recovery Solution to meet the statutory
industry awards. requirements as well as customer needs. Your
Company is confidently looking forward to
‡ Branding in Azadi Ka Amrit Mahotsav initiatives growing its businesses further with technology as
by MOPNG and DPE (MOF), GOI highlighting its backbone.
BL’s contribution to nation building.
PROGRESS ON PRINCIPLES UNDER
INFORMATION TECHNOLOGY ‘GLOBAL COMPACT’
Your Company is committed to adapt competitive Your Company is a founder member of the
& latest information technology solutions to UN Global Compact (UNGC), and it remains
bring efficiency in the Business Operations; committed to further the principles enumerated
enhance the business value and simplify under the Global Compact programme. The
business processes. Your Company has already details of various initiatives taken in this regard
implemented a SAP system for manufacturing can be found in the ‘Communication of Progress
SBUs, Accounts & Finance solution for all its (CoP)’ questionnaire and the ‘Message of
businesses and corporate functions like HR. Continued Support to Global Compact’, published
Technology became an integral part of every online from this year on the UNGC website.
business. Your Company has always put the
best efforts consistently and implemented apt DISCLOSURE ON IMPLEMENTATION OF
technology solutions to meet the business RIGHT TO INFORMATION ACT, 2005
needs. While Technology brings in many fold The Right to Information (RTI) Act, 2005 was
advantages to the business, it is also exposing enacted by Government of India with effect
the businesses to Cyber-attacks. Your Company from 12th October, 2005 to promote openness,
is vigilant of this fact and implemented solutions transparency and accountability in functioning
to protect the IT Infrastructure and Applications of Government Department, PSUs, etc. Balmer

27
Lawrie has designated Chief Manager (Legal) as requirement of RTI Act, 2005 has been hosted
Central Public Information Officer and Company on the Company’s Web Portal https://www.
Secretary as First Appellate Authority under the balmerlawrie.com/static/rti and the same is
RTI Act, 2005. Detailed information as per the updated from time to time.
Information sought under RTI Act, 2005 is being provided within the prescribed time-frame and details
of which for the FY 2022-23 are shown in the table below: -
Opening Received during the No. of cases Decisions Decisions Closing
Balance Year (including cases transferred to where where balance
as on transferred to other other Public request/ requests/ as on
01.04.2022 Public Authority) Authorities appeals appeals 31.03.2023
rejected accepted
(a) (b) (c) (d) (e) (f) (g)
Requests 26 138 0 0 123 41
First Appeals 1 22 0 21 1 1

(A) CONSERVATION OF ENERGY – welding machines aimed at reduction of the

consumption or wastage of energy.
(i) The steps taken or impact on conservation
of energy: (B) TECHNOLOGY ABSORPTION –
Energy management is one of the key (i) The efforts made towards technology
strategic areas in our pursuit of sustainability absorption:
in our operations. Energy consumption is not
Technology absorption and innovation are
only the main source of emissions but also has
at the core of the sustainable growth of our
a direct implication on the cost of operations.
organization. Your Company has over the
The energy management strategy of Balmer
years adopted technologies which led to
Lawrie involves the following:
automation of processes, increase in speed
a. Increasing energy efficiency: This and efficiency of systems & processes,
primarily involves reducing the quantity of reduced usage and wastage of energy,
energy used in our operations by process faster analysis and decision making etc.
optimisation, using energy efficient thereby enabling the Company to service its
technology, and conserving/recovering customers better.
energy through activities.
Apart from regular process & manufacturing
b. Increasing the share of renewable energy: related technology interventions, the Research
Balmer Lawrie has been continuously & Development centers of our Company are
striving towards the transition to renewable constantly monitoring the changing trends in
energy for the last decade by investing in technology and needs of customers and are
solar projects. developing cost effective products which can
meet the growth aspirations of the Company.
(ii) The steps taken by the Company for
utilizing alternate sources of energy: SBU-G&L’s R&D efforts are directed towards
the development of Import Substitutes
Balmer Lawrie installed 776 kWp Solar Power
like replacement of Lithium Hydroxide in
units till date to reduce carbon footprint.
majority of grease applications, development
(iii) The capital investment on energy of biodegradable greases, development
conservation equipment: of indigenous specialty greases for Steel
Balmer Lawrie is focused on investing in & Sponge Iron Sector, High-Performance
modern technology for improving the specific Greases and Lubricants for Electric Locos
energy consumption. This investment is of Indian Railways, High-Performance Fire-
broadly done in the areas of energy efficient Resistant Oils and greases catering to Steel
motors, VFDs, LED Lights, three phase Industries & Mines, Superior performance

28
 grades of Rust Preventive Oils and High HSD to LPG/PNG, by which Balmer Lawrie
Performance greases & Oils for Electric has reduced the diesel consumption and
Vehicles. carbon emission.
SBU-Chemicals has entered into (iii) In case of imported technology (imported
manufacturing of textile and agro chemicals. during the last three years reckoned from
Chemicals has developed technologies to the beginning of the FY)
make acrylic binders, wax emulsions, protein
a. The details of technology imported: NA
binders and specialty waxes.
b. The year of import: NA
PNG installation has been done at Industrial c. Whether the technology been fully
Packaging (IP) - Asaoti & IP - Taloja and LPG absorbed: NA
installation has been done at IP - Silvassa. d. If not fully absorbed, areas where
absorption has not taken place, and the
(ii) The benefits derived like product
reasons thereof: NA
improvement, cost reduction, product
development or import substitution: (iv) The expenditure incurred on Research and
Development
Your Company is constantly exploring both
(Rs. in Lakh)
incremental and fundamental innovations
2022-23 2021-22
in all its business activities by exploiting
(a) Capital Expenditure 54.76 19.13
both in-house and outside knowledge
(b) Revenue 729.57 771.59
aimed at increasing throughput, minimizing
Total 784.33 790.72
conversion cost and developing new pipeline
of sustainable products which can help C) FOREIGN EXCHANGE EARNINGS AND
strengthen its position in the marketplace. OUTGO
(Rs. in Lakh)
The expertise gained through assimilation of
2022-23 2021-22
such knowledge is helping the businesses i) Total Foreign Exchange 8,642.49 7,122.82
to develop high-performance cost-effective Earnings
products matching the best in the industry. ii) Total Foreign Exchange 13,876.66 13,925.26
Balmer Lawrie is continuously innovating and Outgo
upgrading its technology and processes to DETAILS OF PROCUREMENT FROM MICRO,
use more environment friendly raw materials SMALL AND MEDIUM ENTERPRISES AS PER
and also reduce hazardous waste generation. PUBLIC PROCUREMENT POLICY FOR MICRO
Your Company stores and disposes AND SMALL ENTERISES (MSEs) ORDER 2012
hazardous wastes from its plants as per (Rs. in Lakh)
statutory guidelines and regularly report it to Details 2022-23 2021-22
local Pollution Control Boards. Goals set with respect to 13251 18283
procurement to be met from
‡ In series reaction process has been adopted Micro and Small Enterprises
at our Chemicals, Manali unit to minimize off Actual procurement 16235 11230
gas effectively, by which we have reduced
the salt /hazardous waste from ZLD. ANNUAL RETURN
‡ SBU-Industrial Packaging, through its In terms of Section 92 of the Companies Act, 2013
Operational Excellence initiatives has read with Rules made thereunder, the Company
been able to reduce cost and increase the has already placed a copy of the Annual Return
efficiency and quality. We have taken some (MGT-7) for the FY 2021-22 on the website of the
initiatives like: Company at the link https://www.balmerlawrie.
com/adminls/dl_u/Annual_Return_2021_22.pdf.
Duel Fuel kit has been installed with the For the FY 2022-23, the same shall be uploaded
Generator (i.e PNG & Diesel ), Conversion on the website of the Company after its filing with
from 648mm Lids to 642mm Lids, Installation the Ministry of Corporate Affairs.
of IE3 Energy efficient motors, Conversion of

29
DIRECTORS’ RESPONSIBILITY STATEMENT Government of India from a mix of eminent
personalities having requisite expertise and
Pursuant to the requirement under Section 134(3)
experience in diverse fields. In view thereof,
(c) and 134(5) of the Companies Act, 2013, the
the Board of Directors are not in a position to
Board of Directors to the best of their knowledge
identify list of core skills/expertise/ competencies
and ability, state that:
required by a Director in the context of the
(a) In the preparation of the annual accounts for Company’s business as required under the
st
the Financial Year ended 31 March, 2023, Listing Regulations.
the applicable accounting standards had
PARTICULARS OF LOANS, GUARANTEES
been followed along with proper explanation
OR INVESTMENTS
relating to material departures.
Detailed particulars of Loans, Guarantees and
(b) The Directors had selected such accounting
Investments under Section 186 of the Companies
policies and applied them consistently and
Act, 2013 are given in Note No. 6, 7, 15 and 42.19
made judgments and estimates that are
of the Standalone Financial Statements.
reasonable and prudent so as to give a true
and fair view of the state of affairs of your RELATED PARTY TRANSACTIONS (RPT)
Company at the end of the FY as on 31st
Majority of the Related Party Transactions of the
March, 2023 and of the Profit and Loss of
Company were made with its Holding Company,
your Company for that period.
Subsidiary Company, Associate Companies and
(c) The Directors had taken proper and sufficient Joint Venture Companies. It may be pertinent
care for the maintenance of adequate to mention that as per Regulation 23(5) of the
accounting records in accordance with the Listing Regulations, sub regulations (2), (3) and
provisions of the Act, for safeguarding the (4) of Regulation 23 of the said Regulations shall
assets of your Company and for preventing not apply to transactions entered into between
and detecting fraud and other irregularities. two government companies. Further, omnibus
approval was taken for entering into Related Party
(d) The Directors had prepared the annual
st Transactions for value up to Rupees One Crore
accounts for the FY ended 31 March, 2023
whereas in other cases approval (including post
on a going concern basis.
facto approvals) of Audit Committee was taken.
(e) The Directors had laid down internal financial Further, there were no materially significant
controls to be followed by your Company RPT during the year under review made by
and that such internal financial controls are the Company with Directors, Key Managerial
adequate and were operating effectively. Personnel or other designated persons which
(f) The Directors had devised proper systems to have a potential conflict with the interest of the
ensure compliance with the provisions of all Company at large. Furthermore, no material
applicable laws and that such systems were Related Party Transaction was entered into by
adequate and operating effectively. the Company as per the Listing Regulations and
the Related Party Transaction Policy adopted by
DECLARATION BY INDEPENDENT the Company. The said policy may be accessed
DIRECTORS on the Company’s website at the link:
Your Company has received declarations from the https://www.balmerlawrie.com/adminls/dl_u/
Independent Directors of the Company confirming Related-Party- Transactions-Policy-01-04-2022.
that they meet the criteria of independence pdf
prescribed under the Companies Act, 2013 and The said policy lays down a procedure to ensure
the Listing Regulations. However, your Company that transactions by and between the Related
being a Government Company under the Parties and the Company are properly identified,
administrative control of the MOPNG, the power reviewed and duly approved & disclosed in
to appoint Directors (including Independent accordance with the applicable laws. The Policy
Directors) vests with the Administrative Ministry. also sets out materiality thresholds for Related
The Independent Directors are selected by the Party Transactions and the material modifications

30
thereof, as required under the Listing Regulations. JUSTIFICATION FOR ENTERING INTO
RELATED PARTY TRANSACTIONS
The details of the Related Party Transactions
entered into by your Company during the FY The Related Party Transactions are entered into
2022-23 has been enumerated in Note no. 42.19 based on considerations of various factors like
of Standalone Financial Statements. business exigencies, synergy in operations, the
policy of the Company and Capital Resources of
the Subsidiary and Associates.

The particular of contracts or arrangements with Related Parties referred to in sub-section (1)
of section 188 as required under Section 134(3)(h) of the Companies Act, 2013 in the prescribed
Form AOC-2 is as under:
FORM NO. AOC-2
(Pursuant to clause (h) of sub-section (3) of section 134 of the Companies Act, 2013 and
Rule 8(2) of the Companies (Accounts) Rules, 2014
Form for disclosure of particulars of contracts/ arrangements entered into by the Company
with Related Parties referred to in sub-section (1) of section 188 of the Companies Act, 2013
including certain arm’s length transactions under third proviso thereto
1 Details of contracts or arrangements or transactions not at arm’s length basis
NIL
2 Details of material contracts or arrangements or transactions at arm’s length basis
NIL as per the Company’s policy on material Related Party Transaction

ENTERPRISE RISK MANAGEMENT POLICY DETAILS OF SIGNIFICANT AND MATERIAL

ORDERS PASSED BY THE REGULATORS OR
The Company has an approved ‘Enterprise Risk
COURTS OR TRIBUNALS IMPACTING THE
Management Policy’ (ERM Policy) to protect and
GOING CONCERN STATUS AND COMPANY’S
add value to the organization. These Risks are
OPERATIONS IN FUTURE
classified into High, Medium and Low depending
upon the probability of their occurrence and No significant or material orders were passed
potential impact. This process ensures that the by the Regulators or Courts or Tribunals
Company is adequately positioned to understand which impact the going concern status and the
and develop mitigation measures as a response Company’s operations in future.
to risks that could potentially impact the execution
ADEQUACY OF INTERNAL FINANCIAL
of our strategy and ability to create value. During
CONTROLS
the FY 2022-23, the Risk management process
for the first quarter, half year and third quarter Your Company has put in place adequate financial
was reviewed by the Chief Risk Officer with the controls for ensuring the efficient conduct of its
Business Risk Owners and were reported to the business in adherence with laid down policies,
Risk Management Committee and Board. the safeguard of its assets, the prevention and
detection of frauds and errors, the accuracy and
The said policy is posted on the Company’s
completeness of the accounting records and the
website at:
timely preparation of reliable financial information
https://www.balmerlawrie.com/adminls/dl_u/
which is commensurate with the operations of
Enterprise-Risk- Management-Policy.pdf
the Company. Effectiveness of Internal Financial
DEPOSITS Controls is ensured through management review,
control and self-testing and independent testing
Your Company has not accepted any deposit from
by the external consultant.
the public during the FY 2022-23 and therefore,
no disclosure is required in relation to details During the FY 2022-23, the Internal Financial
relating to deposits covered under Chapter V of Controls were reviewed by an external consultant,
the Companies Act, 2013. Haribhakti & Co. LLP, which reported as follows:

31
a. The Internal Control over financial reporting such as indiscipline, dishonesty, negligence in
in the Company is generally adequate for performing duty and neglect of work etc.
the process/controls covered, with areas of
The Company continuously endeavors to
observations/ improvements as listed in the
ensure fair and transparent transactions through
report.
technology intervention & system process study
b. These observations have been discussed/ in consultation with Central Vigilance Commission
acknowledged by the process owners and & internal vigilance set-up.
reported to management.
Integrity Pact: -
VIGILANCE
Independent External Monitors (IEMs) have
Balmer Lawrie believes in transparency, equity been appointed to implement Integrity Pact (IP)
and fair play, which should be the guiding beyond the tender threshold value Rs.30 Lakh.
principles of any ethical business organization. During the year, the Company has conducted
The objective of Vigilance function is about four meetings.
ensuring the practice of these cardinal principals.
Presently, two IEMs have been appointed based
Vigilance is not a hindrance to successful
on the nomination by the Central Vigilance
conduct of business rather it is corner stone of a
Commission (CVC) to monitor the implementation
successful enterprise .
of IP in all tenders of the value of above Rs.30
The Company has a separate Vigilance Lakh across all the divisions of the Company and
Department, which is headed by the Chief a lone complaint was received, which has been
Vigilance Officer (CVO), who is an officer on examined and duly disposed off by the IEMs
deputation from Government of India in the rank without any negative connotation for Balmer
of Joint Secretary and above. Lawrie.
The department acts as a link between the The details of such IEMs are as follows:
Company and Central Vigilance Commission
1. Shri Sunil Kumar Gupta, email id:
on one hand and the CBI on the other which
sunilgupta0603@gmail.com
advises the Company on all matters pertaining
to Vigilance. The Vigilance department takes 2. Shri Arvind Gupta, email id:
preventive, punitive and participative measures. arvindgupta1961@gmail.com

In its proactive mode, Vigilance concentrates on VIGIL MECHANISM / WHISTLE BLOWER

the establishment of systems, procedures and POLICY
practices aimed at preventing seepage and loss Balmer Lawrie had established a Vigil Mechanism/
of resources. Vigilance in the punitive mode, Whistle Blower Policy in January, 2010. The said
keeps surveillance on wrong-doers and ensures policy concerns the employees and covers the
that they are caught and suitably punished. following categories:
During the year, 57 various vigilance awareness ‡ Managerial
programmes were conducted which were ‡ Executive
attended by approx. 600 employees. ‡ Supervisory
Disciplinary action under Balmer Lawrie Conduct ‡ Unionized Employees
Discipline & Review Rules (CDRR) 2017 were ‡ Any other employees (such as Out Sourced,
taken by the Company for irregularities & lapses. Contractual, Temporaries, Trainees,
Retainers, etc. as long as they are engaged
During this year, 9 vigilance complaints were in any job/ activity connected with the
disposed off, 3 vigilance complaints are Company’s operation).
pending at the end of the year and there were
6 anonymous complaints received during the So as to enable them to report management
year . We have launched new Online Complaint instances of unethical behaviour, actual or
Portal during vigilance awareness week. The suspected fraud or violation of your Company’s
vigilance Complaints pertain to irregularities code of conduct. The details of the vigil

32
mechanism /whistle blower policy are given in 2013.
the Corporate Governance Report 2022-23 and
The Annual Performance Appraisal of Top
can be downloaded from the following hyperlink
Management Incumbents of Central Public Sector
of the Company’s website:
Enterprises is done through the Administrative
https://www.balmerlawrie.com/adminls/dl_u/
Ministry as per the DPE Guidelines in this regard.
Whistle_Blower_Policy.pdf
Your Company being a Central Public Sector
REPORT ON CORPORATE GOVERNANCE Enterprise under the administrative jurisdiction of
Ministry of Petroleum & Natural Gas also has to
Your Company has been consistently complying
follow the similar procedure.
with the various Regulations and Guidelines of the
Securities and Exchange Board of India (SEBI) As the appointment of Directors of the Company
as well as of Department of Public Enterprises including the Independent Directors is done as
(DPE) to the extent within its control. per the direction of the administrative ministry,
the Board is not in a position to form an opinion
Pursuant to the said Listing Regulations and DPE
with regard to the aspects stated in Rule 8(5)(iii)
Guidelines, a separate section titled ‘Corporate
(a) of the Companies (Accounts) Rules, 2014.
Governance Report’ is being furnished and
marked as “Annexure 3”. DETAILS OF APPOINTMENT/CESSATION
OF DIRECTORS AND KEY MANAGERIAL
The provisions on Corporate Governance under
PERSONNEL
DPE Guidelines which do not exist in the SEBI
st
Guidelines and also do not contradict any of As on 31 March, 2023, the Board of the Company
the provisions of the SEBI Guidelines are also consisted of Nine Directors out of which Five
complied with. were Functional/Executive/Whole-time Directors,
two were Non-executive Government Nominee
Further, your Company’s Statutory Auditors
Directors and two were Independent Directors.
have examined compliance of conditions of
Corporate Governance and issued a certificate, It may be noted that pursuant to Article 7A of the
which is annexed to this Report and marked as Articles of Association of the Company, so long as
“Annexure 5”. the Company remains a Government Company,
the Directors (including Independent Directors)
DETAILS RELATING TO REMUNERATION OF
are nominated by the Government of India.
DIRECTORS, KEY MANAGERIAL PERSONNEL
AND EMPLOYEES The following appointments and cessations of
Directors took place in the composition of Board
Your Company being a Government Company,
of Directors during the FY 2022-23 and up to the
vide Notification No. GSR 463(E) dated 5th June,
date of the Report as under:
2015 as amended by Notification No. GSR 582(E)
dated 13th June, 2017 and Notification No. GSR APPOINTMENTS
802(E) dated 23rd February, 2018, and GSR
During the year, following Directors were
151(E) dated 2nd March, 2020 has been exempted
appointed/reappointed as detailed hereunder:
from the applicability of Section 134(3)(e) and 197
of the Companies Act, 2013. ‡ Shri R.M. Uthayaraja (DIN 09678056) was
appointed as an additional Wholetime director
BOARD EVALUATION AND CRITERIA FOR
by the Board of Directors w.e.f 14th July, 2022
EVALUATION
in the designation of Director (Manufacturing
Your Company being a Government Company Businesses).
vide Notification No. GSR 463(E) dated 5th June,
‡ Extension of additional charge of the post
2015 as amended by Notification No. GSR
of Director (Human Resources & Corporate
582(E) dated 13th June, 2017 and Notification
Affairs) entrusted upon Shri Adika Ratna
No. GSR 802(E) dated 23rd February, 2018, and
Sekhar, Chairman & Managing Director
GSR 151(E) dated 2nd March, 2020 has been
for a further period of six months w.e.f. 3rd
exempted from applicability of Sections 134(3)
August, 2022 or till the appointment of regular
(p) and 178(2),(3) and (4) of the Companies Act,
incumbent to the post, or until further orders
33
 whichever is the earliest. ‡ Shri Abhijit Ghosh was appointed as an
Additional Wholetime Director with the
‡ At the 105th AGM of the Company held on 27th
designation of Director (Human Resources
September, 2022, the following directors were
& Corporate Affairs) of the Company with
appointed/reappointed:
effect from 4th February, 2023 in line with
a) Shri Adika Ratna Sekhar was appointed the recommendation of NRC. It is proposed
as the Chairman & Managing Director to appoint Shri Abhijit Ghosh as a Director
with effect from 3rd November, 2021 till (Human Resources & Corporate Affairs) of
superannuation i.e. 30th June, 2024 or until the Company at the 106th AGM, in furtherance
further order of Administrative Ministry of the nomination received from the
whichever is earlier. Administrative Ministry and his candidature
b) Dr. Vandana Minda Heda was appointed being proposed by the shareholder of the
as Non-Executive independent Director Company.
with effect from 26th November, 2021 for a ‡ Shri Saurav Dutta was appointed as Chief
period of three years or until further order Financial Officer of the Company with effect
of the Administrative Ministry. from 10th February, 2023.
c) Shri Rajeev Kumar was appointed as The resolutions with respect to reappointment
Non-Executive independent Director with and appointment forms part of the Notice of the
effect from 26th November, 2021 for a 106th AGM and the details thereof are also given
period of three years or until further order in the explanatory statement attached to the
of the Administrative Ministry. notice of the 106th AGM.
d) Shri R.M. Uthayaraja was appointed as CESSATIONS – ON ACCOUNT OF
Director (Manufacturing Businesses) with WITHDRAWAL OF NOMINATION OR
effect from 14th July, 2022 for a period of five RETIREMENT
years or till the date of superannuation, or
‡ Shri Arun Kumar, Independent Director (DIN
until further order from the Administrative
- 03570776) ceased to be the Director of the
Ministry whichever is the earliest.
Company with effect from 12th July, 2022
e) Shri Sandip Das, Director (Finance), who due to completion of his tenure as per the
retired by rotation, was reappointed. nomination by the MOPNG.
‡ Entrustment of additional charge of the post ‡ Shri Anil Kumar Upadhyay, Independent
of Director (Finance) upon Shri Adhip Nath Director (DIN 07724769) ceased to be the
Palchaudhuri, Director (Service Businesses) Director of the Company w.e.f. 12th July, 2022
for a period of three months w.e.f. 1st January, due to completion of his tenure as per the
2023 or till the appointment of regular nomination by the MOPNG.
incumbent to the post, or until further orders
‡ Shri Bhagwan Das Shivahare, Independent
from the Administrative Ministry whichever is
Director (DIN 08514350) ceased to be the
the earliest.
Director of the Company w.e.f. 12th July, 2022
‡ Shri Saurav Dutta was appointed as an due to completion of his tenure as per the
Additional Wholetime Director with the nomination by the MOPNG.
designation of Director (Finance) of the
‡ The additional charge of Director
Company with effect from 2nd February, 2023
(Manufacturing Businesses) entrusted
in line with the recommendation of NRC. It
upon Shri Adika Ratna Sekhar, Chairman &
is proposed to appoint Shri Saurav Dutta as
Managing Director (DIN 08053637) ceased
a Director (Finance) of the Company at the
w.e.f. 14th July, 2022.
106th AGM, in furtherance of the nomination
received from the Administrative Ministry ‡ Shri Sandip Das, Director (Finance) & CFO
and his candidature being proposed by the ceased to be the Director and CFO of the
shareholder of the Company. Company w.e.f. 1st January, 2023 owing to his

34
 superannuation and accordingly, completion ‡ Shri Kushagra Mittal (DIN 09026246) ceased
of his tenure. to be a Government Nominee Director of the
Company w.e.f. 16th May, 2023.
‡ Extinguishment of entrustment of additional
charge of Director (Finance) upon Shri ‡ The Board of Directors of the Company based
Adhip Nath Palchaudhuri, Director (Service on the recommendations of NRC, appointed
Businesses) (DIN 08695322) ceased w.e.f. Shri Rajinder Kumar as an Additional Director
2nd February, 2023. of the Company with the designation of
Government Nominee Director w.e.f. 16th May,
‡ Extinguishment of entrustment of additional
2023 on the terms and conditions as contained
charge of Director (Human Resources &
in the letter dated 16th May, 2023 bearing
Corporate Affairs) upon Shri Adika Ratna
reference no. CA-31032/1/2021-PNG-37493
Sekhar, Chairman & Managing Director (DIN
received from the MOPNG. It is proposed to
08053637) ceased w.e.f. 3rd February, 2023.
appoint Shri Rajinder Kumar as a Government
The following changes took place after the end of Nominee Director of the Company at the
the FY 2022-23 but upto the date of this Report: 106th AGM, in furtherance of the nomination
‡ Smt Perin Devi (DIN 07145051) ceased to received from the Administrative Ministry and
be a Government Nominee Director of the his candidature proposed by the shareholder
Company w.e.f. 16th May, 2023. of the Company.

Considering the above appointments and cessation, as on the date of this report, the Board is
consisted of Eight (8) Directors details of whom are as under:
Name Category Designation
Shri Adika Ratna Sekhar Functional / Executive/ Chairman & Managing Director
Whole-time Director
Shri Adhip Nath Palchaudhuri Functional / Executive/ Director (Service Businesses)
Whole-time Director
Shri R. M. Uthayaraja Functional /Executive/ Director (Manufacturing
Whole-time Director Businesses)
Shri Saurav Dutta Functional / Executive/ Director (Finance) & CFO
Whole-time Director
Shri Abhijit Ghosh Functional / Executive/ Director (Human Resources &
Whole-time Director &RUSRUDWH$ႇDLUV
Shri Rajinder Kumar Non-executive/Government Government Nominee Director
Nominee Director
Dr. Vandana Minda Heda Non-executive/ Woman Independent Director
Independent Director
Shri Rajeev Kumar Non-executive/ Independent Independent Director
Director

NUMBER OF MEETINGS OF THE BOARD HELD AUDIT COMMITTEE

DURING THE FY 2022-23
Your Company has a qualified and independent
The Board met seven times during the FY 2022- Audit Committee, the composition of same and
23, the details of same are given in the Corporate other details are mentioned in the Corporate
Governance Report attached as “Annexure 3”. Governance Report for the FY 2022-23.
The intervening gap between any two Board
The Audit Committee as on 31st March, 2023,
meetings was within the period prescribed under
consisted of three (3) members out of which
the Companies Act, 2013, the Listing Regulations
one was Whole-time Director and two were
and DPE Guidelines on Corporate Governance.
Independent Directors. Shri Rajeev Kumar,

35
Independent Director was the Chairman of REPORT OF THE STATUTORY AUDITORS
the Committee. The composition of the Audit
As per the para xi (a) of Annexure B to the
Committee as on 31st March, 2023 was as follows:
Statutory Auditors Report as annexed with the
i. Shri Rajeev Kumar, Independent Director- Financial Statements, the Statutory Auditors of
Chairman the Company have reported that no fraud by
the Company or any fraud on the Company by
ii. Dr. Vandana Minda Heda, Independent
its officers or employees has been noticed or
Director- Member
reported during the Financial Year 2022-23.
iii. Shri Saurav Dutta, Director (Finance) & CFO- Further, no report as specified under section
Member 143(12) of the Companies Act, 2013, in Form ADT-
All the members of the Audit Committee are 4 as prescribed under Rule 13 of the Company
financially literate and some members possess (Audit and Auditors) Rules, 2014 has been filed
accounting/ financial management expertise by the Auditors with the Central Government.
also. The Company Secretary acts as the COMMENTS BY THE BOARD ON EVERY
Secretary to this Committee. QUALIFICATION, RESERVATION OR
COMPLIANCE WITH SECRETARIAL ADVERSE REMARK OR DISCLAIMER MADE
STANDARDS BY STATUTORY AUDITORS

The Company is in compliance with the No qualification, reservation or adverse remark

applicable Secretarial Standards (1 & 2) issued or disclaimer has been made by the Statutory
by the Institute of Company Secretaries of India Auditors in their Audit Report for the FY 2022-23.
and approved by the Central Government under COMMENTS OF COMPTROLLER & AUDITOR
Section 118(10) of the Companies Act, 2013. GENERAL OF INDIA
STATUTORY AUDITORS & AUDITORS’ The office of the Comptroller & Auditor General
REPORT of India (‘CAG’) had conducted a supplementary
Statutory Auditor: audit of the Financial Statements (both
Standalone and Consolidated) of the Company
Your Company being a Government Company, for the FY ended 31st March, 2023 and the CAG
Statutory Auditors are appointed or reappointed has stated that nothing significant has come to its
by the Comptroller and Auditor General of India knowledge which would give rise to any comment
in terms of Section 143(5) of the Companies Act, upon or supplement to statutory auditor’s report
2013. under section 143(6)(b) of the Companies Act,
In terms of the Companies Act, 2013, Comptroller 2013.
& Auditor General of India (C&AG) had appointed Further, CAG stated that Section 139(5) and 143(6)
M/s. B. K. Shroff & Co.; (Chartered Accountants) (a) of the Companies Act, 2013 are not applicable
23A, Netaji Subhas Road, Room No. – 15, 3rd to the entities as detailed in Annexure thereto,
Floor, Kolkata – 700001, West Bengal as Statutory being private entities / entities incorporated in
Auditors of the Company for the FY 2022-23 for Foreign countries under the respective laws, for
both Standalone as well as the Consolidated appointment of their Statutory Auditor and for
Financial Statements of the Company. conduct of supplementary audit. Accordingly,
Pursuant to Section 142 and other applicable CAG has neither appointed the Statutory Auditors
provisions of the Companies Act, 2013, the nor conducted the supplementary audit of those
remuneration of the Statutory Auditors for the companies.
FY 2022-23, as and when appointed, is to be Comments of the Comptroller & Auditor General
determined by the Members at the ensuing of India as per the Companies Act, 2013 are
Annual General Meeting as envisaged in the attached with the Financial Statements.
said Act. Members are requested to authorize
the Board to decide on remuneration of
Statutory Auditors.

36
MAINTENANCE OF COST RECORDS at Strategic Business Units - Greases &
Lubricants, Industrial Packaging and Chemicals
Your Company has made & maintained such Cost
of your Company. In view of this, ratification for
Accounts & Records as specified by the Central
payment of remuneration to the Cost Auditor for
Government under sub-section (1) of Section
the FY 2023-24 is being sought at 106th AGM of
148 of the Companies Act, 2013.
the Company.
COST AUDITOR’S REPORT
SECRETARIAL AUDITOR
Cost Audit Reports for all the applicable products
st Pursuant to the provision of Section 204 of
for the year ended 31 March, 2022 were filed on
the Companies Act, 2013 and the Companies
27th August, 2022 with the Ministry of Corporate
(Appointment and Remuneration of Managerial
Affairs within specified due dates.
Personnel) Rules, 2014, the Board had appointed
COST AUDITOR Ms. Tanvee, one of the partners of M/s. MR &
Pursuant to Section 148 of the Companies Associates, Practicing Company Secretaries, to
Act, 2013, the Board of Directors on conduct Secretarial Audit of the Company for the
recommendation of the Audit Committee FY 2022-23. The Secretarial Audit Report in Form
appointed M/s S. Dhal & Co., Cost Accountants, No. MR-3 for the FY ended 31st March, 2023 is
as Cost Auditors for the Financial Years 2022- annexed herewith and marked as “Annexure 7”.
23 to 2024-25 relating to goods manufactured
SECRETARIAL AUDITOR REPORT
The qualifications / adverse remark / reservation/ disclaimer made by the Secretarial Auditor and the
corresponding management response are as enumerated below:

Sl. Qualifications / Adverse Remark Clarification from the Management

No. / Reservation/ Disclaimer of the
Secretarial Auditor
- The composition of the Board of Directors The Company being a Government Company,
1
was not in conformity with Regulation the composition of the Board of Director is
17(1) of the Listing Regulations, Section dependent on the directions of the Administrative
149 of the Companies Act, 2013 and Para Ministry and thus, the non-compliance was
3.1.4 of DPE Guidelines due to absence beyond the control of the Company.
of adequate number of Independent
Directors on the Board of the Company
during the period from 12th July, 2022 till
31st March, 2023.
- The composition of the Board of
Directors was not in conformity with
Para 3.1.2 of the DPE Guidelines since
the number of Functional Directors
on the Board of the Company during
the period from 4th February, 2023 till
31st March, 2023 had exceeded 50%
of the actual strength of the Board due
to insufficient number of Independent
Directors.

37
ACKNOWLEDGEMENT in by your Company. The Directors would also
wish to thank the vendors, business associates,
Your Directors are focused on creation of enduring
consultants, bankers, auditors, solicitors and all
value for all stakeholders utilizing multiple drivers
other stakeholders for their continued support
of growth in the diverse Strategic Business Units
and confidence reposed in your Company.
of the Company.
The Directors are also thankful to Balmer Lawrie
Towards that end, the Directors wish to place on
Investments Ltd. (the Holding Company) and the
record their sincere appreciation of the significant
Ministry of Petroleum & Natural Gas, Government
role played by the employees towards realization
of India, for its valuable guidance and support
of new performance milestones through their
extended to the Company from time to time.
dedication, commitment, perseverance and
collective contribution. The Board of Directors Finally, the Directors wish to place on record their
also places on record its deep appreciation of the special appreciation to the valued Shareholders
support and confidence reposed in your Company of your Company for their unstinted support
by its customers as well as the dealers who have towards fulfilment of its corporate vision.
contributed towards the customer-care efforts put

On behalf of the Board of Directors

Adika Ratna Sekhar Adhip Nath Palchaudhuri
Chairman & Managing Director, Director (Service Businesses)
(DIN: 08053637) (DIN: 08695322)

Registered Office:
Balmer Lawrie House
21 Netaji Subhas Road
Kolkata -700001.

Date: 7th August, 2023

38
 Annexure-1
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
(Forming Part of the Board’s Report for 2022-23)
Pursuant to the provisions of the Securities and during the pandemic and since the conflict in
Exchange Board of India (Listing Obligations and Europe as well.
Disclosure Requirements) Regulations 2015 and
The Indian industry is on the cusp of a growth
Guidelines on Corporate Governance for Central
revival facilitated by public investment and
Public Sector Enterprises, 2010 – issued by the
policies that have eased business conditions
Department of Public Enterprises, this report is
and improved viability. Bank credit to industry
made with an endeavour of the Board of Directors
has picked up momentum, particularly for
to:
micro, small and medium enterprises (MSME).
(i) make an analysis of financial condition and Among other things, the pandemic had caused
results of operations of the Company; a shift in the attitude towards supply chains from
efficiency to security and from ‘just in time’ to ‘just
(ii) provide an overview of each of environs
in case’. Supply chains are being reconfigured.
in which different Strategic Business Units
Lockdowns and mobility restrictions disrupted
[SBUs] of the Company are performing;
consumer behaviour and gave an impetus to
(iii) analyze the underlying factors, which had online shopping. The E-commerce industry is
acted upon or had impacted the performance focusing on local solutions to penetrate rural areas
of the Company during the Financial Year by strengthening the network of rural distributors
2022-23; and retailers and using local distribution centres
(iv) share the future outlook of the Company. as Pick Up and Drop Off points, enabling
logistics companies to serve rural consumers.
The Financial Year 2022-23 was filled with The Government senses a big opportunity
uncertainties. The global economies were barely here, and its investment into and commitment
recovering from the pandemic when the war in towards Production-Linked-Incentive Scheme
Ukraine broke out in February, 2022. The conflict demonstrates its determination to plug India into
has now continued for almost a year, disrupting the global supply chains. It is an industrial policy
the restoration of the supply chains that were with a global vision.
badly affected earlier by lockdowns and limited
trade traffic. The conflict caused the prices of PM Gati Shakti and National Logistics Policy
critical commodities such as crude oil, natural (NLP) has sectoral complementarity of logistics
gas, fertilisers, and wheat to soar. facilitation. The NLP was launched in September,
2022. The targets for achieving the vision of the
The Indian economy, however, appears to have NLP are to:
moved forward after its encounter with the
pandemic, staging a full recovery in Financial (i) reduce the cost of logistics in India to be
Year 2022 ahead of many nations and positioning comparable with global benchmarks 2030;
itself to ascend to the pre-pandemic growth path (ii) improve the Logistics Performance Index
in Financial Year 2023. In the year Financial Year ranking and endeavour to be among the top
2023, so far India has reinforced the country’s 25 countries by 2030, and
belief in its economic resilience. The economy
(iii) create a data driven decision support
has withstood the challenge of mitigating external
mechanism for an efficient logistics
imbalances caused by the Russian-Ukraine
ecosystem.
conflict without losing growth momentum in the
process. All of these are expected to tighten the nuts
and bolts for the arduous infrastructure journey.
The Indian economy in Financial Year 2023 has
This has also helped the country move from
nearly “recouped” what was lost, “renewed” what
unimodal to multimodal transportation. The
had paused, and “re-energised” what had slowed

39
multimodal connectivity will provide integrated growth across various categories. Production of
and seamless connectivity for movement of coke and refined petroleum has also increased,
people and goods from one mode of transport to fetching high returns in a global market where
another. It will facilitate the last mile connectivity crude oil prices were higher than in Financial Year
and also reduce travel time for people, further 2022. Chemicals and chemical products such as
reducing the logistics cost and promoting export caustic soda, soda ash, fertilisers and petroleum
competitiveness. products have also performed well, contributing
to sustaining the growth momentum in the
Building upon it, the Government has also kept
agriculture sector while increasing exports. At the
its focus towards developing the traditional
same time, a few product categories, including
infrastructure like roads, railways, airports, ports,
textiles, apparel and leather, have been showing
mass transport and waterways. These play a
tepid growth as export demand for these products
vital role in national integration and regional
has been mellowing with the slowing of global
development.
output and demand. Growth in pharmaceutical
With the containment of COVID-19 infections and output has slowed due to an unfavourable base
the lifting of travel restrictions worldwide, air travel effect and the waning of the pandemic.
has rebounded. While in Financial Year 2020-21,
While India celebrated its 75th year of
there was a considerable decline in the air-traffic
Independence in 2022, it is befitting that during
(a decline of 54 per cent) as well as passenger
India’s Amrit Kaal, it assumed the Presidency of
traffic handled (a decline of 66 percent), Financial
G-20 nations in December 2022. Global problems
Year 2021-22 saw a recovery, mainly led by the
need global solutions, and global solutions require
domestic sector. The current Financial Year has
collaboration and cooperation. Based on the
further shown a rebound, with both passenger
theme of “Vasudhaiva Kutumbakam: One Earth,
and cargo movements being close to the pre-
One Family, One Future”, India’s G20 Presidency
COVID-19 levels. The civil aviation sector in India
aims to achieve co-ordinated solutions to key
has great potential owing to growing demand
issues of global concern. In short, the G20
from the middle class, growth in population and
Presidency is an opportunity for India to bind an
tourism, higher disposable incomes, favourable
otherwise fragmented global order.
demographics and greater penetration of aviation
infrastructure. This is further supported by the 1. INDUSTRIAL PACKAGING [IP]
Government through schemes such as UDAN,
Industry Structure and Developments:
which has considerably enhanced regional
connectivity through the opening of airports in The Indian packaging industry is one of the largest
India’s hinterland. The UDAN scheme focuses sectors in India’s economy and its market potential
on the connectivity between the Tier-2 and is valued at INR 3,00,000 crores with the projected
Tier-3 cities in the country. Under this scheme, Compound Annual Growth Rate (CAGR) of 5
the Government has approved a budget of to 6%. As far as packaging is concerned, there
ൠ FURUH IRU UHYLYDO RI H[LVWLQJ XQVHUYHG are many types of packing options depending
/ underserved airports / airstrips of the State upon the nature of the product and it is broadly
Governments, Airports Authority of India (AAI), classified into two main categories i.e., Industrial
Public Sector Undertakings and civil enclaves. packaging and Consumer packaging and it is
Further, the Government has also accorded further sub segmented into Rigid and Flexible
‘in-principle’ approval for the setting up of 21 packaging. There are different types of material
greenfield airports across the country. that are being used for packaging such as paper,
glass, plastic, stainless steel and mild steel.
The eight core industries of coal, fertilisers,
Majorly plastic and steel are used as material of
cement, steel, electricity, refinery products, crude
construction for industrial segments.
oil and natural gas are critical in meeting the
demand for inputs across industries. The growth In Industrial packaging, the 210L Mild steel
in these industries has held steady, reflecting a drum plays a vital role as it gives stability and
broad momentum in industrial activity. However, ease of handling though the cost of packaging
the manufacturing landscape shows uneven is comparatively a little higher than the other

40
packing materials. As the supply is more than the ‡ Growing Chemicals market segment in India.
demand there are some challenges on pricing.
‡ Tapping new customer base in Gujarat through
There is fierce competition as there are more
the new plant at Vadodara.
than 70 players pan India.
‡ Modernisation of the Chitoor plant in SR with
Being a market leader in the 210 L mild steel
new product portfolios.
drum industry, Balmer Lawrie enjoys a significant
position with a handsome market share in most Threats:
of the customer segments be it fruits, chemicals, ‡ High input costs of key raw materials for
lubricants, transformer oils or additives. With example steel in 2022-23 led to increase in MS
state-of-the-art manufacturing facilities and Drums prices.
highly skilled technocrats, this Strategic Business
Unit (SBU) manufactures all types of steel drums ‡ Alternate packaging (IBCs, Collapsible Bins,
like conical, composite, open top, tight head, HDPE & Reconditioned drums).
galvanized, tall, plain, lacquered and necked in. ‡ Competition from smaller players having
There are six manufacturing facilities - pan India locational advantage.
to cater to the needs of all the customers and for Segment-wise or product-wise performance:
Eastern Region customers, their requirements
The Industrial Packaging SBU has been
are being taken care of with the toll blending
showing consistent growth in volumes, turnover,
business model. The new plant in Vadodara
profitability and profits. Due to poor fruit season
is picking up and it is under the process of
and high volatility of steel prices, SBU-IP was
stabilization. The Chittoor plant modernization
able to close Financial Year 2022-23 with lesser
project is in full swing, and it is getting ready to
volume / profits YOY. The reduction in volume
cater to the entire Southern Region.
is mainly due to a sharp drop in offtake from
The kind of steel being used with specialized chemicals as well as from fruits segments.
lacquers and customer specific paints enables
Outlook:
Balmer Lawrie to manufacture superior quality
products with high reliability in supplies in the With the on-going Ukraine war, the prices of steel
modern manufacturing plants. It enjoys high had been volatile. However, with the Government
brand value and a large and delighted customer taking major steps to tame inflation and levying
base in India as well as in overseas export 15% duty on steel exports, the steel prices have
markets. started to stabilize in the country. Overall industry
growth and market demand is expected at CAGR
SBU-IP has been continuously focusing on
of about 6% in 2023-24. The GDP is expected to
quality upgradation, technological innovations,
grow around 7%.
health, safety and environmental parameters,
and most importantly on sustainability which SBU-IP expects to continue its growth trajectory
helps in having an edge over competition. in 2023-24.SBU-IP anticipates significant growth
in the coming years with the biggest drivers
Balmer Lawrie retained silver rating from
being Chemicals, Food, Transformer Oils and
ECOVADIS, a global solution provider which
Lubes segment. SBU-IP also plans to expand
partners with 300+ leading multinational
aggressively in the Exports segment.
organizations to reduce risk across the supply
chain and drive innovation in their sustainable Risks and concerns:
procurements.
Geo-political developments around the world
Opportunities & Threats: for example the Ukraine war etc. may pose
challenges as an external environment.
Opportunities:
Large number of unorganized players with low
‡ Introduction of new products thereby enhancing
overheads, increasing presence of substitute
the product portfolio.
products, low entry barriers etc. continue to pose
‡ Accessing new markets through Exports. area of concern for the SBU-IP.

41
Internal control systems and their adequacy: The G&L business is divided into three broad
categories:
SBU-IP is governed by performance budget
system and internal control measures to monitor 1) Channel Sales (Automotive & Industrial).
performance against targets / norms. BIS 2) Direct B2B sales.
certification is available for all the plants of SBU- 3) Contract Manufacturing.
IP. All the six plants under the SBU are certified
The overall growth in volumes vis-à-vis last
for ISO 9001:2015, ISO 14001:2015 and OHSAS
financial year is about 3%.
45001:2018. Additional controls are maintained
through Internal Audit, Vigilance Inspection etc. SBU-G&L has a strong presence in Industrial
segment and is coming up with new products
Discussion on financial performance with
to cater to the diverse demand of the industrial
respect to operational performance:
market. In the grease segment, we are among the
SBU-IP improved its overall efficiency through top three companies in the steel and jute sector.
continuous Operational Excellence across vari- The SBU is also a preferred supplier of greases
ous manufacturing units. for some of the big automobile companies of
India.
Material developments in Human Resources /
Industrial Relations front including number of In the automotive segment, SBU-G&L is doing
people employed: good business across India. With our depots in
place, the focus of SBU-G&L is appointing new
SBU-IP continues to enjoy cordial relationship with
Distributors to increase our reach and penetration
employees at all its units. Participants from the
nationally. New products are being developed and
SBU were covered under the Mentoring Scheme,
launched to meet the aftermarket demand. Also,
a new initiative introduced by the Company. A
focussed states are being identified with respect
basket of training programmes covering relevant
to the potential so as to increase our presence.
areas viz. TPM, Health, Safety & Environment,
Export documentation & regulations, SCM, as also SBU-G&L is focussing on further improving the
a customised B2B Sales training and Coaching processes to increase output efficiency. Many
initiative was implemented for employees of the measures are being taken by doing reverse
SBU. As on 31st March, 2023, the SBU-IP had a engineering for better output.
total of 155 employees.
Opportunities and Threats:
2. GREASES & LUBRICANTS [G&L]
Opportunities:
Industry structure and developments:
‡ Three manufacturing plants in Kolkata,
Balmer Lawrie was the first grease manufacturer Silvassa, and Chennai.
in India when it opened plants in Sewree (Mumbai) ‡ Excellent R&D facility.
in 1934 and in Kolkata in 1937. Balmer Lawrie’s
‡ Positive brand image for Greases in the
“Balmerol” greases are the leaders in the field
market due to its long-standing presence.
with over 80 years of manufacturing experience.
The lubricant market is expected to grow at ‡ Among the fastest growing markets worldwide,
a CAGR of ~3-4% by volume over the next 5 India is expected to continue to grow over the
years. With the current R&D facilities clubbed next five plus years.
with our infrastructure, SBU-G&L has a very ‡ Strong affiliation and industry recognition in
good opportunity to increase its market share core sectors like Steel, Railways, Defence,
to ~2+% and continue to strengthen “Balmerol” Automobiles and Mining.
as a trusted brand that stands for its quality and Threats:
reliability.
‡ Competition spends more on marketing,
SBU-G&L has three manufacturing facilities at 1) especially in the retail distribution network.
Kolkata 2) Silvassa 3) Chennai and a wide array
of distribution network. ‡ Constraints in sales, marketing, and technical
services.

42
‡ The Public Sector Oil Marketing Company’s ‡ Increase reach and penetration in the market
aggressive pricing in the lubricant market. by appointing Distributors.
‡ Supply security of base oils. ‡ Increasing branding activities.
Segment wise performance: ‡ Explore opportunities in Infrastructure and
mining industry.
In Channel sales, the growth was 3% which is
at par with industry growth in the segment. Also ‡ Increase business share in Defence and
increase in prices of raw materials like base oil Railways.
and LiOH affected the demand towards lithium
‡ Develop substitute products for lithium-based
based greases. The Industrial Distributor
grease.
segment witnessed a growth of 5% over the last
Financial Year. Marketing efforts were made to ‡ Focus on Tractor, MCO & transport segment.
promote the brand in events, exhibitions etc. The Risks & concerns:
focus areas of SBU-G&L are:
‡ Fluctuating raw material prices.
‡ DEO & MCO segment.
‡ Issue of supply of base oils.
‡ Launch of greases other than lithium base.
‡ Tractor segment which is a big industry across ‡ Availability of low-cost substitute products.
India. ‡ Relatively lower entry barrier for competition.
‡ Increase distribution network. ‡ Limited spend on branding vis-a-vis MNCs.
‡ Launch new products in various segments.
‡ Less OEM tie-ups.
‡ Marketing and branding activities.
Internal control systems and their adequacy:
In direct B2B sales, SBU-G&L’S focus was on
generating business from new customers across SBU-G&L has adequate internal control systems
industries. The focus areas of SBU-G&L are: suitable for its business needs. SBU-G&L also
has a detailed Management Information and
‡ Gaining market share in high margin products. Control System to monitor performance against
‡ Working on Metal working fluids segment. budgets / targets. All units of SBU-G&L are
‡ Increase reach by participating in events, certified for quality system management and
seminars, exhibitions. periodic / re-certification audits were conducted
‡ Increasing level of engagement with end at all units for IMS 2018 (ISO 9001-2015, ISO
users. 14001:2015 and ISO 45001:2018). The Silvassa
unit is additionally certified to IATF 16949:2016
‡ Providing support through technical support
Quality Management System specifically for the
team.
automotive sector. Regular audits have been
‡ Conducting trials for various products. conducted during the year for assessment of
In the Contract Manufacturing segment, SBU- internal control systems such as HSE Audit,
G&L has taken a lot of initiatives to tap the Energy Audit, Internal Process Audit, Internal
potential and increase volumes. Efforts are being Financial Controls Audit and Legal Compliance
made to revive the segment as it helps to improve Audit.
capacity utilization. Discussion on financial performance with
Outlook: respect to operational performance:
The outlook for the business remains positive for During the year, SBU-G&L improved its
the next few years. SBU-G&L is making efforts to profitability by working on margin retention.
accelerate growth by broadly focusing on: SBU-G&L improved its overall efficiency
through Operational Excellence across various
‡ Process improvement for increased efficiency.
manufacturing units.

43
Material developments in Human Resources Chemicals is focusing on the Southern Region
/ Industrial Relations front, including number where market potential is higher and registered a
of people employed: sales growth of 24% over last year in this region.
SBU-G&L continues to enjoy cordial relationship Leather is a fashion driven industry. Based on
with employees at all its units. As on 31st March, the current trends and fashion, new products
2023, SBU-G&L had total 152 permanent are being introduced without affecting the cost
employees. of production of leather. Technical services and
commercial viability are the important factors of
3. CHEMICALS
this business.
Industry Structure and Developments:
SBU-Chemicals participated in Manufacturing
In the current year the leather industry in India Excellence Audit conducted by IRIM (International
had partially recovered from the effect of slow Research Institute of Manufacturing) and was
down due to COVID-19. Thus, annual export of awarded Gold for two years consecutively.
the leather industry from India increased by 8%
SBU-Chemicals is also focusing on synergy
over the last year to USD 5.30 Billion.
businesses like Textile Chemicals and Agro
India is the second largest producer of footwear Chemicals. Some of the products are launched
and leather garments in the world. India is and this will enhance the business performance
affluent with hide and skin as 20% of the world’s of SBU-Chemicals.
cattle population and 11% of goat and sheep are
Opportunities and Threats:
in our country. Almost the entire resource of hides
and skins are getting converted into leather and Opportunities:
leather products for export and domestic use.
SBU-Chemicals has enough opportunities to
There is huge scope in the leather chemicals
grow in other segments like Finishing, Chrome
market and thus, SBU-Chemicals has its plan
tanning and Beam house. SBU-Chemicals
to tap the market with both existing and new
has introduced new chemicals in Beam house
products.
segments like Wetting agents. SBU-Chemicals
The annual leather production in India is around also launched a new range of Finishing chemicals
3 billion sq. ft which is 10% of the world leather with modern manufacturing facility.
production.
SBU-Chemicals has well equipped ‘Technical
The leather industry is an employment intensive Service Centers’ in all the major leather
sector, providing jobs to about 4.5 million people, manufacturing clusters in India and renders high
mostly from the weaker sections of the society. quality technical service to the Tanneries. SBU-
Women employment is predominant in leather Chemicals developed eco-friendly, metal free
products sector with about 30% share. tanning process with Glutaraldehyde which has
become popular now in the market.
Leather processing consists of three stages.
Beam house, Wet end and Finishing. SBU- With a well-known brand image, strong technical
Chemicals with its strong presence in Wet end service team and with an enhanced product
particularly in synthetic Fatliquors, has started basket, SBU-Chemicals has many opportunities
catering in the other two stages to its customers. to improve the business in coming years.
In terms of market potential in India, the Southern Apart from the leather chemical business, SBU-
Region holds 44%, East is 23% and North is 33%. Chemicals has forayed into other synergy
Each region is manufacturing different products chemicals such as textile chemicals and
for example safety gloves in East, footwear and intermediate for agro chemicals business.
leather articles in South, and upholstery and
Threats:
garments in North.
‡ Major part of Leather Industry is unorganized
With a complete product basket in hand, SBU-
and comes under MSME.

44
‡ Limited scope for mobilizing funds through of M/s. International Certification Services Private
private placement and public issue as most of Limited, Mumbai.
them are family businesses.
SBU-Chemicals is a registered Member of
‡ Stricter and changing international Leather Working Group, UK (LWG).
environmental norms require regular
We are also one of the ZDSC Level 3 leather
upgradation, investment and newer
chemical companies in India.
infrastructure.
Discussion on financial performance with
‡ High competition from MNCs and Italian
respect to operational Performance:
companies.
Leather articles are fashion items, niche and
‡ Lack of presence of any Indian brand in world
very high value compared to Synthetic materials.
leather fashion market.
Worldwide there was less demand of leather
Segment-wise or product-wise performance: articles on account of the post COVID-19 global
financial turmoil and this affected the Indian
In spite of low demand of leather / leather products
leather industry. SBU-Chemicals managed
/ footwear due to COVID-19 and the global
to turnaround and make profit through OPEX
economic meltdown, SBU-Chemicals has been
initiatives, process improvements, and proactive
able to reach 97% of previous year’s volume and
sales and marketing activities.
has clocked 11% higher turnover by capturing the
market of Imported Fatliquors. SBU-Chemicals is Material developments in Human Resources/
able to realize better price compared to previous Industrial Relations front, including number
years. of people employed:
Outlook: Training & development programs by internal and
external faculties are continuously organised to
Path forward as envisaged in SBU-Chemicals is
improve the skill of employees . SBU-Chemicals
as follows:
maintained cordial relations with all the
‡ Improving the sales volume through existing stakeholders of the industry. The Technical Service
dealers and increase the distribution channel Centres of Balmer Lawrie are run by experienced
by appointing new dealers in all three regions. and knowledgeable Leather Technologists who
‡ Focusing more on new product lines like are also facilitators of environmental awareness
Finishing chemicals, High end Fatliquor, among various stakeholders. They train
Beam house chemicals. young college students and industry personnel
about modern environmentally friendly leather
‡ Entering into other synergy businesses. processes.
‡ Focusing on export markets like China, East 4. LOGISTICS
Africa, Korea and Bangladesh.
LOGISTICS INFRASTRUCTURE (LI)
Risks and concern:
Industry Structure & Development:
Increasing usage of non-leather products, and
very strict environmental norms, which may lead The Indian logistics industry is continuously
to small manufacturers closing down operations evolving at an exceptional pace providing
for adherence issues. necessary impetus to boost international trade
through great advancements in infrastructural
Internal control systems and their adequacy: development and technology to foster its
SBU-Chemicals uses SAP to have control on growth. There is continued focus on the part of
raw materials and overheads. The manufacturing the Government to convert India into a global
unit at Manali, Chennai is certified for Integrated manufacturing hub by boosting infrastructure and
Management System comprising of ISO introduction of the National Logistics Policy (NLP)
9001:2015, ISO 14001:2015 and ISO 45001:2018 and Prime Minister’s Gati Shakti Programme are

45
some of the few major initiatives in that direction. (JNPT), Kolkata and Chennai increased by 5%
The growth in E-commerce industry is also driving but the volumes moved to CFS from port in these
the need for setting up premium infrastructure three cities went down by 18% during Financial
facilities backed with effective technological Year 2022-23 as compared to the earlier year.
support in India. The increase in CFS volumes is due to drop in
volumes of Inland Container Depot (ICD) and
India’s Logistics market is valued at US$ 250
increase in nominations of Direct Port Delivery
billion in 2021, with the market predicted to
(DPD) - CFS category volumes. The industry wit-
increase to an astounding US$ 380 billion by
nessed the implementation of technology driven
2025, at a healthy 10-12% year-on-year growth
policies to clear the containers or cargo at fast
rate. Moreover, the Government is planning to
pace so as to facilitate “ease of doing business”
reduce the logistics and supply chain cost in
for the importers and exporters. DPD especial-
India from 13-14% to 10% of the GDP as per
ly at Nhava Sheva was started during the fourth
industry standards. Awarding infrastructure
quarter of Financial Year 2016-17 and the mea-
status has made it easier for investment inflows
sures taken to streamline its effective implemen-
and this has become a major growth driver of the
tation resulted in significant reduction of volume
logistics industry. The Indian Government plays
available for CFS and approximately 70% of im-
an important role in supporting the ports sector.
port volumes at JNPT has been cleared through
It has allowed Foreign Direct Investment (FDI) of
DPD route.
up to 100% under the automatic route for port,
harbour construction and maintenance projects. The India warehouse market reached a value
The Logistics Infrastructure business comprises of INR 1,113 billion in 2021. Looking forward,
of three main segments viz., Container Freight IMARC group expects the market to reach INR
Stations (CFS) typically set up in the vicinity of 2,069.6 billion by 2027, exhibiting a CAGR
ports, and Warehousing & Distribution (W&D). of 11.9% during 2022-2027. The usage of
Besides this, SBU-LI has also developed and is the warehousing system in India has gained
operating a Multi Modal Logistics Hub (a JV with significant prominence over the past few years. It
Visakhapatnam Port Authority) in Visakhapatnam. also involves managing warehouse infrastructure
and processes that involves the handling and
CFSs are an extended arm of the port set up
storage of cargo in an efficient manner. The
primarily with a view to decongest ports. All
warehousing, industrial, and logistics (WIL)
the activities related to clearance of goods for
sectors are projected to be crucial for attaining
home use, warehousing, temporary admissions,
India’s vision of being a US$ 5 trillion economy
re-export, temporary storage for onward transit
by Financial Year 2025. The warehouse and
and outright export, transhipment etc. are car-
logistics industry has benefited the most from
ried out in a CFS. Presently, the Company has
the COVID-19 pandemic, increasing its share
three state-of-the art CFSs located at Nhava
from 2% in 2020 to 20% in 2021. Because of the
Sheva-Mumbai, Chennai and Kolkata. During
growing shift from discretionary to essential
Financial Year 2022-23, container handling at
internet buying during the pandemic, the
top 12 ports in India went up by 1% which is on
E-commerce industry became more appealing
a lower side compared to last year’s growth of
and attractive.
16% that was majorly attributed to the recovery
of the EXIM business after the COVID-19 impact The Indian warehousing industry gathered
in Financial Year 2020-21. The total container more impetus and prominence especially during
throughput in India during Financial Year 2022- the last 4-5 years with notable triggers being
23 was around 12.93 million TEUs while it was the implementation of Goods and Service Tax
12.76 million TEUs in Financial Year 2021-22. In- (GST) in the year 2017 and grant of recent
cidentally, the three ports where Balmer Lawrie is infrastructure status to Logistics industry. This
interested in, accounts for nearly 59% of the total paved way for reorganization of supply chain
container traffic handled in Indian ports. During wherein the focus was more on improving the
the Financial Year 2022-23, the import volumes efficiency of supply chain and not merely on
in the three ports of Jawaharlal Nehru Port Trust achieving tax savings. Resultantly, fragmented

46
small warehouses are being replaced with large the INR 9.2 trillion investment proposals of
fulfillment centers in major key markets. The the Government of India entailing setting up
growth in Indian warehouse industry is led by of new mega ports, modernization of India’s
various factors, prominent amongst them are existing ports, development of 14 Coastal
initiatives of Government like Make-In-India in Economic Zones (CEZs) and Coastal Economic
facilitating the manufacturing at the local level, the Units, enhancement of port connectivity via
implementation of GST, growth of e-commerce, road, rail, multi-modal logistics parks, pipelines
digitisation, Government thrust on economy & waterways and promote coastal community
moving to cashless state, growing domestic development, all point to a very positive direction
consumption, favourable increase in international for the Logistics Infrastructure business. Besides
trade and growth in private and foreign investments these, there are ports where number of CFS
in infrastructure. At present, warehousing operators are quite less. It can also be noted
in India is mostly concentrated in tier-I cities, that the growth of traffic at non-major ports has
such as Bengaluru, Chennai, Kolkata, Mumbai, been increasing significantly year on year. With
Delhi-NCR, Ahmedabad, Pune and Hyderabad. the implementation of GST and the increase in
However, with the rising demand for e-commerce volume of containers getting cleared through
activities and doorstep delivery services in the DPD, the handling of Less than Container Load
tier-II and tier-III cities, the warehousing sector (LCL) consolidators’ cargo and venturing into
in India is expected to grow potentially in the Warehouse and its affiliated activities like offering
coming year. The Company’s Warehousing value added services in addition to the CFS
and Distribution facilities are presently fully services like last mile transportation, packaging,
operational at Kolkata and Coimbatore locations. labelling, and distribution would be opportunities
CFS - Kolkata added 43000 sq. ft area of in the long term. In October 2021, Prime Minister
warehouse in addition to the existing 37000 sq. launched PM Gati Shakti - National Master Plan
ft, CFS - Chennai added 5000 sq. ft of bonded for Multi-modal connectivity, essentially a digital
warehouse for handling Hazardous Cargo and platform to bring 16 Ministries including Railways
added 20000 sq. ft warehouse space during and Roadways together for integrated planning
Financial Year 2022-23 to increase focus on and coordinated implementation of infrastructure
Warehousing activities. connectivity projects. In October 2022, the
Cabinet Committee on Economic Affairs approved
Opportunities & Threats:
the development of a container terminal at Tuna-
In India, there is huge opportunity to tap the market Tekra, Deendayal Port, Gujarat the terminal will
in containerized segment. India’s containerization be built on a Build, Operate & Transfer (BOT)
level still stands at 60% whereas in most of the basis under Public-Private-Partnership (PPP)
developed countries it is in the range of 70- mode. In August 2022, Minister of Road Transport
75%. Strong growth supported by Government and Highways, Minister of Ports, Shipping &
reforms, transportation sector development plans, Waterways and Ayush, and Minister of State for
growing retail sales and the E-commerce sector Road Transport & Highways, signed a tripartite
are likely to be the key drivers of the logistics agreement for swift development of modern Multi
industry in India in the coming years.. Online Modal Logistics Parks (MMLP) under Bharatmala
freight platforms and aggregators have been Pariyojna across the country.
on the rise in the Indian logistics market, given
As part of the Sagarmala project, more than 574
the need for low entry barriers and less capital
projects worth Rs. 6 lakh crore (US$ 82 billion)
investment compared to setting up of an asset-
have been planned for implementation between
based business model. Manufacturing in India
2015 and 2035. In Maritime India Summit 2021,
holds the potential to contribute up to 25-30% of
the Ministry of Ports, Shipping and Waterways
the GDP by 2025 which will drive the growth of
identified a total of 400 projects worth Rs.2.25 lakh
the warehousing segment in India. E-commerce
crore (US$ 31 billion) investment potential. The
is another major segment which is expected to
multi-modal connectivity will provide integrated
support growth of the logistics industry during
and seamless connectivity for movement of
the forecast period. The Sagarmala programme,

47
people, goods and services from one mode of term contracts with major Shipping Lines which
transport to another. It will facilitate the last mile will garner steady business. All the CFSs are
connectivity of infrastructure and also reduce in the course of having long-term association
travel time for people. with major Import houses (DPD clients) which
will ensure steady business. SBU- LI is also
SBU-LI won “Best Warehouse of the Year” and
conducting feasibility studies for opening ICDSs,
“Logistics Visionary Team of the Year” under the
Warehouses in various potential locations and
Warehouse & Logistics Leadership Category as
expecting finalization of projects in due course.
part of Warehouse & Supply Chain Leadership
Within the asset-centric business, the SBU is able
Awards 2022. CFS - Mumbai and CFS - Chennai
to offer a basket of solutions: Container Freight
under LI received awards in the category of
Stations, Ambient Warehouses, and a Multimodal
“Managing Risk and Risk Assessment at Work”
Logistics Hub (through Vishakhapatnam Port
and “Best Health and well being Programme”
Logistics Park Limited). The comprehensive
in the 6th Annual Health, Safety, Environment,
services – offered across pan-India locations
Strategy Summit Awards 2023 conducted by
make SBU-LI a partner of choice to Importers,
Inventicon Business Intelligence Pvt. Ltd.
Exporters, Shipping Lines, CHAs, Freight
The shipping lines and ports are going for Forwarders and the trade. So, while there is a
a backward integration in order to offer the wide variety of hurdles for the industry and SBU-
customised logistics solutions to their customers. LI, it is expected that a combination of diversified
The decrease in the dwell times of the containers service range, pan-India presence, technology-
at the CFS is affecting the bottom line of the led customer intimacy, knowledgeable resources
organisation. The competition in the industry is – will ensure that the SBU is able to grow in the
forcing the players to follow suit so as to retain the face of significant crisis that was inflicted to the
volume. In recent years, though the DPD concept economy by the pandemic.
has been partially diluted by moving the containers
The warehousing and logistics industry in India
to CFS as part of DPD / CFS facility by the
is a dynamic and rapidly growing sector that is
importers / forwarders and Custom House Agent
expected to play an increasingly important role in
(CHA)s. This has led to the increase of bargaining
the country’s economy. Despite some challenges,
power for forwarders / importers / CHAs to move
the sector is well-positioned for long-term growth
the containers to CFS of their choice by getting
and presents exciting opportunities for investors
the best rates with maximum free days possible in
and businesses. With the Government’s focus
the market. With the increased DPD and various
on improving infrastructure and the rise of
Customs-initiated reforms like Risk Management
E-commerce, the sector is expected to be a key
Systems, (RMS), almost all the CFSs remain
driver of economic growth in the country. Moreover,
largely underutilized. They are currently
with the increasing adoption of technology and
functioning at around 40% of their functional
the Government’s push for a digital economy,
capacity. Another reason for the losing business
there is also significant potential for logistics
is the introduction of RMS by the Customs, which
players to leverage data analytics, artificial
has taken away 60% of the non-DPD business.
intelligence, and machine learning to improve
Under the RMS regime, as much as 60% of the
operational efficiency and enhance customer
shipments do not need Customs clearance.
experience. There are also opportunities for
Outlook: foreign investment as international companies
With DPD taking off in India in a big way towards look to tap into India’s growing logistics market.
reduction in logistics costs, CFS operators in the The Government has made it easier for foreign
country face a grim future. However, Logistics companies to invest in the sector by allowing
Infrastructure SBU of Balmer Lawrie is able to 100% foreign direct investment in logistics parks
bring together a unique set of value proposition and warehouses.
for its customers. SBU-LI is expecting the CFSs Risks & Concerns:
to be the major contributor to the bottom line.
The CFS industry is undergoing dynamic process
SBU-LI is in the process of establishing long
changes with various policies of the Government

48
such as DPD, Online DO and face assessment Material development in Human Resources
making the industry more competitive. The shift / Industrial Relations: including number of
to DPD at ports like JNPT has resulted in the Rs people employed:
4,500 crore CFS industry in an existential crisis.
Industrial relations in all the units of CFS, WD,
In the last five years, the industry has grown at
AMTZ and MMLH remained cordial all throughout
6-8% annually. JNPT, which alone accounts for
the year. As on 31st March 2023, SBU-LI had a
over 40% of the container handling in the country,
total of 95 employees.
witnessed a substantial growth in the DPD
volume. More efficient and technology driven LOGISTICS SERVICES (LS)
port operations are enabling reduced dwell time. Industry structure and developments:
In view of the stiff competition, CFSs are not able
to pass on the increase in costs to the customers. The Indian logistics industry is growing, due
Overall there is a substantial reduction in earning to the flourishing E-commerce market and
per TEU for most of the CFS operators. Challenges technological advancement. The logistics sector
faced by the SBU are being addressed through in India is predicted to account for 13-14% of
appropriate management intervention, employee the GDP. The industry has progressed from a
involvement and improved processes. transportation and storage-focused activity to a
specialised function that now encompasses end-
Internal Control Systems and their Adequacy: to-end product planning and management, value-
SBU-LI through its Operation package i-Comet added services for last-mile delivery, predictive
has built in high degree of control with checks planning, and analytics, among other things. One
and balances to conduct its operations effectively of the key drivers of this expansion is projected
and efficiently. Financial records are however to be the rise of India’s logistics industry, which
maintained in SAP. The process for advancement employs 22 million people and serves as the
in technology has also been initiated in the form backbone for various businesses. The logistics
of developing a new software which would sector in India was valued at US$ 250 billion in
further improve the efficiency and productivity 2021, with the market predicted to increase to an
as a whole. There are also periodic internal and astounding US$ 380 billion by 2025, at a healthy
external audits conducted for the SBU. SBU- 10-12% year-on-year growth rate.
LI, like all other SBUs of the Company has a India witnessed one of the major milestones in
very robust Performance Budgetary control logistics in 2022 with the release of National
system whereby actual performance is weighed Logistics Policy which aimed at reducing the
against the Business Plan developed before the logistics cost from 13-14% to 9-10% and
commencement of the year. All the three units increasing the efficiency. The logistics industry
of SBU-LI are certified under ISO 9001:2015, is observing a paradigm shift from a fragmented
ISO 14001:2015, ISO 45001:2018 and AEO- and unorganised market to a seamless and under
LO certification. Additionally, CFS - Mumbai is one roof solution due to various initiatives taken
certified with ISO 28000:2007, CT-PAT and CFS- by the Industry and Government like PM Gati
Chennai is certified with ISO 28000:2007. Shakti, Atmanirbhar Bharat / Make in India, PLIB
Discussion on Financial Performance with schemes, dedicated freight corridors, National
respect to physical/operational performance rail plan, Sagarmala, growth of airports, and
of SBU: unified logistics platform. The changing dynamics
of logistics have shown that technology plays a
During Financial Year 2022-23, SBU-LI was able
pivotal role and Government initiatives like EXIM
to achieve 32% growth in terms of imports, and
digitization, fast tags, E-Way bill, ULIP etc. have
7% growth in terms of exports and the turnover
contributed towards the growth of technology in
increased by 18% compared to the previous year.
the logistics segment as a whole.
However, due to cut throat pricing and competition
The industry is crucial for the efficient movement
from the industry and reduction in dwell times of
of products and services across the nation and in
containers at CFS, the profit reduced by 15% in
the global markets. The logistics business is highly
comparison to last year.

49
fragmented and has over 1,000 active participants, costs, presenting a significant opportunity for
including major local players, worldwide industry companies to invest in these areas.
leaders, the express division of the Government
Threats:
postal service, and rising start-ups that focus
on E-commerce delivery. The industry includes Availability of quality human resource pool has
transportation, warehousing, and value-added been a challenge in the logistics industry. The
services like packaging, labelling, and inventory manufacturing and logistics industries employ
management. With the advent of technology- almost 4 million people. According to research
driven solutions such as Transportation 3PL (Third Party Logistics) providers listed their
Management Systems (TMS) and Warehouse top challenges as finding, retaining and training
Management Systems (WMS), India’s logistics staff.
industry has witnessed tremendous development Increase in customer expectations and
in recent years. These solutions have assisted serviceability - one thing the global pandemic
logistics firms in increasing operational efficiency, showed us was just how much could be ordered
lowering costs, and improving customer service. online. What once was used for impulse
Opportunities and Threats: purchases or last minute birthday presents was
suddenly relied upon for everything – the weekly
The Indian logistics market presents several op-
shop, clothing, essential work items, all ordered
portunities, including:
online, and all expected in a very short delivery
Growing E-commerce Industry: The rapid window.
growth of the E-commerce industry in India is
This caused a perfect storm – a huge spike in
driving demand for logistics services, providing a
demand just as labour shortages started to bite.
significant opportunity for companies to expand
their operations. The Russia-Ukraine war led to an increase
in prices of several commodities including
Government Initiatives: The Indian Government
fertilizers, food products, oil and gas. The supply
has launched several initiatives aimed at
chain disruptions have increased freight charges,
improving the country’s logistics infrastructure
created container shortages, and lowered the
and reducing the cost of logistics, providing a
availability of warehousing space. Several
significant opportunity for companies in the sector.
ports have been closed and orders are being
Rising Demand for Cold Chain Logistics: With pulled back because of delays in shipments and
the increasing demand for perishable goods congestion.
and pharmaceutical products, the demand for
The rise in natural gas prices by around 120-
cold chain logistics services is also on the rise,
130% in the 6 months since the start of the war,
presenting a significant opportunity for companies
have had its cascading effect on rise in cost of
in this segment.
living index in EU and consumption pattern.
Expansion of the Manufacturing Sector: The
Segment–wise or product-wise performance:
expansion of the manufacturing sector in India is
driving demand for logistics services, providing a SBU-LS, for the second consecutive year
significant opportunity for companies to expand achieved all-time record turnover. SBU-LS during
their operations. the year achieved a turnover of Rs.550 crores and
registered topline growth of around 20% whereas
Increase in Foreign Investment: The increasing
growth in bottom line is 22% as compared
foreign investment in the Indian economy is
to previous year. The growth was driven by
expected to drive demand for logistics services,
incremental business in mainly Air Import, Ocean
providing a significant opportunity for companies
Import, Ocean Export and Express service.
in the sector.
Discussion on financial performance with
Adoption of Technology: The adoption of
respect to operational performance:
technology and automation in the logistics sector
is expected to improve efficiency and reduce During the year SBU-LS witnessed significant

50
growth in top line as well as in bottom line despite solution aligning Logistics Services along with
pressure on margins on account of competitive Infrastructure and 3PL services. SBU-LS has
forces. Reduced volatility in freight rates has plans to enter the 3PL business and is exploring
helped bottom line movement in line with growth options to diversify in other areas of logistics
in topline. The increase is primarily on account of to become an Integrated Logistics solutions
the following: provider.
‡ 139% growth in Express service mainly on Technology being the backbone of customer
account of project logistics movements. satisfaction, SBU-LS is in the process of
implementing new initiatives like online customer
‡ 55% growth in Ocean Import. Ocean
survey feedback and customized IT solutions
movement for NPCIL was major contributor.
for faster, dedicated, and focused time bound
‡ Growth in Air Import was 7% and CHA activity service and delivery.
grew by 25% over 2021-22.
SBU-LS has been continuously working closely
Outlook: with its worldwide Agents & Associates. In
The Russia–Ukraine situation continues to weigh some cases, SBU-LS enjoys exclusivity with
on the global economy, disrupting supply chains some Associates and is working closely with
and adding to inflationary pressures. Sanctions other players to nurture a similar relationship to
have led to the suspension of virtually all trade gain reciprocating business. SBU-LS has also
links between Russia and the West including increased the number of Associates in different
rail freight services between China and Central countries like China, Vietnam and Turkey to be
and Western Europe. Owing to the global trade more competitive in handling Ocean volumes.
war and China’s authoritarian policies, there is a SBU-LS continues to be an active member of
gradual shift of business from China, and India different Industry associations like ACAAI, FFFAI,
is emerging as a land of opportunities backed by WCA, WSA, JCTRANS, AMTOI, CII Logistics
abundant supply of resources, cheap manpower, Forum, Bengal Chambers Shipping Committee
geographical advantage and Government to name a few.
reforms on FDI etc.
Risks and concerns:
SBU-LS was able to retain its major GOI and
SBU-LS works in a highly competitive market,
CPSU customers and was also able to sign
facing aggressive price competition majorly from
some of the new activities from those contracted
multinationals and big local forwarders. Revenue
customers. The SBU is now focusing on private
generation avenues in the hands of logistics
business especially in the Air Export segment
operators is getting squeezed due to the highly
of perishables by tying up with APEDA and also
competitive and customized services offered,
eyeing the project cargo business of private
while input cost in terms of freight as charged by
customers.
carriers too is showing a declining trend which
SBU-LS has a well-defined plan and ambition to remains a matter of concern in the current fiscal.
continue increasing its private sector business This trend is likely to continue till the first half
with a view to improve topline as the new sales of the year due to demand / supply imbalance.
team gains traction on a pan India basis. The Big competitors are increasing their strength by
combination of experienced and knowledgeable mergers and acquisitions with a view to grab
manpower as well as fresh talent in the sales incremental market share. The global trade war
team will enable the SBU to adapt to the changes between China-US has influenced the Maritime
faster. SBU-LS has focused on strengthening and Logistics platform, which also has affected
its Marketing wing through proactive brand our buying rates.
positioning and enhancement in different forums
Major shipments are getting converted to CIF
and digital platforms to drive exponential growth.
from FOB which is ultimately affecting our top
Major focus has been emphasized to enhance line as well as some of our contracted customers
‘Customer Delight’ by providing one stop logistics are moving towards buying on CIF / DAP

51
INCOTERMS instead of FOB. The industry as major challenges faced is huge losses of
a whole is providing a one stop solution to their agricultural produce due to improper storage
customers and is also making investments in and not adhering to right temperature and
technology, infrastructure and training to bring in proper infrastructure along with transportation
synergy with increasing demand from customers at optimum temperature. All India Cold-chain
on service levels. Capacity reduction for carriers, Infrastructure Capacity carried out by NABARD
blank sailing and unavailability of PAX / Cargo Consultancy Service (NABCONS) assessed
Airlines will increase input cost of services till the requirement of 350 lakh MT capacity of cold
impact of the COVID-19 pandemic stays. storage for perishable fruits and vegetables.
Currently, there is 374.25 lakh MT capacity of
SBU-LS is taking adequate steps to mitigate the
cold storages in the country. Estimated annual
challenges through its established and growing
value of losses of agri produce currently stands
global associate network and offering our clients
at Rs. 92,651 crores. Adequate and efficient cold
single window logistics solutions under one roof.
chain infrastructure from farm gate to consumers
Added focus is given on growing the Air Console
is required to arrest the high losses in supply
business as India’s Air Freight Market is estimated
chain of perishables.
to be USD 13.08 billion in 2023 and is expected
to reach USD 17.22 billion by 2028, growing at a The Government of India has come up with various
CAGR of 5.65%. initiatives in providing aids, schemes, concession
on various duties and income tax benefits to
India has achieved a remarkable milestone in
the Cold Chain industry. Due to all these recent
defence exports in Financial Year 2022-23. The
developments, there has been a huge demand
exports have reached an all-time high of approx.
of organized cold chain industry offering state-
Rs 16,000 crore, almost Rs.3,000 crore more
of-the-art Temperature Controlled Warehouses
than the previous financial year. It is a rise of over
(TCWs) along with value added services like pre-
10 times since 2016-17. We are actively engaged
cooling, pre-conditioning, ripening, packaging,
as logistics partners with different private sectors
blast freezing etc. and primary and secondary
/ PSU’s active in defence exports. SBU-LS has
logistics by Temperature Controlled Vehicles
revamped its existing technology and has plans
(TCV). The market has benefitted significantly
to further upgrade it to meet future business
from the stringent regulations governing the
challenges.
production and supply of temperature-sensitive
Internal control systems and their adequacy: products. The industry is poised for unprecedented
SBU-LS has in place an effective Internal Control growth over the forecast period on account of
Mechanism and during the year under review, a growing organized retail sectors in the emerging
fairly large number of Internal Audits were carried economies. Moreover, rising automation in
out in all branches and the findings were found to refrigerated warehouses is projected to boost the
be satisfactory. All the branches of the SBU-LS demand further. India over the years witnessed
are ISO accredited and such accreditations were a marked increase in production of perishable
valid in Financial Year 2022-23. high nutrition products like fruits, vegetables,
meat and poultry products etc. but development
Material developments in Human Resources of cold-chain infrastructure was not strategically
/ Industrial Relations front, including number directed, for safe handling and to convey these
of people employed: perishable products to markets. The inadequacy
Industrial relations continued to be cordial at all of scientific farm-to-market logistics also
units while the SBU-LS operated with optimum contributed to high food losses in the case of
level of manpower across the units. SBU-LS had perishable foods, further adding to inflationary
a total of 116 employees as on 31st March 2023. pressures. To reduce post-harvest loss of fruits
and vegetables several schemes were launched
5. COLD CHAIN SERVICES(CC)
by different Ministries of GOI.
Industry structure and developments:
The cold chain market is expected to grow at
India being an agro-based nation, one of the nearly 17% per annum on a sustained basis over

52
the next 4 years. The major products include Outlook:
fruits and vegetables, meat and fish, dairy
With the improvement in the asset utilization and
products, and healthcare products. SBU-CC has
the revenue, SBU-CC is expecting to increase
four cold chain units operating at Hyderabad,
it footprints across India by setting up of Mini
Rai (Haryana), Patalaganga (Maharashtra) and
Cold Storage facilities which will be executed at
Bhubaneshwar (Odisha). To manage the end-to-
lower capex infusion and implementation lead
end supply chain of the Cold Chain operations,
time. SBU-CC also proposes to venture into the
the SBU is also operating with 18 numbers of 4
Asset Light Model of operations wherein facilities
MT capacity of reefer vehicles on pan India basis.
including vehicles will be hired from the market
Opportunities and Threats: and deployed for its customers. This will enable
SBU-CC to increase its turnover and profitability.
For the past several decades, the Indian
cold storage infrastructure has struggled with Risks and concerns :
challenges related to the fragmented nature of the
Storage rental is the main source of revenue
segment, the disruption in demand and supply,
for SBU-CC and seasonality has an important
the lack of skilled manpower, among many other
influence on storage volumes. This leads to
factors. The gap presents a significant opportunity
reduced capacity utilization when it is looked at
for stakeholders associated with the industry. The
an annual basis. The industry is attracting new
increase in the number of segment of products
players and existing players are also augmenting
opens multiple opportunities to Company in
capacity leading to more competition and that is
segments like Quick Serve Restaurants (QSR),
putting pressure on pricing power of SBU-CC.
Pharmaceutical etc. Increased demand in the
Attrition of junior officers and scarcity of trained
real time temperature monitoring of products in
manpower may lead to service quality impact and
the entire supply chain is opening multiple doors
that is also a concern for SBU-CC.
to temperature-controlled vehicle as well.
Internal control systems and their adequacy:
Since the organized Cold Chain segment is
highly capex intensive, the capacity utilization SBU-CC is using the software Warehouse
along with the right pricing model plays an Management System (WMS) as control in the
important role in ensuring the profitability of inventory. Regular checks are also being done
the business. With organized players gradually with the customer to ensure stock accuracy.
entering this market segment, a high price war for Financial records are maintained in SAP. There
ensuring capacity utilization resulting in reduction are periodic internal and external audits conducted
of average selling price may pose as a threat for SBU-CC. The cold storage operation has
to this industry. However, service excellence, been automated by SCADA software which is
maintaining high quality standards, value added used to monitor and control as per the customer’s
service offerings and seamless distribution of requirement.
products shall overrule the price war and help in Discussion on financial performance with
customer retention. respect to operational performance:
Segment–wise or product-wise performance: Increase in the asset utilization YOY had
Storage business (TCW) had increased 32% in supported SBU-CC to uplift the revenue by 20%
the sales YOY and transportation segment (TCV) over last year. Storage business (TCW) has seen
has shown a nominal decrease in revenue, which an increase in occupancy level by 24% over last
is mainly due to lower volume in the COVID-19 year.
vaccine distribution business. However, the SBU Material developments in Human Resources
has been able to rope in new customers from / Industrial Relations front, including number
other segments to increase utilization of vehicles of people employed:
vis-à-vis an improvement in revenues which
is expected to improve the revenue generation SBU-CC was formed in July, 2021 which
moving forward. was initially a part of Logistics Infrastructure.
Functions of SBU-CC have been centralized

53
at the SBU’s headquarter in Mumbai. Industry Opportunities & Threat:
experts have been recruited to enhance the skill
India has become the third-largest domestic
and efficiency of SBU-CC. The marketing team
aviation market in the world and the Indian
has been reinforced after capability assessment
aviation industry is expected to contribute 5% of
process and ensuring the right person in the right
the GDP, creating a total of 4 million jobs.
role. As on 31st March 2023, SBU-CC has total
manpower strength of 29 people. The air transport market in India is forecast
under the “current trends” scenario to grow by
6. TRAVEL & VACATIONS
262% in the next 20 years. This would result in
TRAVEL an additional 370.3 million passenger journeys
by 2037. If met, this increased demand would
Industry Structure & Development:
support approximately US $126.7 billion of GDP
Over the past ten years, the aviation industry in and almost 9.1 million jobs.
India has experienced substantial expansion and
The air transport sector generates a job opportunity
change. Early in the new millennium, only a select
of 9,43,000 direct and indirect jobs. The sector
few wealthy people in India had access to the
is estimated to support a further 553,000 jobs
luxury of air travel. With more people preferring to
through the wages it pays to its employees,
travel by air than ever before, India has grown to
some, or all of which are subsequently spent on
become the third-largest domestic market in the
consumer goods and services. Foreign tourists
world, only behind the United States and China.
arriving by air to India, who spend their money
In Financial Year 2021–2022, the COVID-19
on the local economy, are estimated to support
pandemic significantly affected the civil aviation
an additional 4.3 million jobs. In total 6.2 million
sector and imposed a financial burden on airlines,
jobs are supported by air transport and tourists
airports, and related services. However, domestic
arriving by air. The spending by the air transport
aviation traffic increased again as of Financial
industry, including airlines and its supply chain,
Year 2022-23 and is predicted to reach 97% of
is estimated to support US $13 billion of GDP in
pre-COVID levels.
India.
According to the Directorate General of Civil
Even while there is a sizable chance for growth
Aviation (DGCA), the nation’s aviation overseers
across the board and plenty of room for businesses
reported that domestic air passenger traffic
to manoeuvre, the truth remains that the sector is
increased annually by 42.88% between January
undergoing unprecedented changes due to the
and April 2023 compared to the same period last
quick uptake of cutting-edge technologies. We
year, when there were 3.52 crore passengers.
have a lot of scope to grow because a Company
Nearly 5.03 crore passengers were transported like Balmer Lawrie is typically seen of as one
by India’s domestic airlines during that time, that serves in-person needs through travel
demonstrating a high demand for travel desks and implants. We have worked hard to
throughout the nation. The domestic aviation improve our online presence by creating a new
business has continued to thrive, as seen by the B2C website that places strong emphasis on
22.20% monthly passenger growth in April, 2023 vacations and other services on a single platform.
over March, 2023. (Source ET-Travelworld.com). To meet a variety of customer needs, domestic
The rise in air traffic is a positive development for and international ticketing, hotel booking, and
the aviation industry, as seen by the air traffic flow, ancillary services have been combined with an
which was 236.71 million in the Financial Year excellent search function.
2022-23 (April-December 2022) as compared We have already developed a special website for
to 131.61 million during the same period last employees of the Government of India (GOI) to
Financial Year 2021-22 (April-December 2021). use for their official travel, and we want to give
The Indian aviation industry has largely recovered major corporations a booking website tailored
from the COVID-19 pandemic shock. specifically to their needs. Together with our
counter personnel, our digital offering establishes
a local presence through partnerships, enabling

54
us to provide consumers with a hybrid brick-and- “Revival of Undeserved and Under-Served
click solution. Airports” initiative. A plan called Krishi Udan 2.0
focuses on moving perishable food items out
The Travel vertical has tremendously improved
of mountainous regions, North Eastern states,
its ability to operate, sell, and develop software,
tribal territories, and other places. 58 airports
which has significantly increased the number of
have been chosen as part of this programme to
clients we serve. Customers are choosing tech-
encourage the circulation of air freight. In the next
rich solutions like SSBT / SBT from Balmer Lawrie
five years, the Airports Authority of India (AAI)
because we can provide our business clients
and other airport developers plan to invest over
with comprehensive, cost-effective, customised
INR 98,000 crore in the construction of new and
services. By showcasing technologically enabled
existing airports.
solutions and dedication to first-rate customer
care, we have been successful in attracting elite The largest order in aviation history was placed
private sector clientele. The SBU has made by Air India on February 14, 2023, when it agreed
the most of the available time to prepare for to a contract with Boeing and Airbus to purchase
the anticipated demand, and we want to have 470 aircrafts for $70 billion. This is Air India’s
centralised ticketing to boost productivity and first purchase since 2005, and it coincides with a
guarantee a consistent level of customer service. rise in passenger traffic for the country’s aviation
sector.
Risk and Concerns:
Segment-wise or Product-wise Performance:
The industry has defeated the sharp impact
of the COVID-19 pandemic, and now there is The Travel vertical has introduced a new platform
shortage of trained and experienced manpower for employees of Government of India, which has
due to increase in business volume going past given a major boost to our business and working
pre-pandemic level. The Travel Industry is highly capital requirement support as the business is on
dependent on technology and with the increasing prepayment basis. The vertical’s main source
use AI and Machine learning platforms, it is of business remains autonomous bodies, GOI &
necessary for us to adapt to these technologies PSUs which consists of over 90% of the business.
as soon as possible to keep our services at par The products we offer are air ticketing and related
with the market standards. services such as hotel booking, forex, insurance,
transportation etc.
The Travel vertical remains dependent on GOI &
PSU customers which consists of more than 90% Internal Control System and their adequacy:
of business and this remains as one of the major
Travel has achieved some major breakthrough
concerns of the vertical.
in terms of internal control processes, like
Outlook: centralization of all ticketing in HUB including
cancellation and provision of credit notes. Travel
India’s travel and tourism sector contributed
has achieved an optimal process of refund for all
approximately 122 billion dollars to the country’s
types of cancelled and failed ticketing activities.
GDP, and it is projected to increase at a CAGR
of over 10% to reach nearly $500 billion by 2028. Material developments in the Human
It is a crucial sector for creating jobs and earning Resources/Industrial Relations front,
foreign currency, and the Government has including the number of people employed:
implemented a number of initiatives to take full
Human Resource Development at Travel :
advantage of the opportunity.
The market opened with great positivity post
By creating a stable policy environment and pandemic and we capitalized on this opportunity
encouraging growth that is driven by competition, by launching a centralized ticketing HUB in
the Indian Government is actively assisting the Delhi. To ensure the smooth operationalization
aviation industry. The revival and development of the HUB, we accomplished new recruitments
of 100 unserved and under-served airports, in record time. This allowed us to assemble a
helipads, and water aerodromes by 2024 are highly competent team capable of delivering
planned under the Government-approved exceptional service to our customers.

