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India Glycols Limited

Thirty FirstAnnual Report

2014-15

IGL Balance Sheet 2015.indd.indd 1 7/25/2015 6:03:00 PM

Forward-looking statement

Across the pages

• Corporateinformation 1

• Notice 2

• Board’sReport 9

• ManagementDiscussion&Analysis 38

• ReportonCorporateGovernance 43

• IndependentAuditors’Report 54

• BalanceSheet 58

• StatementofProfit&Loss 59

• CashFlowStatement 60

• NotestotheAccounts 61

• IndependentConsolidatedAuditors’Report 89

• ConsolidatedBalanceSheet 94

• ConsolidatedStatementofProfit&Loss 95

• ConsolidatedCashFlowStatement 96

• NotestoConsolidatedFinancialStatements 97

In thisAnnualReportwehavedisclosed forward-looking information toenable investors tocomprehendourprospectsand takeinformedinvestmentdecisions.Thisreportandotherstatements-writtenandoral-thatweperiodicallymakecontainforward-lookingstatementsthatsetoutanticipatedresultsbasedonthemanagement’splansandassumptions.Wehavetriedwhereverpossibletoidentifysuchstatementsbyusingwordssuchas‘anticipate’,‘estimate’,‘expects’,‘projects’,‘intends’,‘plans’,‘believes’,andwordsofsimilarsubstanceinconnectionwithanydiscussionoffuturepeformance.

Wecannotguaranteethattheseforwardlookingstatementswillberealised,althoughwebelievewehavebeenprudentinassumptions.Theachievementofresultsissubjecttorisks,uncertaintiesandeveninaccurateassumptions.Shouldknownorunknownrisksoruncertaintiesmaterialise,orshouldunderlyingassumptionsproveinaccurate,actualresultscouldvarymateriallyfromthoseanticipated,estimatedorprojected.Readersshouldbearthisinmind.

Weundertakenoobligationtopubliclyupdateanyforward-lookingstatements,whetherasaresultofnewinformation,futureeventsor otherwise.



31st Annual Report 2014-15 | 1

CorporateInformation

BoardofDirectorsU.S.Bhartia Chairman&ManagingDirector

JayshreeBhartia Director

PradipKumarKhaitan Director

JitenderBalakrishnan Director

RaviJhunjhunwala Director

JagmohanN.Kejriwal Director

R.C.Misra Director

M.K.Rao ExecutiveDirector

AuditCommitteeR.C.Misra Chairman

JagmohanN.Kejriwal

Pradip Kumar Khaitan

M.K. Rao

Stakeholders’RelationshipCommitteeR.C.Misra Chairman

U.S. Bhartia

JagmohanN.Kejriwal

ChiefExecutiveOfficerRakesh Bhartia

ChiefFinancialOfficerAnand Singhal

CompanySecretaryLalit Kumar Sharma

Statutory AuditorsLodha&Co.,CharteredAccountants

CostAuditorsR.J.Goel&Co.,CostAccountants

BankersStateBankofIndia

StateBankofPatiala

AxisBankLimited

PunjabNationalBank

UnionBankofIndia

IDBIBankLtd.

StateBankofHyderabad

StateBankofTravancore

StateBankofBikanerandJaipur

RegisteredOfficeIndia Glycols LimitedCIN:L24111UR1983PLC009097A-1,IndustrialArea,BazpurRoad,Kashipur-244713Distt.UdhamSinghNagar,UttarakhandPhone:+915947269000/269500/275320Fax :+915947275315/269535Website:www.indiaglycols.comE-mail : [email protected]

CorporateOffice3A,ShakespeareSarani,Kolkata - 700 071

HeadOfficePlotNo.2B,Sector-126,NOIDA-201304Distt.GautamBudhNagar,Uttar Pradesh

Registrars&TransferAgentsMCSLimitedF-65,OkhlaIndustrialAreaPhase-INewDelhi-110020


2 | 31st Annual Report 2014-15


NoticeandsubjecttoallotherapplicableRules,Regulationsand Guidelines of the Securities and ExchangeBoard of India (“SEBI”), the applicable provisionsof Foreign Exchange Management Act, 1999(“FEMA”),ForeignExchangeManagement(Transferor Issue of Security by aPersonResidentOutsideIndia)Regulation, 2000, Issue of ForeignCurrencyConvertible Bonds and Ordinary Shares (ThroughDepositoryReceiptMechanism)Scheme,1993andinaccordancewiththerules,regulations,guidelines,policies, notifications, circulars & clarificationsissued / to be issued thereon by the Governmentof India (“GOI”), Reserve Bank of India (“RBI”),SecuritiesandExchangeBoardofIndia(“SEBI”),theDepartmentofIndustrialPolicy&Promotion,Ministryof Commerce & Industry (“DIPP”), the ForeignInvestment Promotion Board (“FIPB”), the Ministryof Finance (Department of Economic Affairs) and /or any other Regulatory / Statutory Authorities and/orotherAuthorities/Institutions/Bodies(hereinaftersinglyorcollectively referred toas the “AppropriateAuthorities”)andinaccordancewiththeprovisionsintheMemorandumandArticlesofAssociationof theCompany and the Listing Agreements entered intoby the Company with the Stock Exchanges wherethe shares of the Company are listed and subjectto such approvals, consents, permissions andsanctions of the Appropriate Authorities concernedand subject to such conditions and modifications,asmaybeprescribedbyanyofthemwhilegrantingsuchapprovals,consents,permissionsandsanctionswhichmaybeagreedtobytheBoardofDirectorsoftheCompany(“Board”)(whichtermshallbedeemedtoincludeanyCommitteewhichtheBoardmayhaveconstitutedorhereinafterconstituteforexercisingthepowersconferredontheBoardbythisresolution),theCompanybeandisherebyauthorizedtoissue,offerandallot(includingwithprovisionsforreservationonfirmand/orcompetitivebasis,ofsuchpartofissueandforsuchcategoriesofpersonsasmaybepermitted),inthecourseofoneormoredomesticorinternationaloffering(s) with or without Green Shoe option,includingbywayofaqualifiedinstitutionalplacementunder Chapter XIII A of the SEBI (Disclosureand Investor Protection) Guidelines, 2000 (“SEBIGuidelines”),toeligibleinvestors(whetherornotsuchinvestorsaremembersoftheCompany,orwhetherornotsuchinvestorsareIndianorforeign,includingqualifiedinstitutionalbuyerssuchaspublicfinancialinstitutions, scheduled commercial banks, mutualfunds,foreigninstitutionalinvestors,multilateralandbilateral development financial institutions, venturecapitalfunds,foreignventurecapitalinvestors,stateindustrial development corporations, insurance

NOTICE is hereby given that the Thirty First AnnualGeneralMeetingofthemembersofIndiaGlycolsLimitedwill be held on Friday, the 28th day of August, 2015 at12.30 p.m. at theRegisteredOffice of theCompany atA-1, Industrial Area, Bazpur Road, Kashipur-244 713,DistrictUdhamSinghNagar,Uttarakhandtotransactthefollowingbusiness:

ORDINARY BUSINESS1. Toreceive,considerandadopt:

(a) the Audited Financial Statements of theCompanyforthefinancialyearendedMarch31,2015,togetherwiththeReportsoftheBoardofDirectorsandAuditorsthereon;and

(b) theAuditedConsolidatedFinancialStatementsof the Company for the financial year endedMarch31,2015,togetherwiththeReportsoftheAuditors thereon.

2. To appoint a Director in place of Smt. JayshreeBhartia(DIN:00063018),whoretiresbyrotationandbeingeligible,offersherselfforre-appointment.

3. ToappointStatutoryAuditorstoholdofficeuptotheconclusionof thenextAnnualGeneralMeetingandtofixtheirremuneration.

SPECIAL BUSINESS4. Toconsiderandif, thoughtfit topass,thefollowing

resolution as an ORDINARY RESOLUTION: “RESOLVED THAT pursuant to the provisions of

Section 148 and all other applicable provisionsof the Companies Act, 2013 and the Companies(Audit and Auditors) Rules, 2014 (including anystatutorymodification(s)or re-enactment thereof forthetimebeinginforce),M/s.R.J.Goel&Co.,CostAccountants, appointed as Cost Auditors of theCompanybytheBoardofDirectorsoftheCompanybepaid remunerationof` 1,50,000/- (RupeesOneLac Fifty Thousand only) plus actual out of pocketexpensesforconductingCostAuditoftherecordsoftheCompanyforthefinancialyear2015-16.

RESOLVED FURTHER THATtheCompanySecretarybeandisherebyauthorisedtofilerequisiteformseekingapprovaloftheCentralGovernment,ifany,requiredfortheappointmentofCostAuditorandalsoobtainsuchotherapprovals/sanctionsasmayberequired.”

5. Toconsiderandif, thoughtfit topass,thefollowingresolution as a SPECIAL RESOLUTION:

“RESOLVED THAT inaccordancewiththeprovisionsof Section 41, 42 and 62 and other applicableprovisions, if any,of theCompaniesAct, 2013andRulesthereunderasalsoofanyotherapplicablelaws,rules,regulations,(includinganyamendmenttheretoor re-enactment thereof for the timebeing in force)

CIN:L24111UR1983PLC009097A-1,IndustrialArea,BazpurRoad,Kashipur-244713Distt.UdhamSinghNagar,Uttarakhand

Phone:05947-269000,269500Fax:05947-275315,269535Website:www.indiaglycols.com E. Mail : [email protected]




companies, pension funds and provident funds),whetherbywayofapublicofferingorbywayofaprivateplacementandwhetherbywayofcirculationof an offering circular or placement document orotherwise, securities including Equity Shares and/or instruments or securities convertible into equityshares of theCompany such asGlobalDepositoryReceipts and/or American Depository Receiptsand/or convertible preference shares and/orconvertibledebenturesorbonds(compulsorilyand/oroptionally,fullyand/orpartly),and/ornon-convertibledebentures with warrants and/or securities with orwithout detachable / non-detachable warrants and/orwarrantswitha rightexercisableby thewarrant-holdertosubscribeforequitysharesand/orForeignCurrency Convertible Bonds (FCCBs) convertibleintoequity sharesat theoptionof theCompanyorthe holder(s) thereof, up to an aggregate principalamount of ` 250,00,00,000 (Rupees Two HundredFiftyCrores)oritsequivalentinanyothercurrency,(hereinafter referred to as “Securities”) to bedenominatedinforeigncurrencyorIndianrupees,asthecasemaybe,which,attheoptionoftheCompanyortheholdersoftheSecuritiesmaybesurrenderedfor the purpose of cancellation against receipt ofcorrespondingnumberofunderlyingequitysharesoftheCompany,as thecasemaybe,andsuch issueandallotmenttobemadeinoneormoretrancheortranchesatsuchprice(premium/discount)asmaybedetermined in accordance with relevant guidelines,on such terms and conditions as may be decidedanddeemedappropriatebytheBoardatthetimeofissueorallotment,consideringtheprevailingmarketconditionsandotherrelevantfactors.

RESOLVED FURTHER THATwithoutprejudicetothegeneralityoftheaboveandsubjecttoallapplicablelaws,theaforesaid issueofSecuritiesmayhavealloranytermsorcombinationoftermsasareprovidedin issue of securities of such nature internationallyincludingtermsrelatingtosurrenderoftheSecuritiesforthepurposesofcancellationagainstreceiptofthecorrespondingnumberofunderlyingequitysharesandtheCompanybeandisherebyauthorizedtoenterintoand execute all such arrangements/agreements asthecasemaybewithanyleadmanagers,managers,underwriters, advisors, guarantors, depositories,custodiansandallsuchagenciesasmaybeinvolvedor concerned in suchofferingsofSecuritiesand toremunerate all such agencies including the payment of commissions, brokerage, fees or the like, andalso toseek the listingofsuchSecurities inoneormoreStockExchangesoutsideIndiaandthe listingofequitySharesunderlyingtheSecurities inoneormoreStockExchangesinIndia.

RESOLVED FURTHER THAT in theeventof issueofSecuritiesbywayofGlobalDepositoryReceiptsand/or American Depository Receipts or FCCB,the relevant date on the basis of which price ofthe resultant Equity shares shall be determined asspecified under applicable laws or regulations oftheAppropriateAuthorities,shallbe thedateof themeeting in which the Board or the Committee ofDirectors duly authorized by the Board decides toopentheproposedissueofsuchSecurities.

RESOLVED FURTHER THAT in theeventof issueof Securities by way of a qualified institutionalplacement:

(i) therelevantdateonthebasisofwhichpriceoftheresultantsharesshallbedeterminedasspecifiedunder applicable law, shall be the date of themeetinginwhichtheBoardorthecommitteeofdirectorsdulyauthorizedbytheBoarddecidestoopentheproposedissueofSecurities;

(ii) the allotment of Securities shall be completedwithin12monthsfromthedateofthisresolutionapprovingtheproposedissueorsuchothertimeasmaybeallowedbytheSEBIGuidelinesfromtimetotime;and

(iii) theSecuritiesshallnotbeeligibletobesoldforaperiodofoneyearfromthedateofallotment,except on a recognized stock exchange, orexceptasmaybepermittedfromtimetotimebythe SEBI Guidelines.

RESOLVED FURTHER THAT, such of ShareWarrantsorFCCBsasarenotsubscribed,maybedisposedoff by theBoard in itsabsolutediscretioninsuchamanner,astheBoardmaydeemfitandaspermissiblebylaw.

RESOLVED FURTHER THAT the Board be and isherebyauthorisedtofinaliseandapprovetheofferingcircular / placement document for the proposedissueof theSecuritiesand toauthoriseanydirectoror directors of the Company or any other officer orofficersoftheCompanytosigntheabovedocumentsfor andonbehalf of theCompany togetherwith theauthoritytoamend,varyormodifythesameassuchauthorisedpersonsmayconsidernecessary,desirableorexpedientandforthepurposeaforesaidtogivesuchdeclarations, affidavits, certificates, consents and/orauthoritiesasmay, intheopinionofsuchauthorisedperson,berequiredfromtimetotime,andtoarrangeforthesubmissionoftheofferingcircular/placementdocument, and any amendments and supplementsthereto,withanyapplicablestockexchanges(whetherin India or abroad), government and regulatoryauthorities,institutionsorbodies,asmayberequired.




RESOLVED FURTHER THAT the Securities issued in foreignmarkets shall be treated to have been issuedabroadand/orintheinternationalmarketand/orattheplaceofissueoftheSecuritiesintheinternationalmarketandmaybegovernedbyapplicableforeignlaws.

RESOLVED FURTHER THAT theBoardbeand isherebyauthorisedtoissueandallotsuchnumberofequitysharesasmayberequired tobe issuedandallottedfortheissueoftheSecuritiesreferredaboveorasmaybenecessaryinaccordancewiththetermsoftheoffering,allsuchequitysharesbeingparipassu withthethenexistingequitysharesoftheCompanyin all respects.

RESOLVED FURTHER THAT the Board be andis hereby authorised to do such acts, deeds andthingsastheBoardinitsabsolutediscretiondeemsnecessaryordesirableinconnectionwiththeissueoftheSecuritiesandtogiveeffecttotheseresolutions,including,withoutlimitation,thefollowing:(i) sign,executeandissuealldocumentsnecessary

in connection with the issue of the Securities,includinglistingapplicationstostockexchanges(whether in India or abroad) and variousagreements,undertakings,deeds,declarations;

(ii) seeking,ifrequired,theconsentoftheCompany’slenders,partieswithwhomtheCompanyhasenteredintovariouscommercialandotheragreements,allconcernedgovernmentandregulatoryauthoritiesin Indiaoroutside India,andanyotherconsentsthatmayberequiredinconnectionwiththeissueandallotmentoftheSecurities;

(iii)giving or authorising the giving, by concernedpersons, of such declarations, affidavits,certificates,consentsandauthoritiesasmayberequiredfromtimetotime;and

(iv)settlinganyquestions,difficultiesordoubtsthatmay arise in regard to any such issue or allotment ofSecuritiesasitmayinitsabsolutediscretiondeemfit;and

(v) enter into and execute arrangements /agreements with Lead Managers / Underwriters / Guarantors / Depository (ies) / Custodians /Payment&CollectionAgents/Advisors/Banks/ Trustees / Merchant Bankers / Practising Chartered Accountant / Practising CostAccountant / Practising Company Secretaryand all such agencies as may be involved orconcerned and to remunerate all such Lead Managers,Underwriters,andallotherAdvisorsandAgenciesbywayofcommission,brokerage,fees,expensesincurredinrelationtotheissueofEquitySharesorFCCBsandotherexpenses,ifany or the like.

RESOLVED FURTHER THAT theBoardbeand isherebyauthorizedtodelegatealloranyofthepowersherein conferred to any Committee of Directorsor Directors or any other officer or officers of theCompanytogiveeffecttotheseresolutions.”

ByorderoftheBoard

Place:NOIDA,U.P. U.S. BhartiaDate :28.05.2015 Chairman and Managing Director

NOTES:1. Amemberentitledtoattendandvoteatthemeetingis

entitledtoappointoneormoreproxiestoattendandvote instead of himself/herself. The proxy need notbeamemberoftheCompany.Proxies,inordertobeeffective,mustbereceivedby theCompanynot lessthan48hoursbeforecommencementofthemeeting.

A person can act as proxy on behalf of membersnot exceeding fifty and holding in the aggregate notmorethantenpercentofthetotalsharecapitalofthecompany carrying voting rights. A member holdingmorethantenpercent,ofthetotalsharecapitaloftheCompanycarryingvoting rightsmayappointasinglepersonas proxy and suchperson shall not act as aproxyforanyotherpersonorshareholder.

2. TheRegisterofMembersandShareTransferbooksof theCompanywill remainclosed from25thAugust,2015 to28thAugust,2015 (bothdays inclusive).Thenames of the shareholders, whose share transferrequest received in order, either at the Head office/RegisteredofficeoftheCompanyorattheRegistrars&ShareTransferAgents,M/s.MCSLimited,F-65,OkhlaIndustrialAreaPhase-I,NewDelhi110020,beforethebookclosure,shallbeincludedinthemembersregisterasonthedateoftheAnnualGeneralMeeting.

3.PursuanttotheprovisionsofSection205A(5)of theCompaniesAct,1956,dividend for thefinancial yearended 31st March, 2008, which remain unclaimed/unpaidforaperiodof7yearsfromthedatesuchdividendfirst become due for payment, will be transferredon or before 18th September, 2015 to the InvestorsEducationandProtectionFund(IEPF)establishedbytheCentralGovernment.PursuanttotheprovisionsofInvestorEducationandProtectionFund(Uploadingofinformationregardingunpaidandunclaimedamountslyingwithcompanies)Rules,2012 (IEPFRules), theCompany has uploaded the details of unpaid andunclaimedamountslyingwiththeCompanyasonthedateof the30th AGM held on 20thSeptember,2014,onthewebsiteoftheIEPFvizwww.iepf.gov.inandonthewebsiteof theCompany (www.indiaglycols.com).Ithasbeennoticedthatsomeshareholdershavenotencashed the dividendwarrant(s) so far for financial




year ended 31st March, 2008 or any subsequentfinancial years. Suchshareholdersare requested tomake their claim to theCompany in respect of theirunclaimed/unpaid dividend, before being transferredto Investors Education and Protection Fund asaforesaid.TheShareholdersarerequestedtonotethatno claimshall lie against theCompany in respect ofsaidunclaimedandunpaiddividend, if transferred tothe InvestorsEducationandProtectionFundonduedates.

4. Voting through electronic means. I. IncompliancewithprovisionsofSection108of

theCompaniesAct,2013andRule20of theCompanies (Management and AdministrationRules, 2014) and Clause 35B of the ListingAgreement,theCompanyispleasedtoprovidethememberswithfacilitytoexercisetheirrighttovoteattheAnnualGeneralMeeting(AGM)by electronic means and the business maybe transacted throughe-VotingServices.Thefacility of casting the votes by the membersusing an electronic voting system from aplace other than venue of theAGM (“remotee-voting”) as provided by National SecuritiesDepositoryLimited(NSDL).

II. ThefacilityforvotingthroughballotpapershallbemadeavailableatthevenueoftheAnnualGeneralMeeting andmembers attending themeetingwhohavenotalreadycast theirvoteby remote e-voting shall be able to exercisetheirrightatthemeetingthroughballotpaper.

III. The members who have cast their vote byremote e-voting prior to the AGM may alsoattendtheAGMbutshallnotbeentitledtocasttheirvoteagain.

IV. The instructions for remote e-voting are asunder:A.IncaseaMemberreceivesane-mail from

NSDL [formemberswhosee-mail IDsareregistered with the Company/ DepositoryParticipant(s)]:

1 Open e-mail and open PDF file viz;“IGL e-Voting.pdf” with your Client IDor Folio No. as password. The saidPDF file contains your user ID andpassword/PIN for remote e-voting.Please note that the password is an initial password.

2 Launch internetbrowserby typing thefollowing – URL: https://www.evoting.nsdl.com/

3 Clickon“Shareholder–Login”

4 Put user ID and password as initialpassword/PINnotedinstep(1)above.ClickLogin.

5 Passwordchangemenuappears.Changethe password/PIN with new passwordof your choice with minimum 8 digits/characters or combination thereof.Notenew password. It is strongly recommended not to share your password with any other person and take utmost care to keep your passwordconfidential.

6 Home page of remote “e-voting”opens.Clickone-Voting:ActiveVotingCycles.

7 Select “REVEN” of India GlycolsLimited.

8 Nowyouarereadyforremotee-votingas“CastVote”pageopens.

9 Castyourvotebyselectingappropriateoption and click on “Submit” and also“Confirm”whenprompted.

10 Uponconfirmation,themessage“Votecastsuccessfully”willbedisplayed.

11 Onceyouhavevotedontheresolution,youwillnotbeallowedtochange/modifyyour vote. Institutional shareholders(i.e. other than individuals, HUF, NRIetc.)arerequiredtosendscannedcopy(PDF/JPGFormat)oftherelevantBoardResolution/ Authority letter etc. together withattestedspecimensignatureofthedulyauthorizedsignatory(ies)whoareauthorized to vote, to the Scrutinizerthrough e-mail to [email protected] (e-mail address of Scrutinizer) with acopy marked to [email protected]

B.In case a Member receives physicalcopy of the Notice of AGM [for memberswhose e-mail IDs are not registered withthe Company/Depository Participant(s) orrequestingphysicalcopy]:

(i) Initial password is provided in theattachedsheetonthe‘Processandmannerfore-voting’

REVEN(RemoteE-VotingEventNumber)

USERID PASS-WORD/PIN

(ii)PleasefollowallstepsfromSl.No.(2)toSl.No.(6)above,tocastvote.

V. In case of any queries, you may refer theFrequently Asked Questions (FAQs) for




Shareholdersandremotee-votingusermanualforShareholdersavailableat the ‘Downloads’sectionofwww.evoting.nsdl.com.

VI. If you are already registered with NSDL forremotee-votingthenyoucanuseyourexistinguser ID and password/PIN for casting yourvote.

VII. You can also update your mobile numberande-mail id in theuserprofiledetailsof thefolio which may be used for sending futurecommunication(s).

VIII. The remote e-voting period commences on24th August, 2015 (9:00 am) and ends on27thAugust,2015(5:00pm).Duringthisperiodshareholdersof theCompany,holdingshareseither in physical form or in dematerializedform,asonthecut-offdateof21stAugust,2015,maycasttheirvoteelectronically.Thee-votingmodule shall be disabledbyNSDL for votingthereafter.Oncethevoteonaresolutioniscastby the shareholder, the shareholder shall notbeallowed to change it subsequently or castthevoteagain.

IX. The voting rights of shareholders shall be inproportiontotheirsharesofthepaid-upequitysharecapitaloftheCompanyasonthecut-offdateof21stAugust,2015.

X. Any person, who acquires shares of theCompany and become member of theCompanyafterdispatchoftheNoticeofAGMand holding shares as of the cut-off date of21stAugust,2015,mayobtaintheloginIDandpassword by sending a request at [email protected] or [email protected]. However,if you are already registered with NSDL forremotee-votingthenyoucanuseyourexistinguser ID and password for casting your vote.If you forgot your password, you can resetyourpasswordbyusing “ForgotUserDetails/Password” option available on www.evoting.nsdl.com.

XI. Apersonwhosenameisrecordedintheregisterof members or in the register of beneficialownersmaintained by the depositories as onthe cut-off date only shall be entitled to availthefacilityofremotee-votingaswellasvotingattheAGMthroughballotpaper.

XII. Mr.AshishSaxena,FCShasbeenappointedastheScrutinizerhavingtheirofficeat32A,NyayKhand-I, Indirapuram, Ghaziabad-201010, toscrutinizetheremotee-votingprocessinafairand transparent manner.

XIII. The Chairman shall, at the AGM, at thediscussionon the resolutionsonwhichvotingistobeheld,allowvotingwiththeassistanceofscrutinizer,byuseofballotpaperforallthosemembers who are present at the AGM buthavenotcasttheirvotesbyavailingtheremotee-votingfacility.

XIV. The Scrutinizer shall after the conclusion ofvoting at the AGM, will first count the votescast at the meeting and thereafter unblockthevotescast through remotee-voting in thepresenceofatleasttwo(2)witnessesnotintheemploymentof theCompanyandshallmake,not later than threedaysof theconclusionoftheAGM,aconsolidatedscrutinizer’sreportofthetotalvotescastinfavouroragainst,ifany,totheChairmanorapersonauthorizedbyhiminwriting,whoshallcountersignthesameanddeclaretheresultofthevotingforthwith.

XV. TheResultsof theAGMshallbedeclaredbytheChairmanorpersonauthorizedoranyoneofthedirectoroftheCompanyaftertheAGMwithintheprescribedtimelimits.

XVI. TheResultsdeclaredalongwiththeScrutinizer’sReport shall be placed on the Company’swebsite www.indiaglycols.com and on thewebsite of NSDL and communicated to BSELimited(BSE)andNationalStockExchangeofIndiaLimited(NSE)accordingly.

5.MEMBERSAREREQUESTEDTO:A. Immediately notify any change of address or

bankmandatesand theirPANto theirDepositoryParticipants (DPs) in respect of their holding inelectronic formand to theCompany in respectoftheirholdinginphysicalform.

B.Sendtheirqueries,ifany,atleast15daysinadvanceofthemeetingattheCompany’sHeadOfficeatPlotNo. 2-B, Sector-126, Distt. Gautam Budh Nagar,Noida-201304,UttarPradeshsothattheinformationcanbemadeavailableatthemeeting.

C. Fill the attendance slip for attending themeetingand those who hold the shares in dematerialised formarerequestedtobringtheirClientIDandDPIDnumbersforeasyidentificationofattendanceatthe meeting.

D.Send their shares for dematerialisation to theCompany’sRegistrarsandShareTransferAgents,ifsofar,arenotheldindematerialisedform,astheCompanycomesundercompulsorydematasperdirectivesissuedbytheSEBI.

E.RelevantdocumentsreferredtointheaccompanyingNoticeandtheStatementareopenforinspectionby




themembersattheRegisteredOfficeoftheCompanyon all working days, except Saturdays, duringbusinesshoursuptothedateoftheMeeting.

F. Non Resident Indian members are requested toimmediatelyinformtheMCSLimited,RegistrarandShareTransferAgent,ofchangeintheirresidentialaddressonreturntoIndiaforpermanentsettlementandtheparticularsoftheirbankaccountmaintainedinIndiawithcompletename,branch,accounttype,accountnumberandaddressofthebankwithpincodenumber,ifnotfurnishedearlier.

G.In terms of the provisions of Section 136 of theCompanies Act, 2013 read with Rule 11 of theCompanies (Accounts) Rules, 2014, service ofnotices/documentstotheshareholderscanbemadethroughelectronicmode,providedtheCompanyhasobtainedthee-mailaddress(es)oftheshareholder(s).Also,theshareholderswhohavenotregisteredtheire-mailaddressforreceivingtheBalanceSheetetc.,they will be sent the physical copies through anyrecognised mode of delivery as specified underSection20oftheCompaniesAct,2013.

Further,Clause32oftheListingAgreemententeredinto by the Company with the Stock ExchangesprovidesthattheCompanyshallsupply:

(i) SoftcopiesoffullannualreportscontainingitsBalanceSheet,StatementofProfit&LossandBoard’sReporttoallthoseshareholder(s)whohaveregisteredtheire-mailaddress(es)forthepurpose;

(ii) Hardcopyofstatementcontainingthesalientfeatures of all the documents as prescribedin Section 136 of the Companies Act, 2013to those shareholder(s) who have not soregistered;

(iii) Hard copies of full annual reports to thoseshareholderswhorequestforthesame.

As a result, Members are requested to registertheire-mailaddress(es)andchangesthereinfromtimetotime,bydirectlysendingtherelevante-mailaddress alongwith the details of name, address,FolioNo.,sharesheld:i) TotheRegistrarandShareTransferAgent,MCS

Limitedforsharesheldinphysicalformand;ii) Inrespectofsharesheldindematmode,also

provideDPID/ClientIDwiththeabovedetailsand register the same with their respectiveDepositoryParticipants.

Upon registration of the e-mail address(es), theCompanyproposestosendNotices,AnnualReportandsuchotherdocuments to thoseMembersviaelectronic mode/e-mail.

6.Smt.JayshreeBhartia,DirectorduetoretirebyrotationandiseligibleforreappointmentatthisAnnualGeneralMeeting.BriefresumeofSmt.JayshreeBhartiaisasunder:

Name Smt. Jayshree Bhartia

Age 58

Qualifications B.A.

ExpertiseinSpecificfunctionalArea

Mrs. Jayshree Bhartia holds Bachelors degree in Arts fromthe University of Kolkata. Mrs.BhartiaisabusinesswomanandisholdingpositionofDirectorinvariousCompanies.Mrs.Bhartiaalso has keen interest in Social workactivitiesandisassociatedwith various renowned Socialwelfare organisations. Mrs.Bhartia joined India GlycolsLimitedin1999.

Dateofappoint-ment on the Board oftheCompany

28.05.1999

Name(s)oftheothercompanies in which Directorships held(asperSections165of the CompaniesAct,2013)

1.KashipurHoldingsLimited2. IGL Finance Limited3.IGLInfrastructurePvt.Ltd.

Name(s) ofCompanies inwhich Committeemembership (s)/Cha i rmansh ip(s)held(asperClause49 of the ListingAgreement with the StockExchanges)

India Glycols Limited – ShareTransferCommittee

Shareholding as on 31.03.2015

400003

7. AsstipulatedintheClause49oftheListingAgreement,NoDirectorisinter-serelatedtoanyotherDirectorontheBoard,exceptShriU.S.BhartiaandSmt.JayshreeBhartia,whoarerelatedtoeachotherasspouse.

8. Explanatory statement pursuant to section 102(1)of theCompaniesAct,2013with respect to itemsofSpecialBusinessunder itemno. 4&5 is appendedhereto,andformspartofthisNotice.


8|31stAnnualReport2014-15


EXPLANATORY STATEMENT PURSUANT TO SECTION 102(1) OF THE COMPANIES ACT, 2013

ITEM NO.4The Board, on the recommendation of the AuditCommittee,hasapprovedtheappointmentandpaymentofremunerationofM/sR.J.Goel&Co.,CostAuditor,toconducttheauditofthecostrecordsoftheCompanyforthefinancialyearendingMarch31,2016atanauditfeeof`1,50,000Lacs(RupeesOneLacFiftyThousandOnly).

Inaccordancewith theprovisionsofSection148of theActreadwiththeCompanies(AuditandAuditors)Rules,2014,theremunerationpayabletotheCostAuditorshastoberatifiedbytheshareholdersoftheCompany.

Accordingly, consent of the members is sought forpassinganOrdinaryResolutionassetoutatItemNo.4oftheNoticeforratificationoftheremunerationpayableto theCostAuditors for thefinancialyearendingMarch31,2016.

NoneoftheDirectors/KeyManagerialPersonneloftheCompany/ their relativesare, inanyway,concernedorinterested, financially or otherwise, in the resolution setoutatItemNo.4oftheNotice.

TheBoardofDirectorshasrecommendedtheproposedresolution set out at item No.4 of this Notice for yourapprovalbywayofanOrdinaryResolution.

The resolution set out at ItemNo. 4 is proposed to bepassedasanOrdinaryResolution.

ITEM NO. 5The growth plans of the Company envisage promotionofGreentechnologybasedChemicalsandexpansioninotherareasofoperation.Theseprojectswillnecessitateexternalinfusionoffundsatdifferentpointsoftimeinthefuture.

WithaviewtoraiselongtermfinanceaswellasmeetingCompany’s fund requirements for expansion, capitalexpenditureandforotherexpendituresaspermittedunderthe prevailing Guidelines in this regard, the Companyproposes to issue Equity Shares and/or instruments orsecuritiesconvertibleintoequitysharesoftheCompanysuch as Global Depository Receipts and/or AmericanDepositoryReceiptsand/orconvertiblepreferencesharesand/orconvertibledebenturesorbonds(compulsorilyand/oroptionally,fullyand/orpartly),and/ornon-convertibledebentureswithwarrantsand/orsecuritieswithorwithoutdetachable /non-detachablewarrantsand /orwarrantswitharightexercisablebythewarrant-holdertosubscribefor equity shares and /or Foreign Currency ConvertibleBonds (FCCBs) convertible into equity shares at theoptionoftheCompanyortheholder(s)thereof,uptoanaggregateprincipalamountof` 250,00,00,000(Rupees

TwoHundredFiftyCrores)or itsequivalent inanyothercurrency on the terms and conditions as stated in the NoticeoftheMeeting.

TheaboveissuewouldbesubjecttotheapprovaloftheGovernmentofIndia(GOI),ReserveBankofIndia(RBI),SecuritiesandExchangeBoardofIndia(SEBI)andotherauthoritiesconcerned,whereverapplicable.

The pricing of the equity shares to be issued pursuantto the resolution to be approved at the Meeting uponexercise of the option of conversion of the FCCBs willbe in accordance with the prescribed guidelines underForeignCurrencyConvertibleBondsandOrdinaryShares(ThroughDepositoryReceiptMechanism)Scheme,1993as amended as also in accordance with the terms ofoffering.

These FCCBs may be listed on Stock Exchange(s),abroad,asmaybedeemedfitbytheBoard.Theequityshares issued and allotted upon exercise of the optionavailable on the FCCBs shall be listed on the StockExchanges in Indiawhere theCompany’ssecuritiesarelisted.

This resolution isproposedasanenabling resolution toauthorizetheBoardofDirectorstoraiselongtermfinanceas well as meeting Company’s fund requirements forexpansion,capitalexpenditureandforotherexpendituresaspermittedundertheprevailingGuidelinesinthisregardmeeting Company’s fund requirements for expansion,capital expenditure and for other expenditures aspermittedunder theprevailingGuidelines in this regard.This resolution also givesadequate flexibility in respectof working out themodalities of issue as also to issueFCCBsinsuchtranches,atsuchtimesastheBoardmayinitsabsolutediscretiondeemfit.

Under Section 41, 42 and 62 of the Companies Act,2013,Shareholders approval by a special resolution isrequiredforissueofsharestopersonsotherthanexistingshareholdersoftheCompany.NoneoftheDirectors/KeyManagerial Personnel of the Company / their relativesare, in any way, concerned or interested, financially orotherwise,intheSpecialResolutionsetoutatItemNo.5oftheNotice.

The resolution set out at ItemNo. 5 is proposed to bepassed as a Special Resolution.

ByorderoftheBoard

Place:NOIDA,U.P. U.S. BhartiaDate :28.05.2015 Chairman and Managing Director

IGLBalanceSheet2015.indd.indd8 7/25/2015 6:03:01 PM


31stAnnualReport2014-15|9

To The Members

Board’sReport

YourDirectorsarepleasedtopresenttheThirtyFirstAnnualReporttogetherwiththeAuditedFinancialStatementsoftheCompanyfortheyearended31stMarch,2015.

FINANCIAL RESULTS (Amountin` Croresexceptearningspershare)

Year ended 31.03.2015

Year ended 31.03.2014

SalesandOtherIncome 2601 2914

Profit/(Loss)beforeDepreciation,ExceptionalItemandTax

23 105

ExceptionalItem(Net) 58 192

Depreciation 81 83

Profit/(Loss)BeforeTax (116) (170)

ProvisionForTax (55) (50)

NetProfit/(Loss) (61) (120)

EarningPerShare(In`) (19.81) (38.61)

DIVIDENDIn view of the financial performance of your Company,yourDirectors havenot recommendedanydividend forthefinancialyear2014-15.

PERFORMANCEDuringtheyearunderreview,performanceoftheCompanyhas been adversely affected on account of depressedglobal economic situation which has resulted in reductionof commodity demand. The performance of theCompanyhas been adversely affected due to steep fall in prices oftheChemicalproductsandthedemandforGuarGum.Theperformance was further adversely affected as domesticpricesofourfeedstockviz.molassesandalcohol,werehighon account of poor availability of alcohol and diversion ofalcoholtowardstheimplementationofEthanolBlendingwithPetrol(EBP)ProgramofGovernmentofIndiaatanunrealisticpriceresultinginasharpincreaseinthepricesofalcohol.Sales and other income for the year under review hasdecreased to 2601Croresascomparedto 2914Croreslastyear.Lossafterdepreciation,exceptional itemsandtaxfortheyearhasbeen`61Croresascomparedtolossof` 120Croreslastyear.

CHEMICALS The Company is the largest manufacturer of Bio-MonoEthylene Glycol (Bio-MEG) in the world made out ofrenewablefeedstocki.e.MolassesandEthanol.Bio-MEGhas an application, apart from other products, in PETbottles,whichisusedforpackagingofbeverageproducts.SalesofGlycols[MonoethyleneGlycol(MEG),DiethyleneGlycol (DEG), Triethylene Glycol (TEG) and HeavyGlycols]havedecreasedfrom95,342MTinFY2013-14

to90,140MTinFY2014-15andinSalesValuefrom 758CroresinFY2013-14to` 706CroresinFY2014-15.SalesunderEthyleneOxideDerivatives(EOD)businessdecreased to 99,034 MT in FY 2014-15 from 1,03,713MTduringpreviousyear.However,invaluetermsithasincreased from `1,106Crores in FY 2013-14 to `1,109Crores in FY 2014-15. EOD business has witnessedimprovement due to higher prices of Ethylene andEthyleneOxideintheworldmarket.During theyear,yourCompanyproduced93,029MTofGlycolscomparedto96,275MTlastyear.EthyleneOxideDerivatives (EODs) production has been 1,36,837 MTcomparedto1,05,510MTlastyear.

EXPORTSDuringtheyearunderreview,yourCompanyhasachievedtotal export turnover of ` 1,030Crores as compared to` 1,195Crores lastyear.Thedecline inexportscanbeattributed to the steep fall in demandandpriceof guargum.YourCompanyhopestoachievereasonablegrowthin the overall export sales in the current year thoughthe market conditions remain extremely challenging.Company has been granted ‘One Star Export House’statusbyGovernmentofIndia.

ETHYL ALCOHOL (POTABLE) & EXTRA NEUTRAL ALCOHOLDuring theyear,yourCompanyregistered totalsalesof`691Croresascomparedto` 657CroreslastyearintheEthylAlcohol(Potable)division.DuringtheyearthrustwasgivenontheexportofhighqualityExtraNeutralAlcohol(ENA)andIGLhasgainedthepositionofpremiumqualityENAsuppliersintheinternationalmarkets.Monde Selection Committee is conducting evaluationsessionsfordifferentcategoriesofconsumerproducts&accordingly provides quality awards. Our Company haswon fifth time in a row the prestigious GRAND GOLDAWARD from MONDE SELECTION, Belgium for itshighqualityofExtraNeutralAlcoholandalsotheGOLDAWARDforSoulmatePremiumWhiskeyforthefirsttime.Company has a tie-up with Bacardi for bottling of theirproducts at our Kashipur bottling unit and Bacardi hasalso started the bottling of more brands at our bottlingfacilityatKashipur.Companyishavinglicenseforoperations inandsaleofCountryLiquorandIndianMadeForeignLiquor(IMFL)intheStatesofUttarPradeshandUttarakhand.Duringtheyearunder review,Companyhas launched itspremiumproductsunderthebrandnameof“V2OVodka” inthreeflavorsviz.Orange,GreenAppleandSmooth.WehavealsoextendedthelaunchofBeachHousePremiumXXXRum.Duringtheyear,theIMFLbrandsoftheCompanyhavebeensuppliedtoCanteenStoresDepartment(CSD)of IndianDefence Forces. TheCompany is also in theprocessofintroducingitsIMFLbrandsinthehigherrange




marketandabrandbuildingprogramshallbeintroducedinthecurrentfinancialyear.

ENNATURE BIO-PHARMA DIVISION (100% EXPORT ORIENTED UNDERTAKING)Companyhasa100%ExportOrientedUnit(100%EOU)by the nameofEnnatureBio-pharmadivision. Theunithas established Supercritical Fluid Extraction- CO2 and solventextractionfacilityatDehradun.TheunitisCurrentGood Manufacturing Practices (CGMP), ISO 9001,ISO22000, Hazard Analysis and Critical Control Points(HACCP), Kosher and Halal certified. The R&D centerat Ennature Bio-Pharma plant at Dehradun is workingvigorously on the process of stabilizing and developingvariousPhytopharmaceuticalandNutraceuticalproductsforthedevelopedmarkets.Duringtheyear,Companyhasbecomeaqualifiedsuppliertomanylargeconglomeratesworldwidefornaturalcolors,nutraceuticals, health supplements and plant basedActive Pharmaceuticals Ingredients (APIs). Companyhasestablished itsnameasaqualitymanufacturerandsupplierwith stringentQualityControl (QC) andQualityAssurance(QA)controlsinplace.During the year 2014-15, Company has taken severalinitiatives and improved functioning of the division andreportedmuchbetterresults.SalesturnoverofEnnatureBio-Pharma division has increased to ` 68 Crores ascompared to ` 43 Crores last year and registered agrowthofover60%.Bothdomestic&exportsaleshaveincreasedandexistingproductsaleshaveincreasedwithincreaseinthecustomerbaseandmoreusagefromtheold customers.CompanyhasalsobeenabletodevelopnewproductslikeVinpocetineEP/BP*.VarietyinProductFolioavailablewiththeCompanyhas createdbetter businessopportunitiesto deeply penetrate into domestic as well as international markets. (*EP/BP – European Pharmacopoeia/BritishPharmacopoeia)Companyisworkingtowardscreatingvalueforitsgenericproductsbybranding,repositioning&generatingtechnicalbackupwiththehelpofprofessionalinstitutes.

INDUSTRIAL GASESDuring the year under review, the Company producedapproximately 19,195 MT of Oxygen and 1,428 MT ofNitrogen.BothOxygenandNitrogenweresoldinthemarketandalsousedforinhouserequirement.Inaddition,Argonof2,864MTwasalsoproducedanditssaleswere2,770MT.Industrial Gas Division also produced Beverage andIndustrial Grade Liquid Carbon Di-oxide (LCO2) atKashipur. During the year the Company has produced36,331MTofLCO2anditssalewas35,477MT.CompanyalsoproducedETO(EthyleneOxide&CarbonDioxideGasMixtures)underthetradenameIGL-STERIGAS at its Kashipur Plant. It is suitable for sterilizationof Disposable Surgical & Medical Devices, spices andpackingsubstanceslikerubberplasticetc.TheCompanyhasinhousefacilityforproductionofEOandLCO2 which

arealsousedinproductionofETOandassuchitistheonly plant in India to have such manufacturing facility,whichgivesusadistinctedgeoverothersuppliersinthemarket.DuringtheyeartheCompanyhassold913MTofSteri Gas as compared to 722 MT in the last year.Duringtheyear,theIndustrialGasessegmentregisteredtotalsalesofallgasesof` 38.00Croresascomparedto` 40.00Croresinthelastyear.

JOINT VENTURE FOR PRIVATE FREIGHT TERMINAL (PFT)The Company has entered into a Joint Venture withApollo Logisolutions Limited (“ALS”) for setting up aPrivate Freight Terminal (PFT) and Inland ContainerDepot(ICD)providingrailwaybasedlogisticservicesandotherfacilitiesatBazpurRoad,Kashipur,Uttarakhand,asprovidedunderextantguidelinesoftheIndianRailways.ThefacilityiscomingupattheareaadjacenttotheexistingplantofCompanyatKashipur.ALS is engaged in the business of offering completeandcomprehensiveservicesrelatingtocontainerfreightstation, transportationofcontainers,cargohandlingandhastherequisitetechnicalexpertisetooperateandmanageinlandcontainerdepot.IndiaGlycolsLimitedholds48.9%ofthecapitalcontributionoftheJVCompany.The Joint Venture Company will develop, manage andoperatePrivateFreightTerminal(PFT)andInlandContainerDepot(ICD)atKashipur,Uttarakhand.ThefacilityisexpectedtobeoperationalbyQ3ofthisfinancialyear.The facility shall provide multi-modal logistics solutionsto our Company and external customers and enhanceits service delivery capacity. With the commissioningof this facility, logisticsmovement for both inboundandoutboundcargowouldbecomemoredependable,reliableand economical, would also ensure on-time delivery ofgoodsandenablebetterinventorymanagement.

EXPANSION / MODERNISATION / DIVERSIFICATION PLANSYourCompany isactivelypursuinggrowthopportunitiesandlookingatareastoreduceitscostofproduction.TheCompany is also evaluating plans to further expand itsEthoxylatescapacitytoimproveitsproductportfolio.AtDehradunHerbalplant,Dieselboilerhasbeenreplacedwith green herbal waste/briquette based boiler, whichwouldresultinsignificantfuelcostsaving.With theCommissioningof12MWBio-massbasedco-generation plant based on Multi-fuel i.e. Rice Husk &ConcentratedSpentWash (Slop) forPowergeneration,theCompanyhasstartedsaleofthesurpluspowertothePowerGrid.Thisnewsetupisdesignedtosupplyapprox.8MWperhourPower to theGridaftermeeting the in-houserequirements.WiththesuccessfulcommissioningofthisPowerProject,wearecontributingtowardsreductionof thepowerdeficit in theUttarPradeshStateandalsomeetingourcommitmentofzeroeffluentdischargefromour distillery Plant.TheCompanyissettingupa10tonbiomass/daycapacity




pilot plant to convert lignocellulosic agricultural wastebiomass to ethanol by using the bench-scale processdeveloped at DBT-ICT Centre for Energy Bio-Sciences,Mumbai. The Pilot Plant will use agricultural non-fodderlignocellulosic waste (i.e. Rice Straw, Wheat Straw &Bagasse)asfeedstocktomanufactureethanol.Theplantwill aimat solving technical roadblocks inLignocellulosicEthanolTechnologyinordertoimprovetheoverallsituationwithregardtoalcoholavailability.Theplantisbeingset-upwiththeDepartmentofBio-Technologyaid/loan.The Company has started manufacturing of specialspirits,maturationandbottlingofhighproofbrands.TheCompanyhasstartedtoproduceBacardibrandsincludingSuperiorwhite rum,flavoured rum infivevariants,blackrum,EristoffVodka in four variantsandBacardiwhisky.The Company is in the process of developing a newpremiumrangeWhisky.TheCompanyisalsointroducingitspremium rangeRum forsupply to theCSDof IndianDefenceForces.TheCompanyhasalsosetupaguar-gumbasedPropyleneOxide(PO)derivativesplantforoilfieldindustry.TheCompanyinitsBoardMeetingheldon18thDecember,2014grantedapprovalfortheSegregationofthenoncorerental business of the Company for reducing the debtandimprovingtheliquiditypositionoftheCompany.TheShareholdershaveapproved,throughPostalBallot,bywayofaspecialresolutionunderSection180(1)(a)and188oftheCompanies Act, 2013 for sale of “Rental Business”of the Company to IGL Infrastructure Private Limitedfor a consideration of` 184.20Crores being enterprisevalue. The said segregation shall also help to achievetheotherobjectivessuchasreducebusinesscomplexityandreleasemanagementtime,provideimpetustofuturegrowth and create structure amenable for raising fundsthroughleverageofassetsandincome.