55
We undertook a comprehensive organization USD 1 trillion mark in 2022, growing 50% in real
restructuring, and this enabled us to realign our terms compared to 2021, driven by the important
resources effectively, optimizing our workflows rebound in international travel. International
and enhancing overall efficiency. We also visitor spending reached 64% of pre-pandemic
welcomed numerous new employees into Travel levels (-36% compared to 2019, measured in
as part of this restructuring, bringing fresh real terms). By regions, Europe enjoyed the
perspectives and skills in our team. We engaged best results in 2022 with nearly USD 550 billion
15 apprentices / COPA for a year long training in tourism receipts (EUR 520 billion), or 87% of
from the relevant trade. We ensured exposure pre-pandemic levels. Africa recovered 75% of
of various functions of our SBU to make them its pre-pandemic receipts, the Middle East 70%
employable and skillful. and the Americas 68%. Due to prolonged border
shutdowns, Asian destinations earned about
In line with our commitment to employee growth
28%.
and development, we introduced a training
program in Travel specifically designed for our The second UNWTO World Tourism Barometer
Out-Sourced (OS) Deputees. The training of the year shows that the sector’s swift recovery
sessions proved to be highly motivating for the has continued into 2023. It shows that:
participants, empowering them to perform at their
Overall, international arrivals reached 80%
best and contribute to the success of Travel.
of pre-pandemic levels in the first
Furthermore, the Management is proactively quarter of 2023. An estimated 235
engaged with employees through open house million tourists travelled internationally
sessions conducted across T&V branches. in the first three months, more than double the
These sessions created a platform for open same period of 2022.
dialogue, fostering a culture of transparency
Tourism has continued to show its resilience.
and collaboration within Travel. The feedback
Revised data for 2022 shows over 960 million
received during these sessions has been
tourists travelling internationally last year,
invaluable in shaping our HR strategies and
meaning two-thirds (66%) of pre-pandemic
improving employee satisfaction in the Travel
numbers were recovered.
vertical.
India Tourism:
As on 31st March 2023, Travel had total manpower
strength of 277 people. India’s tourism revenue grew around 291% YoY
in February, 2023 compared with an increase of
VACATIONS
369% YoY in the previous month.
Industry structure and developments:
India’s tourism sector is showing signs of revival
International tourism is well on its way to returning following the easing of COVID-19 restrictions and
to pre-pandemic levels, with twice as many the waning of the pandemic. It also noted that
people travelling during the first quarter of 2023 foreign tourist arrivals in India in Financial Year
than in the same period of 2022. 2023 have been growing month-on-month with
the resumption of scheduled international flights.
The start of the year has again shown tourism’s
unique ability to bounce back. In many places, The profitability ratios of the tourism industry
we are close to or even above pre-pandemic have shown a strong rebound in the June,
levels of arrivals. However, we must remain alert 2022 quarter. Travel returned to normal levels
to challenges ranging from geopolitical insecurity, in March, 2022 given the higher vaccination
staffing shortages, and the potential impact of the rate and overall effective management of the
cost-of-living crisis on tourism. We must ensure COVID-19 pandemic. The hotel occupancy rate
tourism’s return delivers on its responsibilities has increased considerably reaching the average
as a solution to the climate emergency and as a pre-pandemic level of 2019-20.
driver of inclusive development.
India has seen an upsurge in medical tourism
International tourism receipts grew back to hit the due to the various Government initiatives like

56
Ayush visa for medical tourists, the launch of the destinations have gained immense popularity.
National Strategy for Sustainable Tourism and
With the change in spending dynamics and
Responsible Traveller Campaign, the introduction
highly competitive marketplace, the international
of the Swadeshi Darshan 2.0 scheme and Heal
tourism industry is now wide open to the middle
in India.
class segment. The tourism industry has come
Domestic tourism together with inbound tourism up with facilities like EMI (travel now pay later)
has emerged as a key driver of economic growth. which is giving an impetus to the outbound travel
In the year 2022, India recorded Foreign Tourist segment in India.
Arrivals (FTAs) of 6.19 million (provisional) with
The group tours will stay and rise in demand
a growth of around 305% over the same period
as people would want to pay for their travel in
of the previous year which account for Foreign
local currency before they can travel, while
Exchange Earnings (FEEs) of Rs.1,35,543 crore
TNPL will gain popularity as customers would
(provisional estimates) with a growth of 106.77%.
like to conserve cash and carry extra cash to the
Besides, as per the data furnished by State / UT
destination or park in their saving.
Government and other information available
with the Ministry of Tourism, there were 677.63 Offline travel agents will gain popularity: With
million Domestic Tourist Visits (DTVs) all over the the booming demand, though all segments within
country during the year 2021. travel will continue to gain, the offline segment
(bookings done via offline travel agents) will
Opportunities and Threats:
get bigger share of total market. The reason
According to research by World Travel & Tourism being, just before and during the COVID-19
Council (WTTC), the travel & tourism sector’s pandemic, travellers suffered in the hands of
contribution to the Indian economy would surpass OTA & aggregators on issues of refunds and
the pre-pandemic levels in 2024 with a year-on- cancellation. As a result, they fell back on agents
year growth of 20.7%. who serviced them better on these fronts. Also,
with the changing environment, travellers always
India’s tourism sector is showing steady signs
look for a fall back option if all hell breaks loose
of revival with the waning of the COVID-19
while travelling, which an offline agent handles
pandemic. One of the sectors of tourism which
better instead of an IVR. However, with the given
has witnessed substantial growth is medical
increase in demand, technology and collaboration
tourism and India is ranked 10th out of the top
will be the new drivers of the travel industry in the
64 countries in the world in the Medical Tourism
coming years. To stay relevant, travel merchants
Index Financial Year 2021, according to the
will have to invest more in online technologies to
Economic Survey. The Government initiatives
make bookings seamless for the travellers. POS
like E-Visa, Swadesh Dekho etc. along with
solutions and technology will contribute majorly
the G20 presidency have resulted in the rise
to this, while airlines would be focusing on more
of MICE activities and inbound travellers. The
of capabilities such as self-service, touchless
G20 presidency has provided a strong platform
travel, biometrics, and Artificial Inteligence (AI).
for India to promote its agenda of developing
sustainable / green tourism practices. India is coming up with 66 new airports in the
next decade. From 85 million domestic flyers in
With the change in tourism landscape, “Bleisure
Financial Year 2022, the number is estimated to
travel” is one of the concepts that is gaining
shoot up to 330 million in Financial Year 2032.
popularity which has evolved as a radical
concept among the business travellers combining However, tourism’s recovery also faces some
business and leisure travel. India now ranks 2nd in challenges. According to the United Nation
the world in terms of Bleisure travel. World Tourism Organisation (UNWTO) Panel
of Experts, the economic situation remains the
It is envisaged that Indian tourists shall be among
main factor weighing on the effective recovery of
the top spenders in 2023 for travel as the flights
international tourism in 2023, with high inflation
and hotels at popular tourist destinations are
and rising oil prices translating into higher
operating at their maximum capacity. Weekend
transport and accommodation costs. As a result,

57
tourists are expected to increasingly seek value already planning journeys and a 20% increase
for money and travel closer to home. Uncertainty in earnings for the global tourism industry, 2023
derived from the Russian aggression against appears to be a prosperous year. Travel has
Ukraine and other mounting geopolitical tensions, become a way of life, and individuals are not
also continue to represent downside risks. hesitant to spend their money on experiencing
new excursions and discovering new places.
Segment–wise or product-wise performance:
There has been a noticeable change in travellers’
In the fiscal year 2022-23, the Travel and
behaviour in recent years, which has forced
Tourism industry witnessed increased demand
companies and destinations to adapt to meet
over the pre-COVID levels. As we reflect on
travellers’ high expectations. There were several
the challenging times SBUs endured during the
factors driving this change, including the popularity
pandemic, we recognize the efforts made by
of remote working, the growing concern about
the Vacations team to seize opportunities once
sustainability, the desire for flexible cancellation
demand began to rise.
policies, and the sentiment of revenge travel.
The year 2022-23 is a source of great pride As we can see from the numbers, international
for the Vacations vertical, which achieved its tourism showed strong signs of recovering in
highest-ever gross topline of INR 129.91 crore, 2023. By 2025, this segment should be fully
representing a growth of more than 2.03 times recovered.
compared to the previous fiscal year’s along with
Growth Drivers - Incredible India campaign,
bottom line of INR 77.13 lacs. The efforts made
extending international tourism business in India,
to recoup the losses incurred over the past two
E-Tourist Visa facility, E-visa facility extended to
years and return to profitability are notable. The
156 Countries under 5 sub-categories i.e ‘e-Tourist
aggregate business increased by more than 2.03
visa’, ’eBusiness visa’, ‘e-medical visa’, ‘e-Medical
times compared to the previous fiscal year.
Attendant Visa’ and ‘e-Conference Visa’. Since
Corporate Tours – Delhi & Mumbai put together tourist’s desire to carry less cash or save it, TNPL
(achieved 2.53 times more) and Retail (achieved (Travel Now Pay Later) platforms are growing in
4 times more) experienced significant growth popularity which makes travel affordable.
compared to the previous fiscal year. MICE
The tourism business has always been about the
has accomplished 1.24 times more than in the
customer experience. With new technologies and
previous fiscal year.
a growing number of tourist choices, it has never
Vacations has taken a few commendable been more important to improve the customer
initiatives, including strengthening internal experience. In the end, how customers feel about
operations, IT and customer service, manpower, your business will make or break it. Finetuning
a dedicated call centre for the Business, the the experience can define the difference between
launch of new products, and the introduction of getting a customer to come back again and again
financial incentive schemes for employees. and spread the word about your business and
Outlook : losing a customer before they even book.

In 2023, Indian travellers will be among those Trends in digital transformation have had a
who spend the most on travel options. There are significant impact on the Tourism segment.
travellers between the ages of 23 and 40. This Personalization and custom-tailored packages
year, weekend trips are anticipated to grow in based on customer preferences, global mobile
prominence among vacationers willing to spend presence, artificial intelligence, chatbots, the
more money and enhance their experiences. In Internet of Things (IoT), focus on big data,
2023, travellers will go one step further, as we adventure tourism, and a host of other trends
prepare to embark on a tour to forecast the travel have characterised modern tourism. Contactless
and tourism industry’s trends. Travel and tourism payments, Voice Search & Voice Control,
returned to form in 2022, and despite rising Virtual Reality and metaverse travel, Virtual
global prices, tourists continue to take vacations Reality Tourism Trends, Robots, Chatbots, and
and explore the globe. With millions of travellers Automation are on the rise.

58
Risks and concerns : of March 31, 2023, the vertical employed a total
of 75 individuals.
Inflation and high cost of living are concerns
for tourism in 2023. Skilled Human Resources, 7. REFINERY & OIL FIELD SERVICES [ROFS]
Regulatory (Visa appointments for Europe &
Industry Structure and Developments:
USA) & Border Issues, Taxation, Supply chain
issues, Inflation, high energy costs resulting in The SBU: Refinery & Oil Field Services is
higher living costs, geopolitical instability etc., rendering service to all the refineries in India by
according to a report released by World Travel recovering hydrocarbon from crude oil storage
Market (WTM) London, are the major concerns tanks and lagoons. It handles mechanized oily
facing the global tourism industry in the year sludge processing where the sludge is being
ahead. processed to recover oil and hydrocarbons.
Internal control systems and their adequacy: Though we are the only public sector in this
business there are many companies that
The vertical has an effective internal control
have entered this business thereby, creating
mechanism, and during the period under review,
stiff competition in getting the orders. As the
a significant number of internal Audits involving
competitors are MSME it’s very difficult for us to
customer feedback management, billing to cus-
maintain the margins.
tomers etc. were conducted in all branches, with
satisfactory results. With a highly technical team with sound
experience and maintaining stringent safety
Discussion on financial performance with
norms, this SBU is catering to all oil companies.
respect to operational performance:
Opportunities and Threats:
The Travel and Tourism industry saw increased
demand in fiscal year 2022-23 compared to The SBU continues to have the highest market
pre-COVID levels. As we reflect on the difficult share in the oily sludge processing segment in
period SBUs faced during the pandemic, we India. However, the market share has decreased
acknowledge the efforts made by the SBU team to significantly in recent years.
capitalize on opportunities as demand increased. The SBU intends to leverage its experience
The Financial Year 2022-23 is a source of great in project execution and wide base of satisfied
satisfaction for the Vacations SBU, which reached clientele to foray into allied service areas by
its highest-ever gross topline of INR 129.91 diversifying its service offerings.
Crore, alongwith a bottom line of INR 77.13 The main threats visualized by the SBU relate to
lacs. The efforts made to recoup losses from the subdued market demand and the entry of new
previous two years and return to profitability are players in the niche market. Preference of MSME
noteworthy. vendors also poses a significant challenge to the
When compared to the previous fiscal year, the SBU with respect to booking of new orders.
total business expanded by more than 2.03 times. Segment and Product wise Performance:
Both Corporate Tours - Delhi & Mumbai (2.53 The operational performance was more or less at
times more) and Retail (4 times more) showed par with our budgeted estimates, mainly due to
considerable growths compared to the previous advance order booked for the SBU.
fiscal year. MICE achieved 1.24 times more than
the previous fiscal year. The new order booking was sluggish due to
high competition in the market and the expected
Material developments in Human Resources profitability of newly booked orders is expected to
/ Industrial Relations front, including number be lower than historical trends.
of people employed:
Outlook:
Employee relations remained cordial at all
Vacations vertical branches. The vertical The demand for sludge processing services is
continues to improve the skills of its employees expected to be stagnant in the near term. The
through training and development initiatives. As SBU aims to differentiate its offerings in the

59
sludge processing space through technological KEY FINANCIAL RATIOS
upgradation and incorporation of new
Financial Financial
technologies for reducing processing times and Ratios Year Year
manual intervention in sludge processing. 2022- 23 2021- 22
Debtors Turnover 7.08 6.98
Diversification of Business into other allied areas Inventory Turnover 11.74 11.66
is also being explored. Interest Coverage Ratio 45.76 37.13
Risk & Concerns: Current Ratio 2.13 2.35
Debt- Equity Ratio 0.00 0.00
Increased competition in the market can put Operating Profit Margin(%) 5.98 5.28
downward pressure on market share as well as Net Profit Margin (%) 6.46 5.83
Return on Net Worth (In %) 11.50 9.35
profit margins of the SBU.
Note:
Other risks include adoption of modern
technologies in refineries, which would reduce The increase in return on net worth is being
generation of oil sludge in the storage tanks, attributed to the easing out effect of the COVID-19
thereby limiting the need for sludge processing in pandemic on the performance of SBU - Travel &
the long run. Vacations which was severely effected in last two
financial years due to the same.
The SBU is working towards mitigation of the risks
through upgradation of technology, as well as CAUTIONARY NOTE:
expansion and diversification of service offerings The statements in the Management Discussion
and client base. & Analysis describing the Company’s focal
Internal Control System and their Adequacy: objectives, expectations and anticipations and
those of its SBUs may be forward looking within
Tank Bottom Sludge processing and Lagoon the meaning of applicable statutory laws and
Sludge Processing are onsite operations and regulations. Actual results may differ materially
the SBU adheres to the best norms and HSE from the expectations expressed or implied in
practices followed by oil refineries and oil such forward looking statements. Important
exploration companies. factors that could influence the Company’s
No near-miss incidents have been recorded by operations include global and domestic supply
the SBU during the year. Periodic audits, risk and demand conditions affecting selling prices of
mitigation measures and compliance with HSE products, input availability and prices, changes
guidelines ensure robustness of the internal in Government regulations / tax laws, economic
control systems. developments within the country and factors such
as litigation and Industrial relations.
Discussion on Financial Performance with The information and opinion stated in this
respect to Operational Performance: section of the Annual Report essentially cover
The SBU has been able to be near par with its certain forward-looking statements, which the
business plan for Financial Year 2022-23 w.r.t Management believes to be true to the best of
turnover and profit. its knowledge at the time of its preparation. The
Management shall not be liable to any person or
The equipment utilization levels have been able entity for any loss, which may arise as a result of
to meet the targeted levels. any action taken on the basis of the information
Material Developments in Human Resources / contained herein.
Industrial Relations: The nature of opinions herein are such, that
Industrial relations continued to be satisfactory the same may not be disclosed, reproduced or
during the financial year under report. The SBU used in whole or in part for any other purpose
has a total of 18 employees. or furnished to any other person without the prior
written permission of the Company.

60
 Annexure 2
BUSINESS RESPONSIBILITY & SUSTAINABILITY REPORT
CONTENTS

SECTION A: GENERAL DISCLOSURES

SECTION B: MANAGEMENT AND PROCESS DISCLOSURES
SECTION C: PRINCIPLE-WISE PERFORMANCE DISCLOSURE
PRINCIPLE 1: BUSINESSES SHOULD CONDUCT AND GOVERN THEMSELVES WITH
INTEGRITY AND IN A MANNER THAT IS ETHICAL, TRANSPARENT AND
ACCOUNTABLE
PRINCIPLE 2: BUSINESSES SHOULD PROVIDE GOODS AND SERVICES IN A MANNER THAT
IS SUSTAINABLE AND SAFE
PRINCIPLE 3: BUSINESSES SHOULD RESPECT AND PROMOTE THE WELL-BEING OF ALL
EMPLOYEES, INCLUDING THOSE IN THEIR VALUE CHAINS
PRINCIPLE 4: BUSINESSES SHOULD RESPECT THE INTERESTS OF AND BE RESPONSIVE
TO ALL ITS STAKEHOLDERS
PRINCIPLE 5: BUSINESSES SHOULD RESPECT AND PROMOTE HUMAN RIGHTS
PRINCIPLE 6: BUSINESSES SHOULD RESPECT AND MAKE EFFORTS TO PROTECT AND
RESTORE THE ENVIRONMENT
PRINCIPLE 7: BUSINESSES, WHEN ENGAGING IN INFLUENCING PUBLIC AND REGULATORY
POLICY, SHOULD DO SO IN A MANNER THAT IS RESPONSIBLE AND
TRANSPARENT
PRINCIPLE 8: BUSINESSES SHOULD PROMOTE INCLUSIVE GROWTH AND EQUITABLE
DEVELOPMENT
PRINCIPLE 9: BUSINESSES SHOULD ENGAGE WITH AND PROVIDE VALUE TO THEIR
CONSUMERS IN A RESPONSIBLE MANNER

61
 Section A : GENERAL DISCLOSURES
I. Details of the listed entity
1 Corporate Identity Number (CIN) of the Listed Entity L15492WB1924GOI004835
2 Name of the Listed Entity Balmer Lawrie & Co. Ltd.
3 Year of incorporation 1924
4 Registered office address 21, Netaji Subhas Road, Kolkata - 700001
5 Corporate address 21, Netaji Subhas Road, Kolkata - 700001
6 E-mail ghosh.ab@balmerlawrie.com
7 Telephone 033-22225413
8 Website www.balmerlawrie.com
9 Financial year for which reporting is being done FY 2022-23
10 Name of the Stock Exchange(s) where shares are 1. BSE Limited
listed 2. National Stock Exchange of India Limited
11 Paid-up Capital ൠ
12 Name and contact details (telephone, email address) Mr. Abhijit Ghosh, Director (HR & CA),
of the person who may be contacted in case of any 033-22225413, ghosh.ab@balmerlawrie.com
queries on the BRSR report
13 Reporting boundary - Are the disclosures under Disclosures under this report are made on
this report made on a standalone basis (i.e. only for standalone basis for Balmer Lawrie & Co. Ltd.
the entity) or on a consolidated basis (i.e. for the
entity and all the entities which form a part of its
consolidated financial statements, taken together).
II. Products/services
14. Details of business activities (accounting for 90% of the turnover):
S. No Description of Main Activity Description of Business Activity % Turnover of the entity
1 Logistics Container Freight Station, Cold Chain 32.42
Infrastructure and Services & Logistics Services
2 Industrial Packaging Steel Barrel and drum manufacturing 31.63
3 Greases & Lubricants Manufacturing and supply of Grease, 24.01
Lubricants and compounds
4 Tours and Travels Tours and Travels 6.31
15. Products/Services sold by the entity (accounting for 90% of the entity’s Turnover):
S.No Product/Service NIC Code % of total Turnover contributed
1 Logistics Infrastructure and 51201/52243/52109 32.42
Services
2 Industrial Packaging 25129 31.63
(Steel Drums)
3 Greases & Lubricants 19201 24.01
(Greases)
4 Tours and Travels (Ticketing 79110/79120/79990 6.31
and Package Tour)
III. Operations
16. Number of locations where plants and/or operations/offices of the entity are situated:
Location Number of Plants Number of Offices Total
National 21 43 64
International 0 0 0

62
17. Markets served by the entity:
a. Number of locations
Locations Number
National (No. of States) Pan India
International (No. of Countries) 5 countries
(for SBU-Travel & Vacations, all countries across the globe where
air connectivity is there)
b. What is the contribution of exports as a percentage of the total turnover of the entity?
1.32%
c. A brief on types of customers
Our customers include:-
‡ ,QGLDQDVZHOODV01&FRPSDQLHVGHDOLQJLQ/XEULFDQW&KHPLFDOV$JUR&KHPLFDOV)RRGV)UXLWV
Transformer Oil, Additives segment
‡ 7DQQHULHV ([SRUWHUV PRVWO\RZQHUVKLSFRPSDQLHV ±GLUHFWO\RUWKURXJKGHDOHUV
‡ &KDQQHO3DUWQHUV'LVWULEXWRUV5HWDLOHUVDQGIOHHWRSHUDWRUVIRU*UHDVHVDQG/XEULFDQWV
‡ &ROG &KDLQ VXSSOLHUV IRU )UXLW  9HJHWDEOHV 3KDUPDFHXWLFDOV 'DLU\ SURGXFWV 6HDIRRG 0HDW 
Poultry, QSR, Retail, FMCG
‡ 6KLSSLQJOLQHV±2FHDQ1HWZRUN(QWHUSULVH 21( :$1+$,,$/22&/
‡ 192&&6&RUGHOLD6KLSSLQJ0D[LFRQ6KLSSLQJ$JHQFLHV1$9,26KLSSLQJ
‡ )RUZDUGHUV6HDZD\V*URXS-DPHV0DFNLQWRVKSDUWQHUHGZLWK%DOPHU/DZULH
‡ &+$V5DMHVZDUHH6KLSSLQJ0DQJDODPXUWK\*OREH([SUHVV6HUYLFHV
‡ 'HSDUWPHQWRI6SDFH0LQLVWU\RI'HIHQFH'5'2+$/%'/0,'+$1,2UGQDQFH)DFWRU\%RDUG
Bharat Electronics Ltd, Defence Research Organisations, Companies under Ministry of Petroleum
and Natural Gas, National Thermal Power Corporation, Coal India Ltd, Bharat Earth Movers Ltd,
Larsen and Toubro, Jindal Steels, NPCL, IOCL, BHEL etc
‡ )RU7UDYHODQG9DFDWLRQVFXVWRPHUVLQFOXGH3ULYDWH01&FXVWRPHUV&RUSRUDWH7UDYHO&XVWRPHUV
Academic Institutes – NAAC, PSU/Ministry, Autonomous Body customers - DCI/ MCI
IV. Employees
18. Details as at the end of Financial Year: 2022-23
a. Employees and workers (including differently abled):
S. Particulars Total (A) Male Female
No. No. (B) % (B/A) No. (C) % (C/A)
EMPLOYEES
1 Permanent (D) 668 586 88 82 12
2 Other than permanent (E) 190 130 68 60 32
3 Total Employees (D+E) 858 716 83 142 17
WORKERS
4 Permanent (F) 203 191 94 12 6
5 Other than permanent (G) 409 354 87 55 13
6 Total Employees (F+G) 612 545 89 67 11

63
b. Differently abled Employees and workers:
S. Particulars Total Male Female
No. (A) No. (B) % (B/A) No. (C) % (C/A)
DIFFERENTLY ABLED EMPLOYEES
1 Permanent (D) 10 9 90 1 10
2 Other than permanent (E) 2 0 0 2 100
3 Total differently abled Employees (D+E) 12 9 75 3 25
DIFFERENTLY ABLED WORKERS
4 Permanent (F) 6 5 83 1 17
5 Other than permanent (G) 0 0 0 0 0
6 Total differently abled Employees (F+G) 6 5 83 1 17
19. Participation/Inclusion/Representation of women
Total (A) No. and percentage of females
No. (B) % (B/A)
Board of Directors 9 2 22
Key Management Personnel 6 1 17
20. Turnover rate for permanent employees and workers (Disclose trends for the past 3 years)
FY 2022-23 FY 2021-22 FY 2020-21
(Turnover rate in (Turnover rate in (Turnover rate in the year
current FY) previous FY) prior to the previous FY)
Male Female Total Male Female Total Male Female Total
Permanent Employees 30 4 34 37 2 39 20 3 23
Permanent Workers 1 0 1 1 0 1 2 0 2
V. Holding, Subsidiary and Associate Companies (including joint ventures)
21. a. Names of holding / subsidiary / associate companies / joint ventures
S. Name of the holding /subsidiary Indicate whether % of Does the entity indicated
No. /associate/companies /joint holding/ Subsidiary/ shares at column A, participate
ventures Associate/ Joint held by in the Business
(A) Venture listed Responsibility initiatives of
entity the listed entity? (Yes/No)
1 BALMER LAWRIE Holding Company - No
INVESTMENTS LIMITED
2 VISAKHAPATNAM PORT Subsidiary Company 60% No
LOGISTICS PARK LIMITED
3 TRANSAFE SERVICES LTD. Joint Venture Company 50% * No
4 BALMER LAWRIE - VAN LEER Joint Venture Company 47.91% No
LIMITED
5 BALMER LAWRIE (UAE) LLC Joint Venture Company 49% No
6 AVI-OIL INDIA PRIVATE LIMITED Associate Company 25% No
7 PT. BALMER LAWRIE INDONESIA Joint Venture Company 50% No
8 ELEGANT INDUSTRIES LLC 100% Subsidiary -** No
Company of Sl no. 5
Note:
* Hon’ble National Company Law Tribunal (NCLT) vide its order dated April 09, 2021 have approved the
Resolution Plan of M/s Om Logistics Limited (Resolution Applicant in the said matter of Corporate
Insolvency Resolution Process (CIRP) initiated upon M/s Transafe Services Ltd. (TSL), wherein,
the following had been approved upon implementation of the Resolution Plan:
i. The entire existing Equity Share Capital of TSL shall stand cancelled, extinguished and annulled &
be regarded as reduction of Share Capital to the extent of 99.99997% and the remaining 0.00003%
shall be required to be transferred to the Resolution Applicant.

64
ii. The entire existing Preference Share Capital of TSL shall stand cancelled, extinguished and
annulled to the extent of 100% & be regarded as reduction of Capital. Consequent to the above,
the Company ceased to have joint control or have any significant influence over TSL and TSL
ceased to be a Related Party under the extant provisions of Section 2(76) of The Companies
Act, 2013 or under IND AS-110 or clause 2(1) (zb) of SEBI (Listing Obligations and Disclosure
Requirements), Regulations, 2015. However, the Company has filed an appeal to Hon’ble National
Company Law Appellate Tribunal (NCLAT) against the orders of Hon’ble NCLT and the matter is
pending for adjudication before Hon’ble NCLAT. The investments of the Company (in both equity
and preference shares in the said joint venture), have been unilaterally reduced by way of capital
reduction, by the demat account service provider. The Company has been following up with the
demat account service provider for re-instatement of the same considering that the matter is sub-
judice (supra).
** Effective 08.08.2022, the Sl No. 5 acquired 100% of the issued share capital of Elegant Industries
LLC which is a Limited liability Company registered at UAE.
VI. CSR Details
22. (i) Whether CSR is applicable as per section 135 of Companies Act, 2013: (Yes/No) – Yes
(ii) Turnover (in Rs.) – 238309.16 Lakhs
(iii) Net worth (in Rs.) -135624.50 Lakhs
VII. Transparency and Disclosures Compliances
23. Complaints/ Grievances as any of the principles (Principles 1 to 9) under the National
Guidelines as Responsible Business Conduct:
Stakeholder Grievance Redressal FY 2022- 2023 FY 2021-2022
group from Mechanism Current Financial Year Previous Financial Year
whom complaint in Place (Yes/No)
Number of Number of Remarks Number of Number of Remarks
is received (If Yes, then provide
complaints complaints complaints complaints
web-link
filed during pending filed during pending
for grievance
the year resolution the year resolution
redressal policy)
at close of at close of
the year the year
Shareholders Yes.
https://www.balmerlawri
441 0 - 970 2 -
e.com/adminls/dl_u/Whis
tle_Blower_Policy.pdf
Employees and Yes
Workers https://www.balmerlawrie.
0 0 - 0 0 -
com/static/codes_&_
policies
Customers Under
process,
Yes 14 2 on the 14 0 -
verge of
closure
Value Chain
Yes 0 0 NIL 1 0 -
Partners
Communities Yes
https://www.balmerlawrie. 0 0 - 0 0 -
com/vigilance
Investors
https://www.balmerlawrie.
(other than 0 0 Nil 0 0 Nil
com/vigilance
shareholders)
Other (Please
- - - - - - -
specify)

65
24. Overview of the entity’s material responsible business conduct issues
Please indicate material responsible business conduct and sustainability issues pertaining to
environmental and social matters that present a risk or an opportunity to your business, rationale for
identifying the same, approach to adapt or mitigate the risk along-with its financial implications, as
per the following format
S. Material Issue Indicate Rationale for In case of risk, Financial
No. Identified whether identifying the approach to adapt or implications
risk or risk / opportunity mitigate of the risk or
opportunity opportunity
(R/O) (Indicate
positive or
negative
implications)
1 Climate Change Risk It can impact x Floor level changed Negative
(Excessive Business Operation x Engagement of Financial
Rains) Water Pumps for implications
flushing out water
SECTION B: MANAGEMENT AND PROCESS DISCLOSURES
This Section is aimed at helping businesses demonstrate the structures, policies and processes put
in place towards adopting the NGRBC Principles and Core Elements:
P1 Businesses should conduct and govern themselves with integrity in a manner that is ethical,
transparent and accountable
P2 Businesses should provide goods and services in a manner that is sustainable and safe
P3 Businesses should respect and promote the well-being of all employees, including those in
their value chains
P4 Businesses should respect the interests of and be responsive towards all its stakeholders
P5 Businesses should respect and promote human rights
P6 Businesses should respect, protect and make efforts to restore the environment
P7 Businesses when engaging in influencing public and regulatory policy, should do so in a
manner that is responsible and transparent
P8 Businesses should promote inclusive growth and equitable development
P9 Businesses should engage with and provide value to their consumers in a responsible manner

Disclosure Questions P1 P2 P3 P4 P5 P6 P7 P8 P9
Policy and management processes (Y = yes)
1. a. Whether your entity’s policy/
policies cover each principle and
Y Y Y Y Y Y Y Y Y
its core elements of the NGRBCs.
(Yes/No)
b. Has the policy been approved by
Y Y Y Y Y Y Y Y Y
the Board? (Yes/No)
c. Web Link of the Policies, if
https://www.balmerlawrie.com/static/codes_&_policies
available
2. Whether the entity has translated
the policy into procedures. (Yes / Y Y Y Y Y Y Y Y Y
No)

66
 Disclosure Questions P1 P2 P3 P4 P5 P6 P7 P8 P9
3. Do the enlisted policies extend to
Y Y Y Y Y Y Y Y Y
your value chain partners? (Yes/No)
4. Name of the national and
international codes/certifications/
labels/ standards (e.g. Forest
Stewardship Council, Fairtrade, Yes, the policies are aligned with United Nations Global Compact,
Rainforest Alliance, Trustee) GRI standards and International standards such as ISO 9001, ISO
standards (e.g. SA 8000, OHSAS, 14001, ISO 45001 and BL Code of Conduct.
ISO, BIS) adopted by your entity and
mapped to each principle.
5. Specific commitments, goals and targets set by the entity with defined timelines, if any.
The Company voluntarily follows principles and policies for transparency which are of International
Standards apart from adhering to statutes and policies of the Government of India.
6. Performance of the entity against the specific commitments, goals and targets along-with
reasons in case the same are not met.
Performance of each of the principles is reviewed periodically by various Committees led by the
Management and Board of Directors
Governance, leadership and oversight
7. Statement by director responsible for the business responsibility report, highlighting ESG
related challenges, targets and achievements (listed entity has flexibility regarding the
placement of this disclosure)
Balmer Lawrie has embarked on steps to inculcate ESG within its mainstream business practices
as we strongly believe if all our business functions work smoothly within the ESG framework, then
holistic, inclusive and sustained value can be created for all our stakeholders.
8. Details of the highest authority DIN Number 08053637
responsible for implementation Name : Shri Adika Ratna Sekhar
and oversight of the Business Designation : Chairman & Managing Director
Responsibility policy (ies). Telephone number : 033-22134629
E-mail id: adika.rs@balmerlawrie.com
9. Does the entity have a Yes
specified Committee of the
While the Board has overall responsibility of Corporate
Board/ Director responsible
Governance and Sustainability practices, a number of Board
for decision making on
Committees play a pivotal role in identifying and managing
sustainability related issues?
ESG issues.
(Yes/No). If yes, provide details.
The Board Committees responsible for ESG issues include Audit
Committee, Risk Management Committee, CSR Committee
and Stakeholder Relationship Committee. A periodical review
is taken by Board on various aspects of ESG issues.

67
10. Details of Review of NGRBCs by the Company
Subject for Review Indicate whether review was Frequency
undertaken by Director / (Annually/ Half yearly/
Committee of the Board/ Quarterly/ Any other – please
Any other Committee specify)
P P P P P P P P P P P P P P P P P P
1 2 3 4 5 6 7 8 9 1 2 3 4 5 6 7 8 9
Performance against above policies Annually / Half yearly /
Y Y Y Y Y Y Y Y Y
and follow up action Quarterly*
*Balmer Lawrie is complying
Compliance with statutory requirements
with all statutory requirements
of relevance to the principles, and, Y Y Y Y Y Y Y Y Y
and performance review is done
rectification of any non-compliances
as per the requirement
11. Has the entity carried out independent assessment/ evaluation of the working of its policies
by an external agency? (Yes/No). If yes, provide name of the agency.
P1 P2 P3 P4 P5 P6 P7 P8 P9
Yes, Balmer Lawrie is a Government of India Enterprise and is subject to various audits by both
internal and external agencies. British Retail Consortium (BRC) Audit and DNV have carried out
independent assessment/ evaluation for BL units.
BL also publishes an Externally assured Sustainability Report annually as per the GRI standard.
Hyperlink- https://www.balmerlawrie.com/static/sustainability_report
12. If answer to question (1) above is “No” i.e. not all Principles are covered by a policy,
reasons to be stated:
Questions P1 P2 P3 P4 P5 P6 P7 P8 P9
The entity does not consider the
Principles material to its business
(Yes/No)
The entity is not at a stage where
it is in a position to formulate and
implement the policies on specified
principles (Yes/No) Since all policies are already covered by Balmer Lawrie & Co.
Ltd. in BRSR, section B; hence this question is Not Applicable.
The entity does not have the financial
or/human and technical resources
available for the task (Yes/No)
It is planned to be done in the next
financial year (Yes/No)
Any other reason (please specify)

68
 SECTION C PRINCIPLE-WISE PERFORMANCE DISCLOSURE
Principle 1: Businesses should conduct and govern themselves with integrity, and in a
manner that is ethical, transparent and accountable
ESSENTIAL INDICATORS
1. Percentage coverage by training and awareness programmes on any of the Principles during
the financial year:
Segment Total number Topics / principles covered under the training and %age of persons
of training and its impact in respective
awareness category
programmes covered by
held the awareness
programmes
Board of 9 Principle 1 78%
Directors 1. Vigilance Awareness Week
Principle 3
1. Building Personal Excellence - Sikkim
2. National Safety Week
3. Safety Mock Drill
4. Workshops on International Day of Yoga
Principle 4
1. Two days Orientation programme for
Independent Directors (IDs)
Principle 7
1. Implementation of Reservation Policies on SCs,
STs, OBCs, PwBDs, EWS in Balmer Lawrie &
Co. Ltd.
2. EPS’95 - Higher Pension Awareness
Principle 8
1. International Women’s Day
Key 13 Principle 1 100%
Managerial 1. Vigilance Awareness Week
Personnel Principle 3
1. Building Personal Excellence
2. National Safety Week
3. Safety Mock Drill
4. Workshops on International Day of Yoga
Principle 4
1. NPS Webinar
2. EPS’95 - Higher Pension Awareness
3. Step-Up (POSH)
Principle 7
1. Compliance Management & SEBI Regulation
2. Implementation of Reservation Policies on SCs,
STs, OBCs, PwBDs, EWS in Balmer Lawrie &
Co. Ltd.
3. EPS’95 - Higher Pension Awareness
Principle 8
1. Design Thinking Workshop
2. International Women’s Day

69
 Segment Total number Topics / principles covered under the training and %age of persons
of training and its impact in respective
awareness category
programmes covered by
held the awareness
programmes
Employees 31 Principle 1 100%
other than
1. Ethics in Governance & Preventive Vigilance
BoD and
2. Preventive Vigilance
KMPs
3. Abhyuday - Orientation Program for Lateral
Hires
4. Vigilance Awareness Week
5. Walkathon for Vigilance Awareness Week
Principle 3
1. Safety, Self Reliance & Risk Mitigation
2. CLI Safety Training
3. Safety Symposium & Exposition
4. Safety & First Aid
5. Safety Management Course
6. Building Personal Excellence
7. Workshops on International Day of Yoga
8. National Safety Week
9. Safety Mock Drill
Principle 4
1. General/Office Administration & HR related
Issues (2 Programs)
2. Step-Up (POSH)
3. NPS Webinar
4. EPS’95 - Higher Pension Awareness
Principle 6
1. Green & Sustainable Chemistry
2. ICC Sustainability Conclave
3. ESG for Future Ready CPSEs
Principle 7
1. Company Secretary - Pursuing Perfection
2. Compliance Management & SEBI Regulation
3. Public Grievance Management
4. Regulatory framework for CSR activities by
CPSEs
5. EPS’95 - Higher Pension Awareness
6. Implementation of Reservation Policies
Principle 8
1. Design Thinking Workshop
2. International Women’s Day

70
 Segment Total number Topics / principles covered under the training and %age of persons
of training and its impact in respective
awareness category
programmes covered by
held the awareness
programmes
Workers 12 Principle 1 100%
1. Vigilance Awareness Week
2. Walkathon for Vigilance Awareness Week
Principle 3
1. CLI Safety Training
2. Safety & First Aid
3. Technical & Safety Workshop
4. National Safety Week
5. Safety Mock Drill
6. Workshops on International Day of Yoga
Principle 4
1. EPS’95 - Higher Pension Awareness
2. NPS Webinar
Principle 7
1. EPS’95 - Higher Pension Awareness
Principle 8
1. International Women’s Day
2. Details of fines / penalties /punishment/ award/ compounding fees/ settlement amount paid
in proceedings (by the entity or by directors / KMPs) with regulators/ law enforcement
agencies/ judicial institutions, in the financial year, in the following format (Note: the entity
shall make disclosures on the basis of materiality as specified in Regulation 30 of SEBI
(Listing Obligations and Disclosure Obligations) Regulations, 2015 and as disclosed on the
entity’s website):
MONETARY
NGRBC Name of the Amount Brief of the Case Has an appeal been
Principle regulatory / (In INR) preferred? (Yes / No)
enforcement
agencies / judicial
institutions
Penalty / Fine P4 BSE Limited 4,66,100 Fine was imposed on the Yes. The Company
(inclusive Company pursuant to had not paid the fine
of GST) non-compliance with the and had filed a waiver
requirements pertaining to application with the
the composition of the Board Stock Exchange for
as per Regulation 17(1) of waiving the said fine.
SEBI (LODR) Regulations, The response of Stock
2015 for the period 12th July, Exchange in this regard
2022 to 30th September, 2022 is awaited.
during the quarter ended
on 30th September, 2022.
However, the Company, being
a Government Company, the
said non-compliance was for
reasons beyond the control of
the Company.

71
 MONETARY
NGRBC Name of the Amount Brief of the Case Has an appeal been
Principle regulatory / (In INR) preferred? (Yes / No)
enforcement
agencies / judicial
institutions
P4 National Stock 4,66,100 Fine was imposed on the Yes. The Company
Exchange of India (inclusive Company pursuant to had not paid the fine
Limited of GST) non-compliance with the and had filed a waiver
requirements pertaining to application with the
the composition of the Board Stock Exchange for
as per Regulation 17(1) of waiving the said fine.
SEBI (LODR) Regulations, The response of Stock
2015 for the period 12th July, Exchange in this regard
2022 to 30th September, 2022 is awaited.
during the quarter ended
on 30th September, 2022.
However, the Company, being
a Government Company, the
said non-compliance was for
reasons beyond the control of
the Company.
P4 BSE Limited 5,42,800 Fine was imposed on the Yes. The Company
(inclusive Company pursuant to had not paid the fine
of GST) non-compliance with the and had filed a waiver
requirements pertaining to the application with the
composition of the Board as Stock Exchange for
per Regulation 17(1) of SEBI waiving the said fine.
(LODR) Regulations, 2015 The response of Stock
during the quarter ended on Exchange in this regard
31st December, 2022. is awaited.
However, the Company, being
a Government Company, the
said non-compliance was for
reasons beyond the control of
the Company.
P4 National Stock 5,42,800 Fine was imposed on the Yes. The Company
Exchange of India (inclusive Company pursuant to had not paid the fine
Limited of GST) non-compliance with the and had filed a waiver
requirements pertaining to the application with the
composition of the Board as Stock Exchange for
per Regulation 17(1) of SEBI waiving the said fine.
(LODR) Regulations, 2015 The response of Stock
during the quarter ended on Exchange in this regard
31st December, 2022. is awaited.
However, the Company, being
a Government Company, the
said non-compliance was for
reasons beyond the control of
the Company

72
 MONETARY
NGRBC Name of the Amount Brief of the Case Has an appeal been
Principle regulatory / (In INR) preferred? (Yes / No)
enforcement
agencies / judicial
institutions
P4 BSE Limited 5,31,000 Fine was imposed on the Yes, the Company
(inclusive Company pursuant to had not paid the fine
of GST) non-compliance with the and had filed a waiver
requirements pertaining to the application with the
composition of the Board as Stock Exchange for
per Regulation 17(1) of SEBI waiving the said fine.
(LODR) Regulations, 2015 The responce of Stock
during the quarter ended on Exchange in this regard
31st March, 2023. However, is awaited.
the Company, being a
Government Company, the
said non-compliance was for
reasons beyond the control of
the Company.
P4 National Stock 5,31,000 Fine was imposed on the
Exchange of India (inclusive Company pursuant to
Limited of GST) non-compliance with the
requirements pertaining to
the composition of the Board
as per Regulation 17(1) of
SEBI (LODR) Regulations,
2015 during the quarter
ended on 31st March, 2023.
However, the Company, being
a Government Company, the
said non-compliance was for
reasons beyond the control of
the Company.
Settlement - - - - -
Compounding - - - - -
fee
NON-MONETARY
NGRBC Name of the Brief of the Case Has an appeal been
Principle regulatory / preferred? (Yes / No)
enforcement
agencies / judicial
institutions
Imprisonment -
Punishment -
3. Of the instances disclosed in Question 2 above, details of the Appeal/ Revision preferred in
cases where monetary or non-monetary action has been appealed.
Case Details Name of the regulatory / enforcement agencies /
judicial institutions
The application seeking waiver for each of
the quarters for which fines as mentioned in
above question have been imposed by the National Stock Exchange of India Ltd.
respective stock exchanges has been filed by BSE Ltd.
the Company and the response of the stock
exchanges is awaited.

73
4. Does the entity have an anti-corruption or anti-bribery policy? If yes, provide details in brief
and if available, provide a web-link to the policy.
Yes, anti-corruption and anti-bribery clauses are incorporated in Balmer Lawrie’s Fraud Prevention
Policy.
The Company has a Fraud Prevention Policy which covers all aspects of anti-bribery. The policy
is in place for detection, reporting and prevention of fraud. This policy covers all types of frauds
irrespective of their nature. The Fraud Prevention Policy applies to all frauds committed or
suspected, linked to the business of the Company, involving any employee, including the whole-
time Directors (employed in any capacity including those deputed by other agencies to carry out
any work for and on behalf of the Company) and other stakeholders such as vendors, suppliers,
contractors, service providers, consultants or any other external agency / person having business
relationship and / or associated with the Company in any manner, as well as their representatives.
The clause “Actions constituting fraud” under the sub-clause (x) of Fraud Prevention Policy talks
about what constitutes bribery and corruption:
“Bribery or corruption, including inappropriate relationship with third parties causing conflict of
interest and accepting or seeking anything of material value from contractors, vendors or any other
person supplying material or providing services to the Company”
The objective of the “Fraud Prevention Policy” is to provide a system for detection, reporting and
prevention of fraud, whether committed or suspected. The policy strives to:
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‡ &RPPXQLFDWHWRHPSOR\HHVDQGRWKHUVWDNHKROGHUVWKH&RPSDQ\¶VDSSURDFKWRGHDOLQJZLWK
fraud and fraudulent action
‡ 3URYLGHDIUDPHZRUNDQGOD\GRZQDSURFHGXUHIRUGHWHFWLRQUHSRUWLQJDQGSUHYHQWLRQRIIUDXG
or suspected fraud
Balmer Lawrie also has the Whistle Blower Policy in place. The Whistle Blower Policy provides
employees a framework to report to the Management, instances of unethical behaviour, and actual
or suspected fraud.
In the course of contracting, one has to deal with various vendors / suppliers / contractors /
consultants who are expected to adopt and maintain highest standards and a high degree of ethics
and integrity, commitments and sincerity towards the work undertaken by them. Any aberration,
deviation and violation from the expected standards of supplies / services / behaviour of the
contracting agencies is dealt in line with the policy framed on Blacklisting so that it becomes a
deterrent for all. This policy is aimed at blacklisting the errant vendors and service providers by
following the laid down procedure.
Weblink - https://www.balmerlawrie.com/static/codes_&_policies
To identify and implement systematic improvements within the organisation and to enhance the
efficiency of the Vigilance system, technology was leveraged to launch a new Online Complaint
Portal. The Online Complaint Portal was launched by Mr. Adika Ratna Sekhar, C&MD, Balmer
Lawrie and Mr. Anant Kumar Singh, IPS, Chief Vigilance Officer in the presence of Directors and
other Executives on 2nd November 2022 during the Vigilance Awareness Week.

74
5. Number of Directors / KMPs /employees / workers against whom disciplinary action was
taken by any law enforcement agency for the charges of bribery / corruption
FY 2022-23 FY 2021-22
(Current FY) (Previous FY)
Directors
KMPs
Employees 0 0
Workers
6. Details of complaints with regard to conflict of interest:
FY 2022-23 FY 2021-22
(Current FY) (Previous FY)
Number Remarks Number Remarks
Number of complaints received
in relation to issues of Conflict 0 Nil 0 Nil
of Interest of the Directors
Number of complaints received
in relation to issues of Conflict 0 Nil 0 Nil
of Interest of the KMPs
7. Provide details of any corrective action taken or underway on issues related to fines /
penalties / action taken by regulators/ law enforcement agencies/ judicial institutions, on
cases of corruption and conflicts of interest
No such case has been reported till date. Hence, no corrective action is required to address such
issues.
LEADERSHIP INDICATORS
1. Awareness programmes conducted for value chain partners on any of the Principles during
the financial year:
Total number Topics / Principles %age of value chain partners covered
of awareness covered under the training (by value of business done with
programmes held such partners) under the awareness
programmes
- - -
2. Does the entity have processes in place to avoid / manage conflict of interests involving
members of the Board? (Yes/No) If Yes, provide details of the same.
Yes, Balmer Lawrie has a Code of Conduct Policy for Board Members of Balmer Lawrie & Co. Ltd.
under which one of the clauses talks about Conflict of Interest which is mentioned as under:
“Every Board Member and Designated Personnel must act in the best interest of the Company
and ensure that any business or personal association which he / she may have, does not involve a
conflict of interest with the operations of the Company and his / her role therein. All actions, which
may lead to a conflict of interest, shall be reported to the Board and the advice of the Board shall
be sought. Actions arising out of such reporting shall be as mandated by the Board.”
The Code of Conduct is laid out to sustain the following values:
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‡(TXDOLW\WROHUDQFHDQGUHVSHFWIRURWKHUV
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‡0DLQWHQDQFHRIFRQILGHQWLDOLW\UHJDUGLQJEXVLQHVVRIWKH&RPSDQ\

75
 ‡3URWHFWLRQRIDVVHWVDQGLQWHOOHFWXDOSURSHUW\ULJKWVRIWKH&RPSDQ\
‡&RPSOLDQFHZLWKDOOWKHDSSOLFDEOHSURYLVLRQVRIH[LVWLQJORFDOVWDWHQDWLRQDODQGLQWHUQDWLRQDO
laws
The Code of Conduct is applicable to the Board Members of the Company and its Senior
Management Personnel.
Principle 2: Businesses should provide goods and services in a manner that is sustainable
and safe
ESSENTIAL INDICATORS
1. Percentage of R&D and capital expenditure (capex) investments in specific technologies
to improve the environmental and social impacts of product and processes to total R&D and
capex investments made by the entity, respectively
Current Previous Details of improvements in environmental and social impacts
Financial Financial
Year Year
R&D 54.76 Lakhs 19.13 Lakhs xOff gas SO2 elimination and reduction of pollution load successfully
implemented in plant and final hazardous waste salt quantity has
been reduced.
xGreases & Lubricants are formulated with components that are
environment and user friendly. Recommendation dosages are
less for end user.
Capex* 5171.39 2249.32 Lakhs xScrubber revamped with new blower at Syntan to improve
*incl. R&D Lakhs efficiency to handle emissions in Chemicals, Chennai (2022-23)
xTank farm constructed with dyke walls to avoid environmental
impact in case of emergency in Chemicals, Chennai (2022-23)
xProvided Safety Valves to process equipment linking to
Emergency Scrubber to handle environmental and safety issues
in case of emergency in Chemicals, Chennai (2021-22)
xScrubber columns / Absorption columns (Air pollution control
measures) at Synthetic Fat Liquor plant – revamped with new
columns and service tanks at Chemicals, Chennai (2021-22)
xSewage Treatment Plant revamped with capacity enhancement
at Manali Complex in Chennai (2021-22)
xStorm water drainage system strengthened and road elevation
was done which helped in reducing environment & safety issues
during monsoon at Manali Complex in Chennai (2021-22)
x100% LED lights are used, new equipment are being procured
with high efficiency motors, VFDs. Air conditioners are procured
with 5 star BEE rating only.
xTo minimize oil spillages, Oil Skimmer, Drum Decanting unit, Oil
vapor collection system were installed in SBU: G&L.
2. a. Does the entity have procedures in place for sustainable sourcing? (Yes/No)
Yes, Balmer Lawrie is committed towards sustainably sourcing of raw material. The Company has
developed a supplier sustainability code and has an established process for vendor selection. This
includes various principles and guidelines such as Safety, Health and Environment Policy, Legal
Compliance, adherence to HR policies etc. The Company has started developing a process for carrying
out a Sustainability Assessment of its key suppliers and communicates areas of further improvements
to reinforce sustainability principles. In one of the SBUs, approx. 70% of raw material consists of
Steel. Through various technological innovations and value engineering Balmer Lawrie is optimizing
the consumption of Steel and significantly contributing towards conservation of non-renewable raw
materials / resources.
b. If yes, what percentage of inputs were sourced sustainably?
40% of inputs were sourced sustainably.
76
3. Describe the processes in place to safely reclaim your products for reusing, recycling and
disposing at the end of life, for (a) Plastics (including packaging) (b) E-waste (c) Hazardous
waste and (d) other waste.
Currently there are no specific defined processes in place to safely reclaim the products.
a) Plastics (including packaging)
At present we are in the process of appointing an agency to carry out the above activities
(b) E-waste
All e-waste generated in-house is handed over to certified vendors for safe disposal / bought back by
vendors / users.
(c) Hazardous waste
Hazardous waste is categorised as per the Rules and is sent to the authorised end users for utilising
the same and converting it into useful products. The remaining hazardous waste is sent for proper
disposal at Pollution Control Board’s authorised facilities.
(d) Other waste
Not Applicable
4. Whether Extended Producer Responsibility (EPR) is applicable to the entity’s activities
(Yes / No). If yes, whether the waste collection plan is in line with the Extended Producer
Responsibility (EPR) plan submitted to Pollution Control Boards? If not, provide steps taken
to address the same.
Yes. EPR is applicable. At present Balmer Lawrie is in the process of appointing an agency to carry
out the above activities
LEADERSHIP INDICATORS
1. Has the entity conducted Life Cycle Perspective / Assessments (LCA) for any of its products
(for manufacturing industry) or for its services (for service industry)? If yes, provide details in
the following format?
NIC Code Name of % of total Boundary Whether Results
Product / Turnover for which the conducted by communicated
Service contributed Life Cycle independent in public domain
Perspective / external (Yes / No)
Assessment agency If yes, provide
was conducted (Yes / No) the web-link
- - - - - -
Currently LCA is not being carried out. However, the same is in discussion for the coming FY
2. If there are any significant social or environmental concerns and/or risks arising from
production or disposal of your products / services, as identified in the Life Cycle Perspective
/ Assessments (LCA) or through any other means, briefly describe the same along-with action
taken to mitigate the same
Name of Product / Service Description of the risk / concern Action Taken
- - -
Currently LCA is not being carried out. However, the same is in discussion for the coming FY
3. Percentage of recycled or reused input material to total material (by value) used in production
(for manufacturing industry) or providing services (for service industry).
Indicate input material Recycled or re-used input material to total material
FY 2022-23 (Current FY) FY 2021-22 (Previous FY)
- - -
Currently no recycled or reused input material is being used.

77
4. Of the products and packaging reclaimed at end of life of products, amount (in metric tonnes)
reused, recycled, and safely disposed, as per the following format:
FY 2022-23 (Current FY) FY 2021-22 Previous Financial Year
Re-Used Recycled Safely Disposed Re-Used Recycled Safely Disposed
Plastics (including
packaging) - - - - - -
E-Waste - - - - - -
Hazardous waste Used oil -1.2MT to Evaporation residue - - Evaporation residue
Pollution Control - 18MT to Pollution – 30 MT to Pollution
-
Board authorised Control Board Control Board
recyclers. authorised facility. authorised facility.
Other waste - - - - - -
5. Reclaimed products and their packaging materials (as percentage of products sold) for each
product category.
Indicate product category Reclaimed products and their packaging materials as % of
total products sold in respective category
FY 2022-23 FY 2021-22
(Current Financial Year) (Previous Financial Year)
- - -
Currently of all the products which are being sold, we do not have reclaimed products. However, in the
coming FY, R&D budget will be considered for exploring the options to identify reclaimed products.
Principle 3: Businesses should respect and promote the well-being of all employees, including
those in their value chains
ESSENTIAL INDICATORS
1. a. Details of measures for the well-being of employees:
Category % of employees covered by
Total Health Insurance Accident Maternity Paternity Day Care
(A) Insurance Benefits Benefits Facilities
Number % Number % Number % Number % Number %
(B) (B/A) (C) (C/A) (D) (D/A) (E) (E/A) (F) (F/A)
Permanent Employees
Male 586 586 100 586 100 - - - - - -
Female 82 82 100 82 100 82 100 - - - -
Total 668 668 100 668 100 82 100 - - - -
Other than Permanent Employees
Male 130 130 100 130 100 - - - - - -
Female 60 60 100 60 100 60 100 - - - -
Total 190 190 100 190 100 60 100 - - - -
b. Details of measures for the well-being of workers:
Category % of workers covered by
Total Health Insur- Accident Insur- Maternity Ben- Paternity Ben- Day Care Facil-
(A) ance ance H¿WV H¿WV ities
Number % Number % Number % Number % Number %
(B) (B/A) (C) (C/A) (D) (D/A) (E) (E/A) (F) (F/A)
Permanent Workers
Male 191 191 100 191 100 - - - - - -
Female 12 12 100 12 100 12 100 - - - -
Total 203 203 100 203 100 12 100 - - - -
Other than Permanent Workers
Male 354 237 67 354 100 - - - - - -
Female 55 30 55 55 100 55 100 - - - -
Total 409 267 65 409 100 55 100 - - - -

78
2. Details of retirement benefits, for Current FY and Previous Financial Year.
Benefits FY 2022-23 FY 2021-22
Current Financial Year Previous Financial Year
No. of No. of Deducted and No. of No. of Deducted and
employees workers deposited employees workers deposited
covered as covered as with the covered as covered as with the
a % of total a % of total authority a % of total a % of total authority
employees workers (Y/N/N.A.) employees workers (Y/N/N.A.)
PF 100 100 Y 100 100 Y
Graduity 100 100 Y 100 100 Y
ESI 0 100 Y 0 100 Y
Others - Please
- - - - - -
Specify
3. Accessibility of workplaces
Are the premises / offices of the entity accessible to differently abled employees and workers,
as per the requirements of the Rights of Persons with Disabilities Act, 2016? If not, whether
any steps are being taken by the entity in this regard.
Yes, the premises are accessible to differently abled employees and workers, as per the requirements
of the Rights of Persons with Disabilities Act, 2016
4. Does the entity have an equal opportunity policy as per the Rights of Persons with Disabilities
Act, 2016? If so, provide a web-link to the policy.
Yes, the entity has an equal opportunity policy as per the Rights of Persons with Disabilities Act,
2016.
Link: https://www.balmerlawrie.com/static/codes_&_policies
5. Return to work and Retention rates of permanent employees and workers that took
parental leave.
Permanent employees Permanent workers
Gender Return to work rate Retention rate Return to work rate Retention rate
Male - - - -
Female 2 100% - -
Total 2 100% - -
6. Is there a mechanism available to receive and redress grievances for the following categories
of employees and worker? If yes, give details of the mechanism in brief.
Yes / No
(If yes, then give details of the mechanism in brief)
Permanent Workers Yes
Other than Permanent Workers Yes*
Permanent Employees Yes
Other than Permanent Employees Yes
The Company has grievance redressal committees in each region. Further, the Company has nurtured
an open-door policy towards redressing grievances proactively following the Principles of Natural
Justice. Reliance on open-door policy and timebound redressal of employee grievances has been a
cornerstone in not only having a committed workforce but it has also contributed and reflected in the
active participative culture in the Company.
To identify and implement systematic improvements within the organisation and to enhance the
efficiency of the Vigilance system, technology was leveraged to launch a new Online Complaint Portal.
The Online Complaint Portal was launched by Mr. Adika Ratna Sekhar, C&MD, Balmer Lawrie & Co.
Ltd and Mr. Anant Kumar Singh, IPS, Chief Vigilance Officer in the presence of Directors and other
Executives on 2nd November, 2022 during the Vigilance Awareness Week

79
*This category of engagees is covered under the grievance redressal mechanism in vogue with their
employer.
7. Membership of employees and worker in association(s) or Unions recognized by the listed
entity:
Yes, Management recognises Balmer Lawrie Supervisor’s Association for Non-Unionised Staff
(Officers) and Trade Unions at each region for Unionised staff respectively.
Category FY 2022-23 (Current FY) FY 2021-22 (Previous FY)
Total No. of employees % Total No. of employees / %
employees / workers in (B/A) employees workers in respective (D/C)
/ workers in respective category, / workers in category, who are part
respective who are part of respective of association(s) or
category (A) association(s) or category Union
Union (B) (C) (D)
Total Permanent Employees
Male 586 164 28 612 185 30
Female 82 21 26 89 22 25
Total Permanent Workers
Male 191 191 100 223 223 100
Female 12 12 100 12 12 100
8. Details of training given to employees and workers
Category FY 2022-23 FY 2021-22
Current FY Previous Financial Year
Total On Health and On Skill upgra- Total On Health and On Skill upgra-
(A) Safety mea- dation (D) Safety mea- dation
sures sures
No. (B) % (B/A) No. (C) % (C/A) No. (E) % (E/D) No. (F) % (F/D)
Employees
Male 716 544 75 421 59 719 503 69 297 41
Female 142 60 42 82 58 141 40 28 79 56
Total 858 604 70 503 58 860 543 63 376 44
Workers
Male 545 497 91 122 22 526 389 73 61 12
Female 67 35 52 13 19 67 20 29 12 18
Total 621 532 85 135 22 593 409 69 73 12
9. Details of performance and career development reviews of employees and worker:
Category FY 2022-23 FY 2021-22
(Current FY) (Previous FY)
Total (A) No. (B) % (B/A) Total (C) No. (D) % (D/C)
Employees
Male 716 716 100 719 719 100
Female 142 142 100 141 141 100
Total 858 858 100 860 860 100
Workers
Male 545 219 40 526 253 48
Female 67 13 19 67 13 19
Total 612 232 38 593 266 45
10. Health and safety management system:
a. Whether an occupational health and safety management system has been implemented by
the entity? (Yes/ No). If yes, the coverage such system?
Yes. Balmer Lawrie has a robust Health, Safety and Environmental (HSE) Management System, which
is applicable to all employees, workers across all operational areas of BL. Continual enhancement
of Health, Safety and Environment (HSE) standards in all the activities is one of the prime corporate
objectives of the organisation.
80
b. What are the processes used to identify work-related hazards and assess risks on a routine
and non-routine basis by the entity?
To ensure adherence to prescribed safety norms, teams visit workplaces/locations to carry out
inspections and assessments of potential hazards that could harm workers. Teams interact with the
workmen and explain hazards and risks involved in allocated activities. The Company also has a
Hazard Identification and Risk Assessment (HIRA) process that involves identification of existing as
well as potential routine and non-routine workplace hazards viz., periodic review of risks, determining
and implementing a hierarchy of controls for safe operations. Hazards related to working at height,
working in confined spaces, hot works, inadequate guarding, maintenance, etc. are covered under
the HIRA register.
c. Whether you have processes for workers to report the work-related hazards and to remove
themselves from such risks. (Y/N)
Yes
d. Do the employees/ worker of the entity have access to non-occupational medical and
healthcare services? (Yes/ No)
Yes
11. Details of safety related incidents, in the following format:

Safety Incident/Number Category FY 2022-23 FY 2021-22

Current Financial Previous Financial
Year Year
Lost Time Injury Frequency Rate (LTIFR) Employee 0 0
(per one million-person hours worked) Workers 0 0
Total recordable work-related injuries Employee 0 0
Workers 0 0
No. of fatalities Employee 0 0
Workers 0 0
High consequence work-related injury or Employee 0 0
ill-health (excluding fatalities) Workers 0 0
12. Describe the measures taken by the entity to ensure a safe and healthy work place.
Employee training: Comprehensive training is essential for preventing workplace injury. The Company
ensures that all employees and workers have access to safety training. Programs undertaken are:
safety induction trainings for new joinees, tool box trainings at each department work area, HSE alerts
for awareness about incident at the workplace and online / physical training.
Safety Inspections/ Audits: The Company conducts safety audit and inspection at defined intervals at
various sites to critically examine and identify any needs for corrective action. Checks are conducted
in standardized format and records maintained.
Regular review meeting : Regular meetings to review safety rules and discuss preventive measures
are conducted to ensure that the workplaces are safe for the workers. Plant safety meetings and
departmental safety meetings are conducted, and records of the meeting are maintained.
As a responsible employer, we conduct various health and medical checkups on regular basis by
recognized institutions rolled out across different locations. Moreover, employees have access to
various wellness workshops.

81
13. Number of Complaints on the following made by employees and workers:
FY 2022-23 (Current FY) FY 2021-22 (Previous FY)
Filed Pending Remarks Filed Pending Remarks
during resolution at the during resolution at
the year end of year the year the end of year
Working Conditions 0 0 0 0 0 0
Health & Safety 0 0 0 0 0 0
14. Assessments for the year:
% of your plants and offices that were assessed
(by entity or statutory authorities or third parties)
Health and safety practices 100%
Working Conditions 100%
15. Provide details of any corrective action taken or underway to address safety-related
incidents (if any) and on significant risks / concerns arising from assessments of health &
safety practices and working conditions.
Since, no safety-related incidents and/or significant risks / concerns arising from assessments of
health & safety practices and working conditions were observed, no corrective action was required.
LEADERSHIP INDICATORS
1. Does the entity extend any life insurance or any compensatory package in the event of death of
(A) Employees (Y/N) -Yes
(B) Workers (Y/N)- Yes
Company extends coverage of all permanent employees including workers and fixed term contract
engagees under the Group Term Life Insurance Policy in addition to the Group Personal Accident
Policy. Under the Group Term Life Insurance Policy, all covered Personnel are entitled to an amount
equivalent to 48 times of the last drawn basic pay of the personnel to be paid on an employee’s death.
The sum insured under the Group Personal Accident Insurance Policy is Rs. 18 Lacs which is provided
in the event of Accidental Death/ Permanent Total Disablement (PTD)
2. Provide the measures undertaken by the entity to ensure that statutory dues have been
deducted and deposited by the value chain partners.
In order to ensure that statutory dues have been deducted and deposited by the value chain partners,
the entity has implemented several measures. Firstly, the concerned contractors are being promptly
notified via email regarding their responsibility to submit the Annual Return through the Shram Suvidha
Portal. Additionally, the contractors are required to furnish a copy of the submitted Annual Return to
the Principal Employer. This step serves as an essential means for the entity to verify and maintain a
comprehensive record of the contractors’ compliance with their obligations.
3. Provide the number of employees / workers having suffered high consequence work-related
injury / ill-health / fatalities (as reported in Q11 of Essential Indicators above), who have been
rehabilitated and placed in suitable employment or whose family members have been placed
in suitable employment:
Total no. of affected No. of employees / workers that are rehabilitated
employees / workers and placed in suitable employment or whose family
members have been placed in suitable employment
FY 2022-23 FY 2021-22 FY 2022-23 FY 2021-22
(Current FY) (Previous FY) (Current FY) (Previous FY)
Employees 0 0 0 0
Workers 0 0 0 0

82
4. Does the entity provide transition assistance programs to facilitate continued employability
and the management of career endings resulting from retirement or termination of employment?
(Yes/ No)
No, currently there are no transition assistance programs to facilitate continued employability and the
management of career endings resulting from retirement or termination of employment
5. Details on assessment of value chain partners:
% of value chain partners (by value of business
done with such partners) that were assessed
Health and safety practices 93%
Working conditions 93%
6. Provide details of any corrective actions taken or underway to address significant risks /
concerns arising from assessments of health and safety practices and working conditions of
value chain partners.
Since no significant risks/ concerns were identified from assessments of health and safety practices
and working conditions of value chain partners, hence no corrective action is required.
Balmer Lawrie has a code of conduct for its vendors / contractors which specifies that they have to be
compliant with health and safety practices, working conditions and work permit conditions as mandated
by Balmer Lawrie. They also must be complient with with local and national laws and regulations on
Occupational Health and Safety and have the required permits, licenses and permissions granted by
local and national authorities.
Principle 4: Businesses should respect the interests of and be responsive to all its
stakeholders
ESSENTIAL INDICATORS
1. Describe the process for identifying key stakeholder groups of the entity.
Yes, the Company as part of its ESG framework has identified the stakeholder groups and intends
to engage with them for their betterment. Engaging and collaborating with stakeholders is key for
developing the business strategy. To build a meaningful and transparent relationship, we engage with
our stakeholders to form long-term relationships based on trust and a willingness to collaborate. We
define our stakeholders as individuals, groups, or organisations who have a material influence on
or are materially influenced by the way we perform our activities. We engage with our stakeholders
periodically through various channels and proactively communicate relevant information to our
stakeholders through multiple channels such as meetings, annual report, sustainability report, press
releases etc. We strive to ensure that it is a two-way communication process. Feedback from our
stakeholders is welcome so that we can learn how we as a Company can improve.
2. List stakeholder groups identified as key for your entity and the frequency of engagement
with each stakeholder group.
Stakeholder Whether Channels of communication Frequency of Purpose and scope of engagement
Group identified as (Email, SMS, Newspaper, engagement including key topics and concerns
Vulnerable & Pamphlets, Advertisement, (Annually/ Half raised during such engagement
Marginalized Community Meetings, yearly/ Quarterly
Group Notice Board, Website), / others – please
(Yes/No) Other specify)
Support Government missions to
promote sustainable development
Government goals
Monthly, Quarterly and Annual, Monthly
and other No ‡ 3HUIRUPDQFH DSSUDLVDO WKURXJK
Annual Review and Need-based
regulators MoUs
‡ 'LVFXVVLRQV RQ PDMRU LQYHVWPHQW
plans

83
 Stakeholder Whether Channels of communication Frequency of Purpose and scope of engagement
Group identified as (Email, SMS, Newspaper, engagement including key topics and concerns
Vulnerable & Pamphlets, Advertisement, (Annually/ Half raised during such engagement
Marginalized Community Meetings, yearly/ Quarterly
Group Notice Board, Website), / others – please
(Yes/No) Other specify)
Satisfaction surveys,
Training, Conference, Social Proposing measures to increase
Media Grievance Redressal employee competency at work as well
Employees No Continuous
Emails, Journals, Meetings as promote work-life balance. The
with Employee Associations Company follows an open-door policy.
and Unions
Stay in touch with the customers
Frequent and to receive their feedback on
Customers No Multiple channels
need based various products that the Company
manufactures and deals with.
Stay in touch with vendors and
Vendors and Frequent and
No Multiple channels suppliers who supply and deal in the
suppliers need based
products of the Company.
Email, website, newspaper
advertisements, stock
To give an update on
Shareholders exchange intimations, Frequent and
No the developments in the
and investors annual / quarterly financial need based
Company
results and investor
meetings and conference
Implementing community initiatives
and helping them to attain a better
Meetings and direct
standard of living.
Communities No interactions, Community Continuous
For making a difference in society and
events,
creating an impact through our CSR
initiatives.
‡ 0DLQWHQDQFH RI SURGXFW  VHUYLFH
standards
Industry Industry conference ‡ &RQWLQXRXV LQQRYDWLRQ RQ WKH SDUW
and trade No and trade fairs, Working Need-based of member businesses
associations committee meetings ‡ &RRSHUDWLRQ EHWZHHQ EXVLQHVVHV
to ensure overall development in a
healthy, competitive environment
LEADERSHIP INDICATORS
1. Provide the processes for consultation between stakeholders and the Board on economic,
environmental, and social topics or if consultation is delegated, how is feedback from such
consultations provided to the Board.
Balmer Lawrie (BL) recognises the importance of proactive interaction with its stakeholders as it
helps the Company in matching their expectations and building stakeholder trust and confidence. In
addition, the Company consults with its stakeholders on sustainability issues. BL conducts materiality
assessment process where it involves its stakeholders, and they are encouraged to give their
perspectives on the Company’s sustainability goals. The Company engages with the stakeholders
through materiality survey. The outcomes of stakeholder consultations are reviewed by Board
Committee.
2. Whether stakeholder consultation is used to support the identification and management
of environmental, and social topics (Yes / No). If so, provide details of instances as to how
the inputs received from stakeholders on these topics were incorporated into policies and
activities of the entity.
Currently stakeholder consultation is not being used to support the identification and management
of environmental and social topics.

84
3. Provide details of instances of engagement with, and actions taken to, address the concerns
of vulnerable/ marginalized stakeholder groups.
Although none of the stakeholder group is identified as vulnerable / marginalized, the Company does
engage with some stakeholder groups to understand their needs and provide the support to the extent
possible. For instance, there is a policy to buy product from the marginalized sections of the Society
and Silvassa unit operates in the area where tribal population dominates. Therefore, stakeholder
group formation was intervened in that area , so that an enterprise would come up and Company can
procure from the stakeholder groups.
Principle 5: Businesses should respect and promote human rights
ESSENTIAL INDICATORS
1. Employees and workers who have been provided training on human rights issues and
policy(ies) of the entity, in the following format:
Category FY 2022-23 FY 2021-22
Current Financial Year Previous Financial Year
Total (A) No. of % (B / Total (C) No. of % (D / C)
employees A) employees
/ workers / workers
covered (B) covered (D)
Employees
Permanent 668 34 5 701 28 4
Other than
190 0 0 159 0 0
permanent
Total Employees 858 34 4 860 28 3
Workers
Permanent 203 0 0 235 0 0
Other than
409 0 0 358 0 0
permanent
Total Workers 612 0 0 593 0 0
2. Details of minimum wages paid to employees and workers, in the following format:
Category FY 2022-23 FY 2021-22
Current Financial Year Previous Financial Year
Total Equal to More than Total Equal to More than
(A) Minimum Wage Minimum Wage (D) Minimum Wage Minimum Wage
No. (B) % (B/A) No. (C) % (C/A) No. (E) % (E/D) No. (F) % (F/D)
Employees
Permanent
Male 586 586 100 612 612 100
Female 82 82 100 89 89 100
Other than Permanent
Male 130 130 100 107 107 100
Female 60 60 100 52 52 100
Workers
Permanent
Male 191 191 100 223 223 100
Female 12 12 100 12 12 100
Other than Permanent
Male 354 354 100 315 303 100
Female 55 55 100 55 55 100

85
3. Details of remuneration/salary/wages, in the following format:
Male Female
Number Median remuneration/ Number Median remuneration/
salary/ wages of salary/ wages of
respective category respective category
(PA) (PA)
Board of Directors (BoD) Not Available
7 ൠ 2 (Government Nominee/
Independent Director)
Key Managerial Personnel 5 ൠ 1 ൠ
Employees other than BoD
711 ൠ 141 ൠ
and KMP
Workers 545 ൠ 67 ൠ
4. Do you have a focal point (Individual/ Committee) responsible for addressing human rights
impacts or issues caused or contributed to by the business? (Yes/No)
Currently we do not have a focal point responsible for human right impacts or issues caused or
contributed by the business. However, across the Company, systems and processes are in place to
ensure there are no human rights violations.
5. Describe the internal mechanisms in place to redress grievances related to human rights
issues.
The Company has grievance redressal committees at each region in line with the statutory requirements
which duly follows principle of natural justice. Further, the Company believes in empowerment of
all sections of employees and has nurtured an open-door policy towards redressing grievances
proactively. Reliance on open-door policy and timebound redressal of employee grievances has been
a cornerstone in not only having a committed workforce but it has also contributed and reflected in the
active participative culture in the Company.
6. Number of Complaints on the following made by employees and workers:
FY 2022-23 FY 2021-22
Current Financial Year Previous Financial Year
Filed Pending Remarks Filed Pending Remarks
during resolution at during resolution at
the year the end of year the year the end of year
Sexual Harassment 0 0 - 0 0 -
Discrimination at
0 0 - 0 0 -
workplace
Child Labor 0 0 - 0 0 -
Forced Labour/
0 0 - 0 0 -
Involuntary Labour
Wages 0 0 - 0 0 -
Other human rights
0 0 - 0 0 -
related issues
7. Mechanisms to prevent adverse consequences to the complainant in discrimination and
harassment cases.
The Company has grievance redressal committees at each region in line with the statutory requirements
which duly follows principle of natural justice. Further, the Company believes in empowerment of
all sections of employees and has nurtured an open-door policy towards redressing grievances
proactively. Reliance on open-door policy and timebound redressal of employee grievances has been
a cornerstone in not only having a committed workforce but it has also contributed and reflected in the
active participative culture in the Company.

86
Detailed enquiry is conducted by Balmer Lawrie for discrimination and harassment cases, and serious
action is taken if found guilty.
Also, the Company has constituted an “Internal Complaints Committee” as per Section 4 of THE
SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND
REDRESSAL) ACT, 2013 to address complaints related to POSH if any. Balmer Lawrie as per the
provisions of the act ensures that the identity of the aggrieved women is kept confidential.
8. Do human rights requirements form part of your business agreements and contracts? (Yes/
No)
Yes
9. Assessment for the year
% of your plants and offices that were assessed (by
entity or statutory authorities or third parties)
Child labour -
Forced/involuntary labour -
Sexual harassment -
Discrimination at workplace -
Wages -
Others- Please Specify -
10. Provide details of any corrective actions taken or underway to address significant risks /
concerns arising from the assessments at Question 9 above
Since the assessment on points mentioned in Question 9 were not carried out in the current FY, there
are no significant risks / concerns identified for which corrective action is required.
LEADERSHIP INDICATORS
1. Details of a business process being modified / introduced as a result of addressing human
rights grievances/complaints.
Since Human Rights grievances were not reported in the current FY, there are no significant risks /
concerns identified for which corrective action is required.
2. Details of the scope and coverage of any Human rights due-diligence conducted.
Currently, Human Rights due diligence is not conducted. However, the same is in consideration for
the coming FY. Once the due diligence will be conducted, we will be in a better position to share the
scope and coverage of due diligence conducted.
3. Is the premise/office of the entity accessible to differently abled visitors, as per the
requirements of the Rights of Persons with Disabilities Act, 2016?
Yes. The premises is accessible to differently abled visitors, as per the requirements of the Rights of
Persons with Disabilities Act, 2016.
4. Details on assessment of value chain partners:
% of value chain partners (by value of business done
with such partners) that were assessed
Child labour -
Forced/involuntary labour -
Sexual harassment -
Discrimination at workplace -
Wages -
Others- Please Specify -

87
5. Provide details of any corrective actions taken or underway to address significant risks /
concerns arising from the assessments at Question 4 above.
Since the assessment of value chain partners were not carried out in the current FY, there are no
significant risks / concerns identified for which corrective action is required.
Principle 6: Businesses should respect and make efforts to protect and restore the
environment
ESSENTIAL INDICATORS
1. Details of total energy consumption (in Joules or multiples) and energy intensity, in the
following format:
Parameter FY 22-23 FY 21-22
(Current Financial Year) (Previous Financial Year)
Total electricity consumption (A) 51.89 TJ 48.64TJ
Total fuel consumption (B)
15212.34 TJ 14074.75 TJ
Energy consumption through other sources (C) - -
Total energy consumption (A+B+C) 15266.06 TJ 14125.28 TJ
Energy intensity per rupee of turnover (Total 6.41 TJ / Cr 6.71 TJ / Cr
energy consumption/ turnover in rupees)
Energy intensity (optional) – the relevant - -
metric may be selected by the entity
Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an
external agency? (Y/N) If yes, name of the external agency.
No
2. Does the entity have any sites / facilities identified as designated consumers (DCs) under
the Performance, Achieve and Trade (PAT) Scheme of the Government of India? (Y/N) If yes,
disclose whether targets set under the PAT scheme have been achieved. In case targets have
not been achieved, provide the remedial action taken, if any
Not Applicable
3. Provide details of the following disclosures related to water, in the following format:
FY 22-23 FY 21-22
Parameter (Current Financial Year) (Previous Financial Year)
Water withdrawal by source (in kilolitres)
(i) Surface water - -
(ii) Groundwater 6468.50 KL 2897.25 KL
(iii) Third party water 71451.7 KL 70409.4 KL
(iv) Seawater / desalinated water - -
(v) Others - -
Total volume of water withdrawal (in 77920.2 KL 73306.65 KL
kilolitres) (i + ii + iii + iv + v)
Total volume of water consumption (in
65256.204 60308.65
kilolitres)
Water intensity per rupee of turnover 0.0027 0.0028
(Water consumed / turnover Liter per Rs.)
Water intensity (optional) – the relevant
- -
metric may be selected by the entity
Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an
external agency? (Y/N) If yes, name of the external agency
No

88
4. Has the entity implemented a mechanism for Zero Liquid Discharge? If yes, provide details
of its coverage and implementation
Yes. Zero Liquid Discharge Plant of Multiple Effect Evaporation (MEE) with Agitated Thin Film Dryer
(ATFD) of 45KLD system available for the handling and treatment of Effluents at Chemicals, Chennai
unit. Most of our other plants and units are zero effluent discharge plants.
5. Please provide details of air emissions (other than GHG emissions) by the entity, in the
following format:

Please FY 22-23 FY 21-22

Parameter specify (Current Financial (Previous Finan-
unit Year) cial Year)
NOx μg/M 3 19 20
SOx μg/M 3 13 13
Particulate matter (PM) μg/M 3 78 81
Persistent organic pollutants (POP) μg/M 3 0 0
Volatile organic compounds (VOC) μg/M 3 790 1010
Hazardous air pollutants (HAP) - -
Others – please specify - -
Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an
external agency? (Y/N) If yes, name of the external agency.
Yes, State Pollution Control Board and PCB approved Laboratory
6.Provide details of greenhouse gas emissions (Scope 1 and Scope 2 emissions) & its intensity,
in the following format:

Parameter Unit FY 2022-23 (Current FY 2021-2022 (Previous

Financial Year) Financial Year)
Total Scope 1 emissions (Break-up of MTCO2e 857251.71 793632.26
the GHG into CO2, CH4, N2O, HFCs,
PFCs, SF6, NF3, if available)
Total Scope 2 emissions (Break-up of MTCO2e 103109.66 9664.74
the GHG into CO2, CH4, N2O, HFCs,
PFCs, SF6, NF3, if available)
Total Scope 1 and Scope 2 emissions MTCO2e/Cr 364.05 381.64
per rupee of turnover
Total Scope 1 and Scope 2 emission - - -
intensity (optional) – the relevant metric
may be selected by the entity

7. Does the entity have any project related to reducing Green House Gas emission? If Yes, then
provide details.
Yes, the entity has projects related to reducing Green House Gas Emission.
Installed 776 KWp Solar Power Plant which is in operation till date. This helps in reducing the
dependency on fossil fuel based energy and offsets our energy requirement using renewable sources
of energy.

89
8. Provide details related to waste management by the entity, in the following format:

Parameter FY 22-23 FY 21-22

(Current Financial (Previous Financial
Year) Year)
Total Waste generated (in metric tonnes)
Plastic waste (A) 6.2 7.03
E-waste (B) 0.08 0.5
Bio-medical waste (C) 0.003 0.003
Construction and demolition waste (D) 1750 0
Battery waste (E) 0.02 0
Radioactive waste (F) 0 0
Other Hazardous waste. Please specify, if
any. (G) 248.021 187.95
Other Non-hazardous waste generated 305.38
(H). Please specify, if any. (Break-up by
271.118
composition i.e. by materials relevant to
the sector)
Total (A + B + C + D + E + F + G + H) 2309.70 466.601
For each category of waste generated, total waste recovered through recycling, re-
using or other recovery operations (in metric tonnes)
Category of waste FY 22-23 FY 21-22
(Current Financial (Previous Financial
Year) Year)
(i) Recycled 0.02 -
(ii) Re-used 10.5 -
(iii) Other recovery operations - -
Total 10.52 -
For each category of waste generated, total waste disposed by nature of disposal
method
(in metric tonnes)
Category of Waste
Incineration - -
Landfilling 18 30
Other disposal 2231.67 426.32
Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an
external agency? (Y/N) If yes, name of the external agency.
No
9. Briefly describe the waste management practices adopted in your establishments. Describe
the strategy adopted by your Company to reduce usage of hazardous and toxic chemicals in
your products and processes and the practices adopted to manage such wastes.
Waste generated at various units / plants are being segregated and disposed in hazardous and non-
hazardous categories. Hazardous waste category of items is being disposed to authorised agencies
in line with local PCB guidelines. The R&D team works continuously to reduce / eliminate the use of
hazardous / toxic chemicals.

90
In the Logistics business only limited waste which are Non-Hazardous packaging materials, are
generated after de-stuffing of containers and other office wastes. On daily basis these are collected
and dumped in garbage area within the CFS units and same are removed on weekly basis and taken
to corporation dumping yard.
10. If the entity has operations/offices in/around ecologically sensitive areas (such as national
parks, wildlife sanctuaries, biosphere reserves, wetlands, biodiversity hotspots, forests,
coastal regulation zones etc.) where environmental approvals / clearances are required, please
specify details in the following format:
S.No. Location of Type of Whether the conditions of environmental
operations/offices operations approval / clearance are being complied with?
(Y/N) If no, the reasons thereof and corrective
action taken, if any.
- - - -
Not applicable
11. Details of environmental impact assessments of projects undertaken by the entity based
on applicable laws, in the current financial year:
Name and EIA Date Whether conducted by Results communicated in Relevant
brief details 1RWL¿FDWLRQ independent external public domain (Yes / No) Web Link
of project No. agency (Yes / No)
- - - - - -
1RW$SSOLFDEOHDV(QYLURQPHQWDO,PSDFW$VVHVVPHQWRISURMHFWVQRWXQGHUWDNHQLQWKHFXUUHQW¿QDQFLDO\HDU
12. Is the entity compliant with the applicable environmental law/ regulations/ guidelines in
India; such as the Water (Prevention and Control of Pollution) Act, Air (Prevention and Control
of Pollution) Act, Environment protection act and rules thereunder (Y/N). If not, provide details
of all such non-compliances, in the following format:
Yes. Balmer Lawrie is compliant
S.No. Specify the law Provide Any fines / penalties / action Corrective
/ regulation / details of the taken by regulatory agencies action taken,
guidelines which was noncompliance such as pollution control boards if any
not complied with or by courts
- - - - -
LEADERSHIP INDICATORS
1. Provide break-up of the total energy consumed (in Joules or multiples) from renewable and
non-renewable sources, in the following format:
Parameter FY 22-23 FY 21-22
(Current Financial Year) (Previous Financial Year)
From renewable sources
Total electricity consumption (A) 1.82 TJ 1.89 TJ
Total fuel consumption (B) 0 0
Energy consumption through other sources (C) 0 0
Total energy consumed from renewable sources 1.82 TJ 1.89 TJ
(A+B+C)
From non-renewable sources
Total electricity consumption (D) 51.89 TJ 48.64 TJ
Total fuel consumption (E) 15212.34 TJ 14074.75 TJ
Energy consumption through other sources (F)
Total energy consumed from non-renewable
15266.06 TJ 14125.28 TJ
sources (D+E+F)

91
Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an
external agency? (Y/N) If yes, name of the external agency.
No
2. Provide the following details related to water discharged:

FY 22-23 FY 21-22
Parameter (Current (Previous
Financial Year) Financial Year)
Water discharge by destination and level of treatment (in kilolitres)
(i) To Surface water
- No treatment 288 240
- With treatment – please specify level of treatment 4511 5430
(ii) To Groundwater
- No treatment 1224 1100
- With treatment – please specify level of treatment 0 0
(iii) To Seawater
- No treatment 360 134
- With treatment – please specify level of treatment 0 0
(iv) Sent to third-parties 0 0
- No treatment 4280 3694
With treatment – please specify level of treatment 2001 2400
(v) Others
- No treatment 0 0
- With treatment – please specify level of treatment 0 0
Total water discharged (in kilolitres) 12664 12998
Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an
external agency? (Y/N) If yes, name of the external agency.
No
3. Water withdrawal, consumption and discharge in areas of water stress (in kilolitres):
None of our units are in water stress area hence this section is not applicable

(i) Name of the area -

(ii) Nature of operations -
(iii) Water withdrawal, consumption and discharge in
the following format: -

92
 FY 2022-23 FY 2021-22
Parameter (Current Financial Year) (Previous Financial Year)
Water withdrawal by source (in kilolitres)
(i) Surface water - -
(ii) Groundwater - -
(iii) Third party water - -
(iv) Seawater / desalinated water - -
(v) Others - -
Total volume of water withdrawal (in kilolitres) - -
Total volume of water consumption (in kilolitres) - -
Water intensity per rupee of turnover (Water
- -
consumed / turnover)
Water intensity (optional) – the relevant metric
- -
may be selected by the entity
Water discharge by destination and level of treatment (in kilolitres)
(i) Into Surface water - -
- No treatment - -
- With treatment – please specify level of treatment - -
(ii) Into Groundwater - -
- No treatment - -
- With treatment – please specify level of treatment - -
(iii) Into Seawater - -
- No treatment - -
- With treatment – please specify level of treatment - -
(iv) Sent to third-parties - -
- No treatment - -
- With treatment – please specify level of treatment - -
(v) Others - -
- No treatment - -
- With treatment – please specify level of treatment - -
Total water discharged (in kilolitres) - -
Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an
external agency? (Y/N) If yes, name of the external agency.
Not Applicable

93
4. Please provide details of total Scope 3 emissions & its intensity, in the following format:
FY 22-23 FY 21-22
Parameter Unit (Current (Previous
Financial Year) Financial Year)
Total Scope 3 emissions (Break-up of the GHG into CO2,
- - -
CH4, N2O, HFCs, PFCs, SF6, NF3, if available)
Total Scope 3 emissions per rupee of turnover - - -
Total Scope 3 emission intensity (optional) – the relevant
- - -
metric may be selected by the entity
Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an
external agency? (Y/N) If yes, name of the external agency.
No
5. With respect to the ecologically sensitive areas reported at Question 10 of Essential Indicators
above, provide details of significant direct & indirect impact of the entity on biodiversity in
such areas along-with prevention and remediation activities.
None of our work locations are in Ecologically Sensitive Area; hence, this section is not applicable
6. If the entity has undertaken any specific initiatives or used innovative technology or solutions
to improve resource efficiency, or reduce impact due to emissions / effluent discharge / waste
generated, please provide details of the same as well as outcome of such initiatives, as per
the following format:
Details of the initiative (Web-link,
S. Initiative
if any, may be provided along-with Outcome of the initiative
No. undertaken
summary)
Series reaction
process has Off gas SO2 eliminated from
been adapted process and in turn reduces
Off gas SO2 utilised in process through
1 to minimize off pollution load to ZLD. As a result,
series reaction
gas effectively salt / hazardous waste from ZLD
at chemicals, has been reduced.
Chennai
To reduce the power consumption, we
have initiated and installed solar light
(90 wt) in several places and occupancy
Reduce the
censor lights in the office premises. Energy & water is saved
2 consumption of
Various Motion Sensor lights are installed substantially
power / resource
in order to save energy.
Few Atomizers are installed in the basin
taps to save water.
Installation of
150 KW solar energy panel installed in Reduction in greenhouse gas
3 Solar Energy
current FY generation
Panel
Rainwater
discharge through 4 nos. rainwater recharge station
4 Ground water level will increase
direct recharge to installation done in current FY
ground

94
 Details of the initiative (Web-link,
S. Initiative
if any, may be provided along-with Outcome of the initiative
No. undertaken
summary)
In G&L Vapour drain line modification done.
arrangement has One Collection Tank was installed to
Zero Wastage of Oil in the
been made to collect the Oil Mist from vapour exhaust
Production Process at Lithium
re-use vapour duct.
5 Grease Plant
condensate mixed OWS constructed.
Improved Housekeeping of plant
with oil particle to Separate piping arrangement was made
area
eliminate wastage to re-charge the material from collection
of oil tank to Production process.
In IP duel Fuel
Reduction in consumption of
6 Generator: PNG & Reduce impact due to emissions
fuel and its emission
Diesel
In IP conversion The Lids’ size will be reduced to 642mm The reduction in size reduces
7 from 648mm Lids complying with all standards. CO2 emissions.
to 642mm Lids
In IP under The barrels have been under gauged The reduction in size reduces
8 gauging from from 1.0mm to 0.9mm tight head barrels. CO2 emissions.
1.0mm to 0.9mm.
In IP installation New energy efficient IE3 motors will be
Efficient utilization of electrical
9 of IE3 energy installed for electrical power savings.
energy.
efficient motors
In IP conversion The HSD fuel for oven will be replaced The reduction in fuel reduces
10
of HSD to LPG with LPG. CO2 emissions.
In the project
Due to use of green Fuel PNG
stage IP, Taloja
gas, there is a drastic reduction
has implemented Imported the Oven technology
11 in the emission levels of pollution
the concept of
generating gases.
Green Fuel PNG
gas to fire Ovens.
In CC most of the
Trucks used for Because of this technology
12 transportation is emission / pollution levels has
Conversion kit is replaced by transporter
converted with been reduced.
CNG fire engines.
Conversion from SBU: IP is in the process of converting, On completion, the carbon
13
LDO to LPG. LDO to LPG for usage in its ovens. emission level will come down.
In IP usage of Oil Free steel
14 Water consumption reduced
CRCA Steel
In IP reduce the PLC, Proper nozzle settings, water
15 generation of circulating paint Booth, collecting over Paint yield improved.
paint sludge spray paint and reusing.
7. Does the entity have a business continuity and disaster management plan? Give details in
100 words/ web link.
Yes, our Emergency Response and Disaster Management Plan (ERDMP), Incident reporting System
(IRS) and Evacuation Standard Operating Procedure ensure effective management of any disaster.
Also, onsite and offsite mock drills are conducted to generate awareness and ensure preparation for
what actions need to be taken during any accident.

95
At Balmer Lawrie, all our plants and units have a dedicated Emergency Response Team (ERT) which
consist of incident handling team capable of managing any disaster.
Training and awareness sessions are conducted for the employees and emergency handling teams
to prepare them for actual emergency situations.
8. Disclose any significant adverse impact to the environment, arising from the value chain of
the entity. What mitigation or adaptation measures have been taken by the entity in this regard.
I. Drum manufacturing industries involve MS sheet cleaning / degreasing which is a chemical
process and require huge amount of water on daily basis based on the plant size, but for IP we are
using Dry MS coil which eliminates the degreasing process totally.
II. In IP - Taloja, the technology of barrel manufacturing is totally imported and not a single drop of
water is required for the manufacturing processes.
III. This way we have mitigated the impact of value chain on environment totally.
9. Percentage of value chain partners (by value of business done with such partners) that were
assessed for environmental impacts.
Currently value chain partners have not been assessed for environmental impacts. The same will be
considered in coming FY.
Principle 7: Businesses, when engaging in influencing public and regulatory policy, should
do so in a manner that is responsible and transparent
ESSENTIAL INDICATORS
1. a. Number of affiliations with trade and industry chambers/ associations.
Eight (8)
b. List the top 10 trade and industry chambers/ associations (determined based on the total
members of such body) the entity is a member of/ affiliated to.

S. Name of the trade and industry chambers / Reach of trade and industry chambers /
No. associations associations (State / National)
1 Confederation of Indian Industry (CII) National
2 Bengal Chamber of Commerce & Industry State
3 Calcutta Management Association State
4 Employers Federation of India National
5 UN Global Compact (India) National
6 Standing Conferences of Public Enterprises (SCOPE) National
7 Petroleum Sports Promotion Board (PSPB) National
8 Indian Chemical Council National

2. Provide details of corrective action taken or underway on any issues related to anti-
competitive conduct by the entity, based on adverse orders from regulatory authorities
Name of authority Brief of the case Corrective action taken
- - -
Since no issues related to anti-competitive conduct has
been observed by the entity, hence no corrective action
is required.

96
 LEADERSHIP INDICATORS
1. Details of public policy positions advocated by the entity:

S. Public policy Method Whether Frequency of Web Link, if

No. advocated resorted for information Review by Board available
such advocacy available in (Annually / Half
public domain? yearly / Quarterly
(Yes / No) / Others – please
specify)
- - - - - -
Currently there are no public policy positions advocated by the entity
Principle 8: businesses should promote inclusive growth and equitable development
ESSENTIAL INDICATORS
1. Details of Social Impact Assessments (SIA) of projects undertaken by the entity based on
applicable laws, in the current financial year.
Name and SIA Date of Whether conducted Results Relevant
brief details 1RWL¿FDWLRQ QRWL¿FD- by independent communicated in Web link
of project No. tion external agency public domain (Yes/
(Yes / No) No)
- - - - - -
Currently no Social Impact Assessments have been done
2. Provide information on project(s) for which ongoing Rehabilitation and Resettlement (R&R)
is being undertaken by your entity, in the following format:
S. Name of Project State District No. of Project % of PAFs Amounts paid
No. for which R&R is Affected covered by to PAFs in the
ongoing Families (PAFs) R&R FY (In INR)
- - - - - - -
Currently no Rehabilitation and Resettlement (R&R) projects have been undertaken by the
organisation
3. Describe the mechanisms to receive and redress grievances of the community.
The Company works closely with the community in the identified areas of contribution in the thrust
areas for carrying out the Corporate Social Responsibility initiatives. Within the area of work, the
employees of the Company work with the communities to understand the impact of the projects on
the intended beneficiaries. These interactions provide the people with ample opportunities to gauge
and address community concerns.
4. Percentage of input material (inputs to total inputs by value) sourced from suppliers
FY 22-23 FY 21-22
(Current Financial Year) (Previous Financial Year)
Directly sourced from MSMEs/ small 9.5% 7.12%
producers
Sourced directly from within the district and 4.11% 4.47%
neighbouring districts

97
 LEADERSHIP INDICATORS
1. Provide details of actions taken to mitigate any negative social impacts identified in the
Social Impact Assessments (Reference: Question 1 of Essential Indicators above):
'HWDLOVRIQHJDWLYHVRFLDOLPSDFWLGHQWL¿HG Corrective action taken
- -
Since Social Impact Assessment has not been carried out, hence no negative impact has been
LGHQWL¿HGUHVXOWLQJLQQRFRUUHFWLYHDFWLRQWREHWDNHQ
2. Provide the following information on CSR projects undertaken by your entity in designated
aspirational districts as identified by government bodies:
S.No. State Aspirational District Amount spent (In INR)
- - - -
All the CSR projects being carried by Balmer Lawrie are not in the aspirational district. Hence, the question is
not applicable to us.
3. (a) Do you have a preferential procurement policy where you give preference to purchase
from suppliers comprising marginalized /vulnerable groups? (Yes/No)
We promote the procurement of products & services rendered by MSEs by extending all benefits,
including price preference mandated under Public Procurement Policy. Purchase Preference as
mandated in Public Procurement Policy for MSE, Schedules Caste, Scheduled Tribe and Women
Entrepreneur vendor is also applicable for our Tenders.
(b) From which marginalized /vulnerable groups do you procure?
MSEs owned by SC / ST and Women Entrepreneurs as per Public Procurement Policy
(c) What percentage of total procurement (by value) does it constitute?
9.5% of total procurement
4. Details of the benefits derived and shared from the intellectual properties owned or acquired
by your entity (in the current financial year), based on traditional knowledge:
S.No. Intellectual Property based on Owned/ %HQH¿W Basis of
traditional knowledge Acquired (Yes/ shared calculating
No) (Yes / No) EHQH¿WVKDUH
- - - - -
Currently no intellectual properties are owned or acquired by Balmer Lawrie & Co. Ltd. based on the
traditional knowledge. Therefore, this section is not applicable for us.
5. Details of corrective actions taken or underway, based on any adverse order in intellectual
property related disputes wherein usage of traditional knowledge is involved.
Name of Authority Brief of the Case Corrective action taken
- - -
6. Details of beneficiaries of CSR Projects:
% of beneficiaries
No. of persons
S. from vulnerable
CSR Project benefitted from CSR
No. and marginalized
Projects
groups
1 PSA Oxygen Plants in Five Government 500000 35-40
Hospitals in Karnataka
2 Skill Development Institutes [MoPNG] 14408 60
3 Swachh Bharat Abhiyan 20000 50
4 Geriatric Care [Help Age India] 12500 100
5 Ekal Vidyalayas [FTS] 1084 100

98
Principle 9: Businesses should engage with and provide value to their consumers in a
responsible manner
ESSENTIAL INDICATORS
1. Describe the mechanisms in place to receive and respond to consumer complaints and
feedback.
There are multiple mechanisms for separate SBUs for receiving and responding to consumer
complaints. The same are listed below.
SBU - Chemicals : On receipt of complaint at Sales Office, if any, same is recorded in SAP. Customer
site is visited to collect sample. Sample is sent to QC for analysis against counter sample of same
batch. If any quality deviation is found, correction will be done at customer site itself, if possible.
Otherwise, the material will be collected back for reprocessing and re-use. Also, corrective action will
be taken to avoid recurrence.
SBU - G&L: On receipt of complaints at Sales Office, the same is recorded in SAP. Visit to customer
site is made if found necessary otherwise the personnel speaks over phone with customer to
understand the problem. Sample is collected for evaluation in our QA laboratory or R&D centre and is
compared with counter sample. We do elemental analysis of greases and lubricants with sophisticated
instruments, if found necessary, to find contamination if occurred at customer end. In case we find
that customer is not following correct procedure to maintain the lubricants or failure of mechanical
components, we guide them to rectify the same. In some cases, we send additives to correct the
products during usage as rectification, if possible, at site. If any other kind of defect in products is
observed, we replace the material at the earliest. We communicate the laboratory report to sales team
to forward the same to customers.
SBU - IP : Customer complaints received by Marketing / Field Officer / Sales Admin, are recorded in
specified format. Joint inspection by Filed Officer and Quality Representative at Customer site is done
within 48 hours. If any quality deviation found, efforts are made to correct at customer premises itself,
otherwise, the material is returned for further corrections. RCA & CAPA are carried out and submitted
to customer to avoid recurrence.
SBU - LI: On receipt of any customer complaint pertaining to any of the 3 CFS’s on email, the same
is attended immediately by the Department concerned (Accounts or Sales or Operations) as the case
may be. The medium of receipt of complaints as well as the responses from our end is on email only.
As per our SOP, we are supposed to resolve all our customer complaints across all locations within
3 working days and the same has also been made a part of the KPT’s of employees concerned for
timely compliance.
2. Turnover of products and/ services as a percentage of turnover from all products/service
that carry information about:

As a percentage to total turnover

Environmental and social parameters relevant to the 100% (SBU Chemicals & G&L)
product
Safe and responsible usage 100% (SBU Chemicals & G&L)
Recycling and/or safe disposal 100% (SBU Chemicals & G&L)

99
3. Number of consumer complaints in respect of the following:
FY 2022-23 (Current Remarks FY 2021-22 (Previous Remarks
Financial Year) Financial Year)
Received Pending Received Pending
during resolution during resolution
the year at end of the year at end of
year year
Data privacy - - - - - -
Advertising - - - - - -
Cyber-security - - - - - -
Delivery of essential
- - - - - -
services
Restrictive Trade
- - - - - -
Practices
Unfair Trade
- - - - - -
Practices
Other 1 Quality
complaint in 280
281 1 - -
SBU IP is in
process
4. Details of instances of product recalls on account of safety issues:
Number Reasons for recall
Voluntary recalls - -
Forced recalls - -
5. Does the entity have a framework/ policy on cyber security and risks related to data privacy?
(Yes/No) If available, provide a web-link of the policy.
Yes.
*Due to sensitive and confidential nature of the topic cyber security policy cannot be shared in the
public domain. However, Balmer Lawrie & Co. Ltd. would like to confirm that we are constantly working
and improving on our security compliances to tackle incidents in the area of security.
6. Provide details of any corrective actions taken or underway on issues relating to advertising,
and delivery of essential services; cyber security and data privacy of customers; re-occurrence
of instances of product recalls; penalty / action taken by regulatory authorities on safety of
products / services.
The Cyber Security Policy was drafted in 2017. There are multiple amendments done as per the
requirements / changes in the threat landscape to keep the policy updated. We also have 2 layer
cyber security network which includes layer 1 as network layer security and layer 2 as application
layer security. We conduct security audits every year to identify any possible gaps and fix them to
remain threat free.
LEADERSHIP INDICATORS
1. Channels / platforms where information on products and services of the entity can be
accessed (provide web link, if available).
Information regarding all products and services of BL is available on the Company’s website and can
be accessed at www.balmerlawrie.com. Additionally, the Company disseminates product and service
information on several social media channels.

100
2. Steps taken to inform and educate consumers about safe and responsible usage of products
and/or services.
The Company ensures safe and responsible usage of the products through informative labelling. The
packaging provides information regarding safe usage and disposal for majority of products including
cartons, packets, bottle labels, among others. Details and symbols regarding recycling and saving
water initiative are also part of the Company’s labelling and packaging initiatives.
3. Mechanisms in place to inform consumers of any risk of disruption/discontinuation of
essential services.
The Company informs through emails and phone calls are made to inform consumers if any major
disruption / discontinuation happens.
4. Does the entity display product information on the product over and above what is mandated
as per local laws? (Yes/No/Not Applicable) If yes, provide details in brief. Did your entity carry
out any survey with regard to consumer satisfaction relating to the major products / services
of the entity, significant locations of operation of the entity or the entity as a whole? (Yes/No)
The Company always furnishes the information of its product which is required as per the applicable
laws. The Company further adheres to the guidelines as per the local laws as well. Yes, the Company
does various consumer satisfaction surveys in few areas by using many methodologies from time to
time to know the consumer satisfaction levels. The findings of the surveys are analyzed for identifying
areas of improvement. This feedback provides valuable insights into improving processes, systems
and employee skill capacity. The Company has also implemented a follow-up monitoring mechanism
to ensure corrective actions are undertaken in an efficient manner.
5. Provide the following information relating to data breaches:
a. Number of instances of data breaches along-with impact: Nil
b. Percentage of data breaches involving personally identifiable information of customers:
Nil
OCCUPATIONAL HEALTH & SAFETY
Employee Health & Safety
By identifying health and safe working conditions as a risk and opportunity, your Company prioritizes
the well-being of the employees, complies with legal norms, maintains operational efficiency &
continuity, protects brand reputation, and manages costs effectively. These factors, contribute to
the overall sustainability and long-term success of the Company. Our priority is to ensure a safe
working environment for all our employees and workers with primary focus on safety management
system, mitigation of associated hazards, regular training and mock drills, periodic risk assessment,
inspections and audits and continual improvement in OHS management system.
A strong safety system is in place to fulfil the Zero Harm vision. These processes are well designed,
rely on online data, and are centred on the shared responsibility principle.
At Balmer Lawrie, we have set high standards of occupational safety in the premises of all our units
/ establishments. Regular assessment of health and safety practices and working conditions in all
our plants and offices is done to identify gaps, if any and accordingly corrective action plans are
developed.
Our Senior Management, along with key facility workers, are responsible for implementing necessary
safety policies, procedures, and measures from the corporate governance standpoint.
Your Company has published an HSE Manual which is being used as a reference book in plants and
other establishments of your Company. Major plants / units of your Company are OHSAS 18001

101
certified. All Occupational Health & Safety Standards are adhered to as per the Factories Act, 1948.
Major initiatives / activities undertaken in this domain in Financial Year 2022-23 are as follows:
‡ +6($XGLWVZHUHFDUULHGRXWLQPDQXIDFWXULQJDQGVHUYLFHXQLWVHVWDEOLVKPHQWRI\RXU&RPSDQ\
during the year and recommendations thereof implemented.
‡ ,Q )< WKHUH ZHUH QR HPSOR\HHV ZKR VXIIHUHG KLJKFRQVHTXHQFH ZRUNUHODWHG LQMXU\
ill-health/fatalities. To further its endeavour of employee health & safety (H&S), your Company
organises training classroom programmes covering topics ranging from employee’s health, stress
management and general awareness of a safe work environment for permanent employees and
contract workers.
‡ 7KHnd National Safety Week was observed from 4th to 10th March 2023 in all units / establishments
across the country. The week commenced on 6th March, observed as National Safety Day, with the
administering of the safety pledge and reading out of message of Chairman & Managing Director.
In line with the theme, various programs were organised over the week. The programs included
extempore, quiz, mock drills, safety slogan and essay writing competitions.
Environmental Protection and Sustainability:
Being fully committed towards the protection and conservation of the environment, your Company has
taken various initiatives to minimize the pollution load of operations.
To reduce environmental footprints, our strategies include steps to reduce our carbon footprint, with
renewable energy sources, implementing energy-efficient manufacturing processes, VFDs, motors,
lights and buildings and investing in carbon offset manufacturing processes.
We believe that conservation of water offers an opportunity to help to slow the Climate change. Major
steps are taken by your Company to reduce water usage and minimize waste, such as using low
flow fixtures, water free urinals, recycling wastewater, treatment via effluent plants and implementing
rainwater harvesting systems etc. Treatment and disposal of effluents conform to the statutory
requirements.
Air emissions norms also strictly adhere to the norms laid down in the Environment Protection Act,
1986.
Disposal of hazardous waste is done strictly as per Hazardous Waste and Other Waste Rules, 2016.
All Plants and major establishments of the Company are certified to environment standards ISO
14001. The Company has in place a comprehensive Long Term Integrated Sustainability Plan which
lays down the sustainability policy, program framework, governance structure, communication etc.
Balmer Lawrie published its Sustainability Report and Business Responsibility Report for the year
2021-22 and it has been uploaded on the Company’s website.
Conservation of energy
Energy management is one of the key strategic areas in our pursuit of sustainability in our operations.
Energy consumption is not only the main source of emissions but also has a direct implication on the
cost of operations. The energy management strategy of Balmer Lawrie involves the following:
a. Increasing energy efficiency: This primarily involves reducing the quantity of energy used in our
operations by process optimisation, using energy efficient technology, and conserving/ recovering
energy through activities.
b. Increasing the share of renewable energy: Balmer Lawrie has been continuously striving towards
the transition to renewable energy for the last decade by investing in solar projects.
i. The steps taken by the Company for utilizing alternate sources of energy:
Balmer Lawrie installed 776 kwP Solar Power units till date to reduce carbon footprint.

102
ii. The capital investment on energy conservation equipment:
Balmer Lawrie is focused on investing in modern technology for improving the specific energy
consumption. This investment is broadly done in the areas of energy efficient motors, VFDs, LED
Lights, three phase welding machines aimed at reduction of the consumption or wastage of energy.
TECHNOLOGY ABSORPTION
i. The efforts made towards technology absorption
Technology absorption and innovation are at the core of the sustainable growth of our organization.
Your Company has over the years adopted technologies which led to automation of processes,
increase in speed and efficiency of systems & processes, reduced usage and wastage of energy,
faster analysis and decision making etc. thereby enabling the Company to service its customers
better.
Apart from regular process & manufacturing related technology interventions, the Research &
Development centers of our Company are constantly monitoring the changing trends in technology
and needs of customers and are developing cost effective products which can meet the growth
aspirations of the Company.
SBU-G&L’s R&D efforts are directed towards the development of Import Substitutes like replacement
of Lithium hydroxide in majority of grease applications, development of biodegradable greases,
development of indigenous specialty greases for Steel & Sponge Iron Sector, High-Performance
Greases and Lubricants for Electric Locos of Indian Railways, High-Performance Fire-Resistant
Oils and greases catering to Steel Industries & Mines, Superior performance grades of Rust
Preventive Oils and High Performance greases & Oils for Electric Vehicles.
SBU-Chemicals has entered into manufacturing textile and agro chemicals. Chemicals has
developed technologies to make acrylic binders, wax emulsions, protein binders and specialty
waxes.
PNG installation has been done at Industrial Packaging (IP) - Asaoti & IP - Taloja and LPG
installation has been done at IP - Silvassa.
ii. The benefits derived like product improvement, cost reduction, product development or
import substitution:
Your Company is constantly exploring both incremental and fundamental innovations in all
its business activities by exploiting both in-house and outside knowledge aimed at increasing
throughput, minimizing conversion cost and developing new pipeline of sustainable products
which can help strengthen its position in the marketplace.
The expertise gained through assimilation of such knowledge is helping the businesses to develop
high-performance cost-effective products matching the best in the industry.
Balmer Lawrie is continuously innovating and upgrading its technology and processes to use more
environment friendly raw materials and also reduce hazardous waste generation. Your Company
stores and disposes hazardous wastes from its plants as per statutory guidelines and regularly
report it to local Pollution Control Boards.
y In series reaction process has been adopted at our Chemicals, Manali unit to minimize off gas
effectively, by which we have reduced the salt /hazardous waste from ZLD.
y SBU-Industrial Packaging, through its Operational Excellence initiatives has been able to
reduce cost and increase the efficiency and quality. We have taken some initiatives like:
Duel Fuel kit has been installed with the Generator (i.e PNG & Diesel ), Conversion from
648mm Lids to 642mm Lids, Installation of IE3 Energy efficient motors, Conversion of HSD to
LPG/PNG, by which Balmer Lawrie has reduced the diesel consumption and carbon emission.
103
iii. In case of imported technology (imported during the last three years reckoned from the
beginning of the financial year) –
a) The details of technology imported: NA
b) The year of import: NA
c) Whether the technology been fully absorbed: NA
d) If not fully absorbed, areas where absorption has not taken place, and the reasons
thereof: NA
iv. The expenditure incurred on Research and Development.

2022-23 2021-22
(a) Capital Expenditure 54.76 Lakhs 19.13 Lakhs
(b) Revenue 729.57 Lakhs 771.59 Lakhs
Total 784.33 Lakhs 790.72 Lakhs

104
 Annexure -3

REPORT ON CORPORATE GOVERNANCE

[Forming part of the Board’s Report for the year 2022-23]
[As per provisions of Regulation 34(3) of Securities and Exchange Board of India
(Listing Obligations and Disclosure Requirements) Regulations, 2015]
The Company’s Philosophy on Code of - 2 (two) Independent / Non-Executive
Corporate Governance and Guidelines Directors; (out of which one was Woman
thereon Director);
Your Company is committed to maintain sound - Two (2) Government Nominee Directors/
Corporate Governance practices aimed at Non-Executive Directors, nominated by the
increasing value for its stakeholders. The Ministry of Petroleum and Natural Gas (out of
Corporate Governance philosophy of the which one was Woman Director).
Company is based on the following five pillars:
Owing to changes in directorate thereafter, as
- High accountability to the stakeholders on the on the date of signing of this report, the Board of
affairs of the Company. Directors of the Company consisted of 8 (eight)
Directors, under the following categories:
- Absolute transparency in the reporting
system and adherence to disclosure and - 5 (five) Functional / Executive / Whole-time
compliances. Directors;
- High ethical standards in the conduct of the - 2 (two) Independent / Non-Executive Directors;
business with due compliance of laws and (out of which one is Woman Director);
regulations. - One (1) Government Nominee Director/ Non-
Executive Director, nominated by the Ministry
- Enhancement of stakeholders’ value on a
of Petroleum and Natural Gas.
consistent basis.
The profile thereof of the current directors is set
- Contributing to the enrichment of quality
out as under:
of life of the community through discharge
of Corporate Social Responsibility and Shri Adika Ratna Sekhar (DIN: 08053637)
promotion of Sustainable Development.
Chairman and Managing Director
BOARD OF DIRECTORS (“the Board”)
Shri Adika Ratna Sekhar was appointed as
Composition an Additional Director of the Company on
29th May, 2018 by the Board of Directors
As the shareholding pattern suggests, the
and he assumed office as Director (Human
Company is a Government Company and Article
Resource and Corporate Affairs) based on
7A of the Articles of Association of the Company
the direction of the Ministry of Petroleum and
stipulates that so long as the Company remains
Natural Gas (MoP&NG) vide its letter dated
a Government Company, the President of India
2nd May, 2018 having reference no.CA-
shall be entitled to appoint one or more Directors
31024/2/2017-PNG (49). He was further
[including Whole-time Director(s) by whatever
appointed as the Whole-time Director
name called] on the Board of the Company to
(Human Resource and Corporate Affairs)
hold office for such period and upon such terms
at the 101st AGM of the Company held on
and conditions as the President of India may from
12th September, 2018.
time to time decide.
Upon cessation of the directorship of Shri D.
As on 31st March 2023, the Board of the Company
S. Selvam, erstwhile Director (Manufacturing
consisted of 9 (nine) Directors under the following
Businesses), the additional charge of the post
categories:
of Director (Manufacturing Businesses) was
- 5 (five) Functional / Executive / Whole-time entrusted upon Shri Adika Ratna Sekhar by
Directors; MoP&NG vide its letter bearing reference no.

105
CA-31024/4/2019-PNG (32795) dated 19th MoP&NG, additional charge of the functional
November, 2020 for a period of three months with role of Director (Human Resource and Corporate
effect from 16th December, 2019 to 15th March, Affairs) was entrusted upon Shri Adika Ratna
2020. The said charge was further extended by Sekhar with effect from 3rd November, 2021.
MoP&NG vide its letters bearing reference no. CA- The said additional charge was extended by
31024/4/2019-PNG (36036) dated 28th January, MoP&NG vide letter bearing reference no. CA-
2021, CA-31024/4/2019-PNG (32795) dated 6th 31024/5/2021-PNG (40259) dated 4th February,
April, 2021, CA- 31024/4/2019-PNG (32795) 2022 and CA-31024/5/2021-PNG (40259) dated
dated 26th July, 2021 and CA- 31024/4/2019- 1st November, 2022. Owing to the appointment
PNG (32795) dated 24th March, 2022. of regular incumbent to the position of Director
(Human Resource and Corporate Affairs), the
MoP&NG vide its letter bearing reference
additional charge of Director (Human Resource
no. CA-31024/1/2019- PNG (30909) dated
and Corporate Affairs) entrusted upon Shri
14th July, 2022, intimated the Company about
Adika Ratna Sekhar had ceased with effect from
appointment of Shri R. M. Uthayaraja as Director
3rd February, 2023 as, MoP&NG vide its letter
(Manufacturing Businesses) of the Company.
bearing reference no. CA-31024/4/2021-PNG
Hence, the additional charge of Director
(39793) dated 1st February, 2023 had appointed
(Manufacturing Businesses) assigned to Shri
Shri Abhijit Ghosh as the Director (Human
Adika Ratna Sekhar, Chairman and Managing
Resource and Corporate Affairs) with effect from
Director by MoP&NG stood extinguished with
4th February, 2023.
effect from 14th July, 2022.
Shri Adika Ratna Sekhar is a Master of
Earlier, owing to the cessation of directorship
Social Work with specialization in Personnel
of Shri Prabal Basu, erstwhile Chairman and
Management, Industrial Relations & Labour
Managing Director, interim charge of Chairman
Welfare from Osmania University.
and Managing Director was entrusted upon
Shri Adika Ratna Sekhar with effect from 1st Shri Adika Ratna Sekhar has held leadership
November, 2020 by MoP&NG vide letter bearing positions in the HR function in leading
reference no. CA-31024/4/2017-PNG (17426) organisations pan India for over a decade
dated 11th November, 2020 and the same was viz. Tata Projects, Ramky Group and GMR
converted to additional charge by MoP&NG vide Hyderabad International Airport Limited. He has
its letter bearing reference No. CA-31024/1/2020- significantly contributed in various organisations
PNG (35641) dated 6th January, 2021 and was in products and services categories in both the
extended vide letter no. CA-31024/1/2020- Private and Public sectors. He commenced his
PNG (35641) dated 20th April, 2021. Eventually, career with Vijai Electricals Limited, Hyderabad
with the approval of the Members at the 105th as a Management Trainee, thereafter, served in
AGM held on 27th September, 2022, Shri Adika Bharat Electronics Limited for 17 years across
Ratna Sekhar was appointed as the Chairman roles and locations, before moving to the private
and Managing Director of the Company with sector organisations like Federal Mogul Goetze
effect from 3rd November, 2021 till the date of Limited, Bilfinger Berger Constructions Private
his superannuation, i.e. 30th June, 2024, or until Limited, holding key managerial and leadership
further orders of MoP&NG, whichever is earlier positions.
pursuant to the letter bearing reference no. CA-
Shri Adika Ratna Sekhar has over 35 years of
31024/2/2020-PNG (36125) dated 3rd November,
experience in leading multicultural organizations
2021 of MoP&NG.
in Human Resources Management, Industrial
Owing to his appointment as Chairman and Relations and Administration with hands
Managing Director, Shri Adika Ratna Sekhar on experience in Talent Acquisition, Talent
vacated his functional position as Director Management, Organisational Development,
(Human Resource and Corporate Affairs) with Learning and Development and Change
effect from 3rd November, 2021. However, vide Management initiatives, 360 Degree Leadership
letter bearing reference no. CA-31024/5/2021- Development Program, Career and Performance
PNG (40259) dated 23rd November, 2021 by Management systems and Performance

106
counselling. He has led employee engagement Shri Adhip Nath Palchaudhuri holds a B.E (E&C)
programs, employee welfare and loyalty programs degree from University of Roorkee (now IIT
and trade union negotiations in progressive Roorkee) and a PGDM from IIM Lucknow. He
organisations of repute. A keen strategist with a has professional work experience of nearly 29
flair for designing and implementing innovative years. He is a PMP and a CISA and is recognized
strategies, he is credited for HR interventions in as a Registered Corporate Coach by Worldwide
line with industry standards. Association of Business Coaches (WABC).
Shri Adika Ratna Sekhar also holds additional Before his appointment as Director (Service
charge of Managing Director on the Board of Businesses) of the Company, he was holding
Biecco Lawrie Limited, a Central Public Sector the position of Head – Marketing for the SBU:
Enterprise under MoP&NG. He also holds Industrial Packaging of Balmer Lawrie & Co. Ltd.
position of Non-Executive Nominee Director on Earlier, he has held positions such as Head –
the Board of Balmer Lawrie - Van Leer Limited Supply Chain Management for SBU: Industrial
and Avi-Oil India Private Limited. He is also Packaging and AVP & Head – ERP & Systems
a Member of Board of Commissioners of PT within the Corporate IT department of Balmer
Balmer Lawrie Indonesia and also holds position Lawrie & Co. Ltd. Prior to joining Balmer Lawrie
of Vice Chairman as a Non-Executive Director on & Co. Ltd., Shri Adhip Nath Palchaudhuri had
the Board of Balmer Lawrie (UAE) LLC– all being worked with a wide variety of organizations in the
Joint Ventures of the Company. IT Services/Consulting field in India and abroad.
Shri Adhip Nath Palchaudhuri (DIN: 08695322) Shri Adhip Nath Palchaudhuri also holds position
of Non-Executive Director in Visakhapatnam Port
Director (Service Businesses)
Logistics Park Limited, which is a subsidiary of
Shri Adhip Nath Palchaudhuri was appointed as Balmer Lawrie & Co. Ltd.
an Additional Director of the Company with effect
Shri R. M. Uthayaraja (DIN: 09678056)
from 1st March, 2020 by the Board of Directors,
based on the direction of the MoP&NG vide Director (Manufacturing Businesses)
letter bearing reference no. CA 31023/1/2018-
Shri R.M. Uthayaraja was appointed as an
PNG(23808) dated 20th December, 2019. He
Additional Director of the Company with effect
assumed office as Director (Service Businesses)
from 14th July, 2022 based on the direction of
from the said date. He was further appointed as a
the MoP&NG vide its letter bearing reference no.
Whole time, Executive Director with designation
CA-31024/1/2019- PNG (30909) dated 14th July,
Director (Service Businesses) at the 103rd AGM
2022. He had assumed the office as Director
of the Company held on 25th September, 2020
(Manufacturing Businesses) of the Company
and was re-appointed at the 104th AGM of the
from the said date. He was further appointed as a
Company held on 28th September, 2021.
Whole time, Executive Director with designation
Upon cessation of the directorship of Shri Sandip Director (Manufacturing Businesses) at the 105th
Das, erstwhile Director (Finance) and Chief AGM of the Company held on 27th September,
Financial Officer of the Company, the additional 2022.
charge of the post of Director (Finance) was
Shri. R. M. Uthayaraja completed his Chemical
entrusted upon Shri Adhip Nath Palchaudhuri by
Engineering from M.S. Ramaiah Institute of
MoP&NG vide its letter bearing reference no. CA-
Technology, Bangalore. He has over 32 years of
31024/2/2022-PNG (44948) dated 30th December,
rich experience in various industries like distillery,
2022 during the period from 1st January, 2023 till
Agro Chemicals, Pharmaceuticals, Beverages,
1st February, 2023. In furtherance to the said letter
Leather Chemicals and Industrial Packaging.
of MoP&NG read with letter bearing reference no.
- P-21014/1/2006-Mkt dated 16th April, 2010, he He had started his career with M/s. Trichy
also held the ex-officio position of Non-Executive Distilleries & Chemicals Ltd. and worked
Director of Balmer Lawrie Investments Limited in the major Pharma Company, M/s. Sun
(BLIL) (the Holding Company) . Pharmaceutical Industries Ltd.

107
A Technocrat by professional, Shri R. M. Balmer Lawrie & Co. Ltd. He also holds position
Uthayaraja has worked in various parts of the of Commissioner in PT Balmer Lawrie Indonesia,
country and for over a decade now has been which is a Joint Venture of Balmer Lawrie & Co.
holding business leadership roles. In his earlier Ltd.
assignment in Balmer Lawrie & Co. Ltd., he
Shri Abhijit Ghosh (DIN: 10042785)
was spearheading the business of Industrial
Packaging & Chemicals as an Executive Director. Director (Human Resource and Corporate
He has also worked as Administration Head for Affairs)
both Western and Southern regions. Shri Abhijit Ghosh was appointed as an Additional
Shri. R. M. Uthayaraja also holds position of Non- Director of the Company with effect from 4th
executive, nominee director in Balmer Lawrie – February, 2023 based on the direction of the
Van Leer Limited and Balmer Lawrie (UAE) LLC MoP&NG vide its letter bearing reference no. CA-
which are joint ventures of the Company. 31024/4/2021-PNG (39793) dated 1st February,
2023. He had assumed the office as Director
Shri Saurav Dutta (DIN: 10042140)
(Human Resource and Corporate Affairs) of the
Director (Finance) and Chief Financial Officer Company from the said date.
Shri Saurav Dutta was appointed as an Additional A resolution for confirmation of Members for
Director of the Company with effect from 2nd appointment of Shri Abhijit Ghosh as Wholetime,
February, 2023 based on the direction of the Executive Director in the designation Director
MoP&NG vide its letter bearing reference no. CA- (Human Resource and Corporate Affairs) is
31024/1/2021-PNG (36607) dated 31st January, proposed at the 106th AGM.
2023. He had assumed the office as Director
Shri Abhijit Ghosh has over 30 years of
(Finance) of the Company from the said date.
Professional experience in 4 (four) Public Sector
Shri Saurav Dutta was also appointed as the Undertakings (PSUs) of repute. Shri Abhijit Ghosh
Chief Financial Officer of the Company with is a seasoned professional who has worked in
effect from 10th February, 2023 by the Board of various HR role spanning Employee Relations,
Directors. Talent Management, Organisation Change
& Development, Learning & Development,
A resolution for confirmation of Members for
HR Operations, Performance Management,
appointment of Shri Saurav Dutta as Wholetime,
Employee Engagement, etc.
Executive Director in the designation Director
(Finance) and Chief Financial Officer is proposed Shri Abhijit Ghosh is having Post Graduate
at the 106th AGM. Diploma in Personnel Management from Xavier
Institute of Social Service, Ranchi, prior to
Shri Saurav Dutta, a qualified Chartered
which he completed his Bachelor of Commerce
Accountant and Company Secretary, joined
(Honours) from Ranchi University. Shri Abhijit
Balmer Lawrie & Co. Ltd. on 16th June 1997. Prior
Ghosh has also pursued Master of Business
to taking over as Director, he was holding the
Administration from Calcutta University and
position of Vice President [Finance]. A seasoned
PGCHRM from XLRI, Jamshedpur.
professional with nearly 30 years of experience,
he has worked in core business areas in both Shri Rajinder Kumar (DIN: 09651096)
manufacturing and services, Corporate Finance
Government Nominee Director
and taxation function and headed the Finance
function of a Joint venture during his tenure at Shri Rajinder Kumar was appointed as an
Balmer Lawrie & Co. Ltd. Additional Director of the Company in the
designation of Non-Executive Government
Shri Saurav Dutta also holds position of Non-
Nominee Director of the Company with effect
Executive Director (Ex-officio) in Balmer Lawrie
from 16th May, 2023 based on the direction of the
Investments Limited, which is the holding
MoP&NG vide its letter bearing reference no. CA-
Company of Balmer Lawrie & Co. Ltd. He is also
31032/1/2021-PNG-37493 dated 16th May, 2023.
a Non-Executive Director in Visakhapatnam Port
Logistics Park Limited which is a Subsidiary of A resolution for confirmation of Members for

108
appointment of Shri Rajinder Kumar as Non- Dr. Vandana Minda Heda is a B.E(elect), MBA in
executive Government Nominee Director is finance and marketing (Gold Medallist) and after
proposed at the 106th AGM. that she has completed her PhD (Thesis: A study
of the Awareness, Prospects and challenges
Shri Rajinder Kumar is currently working as
of Microfinance in Urban area of Kamrup
Economic Adviser (IFD) with MoP&NG and holds
(Metropolitan) district of Assam).
the following qualifications:
Her professional journey started by joining
‡ 06F +RQV (FRQRPLFV
Standard Chartered Bank in 2001 working in
‡ 03KLO 3XEOLF3ROLF\ ,,3$'HOKL various capacities including Head Cashier to
‡ 3RVW *UDGXDWH 'LSORPD LQ 0DQDJHPHQW Teller Service Manager to Personal Financial
IGNOU, New Delhi. Consultant and finally Manager Customer
‡ 3RVW *UDGXDWH 'LSORPD LQ ,QWHUQDWLRQDO /DZ Relations. After that she joined Kotak Mahindra
and Diplomacy, Indian Society of International Bank in 2006 as branch manager and continued
Law (ISIL), New Delhi. with Kotak Mahindra Bank for 7 years. She had
won many awards for best Branch and best
‡ 5HJLRQDO 7UDGH 3ROLF\ &RXUVH 'LSORPD Branch Manager. She had also cracked an
National University of Singapore (Singapore). underground world nexus for which she was well
‡ 3RVW *UDGXDWH 'LSORPD LQ 7KHRORJ\ '(, appreciated by her seniors.
Agra. She has been engaged with various motivational
‡:72(&RXUVHRQ$JUHHPHQWRQ6DQLWDU\DQG training for corporates and teaching in the MBA
Phyto-sanitary, WTO, Geneva, Switzerland. department of Gauhati University.
‡:72 (&RXUVH RQ $JUHHPHQW RQ 7HFKQLFDO Dr. Vandana is a trained Bharatanatyam dancer
Barriers to Trade WTO, Geneva, Switzerland. and also hosts interviews in her channel
‡ Masters Diploma in Public Administration “Exploring The Gold Mine... A chat show”.
from IIPA, New Delhi. Shri Rajeev Kumar (DIN: 09402066)
Shri Rajinder Kumar has overall 20 years Independent Director
working experience with Government of India in
various Ministries/Department including, Director Shri Rajeev Kumar was appointed as an
(Finance) in Ministry of MSME; Financial Adviser Additional, Non-Executive Director in the
& Chief Accounts Officers (FA&CAO) in Bhakra category of Independent Director on the Board
Beas Management Board, Ministry of Power; of the Company with effect from 26th November,
Director in Ministry of Defence; Deputy Economic 2021 pursuant to the letter bearing no. CA-
Adviser in Ministry of Finance; Deputy Director in 31033/2/2021-PNG (39069) dated 8th November,
Department of Commerce, Trade Policy Division 2021 received from the MoP&NG. He was further
and Assistant Director in Ministry of Agriculture. appointed as an Independent Director in the
category of Non - Executive Director at the 105th
Dr. Vandana Minda Heda (DIN 09402294) AGM of the Company held on 27th September,
Independent Director 2022.
Dr. Vandana Minda Heda was appointed as Shri Rajeev Kumar has a Bachelor’s Degree
an Additional, Non-Executive Director in the in Art from Mahatma Jyotiba Phule Rohilkhand
category of Independent Director on the Board University, Bareilly.
of the Company with effect from 26th November, Shri Rajeev Kumar held the following positions:
2021 pursuant to the letter bearing reference
no. CA-31033/2/2021-PNG (39069) dated 8th ‡ District In Charge of BJP Rampur from 2021 to
November, 2021 received from the MoP&NG. Present.
She was further appointed as an Independent ‡ District President of BJP Bijnor from 2017 to
Director in the category of Non - Executive 2020.
Director at the 105th AGM of the Company held ‡ General Secretary of BJP Bijnor from 2012 to
on 27th September, 2022. 2016.
109
‡ Secretary of BJP Bijnor from 2002 to 2007.
Shri Rajeev Kumar is result-oriented, problem solver and visionary leader with strategic thinking skills
and a creative mind.
The composition of Board of Directors as on 31st March, 2023 and the number of other Boards
or Committees in which the Director is a member/chairperson are enumerated as follows:
Name, DIN, designation and Total No. of Names of the other Number of Number
category of the Director and Directorship Listed entities in memberships of post of
institution represented in other which the director in Committee(s) Chairperson
Companies is a director and of other in Committee
# the category of Companies of other
directorship ## Companies
a b c d e
Shri Adika Ratna Sekhar
(DIN:08053637)
3 0 5 3
Chairman and Managing Director
Executive Director
Shri Adhip Nath Palchaudhuri
(DIN:08695322)
1 0 1 0
Director (Service Businesses)
Executive Director
Shri R. M. Uthayaraja
(DIN:09678056)
Director (Manufacturing 1 0 1 0
Businesses)
Executive Director
Shri Saurav Dutta Balmer Lawrie
(DIN:10042140) Investments Limited,
Director (Finance) and Chief 2 Non-Executive 5 3
Financial Officer Director
Executive Director (Ex-officio member)
Shri Abhijit Ghosh
(DIN:10042785)
Director (Human Resource and 0 0 0 0
Corporate Affairs)
Executive Director
Smt. Perin Devi Rao
(DIN:07145051)
Government Nominee Director 1 0 0 0
(nominated by the MOP&NG)
Non-Executive Director
Shri Kushagra Mittal
(DIN:09026246)
Government Nominee Director 0 0 0 0
(nominated by the MOP&NG)
Non-Executive Director
Dr. Vandana Minda Heda
(DIN 09402294)
0 0 0 0
Independent Director
Non-Executive Director
Shri Rajeev Kumar
(DIN 09402066)
0 0 0 0
Independent Director
Non-Executive Director

110
# includes directorship in all companies excluding foreign companies.
## Membership/chairmanship across all committees of public/private, Indian companies are included.
Brief profile and other details of the Directors of the Company retiring by rotation and Directors
seeking appointment at the 106th Annual General Meeting (AGM)
The brief profile and other details of the Directors of the Company retiring by rotation and directors
seeking appointment at the 106th AGM is attached to the Notice of the 106th AGM pursuant to Regulation
36(3) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements)
Regulations, 2015, (“the Listing Regulation”) para 1.2.5 of Secretarial Standard-2 on General Meetings
issued by the Institute of Company Secretaries of India and Para 8.1 of the Guidelines on Corporate
Governance for Central Public Sector Enterprises, 2010 issued by Department of Public Enterprises.
Attendance at the Board Meetings during the Financial Year 2022-23 and at the last AGM
The Board of Directors met 7 (seven) times during the Financial Year 2022-23. Attendance of the
Directors at the Board Meetings and at the last AGM held during the Financial Year 2022-23 is shown
below:
Name of the Board Meetings held during the Financial Year 2022-23 Attendance
Director at last AGM

27th 16th 5th 3rd 27th 10th 24th 27th

May, July, August, November, December, February, March, September,
2022 2022 2022 2022 2022 2023 2023 2022
Shri Adika Ratna Sekhar ¥ ¥ ¥ ¥ ¥ ¥ ¥ ¥
Shri Adhip Nath
¥ ¥ ¥ ¥ ¥ ¥ ¥ ¥
Palchaudhuri
Shri Sandip Das% ¥ ¥ ¥ ¥ ¥ NA NA ¥
Shri R. M. Uthayaraja@ NA NA@ ¥ ¥ ¥ ¥ ¥ ¥
Shri Saurav Dutta# NA NA NA NA NA ¥ ¥ NA
Shri Abhijit Ghosh$ NA NA NA NA NA ¥ ¥ NA
Smt. Perin Devi Rao^ ¥ ¥ ¥ ¥ ¥ LOA ¥ ¥
Shri Kushagra Mittal& LOA ¥ ¥ LOA ¥ ¥ ¥ ¥
Shri Arun Kumar* ¥ NA NA NA NA NA NA NA
Shri Anil Kumar
¥ NA NA NA NA NA NA NA
Upadhyay@@
Shri Bhagawan Das
¥ NA NA NA NA NA NA NA
Shivahare##
Dr. Vandana Minda Heda ¥ ¥ ¥ ¥ ¥ ¥ ¥ ¥
Shri Rajeev Kumar ¥ ¥ ¥ ¥ ¥ ¥ ¥ ¥
Shri Rajinder Kumar~ NA NA NA NA NA NA NA NA
Notes:
% Shri Sandip Das had ceased to be Director (Finance) and Chief Financial Officer of the Company
with effect from 1st January, 2023.
@ Shri R. M. Uthayaraja had been appointed as an Additional Director of the Company with the
designation Director (Manufacturing Businesses) at Board Meeting dated 5th August, 2022 with
effect from 14th July, 2022.
+ Shri R. M. Uthayaraja had attended the adjourned Board Meeting held on
5th August, 2022 as a Director (Manufacturing Businesses), which was held after the initial Board
Meeting at which the resolution proposing his appointment as a Director of the Company was
approved.
# Shri Saurav Dutta had been appointed as an Additional Director of the Company with the
designation Director (Finance) with effect from 2nd February, 2023 and the Chief Financial Officer
of the Company with effect from 10th February, 2023.
++ Shri Saurav Dutta had attended the adjourned Board Meeting held on

111
 10th February, 2023 as a Director (Finance) and Chief Financial Officer, which was held after
the initial Board Meeting at which the resolution proposing his appointment as a Director of the
Company was approved.
$ Shri Abhijit Ghosh had been appointed as an Additional Director of the Company with the
designation Director (Human Resource and Corporate Affairs) with effect from 4th February,
2023.
+++ Shri Abhijit Ghosh had attended the adjourned Board Meeting held on
10th February, 2023 as a Director (Human Resource and Corporate Affairs), which was held
after the initial Board Meeting at which the resolution proposing his appointment as a Director
of the Company was approved.
^ Smt. Perin Devi Rao had ceased to be a Government Nominee Director of the Company with
effect from 16th May, 2023.
& Shri Kushagra Mittal had ceased to be a Government Nominee Director of the Company with
effect from 16th May, 2023.
* Shri Arun Kumar had ceased to be an Independent Director of the Company with effect from 12th
July, 2022.
@@ Shri Anil Kumar Upadhyay had ceased to be an Independent Director of the Company with effect
from 12th July, 2022.
## Shri Bhagawan Das Shivahare had ceased to be an Independent Director of the Company with
effect from 12th July, 2022.
~ Shri Rajinder Kumar was appointed as a Government Nominee Director of the Company
w.e.f.16th May, 2023.
Disclosure of relationships between directors inter-se:
Directors do not have any relationship inter-se amongst them.
Number of shares and convertible instruments held by Non-Executive Directors (as on 31st
March, 2023):
Name of Number of shares held in the Company Percentage of shares
Non-Executive Director
Smt. Perin Devi Rao NIL NIL
Shri Kushagra Mittal NIL NIL
Dr. Vandana Minda Heda NIL NIL
Shri Rajeev Kumar NIL NIL
Note: The Company has not issued any convertible instruments during the Financial Year 2022-23.
Web link where details of familiarization programmes imparted to Independent Director is
disclosed:
https://www.balmerlawrie.com/adminls/dl_u/Number-hours-spent-Independent-Directors-
progrrames.pdf
https://www.balmerlawrie.com/adminls/dl_u/Number-of-programmes-VD-RK.pdf
https://www.balmerlawrie.com/adminls/dl_u/familiarisation-program-of-Arun-Kumar.pdf
https://www.balmerlawrie.com/adminls/dl_u/familiarisation-program-of-Anil-Kumar-Upadhyay.pdf
https://www.balmerlawrie.com/adminls/dl_u/familiarisation-program-of-shri-b-d-shivahare-23.pdf
A chart or a matrix setting out the skills/expertise/competence of the Board of Directors
Balmer Lawrie & Co. Ltd., being a Government Company under the administrative control of the Ministry
of Petroleum & Natural Gas (MoP&NG), the power to appoint Directors (including Independent Directors)
vests with the Administrative Ministry. The Independent Directors are selected by the Government of

112
India from a mix of eminent personalities having Terms of Reference
requisite expertise and experience in diverse
The terms of reference of the Audit Committee
fields. In view thereof, the Board of Directors
were revised with effect from 9th February,
are not in a position to carry out the exercise
2022 to bring it in line with the amended
of identifying and listing of core skills/expertise/
Listing Regulations. The terms of reference (as
competencies required by it and the Directors
amended) of the Audit Committee are as follows:
who have such skills/expertise/competence in the
context of the Company’s business as required i. Oversight of the Company’s financial
under the Listing Regulations. reporting process and the disclosure of
its financial information to ensure that the
Confirmation regarding Independent
financial statement is correct, sufficient and
Director(s)
credible;
As per Section 149(6) of the Companies Act,
ii. Recommendation for appointment,
2013 (“the Act”) read with exemption granted to
remuneration and terms of appointment of
Government Companies vide Notification No,
auditors of the Company;
G.S.R. 463(E) dated 5th June, 2015 [as amended
vide Notification No. G.S.R. 582(E) dated 13th iii. Approval of payment to Statutory Auditors for
June, 2017, Notification No, S.O. 802(E) dated any other services rendered by the Statutory
23rd February, 2018 and Notification No. G.S.R. Auditors;
151(E) dated 2nd March, 2020], an Independent iv. Reviewing, with the management, the annual
Director is a Director, who in the opinion of the financial statements and auditor’s report
Administrative Ministry is a person of integrity and thereon before submission to the Board for
possesses relevant expertise and experience. As approval, with particular reference to:
already stated, all the Directors of the Company
including Independent Directors are appointed ‡ Matters required to be included in the
by the Administrative Ministry. Further, the Directors’ Responsibility Statement
mechanism of evaluation of the Independent to be included in the Board’s report in
Directors as stated in paragraph VIII of Schedule terms of clause (c) of sub-section (3)
IV to the Companies Act, 2013 does not apply of Section 134 of the Companies Act,
in the case of a Government Company, if the 2013;
requirements in respect of matters specified ‡ Changes, if any, in accounting policies
in the said paragraph are specified by the and practices and reasons for the same;
concerned Ministries or Departments of the ‡ Major accounting entries involving
Central Government. Since, the evaluation estimates based on the exercise of
of performance of all the Directors, including judgement by management;
the Independent Directors is carried out by the
Administrative Ministry and the Department of ‡ Significant adjustments made in the
Public Enterprises, the Board of Directors is not financial statements arising out of audit
in a position to give the confirmation as required findings;
under para C 2(i) of Schedule V to the Listing ‡ Compliance with Listing and other
Regulations. legal requirements relating to financial
statements;
Reasons of resignation of Independent
Director(s) ‡ Disclosure of any Related Party
Transactions;
During the year under review, none of the
Independent Director(s) had resigned before the ‡ Modified opinion(s)/ qualification in the
completion of his/her tenure. draft audit report;
COMMITTEES OF THE BOARD v. Examination of the financial statement and
the auditor’s report thereon;
Audit Committee

113
vi. Reviewing, with the management, the function, if any, including the structure
quarterly financial statements before of the internal audit department, staffing
submission to the Board for approval; and seniority of the official heading the
department, reporting structure coverage
vii. Reviewing, with the management, the
and frequency of internal audit;
statement of uses/ application of funds raised
through an issue (public issue, right issue, xvi. Discussion with internal auditors and/or
preferential issue, etc.), the statement of auditors any significant findings and follow-
funds utilized for purposes other than those up thereon;
stated in the offer document / prospectus
xvii. Reviewing the findings of any internal
/ notice and the report submitted by the
investigations by the internal auditors /
monitoring agency monitoring the utilization
auditors / agencies into matters where there
of proceeds of a public or rights issue, and
is suspected fraud or irregularity or a failure
making appropriate recommendations to the
of internal control systems of a material
Board to take up steps in this matter;
nature and reporting the matter to the Board;
viii. Monitoring the end-use of funds raised
xviii. Discussion with statutory auditors before
through public offers and related matters;
the audit commences, about the nature
ix. Reviewing and monitoring the auditor’s and scope of audit as well as post-audit
independence and performance and discussion to ascertain any area of concern
effectiveness of audit process; and to review the co-ordination of audit
efforts to assure completeness of coverage,
x. Approval or any subsequent material
reduction of redundant efforts, and the
modifications of Related Party Transactions,
effective use of all audit resources;
whether or not, the Company is a Party to the
same. Provided that only those members of xix. The Audit Committee may call for the
the Audit Committee, who are independent comments of the auditors about internal
directors, shall approve Related Party control systems, the scope of audit,
Transactions and subsequent material including the observations of the auditors
modifications. and review of financial statement before
their submission to the Board and may also
xa. granting omnibus approval for Related
discuss any related issues with the internal
Party Transactions proposed to be
and statutory auditors and the management
entered into by the Company subject to
of the Company;
the applicable provisions and carrying
out the review thereof. xx. To look into the reasons for substantial
defaults in the payment to the depositors,
xb. Defining “material modifications” to
debenture-holders, shareholders (in case
Related Party Transactions.
of non-payment of declared dividends) and
xi. Scrutiny of inter-corporate loans and creditors;
investments;
xxi. To review the functioning of the whistle
xii. Valuation of undertakings or assets of the blower mechanism;
Company, wherever it is necessary;
xxii. Approval of appointment of Chief Financial
xiii. Evaluation of internal financial controls and Officer after assessing the qualifications,
risk management systems; experience and background, etc. of the
xiv. Reviewing, with the management, candidate;
performance of statutory and internal xxiii. Reviewing the utilization of loans and/or
auditors, adequacy of the internal control advances from / investment by the holding
systems; Company in the subsidiary exceeding
xv. Reviewing the adequacy of internal audit Rupees 100 crore or 10% of the asset size of

114
 the subsidiary, whichever is lower including auditor, together with the management
existing loans/ advances/investments responses.
existing as on the date of coming into force
xxix. Consider and review the following with
of this provision (i.e., 1st April, 2019);
the management, internal auditor and the
xxiv. The Audit Committee shall mandatorily independent auditor:
review the following information:
‡ Significant findings during the year,
‡ Management Discussion and Analysis including the status of previous audit
of financial condition and results of recommendations.
operations;
‡ Any difficulties encountered during audit
‡ Management letters/ letters of internal work including any restrictions on the
control weaknesses issued by the scope of activities or access to required
statutory auditors; information.
‡ Internal audit reports relating to internal xxx. Investigate into any matter in relation to the
control weaknesses; and items specified in Section 177 of the Act
or referred to it by the Board or pertaining
‡ The appointment, removal and terms
to any activity within its terms of reference
of remuneration of the Chief Internal
and to this purpose, shall have full access
Auditor shall be subject to review by the
to information contained in the records of
Audit Committee.
the Company and external professional
‡ Statement of deviations: advice, if necessary, seek information from
a) Quarterly statement of deviation(s) any employee in the matter and secure
including report of monitoring attendance of outsiders with relevant
agency, if applicable, submitted expertise, if considered necessary;
to stock exchange(s) in terms of xxxi. Consider and comment on rationale, cost-
Regulation 32(1). benefits and impact of schemes involving
b) Annual Statement of funds utilized merger, demerger, amalgamation etc., on
for purposes other than those the listed entity and its shareholders.
stated in the offer document / xxxii. Carrying out any other function as is
prospectus/ notice in terms of mentioned in the terms of reference of the
Regulation 32(7). Audit Committee.
xxv. To review the follow up action on the audit Composition
observations of the C&AG audit;
During the Financial Year 2022-23, the Audit
xxvi. To review the follow up action taken on the Committee was reconstituted and as on 31st
recommendations of Committee on Public March, 2023 was consisted of 3 (three) Members
Undertakings (COPU) of the Parliament; out of which 2 (two) were Independent Directors
xxvii. Provide an open avenue of communication and one was a Whole-time Director. As on 31st
between the independent auditor, internal March, 2023 Shri Rajeev Kumar, Independent
auditor and the Board of Directors; Director was the Chairperson of the Committee.
The composition of the Audit Committee as on
xxviii. Consider and review the following with the 31st March, 2023 was as follows:
independent auditor and the management:
i. Shri Rajeev Kumar, Independent Director-
‡ The adequacy of internal controls Chairperson
including computerized information
ii. Dr. Vandana Minda Heda, Independent
system controls and security; and
Director-Member
‡ Related findings and recommendations
iii. Shri Saurav Dutta, Director (Finance) and
of the independent auditor and internal
Chief Financial Officer-Member

115
All the Members of the Audit Committee are financially literate and some Members possess
accounting/ financial management expertise also. The Company Secretary acts as the Secretary to
this Committee.
The Audit Committee met 6 (six) times during the Financial Year 2022-23. The details regarding the
attendance of the Members at the Meetings are enumerated as follows:
Audit Committee Meetings held during the Financial Year 2022-23
26th & 16th 5th 2nd & 3rd 10th 24th
Name of the Members 27 May, July,
th
August, November, February, March,
2022 2022 2022 2022 2023 2023
Shri Rajeev Kumar @
NA ¥ ¥ ¥ ¥ ¥
Dr. Vandana Minda Heda ¥ ¥ ¥ ¥ ¥ ¥
Shri Saurav Dutta# NA NA NA NA ¥+ ¥
Shri Sandip Das $
¥ ¥ ¥ ¥ NA NA
Shri Adika Ratna Sekhar% NA NA NA NA ¥++ NA
Shri Bhagawan Das Shivahare^ ¥ NA NA NA NA NA
Shri Anil Kumar Upadhyay& ¥ NA NA NA NA NA
Notes:
@ Shri Rajeev Kumar, Independent Director had been appointed as a Member and Chairperson of
the Audit Committee with effect from 12th July, 2022.
# Shri Saurav Dutta, Director (Finance) and Chief Financial Officer had been appointed as a Member
of the Audit Committee with effect from 10th February, 2023.
+ Shri Saurav Dutta had attended the adjourned Audit Committee Meeting held on
10th February, 2023, post his appointment as the Member of the Audit Committee by the Board of
Directors at its Meeting held on same day prior to the adjourned Audit Committee Meeting on 10th
February, 2023.
$
Shri Sandip Das had ceased to be the Director (Finance) and Chief Financial Officer of the
Company with effect from 1st January, 2023. Therefore, his membership in the Committee had
also come to an end with effect from 1st January, 2023.
% Shri Adika Ratna Sekhar, Chairman and Managing Director had been appointed as a Member of
the Audit Committee with effect from 1st January, 2023 and had only attended the 1st part of Audit
Committee Meeting held on 10th February, 2023 and thereafter he ceased to be Member of this
committee.
++ Shri Adika Ratna Sekhar, Chairman and Managing Director had attended the first part of Audit
Committee Meeting held on 10th February, 2023, whereafter, the Audit Committee had been
reconstituted by the Board of Directors and he had ceased to be a Member of the Audit Committee.
^ Shri Bhagawan Das Shivahare had ceased to be an Independent Director of the Company with
effect from 12th July, 2022. Therefore, his membership in the Committee had also come to an end
with effect from 12th July, 2022.
& Shri Anil Kumar Upadhyay had ceased to be an Independent Director of the Company with effect
from 12th July, 2022. Therefore, his membership in the Committee had also come to an end with
effect from 12th July, 2022.
Nomination & Remuneration Committee remuneration of the whole-time directors is fixed
and their performance evaluation is carried out
The Company being a Government Company
by the Government of India from time to time.
within the meaning of Section 2(45) of the
Nevertheless, a “Remuneration Committee” had
Companies Act, 2013, all the Directors of the
been constituted by the Board at its Meeting
Company are appointed by the MoP&NG. The

116
held on 30th January, 2009. The said Committee specify the manner for effective evaluation
was renamed as “Nomination & Remuneration of performance of Board, its committees
Committee” on 6th February, 2015. and individual directors to be carried out
either by the Board, by the Nomination
Terms of Reference
and Remuneration Committee or by an
The terms of reference of the Nomination and independent external agency and review its
Remuneration Committee were revised with implementation and compliance;
effect from 9th February, 2022 to bring it in line
v. The Nomination and Remuneration
with the amended Listing Regulations. The terms
Committee shall, while formulating the policy
of reference (as amended) of the Nomination and
ensure that –
Remuneration Committee are as follows:
‡ the level and composition of remuneration
i. Formulation of the criteria for determining
is reasonable and sufficient to attract,
qualifications, positive attributes and
retain and motivate directors of the quality
independence of a Director and recommend to
required to run the Company successfully;
the Board a policy, relating to the remuneration
of the directors, key managerial personnel ‡ relationship of remuneration to
and other employees. The Company shall performance is clear and meets
disclose the remuneration policy and the appropriate performance benchmarks;
evaluation criteria in its Annual Report; and
ia. For every appointment of an independent ‡ remuneration to directors, key managerial
director, the Nomination and Remuneration personnel and senior management
Committee shall evaluate the balance of skills, involves a balance between fixed and
knowledge and experience on the Board and incentive pay reflecting short and long-
on the basis of such evaluation, prepare term performance objectives appropriate
a description of the role and capabilities to the working of the Company and its
required of an independent director. The goals and such policy shall be disclosed
person recommended to the Board for in the Board’s Report.
appointment as an independent director
vi. whether to extend or continue the term of
shall have the capabilities identified in such
appointment of the independent director,
description. For the purpose of identifying
on the basis of the report of performance
suitable candidates, the Committee may:
evaluation of independent directors;
a. use the services of an external agencies,
vii. Recommending to the Board, all
if required;
remuneration, in whatever form, payable to
senior management.
b. consider candidates from a wide range
of backgrounds, having due regard to Note: The Company being a Government
diversity; and Company, vide Notification No. GSR 463(E)
dated 5th June, 2015 as amended by Notification
c. consider the time commitments of the
No. GSR 582(E) dated 13th June, 2017 and
candidates;
notification No. GSR 802(E) dated 23rd February,
ii. Formulation of criteria for evaluation of 2018, has been exempted from applicability of
performance of Independent Directors and section 178(2), (3) and (4) of the Companies Act,
the Board; 2013.
iii. Devising a policy on Board Diversity; The Annual Performance Appraisal of Top
iv. To identify persons who are qualified to Management Incumbents of Public Enterprises is
become Directors and who may be appointed done through the Administrative Ministry as per
in senior management in accordance with the the DPE Guidelines in this regard. The Company
criteria laid down, recommend to the Board being a Central Public Sector Enterprise under
their appointment and removal and shall the administrative jurisdiction of Ministry of

117
Petroleum & Natural Gas also has to follow the 2 (two) were Independent Directors and 1 (one)
similar procedure. was a Government Nominee Director. As on 31st
March, 2023, Shri Rajeev Kumar, Independent
Further, as per Section 149(6) of the Companies
Director was the Chairperson of the Committee.
Act, 2013, read with exemption granted to
Government Companies vide Notification No, The Composition of the Nomination and
GSR 463(E) dated 5th June, 2015, an Independent Remuneration Committee as on 31st March, 2023
Director is a Director, who in the opinion of the was as follows:
Administrative Ministry is a person of integrity
i. Shri Rajeev Kumar, Independent Director –
and possesses relevant expertise, experience.
Chairperson
In view of the above, the role of Nomination &
Remuneration Committee, in context of directors, ii. Shri Kushagra Mittal, Government Nominee
would be limited in the above-mentioned serial Director – Member
(i), (ia), (ii), (iii), (iv), (v) and (vii). iii. Dr. Vandana Minda Heda, Independent
Composition Director – Member
During the Financial Year 2022-23 the Committee The Nomination and Remuneration Committee
was reconstituted and as on 31st March, 2023, held 5 (five) Meetings during the Financial Year
the Nomination and Remuneration Committee 2022-2023, the details are provided hereunder:
consisted of 3 (three) Members, out of which

Nomination and Remuneration Committee Meetings held during the

Name of the Member Financial Year 2022-23

16th July, 5th August, 2nd November, 27th December, 10th February,
2022 2022 2022 2022 2023

Shri Rajeev Kumar% ¥ ¥ ¥ ¥ ¥

Shri Kushagra Mittal ¥ ¥ LOA ¥ ¥
Dr. Vandana Minda Heda ¥ ¥ ¥ ¥ ¥

Note:
% Shri Rajeev Kumar had been appointed as a Member of the Committee with effect from 29th
December, 2021 and was appointed as the Chairman of the Committee with effect from 12th July,
2022.
Remuneration Policy
Balmer Lawrie (BL) is a CPSE under the administrative control of MOP&NG and for all purpose the
Company follows the relevant and applicable guidelines. There are four levels under which the matter
is dealt with, these are as under:
a. For Members of the Board
b. For Executives below the Board Level
c. For non-Unionised Supervisors
d. For unionised categories of employee through collective bargaining.
In matters related to the members of the Board, Executives below the Board Level, the Company
is strictly governed by the guidelines of Department of Public Enterprises [DPE], issued from time
to time and ensure compliance to all such guidelines and practices. The matter of finalization of
remuneration, including wages and benefits of non-Unionised Supervisors is overseen by the Board
of BL and it is essentially in line with DPE guidelines as applicable.

118
For the unionised category the matter is decided In view of the above, the role of Nomination
based on a 5 years settlement period where the and Remuneration Committee, in context of
terms are decided based on collective bargaining. Independent Directors is limited as the evaluation
In this case the basic premises that governs the criteria and such evaluation of Directors is done by
boundaries/ guidelines of any agreement is as the MOP&NG, being the Administrative Ministry.
laid out by the DPE.
Remuneration of Directors
In all cases the Board of BL oversees all the above
a) There was no pecuniary relationship or
matters in the light of compliance of Government
transaction of any Non-Executive Director vis-
Guidelines and ethical Corporate Governance
à-vis the Company except the sitting fees paid
practices. Balmer Lawrie in fulfilling the
to the Independent Directors, which has been
statutory requirements has also a fully functional
detailed in this report and the reimbursement
Nomination and Remuneration Committee.
of expenses incurred in connection with
Performance evaluation criteria for attending the Board of Directors and
Independent Directors on the Board Committee Meetings of the Company.
As per Section 149(6) of the Companies b) By virtue of Article 7A of the Articles of
Act, 2013, read with exemption granted to Association of the Company, the President
Government Companies vide Notification No, of India is entitled to decide the terms and
G.S.R. 463(E) dated 5th June, 2015 (as amended conditions of appointment of the Directors.
vide Notification No. G.S.R. 582(E) dated 13th This, inter alia, includes determination of
June, 2017, Notification No, S.O. 802(E) dated remuneration payable to the Whole-time
23rd February, 2018 and Notification No. G.S.R. Directors. Non-Executive Independent
151(E) dated 2nd March, 2020), an Independent Directors are entitled to sitting fees for
Director is a Director, who in the opinion of the attending the Board and Committee Meetings.
Administrative Ministry is a person of integrity No sitting fee is paid to the Whole-time
and possesses relevant expertise, experience. Directors/Government Nominee Directors
for the Meetings of Board of Directors or
Committees attended by them.

(This space has been left blank deliberately.)

119
 Disclosure with respect to remuneration of Directors

120
1) Details of remuneration paid to Executive Directors (Whole-time Directors) during Financial Year 2022-23 are enumerated
hereunder:
(All figures in Rs.)
Shri Adika Ratna Sekhar Shri Adhip Nath Shri R. M. Uthayaraja Shri Saurav Dutta Shri Abhijit Ghosh Shri Sandip Das
(01/04/2022 - 31/03/2023) Palchaudhuri (14/07/2022- (02/02/2023 - (04/02/2023 - (01/04/2022-
(01/04/2022 - 31/03/2023) 31/03/2023) 31/03/2023) 31/03/2023) 31/12/0222)
Salary and allowances 32,58,895.59 36,77,889.00 26,19,986.80 7,39,178.19 5,73,509.08 33,94,885.50
Incentive 9,48,396.85 8,16,686.80 4,43,317.95 79,438.73 56,521.94 10,10,315.22
Provident Fund 3,47,163.00 3,13,242.00 2,30,003.06 62,800.00 50,184.00 2,93,109.00
NPS & SAF 2,63,187.00 2,46,187.00 1,72,027.48 48,976.00 39,514.00 2,19,834.00
Gratuity 72,920.83 74,106.37 39,538.62 13,373.98 3,354.12 -
Perquisites 9,89,981.63 2,84,387.03 3,14,634.47 83,044.85 94,220.97 68,241.20
TOTAL 58,80,544.90 54,12,498.20 38,19,508.39 10,26,811.74 8,17,304.11 49,86,384.92
As contained in letter from Ministry of As contained in letter from As contained in As contained in As contained in As contained in
Petroleum & Natural Gas bearing Ministry of Petroleum & letter from Ministry of letter from Ministry letter from Ministry letter from Ministry
reference no.- Natural Gas bearing Petroleum & Natural of Petroleum of Petroleum & of Petroleum &
CA-31024/5/2021-PNG (40259) reference no.- Gas bearing & Natural Gas Natural Gas bearing Natural Gas bearing
dated 1st November, 2022 CA-31024/1/2018-PNG reference no.- bearing reference no.- reference no.-
CA-31024/4/2019-PNG (32795) (23808) dated 20th CA-31024/1/2019- reference no.- CA-31024/4/2021- CA-31024 /2/2018-
dated 24th March, 2022 December, 2019 PNG(30909) dated 14th CA-31024/1/2021- PNG (39793) dated PNG (25059)
CA-31024/5/2021 - PNG (40259) CA-31024/2/2022-PNG July, 2022 PNG (36607) 1st February, 2023 dated 20th January,
dated 4th February, 2022 (44948) dated 30th dated 31st January, 2020
CA-31024/2/2020 - PNG (36125) December, 2022 2023
dated 29th December, 2021
CA-31024/5/2021 - PNG (40259)
dated 23rd November, 2021
CA-31024/2/2020 - PNG (36125)
dated 3rd November, 2021
CA-31024/4/2019 - PNG (32795)
Terms of appointment dated 26th July, 2021
CA-31024/1/2020 - PNG (35641)
dated 20th April, 2021
CA-31024/4/2019 - PNG (32795)
dated 6th April 2021
CA-31024/4/2019 - PNG (36036)
dated 28th January, 2021
CA-31024/1/2020 - PNG (35641)
dated 6th January, 2021
CA-31024/4/2019 - PNG (32795)
dated 19th November, 2020
CA-31024/4/2017 - PNG (17426)
dated 11th November, 2020
CA-31024/2/2017 - PNG (49) dated
4th January, 2019
CA-31024/2/2017-PNG (49) dated
2nd May, 2018
2) Details of remuneration paid to Non-Executive Directors during Financial Year 2022-23 are
enumerated hereunder:
Name of Director Total Terms of Appointment
Remuneration (as contained in letter from MOP&NG detailed
(Sitting fees hereunder)
Paid) (in Rs.)
Smt. Perin Devi Rao 0 C-31033/1/2016-CA/FTS:42979 dated
5th August, 2021
Shri Kushagra Mittal 0 C-31033/1/2016-CA/FTS:42979 dated
th
11 December, 2020
Dr. Vandana Minda 3,65,000 CA-31033/2/2021- PNG(39069) dated
Heda 8th November, 2021 and her appointment letter
dated 1st December, 2021
Shri Rajeev Kumar 3,20,000 CA-31033/2/2021- PNG(39069) dated
8th November, 2021 and his appointment letter dated
1st December, 2021
Shri Arun Kumar 20,000 C-31033/2/2018-CA /PNG (25758) dated
12 July, 2019 and his appointment letter dated
th

23rd July, 2019

Shri Anil Kumar 35,000 C-31033/2/2018-CA /PNG (25758) dated
Upadhyay 12th July, 2019 and his appointment letter dated
23rd July, 2019
Shri Bhagawan Das 35,000 C-31033/2/2018-CA /PNG(25758) dated
Shivahare 12th July, 2019 and his appointment letter dated
23rd July, 2019
TOTAL 7,75,000
Notes:
1) During the year no stock option was issued by the Company to any Director.
2) Performance linked incentives were paid to the whole-time directors as per DPE
Guidelines.
3) There was no expenditure debited in the books of accounts, which represent personal
expenditure of the Board of Directors and Top Management.
4) Severance fee and notice period for the whole-time directors is NIL and the terms of
disengagement for the Independent Directors is governed by the terms of the respective
appointment letter issued to them.
Stakeholders’ Relationship Committee
Composition
During the Financial Year 2022-23, the Stakeholders’ Relationship Committee was reconstituted and
as on 31st March, 2023, Stakeholders’ Relationship Committee was consisted of 3 (three) Members
out of which 1 (one) was Independent Director and 2 (two) were Wholetime Directors. As on 31st
March, 2023 the Stakeholders’ Relationship Committee was headed by Dr. Vandana Minda Heda,
Non-Executive - Independent Director. Ms. Sonal Sharma, Assistant Manager (Secretarial) is acting
as the Compliance Officer of the Company.
The Composition of Stakeholders’ Relationship Committee as on 31st March, 2023 was as follows:
1. Dr. Vandana Minda Heda, Non-Executive, Independent Director - Chairperson
2. Shri R. M. Uthayaraja, Director (Manufacturing Businesses) - Member
3. Shri Saurav Dutta, Director (Finance) and Chief Financial Officer - Member

121
The details with respect to shareholders’ complaints during the Financial Year 2022-23 are as under:
Opening number Number of Number of Number of complaints Number of
of complaints as complaints complaints not solved to the pending
on 1ႋ April, 2022 received during resolved during satisfaction of the complaints as
the year the year shareholders during the on 31ႋ March,
year 2023
2 441 443 0 0
Risk Management Committee
Terms of Reference
The terms of reference of the Risk Management Committee was last revised in November, 2021. The
terms of reference (as amended) of the Risk Management Committee are as follows:
i) Monitoring and reviewing of the risk management plan and such other functions as delegated by
the Board from time to time;
ii) Cyber security.
iii) All proposals related to CAPEX estimated at Rs. 20/- Crores & above needs to be placed to the
Risk Management Committee (RMC) for their review & recommendation before placing it to the
Board for necessary consideration & approval, respectively.
Composition:
During the Financial Year 2022-23, the Risk Management Committee was reconstituted and as on
31st March, 2023, the Risk Management Committee consisted of 4 (four) Members out of which 1
(one) was Independent Director and 3 (three) were Wholetime Directors. As on 31st March, 2023 the
Committee was headed by Dr. Vandana Minda Heda, Independent Director.
The Composition of the Risk Management Committee as on 31st March, 2023 was as follows:
1. Dr. Vandana Minda Heda, Non-Executive Independent Director - Chairperson
2. Shri Adhip Nath Palchaudhuri, Director (Service Businesses) – Member
3. Shri Adika Ratna Sekhar, Chairman and Managing Director – Member
4. Shri Saurav Dutta, Director (Finance) and Chief Financial Officer – Member
The Risk Management Committee held 3 (three) Meetings during the Financial Year 2022-23, as
detailed hereunder:

Risk Management Committee Meetings held during the Finan-

Name of the Member cial Year 2022-23
5th August, 2022 2nd November, 2022 24th March, 2023
Dr. Vandana Minda Heda ¥ ¥ ¥
Shri Adhip Nath Palchaudhuri ¥ ¥ ¥
Shri Adika Ratna Sekhar ¥ ¥ ¥
Shri Saurav Dutta * NA NA ¥
Notes:
* Shri Saurav Dutta, Director (Finance) and Chief Financial Officer was appointed as a Member of
the Risk Management Committee with effect from 10th February, 2023.

122
Particulars of Senior Management including the changes therein since the close of the previous
Financial Year till the date of reporting
A. Particulars of Senior Management as on 7th August, 2023
Sl. Name Designation
No.
1. Shri Saurav Dutta Chief Financial Officer
2. Dr. Sriram Kumar Chavali Chief Information Officer
3. Shri Romon Sebastian Louis Chief Operating Officer (Logistics Infrastructure)
4. Ms. Kavita Bhavsar Company Secretary
5. Shri Raj Kumar Maity Chief Operating Officer (Greases & Lubricants)
6. Shri N V Balaji Chief Operating Officer (Industrial Packaging)
7. Shri Amitava Bandyopadhyay Senior Vice President (Technical)
8. Shri Sujoy Ghosh Senior Vice President (Finance)
9. Shri Ashok Kumar Gupta Chief Operating Officer (Travel)
10. Shri Thiyagarajan S. Vice President (Vacations)
11. Shri Ravinder Singh Makan Head (Chemicals)
12. Shri Sushil Dugar Head (Logistics Services)
13. Shri V Vijayabaaskar Head (Research & Development)
14. Shri Amlan Gupta Head (Cold Chain)
15. Shri Sreejit Banerjee President Director, Pt. Balmer Lawrie Indonesia

B. Changes in Senior Management during the period from 1st April, 2022 till 7th August, 2023
Sl. Name Changes during the period
No.
1. Shri R. M. Uthayaraja Cessation as Executive Director (Industrial Packaging & Chemicals)
owing to appointment as Director
2. Shri Sandip Das Cessation as Chief Financial Officer upon retirement.
3. Shri Saurav Dutta Appointment as Chief Financial Officer.
4. Shri Abhijit Ghosh Cessation as Senior Vice President (HR) owing to appointment as
Director.
5. Shri Udayan Ghosh Appointment as Executive Director (Logistics) and cessation thereafter
upon retirement.
6. Shri Sreejit Banerjee Secondment to PT Balmer Lawrie Indonesia as President Director
7. Shri N V Balaji Appointment as Head (Chemicals). Thereafter appointment as Head
(IP).
8. Shri Sushil Dugar Appointment as Head (Logistics Services)
9. Shri Gaurav Bhatura Cessation as Vice President and Business Head (Travel)
10. Shri A Thiruvambalam Cessation as Vice President (Works) upon retirement.
11. Shri Ravinder Singh Makan Appointment as Head (IP) and later on appointment as Head
(Chemicals)
12. Shri V Vijayabaaskar Appointment as Head (Research & Development)
13. Shri Amlan Gupta Appointment as Head (Cold Chain)

123
General Body Meetings
Details of the last 3 (three) Annual General Meeting(s) (AGM) held by the Company are enumerated
as under:
Date And Time Venue Meeting Details Of Special Resolution
Number Passed At The Agm
27th September, 2022 It was held through Two-way 105th Annual No Special Resolution was
at Video Conferencing General Meeting passed at the 105th Annual
12:00 noon IST or Other Audio-Visual Means General Meeting.
28th September, 2021 It was held through Two-way 104th Annual No Special Resolution was
at Video Conferencing General Meeting passed at the 104th Annual
12:00 noon IST or Other Audio-Visual Means General Meeting.
25th September, 2020 It was held through Two-way 103rd Annual No Special Resolution was
at Video Conferencing General passed at the 103rd Annual
12:00 noon IST or Other Audio-Visual Means Meeting General Meeting.