FINANCE During the year under review, Company has raised TermLoansof` 239Croresandrepaidtotalloansof` 286Crores.TheCompanyhasbeenregularinmeetingitsobligationstowards payment of principal/interest to FinancialInstitutions/Banks.DetailsoftheLoans,GuaranteesandInvestmentscoveredundertheprovisionsofSection186oftheCompaniesAct,2013aregiveninthenotestotheFinancial Statements.TheCompanyhaddiscontinueditsfixeddepositsschemeinthefinancialyear2009-10andhasnotacceptedany freshdeposits covered under Chapter V of the Companies Act,2013duringtheyear.Therearenooverduedepositsexceptunclaimed deposits amounting to 3.36Lacs.Duringtheyear,unclaimeddepositof`1.24LacswastransferredtoIEPF.

INTERNAL FINANCIAL CONTROLS AND THEIR ADEQUACYTheCompany periodically discusses and reviews at itsAuditCommittee andwith its auditors the effectivenessof the internal financial controlsmeasures implementedbytheCompanyincludingwithreferencetotheFinancialStatementsoftheCompany.

The Company has a proper and adequate system ofinternalfinancialcontrolswhichincludesthepoliciesandproceduresforensuringtheorderlyandefficientconductof its business, including adherence to Company’spolicies, the safeguarding of its assets, the preventionand detection of frauds and errors, the accuracy andcompletenessof theaccounting records,and the timelypreparationofreliablefinancialinformation.

LISTING OF SECURITIESThesharesoftheCompanyarelistedonBSELimitedandtheNationalStockExchangeofIndiaLimited(NSE).

SUBSIDIARY COMPANIESShakumbari Sugar and Allied Industries LimitedThe Company operates a sugar manufacturing plant inthestateofUttarPradeshthroughitssubsidiaryCompanyM/sShakumbariSugarandAlliedIndustriesLtd.(SSAIL)with a crushing capacity of 7,500 tons crushed per day(TCD)alongwithamoderndistilleryof65KLperday(KLPD)producinghighqualityrectifiedspiritandaninternalbagassefiredco-generationplantof11MWcateringtothecaptivepowerneedsofthesugaranddistilleryunits.ThenetworthofShakumbariSugarandAlliedIndustriesLimited (SSAIL) has been completely eroded dueto accumulated losses and, therefore, the Companyhas been declared a Sick Industrial Company underthe provisions of section 3(1)(o) of the Sick IndustrialCompanies (Special Provisions) Act, 1985 (SICA) afterobtaining necessary consents from its secured lendersincludingCentralBankofIndia,IDBIBankLtd.,etc.IDBIBankLtd.beingtheOperatingAgencyhaspreparedandsubmitted the revival scheme for SSAIL, and the finalorderoftheBIFRonrevivalofSSAILisawaited.Duringtheyeartheoperationsofthesugarmanufacturingplantceased to operate due tomounting debt burden of theCompany and the uneconomical sugar scenario in theStateofUttarPradesh.Duringtheyearended31stMarch,2015,SSAILsufferedalossof`25.42Crores.

IGL Finance LimitedIGL Finance Ltd. (IGLFL) is a 100% subsidiary of theCompany. IGLFinanceLtd.had invested funds inshorttermcommodityfinancingcontractsbytheNationalSpotExchangeLtd.(NSEL).EventhoughNSELhasdefaultedin settling the contracts on due dateswe are confidentofrecoveryofourduesfromNSELoveraperiodoftimeinviewoftheactiontakenbytheGovernmentandotherinvestigating agencies. Company has so far recovered` 10.31 Crores from NSEL. During the year ended31stMarch,2015,IGLFLsufferedalossof` 0.74 Lacs.

IGL Chem International Pte. Ltd.IGLChem International Pte. Ltd., a 100% subsidiary inSingaporetoaugmentitsactivitiesinSouthEasternregion& help themarketing of products fromChemical Plant,Natural Gums Plant and Supercritical Fluid Extractionfacility to large buyers in US, Europe and South EastAsia.Duringtheyearended31stMarch,2015,IGLChemInternationalPte.Ltd.sufferedalossof`182.19Lacs.




IGL Chem International USA LLCCompanyhasalsosetupa100%subsidiarycompanyinUSA,namedasIGLChemInternationalUSALLCwiththemainobjectiveof trading in theCompany’sproductsandrelatedactivitiesintheAmericanandLatinAmericanregions.

IGL Infrastructure Private LimitedDuringtheyearunderreview,CompanyhasincorporatedIGLInfrastructurePvt.Ltd.asa100%subsidiarycompany,with theobjectives of acquiring land, estates, buildings,tenementsandotherpropertyofeverydescriptionwhetherfreeholdorleaseholdorothertenurebypurchase,lease,exchange, hire or otherwise. During the year underreview,theCompanyhastransferreditsRentalbusinessonslumpsalebasistoIGLInfrastructurePvt.Ltd.foranenterprisevalueof`184.20Crores.Statement containing salient features of the financialstatement of subsidiaries/associate company/Jointventures under first proviso to sub-section (3) ofSection 129 in Form AOC-1 forms part of the financialstatements.The Company undertakes that annual accounts of thesubsidiarycompaniesandtherelateddetailedinformationshallbemadeavailabletoshareholdersoftheCompanyand subsidiary companies seeking such information atanypointoftime.Theannualaccountsofthesubsidiarycompanies shall also be kept for inspection by anyshareholders in the head office of the company and ofthesubsidiarycompaniesconcerned.TheCompanyshallfurnishahardcopyofdetailsofaccountsofsubsidiariesto any shareholder on demand.

BOARD OF DIRECTORSTheBoardofDirectorsofyourCompanycomprisesofeightdirectorsincludingfiveIndependentDirectors,oneWomanDirectorwho is aNon-executive,PromoterDirector, oneManagingDirectorandoneExecutiveDirector.In the 30th Annual General Meeting held on 20thSeptember, 2014, the Company had appointed Shri Pradip KumarKhaitan,ShriRaviJhunjhunwala,ShriJitenderBalakrishnan,Shri R. C. Misra and Shri Jagmohan N. Kejriwal asIndependentDirectors foraperiodof5 yearswitheffectfrom1stOctober,2014 till30thSeptember,2019 in termsoftheprovisionsofCompaniesAct,2013andtheListingAgreement entered into with the Stock Exchanges. Theterms and conditions of appointment of the IndependentDirectorsarepostedonthewebsiteoftheCompany.IntermsofprovisionsofSection149(7)oftheCompaniesAct,2013,alltheIndependentDirectorsoftheCompanyhave furnished a declaration to the ComplianceOfficeroftheCompanyatthemeetingoftheBoardofDirectorsheldon28thMay,2015statingthattheyfulfillthecriteriaofIndependentDirectorasprescribedunderSection149(6)oftheCompaniesAct,2013andarenotdisqualifiedtoactasIndependentDirector.Duringtheyearunderreview,fiveBoardMeetingswereheld on 22ndMay,2014,4thAugust,2014,8thNovember,2014,18thDecember,2014and14thFebruary,2015.

Smt. Jayshree Bhartia, Non Executive, PromoterDirectorisretiringbyrotationattheforthcomingAnnualGeneral Meeting and being eligible, offers herselffor reappointment. Your Directors recommend thereappointment of Smt. Jayshree Bhartia, the retiringDirector,foryourapproval.

The Company has a policy, namely, the “Nomination,Remuneration and Evaluation Policy”, which appliesto the Board of Directors, Key Managerial Personnel(KMPs) and the Senior Management Personnel of theCompanyandcontainsthereinthepolicyfollowedbytheCompany regarding directors’ and KMPs’ appointmentanddeterminationoftheirremunerationandothermattersprovidedundersub-section(3)ofsection178.

Board EvaluationPursuant to theprovisionsof theCompaniesAct,2013and Clause 49 of the Listing Agreement with StockExchanges, the Independent Directors in their meetingheldon8thNovember,2014evaluated theperformanceof the Board of Directors of theCompany as a whole,theperformanceofnonindependentdirectorsindividuallyon the evaluation criteria approved in the Nomination,RemunerationandEvaluationPolicyoftheCompanyandevaluated thequality,quantity, timelinessof theflowofinformationbetweentheManagementandtheBoard.

Pursuant toprovisionsof theCompaniesAct,2013andClause49oftheListingAgreementwithStockExchanges,theBoardhascarriedoutanannualperformanceevaluationof itsownperformanceaswell as theevaluationof theworkingofitsCommitteesincludingAuditCommitteeandNominationandRemunerationCommittee.

The Board followed a mechanism of annual evaluationof the Independent Directors in the Board on the basisof the evaluation criteria approved in the Nomination,Remuneration and Evaluation Policy of the Company.The Independent Directors of the Company have beenappointed for a period not exceeding five consecutiveyears commencing from 1st October, 2014 to 30th September,2019.TheNon–IndependentDirectorshavein their meeting held on 14thFebruary,2015evaluatedtheperformanceoftheIndependentDirectorsduringtheyear.

The Board of Directors of the Company endeavor toperformtheir jobanddischargetheirdutiestowardstheCompanyinthebestpossiblemannerkeepinginmindthehighest standards of corporate governance. TheBoardof your Company follows a mechanism of continuousevaluationofitsperformanceintermsofdecisionmakingand ensuring transparency.

Nomination, Evaluation and Remuneration PolicyThe Company formulated and adopted Nomination,Remuneration and Evaluation Policy (the “Policy”) toprovideaframeworkandsetstandardsforthenomination,remuneration and evaluation of the directors, KeyManagement Personnel and officials comprising of thesenior management.




The basis for the Nomination and RemunerationCommittee to selecta candidate forappointment to theBoardareenhancingthecompetenciesoftheBoardandattractingaswellasretainingtalentedemployeesforroleofKMP/SeniorOfficials.Whenrecommendingacandidatefor appointment, the Nomination and RemunerationCommitteehasregardto:

a)assessing the appointee against a range of criteriawhichincludesbutnotbelimitedtoqualifications,skills,regionalandindustryexperience,backgroundandotherqualitiesrequiredtooperatesuccessfullyintheposition,with due regard for the benefits from diversifying theBoard;

b)theextenttowhichtheappointeeislikelytocontributeto the overall effectiveness of the Board, workconstructivelywith theexistingdirectorsandenhancetheefficienciesoftheCompany;

c)theskillsandexperience that theappointeebrings totheroleofKMP/SeniorOfficialandhowanappointeewillenhancetheskillsetsandexperienceoftheBoardasawhole;

d)thenatureofexistingpositionsheldby theappointeeincluding directorships or other relationships and the impact they may have on the appointee’s ability toexerciseindependentjudgment;

e)Personalspecifications.

TheguidingprinciplefortheRemunerationofDirectors,KeyManagerial Personnel and Senior Management is that the levelandcompositionofremunerationshallbereasonableandsufficienttoattract,retainandmotivateDirectors,KeyManagementPersonnelandotherseniorofficials.

The Directors, Key Management Personnel and otherseniorofficials’salaryshallbebased&determinedontheindividualperson’sresponsibilitiesandperformanceandinaccordancewiththelimitsasprescribedstatutorily,ifany.

TheNominations&RemunerationCommitteedeterminesindividualremunerationpackagesforDirectors,KMPsandSeniorOfficialsoftheCompanytakingintoaccountfactorsit deems relevant, including but not limited to market,business performance and practices in comparablecompanies,havingdueregardtofinancialandcommercialhealth of the Company as well as prevailing laws andgovernment/other guidelines. The Committee consultswiththeChairmanoftheBoardasitdeemsappropriate.

TheNonExecutiveDirectorsshallbeentitledtoreceiveremuneration byway of sitting fees for attending everymeeting of the Board/ committees as approved by theBoard of Directors, profit related commission as maybe recommended by the Committee to the Board andsubsequentlyapprovedbythemembers.Theremunerationpayable to theDirectorsshallbeasper theCompany’spolicyandshallbevaluedaspertheIncomeTaxRules.

The evaluation/assessment of theDirectors, KMPs andtheseniorofficialsoftheCompanyistobeconductedonanannualbasis.

Following are the criteria that may assist in determining howeffectivetheperformancesoftheDirectors/KMPs/Seniorofficialshavebeen:• Leadership&stewardshipabilities• contributing to clearly define corporate objectives &

plans • communicationofexpectations&concernsclearlywith

subordinates• obtain adequate, relevant & timely information from

externalsources.• review & approval achievement of strategic and

operationalplans,objectives,budgets• regular monitoring of corporate results against

projections• identify,monitor&mitigatesignificantcorporaterisks• assesspolicies,structures&procedures• direct,monitor&evaluateKMPs,seniorofficials• reviewmanagement’ssuccessionplan• effectivemeetings• assuring appropriate board size, composition,

independence,structure• clearly defining roles & monitoring activities of

committees • reviewofcorporation’sethicalconduct

Evaluationontheaforesaidparameterswillbeconductedby the IndependentDirectors foreachof theExecutive/Non-IndependentDirectors inaseparatemeetingof theIndependentDirectors.

TheExecutiveDirector/Non-IndependentDirectorsalongwiththeIndependentDirectorswillevaluate/assesseachoftheIndependentDirectorsontheaforesaidparameters.Only the Independent Director being evaluated will notparticipateinthesaidevaluationdiscussion.

The criteria of making payment to the non-executiveDirectorsoftheCompanyareprovidedintheNominationandRemunerationPolicyplacedonthewebsiteoftheCompany(http://www.indiaglycols.com/investors/downloads/appointment-remuneration-evaluation-policy.pdf).

KEY MANAGERAL PERSONNELDuring theyearunder review, theBoardofDirectorsoftheCompanyhasdesignatedfollowingDirectors/OfficialsoftheCompanyasKeyManagerialPersonnel(KMP)ofthe Company in terms of provisions of Section 203 oftheCompanies Act, 2013 andClause 49 of the ListingAgreementwiththeStockExchanges:1.ShriU.S.Bhartia,Chairman&ManagingDirector2.ShriM.K.Rao,WholetimeDirector3.ShriRakeshBhartia,ChiefExecutiveOfficer4.ShriAnandSinghal,ChiefFinancialOfficer5.ShriLalitKumarSharma,CompanySecretary

No Key Managerial Personnel (KMP) of the Companyhasresignedduringthefinancialyearended31stMarch,2015.




SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013In compliance to the Sexual Harassment of Women atWorkplace (Prevention, Prohibition and Redressal) Act,2013,theCompanyadoptedtheguidelines&procedurestoprevent,prohibitandpunishsexualharassmentofwomenat the workplace. The Company constituted an InternalComplaintsCommitteeundertheprovisionsoftheActandtheRulesthereunder.TheInternalComplaintsCommitteesubmittedtheAnnualReportdated2ndFebruary,2015totheCompanypertainingtothestatusofcomplaintsreceivedandresolvedbytheCompany.TheBoardconsideredthesaid report in its meeting held on 14thFebruary,2015.NocomplaintpertainingtoSexualharassmentatworkplacehasbeenreportedtotheCompanyduringtheyearendedMarch 31st,2015.

VIGIL MECHANISM/ WHISTLE BLOWER POLICYTheCompanyhasestablishedaVigilMechanism/WhistleBlower Policy, in accordancewith the provisions of theCompaniesAct,2013readwithRulesthereunderandtheListingAgreementwiththeStockExchangestodealwiththeinstancesoffraudandmismanagement.ThedetailsoftheVigilMechanism/WhistleBlowerPolicyareprovidedintheCorporateGovernanceReportandalsopostedonthewebsiteoftheCompany(http://www.indiaglycols.com/investors/downloads/vigil-mechanism-policy.pdf).

DIRECTORS’ RESPONSIBILITY STATEMENTPursuant to Section 134(5) of the Companies Act,2013and to thebestof their knowledgeandbeliefandaccordingtotheinformationandexplanationsobtainedbythem,yourDirectorsconfirmthat:

(a)inthepreparationoftheannualaccounts,theapplicableaccounting standards have been followed along withproperexplanationrelatingtomaterialdepartures,ifany;

(b)appropriate accounting policies have been selectedand applied consistently and made judgments andestimates that are reasonable and prudent so as togivea trueand fairviewof thestateofaffairsof thecompany at the end of the financial year and of theprofitandlossofthecompanyforthatperiod;

(c)proper and sufficient care has been taken for themaintenance of adequate accounting records inaccordancewiththeprovisionsofCompaniesAct,2013for safeguarding the assets of the company and forpreventinganddetectingfraudandotherirregularities;

(d)theannualaccountshavebeenpreparedonagoingconcernbasis;

(e)properinternalfinancialcontrolswereinplaceandthattheinternalfinancialcontrolswereadequateandwereoperatingeffectively;and

(f)proper systems to ensure compliance with theprovisions of all applicable laws were in place andthatsuchsystemswereadequateandwereoperatingeffectively.

MANAGEMENT DISCUSSION AND ANALYSISA separate report on Management Discussion andAnalysis isappendedherewith,whichshall formpartofthisBoard’sReport.

CORPORATE GOVERNANCEThe Board of Directors supports the broad principlesof Corporate Governance. The report on CorporateGovernancefortheyearended31stMarch,2015asstipulatedinclause49oftheListingAgreemententeredintowiththeStock Exchanges and Auditor’s Certificate on CorporateGovernanceareappendedwiththisBoard’sReport.

STATUTORY AUDITORS & AUDIT REPORTTheAuditors,M/s.Lodha&Co.,CharteredAccountants,retire at the ensuingAnnualGeneralMeeting and offerthemselves for reappointment. The Board recommendsthe appointment ofM/s. Lodha &Co., as the StatutoryAuditorsfromtheconclusionoftheensuingAnnualGeneralMeeting till the conclusion of the next Annual GeneralMeeting. M/s. Lodha & Co., Chartered Accountants,haveconfirmed that theyareeligibleunderSection139andSection141oftheCompaniesAct,2013andRulesframed thereunder for appointment as Auditors of theCompany. As required under Clause 49 of the ListingAgreement, the Auditors have also confirmed that theyholdavalidcertificateissuedbythePeerReviewBoardoftheInstituteofCharteredAccountantsofIndia.The Auditors in their Audit Report have invited theattention of the Shareholders towards non provisioningby theCompanyagainst the investment in itsSubsidiaryCompany,ShakumbariSugarandAlliedIndustriesLimited(SSAIL)amountingto` 54.28Crores,loansandadvancesamounting to `103.69 Crores. The Auditors have alsoinvitedtheattentionoftheShareholderstowardsCorporateGuaranteeextendedbytheCompanyonbehalfofSSAILagainst outstanding amount of Financial Institutions andBanksasstatedinNoteno.27(A)(iii)and32(A)(iii)oftheFinancialStatements.TheCompanyhasalreadyprovidedits clarification as contained in note no. 32(A) of theFinancialStatementsi.e.consideringtheintrinsicvalueoftheinvestmentinShakumbariSugarandAlliedIndustriesLimited,(basedonvaluationreport,futureprojectionsandlong term in nature) anddirection issuedby theHon’bleBoardforIndustrialandFinancialReconstruction(BIFR)forpreparationofrevivalschemebytheoperatingagencyasappointed,whichhasbeenfiledwithBIFRon11thJanuary,2014andalsofiledTEV(TechnicalEvaluationStudy)withIDBI(OperatingAgency)on9thFebruary,2015,noprovisionatthisstageisconsiderednecessarybythemanagementagainstinvestmentsandLoans&advancesmade/givenasstatedabove.The Auditors have also invited the attention of theShareholderstowardsnonprovisioningbytheCompanyagainsttotalexposureofamountingto`147.75Croresinits100%SubsidiaryCompanyIGLFinanceLimitedinitsreport on Standalone Financial Statements and towards thenonprovisioningof` 144.44Crores in its reportonConsolidated Financial Statements. The Company hasalsoprovideditsclarificationascontainedinNoteno.32




(B) of theFinancialStatements andNote no. 32 of theConsolidated Financial Statements i.e. Company hastotalexposureof`147.75Crores(includingInvestmentincapitalof 1.25Crores)inIGLFinanceLtd.(IGLFL).IGLFLin turn had invested funds for short term in commodityfinancing contracts offered by National Spot ExchangeLtd.(NSEL).NSELhasdefaultedinsettlingthecontractsonduedatesandforwhichIGLFLhasinitiatedlegalandotheraction.Considering thearrangementofmergerofNSELwithFinancialTechnologies(India)Limited(FTIL)and other measure which have so far been taken forandpendingbefore theGovt.andotherauthorities, themanagementisconfidentofrecoveryofduesfromNSELoveraperiodoftime.Accordingly,noprovisionhasbeenconsiderednecessaryatthisstagebythecompanyandshownasgoodandrecoverable.The Auditors have also invited the attention of theShareholders towardsnonprovisioningby theCompanyagainst total exposure of ` 5.05 Crores in its 100%Subsidiary Company IGL Chem Intll. Pte. Limited,Singapore.TheCompanyhasalsoprovideditsclarificationascontainedinNoteno.32(D)oftheFinancialStatementsi.e. considering the strategic and long term nature ofinvestmentof`5.05Croresnoprovisionagainstthesamehasbeenconsiderednecessarybythemanagement.TheAuditors in their reporton theConsolidatedFinancialStatementshave invited theattentionof theShareholderstowards the non provisioning of interest, penal interest,charges etc. amounting to `9.78 Crores related with asubsidiary company i.e. SSAIL. The Company has alsoprovided its clarificationascontained inNoteno.45(a)oftheConsolidatedFinancialStatementsi.e.consideringthatHon’ble Board for Industrial and Financial Reconstruction(BIFR)hasdeclaredShakumbariSugarandAlliedIndustriesLimited (SSAIL) asa sick industrial companyon4thApril,2013anddirectionissuedbythemforpreparationofrevivalschemebytheoperatingagencyasappointed,whichhasbeenfiledwithBIFRon11th January,2014andalsofiledTEV (Technical Evaluation Study) with IDBI (OperatingAgency) on 9th February, 2015,management is confidentthatthesaidinterestamountwillbewaivedundertherevivalscheme,accordinglynoprovisionatthisstageisconsiderednecessarybythemanagementagainstthesame.TheAuditorsintheirreportontheConsolidatedFinancialStatements have further invited the attention of theShareholders towardsnonprovisionagainst impairmentlosson thefixedassetsof theSubsidiaryCompany i.e.SSAIL.TheCompanyhasalsoprovided its clarificationascontainedinNoteno.42oftheConsolidatedFinancialStatements i.e. considering the future cash flows andbasedontheTechnicalEvaluationStudy,managementisconfidentthattheexpectedrecoverablevalueismorethanitscarryingvalue,hencenoprovisioning for impairmentlossonitsFixedAssets/CashGeneratingUnits(CGU)isconsidered necessary at this stage.SECRETARIAL AUDITOR & SECRETARIAL AUDIT REPORTTheBoard appointedM/sP.P. Agarwal &Co., Practicing

CompanySecretariesasSecretarialAuditorfortheFinancialYear2014-15 in termsofprovisionsofSection204of theCompaniesAct,2013.TheSecretarialAuditReportdated26th May, 2015 of M/s P. P. Agarwal & Co., PracticingCompany Secretaries, for the financial year ended 31st March,2015intheprescribedformMR-3oftheCompanies(AppointmentandRemunerationofManagerialPersonnel)Rules,2014wasconsideredbytheBoardinitsmeetingheldon28thMay,2015andisenclosedas“Annexure A” to this report. The Secretarial Audit Report does not contain any qualification, reservation or adverse remark which needsanyexplanationorcommentoftheBoard.

COST AUDITORSCompany has appointed M/s R J Goel & Co., CostAccountants (FRN 000026) as Cost Auditors of theCompanyforthefinancialyear2015-16undersection148oftheCompaniesAct,2013readwiththeCompanies(CostRecords and Audit) Rules, 2014 including amendments,if any, subject to the approval of the Shareholders attheir ensuing Annual General Meeting and the CentralGovernment.CostAuditors have confirmed that they areeligibleunderSection141(3)oftheCompaniesAct,2013forreappointment.TheCostAuditorshaveattendedtheAuditCommitteeMeeting,wheretheirReportwasdiscussed.Duedate forfilingof theCostAuditors’Report inXBRLmode for the year 2014-15withCentralGovernment is31.10.2015.Theduedate forfilingof theCostAuditorsReport inXBRLmodefortheyear2013-14withCentralGovernmentwas30.09.2014,however,theCompanyhadfiledthesameon26.09.2014.

RELATED PARTY TRANSACTIONSParticulars of contracts or arrangements with relatedpartiesreferredtoinsub-section(1)ofsection188oftheCompaniesAct,2013intheprescribedformenclosedas“Annexure B”formspartofthisreport.AllRelatedPartyTransactionsenteredintobytheCompanyweregrantedpriorapprovaloftheAuditCommitteeatitsmeetings.Duringtheyearunderreview,followingtworelatedpartytransactions were entered into by the Company whichwereeithernotintheordinarycourseofthebusinessorwerenotatarm’slengthprice:1 Discontinuation of charging of Interest on the Inter-

corporate Deposits of ` 160 Crores (` 147 CroresOustanding as on 31.03.2015) provided to its 100%Subsidiary Company, IGL Finance Limited, sincetheseICDswereinvestedbyIGLFinanceLtd.inshortterm commodity financing contracts by the NationalSpot Exchange Ltd. (NSEL). NSEL had defaulted insettlingthecontractsonduedates,asaresultofwhichIGLFinancecouldnotgetthefundsbackfromNSEL.Therefore,IGLFinanceLtd.wasunabletoservicetheinterestpaymenttotheCompany.

2 Transfer of Rental Business on slump sale basis bythe Company to its 100% Subsidiary Company IGLInfrastructure Pvt. Ltd. for an enterprise value of` 184.20Crores.




AlltheotherrelatedpartytransactionsenteredintobytheCompanywereintheordinarycourseofbusinessandatarm’slengthbasis.Nomaterialrelatedpartytransactioni.e. a transaction constituting of 10% of the annualconsolidated turnoverof theCompanywasentered intobytheCompany.Thedetailsofrelatedpartytransactionswith theCompany as required by Accounting Standard(AS-18)onRelatedPartyTransactionshavebeengivenin Notes to Accounts. Besides this, Company has nomaterially significant transactionwith the relatedpartiesviz. Promoters, Directors, Key Managerial Personnel,theirrelativesandtheirsubsidiaries,etc.thatmayhaveapotentialconflictwiththeinterestoftheCompanyatlarge.ThePolicy forRelatedParty Transactions as approvedby theBoardhasbeenuploadedon thewebsite of theCompany under the link http://www.indiaglycols.com/investors/downloads/Related-party-transactions-Nov-2014.pdf.

ENVIRONMENT, ENERGY CONSERVATION, TECHNOLOGY ABSORPTION, ETC.Your Company is working actively on various projectsefficiently, approaching and targeting towards CleanDevelopment Mechanism (CDM) and reduction inGreenhouseGases(GHG)emissions.The Company has installed unique technology forconvertingdistilleryspentwashintofuelatboththeplantsviz.Kashipur(Uttarakhand)andGorakhpur(UttarPradesh).Throughthistechnology,thespentwashisconcentratedthroughfiveeffectevaporator.Theconcentrateisutilizedasfueltosubstitutecoalinaspecificallydesignedboiler.The high pressure steam so generated is passed through theturbineforpowergenerationandlowpressuresteamafter turbine isutilized in theplant foroperation.Due tothis yourCompany is saving fossil fuel in termsof coalandsubstituting theessentialpowergeneration throughDGsets.EstimatedsavingduetoSloputilizedduringtheyearunderreviewisasunder:SlopEquivalentCoalsavings(netofEvaporator) -30185MTSlopEquivalentPowerunitssavings(netofevaporator) -3420MWThe Biomass based Cogeneration Project activitytaken up by the Company at its Gorakhpur, U.P. plantis successfully registered under Clean DevelopmentMechanism(CDM)projectbyUnitedNationsFrameworkConventiononClimateChange (UNFCCC) for ten yearfixed crediting period 16/12/2010 to 15/12/2020. UndertheCleanDevelopmentMechanism,emission-reduction(or emission removal) projects in developing countriescanearncertifiedemissionreductioncredits.

Your Company has received certification of EnergyManagementSystem(ISO50001:2011)underintegratedmanagement system.

The information in accordance with the provisions ofSection134(3)(m)oftheCompaniesAct,2013readwiththeRule8of theCompanies (Accounts)Rules,2014 isgivenin“Annexure C”totheBoard’sReport.

CORPORATE SOCIAL RESPONSIBILITY (CSR)Corporate Social Responsibility (CSR) is a way ofconducting business, bywhich corporate entities visiblycontributetothesocialgood.TheessenceofCSRistointegrateeconomic,environmentalandsocialobjectiveswith the company’s operations and growth. CSR is theprocess by which an organization thinks about andevolvesitsrelationshipswithsocietyforthecommongoodanddemonstrates itscommitmentbygivingback to thesocietyfortheresourcesitusedtoflourishbyadoptionofappropriatebusinessprocessesandstrategies.

Your Company, Directors and its dedicated employeescontinue to contribute towards society by severalworthwhilecauses.YourCompanyaimstoenhancethequalityoflifeofthecommunityingeneralandhasastrongsenseofsocialresponsibility.Evenbefore the issueofCSRbecameobligatory, IndiaGlycolsLimitedwasfulfillingtheaspirationofthesocietythroughvoluntaryCSRactivitiesfortheareasaroundtheperipheryoftheplantandofficesites.AspartofitsinitiativeunderCorporateSocialResponsibility,theCompanyhasundertakenprojectsandprogrammesintheareasofEducationpromotion,HealthandSanitation,Safe drinkingwater, Livelihood.Someof theCorporateSocial activitiesundertakenby theCompanyduring theyearunderreviewareasfollows:

1 Installed Hand Pumps in a phased manner in nearby villages of Kashipur and Gorakhpur to providecontinuouswaterfacility.

2 PromotedsanitationbyConstructionofpublictoilets.3 ProvidedAmbulanceServices(AmbulanceandDriver)

forcommunityhealthcare.4 Organizedmedicalcampswherevillagerscanavailof

medicalassistance,freeofcost;5 Blanketdistributiontopoorduringwinter6 Contributed for the infrastructure in Govt. Girls High

School in Kashipur. 7 Contributed for the infrastructure in Govt. Primary

School,acommunityschoolinKashipur.

YourCompanyisalsosupportingacommunityschoolatDwarka,NewDelhithroughcharitableorganizationNirmalSocietyforEducationPromotion.Theschoolisequippedwithmodernfacilitiesandalsohasagoodinfrastructure.Theschoolpossessesqualifiedandexperiencedfaculties,whichenablechildrentomakeagreatfuture.The Company lent financial assistance to theunderprivileged children under its CSR activity. YourCompany is also extending educational and on-the-jobtrainingtothestudentsofmanyprofessional Institutionsand the professionals of many other Management andEngineeringInstitutions,whichhelpsthemtostartanewbeginningfortheirfutureprofessionalcareer.

TheaforesaidactivitiesareinaccordancewithScheduleVIIof theCompaniesAct,2013. Inaccordancewith theprovisions of Section 135 of the Companies Act 2013




readwiththeCompanies(CorporateSocialResponsibilityPolicy)Rules,2014,theannualreportonCorporateSocialResponsibilityactivitiesisenclosedas“Annexure D” and formspartoftheBoard’sReport.

YourCompanyconstantlystriveshardtoservethesocietyby implementing such other policies which benefitedpeople at large. The company always endeavors togiveback theSociety for thesupport theCompanyhasreceivedtoriseandflourish.

Duringtheyear2014-15,theCompanyhasspent`109.65LacsagainstthebudgetforCSRof`109.63Lacs.

RISK MANAGEMENT POLICYPursuant to Clause 49 of the Listing Agreement withthe Stock Exchanges, the Company has constituted aRiskManagementCommittee in itsBoardMeetingheldon 14thFebruary,2015.TheCommittee isauthorised tomonitor the Risk Management Plan and to mitigate the risksattachedtothebusinessoftheCompany.TheRiskManagement Committee consists of Directors and thesenior management personnel of the Company detailswhereofareprovidedintheCorporateGovernanceReportformingpartoftheBoard’sReport.

YourCompany’sobjectiveofriskmanagementistohavea meaningful identification, measurement, prioritizationof risks or exposures to potential losses on a continualbasis through active participation of all members ofthe Company and accordingly establish controls andprocedurestobuildavisible&structuredenterprise-wideriskmanagement framework; reduce the risk levelsandmitigatetheireffectsinthelikelihoodofariskeventwithan aim to protect our company fromharm; and have acontingencyplantomanageriskshavinghighprobabilityand high impact.

Riskmanagementframeworkiscreatedtoensurethatriskmanagement principles are implemented and integrated all over the organization and that information retrievedfromtheriskmanagementprocessarecorrectlyreported.This frameworkprovidesastablefoundationfor theriskmanagementwork,orienttheorganizationalarrangementsproperlyinordertohaveaclearriskstrategyacrosstheorganization & share information, experiences amongstdifferentsitesoftheCompany.

Considering the importance of keeping the riskmanagementprocessdynamic,aquarterlyreviewoftheriskswillbecarriedoutacrosssitesanddepartmentsfornecessary key risks and risk management strategies are to be communicated to the Board of Directors for theirassessmentforminimizationofeffectsofrisk.

EXTRACT OF ANNUAL RETURNA separate report on the details of the extract of theAnnualReturninformMGT-9isenclosedas“Annexure E”,whichshallformpartoftheBoard’sReport.

AWARDS AND RECOGNITIONSThe Company with great pride is pleased to inform toyou that the Company has been honoured with theSilver award selected by Federation of Indian ExportOrganisation,setupbyMinistryofCommerce,Govt.ofIndiaforbeingSecondhighestforeignexchangeearnersin the Chemicals, Drugs, Pharma and allied sectors –NonMSME(Micro,SmallandMediumEnterprises).ThePrestigious award was presented to the Company byHon’blePresidentofIndiainNovember2014.Shri U.S. Bhartia, Chairman and Managing Director oftheCompanyhasbeenconferredwithhighlyprestigious“BUSINESS LEADEROF THE YEAR – INNOVATION”CHEMTECH CEW LEADERSHIP & EXCELLENCEAWARDS2013”,whereinhehasbeenrecognizedas“AnIndustrialistwithExtraordinaryachievements in thecoresectorsofIndianEconomyinconceiving&implementingprojects sustainable through value creation and valueaddition and has always strived for an all-inclusivegrowth”.Hehasbeenrecognizedasanindustrialistwithvisionaryconceptsbasedonresearchandinnovation.Hehasbeenawarded forhisentrepreneurialendeavors,ofputtingIndiaontheworldmapbyestablishingindustriesbasedongreen technologies in theruralareas,utilizinglocalresourcestoproduceproductsofglobalstandards.

HUMAN RESOURCESYour Directors wish to place on record their deepappreciationtoemployeesatall levelsfortheirall-roundefforts,dedication,commitmentandloyalserviceswhichhelpedyourCompanysustaineveninatoughyearandachievesatisfactoryperformanceduringtheyear.The required information as per Section 197(12) of theCompaniesAct,2013readwithRule5(1)oftheCompanies(AppointmentandRemunerationofManagerialPersonnel)Rules,2014isgivenin“Annexure F” to this report. Further,Informationregardingemployeesinaccordancewith the provisions of Rule 5(2) and Rule 5(3) of theCompanies(Appointment&RemunerationofManagerialPersonnel)Rules,2014isgivenin“Annexure G” to the Board’sReport.

ACKNOWLEDGEMENTYourDirectorsplaceonrecordtheirdeepappreciationofthesupportgivenby theCentralGovernment, theStateGovernmentofUttarakhandandtheStateGovernmentofUttarPradesh,FinancialInstitutionsandBanksandlooksforwardtotheircontinuedsupport.

ForandonbehalfoftheBoard

Place:NOIDA,U.P. U.S. BhartiaDated:28.05.2015 Chairman and Managing Director




Annexure ASECRETARIAL AUDIT REPORT

FORTHEFINANCIALYEARENDED31STMARCH,2015

To,TheMembers,India Glycols Limited

CIN: L24111UR1983PLC009097Wehaveconductedthesecretarialauditofthecomplianceof applicable statutory provisions and the adherenceto good corporate practices by India Glycols Limited(hereinaftercalled ‘thecompany’).SecretarialAuditwasconducted in a manner that provided us a reasonablebasis for evaluating the corporate conducts/statutorycompliancesandexpressingouropinionthereon.Based on our verification of the company’s books,papers, minute books, forms and returns filed andother recordsmaintained by the company and also theinformationprovidedbytheCompany,itsofficers,agentsand authorized representatives during the conduct ofsecretarialaudit,weherebyreportthatinouropinion,thecompanyhas,duringtheauditperiodcoveringthefinancialyear ended 31stMarch,2015,compliedwiththestatutoryprovisions listed hereunder and also that theCompanyhas proper Board-processes and compliance-mechanism inplace to theextent, in themannerandsubject to thereportingmadehereinafter:We have examined the books, papers, minute books,formsandreturnsfiledandotherrecordsmaintainedbyIndia Glycols Limited for the financial year ended 31st March,2015accordingtotheprovisionsof:(i) TheCompanies Act, 2013 (theAct) and theRules

madethereunder;(ii) The Securities Contracts (Regulation) Act, 1956

(‘SCRA’)andtherulesmadethereunder;(iii)TheDepositoriesAct,1996andtheRegulationsand

Bye-lawsframedthereunder;(iv)Foreign ExchangeManagement Act, 1999 and the

rulesandregulationsmadethereundertotheextentof Foreign Direct Investment, Overseas DirectInvestmentandExternalCommercialBorrowings;

(v) ThefollowingRegulationsandGuidelinesprescribedunder the Securities and Exchange Board of IndiaAct,1992:(a) The Securities and Exchange Board of

India (Substantial Acquisition of Shares andTakeovers)Regulations,2011;

(b) The Securities and Exchange Board of India(Prohibition of Insider Trading) Regulations,1992;

(c) The Securities and Exchange Board of India(IssueofCapitalandDisclosureRequirements)Regulations,2009;

(d) The Securities and Exchange Board of India(EmployeeStockOptionSchemeandEmployee

StockPurchaseScheme)Guidelines,1999;(e) The Securities and Exchange Board of India

(IssueandListingofDebtSecurities)Regulations,2008;

(f) The Securities and Exchange Board of India(Registrars to an Issue and Share TransferAgents) Regulations, 1993 regarding theCompaniesActanddealingwithclient;

(g) The Securities and Exchange Board of India(DelistingofEquityShares)Regulations,2009;and

(h) The Securities and Exchange Board of India(BuybackofSecurities)Regulations,1998;

Wehavealsoexaminedcompliancewith theapplicableclausesofthefollowing:(i) Secretarial Standards issued by The Institute of

CompanySecretariesofIndia;and(ii) TheListingAgreementsenteredintobytheCompany

with theNationalStockExchangeof IndiaLtd.andtheBombayStockExchangeLtd.

Wefurtherreportthat:TheBoardofDirectorsoftheCompanyisdulyconstitutedwithproperbalanceofExecutiveDirectors,Non-ExecutiveDirectorsandIndependentDirectors.ThechangesinthecompositionoftheBoardofDirectorsthattookplaceduringtheperiodunder reviewwerecarriedout in compliancewiththeprovisionsoftheAct.Adequatenotice isgiventoalldirectors toschedule theBoardMeetings, agendaanddetailed notesonagendaweregenerallysentatleastsevendaysinadvanceandasystemexistsforseekingandobtainingfurtherinformationandclarificationsontheagendaitemsbeforethemeetingandformeaningfulparticipationatthemeeting.Majoritydecision iscarried throughwhile thedissentingmembers’viewsarecapturedandrecordedaspartoftheminutes.We further report that there are adequate systems andprocesses in the company commensurate with the size and operationsofthecompanytomonitorandensurecompliancewithapplicablelaws,rules,regulationsandguidelines.WefurtherreportthatduringtheauditperiodtheCompanyhastransferred itsRentalBusinessonslumpsalebasistoits100%subsidiaryIGLInfrastructurePvt.Ltd.foranenterprisevalueof`184.20Crores.

ForP.P.Agarwal&Co.CompanySecretaries

Pramod Prasad AgarwalProprietor

Place: NewDelhi FCSNo.:4955Date : 26.05.2015 C.P.No.:10566

Note:Thisreportistobereadwithourletterofevendatewhich is annexed as ‘Annexue-A and forms anintegralpartofthisreport.




ANNEXURE-A TO THE SECRETARIAL AUDIT REPORT

To,TheMembers,India Glycols Limited

TheSecretarialAuditReportofevendateistobereadalongwiththisletter.

1. Maintenanceofsecretarialrecordistheresponsibilityofthemanagementofthecompany.Ourresponsibilityistoexpressanopiniononthesesecretarialrecordsbasedonouraudit.

2. Wehave followed theauditpracticesandprocessesaswereappropriate toobtain reasonableassuranceaboutthecorrectnessof thecontentsof theSecretarial records.Theverificationwasdoneon testbasis toensure thatcorrectfactsarereflectedinsecretarialrecords.Webelievethattheprocessesandpractices,wefollowedprovideareasonablebasisforouropinion.

3. We have not verified the correctness and appropriateness of financial records and Books of Accounts of thecompany.

4. Whereever required,wehaveobtained theManagement representationabout thecomplianceof laws, rulesandregulationsandhappeningofeventsetc.

5. The compliance of the provisions of Corporate and other applicable laws, rules, regulations, standards is theresponsibilityofmanagement.Ourexaminationwaslimitedtotheverificationofproceduresontestbasis.

6. TheSecretarialAuditreportisneitheranassuranceastothefutureviabilityofthecompanynoroftheefficacyoreffectivenesswithwhichthemanagementhasconductedtheaffairsofthecompany.

ForP.P.Agarwal&Co.CompanySecretaries

Pramod Prasad AgarwalProprietor

FCSNo.:4955C.P.No.:10566

Place :NewDelhiDate :26.05.2015




Annexure B

Form No. AOC-2(Pursuanttoclause(h)ofsub-section(3)ofsection134oftheActandRule8(2)

oftheCompanies(Accounts)Rules,2014)Formfordisclosureofparticularsofcontracts/arrangementsenteredintobythecompanywithrelatedpartiesreferredtoinsub-section(1)ofsection188oftheCompaniesAct,2013includingcertainarmslengthtransactionsunderthirdprovisothereto1.Detailsofcontractsorarrangementsortransactionsnotatarm’slengthbasis:Name(s)ofthe related party and natureofrelation-ship

Natureofcontracts/ ar-rangements/transactions

Durationofthe contracts / arrangements/transactions

Salient termsofthecontracts or arrange-ments or transactions including the value,ifany

Justificationforentering into such contracts or arrangements or transactions

Date(s)ofapprovalbytheBoard

Amount paid asadvances,ifany

Dateonwhichthe special resolution was passed in general meeting as requiredunderfirstprovisotosection188

IGL Finance Limited(Whollyowned SubsidiaryCompany)

Discontinu-ationofInter-est income on Inter CorporateDepositgiven

InterCorporateAgreement effectiveupto29thJuly,2016

Inter CorporateDepositof` 160.00 Crores(` 147Croresoutstand-ing as on 31.03.2015)given

IGL Finance couldnotservicethe interest due ontheICDgivenbytheCompanyduetoliquiditycrunchbecauseofthedefaultofNationalSpotExchangeLimited in settling the short term commodity financingcontracts entered into with IGL Finance Ltd.

8thNovember,2014

N.A. N.A.

IGLInfra-structure PrivateLimited (Whollyowned SubsidiaryCompany)

Transferofrentalbusinesstothe wholly owned subsidiaryCompany

Business transferAgreement dated 31st March,2015forvalueof` 184.20Crores

Transferofthe rental businessoftheCom-pany

Segregation oftherentalbusinessbywayoftransferthrough slump sale

18thDecember,2014

Nil Shareholders’resolution passed on 1stFebruary,2015bywayofPostal Ballot

2.Detailsofmaterialcontractsorarrangementortransactionsatarm’slengthbasis:

Name(s)oftherelated party andnatureofrelationship

Natureofcontracts/arrangements/transactions

Durationofthe contracts / arrangements/transactions

Salienttermsofthe contracts or arrangements or transactions includingthevalue,ifany

Date(s)ofapprov-albytheBoard,ifany

Amount paid as advances,ifany

Nil Nil Nil Nil Nil Nil


Place :NOIDA,U.P. U.S. BhartiaDated :28.05.2015 Chairman and Managing Director




Annexure C

PARTICULARS AS REQUIRED UNDER SECTION 134(3)(m) OF THE COMPANIES ACT, 2013 AND THE COMPANIES (ACCOUNTS) RULES, 2014 FORMING PART OF THE BOARD’S REPORT FOR THE YEAR ENDING 31ST MARCH 2015

CONSERVATION OF ENERGY(a) Energy Conservation Measures Taken.

1. 12MWsteambasedpowerprojecthassuccessfullycommissioned&powerexporttoGridstarted.2. InstallationofVFDinIDfansofSHfurnaceforbothCBLboilertoconservethepower. 3. ProvisionofVFDincoolingtowerfans.4. ProvisionofVFDintemperedWaterpumpofEthoxylationStirredreactor.5. ProcesssteamcondensateofENAplantisusedasaboilerfeedwaterresultinginDMwaterandenergysaving.6. ModificationofSteamtrapatvariousplaces,minimizetheleakageofsteamatourplant.7. ProcesscondensateofEvaporatorplantisusedasadilutioninfermentationresultinginRawwaterandenergysaving. 8. ENAPlantHQcolumncondensaterecoveryresultinginheatconservation.9. Extractionbackpressuresteamturbineof3.5MWcommissionedandtakeninoperation.10. AdditionofCoalAdditiveinCoalfiredSteamBoilersresultingincoalsavings.11. ChemicaldosinginSLOPboilersforincreasingslopconsumptioninboilersresultingincoalsavings.12. FlashsteamrecoveryfromsteamBoilerdrumswaterblowdownofCVL20,TBW,IJT-80andIJT-2implemented.13. ProvisionofVFDinDistilleryAirBlowerresultinginpowersavings.14. InstallationofLEDlampsresultinginenergysavingsinlightningsystem.