Special Resolutions passed in last year through Postal Ballot

No special resolution was passed through Postal Ballot during the Financial Year 2022-23.
Special Resolution proposed to be conducted through Postal Ballot - NIL
Means of Communication and Address for Correspondence
The quarterly Unaudited and Audited Annual Financial Results were submitted to the Stock Exchanges.
Simultaneously, the said Results were published in the Newspapers and also uploaded on the website
of the Company.
‡ During the Financial Year 2022-23, the quarterly/half yearly/audited financial results, Notices,
etc. were published in the following newspapers: Financial Express (English), Jansatta (Hindi),
Business Standard (English), and Business Standard (Hindi), Aajkaal (Bangla).
‡ The Financial Results of the Company is posted on the Company’s website at https://www.
balmerlawrie.com/static/financialresultsinvestor and other Corporate Announcements issued by
the Company and other shareholder’s information is posted on the Company’s website at https://
www.balmerlawrie.com/static/corporate_announcements.
‡ The investors may lodge their complaint/grievance, if any, at sharma.sonal@balmerlawrie.com.
‡ Official news releases are also available on the Company’s website viz. www.balmerlawrie.com.
‡ All communications relating to share registry matters may be addressed to:
KFin Technologies Limited,
Selenium Building, Tower-B, Plot No 31 & 32,Financial District,
Nanakramguda, Serilingampally, Hyderabad, Rangareddy, Telangana India - 500 032
Toll free No. 1800 309 4001
WhatsApp Number: (91) 910 009 4099
E-mail: einward.ris@kfintech.com
KPRISM: https://kprism.kfintech.com
KFIN Corporate Website Link: https://www.kfintech.com
Corporate Registry (RIS) Website Link: https://ris.kfintech.com
Investor Support Centre Link: https://ris.kfintech.com/clientservices/isc
OR
KFIN Technologies Limited Balmer Lawrie & Co. Ltd.
Kankaria Centre Secretary’s Department,
2/1, Russel Street, 4th Floor, 21, Netaji Subhas Road, Kolkata-700001
Kolkata – 700071 Phone-(033) 2222 5612
Tel: 033 6628 5900 E-mail: sharma.sonal@balmerlawrie.com
124
General Shareholders’ Information
Day, Date & Time Wednesday, 27th September, 2023 at 12:00 noon IST
As per para 3 and para 4 of Ministry of Corporate Affairs (“MCA”) General Circular No.
20/2020 dated 5th May, 2020 read with sub para 3-A of General Circular No. 14/2020 dated
8th April, 2020, sub para (i) A of General Circular No. 17/2020 dated 13th April, 2020 and
General Circular No. 10/2022 dated 28th December, 2022 (“the MCA Circulars”), the 106th
Venue AGM is scheduled to be held through VC/OAVM and voting for items to be transacted as
stated in the Notice to the 106th AGM shall be only through remote electronic voting process
or electronic voting during the 106th AGM. Hence, physical attendance of the Members at
the 106th AGM venue is not required. The detailed instructions for participation and voting
at the 106th AGM is available in the Notice of the 106th AGM.
Financial Year 1st April, 2022 to 31st March, 2023
Book Closure
Thursday, 21st September, 2023 to Wednesday, 27th September, 2023 (both days inclusive)
Dates
Dividend Payment Date
Upon declaration at the ensuing 106th AGM scheduled on Wednesday, 27th September 2023, dividend
shall be paid to those shareholders (holding shares as on Wednesday, 20th September, 2023 - end of
day) within statutory period of 30 days from the date of declaration.
Dividend History and Amount of Unclaimed Dividend to be transferred to the ‘Investors
Education and Protection Fund’
Date on which, Total amount of Amount of % of Due date of Type of
Dividend declared/ Dividend unclaimed unclaimed transfer to the Dividend
Financial year (in Rs.) Dividend as on Dividend to “Investors’
31st March, 2023 total dividend Education and
(in Rs.) Protection Fund” *
a b c d e f
nd th
22 September, 2016 57,00,12,820.00 46,30,180.00 0.81 29 October, 2023 Final
2015-16
th st
14 September, 2017 79,80,17,948.00 70,39,144.00 0.88 21 October, 2024 Final
2016-17
th th
12 September, 2018 114,00,25,640.00 93,28,760.00 0.82 19 October, 2025 Final
2017-18
th th
18 September, 2019 125,40,28,204.00 1,12,14,247.00 0.89 25 October, 2026 Final
2018-19
th st
25 September 2020 118,75,96,729.00 93,84,448.50 0.79 1 November, 2027 Final
2019-2020 (net of TDS)
th th
28 September, 2021 98,41,52,913.00 59,90,936.00 0.61 4 November, 2028 Final
2020-2021 (net of TDS)
th
27 September, 2022 106,62,94,981.00 67,91,903.00 0.64 3rd November, 2029 Final
2021-2022 (net of TDS)
* These are indicative dates. Actual Deposit dates may vary but would be as per Sections 124 & 125
of the Companies Act, 2013 read with the applicable Rule(s) framed thereunder.
Payment of Dividend through Electronic Mode
The electronic mode of payment brings in further efficiency and uniformity in credit of the dividend
amount. The advantages of electronic mode over physical mode includes faster credit of remittance
to beneficiary’s account, wider coverage with no limitations of location in India.
Your Company accordingly encourages the use of electronic mode for payment of dividend, wherever
available. To avail such facility the shareholders, are requested to fill-in the mandate form thereby
providing the MICR and IFSC code number of their bank and branch along with the bank account
number, relevant forms and other details to the Registrar & Share Transfer Agent of the Company,
(where the shares are being held in physical form) or to their Depository Participant (where the shares

125
are being held in dematerialized mode) on or before Wednesday, 20th September, 2023 (end of day).
This would facilitate prompt encashment of dividend proceeds and also enable the Company to
reduce cost of dividend distribution.
Stock Exchanges where the Equity Shares of the Company are listed and other related
information
Name and address of the Stock Stock code Confirmation about payment of Annual Listing
Exchanges Fee for FY 2023 - 2024 to the Stock Exchanges
National Stock Exchange of India Limited BALMLAWRIE YES
Exchange Plaza, C-1, Block G,
Bandra Kurla Complex,
Bandra (E), Mumbai – 400051
BSE Limited 523319 YES
Phiroze Jeejeebhoy Towers
Dalal Street, Mumbai - 400001
ISIN Code of the Company INE164A01016
Market Price (High and Low) of the Company as per National Stock Exchange of India Limited
and BSE Limited (for the period April, 2022 to March, 2023)
National Stock Exchange of India BSE Ltd.
Month Limited
High (Rs.) Low (Rs.) High (Rs.) Low (Rs.)
April-22 132.50 112.55 132.40 112.65
May-22 120.80 110.10 120.70 108.65
June-22 118.70 103.35 118.00 103.20
July-22 112.85 107.05 113.05 104.90
August-22 124.75 111.55 125.00 111.70
September-22 134.00 109.00 133.95 109.35
October-22 115.95 107.70 116.15 107.70
November-22 128.95 111.50 128.90 111.55
December-22 129.80 114.25 129.95 114.30
January- 23 132.90 117.70 133.00 117.65
February-23 122.90 113.00 122.95 113.10
March-23 117.65 108.50 117.35 108.60
Market Price of the Equity Shares of the Company vis-a-vis the S&P BSE SmallCap Index

Balmer Lawrie & Co. Ltd. share price performance in comparison to

S&P BSE SmallCap
130 30000
S&P BSE SmallCap Index

125 29000
Share Closing Price

120 28000
115 27000
26000
110 25000
105 24000
100 23000
95 22000
Jul-22

Aug-22

Sep-22
May-22

Nov-22

Dec-22

Feb-23
Apr-22

Oct-22
Jun-22

Jan-23

Mar-23

Month

Balmer Lawrie's Share Closing Price S&P BSE SmallCap

126
REGISTRAR AND SHARE TRANSFER AGENT
KFIN Technologies Limited,
2/1, Russel Street, 4th Floor, Kankaria, Centre, Kolkata - 700071
Tel: 033 6628 5900
or
KFin Technologies Limited,
Selenium Building, Tower-B, Plot No. 31 & 32,Financial District,
Nanakramguda, Serilingampally, Hyderabad, Rangareddy, Telangana, India - 500 032
Toll free No. 1800 309 4001
Whatsapp Number: (91) 910 009 4099
E-mail: einward.ris@kfintech.com
KPRISM: https://kprism.kfintech.com
KFIN Corporate Website Link: https://www.kfintech.com
Corporate Registry (RIS) Website Link: https://ris.kfintech.com
Investor Support Centre Link: https://ris.kfintech.com/clientservices/isc
Share Transfer System
The share transfer procedure and share registry matters are handled by KFin Technologies Limited,
the Registrar and Share Transfer Agent of the Company. All activities in relation to share transfer
facility for the Financial Year ended on 31st March, 2023 were maintained in compliance with applicable
provisions of the Listing Regulations.
Distribution of Shareholding as on 31st March, 2023 on the basis of category of Shareholders
Category & Name of the shareholders Total no. of % (On the total Equity
Equity Shares holding)
Promoters and Promoter Group 0 0
Mutual funds 4122 0.01
Financial Institutions / Banks 42,17,447 2.47
Foreign Portfolio Investors 20,57,321 1.20
Central Government / State Government(s) / President of India 42,210 0.02
Others 16,46,82,746 96.30
Total 17,10,03,846 100.00
Distribution of Shareholding Report on the basis of number of Equity shares held as on 31st
March, 2023:
Distribution of Shareholding
Sl. Shareholding Range Number of % of Total Total number of % of Total Share
No. (in shares) Share-holders Share-holders shares of the Range Capital
1 1 to 500 78944 83.44 92,17,261 5.39
2 501 to 1000 7464 7.89 56,61,635 3.31
3 1001 to 2000 4063 4.29 58,51,915 3.42
4 2001 to 3000 1490 1.57 37,74,336 2.21
5 3001 to 4000 620 0.66 22,02,513 1.29
6 4001 to 5000 554 0.59 25,69,597 1.50
7 5001 to 10000 850 0.90 60,73,370 3.55
8 10001 and above 624 0.66 13,56,53,219 79.33
TOTAL 94609 100.00 17,10,03,846 100.00

127
Dematerialization of Shares and Liquidity
The Equity shares of your Company are to be traded compulsorily in dematerialized mode and are
available for trading, with both the Depositories in India, i.e., National Securities Depository Limited
(‘NSDL’) and Central Depository Services (India) Limited (‘CDSL’).
Percentage of physical and dematerialized shares as on 31st March, 2023
Type of shares %
Physical 1.03
Dematerialized 98.97
TOTAL: 100.00
Your Company, has paid the annual custody fee for the Financial Year 2022-23 to both the Depositories,
i.e., NSDL and CDSL.
Outstanding Global Depository Receipts or American Depository Receipts or Warrants or any
convertible instruments, conversion date and likely impact on equity
The Company does not have any outstanding Global Depository Receipts or American Depository
Receipts or warrants or any convertible instruments.
Commodity Price Risk or Foreign Exchange Risk and hedging Activities
The details of Financial Risk Management including Foreign Currency Risk and the overall strategy
to mitigate the same has been disclosed in Note No. 44 of the Standalone Financial Statements.
Plant / Office Location:
Name of the business Location Location
Greases & Lubricants Manufacturing Units: Marketing Office:
Chennai Chennai
Kolkata Kolkata
Silvassa Mumbai
New Delhi
Application Research Laboratory:
Pune
Kolkata
Vadodara
C&F:
Bengaluru
Chennai
Coimbatore
Guwahati
Hyderabad
Jaipur
Kolkata
Pune
Raipur
Ranchi
Vadodara
Varanasi

128
Name of the business Location Location
Industrial Packaging Manufacturing units: SBU Office:
Asaoti Mumbai
Chennai
Sales Office:
Chittoor
New Delhi
Navi Mumbai
Vadodara
Silvassa
Vadodara
Stock Point
Kolkata
Chemicals Manufacturing units: SBU Office:
Chennai Chennai
Technical Service Centres: Marketing office:
Ambur - Vaniyambadi Chennai
Kanpur
Product Development Centre:
Kolkata
Chennai
Ranipet
Chromepet, Chennai
Logistics Services SBU & Branch Office: Airport Office:
Kolkata Kolkata
New Delhi
Branch Offices:
Bangalore
Ahmedabad
Hyderabad
Bengaluru
Chennai Port Office:
Coimbatore Navi Mumbai
Gwalior
Home Office:
Hyderabad
Goa
Kanpur
Kochi
Mumbai
New Delhi
Pune
Thiruvananthapuram
Tuticorin
Visakhapatnam
Cold Chain Temperature Controlled Warehouse SBU Office:
Medchal-Village-Telangana Mumbai
Navi Mumbai
Odisha- Khorda
Sonepat- Haryana
Logistics Infrastructure Container Freight Station- Warehousing and Distribution-
Chennai Coimbatore
Kolkata Kolkata- Hide Road,
Navi Mumbai Kolkata- Sonapur
Multimodal Logistics Hub- Central Warehousing Andhra
Visakhapatnam Pradesh Med Tech Zone
(AMTZ)
Visakhapatnam

129
 Name of the business Location Location
Travel Branch Office- Satellite Office-
Ahmedabad Bhubaneswar
Bengaluru Kanpur
Chennai Port Blair
Hyderabad Visakhapatnam
Kolkata
Lucknow
Mumbai
New Delhi
Thiruvananthapuram
Vadodara
Vacations Branch Office –
Bengaluru
Chennai
Delhi
Hyderabad
Kolkata
Mumbai
Refinery & Oilfield Kolkata
Services
List of all credit ratings obtained by the Company along with any revisions
The long-term credit rating of the Company reaffirmed by ICRA Limited as on 6th July, 2023 is “[ICRA]
AA+(Stable)” and the short-term credit rating for the Company is “[ICRA] A1+”.
The credit rating for the Long Term / Short Term Bank Facilities reaffirmed by CARE on 14th December,
2022 is “CARE AA+; Stable / CARE A1+ (Double A Plus; Outlook: Stable/A One Plus)” and the credit
rating for the Short-Term Bank Facilities is “CARE A1+ (A One Plus)”.
DISCLOSURES
a) Disclosures on materially significant Related Party Transactions (RPT) that may have potential
conflict with the interests of listed entity at large.
There were no materially significant Related Party Transactions. None of the RPT had any conflict
with interests of the Company at large.
The Company had formulated and adopted Related Party Transactions Policy in the year, 2015
which has last been amended at the Board Meeting held on 9th February, 2022 pursuant to
amendment in the Listing Regulations and the same has been uploaded on the website of the
Company at
https://www.balmerlawrie.com/adminls/dl_u/Related-Party-Transactions-Policy-01-04-2022.pdf
b) Details of non-compliance by the listed entity, penalties and strictures imposed on the listed entity
by stock exchange(s) or the Board or any statutory authority, on any matter related to capital
markets/ any Guidelines issued by the Government, during the last three years:
Sr. Action taken by Quarter Details of violation Details of action taken
No. ended e.g. fines, warning
letter, debarment, etc.
1 BSE Limited 30th Non-compliance of Regulation 17 The Exchange had
September, of the SEBI (LODR) Regulations, waived the fine vide
2020 2015. Letter dated 19th April,
2021

130
Sr. Action taken by Quarter Details of violation Details of action taken
No. ended e.g. fines, warning
letter, debarment, etc.
2 BSE Limited 31st Reg 17(1) of the SEBI (LODR) Fine of Rs. 5,42,800
December, Regulations, 2015 (inclusive of GST) was
2020 Non-Compliance with the imposed by BSE Limited
requirements pertaining to the
composition of the Board due to
absence of an independent woman
director
3 National Stock 31st Reg 17(1) of the SEBI (LODR) Fine of Rs. 5,42,800
Exchange of December, Regulations, 2015 (inclusive of GST) was
India Limited 2020 Non-Compliance with the imposed by National
requirements pertaining to the Stock Exchange of India
composition of the Board due to Limited. The exchange
absence of an independent woman waived the fine vide
director Letter dated 12th July,
2022.
4 BSE Limited 31st Reg 17(1) of the SEBI (LODR) Fine of Rs. 5,31,000
March, Regulations, 2015 (inclusive of GST) was
2021 Non-Compliance with the imposed by BSE Limited
requirements pertaining to the
composition of the Board due to
absence of an independent woman
director
5 National Stock 31st Reg 17(1) of the SEBI (LODR) Fine of Rs. 5,31,000
Exchange of March, Regulations, 2015 (inclusive of GST) was
India Limited Non-Compliance with the imposed by National
2021
requirements pertaining to the Stock Exchange of India
composition of the Board due to Limited. The exchange
absence of an independent woman waived the fine vide
director. Letter dated 12th July,
2022.
6 BSE Limited 30th June, Reg 17(1) of the SEBI (LODR) Fine of Rs. 5,36,900
2021 Regulations, 2015 (inclusive of GST) was
Non-Compliance with the imposed by BSE Limited
requirements pertaining to the
composition of the Board due to
absence of an independent woman
director.
7 National Stock 30th June, Reg 17(1) of the SEBI (LODR) Fine of Rs. 5,36,900
Exchange of 2021 Regulations, 2015 (inclusive of GST) was
India Limited Non-Compliance with the imposed by National
requirements pertaining to the Stock Exchange of India
composition of the Board due to Limited. The exchange
absence of an independent woman waived the fine vide
director. Letter dated 12th July,
2022.

131
Sr. Action taken by Quarter Details of violation Details of action taken
No. ended e.g. fines, warning
letter, debarment, etc.
8 BSE Limited 30th Reg 17(1) of the SEBI (LODR) Fine of Rs. 5,42,800
September, Regulations, 2015 (inclusive of GST) was
2021 Non-Compliance with the imposed by BSE Limited
requirements pertaining to the
composition of the Board due to
absence of an independent woman
director and adequate number of
Independent Directors.
9 National Stock 30th Reg 17(1) of the SEBI (LODR) Fine of Rs. 5,42,800
Exchange of September, Regulations, 2015 (inclusive of GST) was
India Limited 2021 Non-Compliance with the imposed by National
requirements pertaining to the Stock Exchange of India
composition of the Board due to Limited. The exchange
absence of an independent woman waived the fine vide
director and adequate number of Letter dated 12 July,
th

Independent Directors. 2022.

10 BSE Limited 31st Reg 17(1) of the SEBI (LODR) Fine of Rs. 3,30,400
December, Regulations, 2015 (inclusive of GST) was
2021 Non-Compliance with the imposed by BSE Limited
requirements pertaining to the
composition of the Board due to
absence of an independent woman
director and adequate number of
Independent Directors during 1st
October, 2021 to 25th November,
2021.
11 National Stock 31st Reg 17(1) of the SEBI (LODR) Fine of Rs. 3,30,400
Exchange of December, Regulations, 2015 (inclusive of GST) was
India Limited 2021 Non-Compliance with the imposed by National
requirements pertaining to the Stock Exchange of India
composition of the Board due to Limited. The exchange
absence of an independent woman waived the fine vide
director and adequate number of Letter dated 12 July,
th

Independent Directors during 1st 2022.

October, 2021 to 25th November,
2021.
12 BSE Limited 30th Reg 17(1) of the SEBI (LODR) Fine of Rs. 4,66,100
September, Regulations, 2015 (inclusive of GST) was
2022 Non-Compliance with the imposed by BSE Limited
requirements pertaining to the
composition of the Board due to
absence of adequate number
of Independent Directors during
the period 12th July, 2022 to 30th
September, 2022.

132
Sr. Action taken by Quarter Details of violation Details of action taken
No. ended e.g. fines, warning
letter, debarment, etc.
13 National Stock 30th Reg 17(1) of the SEBI (LODR) Fine of Rs. 4,66,100
Exchange of September, Regulations, 2015 (inclusive of GST) was
India Limited 2022 Non-Compliance with the imposed by National
requirements pertaining to the Stock Exchange of India
composition of the Board due to Limited
absence of adequate number
of Independent Directors during
the period 12th July, 2022 to 30th
September, 2022.
14 BSE Limited 31st Reg 17(1) of the SEBI (LODR) Fine of Rs. 5,42,800
December, Regulations, 2015 (inclusive of GST) was
2022 Non-Compliance with the imposed by BSE Limited
requirements pertaining to the
composition of the Board due to
absence of adequate number of
Independent Directors.
15 National Stock 31st Reg 17(1) of the SEBI (LODR) Fine of Rs. 5,42,800
Exchange of December, Regulations, 2015 (inclusive of GST) was
India Limited 2022 Non-Compliance with the imposed by National
requirements pertaining to the Stock Exchange of India
composition of the Board due to Limited
absence of adequate number of
Independent Directors.
16 BSE Limited 31st March, Reg 17(1) of the SEBI (LODR) Fine of Rs. 5,31,000
2023 Regulations, 2015 (inclusive of GST) was
Non-Compliance with the imposed by BSE Limited
requirements pertaining to the
composition of the Board due to
absence of adequate number of
Independent Directors and also
the Board of Directors did not
comprise of atleast 50% of Non-
Executive Directors during the
period 4th February, 2023 till 31st
March, 2023
17 National Stock 31st March, Reg 17(1) of the SEBI (LODR) Fine of Rs. 5,31,000
Exchange of 2023 Regulations, 2015 (inclusive of GST) was
India Limited Non-Compliance with the imposed by National
requirements pertaining to the Stock Exchange of India
composition of the Board due to Limited
absence of adequate number of
Independent Directors and also
the Board of Directors did not
comprise of atleast 50% of Non-
Executive Directors during the
period 4th February, 2023 till 31st
March, 2023
133
The Company has filed applications before the amended w.e.f. 1st April, 2019 to bring it in
respective Stock Exchanges for waiver of fines. line with the amendments in SEBI (Prohibition
While the response of Stock Exchanges has of Insider trading) Regulations, 2015 and the
been received in some cases, thereby, resulting same was renamed as “Code of Conduct
in waiver of fines, however, in other cases, the to Regulate, Monitor and Report Trading
response of the Stock Exchanges in this regard by Designated Persons and Immediate
is awaited. Relative of Designated Persons” and
was further amended w.e.f. 6th November
c) The Company introduced the ‘Whistle Blower
2020. Thereafter, “the Code of Conduct to
Policy’ with effect from January, 2010 to
Regulate, Monitor and Report Trading by
promote and encourage transparency in the
Designated Persons and Immediate Relative
Company and protects employees against
of Designated Persons” had been amended
victimization. The Chairperson of the Audit
by the Board of Directors with effect from 24th
Committee is the Ombudsperson under the
March, 2023. The Company also has a ‘Policy
Policy. The Policy is posted on the Company’s
For Determination Of Materiality Of Events/
website at:
Information”.
https://www.balmerlawrie.com/adminls/dl_u/
g) Pursuant to the Listing Regulations, the
Whistle_Blower_Policy.pdf
Company has obtained Certificate from
It is hereby affirmed that no personnel has the Statutory Auditors on compliance of the
been denied access to the Audit Committee conditions of Corporate Governance. A copy
during the year. of such Certificate is attached as Annexure-5.
d) On and from 9th April, 2010, the Company h) The Company has prepared the Financial
also introduced a ‘Fraud Prevention Policy’ Statements to comply with all material aspects
with the object of promoting high standards of with prescribed Accounting Standards and
professionalism, honesty, integrity and ethical no treatment different from the prescribed
behaviour. This policy meets the requirements Accounting Standard has been followed.
laid down in the Guidelines on Corporate
i) The Chief Executive Officer (Chairman and
Governance for Public Sector Enterprises,
Managing Director) and the Chief Financial
2010.
Officer have jointly certified to the Board with
e) All Board Members and Senior Management regard to reviewing the Financial Statements,
have affirmed compliance as per Regulation Cash Flow Statements and effectiveness of
26(3) of the Listing Regulations. The Company internal control and other matters as required
has a Code of Conduct for its Board Members under the Listing Regulations for the Financial
and Senior Management Personnel which is Year ended 31st March, 2023.
in operation since 2006. The Code had been
j) The Company had updated its Enterprise
reviewed and revised by the Board in the
Risk Management (ERM) Policy in August
Financial Year 2011-12. Further, the Code
2017 to meet the specific requirements of
had been reviewed and revised by the Board
the Companies Act, 2013 and the Listing
of Directors with effect from 18th January,
Regulations. The said policy is posted on the
2023. Declaration to this effect has been set
Company’s website at:
out in the Annual Report as Annexure-4.
https://www.balmerlawrie.com/adminls/dl_u/
f) The Company has with effect from 15th Enterprise-Risk-Management-Policy.pdf
May, 2015, introduced “Code of Practices
and Procedures for Fair Disclosure of The ERM Policy had been amended by the
Unpublished Price Sensitive Information” Board of Directors on 26th March, 2021 and
and “Code of Conduct to Regulate, Monitor 10th November, 2021.
and Report Trading by Insider” in accordance k) Pursuant to Schedule V of the Listing
with SEBI (Prohibition of Insider Trading) Regulations, the Company has obtained a
Regulations, 2015. The Code has been certificate from Ms. Binita Pandey, Company

134
 Secretary in Practice and a partner of M/s. T. 1XPEHU RI FRPSODLQWV GLVSRVHG Rႇ NIL
Chatterjee & Associates, Practicing Company during the Financial Year 2022-23
Secretaries confirming that none of the Number of complaints pending as on NIL
directors on the Board of the Company for the end of the Financial Year 2022-23
the Financial Year ended on 31st March, 2023 r) Disclosure by listed entity and its subsidiaries
have been debarred or disqualified from being of ‘Loans and advances in the nature of loans
appointed or continuing as Directors of the to firms/companies in which directors are
Company by the Board/ Ministry of Corporate interested by name and amount’- Nil
Affairs or any such Authority attached as
Annexure-6. s) Disclosures with respect to demat suspense
account/ unclaimed suspense account: Not
l) There was no such instance when the Board Applicable.
had not accepted any recommendation of any
Committee in the Financial Year 2022-23. However, the Company has opened a
Suspense Escrow Demat Account as per
m) Web link where policy for determining ‘material SEBI Circular bearing reference no.- SEBI/
subsidiaries’ is as mentionned below: HO/MIRSD/MIRSD_RTAMB/P/CIR/2022/8
https://www.balmerlawrie.com/adminls/ dated 25th January, 2022, read with other
dl_u/Policy_on_Determining_Material_ circulars on the subject.
Subsidiary-BL.pdf
As per the aforesaid policy and the applicable t) Agreements referred in schedule III Part A
resolutions, the Company does not have any Clause 5 A and Regulations 30A of the Listing
“Material Subsidiary”. Regulations: NIL

n) The Company adopted Dividend Distribution Other Disclosure

Policy in the year 2016, the web link of the i) Details of Presidential directives issued by
said policy is: the Central Government and their compliance
https://www.balmerlawrie.com/adminls/dl_u/ during the year and the last three years: Nil
DIVIDEND_DISTRIBUTION_POLICY.pdf ii) Items of expenditure debited in the books of
o) Disclosure of commodity price risks and accounts, which are not for the purpose of the
hedging activities as per Schedule V of the business: Nil
Listing Regulations. iii) Expenses incurred which are personal in
The details of Foreign Currency Risk and nature and incurred for the Board of Directors
other risks have been disclosed in Note No. and top management: Nil
44 of the Standalone Financial Statements. iv) Details of administrative and office expenditure
p) The details of total fees paid for all services as a percentage of total expenses vis-à-vis
to the Statutory Auditors by the Company and financial expenses and reasons for increase:
its subsidiary, on a consolidated basis, and all (a) Administrative expenses as % of Total
entities in the network firm/network entity of expenses
which the Statutory Auditor is a part, for all
services rendered by them is disclosed in Note FY 2022-23 - 11.07 %
No. 36 of the Standalone and Consolidated FY 2021-22 - 11.38 %
Financial Statements.
There has been no increase in the
q) Disclosures in relation to the Sexual administrative expenses as a percentage
Harassment of Women at Workplace of Total expenses.
(Prevention, Prohibition and Redressal) Act,
(b) Finance expense as % of Total expenses
2013.
FY 2022-23 - 0.45%
1XPEHURIFRPSODLQWV¿OHGGXULQJWKH NIL
Financial Year 2022-23 FY 2021-22 - 0.30%

135
There has been an increase in the finance deemed necessary by the Board.
expenses as a percentage of Total expenses
Confirmation of compliance as per the Listing
during the period, which can be attributed to a
Regulations and Guidelines on Corporate
significant increase in business activity and a
Governance for Central Public Sector
general upward adjustment in interest rates.
Enterprises, 2010:
Details of compliance with mandatory
It is hereby confirmed that the Company has
requirements and adoption of non-mandatory
complied with the requirements under Regulations
requirements:
17 to 27, Regulation 46 and Sub-para 2 to 10 of
All mandatory requirements of applicable Para C to Schedule V of the Listing Regulations,
provisions of the Listing Regulations have been except to the extent stated above, for the reasons
complied with except to the extent of composition beyond the control of the Company. Further, the
of the Board of Directors (for a part of the Financial Statutory Auditors’ Certificate, certifying that the
Year), which was for the reasons beyond the Company has complied with the conditions of
control of the Company. As far as compliance of Corporate Governance, is annexed to the Boards’
non-mandatory requirements are concerned, the Report.
Company has not adopted the non-mandatory
It is further confirmed that the Company has
requirement except that Internal Auditor of the
complied with the requirements of Guidelines on
Company reports to the Audit Committee and that
Corporate Governance for Central Public Sector
the Statutory Auditor’s Report does not contain
Enterprises, 2010 except to the extent stated
any modified opinion. The applicable Non-
above for the reasons beyond the control of the
Mandatory requirements will be implemented
Company.
by the Company as and when required and/or

For and on behalf of the Board

Balmer Lawrie & Co. Ltd.
Adika Ratna Sekhar Adhip Nath Palchaudhuri
Chairman and Managing Director Director (Service Businesses)
(DIN: 08053637) (DIN: 08695322)

Date: 7th August, 2023

Registered Office:
21, N.S. Road
Kolkata - 700001

136
Annexure-4
Declaration by Chairman and Managing Director (CEO) as per Regulation 34(3) read with
Schedule V of the Securities and Exchange Board of India (Listing Obligations and Disclosure
Requirements) Regulations, 2015 (as amended) and Guidelines on Corporate Governance for
Central Public Sector Enterprises, 2010

To
The Members,
Balmer Lawrie & Co. Ltd.

Sub: Declaration regarding Compliance of the Code of Conduct for Board Members and
Designated Personnel of Balmer Lawrie & Co. Ltd.
I, Adika Ratna Sekhar, Chairman and Managing Director of Balmer Lawrie & Co. Ltd. hereby
declare that all the Members of Board of Directors and Senior Management Personnel have affirmed
compliance with the Code of Conduct for Board Members and Designated Personnel of Balmer Lawrie
& Co. Ltd. for the Financial Year ended on 31st March, 2023.

For Balmer Lawrie & Co. Ltd.

Adika Ratna Sekhar
Chairman and Managing Director
(DIN: 08053637)

Place: Kolkata
Date: 25th May, 2023

137
 Annexure-5
AUDITOR’S CERTIFICATE ON COMPLIANCE OF CONDITIONS OF
CORPORATE GOVERNANCE
To compliance with the conditions of the
The Members of Corporate Governance. It is neither an audit
Balmer Lawrie and Company Limited nor an expression of opinion on the financial
statements of the Company.
1. This certificate is issued in accordance with
the terms of our engagement letter with 6. We have carried out an examination of the
Balmer Lawrie & Company Limited (the relevant records of the Company in accordance
Company). with the Guidance Note on Certification of
Corporate Governance issued by the Institute
2. This Certificate is required by the Company to
of the Chartered Accountants of India (the
be annexed with the Directors’ Report, in terms
“ICAI”), the Standards on Auditing specified
of Para E of Schedule V read with Regulation
under Section 143(10) of the Companies Act
34(3) of the Securities and Exchange Board
2013, in so far as applicable for the purpose
of India (SEBI) (Listing Obligations and
of this certificate and as per the Guidance
Disclosure Requirements) Regulations, 2015
Note on Reports or Certificates for Special
(the “Listing Regulations”), for further being
Purposes issued by the ICAI which requires
sent to the members of the Company.
that we comply with the ethical requirements
3. We have examined the compliance of of the Code of Ethics issued by the ICAI.
conditions of Corporate Governance by the
7. We have complied with the relevant applicable
Company, for the financial year ended on 31st
requirements of the Standard on Quality
March, 2023, as stipulated in:
Control (SQC) 1, Quality Control for Firms
i) Regulations 17 to 27 and clauses (b) to that Perform Audits and Reviews of Historical
(i) of Regulation 46(2) and para C and Financial Information, and Other Assurance
D of Schedule V to the aforesaid Listing and Related Services Engagements.
Regulations issued by the SEBI and
Opinion
ii) The Guidelines on Corporate Governance
8. Based on our examination of the relevant
for Central Public Sector Enterprises,
records and according to the information and
2010 (the “Guidelines”) as issued by the
explanations provided to us, we certify that
Department of Public Enterprises (DPE)
the Company, has in all material respects,
of Ministry of Heavy Industries and Public
complied with the conditions of Corporate
Enterprises, Government of India.
Governance as stipulated in Regulation 17 to
Management’s Responsibility 27 and clauses (b) to (i) of Regulation 46(2)
4. The compliance of conditions of Corporate and para C and D of Schedule V to the Listing
Governance is the responsibility of the Regulations issued by the SEBI for the year
Management. This responsibility includes ended 31st March, 2023 as well as Guidelines
the design, implementation and maintenance issued by the DPE except, the composition of
of internal control and procedures to ensure Board of Directors which is stated as follows:
compliance with the conditions of the a. The composition of the Board of Directors
Corporate Governance stipulated in the was not in conformity with Regulation 17
Listing Regulations issued by the SEBI as (1)(b) of the Listing Regulations, and Para
well as the Guidelines issued by the DPE. 3.1.4 of DPE Guidelines due to absence
Auditor’s Responsibility of adequate number of Independent
Directors on the Board of the Company
5. Our responsibility is limited to examining during the period from 12th July, 2022 till
the procedures and implementation thereof, 31st March, 2023.
adopted by the Company for ensuring

138
 b. The composition of the Board of Directors efficiency or effectiveness with which the
was not in conformity with Regulation management has conducted the affairs of the
17 (1)(a) of the Listing Regulations, and Company.
Para 3.1.2 of the DPE Guidelines since
10. This report is addressed to and provided
the number of Functional Directors on the
to the members of the Company solely for
Board of the Company during the period
the purpose of enabling it to comply with its
from 4th February, 2023 till 31st March,
obligations under the Listing Regulations
2023 had exceeded 50% of the actual
issued by the SEBI as well as the Guidelines
strength of the Board due to insufficient
issued by the DPE with reference to compliance
number of Independent Directors.
with the relevant regulations/guidelines on
We further Report that the Company being Corporate Governance and should not be
a Government Company, the Composition used by any other person or for any other
of the Board of Directors is dependent purpose. Accordingly, we do not accept or
on the direction of the Administrative assume any liability or any duty of care or
Ministry and thus, the aforementioned for any other purpose or to any other party to
non-compliances were beyond the control whom it is shown or into whose hands it may
of the Company. come without our prior consent in writing. We
have no responsibility to update this report for
Other matters and Restriction on Use
events and circumstances occurring after the
9. This report is neither an assurance as to date of this report.
the future viability of the Company nor the

For B. K. SHROFF & CO.

Chartered Accountants
Firm Registration No.: 302166E

Place: Kolkata (P. K. SHROFF)

Date: 4th August, 2023 PARTNER
Membership No. : 059542
UDIN: 23059542BGYEBP7404

139
 Annexure-6
CERTIFICATE OF NON-DISQUALIFICATION OF DIRECTORS
(Pursuant to Regulation 34(3) and Schedule V Para C Clause (10)(i) of the SEBI (Listing Obligations
and Disclosure Requirements) Regulation 2015)
To,
The Members of
Balmer Lawrie & Co. Ltd.
21, N. S. Road, Kolkata - 700001
We have examined the relevant registers, records, forms, returns and disclosures received from
the Directors of Balmer Lawrie & Co. Ltd., having CIN: L15492WB1924GOI004835, and having
registered office at 21, Netaji Subhas Road, Kolkata – 700 001, listed on BSE Limited, Scrip Code-
523319 and the National Stock Exchange of India Limited, Scrip Code – BALMLAWRIE (hereinafter
referred as “Company”) produced before us by the Company for the purpose of issuing this Certificate,
in accordance with Regulation 34(3) read with Schedule V Para-C clause 10(i) of the Securities
Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.
In our opinion and to the best of our information and according to the verifications (including Directors
Identification Number (DIN) status at the official portal of Ministry of Corporate Affairs, www.mca.
gov.in) as considered necessary and explanations furnished to us by the Company and its officers,
we hereby certify that none of the Directors on the Board of the Company as stated below for the
Financial Year ended on 31st March, 2023 have been debarred or disqualified from being appointed
or continuing as Directors of Companies by the Securities and Exchange Board of India, Ministry of
Corporate Affairs or any such other Statutory Authority:

Serial Name of the Directors DIN Date of Appointment in

No. Company *
1. Mr. Adika Ratna Sekhar 08053637 01-11-2020
2. Mr. Adhip Nath Palchaudhuri 08695322 01-03-2020
3. Mr. R.M. Uthayaraja 09678056 14-07-2022
4. Mr. Saurav Dutta 10042140 02-02-2023
5. Mr. Abhijit Ghosh 10042785 04-02-2023
6. Mr. Sandip Das @ 08217697 01-05-2020
7. Mrs. Perin Devi Rao $ 07145051 06-08-2021
8. Mr. Kushagra Mittal $ 09026246 20-01-2021
9. Dr. Vandana Minda Heda 09402294 26-11-2021
10. Mr. Rajeev Kumar 09402066 26-11-2021
11. Mr. Arun Kumar # 03570776 18-07-2019
12. Mr. Anil Kumar Upadhyay # 07724769 18-07-2019
13. Mr. Bhagawan Das Shivahare # 08514350 18-07-2019
@ ceased to be Director of the Company with effect from 01-01-2023.
$ ceased to be Director of the Company with effect from 16-05-2023.
# ceased to be Director of the Company with effect from 12-07-2022.
* Date of appointment is as per details available at the official portal of the Ministry of Corporate Affairs
www.mca.gov.in

140
Ensuring the eligibility of for the appointment / continuity as Director on the Board is the responsibility
of the management of the Company. Our responsibility is to express an opinion on these based on
our verification.
This certificate is neither an assurance as to the future viability of the Company nor of the efficiency or
effectiveness with which the management has conducted the affairs of the Company.

For M/s T.Chatterjee & Associates

Practising Company Secretaries
Place: Kolkata FRN No. - P2007WB067100
Date: 14th July, 2023

Binita Pandey - Partner

ACS : 41594, CP : 19730
UDIN: A041594E000610778
Peer Review No.: 908/2020

141
 Annexure-7
FORM NO. MR-3

SECRETARIAL AUDIT REPORT

FOR THE FINANCIAL YEAR ENDED 31ST MARCH, 2023
[Pursuant to section 204(1) of the Companies Act, 2013 and rule No. 9 of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014]
To,
The Members,
BALMER LAWRIE AND COMPANY LIMITED
21, Netaji Subhas Road,
Kolkata- 700001
We have conducted the Secretarial Audit of the compliance of applicable statutory provisions and the
adherence to good corporate practices by BALMER LAWRIE AND COMPANY LIMITED (hereinafter
called the Company). Secretarial Audit was conducted in a manner that provided us a reasonable
basis for evaluating the corporate conducts/statutory compliances and expressing our opinion thereon.
Based on our verification of the Company’s books, papers, minute books, forms and returns filed
and other records maintained by the Company and also the information provided by the Company,
its officers, agents and authorized representatives during the conduct of secretarial audit, we hereby
report that in our opinion, the Company has, during the audit period covering the financial year ended
on 31st March, 2023 complied with the statutory provisions listed hereunder and also that the Company
has proper Board-processes and compliance-mechanism in place to the extent, in the manner and
subject to the reporting made hereinafter:
We have examined the books, papers, minute books, forms and returns filed and other records
maintained by the Company for the financial year ended on 31st March, 2023 according to the
provisions of:
i) The Companies Act, 2013 (the Act), (as amended) and the Rules made thereunder;
ii) The Securities Contracts (Regulation) Act, 1956 (‘SCRA’) and the rules made thereunder;
iii) The Depositories Act, 1996 and the Regulations and Bye-laws framed thereunder;
iv) Foreign Exchange Management Act, 1999 and the rules and regulations made thereunder to
the extent of Foreign Direct Investment, Overseas Direct Investment and External Commercial
Borrowings, as applicable;
v) The following Regulations and Guidelines prescribed under the Securities and Exchange Board
of India Act, 1992 (‘SEBI Act’):-
(a) The Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers)
Regulations, 2011;
(b) The Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015;
(c) The Securities and Exchange Board of India (Registrars to an Issue and Share Transfer
Agents) Regulations, 1993 regarding the Companies Act and dealing with client;
(d) The Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements)
Regulations, 2015 and other applicable Regulations /Guidelines/Circulars as may be issued by
SEBI from time to time (“Listing Regulations”);
We further report that, there were no actions/ events in pursuance of;

142
(a) The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements)
Regulations, 2018;
(b) The Securities and Exchange Board of India (Share Based Employee Benefits and Sweat Equity)
Regulations, 2021;
(c) The Securities and Exchange Board of India (Issue and Listing of Non-Convertible Securities)
Regulations, 2021;
(d) The Securities and Exchange Board of India (Buy-back of Securities) Regulations, 2018;
(e) The Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2021;
We further report that as per the representation made by the Management, the following laws are
specifically applicable to the Company:
a. Guidelines on Corporate Governance for Central Public Sector Enterprises [CPSEs] issued
by the Department of Public Enterprises, Ministry of Heavy Industries and Public Enterprises,
Government of India vide their Office Memorandum No. 18(8)/2005-GM dated 14th May, 2010
(“DPE Guidelines”).
b. The Petroleum Act, 1934
c. The Warehousing (Development and Regulation) Act, 2007
We have also examined compliance with the applicable clauses of the following:
(i) Secretarial Standards issued and mandated by the Institute of Company Secretaries of India.
(ii) The Listing Agreements entered into by the Company with BSE Limited and National Stock
Exchange of India Limited read with the provisions of the Listing Regulations.
During the period under review, the Company has complied with the provisions of the Act, Rules,
Regulations, Guidelines, Standards, etc. mentioned above subject to the following observations:
- The composition of the Board of Directors was not in conformity with Regulation 17 (1) of the
Listing Regulations, Section 149 of the Companies Act, 2013 and Para 3.1.4 of DPE Guidelines
due to absence of adequate number of Independent Directors on the Board of the Company
during the period from 12th July, 2022 till 31st March, 2023.
- The composition of the Board of Directors was not in conformity with Para 3.1.2 of the DPE
Guidelines since the number of Functional Directors on the Board of the Company during the
period from 4th February, 2023 till 31st March, 2023 had exceeded 50% of the actual strength of
the Board due to insufficient number of Independent Directors.
We further report that
a. The Board of Directors of the Company was not duly constituted with proper balance of Non-
Executive Directors and Independent Directors as stated above. The changes in the composition
of the Board of Directors that took place during the period under review were carried out in
compliance with the provisions of the Act, as applicable to the Company and as per directions of
the Administrative Ministry.
b. Adequate notice is given to all directors to schedule the Board Meetings, agenda and detailed notes
on agenda were generally sent at least seven days in advance, and a system exists for seeking
and obtaining further information and clarifications on the agenda items before the meeting and
for meaningful participation at the meeting.
c. Majority decisions is carried through while the dissenting members’ views are captured and
recorded as part of the Minutes.

143
We further report that there are adequate systems and processes in the Company commensurate
with the size and operations of the Company to monitor and ensure compliance with applicable laws,
rules, regulations and guidelines.
We further report that during the audit period:
- The Company being a Government Company and as per the provisions of the Articles of Association
of the Company, the Composition of the Board of Directors is dependent upon the direction of
Administrative Ministry and thus, the direction with respect to appointment of Independent Directors
is still awaited by the Company. However, fines had been imposed for non-compliance with the
provisions of Regulation 17(1) of Listing Regulations by the Stock Exchanges (i.e., BSE Limited
and National Stock Exchange of India Limited) for which the Company had filed applications to the
respective Stock Exchanges for waiver of fines imposed. However, as per the information received
from the Company, the National Stock Exchange of India Limited vide its letter dated 12th July,
2022 had waived off the fines imposed for the quarters ended on 31st December, 2020, 31st March,
2021, 30th June, 2021, 30th September, 2021 and 31st December, 2021.
- The Company had obtained consent of shareholders of the Company at the Annual General
Meeting held on 27th September, 2022 for the following matters:
a. Appointment of Mr. Adika Ratna Sekhar (DIN: 08053637) as the Chairman and Managing
Director of the Company and fixation of his terms of appointment.
b. Appointment of Dr. Vandana Minda Heda (DIN: 09402294) as Non-Executive Independent
Director and fixation of her terms of appointment.
c. Appointment of Mr. Rajeev Kumar (DIN: 09402066) as Non-Executive Independent Director
and fixation of his terms of appointment.
d. Appointment of Mr. R.M. Uthayaraja (DIN: 09678056) as Director (Manufacturing Businesses)
and fixation of his terms of appointment.
e. Ratification of remuneration of Cost Auditor for the Financial Year 2022-23.
This Report is to be read with our letter of even date which is annexed as “ANNEXURE - A” and forms
an Integral Part of this Report.
For MR & Associates
Company Secretaries
A Peer Reviewed Firm
Peer Review Certificate No.: 720/2020
Place: Kolkata
Date: 25th May, 2023
[CS Tanvee]
Partner
ACS No.:A34974
C P No.:13573
UDIN: A034974E000353028

144
 (ANNEXURE – A TO THE SECRETARIAL AUDIT REPORT
FOR THE FINANCIAL YEAR ENDED 31ST MARCH, 2023)
To,
The Members,
BALMER LAWRIE AND COMPANY LIMITED
21, Netaji Subhas Road,
Kolkata- 700001

Our report of even date is to be read along with this letter.

1. Maintenance of Secretarial Records is the responsibility of the Management of the Company. Our
responsibility is to express an opinion on these secretarial records based on our audit.
2. We have followed the Audit practices and processes as where appropriate to obtain reasonable
assurance about the correctness of the contents of the Secretarial records. The verification was
done on test basis to ensure that correct facts are reflected in Secretarial Records. We believe that
the processes and practices, we followed provide a reasonable basis for our opinion.
3. We have not verified the correctness and appropriateness of financial records and Books of
Accounts of the Company.
4. Wherever required, we have obtained the Management Representation about the compliance of
laws, rules and regulations and happening of events etc.
5. The compliance of the provisions of corporate and other applicable laws, rules, regulations and
standards is the responsibilities of the management. Our examination was limited to the verification
of procedures on test basis.
6. As regard the books, papers, forms, reports and returns filed by the Company under the provisions
referred to in our Secretarial Audit Report in Form MR-3 the adherence and compliance to the
requirements of the said provisions is the responsibility of the management. Our examination was
limited to checking the execution and timeliness of the filing of various forms, reports, returns and
documents that need to be filed by the Company with various authorities under the said provisions
of the Act. We have not verified the correctness and coverage of the contents of such forms,
reports, returns and documents.
7. The Secretarial Audit Report is neither an assurance as to the future viability of the Company
nor of the efficacy or effectiveness with which the management has conducted the affairs of the
Company.

For MR & Associates

Company Secretaries
A Peer Reviewed Firm
Peer Review Certificate No.: 720/2020
Place: Kolkata
Date: 25th May, 2023
[CS Tanvee]
Partner
ACS No.:A34974
C P No.:13573
UDIN: A034974E000353028

145
 INDEPENDENT AUDITOR’S REPORT
OF
BALMER LAWRIE & COMPANY LIMITED
To and total comprehensive income, changes in equity
The Members of and its cash flows for the year ended on that date.

Balmer Lawrie & Company Limited Basis for Opinion

Report on the Audit of Standalone Financial We conducted our audit of the standalone financial
Statements statements in accordance with the Standards on
Auditing (“SA”s) specified under section 143(10) of
Opinion the Act. Our responsibilities under those Standards
We have audited the standalone financial statements are further described in the Auditor’s Responsibilities
of Balmer Lawrie & Company Limited (“the for the Audit of the Standalone Financial Statements
Company”), which comprise the balance sheet as section of our report. We are independent of the
at 31st March 2023, and the statement of Profit and Company in accordance with the Code of Ethics
Loss (including Other Comprehensive Income), the issued by the Institute of Chartered Accountants of
statement of changes in equity and the statement India (“ICAI”) together with the ethical requirements
of cash flows for the year then ended, and notes to that are relevant to our audit of the standalone
the standalone financial statements, including a financial statements under the provisions of the Act
summary of significant accounting policies and other and the Rules made thereunder, and we have fulfilled
explanatory information in which are included the our other ethical responsibilities in accordance with
returns for the year ended on that date audited by the these requirements and the ICAI’s Code of Ethics.
branch auditors of the Company’s branches located We believe that the audit evidence obtained by us is
at Northern, Southern and Western Regions of the sufficient and appropriate to provide a basis for our
country (hereinafter referred as “Standalone Financial audit opinion on the standalone financial statements.
Statements”). Key Audit Matters
In our opinion and to the best of our information and Key audit matters are those matters that, in our
according to the explanations given to us, the aforesaid professional judgment, were of most significance in
standalone financial statements give the information our audit of the standalone financial statements of
required by the Companies Act, 2013 (“the Act”) in the current period. These matters were addressed
the manner so required and give a true and fair view in the context of our audit of the standalone financial
in conformity with the Indian Accounting Standards statements as a whole, and in forming our opinion
prescribed under section 133 of the Act read with the thereon, we do not provide a separate opinion on these
Companies (Indian Accounting Standards) Rules, matters. We have determined the matters described
2015, as amended, (“Ind AS”) and other accounting below to be the key audit matters to be communicated
principles generally accepted in India, of the state of in our report:
affairs of the Company as at March 31, 2023, the profit
Sl. No Key Audit Matter Auditor’s Response
1. Evaluation of uncertain tax positions We obtained the details of assessment orders to the
The Company has tax matters under dispute extent available, regarding those assessments for
which involves judgment to determine the which disputes are continuing and being disclosed as
possible outcome of these disputes. [Refer contingent liability by the management. We involved
Note No.42.3(a) to the standalone financial our expertise to estimate the possible outcome of the
statements read with its Annexure “A”] disputes. Our experts considered the assessment
orders and other rulings in evaluating management’s
position on these uncertain tax positions to evaluate
whether any changes were required to management’s
position on these uncertain tax matters.
2. Debtors Due for More than Three years We have checked the debtor’s ageing schedule of
and Credit Balances in Sundry Debtors the SBU’s. The Company is regularly following up
Accounts (Unallocated Receipts) on the realisation of the same. As is evident from the
ageing schedule dues do exist for more than three
years against which provisions have been made in the
accounts.

146
Sl. No Key Audit Matter Auditor’s Response
The Company has credit balance in some We, during the course of our examination have also
customer accounts across all Strategic checked the unadjusted advances from customers
Business Unit (SBU’s). The credit balance in lying for more than three years and also the credit
these customer accounts are due to either of balances lying in customers’ accounts on account of
the following reasons: unmatched invoices (unallocated receipts). Some of
x Amount lying in the nature of advance in the advances which were lying unadjusted for more
the customer account; than three years have been written back during the
course of audit. In some cases, the management is
x Amount credited to customers account in the process of reconciliation with the respective
but the same could not be tracked/linked parties and hence the write back if any, has been kept
with any sales invoice; in abeyance.
x Non-reconciliation of these balances and It is observed that though the letters seeking
the absence of customer’s confirmation customers’ confirmation are sent by the Company,
resulting in the credit balances lying for the response has been poor. Steps should be taken
long periods; to get the confirmation from customers. In addition
to the practice of seeking confirmation annually, the
Company should also get confirmation through the
sales team on a periodical basis other than annually.
The management has to strengthen the internal control
process of reconciling the balances of the debtors and
to adjust the unallocated receipts on a periodical basis.
Emphasis of Matter M/s Transafe Services Limited (TSL). However,
We draw attention to the following matters in the Notes the Company continues to display these quantities
to the standalone financial statements, which describe of shares under its Investment (Refer Note No. 6-
the uncertainty related to the outcome. “Financial Assets- Investments- Non-Current”).

a) Note No. 42.8 which states that trade receivables, Our opinion is not modified in respect of the above
loans and advances and deposits for which matters.
confirmations are not received from the parties Information Other than the Financial Statements
are subject to reconciliation and consequential and Auditor’s Report Thereon
adjustments on determination/ receipt of such The Company’s Board of Directors is responsible for the
confirmation. other information. The other information comprises the
b) Note No. 42.30 which states that the Company has information included in the Management Discussion
not made any provision towards its investments and Analysis, Board’s Report including Annexures
made in subsidiary, M/s Visakhapatnam Port to Board’s Report, Business Responsibility Report,
Logistics Park Limited (VPLPL). Corporate Governance Report and Shareholder
c) Note No. 42.37 which states that the Company Information, but does not include the standalone
had made payments/provision of certain portion financial statements and our auditor’s report thereon.
of demand raised by Syama Prasad Mookerjee Our opinion on the standalone financial statements
Port (SMP) which is under reconciliation. Balance does not cover the other information and we do not
demand is shown under contingent liabilities express any form of assurance conclusion thereon.
(Claims against the Company not acknowledged In connection with our audit of the standalone financial
as debts). statements, our responsibility is to read the other
d) Note No. 23: “Other Trade Payable” includes information and, in doing so, consider whether the
the sundry creditor for expenses amounting to other information is materially inconsistent with the
Rs.322.62 Lakhs (P.Y. Rs. 322.57 Lakhs) of E&P standalone financial statements or our knowledge
Division, Kolkata, which are lying unpaid since obtained during the course of our audit or otherwise
long, as the matters are under litigation. appears to be materially misstated.
e) Note No. 42.19(i)(*) which states that as per the If, based on the work we have performed, we conclude
order of Hon’ble National Company Law Tribunal that there is a material misstatement of this other
(NCLT), the demat account service provider has information, we are required to report that fact. We
unilaterally reduced the investment of the Company have nothing to report in this regard.
in the shares (both equity and preference) of

147
Responsibility of Management and those Charged x Identify and assess the risks of material misstatement
with Governance for the standalone Financial of the standalone financial statements, whether
Statements due to fraud or error, design and perform audit
The Company’s Board of Directors is responsible procedures responsive to those risks, and obtain
for the matters stated in section 134(5) of the Act audit evidence that is sufficient and appropriate
with respect to the preparation of these standalone to provide a basis for our opinion. The risk of not
financial statements that give a true and fair view of detecting a material misstatement resulting from
the financial position, financial performance, including fraud is higher than for one resulting from error,
other comprehensive income, changes in equity and as fraud may involve collusion, forgery, intentional
cash flows of the Company in accordance with the Ind omissions, misrepresentations, or the override of
AS and other accounting principles generally accepted internal control.
in India. This responsibility also includes maintenance x Obtain an understanding of internal financial
of adequate accounting records in accordance with control relevant to the audit in order to design audit
the provisions of the Act for safeguarding the assets of procedures that are appropriate in the circumstances.
the Company and for preventing and detecting frauds Under section 143(3)(i) of the Companies Act, 2013,
and other irregularities; selection and application of we are also responsible for expressing our opinion
appropriate accounting policies; making judgments on whether the Company has adequate internal
and estimates that are reasonable and prudent; financial controls system in place and the operating
and design, implementation and maintenance effectiveness of such controls.
of adequate internal financial controls, that were x Evaluate the appropriateness of accounting policies
operating effectively for ensuring the accuracy and used and the reasonableness of accounting
completeness of the accounting records, relevant to estimates and related disclosures made by
the preparation and presentation of the standalone management.
financial statements that give a true and fair view and
are free from material misstatement, whether due to x Conclude on the appropriateness of management’s
fraud or error. use of the going concern basis of accounting and,
based on the audit evidence obtained, whether
In preparing the standalone financial statements, a material uncertainty exists related to events or
management is responsible for assessing the conditions that may cast significant doubt on the
Company’s ability to continue as a going concern, Company’s ability to continue as a going concern.
disclosing, as applicable, matters related to going If we conclude that a material uncertainty exists,
concern and using the going concern basis of we are required to draw attention in our auditor’s
accounting unless management either intends to report to the related disclosures in the standalone
liquidate the Company or to cease operations, or has financial statements or, if such disclosures are
no realistic alternative but to do so. inadequate, to modify our opinion. Our conclusions
The Board of Directors are responsible for overseeing are based on the audit evidence obtained up to the
the Company’s financial reporting process. date of our auditor’s report. However, future events
Auditor’s responsibilities for the Audit of or conditions may cause the Company to cease to
Standalone Financial Statements continue as a going concern.

Our objectives are to obtain reasonable assurance x Evaluate the overall presentation, structure and
about whether the standalone financial statements as content of the standalone financial statements,
a whole are free from material misstatement, whether including the disclosures, and whether the
due to fraud or error, and to issue an auditor’s report standalone financial statements represent the
that includes our opinion. Reasonable assurance underlying transactions and events in a manner that
is a high level of assurance, but is not a guarantee achieves fair presentation.
that an audit conducted in accordance with SAs will Materiality is the magnitude of misstatements in the
always detect a material misstatement when it exists. standalone financial statements that, individually or
Misstatements can arise from fraud or error and are in aggregate, makes it probable that the economic
considered material if, individually or in the aggregate, decisions of a reasonably knowledgeable user of the
they could reasonably be expected to influence the standalone financial statements may be influenced.
economic decisions of users taken on the basis of We consider quantitative materiality and qualitative
these standalone financial statements. factors in (i) planning the scope of our audit work
As part of an audit in accordance with SAs, we exercise and in evaluating the results of our work; and (ii) to
professional judgment and maintain professional evaluate the effect of any identified misstatements in
skepticism throughout the audit. We also: the standalone financial statements.

148
We communicate with those charged with governance Government of India in terms of sub-section (11) of
regarding, among other matters, the planned scope section 143 of the Companies Act, 2013, we give
and timing of the audit and significant audit findings, in the Annexure-B, a statement on the matters
including any significant deficiencies in internal specified in paragraphs 3 and 4 of the Order, to
financial control that we identify during our audit. the extent applicable to the Company.
We also provide those charged with governance with 3. As required by Section 143(3) of the Act, we report
a statement that we have complied with relevant that:
ethical requirements regarding independence, and a) We have sought and obtained all the
to communicate with them all relationships and other information and explanations which to the best
matters that may reasonably be thought to bear on of our knowledge and belief were necessary
our independence, and where applicable, related for the purpose of our audit.
safeguards.
b) In our opinion proper books of account as
From the matters communicated with those charged required by law have been kept by the Company
with governance, we determine those matters that so far as appears from our examination of
were of most significance in the audit of the standalone those books and proper returns adequate for
financial statements of the current period and are the purposes of our audit have been received
therefore the key audit matters. We describe these from the branches not visited by us.
matters in our auditor’s report unless law or regulation
precludes public disclosure about the matter or when, c) The reports on the accounts of the branch
in extremely rare circumstances, we determine that offices of the Company audited under Section
a matter should not be communicated in our report 143(8) of the Act by branch auditors have
because the adverse consequences of doing so been sent to us and have been properly dealt
would reasonably be expected to outweigh the public with by us in preparing this report.
interest benefits of such communication. d) The Balance Sheet, Statement of Profit and
Other Matter Loss including Other Comprehensive Income,
Statement of Changes in Equity and Statement
We did not audit the financial statements/ information of Cash Flow dealt with by this report are in
of branches situated in Northern, Southern and agreement with the books of account and with
Western Regions included in the standalone the returns received from the branches not
financial statements of the Company whose financial visited by us.
statements/financial information reflect total assets of
Rs.1,24,236.80 Lakhs as at 31st March 2023 and e) In our opinion, the aforesaid standalone
the total revenue of Rs.1,79,058.67 Lakhs for the year financial statements comply with the Indian
ended on that date, as considered in the standalone Accounting Standards specified under
financial statements / information of these branches Section 133 of the Act, read with relevant rules
have been audited by the branch auditors whose thereunder.
reports have been furnished to us, and our opinion f) The provisions of Section 164(2) of the
in so far as it relates to the amounts and disclosures Companies Act, 2013 are not applicable
included in respect of these branches, is based solely to Government Companies in terms of
on the report of such branch auditors. notification No. GSR 463(E) dated 5th June
Our opinion is not modified in respect of the above 2015 issued by the Ministry of Company
matter. Affairs, Government of India.
Report on Other Legal and Regulatory g) With respect to the adequacy of the internal
requirements financial controls over financial reporting of the
Company and the operating effectiveness
1. As required under section 143(5) of the of the of such controls, refer to our separate
Companies Act, 2013, we give in the Annexure-A, Report in Annexure-C. Our report expresses
a Statement on the Directions / Sub-Directions an unmodified opinion on the adequacy and
issued by the Comptroller and Auditor General of operating effectiveness of the Company’s
India after complying the suggested methodology internal financial controls over financial
of Audit, the action taken thereon and its impact reporting.
on the accounts and financial statements of the
Company. h) With respect to the other matters to be included
in the Auditor’s Report in accordance with
2. As required by the Companies (Auditor’s Report) Rule 11 of the Companies (Audit and Auditors)
Order, 2020 (“the Order”), issued by the Central Rules, 2014 (as amended), in our opinion and

149
 to the best of our information and according to whether recorded in writing or
the explanations given to us: otherwise, that the Company shall,
i) As per records made available to us, whether, directly or indirectly, lend
the Company has disclosed the impact or invest in other persons or entities
of pending litigations on its financial identified in any manner whatsoever
position in its notes & its annexures to the by or on behalf of the Funding Party
standalone financial statements - Refer (“Ultimate Beneficiaries”) or provide
Note 42.3(a) and its Annexure “A” to the any guarantee, security or the like on
standalone financial statements. behalf of the Ultimate Beneficiaries;
and
ii) The Company does not have any material
foreseeable losses on long-term contracts c) Based on such audit procedures that
including derivative contracts. we have considered reasonable and
appropriate in the circumstances,
iii) There has been no delay in transferring nothing has come to our notice that
amounts, required to be transferred, to the has caused us to believe that the
Investor Education and Protection Fund representations under sub-clause
by the Company. (i) and (ii) of Rule 11(e), as provided
iv) a) The management has represented under (a) and (b) above, contain any
that, to the best of it’s knowledge and material mis-statement.
belief, other than as disclosed in the v) As stated in Note No. 45 to the Standalone
notes to the accounts, no funds have Financial Statement
been advanced or loaned or invested
(either from borrowed funds or share a) The Final Dividend proposed in the
premium or any other sources or kind previous year, declared and paid by
of funds) by the Company to or in any the Company during the year is in
other person(s) or entity(ies), including accordance with Section 123 of the
foreign entities (“Intermediaries”), with Act, as applicable.
the understanding, whether recorded b) The Board of Directors of the Company
in writing or otherwise, that the have proposed Final Dividend for the
Intermediary shall, whether, directly year which is subject to the approval
or indirectly lend or invest in other of the members at the ensuing Annual
persons or entities identified in any General Meeting. The amount of
manner whatsoever by or on behalf of dividend proposed is in accordance
the Company (“Ultimate Beneficiaries”) with Section 123 of the Act, as
or provide any guarantee, security applicable.
or the like on behalf of the Ultimate vi) Proviso to Rule 3(1) of the Companies
Beneficiaries; (Accounts) Rules, 2014 for maintaining
b) The management has represented, books of account using accounting
that, to the best of it’s knowledge software which has a feature of recording
and belief, other than as disclosed in audit trail (edit log) facility is applicable
the notes to the accounts, no funds to the Company with effect from April 1,
have been received by the Company 2023, and accordingly, reporting under
from any person(s) or entity(ies), Rule 11 (g) of Companies (Audit and
including foreign entities (“Funding Auditors) Rules, 2014 is not applicable for
Parties”), with the understanding, the financial year ended March 31, 2023.

For B. K. SHROFF & CO.

Chartered Accountants
Firm Registration No.: 302166E

(P. K. SHROFF)
PARTNER
Place: Kolkata Membership No. : 059542
Date: 25th May, 2023 UDIN: 23059542BGYEBD8745

150
 Annexure – A to the Auditors’ Report

DIRECTIONS / SUB-DIRECTIONS UNDER SECTION 143(5) OF THE COMPANIES ACT, 2013 ISSUED
BY THE COMPTROLLER AND AUDITOR GENERAL OF INDIA TO THE INDEPENDENT AUDITORS OF
BALMER LAWRIE & COMPANY LIMITED FOR CONDUCTING AUDIT OF ACCOUNTS FOR THE YEAR
2022-23.
Impact on Financial
CAG’s Directions Our Observation
statements
(1) Whether the Company has Yes, the accounting transactions NIL
system in place to process all the of the Company for the year are
accounting transactions through processed through the IT system
IT system? If yes, the implications vide ERP (SAP accounting package)
of processing of accounting and as per the examination of
transactions outside IT system on records as provided to us, there are
the integrity of the accounts along standalone intermediary software’s
with the financial implications, if to capture the transactions related
any, may be stated. to certain functions in certain SBU’s
(for example Mid Office software
for Tours and Travel) and the
transactions from these standalone
software are posted in SAP for
accounting purpose.
(2) Whether there is any restructuring As per the information and NIL
of an existing Loan or cases of explanations given by the
waiver/ write off of debt/loans/ management, there is no
interests, etc. made by a lender restructuring of loan or cases of
to the Company due to the waiver/write off of debts/loans/
Company’s inability to repay the interest etc made by a lender to the
loan? If yes, the financial impact Company during the year.
may be stated. Whether such
cases are properly accounted for?
(In case lender is a Government
Company, then this direction
is also applicable for statutory
auditor of lender Company).
(3) Whether the fund (grant /subsidy The Company has been sanctioned The accounting for the same has
etc.) received/ receivable for a Grant – in –Aid of Rs.6.72 crores been done with regard to IND AS
specific scheme from Central/State from the Ministry of Food Processing 20 “Accounting for Government
Government or its agencies were Industries (MoFPI) for setting up Grants and Disclosure of
properly accounted for/utilised as integrated cold chain facilities at Government Assistance”.
per its term and condition? List the Rai, Haryana and Patalganga in Accordingly, the same has been
case of deviation. Maharashtra. Against the same the treated as deferred income to
Company has been disbursed a full be apportioned over the useful
and final grant of Rs.6.72 crores life of the assets. During the
for specified assets purchased current financial year, a sum of
[for Patalganga, Maharashtra] as Rs.86.37 Lakhs has been credited
according to the scheme document to the income in the statement of
the fund is disbursed upon utilisation profit and loss account.
for specific purpose.
For B. K. SHROFF & CO.
Chartered Accountants
Firm Registration No.: 302166E

(P. K. SHROFF)
PARTNER
Place: Kolkata Membership No. : 059542
Date: 25th May, 2023 UDIN: 23059542BGYEBD8745
151
 Annexure – B to the Auditors’ Report

ANNEXURE REFERRED TO IN PARAGRAPH (2) UNDER THE HEADING OF “REPORT ON OTHER

LEGAL AND REGULATORY REQUIREMENTS” OF OUR REPORT OF EVEN DATE
i. In respect of the Company’s Property, Plant & based on the examination of the conveyance
Equipments:- deeds / registered sale deed provided to us,
a) A) The Company is maintaining proper we report that, the title deeds, comprising all
records showing full particulars, including the immovable properties of land and buildings
quantitative details and situation of which are freehold, are held in the name of the
Property, Plant & Equipment. Company as at the balance sheet date, except
as mentioned below. In respect of immovable
B) The Company is maintaining proper properties of land and building, taken on lease
records showing full particulars of and disclosed as Right of Use Assets in the
intangible assets. standalone financial statements, the lease
b) The Company has a regular program of agreements are in the name of the Company,
physical verification of its Property, Plant & except as mentioned below. Our report is
Equipments in a phased manner which in our solely based on the non – availability of the
opinion is reasonable having regard to the original title deeds, in the absence of which we
size of the Company and nature of its assets. are unable to comment whether the respective
According to the information and explanations title/lease deeds are held in the name of the
given to us no material discrepancies were Company;
noticed on such verification. None of the title deed holder is a promoter,
c) According to the information and explanations Director or relative of promoter/ director or
given to us, the records examined by us and employee of promoter/ director.

Relevant line Description of item of Gross Title deeds held Property Reason for not
item in the property carrying in the name of held being held in
Balance Sheet value (Rs. since the name of the
in Lakhs) which Company
date
PPE-Building Gopalpur Holiday Home, 28.14 Not verifiable April 1994 Certified conveyance
Village Gopalpur, Udayapur since Original deed and photocopy
Mouza, Gopalpur, Orissa papers are not agreement.
available with the
Company
PPE- Village Piyala, Ballabgarh, Not verifiable October Photocopy of
(a) Building Asaoti, District-Faridabad (a) 661.67 since Original 1996 agreement.
(b) Land (b) 60.99 papers are not
Investment available with the
properties- Land 54.72 Company
PPE-Building Batra Centre, 27-Ulsoor 7.96 Not verifiable January Certified copy of
Road, Bangalore-560042 since Original 2006 Sale deed.
papers are not
available with the
Company
PPE-Building Flat No. 601, Sea Gull 84.23 Not verifiable June 1995 Original Share
Cooperative Housing since Original Certificate.
Society Ltd (B&C), papers are not Original registered
Sherly Rajan Road, Rizvi available with the agreement of flat.
Complex, Off Carter Company
Road, Bandra (West),
Mumbai-400050

152
Relevant line Description of item of Gross Title deeds held Property Reason for not
item in the property carrying in the name of held being held in
Balance Sheet value (Rs. since the name of the
in Lakhs) which Company
date
PPE-Building Flat at Sea Crest 2.02 Not verifiable November Original Share
Cooperative Housing since Original 1989 Certificate.
Society Ltd. Plot No-63 papers are not Photocopy
& 64, Seven Bungalows, available with the agreement of flat.
Jay Prakash Road, Company
Versova, Andheri (West),
Mumbai-400061
PPE-Building Flat No. 202, Mount Unique 16.19 Not verifiable June 1988 Original Registration
Cooperative Housing since Original Receipt. Duplicate
Society Ltd. 25-Mount papers are not copy of agreement
Mary Road, Bandra (West), available with the of flat.
Mumbai-400050 Company
PPE-Building Flat No. 23A, Meherina 94.36 Not verifiable December Original Registration
Cooperative Housing since Original 1994 Receipt. Duplicate
Society Ltd. Plot No. papers are not copy of agreement
C-51, Napean Sea Road, available with the of flat.
Mumbai-400026 Co.
PPE- Flat at BL Housing Not verifiable November Photocopy of MOU
(a) ROU Complex, Plot No. (a) 12.99 since Original 2009 with SIDCO
(b) Building 1-1 & 1-2, Sector 2, (b) 118.73 papers are not
Phase II, Nerul, Navi available with the
Mumbai-400076 Company
PPE-Building House Nos. H-2 & H-3, 26.98 Not verifiable January Original Receipt and
4th Floor, Building No. 9, since Original 1999 certified registered
Bokadveera, Uran, Mumbai papers are not documents.
available with the
Company
PPE- Grease & Lubricants Not verifiable October Certified copy of
(a) Building Division, 149-Jackeria (a) 17.36 since Original 1961 agreement.
(b) Land Bunder Road, Sewree (b) 2.83 papers are not
(West), Mumbai-400015 available with the
Company
PPE- Industrial Packaging Not verifiable September Certified copy of
(a) Building Division, 149-Jackeria (a) 0.88 since Original 1961 agreement.
(b) Land Bunder Road, Sewree (b) 3.85 papers are not
(West), Mumbai-400015 available with the
co.
PPE- Grease & Lubricants Not verifiable March Photocopy of
(a) Building Division, Survey (a) 1255.88 since Original 1998 Agreement.
(b) Land No.201/1, Sayli Village, (b) 112.93 papers are not
Silvassa-396230 available with the
Company
PPE- Industrial Packaging Not verifiable October Photocopy of
(a) Building Division, Survey (a) 286.14 since Original 1999 Agreement.
(b) Land No.23/1/1, Village Khadoli, (b) 43.94 papers are not
Silvassa-396230 available with the
Company

153
 Relevant line Description of item of Gross Title deeds held Property Reason for not
item in the property carrying in the name of held being held in
Balance Sheet value (Rs. since the name of the
in Lakhs) which Company
date
Investment Arya Bhavan, Graham 110.82 Original Deed not February Copy of lease
Properties- Road, available. Lease 1950 agreement.
Building 5-J. N. Heredia Marg, Deed Expired However, lease
Ballard Estate, period has expired
Mumbai-400001 on 16.08.2018.
PPE-Building Ground Floor, Sadashiv 9.40 Not verifiable March Original registration
Sadan, Tarun Bharat since Original 1999 receipt. Photocopy
Society, Chakala, Andheri papers are not of agreement.
(East), Mumbai-400099 available with the
Company
PPE-Building Grease & Lubricants 370.23 Not verifiable June 1996 Certified copy of
Division, P-43, Hide Road since Original indenture.
Extension, Kolkata-700088 papers are not
available with the
Company
PPE- Plot F-9/5 (TCW), Not verifiable July 2015 Photocopy of
(a) ROU Additional Patalganga (a) 278.68 since Original Agreement
(b) Building Industrial Area, Chawane, (b) 981.07 papers are not
Panvel, Raigad District available with the
Company
PPE-Building a) Building at Scope a) 19.95 Not verifiable Sept, Not registered in
Complex, New Delhi b) 37.47 since Original 2003 Dec, the name of the
b) Noida Housing Complex papers are not 2003 Company.
Buildings available with the
Company
PPE- Container Freight Station, Department March Non-conclusion of
(a) Building 32-Sathangadu Village, (a) 2346.42 of Revenue, 2006 commercials by
(b) Land Thiruvottiyur, Manali Road, (b) 509.21 Government of Government of Tamil
Chennai-600068 Tamil Nadu Nadu.

d) During the year, the Company has not revalued The discrepancies noticed on such verification
its Property, Plant and Equipment (including were not 10% or more in the aggregate for
Right of Use Assets) or intangible assets or each class of inventory.
both and hence provisions of clause (i) (d) of b) In our opinion and according to the information
the Order are not applicable to the Company. and explanation given to us and records
e) According to the information and explanation maintained by the Company, the Company
given to us and the records maintained by has not been sanctioned working capital limit
the Company, no proceedings have been in excess of Rs. 5.00 crores in aggregate, from
initiated or are pending against the Company banks or financial institutions on the basis
for holding any benami property under the of security of current assets. The quarterly
Benami Transactions (Prohibition) Act, 1988 returns or statements filed by the Company
and rules made there under. with banks or financial institutions are in
ii a) According to the information and explanation agreement with the books of account of the
given to us the inventory of the Company Company.
except goods in transit has been physically iii During the year, the Company has not made
verified during the year at reasonable intervals investments in or provided any guarantee or
by the management. In our opinion, having security or granted advances in the nature of
regard to the nature and location of inventory, loans, secured or unsecured to companies, firms,
the frequency of verification is reasonable. LLP or any other parties. However, during the

154
 year, the Company has granted unsecured loan to however, not made a detailed examination of the
its subsidiary. cost records with a view to determine whether
a) During the year the Company has provided they are accurate or complete. To the best of our
loan to any other entity: knowledge and according to the information and
explanations given to us, the central government
A) the aggregate amount during the year has not prescribed the maintenance of cost
Rs.100 Lakhs, and balance outstanding at records for any other products of the Company;
the balance sheet date Rs.100.00 Lakhs
with respect to such loan to subsidiary; vii According to the information and explanations
B) the aggregate amount during the year Rs. given to us and the records of the Company
Nil, and balance outstanding at the balance examined by us, in respect of statutory dues:
sheet date Rs. Nil with respect to such a) The Company has generally been regular
loan to parties other than subsidiaries, in depositing undisputed statutory dues,
joint venture and associates. including Provident Fund, Employees’ State
b) the terms and conditions of the grant of loan Insurance, Income Tax, Goods and Services
provided is not prejudicial to the Company’s Tax, Customs Duty, Cess and other statutory
interest; dues applicable to it with the appropriate
c) in respect of loan, the schedule of repayment authorities;
of principal and payment of interest has been b) The disputed statutory dues of Sales Tax,
stipulated and the repayments or receipts are Service Tax, Cess and Central Excise
yet to commence; aggregating to Rs.8284.37 Lakhs have
d) the amount is not overdue. Therefore, there is not been deposited as mentioned in Note
no amount overdue for more than ninety days, No.42.3(a) to the accounts read with Annexure
and there is no question of any reasonable “A” showing the amounts involved and the
steps to be taken by the Company for recovery forum where the dispute is pending;
of the principal and interest; viii According to the information and explanations
e) no loan granted has fallen due during the year, provided to us, there were no transactions which
and no loan have been renewed or extended were not recorded in the books of account which
or fresh loan granted to settle the overdues of have been surrendered or disclosed as income,
existing loan given to the same parties. during the year, in the tax assessments under
f) the Company has not granted any loans or the Income Tax Act, 1961 and no previously
advance in the nature of loans either repayable unrecorded income has been recorded in the
on demand or without specifying any terms or books of account during the year.
period of repayment.
ix a) In our opinion and according to the information
iv According to the information and explanations and explanations given to us, the Company
given to us, the Company, during the year, has has not defaulted in repayment of loans or
given loans and have complied with the provisions other borrowings or in the payment of interest
of section 185 and 186 of the Companies Act, thereon to any lender.
2013. b) According to the records of the Company and
v According to the information and explanation given information or explanations given to us, the
to us, the Company has not accepted any deposit Company is not a declared wilful defaulter by
or amounts which are deemed to be deposits from any bank or financial institution or other lender.
the public. Therefore, the provisions of clause (v) c) The Company has not taken any Term Loan
of the Order are not applicable to the Company; during the year and there are no outstanding
vi We have broadly reviewed the cost records Term Loan at the beginning of the year and
maintained by the Company in respect of the hence, reporting under clause 3(ix)(c) of the
products of Grease and Lubricants, Industrial Order is not applicable.
Packaging & Chemicals where, pursuant to the d) According to the records of the Company
Companies (Cost records and Audit) Rules, 2014 and information and explanations given to
read with companies (Cost records and Audit) us, funds raised on short term basis have not
Amendment Rules, 2014 prescribed by the Central been utilized for long term purposes.
Government under sub-section (1) of section 148 e) According to the records of the Company and
of the Companies Act, 2013 and are of the opinion information and explanations given to us, the
that, prima facie, the prescribed cost records Company has not taken any funds from any
have been maintained by the Company. We have, entity or person on account of or to meet the
obligations of its subsidiaries, associates or

155
 joint ventures. xv In our opinion and according to the information
f) According to the records of the Company and explanations given to us, the Company,
and information and explanations given to during the year, has not entered into any non-cash
us the Company has not raised loans during transactions with directors or persons connected
the year on the pledge of securities held in with them.
its subsidiaries, joint ventures or associate xvi a) The Company is not required to be registered
companies. under section 45-IA of the Reserve Bank of
x a) The Company has not raised moneys by way India Act, 1934.
of initial public offer or further public offer b) During the year, the Company has not
(including debt instruments) during the year conducted any Non-Banking Financial or
and hence, reporting under clause 3(x)(a) of Housing Finance activities without a valid
the Order is not applicable. Certificate of Registration (COR) from the
b) During the year, the Company has not made Reserve Bank of India as per the Reserve
any preferential allotment or private placement Bank of India Act, 1934.
of shares or convertible debentures (fully,
c) The Company is not a Core Investment
partly or optionally convertible) and hence,
Company (CIC) and/or an exempted or
reporting under clause 3(x)(b) of the Order is
unregistered CIC as defined in the regulations
not Applicable .
made by the Reserve Bank of India.
xi a) According to the information and explanations
d) According to the records of the Company and
given to us, no fraud by the Company or
information and explanations given to us, the
any fraud on the Company by its officers or
group has no CIC.
employees has been noticed or reported
during the year. xvii The Company has not incurred cash losses in the
b) No report under sub-section (12) of section financial year under audit and in the immediately
143 of the Companies Act in form ADT-4 as preceding financial year.
prescribed under rule 13 of the Companies xviii During the year there has been no resignation of
(Audit and Auditors) Rules, 2014 has been filed the statutory auditors of the Company and hence
by the auditors with the Central Government. provisions of clause (xviii) of the Order is not
c) According to the records of the Company and applicable.
information and explanations given to us, no xix On the basis of the Financial Ratios, Aging
whistle blower complaints have been received and expected dates of realisation of Financial
by the Company during the year. Assets and payment of Financial Liabilities,
xii The Company is not a Nidhi Company and hence other information accompanying the Financial
reporting under clause (xii)(a to c) of the Order Statements and our knowledge of the Board of
are not applicable. Director and Management Plans and based on
xiii According to the information and explanations our examination of the evidence supporting the
provided to us and the records of the Company assumptions, nothing has come to our attention,
examined by us, the Company has complied with which causes us to belief that any material
the requirements of Section 177 in respect of uncertainty exists as on the date of the Audit Report
composition of Audit Committee. All transactions indicating that Company is not capable of meeting
of the Company with related parties are in its liabilities existing at the date of Balance Sheet
compliance with Section 188 of Companies Act, as and when they fall due within a period of one
2013 where applicable and the details have been year from the Balance Sheet date. We, however,
disclosed in the standalone financial statements state that this is not an assurance as to the future
in Note No. 42.19 (i) and (ii) as required by the viability of the Company. We further state that our
applicable accounting standards. reporting is based on the facts upto the date of the
Audit Report and we neither give any guarantee
xiv a) According to the information and explanations nor any assurance that all liabilities falling due
given to us, in our opinion the Company has within a period of one year from the Balance Sheet
an internal audit system commensurate with date, will get discharged by the Company as and
the size and nature of its business. when they fall due.
b) We have considered the reports of Internal xx a) According to the records of the Company and
Auditors for the period under audit provided to information and explanations given to us, in
us by the Company. our opinion, there are no unspent amounts

156
 towards Corporate Social Responsibility (CSR) on projects other than ongoing projects requiring
transfer to a fund specified in Schedule VII to the Companies Act in compliance with second proviso to
sub-section (5) of section 135 of the said Act.
b) According to the records of the Company and information and explanations given to us, in our opinion,
there are no amount remaining unspent under sub section (5) of section 135 of the Companies Act,
pursuant to any ongoing project requiring transfer to special account in compliance with the provision of
sub-section (6) of section 135 of the said Act.

For B. K. SHROFF & CO.

Chartered Accountants
Firm Registration No.: 302166E

(P. K. SHROFF)
PARTNER
Place: Kolkata Membership No. : 059542
Date: 25th May, 2023 UDIN: 23059542BGYEBD8745

157
 Annexure - C to the Auditors’ Report

REPORT ON THE INTERNAL FINANCIAL CONTROLS UNDER CLAUSE (I) OF SUB-SECTION 3

OF SECTION 143 OF THE COMPANIES ACT, 2013 (“THE ACT”)
We have audited the internal financial controls established and maintained and if such controls
over financial reporting of Balmer Lawrie & operated effectively in all material respects.
Company Limited (“the Company”) as of Our audit involves performing procedures to
March 31, 2023 in conjunction with our audit obtain audit evidence about the adequacy of the
of the standalone financial statements of the internal financial controls system over financial
Company for the year ended on that date. reporting and their operating effectiveness. Our
Management’s Responsibility for Internal audit of internal financial controls over financial
Financial Controls reporting included obtaining an understanding of
The Board of Directors of the Company is internal financial controls over financial reporting,
responsible for establishing and maintaining assessing the risk that a material weakness
internal financial controls based on the exists, and testing and evaluating the design and
internal control over financial reporting criteria operating effectiveness of internal control based
established by the Company considering the on the assessed risk. The procedures selected
essential components of internal control stated in depend on the auditor’s judgement, including the
the Guidance Note on Audit of Internal Financial assessment of the risks of material misstatement
Controls over Financial Reporting issued by of the standalone financial statements, whether
the Institute of Chartered Accountants of India due to fraud or error.
(ICAI). These responsibilities include the design, We believe that the audit evidence we have
implementation and maintenance of adequate obtained is sufficient and appropriate to provide
internal financial controls that were operating a basis for our audit opinion on the internal
effectively for ensuring the orderly and efficient financial controls system over financial reporting
conduct of its business, including adherence to of the Company.
respective Company’s policies, the safeguarding Meaning of Internal Financial Controls over
of its assets, the prevention and detection of frauds Financial Reporting
and errors, the accuracy and completeness of the
accounting records, and the timely preparation of A Company’s internal financial control over
reliable financial information, as required under financial reporting is a process designed to provide
the Companies Act, 2013. reasonable assurance regarding the reliability of
financial reporting and the preparation of financial
Auditor’s Responsibility statements for external purposes in accordance
Our responsibility is to express an opinion on with generally accepted accounting principles. A
the Company’s internal financial controls over Company’s internal financial control over financial
financial reporting of the Company based on our reporting includes those policies and procedures
audit. We conducted our audit in accordance with that (1) pertain to the maintenance of records that,
the Guidance Note on Audit of Internal Financial in reasonable detail, accurately and fairly reflect
Controls Over Financial Reporting (the “Guidance the transactions and dispositions of the assets of
Note”) issued by the Institute of Chartered the Company; (2) provide reasonable assurance
Accountants of India and the Standards on that transactions are recorded as necessary to
Auditing prescribed under Section 143(10) of the permit preparation of financial statements in
Companies Act, 2013, to the extent applicable accordance with generally accepted accounting
to an audit of internal financial controls. Those principles, and that receipts and expenditures of
Standards and the Guidance Note require that the Company are being made only in accordance
we comply with ethical requirements and plan with authorisations of management and directors
and perform the audit to obtain reasonable of the Company; and (3) provide reasonable
assurance about whether adequate internal assurance regarding prevention or timely
financial controls over financial reporting was detection of unauthorised acquisition, use, or

158
disposition of the Company’s assets that could have a material effect on the standalone financial
statement
Inherent Limitations of Internal Financial Controls over Financial Reporting
Because of the inherent limitations of internal financial controls over financial reporting, including the
possibility of collusion or improper management override of controls, material misstatements due
to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal
financial controls over financial reporting to future periods are subject to the risk that the internal
financial control over financial reporting may become inadequate because of changes in conditions,
or that the degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, to the best of our information and according to the explanations given to us, the Company
has, in all material respects, an adequate internal financial controls system over financial reporting.
Though certain areas require further strengthening, it does not have any material effect on the internal
financial controls. The internal financial controls over financial reporting were operating effectively
as at March 31, 2023, based on the internal control over financial reporting criteria established by
the Company considering the essential components of internal control stated in the Guidance Note
on Audit of Internal Financial Controls over Financial Reporting issued by The Institute of Chartered
Accountants of India.
For B. K. SHROFF & CO.
Chartered Accountants
Firm Registration No.: 302166E

(P. K. SHROFF)
PARTNER
Place: Kolkata Membership No. : 059542
Date: 25th May, 2023 UDIN: 23059542BGYEBD8745

159
 COMMENTS OF THE COMPTROLLER AND AUDITOR GENERAL OF INDIA UNDER SECTION
143(6) (b) OF THE COMPANIES ACT, 2013 ON THE FINANCIAL STATEMENTS OF BALMER
LAWRIE & COMPANY LIMITED FOR THE YEAR ENDED 31 MARCH 2023

The preparation of financial statements of Balmer Lawrie & Company Limited for the year ended 31
March 2023 in accordance with the financial reporting framework prescribed under the Companies Act,
2013 (Act) is the responsibility of the management of the company. The statutory auditors appointed
by the Comptroller an Auditor General of India under Section 139 (5) of the Act is responsible for
expressing opinion on the financial statements under Section 143 of the Act based on independent
audit in accordance with the standards on auditing prescribed under section 143 (10) of the Act. This
is stated to have been done by them vide their Audit Report dated 25 May 2023.
I, on behalf of the Comptroller and Auditor General of India, have conducted a supplementary audit
of the financial statements of Balmer Lawrie & Company Limited for the year ended 31 March 2023
under Section 143(6) (a) of the Act. This supplementary audit has been carried out independently
without access to the working papers of the statutory auditors and is limited primarily to inquiries of
the statutory auditors and company personnel and a selective examination of some of the accounting
records.
On the basis of my supplementary audit nothing significant has come to my knowledge which would
give rise to any comment upon or supplement to statutory auditors’ report under section 143 (6) (b)
of the Act.

For and on behalf of the

Comptroller & Auditor General of
India
Place: Kolkata
Date: 03-08-2023
(Atul Prakash)
Principal Director of Audit (Mines)
Kolkata

160
 Standalone Balance Sheet as at 31st March 2023
ൠLQ/DNKV
Particulars Note As at 31st As at 31st March As at 01 April
No March 2023 2022 (Restated) 2021 (Restated)
ASSETS
(1) Non-Current Assets
(a) Property, Plant and Equipment 2 49,858.89 49,653.25 48,441.21
(b) Right of Use Assets 3 8,356.45 8,197.22 8,425.12
(c) Capital work-in-progress 2,742.41 1,064.92 3,210.62
(d) Investment Properties 4 99.49 94.46 96.83
(e) Intangible Assets 5 183.37 263.46 295.93
(f) Intangible Assets under development 16.95 - -
(g) Financial Assets
(i) Investments 6 12,984.39 12,989.37 12,979.44
(ii) Loans 7 176.99 181.86 199.32
(iii) Others 8 12.06 8.53 37.28
(h) Non Financial Assets - Others 10 1,176.59 1,044.08 923.33
Total Non Current Assets 75,607.59 73,497.15 74,609.08
(2) Current Assets
(a) Inventories 11 20,497.61 20,094.79 16,013.79
(b) Financial Assets
(i) Trade Receivables 12 35,945.70 31,388.70 28,891.28
(ii) Cash & Cash equivalents 13 6,008.87 4,694.25 3,475.45
(iii) Other Bank Balances 14 38,774.36 36,858.88 49,677.16
(iv) Loans 15 949.03 866.63 1,178.81
(v) Others 16 25,219.27 20,911.83 12,321.68
(c) Non Financial Assets - Others 17 6,500.71 6,191.24 6,300.14
Total Current Assets 1,33,895.55 1,21,006.32 1,17,858.31
Total Assets 2,09,503.14 1,94,503.47 1,92,467.39
EQUITY AND LIABILITIES
Equity
(a) Equity Share Capital 18 17,100.38 17,100.38 17,100.38
(b) Other Equity 19 1,18,524.12 1,14,885.52 1,13,672.40
Total Equity 1,35,624.50 1,31,985.90 1,30,772.78
LIABILITIES
(1) Non-Current Liabilities
(a) Financial Liabilities
(i) Borrowings - - 292.88
(ii) Lease Liabilities 2,213.10 1,956.73 2,093.23
(iii) Other Financial Liabilities 20 14.35 11.56 17.50
(b) Provisions 21 6,528.78 6,975.12 5,271.78
(c) Deferred Tax Liabilities (net) 9 1,850.03 1,615.09 1,721.61
(d) Non Financial Liabilities-Others 22 396.05 492.39 385.91
Total Non Current Liabilities 11,002.31 11,050.89 9,782.91
(2) Current Liabilities
(a) Financial Liabilities
(i) Borrowings - - 203.65
(ii) Lease Liabilities 924.53 742.24 867.97
(iii) Trade Payables
(A) Total outstanding dues of micro enterprises and small enterprises 23 992.62 789.53 818.15
(B) Total outstanding dues of creditors other than micro enterprises
and small enterprises 23 29,380.86 26,460.97 26,253.46
(iv) Other Financial Liabilities 24 18,000.98 12,672.83 12,812.01
(b) Non Financial Liabilities-Others 25 7,854.64 6,198.60 7,725.85
(c) Provisions 26 2,652.69 1,952.91 681.39
(d) Current Tax Liabilities (net) 27 3,070.01 2,649.60 2,549.22
Total Current Liabilities 62,876.33 51,466.68 51,911.70
Total Equity and Liabilities 2,09,503.14 1,94,503.47 1,92,467.39

Summary of Significant Accounting Policies 1

The accompanying notes are integral part of the financial statements.
This is the Balance Sheet referred to in our report of even date.
As per our report attached
For and on behalf of the Board of Directors
For B. K. Shroff & Co. Adika Ratna Sekhar Adhip Nath Palchaudhuri R. M. Utthayaraja Saurav Dutta
Chartered Accountants Chairman and Director Director Director (Finance) &
Firm Registration No. 302166E Managing Director (Service Businesses) (Manufacturing Businesses) Chief Financial Officer
DIN 08053637 DIN 08695322 DIN 09678056 DIN 10042140

CA. P. K. Shroff Abhijit Ghosh Vandana Minda Heda Kavita Bhavsar

Partner Director Independent Director Company Secretary
Membership No. 059542 (Human Resource & DIN 09402294
Place: Kolkata Corporate Affairs)
Date: 25th May, 2023 DIN 10042785

161
 Statement of Standalone Profit and Loss for the year ended 31st March 2023
ൠLQ/DNKV
Note For the year For the year
No. ended 31 ended 31
March 2023 March 2022

Income
I Revenue from Operations 28 2,30,997.94 2,04,245.31
II Other Income 29 7,311.22 6,239.66
III Total Income (I+II) 2,38,309.16 2,10,484.97
IV Expenses
Cost of Materials Consumed & Services Rendered 30 1,60,055.21 1,42,696.94
Purchase of Stock-in-Trade 31 3,733.76 1,276.51
Changes in inventories of Work-in-Progress, Stock-in-Trade and Finished Goods 32 (1,376.80) (468.74)
Employee Benefits Expenses 33 25,049.06 22,695.12
Finance costs 34 981.70 580.03
Depreciation and amortisation expense 35 4,692.61 4,673.56
Other expenses 36 24,043.39 22,017.10

Total Expenses (IV) 2,17,178.93 1,93,470.52

V Profit before exceptional items and Tax (III-IV) 21,130.23 17,014.45

VI Exceptional Items - -
VII Profit before Tax (V-VI) 21,130.23 17,014.45

VIII Tax Expense

(1) Current Tax 37 5,296.81 4,568.80
(2) Deferred Tax 9 447.52 165.00
IX Profit for the year from Continuing Operations (VII-VIII) 15,385.90 12,280.65

X Profit from Discontinued Operations - -

XI Tax expense of Discontinued Operations - -
XII Profit from Discontinued Operations (after tax) (X-XI) - -

XIII Profit for the year (IX+XII) 15,385.90 12,280.65

XIV Other Comprehensive Income 38

A i) Items that will not be reclassified to profit or loss (844.63) (1,078.82)
ii) Income tax relating to items that will not be reclassified to profit or loss 212.58 271.52
B i) Items that will be reclassified to profit or loss - -
ii) Income tax relating to items that will be reclassified to profit or loss - -

XV Total Comprehensive Income for the year (XIII+XIV) 14,753.85 11,473.35

(Comprising Profit and Other Comprehensive Income for the year)

XVI Earnings per equity share (for continuing operations): 39

 %DVLF ൠ 9.00 7.18
 'LOXWHG ൠ 9.00 7.18

XVII Earnings per equity share (for discontinued operation):

 %DVLF ൠ - -
 'LOXWHG ൠ - -

XVIII Earnings per equity share (for discontinued & continuing operations):
 %DVLF ൠ 9.00 7.18
 'LOXWHG ൠ 9.00 7.18

Summary of Significant Accounting Policies 1

The accompanying notes are integral part of the financial statements.

This is the Statement of Profit and Loss referred to in our report of even date.

As per our report attached

For and on behalf of the Board of Directors

For B. K. Shroff & Co. Adika Ratna Sekhar Adhip Nath Palchaudhuri R. M. Utthayaraja Saurav Dutta
Chartered Accountants Chairman and Director Director Director (Finance) &
Firm Registration No. 302166E Managing Director (Service Businesses) (Manufacturing Businesses) Chief Financial Officer
DIN 08053637 DIN 08695322 DIN 09678056 DIN 10042140

CA. P. K. Shroff Abhijit Ghosh Vandana Minda Heda Kavita Bhavsar

Partner Director Independent Director Company Secretary
Membership No. 059542 (Human Resource & DIN 09402294
Place: Kolkata Corporate Affairs)
Date: 25th May, 2023 DIN 10042785

162
 Standalone Cash Flow Statement for the year ended 31st March 2023
ൠLQ/DNKV
Particulars For the year ended For the year ended
31 March 2023 31 March 2022
Cash flow from Operating Activities

Net profit before tax 21,130.23 17,014.45

Adjustments for:
Depreciation and Amortisation 4,692.61 4,673.56
Write off/Provision for doubtful trade receivables ( Net) 53.89 80.28
Write off/Provision for Inventories (Net) (43.18) (49.85)
Other Write off/Provision ( Net) 23.88 6.23
(Gain)/ Loss on sale of fixed assets (Net) (169.11) (449.18)
Interest income (2,091.51) (2,680.05)
Dividend Income (2,560.37) (2,015.14)
Finance costs 981.70 580.03
Operating Cash Flows before working capital changes 22,018.14 17,160.33

Changes in operating assets and liabilities (working capital changes)

(Increase)/Decrease in trade receivables (4,610.89) (2,577.70)
(Increase)/Decrease in non current assets (113.39) (1,430.20)
(Increase)/Decrease in inventories (359.64) (4,031.15)
(Increase)/Decrease in other short term financial assets (4,413.72) (8,284.20)
(Increase)/Decrease in other current assets (319.74) 80.66
Increase/(Decrease) in trade payables 3,125.77 172.95
Increase/(Decrease) in long term provisions (593.10) 1,703.34
Increase/(Decrease) in short term provisions 1.91 1,271.52
Increase/(Decrease) in other liabilities 5,487.35 (234.76)
Increase/(Decrease) in other current liabilities 1,560.85 (1,541.48)
Cash flow generated from operations 21,783.54 2,289.31
Income taxes paid (Net of refunds) (4,876.40) (4,468.42)
Net Cash (used in)/generated from Operating Activities A 16,907.14 (2,179.11)

Cash flow from Investing Activities

Purchase/ Construction of Property, Plant and Equipment (5,216.53) (2,258.48)
Purchase of Investments - (24.99)
Proceeds on sale of Property, Plant and Equipment 241.64 515.53
Bank deposits (having original maturity of more than three months) (Net) (1,905.21) 12,846.52
Interest received 2,091.51 2,680.05
Dividend received 2,560.37 2,015.14
Net Cash (used in)/generated from Investing Activities B (2,228.22) 15,773.77

Cash flow from Financing Activities

Repayment of borrowings - (496.53)
Dividend paid (11,104.98) (10,231.99)
Repayment of lease liabilities (1,277.62) (1,067.31)
Finance costs (981.70) (580.03)
Net Cash (used in)/generated from Financing Activities C (13,364.30) (12,375.86)

Net Increase/(Decrease) in cash and cash equivalents (A+B+C) 1,314.62 1,218.80

Cash and Cash Equivalents at the beginning of the Year 4,694.25 3,475.45
Cash and Cash Equivalents at the end of the Year 6,008.87 4,694.25
Movement in cash balance 1,314.62 1,218.80
Reconciliation of Cash and Cash Equivalents as per cash flow statement
Cash and Cash Equivalents as per above comprise of the following:
Cash in hand 0.48 2.33
Balance with banks in current accounts 6,008.39 4,691.92
6,008.87 4,694.25
This is the Cash Flow Statement referred to in our report of even date.
As per our report attached
0.00 (0.00)
For and on behalf of the Board of Directors
For B. K. Shroff & Co. Adika Ratna Sekhar Adhip Nath Palchaudhuri R. M. Utthayaraja Saurav Dutta
Chartered Accountants Chairman and Director Director Director (Finance) &
Firm Registration No. 302166E Managing Director (Service Businesses) (Manufacturing Businesses) Chief Financial Officer
DIN 08053637 DIN 08695322 DIN 09678056 DIN 10042140

CA. P. K. Shroff Abhijit Ghosh Vandana Minda Heda Kavita Bhavsar

Partner Director Independent Director Company Secretary
Membership No. 059542 (Human Resource & DIN 09402294
Place: Kolkata Corporate Affairs)
Date: 25th May, 2023 DIN 10042785

163
 Standalone Statement of Changes in Equity for the year ended 31st March 2023

A. Equity Share Capital ൠLQ/DNKV

(1) Current reporting period
Balance at the beginning Changes in Equity Restated balance at the Changes in Equity Balance at the end
of the current Share Capital due to beginning of the current Share Capital during of the current
reporting period prior period errors reporting period the current year reporting period
17,100.38 0.00 17,100.38 0.00 17,100.38

(2) Previous reporting period

Balance at the beginning Changes in Equity Restated balance at the Changes in Equity Balance at the end
of the previous Share Capital due to beginning of the previous Share Capital during of the previous
reporting period prior period errors reporting period the previous year reporting period
17,100.38 0.00 17,100.38 0.00 17,100.38
B. Other Equity ൠLQ/DNKV
(1) Current reporting period Reserves and Surplus Other Total
Securities General Retained Comprehensive
Premium Reserve Earnings Income Reserve
(OCI)
Balance at the beginning of the current reporting period 3,626.77 29,903.69 83,188.81 (1,833.75) 1,14,885.52
Changes in Accounting policy or prior period errors - - - - -
Restated balance at the beginning of the current reporting period 3,626.77 29,903.69 83,188.81 (1,833.75) 1,14,885.52
Total Comprehensive Income for the current Year - 14,753.85 - 14,753.85
Dividends - - (11,115.25) - (11,115.25)
Remeasurement gain/(loss) during the year - - 632.05 (632.05) -
Balance at the end of the current reporting period 3,626.77 29,903.69 87,459.46 (2,465.80) 1,18,524.12

(2) Previous reporting period Reserves and Surplus Other Total

Securities General Retained Comprehensive
Premium Reserve Earnings Income Reserve
(OCI)
Balance at the beginning of the previous reporting period 3,626.77 29,903.69 81,168.39 (1,026.45) 1,13,672.40
Changes in accounting policy or prior period errors - - - - -
Restated balance at the beginning of the previous reporting period 3,626.77 29,903.69 81,168.39 (1,026.45) 1,13,672.40
Total Comprehensive Income for the previous Year - - 11,473.35 - 11,473.35
Dividends - - (10,260.23) - (10,260.23)
Remeasurement gain/(loss) during the year - - 807.30 (807.30) -
Balance at the end of the previous reporting period 3,626.77 29,903.69 83,188.81 (1,833.75) 1,14,885.52

This is the Statement of Changes in Equity referred to in our report of even date.

As per our report attached

For and on behalf of the Board of Directors

For B. K. Shroff & Co. Adika Ratna Sekhar Adhip Nath Palchaudhuri R. M. Utthayaraja Saurav Dutta
Chartered Accountants Chairman and Director Director Director (Finance) &
Firm Registration No. 302166E Managing Director (Service Businesses) (Manufacturing Businesses) Chief Financial Officer
DIN 08053637 DIN 08695322 DIN 09678056 DIN 10042140

CA. P. K. Shroff Abhijit Ghosh Vandana Minda Heda Kavita Bhavsar

Partner Director Independent Director Company Secretary
Membership No. 059542 (Human Resource & DIN 09402294
Place: Kolkata Corporate Affairs)
Date: 25th May, 2023 DIN 10042785

164
Significant Accounting Policies and other Explanatory Information to the Standalone
Financial Statements for the year ended 31 March 2023
GENERAL INFORMATION AND STATEMENT OF 1.2 Property, plant and equipment
COMPLIANCE WITH IND AS
Items of Property, plant and equipment are valued
Balmer Lawrie & Co. Ltd. (the “Company”) is a Government at cost of acquisition inclusive of any other cost
of India Enterprise engaged in diversified business with attributable to bringing the same to their working
presence in both manufacturing and service businesses. condition. Property, plant and equipment manufactured
The Company is engaged in the business of Industrial /constructed in house are valued at actual cost of raw
Packaging, Greases & Lubricants, Chemicals, Logistic materials, conversion cost and other related costs.
Services and Infrastructure, Refinery & Oil Field and Travel
Expenditure incurred during construction of capital
& Vacation Services in India. The Company is a Government
projects including related pre-production expenses is
Company domiciled in India and is incorporated under the
treated as Capital Work-in- Progress and in case of
provisions of Companies Act applicable in India, its shares
transfer of the project to another body, the accounting is
are listed on recognized stock exchange of India.
done on the basis of terms of transfer.
Basis of Preparation
Machine Spares whose use is irregular is classified as
The standalone financial statements have been prepared Capital Spares. Such capital spares are capitalised as
in accordance with the Companies (Indian Accounting per Property, plant & equipment.
Standards) Rules 2015 as amended issued by Ministry
Gains or losses arising on the disposal of property,
of Corporate Affairs and other relevant provisions of the
plant and equipment are determined as the difference
Companies Act, 2013. The Company has uniformly applied
between the disposal proceeds and the carrying amount
the accounting policies during the period presented. The
of the assets and are recognized in profit or loss within
Company’s financial statements are prepared in accordance
‘other income’ or ‘other expenses’ respectively.
with and comply in all material aspects with Indian Accounting
Standards (Ind AS). Unless otherwise stated, all amounts Depreciation on Plant & Machinery other than continuous
are stated in lacs of Rupees. process plant is provided on pro-rata basis following
straight line method considering estimated useful life
All assets and liabilities have been classified as current or
at 25 years, based on technical review by a Chartered
non-current as per the Company’s normal operating cycle
Engineer. Depreciation on continuous process plant is
and other criteria set out in the Schedule III to the Companies
as per Schedule II of the Companies Act, 2013.
Act, 2013. Based on the nature of products and the time
between the acquisition of assets for processing and their Depreciation on certain Property, plant & equipment,
realisation in cash and cash equivalents, the Company has which have been refurbished/ upgraded and put to
ascertained its operating cycle as 12 months for the purpose further use are being depreciated on a pro rata basis
of current / non-current classification of assets and liabilities. considering their reassessed residual useful life which
is not more than the life specified in Schedule II of the
The preparation of financial statements requires the use of
Companies Act, 2013.
accounting estimates which, by definition, may or may not
equal the actual results. Management also needs to exercise Depreciation on tangible assets other than Plant &
judgement in applying the Company’s accounting policies. Machinery is provided on pro-rata basis following
straight line method over the estimated useful lives of
The Standalone financial statements for the year ended 31st
the asset or over the lives of the assets prescribed under
March are authorised and approved for issue by the Board
Schedule II of the Companies Act, 2013, whichever is
of Directors.
lower. Based on internal review, the lower estimated
1. SUMMARY OF SIGNIFICANT ACCOUNTING useful lives of the following assets are found justifiable
POLICIES compared to the lives mentioned in Schedule II of the
Companies Act 2013:
The Standalone financial statements have been prepared
using the accounting policies and measurement basis Asset category Estimated useful
summarized below. life (in years)
Mobile Phones and Portable 2 years
1.1 Historical cost convention
Personal Computers
The financial statements have been prepared on a Assets given to employees under 5 years
historical cost basis, except for the following assets furniture equipment scheme
and liabilities which have been measured at fair value
Electrical items like air conditioners, 7 years
or revalued amount:
fans, refrigerators etc.
‡ Certain financial assets and liabilities, measured at Sofa, Photocopier, Fax machines, 5 years
fair value (refer accounting policy regarding financial Motor Cars & Machine Spares
instruments),
The residual values of all assets are taken as NIL.
‡ Defined benefit plans, plan assets measured at fair
value

165
1.3 Investment property a) The financial asset is held within a business model
whose objective is to hold financial assets in order
Property that is held for long-term rental yields or for
to collect contractual cash flows; and
capital appreciation or both, and that is not occupied
by the Company, is classified as investment property. b) The contractual terms of the financial asset give
Investment property is measured initially at its rise on specified dates to cash flows that are solely
cost, including related transaction costs and where payments of principal and interest on the principal
applicable, borrowing costs. Subsequent expenditure is amount outstanding.
capitalised to the asset’s carrying amount only when it is
The Company’s cash and cash equivalents, trade and
probable that future economic benefits associated with
most other receivables fall into this category of financial
the expenditure will flow to the Company and the cost of
instruments.
the item can be measured reliably. All other repairs and
maintenance costs are expensed when incurred. A loss allowance for expected credit losses is
recognised on financial assets carried at amortised cost.
When part of an investment property is replaced, the
Expected loss on individually significant receivables
carrying amount of the replaced part is derecognised.
are considered for impairment when they are past
Additionally, when a property given on rent is vacated
due and based on Company’s historical counterparty
and the managements intention is to use the vacated
default rates and forecast of macro-economic factors.
portion for the purpose of its own business needs,
Receivables that are not considered to be individually
Investment Properties are reclassified as Buildings.
significant are segmented by reference to the industry
Investment properties are depreciated using the straight- and region of the counterparty and other shared credit
line method over their estimated useful lives which is risk characteristics to evaluate the expected credit
consistent with the useful lives followed for depreciating loss. The expected credit loss estimate is then based
Property, Plant and Equipment. on recent historical counterparty default rates for each
identified segment. The Company has a diversified
1.4 Financial Instruments
portfolio of trade receivables from its different segments.
Recognition, initial measurement and derecognition Every business segment of the Company has calculated
provision using a single loss rate for its receivables
Financial assets and financial liabilities are recognised
using its own historical trends and the nature of its
when the Company becomes a party to the contractual
receivables. There are no universal expected loss
provisions of the financial instrument and are measured
percentages for the Company as a whole. The Company
initially at fair value adjusted by transaction costs,
generally considers its receivables as impaired when
except for those carried at fair value through profit
they are 3 years past due. Considering the historical
or loss (FVTPL) which are measured initially at fair
trends and market information, the Company estimates
value. However, trade receivables that do not contain
that the provision computed on its trade receivables is
a significant financing component are measured at
not materially different from the amount computed using
transaction price. Subsequent measurement of financial
expected credit loss method prescribed under Ind AS
assets and financial liabilities is described below.
109. Since the amount of provision is not material for the
Financial assets are derecognized when the contractual Company as a whole, no disclosures have been given in
rights to the cash flows from the financial asset expire, respect of expected credit losses.
or when the financial asset and all substantial risks
Derivative financial instruments are carried at FVTPL.
and rewards are transferred. A financial liability is
derecognized when it is extinguished, discharged, 1.5 Inventories
cancelled or expires.
Inventories are valued at lower of cost or net realisable
Classification and subsequent measurement of financial value. For this purpose, the basis of ascertainment of
assets cost of the different types of inventories is as under –
For the purpose of subsequent measurement, financial a) Raw materials & trading goods, stores & spare
assets are classified into the following categories upon parts and materials for turnkey projects on the basis
initial recognition: of weighted average cost.
‡ Amortised cost b) Work-in-progress on the basis of weighted average
cost of raw materials and conversion cost upto the
‡ financial assets at FVTPL
relative stage of completion where it can be reliably
All financial assets except for those at FVTPL are estimated.
subject to review for impairment.
c) Finished goods on the basis of weighted average
Amortised cost cost of raw materials, conversion cost and other
related costs.
A financial asset shall be measured at amortised cost
using effective interest rates if both of the following d) Loose Tools are written-off over the economic
conditions are met: OLIH H[FHSW LWHPV FRVWLQJ XSWR ൠ ZKLFK DUH
charged off in the year of issue.

166
1.6 Government grants c) Contingent liabilities pertaining to various
government authorities are considered only on
a) Grants from the government are recognised at their
conversion of show cause notices issued by them
fair value where there is a reasonable assurance
into demand.
that the grant will be received and the Company will
comply with all attached conditions. 1.10 Intangible assets
b) Government grants relating to income are deferred a) Expenditure incurred for acquiring intangible assets
and recognised in the profit or loss over the period OLNH VRIWZDUH FRVWLQJ ൠ DQG DERYH DQG
necessary to match them with the costs that they OLFHQVH WR XVH VRIWZDUH SHU LWHP RI ൠ DQG
are intended to compensate and presented within above, from which economic benefits will flow over
other income. a period of time, is amortised over the estimated
useful life of the asset or five years, whichever is
c) Government grants relating to the purchase of
earlier, from the time the intangible asset starts
property, plant and equipment are included in
providing the economic benefit.
non-current liabilities as deferred income and are
credited to profit or loss on a straight-line basis b) Brand value arising on acquisition are recognised
over the expected lives of the related assets and as an asset and are amortised on a straight line
presented within other income. basis over 10 years.
1.7 Foreign currency translation c) Goodwill on acquisition is not amortised but tested
for impairment annually.
a) Functional and presentation currency
d) In other cases, the expenditure is charged to
Items included in the financial statements are
revenue in the year in which the expenditure is
measured using the currency of the primary
incurred.
economic environment in which the entity operates
(‘the functional currency’). The applicable functional 1.11 Accounting for Research & Development
and presentation currency is INR.
a) Revenue Expenditure is shown under Primary
b) Transactions and balances Head of Accounts with the total of such expenditure
being disclosed in the Notes.
Foreign currency transactions are translated into
the functional currency using the exchange rates b) Capital expenditure relating to research &
at the dates of the transactions. Foreign exchange development is treated in the same way as
gains and losses resulting from the settlement other fixed assets.
of such transactions and from the translation of
1.12 Treatment of Grant / Subsidy
monetary assets and liabilities denominated in
foreign currencies at year end exchange rates are a) Revenue grant/subsidy in respect of research
generally recognised in profit or loss. & development expenditure is set off
against respective expenditure.
1.8 Segment reporting
b) Capital grant/subsidy against specific fixed assets
Operating segments are reported in a manner consistent
is set off against the cost of those fixed assets.
with the internal reporting provided to the chief operating
decision maker. c) When grant/subsidy is received as compensation
for extra cost associated with the establishment of
The board of directors assesses the financial
manufacturing units or cannot be related otherwise
performance and position of the Company, and makes
to any particular fixed assets the grant/subsidy so
strategic decisions and have identified business
received is credited to capital reserve. On expiry
segment as its primary segment.
of the stipulated period set out in the scheme of
1.9 Provisions, Contingent liabilities and Capital grant/subsidy the same is transferred from capital
commitments reserve to general reserve.
a) Provision is recognised when there is a present d) Revenue grant in respect of organisation of certain
obligation as a result of a past event and it is events is shown under Sundry Income and the
probable that an outflow of resources will be related expenses there against under normal heads
required to settle the obligation in respect of which of expenditure.
a reliable estimate can be made. Provision amount
1.13 Impairment of assets
are discounted to their present value where the
impact of time value of money is expected to be An assessment is made at each Balance Sheet
material. date to determine whether there is an indication
of impairment of the carrying amount of the fixed
b) Contingent liabilities are disclosed in respect of
assets. If any indication exists, an asset’s recoverable
possible obligations that arise from past events
amount is estimated. An impairment loss is recognised
but their existence is confirmed by the occurrence
whenever the carrying amount of the asset exceeds
of one or more uncertain future events not wholly
the recoverable amount.
within the control of the Company.

167
 The recoverable amount of an asset or a cash- directly in equity, in which case the related deferred tax
generating unit is the higher of its fair value less costs is also recognized in other comprehensive income or
to sell and its value in use. equity, respectively.
Value in use is the present value of the future cash Deferred tax liabilities are not recognised for temporary
flows expected to be derived from an asset or cash- differences between the carrying amount and tax
generating unit using an appropriate discount factor. bases of investments in subsidiaries, branches and
associates and interest in joint arrangements where the
1.14 Income taxes
Company is able to control the timing of the reversal of
Tax expense recognized in profit or loss comprises the the temporary differences and it is probable that the
sum of deferred tax and current tax not recognized in differences will not reverse in the foreseeable future.
other comprehensive income or directly in equity.
1.15 Leases
Current tax is payable on taxable profit, which
The Company as a lessee
differs from profit or loss in the financial statements.
Calculation of current tax is based on tax rates and tax The Company considers whether a contract is, or
laws that have been enacted or substantively enacted contains a lease. A lease is defined as ‘a contract,
by the end of the reporting period. or part of a contract, that conveys the right to use
an asset (the underlying asset) for a period of
Deferred income taxes are calculated using the
time in exchange for consideration’. To apply this
liability method on temporary differences between the
definition, the Company assesses whether the
carrying amounts of assets and liabilities and their
contract meets three key evaluations of whether:
tax bases. However, deferred tax is not provided on
the initial recognition of an asset or liability unless a) The contract contains an identified asset, which
the related transaction is a business combination or is either explicitly identified in the contract or
affects tax or accounting profit. Deferred tax assets implicitly specified by being identified at the time
and liabilities are calculated, without discounting, at the asset is made available to the Company.
tax rates that are expected to apply to their respective
b) The Company has the right to obtain substantially
period of realization, provided those rates are enacted
all of the economic benefits from use of the
or substantively enacted by the end of the reporting
identified asset throughout the period of use,
period.
considering its rights within the defined scope of
Deferred tax asset (‘DTA’) is recognized for all the contract.
deductible temporary differences, carry forward of
c) The Company has the right to direct the use of the
unused tax credit and unused tax losses, to the extent
identified asset throughout the period of use.
that it is probable that taxable profit will be available
against which deductible temporary difference, and Measurement and recognition of leases
the carry forward of unused tax credits and unused
At lease commencement date, the Company
tax losses can be utilized or to the extent of taxable
recognises a right-of-use asset and a lease liability. The
temporary differences except:
right-of-use asset is measured at cost, which includes
- Where the DTA relating to the deductible the initial measurement of the lease liability, any initial
temporary difference arises from the initial direct costs incurred by the Company, an estimate of
recognition of an asset or liability in a transaction any costs to dismantle and remove the asset at the end
that is not a business combination; and at the time of the lease, and any lease payments made in advance
of the transaction, affects neither accounting profit of the lease commencement date (net of any incentives
nor taxable profit or loss. received).
- in respect of deductible temporary differences The Company depreciates the right-of-use asset on a
arising from investments in subsidiaries, straight-line basis from the lease commencement date
branches and associates, and interests in joint to the earlier of the end of the useful life of the right-of-
arrangements, to the extent that, and only to use asset or the end of the lease term. The Company
the extent that, it is probable that the temporary also assesses the right-of-use asset for impairment
difference will reverse in the foreseeable future; when any indicators exist.
and taxable profit will be available against which
At lease commencement date, the Company
the temporary difference can be utilized.
measures the lease liability at the present value of
This is assessed based on the Company’s forecast of the lease payments unpaid at that date, discounted
future operating results, adjusted for significant non- using the interest rate implicit in the lease if that rate
taxable income and expenses and specific limits on the is readily available or the Company’s incremental
use of any unused tax loss or credit. borrowing rate. Lease payments included in the
measurement of the lease liability are made up of fixed
Changes in deferred tax assets or liabilities are
payments, variable payments based on an index or
recognised as a component of tax income or expense
rate, amounts expected to be payable under a residual
in profit or loss, except where they relate to items that
value guarantee and payments arising from options
are recognized in other comprehensive income or
reasonably certain to be exercised.

168
 Subsequent to the initial measurement, the liability c) Royalties are recognised on accrual basis in
will be reduced for payments made and increased for accordance with the substance of the relevant
interest. It is remeasured to reflect any reassessment agreement
or modification, or if there are changes in fixed
d) Export incentives are recognised as income only
payments. When the lease liability is remeasured, the
at the time when there is no significant uncertainty
corresponding adjustment is reflected in the right-of-
as to its measurability and ultimate realisation.
use asset, or profit and loss if the right-of-use asset is
already reduced to zero. For determining the transaction price, the Company
measures the revenue in respect of each performance
The Company has elected to account for short-term
obligation of a contract at its relative standalone selling
leases i.e. for leases for period less than 12 months
price.
and leases of low-value i.e. value of leased asset which
LVOHVVWKDQൠXVLQJWKHSUDFWLFDOH[SHGLHQWV The Company accounts for volume discounts and
Instead of recognising a right-of-use asset and lease pricing incentives to a buyer as a reduction of revenue
liability, the payments in relation to these are recognised based on the ratable allocation of the discounts/
as an expense in profit or loss on a straight-line basis incentives to each of the underlying performance
over the lease term. In the Balance Sheet, right-of- obligation that corresponds to the progress by the
use assets have been disclosed under non-current buyer towards earning the discount/ incentive.
assets and lease liabilities have been disclosed under
Term of returns, refunds etc. are agreed with the
financial liabilities.
buyers on a case to case basis upon mutually
The Company as a lessor accepted terms and conditions. The impact of returns
and refunds is negligible on the turnover of the
The Company classifies leases as either operating or
Company.
finance leases. A lease is classified as a finance lease
if the Company transfers substantially all the risks and As a practical expedient, as given in Ind AS 115,
rewards incidental to ownership of the underlying asset the Company has not disclosed the remaining
to the lessee, and classifies it as an operating lease if performance obligation related disclosures for
otherwise. contracts where the revenue recognized from the
satisfaction of the performance obligation corresponds
1.16 Revenue recognition
directly with the value to the customer of the entity’s
Revenue towards satisfaction of a performance performance completed to date especially in relation
obligation is measured at the amount of transaction to those contracts where invoicing is on time and
price (net of variable consideration) allocated to that material basis.
performance obligation.
Significant payment terms:
Sale of goods
Payment is generally received either in cash or based
When the control over goods is transferred to the buyer on credit terms. Credit terms are agreed to with the
and no significant uncertainty exists regarding the buyers and is generally in line with the respective
amount of consideration that is derived from the sale industry standards.
of goods.
1.17 Borrowing Costs
Services rendered
General and specific borrowing costs that are directly
a) When control over the service rendered in full or attributable to the acquisition, construction or production
part is recognized by the buyer and no significant of a qualifying asset are capitalised during the period
uncertainty exists regarding the amount of of time that is required to complete and prepare the
consideration that is derived from rendering the asset for its intended use or sale. Qualifying assets
services. are assets that necessarily take a substantial period of
time to get ready for their intended use or sale. Other
b) In case of project activities: As per the percentage
Borrowing Costs are recognised as expense in the
of completion method after progress of work
period in which they are incurred.
to a reasonable extent for which control can be
transferred to the buyer. 1.18 Cash Flow Statement
c) In cases where the Company collects consideration Cash Flow Statement, as per Ind AS – 7, is prepared
on account of another party, it recognises revenue using the indirect method, whereby profit for the
as the net amount retained on its own account. period is adjusted for the effects of transactions of a
non-cash nature, any deferrals or accruals of past or
Other income
future operating cash receipts or payments and items
a) Interest on a time proportion basis using the of income or expenses associated with investing or
effective Interest rate method. financing cash flows. The cash flows from operating,
investing and financing activities of the Company are
b) Dividend from investments in shares on
segregated.
establishment of the Company’s right to receive.

169
1.19 Employee Benefits
(i) Short term obligations projected unit credit method. Re-measurement as
Liabilities for wages and salaries including non- a result of experience adjustments and changes
monetary benefits that are expected to be settled in actuarial assumptions are recognised in the
wholly within 12 months after the end of the period period in which they occur in profit or loss.
in which the employees render the related service 1.20 Prior period Items
are recognised at the amounts expected to be paid
Material prior period items which arise in the current
when the liabilities are settled. The liabilities are
period as a result of error or omission in the preparation
presented as current employee benefit obligation
of prior period’s financial statement are corrected
in balance sheet
retrospectively in the first set of financial statements
(ii) Post-employment obligations approved for issue after their discovery by:
Defined Contribution Plans
a) restating the comparative amounts for the prior
Provident Fund: the Company transfers provident period(s) presented in which the error occurred; or
fund contributions to the trust registered for
maintenance of the fund and has no further b) If the error occurred before the earliest prior
obligations on this account. These are recognised period presented, restating the opening balances
as and when they are due. of assets, liabilities and equity for the earliest prior
period presented.
Superannuation Fund (SAF): the Company
contributes for eligible employees, a sum c) $Q\LWHPVH[FHHGLQJUXSHHVWZHQW\ILYHODFV ൠ
equivalent to 9% and 8% for Executives and Lacs) shall be considered as material prior period
Officers, respectively of salary, to the fund item.
administered by the trustees and managed by Life
d) Retrospective restatement shall be done except
Insurance Corporation of India (LIC) (for eligible
to the extent that it is impracticable to determine
optees for LIC managed scheme) or to the fund
either the period specific effects or the cumulative
administered and managed by the NPS Trust
effect of the error. When it is impracticable to
(for balance eligible optees for NPS managed
determine the period specific effects of an error
scheme). The Company has no further obligations
on comparative information for one or more prior
on this account. These are recognised as and
periods presented, the Company shall restate the
when they are due.
opening balances of assets, liabilities and equity
Defined Benefit Plans for the earliest prior period for which retrospective
Gratuity and Post Retirement Benefit plans – The restatement is practicable (which may be the
defined benefit obligation is calculated annually current period).
by actuary using the projected unit credit method.
1.21 Earnings per share
Re-measurement gains and losses arising from
experience adjustments and changes in actuarial Basic earnings per share are calculated by dividing
assumptions are recognised in the period in the net profit or loss (excluding other comprehensive
which they occur, directly in other comprehensive income) for the year attributable to equity shareholders
income. They are included in retained earnings by the weighted average number of equity shares
in the statement of changes in equity. Changes outstanding during the year. The weighted average
in present value of the defined benefit obligation number of equity shares outstanding during the year is
resulting from plan amendments or curtailments adjusted for events such as bonus issue, share splits or
are recognised immediately in profit or loss as consolidation that have changed the number of equity
past service cost. shares outstanding without a change in corresponding
(iii) Other long term employee benefit obligations change in resources. For the purpose of calculating
diluted earnings per share, the net profit or loss
The liabilities for leave encashment and long
(excluding other comprehensive income) for the year
service awards are not expected to be settled
attributable to equity shareholders and the weighted
wholly within 12 months after the end of the period
average number of equity shares outstanding during
in which the employees render the related service.
the year are adjusted for the effects of dilutive potential
They are measured annually by actuary using the
equity shares.

For and on behalf of the Board of Directors

For B. K. Shroff & Co. Adika Ratna Sekhar Adhip Nath Palchaudhuri R. M. Utthayaraja Saurav Dutta
Chartered Accountants Chairman and Director Director Director (Finance) &
Firm Registration No. 302166E Managing Director (Service Businesses) (Manufacturing Businesses) Chief Financial Officer
DIN 08053637 DIN 08695322 DIN 09678056 DIN 10042140

CA. P. K. Shroff Abhijit Ghosh Vandana Minda Heda Kavita Bhavsar

Partner Director Independent Director Company Secretary
Membership No. 059542 (Human Resource & DIN 09402294
Place: Kolkata Corporate Affairs)
Date: 25th May, 2023 DIN 10042785

170
 Notes to the Standalone Financial Statements for the year ended 31 March 2023

Note No 2.
Property, Plant and Equipment
ൠLQ/DNKV
FY 2022-23 Property, Plant and Equipment
Typewriter,
Electrical Tubewell,
Spares for Furniture Accounting
Land - Building Plant & Installation Tanks and Lab Railway
Particulars Plant & & Machine Vehicles Total
Freehold & Sidings Machinery & Miscellaneous Equipment Sidings
Machinery Fittings and Office
Equipment Equipment
Equipment
Gross Block
Balance as at 1 April 2022 2,373.77 29,153.84 20,668.82 90.14 4,011.12 1,390.59 2,682.83 2,779.05 752.11 614.44 351.92 64,868.63
Additions - 1,516.18 543.35 99.45 302.49 109.09 564.76 218.42 34.91 - 54.33 3,442.98
Disposal of assets - (188.02) (231.93) (12.72) (211.41) (172.76) (273.78) (173.03) (70.38) - (9.74) (1,343.77)
Reclassification/Adjustments* - (16.82) - - - - - - - - - (16.82)
Gross Block as at March 31 2023 2,373.77 30,465.18 20,980.24 176.87 4,102.20 1,326.92 2,973.81 2,824.44 716.64 614.44 396.51 66,951.02

Accumulated depreciation
Balance as at 1 April 2022 - 3,420.28 4,913.79 1.80 2,090.79 623.54 2,049.53 1,280.26 524.65 305.82 4.92 15,215.38
Depreciation charge for the year - 713.01 1,020.65 28.85 414.20 142.72 426.00 266.64 61.51 71.08 112.29 3,256.95
Disposal of assets - (105.51) (214.62) (12.72) (201.00) (167.95) (273.26) (169.58) (70.38) - (9.55) (1,224.57)
Reclassification/Adjustments - (88.15) (46.13) - (17.49) (0.20) (3.66) - - - (155.63)
Accumulated Depreciation as at - 3,939.63 5,673.69 17.93 2,286.50 598.31 2,202.07 1,373.66 515.78 376.90 107.66 17,092.13
March 31 2023

Net Block as at Mar 31 2023 2,373.77 26,525.55 15,306.55 158.94 1,815.70 728.61 771.74 1,450.78 200.86 237.54 288.85 49,858.89

171
 Notes to the Standalone Financial Statements for the year ended 31 March 2023

172
 ൠLQ/DNKV
FY 2021-22 Property, Plant and Equipment
Typewriter,
Electrical Tubewell,
Spares for Furniture Accounting
Land - Building Plant & Installation Tanks and Lab Railway
Particulars Plant & & Machine Vehicles Total
Freehold & Sidings Machinery & Miscellaneous Equipment Sidings
Machinery Fittings and Office
Equipment Equipment
Equipment
Gross Block
Balance as at 1 April 2021 2,373.77 27,537.39 20,463.06 123.85 3,956.40 1,237.81 2,411.16 2,468.59 733.21 614.44 820.77 62,740.45
Additions - 1,621.46 1,279.30 6.96 317.86 186.47 459.74 397.46 19.29 - 28.52 4,317.06
Disposal of assets - (5.01) (1,073.54) (40.67) (263.14) (33.69) (188.07) (87.00) (0.39) - (497.37) (2,188.88)
Reclassification/Adjustments - - - - - - - - - - - -
Gross Block as at March 31 2022 2,373.77 29,153.84 20,668.82 90.14 4,011.12 1,390.59 2,682.83 2,779.05 752.11 614.44 351.92 64,868.63

Accumulated depreciation
Balance as at 1 April 2021 - 2,751.08 5,046.25 16.54 1,952.68 526.72 1,831.04 1,106.52 457.75 234.74 375.93 14,299.24
Depreciation charge for the year - 674.22 1,024.06 25.93 398.90 129.64 405.75 260.28 67.29 71.08 113.34 3,170.49
Disposal of assets - (3.23) (913.23) (40.67) (260.04) (32.82) (187.26) (80.49) (0.39) - (484.35) (2,002.48)
Reclassification/Adjustments - (1.79) (243.29) - (0.75) - - (6.05) - - - (251.88)
Accumulated Depreciation as at - 3,420.28 4,913.79 1.80 2,090.79 623.54 2,049.53 1,280.26 524.65 305.82 4.92 15,215.38
March 31 2022

Net Block as at Mar 31 2022 2,373.77 25,733.56 15,755.03 88.34 1,920.33 767.05 633.30 1,498.79 227.46 308.62 347.00 49,653.25

* Reclassification on account of transfer to Investment Property from Property, Plant & Equipment owing to the change in the usage of the property.
Notes to the Standalone Financial Statements for the year ended 31 March 2023
Note No 3.
Right of Use Assets
ൠLQ/DNKV
Right of Use Assets
Particulars Land - Buildings Plant & Electrical Total
Leasehold Machinery Equipments
Gross Block
Balance as at 1 April 2021 3,762.88 5,815.10 1,378.09 59.39 11,015.47
Additions 359.94 35.54 763.97 23.34 1,182.79
Disposal/Deletion/Adjustment/Retirement - (69.31) - (31.17) (100.48)
Gross Block as at Mar 31 2022 4,122.82 5,781.33 2,142.06 51.56 12,097.78
Additions - 829.62 689.42 - 1,519.04
Disposal/Deletion/Adjustment/Retirement - (564.76) (1,178.04) - (1,742.80)
Gross Block as at Mar 31 2023 4,122.82 6,046.19 1,653.44 51.56 11,874.02
Accumulated depreciation
Balance as at 1 April 2021 390.49 1,333.60 828.78 37.48 2,590.35
Depreciation charge for the year 82.93 650.09 633.29 24.66 1,390.97
Disposal/Deletion/Adjustment/Retirement (49.51) (0.08) (31.17) (80.76)
Accumulated Depreciation as at Mar 31 2022 473.42 1,934.18 1,461.99 30.97 3,900.56
Depreciation charge for the year 84.05 633.80 593.30 14.51 1,325.66
Disposal/Deletion/Adjustment/Retirement (529.26) (1,179.39) (1,708.65)
Accumulated Depreciation as at Mar 31 2023 557.47 2,038.72 875.90 45.48 3,517.57
Net Block as at Mar 31 2023 3,565.35 4,007.47 777.54 6.08 8,356.45
Net Block as at Mar 31 2022 3,649.40 3,847.15 680.07 20.59 8,197.22
Note No. 4
Investment Properties
ൠLQ/DNKV
Particulars
Gross Carrying Amount (Deemed Cost)
As at 1 April 2021 105.57
Additions* -
Disposals/adjustments -
Net Investment Property - Reclassified -
As at 31 March 2022 105.57
Additions* 7.57
Disposals/adjustments -
Net Investment Property - Reclassified -
As at 31 March 2023 113.14
Accumulated Depreciation
As at 1 April 2021 8.75
Depreciation charge for the year 2.36
Disposals/adjustments for the year -
Investment Property - Reclassified -
As at 31 March 2022 11.11
Depreciation charge for the year 2.54
Disposals/adjustments for the year -
Investment Property - Reclassified -
As at 31 March 2023 13.65
Net Book Value as at 31 March 2023 99.49
Net Book Value as at 31 March 2022 94.46
* Reclassification on account of transfer to Investment Property from Property, Plant & Equipment owing to the change in the usage of
the property.
Investment property is recognised and valued using cost model. Depreciation is calculated using straight line method on the basis of
useful life of assets.
(i) Contractual obligations
There is no contractual commitment for the acquisition of Investment Property.

(ii) Capitalised borrowing cost

No borrowing costs were capitalised during the year ended 31 March 2023 or previous year ended 31 March 2022.

173
Notes to the Standalone Financial Statements for the year ended 31 March 2023

(iii) Restrictions
There are no restrictions on remittance of income receipts or receipt of proceeds from disposals.
(iv) Amount recognised in profit and loss for investment properties ൠLQ/DNKV
For the year ended For the year ended
Particulars
31 March 2023 31 March 2022
Rental income 252.40 160.29
Less: Direct operating expenses that generated rental income 22.10 7.97
Less: Direct operating expenses that did not generate rental income 29.87 28.69
Profit/ (Loss) from leasing of investment properties 200.43 123.63

(v) Leasing arrangements

Certain investment properties are leased to tenants under long-term operating leases with rentals payable monthly. These are all
cancellable leases.

(vi) Fair value ൠLQ/DNKV

As at 31 March As at 31 March
Particulars
2023 2022
Fair value 3,632.34 3,634.38
The Company obtains independent valuations for its investment properties. The fair value of investment property - Building (as measured
for disclosure purpose in the financial statements) is based on the annual valuation by a registered valuer as defined under Rule 2 of
Companies (Registered Valuers and Valuation) Rules, 2017. The fair value of Investment Property - land is based on valuation report
dated 28.01.2022.
Note No. 5 ൠLQ/DNKV
Intangible Assets
Particulars Softwares Brand Value Total
Gross Carrying Amount
Balance as at 1 April 2021 929.33 332.63 1,261.96
Additions 77.27 - 77.27
Disposals/adjustments - - -
Balance as at 31 March 2022 1,006.60 332.63 1,339.23
Additions 27.37 - 27.37
Disposals/adjustments (27.92) - (27.92)
Balance as at 31 March 2023 1,006.05 332.63 1,338.68

Accumulated Amortisation
Balance as at 1 April 2021 738.03 228.00 966.03
Amortization charge for the year 71.74 38.00 109.74
Disposals/adjustments for the year - - -
Balance as at 31 March 2022 809.77 266.00 1,075.77
Amortization charge for the year 69.46 38.00 107.46
Disposals/adjustments for the year (27.92) - (27.92)
Balance as at 31 March 2023 851.31 304.00 1,155.31

Net Book Value as at 31 March 2023 154.74 28.63 183.37

Net Book Value as at 31 March 2022 196.83 66.63 263.46

174
Notes to the Standalone Financial Statements for the year ended 31 March 2023
Note No.6
Financial Assets-Investments (Non-Current)
(Unquoted, unless otherwise stated)  ൠLQ/DNKV
Name of the Body Corporate As at 31 March 2023 As at 31 March 2022
No of Shares Amount No of Shares Amount
(A) Trade Investments
Investment in Equity Instruments
(Fully paid stated at Cost)
(i) In Joint Venture Companies
Balmer Lawrie -Van Leer Limited 86,01,277 3,385.03 86,01,277 3,385.03
2UGLQDU\(TXLW\6KDUHVRIൠHDFK
Transafe Services Limited* 1,13,61,999 1,165.12 1,13,61,999 1,165.12
2UGLQDU\(TXLW\6KDUHVRIൠHDFK 
Less: Provision for diminution in value (1,165.12) (1,165.12)
Balmer Lawrie (UAE) LLC 9,800 890.99 9,800 890.99
(Ordinary Equity Shares of AED 1,000 each)
PT. BALMER LAWRIE INDONESIA 20,00,000 1,027.32 20,00,000 1,027.32
(Equity Shares of par value of Indonesian Rupiah (IDR) 10,000 each)
Less: Provision for diminution in value (1,027.32) (1,027.32)

(ii) In Subsidiary Company

Visakhapatnam Port Logistics Park Limited 8,10,38,978 8,103.90 8,10,38,978 8,103.90
2UGLQDU\(TXLW\6KDUHVRIൠHDFK

(iii) In Associate Company

AVI-OIL India (Private) Limited 45,00,000 450.00 45,00,000 450.00
2UGLQDU\(TXLW\6KDUHVRIൠHDFK
Investments in Preference Shares
(Fully paid stated at Cost)
Transafe Services Limited* 1,33,00,000 1,330.00 1,33,00,000 1,330.00
&XPXODWLYH5HGHHPDEOH3UHIHUHQFH6KDUHVRIൠHDFK
Less: Provision for diminution in value (1,330.00) (1,330.00)

Sub Total 12,829.92 12,829.92

(B) Other Investments

(Fully paid stated at Cost)
Bridge & Roof Co. (India) Limited 3,57,591 14.01 3,57,591 14.01
2UGLQDU\(TXLW\6KDUHVRIൠHDFK

Biecco Lawrie Limited 1,95,900 - 1,95,900 -

2UGLQDU\(TXLW\6KDUHVRIൠHDFK
&DUULHGLQERRNVDWDYDOXHRIൠRQO\ QHWRI3URYLVLRQIRUGLPLQXWLRQLQYDOXH

RC Hobbytech Solutions Private Limited 8,889 120.00 10,000 135.00

2UGLQDU\(TXLW\6KDUHV )DFH9DOXHൠHDFK RIൠHDFKLQFOXGLQJ
premium)
Add: New Investments made - - - -
Less: Shares Sold - - - -
Less: Transferred to Incubator (1,111) (15.00)
8,889 120.00 8,889 120.00

Ramprasad Meena Technologies Private Limited (Ordinary Equity Shares 1,059 24.99 - -
)DFH9DOXHൠHDFK RIൠHDFKLQFOXGLQJSUHPLXP
Add: New Investments made - - 1,059 24.99
Less: Shares Sold - - - -
Less: Transferred to Incubator (211) (4.98) - -
848 20.01 1,059 24.99

Woodlands Multispeciality Hospitals Limited 8,850 0.45 8,850 0.45

2UGLQDU\(TXLW\6KDUHVRIൠHDFK
Sub Total 154.47 159.45

Total 12,984.39 12,989.37

Aggregate amount of quoted investments at Cost - -

Aggregate amount of unquoted investments at Cost 12,984.39 12,989.37
Total 12,984.39 12,989.37

* Refer details given in Note No. 42.19 of the notes to accounts for the year.

175
Notes to the Standalone Financial Statements for the year ended 31 March 2023
Note No.7
Financial Assets- Loans (Non - Current)  ൠLQ/DNKV 
As at 31 March 2023 As at 31 March 2022

Secured considered good

Other Loans 176.99 181.86
Unsecured Considered Doubtful
Other Loans 43.52 43.52
Provision for doubtful Loans
Other Loans (43.52) (43.52)

Total 176.99 181.86

Note No.8
Financial Assets- Others (Non - Current)  ൠLQ/DNKV 
As at 31 March 2023 As at 31 March 2022
Unsecured considered good
Other Receivables 12.06 8.53

Total 12.06 8.53

Note No.9
Deferred Tax Liabilities  ൠLQ/DNKV 
As at 31 March 2023 As at 31 March 2022

Deferred Tax Liability arising on account of :

Property, Plant and Equipment (5,870.35) (5,513.41)

Deferred Tax Asset arising on account of :

Adjustment for VRS expenditure 58.11 87.16
Provision for loans, debts, deposits & advances 1,006.50 1,057.67
Defined benefit plans 2,553.06 2,073.85
Provision for Inventory 67.92 86.35
Provision for dimunition in investments 334.73 593.29

Total (1,850.03) (1,615.09)

1,850.03 1,615.09
Movement in Deferred Tax (Liabilities)/ Assets
 ൠLQ/DNKV 
Particulars As at 31 Recognised Recognised in Other As at 31 March
March 2022 in Profit and Comprehensive 2023
Loss Income

Property, Plant and Equipment (5,513.41) (356.94) - (5,870.35)

Adjustment for VRS expenditure 87.16 (29.05) - 58.11
Provision for loans, debts, deposits & advances 1,057.67 (51.17) - 1,006.50
Defined benefit plans 2,073.85 266.63 212.58 2,553.06
Provision for Inventory 86.35 (18.43) - 67.92
Provision for dimunition in investment 593.29 (258.56) - 334.73
Total (1,615.09) (447.52) 212.58 (1,850.03)
Note No.10
Non Financial Assets - Others (Non - Current)  ൠLQ/DNKV
As at 31 March 2023 As at 31 March 2022

Capital Advances 24.85 18.25

Advances other than Capital Advances
Security Deposits 797.04 701.45
Balances with Government Authorities 266.75 274.95
Prepaid Expenses 62.06 14.51
Others 25.89 34.92

Total 1,176.59 1,044.08

176
Notes to the Standalone Financial Statements for the year ended 31 March 2023
Note No.11
Inventories  ൠLQ/DNKV 
As at 31 March 2023 As at 31 March 2022

Raw Materials and Components 13,059.27 14,202.51

Goods-in-transit 125.72 24.80
Slow moving & non moving 133.84 93.26
Less: Adjustment for slow moving & non moving (92.71) (70.03)
Total - Raw Materials and Components 13,226.12 14,250.54

Work in Progress 1,492.03 1,191.15

Slow moving & non moving 0.46 0.43
Less: Adjustment for slow moving & non moving (0.46) (0.21)
Total - Work in Progress 1,492.03 1,191.37

Finished Goods 4,663.12 3,607.16

Goods-in transit 178.49 157.77
Slow moving & non moving 96.30 94.96
Less: Adjustment for slow moving & non moving (61.15) (59.27)
Total - Finished Goods 4,876.76 3,800.62

Stores and Spares 848.31 780.95

Slow moving & non moving 169.93 284.87
Less: Adjustment for slow moving & non moving (115.54) (213.56)
Total - Stores and Spares 902.70 852.26

Total 20,497.61 20,094.79

[Refer to Point No.1.5 of “Significant Accounting Policies” for method of valuations of inventories]

Note No.12
Trade Receivables  ൠLQ/DNKV 
As at 31 March 2023 As at 31 March 2022

Considered good- Unsecured 35,945.70 31,388.70

Trade Receivables- Credit impaired 1,745.57 1,743.92
Less: Provision for Impairment (1,745.57) (1,743.92)
Grand Total 35,945.70 31,388.70

Trade receivables outstanding for a period less than six months

Considered good- Unsecured 34,426.31 29,891.34
Trade Receivables- Credit Impaired 10.00 242.06
Less: Provision for Impairment (10.00) (242.06)
Sub Total 34,426.31 29,891.34

Trade receivables outstanding for a period exceeding six months

Considered good- Unsecured 1,519.39 1,497.36
Trade Receivables- Credit Impaired 1,735.57 1,501.86
Less: Provision for Impairment (1,735.57) (1,501.86)
Sub Total 1,519.39 1,497.36

Grand Total 35,945.70 31,388.70

177
Notes to the Standalone Financial Statements for the year ended 31 March 2023
Trade Receivables ageing schedule as at 31st March 2023
ൠLQ/DNKV
Particulars Outstanding for following periods from due date of Payment
Less than 6 months 1 - 2 2 - 3 More than Total
6 months - 1 year years years 3 years
Undisputed Trade receivables - considered good 33,296.29 1,049.26 344.29 160.07 (34.23) 34,815.68

Undisputed Trade Receivables – credit impaired 10.00 61.40 236.19 23.07 773.36 1,104.02

Disputed Trade Receivables– considered good - - - - - -

Disputed Trade Receivables – credit impaired - - - - 641.55 641.55

Unbilled Revenue 1130.02 - - - - 1,130.02

Trade Receivables ageing schedule as at 31st March 2022 ൠLQ/DNKV

Particulars Outstanding for following periods from due date of Payment
Less than 6 months 1 - 2 2 - 3 More than Total
6 months - 1 year years years 3 years
Undisputed Trade receivables - considered good 29,891.34 740.78 451.56 306.33 (1.31) 31,388.70

Undisputed Trade Receivables – credit impaired 242.06 - - 18.13 883.02 1,143.21

Disputed Trade Receivables– considered good - - - - - -

Disputed Trade Receivables – credit impaired - - - - 600.71 600.71

Note No.13
Cash and Cash Equivalents  ൠLQ/DNKV 
As at 31 March 2023 As at 31 March 2022

Cash in hand 0.48 2.33

Balances with Banks - Current Account 6,008.39 4,691.92
Total 6,008.87 4,694.25

There are no repatriation restrictions with respect to cash and bank balances available with the Company.

Note No.14
Other Bank Balances  ൠLQ/DNKV 
As at 31 March 2023 As at 31 March 2022

Unclaimed Dividend Accounts 543.88 533.61

Bank Term Deposits 38,124.37 36,224.68
Margin Money deposit with Banks 106.11 100.59
Total 38,774.36 36,858.88
Note No.15
Financial Assets - Loans (Current)  ൠLQ/DNKV
As at 31 March 2023 As at 31 March 2022
Loans
Loans Receivables Considered good- Secured
Loans (to employees) 79.43 84.71
Loans and advances Considered good- Unsecured
Advances to Related Parties *
Balmer Lawrie Investments Limited - 17.35
PT. Balmer Lawrie Indonesia 26.02 26.02
Balmer Lawrie - Van Leer Limited - 0.36
Visakhapatnam Port Logistics Park Limited 100.03 0.12
Balmer Lawrie UAE LLC 59.30 58.97
185.35 102.82
Other Advances (to employees) 12.13 28.12
Other Loans and advances 672.12 650.98
Advances to Related Parties * - Considered Doubtful 438.69 414.54
Less: Provision thereof (438.69) (414.54)
Total 949.03 866.63

* Advances to Related Parties are in the course of regular business transactions.

178
Notes to the Standalone Financial Statements for the year ended 31 March 2023
(a) Loans or advances in the nature of loans that are repayable on demand  ൠLQ/DNKV 
As at 31 March 2023 As at 31 March 2022
Type of Borrower Amount of Loan Percentage to the Amount of Loan Percentage to the
or advance in the total Loans and or advance in the total Loans and
nature of loan Advances in the nature of loan Advances in the
outstanding nature of loans outstanding nature of loans
Promoter - - - -
Directors - - - -
KMP's - - - -
Related parties - - - -

(b) Loans or advances in the nature of loans that are without specifiying any terms or period of repayment  ൠLQ/DNKV 
As at 31 March 2023 As at 31 March 2022
Type of Borrower Amount of Loan Percentage to the Amount of Loan Percentage to the
or advance in the total Loans and or advance in the total Loans and
nature of loan Advances in the nature of loan Advances in the
outstanding nature of loans outstanding nature of loans
Promoter - - - -
Directors - - - -
KMP's - - - -
Related parties 185.35 19.53% 102.82 11.86%

Note No.16
Other Financial Assets (Current)  ൠLQ/DNKV 
As at 31 March 2023 As at 31 March 2022
Unsecured
Accrued Income 3,639.09 2,674.08
Security Deposits 348.94 873.78
Other Receivables -Considered Good 21,231.24 17,363.97
Other Receivables - Considered Doubtful 642.45 1,265.65
Less: Provision for doubtful other receivables (642.45) (1,265.65)
Total 25,219.27 20,911.83

Note No.17
Non Financial Assets (Current)  ൠLQ/DNKV 
As at 31 March 2023 As at 31 March 2022

Balance with Government Authorities 3,458.91 2,340.25

Prepaid Expenses 831.66 1,149.19
Advance to Contractors & Suppliers-Considered Good 1,733.56 1,275.69
Advance to Contractors & Suppliers - Considered Doubtful 1,128.91 806.14
Less: Provision for Doubtful Advances to Contractors & Suppliers (1,128.91) (806.14)
Others 476.58 1,426.11
Total 6,500.71 6,191.24
Note No 18
Equity Share Capital  ൠLQ/DNKV 
As at 31 March 2023 As at 31 March 2022
Authorised Capital
 3UHYLRXV\HDU HTXLW\VKDUHVRIൠHDFK 30,000.00 30,000.00
30,000.00 30,000.00

Issued and Subscribed Capital

 3UHYLRXV\HDU HTXLW\VKDUHVRIൠHDFK 17,100.38 17,100.38
17,100.38 17,100.38

Paid-up Capital
 3UHYLRXV\HDU HTXLW\VKDUHVRIൠHDFK 17,100.38 17,100.38
17,100.38 17,100.38

179
Notes to the Standalone Financial Statements for the year ended 31 March 2023
a) Reconciliation of equity shares outstanding at the beginning and at the end of the year
As at 31 March 2023 As at 31 March 2022
No of Amount No of Amount
shares ൠLQ/DNKV shares ൠLQ/DNKV
Equity shares at the beginning of the year 17,10,03,846 17,100.38 17,10,03,846 17,100.38
Equity shares at the end of the year 17,10,03,846 17,100.38 17,10,03,846 17,100.38

b) Rights/preferences/restrictions attached to equity shares

7KH&RPSDQ\KDVRQHFODVVRIHTXLW\VKDUHVKDYLQJDSDUYDOXHRIൠSHUVKDUH(DFK6KDUHKROGHULVHOLJLEOHIRURQHYRWHSHU
share held. The dividend proposed by the Board of Directors is subject to the approval of shareholders in the ensuing Annual
General Meeting. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company
after distribution of all preferential amounts, in proportion to their shareholding.

F 'HWDLOVRIVKDUHKROGHUVKROGLQJPRUHWKDQVKDUHVLQWKH&RPSDQ\ HTXLW\VKDUHVRIൠHDFKIXOO\SDLGXS

As at 31 March 2023 As at 31 March 2022

Particulars of the Shareholder No of % holding No of shares % holding
shares

Balmer Lawrie Investments Limited 10,56,79,350 61.80% 10,56,79,350 61.80%

i) There are no other shareholders holding 5% or more in the issued share capital of the Company.

d) Details of Shareholding of Promoters is as under

Shares held by promoters as at 31 March 2023
Sl. No Promoter No. of % of total % Change
name Shares shares during the year
01 N.A. NIL NIL NIL
Total N.A. NIL NIL NIL

Shares held by promoters as at 31 March 2022

Sl. No Promoter No. of % of total % Change
name Shares shares during the year
01 N.A. NIL NIL NIL
Total N.A. NIL NIL NIL

Note No 19
Other Equity  ൠLQ/DNKV
As at 31 March 2023 As at 31 March 2022
Securities Premium 3,626.77 3,626.77
General Reserve 29,903.69 29,903.69
Retained Earnings 87,459.46 83,188.81
Other Comprehensive Income Reserve (OCI) (2,465.80) (1,833.75)

Total (Other Equity) 1,18,524.12 1,14,885.52

As at 31 March 2023 As at 31 March 2022

Securities Premium
Opening balance 3,626.77 3,626.77
Sub Total (A) 3,626.77 3,626.77

General Reserve
Opening balance 29,903.69 29,903.69
Sub Total (B) 29,903.69 29,903.69

Retained Earnings
Opening balance 83,188.81 81,168.39

Add : Net Profit for the period 14,753.85 11,473.35

Less : Appropriations
Dividend Paid (11,115.25) (10,260.23)
Re-measurement Gain/(Loss) 632.05 807.30
Net surplus in Retained Earnings (C) 87,459.46 83,188.81

Other Comprehensive Income Reserve (OCI)

Opening balance (1,833.75) (1,026.45)
Movement during the year (632.05) (807.30)
Sub Total (D) (2,465.80) (1,833.75)
Total Other Equity (A+B+C+D) 1,18,524.12 1,14,885.52
180
Notes to the Standalone Financial Statements for the year ended 31 March 2023
Note No.20
Financial Liabilities (Non - Current)  ൠLQ/DNKV 
As at 31 March 2023 As at 31 March 2022

Deposits- Unsecured 14.35 11.56

Total 14.35 11.56

Note No.21
Provisions (Non - Current)  ൠLQ/DNKV 
As at 31 March 2023 As at 31 March 2022

Actuarial Provision for employee benefits 3,901.95 3,470.99

Other Long Term Provisions 2,626.83 3,504.13
Total 6,528.78 6,975.12

Note No.22
Non Financial Liabilities- Others (Non - Current)  ൠLQ/DNKV 
As at 31 March 2023 As at 31 March 2022
Advance from Customers - 1.00
Deferred Gain/Income 396.05 491.24
Others - 0.15
Total 396.05 492.39
Note No.23
Current Liabilities  ൠLQ/DNKV 
As at 31 March 2023 As at 31 March 2022

Trade Payables
Unsecured
Payable to micro and small enterprises 992.62 789.53
Other Trade Payables 29,380.86 26,460.97
Total 30,373.48 27,250.50

Trade Payables ageing schedule as at 31st March 2023

ൠLQ/DNKV
Outstanding for following periods from due date of payment
Particulars Less than 1 year 1 - 2 years 2 - 3 years More than 3 years Total
(i) MSME 992.01 - 0.61 - 992.62

(ii) Others 26,776.59 1,523.68 489.41 233.62 29,023.30

(iii) Disputed dues – MSME - - - - -

(iv) Disputed dues - Others - 6.69 13.65 337.22 357.56

Trade Payables ageing schedule as at 31st March 2022

ൠLQ/DNKV
Outstanding for following periods from due date of payment
Particulars Less than 1 year 1 - 2 years 2 - 3 years More than 3 years Total
(i) MSME 789.53 - - - 789.53

(ii) Others 25,119.33 455.99 (153.61) 655.64 26,077.35

(iii) Disputed dues – MSME - - - - -

(iv) Disputed dues - Others - 2.24 81.65 299.73 383.62

Note No.24
Other Financial Liabilities (Current)  ൠLQ/DNKV 
As at 31 March 2023 As at 31 March 2022

Unclaimed Dividend* 543.88 533.61

Security Deposits 2,448.04 2,593.49
Other Liabilities 15,009.06 9,545.73
Total 18,000.98 12,672.83

* There is no amount due and outstanding as at balance sheet date to be credited to Investor Education and Protection Fund.

181
Notes to the Standalone Financial Statements for the year ended 31 March 2023
Note No.25
Non Financial Liabilities -Others (Current)  ൠLQ/DNKV 
As at 31 March 2023 As at 31 March 2022

Advance from Customers 723.72 820.19

Statutory Dues 1,963.01 1,727.02
Deferred Gain/Income 53.86 45.03
Other Liabilities 5,114.05 3,606.36

Total 7,854.64 6,198.60

Note No.26
Current Provisions  ൠLQ/DNKV 
As at 31 March 2023 As at 31 March 2022
Provision for Employee benefits
Actuarial Provisions for employee benefits 652.86 731.46
Other Short term Provisions 1,999.83 1,221.45

Total 2,652.69 1,952.91

Note No.27
Current Tax Liabilities  ൠLQ/DNKV 
As at 31 March 2023 As at 31 March 2022

Provision for Tax (Net of advance) 3,070.01 2,649.60

Total 3,070.01 2,649.60

Note No.28
Revenue from Operations  ൠLQ/DNKV 
For the year ended For the year ended
31 March 2023 31 March 2022

Sale of Products 1,32,226.12 1,27,728.95

Sale of Services 84,514.42 69,500.28
Sale of Trading Goods 3,119.16 633.72
Other Operating Income 11,138.24 6,382.36
Total 2,30,997.94 2,04,245.31

Note No.29
Other Income  ൠLQ/DNKV 
For the year ended For the year ended
31 March 2023 31 March 2022
Interest Income
Bank Deposits 1,446.02 1,692.62
Interest on Income Tax refund 107.53 -
Others 118.73 104.80
Sub Total - Interest Income 1,672.28 1,797.42
Dividend Income 3,648.37 2,515.78

Other Non-operating Income

Profit on Disposal of Fixed assets 132.99 358.17
Unclaimed balances and excess provision written back 1,091.84 866.11
Gain on Foreign Currency Transactions (Net) 183.43 102.03
Miscellaneous Income 582.31 600.15

Sub Total - Other Non-operating Income 1,990.57 1,926.46

Total 7,311.22 6,239.66

182
Notes to the Standalone Financial Statements for the year ended 31 March 2023
Note No.30
Cost of Materials Consumed & Services Rendered  ൠLQ/DNKV 
For the year ended For the year ended
31 March 2023 31 March 2022

Cost of Materials Consumed 1,01,926.59 96,445.84

Cost of Services Rendered 58,128.62 46,251.10

Total 1,60,055.21 1,42,696.94

Note No.31
Purchase of Trading Goods  ൠLQ/DNKV 
For the year ended For the year ended
31 March 2023 31 March 2022

Trading Goods 3,733.76 1,276.51

Total 3,733.76 1,276.51
Note No.32
Changes in inventories of Finished Goods, Stock-in-Trade and Work-in-Progress  ൠLQ/DNKV
For the year ended For the year ended
31 March 2023 31 March 2022

Opening 3,800.62 3,548.47

Change in Finished Goods Closing 4,876.76 3,800.62
Change (1,076.14) (252.15)

Opening 1,191.37 974.78

Change in Work In Progress Closing 1,492.03 1,191.37
Change (300.66) (216.59)
Total (1,376.80) (468.74)

Note No.33
Employee Benefits Expenses  ൠLQ/DNKV 
For the year ended For the year ended
31 March 2023 31 March 2022

Salaries and Incentives 19,506.79 18,456.25

Contribution to Provident & Other Funds 2,189.24 2,108.34
Staff Welfare Expenses 3,353.03 2,130.53
Total 25,049.06 22,695.12

Note No.34
Finance Costs  ൠLQ/DNKV 
For the year ended For the year ended
31 March 2023 31 March 2022

Interest 215.67 183.50

Bank Charges* 509.67 109.18
Interest Cost - Lease Liabilities 256.36 287.35
Total 981.70 580.03

* Bank Charges include charges for opening of L/C, bank guarantee charges and other charges related to bank transactions.

183
Notes to the Standalone Financial Statements for the year ended 31 March 2023
Note No.35
Depreciation & Amortisation Expense  ൠLQ/DNKV 
For the year ended For the year ended
31 March 2023 31 March 2022

Depreciation on:
Property, Plant & Equipment 3,256.95 3,170.49
Right of Use Assets 1,325.66 1,390.97
Investment Properties 2.54 2.36
Amortisation of Intangible Assets 107.46 109.74
Total 4,692.61 4,673.56

Note No.36
Other Expenses  ൠLQ/DNKV 
For the year ended For the year ended
31 March 2023 31 March 2022

Manufacturing Expenses 1,904.04 1,782.34

Consumption of Stores and Spares 882.23 888.36
Repairs & Maintenance - Buildings 594.88 975.04
Repairs & Maintenance - Plant & Machinery 772.17 571.00
Repairs & Maintenance - Others 903.19 951.70
Power & Fuel 3,278.95 2,943.51
Electricity & Gas 404.78 367.99
Rent 1,947.90 771.69
Insurance 401.03 356.88
Packing, Despatching, Freight and Shipping Charges 4,750.03 5,117.53
Rates & Taxes 213.15 132.56
Auditors Remuneration and Expenses 31.83 28.06
Write off of Debts, Deposits, Loan & Advances 1,474.28 794.61
Provision for Doubtful Debts & Advances 970.81 853.11
Fixed Assets Written Off 8.07 14.63
Loss on Disposal of Fixed Assets 2.48 14.41
Selling Commission 446.71 350.84
Cash Discount 991.80 448.33
Travelling Expenses 888.99 481.96
Printing and Stationery 195.17 150.19
Motor Car Expenses 166.82 146.69
Communication Charges 224.59 285.86
Corporate Social Responsibility Expenditure 177.75 1,048.16
Miscellaneous Expenses 3,769.81 3,293.21
25,401.46 22,768.66
Less: Provision for Debts, Deposits, Loans & Advances and Inventories considered
doubtful earlier, now written back (1,358.07) (751.56)
Total 24,043.39 22,017.10

Payment to Auditors as:

Statutory/ Branch Auditors 23.04 21.80
Tax Audit 1.15 1.15
Other Certification 3.72 3.72
Reimbursement of Expenses 3.92 1.39
Total Payment to Auditors 31.83 28.06

184
Notes to the Standalone Financial Statements for the year ended 31 March 2023
Note No. 37  ൠLQ/DNKV
Tax Expense For the year ended For the year ended
31 March 2023 31 March 2022

Current tax 5,726.10 4,568.80

Deferred tax 447.52 165.00
Previous years (429.29) -
Total 5,744.33 4,733.80

The major components of income tax expense and the reconciliation of expense based on the domestic effective tax rate of
25.168% (31 March 2022: 25.168%) and the reported tax expense in profit or loss are as follows:

Accounting profit before income tax 21,130.23 17,014.45

At country’s statutory income tax rate of 25.168% (31 March 2022: 25.168%) 25.168% 25.168%
Tax Expense 5,318.06 4,282.20
Adjustments in respect of current income tax
Foreign Dividend Income, taxed at a different rate - (161.66)
Non-deductible expenses for tax purposes
Provisions 417.98 332.75
CSR Expenses 44.74 263.80
VRS Expenses (29.05) (29.06)
Depreciation Difference including for ROU assets 328.77 308.23
Rental Expense on ROU Assets (321.55) (340.94)
Fixed assets written off and loss on disposals (32.85) (86.52)
Adjustments in respect of previous years income tax (429.29) -

Total 5,296.81 4,568.80

Note No. 38  ൠLQ/DNKV

Other Comprehensive Income For the year ended For the year ended
31 March 2023 31 March 2022

(A) Items that will not be reclassified to profit or loss

(i) Remeasurement gains/ (losses) on defined benefit plans (844.63) (1,078.82)
(ii) Income tax relating to items that will not be reclassified to profit or loss 212.58 271.52

(B) Items that will be reclassified to profit or loss

(i) Items that will be reclassified to profit or loss - -
(ii) Income tax relating to items that will be reclassified to profit or loss - -

Total (632.05) (807.30)

Note No. 39 ൠLQ/DNKVH[FHSWVKDUHGDWD

Earnings per Equity Share For the year ended For the year ended
31 March 2023 31 March 2022

Net profit attributable to equity shareholders

Profit after tax 15,385.90 12,280.65

Profit attributable to equity holders of the parent adjusted for the effect of dilution 15,385.90 12,280.65

1RPLQDOYDOXHSHU(TXLW\6KDUH ൠ 10 10
Weighted-average number of Equity Shares for EPS 17,10,03,846 17,10,03,846
%DVLF'LOXWHG(DUQLQJVSHU(TXLW\6KDUH ൠ 9.00 7.18

The Company's Earnings Per Share ('EPS') is determined based on the net profit after tax attributable to the shareholders' of the
Company being used as the numerator. Basic earnings per share is computed using the weighted average number of shares
outstanding during the year as the denominator. Diluted earnings per share is computed using the weighted average number of
common and dilutive common equivalent shares outstanding during the period including share options, except where the result
ZRXOGEHDQWLGLOXWLYH7KH)DFHYDOXHRIWKHVKDUHVLVൠ

185
Notes to the Standalone Financial Statements for the year ended 31 March 2023
Note No. 40
Accounting for Employee Benefits

Defined Benefit Plans

The disclosures are made consequent to adoption of IND AS 19 on Employee Benefits, notified by the Ministry of Corporate
Affairs, by the Company. Defined Benefit(s) Plans/ Long Term Employee benefits in respect of Gratuity, Leave Encashment, Post-
retirement Medical Benefits and Long Service Awards are recognized in the Statement of Profit & Loss on the basis of Actuarial
valuation done at the year end. Actuarial gain/loss on post-employment benefit plans that is gratuity and post-retirement medical
benefit plans are recognized in Other Comprehensive Income.

Defined Contribution Plans

The Company makes contributions, determined as a specified percentage of employee salaries, in respect of qualifying employees
towards Provident Fund, Superannuation Fund, NPS and Employee State Insurance Scheme which are defined contribution plans.
The contributions are charged to the statement of profit and loss as they accrue. The amount recognised as an expense towards
FRQWULEXWLRQWR3URYLGHQW)XQGIRUWKH\HDUDJJUHJDWHGWRൠ/DNKV ൠ/DNKV 6XSHUDQQXDWLRQIXQG136ൠ
/DNKV ൠ/DNKV DQGFRQWULEXWLRQWR(PSOR\HH6WDWH,QVXUDQFH6FKHPHIRUWKH\HDUDJJUHJDWHGWRൠ/DNKV ൠ/DNKV 

Post Employment Benefit Plans

A. Gratuity

The gratuity plan entitles an employee, who has rendered atleast five year of continuous service, to receive fifteen days salary for
each year of completed service at the time of superannuation/exit. Any shortfall in obligations is met by the Company by way of
transfer of requisite amount to the fund named "Balmer Lawrie & Co. Ltd. Gratuity Fund".

The reconciliation of the Company’s defined benefit obligations (DBO) and plan assets in respect of gratuity plans to the amounts
presented in the statement of financial position is presented below:

ൠLQ/DNKV
Particulars As at 31-Mar-2023 As at 31-Mar-2022
Defined benefit obligation 5,265.59 5,559.44
Fair value of plan assets 5,840.51 6,162.94
Net Defined Benefit Obligation (574.92) (603.50)

(i) The movement of the Company’s defined benefit obligations in respect of gratuity plans from beginning to end of reporting
period is as follows:
ൠLQ/DNKV
Particulars As at 31-Mar-2023 As at 31-Mar-2022
Opening value of defined benefit obligation 5,559.44 5,635.99
Add: Current service cost 384.75 390.47
Add: Current interest cost 365.11 345.55
Plan amendment : Vested portion at end of period (past service) - -
Add: Actuarial (gain)/loss due to -
- changes in demographic assumptions - -
- changes in experience adjustment 149.76 800.64
- changes in financial assumptions (36.62) 86.74
Add: Acquistition Adjustment - -
Less: Benefits paid (1,156.85) (1,699.96)
Closing value of defined benefit obligation thereof- 5,265.59 5,559.44
Unfunded (574.92) (603.50)
Funded 5,840.51 6,162.94

(ii) The defined benefit obligation in respect of gratuity plans was determined using the following actuarial assumptions:

Assumptions As at 31-Mar-2023 As at 31-Mar-2022

Discount rate (per annum) 7.33% 7.22%
Rate of increase in compensation levels/Salary growth rate 6.00% 6.00%
Expected average remaining working lives of employees (years) 13 12

(iii) The reconciliation of the plan assets held for the Company’s defined benefit plan from beginning to end of reporting period is
presented below:
ൠLQ/DNKV
Particulars As at 31-Mar-2023 As at 31-Mar-2022
Opening balance of fair value of plan assets 6,162.94 7,244.85
Add: Contribution by employer 967.41 150.00
Return on Plan Assets excluding Interest Income (584.73) (55.03)
Add: Interest income 451.74 523.08
Add: Acquisition Adjustment - -
Less: Benefits paid (1,156.85) (1,699.96)
Closing balance of fair value of plan assets 5,840.51 6,162.94

186
Notes to the Standalone Financial Statements for the year ended 31 March 2023
(iv) Expense related to the Company’s defined benefit plans in respect of gratuity plan is as follows:

ൠLQ/DNKV
Amount recognised in Other Comprehensive Income For the year For the year
ended ended
31-Mar-2023 31-Mar-2022
Actuarial (gain)/loss on obligations-changes in demographic assumptions - -
Actuarial (gain)/loss on obligations-changes in financial assumptions (36.62) 86.74
Actuarial (gain)/loss on obligations-Experience Adjustment 149.76 800.64
Return on Plan Assets excluding Interest Income (584.73) (55.03)
Total expense/ (income) recognized in the statement of Other Comprehensive Income 697.87 942.41
 ൠLQ/DNKV
Amount recognised in the Statement of Profit & Loss For the year For the year
ended ended
31-Mar-2023 31-Mar-2022
Current service cost 384.75 390.47
Past service cost (vested) - -
Net Interest cost (Interest Cost-Expected return) (86.63) (177.53)
Total expense recognized in the Statement of Profit & Loss 298.12 212.94
 ൠLQ/DNKV
Amount recognised in Balance Sheet As at As at
31-Mar-2023 31-Mar-2022
Defined benefit obligation 5,265.59 5,559.44
Classified as:
Non-Current 4,294.08 4,356.26
Current 971.51 1,203.18

For the year For the year

ended ended
31-Mar-2023 31-Mar-2022
Expected returns on plan assets are based on a weighted average of expected returns of (132.99) 468.05
the various assets in the plan, and include an analysis of historical returns and predictions
about future returns. The return on plan assets was

(v) Plan assets do not comprise any of the Company's financial instruments or any assets used by the Company. Plan assets can
be broken down into the following major categories of investments:

Particulars As at 31-Mar-2023 As at 31-Mar-2022

Government of India securities/ State Government securities 64.07% 56.82%
Corporate Bonds 26.59% 35.23%
Others 9.34% 7.95%
Total plan assets 100.00% 100.00%
Interest costs have been included under ‘finance costs’ and service cost has been recorded under ‘employee benefits expense’
in statement of comprehensive income.