(b) Additional investment and proposals, if any, being implemented for reduction of consumption of energy: Followingschemesarebeingimplemented:

1. ReplacementoflivesteaminMEGstripperswithprocessdehydrationsteamresultinginLPsteamsaving.2. Replacement of HP steamwithMP steam in E-3610 resulting in increased power generation from back

pressuresteamturbine.3. ProposalforFlashsteamrecoveryfromsteamBoilerdrumsblowdownofCVL30,Slop-1&Slop-2Boilers.4. InstallationofReboilerinENAplantanalyzercolumntoreducetheeffluentatGorakhpur.5. InstallationofVFDinsuperheaterfurnaceIDfantosavepower.6. InstallationofVFDinspentwashrecyclespumpstosavethepoweratGorakhpur.7. Installationofforcedcirculationcalandria4th&5thinexistingEvaporatorplanttoincreasethroughputatGorakhpur.8. InstallationofLEDlightingandsolarheatersatGorakhpur.9. InstallationofVFDinSecondaryAirfanofCBL-1boilertosavethepoweratGorakhpur.10. Slopfiredboilerfurnacemodification–increaseinfurnaceheightresultinginincreasedutilizationofSlops-

ReductioninfuelconsumptioninBoileratGorakhpur.(c) Impact of the measures at (a) and (b) for reduction of energy consumption and Consequent impact ENERGY CONSERVATION MEASURES: BENEFITS Saving of Coal by Max.BiogasutilizationinBoilers Upto20.45MT/day PreheatingofBoilerFeedWater Upto41.10MT/day OperationofEvaporatorrefluxPreheater Upto1.28MT/day InstallationofBoilerfeedwaterpreheaterinMEGProcessHeaters Upto2.19MT/day Preheatingof12MWturbinecondensatewithDehydrationSteamCondensate Upto5.90MT/day Utilized hot condensate in GEA and GE to Generate LP steam Up to 2.34 MT/day UtilizedsteamcondensatetogenerateflashSteaminGuarGumunit Upto1.24MT/day Saving of Power by OperationofTGSetatOptimumload(Kashipur) 117486.27MWHofPower OperationofTGSetatOptimumload(Gorakhpur) 66895.91MWHofPower Generated during the year (Lastyear30171.26MWH) Saving of Fuel (FO) by Utilizationofwastegas/BiogasintheProcessHeater Upto19.87MT/Day Saving of Coal by SloputilizationinBoiler Upto144.32MT/Day Saving of Rice Husk by Max.SloputilizationinBoiler Upto300MT/day Process steam condensate utilization in Boiler Up to 750MT/day




(d) Total energy consumption and energy consumption per unit of production as Prescribed in Form –A.Form-A

Form for disclosure of particulars with respect to conservation of energy

(A) Power and fuel consumption Units Year ending Year ending March’ 2015 March’ 2014 KASHIPUR PLANT i) Electricity (a) PurchasedUnit 1000KWH 154046.48 168649.68 Total Amount `Lacs 7710.30 7980.61 Rate per unit `/KWH 5.01 4.73 (b) OwnGenerationthroughDGSets 1000KWH 4903.45 2655.53 UnitsperKg/LiterofDieselOil/HPS KWH/Kg 4.41 4.55 Cost/Unit `/KWH 7.71 10.16 ii) Coal Quantity MT 343210.73 385235.34 TotalCost ` Lacs 19081.73 19359.92 AverageRate `/MT 5740.84 5025.48 iii) Bagasse Quantity MT Nil Nil TotalCost ` Lacs - - AverageRate `/MT - - iv) Fuel Oil (LDO/RFO) Quantity MT 4671.14 5325.76 TotalCost `Lacs 1811.04 2335.09 AverageRate `/MT 38770.76 43845.23 v) Others/internal generation a) From Back Pressure Turbine Quantity 1000KWH 68732.42 70593.05 TotalCost `Lacs Nil Nil AverageRate `/KWH Nil Nil b) From Extraction, Back Pressure & Condensing Turbine Quantity 1000KWH 48753.84 53661.14 TotalCost ` Lacs 2309.60 2468.20 AverageRate `/KWH 4.74 4.60 Total(a+b) 1000KWH 117486.27 124254.18 GORAKHPUR PLANT A POWER AND FUEL CONSUMPTION i) ELECTRICITY

(a) PurchasedUnit 1000KWH 88.93 3709.68 Total Amount ` Lacs 12.27 341.07 Rate per unit `/KWH 13.79 9.20 (b) OwnGenerationthroughDGsets 1000KWH 8.04 123.04 Unit per Kg/Lit `Lacs 1.50 21.19 ofDieselOil/HPS Cost/Unit `/KWH 18.65 17.22 ii) RICE HUSK Quantity MT 73507.36 77495.41 TotalCost ` Lacs 2362.10 2257.23 AverageRate `/MT 3213.42 2912.23

iii) COAL Quantity MT 18894.51 14885.34 TotalCost ` Lacs 1150.28 858.93 AverageRate `/MT 6087.89 5770.27




IV) OTHER/INTERNAL GENERATION (From Back pressure Turbine) Quantity 1000KWH 66895.91 30171.26 Export 1000KWH 40807.30 - TotalCost ` Lacs - - AverageRate `/KWH - - ENNATURE BIO-PHARMA PLANT: A POWER AND FUEL CONSUMPTION i) ELECTRICITY a) PurchasedUnit 1000KWH 5439.80 5006.33 Total Amount ` Lacs 275.17 254.37 Rate per unit `/KWH 5.05 5.08 b) OwnGenerationthroughDGsets 1000KWH 282.99 736.45 UnitperKg/Lit Kg/lt 3.47 3.59 ofDieselOil/HPS Cost/Unit `/KWH 14.12 14.22

Form-B(Form of Disclosure of Particulars with Respect to Technology Absorption and Research and Development)

A. Research and Development1. SpecificAreasinwhichR&DisCarriedOutbytheCompany

• Effortsmadewere,widentheproductportfolio(NaturalHealthProducts-NHPs)forGreensupercriticalfluidextractiontechnologywithvalueadditionandbusinessgrowth.

• R&Deffortshasresultedbusinesssustainabilityandhavegivenstabilityforcapacityutilizationupby85%havingbetterconsistencyinrecoveriesthanpreviousyear.Alsohighvalueproductscapacityutilizationisupby28%thanpreviousyear.

• Gingerproduct,ShogaoldevelopedusingGreenTechnologySCF-CO2beingtobeanassetforproductfolioinnearfuturebasedonClinicalTrialsundergoingforcontrolofCancerslikeBloodLeukemia.

• FewNewformulationsaredevelopedandformulationdivisionisestablishedforvalueadditionofSCF-CO2 products.Formulationdivisionmaywidenscopeofbusiness.

• MicroencapsulatedDocosahexaenoicacid(DHA)andVegetarianAstaxanthinBeadletproductslaunchedformarket.DHAbusinesspromotedisupby10-15%thanpreviousyearwithsurgeofLuteinEstersaleby50%more.

• Productsstabilizedduringperiod2014-15 forcommercialprocessofSCF-CO2 process to create a widest productfolioare:

Product Source Raw Material ContentCommercialSCF-CO2ProcessesDevelopedandAcceptedare:

OlibanumGum Boswellia serrata Boswellicaicd60%

Curcumin6% Turmeric Rhizome 6%curcuminoids

Green shell mussel oil Green shell mussel EPA-15.4%DHA-11.6%

Chiaseedoil Chiaseed Linolenicacid60%

CapsanthinPaprikaColour Oleoresinwaste 100,000and200,000CU

Chilly(Capsicum) Chilly-Capsicum Capsaicine6.67%,10.3%

Black Peeper Black Peeper Seed Piperine50%

Organicginger OrganicGingerRhizome Totalgingerols30%

NewProposedSCF-CO2 ProjectsforDevelopmentare:

BitterGourd(Karela) Momordica charantia InsulinEnhancer-CEK

Sea Buckthorn pulp oil Hippophaerhamnoides Omega3,6,7,9Fattyacids

NutMeg Myristicafagrans NutmegOleoresin27%(E.Oil)




1. Active Pharmaceuticals Ingredients from Herbal Sources-Aqueous-Solvent Extraction Plant:• Developmentandprocessstabilizationeffortsthatmadehavebenefitedthecompanyforincreasingtheyields,

productportfolioandcapacityutilizationwithincreasedturnovermargin.• Process developments and stabilization methods has enhanced annual processing capability of herbal

materialslikeGloriosaSeedsfrom200Tonsto288Tons.• PilotlevelstudyforValueadditionofColchicinetoThiocolchicosidebyconversionprocesstoleveragethe

costingofThiocolchicosideiscarried.• ProcessdevelopmentworksledtocreationofnewproductionfacilityatPlotNo.5forenhancingthecapacity

from288Tonsto600-700Tons.Thisnewproductionfacilitywill leveragetheproductaveragecostinglikeThiocolchicoside and curcumin.

• ProductsstabilizedforcommercialbusinessacceptancebyAqueous-SolventExtractionProcessare:

Product Source Raw Materials ContentCommercial Processes Developed and Accepted from Aqueous-Solvent Extraction: Thiocolchicoside GloriossaSuperbaSeed Thiocolchicoside Yield from 60% to

73%levelachieved.Curcuminoidscrystals(Ethanol)95%ByUVand90%byHPLC.

Turmeric Rhizome Technology transfer To Production.The green ethanol process technology isusedforprocessing.

GingerSprayDriedPower3-5% Zingiberofficinale Developedoncustomerneedbasis.CoffeeBeansExtract50%,60%,95% GreencoffeeBeans ProcessDevelopedSennosideExtract20% SennaLeaves DevelopedinR&DWithania2.5&8% WithaniaSomniferaroot DevelopedinR&DForskolincrystals95% Coleusextract TechnologyDevelopedNew Proposed Aqueous-Solvent Extraction Projects for Development/Under Development are:Thiocolchicoside Colchicine Pilot Processes stabilized, to lauch

commercial production FY 2015-16BitterguardExtract-CEK Momordica charantia InsulinRejuvenatorVitaminD DayJasmine HighvalueproductVinpocetine Tabersonine-Voacanga

seeds Scale up work completed, to launchcommercial production FY 2015-16

FreeLutein80% Marigold Flower ProcessTransfertoProductionLutein Ester Marigold Flower ProcessTransfertoProductionNaturalinsulin CostasPictusleaves NovelWorkinitiated

2. BenefitsDerivedasaResultofAboveR&DandEnergySave:• NewBoiler of Agrowaste is installed FY 2014-15, energy cost cut down is to 50%which leveraged the

proportionate production cost. • Chiller linesmodificationshavecutdownenergycostFY2014-15to30-35%that leveragedproportionate

production cost. • AchievedsustainabilitybyutilizationofcapacityofbothSCF-CO2plantsto85%with28%valuesurgebyhigh

valueproductsandAqueous-Solventextractionplantcapacityfrom70%to85%.• Technologyadditionsandproductinnovationshaveroomedtodevelopatpilotlevelfortwootherproductsthat

canbetakenforcommercializationinFY2015-16byexpansionstoexistingfacility.• Developmentandstabilizationof formulations fromSCF-CO2 productshasenhanced thebusiness scope

additionally10%forDHAand30%LuteinEsterinFY2014-15.• ObtainedtheWHO-CGMP,KoreanFDAandEU-WCdrugcertificationapproval forActivePharmaceutical

Ingredients(APIs).• Researchactivityhasenhancedtheproductioncapabilitiesofsolventextractionareafrom200Tonsto288

Tonsthatroomedfurtherforcreationofnewproductionfacilitytogiveutilizationofsolventplantfrom80%to90%levelbynextyear2015-16toaverageaproductcost.




• Thegreenproductslikeethanolcurcumin,Sennamaygiveroomforbusinessvolumes.• CreatedadditionalR&Dlaboratoryfacilitygaveroomforinnovation.• ResearchandDevelopmentfacilityrecognitionachievedfromDSIR,Govt.ofIndiafortheyear2013-16.

3. Future Plan of Action• ToaddtwoothersolventproductsbyprojectexpansionplansbyFY2015-16• ToaddvalueadditiontoSCF-CO2productsatnewformulationblockandenhanceproductprofileandturnover

from40Tonsto50Tons.• Tostudyplanforcapacityenhancementupto40%andmakeproposalforpaybackplanbyadditionofnew

extractorstoexistingSCF-CO2 plant. • Tobroadenthereachactivitiesonvariousnewproducts likeInsulinRejuvenator fromKarelafruit,Natural

vitamin-DfromDay-JasmineandInsulinPlantCostusforInsulinSynthesis.• TogoforacommercialprocessandlaunchofVinpocetinetothemarket.• To scale of new conversion process of low valueColchicine to high value Thiocolchicoside to lower the

averagecostofThiocolchicoside.• ToincreaseutilizationofnewlycreatedfacilityofAqueous-Solventextractiontoatotalof700Tons/annumby

wideningproductportfolio.

II. Expenditure on R & D 1. (i) EXPENDITURE ON R&D (Chemical, Kashipur) 2014-15 (` in Lacs) Capital 145.26 Recurring 197.85 Total 343.11 Totalexpenditureasapercentageoftotalturnover 0.13%

(ii) Expenditure on R & D (Ennature Biopharma, Dehradun) 2014-15 (` in Lacs) Capital 12.79 Recurring 141.81 Total 154.60 TotalExpenditureasaPercentageofturnover 0.06%B. Technology absorption and innovation •Thetechnologiesaredevelopedinhouse. •Tofurtherutilizethetechnologyandwidentheproductrangetoharnessthemarketwithpotentiallyqualityproducts. •ToapplyforprojectsforfundingforstrengtheningtheR&Dprocessinnovations. •Tomaximizethesuccessrateofprojectsfromlabtopilotandforcommercialproduction. •Tostudythetechno-economicfeasibilityofallproducttobecommercialized. •ToprotecttheIPRforallthedevelopmentscarriedbyfilingprocessResearchandDevelopmentPatents.

INFORMATION ABOUT IMPORTED TECHNOLOGY (IMPORTED DURING THE LAST 5 YEARS RECKONED FROM THE BEGINNING OF THE FINANCIAL YEAR) : NA

FOREIGN EXCHANGE EARNING AND OUTGO:(i) Activitiesrelatingtoexports,initiativetakentoexports,

developmentofnewexportforproductsandservicesandexportplans.

: FOBValueoftheExportsduringtheyearwere` 962Crores

(ii) TotalForeignExchangeused : TotalForeignExchangeusedwas` 762Crores(Previous year Foreign Exchange used was ` 849crores)






Annexure D

ANNUAL REPORT ON CORPORATE SOCIAL RESPONSIBILITY (CSR) ACTIVITIESfor the financial year ended 31st March 2015

1. A brief outline of the company’s CSR Policy, including overview of projects or programs undertaken and a reference to the web-link to the CSR policy and projects or programs:

Corporate Social Responsibility (CSR) is a way of conducting business, by which corporate entities visiblycontributetothesocialgood.TheessenceofCSRistointegrateeconomic,environmentalandsocialobjectiveswiththecompany’soperationsandgrowth.CSRistheprocessbywhichanorganizationthinksaboutandevolvesitsrelationshipswithsocietyforthecommongoodanddemonstratesitscommitmentbygivingbacktothesocietyfortheresourcesitusedtoflourishbyadoptionofappropriatebusinessprocessesandstrategies.

EvenbeforeCorporateSocialResponsibilitybecameobligatory,IndiaGlycolsLimitedwasfulfillingtheaspirationofthesocietythroughvoluntaryCSRactivitieswithintheperipheryoftheplantandofficesites.AlsotofulfillthedirectiveoftheAct,ourCompanyhasimplementedtheCSRpolicyspecifyingtheactivitiestobeundertakenbytheCompany,theCompanyhasundertakenthefollowingprograms/projectsunderitsCSRactivities:

UndertheHealthandsanitationprogram,theCompany:1)InstalledHandPumpsinphasemannerinnearbyvillagesofKashipurandGorakhpurtoprovidecontinuous

waterfacility.2)PromotedsanitationbyConstructionofpublictoilets.3)ProvidedAmbulanceServices(AmbulanceandDriver)forcommunityhealthcare.4)Organizedmedicalcampswherevillagerscanavailofmedicalassistance,freeofcost;5)Blanketdistributiontopoorduringwinter

UndertheEducationalpromotionprogram,theCompany:1)ContributedfortheinfrastructureinGovt.GirlsHighSchoolinvillageschoolinKashipur.2)ContributedfortheBuildingofGovt.PrimarySchool,acommunityschoolinKashipur.3)ContributedtowardstheinfrastructuredevelopmentoftheCommunitySchoolatDwarkaNewDelhi

TheCompanyatitsBoardmeetingheldon4thAugust,2014approvedtheCorporateSocialResponsibilityPolicy(CSR)Policy.TheCSRPolicyoftheCompanyispostedonthewebsiteoftheCompany(www.indiaglycols.com).

Weblink: http://www.indiaglycols.com/investors/downloads/csr-policy.pdf2. The composition of the CSR committee: TheCSRCommitteeoftheCompanycomprisesofthefollowingmembers:

a)ShriU.S.Bhartia,Chairman

b)ShriR.C.Misra,Member,IndependentDirector

c)ShriPradipKumarKhaitan,Member,IndependentDirector

d)ShriM.K.Rao,Member,ExecutiveDirector

3. Averagenetprofitofthecompanyforlastthreefinancialyears: TheaveragenetprofitoftheCompanyfortheprecedingthreefinancialyearsi.e.2011-12,2012-13and2013-14

is `5,481.55Lacs.

4. Prescribed CSR expenditure (2% of the amount as in item no.3 above): ThebudgetfortheCSRactivitiesduringtheyear2014-15is`109.63Lacs,being2%oftheCompany’saverage

netprofitsofthethreeimmediatelyprecedingfinancialyears.

5. DetailsofCSRspentduringthefinancialyear:(a) Totalamounttobespentforthefinancialyear: `109.63Lacs.(b) Amount unspent, if any: NIL(c) Manner inwhich theamountspentduring thefinancialyear isdetailedbelow:TheCompanyspent

`109.65Lacsduringtheyear2014-15asfollows-




S. No.

CSR project or activityidentified

Sector in which the project is covered

Projects of Program(a) local area or other(b) specify the state and district where projects or program was undertaken

Amount outlay (budget) project or program wise (in ` Lacs)

Amount spent on the projects or programs sub – head:(1) Direct expenditure on projects or programs(2) Overheads (in ` lacs)

Cumulative Expenditure up to the reporting Period(in ` Lacs)

Amount spent: Direct or through implement-ing agency(in ` Lacs)

(1) (2) (3) (4) (5) (6) (7) (8)

1 ProvidingAmbulanceservicesforcommunity health care,constructionofpublictoilets,medical camps including distributionofmedicines

Healthcare&Sanitation

Gorakhpur (UttarPradesh),

Kashipur (Uttarakhand)

1.00 0.20

0.68

0.20

0.68

Direct

2 Contributionforinfra-structureexpansionandmaintenanceofSchools

Education Promotion

NewDelhiKashipur (Uttarakhand)

103.63 100.852.86

100.852.86

DirectDirect

3 InstallationofIndiaMarkaHandPumps,handpiperepairing

Sanitation and safedrinkingwater

Gorakhpur (UttarPradesh)Kashipur (Uttarakhand)

3.00 1.47

1.59

1.47

1.59

Direct

4 Blanketdistributionto poor

Healthcare&Sanitation

Gorakhpur (UttarPradesh)Kashipur (Uttarakhand)

2.00 1.00

1.00

1.00

1.00

Direct

TOTAL 109.63 109.65 109.65

6. Incasethecompanyhasfailedtospendthetwopercentoftheaveragenetprofitofthelastthreefinancialyears or any part thereof, the company shall provide the reasons for not spending the amount in its Board Report

TheCompanyhasutilizedfullbudgetallocatedfortheCSRactivitiesduringtheyear2014-15.

7. A responsibility statement of the CSR Committee that the implementation and monitoring of CSR policy is in compliance with the CSR objectives and policy of the company

We,membersoftheCSRCommitteeoftheCompany,doherebyjointlystatethatbeingamanufacturingCompanywearedependentonthefarmersandothersforourmanufacturingactivitiesandtherefore,theCompanyisrequiredtodischargeitsCorporateSocialResponsibilitiestowardsthepublicatlargeresidingaroundthemanufacturingplantsoftheCompany.WeherebystatefurtherthattheCSRPolicyoftheCompanyisimplementedandmonitoredinCompliancewiththeobjectivesandpolicyoftheCompanywithregardtoitsSocialresponsibilities.



R.C. Misra Chairman CSR Committee




Annexure EEXTRACT OF ANNUAL RETURN

Asonthefinancialyearendedon31st March, 2015[Pursuanttosection92(3)oftheCompaniesAct,2013andrule12(1)oftheCompanies

(ManagementandAdministration)Rules,2014]

Form No. MGT-9I. REGISTRATION AND OTHER DETAILS:Particulars DetailsCIN L24111UR1983PLC009097RegistrationDate 19/11/1983NameoftheCompany INDIAGLYCOLSLIMITEDCategory/Sub-CategoryoftheCompany CompanyhavingShareCapitalAddressoftheRegisteredofficeandcontact details

A-1,IndustrialArea,BazpurRoad,Kashipur-244713,Distt.UdhamSinghNagar,UttarakhandTelNo.01203090100

WhetherlistedcompanyYes/No YesName,AddressandContactdetailsofRegistrarandTransferAgent,ifany

MCSLimitedF-65,IstFloor,OkhlaIndustrialArea,Phase-I,NewDelhi-110020TelNo.011-41406149

II. PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANYAllthebusinessactivitiescontributing10%ormoreofthetotalturnoverofthecompanyshallbestated:-Name and Description of main products / services NIC Code of the Product/

service% to total turnover of the company

Mono Ethylene Glycol 3009 39EthyleneOxideDerivatives 3053 36Ethyl Alcohol 2200 23

III. PARTICULARS OF HOLDING, SUBSIDIARY AND ASSOCIATE COMPANIES –Name and address of the Company

CIN/GLN Holding/ Subsidiary/ Associate

% of Shares Held

Applicable Section

ShakumbariSugarAndAlliedIndustries LimitedAddress: Village & P.O. Todarpur,Saharanpur,UttarPradesh

U15429UP1994PLC016271 Subsidiary 98.89% 2(87)

IGL Finance LimitedA-1, Industrial Area, Bazpur Road,Kashipur-244713,Distt.UdhamSinghNagar,Uttarakhand

U65922UR1997PLC022992 Subsidiary 100% 2(87)

IGLChemInternationalPteLtd.Singapore

ForeignCompany Subsidiary 100% 2(87)

IGLChemInternationalUSALLCU.S.A.

ForeignCompany Subsidiary 100% 2(87)

IGLInfrastructurePrivateLimitedPlot No. 2B, Sector-126, NOIDA-201304 Distt. Gautam Budh Nagar,Uttar Pradesh

U70102UP2014PTC066539 Subsidiary 100% 2(87)

Kashipur Infrastructure And FreightTerminalPrivateLimited408,AkashdeepBuilding,26A,BarakhambaRoad,NewDelhi-110001

U60200DL2011PTC227307 AssociateCompany 48.90% 2(6)




IV. SHARE HOLDING PATTERN (Equity Share Capital Breakup as percentage of Total Equity)i) Category-wise Share HoldingCategory of Shareholders

No. of Shares held at the beginning of the year

No. of Shares held at the end of the year % Change during the year

Demat Physical Total % of Total Shares

Demat Physical Total % of Total Shares

A. Promoters(1) Indiana)Individual/HUF 1205910 2030249 3236159 10.45 1204910 2030249 3235159 10.45 0.00b)CentralGovt 0 0 0 0 0 0 0 0 Nilc)StateGovt(s) 0 0 0 0 0 0 0 0 Nild)BodiesCorp. 15672166 0 15672166 50.62 15672166 0 15672166 50.62 Nile)Banks/FI 0 0 0 0 0 0 0 0 Nilf)AnyOther 0 0 0 0 0 0 0 0 NilSub-total (A) (1):- 16878076 2030249 18908325 61.07 16877076 2030249 18907325 61.07 0.00(2) Foreigna)NRIs-Individuals 0 0 0 0 0 0 0 0 NAb)Other–Individuals 0 0 0 0 0 0 0 0 NAc)BodiesCorporate 0 0 0 0 0 0 0 0 NAd)Banks/FI 0 0 0 0 0 0 0 0 NAe)AnyOther 0 0 0 0 0 0 0 0 NA

Sub-total (A) (2):- 0 0 0 0 0 0 0 0 NATotal shareholding of Promoter (A) = (A)(1)+(A)(2)

16878076 2030249 18908325 61.07 16877076 2030249 18907325 61.07 0.00

B. Public Shareholding1. Institutionsa)MutualFunds/UTI 50706 11900 62606 0.20 5023 11600 16623 0.05 -0.15b)Banks/FI 4318 3100 7418 0.02 18280 3100 21380 0.07 0.05c)CentralGovt 0 0 0 0 0 0 0 0 NAd)StateGovt(s) 0 0 0 0 0 0 0 0 NAe)VentureCapitalFunds 0 0 0 0 0 0 0 0 NAf)InsuranceCompanies 562565 0 562565 1.82 560565 0 560565 1.81 -0.01g)FIIs 0 0 0 0 0 0 0 0 NAh)ForeignVentureCapitalFunds

0 0 0 0 0 0 0 0 NA

i)Others(specify) 0 0 0 0 0 0 0 0 NASub-total (B)(1):- 617589 15000 632589 2.04 583868 14700 598568 1.93 -0.112. Non- Institutionsa)BodiesCorporationi)Indian 1996669 35800 2032469 6.56 2151731 35700 2187431 7.07 0.51

ii)Overseas 0 0 0 0 0 0 0 0 NAb)Individualsi)Individualsharehold-ers holding nominal share capital upto ` 1 lakh

6383994 987062 7371056 23.81 6491568 949162 7440730 24.03 0.22

ii) Individual shareholdersholding nominal share capital inexcessof` 1 lakh

1299503 29500 1329003 4.30 1244129 29500 1273629 4.11 -0.19




c)Others(specify)i)Trust&Foundations 31236 0 31236 0.10 21220 0 21220 0.07 -0.03ii)NonResidentIndividual 481322 175500 656822 2.12 366097 166500 532597 1.72 -0.40Sub-total (B)(2):-Total Public

10192724 1227862 11420586 36.89 10274745 1180862 11455607 37.00 0.11

Shareholding (B)=(B)(1)+(B)(2)

10810313 1242862 12053175 38.93 10858613 1195562 12054175 38.93 Nil

C.SharesheldbyCusto-dianforGDRs&ADRs

- - - - - - - - -

Grand Total (A+B+C) 27688389 3273111 30961500 100.00 27735689 3225811 30961500 100.00 Nil

(ii) Shareholding of PromotersSl No.

Shareholders’ Name

Shareholding at the beginning of the year

Share holding at the end of the year % change in share holding during the year

No. of Shares

% of total Shares of the company

% of Shares Pledged / en-cumbered to total shares

No. of Shares

% of total Shares of the com-pany

%of Shares Pledged / encumbered to total shares

1 KashipurHoldingsLtd

1,02,87,406 33.23 - 1,02,87,406 33.23 - NIL

2 SajaniDeviBhartia 21,00,249 6.78 - 21,00,249 6.78 - NIL3 MayurBarterPvt

Ltd14,56,066 4.70 - 14,56,066 4.70 - NIL

4 JBCommercialCompanyPvtLtd

10,62,915 3.43 - 10,62,915 3.43 - NIL

5 FacitCommosalesPvtLtd

10,01,853 3.24 0.52 10,01,853 3.24 0.52 NIL

6 JBoseck&CompanyPvtLtd

7,09,401 2.29 - 7,09,401 2.29 - NIL

7 SukhvarshaDistributorsPvtLtd

3,61,875 1.17 - 3,61,875 1.17 - NIL

8 AjayCommercialCompanyPvtLtd

6,26,255 2.02 - 6,26,255 2.02 - NIL

9 Jayshree Bhartia 4,00,003 1.29 - 4,00,003 1.29 - NIL10 Uma Shankar

Bhartia4,48,722 1.45 - 4,48,722 1.45 - NIL

11 PoojaBhartia 1,83,592 0.60 - 1,83,592 0.60 - NIL12 Supreet Vyapaar

PvtLtd1,65,895 0.54 - 1,65,895 0.54 - NIL

13 Pragya Bhartia 86,300 0.28 - 86,300 0.28 - NIL14 VedantJhaver 15,793 0.05 - 15,793 0.05 - NIL15 Autar Krishna 1,000 0.00 - 0 0.00 0.00 0.00

16 Lund&BlockleyPvtLtd

500 0.00 - 500 0.00 - NIL

17 RameshChandraMisra

500 0.00 - 500 0.00 - NIL

Total 18908325 61.07 0.52 18907325 61.07 0.52




(iii) Change in Promoters’ Shareholding (please specify, if there is no change)Shareholding at the beginning of the year Cumulative Shareholding during the year

No. of shares % of total shares of the company

No. of shares % of total shares of the company

Atthebeginningoftheyear 18908325 61.07 18907325 61.07

DatewiseIncrease/Decreasein Promoters Share holding during the year specifying thereasonsforincrease/decrease(e.g. allotment / transfer /bonus/sweatequityetc):

NA NA NA NA

Attheendoftheyear 18908325 61.07 18907325 61.07

(iv) Shareholding Pattern of top ten Shareholders (other than Directors, Promoters and Holders of GDRs and ADRs): Shareholding Cumulative share-

holding during the year (01.04.14 to 31.03.15)

S. No.

Name No. of shares at the be-ginning 01.04.2014

% of total shares of the Com-pany

Date of Change

Increase/ Decrease in sharehold-ing

Reason No. of shares

% of total shares of the Com-pany

1 General Insurance CorporationofIndia

560565 1.81 31-Mar-2015 0 Nilmove-ment during the year

560565 1.81

2 BervinInvestmentand Leasing Limited


224000 0.72

3 NobleInterna-tionalPvtLtd


93316 0.30

4

AVSGlobalPrivateLimited

77000 0.25 11-Apr-2014 3000 transfer 80000 0.26

16-May-2014 10000 transfer 90000 0.29

6-Jun-2014 5000 transfer 95000 0.31

13-Jun-2014 5000 transfer 100000 0.32

20-Jun-2014 -25500 transfer 74500 0.24

18-Jul-2014 500 transfer 75000 0.24

25-Jul-2014 3000 transfer 78000 0.25

12-Sep-2014 -3000 transfer 75000 0.24

19-Sep-2014 2500 transfer 77500 0.25

16-Jan-2015 2500 transfer 80000 0.26

31-Mar-2015 0 - 80000 0.26




5

Edelweiss Securities Ltd

84295 0.27 4-Apr-2014 -7786 transfer 76509 0.2511-Apr-2014 -1875 transfer 74634 0.2418-Apr-2014 -1013 transfer 73621 0.2425-Apr-2014 700 transfer 74321 0.242-May-2014 -349 transfer 73972 0.249-May-2014 -2503 transfer 71469 0.23

16-May-2014 -204 transfer 71265 0.2323-May-2014 -34 transfer 71231 0.23

6-Jun-2014 -810 transfer 70421 0.2313-Jun-2014 -6643 transfer 63778 0.2120-Jun-2014 -1295 transfer 62483 0.2030-Jun-2014 -95 transfer 62388 0.20

4-Jul-2014 -10 transfer 62378 0.2011-Jul-2014 -100 transfer 62278 0.2018-Jul-2014 400 transfer 62678 0.2025-Jul-2014 -405 transfer 62273 0.201-Aug-2014 376 transfer 62649 0.208-Aug-2014 -5 transfer 62644 0.20

14-Aug-2014 -218 transfer 62426 0.205-Sep-2014 -13367 transfer 49059 0.16

12-Sep-2014 -40 transfer 49019 0.1619-Sep-2014 -200 transfer 48819 0.1630-Sep-2014 5 transfer 48824 0.1610-Oct-2014 1171 transfer 49995 0.1617-Oct-2014 -9030 transfer 40965 0.1331-Oct-2014 -665 transfer 40300 0.137-Nov-2014 -100 transfer 40200 0.1314-Nov-2014 40 transfer 40240 0.1328-Nov-2014 85 transfer 40325 0.135-Dec-2014 10 transfer 40335 0.1312-Dec-2014 10 transfer 40345 0.1319-Dec-2014 4374 transfer 44719 0.1431-Dec-2014 -48 transfer 44671 0.149-Jan-2015 8914 transfer 53585 0.17

16-Jan-2015 41 transfer 53626 0.17

23-Jan-2015 259 transfer 53885 0.17

30-Jan-2015 35 transfer 53920 0.17

6-Feb-2015 -490 transfer 53430 0.17

13-Feb-2015 5223 transfer 58653 0.19

20-Feb-2015 87052 transfer 145705 0.47

27-Feb-2015 -1040 transfer 144665 0.47

6-Mar-2015 -203 transfer 144462 0.47

13-Mar-2015 -5630 transfer 138832 0.45

20-Mar-2015 -56494 transfer 82338 0.2727-Mar-2015 -8395 transfer 73943 0.2431-Mar-2015 1126 transfer 75069 0.24




6

Maple Vyapaar PvtLtd

50064 0.16 18-Apr-2014 1000 transfer 49064 0.16

9-May-2014 825 transfer 49889 0.16

23-May-2014 -300 transfer 49589 0.16

6-June-2014 2100 transfer 51689 0.17

20-Jun-2014 1600 transfer 53289 0.17

30-Jun-2014 2195 transfer 55484 0.18

4-Jul-2014 900 transfer 56384 0.18

11-Jul-2014 3656 transfer 60040 0.19

18-Jul-2014 -2101 transfer 57939 0.19

25-Jul-2014 -200 transfer 57739 0.19

1-Aug-2014 -5000 transfer 52739 0.17

19-Sep-2014 234 transfer 52973 0.17

30-Sep-2014 3300 transfer 56273 0.18

31-Mar-2015 0 - 56273 0.18

7

SanjeevBubna(HUF)Sbubna

56006 0.18 6-Jun-2014 -1000 transfer 55006 0.18

13-Jun-2014 850 transfer 55856 0.18

31-Mar-2015 0 - 55856 0.18

8 Millennium DevelopersPvtLtd


55500 0.18

9

Anita Jaideep Sampat

406 31-Dec-2014 48361 transfer 48767 0.16

31-Mar-2015 0 48767 0.16

10 Gyan Traders Limited

31352 0.10 31-Mar-2015 16818 transfer 48170 0.10

(v) Shareholding of Directors and Key Managerial Personnel:Shareholding at the

beginning of the yearDate wise Increase / Decrease

in Share holding during the year specifying the reasons for increase / decrease (e.g. allotment / transfer /

bonus/ sweat equity etc):

Cumulative Shareholding during the year

For Each of the Directors and KMP

No. of shares

% of total shares of the

company

No. of shares

% of total shares of the

company

Shri Uma Shankar Bhartia

448722 1.45 Nochangeduringtheyear 448722 1.45

Smt. Jayshree Bhartia


Shri Ramesh ChandraMisra


Shri Autar Krishna 1000 0.00 (1000)Dateofchange30.09.2014reason-sale

0 0.00




V. INDEBTEDNESS IndebtednessoftheCompanyincludinginterestoutstanding/accruedbutnotdueforpayment(Amountin` Crores)

Secured Loans excluding deposits

Unsecured Loans

Deposits Total Indebtedness

Indebtednessatthebeginningofthefinancialyeari)PrincipalAmountii)Interestduebutnotpaidiii)Interestaccruedbutnotdue

1819.47-

1.91

107.22--

---

1926.69-

1.91

Total (i+ ii+ iii) 1821.38 107.22 - 1928.60

ChangeinIndebtednessduringthefinancialyear•Addition•Reduction•ExchangeDifference

330.75126.8849.51

27.1869.10

-

---

357.93195.9849.51

NetChange 253.38 (41.92) - 211.46

Indebtednessattheendofthefinancialyeari)PrincipalAmountii)Interestduebutnotpaidiii)Interestaccruedbutnotdue

2072.85-

3.42

65.30--

---

2138.15-

3.42

Total (i+ii+iii) 2076.27 65.30 - 2141.57

VI. REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNELA. Remuneration to Managing Director, Whole-time Directors and/or Manager: (Amountin`)Sl. No.

Particulars of Remuneration Name of MD/WTD/Manager

Name of MD/WTD/Manager

Total Amount

Shri Uma Shankar Bhartia, CMD

Shri M. K. Rao, WTD

1. Gross salary(a)Salaryasperprovisionscontained

insection17(1)of the Income-taxAct,1961

(b) Value of perquisites u/s 17(2)Income-taxAct,1961

(c)Profitsinlieuofsalaryundersection17(3)Income-taxAct,1961

1,29,99,848

7,30,152

-

60,60,060

3,90,025

-

1,90,59,908

11,20,177

-

2. StockOption - - -

3. SweatEquity - - -

4. Commission-as%ofprofit-others,specify

- - -

5. Others,pleasespecify - - -

Total (A) 1,37,30,000 64,50,085 2,01,80,085CeilingaspertheAct 1,37,30,000 1,37,28,750 -




B. Remuneration to other directors:Particulars of Remuneration

Name of Independent Directors Total Amount

Shri Pradip Kumar Khaitan

Shri Jitender Balakrishnan

Shri Ravi Jhunjhunwala

Shri Jagmohan N. Kejriwal

Shri Ramesh Chandra Misra

Shri Autar Krishna

IndependentDirectors-Feeforattendingboard/committeemeetings•Commission•Others,pleasespecify

160000

--

130000

--

70000

--

120000

--

520000

--

60000

--

1060000

Total (1) 160000 130000 70000 120000 520000 60000 1060000Smt. Jayshree Bhartia

OtherNon-ExecutiveDirectors•Feeforattendingboard/committeemeetings•Commission•Others,pleasespecify

160000

--

160000

--

Total (2) 160000 160000Total (B)=(1+2) 1220000Total Managerial Remuneration

- -

OverallCeilingasperthe Act

- -

C. REMUNERATION TO KEY MANAGERIAL PERSONNEL OTHER THAN MD/MANAGER/WTDSl. No. Particulars of Remuneration Key Managerial Personnel

Shri Rakesh BhartiaChief Executive Officer

Shri Lalit Kumar SharmaCompany Secretary

Shri Anand SinghalChief Financial Officer

TotalAmount

1. Gross salary(a)Salaryasperprovisionscontained

insection17(1)oftheIncome-taxAct,1961

(b) Value of perquisites u/s 17(2)Income-taxAct,1961

(c)Profitsinlieuofsalaryundersection17(3)Income-taxAct,1961

1,84,65,416

39,600

-

23,78,454

32,920

-

52,67,753

1,55,828

-

2,61,11,623

2,28,348

-

2. StockOption - - - -

3. SweatEquity - - - -

4. Commission-as%ofprofit-others,specify…

- - - -

5. Others,pleasespecify - - - -

Total 1,85,05,016 24,11,374 54,23,581 2,63,39,971

(Amountin`)

(Amountin`)




VII. PENALTIES / PUNISHMENT/ COMPOUNDING OF OFFENCES:Type Section of

the Companies Act

BriefDescription

Details of Penalty /Punishment / Compounding fees imposed

Authority[RD / NCLT/ COURT]

Appeal made,if any (giveDetails)

A. COMPANYPenalty

PunishmentCompoundingB. DIRECTORS NILPenaltyPunishmentCompoundingC. OTHER OFFICERS IN DEFAULTPenaltyPunishmentCompounding

Annexure FDetails pertaining to remuneration as required under section 197(12) of the Companies Act, 2013 read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014DIRECTORS’ REMUNERATIONTheremunerationpaidbytheCompanytoitsemployeesincludingDirectors,KeyManagerialPersonnelisinlinewiththeNominationandRemunerationpolicyoftheCompany.TheguidingprinciplesoftheNominationandRemunerationpolicyoftheCompanyisthatthelevelandcompositionoftheremunerationbereasonableandsufficienttoattract,retainandmotivateDirectors,KeyManagerialPersonnelandotherseniorofficials.ShriU.S.Bhartia,ChairmanandManagingDirector’scompensationis`1,33,70,000asapprovedbytheshareholdersat their meeting held on 20thSeptember,2014andtheCentralGovernmentapprovaldated22.01.2015obtainedbytheCompany.Duringtheyear2014-15,ShriM.K.Rao,Wholetimedirectorhasbeenpaidcompensationof`64,80,457/-asapprovedbytheShareholdersattheirmeetingheldon18.09.2013.TheremunerationpaidtotheChiefExecutiveOfficer,ChiefFinancialOfficerandtheCompanySecretaryareinlinewiththeprevailinglevelsofremunerationintheindustryandarejustifiedtakingintoaccounttheturnoveroftheCompanyandtheresponsibilitiesofthemanagementpersonnel.(i) ThepercentageincreaseinremunerationofeachDirector,ChiefFinancialOfficer,ChiefExecutiveofficer,Company

Secretaryinthefinancialyear2014-15incomparisontothefinancialyear2013-14andratioofremunerationofeachDirectortothemedianremunerationoftheemployeesoftheCompany:Name of Directors/ KMPs of the Company

Remuneration forfinancialyear

2014-15 (in `)

Remuneration forfinancialyear

2013-14 (in `)

% increase in Remuneration in thefinancialyear

2014-15

Ratio of Remuner-ation to MRE* for thefinancialyear

2014-15ShriU.S.Bhartia,Chairman&ManagingDirector

1,37,30,000 2,67,03,153 (48.6%) 40.17

ShriM.K.Rao,WholeTimeDirector

64,50,085 64,80,457 (0.47%) 18.87

ShriRakeshBhartia,ChiefExecutiveOfficer

1,85,05,016 1,84,23,378 0.44% N.A.

ShriAnandSinghal,ChiefFinancialOfficer

54,23,581 43,83,288 23.73% N.A.

ShriLalitKumarSharma,CompanySecretary

24,11,374 23,83,365 1.18% N.A.

*MedianRemunerationofEmployees Smt. Jayshree Bhartia, Promoter Director, Shri Pradip Kumar Khaitan, Independent Director, Shri Ramesh

ChandraMisra,IndependentDirector,ShriJagmohanNKejriwal,IndependentDirector,ShriRaviJhunjhunwala,




IndependentDirectorandShriJitenderBalakrishnan,IndependentDirectorwerenotinreceiptofremunerationforthefinancialyear2013-14andfinancialyear2014-15astheCompanysufferedlossesinthefinancialyears2013-14 and 2014-15.

(ii) ThemedianremunerationofemployeesoftheCompanyduringthefinancialyear2014-15was` 3.42 Lacs. In the financialyear2014-15,therewasanincreaseof9.10%inthemedianremunerationofemployees.

(iii)ThenumberofpermanentemployeesontherollsoftheCompanyasof31stMarch,2015and31stMarch,2014was1404and1377respectively.

(iv)RelationshipbetweenaverageincreaseinremunerationandCompanyperformance-Therevenuegrowthduringthefinancialyear2014-15was11%whereastheincreaseinmedianremunerationofemployeeswas9.10%.Inthefinancialyear,theaverageincreaseinmedianremunerationwasinlinewiththegrowthoftheCompany.

(v) TheComparisonof remunerationof theKeyManagerialPersonnelagainst theperformanceof theCompany-TheaverageincreaseintheremunerationoftheWholeTimeDirectorsandtheKeyManagerialPersonnelinthefinancialyear2014-15ascomparedtothefinancialyear2013-14was20%andtherevenuegrowthduringthefinancial year2014-15was11%.The increase in the remunerationwasbasedon the recommendationof theNominationandRemunerationCommitteekeepinginviewvariousfactorsandaspertheindustrynormsandwasinlinewiththeperformanceoftheCompany.

(vi) (a) Variation in the market capitalization of the Company – Market Capitalisation of the Company as on31stMarch,2015was` 251.56 crores and on 31stMarch,2014was` 293.20crores.

(b) Priceearningsratioasat31stMarch,2015and31stMarch,2014isnotavailableasthereisloss. (c) PercentincreaseoverdecreaseinthemarketquotationsofthesharesoftheCompanyincomparisontothe

rateatwhichtheCompanycameoutwiththelastpublicoffer–TheCompanyhadcameoutwithInitialpublicoffer(IPO)intheyear1986.Anamountof`1000investedwouldbe`8125ason31thMarch,2015indicatingacompoundedannualgrowthrateof7.49%.

(vii)Averagepercentileincreasemadeinthesalariesoftheemployeesotherthanmanagerialpersonnelinthelastfinancialyearwas11.35%whereaspercentileincreaseinthemanagerialremunerationwas20%forthesamefinancialyear.

(viii)ThereisnovariablecomponentofremunerationwhichisavailedbytheDirectorsduringthefinancialyear2014-15.(ix)RatiooftheremunerationofthehighestpaidDirectortothatoftheemployeeswhoarenotDirectorsbutreceive

remunerationinexcessofthehighestpaidDirectorduringtheyearis0.82:1.(x) ItisaffirmedthattheremunerationpaidisaspertheRemunerationpolicyforDirectors,KeyManagerialpersonnel

and other Employees. Annexure G

InformationpursuanttoSection197oftheCompaniesAct,2013readwithRule5(2)oftheCompanies(AppointmentandRemunerationofManagerialPersonnel)Rules,2014S. No.

Name Age (in Years)

Designation Remuneration (in `)

Qualification Experi-ence (in Years)

Date of commence-ment of em-ployment

Previous Employment/ Designation

Employed throughout the year and in receipt of remuneration aggregating ` 60,00,000/- or more per annum.

1 U S Bhartia 61 Chairman&ManagingDirector

15,170,000.00 B.Com(Hons)

36 11/29/2001 IndiaGlycolsLtd,ManagingDirector

2 M K Rao 57 ExecutiveDirector 6,877,765.00 M Tech (ChemicalPlantDesign)

33 12/15/1988 Indian Petrochemical CorporationLtd,Senior Engineer

3 Rakesh Bhartia 46 ChiefExecutiveOfficer

18,505,016.00 CA,CS,ICWA

23 7/31/2009 BajajHindustanLtd,ChiefExecutiveOfficer

Employed for a part of the year and in receipt of remuneration aggregating ` 5,00,000/- or more per month.4 Shyamal

Purkayastha67 President 3,510,778.00 PHD

(Chemistry)37 2/25/2008 HindustanGum&

ChemicalsLtd,VicePresident

Note:RemunerationincludesSalary,HouseRentAllowance,LTA,Medical,Company’scontributiontoProvidentFundandotherPerquisites.ValueofperquisiteshasbeencalculatedonthebasisofIncome-TaxAct,1961.






ManagementDiscussion&AnalysisReport

GLYCOLS AND EODSalesofGlycols (MEG,DEG,TEGandHeavyGlycols)hasdecreasedfrom95,342MTinFY2013-14to90,140MTinFY2014-15andinSalesValuefrom`758Croresin FY 2013-14 to ` 706CroresinFY2014-15.

Inviewofhigher feedstockcost, thefocushasbeenonsalesofBio-MEGforexports.

SalesunderEthyleneOxideDerivatives(EOD)businessdecreasedmarginally to99,034MT inFY2014-15 from1,03,713 MT during previous year. However, in valueterms it increased to `1,109 Crores in FY 2014-15 ascompared to `1,106CroresinFY2013-14.EODbusinessaccountedfor48%ofcompany’srevenuefromChemicalbusiness and is highest contributor at 36% to the totalrevenueof theCompany.EODbusinesshaswitnesseddrop in salesmainly due to improvement in profitabilitydue to strategically restricted sales in China market inviewofverylowrealisations.

TheEODproducedbythecompanyareusedbydiverseindustries like Textile, Agrochemicals, Detergents,Pharmaceuticals & Personal Care, Oil Field andAutomotiveindustry,Paint&Coatingindustry,etc.

TheCompanyaimstoincreaseitsbusinessbydevelopingnew products and applications especially in areas oftextile chemicals, oil field chemicals, paper chemicals,homecare&personalcareapplications.

ThethrustwouldbeinlinewiththestrategytomaximiseEODbusinessinviewofincreasingtheusageofEOforEODerivativesforimprovedmargins.

BIO-ETHOXYLATESWe have initiated promotion of Bio-Ethoxylates in theinternational market which is gaining acceptability andcan be a good opportunity for better realisation in theniche market segments.

NATURAL GUMSThe performance under theNaturalGumsDivision hadsuffered set back during the year under review due tosteep fall in Guargum demand, consequent upon theslump inOil andGas prices globally,which has forcedtheUSmarkettodecreasethedrillingactivitiesintheOilandGassector.WiththecurrentsituationinUSmarketis

3,091 2,710

2,309

3,500

3,000

2,500

2,000

1,500

1,000

500

0

2014-152013-14

Year

2012-13

Sal

es V

alue

PRODUCTSINDIA GLYCOLS LIMITED is one of the leadingmanufacturer of Glycols, Ethylene Oxide Derivatives,Natural Gum & Derivatives, Ethyl Alcohol (Potable),Extra Neutral Alcohol, Nutraceuticals &Herbal ExtractsandIndustrialGases.Ourbeliefinprovidingthedesiredproductswiththehelpofthebesttechnologyisreflectedinourstate-of-the-artintegratedmanufacturingfacilities.

Themanufacturingbuildingblocksarerepresented:-

TheCompanyhasorganiseditsbusinessintochemicalsand other segments.

A.Chemicalsegmentscomprises:-•Glycols(MEG,DEG,TEGandHeavyGlycols)•EthyleneOxideDerivatives(EODs)•NaturalGumandDerivatives

B.EthylAlcohol(Potable)andExtraNeutralAlcohol

C. Others include Nutraceuticals & Herbal Extracts,Industrial Gases etc.Thesegmentwisebusinessshareisindicatedasfollows:-Segment Sales Value 2014-

15 (` in Crores) (domestic + Exports)

% Share

Chemicals 2,309 75%EthylAlcohol(Potable) 701 23%Others 82 2%Total 3,092 100%

CHEMICAL SEGMENTSales in the Chemical segment have decreased from` 2,710croresinFY2013-14to 2,309croresinFY2014-15.Thissegmentishighestcontributorat75%tothetotalturnoveroftheCompany.Decreaseinvalueisonaccountofdepressedglobaleconomicsituationwhichhasresultedin reduction of commodity demand including Guargumand its derivatives demand.Companyhas regulated itsdomesticsalesasitwasnotfeasibletomarketMEGusingexpensiveEthanol.