(vi) Sensitivity Analysis

The significant actuarial assumption for the determination of defined benefit obligation in respect of gratuity plans is the discount
rate. The calculation of the net defined benefit obligation is sensitive to this assumption. The following table summarises the effects
of changes in this actuarial assumption on the defined benefit obligation:
ൠLQ/DNKV
Particulars 31 March 2023
Increase Decrease
Changes in discount rate in % 0.50 0.50
Defined benefit obligation after change 5,105.78 5,436.56
Original defined benefit obligation 5,265.59 5,265.59
Increase/(decrease) in defined benefit obligation (159.81) 170.97

Changes in salary growth rate in % 0.50 0.50

Defined benefit obligation after change 5,367.42 5,163.75
Original defined benefit obligation 5,265.59 5,265.59
Increase/(decrease) in defined benefit obligation 101.83 (101.84)

Changes in Attrition rate in % 0.50 0.50

Defined benefit obligation after change 5,266.06 5,265.11
Original defined benefit obligation 5,265.59 5,265.59
Increase/(decrease) in defined benefit obligation 0.47 (0.48)

Changes in Mortality rate in % 10.00 10.00

Defined benefit obligation after change 5,268.64 5,262.53
Original defined benefit obligation 5,265.59 5,265.59
Increase/(decrease) in defined benefit obligation 3.05 (3.06)

187
Notes to the Standalone Financial Statements for the year ended 31 March 2023
 ൠLQ/DNKV
Particulars 31 March 2022
Increase Decrease
Changes in discount rate in % 0.50 0.50
Defined benefit obligation after change 5,398.27 5,731.67
Original defined benefit obligation 5,559.44 5,559.44
Increase/(decrease) in defined benefit obligation (161.17) 172.23

Changes in salary growth rate in % 0.50 0.50

Defined benefit obligation after change 5,669.68 5,450.09
Original defined benefit obligation 5,559.44 5,559.44
Increase/(decrease) in defined benefit obligation 110.24 (109.35)

Changes in Attrition rate in % 0.50 0.50

Defined benefit obligation after change 5,559.88 5,558.99
Original defined benefit obligation 5,559.44 5,559.44
Increase/(decrease) in defined benefit obligation 0.44 (0.45)

Changes in Mortality rate in % 10.00 10.00

Defined benefit obligation after change 5,562.16 5,556.66
Original defined benefit obligation 5,559.44 5,559.44
Increase/(decrease) in defined benefit obligation 2.72 (2.78)

B. Post Retirement Medical Benefits Scheme (Non-funded)

The post retirement medical benefit is on contributory basis and voluntary. It is applicable for eligible employees who superannuate
after satisfactory long service and includes dependent spouse as per applicable rules.
 ൠLQ/DNKV
Particulars As at 31-Mar-2023 As at 31-Mar-2022
Opening value of defined benefit obligation 468.64 446.39
Add: Current service cost - -
Add: Current interest cost 28.14 27.13
Add: Actuarial (gain)/loss due to -
- changes in demographic assumptions - -
- changes in experience adjustment 155.03 154.08
- changes in financial assumptions (8.27) (17.68)
Less: Benefits paid (169.40) (141.28)
Closing value of defined benefit obligation thereof- 474.14 468.64
Unfunded 474.14 468.64
Funded - -

ൠLQ/DNKV
Amount recognised in Other Comprehensive Income For the year For the year
ended ended
31-Mar-2023 31-Mar-2022
Actuarial (gain)/loss on obligations-change in demographic assumptions - -
Actuarial (gain)/loss on obligations-change in financial assumptions (8.27) (17.68)
Actuarial (gain)/loss on obligations-Experience Adjustment 155.03 154.09
Total expense/ (income) recognized in the statement of Other Comprehensive Income 146.76 136.41

ൠLQ/DNKV
Amount recognised in the Statement of Profit & Loss For the year For the year
ended ended
31-Mar-2023 31-Mar-2022
Current service cost - -
Net Interest cost (Interest Cost-Expected return) 28.14 27.13
Total expense recognized in the statement of Profit & Loss 28.14 27.13

Assumptions As at 31-Mar-2023 As at 31-Mar-2022

Discount rate (per annum) 7.33% 7.22%
Superannuation age 60 60
Early retirement & disablement 0.10% 0.10%

ൠLQ/DNKV
Amount recognised in Balance Sheet As at 31-Mar-2023 As at 31-Mar-2022
Defined benefit obligation 474.14 468.64
Classified as:
Non-Current 396.50 384.47
Current 77.64 84.17

188
Notes to the Standalone Financial Statements for the year ended 31 March 2023
Sensitivity Analysis
The significant actuarial assumption for the determination of defined benefit obligation in respect of Post retirement
medical benefits is the discount rate. The calculation of the net defined benefit obligation is sensitive to this assumption.
The following table summarises the effects of changes in this actuarial assumption on the defined benefit obligation:
ൠLQ/DNKV
Particulars 31 March 2023
Increase Decrease
Changes in Discount rate in % 0.50 0.50
Defined benefit obligation after change 450.31 498.71
Original defined benefit obligation 474.14 474.14
Increase/(decrease) in defined benefit obligation (23.83) 24.57

Changes in Mortality rate in % 10.00 10.00

Defined benefit obligation after change 462.29 486.00
Original defined benefit obligation 474.14 474.14
Increase/(decrease) in defined benefit obligation (11.85) 11.86

ൠLQ/DNKV
Particulars 31 March 2022
Increase Decrease
Changes in Discount rate in % 0.50 0.50
Defined benefit obligation after change 446.50 492.07
Original defined benefit obligation 468.64 468.64
Increase/(decrease) in defined benefit obligation (22.14) 23.44

Changes in Mortality rate in % 10.00 10.00

Defined benefit obligation after change 456.93 480.36
Original defined benefit obligation 468.64 468.64
Increase/(decrease) in defined benefit obligation (11.71) 11.72

C. Other Long Term Benefit Plans (Non-Funded)

Leave Encashment, Long Service Award and Half Pay Leave

The Company provides for the encashment of accumulated leave subject to a maximum of 300 days. The liability is provided based
on the number of days of unutilised leave at each balance sheet date on the basis of an independent actuarial valuation. An amount
RIൠ/DNKV ൠ/DNKV KDVEHHQUHFRJQLVHGLQWKH6WDWHPHQWRI3URILWDQG/RVV
ൠLQ/DNKV
Leave Encashment As at 31-Mar-2023 As at 31-Mar-2022
Amount recognized in Balance Sheet:
Current 352.34 431.99
Non Current 2,206.21 1,942.02

Long Service Award is given to the employees to recognise long and meritorious service rendered to the Company. The minimum
eligibility for the same starts on completion of 10 year of service and thereafter every 5 year of completed service. An amount of -
ൠ/DNKV>ൠ/DNKV@KDVEHHQUHFRJQLVHGLQWKH6WDWHPHQWRI3URILWDQG/RVV
ൠLQ/DNKV
Long Service Award As at 31-Mar-2023 As at 31-Mar-2022
Amount recognized in Balance Sheet:
Current 61.99 61.61
Non Current 375.19 382.01

The leave on half pay is 20 days for each completed year of service on medical certificate or on personal grounds. An amount of
ൠ/DNKV ൠ/DNKV KDVEHHQUHFRJQLVHGLQWKH6WDWHPHQWRI3URILWDQG/RVV
ൠLQ/DNKV
Half Pay Leave As at 31-Mar-2023 As at 31-Mar-2022
Amount recognized in Balance Sheet:
Current 160.88 153.69
Non Current 924.06 762.49
Note No. 41
Leases

(i) Amounts recognised in Balance Sheet

ൠLQ/DNKV
Right of Use Liability As at 31 March 2023
Particulars Right of Right of Use - Others
Use- Land Buildings Plant & Electrical Total
Leasehold Machinery Equipments

Current 37.43 394.19 485.55 7.36 924.53

Non Current 436.47 1,472.81 303.82 - 2,213.10

Total 473.90 1,867.00 789.37 7.36 3,137.63

189
Notes to the Standalone Financial Statements for the year ended 31 March 2023
ൠLQ/DNKV
Right of Use Liability As at 31 March 2022
Particulars Right of Right of Use - Others
Use- Land Buildings Plant & Electrical Total
Leasehold Machinery Equipments

Current 38.20 481.00 207.58 15.46 742.24

Non Current 427.48 1,027.88 494.65 6.72 1,956.73

Total 465.68 1,508.88 702.23 22.18 2,698.97

(ii) Reconciliation of Lease Liabilities ൠLQ/DNKV

Particulars As at 31 March 2023
Right of Right of Use - Others
Use- Land Buildings Plant & Electrical Total
Leasehold Machinery Equipments

Opening Balance of Right of Use Lease Liabilities 465.68 1,508.88 702.23 22.18 2,698.97
Add: Additions during the year - 784.47 689.42 - 1,473.89
Add: Interest Expenses on lease liabilities 46.83 156.58 51.58 1.37 256.36
Less: Rental Expenses paid during the year 38.61 568.96 653.86 16.19 1,277.62
Less : Deletion for the period 13.97 13.97
Total 473.90 1,867.00 789.37 7.36 3,137.63

ൠLQ/DNKV
Particulars As at 31 March 2022
Right of Right of Use - Others
Use- Land Buildings Plant & Electrical Total
Leasehold Machinery Equipments

Opening Balance of Right of Use Lease Liabilities 457.97 1,923.13 557.35 22.75 2,961.20
Add: Additions during the year 35.53 767.14 23.35 826.02
Add: Interest Expenses on lease liabilities 46.00 169.17 69.90 2.28 287.35
Less: Rental Expenses paid during the year 38.29 598.01 692.16 26.20 1,354.66
Less : Deletion for the period 20.94 20.94
Total 465.68 1,508.88 702.23 22.18 2,698.97

(iii) Maturity profile of the lease liabilities :

ൠLQ/DNKV
Year ended March 31, 2023 Within 1 1-3 years More than 3 Total
year years

Lease liability 1,003.66 917.22 1,216.75 3,137.63

ൠLQ/DNKV
Year ended March 31, 2022 Within 1 1-3 years More than 3 Total
year years

Lease liability 742.24 1,049.51 907.22 2,698.97

(iv) The following are the amounts recognised in the statement of profit and loss:
ൠLQ/DNKV
Particulars For the year ended 31 March 2023
Right of Right of Use - Others
Use- Land Buildings Plant & Electrical Total
Leasehold Machinery Equipments

Depreciation expense on Right of Use assets 84.05 633.80 593.30 14.51 1,325.66
Interest expense on Lease Liabilities 46.83 156.58 51.58 1.37 256.36
Rent expense in term of short term leases/ low value 255.82 158.23 414.05
leases

Total 130.88 1,046.20 803.11 15.88 1,996.07

190
Notes to the Standalone Financial Statements for the year ended 31 March 2023
ൠLQ/DNKV
Particulars For the year ended 31 March 2022
Right of Right of Use - Others
Use- Land Buildings Plant & Electrical Total
Leasehold Machinery Equipments

Depreciation expense on Right of Use assets 82.92 650.09 633.30 24.66 1,390.97
Interest expense on Lease Liabilities 46.00 169.17 69.90 2.28 287.35
Rent expense in term of short term leases/ low value 197.93 94.77 292.70
leases

Total 128.92 1,017.19 797.97 26.94 1,971.02

(v) Total cash outflow due to leases ൠLQ/DNKV

As at 31-Mar-2023 As at 31-Mar-2022
Lease Rentals paid during the year 1,691.67 1,647.36

(vi) Extension and termination options

The Company has several lease contracts that include extension and termination options which are used for regular operations
of its business. These options are negotiated by management to provide flexibility in managing the Company’s business
needs. Management exercises significant judgement in determining whether these extension and termination options are
reasonably certain to be exercised.

In determining the lease term, management considers all facts and circumstances that create an economic incentive to
exercise an extension option, or not exercise a termination option. Extension options (or periods after termination options)
are only included in the lease term if the lease is reasonably certain to be extended (or not terminated). The assessment is
reviewed if a significant event or a significant change in circumstances occurs which affects this assessment and that is within
the control of the lessee.
Note 42 - Additional Disclosures
 D &RQYH\DQFHGHHGVRIFHUWDLQOHDVHKROGODQGZLWKZULWWHQGRZQYDOXHRIൠ/DNKV ൠ/DNKV DUHSHQGLQJ
registration/mutation.
E  &RQYH\DQFH GHHGV RI FHUWDLQ EXLOGLQJV ZLWK ZULWWHQ GRZQ YDOXH RI ൠ /DNKV ൠ /DNKV  DUH SHQGLQJ
registration/mutation.
F  &HUWDLQEXLOGLQJV VLGLQJVZLWKZULWWHQGRZQYDOXHRIൠ/DNKV ൠ/DNKV DUHVLWXDWHGRQOHDVHKROG
rented land. Some of the leases with Syama Prasad Mookerjee Port (SMP) erstwhile Kolkata Port Trust have expired
and are under renewal.
42.2 The details of all the immovable properties (other than properties where the Company is the lessee and the lease agreements
are duly executed in favour of the lessee) whose title deeds are not held in the name of the Company are as under:
None of the title deed holder is a promoter, Director or relative of promoter/ director or employee of promoter/ director.
The title deeds/ lease deeds are primarily held in the name of the Company, except for a few properties, wherein the same
are in the process of being registered or pending to be registered due to certain modalities. Details are as under:
Relevant line item Description of Gross carrying Gross carrying Title deeds Property Reason for not being
in the Balance item of property value (Rs. in value (Rs. in held in the held since held in the name of the
Sheet Lakhs) As on Lakhs) As on name of which Company
31.03.2023 31.03.2022 date
PPE- Village Piyala, Company October Photocopy of agreement.
(a) Building Ballabgarh, Asaoti, (a) 661.67 (a) 661.67 1996
(b) Land District-Faridabad (b) 60.99 (b) 60.99
Investment
Properties- Land 54.72 54.72
Investment Arya Bhavan, 110.82 110.82 Mumbai February Copy of lease agreement.
Properties- Building Graham Road, 5-J. Port Trust 1950 However, lease period has
N. Heredia Marg, (Lessor) expired on 16.08.2018. The
Ballard Estate, lessor has offered renewal
Mumbai-400001 of lease with fresh terms and
conditions which are yet to be
finalized.
PPE-Building Ground Floor, 9.40 9.40 Company March Original registration receipt.
Sadashiv Sadan, 1999 Photocopy of agreement.
Tarun Bharat
Society, Chakala,
Andheri (East),
Mumbai-400099

191
Notes to the Standalone Financial Statements for the year ended 31 March 2023
Relevant line item Description of Gross carrying Gross carrying Title deeds Property Reason for not being
in the Balance item of property value (Rs. in value (Rs. in held in the held since held in the name of the
Sheet Lakhs) As on Lakhs) As on name of which Company
31.03.2023 31.03.2022 date
PPE-Building Building at Scope 19.95 19.95 SCOPE, September Not yet registered in the
Complex, New New Delhi 2003 name of the Company. The
Delhi Company has purchased
the property from SCOPE.
However, the name is still not
registered in the government
records since SCOPE has
some issues with L&D
department of GOI.
PPE-Building Building at Noida 37.47 37.47 Jointly with December The Company is holding the
Housing Complex IOCL 2003 property jointly with IOCL.
Buildings
PPE- Container Freight Department March Non-conclusion of
(a) Building Station, (a) 2346.42 (a) 2346.42 of Revenue, 2006 commercials by Government
(b) Land 32-Sathangadu (b) 509.21 (b) 509.21 Government of Tamil Nadu.
Village, of Tamil
Thiruvottiyur, Nadu
Manali Road,
Chennai-600068
42.3 Contingent Liabilities as at 31st March, 2023 not provided for in the accounts are:
(a) 'LVSXWHGGHPDQGIRU([FLVH'XW\6DOHV7D[6HUYLFH7D[&HVVDQG,QFRPH7D[DVDSSOLFDEOHDPRXQWLQJWRൠ
/DNKV ൠ /DNKV  DJDLQVW ZKLFK WKH &RPSDQ\ KDV ORGJHG DSSHDOVSHWLWLRQV EHIRUH DSSURSULDWH DXWKRULWLHV
Details of such disputed demands as on 31st March, 2023 are given in Annexure – A.
(b) &ODLPV DJDLQVW WKH &RPSDQ\ QRW DFNQRZOHGJHG DV GHEWV DPRXQWV WR ൠ /DNKV ൠ /DNKV  LQ UHVSHFW
of which the Company has lodged appeals/ petitions before appropriate authorities. In respect of employees/ ex-
employees related disputes, financial effect is ascertainable on settlement.
42.4 Counter Guarantees and Letter of Credit given by banks as on 31.03.2023 are as below:
(a) Counter guarantees given to Standard Chartered Bank, Bank of Baroda, Canara Bank, Yes Bank, Indusind Bank and
$[LV%DQNLQUHVSHFWRIJXDUDQWHHVJLYHQE\WKHPDPRXQWVWRൠ/DNKV ൠ/DNKV 
 E  /HWWHURI&UHGLWLVVXHGE\+')&%DQNDQG$[LV%DQNDPRXQWVWRൠ/DNKV ൠ1LO 
 (VWLPDWHGDPRXQWRIFRQWUDFWUHPDLQLQJWREHH[HFXWHGRQ&DSLWDO$FFRXQWVDQGQRWSURYLGHGIRUDPRXQWHGWRൠ
/DNKV ൠ/DNKV 
42.6 Details of dues to Micro, Small and Medium Enterprises are as given below:
(a) 7KHSULQFLSDODPRXQWUHPDLQLQJXQSDLGWRDQ\VXSSOLHUDWWKHHQGRIDFFRXQWLQJ\HDUൠ/DNKV ൠ
Lakhs).
(b) 7KHLQWHUHVWGXHWKHUHRQUHPDLQLQJXQSDLGWRDQ\VXSSOLHUDWWKHHQGRIDFFRXQWLQJ\HDUൠ1LO ൠ1LO 
(c) The amount of interest paid by the Company in terms of section 16 of the Micro, Small and Medium Enterprises
'HYHORSPHQW$FW 060('$FW GXULQJWKHDFFRXQWLQJ\HDUൠ1LO ൠ1LO 
(d) 7KHDPRXQWRISD\PHQWPDGHWRWKHVXSSOLHUEH\RQGWKHDSSRLQWHGGD\GXULQJWKHDFFRXQWLQJ\HDUൠ1LO ൠ1LO 
(e) The amount of interest due and payable for the period of delay in making payment (which has been paid but beyond the
appointed day during the year) but without adding the interest specified under the MSMED Act during the accounting
\HDUൠ1LO ൠ1LO 
(f) 7KHDPRXQWRILQWHUHVWDFFUXHGDQGUHPDLQLQJXQSDLGDWWKHHQGRIDFFRXQWLQJ\HDUൠ1LO ൠ1LO 
(g) The amount of further interest remaining due and payable even in the succeeding years, until such date when the
interest dues above are actually paid to the small enterprise, for the purpose of disallowance of a deductible expenditure
XQGHU6HFWLRQRI060('$FWIRUWKH\HDUൠ1LO ൠ1LO 
 7KHJURVVDPRXQWRIH[FKDQJHGLIIHUHQFHFUHGLWHGWRWKH6WDWHPHQWRI3URILW /RVVLVൠ/DNKV ൠ/DNKV DQG
WKHJURVVDPRXQWRIH[FKDQJHGLIIHUHQFHGHELWHGWRWKH6WDWHPHQWRI3URILW /RVVLVൠ/DNKV ൠ/DNKV 
42.8 Trade receivables, loans and advances and deposits for which confirmations are not received from the parties are subject to
reconciliation and consequential adjustments on determination/ receipt of such confirmation.
42.9 Remuneration of Chairman & Managing Director (C&MD), Whole time Directors (WTD) and Company Secretary (CS):
ൠ/DNKV
2022-23 2021-22
Salaries 219.22 (166.52)
Contribution to Provident and Gratuity Fund 31.42 (24.54)
Perquisites 22.77 (22.64)
273.41 (213.70)

192
Notes to the Standalone Financial Statements for the year ended 31 March 2023
42.10 Auditors Remuneration and Expenses:
ൠ/Lakhs
Statutory Auditors 2022-23 2021-22
- Audit Fees 8.14 (6.90)
- Tax Audit Fees 1.15 (1.15)
- Other Capacity for Limited Review and
other certification jobs 3.72 (3.72)

Branch Auditors
- Audit Fees 14.90 (14.90)
- Expenses relating to audit of Accounts 3.92 (1.39)
31.83 (28.06)
42.11 (a) Stock & Sale of Goods Manufactured (with own materials): ൠ/Lakhs
Class of Goods Opening Value Closing Value Selas Value
Greases & Lubricating Oils 2,980.61 4,095.14 55,462.92
(2,710.41) (2,980.61) (42,907.57)
Barrels and Drums 440.71 376.39 68,774.36
(487.83) (440.71) (77,484.77)
Chemicals 379.30 405.23 7,988.84
(350.23) (379.30) (7,336.61)
3,800.62 4,876.76 1,32,226.12
(3,548.47) (3,800.62) (1,27,728.95)
42.11 (b) Work in Progress:
ൠ/Lakhs
Greases and Lubricating Oils 331.69
(222.40)
Barrels and Drums 972.83
(801.46)
Chemicals 187.51
(167.51)
1,492.03
(1,191.37)
42.12 Analysis of Raw Materials Consumed (excluding materials supplied by Customers):
ൠLakhs
Steel 52,059.23
(57,858.30)
Lubricating Base Oils 23,201.68
(20,296.86)
Additives and other Chemicals 11,915.49
(5,678.02)
Vegetable and other Fats 3,672.03
(3,043.07)
Drum Closures 2,559.92
(2,283.45)
Paints 1,401.23
(1,206.62)
Paraffin Wax 1,377.67
(1,519.21)
Others 5,739.34
(4,560.31)
1,01,926.59
(96,445.84)
42.13 Value of Raw Materials, Components and Spare Parts consumed:
2022-23 2021-22
Raw Materials ൠ/DNKV (%) ൠ/DNKV (%)
Imported 626.93 0.62 (1,033.22) (1.07)

Indigenous 1,01,299.66 99.38 (95,412.62) (98.93)

1,01,926.59 100.00 (96,445.84) (100.00)
Spares & Components ൠ/DNKV (%) ൠ/DNKV (%)
Imported 40.97 4.64 (16.71) (1.88)

Indigenous 841.26 95.36 (871.65) (98.12)

882.23 100.00 (888.36) (100.00)

193
Notes to the Standalone Financial Statements for the year ended 31 March 2023
42.14 Purchase and Sale of Trading Goods:
ൠ/DNKV
Purchase Value Sale Value
Class of Goods
Barrels 1,449.83 766.72
(1,276.51) (633.72)
Others 2,283.93 2,352.44
(-) (-)

3,733.76 3,119.16
(1,276.51) (633.72)
42.15 (a) Value of Imports on C.I.F basis ൠ/Lakhs
2022-23 2021-22
Raw Materials 625.28 (710.75)
Components and Spare Parts 32.02 (48.57)
Capital Goods 4.45 (53.44)
661.75 (812.76)
42.15 (b) Expenditure in Foreign Currency ൠ/Lakhs
2022-23 2021-22
Services 13,765.45 (13.635.00)
Others 111.21 (290.26)
13,876.66 (13,925.26)
42.15 (c) Earnings in Foreign Currency ൠ/Lakhs

2022-23 2021-22
Export of Goods and Components calculated on F.O.B basis as invoiced 1,654.72 (2,562.03)
Interest and Dividend 3,065.11 (1,977.11)
Services 3,922.66 (2,583.68)
8,642.49 (7,122.82)
42.16 Expenditure on Research and Development capitalized and charged to Statement of Profit & Loss during the years
is as below:
ൠLQ/DNKV
2022-23 2021-22 2020-21 2019-20 2018-19
Capital Expenditure 54.76 19.13 12.75 31.50 322.38
Revenue Expenditure 729.57 771.59 817.43 777.76 780.93
([FHVV,QFRPH7D[SURYLVLRQLQUHVSHFWRIHDUOLHU\HDUVDPRXQWLQJWRൠ/DNKV ൠ1LO KDVEHHQUHYHUVHGLQWKHFXUUHQW
year.
42.18 Loans and Advances in the nature of loans to Subsidiaries / Joint Venture Companies / Associates
The Company does not have any Loans and Advances in the nature of Loans provided to its Subsidiaries/ Joint Ventures/
Associates as at the year-end except as disclosed in Note No. 42.19.
42.19 Related Party Disclosures
i) Name of the Related Party Nature of Relationship
Balmer Lawrie Investments Limited (BLIL) Holding Company
Visakhapatnam Port Logistics Park Limited Subsidiary Company
Transafe Services Limited Joint Venture Company (*)
Balmer Lawrie - Van Leer Limited Joint Venture Company
Balmer Lawrie (UAE) LLC (BLUAE) Joint Venture Company
Elegant Industries LLC 100% Subsidiary Company of BLUAE (**)
Avi - Oil India Private Limited Associate Company
PT. Balmer Lawrie Indonesia Joint Venture Company
Shri Adika Ratna Sekhar, Chairman and Managing Director Key Management Personnel
Shri Adhip Nath Palchaudhuri, Director (Service Businesses) Key Management Personnel (also Director of
Holding Company for the period from 01.01.2023 till
13.02.2023)
Shri Sandip Das, Ex Director (Finance) and Chief Financial Officer Key Management Personnel
(Ceased to be Director and Chief Financial Officer
w.e.f. 01.01.2023) and also Director of Holding
Company for the period from 05.05.2020 to
31.12.2022)

194
Notes to the Standalone Financial Statements for the year ended 31 March 2023
Name of the Related Party Nature of Relationship
Shri R. M. Uthayaraja, Director (Manufacturing Businesses) Key Management Personnel (w.e.f. 14.07.2022)
Shri Saurav Dutta, Director (Finance) and Chief Financial Officer Key Management Personnel (w.e.f. 02.02.2023)
Shri Abhijit Ghosh, Director (HR & CA) Key Management Personnel (w.e.f. 04.02.2023)
Smt. Perin Devi Rao (Government Nominee Director) Key Management Personnel
Shri Kushagra Mittal (Government Nominee Director) Key Management Personnel
Dr. Vandana Minda Heda (Independent Director) Key Management Personnel (w.e.f. 26.11.2021)
Shri Rajeev Kumar (Independent Director) Key Management Personnel (w.e.f. 26.11.2021)
Shri Arun Kumar (Independent Director) Key Management Personnel
(Ceased to be director w.e.f. 12.07.2022)
Shri Anil Kumar Upadhyay (Independent Director) Key Management Personnel
(Ceased to be director w.e.f. 12.07.2022)
Shri Bhagawan Das Shivahare (Independent Director) Key Management Personnel
(Ceased to be director w.e.f. 12.07.2022)
Ms. Kavita Bhavsar, Company Secretary Key Management Personnel
Shri Mrityunjay Jha (Government Nominee Director Key Management Personnel of the Parent Company
of the Holding Company)
Shri Shyam Singh Mahar (Government Nominee Director Key Management Personnel of the Parent Company
of the Holding Company)
Shri Abhishek Lahoti Key Management Personnel of the Parent Company
(Company Secretary of Parent Company, on
deputation by Subsidiary Company)
(*) Hon’ble National Company Law Tribunal (NCLT) vide its order dated April 09, 2021 have approved the Resolution Plan of
M/s Om Logistics Limited (Resolution Applicant in the said matter of Corporate Insolvency Resolution Process (CIRP) initiated
upon M/s Transafe Services Ltd. (TSL)), wherein, the following had been approved upon implementation of the Resolution Plan:
i. The entire existing Equity Share Capital of TSL shall stand cancelled, extinguished and annulled & be regarded as
reduction of Share Capital to the extent of 99.99997% and the remaining 0.00003% shall be required to be transferred to
the Resolution Applicant.
ii. The entire existing Preference Share Capital of TSL shall stand cancelled, extinguished and annulled to the extent of 100%
& be regarded as reduction of Capital.
Consequent to the above, the Company ceased to have joint control or have any significant influence over TSL and TSL ceased
to be a Related Party under the extant provisions of Section 2(76) of The Companies Act, 2013 or under IND AS-110 or clause
2(1) (zb) of SEBI (Listing Obligations and Disclosure Requirements), Regulations, 2015. However, the Company has filed an
appeal to Hon’ble National Company Law Appellate Tribunal (NCLAT) against the orders of Hon’ble NCLT and the matter is
pending for adjudication before Hon’ble NCLAT. The investments of the Company (in both equity and preference shares in
the said joint venture), have been unilaterally reduced by way of capital reduction, by the demat account service provider. The
Company has been following up with the demat account service provider for re-instatement of the same considering that the
matter is sub-judice (supra).
(**) Effective 08.08.2022, BLUAE acquired 100% of the issued share capital of Elegant Industries LLC which is a limited liability
Company registered at UAE and its financials are merged with BLUAE.
ii) Transactions with Related Parties
ൠLQ/DNKV
Type of Transactions Year Holding Joint Key
Ending Company Subsidiary Ventures Management TOTAL
Personnel
a) Sale of Goods 31/03/23 - - 50.41 - 50.41
31/03/22 (-) (1.42) (26.38) (-) (27.80)
b) Purchase of Goods 31/03/23 - - 2,092.77 - 2,092.77
31/03/22 (-) (-) (2,162.12) (-) (2,162.12)
c) Value of Services Rendered 31/03/23 48.00 0.59 1,080.67 - 1,129.26
31/03/22 (47.50) (-) (425.79) (-) (473.29)
d) Remuneration to Key Managerial 31/03/23 - - - 273.41 273.41
Personnel viz: C&MD, WTD and CS 31/03/22 (-) (-) (-) (213.70) (213.70)
e) Income from leasing or hire purchase 31/03/23 - - 1.08 - 1.08
agreement 31/03/22 (-) (-) (1.08) (-) (1.08)
f) Investment in shares as on 31/03/23 - 8,103.90 4,726.02 - 12,829.92
31/03/22 (-) (8,103.90) (4,726.02) (-) (12,829.92)

195
Notes to the Standalone Financial Statements for the year ended 31 March 2023
ൠLQ/DNKV
Type of Transactions Year Holding Joint Key
Ending Company Subsidiary Ventures Management TOTAL
Personnel
g) Loans given as on 31/03/23 - 330.03 - - 330.03
31/03/22 (-) (230.03) (-) (-) (230.03)
h) Dividend Income 31/03/23 - - 3,644.19 - 3,644.19
31/03/22 (-) (41.60) (2,472.68) (-) (2,514.28)
i) Dividend Paid 31/03/23 6,869.16 - - - 6,869.16
31/03/22 (6,340.76) (-) (-) (-) (6,340.76)
j) Interest Income 31/03/23 - 24.18 - - 24.18
31/03/22 (-) (24.15) (-) (-) (24.15)
k) Amount received on a/c of salaries etc. of 31/03/23 17.69 - - - 17.69
employees deputed or otherwise 31/03/22 (16.23) (-) (-) (-) (16.23)
l) Net outstanding recoverable as on 31/03/23 - 656.25 97.76 - 754.01
31/03/22 (17.35) (631.50) (131.86) (-) (780.71)
m) Net outstanding payable as on 31/03/23 - 6.76 458.65 - 465.41
31/03/22 (-) (39.16) (509.78) (-) (548.94)
n) Any other transactions (Reimbursement 31/03/23 - - 1.05 - 1.05
of expenses) 31/03/22 (-) (-) (-) (-) (-)
o) Provision for doubtful debts/ advances/ 31/03/23 - 872.62 - - 872.62
deposits due from 31/03/22 (-) (729.54) (-) (-) (729.54)
p) Value of Services Received 31/03/23 - 84.63 - - 84.63
31/03/22 (-) (104.46) (-) (-) (104.46)
q) Remuneration to Key Managerial 31/03/23 - - - 7.75 7.75
Personnel as Sitting Fees 31/03/22 (-) (-) (-) (16.55) (16.55)
42.20 Segment Reporting
Information about business segment for the year ended 31st March, 2023 in respect of reportable segments as notified by the
Ministry of Corporate Affairs in the IND AS– 108 in respect of “Operating Segments” is attached in Note No.43.
42.21 Disclosure of Interests in Joint Venture and Associate Companies

Name of Joint Venture Company Proportion of Shareholding Country of Incorporation

Balmer Lawrie (UAE) LLC 49.00% United Arab Emirates
Balmer Lawrie - Van Leer Limited 47.91% India
Transafe Services Limited (*) 50.00% India
PT. Balmer Lawrie Indonesia 50.00% Indonesia
Name of Associate Company
Avi - Oil India Private Limited 25.00% India
(*) Refer Note No. 42.19
Avi - Oil India Private Limited is classified as associate on the basis of the shareholding pattern which leads to significant
influence over them by the Company. Further, in Balmer Lawrie (UAE) LLC, Balmer Lawrie - Van Leer Limited and PT. Balmer
Lawrie Indonesia, both the partners have equal nominee representatives in the Board. Hence, these entities are classified as
joint ventures. The Company recognizes its share in net assets through equity method. (Refer Note No. 42.19).
The Company’s proportionate share of the estimated amounts of contracts remaining to be executed on Capital Accounts
relating to the Joint Venture & Associate Companies and not provided for in their respective financial statements amounts to
ൠ/DNKV ൠ/DNKV 
42.22 Capital Work in Progress as at the Balance Sheet date comprises:
ൠ/Lakhs
Asset Classification (*) As on 31.03.2023 As on 31.03.2022
Leasehold Land 3.79 (3.79)
Building 2,181.09 (767.36)
Plant & Machinery 255.44 (89.27)
Electrical Installation & Equipment 48.11 (79.96)
Tubewell, Tanks & Miscellaneous Equipment - (1.96)
Pre-Production Expenses 253.98 (122.58)
Grand-Total 2,742.41 (1,064.92)
(*) Subject to final allocation / adjustment at the time of capitalization.

196
Notes to the Standalone Financial Statements for the year ended 31 March 2023
(a) The CWIP ageing schedule is as under:
(As on 31.03.2023)
CWIP Amount in CWIP for a period of Total (Rs. in Lakhs)
Less than 1 year 1-2 years 2-3 years More than 3 years
Projects in progress 2,536.85 194.04 11.15 - 2,742.04
Projects temporarily suspended - - - 0.37 0.37
(As on 31.03.2022)
CWIP Amount in CWIP for a period of Total (Rs. in Lakhs)
Less than 1 year 1-2 years 2-3 years More than 3 years
Projects in progress 1,044.85 19.70 - - 1,064.55
Projects temporarily suspended - - - 0.37 0.37
(b) The details of projects of CWIP where activity has been suspended is as under:
(As on 31.03.2023)
CWIP To be completed in (Rs. in Lakhs)
Less than 1 year 1-2 years 2-3 years More than 3 years
Project 1 (T&PD, Kolkata) 0.37 - - -
(As on 31.03.2022)
CWIP To be completed in (Rs. in Lakhs)
Less than 1 year 1-2 years 2-3 years More than 3 years
Project 1 (T&PD, Kolkata) 0.37 - - -
42.23 (a) The ageing schedule of Intangible assets under development (Intangible CWIP) is as under:
(As on 31.03.2023)
Intangible assets under Amount in intangible CWIP for a period of Total (Rs. in Lakhs)
development Less than 1 year 1-2 years 2-3 years More than 3 years
Projects in progress 16.95 - - - 16.95
Projects temporarily suspended - - - - -

(As on 31.03.2022)
Intangible assets under Amount in intangible CWIP for a period of Total (Rs. in Lakhs)
development Less than 1 year 1-2 years 2-3 years More than 3 years
Projects in progress - - - - -
Projects temporarily suspended - - - - -
(b) The details of projects of intangible CWIP where activity has been suspended is as under:
(As on 31.03.2023)
Intangible assets under development To be completed in (Rs. in Lakhs)
Less than 1 year 1-2 years 2-3 years More than 3 years
Project 1 - - - -
(As on 31.03.2022)
Intangible assets under development To be completed in (Rs. in Lakhs)
Less than 1 year 1-2 years 2-3 years More than 3 years
Project 1 - - - -
42.24 Cost of Services comprises:
ൠ/Lakhs
2022-23 2021-22
Air/ Rail travel costs 964.32 (1,127.77)
Air/ Ocean freight 45,255.44 (37,521.06)
Transportation/ Handling 7,720.66 (4,821.87)
Other Service charges 4,188.20 (2,780.40)
58,128.62 (46,251.10)
42.25 Miscellaneous Expenses shown under “Other Expenses” (Refer Note No. 36) do not include any item of expenditure which
exceeds 1% of revenue from operations.
 D  &HUWDLQIL[HGGHSRVLWVZLWKEDQNVDPRXQWLQJWRൠ/DNKV ൠ/DNKV DUHSOHGJHGZLWKDEDQNDJDLQVW
short term loans availed from the said bank. However, there are no loans outstanding against these pledges as on
31.3.2023.
(b) &HUWDLQ IL[HG GHSRVLWV DPRXQWLQJ WR ൠ /DNKV ൠ /DNKV  DUH SOHGJHG ZLWK D EDQN DJDLQVW JXDUDQWHHV
availed from the said bank.

197
Notes to the Standalone Financial Statements for the year ended 31 March 2023
42.27 Details of Other Payables (Refer Note No.24)
      ൠ/Lakhs
2022-23 2021-22
Creditor for Expenses 12,592.67 (7,236.25)
Creditor for Capital Expenses 166.89 (212.03)
Employee Payables 1,784.88 (1,622.19)
Statutory Payables 369.09 (350.26)
Others 95.53 (125.00)
15,009.06 (9,545.73)
42.28 The Company had been sanctioned a grant-in-aid by the Ministry of Food Processing Industries (MoFPI), Government of
India for setting up integrated cold chain facilities at Rai, Haryana and Patalganga, Maharashtra, against which, the Company
KDVEHHQGLVEXUVHGDIXOODQGILQDOJUDQWRIൠ/DNKV7KLVKDVEHHQWUHDWHGDVDGHIHUUHGLQFRPHDQGJURXSHGXQGHU
Non-Financial Liabilities-Others (Current)/ Non-Financial Liabilities-Others (Non-Current) and shall be apportioned over the
XVHIXOOLIHRIWKHDVVHWVSURFXUHGRXWRIVXFKJUDQW'XULQJWKHFXUUHQWILQDQFLDO\HDUDVXPRIൠ/DNKV ൠ/DNKV 
has been credited as income in the statement of profit and loss.
42.29 The review of the residual value and the useful life of the assets (including for Property, Plant & Equipment, Intangible Assets
and Investment Properties) is done by the management on a regular basis at periodic intervals.
42.30 Visakhapatnam Port Logistics Park Limited (VPLPL) is a subsidiary of the Company. The Company holds 60% of the equity
capital. VPLPL has been facing initial teething problems since the start of operations in the second half of 2019 and is
going through initial stabilization phase which has been further heightened by impact of Covid-19 since 2020. This is an
infrastructure project and the gestation period is generally higher than for normal projects. Approval had been received earlier
from the bankers of VPLPL for restructuring of the Bank term loan under special resolution framework for Covid-19 stressed
units. Through sustained efforts, VPLPL has been successful in obtaining the Container Freight Service (CFS) licence during
the year and CFS operations has started from March 2023. Based on these above facts and future growth expectations of the
Company, the management is hopeful of a turnaround in its performance in the near future. Therefore, the Company has not
made any provisions towards its investment in VPLPL.
42.31 The Key Ratios are as under:

Sl. Name of the Ratio Particulars/ Formula Particulars/ Formula Ratio Ratio % Explanation where
No. used in Numerator used in Denominator (Current (Previous variance the change in the
Year Year ratio is by more than
ending ending 25% as compared to
31.03.2023) 31.03.2022) the preceding year
(a) Current Ratio Current Assets Current Liabilities 2.130 2.351 -9.40 NA
(b) Debt-Equity Ratio Total Debts Total Shareholders - - - NA
Equity or Net Worth
(c) Debt Service Net Profit after taxes Interest expenses + 43.537 18.013 +141.70 Business growth with
Coverage Ratio + Depreciation & Borrowing repayments increased profits.
Amortization expenses
+ Interest expenses
(d) Return on Equity Profit after taxes Average 0.115 0.094 +22.34 NA
Ratio Shareholders Equity
or Average Net Worth
(e) Inventory turnover Total Turnover Average value of 11.742 11.658 +0.72 NA
Ratio inventory
(f) Trade Receivables Total Turnover Average Trade 7.078 6.984 +1.35 NA
turnover Ratio Receivables
(g) Trade payables Cost of material Average Trade 5.685 5.301 +7.24 NA
turnover consumed & services Payables
Ratio rendered
+ purchase of
trading goods
(h) Net capital turnover Total Turnover Current Assets 3.356 3.027 +10.87 NA
Ratio - Current Liabilities
(i) Net Profit Ratio Profit after taxes Total Turnover 0.065 0.058 +12.07 NA
(j) Return on Capital Profit before interest Net worth 0.157 0.131 +19.85 NA
employed expenses and taxes + Borrowings
+ Deferred Tax Liability
(k) Return on investment Dividend Income Average investments 0.281 0.194 +44.85 Increased dividend
receipts.

198
Notes to the Standalone Financial Statements for the year ended 31 March 2023
42.32 Corporate Social Responsibility
The disclosure with respect to CSR activities covered under section 135 of the Companies Act 2013 is as under:

Sl. Particulars Current Year ending Previous Year ending

No. 31.03.2023 (Rs. in Lakhs) 31.03.2022 (Rs. in Lakhs)
(i) amount required to be spent by the Company during the year 360.46 441.00
(ii) amount of expenditure incurred  LQFOXGHV ൠ /DNKV 1,048.16
which has been used from the
amount available for set-off from
previous financial year 2021-22).
(iii) shortfall at the end of the year Nil Nil
(iv) total of previous years shortfall Nil Nil
(v) reason for shortfall N/A N/A
(vi) nature of CSR activities Education, Health, Skill Education, Health, Livelihood,
Development and Sanitation. Skill Development, Disaster
Management, Geriatric Care and
Environment.
(vii) details of related party transactions, e.g., contribution to a trust N/A N/A
controlled by the Company in relation to CSR expenditure as
per relevant Accounting Standard
(viii) where a provision is made with respect to a liability incurred N/A N/A
by entering into a contractual obligation, the movements in the
provision during the year shall be shown separately
42.33 Details with respect to registration of charges or satisfaction with Registrar of Companies (ROC) are as under:
All the charges are listed here. The Company has been following up with the respective banks on regular basis for doing the needful.

Amount (Rs. Amount (Rs.

Date Date of Reason for delay in
Sl. in Lakhs) in Lakhs)
Charge-holder name and address of creation modification registration of
No. as on as on
of charge of charge satisfaction
31.03.2023 31.03.2022
1 BANK OF BARODA, Dubai NAAE 13-10-1977 - 85.00 85.00 The Company has
2 ALLAHABAD BANK, Kolkata 13-11-1978 - 40.00 40.00 intimated the bankers
for completion of
3 ANZ GRINDLAYS BANK, Kolkata 30-12-1980 15-03-1994 4000.00 4000.00 formalities related
4 ALLAHABAD BANK, Kolkata 16-10-1990 - 807.00 807.00 to satisfaction of
5 ALLAHABAD BANK, Kolkata 16-10-1990 10-04-1992 807.00 807.00 charges. Some of the
banks have merged
6 BANK OF AMERICA, Kolkata 31-03-1993 - 400.00 400.00 with other banks and
7 EXPORT IMPORT BANK OF INDIA, Mumbai 07-11-1994 - 520.00 520.00 general delay has been
observed from the
8 ABN-AMRO BANKN N.V., Kolkata 27-08-1996 - 1700.00 1700.00
bank’s side in filing the
9 H.D.F.C BANK LTD, Kolkata 24-02-1997 - 400.00 400.00 same with the ROC.
THE HONGKONG & SANGHAI BANKING However, the Company
10 25-02-1997 - 400.00 400.00 has been following
CORPN.LTD, Kolkata
11 ALLAHABAD BANK, Kolkata 21-03-2002 21-03-2002 2000.00 2000.00 up with the respective
banks on regular basis
12 PUNJAB NATIONAL BANK, Kolkata 03-05-2002 - 2500.00 2500.00 for the needful.
08-09-1998 11-07-2012 18000.00 18000.00 Limit against the
13 STANDARD CHARTERED BANK, Kolkata
consortium agreement.
14 CANARA BANK, Kolkata 21-06-1993 - - 200.00
15 CANARA BANK, Bangalore 08-02-2002 - - 4000.00
16 BANK OF BARODA, Kolkata 05-03-2002 - - 1200.00
17 BANK OF BARODA, Kolkata 26-03-2002 - - 3800.00
These charges have
18 DENA BANK, Kolkata 03-03-2003 - - 2000.00
been satisfied during
19 DENA BANK, Kolkata 11-03-2003 - - 1500.00
20 INDUSIND BANK LTD, Kolkata 27-03-2004 - - 2000.00 the FY 2022-23.
21 INDUSIND BANK LTD, Pune 22-08-2005 17-08-2010 - 7500.00
22 VIJAYA BANK, Kolkata 29-03-2006 08-06-2010 - 1200.00
42.34 The additional notes to accounts for the year ended 31.03.2023/ 31.03.2022:
(a) The Company has not revalued its Property, Plant and Equipment (including Right of Use Assets) and Intangible Assets.
(b) No proceedings have been initiated on or are pending against the Company for holding any benami property under the
“Benami Transactions (Prohibition) Act, 1988 and Rules made thereunder.
(c) Clause (87) of section 2 of the Companies Act, 2013 read with Rule 2 (2) (d) of the Companies (Restriction on number
of Layers) Rules, 2017 is not applicable to the Company, being a Government Company as referred to in clause (45)
of Section 2 of the Act.
(d) No Scheme of Arrangements in respect of the Company has been approved by the Competent Authority in terms of
Sections 230 to 237 of Companies Act, 2013.

199
Notes to the Standalone Financial Statements for the year ended 31 March 2023
(e) The Company has not been declared wilful defaulter by any bank or financial Institution or other lender.
(f) The Company has not advanced or loaned or invested funds (either from borrowed funds or share premium or any other
sources or kind of funds) to any persons or entities, including foreign entities (Intermediaries), with the understanding,
whether recorded in writing or otherwise, that the Intermediary shall, whether, directly or indirectly, lend or invest in
other persons or entities identified in any manner whatsoever by or on behalf of the Company (Ultimate Beneficiaries)
or provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.
(g) The Company has not received any fund from any persons or entities, including foreign entities (Funding Parties), with
the understanding, whether recorded in writing or otherwise, that the Company shall, whether, directly or indirectly, lend
or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (Ultimate
Beneficiaries) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
(h) The Company has not traded or invested in Crypto Currency or Virtual Currency.
(i) The dividend declared and paid by the Company is in accordance with Section 123 of the Companies Act, 2013.
(j) The Company has no such transactions not recorded in the books of account which have been surrendered or disclosed
as income in the tax assessments under the Income-tax Act, 1961 (such as, search or survey or any other relevant
provisions of the Income-tax Act, 1961) and there is no immunity either to not disclose the same. There are no such
cases of previously unrecorded income and related assets which have been recorded in the books of account.
42.35 The additional notes to accounts as at balance sheet date as on 31.03.2023/ 31.03.2022:
(a) The Company does not have any relationship with struck off Companies under section 248 of the Companies Act, 2013
or section 560 of Companies Act, 1956.
(b) The Company does not have any such case where the borrowings from banks and financial institutions have been used
otherwise than for the specific purpose for which it was taken.
42.36 Impact of New Labour Codes
The Indian Parliament has approved 4 Labour Codes viz: The Code on Wages, 2019, The Code on Social Security, 2020, The
Industrial Relations Code, 2020 and The Occupational Safety Health and Working Conditions, 2020 subsuming many existing
labour legislations. These would impact the contributions by the Company towards Provident Fund, Bonus and Gratuity. The
effective date from which the codes and rules will be applicable is yet to be notified. The Company will assess the impact and
its valuation and will give appropriate impact in its financial statements in the period(s) in which, the Codes become effective
and the related rules to determine the financial impact are notified.
42.37 Some of the leases with Syama Prasad Mookerjee Port (SMP) erstwhile Kolkata Port Trust have expired and are under
renewal. During the current FY, an overall continuous reconciliation exercise has been undertaken with SMP for all the plots
of BL in and around Kolkata being utilised by various businesses of the Company. Based on such reconciliation, payments
have been released for the confirmed amounts. The balance is still shown as receivable by SMP from the Company which
seems to have arisen mainly out of improper adjustment by SMP for payments made by the Company, consequential accrual
of interest on outstanding as per SMP policy, non-accounting by SMP of TDS deducted and deposited by the Company and
charging of rent at higher rates by SMP for specific periods after the expiry of lease. The Company has sought for waiver of
these items which are wrongly charged by SMP and along with those the accounting for which are pending in SMP books.
These have been agreed in-principle to be adjusted/ waived during various discussions with SMP. However, the Company
has been given to understand that the same will require the approval of Board of SMP and would be done in due course.
Based on the above, the Company has made provision in its books for a certain portion and the balance of SMP receivables
as per the SMP statement dated 17.05.2023 (net of payments and provisions made by BL) is shown as claims against the
Company not acknowledged as debts.
42.38 A portion of freehold land at Asaoti, Haryana had been given on rent to Avi - Oil India Private Limited, as associate Company.
This has been reclassified from PPE to Investment Property in the current FY with the proportionate value of such land
amounting to Rs.54.72 Lakhs and the comparatives have also been re-classified to this extent. This was missed out in the
previous financial years due to oversight and was treated as freehold land in PPE. There is no financial impact of the said
reclassification on the statement of profit and loss of the Company as at 31.03.2022 and 01.04.2021. The Balance Sheet as
at 01.04.2021 and as at 31.03.2022 have also been restated to correct the impact of the aforesaid reclassification as on such
date and is not material. The impact of the reclassification is tabulated below:
(Rs. in Lakhs)
Balance Sheet Description Balance Restated Net Balance Restated Net
Description of the Asset Sheet as at Balance Impact Sheet as at Balance Impact
31.03.2022 Sheet as at 01.04.2021 Sheet as at
31.03.2022 01.04.2021
Property, Plant and Land-Freehold 49,707.97 49,653.25 -54.72 48,495.93 48,441.21 -54.72
Equipment (Net Block)
Investment Property Land-Freehold 39.74 94.46 54.72 42.11 96.83 54.72
(Net Book Value)
Due to the above reclassification, there are no changes to the basic and diluted earnings per share.

200
Notes to the Standalone Financial Statements for the year ended 31 March 2023
42.39 (a) The financial statements have been prepared as per the requirement of Division-II to the Schedule III of the Companies
Act, 2013.
(b) Previous year’s figures have been re-grouped or re-arranged or re-classified wherever so required to make them
comparable with current year figures.
(c) Figures in brackets relate to previous year.
 G  $OODPRXQWVLQൠ/DNKVXQOHVVRWKHUZLVHVWDWHG7KHZRUGV/DNKVDQG/DFVDUHXVHGLQWHUFKDQJHDEO\LQWKHVHILQDQFLDO
statements and have the same connotation.

As per our report attached

For and on behalf of the Board of Directors

For B. K. Shroff & Co. Adika Ratna Sekhar Adhip Nath Palchaudhuri R. M. Utthayaraja Saurav Dutta
Chartered Accountants Chairman and Director Director Director (Finance) &
Firm Registration No. 302166E Managing Director (Service Businesses) (Manufacturing Businesses) Chief Financial Officer
DIN 08053637 DIN 08695322 DIN 09678056 DIN 10042140

CA. P. K. Shroff Abhijit Ghosh Vandana Minda Heda Kavita Bhavsar

Partner Director Independent Director Company Secretary
Membership No. 059542 (Human Resource & DIN 09402294
Place: Kolkata Corporate Affairs)
Date: 25th May, 2023 DIN 10042785

201
Notes to the Standalone Financial Statements for the year ended 31 March 2023
PART - I ANNEXURE - A

Statement of Disputed Dues as on 31st March, 2023

(Not provided for in the accounts)
Name of the Nature of Amount (Rs./Lakhs) Period to which the amount Forum Where dispute is pending
Statute the Dues 2022-23 2021-22 relates
Sales Tax Act Sales Tax 9.03 9.03 Asstt Yr 2012/13 Jt. Commissioner- Appeals, Mumbai
8.54 8.54 Asstt Yr 2012/13 - do -
15.41 15.41 Asstt Yr 2015/16 - do -
12.42 12.42 Asstt Yr 2016/17 - do -
- 22.26 Asstt Yr 2014/15 -
- 0.24 Asstt Yr 2008/09 -
- 5.48 Asstt Yr 2008/09 -
16.67 16.67 Asstt Yr 2007/08 Maharashtra Sales Tax Tribunal,
Mumbai
2.71 2.71 Asstt Yr 2007/08 - do -
258.34 239.44 Asstt Yr 2015/16 Dy. Commissioner (VAT),
D&NH, Silvassa
257.85 237.50 Asstt Yr 2016/17 - do -
192.81 184.61 Asstt Yr 2015/16 - do -
641.21 591.74 Asstt Yr 2016/17 - do -
32.02 - Asstt Yr 2017/18 - do -
255.90 - Asstt Yr 2017/18 - do -
7.82 33.22 Asstt Yr 1993-94 (15.09.2003) CTO, Chennai
3.67 12.14 Asstt Yr 1996/97 (19.11.2009) - do -
- 10.85 Asstt Yr 1992-93 (16.03.2004) -
- 51.78 Asstt Yr 1993/94 (15.09.2003) -
- 2.25 Asstt Yr 1995-96 (07.07.2005) -
- 6.63 Asstt Yr 1995-96 (07.07.2005) -
90.93 90.93 Asstt Yr 2005/06 (CST Act 56) High Court, Calcutta
7.07 7.07 Asstt Yr 2007/08 (VAT Act 03) Appellate Revisional Board, Kolkata
52.50 52.50 Asstt Yr 2010/11 (CST Act 56) - do -
32.59 32.59 Asstt Yr 2007/08 (CST Act 56) - do -
82.16 96.66 Asstt Yr 2017/18 (Vat Act 03) - do -
18.55 18.60 Asstt Yr 2017/18 (CST Act 56) - do -
- 87.42 Asstt Yr 2016/17 (Vat Act 03) -
- 164.62 Asstt Yr 2016/17 (CST Act 56) -
67.82 67.82 Asstt Yr 2005/06 (Vat Act 03) West Bengal Taxation Tribunal,
Kolkata
12.32 12.32 Asstt Yr 2013/14 (Vat Act 03) - do -
19.04 19.04 Asstt Yr 2014/15 (Vat Act 03) - do -
798.81 798.81 Asstt Yr 2009/10 High Court, Odisha
SUB TOTAL 2,896.19 2,911.30
Central Excise Act Excise Duty 1,544.12 1,496.91 July 1997 (1994 to 1997) CESTAT, Kolkata
47.00 47.00 04.10.2002 (2002) Asstt. Commissioner, Kolkata
1.09 1.09 08.09.1995 (1995) - do -
1.42 1.42 06.07.1995 (1995) - do -
12.18 12.18 17.07.1995 (1995) - do -
9.97 9.97 27.04.1995 (1995) - do -
218.03 218.03 18.09.2002 (2002) High Court, Calcutta
99.29 99.29 02.05.2003 (2003) - do -
1.62 1.62 03.06.2011 (2011) Commissioner (Appeals), Kolkata
- 2.63 07.05.2021 -
SUB TOTAL 1,934.72 1,890.14
Cess Cess 139.75 134.82 Asstt Yr 1999/00 High Court, Bombay
117.17 113.03 Asstt Yr 2000/01 - do -
SUB TOTAL 256.92 247.85
Service Tax Service Tax - 38.52 2014/15 to 2017/18 Dy. Commissioner GST, Mumbai
143.05 143.05 2016/17 to 2017/18 - do -
26.90 25.77 19/03/2010 (2005 to 2008) CESTAT, Kolkata
1,254.72 1,254.72 Oct., 2002 - March, 2007 - do -
131.12 131.12 Asstt Yr 2005/06 to 2006/07 - do -
- 27.97 23.07.2012 CESTAT, New Delhi
- 1,116.08 2013-14 - (*)
310.85 310.85 2016/17 (01.08.2017) CESTAT, Bengaluru
67.62 67.62 10.08.2016 CESTAT, Hyderabad
1,262.28 1,262.28 18.03.2017 CESTAT, New Delhi
SUB TOTAL 3,196.54 4,377.98
GRAND TOTAL 8,284.37 9,427.27

(*) The case has been decided in favour of the Company by the Competent Authority on 01.05.2023.

202
Notes to the Standalone Financial Statements for the year ended 31 March 2023
Note : 43
Segment Revenue  ൠ/DNKV
31 March 2023 31 March 2022
Total Segment Inter Segment Revenue Total Inter Revenue
Revenue Revenue from external Segment Segment from external
customers Revenue Revenue customers
Industrial Packaging 75,924 2,861 73,063 84,919 2,780 82,139
Logistics Infrastructure 20,578 483 20,095 16,994 344 16,650
Logistics Services 55,901 1,097 54,804 46,799 1,092 45,707
Travel & Vacations 16,163 1,598 14,565 8,005 1,586 6,419
Greases & Lubricants 65,353 9,879 55,474 51,068 8,114 42,954
Others 14,130 1,133 12,997 11,461 1,085 10,376
Total Segment Revenue 2,48,049 17,051 2,30,998 2,19,246 15,001 2,04,245
Segment Profit before Income Tax  ൠ/DNKV 
31 March 2023 31 March 2022
Industrial Packaging 4,112 7,524
Logistics Infrastructure 3,826 3,921
Logistics Services 6,918 5,864
Travel & Vacations 6,238 (42)
Greases & Lubricants 5,447 4,241
Others (5,411) (4,494)
Total Segment Profit before Income Tax 21,130 17,014
Segment Assets  ൠ/DNKV 
31 March 2023 31 March 2022
Segment Investment in Additions to Segment Segment Investment in Additions to Segment
assets associates and non-current assets assets associates and non-current assets
joint ventures assets joint ventures assets
Industrial Packaging 37,433 - - 37,433 36,948 - - 36,948
Logistics Infrastructure 27,790 - - 27,790 27,232 - - 27,232
Logistics Services 8,290 - - 8,290 10,025 - - 10,025
Travel & Vacations 36,682 - - 36,682 29,269 - - 29,269
Greases & Lubricants 23,983 - - 23,983 22,689 - - 22,689
Others 8,582 - - 8,582 7,585 - - 7,585
Total Segment Assets 1,42,760 - - 1,42,760 1,33,748 - - 1,33,748

Intersegment eliminations - - - - - - - -
Unallocated
Investments 12,990 - (6) 12,984 12,980 - 10 12,990
Other Assets 53,759 - - 53,759 47,765 - - 47,765
Total Assets as per the 2,09,509 0 (6) 2,09,503 1,94,493 0 10 1,94,503
Balance Sheet

Segment Liabilities  ൠ/DNKV 

31 March 2023 31 March 2022
Industrial Packaging 12,744 10,096
Logistics Infrastructure 7,744 7,745
Logistics Services 8,737 7,734
Travel & Vacations 9,587 8,194
Greases & Lubricants 7,049 6,049
Others 1,889 2,713
Total Segment Liabilities 47,750 42,531

Intersegment eliminations - -

Unallocated
Deferred tax liabilities 1,850 1,615
Current tax liabilities 3,070 2,650
Other Liabilities 21,209 15,721
Total Liabilities as per the Balance Sheet 73,879 62,517

203
Notes to the Standalone Financial Statements for the year ended 31 March 2023
Note No. 44
Financial Risk Management
i) Financial instruments by category
For amortised cost instruments, carrying value represents the best estimate of fair value.
ൠLQ/DNKV
Particulars 31 March 2023 31 March 2022
Fair value through Amortised Cost* Fair value through Amortised Cost*
Profit or Loss Profit or Loss
Financial Assets
Equity instruments** 154.47 - 159.45 -
Trade Receivables - 35,945.70 - 31,388.70
Other Receivables - 21,243.30 - 17,372.50
Loans - 1,126.02 - 1,048.49
Accrued income - 3,639.09 - 2,674.08
Security Deposit - 348.94 - 873.78
Cash and Cash equivalents - 6,008.87 - 4,694.25
Other Bank Balances - 38,774.36 - 36,858.88
Total- Financial Assets 154.47 1,07,086.28 159.45 94,910.68
Financial Liabilities
Lease Liabilities - 3,137.63 - 2,698.97
Trade Payables - 30,373.48 - 27,250.50
Security Deposit - 2,462.39 - 2,605.05
Other Financial Liabilities - 15,552.94 - 10,079.34
Total- Financial Liabilities - 51,526.44 - 42,633.86
*All financial assets/liabilities stated above are measured at amortised cost and their respective carrying values are not
considered to be materially different from their fair values.
,QYHVWPHQWLQHTXLW\LQVWUXPHQWRIVXEVLGLDU\MRLQWYHQWXUHVDQGDVVRFLDWHVKDYHEHHQFDUULHGDWFRVWDPRXQWLQJWRൠ
/DNKV 0DUFKൠ/DNKV DVSHU,QG$66HSDUDWH)LQDQFLDO6WDWHPHQWDQGKHQFHQRWSUHVHQWHGKHUH
**2. This investment includes investment in other unquoted securities and the management estimates that its fair value would not
be materially different from its carrying value, hence no fair value hierarchy disclosures are given in respect to these instruments.

ii) Risk Management

The Company’s activities expose it to market risk, liquidity risk and credit risk. This note explains the sources of risk which the
entity is exposed to and how the entity manages the risk and the related impact in the financial statements.

Risk Exposure arising from Measurement Management

Credit Risk Trade Receivable, Cash and Ageing Analysis Keeping surplus cash only in the form of
Cash equivalents, derivative bank deposits, diversification of asset base,
financial instruments, financial monitoring of credit limits and getting collaterals,
assets measured at amortised whereever feasible. Periodic review/ monitoring
cost. of trade receivables.
Liquidity Risk Borrowings and other liabilities Rolling cash flow forecasts Periodic review of cash flow forecasts

Market Risk - Recognised financial assets Cash flow forecasting and Review of cash flow forecasts and hedging
Foreign Exchange and liabilities not denominated monitoring of forex rates on through forward contracts
LQ,QGLDQ5XSHH ൠ regular basis

The Company’s risk management other than in respect of trade receivables is carried out by a central treasury department
under policies approved in-principle by the Board of Directors. The policies include principles for overall risk management, as
well as policies covering specific areas, such as foreign exchange risk, interest rate risk, credit risk and investment of surplus
funds. Company's risk in respect of trade receivables is managed by the Chief Operating Officer of the respective Strategic
Business Units.

A) Credit Risk
Credit risk refers to the risk of default on its obligation by the counterparty resulting in a financial loss. The maximum exposure
WRFUHGLWULVNLVSULPDULO\IURPWUDGHUHFHLYDEOHVDQGRWKHUUHFHLYDEOHVDPRXQWLQJWRൠ/DNKVDVDW0DUFK
ൠ/DNKVDVDW0DUFK 7KHUHFHLYDEOHVDUHW\SLFDOO\XQVHFXUHGDQGDUHGHULYHGIURPUHYHQXHHDUQHGIURP
customers which is predominantly outstanding from sales to Government departments and public sector entities whose risk of
default has been very low in the past. In case of other trade receivables, the credit risk has been managed based on continuous
monitoring of credit worthiness of customers, ability to repay and their past track record.
Provisions
For Receivables
There are no universal expected loss percentages which can be derived for the Company as a whole. The Company generally
considers its receivables as impaired when they are outstanding for over three years period. Considering the historical trends
based on amounts actually incurred as a loss in this regard over the past few years and market information, the Company

204
Notes to the Standalone Financial Statements for the year ended 31 March 2023
estimates that the provision computed on its trade receivables will not be materially different from the amount computed using
expected credit loss method prescribed under Ind AS - 109. Since the amount of provision is not material for the Company as
a whole, no disclosures have been given in respect of expected credit losses.
For Other Financial assets
Loans - are given to regular employees who are on the payroll of the Company as per the employment terms and primarily
secured in case of house building and vehicle loans. For other loans, the amounts are well within the net dues to the employees
and hence credit risk is taken as nil.

Accrued income - includes Dividend income from both Indian and foreign JV's/associates. Hence no credit risk is envisaged.

Deposits - represent amounts lying with customers mainly government and public sector undertakings on account of security
deposits, earnest money deposits and retention money given as per contractual terms. Based on past records the risk of
default is minimal.

Cash & Cash equivalents - represent cash in hand and balances lying in current accounts with various consortium banks who
have high credit ratings.

Other Bank Balances - mainly represent fixed deposits having maturities up to one year and includes accrued interest on such
deposits. These deposits have been taken with various public and private sector banks having the high credit ratings.

B) Liquidity risk
Liquidity risk arises from borrowings and other liablities.
Prudent liquidity risk management implies maintaining sufficient cash and marketable securities and the availability of funding
through an adequate amount of committed credit facilities to meet obligations when due. Due to the nature of the business,
the Company maintains flexibility in funding by maintaining availability under committed facilities. Management monitors rolling
forecasts of the Company’s liquidity position and cash and cash equivalents on the basis of expected cash flows. The Company
takes into account the liquidity of the market in which the entity operates. In addition, the Company’s liquidity management
policy involves considering the level of liquid assets necessary to meet these, monitoring balance sheet liquidity ratios against
internal and external regulatory requirements and maintaining short term debt financing plans.
The Company does not foresee any problems in discharging their liabilities towards trade payables and other current liabilities
as and when they are falling due.

C) Market Risk
Market risk arises due to change in interest rates or foreign exchange rates.
1) Interest rate risk
The Company is exposed to interest rate risk to the extent of its investments in fixed deposits with banks.The Company has
also invested in preference share capital of its joint venture Company, M/s Transafe Services Limited which has been entirely
provided for in the books of the Company (Refer Note no. 42.19). The Company has not invested in any other instruments
except equity investments.

2) Foreign currency risk

The Company is exposed to foreign exchange risk arising from net foreign currency payables, primarily with respect to the
US Dollar, GBP and Euro. Foreign exchange risk arises from recognised assets and liabilities denominated in a currency that
is not the Company’s functional currency. The Company as per its overall strategy uses forward contracts to mitigate its risks
associated with fluctuations in foreign currency and interest rates on borrowings and such contracts are not designated as
hedges under Ind AS-109. The Company does not use forward contracts for speculative purposes.
The Company is also exposed to foreign exchange risk arising from net foreign currency receivables on account of dividend
and other fees from its foreign subsidiaries and associates, primarily with respect to the US Dollar and AED .
The Company, as a matter of policy decided by the Board of Directors, do not enter into derivative contracts.
The Companys exposure to major foreign currency risk at the end of the reporting period expressed in individual currencies are
as follows:
Particulars As at 31-Mar-2023 As at 31-Mar-2022

Net Payables
USD 17,80,207 6,54,708
Euro 7,01,848 14,96,584
GBP 4,61,208 2,15,402

Forward Contracts
USD - 2,00,000
Euro - -
GBP - -

Receivables
USD - -
AED 1,46,52,529 1,12,46,782

205
Notes to the Standalone Financial Statements for the year ended 31 March 2023
7KH&RPSDQ\ VH[SRVXUHWRPDMRUIRUHLJQFXUUHQF\ULVNDWWKHHQGRIWKHUHSRUWLQJSHULRGH[SUHVVHGLQൠDUHDVIROORZV ൠLQODNKV 
Particulars As at 31-Mar-2023 As at 31-Mar-2022

Net Payables
USD 1,475 501
Euro 639 1,286
GBP 477 217

Receivables
AED 3,181 2,250

Sensitivity
The sensitivity of profit or loss and equity to changes in the exchange rates arises mainly from major foreign currency
denominated financial instruments.
Particulars As at 31-Mar-2023 As at 31-Mar-2022
Increase by 50 Basis points *
USD 73.76 25.03
Euro 31.94 64.30
GBP 23.85 10.86
AED 159.05 112.52

Decrease by 50 Basis points *

USD (73.76) (25.03)
Euro (31.94) (64.30)
GBP (23.85) (10.86)
AED (159.05) (112.52)

* Holding all other variables constant

Note No. 45
Capital Management

The Company’s capital management objectives are:

- to ensure the Company’s ability to continue as a going concern
- to provide an adequate return to shareholders

The Company monitors capital on the basis of the carrying amount of equity less cash and cash equivalents as presented on
the face of Balance Sheet.
Management assesses the Company’s capital requirements in order to maintain an efficient overall financing structure while
avoiding excessive leverage. This takes into account the subordination levels of the Company’s various classes of debt. The
Company manages the capital structure and makes adjustments to it in the light of changes in economic conditions and the risk
characteristics of the underlying assets. In order to maintain or adjust the capital structure, the Company may adjust the amount
of dividends paid to shareholders, return capital to shareholders, issue new shares, or sell assets to reduce debt.
The Company, being a CPSE is governed by the guidelines on Capital issued from time to time by the Government of India.

ൠLQ/DNKV
Particulars As at 31-Mar-2023 As at 31-Mar-2022
Total Equity 1,35,624.50 1,31,985.90
Total Assets 2,09,503.14 1,94,503.47
Equity Ratio 64.74% 67.86%
Dividends ൠLQ/DNKV
Particulars As at 31-Mar-2023 As at 31-Mar-2022
(i) Dividend recognised at the end of the reporting period
)LQDOGLYLGHQGIRUWKH\HDUHQGHG0DUFKRIൠ 0DUFKRIൠ  11,115.25 10,260.23
per fully paid equity share (Net of Dividend Distribution Tax, if any).

(ii) Dividends not recognised at the end of the reporting period

In addition to the above dividends, since year-end, the directors have recommended 12,825.29 11,115.25
WKHSD\PHQWRIILQDOGLYLGHQGRIൠ 0DUFKൠ SHUIXOO\SDLGHTXLW\
share. This proposed dividend is subject to the approval of shareholders in the ensuing
Annual General Meeting.

206
 Form AOC-1
Information in respect of Subsidiaries, Associates & Joint Ventures
[Pursuant to Section 129(3) of Companies Act 2013 read with Rule 5 of Companies (Accounts) Rules,
2014]

Part - A - Subsidiaries
ൠLQ/DNKV
1 SI. No. 1
2 Name of the subsidiary Visakhapatanam
Port Logistics Park
Limited
3 The date since when subsidiary was acquired 24-07-2014
4 Reporting period for the subsidiary concerned,if different from the holding NA
Company's reporting period.
5 Reporting currency and Exchange rate as on the last date of the relevant NA
Financial year in the case of foreign subsidiaries.
6 Share capital 13506.50
7 Reserves & surplus (5691.27)
8 Total assets 17996.19
9 Total Liabilities 10180.96
10 Investments -
11 Turnover 1256.29
12 Profit /(Loss) before taxation (1054.31)
13 Provision for taxation -
14 Profit /(Loss) after taxation (1054.31)
15 Proposed Dividend -
16 Extent of shareholding (in percentage) 60%

207
 Part - B - Associates and Joint Ventures
ൠLQ/DNKV
Sl. Name of Associates / Joint Balmer Lawrie Balmer Transafe Avi-Oil India PT Balmer
No. Ventures (UAE) LLC Lawrie- Van Services (Private) Lawrie
(Consolidated) Leer Limited Limited Limited Indonesia
1 Latest audited Balance 31-12-2022 31-03-2023 31-03- 31-03-2023 31-03-2023
Sheet Date 2019
2 Date on which the 01-11-1993 01-09-1993 15-10- 04-11-1993 22-10-2018
Associate or Joint Venture 1990
was associated or acquired
3 Shares of Associate or
Joint Ventures held by the
Company on the year end
No. 9800 8601277 11361999 4500000 2000000
Amount of Investment in 890.99 3385.03 1165.12 450.00 1027.32
$VVRFLDWHVRU-RLQW9HQWXUH ൠ
Lakhs)
Extent of Holding (in 49.00% 47.91% 50.00% 25.00% 50.00%
percentage)
4 Description of how there is Controlling Controlling Refer Note Controlling Refer Note 1
significant influence more than 20% more 1 Below more than 20% Below
shareholding than 20% shareholding
shareholding
5 Reason why the associate Not Applicable Not Refer Note Not Applicable Refer Note 1
/joint venture is not Applicable 1 Below Below
consolidated
6 Networth attributable to 79844.99 21430.00 0.00 8914.25 -19.90
shareholding as per latest
DXGLWHG%DODQFHVKHHW ൠ
Lakhs)
7 Profit or Loss for the year
ൠ/DNKV
(i) Considered in 12890.98 3084.00 0.00 1610.46 0.00
Consolidation
(ii) Not Considered in 0.00 0.00 0.00 0.00 245.07
Consolidation

Note :
1 As per Ind AS 28 -Investments in Associates and Ind AS 31 - Interests in Joint Ventures, the Company
has followed the equity method of accounting for all its joint ventures and associate companies. In case
of PT Balmer Lawrie Indonesia, since the net worth has turned negative, hence no further consolidation
is required as per IND AS. In case of Transafe Services Limited, Refer Note no.42.19 of the Standalone
notes to accounts.
2 None of the associates or joint ventures have been liquidated or sold during the year.Refer Note no.42.19
of the Standalone notes to accounts.
For and on behalf of the Board of Directors
For B. K. Shroff & Co. Adika Ratna Sekhar Adhip Nath Palchaudhuri R. M. Utthayaraja Saurav Dutta
Chartered Accountants Chairman and Director Director Director (Finance) &
Firm Registration No. 302166E Managing Director (Service Businesses) (Manufacturing Businesses) Chief Financial Officer
DIN 08053637 DIN 08695322 DIN 09678056 DIN 10042140

CA. P. K. Shroff Abhijit Ghosh Vandana Minda Heda Kavita Bhavsar

Partner Director Independent Director Company Secretary
Membership No. 059542 (Human Resource & DIN 09402294
Place: Kolkata Corporate Affairs)
Date: 25th May, 2023 DIN 10042785

208
 INDEPENDENT AUDITOR’S REPORT
OF
BALMER LAWRIE & COMPANY LIMITED

To profit, consolidated total comprehensive income,

The Members of consolidated changes in equity and its consolidated
Balmer Lawrie & Company Limited cash flows for the year ended on that date.
Report on the Audit of the Consolidated Financial Basis for Opinion
Statements
We conducted our audit in accordance with Standards
Opinion on Auditing (SAs) specified under section 143(10) of
the Companies Act, 2013. Our responsibilities under
We have audited the accompanying consolidated
those Standards are further described in the Auditor’s
financial statements of BALMER LAWRIE &
Responsibilities for the Audit of the Consolidated
COMPANY LIMITED (the “Holding Company”)
Financial Statements section of our report. We
and its subsidiary (the Holding Company and its
are independent of the Group and its associates
subsidiary together referred to as the “Group”),
and joint ventures in accordance with the ethical
its associates and joint ventures, which comprise
requirements that are relevant to our audit of the
the Consolidated Balance Sheet as at March 31,
consolidated financial statements in India in terms of
2023, and the Consolidated Statement of Profit and
the Code of Ethics issued by the Institute of Chartered
Loss (including Other Comprehensive Income),
Accountants of India and the relevant provisions of
the Consolidated Statement of Changes in Equity
the Companies Act, 2013, and we have fulfilled our
and the Consolidated Statement of Cash Flows for
other ethical responsibilities in accordance with these
the year then ended, and a summary of significant
requirements. We believe that the audit evidence we
accounting policies and other explanatory information
have obtained is sufficient and appropriate to provide
(hereinafter referred to as the “Consolidated Financial
a basis for our opinion on the consolidated financial
Statements”).
statements.
In our opinion, and to the best of our information and
Key Audit Matters
according to the explanations given to us, the aforesaid
consolidated financial statements, give the information Key audit matters are those matters that, in our
required by the Companies Act, 2013 (the “Act”) in the professional judgment, were of most significance in
manner so required and give a true and fair view in our audit of the consolidated financial statements of
conformity with the Indian Accounting Standards (“Ind the current period. These matters were addressed in
AS”) prescribed under section 133 of the Act read with the context of our audit of the consolidated financial
the Companies (Indian Accounting Standards) Rules, statements as a whole, and in forming our opinion
2015, as amended and other accounting principles thereon, and we do not provide a separate opinion
generally accepted in India, of the consolidated on these matters. We have determined the matters
state of affairs of the Group, its associates and joint described below to be the key audit matters to be
ventures, as at March 31, 2023, the consolidated communicated in our report:

Sl.
Key Audit Matter Auditor’s Response
No
1. Evaluation of uncertain tax positions
The Holding Company has tax matters under We obtained the details of assessment orders to the
dispute which involves judgment to determine extent available, regarding those assessments for
the possible outcome of these disputes. [Refer which disputes are continuing and being disclosed as
Note No.42.4(a) to the consolidated financial contingent liability by the management. We involved
statements] our expertise to estimate the possible outcome of the
disputes. Our experts considered the assessment or-
ders and other rulings in evaluating management’s
position on these uncertain tax positions to evaluate
whether any change was required to management’s
position on these uncertain tax matters.
209
 Sl.
Key Audit Matter Auditor’s Response
No
2 Debtors Due for More than Three years and We have checked the debtor’s ageing schedule of the
Credit Balance in Sundry Debtors Accounts SBU’s. The Company is regularly following up on the
(Unallocated Receipts) realisation of the same. As is evident from the age-
ing schedule dues do exist for more than three years
The Holding Company has credit balance in
against which provision has been made in the ac-
some customer accounts across all Strategic
counts.
Business Unit (SBU’s). The credit balance in
these customers accounts are due to either of We, during the course of our examination have also
the following reasons: checked the unadjusted advances from customers ly-
ing for more than three years and also the credit bal-
x Amount lying in the nature of advance in the
ances lying in customers’ accounts on account of un-
customer’s account;
matched invoices (unallocated receipts). Some of the
x Amount credited to customers account but advances lying unadjusted for more than three years
the same could not be tracked / linked with have been written back during the course of audit. In
any sales invoice. some cases, the management is in the process of rec-
onciliation with the respective parties and hence the
x Non-reconciliation of these balances in the
write back if any, has been kept in abeyance.
absence of customer’s confirmation resulting
in the credit balances lying for long periods It is observed that though the letters seeking confirma-
tions are sent by the Company, the response has been
poor. Steps should be taken to get the confirmations
from customers. In addition to practice of seeking con-
firmation annually, the Holding Company should also
get confirmation through the sales team on a periodi-
cal basis other than annually
The management has to strengthen the internal con-
trol process of reconciling the balances of the debtors
and to adjust the unallocated receipts on a periodical
basis.
Emphasis of Matter in the shares (both equity and preference) of M/s
Transafe Services Limited (TSL). However, the
We draw attention to the following matters in the
Company continues to display these quantities of
Notes to the consolidated financial statements which
shares under its Investment (Refer Note No. 6-
describe the uncertainty related to the outcome.
“Financial Assets- Investments- Non-Current)
a) Note No. 42.6 which states that trade receivables,
d) Notes No.42.1(c) regarding non-accrual of interest
loans and advances and deposits for which
on loan and non-impairment of its investments in
confirmations are not received from the parties
M/s Transafe Services Limited by a Joint Venture
are subject to reconciliation and consequential
Company, M/s Balmer Lawrie - Van Leer Limited in
adjustments on determination / receipt of such
the financial year 2020-21, which have no further
confirmation.
impact on the group.
b) Note No. 23: “Other Trade Payable” includes
e) Note No. 42.1(d) regarding qualified opinion in one
the sundry creditor for expenses amounting to
of the Joint venture Company, M/s. Balmer Lawrie
Rs.322.62 Lakhs (P.Y. Rs.322.57 Lakhs) of E&P
(UAE) LLC for i) provision for expected losses on
Division (Kolkata) of Holding Company, which are
raw material inventory which are done in departure
lying unpaid since long, as the matters are under
to applicable Standards and ii) absence of
litigation.
sufficient appropriate audit evidence pertaining to
c) Note No. 42.1(b) which states that as per the provision of discounts to trade receivables payable
order of Hon’ble National Company Law Tribunal to customers.
(NCLT), the demat account service provider has
Our opinion is not modified in respect of the above
unilaterally reduced the investment of the Company
matters.

210
Information Other than the Financial Statements that were operating effectively for ensuring accuracy
and Auditor’s Report Thereon and completeness of the accounting records, relevant
to the preparation and presentation of the consolidated
The Holding Company’s Board of Directors is
financial statements that give a true and fair view and
responsible for the other information. The other
are free from material misstatement, whether due to
information comprises the information included in the
fraud or error, which have been used for the purpose
Management Discussion and Analysis, Board’s Report
of preparation of the consolidated financial statements
including Annexures to Board’s Report, Business
by the Directors of the Holding Company, as aforesaid.
Responsibility Report, Corporate Governance Report,
and Shareholder Information, but does not include the In preparing the consolidated financial statements,
consolidated financial statements and our auditor’s the respective Board of Directors of the companies
report thereon. included in the Group and of its associates and joint
ventures are responsible for assessing the ability of
Our opinion on the consolidated financial statements
the Group and of its associates and joint ventures to
does not cover the other information and we do not
continue as a going concern, disclosing, as applicable,
express any form of assurance conclusion thereon.
matters related to going concern and using the going
In connection with our audit of the consolidated concern basis of.
financial statements, our responsibility is to read the
The respective Board of Directors of the companies
other information and in doing so, consider whether
included in the Group and of its associates and joint
the other information is materially inconsistent with the
ventures is responsible for overseeing the financial
consolidated financial statements or our knowledge
reporting process of the Group and of its associates
obtained during the course of our audit or otherwise
and joint ventures.
appears to be materially misstated.
Auditor’s responsibilities for the Audit of
If, based on the work we have performed, we conclude
Consolidated Financial Statements
that there is a material misstatement of this other
information; we are required to report that fact. We Our objectives are to obtain reasonable assurance
have nothing to report in this regard. about whether the consolidated financial statements as
a whole are free from material misstatement, whether
Responsibility of Management and those Charged
due to fraud or error, and to issue an auditor’s report
with Governance for the consolidated Financial
that includes our opinion. Reasonable assurance
Statements
is a high level of assurance, but is not a guarantee
The Holding Company’s Board of Directors is that an audit conducted in accordance with SAs will
responsible for the preparation and presentation of always detect a material misstatement when it exists.
these consolidated financial statements in term of Misstatements can arise from fraud or error and are
the requirements of the Companies Act, 2013 (the considered material if, individually or in the aggregate,
Act) that give a true and fair view of the consolidated they could reasonably be expected to influence the
financial position, consolidated financial economic decisions of users taken on the basis of
performance and consolidated cash flows of the these consolidated financial statements.
Group including its associates and joint ventures in As part of an audit in accordance with SAs, we exercise
accordance with the accounting principles generally professional judgment and maintain professional
accepted in India, including the Accounting Standards scepticism throughout the audit. We also:
specified under section 133 of the Act. The respective
‡ Identify and assess the risks of material
Board of Directors of the companies included in the
misstatement of the consolidated financial
Group and of its associates and joint ventures are
statements, whether due to fraud or error, design
responsible for maintenance of adequate accounting
and perform audit procedures responsive to those
records in accordance with the provisions of the Act for
risks, and obtain audit evidence that is sufficient
safeguarding the assets of the Group and for preventing
and appropriate to provide a basis for our opinion.
and detecting frauds and other irregularities; selection
The risk of not detecting a material misstatement
and application of appropriate accounting policies;
resulting from fraud is higher than for one resulting
making judgments and estimates that are reasonable
from error, as fraud may involve collusion, forgery,
and prudent; and the design, implementation and
intentional omissions, misrepresentations, or the
maintenance of adequate internal financial controls,

211
 override of internal control. auditors, such other auditors remain responsible
for the direction, supervision and performance of
‡ Obtain an understanding of internal financial
the audits carried out by them. We remain solely
control relevant to the audit in order to design
responsible for our audit opinion.
audit procedures that are appropriate in the
circumstances. Under section 143(3)(i) of the Act, Materiality is the magnitude of misstatements in the
we are also responsible for expressing our opinion consolidated financial statements that, individually or
on whether the Company and its subsidiary in aggregate, makes it probable that the economic
companies, associates and joint ventures which decisions of a reasonably knowledgeable user of the
are companies incorporated in India, has adequate consolidated financial statements may be influenced.
internal financial controls system in place and the We consider quantitative materiality and qualitative
operating effectiveness of such controls. factors in (i) planning the scope of our audit work
and in evaluating the results of our work; and (ii) to
‡ Evaluate the appropriateness of accounting
evaluate the effect of any identified misstatements in
policies used and the reasonableness of
the financial statements.
accounting estimates and related disclosures
made by management. We communicate with those charged with governance
regarding, among other matters, the planned scope
‡ Conclude on the appropriateness of management’s
and timing of the audit and significant audit findings,
use of the going concern basis of accounting and,
including any significant deficiencies in internal control
based on the audit evidence obtained, whether
that we identify during our audit.
a material uncertainty exists related to events or
conditions that may cast significant doubt on the We also provide those charged with governance with
ability of the Group and its associates and joint a statement that we have complied with relevant
ventures to continue as a going concern. If we ethical requirements regarding independence, and
conclude that a material uncertainty exists, we are to communicate with them all relationships and other
required to draw attention in our auditor’s report to matters that may reasonably be thought to bear on
the related disclosures in the consolidated financial our independence, and where applicable, related
statements or, if such disclosures are inadequate, safeguards.
to modify our opinion. Our conclusions are based
From the matters communicated with those charged
on the audit evidence obtained up to the date of
with governance, we determine those matters
our auditor’s report. However, future events or
that were of most significance in the audit of the
conditions may cause the Group and its associates
consolidated financial statements of the current period
and joint ventures to cease to continue as a going
and are therefore the key audit matters. We describe
concern.
these matters in our auditor’s report unless law or
‡ Evaluate the overall presentation, structure and regulation precludes public disclosure about the
content of the consolidated financial statements, matter or when, in extremely rare circumstances, we
including the disclosures, and whether the financial determine that a matter should not be communicated
statements represent the underlying transactions in our report because the adverse consequences of
and events in a manner that achieves fair doing so would reasonably be expected to outweigh
presentation. the public interest benefits of such communication.
‡ Obtain sufficient appropriate audit evidence Other Matter
regarding the financial information of the entities
a) We did not audit the financial statements / financial
or business activities within the Group and its
information of its one subsidiary, whose financial
associates and joint ventures to express an
statement / financial information reflect total
opinion on the consolidated financial statements.
assets of Rs. 17,996.19 Lakhs as at 31st March,
We are responsible for the direction, supervision
2023, total revenue of Rs. 1,256.29 Lakhs and
and performance of the audit of the consolidated
net cash outflows amounting to Rs. 72.66 Lakhs
financial statements of the Holding Company
for the year ended on that date, as considered
included in the consolidated financial statements
in the consolidated financial statements. The
of which we are the independent auditors. For the
consolidated financial statements also include the
other entities included in the consolidated financial
Group’s share of net profit of Rs. 6,076.10 Lakhs
statements, which have been audited by other

212
 for the year ended 31st March, 2023, as considered of Audit, the action taken thereon and its impact
in the consolidated financial statements, in respect on the accounts and consolidated financial
of 1 (One) associate & 3 (Three) joint ventures, statements of the Group.
whose financial statements / financial information
2. As required by Section 143(3) of the Act, we report
have not been audited by us. These financial
that:
statements / financial information have been
audited by other auditors whose reports have a) We have sought and obtained all the
been furnished to us by the Management and our information and explanations which to the best
opinion on the consolidated financial statements, in of our knowledge and belief were necessary
so far as it relates to the amounts and disclosures for the purpose of our audit.
included in respect of these subsidiary, associates b) In our opinion, proper books of account as
and joint ventures, and our report in terms of sub- required by law relating to preparation of the
section (3) of Section 143 of the Act, in so far as it aforesaid consolidated financial statements
relates to the aforesaid subsidiary, associates and have been kept so far as it appears from our
joint ventures, is based solely on the reports of the examination of those books and the reports of
other auditors after considering the requirements the other auditors.
of Standard of Auditing (SA 600) on ‘using the
work of another auditor including materiality’ and c) The reports on the accounts of the branch
the procedures performed by us as already stated offices of the Holding Company audited under
above. Section 143(8) of the Act by branch auditors
have been sent to us and have been properly
b) We did not audit the financial statements/ dealt with by us in preparing this report.
information of branches of the Holding Company
situated in Northern, Western and Southern d) The Consolidated Balance Sheet,
Regions included in the consolidated financial Consolidated Statement of Profit and Loss
statements of the Company whose financial including Other Comprehensive Income,
statements/financial information reflect total assets Consolidated Statement of Changes in Equity
of Rs. 1,24,236.80 Lakhs as at 31st March 2023 and Consolidated Statement of Cash Flows
and the total revenue of Rs. 1,79,058.67 Lakhs for dealt with by this Report are in agreement
the year ended on that date, as considered in the with the books of account maintained for the
consolidated financial statements/information of purpose of preparation of the consolidated
these branches have been audited by the branch financial statements.
auditors whose reports have been furnished to e) In our opinion, the aforesaid consolidated
us, and our opinion in so far as it relates to the financial statements comply with the Indian
amounts and disclosures included in respect of Accounting Standards specified under Section
branches, is based solely on the report of such 133 of the Act, read with relevant rules there
branch auditors. under.
Our opinion on the consolidated financial statements, f) The provisions of Section 164(2) of the
and our report on Other Legal and Regulatory Companies Act, 2013 are not applicable
Requirements below, is not modified in respect of the to Government Companies in terms of
above matters with respect to our reliance on the work notification No. GSR 463(E) dated 5th June
done and the reports of the other auditors and the 2015 issued by the Ministry of Company
financial statements / financial information certified by Affairs, Government of India.
the Management.
g) With respect to the adequacy of the internal
Report on Other Legal and Regulatory financial controls over financial reporting and
requirements the operating effectiveness of such controls,
1. As required under section 143(5) of the of the refer to our separate Report in “Annexure
Companies Act, 2013, we give in the Annexure-A, B” which is based on the auditors’ reports of
a Statement on the Directions / Sub-Directions the Company and its subsidiary companies
issued by the Comptroller and Auditor General of incorporated in India. Our report expresses
India after complying the suggested methodology an unmodified opinion on the adequacy and

213
 operating effectiveness of internal financial b) The management has represented, that, to
controls over financial reporting of those the best of it’s knowledge and belief, other than
companies. as disclosed in the notes to the accounts, no
funds have been received by the the Holding
h) With respect to the other matters to be
Company and its subsidiary Company,
included in the Auditor’s Report in accordance
associate companies and joint ventures
with Rule 11 of the Companies (Audit and
incorporated in India from any person(s) or
Auditors) Rules, 2014, in our opinion and to
entity(ies), including foreign entities (“Funding
the best of our information and according to
Parties”), with the understanding, whether
the explanations given to us:
recorded in writing or otherwise, that the
i) The consolidated financial statements holding Company shall, whether, directly or
disclose the impact of pending litigations indirectly, lend or invest in other persons or
on the consolidated financial position of the entities identified in any manner whatsoever
Group, its associates and joint ventures - by or on behalf of the Funding Party (“Ultimate
Refer Note 42.4(a) to the consolidated Beneficiaries”) or provide any guarantee,
financial statements. security or the like on behalf of the Ultimate
ii) The Group, its associates and joint Beneficiaries; and
ventures did not have any material c) Based on such audit procedures that we have
foreseeable losses on long-term contracts considered reasonable and appropriate in
including derivative contracts. the circumstances, nothing has come to our
iii) The following delays were noted in notice that has caused us to believe that the
transferring amounts, required to be representations under sub-clause (i) and (ii)
transferred, to the Investor Education and of Rule 11(e), as provided under (a) and (b)
Protection Fund by a joint venture of the above, contain any material mis-statement.
Company M/s Balmer Lawrie Van Leer 4. As stated in Note No. 45 to the Consolidated
Limited during the year ended 31st March Financial Statement
2023:
a) The Final Dividend proposed in the previous
Amount Due Date Date of year, declared and paid by the Holding
(Rs. in Lakhs) payment Company during the year is in accordance
4.00 15th October 25th April
2022 2023 with Section 123 of the Act, as applicable.

3. a) The management has represented that, to the b) The Board of Directors of the Holding
best of it’s knowledge and belief, other than Company have proposed Final Dividend for
as disclosed in the notes to the accounts, the year which is subject to the approval of
no funds have been advanced or loaned the members at the ensuing Annual General
or invested (either from borrowed funds or Meeting. The amount of dividend proposed is
share premium or any other sources or kind in accordance with Section 123 of the Act, as
of funds) by the the Holding Company and its applicable.
subsidiary Company, associate companies 5. Proviso to Rule 3(1) of the Companies (Accounts)
and joint ventures incorporated in India, to or Rules, 2014 for maintaining books of account
in any other person(s) or entity(ies), including using accounting software which has a feature of
foreign entities (“Intermediaries”), with the recording audit trail (edit log) facility is applicable
understanding, whether recorded in writing to the group with effect from April 1, 2023, and
or otherwise, that the Intermediary shall, accordingly, reporting under Rule 11 (g) of
whether, directly or indirectly lend or invest Companies (Audit and Auditors) Rules, 2014 is
in other persons or entities identified in any not applicable for the financial year ended March
manner whatsoever by or on behalf of the 31, 2023.
holding Company (“Ultimate Beneficiaries”) or
provide any guarantee, security or the like on 6. With respect to the matters specified in paragraphs
behalf of the Ultimate Beneficiaries; 3(xxi) and 4 of the Companies (Auditor’s Report)
Order, 2020 (the “Order”/ “CARO”) issued by the

214
 Central Government in terms of Section 143(11) ventures / associates included in the consolidated
of the Act, to be included in the Auditor’s report, financial statements of the Company, to which
according to the information and explanations reporting under CARO is applicable, we report
given to us, and based on the CARO reports issued that there are no qualifications or adverse remarks
by us for the Company and its subsidiary / joint in these CARO reports.

For B. K. SHROFF & CO.

Chartered Accountants
Firm Registration No. 302166E

(P. K. SHROFF)
PARTNER
Place: Kolkata Membership No. 059542
Date: 25th May, 2023 UDIN: 23059542BGYEBE2683

215
 Annexure – A to the Auditors’ Report
DIRECTIONS/SUB-DIRECTIONS UNDER SECTION 143(5) OF THE COMPANIES ACT, 2013 ISSUED
BY THE COMPTROLLER AND AUDITOR GENERAL OF INDIA TO THE INDEPENDENT AUDITORS OF
BALMER LAWRIE & CO. LIMITED FOR CONDUCTING AUDIT OF ACCOUNTS FOR THE YEAR 2022-23.
Impact on Financial
CAG’s Directions Our Observation
statements
(1) Whether the Company has Yes, the accounting transactions of NIL
system in place to process all the Holding Company for the year are
the accounting transactions processed through the IT system vide
through IT system? If yes, ERP (SAP accounting package) and
the implications of processing as per the examination of records as
of accounting transactions provided to us, there are consolidated
outside IT system on the intermediary software’s to capture the
integrity of the accounts along transactions related to certain functions
with the financial implications, in certain SBU’s (for example Mid Office
if any, may be stated. software for Tours and Travel) and the
transactions from these standalone
softwares are posted in SAP for
accounting purpose.
(2) Whether there is any As per the information and explanations
restructuring of an existing given by the management, there is
Loan or cases of waiver/ write no restructuring of loan or cases of
off of debt/loans/interests, waiver/write off of debts/loans/interest The borrowings of the subsidiary
etc. made by a lender to etc made by a lender to the holding Company, M/s Visakhapatnam
the Company due to the Company during the year. Port Logistics Park Limited
Company’s inability to repay However, as disclosed in Note no. 20, were restructured under RBI’s
the loan? If yes, the financial bankers of a subsidiary Company, M/s resolution frame work for
impact may be stated. Visakhapatnam Port Logistics Park COVID-19 related stress with
Whether such cases are Limited had restructured its existing moratorium of 24 months and
properly accounted for? (In outstanding borrowing vide letter dated repayment has commenced from
case lender is a Government 01.06.2021. September, 2022.
Company, then this direction
is also applicable for statutory
auditor of lender Company).
(3) Whether the fund (grant / The Holding Company has been The accounting for the same has
subsidy etc.) received/ sanctioned a revised final Grant – in –Aid been done with regard to IND AS
receivable for specific of Rs.6.72 crores in from the Ministry of 20 “Accounting for Government
scheme from Central/State Food Processing Industries (MoFPI) for Grants and Disclosure of
Government or its agencies setting up integrated cold chain facilities Government Assistance”.
were properly accounted for/ at Rai, Haryana and Patalganga in Accordingly, the same has been
utilised as per its term and Maharashtra. Against the same the treated as deferred income to be
condition? List the case of holding Company has been disbursed apportioned over the useful life
deviation. as full & final payments Rs.6.72 of the assets. During the current
crores till 31.03.2023 for specified financial year, a sum of Rs.86.37
assets purchased [for Patalganga, Lakhs has been credited to the
Maharashtra] as according to the income in the statement of profit
scheme document the fund is disbursed and loss account.
upon utilisation for specific purpose.
For B. K. SHROFF & CO.
Chartered Accountants
Firm Registration No.302166E
(P. K. SHROFF)
PARTNER
Place: Kolkata Membership No. 059542
Date: 25th May, 2023 UDIN: 23059542BGYEBE2683

216
 Annexure - B to the Auditors’ Report
Report on the Internal Financial Controls under Clause (i) of sub-section 3 of Section 143 of the
Companies Act, 2013 (“The Act”)
In conjunction with our audit of the consolidated ethical requirements and plan and perform the audit to
financial statements of the Company as of and for obtain reasonable assurance about whether adequate
the year ended March 31, 2023, we have audited internal financial controls over financial reporting
the internal financial controls over financial reporting was established and maintained and if such controls
of Balmer Lawrie & Company Limited (hereinafter operated effectively in all material respects.
referred to as the “Holding Company”) and its
Our audit involves performing procedures to obtain
subsidiary, joint venture and associate companies,
audit evidence about the adequacy of the internal
which are companies incorporated in India, as of that
financial controls system over financial reporting and
date.
their operating effectiveness. Our audit of internal
Management’s Responsibility for Internal Financial financial controls over financial reporting included
Controls obtaining an understanding of internal financial
controls over financial reporting, assessing the risk that
The Boards of Directors of the Holding Company and
a material weakness exists, and testing and evaluating
its subsidiary, joint venture and associate companies,
the design and operating effectiveness of internal
which are companies incorporated in India, are
control based on the assessed risk. The procedures
responsible for establishing and maintaining internal
selected depend on the auditor’s judgement, including
financial controls based on the internal control over
the assessment of the risks of material misstatement
financial reporting criteria established by the respective
of the financial statements, whether due to fraud or
Companies considering the essential components of
error.
internal control stated in the Guidance Note on Audit
of Internal Financial Controls Over Financial Reporting We believe that the audit evidence we have obtained
issued by the Institute of Chartered Accountants of is sufficient and appropriate to provide a basis for our
India (the “ICAI”). These responsibilities include the audit opinion on the internal financial controls system
design, implementation and maintenance of adequate over financial reporting of the Holding Company and
internal financial controls that were operating its subsidiary, joint venture and associate companies,
effectively for ensuring the orderly and efficient conduct which are companies incorporated in India.
of its business, including adherence to the respective
Meaning of Internal Financial Controls over
Company’s policies, the safeguarding of its assets,
Financial Reporting
the prevention and detection of frauds and errors,
the accuracy and completeness of the accounting A Company’s internal financial control over financial
records, and the timely preparation of reliable financial reporting is a process designed to provide reasonable
information, as required under the Act. assurance regarding the reliability of financial reporting
and the preparation of financial statements for external
Auditor’s Responsibility
purposes in accordance with generally accepted
Our responsibility is to express an opinion on the accounting principles. A Company’s internal financial
internal financial controls over financial reporting of control over financial reporting includes those policies
the Holding Company and its subsidiary, joint venture and procedures that (1) pertain to the maintenance of
and associate companies, which are companies records that, in reasonable detail, accurately and fairly
incorporated in India, based on our audit. We conducted reflect the transactions and dispositions of the assets
our audit in accordance with the Guidance Note on of the Company; (2) provide reasonable assurance
Audit of Internal Financial Controls Over Financial that transactions are recorded as necessary to permit
Reporting (the “Guidance Note”) issued by the Institute preparation of financial statements in accordance
of Chartered Accountants of India and the Standards with generally accepted accounting principles, and
on Auditing prescribed under Section 143(10) of the that receipts and expenditures of the Company are
Companies Act, 2013, to the extent applicable to an being made only in accordance with authorisations of
audit of internal financial controls. Those Standards management and directors of the Company; and (3)
and the Guidance Note require that we comply with provide reasonable assurance regarding prevention

217
or timely detection of unauthorised acquisition, use, or incorporated in India, have, in all material respects,
disposition of the Company’s assets that could have a an adequate internal financial controls system over
material effect on the financial statement financial reporting. Though certain areas require
further strengthening, it does not have any material
Limitations of Internal Financial Controls over
effect on the internal financial controls. The internal
Financial Reporting
financial controls over financial reporting were
Because of the inherent limitations of internal operating effectively as at March 31, 2023, based
financial controls over financial reporting, including on the internal control over financial reporting criteria
the possibility of collusion or improper management established by the respective companies considering
override of controls, material misstatements due to the essential components of internal control stated
error or fraud may occur and not be detected. Also, in the Guidance Note on Audit of Internal Financial
projections of any evaluation of the internal financial Controls over Financial Reporting issued by the
controls over financial reporting to future periods are Institute of Chartered Accountants of India.
subject to the risk that the internal financial control
Other Matters
over financial reporting may become inadequate
because of changes in conditions, or that the degree Our aforesaid reports under Section 143(3)(i) of the
of compliance with the policies or procedures may Act on the adequacy and operating effectiveness of
deteriorate. the internal financial controls over financial reporting
insofar as it relates to 1 (one) subsidiary Company,1
Opinion
(One) Joint Venture Company and 1 (One) associate
In our opinion and to the best of our information Company, which are companies incorporated in India,
and according to the explanations given to us, the is based on the corresponding reports of the auditors
Holding Company and its subsidiary, joint venture of such companies incorporated in India.
and associate companies, which are companies
For B. K. SHROFF & CO.
Chartered Accountants
Firm Registration No.302166E

(P. K. SHROFF)
PARTNER
Place: Kolkata Membership No. 059542
Date: 25th May, 2023 UDIN: 23059542BGYEBE2683

218
COMMENTS OF THE COMPTROLLER AND AUDITOR GENERAL OF INDIA UNDER SECTION 143(6) (b)
READ WITH SECTION 129(4) OF THE COMPANIES ACT, 2013 ON THE CONSOLIDATED FINANCIAL
STATEMENTS OF BALMER LAWRIE & COMPANY LIMITED FOR THE YEAR ENDED 31 MARCH 2023.

The preparation of consolidated financial statements of Balmer Lawrie & Company Limited for the year ended
31 March 2023 in accordance with the financial reporting framework prescribed under the Companies Act,
2013 (Act) is the responsibility of the management of the company. The statutory auditor appointed by the
Comptroller and Auditor General of India under section 139 (5) read with section 129 (4) of the Act is responsible
for expressing opinion on the financial statements under section 143 read with section 129 (4) of the Act based
on independent audit in accordance with the standards on auditing prescribed under section 143(10) of the Act.
This is stated to have been done by them vide their Audit Report dated 25 May 2023.

I, on behalf of the Comptroller and Auditor General of India, have conducted a supplementary audit of the
consolidated financial statements of Balmer Lawrie & Company Limited for the year ended 31 March 2023 under
section 143(6) (a) read with section 129 (4) of the Act. We conducted a supplementary audit of the financial
statements of Balmer Lawrie & Company Limited but did not conduct supplementary audit of the financial
statements of the subsidiaries, associate companies and jointly controlled entities as detailed in Annexure for
the year ended on that date. Further, section 139 (5) and 143 (6) (a) of the Act are not applicable to the entities
as detailed in Annexure being private entities/ entities incorporated in Foreign countries under the respective
laws, for appointment of their Statutory Auditor and for conduct of supplementary audit. Accordingly, Comptroller
and Auditor General of India has neither appointed the Statutory Auditors nor conducted the supplementary
audit of these companies. This supplementary audit has been carried out independently without access to
the working papers of the statutory auditors and is limited primarily to inquiries of the statutory auditors and
company personnel and a selective examination of some of the accounting records.

On the basis of my supplementary audit nothing significant has come to my knowledge which would give rise to
any comment upon or supplement to statutory auditors’ report under section 143 (6) (b) of the Act.

For and on behalf of the

Comptroller & Auditor General of India
Place: Kolkata
Date: 03-08-2023

(Atul Prakash)
Principal Director of Audit (Mines)
Kolkata

219
 ANNEXURE

Name of Subsidiaries, Associates and Joint Venture Companies whose supplementary audit of the financial
statements were not conducted by the Comptroller & Auditor general of India for the year ended 31 March 2023.

Sl. Name of the Subsidiary / Associate Name of Type of Entity

No. Companies relationship

1. Visakhapatnam Port Logistics Park Limited Subsidiary Central public Sector Undertaking

2. Balmer Lawrie (UAE) Llc. Joint Venture Foreign Company

3. P T Balmer Lawrie Indonesia Joint Venture Foreign Company

4. Balmer Lawrie – Van Leer Limited Joint Venture Private Company

5. Transafe Service Limited Joint Venture Private Company

6. Avi-Oil India Private Limited Associate Private Company

220
 Consolidated Balance Sheet as at 31st March 2023
ൠLQ/DNKV
Particulars Note As at 31 As at 31 March As at 01 April
No March 2023 2022 (Restated) 2021 (Restated)
ASSETS
Non-Current Assets
(a) Property, Plant and Equipment 2 63,405.00 63,977.78 63,551.64
(b) Right of Use Assets 3 12,318.25 12,340.48 12,749.83
(c) Capital work-in-progress 2,742.41 1,081.24 3,210.62
(d) Investment Properties 4 99.49 94.46 96.83
(e) Intangible assets 5 207.83 273.59 309.06
(f) Intangible assets under development 16.95 - -
(g) Financial Assets
(i) Investments 6 51,774.19 43,647.94 38,618.04
(ii) Loans 7 176.99 181.86 199.32
(iii) Others 8 12.06 8.53 37.28
(h) Non Financial Assets- Others 10 1,234.44 1,396.33 956.05
Total Non Current Assets 1,31,987.61 1,23,002.21 1,19,728.67
Current Assets
(a) Inventories 11 20,497.61 20,094.79 16,013.79
(b) Financial Assets
(i) Trade Receivables 12 36,075.26 31,460.51 28,774.50
(ii) Cash & Cash Equivalents 13 6,009.84 4,767.87 3,557.84
(iii) Other Bank Balances 14 38,774.36 36,858.88 49,677.16
(iv) Loans 15 949.03 866.63 948.78
(v) Others 16 25,219.27 20,911.83 12,321.68
(c) Non Financial Assets- Others 17 6,660.38 6,569.67 6,880.34
Total Current Assets 1,34,185.75 1,21,530.18 1,18,174.09
Total Assets 2,66,173.36 2,44,532.39 2,37,902.76
EQUITY AND LIABILITIES
EQUITY
(a) Equity Share Capital 18 17,100.38 17,100.38 17,100.38
(b) Other Equity 19 1,50,972.29 1,41,601.00 1,37,091.35
MINORITY INTEREST 1,68,072.67 1,58,701.38 1,54,191.73
Equity attributable to Non Controlling Interest
(a) Equity Share Capital 5,402.60 5,402.60 5,402.60
(b) Other Equity 19 (2,276.51) (1,848.11) (1,496.07)
3,126.09 3,554.49 3,906.53
Total Equity 1,71,198.76 1,62,255.87 1,58,098.26
LIABILITIES
Non-Current Liabilities
(a) Financial Liabilities
(i) Borrowings 20 8,242.04 8,830.46 9,330.43
(ii) Lease Liabilities 2,233.00 1,976.85 2,113.53
(iii) Other Financial Liabilities 20 16.70 13.60 19.44
(b) Provisions 21 6,552.51 6,992.08 5,282.51
(c) Deferred Tax Liabilities (Net) 9 12,880.81 10,873.23 9,842.10
(d) Non Financial Liabilities - Others 22 835.23 948.84 806.64
Total Non-Current Liabilities 30,760.29 29,635.06 27,394.65
Current Liabilities
(a) Financial Liabilities
(i) Borrowings 23 706.00 646.29 203.65
(ii) Lease Liabilities 926.09 743.94 869.80
(iii) Trade Payables
(A)Total outstanding dues of micro enterprises and small enterprises 23 992.62 789.53 818.15
(B)Total outstanding dues of creditors other than micro enterprises
and small enterprises 23 29,434.00 26,506.63 26,327.70
(iv) Other Financial Liabilities 24 18,478.50 13,066.29 13,137.60
(b) Non Financial Liabilities -Others 25 8,047.94 6,421.92 7,863.38
(c) Provisions 26 2,652.69 1,952.91 681.39
(d) Current Tax Liabilities (Net) 27 2,976.47 2,513.95 2,508.18
Total Current Liabilities 64,214.31 52,641.46 52,409.85
Total Equity and Liabilities 2,66,173.36 2,44,532.39 2,37,902.76
Summary of Significant Accounting Policies 1
The accompanying notes are integral part of the Financial Statements.
This is the Balance Sheet referred to in our report of even date.
As per our report attached
For and on behalf of the Board of Directors
For B. K. Shroff & Co. Adika Ratna Sekhar Adhip Nath Palchaudhuri R. M. Utthayaraja Saurav Dutta
Chartered Accountants Chairman and Director Director Director (Finance) &
Firm Registration No. 302166E Managing Director (Service Businesses) (Manufacturing Businesses) Chief Financial Officer
DIN 08053637 DIN 08695322 DIN 09678056 DIN 10042140

CA. P. K. Shroff Abhijit Ghosh Vandana Minda Heda Kavita Bhavsar

Partner Director Independent Director Company Secretary
Membership No. 059542 (Human Resource & DIN 09402294
Place: Kolkata Corporate Affairs)
Date: 25th May, 2023 DIN 10042785

221
 Statement of Consolidated Profit and Loss for the year ended 31st March 2023
ൠLQ/DNKV
For the year For the year
Note
ended 31 ended 31 March
No.
March 2023 2022 (Restated)
Income
I Revenue from Operations 28 2,32,148.44 2,05,534.52
II Other Income 29 3,663.42 3,711.54
III Total Income (I+II) 2,35,811.86 2,09,246.06
IV Expenses
Cost of Materials Consumed & Services Rendered 30 1,60,006.73 1,42,681.45
Purchase of stock-in-trade 31 3,733.76 1,276.51
Changes in inventories of Finished Goods, Stock-in-Trade and Work-in-Progress 32 (1,376.80) (468.74)
Employee Benefits expenses 33 25,121.52 22,758.58
Finance costs 34 1,793.96 1,358.93
Depreciation and Amortisation expenses 35 5,679.49 5,655.04
Other expenses 36 24,421.47 22,380.93
Total Expenses (IV) 2,19,380.13 1,95,642.70

V Profit before exceptional items and Tax (III-IV) 16,431.73 13,603.36

VI Exceptional Items - -
VII Profit before Tax (V-VI) 16,431.73 13,603.36

VIII Tax Expenses

(1) Current Tax 37 5,296.81 4,568.80
(2) Deferred Tax 9 447.52 165.00
IX Profit for the year from Continuing Operations (VII-VIII) 10,687.40 8,869.56
X Profit/(Loss) from Discontinued Operations - -
XI Tax expense of Discontinued Operations - -
XII Profit/(Loss) from Discontinued Operations (after tax) (X-XI) - -
XIII Profit/(Loss) after Tax before share of Profit/(Loss) of Joint Ventures and 10,687.40 8,869.56
Associates (IX+XII)
XIV Share of Profit/(Loss) of Joint Ventures and Associates (net) 6,076.10 4,530.09
XV Profit/(Loss) for the year (XIII+XIV) 16,763.50 13,399.65
Attributable to:
(a) Shareholders of the Company 17,185.23 13,758.33
(b) Non Controlling Interest (421.73) (358.68)

XVI Other Comprehensive Income 38

A i) Items that will not be reclassified to profit or loss (844.63) (1,078.82)
ii) Income tax relating to items that will not be reclassified to profit or loss 212.58 271.52
B i) Items that will be reclassified to profit or loss - -
ii) Income tax relating to items that will be reclassified to profit or loss - -
C Other Comprehensive Income of Joint Ventures and Associates (net) 57.69 46.48
XVII Total Comprehensive Income for the year
(Comprising Profit /(Loss) and Other Comprehensive Income for the year) 16,189.14 12,638.83
Attributable to:
(a) Shareholders of the Company 16,610.87 12,997.51
(b) Non Controlling Interest (421.73) (358.68)
XVIII Earnings per equity share (for Continuing Operations): 39
 %DVLF ൠ 10.05 8.05
 'LOXWHG ൠ 10.05 8.05
XIX Earnings per equity share (for Discontinued Operation): 39
 %DVLF ൠ - -
 'LOXWHG ൠ - -
XX Earnings per equity share (for Discontinued & Continuing Operations): 39
 %DVLF ൠ 10.05 8.05
 'LOXWHG ൠ 10.05 8.05

Summary of Significant Accounting Policies 1

The accompanying notes are integral part of the Financial Statements.
This is the Statement of Profit and Loss referred to in our report of even date.
As per our report attached

For and on behalf of the Board of Directors

For B. K. Shroff & Co. Adika Ratna Sekhar Adhip Nath Palchaudhuri R. M. Utthayaraja Saurav Dutta
Chartered Accountants Chairman and Director Director Director (Finance) &
Firm Registration No. 302166E Managing Director (Service Businesses) (Manufacturing Businesses) Chief Financial Officer
DIN 08053637 DIN 08695322 DIN 09678056 DIN 10042140

CA. P. K. Shroff Abhijit Ghosh Vandana Minda Heda Kavita Bhavsar

Partner Director Independent Director Company Secretary
Membership No. 059542 (Human Resource & DIN 09402294
Place: Kolkata Corporate Affairs)
Date: 25th May, 2023 DIN 10042785

222
 Consolidated Cash Flow Statement for the period ended 31st March, 2023
ൠLQ/DNKV
Particulars For the year ended For the year ended
31 March 2023 31 March 2022
(Restated)
Cash flow from Operating Activities

Net profit before tax 16,431.73 13,603.36

Adjustments for:
Depreciation and Amortisation 5,679.49 5,655.04
Write off/Provision for doubtful trade receivables (Net) 53.89 80.28
Write off/Provision for Inventories (Net) (43.18) (49.85)
Other Write off/Provision ( Net) 23.88 6.23
(Gain)/ Loss on sale of fixed assets (net) (168.91) (449.18)
Interest Income (2,067.33) (2,655.91)
Dividend Income (4.18) (1.50)
Finance costs 1,793.96 1,358.93
Operating Cash Flows before working capital changes 21,699.35 17,547.40
Changes in operating assets and liabilities (working capital changes)
(Increase)/Decrease in trade receivables (4,668.65) (2,766.29)
(Increase)/Decrease in non current assets 1,953.65 (612.08)
(Increase)/Decrease in inventories (359.65) (4,031.15)
(Increase)/Decrease in other short term financial assets (4,413.73) (8,514.23)
(Increase)/Decrease in other current assets 434.13 103.86
Increase/(Decrease) in trade payables 3,133.57 144.48
Increase/(Decrease) in long term provisions (439.57) 1,709.57
Increase/(Decrease) in short term provisions 699.78 1,271.52
Increase/(Decrease) in other liabilities 5,608.33 (177.44)
Increase/(Decrease) in other current liabilities 1,964.74 117.82
Cash flow generated from operations 25,611.95 4,793.46
Income taxes paid (Net of refunds) (4,834.29) (4,563.03)
Net Cash (used in) / generated from Operating Activities A 20,777.66 230.43
Cash flow from Investing Activities
Purchase/ Construction of Property, Plant and Equipment (5,236.20) (2,299.01)
Purchase of Investments - (24.99)
Proceeds on sale of Property, Plant and Equipment 241.64 515.53
Bank deposits (having original maturity of more than three months) (Net) (1,905.21) 12,846.52
Interest received 2,067.33 2,655.91
Dividend received 4.18 1.50
Net Cash (used in)/ generated from Investing Activities B (4,828.26) 13,695.46
Cash flow from Financing Activities
Repayment of borrowings (528.71) (57.32)
Dividend paid (11,104.98) (10,231.99)
Repayment of lease liabilities (1,279.78) (1,067.62)
Finance costs (1,793.96) (1,358.93)
Net Cash (used in)/ generated from Financing Activities C (14,707.43) (12,715.86)
Net Increase in cash and cash equivalents (A+B+C) 1,241.97 1,210.03

Cash and Cash Equivalents at the beginning of the period 4,767.87 3,557.84
Cash and Cash Equivalents at the end of the period 6,009.84 4,767.87
Movement in cash balance 1,241.97 1,210.03
Reconciliation of Cash and Cash Equivalents as per cash flow statement
Cash and cash equivalents as per above comprise of the following:
Cash in hand 0.48 2.33
Balance with banks in current accounts 6,009.36 4,765.54
6,009.84 4,767.87

This is the Cash Flow Statement referred to in our report of even date.
As per our report attached 0.00 0.01
For and on behalf of the Board of Directors
For B. K. Shroff & Co. Adika Ratna Sekhar Adhip Nath Palchaudhuri R. M. Utthayaraja Saurav Dutta
Chartered Accountants Chairman and Director Director Director (Finance) &
Firm Registration No. 302166E Managing Director (Service Businesses) (Manufacturing Businesses) Chief Financial Officer
DIN 08053637 DIN 08695322 DIN 09678056 DIN 10042140

CA. P. K. Shroff Abhijit Ghosh Vandana Minda Heda Kavita Bhavsar

Partner Director Independent Director Company Secretary
Membership No. 059542 (Human Resource & DIN 09402294
Place: Kolkata Corporate Affairs)
Date: 25th May, 2023 DIN 10042785

223
 Consolidated Statement of Changes in Equity for the year ended 31st March, 2023
A Equity Share Capital
ൠLQ/DNKV
(1) Current reporting period
Balance at the beginning of Changes in Equity Restated balance at the Changes in Equity Balance at the end
the current reporting period Share Capital due to beginning of the current Share Capital during of the current
prior period errors reporting period the current year reporting period
17,100.38 - 17,100.38 - 17,100.38

(2) Previous reporting period

Balance at the beginning of Changes in Equity Restated balance at the Changes in Equity Balance at the end
the previous reporting period Share Capital due to beginning of the previous Share Capital during of the previous
prior period errors reporting period the previous year reporting period
17,100.38 - 17,100.38 - 17,100.38

B Other Equity ൠLQ/DNKV

(1) Reserves and Surplus Other Minority Total
Current reporting period Securities General Retained Foreign Currency Comprehensive Interest
Premium Reserve earnings Translation Income Reserve
Balance at the beginning of the 3,626.77 29,903.69 1,10,026.92 81.49 (2,031.23) (1,854.75) 1,39,752.88
current reporting period
Changes in Accounting policy - - - - - - -
or prior period errors
Restated balance at the 3,626.77 29,903.69 1,10,026.92 81.49 (2,031.23) (1,854.75) 1,39,752.88
beginning of the current
reporting period
Total Comprehensive Income - - 16,763.50 - - - 16,763.50
for the current year
Dividends paid - - (11,115.25) - - - (11,115.25)
Profit for the period for minority - - - - - (421.73) (421.73)
interest
Retained earnings adjustments - - - - - - -
Remeasurement gain/ (loss) - - 4,691.63 (400.88) (574.37) - 3,716.38
during the year
Balance at the end of the 3,626.77 29,903.69 1,20,366.79 (319.39) (2,605.60) (2,276.48) 1,48,695.78
current reporting period

(2) Reserves and Surplus Other Minority Total

Previous reporting period Securities General Retained Foreign Currency Comprehensive Interest
(Restated) Premium Reserve earnings Translation Income Reserve
Balance at the beginning of the 3,626.77 29,903.69 1,04,876.03 (34.71) (1,270.41) (1,489.43) 1,35,611.94
previous reporting period
Changes in Accounting policy - - (10.02) - - (6.64) (16.66)
or prior period errors
Restated balance at the 3,626.77 29,903.69 1,04,866.01 (34.71) (1,270.41) (1,496.07) 1,35,595.28
beginning of the Previous
reporting period
Total Comprehensive Income - - 13,399.65 - - - 13,399.65
for the Previous period
Dividends paid - - (10,260.23) - - - (10,260.23)
Profit for the year for minority - - - - - (358.68) (358.68)
interest
Retained earnings adjustments - - 30.32 - - 30.32
Remeasurement gain/ (loss) - - 1,991.17 116.20 (760.82) - 1,346.55
during the year
Balance at the end of the 3,626.77 29,903.69 1,10,026.92 81.49 (2,031.23) (1,854.75) 1,39,752.89
previous reporting period

This is the Statement of Changes in Equity referred to in our report of even date.
As per our report attached
For and on behalf of the Board of Directors
For B. K. Shroff & Co. Adika Ratna Sekhar Adhip Nath Palchaudhuri R. M. Utthayaraja Saurav Dutta
Chartered Accountants Chairman and Director Director Director (Finance) &
Firm Registration No. 302166E Managing Director (Service Businesses) (Manufacturing Businesses) Chief Financial Officer
DIN 08053637 DIN 08695322 DIN 09678056 DIN 10042140

CA. P. K. Shroff Abhijit Ghosh Vandana Minda Heda Kavita Bhavsar

Partner Director Independent Director Company Secretary
Membership No. 059542 (Human Resource & DIN 09402294
Place: Kolkata Corporate Affairs)
Date: 25th May, 2023 DIN 10042785

224
 Significant Accounting Policies and other explanatory information to the
Consolidated financial statements for the year ended 31 March 2023
GENERAL INFORMATION AND STATEMENT OF 1.2 Basis of consolidation
COMPLIANCE WITH IND AS
Subsidiaries
Balmer Lawrie & Co. Ltd. (the “Company”) is a Government
Subsidiaries are all entities over which the group has
of India Enterprise engaged in diversified business with
control. The group controls an entity when the group
presence in both manufacturing and service businesses. The
is exposed to, or has rights to, variable returns from its
group is engaged in the business of Industrial Packaging,
involvement with the entity and has the ability to affect
Greases & Lubricants, Chemicals, Logistic Services and
those returns through its power to direct the relevant
Infrastructure, Refinery & Oil Field and Travel & Vacation
activities of the entity. Subsidiaries are fully consolidated
Services in India. The Company is a Government Company
from the date on which control is transferred to the
domiciled in India and is incorporated under the provisions
group. They are deconsolidated from the date that
of Companies Act applicable in India, its shares are listed on
control ceases.
recognized stock exchange of India.
The group combines the financial statements of the
Basis of Preparation
parent and its subsidiaries line by line adding together
The consolidated financial statements relates to the Company like items of assets, liabilities, equity, income and
along with its subsidiaries and its interest in joint ventures and expenses. InterCompany transactions, balances
associates (collectively referred to as the ‘Group’) and have and unrealised gains on transactions between group
been prepared in accordance with the Companies (Indian companies are eliminated. Unrealised losses are also
Accounting Standards) Rules 2015 as amended issued by eliminated unless the transaction provides evidence of
Ministry of Corporate Affairs and other relevant provisions of an impairment of the transferred asset.
the Companies Act, 2013. The Group has uniformly applied
Joint ventures
the accounting policies during the period presented. These
are the Group’s financial statements prepared in accordance Under Ind AS 111 Joint Arrangements, investments
with and comply in all material aspects with Indian Accounting in joint arrangements are classified as either joint
Standards (Ind AS). Unless otherwise stated, all amounts are operations or joint ventures. The classification depends
stated in lacs of Rupees. on the contractual rights and obligations of each investor,
rather than the legal structure of the joint arrangement.
All assets and liabilities have been classified as current or
The Group has only joint ventures.
non-current as per the groups normal operating cycle and
other criteria set out in the Schedule III to the Companies Interests in joint ventures are accounted for using the
Act, 2013. Based on the nature of products and the time equity method, after initially being recognised at cost in
between the acquisition of assets for processing and their the Group’s balance sheet.
realisation in cash and cash equivalents, the group has
Associates
ascertained its operating cycle as 12 months for the purpose
of current / non-current classification of assets and liabilities. Associates are all entities over which the group has
significant influence but not control or joint control.
The preparation of financial statements requires the use of
Investments in associates are accounted for using
accounting estimates which, by definition, may or may not
the equity method of accounting, after initially being
equal the actual results. Management also needs to exercise
recognised at cost.
judgement in applying the Group’s accounting policies.
Equity method
The consolidated financial statements for the year ended
31st March are authorised and approved for issue by the In consolidated financial statements, the carrying
Board of Directors. amount of the investment is adjusted to recognize
changes in the group’s share of net assets of the joint
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
venture/associate. Goodwill relating to the joint venture/
The Consolidated financial statements have associate is included in the carrying amount of the
been prepared using the accounting policies and investment and is not tested for impairment individually.
measurement basis summarized below.
When the group’s share of losses in an equity-accounted
1.1 Historical cost convention investment equals or exceeds its interest in the entity,
including any other unsecured long-term receivables,
The financial statements have been prepared on a
the group does not recognise further losses, unless it
historical cost basis, except for the following assets
has incurred obligations or made payments on behalf of
and liabilities which have been measured at fair value
the other entity.
or revalued amount:
1.3 Property, plant and equipment
‡ Certain financial assets and liabilities, measured at
fair value (refer accounting policy regarding financial Items of Property, plant and equipment are valued at
instruments), cost of acquisition inclusive of any other cost attributable
‡ Defined benefit plans, plan assets measured at fair to bringing the same to their working condition. Property,
value plant and equipment manufactured /constructed in

225
 house are valued at actual cost of raw materials, the expenditure will flow to the group and the cost of
conversion cost and other related costs. the item can be measured reliably. All other repairs and
maintenance costs are expensed when incurred.
Expenditure incurred during construction of capital
projects including related pre-production expenses is When part of an investment property is replaced, the
treated as Capital Work-in- Progress and in case of carrying amount of the replaced part is derecognised.
transfer of the project to another body, the accounting is Additionally, when a property given on rent is vacated
done on the basis of terms of transfer. and the managements intention is to use the vacated
portion for the purpose of its own business needs,
Machine Spares whose use is irregular is classified as
Investment Properties are reclassified as Buildings.
Capital Spares. Such capital spares are capitalised as
per Property, Plant & equipment. Investment properties are depreciated using the
straight-line method over their estimated useful lives
Gains or losses arising on the disposal of property,
which is consistent with the useful lives followed for
plant and equipment are determined as the difference
depreciating Property, Plant and Equipment.
between the disposal proceeds and the carrying amount
of the assets and are recognized in profit or loss within 1.5 Financial Instruments
‘other income’ or ‘other expenses’ respectively.
Recognition, initial measurement and derecognition
Depreciation on Plant and Machinery other than
Financial assets and financial liabilities are recognised
continuous process plant is provided on pro-rata basis
when the Group becomes a party to the contractual
following straight line method considering estimated
provisions of the financial instrument and are measured
useful life at 25 years, based on technical review by
initially at fair value adjusted by transaction costs,
a Chartered Engineer. Depreciation on continuous
except for those carried at fair value through profit
process plant is as per Schedule II of the Companies
or loss (FVTPL) which are measured initially at fair
Act, 2013.
value. However, trade receivables that do not contain
Depreciation on certain Property, Plant & Equipment, a significant financing component are measured at
which have been refurbished/ upgraded and put to transaction price. Subsequent measurement of financial
further use are being depreciated on a pro rata basis assets and financial liabilities is described below.
considering their reassessed residual useful life which
Financial assets are derecognized when the contractual
is not more than the life specified in Schedule II of the
rights to the cash flows from the financial asset expire,
Companies Act, 2013.
or when the financial asset and all substantial risks
Depreciation on tangible assets other than Plant and and rewards are transferred. A financial liability is
Machinery, is provided on pro-rata basis following derecognized when it is extinguished, discharged,
straight line method over the estimated useful lives of cancelled or expires.
the asset or over the lives of the assets prescribed under
Classification and subsequent measurement of financial
Schedule II of the Companies Act, 2013, whichever is
assets
lower. Based on internal review, the lower estimated
useful lives of the following assets are found justifiable For the purpose of subsequent measurement, financial
compared to the lives mentioned in Schedule II of the assets are classified into the following categories upon
Companies Act 2013: initial recognition:
Asset category Estimated useful ‡ Amortised cost
life (in years)
Mobile Phones and Portable Personal 2 years ‡ financial assets at FVTPL
Computers All financial assets except for those at FVTPL are
Assets given to employees under 5 years subject to review for impairment.
furniture equipment scheme
Amortised cost
Electrical items like air conditioners, 7 years
fans, refrigerators etc. A financial asset shall be measured at amortised cost
Sofa, Photocopier, Fax machines, 5 years using effective interest rates if both of the following
Motor Cars & Machine Spares conditions are met:
The residual values of all assets are taken as NIL. a) the financial asset is held within a business model
whose objective is to hold financial assets in order
1.4 Investment property
to collect contractual cash flows; and
Property that is held for long-term rental yields or for
b) the contractual terms of the financial asset give
capital appreciation or both, and that is not occupied
rise on specified dates to cash flows that are solely
by the group, is classified as investment property.
payments of principal and interest on the principal
Investment property is measured initially at its
amount outstanding.
cost, including related transaction costs and where
applicable, borrowing costs. Subsequent expenditure is The Group’s cash and cash equivalents, trade and
capitalised to the asset’s carrying amount only when it is most other receivables fall into this category of financial
probable that future economic benefits associated with instruments.

226
 A loss allowance for expected credit losses is (ii) Post-employment obligations
recognised on financial assets carried at amortised cost.
Defined Contribution Plans
Expected loss on individually significant receivables are
considered for impairment when they are past due and Provident Fund: the group transfers provident fund
based on Group’s historical counterparty default rates contributions to the trust registered for maintenance
and forecast of macro-economic factors. Receivables of the fund and has no further obligations on this
that are not considered to be individually significant are account. These are recognised as and when they
segmented are due.
by reference to the industry and region of the Superannuation Fund: the group contributes for
counterparty and other shared credit risk characteristics eligible employees, a sum equivalent to 9% and
to evaluate the expected credit loss. The expected 8% for Executives and Officers, respectively of
credit loss estimate is then based on recent historical salary, to the fund administered by the trustees
counterparty default rates for each identified segment. and managed by Life Insurance Corporation of
The Group has a diversified portfolio of trade receivables India (LIC) (for eligible optees for LIC managed
from its different segments. Every business segment of scheme) or to the fund administered and managed
the Group has calculated provision using a single loss by the NPS Trust (for balance eligible optees for
rate for its receivables using its own historical trends NPS managed scheme). The group has no further
and the nature of its receivables. There are no universal obligations on this account. These are recognised
expected loss percentages for the Group as a whole, as and when they are due.
The Group generally considers its receivables as
Defined Benefit Plans
impaired when they are 3 years past due. Considering
the historical trends and market information, the group Gratuity and Post Retirement Benefit plans – The
estimates that the provision computed on its trade defined benefit obligation is calculated annually
receivables is not materially different from the amount by actuary using the projected unit credit method.
computed using expected credit loss method prescribed Re-measurement gains and losses arising from
under Ind AS 109. Since the amount of provision is not experience adjustments and changes in actuarial
material for the Group as a whole, no disclosures have assumptions are recognised in the period in which
been given in respect of expected credit losses. they occur, directly in other comprehensive income.
They are included in retained earnings in the
Derivative financial instruments are carried at FVTPL.
statement of changes in equity. Changes in present
1.6 Inventories value of the defined benefit obligation resulting from
plan amendments or curtailments are recognised
Inventories are valued at lower of cost or net realisable
immediately in profit or loss as past service cost.
value. For this purpose, the basis of ascertainment of
cost of the different types of inventories is as under – (iii) Other long term employee benefit obligations
a) Raw materials & trading goods, stores & spare The liabilities for leave encashment and long
parts and materials for turnkey projects on the basis service awards are not expected to be settled
of weighted average cost. wholly within 12 months after the end of the period
in which the employees render the related service.
b) Work-in-progress on the basis of weighted average
They are measured annually by actuary using the
cost of raw materials and conversion cost upto the
projected unit credit method. Re-measurement as
relative stage of completion where it can be reliably
a result of experience adjustments and changes in
estimated.
actuarial assumptions are recognised in the period
c) Finished goods on the basis of weighted average in which they occur in profit or loss.
cost of raw materials, conversion cost and other
1.8 Government grants
related costs.
a) Grants from the government are recognised
d) Loose Tools are written-off over the economic
at their fair value where there is a reasonable
OLIH H[FHSW LWHPV FRVWLQJ XSWR ൠ ZKLFK DUH
assurance that the grant will be received and the
charged off in the year of issue.
group will comply with all attached conditions.
1.7 Employee benefits
b) Government grants relating to income are
(i) Short term obligations deferred and recognised in the profit or loss
over the period necessary to match them with
Liabilities for wages and salaries including non-
the costs that they are intended to compensate
monetary benefits that are expected to be settled
and presented within other income.
wholly within 12 months after the end of the period
in which the employees render the related service c) Government grants relating to the purchase of
are recognised at the amounts expected to be paid property, plant and equipment are included in
when the liabilities are settled. The liabilities are non-current liabilities as deferred income and
presented as current employee benefit obligation in are credited to profit or loss on a straight-line
balance sheet. basis over the expected lives of the related
assets and presented within other income.

227
1.9 Foreign currency translation 1.12 Intangible assets
a) Functional and presentation currency a) Expenditure incurred for acquiring intangible assets
OLNH VRIWZDUH FRVWLQJ ൠ DQG DERYH DQG
Items included in the financial statements of each of
OLFHQVH WR XVH VRIWZDUH SHU LWHP RI ൠ DQG
the group’s entities are measured using the currency
above, from which economic benefits will flow over
of the primary economic environment in which the
a period of time, is amortised over the estimated
entity operates (‘the functional currency’). The
useful life of the asset or five years, whichever is
consolidated financial statements are presented in
earlier, from the time the intangible asset starts
Indian rupee (INR), which is Group’s functional and
providing the economic benefit.
presentation currency.
b) Brand value arising on acquisition are recognised
b) Transactions and balances
as an asset and are amortised on a straight line
Foreign currency transactions are translated into basis over 10 years.
the functional currency using the exchange rates
c) Goodwill on acquisition is not amortised but tested
at the dates of the transactions. Foreign exchange
for impairment annually.
gains and losses resulting from the settlement
of such transactions and from the translation of d) In other cases, the expenditure is charged to
monetary assets and liabilities denominated in revenue in the year in which the expenditure is
foreign currencies at year end exchange rates are incurred.
generally recognised in profit or loss.
1.13 Accounting for Research & Development
c) Group companies
a) Revenue Expenditure is shown under Primary
The results and financial position of foreign Head of Accounts with the total of such expenditure
operations that have a functional currency different being disclosed in the Notes.
from the presentation currency are translated into b) Capital expenditure relating to research &
the presentation currency as follows: development is treated in the same way as
‡ Assets and liabilities are translated at the closing other fixed assets.
rate at the date of that balance sheet 1.14 Treatment of Grant / Subsidy
‡ Income and expenses are translated at average
a) Revenue grant/subsidy in respect of research
exchange rates, and
& development expenditure is set off
‡ All resulting exchange differences are recognised against respective expenditure.
in other comprehensive income.
b) Capital grant/subsidy against specific fixed assets
1.10 Segment reporting is set off against the cost of those fixed assets.
Operating segments are reported in a manner consistent c) When grant/subsidy is received as compensation
with the internal reporting provided to the chief operating for extra cost associated with the establishment
decision maker. of manufacturing units or cannot be related
otherwise to any particular fixed assets the grant/
The board of directors assesses the financial subsidy so received is credited to capital reserve. On
performance and position of the group, and makes expiry of the stipulated period set out in the scheme
strategic decisions and have identified business of grant/subsidy the same is transferred from
segment as its primary segment. capital reserve to general reserve.
1.11 Provisions, Contingent liabilities and Capital d) Revenue grant in respect of organisation of certain
commitments events is shown under Sundry Income and the
related expenses there against under normal heads
a) Provision is recognised when there is a present
of expenditure.
obligation as a result of a past event and it is probable
that an outflow of resources will be required to settle 1.15 Impairment of assets
the obligation in respect of which a reliable estimate
An assessment is made at each Balance Sheet date to
can be made. Provision amount are discounted to
determine whether there is an indication of impairment of
their present value where the impact of time value of
the carrying amount of the fixed assets. If any indication
money is expected to be material.
exists, an asset’s recoverable amount is estimated. An
b) Contingent liabilities are disclosed in respect of impairment loss is recognised whenever the carrying
possible obligations that arise from past events amount of the asset exceeds the recoverable amount.
but their existence is confirmed by the occurrence
The recoverable amount of an asset or a cash-
of one or more uncertain future events not wholly
generating unit is the higher of its fair value less costs
within the control of the Group.
to sell and its value in use.
c) Contingent liabilities pertaining to various
Value in use is the present value of the future cash
government authorities are considered only on
flows expected to be derived from an asset or cash-
conversion of show cause notices issued by them
generating unit using an appropriate discount factor.
into demand.

228
1.16 Income taxes differences and it is probable that the differences will not
reverse in the foreseeable future.
Tax expense recognized in profit or loss comprises the
sum of deferred tax and current tax not recognized in 1.17 Leases
other comprehensive income or directly in equity.
The Group as a lessee
Current tax is payable on taxable profit, which differs
The Group considers whether a contract is, or contains
from profit or loss in the financial statements. Calculation
a lease. A lease is defined as ‘a contract, or part of a
of current tax is based on tax rates and tax laws that
contract, that conveys the right to use an asset (the
have been enacted or substantively enacted by the end
underlying asset) for a period of time in exchange
of the reporting period.
for consideration’. To apply this definition, the Group
Deferred income taxes are calculated using the liability assesses whether the contract meets three key
method on temporary differences between the carrying evaluations of whether:
amounts of assets and liabilities and their tax bases.
a) The contract contains an identified asset, which is
However, deferred tax is not provided on the initial
either explicitly identified in the contract or implicitly
recognition of an asset or liability unless the related
specified by being identified at the time the asset is
transaction is a business combination or affects tax or
made available to the Group.
accounting profit. Deferred tax assets and liabilities are
calculated, without discounting, at tax rates that are b) The Group has the right to obtain substantially all
expected to apply to their respective period of realization, of the economic benefits from use of the identified
provided those rates are enacted or substantively asset throughout the period of use, considering its
enacted by the end of the reporting period. rights within the defined scope of the contract.
Deferred tax asset (‘DTA’) is recognized for all deductible c) The Group has the right to direct the use of the
temporary differences, carry forward of unused tax identified asset throughout the period of use.
credit and unused tax losses, to the extent that it is
Measurement and recognition of leases
probable that taxable profit will be available against
which deductible temporary difference, and the carry At lease commencement date, the Group recognises
forward of unused tax credits and unused tax losses a right-of-use asset and a lease liability. The right-of-
can be utilized or to the extent of taxable temporary use asset is measured at cost, which includes the initial
differences except: measurement of the lease liability, any initial direct
costs incurred by the Group, an estimate of any costs to
- Where the DTA relating to the deductible temporary
dismantle and remove the asset at the end of the lease,
difference arises from the initial recognition of
and any lease payments made in advance of the lease
an asset or liability in a transaction that is not
commencement date (net of any incentives received).
a business combination; and at the time of the
transaction, affects neither accounting profit nor The Group depreciates the right-of-use asset on a
taxable profit or loss. straight-line basis from the lease commencement date
to the earlier of the end of the useful life of the right-of-
- in respect of deductible temporary differences
use asset or the end of the lease term. The Group also
arising from investments in subsidiaries, branches
assesses the right-of-use asset for impairment when
and associates, and interests in joint arrangements,
any indicators exist.
to the extent that, and only to the extent that, it is
probable that the temporary difference will reverse At lease commencement date, the Group measures the
in the foreseeable future; and taxable profit will be lease liability at the present value of the lease payments
available against which the temporary difference unpaid at that date, discounted using the interest rate
can be utilized. implicit in the lease if that rate is readily available or the
Group’s incremental borrowing rate. Lease payments
This is assessed based on the Group’s forecast of
included in the measurement of the lease liability are
future operating results, adjusted for significant non-
made up of fixed payments, variable payments based
taxable income and expenses and specific limits on the
on an index or rate, amounts expected to be payable
use of any unused tax loss or credit.
under a residual value guarantee and payments arising
Changes in deferred tax assets or liabilities are from options reasonably certain to be exercised.
recognised as a component of tax income or expense in
Subsequent to the initial measurement, the liability
profit or loss, except where they relate to items that are
will be reduced for payments made and increased for
recognized in other comprehensive income or directly
interest. It is remeasured to reflect any reassessment
in equity, in which case the related deferred tax is also
or modification, or if there are changes in fixed
recognized in other comprehensive income or equity,
payments. When the lease liability is remeasured, the
respectively.
corresponding adjustment is reflected in the right-of-
Deferred tax liabilities are not recognised for temporary use asset, or profit and loss if the right-of-use asset is
differences between the carrying amount and tax bases already reduced to zero.
of investments in subsidiaries, branches and associates
The Group has elected to account for short-term leases
and interest in joint arrangements where the group is
i.e. for leases for period less than 12 months and leases
able to control the timing of the reversal of the temporary

229
 of low-value i.e. value of leased asset which is less The group accounts for volume discounts and pricing
WKDQ ൠ  XVLQJ WKH SUDFWLFDO H[SHGLHQWV ,QVWHDG incentives to a buyer as a reduction of revenue based
of recognising a right-of-use asset and lease liability, on the ratable allocation of the discounts/incentives
the payments in relation to these are recognised as an to each of the underlying performance obligation that
expense in profit or loss on a straight-line basis over the corresponds to the progress by the buyer towards
lease term. In the Balance Sheet, right-of-use assets earning the discount/ incentive.
have been disclosed under non-current assets and
Term of returns, refunds etc. are agreed with the buyers
lease liabilities have been disclosed under financial
on a case to case basis upon mutually accepted terms
liabilities.
and conditions. The impact of returns and refunds is
The Group as a lessor negligible on the turnover of the group.
The Group classifies leases as either operating or As a practical expedient, as given in Ind AS 115, the
finance leases. A lease is classified as a finance lease Group has not disclosed the remaining performance
if the group transfers substantially all the risks and obligation related disclosures for contracts where
rewards incidental to ownership of the underlying asset the revenue recognized from the satisfaction of the
to the lessee, and classifies it as an operating lease if performance obligation corresponds directly with
otherwise. the value to the customer of the entity’s performance
completed to date especially in relation to those
1.18 Revenue recognition
contracts where invoicing is on time and material basis.
Revenue towards satisfaction of a performance
Significant payment terms:
obligation is measured at the amount of transaction
price (net of variable consideration) allocated to that Payment is generally received either in cash or based
performance obligation. on credit terms. Credit terms are agreed to with the
buyers and is generally in line with the respective
Sale of goods
industry standards.
When the control over goods is transferred to the buyer
1.19 Borrowing Costs
and no significant uncertainty exists regarding the
amount of consideration that is derived from the sale General and specific borrowing costs that are directly
of goods. attributable to the acquisition, construction or production
of a qualifying asset are capitalised during the period of
Services rendered:
time that is required to complete and prepare the asset
a) When control over the service rendered in full or for its intended use or sale. Qualifying assets are assets
part is recognized by the buyer and no significant that necessarily take a substantial period of time to get
uncertainty exists regarding the amount of ready for their intended use or sale. Other Borrowing
consideration that is derived from rendering the Costs are recognised as expense in the period in which
services. they are incurred.
b) In case of project activities: As per the percentage 1.20 Cash Flow Statement
of completion method after progress of work to
Cash Flow Statement, as per Ind AS – 7, is prepared
a reasonable extent for which control can be
using the indirect method, whereby profit for the
transferred to the buyer.
period is adjusted for the effects of transactions of a
c) In cases where the Group collects consideration on non-cash nature, any deferrals or accruals of past or
account of another party, it recognises revenue as future operating cash receipts or payments and items
the net amount retained on its own account. of income or expenses associated with investing or
financing cash flows. The cash flows from operating,
Other income:
investing and financing activities of the group are
a) Interest on a time proportion basis using the segregated.
effective Interest rate method
1.21 Prior period Items
b) Dividend from investments in shares on
Material prior period items which arise in the current
establishment of the Group’s right to receive.
period as a result of error or omission in the preparation
c) Royalties are recognised on accrual basis in of prior period’s financial statement are corrected
accordance with the substance of the relevant retrospectively in the first set of financial statements
agreement. approved for issue after their discovery by:
d) Export incentives are recognised as income only at a) restating the comparative amounts for the prior
the time when there is no significant uncertainty as period(s) presented in which the error occurred; or
to its measurability and ultimate realisation.
b) if the error occurred before the earliest prior period
For determining the transaction price, the Group presented, restating the opening balances of
measures the revenue in respect of each performance assets, liabilities and equity for the earliest prior
obligation of a contract at its relative standalone selling period presented.
price.

230
 c) $Q\LWHPVH[FHHGLQJUXSHHVWZHQW\ILYHODFV ൠ 1.22 Earnings per share
Lacs) shall be considered as material prior period
Basic earnings per share are calculated by dividing the
item.
net profit or loss (excluding other comprehensive income)
d) Retrospective restatement shall be done except for the year attributable to equity shareholders by the
to the extent that it is impracticable to determine weighted average number of equity shares outstanding
either the period specific effects or the cumulative during the year. The weighted average number of equity
effect of the error. When it is impracticable to shares outstanding during the year is adjusted for events
determine the period specific effects of an error such as bonus issue, share splits or consolidation that
on comparative information for one or more prior have changed the number of equity shares outstanding
periods presented, the group shall restate the without a change in corresponding change in resources.
opening balances of assets, liabilities and equity For the purpose of calculating diluted earnings per share,
for the earliest prior period for which retrospective the net profit or loss (excluding other comprehensive
restatement is practicable (which may be the income) for the year attributable to equity shareholders
current period). and the weighted average number of equity shares
outstanding during the year are adjusted for the effects
of dilutive potential equity shares.

For and on behalf of the Board of Directors

For B. K. Shroff & Co. Adika Ratna Sekhar Adhip Nath Palchaudhuri R. M. Utthayaraja Saurav Dutta
Chartered Accountants Chairman and Director Director Director (Finance) &
Firm Registration No. 302166E Managing Director (Service Businesses) (Manufacturing Businesses) Chief Financial Officer
DIN 08053637 DIN 08695322 DIN 09678056 DIN 10042140

CA. P. K. Shroff Abhijit Ghosh Vandana Minda Heda Kavita Bhavsar

Partner Director Independent Director Company Secretary
Membership No. 059542 (Human Resource & DIN 09402294
Place: Kolkata Corporate Affairs)
Date: 25th May, 2023 DIN 10042785

231
 Notes to the Consolidated Financial Statements for the year ended 31st March 2023

232
Note No 2.
Property, Plant and Equipment ൠLQ/DNKV
FY 2022-23 Property, Plant and Equipment
Typewriter, Tubewell,
Electrical
Spares for Accounting Tanks and
Land- Building Plant & Installation Furniture Lab Railway
Particulars Plant & Machine Miscel- Vehicles Total
Freehold & Sidings Machinery & & Fittings Equipment Sidings
Machinery and Office laneous
Equipment
Equipment Equipment
Gross Block
Balance as at 1 April 2022 2,373.77 42,762.33 22,273.94 90.14 5,132.69 1,705.29 2,708.23 2,799.00 752.11 1,016.11 351.92 81,965.53
Additions - 1,517.22 545.33 99.45 306.58 109.09 581.40 218.42 34.91 - 54.33 3,466.73
Disposal of assets - (188.02) (231.93) (12.72) (211.41) (172.76) (274.84) (173.03) (70.38) - (9.74) (1,344.83)
Reclassification* - (16.82) - - - - - - - - - (16.82)
Gross Block as at Mar 31 2023 2,373.77 44,074.71 22,587.34 176.87 5,227.86 1,641.62 3,014.79 2,844.39 716.64 1,016.11 396.51 84,070.61

Accumulated depreciation
Balance as at 1 April 2022 - 5,307.33 5,309.48 1.81 2,397.53 716.56 2,060.43 1,283.33 524.65 381.71 4.92 17,987.75
Depreciation charge for the year - 1,225.78 1,127.78 28.85 526.42 176.16 435.81 266.64 61.51 97.86 112.29 4,059.10
Disposal of assets - (105.51) (214.62) (12.72) (201.00) (167.95) (274.32) (169.58) (70.38) - (9.55) (1,225.63)
Reclassification/Adjustments* - (88.15) (46.13) - (17.47) - (0.20) (3.66) - - - (155.61)
Accumulated Depreciation as - 6,339.45 6,176.51 17.94 2,705.48 724.77 2,221.72 1,376.73 515.78 479.57 107.66 20,665.61
at Mar 31 2023

Net Block as at Mar 31 2023 2,373.77 37,735.26 16,410.83 158.93 2,522.38 916.85 793.07 1,467.66 200.86 536.54 288.85 63,405.00
 Notes to the Consolidated Financial Statements for the year ended 31st March 2023
ൠLQ/DNKV
FY 2021-22 Property, Plant and Equipment
Typewriter, Tubewell,
Electrical
Spares for Accounting Tanks and
Land - Building Plant & Installation Furniture Lab Railway
Particulars Plant & Machine Miscel- Vehicles Total
Freehold & Sidings Machinery & & Fittings Equipment Sidings
Machinery and Office laneous
Equipment
Equipment Equipment
Gross Block
Balance as at 1 April 2021 2,373.77 41,145.88 22,067.34 123.85 5,077.69 1,552.51 2,426.56 2,488.54 733.21 1,016.11 820.77 79,826.22
Additions - 1,621.46 1,280.14 6.96 318.14 186.47 469.74 397.46 19.29 - 28.52 4,328.18
Disposal of assets - (5.01) (1,073.54) (40.67) (263.14) (33.69) (188.07) (87.00) (0.39) - (497.37) (2,188.88)
Reclassification - - - - - - - - - - - -
Gross Block as at Mar 31 2022 2,373.77 42,762.33 22,273.94 90.14 5,132.69 1,705.29 2,708.23 2,799.00 752.11 1,016.11 351.92 81,965.52

Accumulated depreciation
Balance as at 1 April 2021 - 4,157.20 5,272.12 16.55 2,168.29 593.05 1,837.01 1,109.57 457.75 287.11 375.93 16,274.58
Depreciation charge for the year - 1,155.15 1,193.88 25.93 490.03 156.33 410.68 260.28 67.29 94.60 113.34 3,967.51
Disposal of assets - (3.23) (913.23) (40.67) (260.04) (32.82) (187.26) (80.49) (0.39) - (484.35) (2,002.48)
Reclassification/Adjustments - (1.79) (243.29) - (0.75) - - (6.03) - - - (251.86)
Accumulated Depreciation as - 5,307.33 5,309.48 1.81 2,397.53 716.56 2,060.43 1,283.33 524.65 381.71 4.92 17,987.75
at Mar 31 2022

Net Block as at Mar 31 2022 2,373.77 37,455.00 16,964.46 88.33 2,735.16 988.73 647.80 1,515.67 227.46 634.40 347.00 63,977.78

* Reclassification on account of transfer to Investment Property from Property Plant & Equipment owing to the change in the usage of the property.

233
Notes to the Consolidated Financial Statements for the year ended 31st March 2023

Note No 3.
Right of Use Assets
ൠLQ/DNKV
Right of Use Assets
Particulars Land - Plant & Electrical
Buildings Total
Leasehold Machinery Equipments
Gross Block
Balance as at 1 April 2021 3,762.88 10,502.74 1,378.09 59.39 15,703.10
Additions 359.94 35.54 763.97 23.34 1,182.79
Disposal/Deletion/Adjustment/Retirement - (69.31) - (31.17) (100.48)
Gross Block as at Mar 31 2022 4,122.82 10,468.97 2,142.06 51.56 16,785.41
Additions - 829.62 689.42 - 1,519.04
Disposal/Deletion/Adjustment/Retirement - (564.76) (1,178.05) - (1,742.81)
Gross Block as at Mar 31 2023 4,122.82 10,733.83 1,653.43 51.56 16,561.64

Accumulated depreciation
Balance as at 1 April 2021 390.49 1,696.52 828.78 37.48 2,953.27
Depreciation charge for the year 82.93 831.55 633.29 24.66 1,572.43
Disposal/Deletion/Adjustment/Retirement (49.52) (0.08) (31.17) (80.77)
Accumulated Depreciation as at Mar 31 2022 473.42 2,478.55 1,461.99 30.97 4,444.93
Depreciation charge for the year 84.05 815.25 593.30 14.51 1,507.11
Disposal/Deletion/Adjustment/Retirement - (529.26) (1,179.39) - (1,708.65)
Accumulated Depreciation as at Mar 31 2023 557.47 2,764.54 875.90 45.48 4,243.39

Net Block as at Mar 31 2023 3,565.35 7,969.29 777.53 6.08 12,318.25

Net Block as at Mar 31 2022 3,649.40 7,990.42 680.07 20.59 12,340.48

Note No. 4
Investment Properties ൠLQ/DNKV
Gross Carrying Amount (Deemed Cost)
As at 1 April 2021 105.57
Additions -
Disposals/adjustments -
Net Investment Property - Reclassified -
Balance as at 31 March 2022 105.57
Additions 7.57
Disposals/adjustments -
Net Investment Property - Reclassified -
Balance as at 31 March 2023 113.14

Accumulated Depreciation
At 1 April 2021 8.75
Depreciation charge for the year 2.36
Disposals/adjustments for the year -
Investment Property - reclassified -
Balance as at 31 March 2022 11.11
Depreciation charge for the year 2.54
Disposals/adjustments for the year -
Investment Property - reclassified -
Balance as at 31 March 2023 13.65
Net Book Value as at 31 March 2023 99.49
Net Book Value as at 31 March 2022 94.46

234
Notes to the Consolidated Financial Statements for the year ended 31st March 2023
Investment property is recognised and valued using cost model. Depreciation is calculated using straight line method on
the basis of useful life of assets
(i) Contractual obligations
There is no contractual commitment for the acquisition of Investment Property.

(ii) Capitalised borrowing cost

No borrowing costs were capitalised during the year ended 31 March 2023 or previous year ended 31 March 2022.

(iii) Restrictions
There are no restrictions on remittance of income receipts or receipt of proceeds from disposals.

(iv) Amount recognised in profit and loss for investment properties ൠLQ/DNKV
Particulars For the year For the year
ended 31 ended 31
March 2023 March 2022
Rental income 252.40 160.29
Less: Direct operating expenses that generated rental income 22.10 7.97
Less: Direct operating expenses that did not generate rental income 29.87 28.69
Profit/ (Loss) from leasing of investment properties 200.43 123.63

(v) Leasing arrangements

Certain investment properties are leased to tenants under long-term operating leases with rentals payable monthly. These
are all cancellable leases.

(vi) Fair value ൠLQ/DNKV

Particulars As at 31 As at 31
March 2023 March 2022
Fair value 3,632.34 3,634.38

The Company obtains independent valuations for its investment properties. The fair value of investment property - Building
(as measured for disclosure purpose in the financial statements) is based on the annual valuation by a registered valuer as
defined under Rule 2 of Companies (Registered Valuers and Valuation) Rules, 2017. The fair value of Investment Property
- land is based on valuation report dated 28.01.2022.

Note No. 5
Intangible Assets
ൠLQ/DNKV
Particulars Softwares Brand Value Total

Gross Carrying Amount

Balance as at 1 April 2021 944.32 332.63 1,276.95
Additions 77.27 - 77.27
Disposals/adjustments - - -
Balance as at 31 March 2022 1,021.59 332.63 1,354.23
Additions 44.97 - 44.97
Disposals/adjustments (27.92) - (27.92)
Balance as at 31 March 2023 1,038.64 332.63 1,371.28

Accumulated Amortization
Balance as at 1 April 2021 739.90 228.00 967.90
Amortization charge for the year 74.74 38.00 112.74
Disposals/adjustments for the year -
Balance as at 31 March 2022 814.64 266.00 1,080.64
Amortization charge for the year 72.74 38.00 110.74
Disposals/adjustments for the year (27.93) - (27.93)
Balance as at 31 March 2023 859.45 304.00 1,163.45

Net Book Value as at 31 March 2023 179.19 28.63 207.83

Net Book Value as at 31 March 2022 206.95 66.63 273.59

235
Notes to the Consolidated Financial Statements for the year ended 31st March 2023

Note No.6
Financial Assets-Investments (Non-Current)
Unquoted, unless otherwise stated ൠLQ/DNKV
As at 31 March 2023 As at 31 March 2022
Name of the Body Corporate No of Shares Amount No of Shares Amount
(A) Trade Investments
Investment in Equity Instruments
(Fully paid stated at Cost)
(i) In Joint Venture Companies
%DOPHU/DZULH9DQ/HHU/LPLWHG 2UGLQDU\(TXLW\6KDUHVRIൠHDFK 86,01,277 10,267.11 86,01,277 9,305.56

7UDQVDIH6HUYLFHV/LPLWHG  2UGLQDU\(TXLW\6KDUHVRIൠHDFK 1,13,61,999 1,165.12 1,13,61,999 1,165.12

Less: Provision for diminution in value (1,165.12) (1,165.12)

Balmer Lawrie (UAE) LLC (Ordinary Equity Shares of AED 1,000 each) 9,800 39,124.05 9,800 32,293.98

PT. Balmer lawrie Indonesia 20,00,000 - 20,00,000 -

(Equity Shares of par value of Indonesian Rupiah (IDR) 10,000 each)

(ii) In Subsidiary Company

Visakhapatnam Port Logistics Park Limited 8,10,38,978 - 8,10,38,978 -
2UGLQDU\(TXLW\6KDUHVRIൠHDFK

(iii) In Associate Company

$9,2,/,QGLD 3ULYDWH /LPLWHG 2UGLQDU\(TXLW\6KDUHVRIൠHDFK 45,00,000 2,228.56 45,00,000 1,888.95

Investments in Preference Shares

(Fully paid stated at Cost)
Transafe Services Limited*
&XPXODWLYH5HGHHPDEOH3UHIHUHQFHVKDUHVRIൠHDFK 1,33,00,000 1,330.00 1,33,00,000 1,330.00
Less: Provision for diminution in value (1,330.00) (1,330.00)
Sub Total 51,619.72 43,488.49

(B) Other Investments

(Fully paid stated at Cost)
%ULGJH 5RRI&R ,QGLD /LPLWHG 2UGLQDU\(TXLW\6KDUHVRIൠHDFK 3,57,591 14.01 3,57,591 14.01

%LHFFR/DZULH/LPLWHG 2UGLQDU\(TXLW\6KDUHVRIൠHDFK 1,95,900 - 1,95,900 -

&DUULHGLQERRNVDWDYDOXHRIൠRQO\ QHWRII3URYLVLRQIRUGLPLQXWLRQ
in value

RC Hobbytech Solution Private Limited (Ordinary Equity Shares

)DFH9DOXHൠHDFK RIൠHDFKLQFOXGLQJSUHPLXP 8,889 120.00 10,000 135.00
Add: New Investments made - - - -
Less: Transferred to Incubator - - (1,111) (15.00)
8,889 120.00 8,889 120.00
Ram Prasad Meena Technologies Private Limited (Ordinary Equity 1,059 24.99 - -
VKDUHV )DFH9DOXHൠHDFK RIൠHDFKLQFOXGLQJSUHPLXP
Add: New Investments made - - 1,059 24.99
Less: Shares Sold/Transferred - - - -
Less: Transferred to Incubator (211) (4.98) - -
848 20.01 1,059 24.99
Woodlands Multispeciality Hospitals Limited 8,850 0.45 8,850 0.45
2UGLQDU\(TXLW\6KDUHVRIൠHDFK
Sub Total 154.47 159.45
Total 51,774.19 43,647.94
Aggregate amount of quoted investments at Cost - -
Aggregate amount of unquoted investments at Cost 51,774.19 43,647.94
Total 51,774.19 43,647.94
* Refer details given in Note No. 42.1 of the notes to accounts.

236
Notes to the Consolidated Financial Statements for the year ended 31st March 2023
Note No.7
Financial Assets-Loans ( Non - Current) ൠLQ/DNKV
As at 31 March 2023 As at 31 March 2022

Secured considered good

Other Loans 176.99 181.86
Unsecured considered Doubtful
Other Loans 43.52 43.52
Provision for doubtful Loans
Other Loans (43.52) (43.52)

Total 176.99 181.86

Note No.8
Financial Assets-Others ( Non- Current)
As at 31 March 2023 As at 31 March 2022
Unsecured considered good
Other Receivables 12.06 8.53

Total 12.06 8.53

Note No.9
Deferred Tax Liabilities ൠLQ/DNKV
As at 31 March 2023 As at 31 March 2022
Deferred Tax Liability arising on account of :
Property, Plant and Equipment (5,870.35) (5,513.41)

Deferred Tax Asset arising on account of :

Adjustment for VRS expenditure 58.11 87.16
Provision for loans, debts, deposits & advances 1,006.50 1,057.67
Defined Benefit Plans 2,553.06 2,073.85
Provision for Inventory 67.92 86.35
Provision for dimunition in investment 334.73 593.29
Net Liability due to profit transfer of Group Companies (11,030.78) (9,258.14)
Total (12,880.81) (10,873.23)

Movement in Deferred Tax Liabilities (Net)

ൠLQ/DNKV
Recognised
Recognised
As at 31 in Other As at 31
Particulars in Profit and
March 2022 Comprehensive March 2023
Loss
Income

Property, Plant and Equipment (5,513.41) (356.94) - (5,870.35)

Adjustment for VRS expenditure 87.16 (29.05) - 58.11
Provision for loans, debts, deposits & advances 1,057.67 (51.17) - 1,006.50
Defined Benefit Plans 2,073.85 266.63 212.58 2,553.06
Provision for Inventory 86.35 (18.43) - 67.92
Provision for dimunition in Investment 593.29 (258.56) - 334.73
Net Liability due to profit transfer of Group Companies (9,258.14) - (1,772.64) (11,030.78)
Total (10,873.23) (447.52) (1,560.06) (12,880.81)

237
Notes to the Consolidated Financial Statements for the year ended 31st March 2023
Note No.10
Non Financial Assets - Others ( Non - Current) ൠLQ/DNKV
As at 31 March 2023 As at 31 March 2022
Capital Advances 24.85 18.25
Advances other than Capital advances
Security Deposits 797.04 701.45
Balances with Government Authorities 324.60 627.20
Prepaid Expenses 62.06 14.51
Others 25.89 34.92
Total 1,234.44 1,396.33

Note No.11
Inventories ൠLQ/DNKV
As at 31 March 2023 As at 31 March 2022

Raw Materials and Components 13,059.27 14,202.51

Goods-in-transit 125.72 24.80
Slow Moving & Non Moving 133.84 93.26
Less: Adjustment for slow moving & non moving (92.71) (70.03)
Total - Raw Materials and Components 13,226.12 14,250.54

Work in Progress 1,492.03 1,191.15

Slow Moving & Non moving 0.46 0.43
Less: Adjustment for slow moving & non moving (0.46) (0.21)
Total - Work in Progress 1,492.03 1,191.37

Finished Goods 4,663.12 3,607.16

Goods-in transit 178.49 157.77
Slow Moving & Non Moving 96.30 94.96
Less: Adjustment for slow moving & non moving (61.15) (59.27)
Total - Finished Goods 4,876.76 3,800.62

Stores and Spares 848.31 780.95

Slow Moving & Non Moving 169.93 284.87
Less: Adjustment for slow moving & non moving (115.54) (213.56)
Total - Stores and Spares 902.70 852.26

Total 20,497.61 20,094.79

[Refer to Point No.1.6 of "Significant Accounting Policies" for method of valuation of inventories]

238
Notes to the Consolidated Financial Statements for the year ended 31st March 2023
Note No.12
Trade Receivables ൠLQ/DNKV
As at 31 March 2023 As at 31 March 2022

Considered good - Unsecured 36,075.26 31,460.51

Trade Receivables- Credit impaired 1,311.67 1,428.92
Less: Provision for Impairment (1,311.67) (1,428.92)

Grand Total 36,075.26 31,460.51

Trade receivables outstanding for a period less than six months

Considered good - Unsecured 34,569.51 30,090.71
Trade Receivables- Credit Impaired 10.00 242.06
Less: Provision for Impairment (10.00) (242.06)

Sub Total 34,569.51 30,090.71

Trade receivables outstanding for a period exceeding six months

Considered good - Unsecured 1,505.75 1,369.80
Trade Receivables- Credit Impaired 1,301.67 1,186.86
Less: Provision for Impairment (1,301.67) (1,186.86)

Sub Total 1,505.75 1,369.80

Total 36,075.26 31,460.51

Trade Receivables ageing schedule as at 31st March 2023 ൠLQ/DNKV

Particulars Outstanding for following periods from due date of Payment
Less than 6 months 1 - 2 2 - 3 More than Total
6 months - 1 year years years 3 years
Undisputed Trade receivables - considered good 33,439.49 1,049.26 344.29 146.43 (34.23) 34,945.24
Undisputed Trade Receivables – credit impaired 10.00 61.40 236.19 23.07 339.46 670.12
Disputed Trade Receivables– considered good - - - - - -
Disputed Trade Receivables – credit impaired - - - - 641.55 641.55
Unbilled Revenue 1,130.02 1,130.02

Trade Receivables ageing schedule as at 31st March 2022 ൠLQ/DNKV

Particulars Outstanding for following periods from due date of Payment
Less than 6 months 1 - 2 2 - 3 More than Total
6 months - 1 year years years 3 years
Undisputed Trade receivables - considered good 30,090.71 740.78 451.56 178.77 (1.31) 31,460.51
Undisputed Trade Receivables – credit impaired 242.06 - - 18.13 568.02 828.21
Disputed Trade Receivables– considered good - - - - - -
Disputed Trade Receivables – credit impaired - - - 600.71 600.71
Note No.13
Cash and Cash equivalents ൠLQ/DNKV
As at 31 March 2023 As at 31 March 2022
Cash in hand 0.48 2.33
Balances with Banks - Current Account 6,009.36 4,765.54
Total 6,009.84 4,767.87

There are no repatriation restrictions with respect to cash and bank balances available with the Company.

Note No.14
Other Bank Balances ൠLQ/DNKV
As at 31 March 2023 As at 31 March 2022
Unclaimed Dividend Accounts 543.88 533.61
Bank Term Deposits 38,124.37 36,224.68
Margin Money deposit with Banks 106.11 100.59

Total 38,774.36 36,858.88

239
Notes to the Consolidated Financial Statements for the year ended 31st March 2023
Note No.15
Financial Assets -Loans ( Current) ൠLQ/DNKV
As at 31 March 2023 As at 31 March 2022
Loans Receivables Considered good- Secured
Loans (to employees) 79.43 79.43 84.71
Loans Receivables Considered Good- Unsecured
Other Advances (to employees) 12.13 12.13 28.12
Other Loans and advances 857.47 857.47 753.80
Total 949.03 949.03 866.63

Note No.16
Other Financial Assets ( Current) ൠLQ/DNKV
As at 31 March 2023 As at 31 March 2022
Unsecured
Accrued Income 3,639.09 2,674.08
Security Deposits 348.94 873.78
Other Receivables -Considered Good 21,231.24 17,363.97
Other Receivables - Considered Doubtful 642.45 1,265.65
Less - Provision for doubtful Other Receivables (642.45) (1,265.65)
Total 25,219.27 20,911.83

Note No.17
Non Financial Assets ( Current) ൠLQ/DNKV
As at 31 March 2023 As at 31 March 2022

Balances with Government Authorities 3,601.94 2,713.24

Prepaid Expenses 848.30 1,154.13
Advances to Contractors & Suppliers -Considered Good 1,733.56 1,275.69
Advances to Contractors & Suppliers -Considered Doubtful 1,128.91 806.14
Less : Provision for Doubtful Advances to Contractors & Suppliers (1,128.91) (806.14)
Others 476.58 1,426.61
Total 6,660.38 6,569.67

Note No 18
Equity Share Capital ൠLQ/DNKV
As at 31 March 2023 As at 31 March 2022
Authorised Capital
 3UHYLRXV\HDU HTXLW\VKDUHVRIൠHDFK 30,000.00 30,000.00
30,000.00 30,000.00
Issued and Subscribed Capital
 3UHYLRXV\HDU HTXLW\VKDUHVRIൠHDFK 17,100.38 17,100.38
17,100.38 17,100.38
Paid-up Capital
 3UHYLRXV\HDU HTXLW\VKDUHVRIൠHDFK 17,100.38 17,100.38
17,100.38 17,100.38

a) Reconciliation of Equity Shares outstanding at the beginning and at the end of the year.
As at 31 March 2023 As at 31 March 2022
Amount Amount
No of shares No of shares
(Rs. in Lakh) (Rs. in Lakh)
Equity Shares at the beginning of the year 171,003,846 17,100.38 171,003,846 17,100.38
Equity Shares at the end of the year 17,10,03,846 17,100.38 171,003,846 17,100.38

b) Rights/preferences/restrictions attached to Equity Shares

7KH&RPSDQ\KDVRQHFODVVRI(TXLW\6KDUHVKDYLQJDSDUYDOXHRIൠSHUVKDUH(DFK6KDUHKROGHULVHOLJLEOHIRURQHYRWHSHUVKDUH
held. The dividend proposed by the Board of Directors is subject to the approval of shareholders in the ensuing Annual General Meeting.
In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all
preferential amounts, in proportion to their shareholding.

c) Details of shareholders holding more than 5% shares in the Company

As at 31 March 2023 As at 31 March 2022
Particulars of Shareholder No of shares % holding No of shares % holding

Balmer Lawrie Investments Limited 105,679,350 61.80% 105,679,350 61.80%

i) There are no other shareholders holding 5% or more in the issued share capital of the Company.

240
Notes to the Consolidated Financial Statements for the year ended 31st March 2023
Note No 19
Other Equity ൠLQ/DNKV
As at 31 March 2023 As at 31 March 2022

Securities Premium 3,626.77 3,626.77

General Reserve 29,903.69 29,903.69
Retained Earnings 1,20,366.79 1,10,026.92
Foreign Currency Translation Reserve (319.39) 81.49
Other Comprehensive Income Reserve (OCI) (2,605.60) (2,031.23)
Minority Interest (2,276.48) (1,854.75)
Total (Other Equity) 1,48,695.78 1,39,752.89

As at 31 March 2023 As at 31 March 2022

Securities Premium
Opening balance 3,626.77 3,626.77
Add: Shares issued during the period - -
Sub Total (A) 3,626.77 3,626.77

General Reserve
Opening balance 29,903.69 29,903.69
Less : Bonus Shares issued during the period - -
Amount transferred from retained earnings - -
Sub Total (B) 29,903.69 29,903.69

Retained Earnings
Opening balance 1,10,026.92 1,04,866.01

Add : Net profit for the period 16,763.50 13,399.65

Less : Appropriations
Transfer to General Reserve - -
Dividend Paid (11,115.25) (10,260.23)
Retained earnings adjustments - 30.32
Re-measurement Gain/Loss 4,691.63 1,991.17
Net Surplus in Retained Earnings (C) 1,20,366.79 1,10,026.92

Foreign Currency Translation Reserve

Opening balance 81.49 (34.71)
Movement (400.88) 116.20
Sub Total (D) (319.39) 81.49

Other Comprehensive Income Reserve (OCI)

Opening balance (2,031.23) (1,270.41)
Movement (574.37) (760.82)
Sub Total (E) (2,605.60) (2,031.23)

Minority Interest
Opening balance (1,854.75) (1,496.07)
Movement (421.73) (358.68)
Sub Total (F) (2,276.48) (1,854.75)
Total Other Equity (A+B+C+D+E+F) 1,48,695.78 1,39,752.89

Note No.20
Financial Liabilities (Non - Current) ൠLQ/DNKV
As at 31 March 2023 As at 31 March 2022

Borrowings (term Loan from Bank)*- Secured 8,242.04 8,830.46

Deposits- Unsecured 16.70 13.60
Total 8,258.74 8,844.06

*Borrowings include:-
L 93/3/DVXEVLGLDU\RIWKH&RPSDQ\KDVDYDLOHGൠFURUHVDVORDQRXWRIVDQFWLRQHGORDQRIൠFURUHVDWDUDWHRIRQ
term Loan and 9.75% on Funded Interest Term Loan (FITL). This loan is secured by first charge on the entire fixed assets (present and
future) of VPLPL and equitable mortgage on the leasehold right of project land. The bankers of VPLPL had restructured the existing loan
outstanding under Reserve Bank of India Resolution Framework for Covid 19 related stress with moratorium of 24 months and repayment
has commenced from September 2022 on quarterly basis.

(ii) The quarterly returns or statements of current assets filed by the Company with banks or financial institutions are in agreement with
the books of account.

241
Notes to the Consolidated Financial Statements for the year ended 31st March 2023
Note No.21 ൠLQ/DNKV
Provisions (Non - Current) As at 31 March 2023 As at 31 March 2022

Actuarial Provisions for employee benefits 3,925.68 3,487.95

Other Long term Provisions 2,626.83 3,504.13
Total 6,552.51 6,992.08

Note No.22 ൠLQ/DNKV

Non Financial Liabilities - Others ( Non - Current) As at 31 March 2023 As at 31 March 2022

Advance from Customers - 1.00

Deferred Gain/Income 396.05 491.24
Others 439.18 456.60
Total 835.23 948.84

Note No.23 ൠLQ/DNKV

Financial Liabilities (Current) As at 31 March 2023 As at 31 March 2022

Borrowings- Secured
Current Maturities of Long Term Borrowings 706.00 646.29

Trade Payables- Unsecured

Payable to micro and small enterprises 992.62 789.53
Other Trade Payables 29,434.00 26,506.63
30,426.62 27,296.16
Total 31,132.62 27,942.45
Trade Payables ageing schedule as at 31st March 2023
ൠLQ/DNKV
Outstanding for following periods from due date of payment
Particulars Less than 1 1-2 2-3 More than 3
Total
year years years years
(i) MSME 992.01 - 0.61 - 992.62

(ii) Others 26,826.00 1,527.41 489.41 233.62 29,076.44

(iii) Disputed dues – MSME - - - - -

(iv) Disputed dues - Others - 6.69 13.65 337.22 357.56

Trade Payables ageing schedule as at 31st March 2022  ൠLQ/DNKV

Outstanding for following periods from due date of payment
Particulars Less than 1 1-2 2-3 More than 3
Total
year years years years
(i) MSME 789.53 - - - 789.53

(ii) Others 25,164.99 455.99 (153.61) 655.64 26,123.01

(iii) Disputed dues – MSME - - - - -

(iv) Disputed dues - Others - 2.24 81.65 299.73 383.62

Note No.24 ൠLQ/DNKV

Other Financial Liabilities (Current) As at 31 March 2023 As at 31 March 2022

Unclaimed Dividend * 543.88 533.61

Security Deposits 2,491.47 2,659.68
Other Liabilities 15,443.15 9,873.00
Total 18,478.50 13,066.29

* There is no amount due and outstanding as at balance sheet date to be credited to Investor Education and Protection Fund.

242
Notes to the Consolidated Financial Statements for the year ended 31st March 2023
Note No.25 ൠLQ/DNKV
Non Financial Liabilities - Other (Current) As at 31 March 2023 As at 31 March 2022

Advance from Customers 915.04 1,040.37

Statutory Dues 1,964.97 1,730.12
Deferred Gain/Income 53.86 45.03
Other Liabilities 5,114.07 3,606.40
Total 8,047.94 6,421.92

Note No.26 ൠLQ/DNKV

Current Provisions As at 31 March 2023 As at 31 March 2022

Actuarial Provisions for employee benefits 652.86 731.46

Other Short term Provisions 1,999.83 1,221.45
Total 2,652.69 1,952.91

Note No.27 ൠLQ/DNKV

Current Tax Liabilities As at 31 March 2023 As at 31 March 2022

Provision for Tax (Net of advance) 2,976.47 2,513.95

Total 2,976.47 2,513.95

Note No.28 ൠLQ/DNKV

Revenue from Operations For the year ended For the year ended
31 March 2023 31 March 2022

Sale of Products 1,32,225.53 1,27,727.53

Sale of Services 85,665.51 70,790.91
Sale of Trading Goods 3,119.16 633.72
Other Operating Income 11,138.24 6,382.36
Total 2,32,148.44 2,05,534.52

Note No.29 ൠLQ/DNKV

Other Income For the year ended For the year ended
31 March 2023 31 March 2022

Interest Income
Bank Deposits 1,446.02 1,692.62
Interest on Income Tax refund 107.53 -
Others 94.55 80.65
Sub Total 1,648.10 1,773.27
Dividend Income 4.18 1.50

Other Non-operating Income

Profit on Disposal of Fixed assets 132.99 358.17
Unclaimed balances and excess provision written back 1,091.84 866.11
Gain on Foreign Currency Transactions (net) 183.43 102.01
Miscellaneous Income 602.88 610.48
Sub Total 2,011.14 1,936.77

Total 3,663.42 3,711.54

Note No.30 ൠLQ/DNKV

Cost of Materials Consumed & Services Rendered For the year ended For the year ended
31 March 2023 31 March 2022

Cost of Materials Consumed 1,01,926.59 96,445.84

Cost of Services Rendered 58,080.14 46,235.61
Total 1,60,006.73 1,42,681.45

243
Notes to the Consolidated Financial Statements for the year ended 31st March 2023
Note No.31 ൠLQ/DNKV
Purchase of Trading Goods For the year ended For the year ended
31 March 2023 31 March 2022

Trading Goods 3,733.76 1,276.51

Total 3,733.76 1,276.51

Note No.32 ൠLQ/DNKV

Changes in inventories of Finished Goods, Stock-in-Trade and Work-in-Progress For the year ended For the year ended
31 March 2023 31 March 2022

Change in Finished Goods

Opening 3,800.62 3,548.47
Closing 4,876.76 3,800.62
Change (1,076.14) (252.15)
Change in Work In Progress
Opening 1,191.37 974.78
Closing 1,492.03 1,191.37
Change (300.66) (216.59)

Total (1,376.80) (468.74)

Note No.33 ൠLQ/DNKV

Employee Benefits Expenses For the year ended For the year ended
31 March 2023 31 March 2022

Salaries and Incentives 19,565.72 18,503.96

Contribution to Provident & Other Funds 2,199.80 2,118.02
Staff Welfare Expenses 3,356.00 2,136.60
Total 25,121.52 22,758.58

Note No.34 ൠLQ/DNKV

Finance Costs For the year ended For the year ended
31 March 2023 31 March 2022

Interest Cost 1,026.10 931.39

Bank Charges* 509.70 138.37
Interest Cost on ROU Liabilities 258.16 289.17
Total 1,793.96 1,358.93

* Bank Charges include charges for opening of L/C, bank guarantee charges and other charges related to bank transactions.