2012-13 2013-14 2014-15ChemicalSalesValue(`inCrores)

3,091 2,710 2,309

Manufacturing Building Blocks

Molasses Distillery Bio-Ethanol

Bio-Ethylene

Oxide

Bio-GLYCOLS Bio-EODs

PerformanceChemicals

Food GradeCO2

ENALiquor

A S UO2 O2 / N2 / Ar

Ethylene




expectedtocontinue,yourCompanyhasfocusedonotherglobalmarketsforitsindustrialandfoodgradeGaur-gumproducts. Inspiteof thedepressedmarketconditions forGuargum,Companyhascarvedanicheinworldmarketandnowisknownastheconsistentqualitymanufactureramong the customers world over. Your Company hasstartedexploringtheopportunitiesforitsGuarderivativesinthefieldofOilfield,cosmeticsandbuildingconstructionapplications.

OPPORTUNITIES & CHALLENGESMEG consumption for polyester industries for 2014-15hasbeenaround2.6milliontons.Duetothefallingpricesof crude and lower demand of MEG in themarket, nonew capacity has been added during the financial year2014-15.Themajorincreaseincapacityhascomefromexpansionatleadingdomesticindustries.

Domestic production ofMEG is around 1.1million tonsprimarilyfromReliance&IOCandbalancedemandhasbeen met by imports. Overall demand supply balancehave been favorable for MEG producers in the worldmarketin2014-15andpriceswereintherangeof$850to$950perMTexceptfewdeviationsCompanyinitslongtermstrategy,isshiftingfromcommoditytonichemarketsandspecialtyproductsandwoulddivertEOmoleculeforBio-MEGandEODerivative/Specialtyproductswhichwillgiveusabetterreturns.CompanyispromotingitsGlycolsas Bio/ Green MEG to potential customers interested inmeeting their objective of using environment friendlychemicals made from natural renewable resources.Companyhasconvertedthisconceptintoagoodbusinessopportunitywhichwillenablefullcapacityutilisationwithbetter realisation. Moreover, the niche markets of BIOMEGinthepackagedwater,automobile,personalcare&cosmeticsaregoingtogiveusbettermargins.

ETHYL ALCOHOL (POTABLE) AND EXTRA NEUTRAL ALCOHOLIn theEthylAlcohol (Potable)andExtraNeutralAlcoholsegment,Companyregisteredtotalsalesof`691Crorescompared to `.657Croreslastyearand`660Croresayearbefore.Effortsarebeingmadetofurtherincreasethesales in the segment.

2012-13 2013-14 2014-15Sales Value (ÌnCrores)

660 657 691

INDUSTRIAL GASESCompanyproduced19,195MTofOxygenand1,428MTofNitrogen during the year.BothOxygenandNitrogensuccessfullymarketedandalsousedforownrequirementof MEG Plant. Industrial gases division also produced16.07 lacsNM3ofArgonand36,331MTofCarbonDi-oxide,whichweremarketedsuccessfully.

Under the IndustrialGasesdivision,Company registeredtotalsalesof`38CroresinFY2014-15ascomparedto`40CroresinFY2013-14and`34CroresinFY2012-13.

2012-13 2013-14 2014-15Sales Value (Ìncrores)

34 40 38

EXPORTSCompany has identified exports as a key future growthdriver.Ithasalreadyestablisheditselfasamajordomesticspeciality ethoxylates company and with the increasedcapacities, the scope for exportswould be explored forhigher growth.

Exportssaleshasdecreasedto 1,030Croresin2014-15as compared to `1,195Croresin2013-14onaccountofdepressedglobaleconomicsituationwhichhasresultedin reduction of commodity demand and steep fall inGuargum demand and due to strategic cut down in the salesofGlycolEtherAcetatesinviewoflowinternationalprices.

ThefuturethrustwouldbeintheareaofmarketingBio-MEG & Bio-Ethoxylates to niche markets for achievingbettercontribution.

2012-13 2013-14 2014-15ExportsSalesValue(Ìncrores)

1772 1195 1030

34

40

38

4140393837363534333231

2014-152013-14Year

2012-13

Sal

es V

alue

200018001600140012001000800600400200

0

2014-152013-14

11951030

1772

Year2012-13

Sal

es V

alue

660 657 691800

700

600

500

400

300

200

100

2014-152013-14

Year

2012-13

Sal

es V

alue




ThemajorexportmarketsaretheSouthEastAsia,MiddleEastandChinaaswehave logisticadvantage in theseregions.Weexportourchemicalproductstomorethan40countriesworldwideandthethrustforexportswouldbetootherregionsinEurope,USA,Japan&LatinAmericaforpromotionofBio-MEGandBio-EODs.

FINANCIAL REVIEWApart from depressed global economic scenario whichhas resulted in reduction of commodity demand, theperformancewasfurtheradverselyaffectedasdomesticprices of our feedstock viz. molasses and alcohol washigher on account of poor availability of alcohol anddiversionofalcoholtowardstheimplementationofEthanolBlending with Petrol (EBP) Program of Government ofIndia at an unrealistic price resulting in a sharp increase in thepricesofalcohol.

Sales and other income for the year under review hasbeen`2,601Croresascomparedto`2,914Croreslastyear.Lossafterdepreciation,exceptionalitemandtaxfortheyearhasbeen`61Crores.

Duringtheyearunderreview,theGrossFixedAssetshasdecreased to `1,811CroresinFY2014-15from`1,900CroresinFY2013-14.

Despite the adverse economic scenario, the Companyhasbeenregularinmeetingitsobligationstowardstimelypayment of principal/interest to Financial Institutions/Banks/Debentureholders/FixedDepositholders.

HEALTH, SAFETY, ENVIRONMENT & MANAGEMENT SYSTEMS Your Company has signed for the Responsible Care®Guiding Principles to become a signatory to IndianChemicalCouncil’sResponsibleCare® initiative.ThesePrincipleswouldapplytoIndiaGlycolsLtd.globally.BeingaResponsible Care® signatory, company is committedfor continuous improvement of the performances in thefieldsofenvironmentalprotection,occupationalsafetyandhealth protection, process safety, product stewardshipand logistics, aswell as to continuously improve dialogwiththeneighborsandthepublic.

HEALTHIndia Glycols Limited accords top priority to provide ahealthyandsafeworkingenvironmentforitsstaff.Companyhasamedicalcenteratfactorysitewithbasicamenities;two qualified and experienced doctors with trained andexperiencedpara-medicalpersonnelareavailableroundthe clock to meet any contingency. India Glycols Ltd. also hasaqualifiedOccupationalHealthPhysician.Companyhasalsoanambulancetoprovidenecessaryassistanceincaseofanyemergency.Allemployeesarerequiredtoundergoannualmedicalcheck-up forearlydiagnosisofanyhealthproblems.Inaddition,theCompanyhasalso

madearrangementsfortreatmentofemployeesandtheirdependentsunderthemediclaiminsurancepolicy,whichallowsemployeestoavailtreatmentfromanyofthelistedhospitals without having to make any immediate cashpayments. This provides the employees with a muchneededemotional and financial security.Companyalsoorganizes blood donation camp at IndiaGlycols Ltd aspartofcommunitywelfareactivities.The Company organizes medical camps at nearbyvillages and organize/assist in National health relatedprograms in the nearby villages as part of communitywelfareactivities.

SAFETYIndia Glycols Ltd. has set up elaborate safety systemsto ensure proper safe work environment. Continuousemphasis is given on prevention of any accident. As aresultofstrictsafetynormsbeingfollowed,thecompanyhas been able tomaintain good safety record and hasreceived various prestigious national and internationalsafetyawardsrecognizingthesafeworkingenvironmentavailableatthefactory.A Central Safety Committee has been constituted tocontinuously review and upgrade the safe workingpractices. Emergencymanagement plan is in place formeeting any kind of emergency. Proper systems havebeensetup torecordandreportanyaccident,which isthoroughly investigated and corrective action taken forfutureprevention.Atworkplaceappropriateprotectiveequipmentandgearsareprovidedtotheemployeesandusageofthesameisstrictlymonitoredtoensurehighlevelofsafety.Safetytraining programs are regularly conducted for trainingthe employees in proper use of safety equipments andfollowingthesafeworkpractices.Variousincentiveschemesareinoperationformotivatingtheemployeestoensureworkinginthesafeenvironment.India Glycols Ltd. also has its own on site Fire Station fullyequippedwithFireTenders,moderncommunicationfacilities and elaborate fire hydrant system and otherequipmentwhicharemannedandsupervisedbytrainedfire fighting experts. Live fire fighting training drills areregularly organized to provide hands-on training to theemployees.

ENVIRONMENTAL STEWARDSHIPEnvironmentalstewardshipreferstoresponsibleuseandprotectionofthenaturalenvironmentthroughconservationandsustainablepractices.

India Glycols Ltd. uses molasses, residue product ofsugar mills generated in the process of manufacturingof sugar. The molasses converted into alcohol in thecaptive distillery and thereafter used in the process tomake ethylene oxide and its products. Company hasset up elaborate systems bymaking substantial capital




investmentsforpropertreatmentoftheeffluentgeneratedandmeetsalltherequirementsinthisregard.Tomakethesystemmoreenvironmentalfriendlycompanyhas developed a green belt all around its factory bygrowingapprox.1,20,000treesofdifferentspeciessomeofwhichare fruit bearing in addition to providinggreencover. All possible efforts are being made to conservetheenvironmentandfurtherimprovethesameasfaraspossible.India Glycols Ltd has already achieved zero effluentdischarge from their Ethanol Plants by installing ROsystem followed by Bio-composting and concentratedeffluentburninginspeciallydesignedBoilers.The liquid effluent fromDistillery is concentrated in theevaporatorsystemtogenerateconcentratedspentwash(slop). The Slop (concentrated spent wash) from theevaporatorisusedasfuelforthegenerationofsteamandelectricity.Thisisanovelboilerthathasbeendevelopedforutilizationofconcentratedspentwashandgenerationofsteamtherefrom.

SUSTAINABLE ENVIRONMENT AND CLIMATE CHANGE INITIATIVESIndiaGlycolsbelievesinlifecycleapproachwhichdirectsbusiness to consider responsibility on environmentalprotection from raw material procurement to productuse. Company has conducted comparative Life CycleAssessment (LCA) study of Bio-Mono Ethylene Glycol(Bio-MEG) based on ISO 14044-2006 standards anddetermining several Environmental Impacts (includingCarbon Foot-Print) from its Renewable ManufacturingApproaches and conclude that “Manufacturing MEGthroughRenewablebasedrawmaterialsisabetteroptionthan adopting Conventional Petro route approaches inIndia,USandEurope”.TheLCAstudywasconductedonapurchasedsoftware-SIMAPROand report of “LCAonBio-MEG”gotaPeerReviewed.BasedonLife-cycleAssessment ofBio-MEG, companyreceived the prestigious Sustainability Award for BestGreenProduct inChemicalSector fromFICCIfor2014,forBio-MEG.YourCompanyhasalsoconductedLifeCycleAssessment(LCA) study for its other products as Bio-Ethanol, Bio-Ethylene Oxide, Bio-Glycols and Bio-Poly EthyleneGlycolsetc.andtheCompanyisworkingcontinuouslyonLifeCycleAssessment(LCA)studyforitsotherproductsasEthyleneOxidederivativesandspecialtychemicals.India Glycols Ltd has taken up several initiatives inpromoting climate change and environment-sustainableprojects.IndiaGlycolsLtdGorakhpurplanthasgotitsLargescale CDM project (Title: Biomass basedCogenerationProjectactivitytakenupbyIGLatGorakhpur,U.P;AnnualCERs:110157)registeredatUNFCCC.

MANAGEMENT SYSTEMS•INTEGRATEDMANAGEMENTSYSTEMIndia Glycols Ltd is having Integrated ManagementSystem (IMS) comprising of Quality ManagementSystem (ISO 9001:2008), Environmental ManagementSystem(ISO14001:2004),OccupationalHealth&SafetyManagementSystem(OHSAS18001:2007),FoodSafetyManagement System (ISO 22000:2005) Food SafetySystemCertificate,(FSSC22000).EnergyManagementSystem(ISO50001:2011)andSocialAccountability(SA8000:2008). Integrated Management System has beenaccreditedbyM/sDNV,arenownedcertificationagency.WehavesuccessfullylaunchedandimplementedBehaviorBasedSafety(BBS)namingitwithanappropriatename,derivedbyopenforumconsensus“BHAVISHYA BANAYE SURAKSHIT”.

•PROCESSSAFETYMANAGEMENTSYSTEMCompany started working towards implementation ofProcessSafetyManagement (PSM) in the organizationto ensure systematic and high level Process Safety byelaboratingitsspecificelementsandensuringthesafetyofemployees,environmentandphysicalplantassets intheeventofanyunexpectedprocessexcursion.

LEAN MANAGEMENTIndia Glycols Ltd is adopting a systematic approach to identifying and eliminating non-value-added activitiesthroughcontinuousimprovementbyfollowingtheproductthrough flow processes based on a signal from thecustomers(internal&external).

IndiaGlycolsLtdusesthebuildingblocksof–standardizedwork,optimizationofmanpower,workplaceorganization5S&visualcontrols,materialhandlingsystems,effectiveplant layout, improved operational and maintenancepractices,qualityatthesource,batchreduction,customerdemand-based manufacturing, point-of-use storage,quick changeover, cellular manufacturing, processimprovements, Kaizen, world class manufacturing,synchronousmanufacturing,andinventorymanagement.Your company is committed to work towards continual improvement of Quality, Environment, Health & Safety, Food Safety, Energy Performance and Social accountability and we discourage discrimination of any kind in any form.

RESEARCH & DEVELOPMENT CENTRE (R&D) FOCUS ON CUSTOMER-ORIENTED INNOVATIONResearchanddevelopment isoneof thekeydriversforthe business at India Glycols Limited. This contributesbothforthesustenanceoftheexistingbusinessandforthegrowthviainnovation.TheInnovationStrategyatIGLisalwaysfocusedtocreatevaluefortheproductsorforthe application at the customer end and in nutshell the strategy is to create awin-win situation for IGL and itsvaluedcustomers.




Thedevelopmentalactivitiesarecarriedoutatthestate-of-the-artR&DCentre locatedatKashipur.Thecentreisequippedwithmostmodernandadvancedinstrumentsand with a team of highly experienced and dedicatedresearchers. The resultant scientific milestones havelaid the ground work for numerous solution-orientedapplications in awide variety of industry sectors,whichin turn ensures our profitable growth and sustainablecommercial success. The rapidly growing and aging environment and waterpollution,risingdemandforenergyandclimateprotectionrepresent global challenges which we address withinnovative solutions through GREEN CHEMISTRY.The efforts have led to many customized value addedproductsandprocesseswithemphasison“Sustainable”approaches via use of renewable RMs and savings ofenergy and water. These products and processes are designed to meet most of the international standardsandareaccreditedwithorganizationslikeControlUnion(Europe)i.e.GOTS,Oekeotex,REACHetc.TheR&DCentreisdulyrecognizedbytheDepartmentofScience&Technology(DST),Govt.ofIndia.

Atpresent,thefocusofR&Dcenterhasbeeninworkingwithcustomizedprojectsforvariousindustrialapplicationssuch as:1. Development of alternative feed stock (RM)

source:• Development of new cost effective feed stock

source.2. Textile Processing (Fibre& Fabric processing)

• Productsforcontinuousdyingrange(CDR)basedonGREENCHEMISTRY.

• Enzyme baseProducts forDesizing /Scouring &Peroxidebleachingprocess.

• GreenproductsforFibrefinish.• All in one chemical for single bath scouring and

dyeing(withreducedwaterconsumption).3. Crop-Protection Business

• Surfactants for capsule suspension- ControlledRelease Applications.

• SingleEmulsifierpackageformultipletoxicants.• Emulsifierforpowderandgranuleformulation.• SurfactantforspecialComboformulation.

4. Oil & Gas Industry• New generation Low temperature & low dose

demulsifierforcrudeoil.• Eco-friendlyshaleencapsulationforDrilling.

5. Emulsion Polymerization & Paint Industry• Ecofriendly surfactant (Vegetable oil based) for

pigment dispersion.• Universalcolorantforwater&oilbasedpaint.

• APEOfreesurfactantforEmulsionPolymerization/paints.

6. Paper Industry• Universalcookingaid.• Dry&wetstrengthresin.• Eco-friendlydeinkingchemicals.

7. Automobile industry• EcofriendlysolventfreePourPointDepressant.• Lubricantadditives.

8. Detergent / Personal care Industry• Eco-friendly and biodegradable amphoteric

surfactantforpersonalcareproducts.• Bio-Esterforpersonalcareproducts.• Surfactantforhardsurfacecleaningagent.

9. Construction czhemicals• SpecialtygreenEthoxylateforPolycarboxylateas

waterreducingagent&strengthimprover.

ThemostimportantproductdevelopmentprincipleofIGL’sR&Dhasbeentofocuson3Esi.e.Efficiency;Economic and Environment friendliness. The R & D not onlydevelopstheproductsaspertheneedofthecustomersbutalsoensuresthesmoothperformanceoftheproductsat customers’ end via very effective technical serviceTeam.Further,thelifecycleanalysisandbiodegradabilityof theseproductsareensuredprior to the launchof theproducts.

INTERNAL CONTROL SYSTEM AND ADEQUACYCompany’s internal control system and procedures areadequate.Thesystems,procedures,checksandcontrolsareroutinelytestedandcertifiedbyourStatutoryaswellas Internal Auditors. Moreover, Company continuouslyupgrades these systems in linewith best practices andstandards on internal control systems and procedures.

HUMAN RESOURCE/INDUSTRIAL RELATIONSCompanycontinuestofocusontrainingitsemployeesonacontinuousbasisbothon the joband through trainingprogram to face challenges in the business/industry.During the year, industrial relations have been cordial.Total numbers of employees on Company’s role havebeenaround1300.

CAUTIONARY STATEMENTThestatementmadeinthisreportdescribingtheCompany’sexpectations andestimationsmaybea forward lookingstatement within the meaning of applicable securitieslawsandregulations.ActualresultsmaydifferfromthoseexpressedorimpliedinthisreportduetotheinfluenceofexternalandinternalfactorswhicharebeyondthecontroloftheCompany.




ReportonCorporateGovernanceTheDirectorspresenttheCompany’sReportonCorporateGovernancefortheyearended31stMarch,2015.

COMPANY’S PHILOSOPHY ON CORPORATE GOVERNANCEGoodcorporatepracticesensurethataCompanymeetsitsobligationstooptimiseshareholders’value.Corporategovernancehas assumed great significance in India in the recent past in the form of enactment of theCompanies Act, 2013 andamendmentstotheListingAgreementwithStockExchanges.TheprovisionsoftheCorporateGovernancecodeprescribedbytheCompaniesActandtheListingAgreement,forthetimebeinginforce,havebeencomplied.

BOARD OF DIRECTORSa) Composition of the Board As on 31stMarch,2015theBoardofDirectorscomprisedofEightDirectorsoutofwhichSixareNon-Executive

Directors,oneManagingDirectorandoneExecutiveDirector.OutoftheSixNon-ExecutiveDirectors,FiveareIndependentDirectorsandoneWomanDirector.

ThereisnoNomineeDirectorintheCompany.

b) Number of Board Meetings Duringtheyearended31stMarch,2015,FiveBoardMeetingswereheldon22nd May,2014,4thAugust,2014,

8th November, 2014, 18th December, 2014 and 14th February, 2015. The details of BoardMeetings are givenbelow:

Date Board Strength No. of Directors PresentMay22,2014 9* 6*

August4,2014 8 7

November8,2014 8 6

December18,2014 8 6

February14,2015 8 7

*ShriAutarKrishnaceasedtobetheDirectoroftheCompanyw.e.f.15thJuly,2014.

c) Independent Directors TheCompanyhadappointedtheexistingfiveIndependentDirectorsontheBoardinitsAnnualGeneralMeeting

held on 20thSeptember,2014foraperiodoffiveyearsw.e.f.1stOctober,2014.Thetermsandconditionsoftheappointmentof the IndependentDirectorsascontained in theLetterofAppointmentgiven to the IndependentDirectorsinthemannerprovidedundertheCompaniesAct,2013,isplacedonthewebsiteoftheCompany.

The Company ensures that the Independent Directors have been properly informed about their role andresponsibilities in theCompany,natureof theIndustry inwhich theCompanyoperates,businessmodelof theCompanythroughvariouspresentationsduringtheBoardMeetings.ThepolicyonfamiliarizationprogrammeforIndependentDirectorsisdisclosedontheCompany’swebsite,linkofwhichisasbelow:

http://www.indiaglycols.com/investors/downloads/Familiarization-programme-for-Independent-Directors.pdf

d) Directors Resignation Shri Autar Krishna resigned from theBoard of Directors and consequently from themembership of the following

Committeeswitheffectfrom15thJuly,2014:

1) AuditCommittee2) Stakeholders’RelationshipCommittee3) NominationandRemunerationCommittee4) CompensationCommitteeforEmployeesStockOptionScheme




e) Directors’ attendance record and Directorship in other Public Limited Companies:Name of the Director Position held, if any Board

Meetings held dur-ing the

year

Board Meetings attended

during the year

Whether attend-ed last AGM

Director-ship in other

public Limited

Companies*As on

31.3.2015

No. of Board Committees

in which Chairman-ship/mem-

bership held*** as on 31.03.2015

Shri U.S. Bhartia ChairmanandManagingDirector

5 5 Yes 4 3

Smt. Jayshree Bhartia Non-Executive/PromoterDirector

5 3 No 2 -

Shri Pradip Kumar Khaitan

Non-Executive/IndependentDirector

5 3 No 9 4

Shri Autar Krishna Non-Executive/IndependentDirector

1** 1 No - -

Shri Jitender Balakrishnan


5 5 No 9 6(including1asChairman)

ShriRaviJhunjhunwala Non-Executive/IndependentDirector

5 3 No 9 4(including1asChairman)

Shri Jagmohan N.Kejriwal


5 2 No NIL -

ShriR.C.Misra Non-Executive/IndependentDirector

5 5 Yes NIL 2

Shri M.K. Rao ExecutiveDirector 5 5 Yes NIL 1

NOTE:NoneoftheDirectorsisamemberofmorethanTenBoardLevelCommittees,oraChairmanofmorethanFiveCommitteesi.e.AuditCommitteeandStakeholders’RelationshipCommitteesasrequiredunderClause49ofthe Listing Agreement.

*ExcludesDirectorshipinPrivateLimitedCompanies **ShriAutarKrishnaceasedtobetheDirectoroftheCompanywitheffectfrom15thJuly,2014. ***Chairmanships/membershipsoftheAuditCommitteeandtheStakeholders’RelationshipCommitteeisconsidered. Noneof theIndependentDirectorof theCompanyholdsthepositionof theIndependentDirector inmorethan

Seven(7) listedCompanies, includingIndependentDirectorshipinIndiaGlycolsLimitedandanysuchDirectorservingasawholetimeDirectorinalistedCompanyisnotservingasanIndependentDirectorinmorethanthreelistedCompaniesincludingIndiaGlycolsLimited.

f) Disclosures(i) Related Party Disclosures Duringtheyearunderreview,tworelatedparty

transactionswereenteredintobytheCompanywhichwereeithernot in theordinarycourseoftheBusinessorwerenotatarm’s lengthprice.TheBoardandAuditCommitteeapprovalweretaken by the Company. All the other relatedpartytransactionsenteredintobytheCompanywere in theordinarycourseofbusinessandatarm’s length basis. No material related partytransaction i.e. a transaction constituting of10%of theannualconsolidatedturnoverof theCompany was entered into by the Company.Thedetailsofrelatedpartytransactionswiththe

Company as required by Accounting Standard(AS-18)onRelatedPartyTransactionshavebeengiven inNote no. 44 of theNotes toAccounts.Besides this, Company has no materiallysignificant transaction with the related partiesviz. Promoters, Directors or the managementor relativesand their subsidiaries,etc. thatmayhave a potential conflictwith the interest of theCompany at large. Related Party TransactionsPolicyoftheCompanyasapprovedbytheBoardof Directors of the Company is placed on thewebsite of the Company. The Policy has beenuploadedonthewebsiteoftheCompany(http://www.indiaglycols.com/investors/downloads/Related-party-transactions-Nov-2014.pdf)




(ii) NopenaltiesorstrictureshavebeenimposedorpassedontheCompanybytheStockExchangesor SEBI or any Statutory Authorities on any matter relatedtoCapitalMarketsfornon-compliancebytheCompanyduringlastthreeyears.

(iii) Following Non-executive directors are holdingequity shares of the company as per followingdetails:Name of Director No. of SharesSmt. Jayshree Bhartia 400003ShriR.C.Misra 500

(iv) Inthepreparationofthefinancialstatements,theCompanyhasfollowedtheAccountingStandardsnotified pursuant to Companies (AccountingStandards)Rules,2006 (asamended)and therelevantprovisionsoftheCompaniesAct,2013and Rules made thereunder. The significantaccounting policies which are consistently applied have been set out in theNotes to theFinancial Statements.

(v) InternalControls TheCompany has a formal system of internal

control testingwhichexaminesboth thedesigneffectiveness and operational effectiveness toensure reliability of financial and operationalinformation and all statutory/regulatorycompliances. The Company’s businessprocessesareonSAP-ERPplatformsandhaveastrong monitoring and reporting process resulting infinancialdisciplineandaccountability.

g) Remuneration of Directors, sitting fees etc. for the year 2014-15

During the year under review, Shri U.S. Bhartia,Chairman andManagingDirector,was paid salary,Commission and perquisites of `1,37,30,000/-(Rupees One Crores Thirty Seven Lacs ThirtyThousandOnly)andShriM.K.Rao,ExecutiveDirectorwas paid salary and perquisites of `64,50,085/-(RupeesSixtyFourLacsFiftyThousandEightyFiveonly).Besidesabove,theChairmanandManagingDirector and Executive Director were entitled toCompany’s contribution to Provident Fund andGratuity Fund.

Commission andSitting fees paid to non-executivedirectorsfortheyearended31st March,2015:Name of director Commis-

sion (`)Sitting Fee

(`)Smt. Jayshree Bhartia - 1,60,000Shri Autar Krishna - 60,000*Shri Pradip Kumar Khaitan

- 1,60,000

ShriJagmohanNKejriwal

- 1,20,000

ShriR.C.Misra - 5,20,000ShriRaviJhunjhunwala - 70,000Shri Jitender Balakrishnan

- 1,30,000

*ShriAutarKrishnaceasedtobetheDirectoroftheCompanywitheffectfrom15thJuly,2014

During the year, legal professional services fee of`30,49,660/-(RupeesThirtyLacFortyNineThousandSixHundredSixtyonly)werepaidtoKhaitan&Co.,LLP,Advocates,inwhichShriPradipKumarKhaitan,Director of the Company is a partner. Details ofremunerationpaidtotheDirectorsaregiveninFormMGT-9whichformsapartofBoard’sReport.

h) Code of Conduct for Board of Directors and SeniorofficialsoftheCompany

TheCode of Conduct duly approved by the Boardof Directors of the Company has been posted onCompany’s website (http://www.indiaglycols.com/investors/downloads/code_of_conduct.pdf).TheCompany is committed to conducting its businessin accordance with the applicable laws, rules andregulations and with highest standards of businessethics.Thesaidcodeisintendedtoprovideguidanceandhelpinrecognizinganddealingwithethicalissues,providemechanismtoreportunethicalconductandtohelpfosteracultureofresponsibilityandaccountability.Each Director and Senior Official is expected tocomply with the Code in letter and spirit. All Boardmembers and senior management personnel haveaffirmedcompliancewiththecodefortheyear2014-15,declarationbyChairmanandManagingDirectortothiseffectisenclosedwiththisreport.

i) Vigil Mechanism/Whistle Blower Policy As a conscious and vigilant organisation, India

GlycolsLimitedbelievesintheconductoftheaffairsof itsconstituents ina fairand transparentmanner,byadoptingthehigheststandardsofprofessionalism,honesty, integrity and ethical behavior. In itsendeavourtoenableitsemployeestoreportconcernsabout unethical behavior, actual and suspectedfraud or violation of the Company’s conduct, theCompany has put in place a Whistle Blower/VigilMechanism Policy. Whistle Blower/Vigil Mechanismprovides a channel to the employees to report tothe management concerns about the suspectedor confirmed malpractices and events. The policyprovide for the adequate safeguard of the personavailingthemechanismbymaintainingconfidentialityofallthemattersunderthepolicyandalsoprovidefordirectaccesstotheChairmanoftheAuditCommitteeinexceptionalcasesinthemannerlaiddowntherein.TheWhistleBlower/VigilMechanismPolicyispostedon the Company’s website (http://www.indiaglycols.com/investors/downloads/vigil-mechanism-policy.pdf).ItisaffirmedthatnopersonnelhasbeendeniedaccesstotheAuditCommittee.




SUBSIDIARY COMPANIESTheCompanydoesnothaveanymaterialsubsidiarywhosenetworthexceeds20%oftheconsolidatednetworthoftheholdingcompanyintheimmediatelyprecedingaccountingyearorhasgenerated20%oftheconsolidatedincomeoftheCompanyduringthepreviousfinancialyear.ApolicyonmaterialsubsidiarieshasbeenformulatedandpostedontheCompany’swebsite(http://www.indiaglycols.com/investors/downloads/Policy-for-determining-Material-Subsidiaries.pdf).

TheAuditedAnnualFinancialStatementsofSubsidiaryCompaniesareperiodicallyreviewedbytheAuditCommittee.CopiesoftheMinutesoftheBoardMeetingsofSubsidiaryCompaniesareindividuallygiventoalltheDirectorsandareplacedatthesubsequentBoardMeetings.

COMMITTEES OF THE BOARD

a) Audit Committee(i) Terms of Reference ApartfromallthemattersprovidedinClause49oftheListingAgreementandSection177oftheCompanies

Act,2013,theAuditCommitteereviewsreportoftheinternalauditors,meetsstatutoryauditorsasandwhenrequiredanddiscussestheirfindings,suggestions, internalcontrolsystem,scopeofaudit,observationsofauditorsandotherrelatedmatters.ItalsoreviewsmajoraccountingpoliciesfollowedbytheCompany.

(ii) Composition As on 31st March, 2015 the Committee consists of three non-executive independent Directors, namely,

ShriR.C.Misra,ShriPradipKumarKhaitan,ShriJagmohanN.KejriwalandOneExecutiveDirectorShriM.K.Rao.TheCompanySecretaryistheSecretarytotheCommittee.

(iii) Attendance record of the Audit Committee TheCommitteemetFive timesduring theyearon22ndMay,2014,4thAugust,2014,8thNovember,2014,

18thDecember,2014and14thFebruary,2015.Theattendancerecordofthemembersatthemeetingsisasfollows:

Name of the Member No. of Meetings Attended

Attendance for the Audit Committee Meetings held on (Yes / No / Leave of Absence)

22.05.2014 04.08.2014 08.11.2014 18.12.2014 14.02.2015ShriR.C.Misra,Chairman 5 Yes Yes Yes Yes Yes

ShriJagmohanNKejriwal,Member

2 LeaveofAbsence

Yes LeaveofAbsence

LeaveofAbsence

Yes

*ShriAutarKrishna,Mem-ber

1 Yes NotApplicable

NotApplicable

NotApplicable

NotApplicable

**Shri Pradip Kumar Khaitan,Member

3 NotApplicable LeaveofAbsence

Yes Yes Yes

**ShriM.K.Rao,Member 4 NotApplicable Yes Yes Yes Yes

*ShriAutarKrishnaceasedtobeaMemberoftheCommitteewitheffectfrom15thJuly,2014.

**ShriPradipKumarKhaitanandShriM.K.RaobecamemembersoftheAuditCommitteew.e.f.4thAugust,2014.

AllthemembersoftheAuditCommitteehaverequisitequalificationforappointmentontheCommittee.Allthememberspossesssoundknowledgeoffinance,accountingpracticesandinternalcontrols.TherepresentativesoftheStatutoryAuditorsarepermanent inviteestotheAuditCommitteemeetings.TheyhaveattendedalltheMeetingsduringtheyearwherefinancialstatementsincludingauditor’sreportwerereviewed.TheChiefExecutiveOfficer,ChiefFinancialOfficer, InternalAuditorattendedall themeetingsas invitees.TheCostAuditorhasalsoattendedthemeetingwhereintheirCostAuditReportwasconsidered.

b) Stakeholders’ Relationship Committeei) Terms of Reference TheCommitteehasbeenconstitutedtolookintotheredressalofinvestors’complaintsandanyothermatter

relatingtoshareholders’/investors’grievances.




ii) Composition As on 31stMarch,2015thecommitteecomprises

of two non-executive Independent Directors,namely, Shri R.C. Misra, Chairman of thecommittee,ShriJagmohanN.KejriwalandoneExecutiveDirector,ShriU.S.Bhartia,Chairmanand Managing Director. Shri Autar Krishnaceased to be the member of the Committeew.e.f.15thJuly,2014.

iii) Attendance record of the Stakeholders’ Relationship Committee

TheCommitteemetfourtimesduringtheyearon22ndMay,2014,4thAugust,2014,8thNovember,2014 and 14thFebruary,2015.Theattendancerecord of the members at the meetings is asfollows:

Name of the Member

Status No. ofMeetingsAttended

ShriR.C.Misra Chairman 4

Shri U.S. Bhartia Member 4

ShriJagmohanNKejriwal

Member 2

Shri Autar Krishna Member *1

*ShriAutarKrishnaceasedtobethememberoftheCommitteewitheffectfrom15thJuly,2014.

iv) Investors’ complaints received and resolved during the year

During the year under review, Companyhad received 30 Investors’ Complaints upto31st March, 2015. All the complaints receivedweredulyredressedbythecompany.

c) Share Transfer Committee i) Terms of Reference The Committee of the Board of Directors has

been constituted to review and approve therequest for transfer/transmissionof sharesandissueofduplicatesharecertificates.TheShareTransfer Committee also reviews the statusof Shareholding pattern of the Company andsignificantchanges,ifany.

ii) Composition As on 31st March, 2015, the Committee

comprises of four Directors, namely, Shri U.S.Bhartia,Smt.JayshreeBhartia,ShriJagmohanN.KejriwalandShriR.C.Misra.

iii) Attendance record of the Share Transfer Committee

TheCommitteemetSeventeentimesduringtheyear.Theattendancerecordofthemembersat

themeetingsisasfollows:

Name of the Member


Shri U.S. Bhartia Chairman 17

Smt. Jayshree Bhartia Member 10

ShriJagmohanN.Kejriwal Member 1

ShriR.C.Misra Member 17

d) Finance Committee(i) Terms of Reference The Finance Committee shall consider and

approve Corporate Deposits and Investment,investment of surplus funds from time to timein marketable securities, to take decisions ontheBankingoperationsof theCompanyandtoconsider,reviewandapprovetheborrowingsbytheCompany.

(ii) Composition As on 31st March,2015,theCommitteecomprises

of two Directors, namely, Shri U.S. Bhartia,ChairmanandManagingDirectorandShriR.C.Misra, Director and two senior officials of theCompany namely Shri Rakesh Bhartia, ChiefExecutiveOfficerandShriAnandSinghal,ChiefFinancialOfficer.

(iii) Attendance record of the Finance Committee TheCommitteemetNinetimesduringtheyear.

The attendance record of themembers at themeetingsisasfollows:

Name of the Member


Shri U.S. Bhartia Chairman 9

ShriR.C.Misra Member 9

Shri Rakesh Bhartia Member 8

Shri Anand Singhal Member 9

e) Nomination and Remuneration Committee i) Terms of Reference The Nomination and Remuneration Committee

has an enhanced scope and includes in addition to others the screening and recommending to the BoardthepersonswhoshallbeeligibletoconstitutetheBoardofDirectorsandtobeappointedintheseniormanagementoftheCompanyandfixationofremunerationoftheDirectors,KMPs,andotheremployees comprising senior management ofthe company, their performance evaluation andremovalthereof.





comprises three non-executive independentDirectors namely, Shri R.C.Misra, Shri PradipKumarKhaitanandShriJagmohanN.Kejriwal.ShriAutarKrishnaceasedtobethememberoftheCommitteew.e.f.15thJuly,2014.

iii) Attendance record of the Appointment and Nomination and Remuneration Committee

TheCommitteemetTwo timesduring theyearon 22nd May, 2014 and 14th February, 2015.The attendance record of themembers at themeetingsisasfollows:

Name of the Member


ShriR.C.Misra Chairman 2

ShriJagmohanN.Kejriwal Member 1

Shri Pradip Kumar Khaitan Member 1

Shri Autar Krishna Member 1*

*ShriAutarKrishnaceasedtobethememberoftheCommitteewitheffectfrom15thJuly,2014.

f) Risk Management Committeei) Terms of Reference The Risk Management Committee has been

constitutedtoIdentifytheexistingandprospectiveRisksattachedtothebusinessoftheCompany;to monitor and review the Risk ManagementPlanof theCompany; tosuggestmeasures formitigationoftheRisksattachedtothebusinessof the Company; and to take any other actionasmaybedirectedbytheBoardofDirectorsinrespectoftheRiskManagement.Thecommitteeshallalsoreviewandreassesstheadequacyofthis plan periodically and recommend proposed changes.


comprisesofeightmembersincludingthreenon-executive independent Directors namely, ShriRaviJhunjhunwala,ShriPradipKumarKhaitan,Shri Jitender Balakrishnan; Shri Uma ShankarBhartia,ChairmanandManagingDirector,ShriM.K.Rao,ExecutiveDirectorandthreeSeniorexecutivesoftheCompanynamely,ShriRakeshBhartia, Chief Executive Officer, Shri AnandSinghal, Chief Financial Officer and Shri AtulGovil,ITHeadasitsmembers.

iii) Meetings of Risk Management Committee NomeetingofRiskManagementCommitteehas

beenheldduringtheyear.

g) Corporate Social Responsibility Committeei) Terms of reference TheCorporateSocialResponsibilityCommittee

of theBoardhasbeenconstituted to formulateandrecommendtotheBoard,aCorporateSocialResponsibility Policy which shall indicate theactivities tobeundertakenby theCompanyasspecifiedinScheduleVIIoftheCompaniesAct,2013; recommend the amount of expenditureto be incurredon theactivities referredabove;andmonitor theCorporateSocialResponsibilityPolicyoftheCompanyfromtimetotime.


comprises of fourmembers including two non-executive independent Directors namely, ShriR.C.Misra,ShriP.K.Khaitan,ShriU.S.Bhartia,ChairmanandManagingDirectorandShriM.K.Rao,ExecutiveDirectorasitsmembers.

iii) Meeting of Corporate Social Responsibility Committee

The Committee met once during the year on04.08.2014. The attendance record of themembersatthemeetingsisasfollows:Name of the Member


Shri U.S. Bhartia Chairman 1Shri M.K. Rao Member 1Shri Pradip Kumar Khaitan Member 0ShriR.C.Misra Member 1

h) Ethics Committeei) Terms of Reference The Ethics Committee of the Board has been

constitutedtoadminister,implementtheCodeofConductandEthicsandtoreviewthebreachofcodeandadvicetheactiontobetaken.

ii) Composition As on 31stmarch,2015,theCommitteecomprises

of three independent directors namely, ShriPradipKumarKhaitan,ShriR.C.MisraandShriJagmohanN.Kejriwalasitsmembers.

iii) Meeting of Ethics Committee The Directors and the senior management

confirmedcompliancewiththeCodeofConductforthefinancialyear2014-15.Nobreachofcodeofconductwasobserved,hencenomeetingwasheldofthemembersoftheEthicsCommittee.

Nomination, Remuneration and Evaluation PolicyThe Company formulated and adopted Nomination,Remuneration and Evaluation Policy (the “Policy”)to provide a framework and set standards for thenomination,remunerationandevaluationofthedirectors,KeyManagementPersonnelandofficialcomprisingofthesenior management.




The basis for the Nomination and RemunerationCommittee to selecta candidate forappointment to theBoardareenhancingthecompetenciesoftheBoardandattractingaswellasretainingtalentedemployeesforroleofKMPandofficialcomprisingoftheseniormanagement.When recommending a candidate for appointment, theNominationandRemunerationCommitteehasregardto:

a) assessing theappointeeagainst a rangeof criteriawhich includes but not be limited to qualifications,skills,regionalandindustryexperience,backgroundandotherqualities required tooperatesuccessfullyintheposition,withdueregardforthebenefitsfromdiversifyingtheBoard;

b) theextenttowhichtheappointeeislikelytocontributeto the overall effectiveness of the Board, workconstructivelywiththeexistingdirectorsandenhancetheefficienciesoftheCompany;

c) theskillsandexperiencethattheappointeebringstotheroleofKMP/SeniorOfficialandhowanappointeewill enhance the skill sets and experience of theBoardasawhole;

d) thenatureofexistingpositionsheldbytheappointeeincluding directorships or other relationships and the impact theymay have on the appointee’s ability toexerciseindependentjudgment;

e) PersonalspecificationsTheguidingprinciple for theRemunerationofDirectors,Key Managerial Personnel and Senior Management is that the level and compositionof remuneration shall bereasonable and sufficient to attract, retain andmotivateDirectors,KeyManagementPersonnelandotherseniorofficials.The Directors, Key Management Personnel and otherseniorofficial’ssalaryshallbebased&determinedontheindividualperson’sresponsibilitiesandperformanceandinaccordancewiththelimitsasprescribedstatutorily,ifany.TheNomination&RemunerationCommitteedeterminesindividualremunerationpackagesforDirectors,KMPsandSeniorOfficialsoftheCompanytakingintoaccountfactorsit deems relevant, including but not limited to market,business performance and practices in comparablecompanies,havingdueregardtofinancialandcommercialhealth of the Company as well as prevailing laws andgovernment/other guidelines. The Committee consultswiththeChairmanoftheBoardasitdeemsappropriate.TheNonexecutivedirectors shall beentitled to receiveRemunerationbywayofsitting fees forattendingeverymeeting of the Board/ committees as approved by theBoard of Directors, profit related commission as maybe recommended by the Committee to the Board andsubsequentlyapprovedbythemembers.Theremunerationpayable to theDirectorsshallbeasper theCompany’spolicyandshallbevaluedaspertheIncomeTaxRules.The Independent Directors shall not be entitled to anystock option.

The evaluation/assessment of theDirectors, KMPs andtheseniorofficialsoftheCompanyistobeconductedonan annual basis and to satisfy the requirements of theListing Agreement.

Following are the criteria that may assist in determining howeffectivetheperformancesoftheDirectors/KMPs/Seniorofficialshavebeen:

• Leadership&stewardshipabilities• contributing to clearly define corporate objectives &

plans • Communication of expectations & concerns clearly

withsubordinates• obtain adequate, relevant & timely information from

externalsources.• review& approval achievement of strategic and

operationalplans,objectives,budgets• regular monitoring of corporate results against

projections• identify,monitor&mitigatesignificantcorporaterisks• assesspolicies,structures&procedures• direct,monitor&evaluateKMPs,seniorofficials• reviewmanagement’ssuccessionplan• effectivemeetings• assuring appropriate board size, composition,

independence,structure• clearly defining roles & monitoring activities of

committees • reviewofcorporation’sethicalconductEvaluationontheaforesaidparameterswillbeconductedby the IndependentDirectors foreachof theExecutive/Non-IndependentDirectors inaseparatemeetingof theIndependentDirectors.

TheExecutiveDirector/Non-IndependentDirectorsalongwiththeIndependentDirectorswillevaluate/assesseachoftheIndependentDirectorsontheaforesaidparameters.Only the Independent Director being evaluated will notparticipateinthesaidevaluationdiscussion.

The criteria of making payment to the non-executiveDirectorsoftheCompanyisprovidedintheNominationandRemunerationPolicyplacedonthewebsiteoftheCompany(http://www.indiaglycols.com/investors/downloads/appointment-remuneration-evaluation-policy.pdf).

MANAGEMENTa) Management discussion and analysis Management discussion and analysis report forms

separatepartofthisAnnualReport.

b) Disclosure on Risk Management The Company has further strengthened the Risk

ManagementSystemintheCompany.TheBoardofDirectors periodically reviews theRiskAssessmentandminimizingprocedurethereof.




CEO/CFO CERTIFICATIONTheChairmanandManagingDirectorandChiefFinancialOfficerhaveissuedcertificatepursuanttotheprovisionsofClause49oftheListingAgreementcertifyingthatthefinancialstatementsdonotcontainanyuntruestatementand these statements represent a true and fair view oftheCompany’saffairs.ThesaidcertificateisannexedandformspartoftheAnnualReport.

SHAREHOLDERSa) Means of Communication The quarterly, half-yearly and annual Financial

Results of the Company are sent to the StockExchanges immediately after theyareapprovedbytheBoard.TheresultsaredisplayedonthewebsiteofBSELimitedandNationalStockExchangeofIndia

Limited (NSE). The results are also published inleading English andHindi Newspapers and postedonCompany’sWebsite.

b) Investor Grievances Asmentionedearlier,theCompanyhasconstituteda

Stakeholders’RelationshipCommitteeforredressingshareholders and investors’ complaints. CompanySecretaryistheSecretarytotheCommitteeaswellasComplianceOfficer.

c) Share Transfers All share transfers are handled by Company’s

Registrar and Share Transfer Agent M/s. MCSLimited,F-65,Okhla IndustrialAreaPhase -I NewDelhi-110 020 a Category – I Registrar registeredwith SEBI.

d) General Body Meetings DetailsofthelastthreeAnnualGeneralmeetingsareasunder:

Financial Year

Date Time Venue

2013-14 20.09.2014 12.30 P.M. A-1,IndustrialArea,BazpurRoad,Kashipur,DisttUdhamSinghNagar,Uttarakhand



SpecialResolutions under section 81 (1A) of theCompaniesAct, 1956were passed at theAGM(s) held on15.09.2012and18.09.2013.SpecialResolutionsunderSection197readwithScheduleV,Section148,Section14,Section41,42and62oftheCompaniesAct,2013werepassedatitsAGMheldon20thSeptember2014.

e) Postal Ballot DuringtheFinancialYear2014-15,theCompanyhasobtainedtheapprovalofitsmembersthroughPostalBallot

(Including voting by electronicmeans) in accordancewith the procedure prescribed in terms of Section 110 oftheCompaniesAct,2013readwithRule22oftheCompanies(ManagementandAdministration)Rules,2014onfollowingresolution(s):1. SpecialResolutionunderSection180(1)(a)and188andotherapplicableprovisions,ifany,oftheCompanies

Act, 2013 for slump sale of “Rental Business” of the Company to IGL Infrastructure Private Limited forconsiderationnotexceeding`184.20Croresbeingenterprisesvalue.

Mr.AshishSaxena,M/s.AshishSaxena&Co.,CompanySecretaries,A-32,NyayKhand-I,NH-24,Indirapuram,Ghaziabad-201010wasappointedastheScrutinizerbytheBoardtoconductthesaidPostalBallotProcessinfairandtransparentmanner.Theresultsofvoting,conductedthroughPostalBallot(includingvotingbyelectronicmeans)forpassingoftheSpecialResolution(s),hadbeenannouncedbytheChairmanandManagingDirectoron1stFebruary,2015andthesameisreproduced here:

Type of Resolution:(Special)Promoter/Public No. of

shares heldNo. of votes

polled% of Votes

Polled on outstanding

shares(3)={(2)/(1)}*100

No. of votes in favour

No. of Votes in against

% of Votes in favour on votes

polled(6)={(4)/(2)}*100

% of Votes

against on votes

polled

Promoter and Promoter Group

18907325 16790283 88.80 16790283 0 100.00 0.00

PublicInstitutionalholders

584405 560565 95.92 560565 0 100.00 0.00

Public-Others 11469770 42270 0.14 17865 24405 42.26 57.74

Total: 30961500 17393118 56.18 17368713 24405 99.86 0.14




Additional shareholders informationa) Annual General Meeting Date :28thAugust,2015 Venue : A-1,IndustrialArea,BazpurRoad, Kashipur-244713,Distt.UdhamSinghNagar, Uttarakhand Time : 12.30 P.M.

b) Financial Calendar Financial year: 1st April to 31st March Forthefinancialyear2015-16,thetentativedatesfor

approvalofunauditedfinancialresultswillbeby14th August,2015forthefirstquarter,by14thNovember,2015 for half-yearly, 14th February, 2016 for thirdquarterforUnaudited/AuditedResultsandbyMay15/May30,2016forapprovalofUnaudited4thQuarter/AnnualAuditedResults(2015-16).

c) Book Closure TheRegisterofMembersandShareTransferBooks

oftheCompanyshallremainclosedfrom25thAugust,2015to28thAugust,2015(Bothdaysinclusive)

d) Nodividend has been recommended by theBoardduringthefinancialyear2014-15.

e) Listing at stock exchanges and stock codes The name of the Stock Exchanges at which the

equitysharesarelistedason31stMarch,2015andtherespectivestockcodesareasunder:

Name of the Stock Exchange Stock Code No./ Symbol

BSE Ltd.NationalStockExchangeof IndiaLtd.

500201Indiaglyco

Listing fee to the BSE Ltd. and National StockExchangeof IndiaLtd. for thefinancial yearended31stMarch,2015hasbeenpaid.

TheISINnumbersallottedtotheCompanyfordematofSharesareasunder:

NSDL-INE560A01015 CDSL-INE560A01015

f) Stock Data High/Lowofmarketpriceof theCompany’sequity shares tradedon theBSELtd. (‘BSE’)andNationalStock

ExchangeofIndiaLtd.(‘NSE’)duringeachmonthoffinancialyear2014-15areasunder:

Month High Low Sensex CNX NIFTY BSE NSE BSE NSE

Apr -14 119.70 119.80 93.05 93.50 22939.31 6869.85May-14 125.65 126.00 98.80 99.20 25375.63 7563.50Jun -14 141.20 141.00 108.00 108.00 25725.12 7700.05Jul -14 144.50 144.50 116.00 115.85 26300.17 7840.95Aug-14 129.50 129.30 112.00 112.05 26674.38 7968.25Sep-14 157.30 157.90 117.55 117.50 27354.99 8180.20Oct-14 131.50 131.45 112.75 113.25 27894.32 8330.75Nov-14 140.50 140.50 116.05 116.00 28822.37 8617.00Dec-14 119.45 119.50 96.45 95.20 28809.64 8626.95Jan-15 111.85 111.85 99.35 99.30 29844.16 8996.60Feb-15 115.60 115.55 97.50 97.20 29560.32 8941.10Mar-15 105.00 100.90 75.10 75.50 30024.74 9119.20

g) Performance of Company’s equity shares in comparison to BSE Sensex and S&P CNX NIFTY ThegraphicalpresentationsofmovementofhighsharepricesofthecompanyonBSEandNSEduringtheyear

are as under: a. INDIAGLYCOLS’SHAREPRICESVERSUSSENSITIVITYATBSE

Share Price

Sensex




b. INDIAGLYCOLS’SHAREPRICESVERSUSS&PCNXNIFTY

h) Distribution of shareholding as on 31st March, 2015

i) Shares held in physical and dematerialised formModeofHolding %ageNSDL 29.85CDSL 59.73Physical 10.42

As on 31stMarch,2015,89.58%ofshareswereheldinDe-materialisedformand10.42%inphysicalform.90.08%Non-PromotersholdingisinDe-materialisedform.

j) Outstanding GDR’s/ADR’s/Warrants/convertible instruments and their impact on equity Nilk) Plant Locations 1) A-1,IndustrialArea,BazpurRoad,Kashipur-244713,Distt.UdhamSinghNagar,Uttarakhand. 2) E-1,Sector-15,GorakhpurIndustrialDevelopmentArea,Gorakhpur,UttarPradesh. 3) PlotNo.2,3,4&5PharmaCity,Selaqui,Dehradun,Uttarakhand 4) BlockNo.229-230,VillageValthera,Dholka,Ahmedabad-387810,Gujaratl) Address for correspondence IndiaGlycolsLimited,PlotNo.2B,Sector–126,Noida–201304,GautamBudhNagar,UttarPradesh Telephone : 0120-3090100 Fax : 0120-3090111 Website : www.indiaglycols.com E-Mail : [email protected]) Transfer of unpaid/unclaimed amounts to Investor Education and Protection Fund Duringtheyearunderreview,theCompanytransferredunpaid/unclaimeddividendamountingto` 15.24 lacs and

unclaimedfixeddepositsPrincipalsandInterestamountingto`1.24lacstoInvestorEducationandProtectionFund(IEPF)pursuanttoSection124CoftheCompaniesAct,2013.

Others35.28%

FinancialInstitutions/

Banks/MutualFunds/Insurance Co.

1.93

FII’s/NRI’s/OCB’s1.72

Promoter andPromoter group

61.07%

Share Price

S&PCNXNifty




AUDITOR’S CERTIFICATE ON CORPORATE GOVERNANCETO THE MEMBERS OF INDIA GLYCOLS LIMITEDWehaveexaminedthecomplianceofconditionsofCorporateGovernancebyIndiaGlycolsLimitedfortheyearendedon31stMarch,2015,asstipulatedinClause49oftheListingAgreementofthesaidCompanywithstockexchanges.ThecomplianceofconditionsofCorporateGovernanceistheresponsibilityofthemanagement.Ourexaminationhasbeenlimitedtoareviewofproceduresandimplementationthereof,adoptedbytheCompanyforensuringthecomplianceoftheconditionsofCorporateGovernance.ItisneitheranauditnoranexpressionofopiniononthefinancialstatementsoftheCompany.InouropinionandtothebestofourinformationandaccordingtotheexplanationsgiventousandbasedontherepresentationmadebytheDirectorsandtheManagement,wecertifythattheCompanyhascompliedwith,inallmaterialrespect,theconditionsofCorporateGovernanceasstipulatedinClause49oftheabovementionedListingAgreement.Westate,thatinrespectofinvestorgrievancesreceivedduringtheyearended31stMarch,2015,noinvestorgrievancesareunattended/pendingforaperiodexceedingonemonthagainsttheCompanyascertifiedbytheRegistrars&TransferAgentsoftheCompanyanddetailspresentedtotheInvestorsGrievanceCommitteeoftheCompany.WefurtherstatethatsuchcomplianceisneitheranassuranceastothefutureviabilityoftheCompanynoroftheefficiencyoreffectivenesswithwhichthemanagementhasconductedtheaffairsoftheCompany.

For LODHA & CO.CharteredAccountants

FirmRegistrationNo:301051E

(N.K.Lodha)Place:NewDelhi PartnerDate:28.05.2015 MembershipNo.85155

TO THE MEMBERS OF INDIA GLYCOLS LIMITEDDECLARATION

I,U.S.Bhartia,ChairmanandManagingDirectorofIndiaGlycolsLimiteddoherebydeclarethattheCompanyhadreceived affirmation from all themembers of theBoard andSeniorManagement personnel stating compliance ofthecodeofconductfortheyear2014-15pursuanttotherequirementoftheClause49oftheListingAgreementasamended.

For India Glycols Limited Place:NOIDA,U.P. U.S. BhartiaDate :28.05.2015 Chairman and Managing Director

CEO/CFO CERTIFICATIONWe,U.S.Bhartia,ChairmanandManagingDirectorandAnandSinghal,ChiefFinancialOfficercertifythat:a)Wehavereviewedthefinancialstatementsandcashflowstatementfortheyearended31stMarch,2015andtothe

bestofourknowledgeandbelief:i) thesestatementsdonotcontainanymateriallyuntruestatementoromitandmaterialfactorcontainstatements

thatmightbemisleading;ii) thesestatements togetherpresenta trueand fair viewof theCompany’saffairsandare in compliancewith

existingAccountingStandards,applicablelawsandregulations.b) Tothebestofourknowledgeandbelief,notransactionsenteredintobytheCompanyduringtheyearended31st

March,2015arefraudulent,illegalorviolativeoftheCompany’scodeofconduct.c) We accept responsibility for establishing and maintaining internal controls for financial reporting and we have

evaluatedtheeffectivenessofinternalcontrolsystemsoftheCompanypertainingtofinancialreporting.Deficienciesinthedesignoroperationofsuchinternalcontrols,ifany,ofwhichweareawarehavebeendisclosedtotheauditorsandtheAuditCommitteeandstepshavebeentakentorectifythesedeficiencies.

d) i) There has not been any significant change in internal control over financial reporting during the year underreference;

ii) Therehasnotbeenanysignificantchangeinaccountingpoliciesduringtheyearrequiringdisclosureinthenotestothefinancialstatements;and

iii)WearenotawareofanyinstanceduringtheyearofsignificantfraudwithinvolvementthereinofthemanagementoranyemployeehavingasignificantroleintheCompany’sinternalcontrolsystemoverfinancialreporting.

For India Glycols Limited Place:NOIDA,U.P. Anand Singhal U.S. BhartiaDate :28.05.2015 Chief Financial Officer Chairman and Managing Director




Independent Auditors’ ReportTO THE MEMBERS OF INDIA GLYCOLS LIMITED

Report on the Standalone Financial StatementsWe have audited the accompanying standalonefinancialstatementsof INDIA GLYCOLS LIMITED (“theCompany”), which comprise the Balance Sheet as at31stMarch,2015, theStatementofProfitandLoss, theCashFlowStatement,andasummaryof thesignificantaccountingpoliciesandotherexplanatoryinformationforthe year then ended.

Management’s Responsibility for the Standalone Financial StatementsTheCompany’sBoardofDirectors is responsible for thematters stated inSection134(5)of theCompanies Act,2013 (“the Act”) with respect to the preparation ofthesestandalonefinancialstatementsthatgiveatrueandfair view of the financial position, financial performanceand cash flows of the Company in accordance with theaccountingprinciplesgenerallyacceptedinIndia,includingtheAccountingStandardsspecifiedunderSection133oftheAct,readwithRule7oftheCompanies(Accounts)Rules,2014.Thisresponsibilityalsoincludesmaintenanceof adequate accounting records in accordance with theprovisionsof theAct for safeguarding theassets of theCompany and for preventing and detecting frauds andotherirregularities;selectionandapplicationofappropriateaccountingpolicies;makingjudgmentsandestimatesthatare reasonableandprudent;anddesign, implementationandmaintenance of adequate internal financial controls,thatwere operating effectively for ensuring the accuracyand completenessof theaccounting records, relevant tothepreparationandpresentationofthestandalonefinancialstatementsthatgiveatrueandfairviewandarefreefrommaterialmisstatement,whetherduetofraudorerror.

Auditor’s responsibilityOur responsibility is to express an opinion on thesestandalonefinancialstatementsbasedonouraudit.Wehave taken into account the provisions of the Act, theaccounting and auditing standards and matters which arerequiredtobeincludedintheauditreportundertheprovisionsoftheActandtheRulesmadethereunder.WeconductedourauditinaccordancewiththeStandardsonAuditing specified underSection 143(10) of theAct.Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtainreasonable assurance about whether the financialstatementsarefreefrommaterialmisstatement.Anaudit involvesperformingprocedures toobtainauditevidence about the amounts and the disclosures in thefinancial statements. The procedures selected dependon the auditor’s judgment, including the assessmentof the risks of material misstatement of the financialstatements, whether due to fraud or error. In makingthose risk assessments, the auditor considers internalfinancialcontrolrelevanttotheCompany’spreparationof

thefinancialstatements thatgivea trueandfairview inorder to design audit procedures that are appropriate in thecircumstances,butnotforthepurposeofexpressingan opinion on whether the Company has in place anadequateinternalfinancialcontrolssystemoverfinancialreportingandtheoperatingeffectivenessofsuchcontrols.Anauditalsoincludesevaluatingtheappropriatenessofaccountingpoliciesusedandthereasonablenessof theaccountingestimatesmadebytheCompany’sdirectors,as well as evaluating the overall presentation of thestandalonefinancialstatements.Webelieve that theauditevidencewehaveobtained issufficientandappropriatetoprovideabasisforourqualifiedauditopiniononthestandalonefinancialstatements. Basis for Qualified OpinionAttention is invited to:i. Note no. 32(A)(i) & 32(A)(ii) of financial statements

regarding non-provision against investment, inter-corporate deposit and advances in subsidiary company Shakumbari Sugar and Allied Industries Limited (SSAIL) amounting to ` 5,427.50 Lacs (Previous Year Rs. 5,427.50 Lacs), `1,915.13 Lacs (including interest thereon) (Previous Year Rs. 1,834.83 Lacs) & ` 8,453.81 Lacs (Previous Year Rs. 8,375.82 Lacs) respectively, where, in the opinion of management no provision is necessary considering the long term in nature, the intrinsic value of assets of subsidiary company and for the reasons as stated in the said notes and our inability to comment thereon. Further company have also extended corporate guarantee on behalf of SSAIL against outstanding loans amount of Financial Institution and Banks (as stated in the note no. 27(A)(iii) & 32(A)(iii)).

ii. Note no. 32(B) regarding non provision against total exposure of amounting ` 14,774.64 Lacs (Previous Year `14,848.04 Lacs) (including investment in capital of ` 125 Lacs, (Previous Year ` 125 Lacs) in a subsidiary, IGL Finance Limited, where the management is confident about its recoverability for the reasons as stated in said note, and our inability to comment thereon.

iii. Note no. 32(D) regarding non provision against total exposure of amounting to 505.16 Lacs (including trade receivable account of ` 477.75 Lacs) in a subsidiary, IGL CHEM INTT. PTE Limited, Singapore, where the management is confident about its recoverability for the reasons as stated in said note, and our inability to comment thereon.

Net loss for the year, investments, loans & advances and reserve & surplus are without considering impact of the above which could not be ascertained or otherwise for the reason stated in as above. Our opinion was also qualified in respect of matters reported in Para (i) & (ii) above on the financial statement for the year ended 31st March, 2014.

Qualified OpinionIn our opinion and to the best of our information and




according to the explanations given to us, except for the possible effects of the matter described in the “Basis for Qualified Opinion” paragraph above, the aforesaid standalone financial statements, give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of the affairs of the Company as at 31st March 2015, and its loss and its cash flows for the year ended on that date.

Emphasis of Matter1) Wedrawattentiontonoteno.32(C)tothefinancial

statementsfortwonoticesreceivedbytheCompanyfrom National Stock Exchange (NSE) regardingreinstatement of financial statement and to suitablyrectify the financial statement as stated in saidnote.Pendinggrantingof opportunity / clarification.Companyhavenotreinstated/rectified.

Further,attentionisinvitedto:2(a)Note no. 34 regarding insurance claim filed with

the insurance company for the reinstatement ofmachineryaswellas loss incurreddue tobusinessinterruption where management is confident aboutfullrealisibility,asstatedinthesaidnote

2(b)Note no. 37 regarding provision made (includingmadeinearlieryears)forspecialdiscountonaccountofsuddenandsteepfallinpricesandqualityissues,wherenecessaryapprovalsarependingasstatedinthe said note.

2(c)Noteno.27(B)regardingAdvanceLicensependingfulfilment of export obligation, where managementis confident that pending export obligation will befulfilledbeforeexpiryofadvancelicenseasstatedinsaid note.

Ouropinionisnotqualifiedinrespectofthesematters. Report on other legal and the regulatory requirements:1. As required by the Companies (Auditor’s Report)

Order, 2015 (“the Order”) issued by the CentralGovernment of India in terms of sub-section (11)ofsection143of theAct,andon thebasisofsuchchecks of the books and records of the Companyas we considered appropriate and according to the informationandexplanationsgiven tousduring thecourseofaudit,wegiveintheAnnexureastatementonthemattersspecifiedintheparagraphs3and4ofthe order.

2. AsrequiredbySection143(3)oftheAct,wereportthat:(a) Wehavesoughtandobtainedalltheinformation

and explanations which to the best of ourknowledge and belief were necessary for thepurposesofouraudit.

(b) Except for the effect of the matter described in the Basis for Qualified Opinion paragraph above, in ouropinion,properbooksofaccountasrequiredbylawhavebeenkeptbytheCompanysofarasitappearsfromourexaminationofthosebooks.

(c) TheBalanceSheet,theStatementofProfitandLoss,andtheCashFlowStatementdealtwithbythisReportare inagreementwith thebooksofaccount.

(d) In our opinion, the aforesaid standalonefinancialstatementscomplywiththeAccountingStandardsspecifiedunderSection133oftheAct,readwithRule7of theCompanies (Accounts)Rules,2014.

(e) The matter described in the basis for qualified opinion paragraph above, in our opinion, may have an adverse effect on the functioning of the Company.

(f) On the basis of the written representationsreceived from the directors as on 31st March,2015takenonrecordbytheBoardofDirectors,noneofthedirectorsisdisqualifiedason31stMarch,2015frombeingappointedasadirectorintermsofSection164(2)oftheAct.

(g) WithrespecttotheothermatterstobeincludedintheAuditor’sReportinaccordancewithRule11oftheCompanies(AuditandAuditors)Rules,2014, in our opinion and to the best of ourinformation and according to the explanationsgiventous:i. TheCompanyhasdisclosed the impactof

pending litigations on its financial positioninitsfinancialstatements–ReferNoteNo.27(A)(i)readwith46(a),30,31&32(A)(iii)tothe Standalone Financial Statements.

ii. The Company has made provision,as required under the applicable lawor accounting standards, for materialforeseeable losses, if any, on long termcontracts including derivative contracts.ReferNoteNo.46(a),49(C)(c)&49(C)(d)tothe Standalone Financial Statements.

iii. There has been no delay in transferringamounts, required tobetransferred, to theInvestorEducationandProtectionFundbytheCompany.

For Lodha & Co., CharteredAccountants FirmRegistrationNo:301051E

(N.K.Lodha)Date:28thMay,2015 PartnerPlace:Noida,UP M.No.:-85155




Annexure referred to in paragraph 1 under the heading “Report on Other Legal and Regulatory Requirements” of our report of even date for the year ended 31st March 2015-India Glycols Limited1. (a) The company has maintained proper records

showing full particulars, including quantitativedetails and situation of fixed assets except incase of certain locations where records are inprocessofupdation/compilation.

(b) As per information & explanation given to us,certainfixedassetshavebeenphysicallyverifiedbythemanagement.Asexplainedtousthereisregularprogrammeofphysicalverificationonceinevery threeyears, inphasedmanner,whichin our opinion is reasonable having regard tothe size of the company and the nature of itsfixedassets.Thediscrepanciesnoticedonsuchphysicalverificationwerenotmaterial.

2. (a) The inventories of the company (except stockin transit which have been verified based onsubsequent receipt/ reconciliation) have beenphysically verified by the management atreasonableintervals.

(b) The procedures of physical verification ofinventory followed by the management arereasonableandadequateinrelationtothesizeofthecompanyandthenatureofitsbusiness.

(c) The company ismaintaining proper records ofinventory. The discrepancies noticed on suchphysicalverificationofinventoryascomparedtobookrecordswerenotmaterial.

3. TheCompanyhasnotgrantedduring theyearanyloan secured or unsecured to companies, firms orotherpartiescoveredintheregistermaintainedunderSection189oftheCompaniesAct,2013.Accordingly,theprovisionsofclause3(iii)(a)&(b)oftheorderarenotapplicabletotheCompany.

4. In our opinion and according to the information and explanations given to us, having regard to the explanation that some of the items purchased are of special nature and for which suitable alternative sources do not exist for obtaining comparable quotation or where user department has shown specific preference, where, as explained, rates were determined considering the quality, volume, nature of the items and market conditions prevailing at that time in certain cases, there is an internal control system which needs to be further strengthened to be made the same commensurate with the size of the

Company and nature of its business for the certain purchases of Inventory & fixed assets, and for the sale of goods and services {this to be read with note no. 40 of financial statement}. Based on the audit procedure performed and information & explanations providedby themanagement,during thecourseofouraudit,wehavenotobservedanycontinuingfailuretocorrectmajorweaknessesininternalcontrolsystem.

5. Inouropinionandaccordingtothe informationandexplanationsgiventous,theCompanyhascompliedwiththedirectiveissuedbytheReserveBankofIndiaandtheprovisionsofSection73to76oftheActoranyotherrelevantprovisionsoftheActandtherulesframed there under (to the extent applicable) withregardtodepositacceptedfromthepublic.Accordingto the information and explanation given to us noorderhasbeenpassedbytheCompanyLawBoardorNationalCompanyLawTribunalorReserveBankofIndiaoranyCourtorothertribunalinthisregard.

6. We have broadly reviewed the books of accountmaintained by the Company pursuant to the rulesmadebytheCentralGovernmentforthemaintenanceof cost records under Section 148(1) of the Act inrespectoftheCompany’sproductstowhichthesaidrulesaremadeapplicableandareoftheopinionthatprimafacie,theprescribedrecordshavebeenmadeand maintained. We have, however, not made adetailedexaminationofthesaidrecordswithaviewtodetermine whether they are accurate and complete.

7. (a) According to the records of the company thecompany is generally regular in depositing with appropriate authorities undisputed statutory dues including provident fund, employees’ stateinsurance,income-tax,sales-tax,wealthtax,servicetax,dutyofcustoms,dutyofexcise,valueaddedtaxcess and any other material statutory dues with the appropriate authority to the extent applicable andtherearenoundisputedstatutoryduespayableforaperiodofmorethansixmonthsfromthedatetheybecamepayableasat31st March 2015.

(b) According to the records and information andexplanations given to us, there are no materialduesinrespectofIncomeTax,WealthTaxorCessthathavenotbeendepositedwiththeappropriateauthorities to theextentapplicableonaccountofanydisputeandduesinrespectofDutyofCustom,ServiceTax,DutyofExcise,VAT&SalesTaxthathavenotbeendepositedwithappropriateauthorityon account of dispute and the forum where the disputeispendingaregivenbelow:-

Nature of Statue Nature of dues Amount (` in lacs)

Period Forum

CustomAct Customduty 11.42 1992-93 HighCourt–UttaranchalCustomduty 193.05 2004-05,2009-10 Asstt.CommissionerofcustomDutyDrawback 15.86 2006-07 JointSecretary,DepartmentofRevenueCustomDuty 763.77 2004-05,2010-11 CommissionerCustoms(Appeals)

FinanceAct1994 ServiceTax 36.31 2004-05to2007-08 CESTATServiceTax 8.09 2005-09,2010-12 AssistantCommissioner-Haldwani

CentralExciseAct CenvatCredit 7,438.36 2007-08to2013-14 CommissionerAllahabadCenvatCredit 6,568.27 2006-07 to 2013-14 AssistantCommissionerHaldwaniCenvatCredit 1,118.53 2013-14 CommissionerLTU–KSP





Period Forum

CenvatCredit 1,920.52 2013-14 CommissionerLTU–GKP

CenvatCredit 33.86 2010-11 to 2013-14 CommissionerAppealAllahabadCenvatCredit 20.54 2005-06to2009-10 CESTATCenvatCredit 15.82 2011-12 to 2013-14 Asstt.CommissionerGorakhpurCenvatCredit 9.06 2010-11 to 2011-12 CommissionerAppeals,LTU-GKP

CenvatCredit 6.41 2013-14 Assistant/DeputyCommissionerLTU–GKP

CenvatCredit 5.91 2011-12 to 2013-14 AdditionalCommissioner,LTU-KSP

CenvatCredit 2.56 2013-14 Joint/AdditionalCommissionerLTU–KSP

CenvatCredit 12.20 2008-09to2012-13 CommissionerAppealLTU–KSP

CenvatCredit 0.23 2013-14 Superintendent - LTU- GKP

Exciseduty 4,183.63 2010-11 CommissionerLTU–KSP

ExciseDuty 902.57 2007-08to2011-12 Asstt.CommissionerGorakhpur

Exciseduty 90.62 2006-07to2009-10 AllahabadHighCourt

Exciseduty 69.99 2007-08 CESTAT

Exciseduty 56.70 2005-06to2008-09,2012-13,2013-14

AssistantCommissionerHaldwani

Exciseduty 14.10 2008-09to2012-13 AdditionalCommissionerLTU-KSP

Exciseduty 1.87 2010-11 JointSecretary,GOI,NewDelhi

UP VAT Act SalesTax 16.65 2008-09,2009-10,2011-12&2013-14

AdditionalCommissioner

(c) AccordingtotherecordsoftheCompanyandinformationandexplanationsgiventous,theamountrequiredtobetransferredtoinvestoreducationandprotectionfundinaccordancewiththerelevantprovisionsoftheCompaniesAct, 1956 and rulesmade there under hasbeentransferredtosuchfundwithintime.

8. Thecompanydoesnothaveaccumulatedlossesasattheendofthefinancialyear.Furthercompanyhasnot incurred cash loss during the current financialyear and also not in the immediately preceding financialyear.However,consideringtheexceptionalitem(noteno.46)companyhas incurredcash lossduringthethecurrentfinancialyear,aswellasintheimmediatelyprecedingfinancialyear.

9. Basedonourauditproceduresandontheinformationand explanations given by the management, theCompanyhasnotdefaultedinrepaymentofduestofinancialinstitution,banksordebentureholders.

10. Accordingtotheinformationandexplanationsgiventous,theCompanyhasgivencorporateguaranteestobanksforLoanstakenbyShakumbariSugar&AlliedIndustries Limited (‘SSAIL’ a Subsidiary Company)foramounting to` 12,045.43 lacsasstated innoteno. 27(A)(iii) of the financial statements, the termsand conditions on which the Company has given

guarantees for loans taken by SSAIL from banksarenot,primafacie,asexplained,prejudicial to theinterest of the Company since the same is/are onaccountofcommercialexpediency.Asexplainedtous, the Company has not given any guarantee forloanstakenbyothersfromfinancialinstitution.

11. Accordingtotheinformationandexplanationsgiventous, thetermloanswereappliedforthepurposesfor which the loans were obtained except pendingutilization, have been temporarily parked in thecurrentassets/depositswithbanks.

12. DuringthecourseofourexaminationofthebooksandrecordsofthecompanycarriedoutinaccordancewiththeauditingstandardsgenerallyacceptedinIndia,wehave neither comeacross anymaterial instance offraudonorbythecompany,noticedneitherreportedduringtheyearnorwehavebeeninformedofsuchcasebythemanagement.

For Lodha & Co., CharteredAccountants FirmRegistrationNo:301051E

(N.K.Lodha)Date:28thMay,2015 PartnerPlace:Noida,UP M.No.:-85155




Balance Sheet asat31stMarch,2015

Summaryofsignificantaccountingpolicies 1 Theaccompanyingnotesareanintegralpartofthefinancialstatements. AsperourreportofevendateFor Lodha & Co. U.S. Bhartia M.K. Rao Chartered Accountants Chairman and Managing Director Executive Director Firm Registration no. 301051E

N.K. Lodha Rakesh Bhartia Anand Singhal Partner Chief Executive Officer Chief Financial Officer M.No.85155Place :Noida,UP Place : Noida,UP Lalit Kumar SharmaDated:28thMay,2015 Dated : 28thMay,2015 Company Secretary

(`inlacs)

NoteNo. As at 31.03.2015

As at 31.03.2014

EQUITY AND LIABILITIESShareholders’ FundsShareCapital 2 3,096.15 3,096.15ReservesandSurplus 3 42,434.34 47,461.38

45,530.49 50,557.53Non-current LiabilitiesLong-termborrowings 4 34,458.36 66,222.04Deferredtaxliabilities(Net) 5 4,874.61 10,654.44OtherLong-termliabilities 6 16.83 534.54Long-termprovisions 7 512.71 349.03

39,862.51 77,760.05Current LiabilitiesShort-termborrowings 8 136,035.84 105,243.41Tradepayables 24,328.28 47,035.10Othercurrentliabilities 9 69,530.39 39,614.57Short-termprovisions 7 487.79 648.18

230,382.30 192,541.26TOTAL 315,775.30 320,858.84ASSETSNon-current AssetsFixedAssetsTangibleassets 10 103,138.45 118,560.81Intangibleassets 10 76.83 229.87Capitalwork-in-progress 10 14,223.23 12,232.28Non-currentinvestments 11 8,193.24 5,694.52Long-termloansandadvances 12 5,858.32 5,846.79Othernon-currentassets 13 240.78 229.96

131,730.85 142,794.23Current AssetsCurrentInvestments 11 - 9.80Inventories 14 47,358.27 54,719.22Tradereceivables 15 43,756.15 44,175.68CashandBankbalances 16 14,741.32 15,833.56Short-termloansandadvances 17 77,720.66 63,086.63Othercurrentassets 18 468.05 239.72

184,044.45 178,064.61TOTAL 315,775.30 320,858.84




Summaryofsignificantaccountingpolicies 1Theaccompanyingnotesareanintegralpartofthefinancialstatements. AsperourreportofevendateFor Lodha & Co. U.S. Bhartia M.K. Rao Chartered Accountants Chairman and Managing Director Executive Director Firm Registration no. 301051E


StatementofProfit&LossfortheyearendedMarch31,2015 (`inlacs)

NoteNo. 2014-15 2013-14

Revenuefromoperations 19 255,741.04 288,500.04

Otherincome 20 4,333.98 2,894.19

Total Revenue 260,075.02 291,394.23

Expenses:

Costofmaterialsconsumed 21 138,900.24 154,326.92

PurchaseofStock-in-Trade 22 32,934.30 51,030.79

Changeininventoriesoffinishedgoods,work-in-progressand Stock-in-trade 23 1,769.51 (5,654.09)

Employeebenefitexpenses 24 8,561.44 7,951.56

Finance costs 25 15,769.72 13,353.20

Depreciationandamortizationexpenses 10 8,116.39 8,284.47

Otherexpenses 26 59,892.95 59,908.03

Total Expenses 265,944.55 289,200.88

Profit/(Loss)beforeexceptionalitemsandtax (5,869.53) 2,193.35

ExceptionalItems(Net) 46 5,795.51 19,172.62

Profit/(Loss)beforetax (11,665.04) (16,979.27)

TaxExpense:

-CurrentTax - -

-DeferredtaxCharged/(Credit) (5,531.16) (5,024.79)

-Taxforearlieryears - -

-MinimumAlternateTaxCreditentitlement - -

Profit/(Loss)fortheperiod (6,133.88) (11,954.48)

Earning per Equity share basic/ diluted (19.81) (38.61)




CashFlowStatement fortheyearended31stMarch,2015 (` inlacs)

2014-15 2013-14

A Cash Flow from Operating Activities NetProfit/(Loss)BeforeTax (11,665.04) (16,979.27) AdjustmentsFor: Depreciation 8,116.39 8,284.47 (Profit)/LossonSaleofAssets (5,197.77) (429.89) UnrealisedForeignExchangeFluctuation(Gain)/Loss 94.53 (1,376.46) AmortisationofForeignCurrencyMonetaryItemTranslation

Difference2,355.19 1,832.88

(Profit)/LossonSaleofNon-CurrentInvestments (684.74) - (Profit)/LossonSaleofCurrentInvestments 0.63 (961.27) InsuranceGainRecoverable (2,407.00) - ProvisionforDiminutioninValueofCurrentInvestment - 0.20 BadDebtsW/Off&ProvisionforDoubtfulDebts&Advances 6,152.12 8,406.84 ProvisionNoLongerRequiredWrittenBack (212.40) (49.51) FinanceCosts 17,245.90 14,120.59 Interest/DividendIncome (2,058.52) 23,404.33 (2,146.86) 27,680.99 OperatingProfit/(Loss)beforeWorkingCapitalChanges 11,739.29 10,701.72 AdjustmentsFor: (Increase)/DecreaseinTrade&OtherReceivables (12,990.18) (21,683.67) (Increase)/DecreaseinInventories 7,360.95 (8,598.09) Increase/(Decrease)inTrade&OtherPayables (21,276.52) (26,905.75) 6,273.06 (24,008.70) Cash Generated from / (Used in) Operations (15,166.46) (13,306.98) IncomeTaxPaid(Net) (256.67) (454.30) NetCashflowfrom/(Usedin)OperatingActivities (15,423.13) (13,761.28)B Cash Flow from Investing Activities PurchaseofFixedAssets (6,692.64) (10,386.16) SaleofFixedAssets 18,925.77 1,543.84 Interest/Dividendreceived 1,913.41 1,940.17 ICDsgiven (1,451.30) (22,367.32) ICDsreceivedback 4,572.30 11,299.13 Investmentsinsharesofsubsidiaries/jointventure (2,507.83) - Saleofnon-currentinvestments 693.85 - Saleofcurrentinvestments 9.17 18,143.48 NetCashflowfrom/(Usedin)InvestingActivities 15,462.73 173.14 C Cash Flow from Financing Activities ProceedsfromBorrowings 78,105.18 107,322.86 RepaymentofBorrowings (59,947.69) (79,623.03) FinanceCosts (17,884.28) (16,141.31) DividendsPaid(IncludingCorporateDividendTax) (371.62) (935.55) NetCashflowfrom/(Usedin)FinancingActivities (98.41) 10,622.97 Net Increase/(Decrease) in Cash & Cash Equivalents [A+B+C] (58.81) (2,965.17) OpeningCash&CashEquivalent(refernote16) 2,087.82 5,052.99 ClosingCash&CashEquivalent(refernote16) 2,029.01 2,087.82Theaccompanyingnotesareanintegralpartofthefinancialstatements. AsperourreportofevendateFor Lodha & Co. U.S. Bhartia M.K. Rao Chartered Accountants Chairman and Managing Director Executive Director Firm Registration no. 301051E





1. ACCOUNTING POLICIES

A. ACCOUNTING CONVENTION ThefinancialstatementsarepreparedinaccordancewiththeIndianGenerallyAcceptedAccountingPrinciples

(GAAP)underthehistoricalcostconventionontheaccrualbasis.GAAPcomprisesmandatoryaccountingstandardsspecifiedundersection133oftheCompaniesAct2013(‘Act’)readwithRule7oftheCompany(Accounts)Rules2014andrelevantprovisionoftheAct.Accountingpolicieshasbeenconsistentlyapplied.

B. REVENUE RECOGNITION(a) Revenue from the sale of goods is recognized at the time of transfer of substantial risks and reward of

ownershiptothebuyersunderthetermofcontract,usuallyonthedeliveryofthegoods.(b) Revenue is recognized based on the nature of the activity to the extent it is probable that the economic

benefitwillflowtothecompanyandtherevenuecanbereliablymeasuredwiththereasonablecertaintyofitsrecovery.

(c) RevenueinrespectofExportbenefitsarerecognizedonpostexportbasisattherateatwhichtheentitlementaccruesandisincludedintheturnover.

C. FIXED ASSETS AND DEPRECIATION (a)(i) Alltangiblefixedassetsarestatedattheirhistoricalcostlessaccumulateddepreciation.Depreciation

onfixedassets,exceptonleaseholdland,EODerivativeunitisprovidedonstraightlinemethodasperusefullifespecifiedinScheduleIItotheAct.DepreciationonfixedassetsofEODerivativeunitisprovidedonwrittendownvaluemethod(WDV)asperusefullifespecifiedinScheduleIItotheAct.Depreciationonadditions/disposalsisprovidedwithreferencetothemonthofaddition/disposal.

(ii) CertainPlantandMachineryconsideredascontinuousprocessplantbasedontechnicalevaluation. (iii) Leaseholdlandisamortisedovertheperiodoflease.(b) Intangibleassets:Computersoftwareareaccountedforat theircostofacquisitionandamortisedoverthe

estimatedusefullifei.e.notexceedingsixyears.

D. EXPENDITURE DURING CONSTRUCTION Expenditureduringconstructionperiodisbeingincludedundercapitalwork-inprogressandthesameisallocated

tofixedassetsoncompletionofinstallation/construction.

E. INVESTMENTS Longterminvestmentsarestatedatcost.Whenthereisadeclineotherthantemporaryintheirvalue,thecarrying

amountisreducedonindividualinvestmentbasisandischargedtotheStatementofProfit&Loss. CurrentInvestmentsarevaluedatlowerofcostorfairvalue.

F. VALUATION OF INVENTORIES Inventoriesarevalued‘atlowerofcostornetrealisablevalue’exceptstockofresidualproductsandscrapwhich

arevaluedatnetrealisablevalue.Thecostiscomputedontheweightedaveragebasis.Incaseoffinishedgoodsandstockinprocess,costisdeterminedbyconsideringmaterial,labour,relatedoverheadsanddutiesthereon.

G. FOREIGN EXCHANGE & DERIVATIVE TRANSACTIONS a) Foreign currency transactions are recorded at the rate of exchange prevailing at the date of transaction.

ForeignCurrencyAssetsandLiabilitiesareconvertedattheexchangeratesprevailingattheyear-endexceptthosecoveredunderfirmcommitmentwhicharestatedatcontractedrate.ExchangedifferenceschargedtotheStatementofProfit&Loss,exceptarisingonaccountofsuchconversionrelatedto(i)thepurchaseoffixedassetsisadjustedtherewith,and(ii)otherlongtermmonetaryitemsisadjustedinthe“ForeignCurrencyMonetaryItemTranslationDifference”.

b) Transactions covered by derivative contract are adjusted with variations, if any, and are recognized onreinstatement and settlement, except for gains, that are recognized only on settlement. The premiumonderivativecontractisexpensedoutoverthetermsofcontract.

H. EMPLOYEES BENEFITS (a) DefinedContributionPlan: Employeebenefits intheformofProvidentFund(withGovernmentAuthorities)areconsideredasdefined

contributionplanandthecontributionsarechargedtotheStatementofProfit&Lossoftheyearwhenthecontributionstotherespectivefundsaredue.

(b) DefinedBenefitPlan: Retirementbenefits in theformofGratuityandLongtermcompensated leavesareconsideredasdefined

benefitobligationsandareprovidedforonthebasisofanactuarialvaluation,usingtheprojectedunitcreditmethod,asatthedateoftheBalanceSheet.

Actuarialgain/losses,ifany,areimmediatelyrecognizedintheStatementofProfit&Loss.(c) Othershorttermabsencesareprovidedbasedonpastexperienceofleaveavailed.

NotestotheAccounts




I. GOVERNMENT GRANTS GrantsinthenatureofProjectCapitalSubsidyarecreditedtoCapitalReserves.OtherGovernmentgrantsare

deductedfromtherelatedexpenses.

J. BORROWING COST Interest and other costs in connectionwith the borrowing of funds are capitalized up to the date when such

qualifyingassetsarereadyforitsintendeduseandotherborrowingcostsarechargedtoStatementofProfit&Loss.Ancillarycostincurredinconnectionwiththeborrowingsisamortizedoverthetermofloan.

K. PROVISION FOR CURRENT TAX AND DEFERRED TAX Provisionforcurrenttaxhasbeenmadeonthebasisofestimatedtaxableincomecomputedinaccordancewith

theprovisionsofIncomeTaxAct,1961.

DeferredTax resulting fromall timingdifferencesbetweenbookprofitandprofitasper IncomeTaxAct,1961isaccountedfor,attheenacted/substantiallyenactedrateofTax,totheextentthatthetimingdifferencesareexpectedtocrystallize.Deferredtaxassetsarerecognizedonlytotheextentthatthereisareasonable/virtualcertainty that sufficient future taxable profits will be available against which such deferred tax assets can berealized.

L. IMPAIRMENT Where the recoverable amount of fixed assets is lower than its carrying amount, a provision ismade for the

impairment loss.Post impairment, depreciation isprovidedon the revisedcarryingvalueof theassetover itsremainingusefullife.

M. USE OF ESTIMATES AND ASSUMPTIONS Thepresentationoffinancialstatementsrequiresestimatesandassumptionstobemadethataffectthereported

amountofassetsandliabilitiesonthedateofthefinancialstatementsandthereportedamountofrevenuesandexpensesduringthereportingperiod.Differencebetweentheactualresultandtheestimatesarerecognizedintheperiod in which the results are known / materialized.

N. PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS Provisions involvingsubstantial degreeofestimation inmeasurementare recognizedwhen there isapresent

obligation as a result of past events and it is probable that therewill be an outflow of resources.Contingentliabilitiesarenotrecognizedbutaredisclosedinthenotes.Contingentassetsareneitherrecognizednordisclosedinthefinancialstatements.

Notes to the Accounts

Particulars

As at 31.03.2015

As at 31.03.2014

Authorised :

45,000,000(PreviousYear45,000,000)EquitySharesof` 10/- each 4,500.00 4,500.00

4,500.00 4,500.00

Issued, Subscribed and paid up :

30,961,500(PreviousYear30,961,500)EquitySharesof 10/-eachfullypaidup 3,096.15 3,096.15

3,096.15 3,096.15

a) Terms/rights attached to equity shares:TheCompanyhasonlyoneclassofsharesreferredtoasequityshareshavingaparvalueof 10/- per share. Each holderofequitysharesisentitledtoonevotepershare.

IntheeventofliquidationoftheCompany,theholdersofequityshareswillbeentitledtoreceiveremainingassetsoftheCompany,afterdistributionofallpreferentialamounts.Thedistributionwillbeinproportiontothenumberofequitysharesheldbytheshareholders.

2. SHARE CAPITAL

( ` in Lacs), except as otherwise stated





b) Details of shareholders holding more than 5%shares in the companyNameofShareholder 31.03.2015

No’s31.03.2014

No’s

KashipurHoldingsLimited 10,287,406 10,287,406

SajaniDeviBhartia 2,100,249 2,100,249

c) Reconciliation of the number of shares outstanding at the beginning and at the end of the reporting periodParticulars 31.03.2015

No’s31.03.2014

No’s

Sharesoutstandingasatthebeginningoftheyear 30,961,500 30,961,500

Additions during the year - -

Deletionsduringtheyear - -

Sharesoutstandingasattheendoftheyear 30,961,500 30,961,500

d) Inlast5yearstherewasnoBonusIssue,buybackand/orissueofsharesotherforcashconsideration.

3. RESERVES AND SURPLUS

( ` in Lacs)

As at01.04.2014

Additions

Deductions

As at01.03.2015

CapitalReserve 463.25 - - 463.25 GeneralReserve# 11,184.00 - 469.85 10,714.15 Security Premium 3,958.36 - - 3,958.36 ReserveforContingencies 200.00 - - 200.00 SurplusinStatementofProfit&Loss{Referfootnote(a)] 33,931.47 - 6,133.88 27,797.59 Sub Total (a) 49,737.08 - 6,603.73 43,133.35 ForeignCurrencyMonetaryItemTranslationDifference(DebitBalance)

(2,275.70) (778.50) (2,355.19) (699.01)

Sub Total (b) (2,275.70) (778.50) (2,355.19) (699.01)

Total (a) + (b) 47,461.38 (778.50) 4,248.54 42,434.34 Previousyear 59,807.18 (1,861.96) 10,483.84 47,461.38

(a)DetailofSurplusintheStatementofProfit&Loss March 31, 2015 March31,2014

Openingbalance 33,931.47 46,248.19Add:NetProfit/(Loss)aftertaxtransferredfromStatementofProfit&Loss (6,133.88) (11,954.48)

27,797.59 34,293.71

Less: Appropriations

ProposedDividend* - 309.62

CorporateDividendTax - 52.62

NetSurplusintheStatementofProfit&Loss 27,797.59 33,931.47

27,797.59 33,931.47*TheBoardofDirectors,proposedafinaldividendof`Nil(Previousyear`1)perequityshare.ThetotaldividendappropriationfortheyearendedMarch31,2015amountedto`Nil(PreviousYear`362.24Lacs)includingcorporatedividendtaxof`Nil(PreviousYear ` 52.62Lacs).

#InviewofadoptionofscheduleIIofTheCompaniesAct2013,depreciationonassetswhoseusefullifeexpiredpriorto01stApril2014haschargedtoGeneralReserve(netofdeferredtax` 248.67Lacs)




4. LONG TERM BORROWINGS

( ` in Lacs)


Non-CurrentPortion CurrentMaturities

As at 31.03.2015

As at 31.03.2014

As at 31.03.2015

As at 31.03.2014

SECURED LOANSRupee Term Loans

fromBanks 26,198.59 36,940.34 27,300.22 17,810.32

other than Banks 508.75 608.75 100.00 110.64

ForeignCurrencyTermLoansfromBanks 7,751.02 21,762.71 15,919.84 3,282.31

34,458.36 59,311.80 43,320.06 21,203.27

UNSECURED LOANS

Loanfromrelatedparties(BodyCorporates) - 6,910.24 - -

- 6,910.24 - -

Less: Amount disclosed under the head “OtherCurrentLiabilities”(NoteNo.9) 43,320.06 21,203.27

34,458.36 66,222.04 - - Notes: 1 TheTermLoansinter-se,aresecured/tobesecuredbymortgageofallimmovablepropertiesoftheCompanybothpresentandfutureandhypothecationof

allmovablepropertiesoftheCompany(saveandexceptbookdebts) includingmovablemachinery,machineryspares,toolsandaccessories,bothpresentandfuturesubjecttopriorchargescreatedand/ortobecreatedinfavourofthebankersoftheCompanyonstocks,bookdebtsandotherspecifiedmovablepropertiesforworkingcapitalrequirements/BuyersCredit.

2 RupeeTermLoansincludesloansfromBanksof`46.19Lacs(PreviousYear`32.13Lacs)andloansfromothersof`Nil(PreviousYear`10.64Lacs)securedbyhypothecationofMotorVehiclespurchasedthereunderwhichisrepayableondifferentdates.Further,RupeeTermLoansfromothersincludes`608.75Lacs(PreviousYear` 708.75Lacs)securedagainstbankguarantee.

3 TermLoanfrombankof` 4,654.47Lacs(PreviousYear` 4,978.47lacs),isrepayablein8equalquarterlyinstallmentsof` 517.50Lacsand1installmentof` 514.47 lacs.

4 TermLoanfrombankof`10,000.00Lacs(PreviousYear`10,000.00Lacs),isrepayablein12equalquarterlyinstallmentscommencingfromApril2015.5 TermLoanfrombankof`2,499.60Lacs(PreviousYear`2,499.60Lacs),isrepayablein10equalquarterlyinstallmentscommencingfromMay2015.6 TermLoanfrombankof`Nil(PreviousYear`2,500.00Lacs),isrepayablein4equalquarterlyinstallments.7 TermLoanfrombankof`2,915.00Lacs(PreviousYear`2,915.00Lacs), isrepayable in2quarterly installments(2 installmentsof`1457.50Lacseach)

commencingfromMay2015. 8 TermLoanfrombankof`Nil(PreviousYear` 1,637.28Lacs).ItincludesForeignCurrencyLoanof` Nil(PreviousYear` 898.80Lacs,USD15.00Lacs)9 TermLoanfrombankof`1,249.98Lacs(PreviousYear` 1,458.33Lacs),isrepayablein6equalquarterlyinstallments.10 TermLoanfrombankof`3,093.75Lacs(PreviousYear` 3,093.75Lacs),isrepayablein7equalquarterlyinstallments.11 TermLoanfrombankof` 1,951.00Lacs(PreviousYear` 2,380.00lacs),isrepayablein54equalmonthlyinstallmentsof` 35.75 Lacs each and remaining 1

installmentsof` 20.50 Lacs. 12 TermLoanfrombankof`2,185.57Lacs(PreviousYear`2,187.50Lacs), isrepayablein5equalquarterly installmentsof` 364.58Lacsandremaining1

installmentsof` 362.67 Lacs. 13 TermLoanfrombankof`1,875.00Lacs(PreviousYear` 1,875.00Lacs),isrepayablein2equalquarterlyinstallments.14 TermLoanfrombankof` 1,421.29Lacs(PreviousYear` 2,233.46Lacs),isrepayablein06equalquarterlyinstallmentsof` 203.05 Lacs and remaining 1

installmentsof` 202.99Lacs. 15 TermLoanfrombankof`2,499.98Lacs(PreviousYear`2,500.00Lacs),isrepayablein1installmentsinApril2015.16 TermLoanfrombankof`3,431.00Lacs(PreviousYear`3,432.95Lacs),isrepayablein13equalquarterlyinstallmentsof` 245.21 Lacs each and remaining

1installmentsfor` 243.27 Lacs. 17 TermLoanfrombankof`4,374.98Lacs(PreviousYear`4,375.00Lacs),isrepayablein3equalquarterlyinstallmentscommencingfromApril2015.18 TermLoanfrombankof` 2,551.00Lacs(PreviousYear2,551.00Lacs),isrepayablein12equalquarterlyinstallmentsof`212.58LacscommencingfromSep.2015.19 TermLoanfrombankof`8,750.00Lacs(PreviousYear5,000.00Lacs),isrepayablein14equalquarterlyinstallmentsis` 625 Lacs20 TermLoanfrombankof` 3,923.65Lacs(USD62.77Lacs)(PreviousYear`3,761.38Lacs,USD62.77Lacs),isrepayablein5equalquarterlyinstallments.21 TermLoanfrombankof` Nil(USDNil),(PreviousYear`868.30Lacs,USD14.49Lacs),22 TermLoanfrombankof` 9,500.77Lacs(USD155.46Lacs)(PreviousYear`9,315.15Lacs,USD155.46Lacs),isrepayablein10monthlyinstallments(3

equalmonthlyinstallmentsof`583.33Lacs,3equalmonthlyinstallmentsof`883.33Lacs,3equalmonthlyinstallmentsof`856.67LacsandbalanceinlastinstallmentcommencingfromApril2015.