Note No.35 ൠLQ/DNKV

Depreciation & Amortisation Expenses For the year ended For the year ended
31 March 2023 31 March 2022

Depreciation on:
Property Plant & Equipment 4,059.10 3,967.51
Right of Use Assets 1,507.11 1,572.43
Investment Properties 2.54 2.36
Amortisation of Intangible Assets 110.74 112.74
Total 5,679.49 5,655.04

244
Notes to the Consolidated Financial Statements for the year ended 31st March 2023
Note No.36 ൠLQ/DNKV
Other Expenses For the year ended For the year ended
31 March 2023 31 March 2022

Manufacturing Expenses 1,909.73 1,791.36

Consumption of Stores and Spares 882.23 888.36
Repairs & Maintenance - Buildings 601.49 983.32
Repairs & Maintenance - Plant & Machinery 781.47 592.25
Repairs & Maintenance - Others 929.20 971.40
Power & Fuel 3,477.41 3,127.08
Electricity & Gas 404.78 367.99
Rent 1,950.32 774.08
Insurance 425.34 381.57
Packing, Despatching, Freight and Shipping Charges 4,750.03 5,117.53
Rates & Taxes 232.92 147.64
Auditors Remuneration and Expenses 33.03 28.81
Write off of Debts, Deposits, Loan & Advances 1,474.28 794.61
Provision for Doubtful Debts & Advances 970.81 853.11
Fixed Assets Written Off 8.07 14.63
Loss on Disposal of Fixed Assets 2.48 14.41
Selling Commission 446.71 350.84
Cash Discount 991.80 448.33
Travelling Expenses 898.89 488.74
Printing and Stationary 195.75 151.59
Motor Car Expenses 166.82 146.69
Communication Charges 229.13 290.43
Corporate Social Responsibility Expenses 177.75 1,048.16
Miscellaneous Expenses 3,839.10 3,359.56
25,779.54 23,132.49
Less: Provision for Debts, Deposits, Loans & Advances and Inventories (1,358.07) (751.56)
considered doubtful, written back
Total 24,421.47 22,380.93

Payment to Auditors as:

Statutory/ Branch Auditors 23.64 22.40
Tax Audit 1.15 1.15
Other Certification 4.32 3.87
Reimbursement of Expenses 3.92 1.39
Total Payment to Auditors 33.03 28.81
Note No. 37 ൠLQ/DNKV
Tax Expense For the year ended For the year ended
31 March 2023 31 March 2022

Current tax 5,726.10 4,568.80

Deferred tax 447.52 165.00
Previous years (429.29) -
Total 5,744.33 4,733.80

The major components of income tax expense and the reconciliation of expense based on the domestic effective tax rate of 25.168% (31
March 2022: 25.168%) and the reported tax expense in profit or loss are as follows:

Accounting profit before income tax 16431.73 13603.36

At country’s statutory income tax rate of 25.168% (31 March 2022: 25.168%) 25.168% 25.168%
Tax Expense 4,135.54 3,423.69
Adjustments in respect of current income tax
Non-deductible expenses for tax purposes
Provisions (net) 381.86 236.15
CSR Expenses 44.74 263.80
VRS Expenses (29.05) (29.06)
Depreciation Difference including for ROU assets 576.33 535.41
Rental Expense on ROU Assets 384.18
Fixed assets written off and loss on disposal (32.85) (86.52)
Loss of Subsidiaries 265.35 206.25
Adjustments in respect of Previous years income tax (429.29) -
Adjustment for Prior Period 19.08
Total 5,296.81 4,568.80

245
Notes to the Consolidated Financial Statements for the year ended 31st March 2023
Note No. 38 ൠLQ/DNKV
Other Comprehensive Income For the year ended For the year ended
31 March 2023 31 March 2022

(A) Items that will not be reclassified to profit or loss

(i) Remeasurement gains/ (losses) on defined benefit plans (844.63) (1,078.82)
(ii) Income tax relating to items that will not be reclassified to profit or loss 212.58 271.52

(B) Items that will be reclassified to profit or loss

(i) Items that will be reclassified to profit or loss - -
(ii) Income tax relating to items that will be reclassified to profit or loss - -

(C) Other Comprehensive Income of Joint Ventures and Associates (Net) 57.69 46.48

Total (574.36) (760.82)

Note No. 39  ൠLQ/DNKVH[FHSWVKDUHGDWD 

Earnings per equity share For the year ended For the year ended
31 March 2023 31 March 2022

Net profit attributable to equity shareholders

Profit after tax 17,185.23 13,758.33

Profit attributable to equity holders of the parent adjusted for the effect of dilution 17,185.23 13,758.33

1RPLQDOYDOXHRI(TXLW\6KDUH ൠ 10 10
Weighted-average number of Equity Shares for EPS* 17,10,03,846 17,10,03,846
%DVLF'LOXWHG(DUQLQJVSHU(TXLW\6KDUH ൠ 10.05 8.05

The Company's Earnings Per Share ('EPS') is determined based on the net profit after tax attributable to the shareholders' of the
Company being used as the numerator. Basic earnings per share is computed using the weighted average number of shares outstanding
during the year as the denominator. Diluted earnings per share is computed using the weighted average number of common and dilutive
common equivalent shares outstanding during the period including share options, except where the result would be anti-dilutive. The
IDFHYDOXHRIWKHVKDUHVLVൠ

Note No. 40
Accounting for Employee Benefits

Defined Benefit Plans

The disclosures are made consequent to adoption of IND AS 19 on Employee Benefits, notified by the Ministry of Corporate Affairs,
by the Holding Company. Defined Benefit(s) Plans / Long Term Employee benefits in respect of Gratuity, Leave Encashment, Post-
retirement medical benefits and Long Service Awards are recognized in the Statement of Profit & Loss on the basis of Actuarial
valuation done at the year end. Actuarial gain/loss on post-employment benefit plans that is gratuity and post-retirement medical
benefit plans are recognized in Other Comprehensive Income.

Defined Contribution Plans

The Holding Company makes contributions, determined as a specified percentage of employee salaries, in respect of qualifying
employees towards Provident Fund, Superannuation Fund, NPS and Employee State Insurance Scheme which are defined
contribution plans. The contributions are charged to the statement of profit and loss as they accrue. The amount recognised as an
H[SHQVHWRZDUGVFRQWULEXWLRQWR3URYLGHQW)XQGIRUWKH\HDUDJJUHJDWHGWRൠ/DNKV ൠ/DNKV 6XSHUDQQXDWLRQ
IXQG136ൠ/DNKV ൠ/DNKV DQGFRQWULEXWLRQWR(PSOR\HH6WDWH,QVXUDQFH6FKHPHIRUWKH\HDUDJJUHJDWHGWR
ൠ/DNKV ൠ/DNKV 

Post Employment Benefit Plans

A. Gratuity

The gratuity plan entitles an employee, who has rendered atleast five year of continuous service, to receive fifteen days salary for
each year of completed service at the time of superannuation/exit. Any shortfall in obligations is met by the Holding Company by
way of transfer of requisite amount to the fund named "Balmer Lawrie & Co. Ltd. Gratuity Fund".

The reconciliation of the Holding Company’s defined benefit obligations (DBO) and plan assets in respect of gratuity plans to the
amounts presented in the statement of financial position is presented below:

246
Notes to the Consolidated Financial Statements for the year ended 31st March 2023
ൠLQ/DNKV
Particulars As at 31-Mar-2023 As at 31-Mar-2022
Defined benefit obligation 5,265.59 5,559.44
Fair value of plan assets 5,840.51 6,162.94
Net defined benefit obligation (574.92) (603.50)

(i) The movement of the Holding Company’s defined benefit obligations in respect of gratuity plans from beginning to end of
reporting period is as follows:
ൠLQ/DNKV
Particulars As at 31-Mar-2023 As at 31-Mar-2022
Opening value of defined benefit obligation 5,559.44 5,635.99
Add: Current service cost 384.75 390.47
Add: Current interest cost 365.11 345.55
Plan amendment : Vested portion at end of period (past service) - -
Add: Actuarial (gain)/loss due to -
- changes in demographic assumptions - -
- changes in experience adjustment 149.76 800.64
- changes in financial assumptions (36.62) 86.74
Add: Acquistition Adjustment - -
Less: Benefits paid (1,156.85) (1,699.96)
Closing value of defined benefit obligation thereof- 5,265.59 5,559.44

Unfunded (574.92) (603.50)

Funded 5,840.51 6,162.94

(ii) The defined benefit obligation in respect of gratuity plans was determined using the following actuarial assumptions:

Assumptions As at 31-Mar-2023 As at 31-Mar-2022

Discount rate (per annum) 7.33% 7.22%
Rate of increase in compensation levels/Salary growth rate 6.00% 6.00%
Expected average remaining working lives of employees (years) 13 12

(iii) The reconciliation of the plan assets held for the Holding Company’s defined benefit plan from beginning to end of reporting
period is presented below:
ൠLQ/DNKV
Particulars As at 31-Mar-2023 As at 31-Mar-2022
Opening balance of fair value of plan assets 6,162.94 7,244.85
Add: Contribution by employer 967.41 150.00
Return on Plan Assets excluding Interest Income (584.73) (55.03)
Add: Interest income 451.74 523.08
Add: Acquisition Adjustment - -
Less: Benefits paid (1,156.85) (1,699.96)
Closing balance of fair value of plan assets 5,840.51 6,162.94

(iv) Expense related to the Holding Company’s defined benefit plans in respect of gratuity plan is as follows:

ൠLQ/DNKV
Amount recognised in Other Comprehensive Income For the year For the year
ended ended
31-Mar-2023 31-Mar-2022
Actuarial (gain)/loss on obligations-changes in demographic assumptions - -
Actuarial (gain)/loss on obligations-changes in financial assumptions (36.62) 86.74
Actuarial (gain)/loss on obligations-Experience Adjustment 149.76 800.64
Return on Plan Assets excluding Interest Income (584.73) (55.03)
Total expense/ (income) recognized in the statement of Other Comprehensive Income 697.87 942.41

ൠLQ/DNKV
Amount recognised in the Statement of Profit & Loss For the year For the year
ended ended
31-Mar-2023 31-Mar-2022
Current service cost 384.75 390.47
Past service cost (vested) - -
Net Interest cost (Interest Cost-Expected return) (86.63) (177.53)
Total expense recognized in the Statement of Profit & Loss 298.12 212.94

ൠLQ/DNKV
Amount recognised in Balance Sheet As at 31-Mar-2023 As at 31-Mar-2022
Defined benefit obligation 5,265.59 5,559.44
Classified as:
Non-Current 4,294.08 4,356.26
Current 971.51 1,203.18

247
Notes to the Consolidated Financial Statements for the year ended 31st March 2023

For the year For the year

31-Mar-2023 31-Mar-2022
Expected returns on plan assets are based on a weighted average of expected returns of (132.99) 468.05
the various assets in the plan, and include an analysis of historical returns and predictions
about future returns. The return on plan assets was

(v) Plan assets do not comprise any of the Group’s own financial instruments or any assets used by Group companies. Plan assets
can be broken down into the following major categories of investments:

Particulars As at 31-Mar-2023 As at 31-Mar-2022

Government of India securities/ State Government securities 64.07% 56.82%
Corporate bonds 26.59% 35.23%
Others 9.34% 7.95%
Total plan assets 100.00% 100.00%
Interest costs have been included under ‘finance costs’ and service cost has been recorded under ‘employee benefits expense’
in statement of comprehensive income.

(vi) Sensitivity Analysis

The significant actuarial assumption for the determination of defined benefit obligation in respect of gratuity plans is the discount
rate. The calculation of the net defined benefit obligation is sensitive to this assumption. The following table summarises the effects
of changes in this actuarial assumption on the defined benefit obligation:
ൠLQ/DNKV
Particulars 31 March 2023
Increase Decrease
Changes in discount rate in % 0.50 0.50
Defined benefit obligation after change 5,105.78 5,436.56
Original defined benefit obligation 5,265.59 5,265.59
Increase/(decrease) in defined benefit obligation (159.81) 170.97

Changes in salary growth rate in % 0.50 0.50

Defined benefit obligation after change 5,367.42 5,163.75
Original defined benefit obligation 5,265.59 5,265.59
Increase/(decrease) in defined benefit obligation 101.83 (101.84)

Changes in Attrition rate in % 0.50 0.50

Defined benefit obligation after change 5,266.06 5,265.11
Original defined benefit obligation 5,265.59 5,265.59
Increase/(decrease) in defined benefit obligation 0.47 (0.48)

Changes in Mortality rate in % 10.00 10.00

Defined benefit obligation after change 5,268.64 5,262.53
Original defined benefit obligation 5,265.59 5,265.59
Increase/(decrease) in defined benefit obligation 3.05 (3.06)

ൠLQ/DNKV
Particulars 31 March 2022
Increase Decrease
Changes in discount rate in % 0.50 0.50
Defined benefit obligation after change 5,398.27 5,731.67
Original defined benefit obligation 5,559.44 5,559.44
Increase/(decrease) in defined benefit obligation (161.17) 172.23

Changes in salary growth rate in % 0.50 0.50

Defined benefit obligation after change 5,669.68 5,450.09
Original defined benefit obligation 5,559.44 5,559.44
Increase/(decrease) in defined benefit obligation 110.24 (109.35)

Changes in Attrition rate in % 0.50 0.50

Defined benefit obligation after change 5,559.88 5,558.99
Original defined benefit obligation 5,559.44 5,559.44
Increase/(decrease) in defined benefit obligation 0.44 (0.45)

Changes in Mortality rate in % 10.00 10.00

Defined benefit obligation after change 5,562.16 5,556.66
Original defined benefit obligation 5,559.44 5,559.44
Increase/(decrease) in defined benefit obligation 2.72 (2.78)
.

248
Notes to the Consolidated Financial Statements for the year ended 31st March 2023
B. Post Retirement Medical Benefits Scheme (Non-funded)

The post retirement medical benefit is on contributory basis and voluntary. It is applicable for eligible employees who superannuate
after satisfactory long service and includes dependent spouse as per applicable rules.
ൠLQ/DNKV
Particulars As at 31-Mar-2023 As at 31-Mar-2022
Opening value of defined benefit obligation 468.64 446.39
Add: Current service cost - -
Add: Current interest cost 28.14 27.13
Add: Actuarial (gain)/loss due to -
- changes in demographic assumptions - -
- changes in experience adjustment 155.03 154.08
- changes in financial assumptions (8.27) (17.68)
Less: Benefits paid (169.40) (141.28)
Closing value of defined benefit obligation Thereof- 474.14 468.64
Unfunded 474.14 468.64
Funded - -

ൠLQ/DNKV
Amount recognised in Other Comprehensive Income For the year For the year
ended ended
31-Mar-2023 31-Mar-2022
Actuarial (gain)/loss on obligations-change in demographic assumptions - -
Actuarial (gain)/loss on obligations-change in financial assumptions (8.27) (17.68)
Actuarial (gain)/loss on obligations-Experience Adjustment 155.03 154.09
Total expense/ (income) recognized in the statement of Other Comprehensive 146.76 136.41
Income

ൠLQ/DNKV
Amount recognised in the Statement of Profit & Loss For the year For the year
ended ended
31-Mar-2023 31-Mar-2022
Current service cost - -
Net Interest cost(Interest Cost-Expected return) 28.14 27.13
Total expense recognized in the statement of Profit & Loss 28.14 27.13

Assumptions As at 31-Mar-2023 As at 31-Mar-2022

Discount rate (per annum) 7.33% 7.22%
Superannuation age 60 60
Early retirement & disablement 0.10% 0.10%

ൠLQ/DNKV
Amount recognised in Balance Sheet As at 31-Mar-2023 As at 31-Mar-2022
Defined benefit obligation 474.14 468.64
Classified as:
Non-Current 396.50 384.47
Current 77.64 84.17

Sensitivity Analysis
The significant actuarial assumption for the determination of defined benefit obligation in respect of Post retirement medical
benefits is the discount rate. The calculation of the net defined benefit obligation is sensitive to this assumption. The following table
summarises the effects of changes in this actuarial assumption on the defined benefit obligation:
ൠLQ/DNKV
Particulars 31 March 2023
Increase Decrease
Changes in Discount rate in % 0.50 0.50
Defined benefit obligation after change 450.31 498.71
Original defined benefit obligation 474.14 474.14
Increase/(decrease) in defined benefit obligation (23.83) 24.57

Changes in Mortality rate in % 10.00 10.00

Defined benefit obligation after change 462.29 486.00
Original defined benefit obligation 474.14 474.14
Increase/(decrease) in defined benefit obligation (11.85) 11.86

249
Notes to the Consolidated Financial Statements for the year ended 31st March 2023
ൠLQ/DNKV
Particulars 31 March 2022
Increase Decrease
Changes in Discount rate in % 0.50 0.50
Defined benefit obligation after change 446.50 492.07
Original defined benefit obligation 468.64 468.64
Increase/(decrease) in defined benefit obligation (22.14) 23.43

Changes in Mortality rate in % 10.00 10.00

Defined benefit obligation after change 456.93 480.36
Original defined benefit obligation 468.64 468.64
Increase/(decrease) in defined benefit obligation (11.71) 11.72

C. Other Long Term Benefit Plans (Non-Funded)

Leave Encashment, Long Service Award and Half Pay Leave

The Holding Company provides for the encashment of accumulated leave subject to a maximum of 300 days. The liability is
provided based on the number of days of unutilised leave at each balance sheet date on the basis of an independent acturial
YDOXDWLRQ$QDPRXQWRIൠ/DNKV ൠ/DNKV KDVEHHQUHFRJQLVHGLQWKH6WDWHPHQWRI3URILWDQG/RVV
ൠLQ/DNKV
Leave Encashment As at 31-Mar-2023 As at 31-Mar-2022
Amount recognized in Balance Sheet:
Current 352.34 431.99
Non Current 2,206.21 1,942.02

Long Service Award is given to the employees to recognise long and meritorious service rendered to the Holding Company. The
minimum eligibility for the same starts on completion of 10 year of service and thereafter every 5 year of completed service. An
DPRXQWRIൠ/DNKV>ൠ/DNKV@KDVEHHQUHFRJQLVHGLQWKH6WDWHPHQWRI3URILWDQG/RVV
ൠLQ/DNKV
Long Service Award As at 31-Mar-2023 As at 31-Mar-2022
Amount recognized in Balance Sheet:
Current 61.99 61.61
Non Current 375.19 382.01

The leave on half pay is 20 days for each completed year of service on medical certificate or on personal grounds. An amount of
ൠ/DNKV ൠ/DNKV KDVEHHQUHFRJQLVHGLQWKH6WDWHPHQWRI3URILWDQG/RVV
ൠLQ/DNKV
Half Pay Leave As at 31-Mar-2023 As at 31-Mar-2022
Amount recognized in Balance Sheet:
Current 160.88 153.69
Non Current 924.06 762.49
Note No. 41
Leases

(i) Amounts recognised in Balance Sheet

ൠLQ/DNKV
Right of Use Liability As at 31 March 2023
Particulars Right of Right of Use - Others
Use- Land Plant & Electrical
Buildings Total
Leasehold Machinery Equipments

Current 37.43 395.75 485.55 7.36 926.09

Non Current 436.47 1,492.71 303.82 - 2,233.00
Total 473.90 1,888.46 789.37 7.36 3,159.09

ൠLQ/DNKV
Right of Use Liability As at 31 March 2022
Particulars Right of Right of Use - Others
Use- Land Plant & Electrical
Buildings Total
Leasehold Machinery Equipments

Current 38.20 482.70 207.58 15.46 743.94

Non Current 427.48 1,048.00 494.65 6.72 1,976.85
Total 465.68 1,530.70 702.22 22.18 2,720.79

250
Notes to the Consolidated Financial Statements for the year ended 31st March 2023
(ii) Reconciliation of Lease Liabilities ൠLQ/DNKV
Particulars As at 31 March 2023
Right of Right of Use - Others
Use- Land Buildings Plant & Electrical Total
Leasehold Machinery Equipments

Opening Balance of Right of Use Lease Liabilities 465.68 1,530.70 702.23 22.18 2,720.79
Add: Additions during the year - 784.47 689.42 - 1,473.89
Add: Interest Expenses on lease liabilities 46.83 158.38 51.58 1.37 258.16
Less: Rental Expenses paid during the year 38.61 571.12 653.86 16.19 1,279.78
Less : Deletion for the period - 13.97 - - 13.97
Total 473.90 1,888.46 789.37 7.36 3,159.09

ൠLQ/DNKV
Particulars As at 31 March 2022
Right of Right of Use - Others
Use- Land Buildings Plant & Electrical Total
Leasehold Machinery Equipments

Opening Balance of Right of Use Lease Liabilities 457.97 1,945.26 557.35 22.75 2,983.33
Add: Additions during the year - 35.53 767.14 23.35 826.02
Add: Interest Expenses on lease liabilities 46.00 170.99 69.90 2.28 289.17
Less: Rental Expenses paid during the year 38.29 600.14 692.16 26.20 1,356.79
Less : Deletion for the period - 20.94 - - 20.94
Total 465.68 1,530.70 702.23 22.18 2,720.79

(iii) Maturity profile of the lease liabilities :

ൠLQ/DNKV
Year ended March 31, 2023 Within 1 1-3 years More than 3 Total
year years
Lease liability 1,005.22 937.12 1,216.75 3,159.09

Year ended March 31, 2022 Within 1 1-3 years More than 3 Total
year years

Lease liability 743.94 1,069.63 907.22 2,720.79

(iv) The following are the amounts recognised in the statement of profit and loss:
ൠLQ/DNKV
Particulars For the year ended 31 March 2023
Right of Right of Use - Others
Use- Land Buildings Plant & Electrical Total
Leasehold Machinery Equipments

Depreciation expense of Right of Use assets 84.05 815.26 593.29 14.51 1,507.11
Interest expense on Lease Liabilities 46.83 158.38 51.58 1.37 258.16
Rent expense in term of short term leases/ low value leases - 255.82 158.23 - 414.05
Total 130.88 1,229.46 803.10 15.88 2,179.32

For the year ended 31 March 2022

Right of Right of Use - Others
Use- Land Buildings Plant & Electrical Total
Leasehold Machinery Equipments

Depreciation expense of Right of Use assets 82.92 831.55 633.30 24.66 1,572.43
Interest expense on Lease Liabilities 46.00 170.99 69.90 2.28 289.17
Rent expense in term of short term leases/ low value leases - 197.93 94.77 - 292.70
Total 128.92 1,200.47 797.97 26.94 2,154.30

251
Notes to the Consolidated Financial Statements for the year ended 31st March 2023
(v) Total cash outflow due to leases ൠLQ/DNKV
As at As at
31-Mar-2023 31-Mar-2022
Lease Rentals paid during the year 1,693.83 1,649.49

(vi) Extension and termination options

The Group has several lease contracts that include extension and termination options which are used for regular operations
of its business. These options are negotiated by management to provide flexibility in managing the Group's business needs.
Management exercises significant judgement in determining whether these extension and termination options are reasonably
certain to be exercised.

In determining the lease term, management considers all facts and circumstances that create an economic incentive to
exercise an extension option, or not exercise a termination option. Extension options (or periods after termination options)
are only included in the lease term if the lease is reasonably certain to be extended (or not terminated). The assessment is
reviewed if a significant event or a significant change in circumstances occurs which affects this assessment and that is within
the control of the lessee.
Note-42 Additional Disclosures
42.1 Disclosure of Interests in Subsidiaries, Joint Venture Companies and Associates

Name of Subsidiary/ Joint Venture Company/ Nature of Proportion of Country of

Associate Relationship Shareholding Incorporation
Visakhapatnam Port Logistics Park Limited Subsidiary 60% India
Balmer Lawrie (UAE) LLC (Refer Note a below) Joint Venture 49% United Arab Emirates
Balmer Lawrie - Van Leer Limited Joint Venture 47.91% India
Transafe Services Limited (Refer Note b below) Joint Venture 50% India
PT. Balmer Lawrie Indonesia Joint Venture 50% Indonesia
Avi - Oil India Private Limited Associate 25% India
Note : a. The accounting year of all the aforesaid companies is the financial year ending March 31, 2023 except for Balmer
Lawrie (UAE) LLC which follows accounting year as the calendar year ending December 31, 2022. Effective
08.08.2022, Balmer Lawrie (UAE) LLC acquired 100% of the issued share capital of Elegant Industries LLC which
is a limited liability Company registered at UAE and its financials are merged with Balmer Lawrie (UAE) LLC.
b. Hon’ble National Company Law Tribunal (NCLT) vide its order dated April 09, 2021 have approved the Resolution
Plan of M/s Om Logistics Limited (Resolution Applicant in the said matter of Corporate Insolvency Resolution
Process (CIRP) initiated upon M/s Transafe Services Limited (TSL)), wherein, the following had been approved
upon implementation of the Resolution Plan:
i. The entire existing Equity Share Capital of TSL shall stand cancelled, extinguished and annulled & be regarded
as reduction of Share Capital to the extent of 99.99997% and the remaining 0.00003% shall be required to be
transferred to the Resolution Applicant.
ii. The entire existing Preference Share Capital of TSL shall stand cancelled, extinguished and annulled to the
extent of 100% & be regarded as reduction of Capital.
Consequent to the above, the group ceased to have joint control or have any significant influence over TSL and
TSL ceased to be a Related Party under the extant provisions of Section 2(76) the Companies Act, 2013 or under
IND AS-110 or clause 2(1) (zb) of SEBI (Listing Obligations and Disclosure Requirements), Regulations, 2015.
However, an appeal has been filed to Hon’ble National Company Law Appellate Tribunal (NCLAT) against the
orders of Hon’ble NCLT and the matter is pending for adjudication before Hon’ble NCLAT. The investments of the
Company (in both equity and preference shares in the said joint venture), have been unilaterally reduced by way
of capital reduction, by the demat account service provider. The Company has been following up with the demat
account service provider for re-instatement of the same considering that the matter is sub-judice (supra).
c. In one of the joint venture Company, M/s Balmer Lawrie - Van Leer Limited (BLVL), their Statutory Auditors have
expressed qualified opinion for “non-accrual of interest on a loan from Balmer Lawrie & Company Limited (BL),
together with the non-impairment of its investment in one of the joint venture Company M/s Transafe Services
Limited (TSL) consequent to the orders of Hon’ble NCLAT (Refer b above) in the financial year 2020-21”. However,
since the investments have been impaired and loan balance written back by BLVL in its books during the previous
financial year 2021-22, the impact is Nil for the group and no further actions are required by the group.
d. In one of the joint venture Company, M/s Balmer Lawrie (UAE) LLC, their Statutory Auditors have expressed
qualified opinion towards (i) “provision for expected credit losses on raw material inventory done in departure to the

252
Notes to the Consolidated Financial Statements for the year ended 31st March 2023
applicable standards” and (ii) absence of sufficient appropriate audit evidence pertaining to provision of discounts
to trade receivables payable to customers which were provided without any legal or constructive obligation”.
The share of the impact in consolidated financial statements is Rs.33.65 cores. The effect of the same in the
consolidated financial statements would have resulted in higher valuation of investment of the said joint venture.
Following conservative approach, the same is not given effect to in the consolidated financial statements.
e. Since the net worth of M/s PT. Balmer Lawrie Indonesia (PTBLI) continues to be negative, hence consolidation of
its figures is not required as per IND-AS and consequently has not been done.
42.2 10,56,79,350 (10,56,79,350) number of Equity Shares are held by Balmer Lawrie Investments Limited (The Holding Company).
 D &RQYH\DQFHGHHGVRIFHUWDLQOHDVHKROGODQGZLWKZULWWHQGRZQYDOXHRIൠ/DNKV ൠ/DNKV DUHSHQGLQJ
registration/ mutation.
E  &RQYH\DQFH GHHGV RI FHUWDLQ EXLOGLQJV ZLWK ZULWWHQ GRZQ YDOXH RI ൠ /DNKV ൠ /DNKV  DUH SHQGLQJ
registration/ mutation.
F  &HUWDLQ EXLOGLQJV  VLGLQJV ZLWK ZULWWHQ GRZQ YDOXH RI ൠ /DNKV ൠ /DNKV  DUH VLWXDWHG RQ OHDVHKROG
rented land. Some of the leases with Syama Prasad Mookerjee Port (SMP) erstwhile Kolkata Port trust have expired and
are under renewal.
(d) The details of capital expenditure of the Indian JV & Associate of the Group is as under:

Financial Year 2022-23 Financial Year 2021-22

Sl. Particulars Amount % of Amount of Amount % of Amount of
No. (Rs. in Share of Share of BL (Rs. in Share of Share of BL
Lakhs) BL (Rs. in Lakhs) Lakhs) BL (Rs. in Lakhs)
01 Balmer Lawrie & Company Limited 5,147.84 100.00 5,147.84 2,248.63 100.00 2,248.63
(Standalone-BL)
02 Balmer Lawrie Van - Leer Limited 3,049.00 47.91 1,460.78 1,708.00 47.91 818.30
(Joint Venture Company)
03 Avi - Oil India Private Limited 237.15 25.00 59.29 49.58 25.00 12.39
(Associate Company)
Grand Total 6,667.91 Grand Total 3,079.32
42.4 Contingent Liabilities as at 31st March, 2023 not provided for in the accounts are:
(a) 'LVSXWHGGHPDQGIRU([FLVH'XW\6DOHV7D[6HUYLFH7D[&HVVDQG,QFRPH7D[DVDSSOLFDEOHDPRXQWLQJWRൠ
/DNKV ൠ/DNKV DJDLQVWZKLFKWKHJURXSKDVORGJHGDSSHDOSHWLWLRQEHIRUHDSSURSULDWHDXWKRULWLHV
(b) &ODLPVDJDLQVWWKHJURXSQRWDFNQRZOHGJHGDVGHEWVDPRXQWWRൠ/DNKV ൠ/DNKV LQUHVSHFWRIZKLFKWKH
group has lodged appeals/petitions before appropriate authorities. In respect of employees/ex-employees related disputes
financial effect is ascertainable on settlement.
 D &RXQWHUJXDUDQWHHVJLYHQWRYDULRXVEDQNVLQUHVSHFWRIJXDUDQWHHVORDQVJLYHQE\WKHPDPRXQWWRൠ/DNKV
ൠ/DNKV 
E  /HWWHURI&UHGLWLVVXHGE\YDULRXVEDQNVDPRXQWVWRൠ/DNKV ൠ/DNKV 
(c) (VWLPDWHGDPRXQWRIFRQWUDFWUHPDLQLQJWREHH[HFXWHGRQ&DSLWDO$FFRXQWVDQGQRWSURYLGHGIRUDPRXQWHGWRൠ
/DNKV ൠ/DNKV 
42.6 Trade receivables, loans and advances and deposits of which confirmations are not received from the parties are subject to
reconciliation and consequential adjustments on determination/ receipt of such confirmation.
42.7 Segment Reporting
Information about business segment for the year ended 31st March, 2023 in respect of reportable segments as notified by the
Ministry of Corporate Affairs in the IND AS– 108 in respect of “Operating Segments” is attached in Note No: 43.
42.8 Impact of New Labour Codes
The Indian Parliament has approved 4 Labour Codes viz: The Code on Wages, 2019, The Code on Social Security, 2020, The
Industrial Relations Code, 2020 and The Occupational Safety Health and Working Conditions, 2020 subsuming many existing
labour legislations. These would impact the contributions by the group towards Provident Fund, Bonus and Gratuity. The
effective date from which the codes and rules will be applicable is yet to be notified. The group will assess the impact and its
valuation and will give appropriate impact in its financial statements in the period(s) in which, the Codes become effective and
the related rules to determine the financial impact are notified.
42.9 (a) A portion of freehold land at Asaoti, Haryana had been given on rent to Avi - Oil India Private Limited, as associate
Company. This has been reclassified from PPE to Investment Property in the current FY with the proportionate value of
such land amounting to Rs.54.72 Lakhs and the comparatives have also been re-classified to this extent. This was missed
out in the previous financial years due to oversight and was treated as freehold land in PPE. There is no financial impact of
the said reclassification on the statement of profit and loss of the Company as at 31.03.2022 and 01.04.2021. The Balance

253
Notes to the Consolidated Financial Statements for the year ended 31st March 2023
Sheet as at 01.04.2021 and as at 31.03.2022 have also been restated to correct the impact of the aforesaid reclassification
as on such date and is not material. Due to this reclassification, there are no changes to the basic and diluted earnings
per share.
b) The subsidiary Company, M/s Visakhapatnam Port Logistics Park Limited have retrospectively restated their financials for
error in calculation of depreciation since FY 2018-19. The statement of profit and loss of the Company as at 31.03.2022
and 01.04.2021 have been restated to this extent. The Balance Sheet as at 01.04.2021 and as at 31.03.2022 have also
been restated to correct the impact of the aforesaid restatement. Due to this restatement, there are changes to the basic
and diluted earnings per share.
The impact of both the above-mentioned restatement on the balance sheet and the statement of profit and loss are
tabulated below:
The impact of the restatement on the Balance Sheet (` in Lakhs)
Balance Restated Balance Restated
Balance Sheet Net Net
Description Sheet as at Balance Sheet Sheet as at Balance Sheet
Description Impact Impact
31.03.2022 as at 31.03.2022 01.04.2021 as at 01.04.2021
Property, Plant and Land-Freehold 64,124.97 63,977.78 -147.19 63,623.03 63,551.64 -71.39
Equipment (Net Block)
Other Equity Other Equity 1,58,763.53 1,58,701.38 -62.15 1,54,201.75 1,54,191.73 -10.02
Investment Property Land-Freehold 39.74 94.46 54.72 42.11 96.83 54.72
(Net Book Value)
Minority Interest Minority 3,584.81 3,554.49 -30.32 3,913.17 3,906.53 -6.64
Interest
The impact of the restatement on the Statement of Profit and Loss (Rs. in Lakhs)
6WDWHPHQWRISUR¿W 5HႋDWHG6WDWHPHQWRI
Net
6WDWHPHQWRI3UR¿WDQG/RVV'HVFULSWLRQ and loss for the year SUR¿WDQGORVVIRUWKH
Impact
ending 31.03.2022 year ending 31.03.2022
7RWDO &RPSUHKHQVLYH LQFRPH IRU WKH \HDU FRPSULVLQJ SUR¿W 12,714.64 12,638.83 -75.81
(loss) and other comprehensive income for the year)
Depreciation and Amortization Expenses 5,579.23 5,655.04 75.81
Basic earnings per share (for discontinued and continuing 8.07 8.05 -0.02
operations) (Rs.)
Diluted earnings per share (for discontinued and continuing 8.07 8.05 -0.02
operations) (Rs.)
42.10 Capital Work in Progress as at the Balance Sheet date comprises:
$VVHW&ODVVL¿FDWLRQ (` in Lakhs)
As on 31.03.2023 As on 31.03.2022
Leasehold Land 3.79 (3.79)
Building 2,181.09 (767.36)
Plant & Machinery 255.44 (89.27)
(OHFWULFDO,QႋDOODWLRQ (TXLSPHQW 48.11 (79.96)
Tubewell, Tanks & Miscellaneous Equipment - (18.28)
Pre-Production Expenses 253.98 (122.58)
Grand-Total 2,742.41 (1,081.24)
(*) Subject to final allocation / adjustment at the time of capitalization.
(a) The CWIP ageing schedule is as under:
(As on 31.03.2023)
Amount in CWIP for a period of Total (Rs. in Lakhs)
CWIP
Less than 1 year 1-2 years 2-3 years More than 3 years
Projects in progress 2,536.85 194.04 11.15 - 2,742.04
Projects temporarily suspended - - - 0.37 0.37
(As on 31.03.2022)
Amount in CWIP for a period of Total (Rs. in Lakhs)
CWIP
Less than 1 year 1-2 years 2-3 years More than 3 years
Projects in progress 1,061.17 19.70 - - 1,080.87
Projects temporarily suspended - - - 0.37 0.37
(b) The details of projects of CWIP where activity has been suspended is as under:
(As on 31.03.2023)
To be completed in (Rs. in Lakhs)
CWIP
Less than 1 year 1-2 years 2-3 years More than 3 years
Project 1 (T&PD, Kolkata) 0.37 - - -
(As on 31.03.2022)
CWIP To be completed in (Rs. in Lakhs)
Less than 1 year 1-2 years 2-3 years More than 3 years

254
Notes to the Consolidated Financial Statements for the year ended 31st March 2023
Project 1 (T&PD, Kolkata) 0.37 - - -
42.11
(a) The ageing schedule of Intangible assets under development (Intangible CWIP) is as under:
(As on 31.03.2023)
Intangible assets under Amount in intangible CWIP for a period of Total (Rs. in Lakhs)
development Less than 1 year 1-2 years 2-3 years More than 3 years
Projects in progress 16.95 - - - 16.95
Projects temporarily suspended - - - - -

(As on 31.03.2022)
Intangible assets under Amount in intangible CWIP for a period of Total (Rs. in Lakhs)
development Less than 1 year 1-2 years 2-3 years More than 3 years
Projects in progress - - - - -
Projects temporarily suspended - - - - -
(b) The details of projects of intangible CWIP where activity has been suspended is as under:
(As on 31.03.2023)
Intangible assets under development To be completed in (Rs. in Lakhs)
Less than 1 year 1-2 years 2-3 years More than 3 years
Project 1 - - - -
(As on 31.03.2022)
Intangible assets under development To be completed in (Rs. in Lakhs)
Less than 1 year 1-2 years 2-3 years More than 3 years
Project 1 - - - -
42.12 (a) The financial statements have been prepared as per the requirement of Division II to the Schedule III to the Companies
Act, 2013.
(b) Previous year’s figures have been re-grouped or re-arranged or re-classified wherever so required to make them
comparable with current year figures.
(c) Figures in brackets relate to previous year.
 G $OODPRXQWVLQൠ/DNKVXQOHVVRWKHUZLVHVWDWHG7KHZRUGV/DNKVDQG/DFVDUHXVHGLQWHUFKDQJHDEO\LQWKHVHILQDQFLDO
statements and have the same connotation.
As per our report attached
For and on behalf of the Board of Directors
For B. K. Shroff & Co. Adika Ratna Sekhar Adhip Nath Palchaudhuri R. M. Utthayaraja Saurav Dutta
Chartered Accountants Chairman and Director Director Director (Finance) &
Firm Registration No. 302166E Managing Director (Service Businesses) (Manufacturing Businesses) Chief Financial Officer
DIN 08053637 DIN 08695322 DIN 09678056 DIN 10042140

CA. P. K. Shroff Abhijit Ghosh Vandana Minda Heda Kavita Bhavsar

Partner Director Independent Director Company Secretary
Membership No. 059542 (Human Resource & DIN 09402294
Place: Kolkata Corporate Affairs)
Date: 25th May, 2023 DIN 10042785

255
Notes to the Consolidated Financial Statements for the year ended 31st March 2023
Note : 43
Segment Revenue  ൠ/DNKV 
31 March 2023 31 March 2022
Total Inter Revenue Total Inter Revenue
Segment Segment from external Segment Segment from external
Revenue Revenue customers Revenue Revenue customers
Industrial Packaging 75,924 2,861 73,063 84,919 2,780 82,139
Logistics Infrastructure 21,728 483 21,245 18,284 344 17,940
Logistics Services 55,901 1,097 54,804 46,799 1,092 45,707
Travel & Vacations 16,163 1,598 14,565 8,005 1,586 6,419
Greases & Lubricants 65,353 9,879 55,474 51,068 8,114 42,954
Others 14,130 1,133 12,997 11,461 1,085 10,376
Total Segment Revenue 2,49,199 17,051 2,32,148 2,20,536 15,001 2,05,535

Segment Profit before Income Tax  ൠ/DNKV 

31 March 2023 31 March 2022

Industrial Packaging 4,112 7,524

Logistics Infrastructure 3,584 3,100
Logistics Services 6,918 5,864
Travel & Vacations 6,238 (42)
Greases & Lubricants 5,447 4,241
Others (9,867) (7,084)
Total Segment Profit 16,432 13,603

Segment Assets  ൠ/DNKV 

31 March 2023 31 March 2022
Segment Investment Additions Segment Segment Investment Additions to Segment
assets in associates to non- assets assets in associates non-current assets
and joint current and joint assets
ventures assets ventures
Industrial Packaging 37,433 - - 37,433 36,948 - - 36,948
Logistics Infrastructure 37,557 - - 37,557 46,696 - - 46,696
Logistics Services 8,290 - - 8,290 10,025 - - 10,025
Travel & Vacations 36,682 - - 36,682 29,269 - - 29,269
Greases & Lubricants 23,983 - - 23,983 22,689 - - 22,689
Others 8,582 - - 8,582 7,493 - - 7,493
Total Segment Assets 1,52,527 - - 1,52,527 1,53,120 - - 1,53,120

Unallocated
Deferred tax assets - - 0 - - - -
Investments 43,648 8,132 (6) 51,774 38,618 5,020 10 43,648
Other Assets 61,872 - - 61,872 47,764 - - 47,764
Total Assets as per the 2,58,047 8,132 (6) 2,66,173 2,39,502 5,020 10 2,44,532
Balance Sheet

Segment Liabilities  ൠ/DNKV 

31 March 2023 31 March 2022
Industrial Packaging 12,744 10,096
Logistics Infrastructure 17,809 9,416
Logistics Services 8,737 7,734
Travel & Vacations 9,587 8,194
Greases & Lubricants 7,049 6,049
Others 1,889 2,713
Total Segment Liabilities 57,815 44,202

Intersegment eliminations - -

Unallocated
Deferred tax liabilities 12,881 10,873
Current tax liabilities 2,976 2,514
Current borrowings 706 646
Non current borrowings 8,242 8,830
Other Liabilities 12,355 15,212
Total Liabilities as per the Balance Sheet 94,975 82,277

256
Notes to the Consolidated Financial Statements for the year ended 31st March 2023
Note No. 44
Financial Risk Management

i) Financial instruments by category

For amortised cost instruments, carrying value represents the best estimate of Fair Value.
ൠLQ/DNKV
Particulars 31 March 2023 31 March 2022
Fair Value through Amortised Fair Value through Amortised
Profit or Loss Cost* Profit or Loss Cost*
Financial Assets
Equity Instruments** 154.47 - 159.45 -
Trade Receivables - 36,075.26 - 31,460.51
Other Receivables - 21,243.30 - 17,372.50
Loans - 1,126.02 - 1,048.49
Accrued income - 3,639.09 - 2,674.08
Security Deposit - 348.94 - 873.78
Cash and Cash Equivalents - 6,009.84 - 4,767.87
Other Bank Balances - 38,774.36 - 36,858.88
Total- Financial Assets 154.47 1,07,216.81 159.45 95,056.11
Financial Liabilities
Borrowings - 8,948.04 - 9,476.75
Lease Liabilities - 3,159.09 - 2,720.79
Trade Payables - 30,426.62 - 27,296.16
Security Deposit - 2,508.17 - 2,673.28
Other financial liabilities - 15,987.03 - 10,406.61
Total- Financial Liabilities - 61,028.95 - 52,573.59

*All Financial Assets/Liabilities stated above are measured at amortised cost and their respective carrying values are not
considered to be materially different from their Fair Values.
**1. Investment in Equity instrument of Subsidiaries, Joint Ventures and Associates have been carried at cost with subsequent
increases in value due to consolidation under Ind AS 110 using Equity Method for Joint ventures and Associates.
**2. This investment includes investment in other unquoted securities and the management estimates that its Fair Value would
not be materially different from its carrying value, hence no fair value hierarchy disclosures are given in respect to these
instruments.

ii) Risk Management

The Group’s activities expose it to Market Risk, Liquidity Risk and Credit Risk. This note explains the sources of risk which the
group is exposed to and how the group manages the risk and the related impact in the financial statements.

Risk Exposure arising from Measurement Management

Credit Risk Trade Receivables, Cash Ageing Analysis Keeping surplus cash only in the form
and Cash Equivalents, of bank deposits, diversification of asset
Derivative Financial base, monitoring of credit limits and getting
Instruments, Financial collaterals, whereever feasible. Periodic
Assets measured at review/ monitoring of trade receivables.
amortised cost.
Liquidity Risk Borrowings and Other Rolling cash flow forecasts Periodic review of cash flow forecasts
Liabilities

Market Risk - Recognised Financial Cash flow forecasting and Review of cash flow forecasts and hedging
Foreign Exchange Assets and Liabilities not monitoring of forex rates on through forward contracts
denominated in Indian regular basis
5XSHH ൠ

The Group’s risk management other than in respect of trade receivables is carried out by a corporate department under policies
approved in-principle by the board of directors. The policies include principles for overall risk management, as well as policies
covering specific areas, such as foreign exchange risk, interest rate risk, credit risk and investment of surplus funds. Group's
risk in respect of Trade Receivables is managed by the Chief Operating Officer of the respective Strategic Business Units.

257
Notes to the Consolidated Financial Statements for the year ended 31st March 2023
A) Credit Risk
Credit risk refers to the risk of default on its obligation by the counterparty resulting in a financial loss. The maximum exposure
to credit risk is primarily from trade receivables and other receivables . The Holding Compnies receivables are typically
unsecured and are derived from revenue earned from customers which is predominantly outstanding from sales to Government
departments and public sector entities whose risk of default has been very low in the past. In case of other trade receivables,
the credit risk has been managed based on continuous montitoring of credit worthiness of customers, ability to repay and their
past track record.
Similarly all Group companies closely monitor their trade receivables which includes tracking the cedit worthiness of the
customers, ability to pay, default rates, past history etc. Accordingly expected credit loss has also been computed and
accounted for by them.
Provisions
For Receivables
There are no universal expected loss percentages for the group as a whole. The Holding Company generally considers its
receivables as impaired when they are 3 years past due. Considering the historical trends and market information, the Group
estimates that the provision computed on its trade receivables is not materially different from the amount computed using
expected credit loss method prescribed under Ind AS 109. Since the amount of provision is not material for the Group as a
whole, no disclosures have been given in respect of expected credit losses.
For Other Financial Assets
Loans - are given to regular employees who are on the payroll of the Holding Company as per the employment terms and
primarily secured in case of house building and vehicle loans. For other loans the amounts are well within the net dues to the
employees and hence credit risk is taken as nil.

Deposits - represent amounts lying with customers mainly governemnt and public sector undertakings on account of security
deposits, earnest money deposits and retention money given as per contractual terms. Based on past records the risk of
default is minimal.

Cash & Cash equivalents - represent cash in hand and balances lying in current accounts with various consortium banks who
have high credit ratings.

Other Bank Balances - mainly represent fixed deposits having maturities up to one year and includes accrued interest on such
deposits. These deposits have been taken with various public and private sector banks having the high credit ratings.

B) Liquidity Risk
Liquidity risk arises from borrowings and other liablities.

Prudent liquidity risk management implies maintaining sufficient cash and marketable securities and the availability of funding
through an adequate amount of committed credit facilities to meet obligations when due. Due to the nature of the business,
the Group maintains flexibility in funding by maintaining availability under committed facilities. Management monitors rolling
forecasts of the Company’s liquidity position and cash and cash equivalents on the basis of expected cash flows. The Group
takes into account the liquidity of the market in which the entity operates. In addition, the Group’s liquidity management policy
involves considering the level of liquid assets necessary to meet these, monitoring balance sheet liquidity ratios against
internal and external regulatory requirements and maintaining short term debt financing plans.
The Group does not foresee any problems in dischargiung their liabilities towards trade payables and other current liabilities
as and when they fall due.

C) Market Risk
Market risk arises due to change in interest rates or foreign exchange rates.
1) Interest Rate Risk
The group is exposed to interest rate risk to the extent of its investments in fixed deposits with banks. The Holding Company
has also invested in preference share capital of M/s Transafe Services Limited which has been entirely provided for in the
books of the Company (Refer Note no. 42.1(b). The Holding Company has not invested in any other instruments except equity
investments. The Group as a whole has a very insignificant borrowing on which interest is payable and it does not foresee any
risk in its repayment.

258
Notes to the Consolidated Financial Statements for the year ended 31st March 2023
2) Foreign Currency Risk
The Holding Company is exposed to foreign exchange risk arising from net foreign currency payables, primarily with respect to
the US Dollar, GBP and Euro. Foreign exchange risk arises from recognised assets and liabilities denominated in a currency
that is not the Holding Company’s functional currency. The Group as per its overall strategy uses forward contracts to mitigate
its risks associated with fluctuations in foreign currency and interest rates on borrowings and such contracts are not designated
as hedges under Ind AS 109. The Group does not use forward contracts for speculative purposes.
The Group is also exposed to foreign exchange risk arising from net foreign currency receivables on account of Dividend and
other fees from its foreign subsidiaries and associates, primarily with respect to the US Dollar and AED .
Some Group Companies like Avi-Oil significantly import raw materials and is exposed to foreign exchange risk primarily with
USD & Euro which is not hedged. Similarly BLVL has business transactions involving several currencies exposing it to foreign
currency risk arising from foreign currency receivables and payables which it manages by entering into forward contracts.

Note No. 45
Capital Management

The Group’s capital management objectives are:

- to ensure the Group’s ability to continue as a going concern
- to provide an adequate return to shareholders
The Group monitors capital on the basis of the carrying amount of equity less cash and cash equivalents as presented on the
face of balance sheet.
Management assesses the Group’s capital requirements in order to maintain an efficient overall financing structure while
avoiding excessive leverage. This takes into account the subordination levels of the Group’s various classes of debt. The
Group manages the capital structure and makes adjustments to it in the light of changes in economic conditions and the risk
characteristics of the underlying assets. In order to maintain or adjust the capital structure, the Group may adjust the amount
of dividends paid to shareholders, return capital to shareholders, issue new shares, or sell assets to reduce debt.
93/3/DVXEVLGLDU\RIWKH&RPSDQ\KDVDYDLOHGൠFURUHVDVORDQRXWRIVDQFWLRQHGORDQRIൠFURUHVDWDUDWHRI
8.75% on term Loan and 9.75% on Funded Interest Term Loan (FITL). This loan is secured by first charge on the entire fixed
assets (present and future) of VPLPL and equitable mortgage on the leasehold right of project land. The bankers of VPLPL had
restructured the existing loan outstanding under Reserve Bank of India Resolution Framework for Covid 19 related stress with
moratorium of 24 months and repayment has commenced from September 2022 on quarterly basis.

Particulars As at As at
31-Mar-2023 31-Mar-2022
Total Equity 1,71,198.76 1,62,255.87
Total Assets 2,66,173.36 2,44,532.39
Equity Ratio 64.32% 66.35%

Dividends ൠLQ/DNKV
Particulars As at 31-Mar- As at 31-Mar-
2023 2022
(i) Dividend recognised at the end of the reporting period
)LQDOGLYLGHQGIRUWKH\HDUHQGHG0DUFKRIൠ 0DUFKRIൠ SHUIXOO\ 11,115.25 10,260.23
paid share (net of Dividend Distribution Tax, if any)

(ii) Dividends not recognised at the end of the reporting period

In addition to the above dividends, since year-end, the directors have recommended the payment 12,825.29 11,115.25
RI ILQDO GLYLGHQG RI ൠ   0DUFK  ൠ   SHU IXOO\ SDLG HTXLW\ VKDUH7KLV SURSRVHG
dividend is subject to the approval of shareholders in the ensuing Annual General Meeting.

259
Notes to the Consolidated Financial Statements for the year ended 31st March 2023
Note No. 46
Interest in Other Entities

a) Subsidiary
The group’s subsidiary as at 31 March 2023 is set out below. Unless otherwise stated, it has share capital consisting solely of equity
shares that are held directly by the group, and the proportion of ownership interests held equals the voting rights held by the group.
The country of incorporation or registration is also their principal place of business.

Name of Entity Place of Ownership interest held Ownership held by non-

business/ by the group controlling interests
country of 31 March 31 March 31 March 31 March
incorporation 2023 2022 2023 2022
Visakhapatnam Port Logistics Park Limited India 60% 60% 40% 40%
*Refer Note no. 42.1

(b) Interest in associates and joint ventures

Name of entity Place of business/ % of Relationship Accounting
country of Ownership method
incorporation Interest
Balmer Lawrie (UAE) LLC (Consolidated) United Arab Emirates 49.00% Joint Venture Equity Method
Balmer Lawrie - Van Leer Limited India 47.91% Joint Venture Equity Method
Transafe Service Limited * India 50.00% Joint Venture Refer Note 2.1(b)
Avi Oil India (Private) Limited India 25.00% Associate Equity Method
PT Balmer Lawrie Indonesia Indonesia 50.00% Joint Venture Equity Method
(Total Equity Accounted Investments )

Avi Oil India (Private) Limited is classified as an associate on the basis of the shareholding pattern which leads to significant
influence over the Company by the Holding Company. Further, in Balmer Lawrie (UAE) LLC, Balmer Lawrie - Van Leer Ltd. and
PT Balmer Lawrie Indonesia, both the partners have equal nominee representatives in the Board. These entities are classified as
joint ventures and the Company recognises its share in net assets through equity method except for PT Balmer lawrie Indonesia
since its Networth is negative.
(i) Commitments and contingent liabilities in respect of associates and joint ventures including BL  ൠLQODNKV
Summarised Balance Sheet 31 March 2023 31 March 2022

Capital Commitments 6,105.12 1,001.07

Contingent liabilities
Claims not acknowledged as debts 812.66 952.88
Counter Guarantees 14,167.14 10,403.36
Disputed demands 8,429.33 9,595.28
Toal commitments and contingent liabilities 29,514.25 21,952.59

(c) Summarised financial information for associates and joint ventures

Associate  ൠLQODNKV
Summarised Balance Sheet Avi Oil India Private Limited
31 March 2023 31 March 2022
Current assets 8,047.48 6,707.95
Current liabilities 820.97 786.87
Net current assets 7,226.51 5,921.08

Non-current assets 2,099.31 2,147.54

Non-current liabilities 411.57 512.83
Net non-current assets 1,687.74 1,634.71
Net assets 8,914.25 7,555.79

Joint Ventures  ൠLQODNKV

Summarised Balance Sheet Balmer Lawrie Van Leer
Limited
31 March 2023 31 March 2022
Cash & Cash Equivalents 986.00 450.00
Current assets excluding Cash & cash equivalents 22,161.00 23,222.00
Current Financial liabilities ( excluding Trade payables) 13,247.00 12,862.00
Other Current liabilities 7,737.00 7,318.00
Net current assets 2,163.00 3,492.00

Non-current assets 23,923.00 22,100.00

Non-current Financial liabilities ( excluding Trade payables) 4,159.00 5,672.00
Other Non-current liabilities 497.00 497.00
Net non-current assets 19,267.00 15,931.00
Net assets 21,430.00 19,423.00

260
Notes to the Consolidated Financial Statements for the year ended 31st March 2023
 ൠLQODNKV
Summarised Balance Sheet PT Balmer Lawrie Indonesia Balmer Lawrie (UAE) LLC
(Consolidated)
31 March 2023 31 March 2022 31 Dec 2022 31 Dec 2021
Cash & Cash Equivalents 125.07 188.31 7,194.15 1,445.59
Current assets excluding Cash & cash equivalents 3,040.66 2,946.08 73,546.30 68,110.15
Current Financial liabilities ( excluding Trade payables) 3,229.11 3,191.87 11,876.67 5,987.67
Other Current liabilities 794.34 1,128.23 17,480.91 14,589.77
Net current assets (857.71) (1,185.71) 51,382.87 48,978.30

Non-current assets 1,037.92 1,092.56 32,860.59 25,181.10

Non-current Financial liabilities ( excluding Trade payables) 12.34 19.39 11,537.05 8,253.32
Other Non-current liabilities 187.78 144.69 - -
Net non-current assets 837.82 928.48 21,323.54 16,927.78
Net assets (19.90) (257.23) 72,706.41 65,906.08

Associate  ൠLQODNKV
Summarised Statement of Profit and Loss Avi Oil India Private Limited
31 March 2023 31 March 2022
Revenue 9,125.53 5,371.09
Interest income including other income 115.15 124.41
Cost of Sales 4,644.75 2,383.86
Employee benefits expense 1,132.94 1,075.78
Depreciation and amortisation 306.58 308.72
Interest expense 70.50 71.55
Other expenses 1,004.79 743.09
Income tax expense 466.64 269.82
Profit for the year 1,614.48 642.68
Other comprehensive income ( net of tax ) (4.02) (4.51)
Total comprehensive income 1,610.46 638.17
Dividend received 63.00 22.50

Joint Ventures  ൠLQODNKV

Summarised Statement of Profit and Loss Balmer Lawrie - Van Leer
Limited
31 March 2023 31 March 2022
Revenue 59,097.00 58,289.00
Other Income 300.00 293.00
Interest income - -
Cost of sales 36,096.00 34,484.00
Employee benefit expenses 4,667.00 4,519.00
Depreciation and amortisation 1,684.00 1,651.00
Interest expense 1,247.00 1,241.00
Other expenses 11,953.00 11,645.00
Income tax expense 829.00 1,251.00
Profit for the year 2,921.00 3,791.00
Other comprehensive income 163.00 132.00
Total comprehensive income 3,084.00 3,923.00
Dividend received 516.08 473.07

 ൠLQODNKV
Summarised Statement of Profit and Loss PT Balmer Lawrie Indonesia Balmer Lawrie (UAE) LLC
(Consolidated)
31 March 2023 31 March 2022 31 Dec 2022 31 Dec 2021
Revenue 7,902.39 5,853.82 1,16,993.91 94,103.69
Other Income 149.02 69.35 37.46 12.81
Interest income 7.07 11.72
Cost of sales 6,105.13 4,062.14 86,830.62 69,174.12
Employee benefit expenses 561.12 431.75 12,340.35 12,340.35
Depreciation and amortisation 20.57 24.65 2,318.08 1,726.89
Interest expense 295.36 294.12 848.76 388.04
Other Expenses 848.17 478.79 2,962.11 2,178.94
Income Tax Expense (18.98) 3.83
Profit for the year 240.04 627.89 11,738.52 8,319.88
Other comprehensive income 5.03 11.55 - -
Total comprehensive income 245.07 639.44 11,738.52 8,319.88
Dividend received - - 3,065.11 1,977.11

The networth of PT. Balmer Lawrie Indonesia (PTBLI) continues to be negative, consolidation of its figures is not required as per
IND-AS and consequently has not been consolidated further as per Ind AS requirements.

261
 Notes to the Consolidated Financial Statements for the year ended 31st March 2023

262
Additional Information to Consolidated Financial Statements for the year ending 31.03.2023  ൠLQODNKV
Net Assets i.e., total
Share in Other Share in total
assets minus total Share in profit or Loss
Comprehensive Income Comprehensive Income
liabilities
Name of the Entity in the Group
As a % of As a % of consolidated As a % of total
As a % of consolidated
consolidated Amount Amount Other comprehensive Amount comprehensive Amount
profit or loss
net Assets Income Income
1 2 3 4 5 6 7 8 9

Parent 65.28% 1,11,763.81 70.04% 11,741.71 110.04% (632.05) 68.62% 11,109.65

Subsidiary

Indian

Visakhapatnam Port Logistics Park Limited 2.74% 4,689.14 -3.77% (632.58) - - -3.91% (632.58)

Non Controlling Interest in the subsidiary 1.83% 3,126.09 -2.52% (421.73) - - -2.61% (421.73)

Associates (Investment as per Equity Method)

Indian

Avi-Oil India Private Limited 1.30% 2,228.56 1.80% 302.04 0.13% (0.75) 1.86% 301.28

Joint Ventures ( Investment as per Equity Method)

Indian
Balmer Lawrie - Van leer Limited 6.00% 10,267.11 6.25% 1,047.24 -10.17% 58.44 6.83% 1,105.68

Foreign

1. Balmer Lawrie (UAE) LLC (Consolidated) 22.85% 39,124.05 28.20% 4,726.82 - - 29.20% 4,726.82
2. PT Balmer Lawrie Indonesia - - - -

Net worth of PTBLI is negative.

Hence no consolidation has been done

Total 100.00% 1,71,198.76 100.00% 16,763.50 100.00% (574.38) 100.00% 16,189.12

 OFFICE & PLANT LOCATIONS
Address: 21, Netaji Subhas Road, Kolkata - 700 001
REGISTERED OFFICE Phone : +91 033 22225218 /230
Website : www.balmerlawrie.com
INDUSTRIAL PACKAGING
5, J N Heredia Marg, Ballard Estate,
Mumbai - 400 001
Phone: 0091 22 66258182
Mumbai SBU Office
Mobile 9840487778
E -Mail: balaji.nv@balmerlawrie.com
Plot No. G-15, G-16, G-17, M.I.D.C. Industrial Area,
Village: Padge, Taluka: Panvel,
Manufacturing Dist.- Raigad, Maharashtra - 410 208
Navi Mumbai
Unit Mobile 7718831931/ 8097292117
E-Mail: lader.kk@balmerlawrie.com
Survey 23/1/1, Khadoli, Surangi Road, Silvassa - 396 230,
Manufacturing
U.T. of Dadra & Nagar Haveli and Daman & Diu,
Unit
Silvassa Mobile 9167996623
E-Mail: mitra.a@balmerlawrie.com
Plot no.727 GIDC, Savali Industrial Estate,
Manjusar (Near Bombardiar Circle), Vadodara 391 775
Manufacturing Phone : 022-66258187
Vadodara
Unit Mobile : 9445003315
E-Mail: menon.pv@balmerlawrie.com
G-5-9 Stop-N-Plaza, Near Offtel Tower, R C Dutt Road,
Alkapuri, Vadodara - 390 007, Gujarat,
Phone: 022-66258187
Vadodara Sales Office
Mobile 9445003315
E-Mail: menon.pv@balmerlawrie.com
1st Floor, NBCC Center, Plot No. 2 Community Center,
Okhla Phase I, New Delhi-110 020,
Phone: 011 49997304
New Delhi Sales Office
Mobile: +91 8826992428
E-Mail: malik.r@balmerlawrie.com
Village Piyala, Post Asaoti, Faridabad, Haryana - 121 102,
Manufacturing
Asaoti Mobile 9831635588
Unit
E-Mail: mishra.r@balmerlawrie.com
P-43, Hide Road Extension, Kolkata - 700 088,
West Bengal,
Kolkata Stock Point Phone: 022-66258187
Mobile: +91 9445003315
E-Mail: menon.pv@balmerlawrie.com
32, Sattangadu Village, Thiruvottiyur, Manali Road,
Chennai - 600068,
Manufacturing Phone: 0091 044 25946641
Chennai
Unit Mobile: +91 9972588002
E-Mail: kumar.mu@balmerlawrie.com
62, Patnam (Village & Post), Thavanan Palli,
Mandal, Chittoor – 517131, Andhra Pradesh,
Manufacturing
Chittoor Phone: 0091 044 25946641 / 08573 281077 / 088
Unit
Mobile: +91 9972588002
E-Mail: kumar.mu@balmerlawrie.com

263
GREASES & LUBRICANTS
Commercial Motors, Commercial House, No: 8, MTB Road,
C&F Journalist Colony, Bengaluru - 560 058, Karnataka,
Bengaluru
Depot Mobile: +91 8199900630
E-Mail: sengupta.s@balmerlawrie.com
32, Sattangadu Village, Thiruvottiyur,
Manali Road, Manali, Chennai - 600 068, Tamil Nadu,
Chennai Manufacturing
Phone: 91 044 2594 6632/ 6620
Unit
E-Mail: ahire.pd@balmerlawrie.com
Balmer Lawrie House,
628, Anna Salai, Teynampet, Chennai - 600 018, Tamil Nadu,
Chennai Marketing
Phone: +91 044 24302503 / 504
Office
E-Mail: saha.mk@balmerlawrie.com
32, Sattangadu Village,
Thiruvottiyur, Manali Road, Manali,
C&F
Chennai Chennai - 600 068, Tamil Nadu
Depot
Mobile: +91 8199900630
E-Mail: sengupta.s@balmerlawrie.com
5/245, Thadagam Main Road, Kanuvai, Coimbatore - 641 108,
C&F Tamil Nadu
Coimbatore
Depot Mobile: +91 8199900630
E-Mail: sengupta.s@balmerlawrie.com
Casper India Pvt Ltd,
Behind Quality Coke Industries, NPS School By Lane,
C&F Lokhra Lalungaon, Betkuchi
Guwahati
Depot Guwahati – 781034
Mobile: +91 8199900630
E-Mail: sengupta.s@balmerlawrie.com
C/o. Shree Mahavir Secure Logistics Pvt. Ltd.,
Plot No. 6, Block No.33, Water Tank Road, Autonagar,
C&F
Hyderabad – 500 070, Telangana,
Hyderabad Depot
Mobile: +91 8199900630
E-Mail: sengupta.s@balmerlawrie.com
Ganganagar Motors Ltd., 1, Transport Nagar,
C&F Jaipur – 302004, Rajasthan,
Jaipur Depot Mobile: +91 8199900630
E-Mail: sengupta.s@balmerlawrie.com
P-43, Hide Road Extension, Kolkata – 700 088,
West Bengal,
Manufacturing
Kolkata Phone: 033 24500126
Unit
E-Mail: nayeek.u@balmerlawrie.com
P-43, Hide Road Extension, Kolkata – 700 088,
West Bengal,
Marketing
Kolkata Phone: 033 24500160
Office
E-Mail: singh.rajeev@balmerlawrie.com
P-43, Hide Road Extension, Kolkata – 700 088,
Application
West Bengal,
Research
Kolkata Phone: 033 24500168
Laboratory
E-Mail: vijayabaskar.v@balmerlawrie.com
P-43, Hide Road Extension, Kolkata – 700 088,
C&F West Bengal,
Kolkata
Depot Mobile: +91 8199900630
E-Mail: sengupta.s@balmerlawrie.com

264
 Balmer Lawrie building,
5, J. N. Heredia Marg, Ballard Estate,
Marketing Mumbai - 400 001, Maharashtra,
Mumbai
Office Phone: +91 022 66258155
Mobile: 09878645496
E-Mail: awasti.m@balmerlawrie.com
1st Floor, NBCC Center, Plot No. 2, Community Center,
Pocket A, Okhla Phase I, Okhla Industrial Area,
New Delhi Marketing New Delhi - 110 020, U.T. Delhi,
Office Mobile: +91 7875734629
E-Mail:dubey.bk@balmerlawrie.com
10, Aditya Shagun Mall, Bawadhan Kurd,
NDA-Pashan Road,
Marketing Pune - 411 021, Maharashtra,
Pune
Office Mobile: +91 9403745382
E-Mail: gundawar.s@balmerlawrie.com
Aronis Engineers Limited,
Meera Logistics and Warehousing,
C&F
Pune Survey no. 163 part, Fursungi, Pune – 412308
Depot
Mobile: +91 8199900630
E-Mail: sengupta.s@balmerlawrie.com
C/o. Shree Mahavir Secure Logistics (P) Ltd.,
Kh. No. 18/4, 18/59 to 67, Behind Banjari Mandir Urkura,
C&F
Bilaspur Road, Raipur - 493 202, Chhattisgarh,
Raipur Depot
Mobile: +91 8199900630
E-Mail: sengupta.s@balmerlawrie.com
Global Sales,
57 & 59, R. S. Plot - 2065 & 2083,
C&F Khata No.599, Van Vrindavan,
Ranchi
Depot Boreya Road, Morabadi, Ranchi – 834009
Mobile: +91 8199900630
E-Mail: sengupta.s@balmerlawrie.com
201/1, Sayli Rakholi Road, Silvassa - 396 230,
Union Territory: Dadra & Nagar Haveli and Daman & Diu
Manufacturing
Silvassa Mobile: +91 9099084731 / 8980795254
Unit
E-Mail: das.kc@balmerlawrie.com
C/o Sarvottam Lubricants,
Shree Ganesh Bhavan, Opp. Jagatpur College Ground,
C&F
Jagatpur, Varanasi – 221 301, Uttar Pradesh,
Varanasi Depot
Mobile: +91 8199900630
E-Mail: sengupta.s@balmerlawrie.com
Himalaya Enterprises,
Transport Nagar, Opp. GSFC Nagar Gate,
C&F
Vadodara Post Fertilizer Nagar, Vadodra-391750
Depot
Mobile: +91 8199900630
Email: sengupta.s@balmerlawrie.com
G-5-9, Stop-N-Shop Plaza, RC Dutt Road, Alkapuri,
Marketing Vadodara-390007,Gujarat
Vadodara
Office Phone: +91 9099973379
Email: sengupta.s@balmerlawrie.com

265
COLD CHAIN
Eastern Region
Temperature Plot No. 5 & 13 (P), IDCO Industrial estate,
Controlled Chhatabar, Khorda, Odisha - 752054,
Odisha Warehouse Mobile: +91 6291868527
(TCW) E-Mail: banerjee.sameek@balmerlawrie.com
Western Region
Plot No: F-9/5, Additional Patalganga, MIDC,
Temperature Chawne Village, District – Raigad,
Controlled Maharashtra- 410220
Navi Mumbai
Warehouse Mobile: +91 9702810327
(TCW) E-Mail: sargar.as@balmerlawrie.com
5, J N Heredia Marg, Ballard Estate, Mumbai - 400 001,
Phone: +912266258187
SBU
Mumbai Mobile: 9987499905
Office
E-Mail: gupta.amlan@balmerlawrie.com
Northern Region
Temperature Plot No. 1924 & 1924 A, HSIIDC, Rai Industrial Area,
Controlled Phase - II, Sector - 38, Sonepat, Haryana - 131 029
Haryana Warehouse Mobile: +91 8178097025
(TCW) E-Mail: anand.t@balmerlawrie.com
Southern Region
Survey No: 833, Kistapur Road,
Temperature Medchal - Village and Mandal,
Controlled Medchal + Malkajgiri Dist. - 501 401, Telangana
Telengana
Warehouse Mobile: +91 96765 05656
(TCW) E-Mail: addagiri.n@balmerlawrie.com

LOGISTICS INFRASTRUCTURE
Eastern Region
Container Freight Station (CFS),
Container P-3/1, Transport Depot Road,
Kolkata Freight Station Kolkata – 700088
(CFS) Phone: 033 – 24498355
Email id: basu.prasant@balmerlawrie.com
P-43 Hide Road Extn,
Warehousing
Kolkata - 700088, West Bengal
Kolkata and Distribution
Phone: 033-2450 0138
(W&D)
Email id: sett.a@balmerlawrie.com
1, Sonapur Road,
Warehousing
Kolkata - 700088, West Bengal,
Kolkata and Distribution
Phone: 033 24506824
(W&D)
Email: sett.a@balmerlawrie.com
Visakhapatnam Port Logistics Park Limited,
Multimodal Mulagada Village, Near Mindi Railway Siding, Visakhapatnam,
Visakhapatnam Logistics Hub Andhra Pradesh - 530012
(MMLH) Mobile: +91 96001 55545
Email : raghupathi.r@balmerlawrie.com
Central
APMZ Campus, Pragati Maidan, VM Steel Project S.O.,
Warehousing
Visakhapatnam, Andhra Pradesh – 530031,
Visakhapatnam Andhra Pradesh
Mobile: +91 99940 42259
Med Tech Zone
Email : n.manikandan@balmerlawrie.com
(AMTZ)

266
Western Region

Container Sector: 7, Plot No: 1, Dronagiri Node,

Navi Mumbai – 400707,
Navi Mumbai Freight Station
Phone: +91 9768143660
(CFS) Email id: raghavan.r@balmerlawrie.com
Southern Region
Container Freight Station (CFS),
Container 32, Sathangadu Village, Manali,
Chennai Freight Station Chennai – 600068,
(CFS) Phone: 044-25941647 / 044-25941813
Email id: loganathan.s@balmerlawrie.com
Warehousing 5/245, Thadagam Main Road, Kanuvai,
and Coimbatore - 641 108, Tamil Nadu,
Coimbatore
Distribution Phone: +91 422- 2400342
(W&D) Email id: coimbatore.wd@balmerlawrie.com

LOGISTICS SERVICES

Eastern Region
21, Netaji Subhas Road, Kolkata - 700 001,
Phone: +91 33 22134658, 2222 5456
Branch Fax: +91 033 2222 5282
Kolkata
& SBU Office E-Mail: guha.ss@balmerlawrie.com /
dugar.sushil@balmerlawrie.com
No. 2 Airport gate, Motilal Colony,
Sabutola, P.O. Rajbari,
Kolkata - 700 081, West Bengal.
Kolkata Airport Office
Phone: +91 33 2512 3008
E-Mail: kulsi.anupam@balmerlawrie.com
30-15-154/4F2, 4th Floor,
GKP heavenue, Dabagardens Main Road,
Visakhapatnam - 530 020,
Phone: +91 891 2564922 /2564933
Visakhapatnam Fax: +91 891 256 9305
Branch Office
PIC: Mr. Mohan Gugloth
Mobile: +917729875755
E-Mail: vizag.ls@balmerlawrie.com;
gugloth@balmerlawrie.com
Western Region
101, 102, 103 ASCOT Centre, Next to Hilton Hotel,
D P Road, Andheri (E),
Mumbai - 400 099, Maharashtra.
Regional Head Phone: +91 22 68490800 / 68490802
Mumbai
Office Fax: +91 22 28364311
E-Mail: pote.k@balmerlawrie.com /
sonawane.db@balmerlawrie.com
Sector 7, Plot Nbr 1, Post Box nbr: 8, Dronagiri NODE,
Nava Shewa- Navi Mumbai - 400707, Maharashtra.
Mumbai Port Office Phone: +91 22 2740151, 22 27240038
E-Mail: sumeshbabu.kt@balmerlawrie.com

267
 808, Samedh, Beside Indian Oil Petrol Pump,
Chimanlal Girdharlal Road, Ahmedabad,
Gujarat - 380 009
Phone: +91 79 2646 4745 / 4746
Fax: +91 079 2646 4774
Ahmedabad Branch Office
PIC: Ravindra Kumar
Mobile: +91 9866554608
E-Mail: kumar.r@balmerlawrie.com /
verma.s@balmerlawrie.com
Mobile: +91 9870328880
E-Mail: ls.goa@balmerlawrie.com;
Goa Home Office
gaikwad.np@balmerlawrie.com
10, Aditya Shagun Mall, Bavadhan Khurd,
NDA-Pashan Road, Pune - 411 021,
Pune Branch Office Phone: +91 20 66750756 / 66750757
E-Mail: padwale.vm@balmerlawrie.com
Northern Region
NBCC Tower, 1st Floor, Okhla Phase I,
New Delhi - 110 020,
Regional Head Phone: +91 11 42524163 / 42524176
New Delhi
Office Fax: +91 11 42524161
E-Mail: piyush.s@balmerlawrie.com
Godown No. 14 & 18, ACCAI Complex,
IGI Airport, New Delhi -110037
Phone: +91 11 25652487, 25654241, 25655231
New Delhi Airport Office
Fax: +91 11 25653086
E-Mail: darbari.s@balmerlawrie.com
2A/1A, AL-Badar Compound Near Supreme Petrol pump,
Jajmau, Kanpur-208010, Uttar Pradesh
Phone: +91 512 2400629
Fax: +91 512 2400630
Kanpur Branch Office
PIC: Mr. Sadanand Mishra
Mobile:+91 9717617383
E-Mail: mishra.sadanand@balmerlawrie.com
FL 163, Deendayal Nagar, Gwalior,
Madhya Pradesh - 474020,
PIC: Mr. Sanjay Srivastava
Gwalior Branch Office
Mobile: + 91 9630437077
E-Mail: gwalior.ls@balmerlawrie.com
Building #153, Room no.2, 2nd Floor
Street no.9,Opp. Urban Estate Nursery,
Jeevan Nagar, Focal Point,Ludhiana-141010,Punjab
Ludhiana Branch Office
PIC: Mr.Dinesh Kumar
Mobile:+919316044555
Email: kumar.dinesh1@balmerlawrie.com
Southern Region
342, Konena, Agrahara, Old Airport Exit Road,
HAL Post, Bengaluru - 560 017,
Mobile: +91 80 25222454/7221/4128,
Regional +91 983 1186308
Bengaluru
Head Office Fax: +91 80 25227231
E-Mail: sita.v@balmerlawre.com
choudhury.arpan@balmerlawrie.com

268
 Room No. 151, Bldg Code-C 25,
Bangalore International Airport, Bangalore,
Phone :+91 80 42045297, +91 9844344709
Bengaluru Airport Office
E-Mail: zende.m@balmerlawrie.com
anantharaman.r@balmerlawrie.com
Dreams Arcade, Door No: 60/397 D1, Parambithara Road, Near
Atlantis Railway Gate, Panampilly Nagar, Kochi – 682036,
Phone : + 91 484 2351025/2350124;
Kochi Branch Office Mobile: +91 9895066568
Fax: +91 484 2351026
E-Mail: saritha.ks@balmerlawrie.com
st
SivadaTower,1 Floor, SNNRA 17,
Pettah, Thiruvananthapuram – 695 024,
Phone: +91 471 2463713 / 2463477 / 2465483 / 2464476;
Thiruvananthapuram Branch Office Mobile:+91 7022904949
Fax: +91 471 2465483
E-Mail: solomon.tt@balmerlawrie.com
thivagar.v@balmerlawrie.com
628, Anna Salai,Teynampet, Chennai - 600 018,
Phone: +91 44 24302463
Chennai Branch Office Fax: +91 44 24348066
E-Mail: thiyagarajan.j@balmerlawrie.com
st
4B/A-28, 1 Floor, Mangal Mall, Mani Nagar,
Palayamkotal Road, Tuticorin - 628 003
Phone: +91 0461 2320803
Tuticorin Branch Office PIC: P.M Palvannan;
Mobile: +91 9892560076
Email: palvannan.pm@balmerlawrie.com
5/245, Thadagam Main Road, Kanuvai, Coimbatore - 641 108,
Phone: +91 422 2405527
PIC: Drupadan T,
Coimbatore Branch Office
Mobile:+91 9042434567
E-Mail: lcbe.ls@balmerlawrie.com
301, Regency House, 680, Somajiguda,
Hyderabad - 500082,
Phone: +91 40 23415272
Hyderabad Branch Office
Mobile:+91 9967011760
E-Mail: balaraj.k@balmerlawrie.com
Room No. 151, Satellite Building, Shutter No.-08,
Near Air Cargo Complex Hyderabad Airport, Samshabad,
Hyderabad
Hyderabad Airport Office
Phone: +91 40 24008244
E-Mail: airexhyd@balmerlawrie.com
hydcha.balmer@balmerlawrie.com

CHEMICALS
32, Sattangadu Village, Manali, Chennai - 600 068,
Manufacturing
Phone: +91 44 25946500
Unit
Chennai E-Mail: makan.r@balmerlawrie.com
& SBU Office
Product 32, Sattangadu Village, Manali, Chennai - 600 068,
Chennai Development Phone: +91 44 25946604
Center E-Mail: janardhanan.r@balmerlawrie.com

269
 “Balmer Lawrie House”,
628, Anna Salai, Teynampet,
Chennai Marketing Chennai - 600 018,
Office Phone: +91 44 24302401 / +91 9831498126
E-Mail: chaudhuri.j@balmerlawrie.com
4/172, Gudiyatham Road, Thuthipet,
Ambur - 635 802, Thirupathur, District,
Technical
Ambur & Vaniyambadi Tamil Nadu,
Service Centre
Phone: +91 4174 244468 / +91 9940664085
E-Mail: raju.s@balmerlawrie.com

2A/1(A) Jajmau, Near Supreme Petrol Pump, Kanpur – 208010,

Technical Uttar Pradesh
Kanpur
Service Centre Phone: +91 9935061087 (M)
E-Mail: sinha.k@balmerlawrie.com
Kolkata Leather Complex, Zone Number 1,
Plot No. 63A, 24 Parganas (South),
Technical PIN Code - 743 502,
Kolkata
Service Centre Phone: +91 9007148888/+91 9836814336
E-Mail: chandra.ak@balmerlawrie.com
135 & 136, 1st Floor, SIDCO Industrial Estate, SIPCOT,
Ranipet - 632 403, Tamil Nadu
Technical
Ranipet Phone: +91 4172 245018
Service Centre
E-Mail: saravananakumar.v@balmerlawrie.com
No. 52-A, First Floor, Sri Saraswati Muthupalaniyappa Nagar,
Technical Service Anna Salai, Nagalkeni, Chromepet, Chennai - 600 044
Chromepet, Chennai
Centre Mobile:+91 98405 50155
E-Mail: nagarajan.k@balmerlawrie.com

TRAVEL
Balmer Lawrie & Co. Ltd.,
Ahmedabad Branch Office 808, Samedh Complex,
Beside Associated Petrol Pump,
C. G. Road, Ahmedabad – 380009, Gujarat.
Phone: +91 079 26464771,76,73
E-Mail: charan.ps@balmerlawrie.com
1, Ground Floor, Batra Centre, 27 & 27/1,
Bengaluru Branch Office Ulsoor Road, Bengaluru - 560 042,
Phone: +91 080-25321533/34/, 25581004/6/7/8
Fax: +91 080 25580090
E-Mail: singh.dk@balmerlawrie.com
Plot No.: Q (1st Floor), Unit-III, Janpath, Kharvelnagar,
Bhubaneswar Satellite Bhubaneswar- 751001,
Office Phone: +91 6742536225/178/154,
Fax:+91 674 2536186
E-mail: basu.s@balmerlawrie.com
Balmer Lawrie House,
Chennai Branch Office 628, Anna Salai, Teynampet, Chennai - 600 018,
Phone: +91 044 24302598 / 24302599
Fax: +91 044 24342579
E-Mail: sharma.hk@balmerlawrie.com
302, Regency House, 680, Somajiguda, Hyderabad - 500 082
Hyderabad Branch Office Phone: +91 040 23400642 , 23403067, 23412830
Fax: +91 040 23406399
E-Mail: mathur.mk@balmerlawrie.com

270
 Shop No. 8, HAL Township Marketing Complex,
Kanpur Satellite Near Ramadevi Chauraha, Kanpur – 208007
Office Phone: +91 0512 2455181 / 2455206
E-Mail: tiwari.a@balmerlawrie.com
21, Netaji Subhas Road, Kolkata - 700 001
Kolkata Branch Office Phone: +91 33 22225266/5211
E-Mail: basu.s@balmerlawrie.com
GF-8, Ratan Square, 20A, Vidhan sabha Marg,
Lucknow - 226 001
Lucknow Branch Office Phone: +91 0522 4931700-708
E-Mail: tiwari.a@balmerlawrie.com
th
4 Floor, Balmer Lawrie Building,
5, J N Heredia Marg, Ballard Estate,
Mumbai - 400 001
Mumbai Branch Office Phone: +91 022 6636-1111-14
Fax: +91 022 6636-1110
E-Mail: karangutkar.t@balmerlawrie.com
NBCC Centre, First Floor, Plot no. 2, Okhla Phase 1,
New Delhi Branch Office New Delhi - 110020
Phone: +91 011 46412201-11
Fax: +91 011 46412235
E-Mail: Saikia.r@balmerlawrie.com
97, M G Road, Middle Point, 1st Floor, Port Blair - 744 101
Port Blair Satellite Phone: +91 03192 240045 / 048, 9474273464, 9474208178
Office E-Mail: basu.s@balmerlawrie.com
SRL-A24, Anugraha, Sankar Road, Sasthamangalam, Trivandrum,
Kerala - 695010
Phone: +91 0471-2314998, 0471-2314980,
Thiruvananthapuram Branch Office
0471-2314981, 0471-2723931
Fax: +91 0471 2315201,
E-Mail: mishra.v@balmerlawrie.com
Survey No. 1P/2P, Near Mindi Rail Siding,
Visakhapatnam- 530012,
Satellite Phone: +91 0891 2890815
Visakhapatnam
Office Fax: +91 0891 2569305
E-Mail: mathur.mk@balmerlawrie.com
Ground Floor, Stop-N-Shop Plaza, 5-9, R C Dutt Road, Alkapuri,
Vadodara - 391 007,
Vadodara Branch Office Phone: +91 0265 2353775 / 2340196 / 2340514 / 2364267
Travel: +91 0265 2314835
E-Mail: chandiwala.mv@balmerlawrie.com
VACATIONS
Balmer Lawrie House,
No. 628, Anna Salai, Teynampet, Chennai – 600 018,
Chennai Branch Office
Phone: +91 44 4211 1900
Email: g.dinoh@balmerlawrie.com
1st Floor, NBCC Center,
Plot No. 2, Community Center,
Pocket A, Okhla Phase I, Okhla Industrial Area,
Delhi Branch Office New Delhi – 110020,
Phone: +91 11 4252 4112
Email: nautiyal.v@balmerlawrie.com
prakash.o@balmerlawrie.com

271
 Ground Floor – G5 & G6, Tourism Plaza,
GMC Balayogi Paryatak Bhavan,
Green Lands Road, Begumpet,
Hyderabad Branch Office
Hyderabad, Telangana - 500016
Phone: +91 40 4012 6565
Email: anand@balmerlawrie.com
21, Netaji Subhas Road, Kolkata – 700 001, West Bengal
Phone: +91 33 2222 5555
Kolkata Branch Office
Email: snahansu.p@balmerlawrie.com

4th Floor, Balmer Lawrie Building, 5 J N Heredia Marg,

Ballard Estate, Mumbai – 400 001, Maharashtra
Mumbai Branch Office Phone: +91 22 4214 3333
Email: leera@balmerlawrie.com
ashar.d@balmerlawrie.com
1, Ground Floor Batra Centre,
27 & 27/1 Ulsoor Road, Bengaluru – 560 042, Karnataka
Bengaluru Branch Office
Phone: +91 80 2558 0090
Email: badiger.n@balmerlawrie.com

REFINERY & OIL FIELD SERVICES

21, Netaji Subhas Road, Kolkata - 700 001,
West Bengal
Kolkata SBU Office Phone: +91 033-22225627/ 033-22225280
E-Mail: rofs.marketing@balmerlawrie.com

272
 State for Petroleum and
Shri Rameswar Teli, Hon’ble Minister of
Empl oyme nt, GOI virtually inaugurated
conducted virtually on Natural Gas & Labour and
The 105th Annual General Meeting was e-art Cold Chain Unit at Bhubaneswar, Odisha
2022 . In view of the COVI D-19 pandemic, the any was celebrated on the new state -of-th
27th Septe mber
The 157th Foundation Day of the Comp Delhi. The entire event
virtu ally. on 29th July 2022 from Shastri Bhavan, New
AGM was conducted 1st February 2023. team of Vacations Exotica.
was organised by the in-house MICE

an award by Dun &

Balmer Lawrie was presented with
t ‘PSU and Government winner of the highest
Bradstreet durin g its flagship even SBU: Industrial Packaging was the The 25th Anniversary celebrations of
Greases & Lubricants,
September 2022 in New Delhi, lity Impl ementer’ given away ises on 18th March
Summit 2022’ held on 29th category award, ‘Top Sustainabi Silvassa was organised at the plant prem
whic h PSUs (inco rporated on or before 1947) who Energ ies at the Supp liers’ Conf erence organised in
during by Total 2023.
journey were felicitated.
played a critical role in India’s growth Mumbai on 10th Nove mber 2022 .

facturer – Chemicals’
Balmer Lawrie won the ‘Best Manu Balmer Lawrie was declared winner
in two categories viz.
d in the Manu factu ring Secto r category of the HMT V and “Best Warehouse
Awar
award was given away Balmer Lawrie was awarded the prest
igious “Best Logistics “Logistics Visionary Team of the Year”
Business Excellence Awards 2022. The Eastern Star Awards on Year” of the Ware hous e & Supp ly Chain Leadership
darar ajan, Hon’ ble Governor of Telan- Company of the Year” award at the of the
Business Media
by Ms. Tamilisai Soun Awards 2022 prese nted by M/s Kryp ton
gana at Hyderabad on 29th Octo ber 2022 . 24th February 2023. on 10th June 2022 at Mum bai.
Private Limited

ocarbons (DGH),
Meet for Direc torate General of Hydr
0 sqft state-of-the-art successfully organised the Investors and Natural Gas &
Balmer Lawrie unveiled its new 43,00 Balmer Lawrie - Vacations Exotica Puri, Hon’ ble Minis ter of Petro leum
ht Station, Kolkata on on in July 2022. Shri Hardeep Singh
warehousing facility in Cont ainer Freig MOPNG, GOI in hybrid mode at Lond t virtually from Shastri Bhavan, New
Delhi.
Urba n Affai rs, GOI joine d the even
3rd May 2022. Housing and
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Balmer Lawrie Balmer Lawrie

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PT Balmer Lawrie AVI-Oil

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A Miniratna I PSE
(Under Ministry of Petroleum & Natural Gas)

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Registered Office: Balmer Lawrie & Co. Ltd., 21, N. S. Road, Kolkata 700 001. Tel: 033-2222 5329
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