23 TermLoanfrombankof`10,246.44Lacs(USD170.25Lacs)(PreviousYear`10,201.38Lacs(USD170.25Lacs),isrepayablein36monthlyinstallments(33equalmonthlyinstallmentsof`271.67Lacsand3equalmonthlyinstallmentsof`427.11LacscommencingfromApril2015.

24 TermLoanfromDBTBihorama`350.00Lacs(PreviousYear`450.00Lacs)isrepayablein7equalhalfyearlyinstallment. 25 TermLoanfromDBTBihorama`258.75Lacs(PreviousYear`258.75Lacs)isrepayablein10equalhalfyearlyinstallmentaftercompletionoftheproject.26 Loanfromrelatedpartiesof`Nil(PreviousYear`6910.24Lacs)ispayableafteraperiodof3yearsfromtherespectivedateofloans.




5. DEFERRED TAX LIABILITIES (NET)

( ` in Lacs)


As at 31.03.2015

As at 31.03.2014

PursuanttotheAccountingStandardon“AccountingfortaxesonIncome“(AS-22)deferredtaxliability/assetsareas:Deferred Tax Assets :-

AmountcoveredU/s43B 377.97 236.95Provisionfordoubtfuldebts/advances 4,672.63 2,872.99

UnabsorbedDepreciation 7,187.90 4,149.00Business Loss 569.82 496.85

Others 236.19 209.94Gross Deferred tax Assets 13,044.51 7,965.73Deferred Tax Liabilities :-Accelerated depreciation 17,279.92 17,510.05

Others 639.20 1,110.12

Gross Deferred tax Liability 17,919.12 18,620.17

Net Deferred Tax Liability 4,874.61 10,654.44

6. OTHER LONG TERM LIABILITIES

( ` in Lacs)

As at 31.03.2015

As at 31.03.2014

Security deposits 16.83 534.54

16.83 534.54

7. PROVISIONS

( ` in Lacs)Long - Term Short - TermAs at

31.03.2015As at

31.03.2014As at

31.03.2015As at

31.03.2014Provisionforemployeebenefits

ProvisionforGratuity - - 279.59 127.12

ProvisionforLeaveEncashment 512.71 349.03 190.95 149.71

512.71 349.03 470.54 276.83

Others:

Proposedequitydividend - - - 309.62

Provisionfortaxonproposedequitydividend - - - 52.62

Provision for Fringe Benefit Tax (Net of advance tax`38.65Lacs,PreviousYear`38.65Lacs)

- - 0.26 0.26

ProvisionforWealthTax - - 16.99 8.85

- - 17.25 371.35

512.71 349.03 487.79 648.18




As at 31.03.2015

As at 31.03.2014

SECURED LOANS

LoansrepayableondemandfromBanks:

BuyersImportCredit* 48,713.30 31,653.31

WorkingCapitalLoans* 80,792.81 69,778.24

129,506.11 101,431.55

UNSECURED LOANS

ShortTermLoansfromBanks 6,529.73 3,811.86

6,529.73 3,811.86

136,035.84 105,243.41

*WorkingCapitalLoansfromBanksaresecured/tobesecuredbywayofhypothecationofbookdebtsandstocksincluding in-transit and other specifiedmovable properties and second charge on all immovable properties of theCompany.BuyersCreditfacilityissecuredagainstnon-fundbasedfacilitysanctionedtotheCompany.

FurtherPackingcreditfacilityof`Nil(PreviousYear`1,570Lacs)(includedinworkingcapitalloans)arespecificallysecuredbypledgeofdeposit.

9. OTHER CURRENT LIABILITIES

( ` in Lacs)

As at 31.03.2015

As at 31.03.2014

Currentmaturitiesoflongtermborrowings(NoteNo4) 43,320.06 21,203.27

Interestaccruedbutnotdueonborrowings 342.41 190.51

Duties,taxesandotherstatutorydues 1,609.69 1,723.75

CapitalPayables 1,873.71 1,520.59

AdvancefromCustomers 5,250.03 4,058.27

Retention money 183.64 245.58

Expensespayable(IncludingMTMonderivativecontracts) 1,765.06 1,534.98

OtherPayables(refernote37) 15,069.43 9,010.64

Investoreducation&protectionfundshallbecreditedbythefollowingamountswhendue:

(i)UnclaimedDividends 111.91 121.29

(ii)Unclaimedmatureddeposits 3.36 4.16

(iii)Unclaimedinterestonabove(ii) 1.09 1.53

69,530.39 39,614.57

8. SHORT TERM BORROWINGS

( ` in Lacs)





10. Fixed Assets

( ` in Lacs)


Description Gross Carrying Amount Depreciation/ Amortization Net Carrying Amount

As at

1.04.2014

Addi-

tions*

Sales/

Other

Adjust-

ments

As at

31.03.2015

As at

1.04.2014

For the

year **

Sales/

Other

Adjust-

ments

As at

31.03.2015

As at

31.03.2015

As at

31.03.2014

Tangible assets

Freehold Land 1,037.27 31.40 - 1,068.67 - - - - 1,068.67 1,037.27

Leasehold Land 1,527.72 - 691.19 836.53 168.68 17.23 81.87 104.04 732.49 1,359.04

Buildings 17,897.37 190.48 10,291.44 7,796.41 2,182.47 813.13 928.81 2,066.79 5,729.62 15,714.90

Plant and Machinery 162,361.18 6,526.44 2,357.77 166,529.85 66,269.50 6,848.55 593.03 72,525.02 94,004.83 96,091.68

OfficeEquipment 1,722.74 52.76 31.46 1,744.04 941.79 414.56 13.78 1,342.57 401.47 780.95

FurnitureandFixtures 3,691.33 94.95 2,428.44 1,357.84 708.57 413.53 524.50 597.60 760.24 2,982.76

Vehicles# 962.34 52.28 131.04 883.58 368.13 136.08 61.76 442.45 441.13 594.21

Total (A) 189,199.95 6,948.31 15,931.34 180,216.92 70,639.14 8,643.08 2,203.75 77,078.47 103,138.45 118,560.81

PreviousYear 171,818.13 19,015.59 1,633.77 189,199.95 63,021.16 8,150.29 532.31 70,639.14 118,560.81

Intangible assets

Computersoftware 814.15 38.79 - 852.94 584.28 191.83 - 776.11 76.83 229.87

Total (B) 814.15 38.79 - 852.94 584.28 191.83 - 776.11 76.83 229.87

PreviousYear 1,063.75 - 249.60 814.15 687.22 134.18 237.12 584.28 229.87

Capitalwork-in-progress 14,223.23 12,232.28

Notes:

*(i)AdditiontoPlantandMachineryincludesforeignexchangefluctuationdifferencearisingunderAS-11(Theeffectofchangesinforeignexchange

rates)videnotificationno.G.S.R225(E)dated31stMarch,2009issuedbyMinistryofcorporateaffairsofGovernmentofIndiaasamendedby

Companies(AccountingStandards)(SecondAmendment)Rules2011.

*(ii)Includescapitalisationof:

(a)Financecost:Plant&Machinery`651.82Lacs(PreviousYear`2,361.03Lacs).

(b)Exchangedifference:PlantandMachineryincludesCWIP`993.82Lacs(PreviousYear`962.10Lacs).(Unamortisedamount`3,880.59Lacs

(PreviousYear`3,080.06Lacs)

** includesdepreciationchargedtoGeneralreserve`718.52Lacs(Previousyear`Nil),refernoteno38.

#Grossblockincludes`117.95Lacs(PreviousYear`130.39Lacs)securedbyhypothecationagainstloan




11. INVESTMENTS



Particulars NominalValue

As at 31.03.2015

As at 31.03.2014

Non-Current Investments

Long Term, Non- Trade Investment - At Cost less provision

Investment in Equity Instruments

Unquoted, Fully paid up - Subsidiary Companies

1,500,000* (Previous Year 1,500,000) Equity Shares ofIGL Finance Ltd.

` 10 550.00 550.00

Less:Provisionfordiminuition 425.00 125.00 425.00 125.00

100,000* (Previous Year 100,000) Equity Shares of IGLCHEMInternationalPTELtd.,Singapore

SGD1 27.41

27.41

100,000(PreviousYearNil)EquitySharesof IGLCHEMInternationalUSALLC

USD1 62.83

-

50,112,100*(PreviousYear50,112,100)EquitySharesofShakumbariSugar&AlliedIndustriesLtd.

` 10 4,427.50

4,427.50

50,000 (Previous Year Nil) Equity Shares of IGLInfrastructurePrivateLtd.

` 10 5.00

-

Unquoted, Fully paid up - Joint Venture

24,45,000(PreviousYear5,000)EquitySharesofKashipurInfrastructureandFreightTerminalPrivateLimited

`10 2,440.50 0.50

7,088.24 4,580.41

Quoted, fully paid up - Others

211,360 (Previous Year 211,360) Equity Shares of IDBIBank Ltd

` 10 105.00 105.00

Nil(PreviousYear34,000)EquitySharesofAxisBankLtd. ` 10 - 7.14

Nil(PreviousYear2,500)EquitySharesofICICIBankLtd. ` 10 - 1.97

105.00 114.11

7,193.24 4,694.52

Investment in Preference Share (Unquoted, fully paid up) - Subsidiary Company10,000,000*(PreviousYear10,000,000)10%CumulativeRedeemablePreferenceSharesof

` 10 1,000.00 1,000.00

ShakumbariSugar&AlliedIndustriesLtd. 1,000.00 1,000.00

Total Non - Current investments 8,193.24 5,694.52

Aggregatedbookvalueofunquotedinvestment 8,088.24 5,580.41

Aggregatedbookvalueofquotedinvestment 105.00 114.11

Marketvalueofquotedinvestments 150.07 700.53

Aggregate provision made for diminuition in value ofinvestments

425.00 425.00




Current Investments - at the lower of cost or fair valueOthers-Unquoted, fully paid up (Non-Trade Investment)

Investments in Mutual funds

Nil(PreviousYear100,000)SBIGoldFund-Growth ` 10 - 9.80

- 9.80

Total Current Investments - 9.80

Aggregatedbookvalueofunquotedinvestment - 9.80

Aggregate provision made for Diminuition in value ofInvestments

- 0.20

*ReferNoteno32tofinancialstatements.

11. INVESTMENTS (Contd..)




As at 31.03.2015

As at 31.03.2014

12. LONG TERM LOANS AND ADVANCES(Unsecured,consideredgoodunlessstatedotherwise)

( ` in Lacs)

As at 31.03.2015

As at 31.03.2014

CapitalAdvances 2,094.55 2,243.59

SecurityDeposits@ 2,701.14 2,486.65

InterCorporateDeposits# 979.48 964.48

OtherLoans&advances*(Includes`Nil(PreviousYear`0.66Lacs)duefromadirector)

83.15 152.07

5,858.32 5,846.79

*Prepaidexpensesandloanstoemployees

#Includesloanstorelatedparties`979.48lacs(Previousyear`964.48lacs)

@ Includes ` 980.00 lacs (PreviousYear` 760.00 Lacs) security deposit to director, private companies inwhichdirector/directorsofcompanyisdirectorandarealsorelatedparties.

13. OTHER NON-CURRENT ASSETS

( ` in Lacs)

As at

31.03.2015As at

31.03. 2014

Bankbalanceindepositaccount*(ReferNoteNo.16) 8.76 47.97

Others

Upfrontfee,processingcharges,etcamortisedovertenureofloans 232.02 181.99

240.78 229.96

*Pledgedwithbank/GovernementAuthoritiesasmarginmoney/securityagainstguarantees,packingcreditfacilityandotherborrowingsmaturingafter12months




14 INVENTORIES (At lower of cost or net realisable value)(Astaken,valuedandcertifiedbythemanagement)

( ` in Lacs)


As at 31.03.2015

As at 31.03.2014

Raw Materials * 16,994.96 22,271.88

Work-in-Process 4,448.56 4,401.57

Finished Goods ** 9,774.55 11,653.27

Stores and Spares 16,108.99 16,308.60

Residue Product 2.21 53.14

Scrap 3.26 6.36

Loose Tools 25.74 24.40

47,358.27 54,719.22

* Includes in transit `923.16Lacs(PreviousYear` 218.18Lacs)** Includes in transit ` 20.83Lacs(PreviousYear`356.15Lacs)

15. TRADE RECEIVABLES(Unsecured,consideredgoodunlessstatedotherwise)

( ` in Lacs)

As at 31.03.2015

As at 31.03.2014

(a)Outstandingforaperiodexceedingsixmonthsfromthedatetheyaredueforpayment

-Consideredgood(ReferNoteNo.37) 14,117.32 2,459.78

-Doubtful 33.43 36.43

(b)Other(Consideredgood) 29,638.83 41,715.90

43,789.58 44,212.11

Less:ProvisionforDoubtfuldebts 33.43 36.43

43,756.15 44,175.68





16. CASH AND BANK BALANCES

( ` in Lacs)As at

31.03.2015As at

31.03.2014(a) Cash and Cash equivalents (i)CashonHand 62.59 28.11 (ii)BalancewithBanks -OnCurrentAccounts 1,966.42 2,059.71

2,029.01 2,087.82(b) Other bank balances -InFixedDepositAccounts*-Current 12,600.40 13,624.45 -InFixedDepositAccounts*-Noncurrent 8.76 47.97 -OnDividendAccounts 111.91 121.29

14,750.08 15,881.53 Less:AmountdisclosedunderOtherNonCurrentAssets(NoteNo13) 8.76 47.97

14,741.32 15,833.56

*Pledgedwithbank/GovernementAuthoritiesasmarginmoney/securityagainstguarantees,packingcreditfacilityandotherborrowings.

17. SHORT TERM LOANS AND ADVANCES (Unsecured,consideredgoodunlessstatedotherwise)

( ` in Lacs)As at

31.03.2015As at

31.03.2014DepositswithNonBankingFinancialInstitutions 1,429.00 4,491.00

InterCorporateDeposits# 14,649.64 14,723.64

Interestreceivable(Includesreceivablefromrelatedparties` 950.65Lacs(PreviousYear` 870.35Lacs)

1,629.60 1,484.49

ExportIncentivereceivable 1,643.13 2,851.01

BalancewithExciseandOtherAuthorities 9,107.89 8,682.15

DepositswithGovernmentDepartments&Others 161.56 166.56

MATCreditEntitlements 8,075.74 8,075.74

AdvanceIncomeTax/Taxdeductedatsource(netofincometaxprovisionof`4,076.08Lacs,PreviousYear `4,076.08Lacs)

897.02 640.35

ReceivablefromsaleofRentalbusinessdivision(ReferNoteNo.33)

18,420.00 -

Prepaidexpenses 1,578.60 919.57

OtherAdvances: 20,128.48 21,052.12

Advancesrecoverableincashorinkindorforvaluetobereceived*

46.61 46.61

Doubtfuladvances/loans 20,175.09 21,098.73

Less:Provisionfordoubtfuladvances/loans (46.61) 20,128.48 (46.61) 21,052.12

77,720.66 63,086.63

*Includesbusinessadvanceof 8,453.81Lacs(PreviousYear 8,375.82Lacs)torelatedpartiesandshareapplicationmoney paid `Nil(PreviousYear`1462.59)torelatedparty.#Depositwitharelatedparty.





18. OTHER CURRENT ASSETS

( ` in Lacs)

As at 31.03.2015

As at 31.03.2014


468.05 239.72

TheCompanyhasduringtheyearamortisedtheanciliarycostincurredinconnectionwiththeborrowingoverthetermoftheloan.

19 REVENUE FROM OPERATIONS

( ` in Lacs)

2014-15 2013-14

Sales of Products

Glycols 70,599.53 75,786.60

E.O.Derivatives 110,937.14 110,562.84

GuarGumPowderandderivatives 11,837.37 29,603.61

EthylAlcohol(Potable) 69,111.92 65,744.32

Industrial Gases 3,758.33 3,961.33

Saleoftradedgoods

ChemicalProducts 32,279.89 50,117.28

ExportIncentivereceivable 1,294.92 704.81

Others 7,276.54 4,938.16

307,095.64 341,418.95

Less:ExciseDuty 57,022.11 56,482.11

250,073.53 284,936.84

Sales of Service

Rent 1,407.24 1,376.40

Others 669.88 551.25

2,077.12 1,927.65

Other Operating Revenue

Provisionnolongerrequiredwrittenback/Sundrybalanceswrittenback 212.40 49.51

Exchangefluctuationgain(NetofLossof`Nil(P.Y`0.20Lacs) -

0.62

Miscellaneous Income 3,377.99 1,585.42

3,590.39 1,635.55

Total Revenue from operations 255,741.04 288,500.04





20 OTHER INCOME

( ` in Lacs)

2014-15 2013-14

Interest Income 574.38 1,349.82

DividendonLongtermInvestment 7.96 15.56

InterestonCurrentInvestment - 12.09

DividendonCurrentInvestment - 2.00

InsuranceClaimRecovarable 2,407.00 -

GainonsettlementwithJVpartner(NoteNo47) 621.50 -

ProfitonsaleofCurrentInvestment - 961.27

ProfitonsaleofNon-CurrentInvestment 684.74 -

ProfitonsaleofFixedAssets 38.40 553.45

4,333.98 2,894.19

21 COST OF MATERIALS CONSUMED

( ` in Lacs)

2014-15 2013-14

Raw Materials consumed

i)Molasses 34,575.98 38,262.34

ii)ChainStarters 18,459.09 12,196.12

iii)SpecialDenaturedSpirit 53,827.23 50,250.82

iv)Guarsplit,Guarseeds,etc. 9,154.20 28,585.51

v)ProductionChemicals&Others 10,731.98 13,232.55

vi)PackingMaterial 12,151.76 11,799.58

Total 138,900.24 154,326.92

Consumption of Imported and Indigenous RawMaterials

2014-15 2013-14

% age Amount %age Amount

Imported 29.50 40,972.19 19.44 30,000.37

Indigeneous 70.50 97,928.05 80.56 124,326.55

100.00 138,900.24 100.00 154,326.92

22 PURCHASE OF STOCK-IN-TRADE

( ` in Lacs)

2014-15 2013-14

ChemicalandOilProducts 32,934.30 51,030.79

32,934.30 51,030.79




Notes to the Accounts23 CHANGES IN INVENTORIES OF FINISHED GOODS, WORK-IN-PROGRESS AND STOCK-IN-TRADE

( ` in Lacs)

2014-15 2013-14

CLOSING STOCK

Finished Goods

- Glycols 1,982.04 2,586.72

-E.O.Derivatives 7,084.24 7,238.13

-EthylAlcohol(Potable) 356.63 309.59

-GuarGumPowderandderivatives 58.60 1,232.94

-GuarChuri 0.41 0.26

- Industrial Gases 24.72 12.25

-HerbalProducts 267.92 273.38

Total Finished Goods 9,774.56 11,653.27

Work-in-Process (Note @ below) 4,448.56 4,401.57


14,225.33 16,107.98

LESS : OPENING STOCK

Finished Goods

- Glycols 2,586.72 1,564.80

-E.O.Derivatives 7,238.13 4,561.41


-GuarGumPowderandderivatives 1,232.94 777.50





Work-in-Process (Note @ below) 4,401.57 2,614.36


16,107.98 10,172.67

Less:DifferencialExciseDutyprovidedonStocks. (113.14) 281.22

1,769.51 (5,654.09)

Note @

Work-in-Process 31.03.2015 31.03.2014

Alcohol 794.02 1,690.46

EO 50.13 58.05

Guar Gum 120.20 260.25

RS/ENA 467.56 397.62

Others 3,016.65 1,995.19

4,448.56 4,401.57




Notes to the Accounts24 EMPLOYEE BENEFIT EXPENSES

( ` in Lacs)

2014-15 2013-14

Salaries,Wages,Allowances,etc. 7,241.06 6,629.18

ContributiontoProvidentandotherFunds 558.70 541.63

Employees’WelfareandotherBenefits 761.68 780.75

8,561.44 7,951.56

25 FINANCE COSTS

( ` in Lacs)

2014-15 2013-14

InterestonFixedLoans 8,350.45 7,211.06

OtherInterest 6,254.16 4,973.86

OtherBorrowingCost

FinancialCharges 2,641.29 1,935.67

17,245.90 14,120.59

Less:InterestReceivedontemporarydeposits 1,476.18 767.39

15,769.72 13,353.20

26 OTHER EXPENSES

( ` in Lacs)

2014-15 2013-14

Stores and spares consumed 6,071.32 6,408.95

Power and Fuel 33,528.78 34,618.10

Repairs and Maintenance

- Buildings 485.38 476.80

- Plant and Machinery 1,911.99 2,487.34

-Others 467.18 511.66

Rent 111.53 142.85

RatesandTaxes 1,265.93 1,443.10

TravellingandConveyance 927.01 952.63

Insurance 500.43 479.61

Directors’sittingFee 12.20 12.80

Donation 31.40 121.12

CommissiontoSellingagents 1,283.08 983.41

Freight forwarding and others (Net of recoveryfromcustomers/provisionwrittenback`1,003.42Lacs,PreviousYear`903.81Lacs)

7,734.02 6,384.45





26 OTHER EXPENSES

( ` in Lacs)

2014-15 2013-14

LossonsaleofCurrentInvestment 0.63 -

CommodityDerivativeLoss 21.59 7.94

Baddebtswrittenoff 3.00 14.14

Less:Provisionfordoubtfuldebtswrittenback 3.00 - 0.89 13.25

LossonSale/DiscardofFixedAssets 34.89 123.56

Debts/Advanceswrittenoff - 24.16

Provision for diminution in value of CurrentInvestments

- 0.20

Amortisationof ForeignCurrencyMonetary ItemTransactionDifference

2,355.19 1,832.88

WealthTax 26.36 9.86

Printing&Stationery,Postage,Telephone,security,legal and professional and other MiscellaneousExpenses

3,124.04 2,873.36

59,892.95 59,908.03

Consumption of Imported and Indigenous Stores and spares 2014-15 2013-14

% age Amount %age Amount

Imported 37.71 2,289.40 38.93 2,494.81

Indigeneous 62.29 3,781.92 61.07 3,914.14

100.00 6,071.32 100.00 6,408.95

27 (A) CONTINGENT LIABILITIES NOT PROVIDED FOR (AS CERTIFIED BY THE MANAGEMENT):-

(i) Inrespectof:- ( ` in Lacs)Particulars As on

March 31, 2015As on

March 31, 2014CentralExcise/StateExcise 22,644.34 19,592.03Customs 1,025.70 860.10ServiceTax 70.76 66.46SalesTax 18.24 28.79Othermatters 958.75 2,021.94

Total 24,717.79 22,569.32

(ii) Billsdiscountedwithbanks` 3,829.60Lacs(PreviousYear:`5,258.74Lacs).

(iii) Corporate Guarantee to banks for loan availed by Shakumbari Sugar & Allied Industries Limited (asubsidiarycompany)amountingto`12,045.43Lacs(PreviousYear12,428.52).(ReferNoteNo.32A(iii))

(B) CustomdutysavedonimportofrawmaterialunderAdvanceLicensependingfulfillmentofexportobligationis amounting to ` 3,026.13Lacs(PreviousYear`1,935.70Lacs).

Themanagementisoftheviewthatconsideringthepastexportperformanceandfutureprospectsthereiscertaintythatpendingexportobligationunderadvancelicenses,willbefulfilledbeforeexpiryoftherespectiveadvancelicenses.Accordinglyandon“GoingConcernConcept”basisthereisnoneedtomakeanyprovisionforcustomdutysaved.





28 Estimatedamountofcontractsremainingtobeexecutedoncapitalaccountandnotprovidedfor(netofadvancesof`2,094.55Lacs,PreviousYear`2,243.59Lacs)are`2,923.53Lacs(PreviousYear`4,295.71Lacs).

29 EmployeesBenefits:a) DefinedContributionPlan: ContributiontoDefinedContributionPlan,recognizedasexpensefortheyearareasunder:(ìnLacs)

Current Year PreviousYear

Employer’sContributiontoProvidentFund 486.95 464.29

b) DefinedBenefitPlan: Theemployees’gratuity fundschememanagedbya trust isadefinedbenefitplan.Thepresentvalueof

obligationisdeterminedbasedonactuarialvaluationusingtheProjectedUnitCreditMethod,whichrecognizeseachperiodofserviceasgivingrisetoadditionalunitofemployeebenefitentitlementandmeasureseachunitseparatelytobuildupthefinalobligation.Theobligationforleaveencashmentisrecognizedinthesamemanner as gratuity.

I. ReconciliationofopeningandclosingbalanceofDefinedBenefitObligation (ìnLacs)

Gratuity Leave Encashment (Unfunded)

31.3.2015 31.3.2014 31.3.2015 31.3.2014

PresentValueofObligationatthebeginningoftheyear

1915.07 1,734.00 498.74 439.50

CurrentServiceCost 187.04 162.11 67.05 60.02

InterestCost 174.27 138.73 45.39 35.16

Actuarial(gain)/lossonobligations 174.40 (36.03) 133.68 (8.41)

BenefitPaid (168.51) (83.74) (41.20) (27.53)

Present Value of Obligation as at the end of theyear

2282.27 1,915.07 703.66 498.74

II. Reconciliation of opening and closing balance of fair value of plan assets (ìnLacs)

Gratuity31.03.2015 31.03.2014

Fairvalueofplanassetsatthebeginningoftheyear

1787.95 1,448.08

ExpectedReturnonPlanAssets 160.91 130.33

Contributions 127.12 285.92

Actuarialgain/(loss)onPlanassets 95.21 7.36

BenefitPaid (168.51) (83.74)

Fairvalueofplanassetsattheendoftheyear 2002.68 1,787.95

III. Reconciliation of fair value of assets and obligation (ìnLacs)

Gratuity Leave Encashment (Unfunded)

31.03.2015 31.03.2014 31.03.2015 31.03.2014

Fairvalueofplanassetsattheendoftheyear 2002.68 1,787.95 - -

PresentValueofObligationattheendoftheyear 2282.27 1,915.07 703.66 498.74

FundedStatus[surplus/(Deficit)] (279.59) (127.12) (703.66) (498.74)

NetAssets/(Liability)RecognizedinBalanceSheet (279.59) (127.12) (703.66) (498.74)





IV. Expenses recognized during the year (`inLacs)

Gratuity Leave Encashment (Unfunded)31.03.2015 31.03.2014 31.03.2015 31.03.2014

CurrentServiceCost 187.04 162.11 67.05 60.02

InterestCost 174.27 138.73 45.39 35.16

ExpectedReturnonPlanAssets (160.91) (130.33) - -

Actuarial(gain)/loss 79.19 (43.39) 133.68 (8.41)

NetExpensesRecognized 279.59 127.12 246.12 86.77

V. Investment Detail AllInvestmentsaremadewithTrust.

VI. Actuarial / Demographic assumptions: Gratuity Leave Encashment (Unfunded)

31.03.2015 31.03.2014 31.03.2015 31.03.2014

MortalityTable(LIC) 1994-96 (Ultimate) 1994-96 (Ultimate)Discountrate(Perannum) 7.80% 9.10% 7.80% 9.10%

ExpectedReturnonPlanAssets(Perannum)

9.00% 9.00% NA NA

Rateofescalationinsalary(perannum)

8.00% 8.00% 8.00% 8.00%

Retirement Age 58Years 58years

WithdrawalRate(AllAges) 10% 10%

Theestimateofrateofescalationinsalaryconsideredinactuarialvaluation,takenintoaccountinflation,seniority,promotionandotherrelevantfactorsincludingsupplyanddemandintheemploymentmarket.Theaboveinformationiscertifiedbytheactuary.

Theprincipalassumptionsarethediscountrate&salarygrowthrate.ThediscountrateisgenerallybaseduponthemarketyieldsavailableonGovernmentbondsattheaccountingdatewithatermthatmatchesthatoftheliabilities.

30 Intheearlieryears,theStateGovernmentofUttarPradesh(UP)hadimposedalevyoflicensefeeontransferof alcohol from the distillery to the chemical plant. The levywas challenged by theCompany in theHon’bleSupremeCourtandonOctober18,2006thematterwasfinallydecidedbyTheHon’bleSupremeCourtinfavourof theCompany. Accordingly, Company had filed an application for refund of amount paid of ` 507.05 Lacs (PreviousYear 507.05Lacs)(shownasrecoverableundertheheadShortTermLoansandAdvances)withStateGovernmentofUttarakhand,whichisstillpendingforrefundoftheamount.

31 Intheearlieryears,theStateGovernmentofUttarakhandhadleviedExportPassFeeonENA/R.S.exportoutsideIndia.Thematter is finally disposedof byHon’bleHighCourt ofUttarakhandvide itsOrderdated9th January,2012andhasdeclaredthe levyofsaid feeasunsustainableand irrecoverable.Subsequently,onJune8,2012,videUttarakhandExcise(Amendment)Act,2012,UttarakhandGovernmentretrospectivelyrevivedoldnotificationrelatingtoimpositionofexportfeeonENAandR.S.TheCompanyfiledWritPetitionchallengingtheabovesaidnotificationandvideorderdatedSeptember12,2012theHon’bleHighCourtofUttarakhandhasgrantedstayandrestrainedStatefromimposingexportfee.Amountof 106.15Lacs(PreviousYear 106.15Lacs)paidunderprotestisshownasrecoverablefromStateGovt.ofUttarakhand,undertheheadShortTermLoansandAdvances.

32 (A) (i) Companyhas investmentof` 5427.50Lacs (PreviousYear` 5,427.50Lacs) in equity share capitaland10%cumulativeredeemablepreferencesharecapitalinasubsidiarycompanyShakumbariSugarandAlliedIndustriesLimited(SSAIL)whosenetworthhasbeenfullyerodedandSSAILhasalsobeendeclaredsickindustrialundertakingaspertheprovisionofSickIndustrialCompaniesAct,1985.

Consideringtheintrinsicvalueoftheinvesteeassets,longtermnatureofinvestmentanddirectionissuedbytheHon’bleBoardforIndustrialandFinancialReconstruction(BIFR)forpreparationofrevivalschemebytheoperatingagencyasappointed,whichhasbeenfiledwithBIFRon11th January 2014 and also





filedTEV(TechnicalEvaluationStudy)withIDBI(OperatingAgency)on09thFebruary,2015,noprovisionat thisstage isconsiderednecessaryby themanagementagainst investmentsmade inabovestatedsubsidiarynamelySSAIL.

(ii) Loans and advances includes Inter corporate deposit with SSAIL amounting to ` 1,915.13 Lacs(PreviousYear` 1,834.83Lacs)(includinginterestthereon)andadvancesof` 8,453.81Lacs(PreviousYear `8,375.82Lacs),wheremanagement is confidentabout recoverability/ realisabilityof thesame.Accordingly, considering the facts as stated in Para (i) above, amount is considered good and fullyrecoverableandnoprovisionthereagainstisconsiderednecessarybythemanagement.

(iii) CentralBankofIndia(CBI)videitsletterdated28.05.2014hadissuedanoticeunderSection13(2)ofSARFAESIAct2002toSSAILandIGL.ThesaidnoticewasrepliedbySSAILandIGLhaschallengedthelegalityofissuanceofsuchnotices.CBI,thereafter,on11.09.2014hadissuedanothernoticeunderSection13(4)ofSARFAESIonSSAILandIGL,whichhasbeenchallengedatDRT,Lucknow.Asperthelegalopinion,thenoticeisnotvalidsinceSSAILisregisteredinBIFRassickCompany.

(B) (i) Short term loans and advances to related party includes Inter Corporate Deposit(ICD) amounting to`14,649.64Lacs(PreviousYear`14,723.64Lacs)giventoIGLFinanceLtd.(IGLFL),a100%subsidiaryofthecompany.IGLFLinturnhadinvestedfundsforshorttermincommodityfinancingcontractsofferedbyNationalSpotExchangeLtd.(NSEL).NSELhasdefaultedinsettlingthecontractsonduedatesandforwhich IGLFLhas initiated legalandotheractionand in turn IGLFLdidnotpaydueamount to thecompany.Accordingly considering the prudence no interest on above ICDhas beenaccrued for theperiodfrom01-09-2013to31-3-2015.However,consideringthearrangementofmergerofNSELwithFinancialTechnologies(India)Limited(FTIL)andothermeasurewhichhavesofarbeentakenforandpendingbeforetheGovt.andotherauthorities,themanagementisconfidentforrecoveryofduesfromNSELoveraperiodoftime.

(ii) PendingabovenoprovisionhasbeenconsiderednecessaryatthisstagebythecompanyforexposureinIGLFLof` 14,774.64Lacs(PreviousYear` 14,848.64Lacs)(includingInvestmentincapitalof` 125.00 Lacs),andtheaboveisshownasgoodandfullyrecoverablebythemanagement.

(C) Companyhasreceivedlettersdated30thOct2014and05thMay2015fromNationalStockExchangeofIndia(NSE),whereintheCompanyhasbeenadvisedtoreinstateitsfinancialstatementw.r.t.qualificationraisedfortheyearsFY2012-13bythestatutoryauditoroninvestmentsandloanstoSSAIL(Noteno.32(A)(i)&(ii))andsuitablyrectifiedthequalificationraisedfortheyearFY2013-14bythestatutoryauditorw.r.t.investmentandloantoIGLFL(Noteno.32(B))respectively.ForSSAIL,theCompanyhaswrittenletterstoNSEforgrantingopportunitytorepresentthecaseandforIGLFLtheCompanyhasrequestedNSEtoclarifytheissueforeffecttotheirdirective.

(D) TheCompanyhasmadeequityinvestmentof` 27.41Lacs(PreviousYear` 27.41Lacs)initswhollyownedsubsidiary IGLCHEM INTRENATIONALPTELimited,Singapore (IGLCHEM)and theiroutstanding in itsaccountonaccountof receivablesofamounting to`477.75Lacs (PreviousYear` 530.31Lacs).Due tolosses&slowdowninbusiness,networthofIGLCHEMbecomesnegative.Inviewofstrategicandlongterminnatureofinvestment,noprovisionagainstthesamehasbeenconsiderednecessarybythemanagement.

33 OnreceiptofapprovaloftheshareholdersandNOIDAAuthority,duringtheyeartheCompanyhadenteredintoaBusinessTransferAgreement(BTA)withwhollyownedsubsidiarycompany,IGLInfrastructurePrivateLimited(‘IGLInfra’)(formedduringthecurrentyear)forsaleofitsRentalBusinessDivisiononslumpsalebasisw.e.f.30th Mar2015forconsiderationof`18,420.00Lacs,pendingreceiptofthefinal‘NOC’from2banks(approvalsincereceived).TheconsiderationhasbeenincludedunderShortTermLoans&AdvancesReceivable.Profitonsalethis amounting to `5,194.26Lacsisincludedunderexceptionalitems.(ReferNoteNo.46(d)).

34 OnaccountofoutbreakoffireincoolingtoweratKashipurplantduringfirstquarteroftheyear,productionandprofitabilitywasadverselyaffected.Accordingly,Companyhadfiledaclaimwiththeinsurancecompanyforthereinstatementofmachineryaswellaslossincurredduetobusinessinterruptionamountingto`622.63Lacs&`4,192.43Lacsrespectivelyasassessedbythemanagementandanexpert.Tilldate` 348.64Lacshavebeenreceivedfromtheinsurancecompanyforthereinstatementofmachinery.Onprudentialbasis,thecompanyhasaccountedfor` 3,029.63Lacs(includingreinstatementloss`622.63Lacs).Anamountof`2,680.99LacsbeingreceivablefromtheInsuranceCompanyisshownundershorttermloans&advances,whichisconsideredgoodand fully recoverableby themanagement.Finaladjustmentwillbedoneonsettlementof theaccountby theInsuranceCompany.




Notes to the Accounts35. DuringtheyearawhollyownedsubsidiaryhavebeenformedtosupportitsbusinessactivitiesinU.S.AIGLCHEM

internationalUSALLCandtilldatecompanyhasmadeinvestmentof`62.83LacsinSharecapital(RefNoteno11).

36. MiscellaneousexpensesunderotherexpensesincludesCSRexpensesamountingto` 109.65Lacs.

37. Other current liabilities includes provision amounting to ` 13,421.55 Lacs (including for the Previous year`8,369.43Lacs)madeagainstspecialdiscountallowedtoanoverseasparty(ReferNoteNo.46(c)),pendingreceiptofapprovalofRBI.Further,account/balanceissubjecttoconfirmation/reconciliation.

38. Duringthecurrentyear,theCompanyhascomputedthedepreciationbasedonusefullivesofitsfixedassetsasspecifiedunderScheduleIIoftheCompaniesAct,2013.ThecarryingvalueoffixedassetswhichhavecompletedtheirusefullivesaspertheScheduleIIason1stApril2014havebeenchargedoffagainstthebalanceinGeneralReserveofamountingto`469.85Lacs(netofdeferredtax`248.67Lacs).Hadtherenotbeenanychangeintheusefullivesofthefixedassets,thedepreciationfortheyearwouldhavebeenhigherby` 676.43 Lacs.

39. In accordancewithCompanies (AccountingStandards)AmendmentRules2009asamendedbyCompanies(AccountingStandards)(SecondAmendment)Rules2011, theCompanycontinued itspolicy,asexercised infinancialyear2008-09, theoptionofadjustingexchangedifferencesarisingon reportingof long term foreigncurrencymonetary items related to acquisition of depreciable capital assets in the cost of the assets to bedepreciated over the balance life of the assets and other long termmonetary item in the “ForeignCurrencyMonetary Item Translation Difference” to be amortised over the period of loan. Accordingly: (a) Exchangedifferences(gain)/lossrelatingtolong-termmonetaryitems,insofarrelatedtoacquisitionofdepreciablecapitalassets,arisingduringtheyearamountingto` 983.59Lacs(PreviousYear` 936.50Lacs)(netofdepreciation` 10.23Lacs,PreviousYear` 25.60Lacs)adjustedtothecostoffixedassets,and(b)relatingtootherlong-term monetary items arising during the year amounting to ` 237.22Lacs(PreviousYear` 1,206.62Lacs)(Netofamortizationof`541.28Lacs,PreviousYear`655.34Lacs)areadjusted to “ForeignCurrencyMonetaryItemTranslationDifference”.Ason31stMarch2015,un-amortizeamountof` 3,880.59Lacsand` 699.01Lacs(PreviousYear 3,080.06Lacsand 2,275.70Lacs)isincludedinPlant&Machinery&CWIPunderNote10andinForeignCurrencyMonetaryItemTranslationDifferenceAccountunderNote3respectively.

40. As requiredby section22ofTheMicro,Small andMediumEnterprisesDevelopmentAct, 2006 the followinginformationisdisclosed:

(`inLacs)

S. No Particular 2014-15 2013-14

a) i)Principalamountremainingunpaidattheendoftheaccountingyear 3.49 -

ii)Interestdueonabove - -

b) Theamountofinterestpaidbythebuyeralongwithamountofpaymentmadetothesuppliersbeyondtheappointeddate

- -

c) Theamountofinterestaccruedandremainingunpaidattheendoffinancialyear - -

d) The amount of interest due and payable for the period of delay in makingpayment(whichhavebeenpaidbutbeyondtheduedateduringtheyear)butwithoutaddinginterestspecifiedunderthisAct

- -

e) Theamountoffurtherinterestdueandpayableinsucceedingyear,untilsuchinterest is actually paid.

- -

Theaboveinformation’sregardingMicro,SmallandmediumEnterprisehasbeendeterminedtotheextentsuchpartieshavebeenidentifiedofinformationavailablewiththeCompany.

41 (i) CatalystischargedtotheStatementofProfit&Lossasconsumable(Stores&Spares)basedontechnicallyassessedusefullife(1to3Years).

(ii) SpecializedComputerSoftwareisamortizedoveritsusefullifeof6yearsonSLMbasis.42 Earningspershare(EPS):

2014-15 2013-14

Netprofit/(loss)fortheyearattributabletoequityshareholders(`inLacs) (6,133.88) (11,954.48)

Weightedaveragenumberofequitysharesoutstanding 30961500 30961500

Basicanddilutedearningspershare(facevalueof` 10each)(`) (19.81) (38.61)




Notes to the Accounts43 Capitalwork-in-progressincludesmachineryunderinstallation,buildingsunderconstruction,construction/erection

materialinhandandotherassetsandalsoincludesthefollowingpre-operativeexpenses: (`inLacs)

Particulars 2014-15 2013-14Amountbroughtforwardfrompreviousyear 1,438.53 1,773.84Add:RawMaterial&ChemicalConsumed 83.07 24.47Salary,wages,allowances,etc. 32.46 116.04ContributiontoProvidentandotherfunds 4.01 2.61Employees’welfareandotherbenefits 25.06 17.82LegalandProfessionalcharges 1.06 2.14Repair and Maintenance 104.15 30.79TravellingandConveyance 27.60 57.28InterestonFixedLoans 789.84 1,932.26Power and Fuel 768.46 589.19RatesandTaxes 1.05 9.40MiscellaneousExpenses 3.52 0.87

3,278.81 4,556.71Less:Transferred/Capitalisedduringtheyear 867.79 3,118.18Balancecarriedforward 2,411.02 1,438.53

44 RelatedPartiesDisclosure(Asidentifiedbythemanagement): (i) Relationships: A. SubsidiaryCompanies -IGLFinanceLimited(IGLFL)

-ShakumbariSugarandAlliedIndustriesLimited(SSAIL)-IGLCHEMInternationalPTE.Ltd.(IGLCHEM)-IGLCHEMInternationalUSALLC(IGLCHEMUS)(incorporatedon09.07.2014)-IGLInfrastructurePrivateLimited.(IGLInfra)(incorporatedon13.10.2014)

B. Key Management Personnel-U.S.Bhartia(ChairmanandManagingDirector)-M.K.Rao(ExecutiveDirector) -RakeshBhartia(ChiefExecutiveOfficer) @-AnandSinghal(ChiefFinancialOfficer) @-LalitSharma(CompanySecretary) @

C. RelativesofKeyManagementPersonnel- Pragya Bhartia - Jayshree Bhartia-AnandSinghal(HUF) @-RakeshBhartia(HUF) @- Alpna Sharma @

D. EnterprisesoverwhichKeyManagementPersonnelhavesignificantinfluence: -AjayCommercialCo.(P)Ltd. -J.B.CommercialCo.(P)Ltd. -KashipurHoldingsLimited -PolylinkPolymers(India)Ltd. -HindustanWiresLimited -SupreetVyapaar(P)Ltd. -MayurBarter(P)Ltd. -FacitCommosales(P)Ltd. -J.Boseck&Co.(P)Ltd.

E. Joint Venture Enterprise -KashipurInfrastructureandFreightTerminalPrivateLimited(KIFTPL) @W.e.f1stApril2014inaccordancewithCompaniesAct,2013.




Notes to the Accounts(ii) DetailofTransactionswithrelatedparties: (`inLacs)

Related Party Transaction Summary

Subsidiaries SignificantInfluence

Joint Venture Key Managerial

Person

Relative of KMP

2015 2014 2015 2014 2015 2014 2015 2014 2015 2014

Purchaseofmaterial

615.73 2,406.03 - - - - - - - -

PurchaseofServices

- - 80.16 38.41 - - - - - -

SaleofMaterial 2,982.11 3,656.92 281.74 293.76 - - - - - -

PurchaseofStoresand Spares

- 5.57 - - - - - - - -

SaleofFixedAssets - - - - - 1,462.59 - - - -

Slump Sale 18,420.00 - - - - - - - - -

ICDGiven 15.00 22,054.00 - - 1,436.30 300.00 - - - -

ICDReceivedBack 74.00 9,290.36 - - 1,436.30 300.00 - - - -

Interest Income 2,078.61 1,811.82 - - 36.82 4.14 - - - -

InterestWaived-Off 1,989.39 1,190.42 - - - - - - - -

CapitalAdvanceGiven

- - - 1,000.00 - - - - - -

SecurityGiven - - - - - - 220.00 280.00 - -

InvestmentinEquityShares

67.83 - - - 2,440.00 - - - - -

ReimbursementofExpensesmade

1.46 4.90 32.49 - 6.85 1.07 - - - -

ICDReceived - - 6,383.00 2,830.00 - - - - - -

ICDPaidBack - - 13,293.24 4,013.50 - - - - - -

InterestExpense - - 396.90 717.10 - - - - - -

Rent Paid - - 29.22 25.68 - - 24.00 24.00 - -

Vehicle Lease Rent - - - - - - - - 14.16 -

Salary Paid - - - - - - 263.40 - 27.29 27.29

Managerial Remuneration

- - - - - - 220.48 364.91 - -

Balance Outstanding

Payable

ICDPayable(includinginterest)

- - - 6,994.51 - - - - - -

Others - - 151.71 8.92 - - 9.75 - 1.44 -

Receivable

ICD(includinginterest)

16,579.77 16,558.47 - - - - - - - -

CapitalAdvanceGiven

- - 1,000.00 1,000.00 - - - - - -

SecurityDeposit - - 480.00 480.00 - - 500.00 280.00 - -

Others 27,353.02 8,906.13 4.60 4.64 - 1,462.93 - - - -




Notes to the Accounts(iii) DetailofremunerationtoKMP:- a) Chairman&ManagingDirector–`151.70Lacs(PreviousYear`295.83Lacs) b) ExecutiveDirector–`68.78Lacs(PreviousYear`69.08Lacs) c) ChiefExecutiveOfficer–`185.05Lacs d) ChiefFinancialOfficer–` 54.24 Lacs e) CompanySecretary–` 24.11 Lacs(iv) DisclosureinrespectofMaterialRelatedPartytransactionsduringtheyear: a) PurchasesofMaterialarefrom: • SSAIL`615.73Lacs(PreviousYear`2,406.03Lacs). b) PurchaseofServices • Polylinkpolymers`46.45Lacs(PreviousYear`38.41Lacs) • HindustanWires`33.71Lacs(PreviousYear`Nil) c) SalesofMaterialareto: • IGLCHEM`2,981.47Lacs(PreviousYear`3,656.21Lacs). • HindustanWiresLimited.`281.74Lacs(PreviousYear`293.76Lacs). d) SlumpSaletoIGLInfra`18,420.00Lacs(PerviousYear`Nil) e) InterCorporateDeposit/OtherDepositsgivenincludesto: • ICDgiventoKIFTPL` 1,436.30Lacs(PreviousYear`300.00Lacs) f) InterCorporateDeposit/OthersDepositsreceivedbackincludesfrom: • IGLFL`74.00Lacs(PreviousYear`9,290.36Lacs). • ICDReceivedBackfromKIFPTL`1,436.30Lacs(PreviousYear`300.00Lacs) g) InterestIncomeincludesfrom: • SSAIL`135.03Lacs(PreviousYear`135.03Lacs). • KIFTPL`36.82Lacs(PreviousYear` 4.14Lacs) • IGLFL` 1,943.58Lacs(PreviousYear`1,676.79Lacs) h) InterestWaivedoffincludesfrom: • SSAIL`45.81Lacs(PreviousYear`Nil). • IGLFL` 1,943.58Lacs(PreviousYear`1,190.42Lacs) i) SecurityDepositgiventoUSBhartia`220.00Lacs(PreviousYear`280.00Lacs) j) InvestmentInEquityShare • KIFTPL`2,440.00Lacs(PreviousYear`Nil) • IGLCHEMUS` 62.83Lacs(PreviousYear`Nil) • IGLInfra`5.00Lacs(PreviousYear`Nil) k) Reimbursementofexpensemade. • PolylinkPolymers(India)Limited`30.01Lacs(PreviousYear`Nil) • KIFTPL`6.85Lacs(PreviousYear`1.07Lacs) l) InterCorporateDepositreceivedincludesfrom: • KashipurHoldingLimited`5,308.00Lacs(PreviousYear`2,530.00Lacs). • JBoseck&Co.(P)Limited`600.00Lacs(PreviousYear`NIL). • SupreetVypaar(P)Limited` 415.00Lacs(PreviousYear`NIL). m)InterCorporateDepositpaidbackincludesto: • KashipurHoldingLimited` 11,152.24Lacs(PreviousYear`2,045.00Lacs). • MayurBarter(P)Ltd.`745.00Lacs(PreviousYear`820.00Lacs). • SupreetVyapaar(P)Ltd.`646.00Lacs(PreviousYear`547.00Lacs). • JBoseck&Co.(P)Limited`600.00Lacs(PreviousYear`600Lacs). • FacitCommosales(P)Ltd`90.00Lacs(PreviousYear` 250Lacs) n) InterestExpenseincludesto: • KashipurHoldingLimited`294.86Lacs(PreviousYear`549.78Lacs). • SupreetVyapaar(P)Ltd.`21.88Lacs(PreviousYear` 39.45Lacs). • MayurBarter(P)Ltd.`67.05Lacs(PreviousYear`93.59Lacs). o) RentPaidto: • PolylinkPolymers` 13.48Lacs(PreviousYear`12.00Lacs) • KashipurHoldingLimited`7.69Lacs(PreviousYear`6.00Lacs) p) VehicleLeasePaidto: • RakeshBhartiaHUF` 6.36 Lacs • AnandSinghalHUF`4.80Lacs • AlpnaSharma` 3.00 Lacs q) InterCorporateDepositPayable(includinginterest)includes: • KashipurHoldingLimited`Nil(PreviousYear`5,849.90Lacs). • MayurBarter(P)Ltd.`Nil(PreviousYear`788.61Lacs) r) ICDReceivable(includinginterest)includes:

• Shakumbari Sugar and Allied Industries Limited ` 1,915.13 Lacs (Previous Year ` 1,834.83 Lacs).(Maximumbalanceoutstandingduringtheyear` 1,915.13Lacs,PreviousYear`1,834.83Lacs).





• IGLFinanceLimited` 14,649.64Lacs(PreviousYear`14,723.64Lacs).(Maximumbalanceoutstandingduring the year `14,649.64Lacs,PreviousYear`15,857.00Lacs).

s) CapitalAdvancereceivable:• HindustanWiresLimited`1,000Lacs(PreviousYear`1,000Lacs)

t) SecurityDepositreceivable:• AjayCommercialCo.(P)Limited`240Lacs(PreviousYear`240Lacs)• J.B.CommercialCo.(P)Limited`240Lacs(PreviousYear`240Lacs)• USBhartia`500Lacs(PreviousYear` 280Lacs)

u) OthersReceivableincludes:• IGLInfra`18,420Lacs(PreviousYear`Nil).(Maximumbalanceoutstandingduringtheyear` 18,420

Lacs,PreviousYear` Nil)• Shakumbari Sugar and Allied Industries Limited ` 8,453.81 Lacs (Previous Year ` 8,375.82 Lacs).

(Maximumbalanceoutstandingduringtheyear`8,453.81Lacs,PreviousYear` 10,135.18Lacs).• IGL CHEM International Pte. Ltd. ` 477.75 Lacs (Previous Year ` 530.31 Lacs). (Maximum balance

outstanding during the year `1,462.93Lacs,PreviousYear`1,403.41Lacs).

45 ExpenditureonResearch&Development: (`inLacs)

Particulars 2014-15 2013-14

Capital 158.05 92.45

Revenue 339.66 245.13

Total 497.71 337.58

46 Exceptionalitemincludes: (a)AProvisionof 1,100.00Lacs(PreviousYear Nil)hasbeencreatedagainstforeignexchangecontractrelated

disputeandanyliabilitythatmayarisetherefrom;(b)Lossonaccountofexchangeratedifferencesamountingto`1,600.55Lacs(netofgainof`5,064.53Lacs)[PreviousYear` 10,803.19Lacs(netofgainof` 11,336.93Lacs)]foryearended31stMarch2015,onpayment,settlementaswellasreinstatementofshorttermforeigncurrencyborrowingsandothermonetaryassets/ liabilities; (c)Provisiononaccount to special discount toanoverseasoverduereceivablesamountingto`5,052.12Lacs(PreviousYear`8,369.43Lacs),(ReferNoteNo.37);(d)Profitonsaleof‘RentalBusinessDivision’amountingto`5,194.26Lacs(PreviousYear`Nil)(NoteNo.33);(e)Lossonsaleofspentsilvercatalystamountingto 2,480.78Lacs(PreviousYear Nil)and(f)Writingoffofexportincentivereceivableof`756.32Lacs(PreviousYear`Nil)whichhasbeenrecognizedinearlieryearsasperapplicablegovernmentschemes,inviewofremotechancesofrealizationonaccountofsteepfallinpriceintheinternationalcommodity market.

47 a) TheCompanyhadenteredintoaJointVentureAgreementdatedOctober12,2011(“JVAgreement”)withFourceeInfrastructureEquipmentsPvt.Ltd.(FIEPL)forsettingupaPrivateFreightTerminalandacompany,KashipurInfrastructureandFreightTerminalPvt.Ltd.(“KIFTPL”)wasincorporatedon11thNovember2011.BothJVpartnershaveenteredintoaJointVentureTerminationAgreementfortheterminationoftheJV.GainonsettlementwithJVPartnerisincludedunderOtherIncome(NoteNo20).PostsettlementandpurchaseoffullrightsoferstwhileJVPartner(FIEPL)bythecompany,theCompanyhasenteredintoanewJointVentureAgreementwithApolloLogisolutionsLimited(‘ALS’).ALSaspertheagreementhasinvestedin51%ofpaidupequitysharecapitalofKIFTPL.

b) IncompliancewithAccountingStandard27onFinancialReportingof Interest inJointVentures, followingdisclosures aremade in respect of jointly controlled entity - Kashipur Infrastructure and Freight TerminalPrivateLimited,inwhichtheCompanyisajointventurer:

(`inLacs)

31.03.2015 31.03.2014

CountryofIncorporation India

PercentageofShareinJointVenture 48.90% 50.00%

Assets 3306.44 2,126.26

Liabilities 3306.44 2,126.26

Income - -

Expenditure 3.07 0.38

CapitalCommitment(Netofadvances) 1116.79 989.87




Notes to the Accounts48 SegmentInformation:

A. InformationaboutBusinessSegments(PrimarySegments): (`inLacs)Business Segments Others Unallocable Total

IndustrialChemicals Liquor

31.03.2015 31.03.2014 31.03.2015 31.03.2014 31.03.2015 31.03.2014 31.03.2015 31.03.2014 31.03.2015 31.03.2014

A REVENUE

1 Gross Sales (External)

230,894.39 270,991.12 70,056.34 66,746.49 8,222.03 5,608.99 - - 309,172.76 343,346.60

Inter- Segment 136.99 106.58 - - - - - - 136.99 106.58

Total 231,031.38 271,097.70 70,056.34 66,746.49 8,222.03 5,608.99 - - 309,309.75 343,453.10

2 OtherIncome 5,864.22 977.12 76.07 99.76 679.23 558.04 1,304.85 2,894.82 7,924.37 4,529.74

3 TotalRevenue 271,968.24 70,132.41 66,846.25 8,901.26 6,167.03 1,304.85 2,894.82 3,17,097.13 347,876.34

B RESULTS

1 Segment Result (PBIT)

2,911.89 1,916.76 1,759.83 1,769.24 1,579.74 817.86 (2,146.78) (8,129.93) 4,104.68 (3,626.07)

2 InterestExpense(Net)

15,769.72 13,353.20

3 ProfitBeforeTax (11,665.04) (16,979.27)

4a ProvisionforCurrentTax(netofMATcredit)

- -

4b DeferredTax (5,531.16) (5,024.79)

4c Taxationprovisionofearlieryear

- -

5 ProfitafterTax (6,133.88) (11,954.48)

C Other Information:

1 Segment Assets 223,530.20 2,21,084.45 26,336.20 16,798.34 16,720.38 22,026.79 49,188.52 60,949.26 3,15,775.30 3,20,858.84

2 Segment Liabilities

37,643.66 60,601.10 9,976.85 3,167.34 2,523.20 1,461.20 2,20,101.10 2,05,071.67 2,70,244.81 2,70,301.31

3 Capital Expenditure

7,860.41 9,987.45 281.53 1,105.45 687.07 1,507.67 - 194.50 8,829.01 12,795.07

4 Depreciation and Amortisation expenses

6,720.25 6,883.65 276.25 248.34 1,021.45 786.42 816.96 366.06 8,834.91 8,284.47

InformationaboutGeographicalSegments(SecondarySegments): (`inLacs)

Domestic Overseas Total31.03.2015 31.03.2014 31.03.2015 31.03.2014 31.03.2015 31.03.2014

1 Gross Sales (External)

2,06,197.87 2,23,805.03 1,02,974.89 1,19,541.57 3,09,172.76 3,43,346.60

2 Segment Assets 2,42,692.54 2,35,052.29 23,894.24 24,857.29 2,66,586.78 2,59,909.58

Notes: Primary Segment reporting (by business segment)Segments have been identified in linewith Accounting Standard on ‘SegmentReporting’ (AS-17), takingintoaccounttheorganisationalstructureaswellasthedifferentialrisksandreturnsofthesesegments.TheCompanyhasidentifiedthreesegmentsi.e.businessIndustrialchemical,Liquorandotherswhichincludesherbalproductsandreportedaccordingly.Secondary Segment reporting (by geographical segment-customer location)Inrespectofsecondarysegment information, theCompanyhas identified itsgeographicalsegmentas(a)domesticand(b)overseasonthebasisoflocationofcustomers.Reportable segmentsReportablesegmentshavebeenidentifiedasperthequantitativecriteriaspecifiedin‘AccountingStandard17:SegmentReporting’.Segment CompositionIndustrial Chemicals Segment comprisesGlycols, SpecialtyChemicals, NaturalGumand other relatedgoods etc.Liquor SegmentcomprisesmanufactureandsaleofEthylAlcohol(Potable).‘Others’primarilyincludesHerbalProductsandRental.

IGLBalanceSheet2015.indd.indd85 7/25/20156:03:08PM



49 AdditionalInformation: A. (a) PaymenttoAuditors(Exclusiveofapplicableservicetax) (ìnLacs)

2014-15 2013-14

i)ii)

As AuditorsInothercapacityinrespectof

15.00 15.00

a)OutofPocketExpenses 1.08 1.76

b)Certification 6.15 5.49

22.23 22.25

(b) CostAuditors(Exclusiveofapplicableservicetax) (ìnLacs)

2014-15 2013-14

i) Audit Fees 1.00 1.00

ii) OutofPocketExpenses 0.13 0.10

1.13 1.10

B. (a) C.I.F.ValueofImports (ìnLacs)


i) CapitalGoods 6,818.34 -

ii) Stores&Spares 1,423.74 9,717.83

iii) Raw Materials 33,778.60 27,457.09

iv) Traded Goods 32,934.30 46,519.76

(b) EarninginForeigncurrency (ìnLacs)


FOBValueofExports–Goods 96,151.79 1,10,788.99

C. CommodityandForeignExchangeDerivativesandexposures(ascertifiedbythemanagement).

(a) Outstandingattheyear-endasfollows

NatureofInstruments 2014-15Amount

(FC in millions)

2014-15Amount

(` in Lacs)

2013-14Amount

(FCinmillions)

2013-14Amount

(ìnLacs)

ForwardContracts-USD 2.00 1,250.10 28.35 17,985.08

Foreign currency options -USD - - - -

Open foreign exchange exposures:PackingCreditNetofExportdebtors-USD 52.38 32,742.26 - -

Loans-USD 49.44 30,906.86 50.66 30,358.40

Payable-USD-EURO- JPY-CHF

17.860.031.330.01

11,166.3918.246.912.82

53.53 0.03

1.33 0.01

32,077.3022.81

7.76 2.96






(b) Exchangefluctuationgainof Nil(PreviousYeargainof 0.62Lacs),isnetoflossof Nil(PreviousYearnetoflossof`0.20Lacs).

(c) TheCompanyusesderivativeinstrumentsforhedgingpossiblelossesandexchangefluctuationgainis`923.67Lacsnetofflossof`1,270.11Lacs(PreviousYearloss`679.44Lacsnetoffgainof`5,253.99Lacs)whichisinclusiveoflossof` 71.37Lacs(PreviousYearlossof` 343.04Lacs)provisionformarktomarketgain/lossonaccountofalloutstandingfinancialtransactionsason31st March 2015.

(d) ConsideringtheprincipleofprudenceandannouncementmadebyTheInstituteofCharteredAccountantsofIndia‘AccountingforDerivatives’inMarch,2008,theCompanyhasprovidedforanamountof` 41.08Lacsincludedin(c)(PreviousYear` 143.63Lacs)onoutstandingcontractstotheStatementofProfit&Loss,onaccountofforeignexchangederivativeinstruments.

D. ExpenditureinForeignCurrency(`inLacs)Particulars 2014-15 2013-14

a) Travellingandothermatters 125.59 134.54b) Interest 408.96 507.40c) Process Engineering and Technical Assistance - -d) Advertisement/Subscription/Membership 314.88 50.51e) Commission 372.50 437.22f) Others 10.58 63.86

E. RemittanceinForeignCurrencyonDividendAccount 2014-15 2013-14

AmountofFinalDividendRemitted* ` 0.40 Lacs `0.88LacsYeartowhichtheDividendrelates Year ended

31st March 2014Year ended

31st March 2013No.ofEquitySharesheldbyNon-residentshareholders 40300 44200

No.ofNon-residentshareholders 54 57

*ExcludingforthoseshareholdersforwhomdividendhasbeencreditedtotheirNREAccountsinIndia.

50 Previousyear’sfigureshavebeenregrouped/rearranged/recastwhereverconsiderednecessary.

AsperourreportofevendateFor Lodha & Co. U.S. Bhartia M.K. Rao Chartered Accountants Chairman and Managing Director Executive Director Firm Registration no. 301051E





(Amt.inLacs)

S. No 1 2 3 4Name of the Subsidiary Company Shakumbari Sugar

& Allied Industries Limited

IGL Chem International

PTE. LTD.

IGL Finance Limited

IGL Chem International

USA LLC.Financial ending year on March31,2015 March31,2015 March31,2015 March31,2015

ReportingCurrency INR INR USD INR INR USDExchange Rate on the last date offinancialyear

62.495 62.495

ShareCapital 6,067.71 27.41 0.79 150.00 62.83 1.00Reserves&Surplus (18,399.55) (204.50) (3.63) (63.95) (14.74) (0.23)Total Assets 12,871.29 306.72 4.91 14,736.12 62.50 1.00

TotalLiabilities 12,871.29 306.72 4.91 14,736.12 62.50 1.00Investments - - - 290.00 - -Turnover 2,637.44 3,203.60 52.30 - - -Profit/(loss)beforetax (2,541.95) (183.11) (2.95) (0.60) (14.39) (0.23)

ProvisionforTaxation - (0.92) 0.01 0.14 - -Profit/(loss)afterTaxation (2,541.95) (182.19) (2.94) (0.74) (14.39) (0.23)

ProposedDividend - - - - -%ofShareholding 98.89% 100% 100% 100%

Note :i) IGLChemInternationalUSALLCyettocommenceoperation.ii) IGLInfrastructurePrivateLimited,awhollyownedsudsidiaryofIndiaGlycolsLimited,hasnotbeenconsideredtopre-

pareabovestatamentastheinvestmentisheldtemporarilywithaviewtoitssubsequentdisposalinthenearfuture.

PART “B” : Associates and Joint VenturesStatementpursuanttoSection129(3)ofthecompaniesAct,2013relatedtoAssociateCompaniesandJointVentures

Form AOC-1(Pursuanttofirstprovisotosub-section(3)ofsection129readwithrule5ofCompanies(Accounts)Rules,2014)

Satementcontainingsalientfeaturesofthefinancialstatementsofsubsdiaries/associatecompanies/jointventuresPART “A” : Subsidiaries

(Amt.inLacs)

S.No 1Name of the Associates/Joint Venture KashipurInfrastructureand

FreightTerminalPrivateLimited1. Latest audited Balance Sheet Date March31,2015ReportingCurrency INR2. Shares of Associate/Joint Ventures held by the company on the year end No. 2,445,000.00AmountofInvestmentinAssociates/JointVenture 2,440.50

ExtendofHolding% 48.90%3.Descriptionofhowthereissignificantinfluence Joint Venture Agreement

4. Reasons why the associate/joint venture is not consolidated N.A.5. Networth attributable to Shareholding as per latest audited Balance Sheet 2,655.42

6.Profit/Lossfortheyear i.ConsideredinConsolidation (3.07)ii.NotConsideredinConsolidation (3.20)

Note :i)KashipurInfrastructureandFreightTerminalPvtLtdyettocommenceoperation.ii)TherearenoAssociatesorJointVenturewhichhavebeenliquidatedorsoldduringtheyear.




INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF INDIA GLYCOLS LIMITED

Report on the Consolidated Financial StatementsWehaveauditedtheaccompanyingconsolidatedfinancialstatementsofIndiaGlycolsLimited(hereinafterreferredtoas“theHoldingCompany”)anditssubsidiaries(theHoldingCompanyanditssubsidiariestogetherreferredtoas“theGroup”),andjointventure,comprisingoftheConsolidatedBalance Sheet as at 31stMarch,2015,theConsolidatedStatementofProfitandLoss,theConsolidatedCashFlowStatement for the year then ended, and a summary ofthesignificantaccountingpoliciesandotherexplanatoryinformation (hereinafter referred to as “the consolidatedfinancialstatements”).

Management’s Responsibility for the Consolidated Financial StatementsTheHoldingCompany’sBoardofDirectorsisresponsiblefor the preparation of these consolidated financialstatementsintermsoftherequirementsoftheCompaniesAct, 2013 (hereinafter referred to as “theAct”) that giveatrueandfairviewoftheconsolidatedfinancialposition,consolidatedfinancialperformanceandconsolidatedcashflowsoftheGroupincludingitsjointventureinaccordancewiththeaccountingprinciplesgenerallyacceptedinIndia,including the Accounting Standards specified underSection133oftheAct,readwithRule7oftheCompanies(Accounts)Rules,2014.TherespectiveBoardofDirectorsof the companies included in the Group and its jointventure are responsible for maintenance of adequateaccounting records in accordance with the provisionsof theAct forsafeguarding theassetsof theGroupandits joint venture and for preventing and detecting fraudsand other irregularities; the selection and application ofappropriate accounting policies; making judgments andestimatesthatarereasonableandprudent;andthedesign,implementation and maintenance of adequate internalfinancial controls, that were operating effectively forensuringtheaccuracyandcompletenessoftheaccountingrecords,relevanttothepreparationandpresentationofthefinancialstatementsthatgiveatrueandfairviewandarefreefrommaterialmisstatement,whetherduetofraudorerror,whichhavebeenusedforthepurposeofpreparationoftheconsolidatedfinancialstatementsbytheDirectorsoftheHoldingCompany,asaforesaid.

Auditor’s ResponsibilityOur responsibility is to express an opinion on theseconsolidated financial statements based on our audit.Whileconducting theaudit,wehave taken intoaccountthe provisions of the Act, the accounting and auditingstandardsandmatterswhicharerequiredtobeincludedintheauditreportundertheprovisionsoftheActandtheRules made thereunder.WeconductedourauditinaccordancewiththeStandardsonAuditing specified underSection 143(10) of theAct.Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtainreasonable assurance about whether the consolidatedfinancialstatementsarefreefrommaterialmisstatement.An audit involves performing procedures to obtainaudit evidence about the amounts and disclosures inthe consolidated financial statements. The proceduresselecteddependontheauditor’sjudgment,includingtheassessmentof the risksofmaterialmisstatementof the

consolidated financial statements,whether due to fraudor error. Inmaking those risk assessments, the auditorconsidersinternalfinancialcontrolrelevanttotheHoldingCompany’s preparation of the consolidated financialstatementsthatgiveatrueandfairviewinordertodesignaudit procedures that are appropriate in the circumstances butnotforthepurposeofexpressinganopiniononwhethertheHoldingCompanyhasanadequateinternalfinancialcontrolssystemoverfinancialreportinginplaceandtheoperating effectiveness of such controls. An audit alsoincludesevaluatingtheappropriatenessoftheaccountingpoliciesusedandthereasonablenessof theaccountingestimates made by the Holding Company’s Board ofDirectors,aswellasevaluatingtheoverallpresentationoftheconsolidatedfinancialstatements.Webelievethattheauditevidenceobtainedbyusandtheauditevidenceobtainedbytheotherauditorsintermsoftheirreportsreferredtoinsub-paragraph(a)oftheOtherMatters paragraph below, is sufficient and appropriatetoprovideabasis forourqualifiedaudit opinionon theconsolidatedfinancialstatements.

Basis for Qualified OpinionAttention is invited to:i. Note no. 32 regarding non provision against total

exposure of amounting `14,444.43 Lacs (Previous Year `14,503.44 Lacs) in NSEL made by a subsidiary, where the management is confident about its recoverability for the reason as stated in said note, and our inability to comment thereon.

ii. Note no. 45 (b)(iii) related with a subsidiary regarding non-provisioning of interest, penal interest, charges etc. amounting to ` 977.52 Lacs (excluding penal interest, charges etc.- amount unascertained) and pending confirmation and reconciliation of secured loan balances for the reasons as stated in the said note.

iii. Note no. 42 related with a subsidiary regarding non provision against impairment loss on its fixed assets for the reason stated in the said note, as its expected recoverable value is more than its carrying value and our inability to comment thereon.

We further report that the loss for the year, reserve & surplus, balance of banks, fixed assets, secured loans, loans & advances are without considering impact of the above which cannot be ascertained or otherwise for the reason stated in as above. Our opinion was also qualified in respect of matters reported in Para (i) above on the financial statement for the year ended 31st March, 2014.Qualified Opinion In our opinion and best to our information and according to the explanations given to us, except for the possible effects of the matter described in the “Basis for Qualified Opinion” paragraph above, and based on the consideration of the reports of other auditors on the financial statements of the subsidiaries and the joint venture as noted below, the Consolidated Financial Statements give a true and fair view in conformity with the accounting principles generally accepted in India, of the consolidated state of the affairs of the Group and its joint venture as at 31st March 2015, and its consolidated loss and its consolidated cash flows for the year ended on that date.

Emphasis of Matter(1) We draw attention to note no. 33 to the financial

statementsfortwonoticesreceivedbytheHolding




Company from National Stock Exchange (NSE)regarding reinstatement of financial statementand to suitably rectify the financial statement asstatedinsaidnote.Pendinggrantingofopportunity/clarification.Companyhavenotreinstated/rectified.

Further,attentionisinvitedto:2(a) Note no. 36 regarding insurance claim filed with

the Insurance company for the reinstatement ofmachineryaswellaslossincurredduetobusinessinterruptionwheremanagement isconfidentaboutfullrealisibility,asstatedinthesaidnote.

2(b) Noteno.28(B)regardingAdvanceLicensependingfulfilmentofexportobligation,wheremanagementisconfident thatpendingobligationwillbe fulfilledbeforeexpiryofadvancelicense.

2(c)Note no. 37 regarding provision made (includingmadeinearlieryears)forspecialdiscountonaccountofsuddenandsteepfallinpricesandqualityissues,wherenecessaryapprovalsarependingasstatedin the said note.

2(d)Note No. 41(a) related a subsidiary regardingpending verification and updation of records ofcertainfixedassetsasstatedinthesaidnote.

2(e) Note No. 43 related with a Subsidiary regardingpending confirmation/ reconciliation of balancesof receivables, payables, banks (including fixeddepositswith Bank), loans&Advances [includingcapitaladvances],CurrentLiabilitiesandProvisionsandinternalcontroltobefurtherstrengthenedforthereasonsasstatedinthesaidnoteandconsequentialimpactwhereofpresentlycannotbeascertained.

Ouropinionisnotqualifiedinrespectofabovematters.Other Matters(a) We did not audit the financial statements of the

subsidiarycompanyM/sIGLFinanceLimited,M/sIGLChemInternationalPTELimitedandM/sIGLChemInternational USA LLC whose financial statementsreflect total assets of ` 15,305.33 Lacs as at 31stMarch,2015,totalrevenuesof`3,003.18Lacsandnetcashflowsamountingto (14.86)Lacsfortheyearended on that date as considered in the consolidated financialstatements.Thesefinancialstatementshavebeenauditedbyotherauditors,whosereportshavebeen furnished to us by the Management and ouropinionon theconsolidatedfinancialstatements, inso far as it relates to the amounts and disclosuresincluded in respect of these subsidiaries and ourreportintermsofsub-sections(3)and(11)ofSection143oftheAct,insofarasitrelatestotheaforesaidsubsidiariesisbasedsolelyonthereportoftheotherauditors.

(b) Wedidnotauditthefinancialstatementsofthejointventure M/s Kashipur Infrastructure and FreightTerminalPvt.Ltd.whosefinancialstatementsreflecttotalassetsof` 3,306.44Lacsasat31stMarch2015,totalrevenuesofNilandnetcashflowof`(741.77)Lacs for the year then ended. The said financialstatementshavebeenauditedbyotherauditor,whosereporthasbeenfurnishedtousbythemanagementand our opinion, in so far as it relates to this jointventureisbasedsolelyonthereportoftheirauditorand further informationandexplanationprovided tousandrelieduponbyus.

(c) Financial statements of one subsidiary companynamely Shakumbari Sugar & Allied IndustriesLimited,whosefinancialstatementreflecttotalassetsof` 12,871.29Lacsasat31st March 2015 and total revenueof ` 2,637.44Lacs andnet cash flowof ` 111.13Lacsfortheyearthenended,havebeenauditbyuswherenetworthof theCompany isnegativeandaccountsarepreparedongoingconcernbasis.

Ouropinionontheconsolidatedfinancialstatements,andourreportonOtherLegalandRegulatoryRequirementsbelow,isnotqualifiedinrespectoftheabovematterswithrespect to our reliance on the work done and the reports oftheotherauditors.Report on Other Legal and Regulatory Requirements1. AsrequiredbytheCompanies(Auditor’sReport)Order,

2015(“theOrder”),issuedbytheCentralGovernmentofIndiaintermsofsub-section(11)ofSection143oftheAct,basedonthecommentsintheauditors’reportsoftheHoldingcompany,subsidiaryCompaniesandjointventureincorporatedinIndia,wegiveintheAnnexureastatementonthemattersspecifiedinparagraphs3and4oftheOrder,totheextentapplicable.

2. AsrequiredbySection143(3)oftheAct,wereport,totheextentapplicable,that:a) Wehavesoughtandobtainedalltheinformation

and explanations which to the best of ourknowledge and belief were necessary for thepurposesofourauditoftheaforesaidconsolidatedfinancialstatements.

b) Except for the effect of the matter described in the Basis for Qualified Opinion paragraph above, in ouropinion,properbooksofaccountasrequiredby law relating to preparation of the aforesaidconsolidatedfinancialstatementshavebeenkeptsofarasitappearsfromourexaminationofthosebooksandthereportsoftheotherauditors.

c) TheConsolidatedBalanceSheet,theConsolidatedStatementofProfitandLoss,andtheConsolidatedCashFlowStatementdealtwithbythisReportareinagreementwith the relevantbooksofaccountmaintained for thepurposeofpreparationof theconsolidatedfinancialstatements.

d) Inouropinion,theaforesaidconsolidatedfinancialstatements comply with the Accounting Standards specifiedunderSection133oftheAct,readwithRule7oftheCompanies(Accounts)Rules,2014.

e) The matter described in the basis for qualified opinion paragraph above, in our opinion, may have an adverse effect on the functioning of the group.

f) OnthebasisofthewrittenrepresentationsreceivedfromthedirectorsoftheHoldingCompanyason31stMarch,2015takenonrecordbytheBoardofDirectorsoftheHoldingCompanyandthereportsof the other statutory auditors of subsidiariescompaniesandjointventureincorporatedinIndia,noneofthedirectorsoftheGroup’scompaniesandjoint venture incorporated in India is disqualifiedas on 31stMarch,2015frombeingappointedasadirectorintermsofSection164(2)oftheAct.

g) WithrespecttotheothermatterstobeincludedintheAuditor’sReportinaccordancewithRule11oftheCompanies(AuditandAuditor’s)Rules,2014,




inouropinionand to thebestofour informationandaccordingtotheexplanationsgiventous:i. The consolidated financial statements

disclose the impact of pending litigationson the consolidated financial position of theGroupand its jointventure–ReferNoteNo.28(A)(i) readwith46(a),28(A)(iv),28(A)(v),30,31,32&34 to theconsolidatedfinancialstatements.

ii. Provisionhasbeenmadeintheconsolidatedfinancial statement, as required under theapplicable law or accounting standards, formaterial foreseeable losses, if any, on longtermcontractsincludingderivativecontracts.ReferNoteNo.46(a),52(c)&52(d) to theconsolidatedfinancialstatements.

iii. There has been no delay in transferringamounts, required to be transferred, to theInvestor Education and Protection Fund bythegroupanditsjointventureincorporatedinIndia.

For Lodha & Co.CharteredAccountants

Firm’sRegistrationNo.301051E

(N. K. Lodha)Place:Noida,U.P. PartnerDate:28thMay,2015 M.No.:-85155

Annexure referred to in paragraph 1 under the heading “Report on Other Legal and Regulatory Requirements” of our Consolidated Report of even date for the year ended 31st March 2015-India Glycols Limited.1. (a) (i) TheholdingCompanyanditsjointventure

have maintained proper records showingfullparticulars,includingquantitativedetailsandsituationoffixedassetsexceptincaseof certain locations where records are inprocessofupdation/compilation.

(ii) Inrespectofsubsidiarycompany(SSAIL),fixedassetsrecordsshowingfullparticulars,including quantitative details and situationoffixedassetsare in process of compilation /updation. (Read with note no.41(a)).

(b) (i) As per information & explanation givento us, certain fixed assets of the holdingCompany and its joint venture have beenphysically verified by the managementof the respective entities. As explained tous there is regularprogrammeofphysicalverification in a phasedmanner, which inouropinionandopinionoftheotherauditoris reasonablehaving regard to thesizeoftheholdingCompanyand its joint ventureand the nature of its fixed assets. Thediscrepancies noticed on such physical verificationwerenotmaterial.

(ii) In respect of subsidiary company (SSAIL), as per information and explanations given to us, no physical verification of fixed assets is carried out during the year by the Management. In viewof theadequate

security arrangements, management isof the view there will not be anymaterialdiscrepancies (read with note no. 41(a)).HoweverintheopinionofauditorsofSSAILthistobefurtherstrengthened.

2. (a) The inventories of the group (except stockin transit which have been verified basedon subsequent receipt/reconciliation) havebeen physically verified by the managementof the respective entitie sat reasonableintervals,however in regard to SSAIL this to be read with note no. 41(b).

(b) (i) The procedures of physical verification ofinventoriesfollowedbythemanagementofthe respectiveentitiesare reasonableandadequateinrelationtothesizeoftheholdingCompanyandnatureofitsbusiness.

(ii) Inrespectofsubsidiarycompany(SSAIL),in our opinion and according to the information and explanations given to us,the procedures of physical verification ofinventories followed by the managementneeds to be further strengthened (read with para (2) (a) above)inrelationtothesizeoftheSSAILandnatureofitsbusiness.

(c) The group is maintaining proper records ofinventory. The discrepancies noticed on suchphysicalverificationofinventoryascomparedtobookrecordswerenotmaterial.

(d) Asexplainedtousthroughthereportsofotherauditors, one of the subsidiary Company andthe Joint venture doesnot haveany inventoryduring the year.

3. The group and its joint venture have not grantedduring the year any loan secured or unsecured to companies, firms or other parties covered inthe register maintained under Section 189 of theCompaniesAct,2013.Accordingly,theprovisionsofclause3(iii)(a)&(b)oftheorderarenotapplicableto the group.

4. In our opinion and opinion of other auditors andaccordingtotheinformationandexplanationsgivento us, having regard to the explanation that some of the items purchased are of special nature and for which suitable alternative sources do not exist for obtaining comparable quotation or where user department has shown specific preference, where, as explained, rates were determined considering the quality, volume, nature of the items and market conditions prevailing at that time in certain cases, there is an internal control system which needs to be further strengthened to be made the same commensurate with the size of the holding company, subsidiary company(read with note no. 41, 43)& joint venture and nature of its business for the certain purchases of inventory & fixed assets, and for the sale of goods and services. Based on the audit procedure performedand information&explanationsprovidedbythemanagementoftherespectiveentities,duringthecourseofouraudit,weandotherauditorshavenotobservedanycontinuingfailuretocorrectmajorweaknesses in internal control system.

5. (i)Inouropinionandaccordingtotheinformationand




explanationsgiven tous, theholdingcompanyhas complied with the directive issued by theReserve Bank of India and the provisions ofSection73to76oftheActoranyotherrelevantprovisionsoftheActandtherulesframedthereunder (to the extent applicable)with regard todepositaccepted fromthepublic.According tothe informationandexplanationgiven tousnoorder has been passed by the Company LawBoard or National Company Law Tribunal orReserve Bank of India or any Court or othertribunalinthisregard.

(ii) Inouropinionandopinionoftheotherauditorsandaccordingtotheinformationandexplanationsgiventousandtotheotherauditors,subsidiaryCompaniesandjointventurehavenotacceptedanydeposits from thepublic.According to theinformationandexplanationsgiventousandtootherauditors,noorderhasbeenpassedbytheCompanyLawBoardorNationalCompanyLawTribunalorReserveBankofIndiaoranyCourtorothertribunalinthisregard.

6. WeandtheotherauditorshavebroadlyreviewedthebooksofaccountmaintainedbytheholdingCompanyandasubsidiarycompanypursuanttotherulesmadeby the Central Government for the maintenanceof cost records under Section 148(1) of the Act inrespectoftheproductsofthegrouptowhichthesaid

rulesaremadeapplicableandareoftheopinionthatprimafacie,theprescribedrecordshavebeenmadeandmaintained. Neither we nor the other auditorshave,however,madeadetailedexaminationofthesaidrecordswithaviewtodeterminewhethertheyare accurate and complete.

7. (a) According to the records of the group and itsjoint venturearegenerally regular indepositingwith appropriate authorities undisputed statutory dues includingprovident fund,employees’stateinsurance, income- tax, sales-tax, wealth tax,servicetax,dutyofcustoms,dutyofexcise,valueadded taxcessandanyothermaterial statutoryduestotheextentapplicabletoitandtherearenoundisputedstatutoryduespayableforaperiodofmorethansixmonthsfromthedatetheybecamepayableasat31st March 2015.

(b) According to the records and information andexplanationsgiventousandtotheotherauditors,therearenoduesinrespectofIncomeTaxandWealthTax thathavenotbeendepositedwiththe appropriate authorities on account of anydispute and dues in respect of Custom Duty,ServiceTax,ExciseDuty,Sales taxandCess(refernoteno.43)thathavenotbeendepositedwithappropriateauthorityonaccountofdisputeandtheforumwhere the dispute is pending are givenbelow:-


Period Forum

HoldingCompany

CustomActCustomduty 11.42 1992-93 HighCourt–UttaranchalCustomduty 193.05 2004-05,2009-10 Asstt.CommissionerofcustomDutyDrawback 15.86 2006-07 JointSecretary,DepartmentOfRevenueCustomDuty 763.77 2004-05,2010-11 CommissionerCustoms(Appeals)

Finance Act 1994

ServiceTax 36.31 2004-05to2007-08 CESTATServiceTax 8.09 2004-08,2010-12 AssistantCommissioner-Haldwani

CentralExciseAct

CenvatCredit 7,438.36 2007-08to2013-14 CommissionerAllahabadCenvatCredit 6,568.27 2006-07 to 2013-14 AssistantCommissionerHaldwaniCenvatCredit 1,118.53 2013-14 CommissionerLTU–KSPCenvatCredit 1,920.52 2013-14 CommissionerLTU–GKPCenvatCredit 33.86 2010-11 to 2013-14 CommissionerAppealAllahabadCenvatCredit 20.54 2005-06to2009-10 CESTATCenvatCredit 15.82 2011-12 to 2013-14 Asstt.CommissionerGorakhpurCenvatCredit 9.06 2010-11 to 2011-12 CommissionerAppeals,LTU-GKPCenvatCredit 6.41 2013-14 Assistant/DeputyCommissionerLTU–GKPCenvatCredit 5.91 2011-12 to 2013-14 AdditionalCommissioner,LTU-KSPCenvatCredit 2.56 2013-14 Joint/AdditionalCommissionerLTU–KSPCenvatCredit 12.20 2008-09to2012-13 CommissionerAppealLTU–KSPCenvatCredit 0.23 2013-14 Superintendent - LTU- GKPExciseduty 4,183.63 2010-11 CommissionerLTU–KSPExciseDuty 902.57 2007-08to2011-12 Asstt.CommissionerGorakhpurExciseduty 90.62 2006-07to2009-10 AllahabadHighCourtExciseduty 69.99 2007-08 CESTATExciseduty 56.70 2005-06to2008-09,

2012-13,2013-14AssistantCommissionerHaldwani

Exciseduty 14.10 2008-09to2012-13 AdditionalCommissionerLTU-KSPExciseduty 1.87 2010-11 JointSecretary,GOI,NewDelhi

UP VAT Act SalesTax 16.65 2008-09,2009-10,2011-12&2013-14

AdditionalCommissioner




Subsidiary Company-Shakumbari Sugar & Allied Industries Limited

CentralSalesTaxAct

CentralSalesTax

2,544.67 2004-05&2007-08

Dy.CommissionerofCommercialTaxes,Saharanpur

CentralSalesTax

13.79 2005-06&2006-07

Addl.CommissionerofCommercialTaxes,Saharanpur

CentralExciseAct

ExciseDuty 33.04 2007-08to2008-09,2011-12 to 2012-13

CESTAT,NewDelhi

ExciseDuty 6.46 2008-09to2012-13, CESTAT,NewDelhiExciseDuty 5.15 2010-11 to 2012-13 Asst.Commissioner,Saharanpur

UPTradeTaxAct

EntryTax 0.48 2004-05 Dy.CommissionerofCommercialTaxes,Saharanpur

EntryTax 3.32 2005-06 to 2006-07 Addl.CommissionerofCommercialTaxes,Saharanpur

UPTradeTaxAct

ProvincialSalesTax

309.85 2007-08 Dy.CommissionerofCommercialTaxes,Saharanpur

ProvincialSalesTax

0.11 2005-06 Addl.CommissionerofCommercialTaxes,Saharanpur

(c) (i) According to the recordsof thegroupandthe information and explanations given tous,theamountrequiredtobetransferredbytheHoldingCompanytoInvestorEducationand Protection Fund in accordance with the relevant provisions of theCompaniesAct,1956andrulesmadethereunderhasbeentransferredtosuchfundwithintime.

(ii) Therewerenoamountswhichwererequiredtobe transferred to the investoreducationand protection fund by the subsidiaryCompaniesandjointventure.

8 (i) The holding company does not haveaccumulatedlossesasattheendofthefinancialyear. Further holding company has not incurred cash lossduring thecurrentfinancialyearandnotintheimmediatelyprecedingfinancialyear.However,consideringtheexceptionalitem(noteno.46)holdingcompanyhasincurredcashlossduring the current financial year, aswell as intheimmediatelyprecedingfinancialyear.

(ii) SubsidiarycompanyIGLFinanceLimited(IGLFL)andjointventure,haveaccumulatedlossesasat31stMarch,2015whicharenotmorethan50%ofitsnetworth.IGLFLandjointventurehaveincurredcashlossesduringthefinancialyear,aswellasintheimmediatelyprecedingfinancialyear.

(iii) In respect of subsidiary company ShakumbariSugar & Allied Industries Limited (SSAIL),SSAILhasaccumulatedlossesattheendofthefinancialyearexceedingfiftypercentof itsnetworth(networthfullyeroded,readwithnoteno.45(a)), furtherSSAILhas incurredcash lossesduring the current financial year and in theimmediatelyprecedingfinancialyear.

9. Basedonourauditproceduresandontheinformationandexplanationsgivenbythemanagement,thegroupanditsjointventurehavenotdefaultedinrepaymentof dues to financial institution, banks or debentureholders other than in case of a subsidiary company (SSAIL) who has defaulted in repayment of instalments dues of principal and interest amount to the banks of

` 950.44 Lacs & ` 88.72 Lacs (maximum period of 730 days) respectively. (Refer note no. 45 (b)).

10. Accordingtotheinformationandexplanationsgivento us, the holding company has given corporateguarantees to banks for Loans taken by SSAIL (asubsidiaryCompany) for amounting to ` 12,045.43lacsasstatedinnoteno.27(A)(iii)ofthestandalonefinancial statements, the terms and conditionson which the Company has given guarantees forloans taken by SSAIL from banks are not, primafacie,asexplained,prejudicial totheinterestoftheholdingCompanysincethesameis/areonaccountof commercial expediency.Asexplained tousandother auditors, the subsidiary companies and jointventurehavenotgivenanyguaranteeforloanstakenbyothersfromfinancialinstitution.

11. (i) According to the information and explanationsgiven tousand to theotherauditors, the termloansbythegroupwereappliedforthepurposesforwhichtheloanswereobtainedexceptpendingutilization,havebeentemporarilyparkedinthecurrentassets/depositwithbanks.

(ii) Asexplainedtous,asubsidiaryandjointventurehavenottakenanyloanduringtheyear.

12. Duringthecourseofourexaminationofthebooksandrecordsofthecompanycarriedoutinaccordancewiththe auditing standards generally accepted in India and basedon the relianceplacedon the report ofotherauditors,wehaveneithercomeacrossanymaterialinstanceoffraudonorbytheGroupandasubsidiarycompany(theauditorofSSAILhasgiventhereferenceof note No. 43 in its report) and its joint venture,noticedneitherreportedduringtheyearnorwehavebeeninformedofsuchcasebythemanagement.

For LODHA & CO.,CharteredAccountants

Firm’sRegistrationNo.301051E

(N. K. LODHA)Place:Noida,UP PartnerDate:28thMay,2015 MembershipNo.85155




Consolidated Balance Sheet as at 31st March, 2015

Summaryofsignificantaccountingpolicies 1 Theaccompanyingnotesareanintegralpartofthefinancialstatements. AsperourreportofevendateFor Lodha & Co. U.S. Bhartia M.K. Rao Chartered Accountants Chairman and Managing Director Executive Director Firm Registration no. 301051E N.K. Lodha Rakesh Bhartia Anand Singhal Partner Chief Executive Officer Chief Financial Officer M.No.85155Place :Noida,UP Place : Noida,UP Lalit Kumar Sharma Dated:28thMay,2015 Dated : 28thMay,2015 Company Secretary

(`inlacs) NoteNo. As at

31.03.2015 As at

31.03.2014EQUITY AND LIABILITIESShareholders’ FundsShareCapital 2 3,096.15 3,096.15ReservesandSurplus 3 26,609.08 34,149.21

29,705.23 37,245.36Non-current LiabilitiesLong-termborrowings 4 40,068.17 70,929.57Deferredtaxliabilities(Net) 5 4,874.61 10,654.44OtherLong-termliabilities 6 407.97 874.61Long-termprovisions 7 519.95 365.13

45,870.70 82,823.75Current LiabilitiesShort-termborrowings 8 141,759.10 111,007.17

Tradepayables 24,652.96 49,113.80Othercurrentliabilities 9 72,954.49 43,434.48Short-termprovisions 7 498.94 661.37

239,865.49 204,216.82TOTAL 315,441.42 324,285.93ASSETSNon-current AssetsFixed AssetsTangibleassets 10 111,476.28 127,678.95Intangibleassets 10 76.90 229.97Capitalwork-in-progress 10 16,137.61 13,693.48Intangibleassetsunderdevelopment 10 48.90 50.00GoodwillonConsolidation 3,039.30 3039.30Non-currentinvestments 11 400.00 404.11Long-termloansandadvances 12 5,816.21 5,826.99Othernon-currentassets 13 314.29 324.23

137,309.49 151,247.03Current AssetsCurrentInvestments 11 - 9.80Inventories 14 48,708.73 58,674.52Tradereceivables 15 43,719.81 44,060.86CashandBankbalances 16 16,191.85 16,446.52Short-termloansandadvances 17 69,043.49 53,607.48Othercurrentassets 18 468.05 239.72

178,131.93 173,038.90TOTAL 315,441.42 324,285.93




NoteNo. 2014-15 2013-14

Revenuefromoperations 19 257,949.78 297,657.20

Otherincome 20 4,226.86 1,931.66

Total Revenue 262,176.64 299,588.86

Expenses:

Costofmaterialsconsumed 21 138,647.78 155,861.00

PurchaseofStock-in-Trade 22 32,934.30 51,030.79

Changeininventoriesoffinishedgoods,work-in-progressand Stock-in-trade

23 4,378.13 1,032.09

Employeebenefitexpense 24 9,214.27 8,676.69

Finance costs 25 16,338.73 15,034.27

Depreciationandamortizationexpense 10 8,878.48 9,060.77

Otherexpenses 26 60,385.87 60,883.04

Total Expenses 270,777.56 301,578.65

Profit/(Loss)beforeexceptionalitemsandtax (8,600.92) (1,989.79)

ExceptionalItems(Net) 46 5,795.51 19,172.62

Profit/(Loss)beforetax (14,396.43) (21,162.41)

TaxExpense:

-CurrentTax - -

-DeferredtaxCharged/(Credit) (5,531.16) (5,024.79)

-Taxforearlieryears (0.78) (1.83)

-MinimumAlternateTaxCreditentitlement - -

Profit/(Loss)fortheperiod (8,864.49) (16,135.79)

Earning per Equity share basic/ diluted (28.63) (52.12)

Summaryofsignificantaccountingpolicies 1

Theaccompanyingnotesareanintegralpartofthefinancialstatements.

AsperourreportofevendateFor Lodha & Co. U.S. Bhartia M.K. Rao Chartered Accountants Chairman and Managing Director Executive Director Firm Registration no. 301051E N.K. Lodha Rakesh Bhartia Anand Singhal Partner Chief Executive Officer Chief Financial Officer M.No.85155Place :Noida,UP Place : Noida,UP Lalit Kumar Sharma Dated:28thMay,2015 Dated : 28thMay,2015 Company Secretary

ConsolidatedStatementofProfit&Loss for the year ended March 31, 2015 (`inlacs)




Consolidated Cash Flow Statement for the year ended 31st March, 2015 (`inlacs)

2014-15 2013-14

A Cash Flow from Operating Activities NetProfit/(Loss)BeforeTax (14,396.43) (21,162.41) AdjustmentsFor: Depreciation 8,878.48 9,060.77 (Profit)/LossonSaleofAssets (5,197.77) (168.51) UnrealisedForeignExchangeFluctuation(Gain)/Loss 94.53 (1,376.46) AmortisationofForeignCurrencyMonetaryItemTranslationDifference 2,355.19 1,832.88

EffectofExchangeDifferenceonTranslationofForeignCurrencyCash&CashEquivalent

0.01

0.08

InsuranceGainRecoverable (2,407.00) - (Profit)/LossonSaleofNon-CurrentInvestments (684.74) - (Profit)/LossonSaleofCurrentInvestments 0.63 (883.59) ProvisionforDiminutioninValueofCurrentInvestments - 0.20 BadDebtsW/Off&ProvisionforDoubtfulDebts&Advances 6,280.49 8,406.99 ProvisionNoLongerRequiredWrittenBack (214.01) (49.51) FinanceCosts 17,867.38 15,849.57 Interest/DividendIncome (2,003.87) 24,969.32 (1,571.30) 31,101.12 OperatingProfit/(Loss)beforeWorkingCapitalChanges 10,572.89 9,938.71 AdjustmentsFor: (Increase)/DecreaseinTrade&OtherReceivables (14,735.50) (29,753.06) (Increase)/DecreaseinInventories 9,965.79 (1,595.88) Increase/(Decrease)inTrade&OtherPayables (22,648.89) (27,418.60) (1,499.50) (32,848.44) Cash Generated from / (Used in) Operations (16,845.71) (22,909.73) IncomeTaxPaid(Net) (257.19) (477.31) NetCashflowfrom/(Usedin)OperatingActivities (17,102.90) (23,387.04)B Cash Flow from Investing Activities PurchaseofFixedAssets (7,117.33) (11,497.69) SaleofFixedAssets 18,943.67 1,282.20 Interest/Dividendreceived 1,890.02 1,438.02 ICDsgiven (15.00) - ICDsreceivedback 3,062.00 1,695.45 Investmentsinsharesofsubsidiaries/jointventure (5.00) - SaleofNon-CurrentInvestments 693.85 -

SaleofCurrentInvestments 9.17 18,555.80 Purchaseofcurrentinvestment - (490.00) NetCashflowfrom/(Usedin)InvestingActivities 17,461.38 10,983.78C Cash Flow from Financing Activities ProceedsfromIssueofShareCapital 220.19 - ProceedsfromBorrowings 79,389.88 108,859.18 RepaymentofBorrowings (61,203.10) (81,544.30) FinanceCosts (18,415.36) (17,719.81) DividendsPaid(IncludingCorporateDividendTax) (371.62) (935.54) NetCashflowfrom/(Usedin)FinancingActivities (380.01) 8,659.53D Effect of Changes in Currency Fluctuation Reserve (2.67) (25.15)E Effect of Exchange Differences on Translation of Foreign Currency (0.01) (0.08) Cash & Cash Equivalent Net Increase/(Decrease) in Cash & Cash Equivalents

[A+B+C+D+E] (24.21) (3,768.96)

OpeningCash&CashEquivalent(refernote16) 2,208.10 5,977.06 ClosingCash&CashEquivalent(refernote16) 2,183.89 2,208.10Theaccompanyingnotesareanintegralpartofthefinancialstatements. AsperourreportofevendateFor Lodha & Co. U.S. Bhartia M.K. Rao Chartered Accountants Chairman and Managing Director Executive Director Firm Registration no. 301051E N.K. Lodha Rakesh Bhartia Anand Singhal Partner Chief Executive Officer Chief Financial Officer M.No.85155Place :Noida,UP Place : Noida,UP Lalit Kumar Sharma Dated :28thMay,2015 Dated : 28thMay,2015 Company Secretary




Notes to Consolidated Financial Statements1. SIGNIFICANT ACCOUNTING POLICIES

2. SHARE CAPITAL


Particulars As at As at 31.03.2015 31.03.2014

Authorised :

45,000,000(PreviousYear45,000,000)EquitySharesof` 10/- each 4,500.00 3,000.00

4,500.00 3,000.00

Issued, Subscribed and paid up : 30,961,500(PreviousYear30,961,500)EquityShares 3,096.15 3,096.15of`10/-eachfullypaidup

3,096.15 3,096.15

PRINCIPLES OF CONSOLIDATION (i) TheConsolidatedFinancialStatements(CFS)comprisesthefinancialstatementsofIndiaGlycolsLimited(IGL)

anditsfollowingSubsidiaries/JointVentureasonMarch31,2015.

Name of the Company Nature Country of Incorporation

% of Shareholding & Voting Power

ShakumbariSugar&AlliedIndustriesLimited(SSAIL) Subsidiary India 98.89%

IGLChemInternationalPTE.LTD. Subsidiary Singapore 100%

IGL Finance Limited Subsidiary India 100%

IGLInfrastructurePvt.Ltd.# Subsidiary India 100%

IGLChemInternationalUSALLC(IGLCHEMUS)* Subsidiary USA 100%

Kashipur Infrastructure and Freight Terminal PrivateLimited(KIFTPL)

Joint Venture India 48.90%

#Incorporatedon13.10.2014 *Incorporatedon09.07.2014(ii) ForConsolidationIGLInfrastructurePvt.Ltd.,awhollyownedsubsidiaryhasnotbeenconsideredastheinvestment

isheldtemporarilywithaviewtoitssubsequentdisposalinthenearfuture.(iii) TheConsolidatedFinancialStatementshavebeenpreparedusinguniformaccountingpoliciesandinaccordance

withthegenerallyacceptedaccountingprinciples(GAAP).(iv) Theeffectsofintergroupbalancesandtransactionsareeliminatedinconsolidation.(v) ThedifferencebetweenthecoststotheHoldingCompanyof its investment in theSubsidiaryCompaniesover

theHoldingCompany’sportionofequityofthesubsidiariesisrecognizedinthefinancialstatementsasGoodwillorCapitalReserveasthecasemaybe.GoodwillarisenonconsolidationisshownasseparatelineiteminthebalancesheetunderAssetsandCapitalReserveonconsolidationisshownunderReserve&Surplus.

(vi) ThepolicyadoptedbySSAILforvaluationofInventoriesisenumeratedbelow:-(a) FinishedGoodsandStockinProcessofSugar-Atcostoratnetrealisablevaluewhicheverislower,thenet

realizablevalueofsugarincaseoffinishedgoodsstockoflevysugarisconsideredbasedonthelevypricenotifiedbytheCentralGovernment.

(b) Storeandsparesparts–Atcostarrivedatapplyingweightedaveragemethod.(c) Canecrop–AtnetrealisablevaluedeterminedonthebasisofestimatedyieldperhectareandInventoryof

Molasses,Bagasse,PressmudandBioCompostareconsideredatnetrealizablevalue.(vii)ForeignSubsidiaryconversion:Operationofforeignsubsidiaryhasbeenconsiderednonintegralforeignoperation

by themanagement thusall assetsand liabilitiesare convertedat the ratesprevailingat theendof the yearandRevenueitemshavebeenconsolidatedattheaveragerates.Exchangegain/lossarisingontranslationoffinancialstatementsofforeignsubsidiariesareshownunderthehead‘ForeignCurrencyTranslationReserve’intheConsolidatedBalanceSheet.

(viii)InterestsinJointVenture(KIFTPL)hasbeenaccountedbyusingtheproportionateconsolidationmethodasperAccountingStandard27-“FinancialReportingofinterestsinJointVentures”notifiedbyCompanies(AccountingStandards)Rules,2006.




Notes to Consolidated Financial Statementsa) Terms/rights attached to equity shares:

TheCompanyhasonlyoneclassofsharesreferredtoasequityshareshavingaparvalueof 10/- per share. Each holderofequitysharesisentitledtoonevotepershare.

Intheeventofliquidationofthecompany,theholdersofequityshareswillbeentitledtoreceiveremainingassetsofthecompany,afterdistributionofallpreferentialamounts.Thedistributionwillbeinproportiontothenumberofequitysharesheldbytheshareholders.

b) Details of shareholders holding more than 5% shares in the company

Name of Shareholder 31.03.2015 31.03.2014 No’s No’s

KashipurHoldingsLimited 10,287,406 10,287,406

SajaniDeviBhartia 2,100,249 2,100,249

c) Reconciliation of the number of shares outstanding at the beginning and at the end of the reporting period

Particulars 31.03.2015 31.03.2014 No’s No’s

Sharesoutstandingasatthebeginningoftheyear 30,961,500 30,961,500

Additions during the year - -

Deletionsduringtheyear - -

Sharesoutstandingasattheendoftheyear 30,961,500 30,961,500

d) Inlast5yearstherewasnoBonusIssue,buybackand/orissueofsharesotherforcashconsideration.

3. RESERVES AND SURPLUS

( ` in Lacs)

Asat Additions Deductions As at 01.04.2014 31.03.2015

CapitalReserve 679.33 - - 679.33

CapitalReserveonconsolidation* - 220.19 - 220.19

GeneralReserve# 11,184.00 - 469.85 10,714.15

StatutoryReserve 0.30 - - 0.30

SecurityPremium 3,958.36 - - 3,958.36

MollasesReserveFund 1.89 - - 1.89

ForeignCurrencyTranslationReserve (18.25) - 2.67 (20.92)

ReserveforContingencies 200.00 - - 200.00

SurplusinStatementofProfit&Loss{Referfootnote(a)] 20,419.28 (8,864.49) - 11,554.79

Sub Total (a) 36,424.91 (8,644.30) 472.52 27,308.09

ForeignCurrencyMonetaryItemTranslationDifference

(DebitBalance) (2,275.70) (778.50) (2,355.19) (699.01)

Sub Total (b) (2,275.70) (778.50) (2,355.19) (699.01)

Total (a) + (b) 34,149.21 (9,422.80) (1,882.67) 26,609.08

Previousyear 50,485.47 (1,645.71) 14,690.55 34,149.21




March 31, 2015 March31,2014

(a)DetailofSurplusintheStatementofProfit&Loss

Openingbalance 20,419.28 36,917.56

Add:NetProfit/(Loss)aftertaxtransferredfromStatement

ofProfitandLoss (8,864.49) (16,135.79)

11,554.79 20,781.77

Less: Appropriations

ProposedDividend** - 309.62

CorporateDividendTax - 52.62

TransfertoMolassesReserveFund - 0.25

NetSurplusintheStatementofProfit&Loss 11,554.79 20,419.28

11,554.79 20,419.28

*WithrespectinJointventure(ReferNoteNo.48)

**TheBoardofDirectors,proposedafinaldividendof`Nil(Previousyear`1)perequityshare.ThetotaldividendappropriationfortheyearendedMarch31,2015amountedto`Nil(PreviousYear`362.24Lacs)includingcorporatedividendtaxof`Nil(PreviousYear`52.62Lacs).

#InviewofadoptionofscheduleIIofTheCompaniesAct2013,depreciationonassetswhoseusefullifeexpiredpriorto01stApril2014haschargedtoGeneralReserve(netofdeferredtax`248.67Lacs)

4. LONG TERM BORROWINGS

( ` in Lacs)

Non-Current Portion Current Maturities

As at As at As at As at 31.03.2015 31.03.2014 31.03.2015 31.03.2014

SECURED LOANS

Rupee Term Loans

fromBanks 29,345.16 39,549.39 28,443.11 19,760.33

OtherthanBanks 2,448.29 2,707.23 258.93 295.74

ForeignCurrencyTermLoansfromBanks 7,751.02 21,762.71 15,919.84 3,282.31

39,544.47 64,019.33 44,621.88 23,338.38

UNSECURED LOANS

Loanfromrelatedparties(BodyCorporates) - 6,910.24 - -

Loanfromothers 523.70 - - -

523.70 6,910.24 - -

Less: Amount disclosed under the head

“OtherCurrentLiabilities”(NoteNo.9) - - 44,621.88 23,338.38

40,068.17 70,929.57 - -

( ` in Lacs)Notes to Consolidated Financial Statements




Notes to Consolidated Financial Statements

Notes: 1 TheTerm Loans inter-se, are secured / to be secured bymortgage of all immovable properties of theCompany both present and future and

hypothecationofallmovablepropertiesoftheCompany(saveandexceptbookdebts)includingmovablemachinery,machineryspares,toolsandaccessories,bothpresentandfuturesubjecttopriorchargescreatedand/ortobecreatedinfavourofthebankersoftheCompanyonstocks,bookdebtsandotherspecifiedmovablepropertiesforworkingcapitalrequirements/BuyersCredit.

2 RupeeTermLoansincludesloansfromBanksof`46.19Lacs(PreviousYear` 32.13Lacs)andloansfromothersof`Nil(PreviousYear` 10.64 Lacs)securedbyhypothecationofMotorVehiclespurchasedthereunderwhichisrepayableondifferentdates.Further,RupeeTermLoansfromothers includes `608.75Lacs(PreviousYear`708.75Lacs)securedagainstbankguarantee.

3 TermLoanfrombankof`4,654.47Lacs(PreviousYear`4,978.47lacs), isrepayable in8equalquarterly installmentsof` 517.50 Lacs and 1 installmentof` 514.47 lacs.

4 TermLoanfrombankof`10,000.00Lacs(PreviousYear` 10,000.00Lacs),isrepayablein12equalquarterlyinstallmentscommencingfromApril2015.5 TermLoanfrombankof`2,499.60Lacs(PreviousYear` 2,499.60Lacs),isrepayablein10equalquarterlyinstallmentscommencingfromMay2015.6 TermLoanfrombankof` Nil(PreviousYear`2,500.00Lacs),isrepayablein4equalquarterlyinstallments.7 TermLoanfrombankof`2,915.00Lacs(PreviousYear`2,915.00Lacs),isrepayablein2quarterlyinstallments(2installmentsof` 1457.50 Lacs

each)commencingfromMay2015.8 TermLoanfrombankof` NilLacs(PreviousYear` 1,637.28Lacs).ItincludesForeignCurrencyLoanof`Nil(PreviousYear`898.80Lacs,USD

15.00Lacs)9 TermLoanfrombankof` 1,249.98Lacs(PreviousYear` 1,458.33Lacs),isrepayablein6equalquarterlyinstallments.10 TermLoanfrombankof` 3,093.75Lacs(PreviousYear`3,093.75Lacs),isrepayablein7equalquarterlyinstallments.11 TermLoanfrombankof`1,951.00Lacs(PreviousYear`2,380.00lacs),isrepayablein54equalmonthlyinstallmentsof` 35.75 Lacs each and

remaining1installmentsof` 20.50 Lacs.12 TermLoanfrombankof` 2,185.57Lacs(PreviousYear`2,187.50Lacs), is repayable in5equalquarterly installmentsof` 364.58Lacsand

remaining1installmentsof` 362.67 Lacs.13 TermLoanfrombankof` 1,875.00Lacs(PreviousYear` 1,875.00Lacs),isrepayablein2equalquarterlyinstallments.14 TermLoanfrombankof` 1,421.29Lacs(PreviousYear` 2,233.46Lacs), isrepayable in06equalquarterly installmentsof` 203.05 Lacs and

remaining1installmentsof` 202.99Lacs.15 TermLoanfrombankof` 2,499.98Lacs(PreviousYear` 2,500.00Lacs),isrepayablein1installmentsinApril2015.16 TermLoanfrombankof` 3,431.00Lacs(PreviousYear` 3,432.95Lacs),isrepayablein13equalquarterlyinstallmentsof` 245.21 Lacs each and

remaining1installmentsfor` 243.27 Lacs.17 TermLoanfrombankof` 4,374.98Lacs(PreviousYear` 4,375.00Lacs),isrepayablein3equalquarterlyinstallmentscommencingfromApril2015.18 TermLoanfrombankof 2,551.00Lacs(PreviousYear 2,551.00Lacs),isrepayablein12equalquarterlyinstallmentsof 212.58Lacscommencing

fromSep.2015. 19 TermLoanfrombankof` 8,750.00Lacs(PreviousYear` 5,000.00Lacs),isrepayablein14equalquarterlyinstallmentsis` 625 Lacs.20 TermLoanfrombankof` 3,923.65Lacs(USD62.77Lacs)(PreviousYear`3,761.38Lacs,USD62.77Lacs),isrepayablein5equalquarterly

installments.21 TermLoanfrombankof`Nil(USDNil),(PreviousYear`868.30Lacs,USD14.49Lacs),22 TermLoan frombankof` 9,500.77Lacs (USD155.46Lacs) (PreviousYear` 9,315.15Lacs,USD155.46Lacs), is repayable in 10monthly

installments(3equalmonthlyinstallmentsof`583.33Lacs,3equalmonthlyinstallmentsof`883.33Lacs,3equalmonthlyinstallmentsof`856.67LacsandbalanceinlastinstallmentcommencingfromApril2015.

23 TermLoanfrombankof` 10,246.44Lacs(USD170.25Lacs)(PreviousYear` 10,201.38Lacs(USD170.25Lacs),isrepayablein36monthlyinstallments(33equalmonthlyinstallmentsof`271.67Lacsand3equalmonthlyinstallmentsof`427.11LacscommencingfromApril2015.

24 TermLoanfromDBTBihorama`350.00Lacs(PreviousYear`450.00Lacs)isrepayablein7equalhalfyearlyinstallment.25 TermLoanfromDBTBihorama`258.75Lacs(PreviousYear`258.75Lacs)isrepayablein10equalhalfyearlyinstallmentaftercompletionoftheproject.26 Loanfromrelatedpartiesof`Nil(PreviousYear`6,910.24Lacs)ispayableafteraperiodof3yearsfromtherespectivedateofloans.27 Term loan fromBanksof`1,778.98Lacs (Previousyear` 1,956.92Lacs) in respectofsubsidiaryCompany, is repayable in8equalquarterly

installmentsof` 44.47Lacseach,8equalquarterlyinstallmentsof` 88.95Lacseach&4equalquarterlyinstallmentsof` 177.89LacseachstartingfromYear2016.TheloanissecuredbyafirstparipassuchargeontheentirefixedassetsofthesubsidiaryCompanypresentandfutureandsecondparipasuchargeoncurrentassetsofthesubsidiaryCompanybothpresent&future.

28 Term loan fromBanksof` 1,250.00Lacs (Previousyear` 2,083.29Lacs) in respectofsubsidiaryCompany, is repayable in6equalquarterlyinstallmentsof`208.33Lacseach.TheloanissecuredbyafirstparipassuchargecreatedonmovableandimmovablepropertiesbothpresentandfutureofsubsidiaryCompany’splantsituatedatsaharanpurinstateofUttarPradesh.

29 TermloanfromBanksof` 18.85Lacs(Previousyear` 18.85Lacs)inrespectofsubsidiaryCompany,isrepayablein2quarterlyinstallment1stof` 10.11Lacsand2ndquarterlyinstallmentof` 8.74Lacs.Theloanissecuredbyafirstparipassuchargecreatedonmovable(includingbookdebts)andimmovablepropertiesbothpresentandfutureofsubsidiaryCompany’splantsituatedatsaharanpurinstateofUttarPradesh.

30 TermloanfromBanksof 761.00Lacs(Previousyear Nil)inrespectofsubsidiaryCompany,isrepayablein36monthlyinstallmentof 21.14 Lacs eachstartedfromyear2016.TheLoanissecuredbyfirstparipasuchargeonfixedassetsofthesubsidiaryCompany.

31 TermLoanfromSugarDevelopmentFundof`92.55Lacs(Previousyear`277.66Lacs)isrepayablein1halfyearlyinstallmentsof` 92.55Lacs.32 TermLoanfromSugarDevelopmentFundof` 1,740.42Lacs(Previousyear` 1,740.42Lacs)isrepayablein5equalyearlyinstallmentsof`348.08

Lacseachstartedfromyear2017.33 TermLoanfromSugarDevelopmentFundof` 265.50Lacs(Previousyear` 265.50Lacs)isrepayablein4equalyearlyinstallmentsof` 66.38Lacs

eachstartedfromyear2016.34 Theaboveloans(27to33)issecuredbycorporateguranteesofIndiaGlycolsLimited(TheHoldingCompany).35 TermLoanfacilitiesfromBankof` 480.63lacs(PreviousYear` 500.00Lacs)(beingshareofJointVenture[JV])securedbyFirstChargeoverall

thefixedassets(moveable&immovable)includingmortgageoverProjectlandofJV,firstchargeonalltheJV’saccountincludingDSRA&Escrowaccountandassignmentofinsurancepoliciesofassets.Thesameispayablein34quarterlyinstalmentscommencingfromJanuary2015.Howeverthecreationofnecessarychargebywayofhypothecationisinprocess.

36 Loanfromothersof`523.70Lacs(Previousyear` Nil)ispayableafteraperiodof3yearsfromtherespectivedateofloans.

IGL Balance Sheet 2015.indd.indd 100 7/25/20156:03:09PM




5. DEFERRED TAX LIABILITIES (NET)

( ` in Lacs)

As at As at 31.03.2015 31.03.2014

PursuanttotheAccountingStandardon“AccountingfortaxesonIncome“(AS-22)deferredtaxliability/assetsareas:

Deferred Tax Assets :-

AmountcoveredU/s43B 377.97 236.95

Provisionfordoubtfuldebts/advances 4,672.63 2,872.99

UnabsorbedDepreciation 7,187.90 4,149.00

Business Loss 569.82 496.85

Others 236.19 209.94

Gross Deferred tax Assets 13,044.51 7,965.73

Deferred Tax Liabilities :-

Accelerated depreciation 17,279.92 17,510.05

Others 639.20 1,110.12

Gross Deferred tax Liability 17,919.12 18,620.17 Net Deferred Tax Liability 4,874.61 10,654.44

6. OTHER LONG TERM LIABILITIES

( ` in Lacs)

As at As at 31.03.2015 31.03.2014

InterestAccruedbutnotdueonborrowings 321.06 256.42

Retention Money 44.35 52.92

Security deposits 42.56 565.27

407.97 874.61

7. PROVISIONS

( ` in Lacs)

Long - Term Short - Term As at As at As at As at 31.03.2015 31.03.2014 31.03.2015 31.03.2014

Provisionforemployeebenefits ProvisionforGratuity - - 281.80 127.12 ProvisionforLeaveEncashment 519.95 365.13 199.89 162.90 519.95 365.13 481.69 290.02Others: Proposedequitydividend - - - 309.62Provisionfortaxonproposedequitydividend - - - 52.62 ProvisionforFringeBenefitTax{Netofadvancetax`38.65Lacs)(PreviousYear`38.65Lacs)} - - 0.26 0.26 ProvisionforWealthTax - - 16.99 8.85 - - 17.25 371.35 519.95 365.13 498.94 661.37





8. SHORT TERM BORROWINGS

( ` in Lacs)

As at As at 31.03.2015 31.03.2014

SECURED LOANS

LoansrepayableondemandfromBanks:

BuyersImportCredit* 48,713.30 31,653.31

WorkingCapitalLoans* 86,516.07 75,501.50

135,229.37 107,154.81

UNSECURED LOANS

Short Term Loan From Related Parties - 40.50

ShortTermLoansfromBanks 6,529.73 3,811.86

6,529.73 3,852.36

141,759.10 111,007.17

* WorkingCapitalLoansfromBanksaresecured/tobesecuredbywayofhypothecationofbookdebtsandstocksincludingin-transitandotherspecifiedmovablepropertiesandsecondchargeonallimmovablepropertiesoftheCompany.BuyersCreditfacilityissecuredagainstnon-fundbasedfacilitysanctionedtotheCompany.

FurtherPackingcreditfacilityof`Nil(PreviousYear` 1570.00Lacs)(includedinworkingcapitalloans)arespecificallysecuredbypledgeofdeposit.

Outoftheabove,workingcapitalfacilityof`5,723.26Lacs(PreviousYear` 5,723.26Lacs)isalsosecuredbythecorporateguaranteesofIndiaGlycolsLimited(TheHoldingCompany).

9. OTHER CURRENT LIABILITIES

( ` in Lacs)

As at As at 31.03.2015 31.03.2014

Currentmaturitiesoflongtermborrowings(NoteNo4) 44,621.88 23,338.38

Interestaccruedbutnotdueonborrowings 385.80 196.93

Duties,taxesandotherstatutorydues 1,801.74 1,982.29

CapitalPayables 2,205.82 1,845.29

AdvancefromCustomers 6,111.02 4,613.80

Retention money 208.73 254.94

Interestaccruedanddueonborrowings 88.72 99.93

Expensespayable(IncludingMTMonderivativecontracts) 1,770.79 1,542.78

OtherPayables(RefNoteNo37) 15,643.63 9,433.16

Investoreducation&protectionfundshallbecreditedbythefollowingamountswhendue:

(i)UnclaimedDividends 111.91 121.29

(ii)Unclaimedmatureddeposits 3.36 4.16

(iii)Unclaimedinterestonabove(ii) 1.09 1.53

72,954.49 43,434.48





10. CONSOLIDATED FIXED ASSETS SCHEDULE

( ` in Lacs)

Description Gross Carrying Amount Depreciation/ Amortization Net Carrying Amount

As at Additions* Sales/ As at As at For the Sales/ As at As at As at

01.04.2014 Other 31.03.2015 01.04.2014 year** Other 31.03.2015 31.03.2015 31.03.2014

Adjust- Adjust-

ments ments

Tangible assets

FreeholdLand 1,747.64 31.40 16.71 1,762.33 - - - - 1,762.33 1,747.64

LeaseholdLand 1,527.71 - 691.19 836.52 168.66 17.23 81.87 104.02 732.50 1,359.05

Buildings 20,021.55 190.48 10,291.44 9,920.59 2,867.78 862.34 928.81 2,801.31 7,119.28 17,153.77

PlantandMachinery 175,843.84 6,526.44 2,357.77180,012.51 72,873.07 7,534.30 593.06 79,814.31 100,198.20102,970.77

OfficeEquipment 2,108.27 53.21 35.91 2,125.57 1,255.79 430.01 17.52 1,668.28 457.29 852.48

FurnitureandFixtures 3,740.11 94.95 2,429.91 1,405.15 754.18 413.92 525.50 642.60 762.55 2,985.93

Vehicles# 1,125.28 52.28 131.04 1,046.52 515.97 148.18 61.76 602.39 444.13 609.31

Total (A) 206,114.40 6,948.76 15,953.97197,109.19 78,435.45 9,405.98 2,208.52 85,632.91 111,476.28127,678.95

Previousyear 188,241.19 19,510.34 1,637.13206,114.40 70,044.59 8,926.78 535.92 78,435.45 127,678.95

Intangible assets

Computersoftware 814.32 38.79 - 853.11 584.35 191.86 - 776.21 76.90 229.97

Total (B) 814.32 38.79 - 853.11 584.35 191.86 - 776.21 76.90 229.97

Previousyear 1,063.92 - 249.60 814.32 687.26 134.21 237.12 584.35 229.97

Capital work-

in-progress 16,137.61 13,693.48

Intangible assets

under development 48.90 50.00

Notes:

*(i) AdditiontoPlantandMachineryincludesforeignexchangefluctuationdifferencearisingunderAS-11(Theeffectofchangesinforeignexchange

rates)videnotificationno.G.S.R225(E)dated31stMarch,2009issuedbyMinistryofcorporateaffairsofGovernmentofIndiaasamendedby

Companies(AccountingStandards)(SecondAmendment)Rules2011.

*(ii)Includescapitalisationof:

(a) Financecost:Plant&Machiery`651.82Lacs(PreviousYear`2,361.03Lacs).

(b) Exchangedifference:PlantandMachineryincludesCWIP 993.82Lacs(PreviousYear 962.10Lacs).(Unamortisedamount 3,880.59Lacs

(PreviousYear`3,080.06Lacs)

** includesdepreciationchargedtoGeneralreserve`718.52Lacs(Previousyear`Nil),refernoteNo38.

Depreciationamoutingto`0.84Lacs(PreviousYear`0.22Lacs)hasbeencarriedforwardasprojectpreoperativeexpnsesbyjointventureand

thesameisnotchargedtostatementofProfitandLoss.

# Grossblockincludes` 117.95Lacs(PreviousYear`130.39Lacs)securedbyhypothecationagainstloan

Note:

OpeningGrossBlock&AccumulateddepreciationofForeignSubsidiary,IGLChemPTELIMITED,Singapore,ason31stMarch,2015isreinstated

asperAS-11andamountof`Nil(PreviousYear`0.72Lacs)(Netofdepreciationof`Nil,PreviousYear`0.24lacs)isadjustedinForeignCurrency

TranslationReserve.





11. INVESTMENTS



As at March, 31 2015

As at March,312014

Non-Current InvestmentLong Term, Non- Trade Investment - At Cost less provisionInvestment in Equity InstrumentsUnquoted, Fully paid up - Subsidiary Companies

50,000 (PreviousYearNil) EquityShares of IGL InfrastructurePrivateLtd.

` 10 5.00 -

5.00 -

Quoted, fully paid up - Others

211,360(PreviousYear211,360)EquitySharesofIDBIBankLtd ` 10 105.00 105.00

Nil(PreviousYear34,000)EquitySharesofAxisBankLtd. ` 10 - 7.14

Nil(PreviousYear2,500)EquitySharesofICICIBankLtd. ` 10 - 1.97

105.00 114.11

110.00 114.11

Investment in Preference Share (Unquoted, fully paid up)

4,68,000(Previousyear4,68,000)15%RedemableNon-cumulative

PreferenceSharesofHindustanWiresLtd ` 100 468.00 468.00


22,00015%RedemableCumulativePreferenceSharesofHindustan

WiresLtd ` 100 22.00 22.00


290.00 290.00

Total Non - Current investments 400.00 404.11

AggregatedbookvalueofUnquotedinvestment 295.00 290.00

Aggregatedbookvalueofquotedinvestment 105.00 114.11

Marketvalueofquotedinvestments 150.07 700.53

AggregateprovisionmadeforDiminuitioninvalueofInvestments 200.00 200.00

Current Investments - at the lower of cost or fair value

Others-Unquoted, fully paid up (Non-Trade Investment)

Investments in Mutual funds

Nil(PreviousYear100,000)SBIGoldFund-growth ` 10 - 9.80

Total Current Investments - 9.80

AggregatedbookvalueofUnquotedinvestment - 9.80

AggregateprovisionmadeforDiminuitioninvalueofInvestments - 0.20





12. LONG TERM LOANS & ADVANCES(Unsecured,consideredgoodunlessstatedotherwise)

( ` in Lacs)

As at31.03.2015

As at31.03.2014

CapitalAdvances 2,967.58 3,137.82

SecurityDeposits@ 2,750.48 2,537.10

InterCorporateDeposits# 15.00 -

OtherLoans&advances*(Includes`Nil(PreviousYear`0.66Lacs)duefromadirector)

83.15 152.07

5,816.21 5,826.99

*Prepaidexpensesandloanstoemployees#Includesloanstorelatedparties` 15.00lacs(Previousyear` Nil)@ Includes ` 980.00 lacs (PreviousYear ` 760.00 Lacs) security deposit to director, private companies inwhichdirector/directorsofcompanyisdirectorandarealsorelatedparties.

13. OTHER NON-CURRENT ASSETS

( ` in Lacs)

As at31.03.2015

As at31.03.2014

Bankbalanceindepositaccount*(ReferNoteNo.16) 56.53 114.54

Interestreceivable 13.76 13.70

Others


314.29 324.23

*Pledgedwithbank/GovernementAuthoritiesasmarginmoney/securityagainstguarantees,packingcreditfacilityandotherborrowingsmaturingafter12months

14 INVENTORIES (At lower of cost and net realisable value)(Astaken,valuedandcertifiedbythemanagement)

( ` in Lacs)

As at31.03.2015

As at31.03.2014

Raw Materials * 17,249.79 22,452.81

Work-in-Process 4,618.51 4,618.72

Finished Goods ** 10,515.69 15,021.19

Stores and Spares 16,293.53 16,497.90


Scrap 3.26 6.36

Loose Tools 25.74 24.40

48,708.73 58,674.52

*Includes in transit `923.16Lacs(PreviousYear`218.18Lacs)**Includes in transit `20.83Lacs(PreviousYear`468.76Lacs)




15. TRADE RECEIVABLES(Unsecured,consideredgoodunlessstatedotherwise)

( ` in Lacs)


As at31.03.2015

As at31.03.2014

(a) Outstanding for a period exceeding six months from the date they are due forpayment

-Consideredgood(ReferNoteNo37) 14,294.12 2,744.07

-Doubtful 151.35 63.32

(b)Other(ConsideredGood) 29,425.69 41,316.79

43,871.16 44,124.18

Less:ProvisionforDoubtfuldebts 151.35 63.32

43,719.81 44,060.86

16. CASH AND BANK BALANCES

( ` in Lacs)

As at31.03.2015

As at31.03.2014

(a) Cash and Cash equivalents(i)CashinHand 67.25 32.70

(ii)BalancewithBanks

-OnCurrentAccounts 2,116.64 2,175.40

2,183.89 2,208.10

(b) Other bank balances-InFixedDepositAccounts*-Current 13,896.05 14,117.13

-InFixedDepositAccounts*-Noncurrent 56.53 114.54

-OnDividendAccounts 111.91 121.29

16,248.38 16,561.06

Less:AmountdisclosedunderOtherNonCurrentAssets(NoteNo13) 56.53 114.54

16,191.85 16,446.52

*Pledgedwithbank/GovernementAuthoritiesasmarginmoney/securityagainstguarantees,packingcreditfacilityandotherborrowings.





17. SHORT TERM LOANS & ADVANCES (Unsecured,consideredgoodunlessstatedotherwise)

( ` in Lacs)

As at31.03.2015

As at31.03.2014

DepositswithNonBankingFinancialInstitutions 1,429.00 4,491.00

Interestreceivable 771.56 657.77

ExportIncentivereceivable 1,643.13 2,851.01

BalancewithExciseandAuthorities 9,284.85 8,857.89

DepositswithGovernmentDepartments&Others 168.83 170.71

MATCreditEntitlements 8,075.74 8,075.74

Advance Income Tax/ Tax deducted at source (net ofincome taxprovisionof`4,076.08Lacs,PreviousYear`4,076.08Lacs)

929.41 671.44

Receivable fromsaleofRentalbusinessdivision (ReferNoteNo35)

18,420.00 -

Prepaidexpenses 1,581.60 966.28

OtherAdvances:

Advancesrecoverableincashorinkindorforvaluetobereceived

26,739.37 26,865.64

Doubtfuladvances/loans 71.97 73.59

26,811.34 26,939.23

Less:Provisionfordoubtfuladvances/loans (71.97) 26,739.37 (73.59) 26,865.64

69,043.49 53,607.48

18 OTHER CURRENT ASSETS

( ` in Lacs)

As at31.03.2015

As at31.03.2014

Upfrontfee,processingcharges,etcamortisedovertenureofloans

468.05 239.72

468.05 239.72

TheCompanyhasduringtheyearamortisedtheanciliarycostincurredinconnectionwiththeborrowingoverthetermoftheloan.





19 REVENUE FROM OPERATIONS

( ` in Lacs)

2014-15 2013-14

Sales of ProductsGlycols 70,599.53 75,786.60

E.O.Derivatives 107,955.67 106,906.63

GuarGumPowderandderivatives 11,837.37 29,603.61

EthylAlcohol(Potable) 69,111.92 65,744.32

Industrial Gases 3,758.33 3,961.33

Sugar 2,041.86 8,647.89

Saleoftradedgoods

ChemicalProducts 35,483.49 54,222.27

ExportIncentivereceivable 1,294.92 704.81

Others 7,228.28 5,147.19

309,311.37 350,724.65

Less:ExciseDuty 57,173.58 57,139.79

252,137.79 293,584.86

Sales of ServiceRent 1,408.55 1,378.06

Others 669.88 551.25

2,078.43 1,929.31

Other Operating Revenue

Provisionnolongerrequiredwrittenback/SundryBalanceswrittenback 214.01 49.51

Miscellaneous Income 3,519.55 2,093.52

3,733.56 2,143.03

Total Revenue from operations 257,949.78 297,657.20

20 OTHER INCOME

( ` in Lacs)

2014-15 2013-14

Interest Income 467.26 726.35

DividendonLongtermInvestment 7.96 15.56

InterestoncurrentInvestment - 12.09

Dividendoncurrentinvestment - 2.00

InsuranceClaimRecovarable 2,407.00 -

GainonsettlementwithJVpartner(Refnoteno48) 621.50 -

ProfitonsaleofCurrentinvestment - 883.59

ProfitonsaleofNon-Currentinvestment 684.74 -

ProfitonsaleofFixedAssets 38.40 292.07

4,226.86 1,931.66





21 COST OF MATERIALS CONSUMED

( ` in Lacs)

2014-15 2013-14

Raw Materials consumed

i)Molasses 34,928.44 39,327.83

ii)ChainStarters 18,459.09 12,196.12

iii)SpecialDenaturedSpirit 53,177.15 50,256.38

iv)Guarsplit,GuarSeeds,etc. 9,154.20 28,585.51

v)ProductionChemicals&Others 10,777.14 10,980.49

vi)Cane - 2,678.22

vii)PackingMaterial 12,151.76 11,836.45

Total 138,647.78 155,861.00

22 PURCHASE OF STOCK IN TRADE

( ` in Lacs)

2014-15 2013-14

ChemicalandOilProducts 32,934.30 51,030.79

32,934.30 51,030.79

(`inLacs)

23 CHANGES IN INVENTORIES OF FINISHED GOODS, WORK-IN-PROGRESS AND STOCK-IN-TRADE

( ` in Lacs)

2014-15 2013-14

CLOSING STOCKFinished Goods- Glycols 1,982.04 2,586.72 -E.O.Derivatives 7,084.24 7,414.56 -EthylAlcohol(Potable) 470.91 423.87 -GuarGumPowderandderivatives 58.60 1,232.94 -GuarChuri 0.41 0.26 - Industrial Gases 24.72 12.25 - Sugar 593.07 3,003.32 - Bagasse 7.25 19.99 -AnhydrusAlcoholandRectifiedSprit 21.73 44.97 -Biocompost&Pressmud 4.80 8.93 -HerbalProducts 267.92 273.38 Total Finished Goods 10,515.69 15,021.19 Work-in-Process 4,618.51 4,618.72 Residue Product 2.21 53.14

15,136.41 19,693.05





23 CHANGES IN INVENTORIES OF FINISHED GOODS, WORK-IN-PROGRESS AND STOCK-IN-TRADE (Contd.)

( ` in Lacs)

2014-15 2013-14

LESS : OPENING STOCKFinished Goods- Glycols 2,586.72 1,564.80

-E.O.Derivatives 7,414.56 4,789.98


-GuarGumPowderandderivatives 1,232.94 777.50



- Sugar 3,003.32 9,204.74

- Bagasse 19.99 141.45

-AnhydrusAlcoholandRectifiedSprit 44.97 16.78

-Biocompost&Pressmud 8.93 21.88



Work-in-Process 4,618.72 3,403.87


19,693.05 20,689.88

Less:DifferencialExciseDutyprovidedonStocks. (178.51) 35.26

4,378.13 1,032.09

24 EMPLOYEE BENEFITS EXPENSE

( ` in Lacs)

2014-15 2013-14

Salaries,Wages,Allowances,etc. 7,870.44 7,265.20

ContributiontoProvidentandotherFunds 576.25 606.11

Employees’WelfareandotherBenefits 767.58 805.38

Total 9,214.27 8,676.69

25 FINANCE COSTS

( ` in Lacs)

2014-15 2013-14

InterestonFixedLoans 9,042.45 8,753.22

OtherInterest 6,164.96 5,059.20

OtherBorrowingCost

FinancialCharges 2,659.97 2,037.15

17,867.38 15,849.57

Less:InterestReveivedontemporarydeposits 1,528.65 815.30

16,338.73 15,034.27





26 OTHER EXPENSES

( ` in Lacs)

2014-15 2013-14

StoresandsparesConsumed 6,106.13 6,513.98

Power and Fuel 33,594.40 34,825.95

Repairs and Maintenance

- Buildings 505.04 535.54

- Plant and Machinery 1,928.77 2,684.63

-Others 483.67 541.36

Rent 123.98 157.56

RatesandTaxes 1,265.98 1,453.23

TravellingandConveyance 945.78 970.07

Insurance 511.62 501.15

Directors’sittingFee 12.20 12.80

Donation 31.40 121.12

CommissiontoSellingagents 1,292.52 1,020.47

Freightforwardingandothers(Netofrecoveryfromcustomers/provisionwrittenback`1,003.42Lacs,Previousyear`903.81Lacs)

7,758.01 6,428.44

ExchangeFluctuationloss(Netofgain`0.40Lacs,PreviousYear `0.82Lacs)

1.96 0.87

LossonsaleofCurrentInvestment 0.63 -

CommodityDerivativeLoss 21.59 7.94

Provisionfordoubtfuldebts 91.03 -

Baddebtswrittenoff 37.34 - 14.29 -

Less:Provisionfordoubtfuldebtswrittenback 3.00 34.34 0.89 13.40

LossonSale/DiscardofFixedAssets 34.89 123.56

Debts/Advanceswrittenoff - 24.16

ProvisionfordiminutioninvalueofCurrentInvestments - 0.20

AmortisationofForeignCurrencyMonetaryItemTransactionDifference

2,355.19 1,832.88

WealthTax 26.36 9.86

Printing&Stationery,Postage,Telephone,security,legalandprofessionalandotherMiscellaneousExpense

3,260.38 3,103.87

60,385.87 60,883.04




Notes to Consolidated Financial Statements27. AccountingPoliciesandothernotestotheaccountsofthefinancialstatementsoftheCompanyanditssubsidiaries

aresetoutintheirrespectivefinancialstatements.

28. (A)ContingentLiabilitiesnotprovidedfor(AscertifiedbytheManagement):

(i) InRespectof:- (`inLacs)

Particulars As onMarch31,2015

As onMarch31,2014

CentralExcise/StateExcise 22,688.99 19,636.68

Customs 1,025.70 860.10

ServiceTax 70.76 66.46

SalesTax 2,890.46 2,901.01

Othermatters 958.75 2,021.94

Total 27,634.66 25,486.19

(ii) In respect of subsidiary company (SSAIL), claims against theCompany not acknowledged as debts`116.79Lacs(PreviousYear:` 116.79Lacs)

(iii) BillsdiscountedwithBanks`3829.60Lacs(PreviousYear:`5,258.74Lacs).(iv) Inrespectofsubsidiarycompany(SSAIL),RecoveryChargesclaimedbyS.D.M.Behattowardspayment

ofcanedues` 66.82Lacs(PreviousYear` 66.82Lacs)includingtheinterestoncanedues` 46.89Lacs(PreviousYear` 46.89Lacs).

(v) PendingfinaldisposalbytheAppellateTribunal(CESTAT),CentralExcise,SSAILhasnotreversedinthebooksofaccountCENVATcredittaken,inrespectofcertaininputsandcapitalgoodsandgodownrentfor`15.21Lacs(PreviousYear` 15.21Lacs)initiallydisallowedbyauthorities,however,thesamehasbeenreversedintheExciserecordsandthesameisincludedinCENVATreceivables.

(B) CustomdutysavedonimportofrawmaterialunderAdvanceLicensependingfulfillmentofexportobligationis amounting to `3,026.13Lacs(PreviousYear` 1,935.70Lacs).

Themanagementisoftheviewthatconsideringthepastexportperformanceandfutureprospectsthereiscertaintythatpendingexportobligationunderadvancelicenses,willbefulfilledbeforeexpiryoftherespectiveadvancelicenses.Accordinglyandon“GoingConcernConcept”basisthereisnoneedtomakeanyprovisionforcustomdutysaved.

29. Estimatedamountofcontractsremainingtobeexecutedoncapitalaccountandnotprovidedfor(netofadvancesof`2,967.58Lacs,PreviousYear`3,137.82Lacs)are`7,487.02Lacs(PreviousYear`8,690.40Lacs).

30. Intheearlieryears,theStateGovernmentofUttarPradesh(UP)hadimposedalevyoflicensefeeontransferof alcohol from the distillery to the chemical plant. The levywas challenged by theCompany in theHon’bleSupremeCourtandonOctober18,2006thematterwasfinallydecidedbyTheHon’bleSupremeCourtinfavourof theCompany. Accordingly, Company had filed an application for refund of amount paid of ` 507.05 Lacs (PreviousYear`507.05Lacs)(shownasrecoverableundertheheadShortTermLoansandAdvances)withStateGovernmentofUttarakhand,whichisstillpendingforrefundoftheamount.

31. Intheearlieryears,theStateGovernmentofUttarakhandhadleviedExportPassFeeonENA/R.S.exportoutsideIndia.Thematter isfinallydisposedofbyHon’bleHighCourtofUttarakhandvideitsOrderdated9thJanuary,2012andhasdeclaredthelevyofsaidfeeasunsustainableandirrecoverable.Subsequently,onJune8,2012,videUttarakhandExcise(Amendment)Act,2012,UttarakhandGovernmentretrospectivelyrevivedoldnotificationrelatingtoimpositionofexportfeeonENAandR.S.TheCompanyfiledWritPetitionchallengingtheabovesaidnotificationandvideorderdatedSeptember12,2012theHon’bleHighCourtofUttarakhandhasgrantedstayand restrainedState from imposingexport fee.Amountof` 106.15Lacs (PreviousYear` 106.15Lacs)paidunderprotestisshownasrecoverablefromStateGovt.ofUttarakhand,undertheheadShortTermLoansandAdvances.

32. Thesubsidiarycompany,IGLFinanceLimited,hadinvestedfundsforshorttermincommodityfinancingcontractsofferedbyNationalSpotExchangeLimited(NSEL).NSELhasdefaultedinsettlingthecontractsonduedates.However,considering theproposalof thearrangementofmergerofNSELwithFinancialTechnologies (India)Limited(FITL)asannouncedbytheCentralGovernment;andothermeasurewhichhavesofarbeentakenforandpendingbeforetheGovt.andotherauthorities,legalactionstakenbythesubsidiarycompany,themanagementisconfidentof recoveryof thedues fromNSELover theperiodof time.Accordingly,against totalexposureof`14,444.43Lacs(PreviousYear`14,503.44Lacs),noprovisionhasbeenconsiderednecessaryatthisstagebythesubsidiarycompanyandhencetreatedasgoodandfullyrecoverable




Notes to Consolidated Financial Statements33. Companyhasreceivedlettersdated30thOct2014and05thMay2015fromNationalStockExchangeofIndia(NSE),

whereintheCompanyhasbeenadvisedtoreinstateitsfinancialsw.r.t.qualificationraisedbythestatutoryauditorofthecompanyfortheyearsFY2012-13oninvestmentsandloanstoSSAILandtosuitablyrectifythequalificationraisedfortheyearFY2013-14bythestatutoryauditorw.r.t.investmentandloantoIGLFLrespectively.ForSSAIL,theCompanyhaswrittenletterstoNSEforgrantingopportunitytorepresentthecaseandforIGLFLtheCompanyhasrequestedNSEtoclarifytheissueforeffecttotheirdirective.

34. CentralBankofIndia(CBI)videitsletterdated28.05.2014hadissuedanoticeunderSection13(2)ofSARFAESIAct2002toSSAILandIGL.ThesaidnoticewasrepliedbySSAILandIGLhaschallengedthelegalityofissuanceofsuchnotices.CBI,thereafter,on11.09.2014hadissuedanothernoticeunderSection13(4)ofSARFAESIonSSAILandIGL,whichhasbeenchallengedinDRT,Lucknow.Asperthelegalopinion,thenoticeisnotvalidsinceSSAILhasalreadybeenregisteredwithBIFRassickCompany.

35. OnreceiptofapprovaloftheshareholdersandNOIDAAuthority,duringtheyeartheCompanyhadenteredintoaBusinessTransferAgreement(BTA)withwhollyownedsubsidiarycompany,IGLInfrastructurePrivateLimited(‘IGLInfra’)(formedduringthecurrentyear)forsaleofitsRentalBusinessDivisiononslumpsalebasisw.e.f30th March2015foratotalconsiderationof 18,420.00Lacs,pendingreceiptofthefinal‘NOC’from2banks(approvalssincebeenreceived).TheconsiderationhasbeenincludedunderShortTermLoans&AdvancesReceivable.Profiton sale on this amounting to `5,194.26Lacsisincludedunderexceptionalitems.(ReferNo.46(d)).

36. OnaccountofoutbreakoffireincoolingtoweratKashipurplantduringfirstquarteroftheyear,productionandprofitabilitywasadverselyaffected.Accordingly,Companyhadfiledaclaimwiththeinsurancecompanyforthereinstatementofmachineryaswellaslossincurredduetobusinessinterruptionamountingto` 622.63Lacs&` 4,192.43Lacsrespectivelyasassessedbythemanagementandanexpert.Tilldate` 348.64Lacshavebeenreceivedfromtheinsurancecompanyforthereinstatementofmachinery.Onprudentialbasis,thecompanyhasaccountedfor` 3,029.63Lacs(includingreinstatementloss`622.63Lacs).Anamountof` 2,680.99LacsbeingbalancereceivablefromtheInsuranceCompanyisshownundershorttermloans&advances,whichisconsideredgoodandfullyrecoverablebythemanagement.FinaladjustmentwillbedoneonsettlementoftheaccountbytheInsuranceCompany.

37. Othercurrentliabilitiesincludesprovisionamountingto 13,421.55Lacs(includingforthePreviousyear 8,369.43Lacs)madeagainst special discount allowed toanoverseasparty (ReferNoteNo. 46(c)), pending receipt ofapprovalofRBI.Further,account/balanceissubjecttoconfirmation/reconciliation.

38. Duringthecurrentyear,theCompanyhascomputedthedepreciationbasedonusefullivesofitsfixedassetsasspecifiedunderScheduleIIoftheCompaniesAct,2013.ThecarryingvalueoffixedassetswhichhavecompletedtheirusefullivesaspertheScheduleIIason1stApril2014havebeenchargedoffagainstthebalanceinGeneralReserveofamountingto`469.85Lacs(netofdeferredtax` 248.67Lacs).Hadtherenotbeenanychangeintheusefullivesofthefixedassets,thedepreciationfortheyearwouldhavebeenhigherby`687.61Lacs.

39. In accordance with Companies (Accounting Standards) Amendment Rules 2009 as amended by Companies(AccountingStandards) (SecondAmendment)Rules2011, theCompanycontinued its policy, asexercised infinancialyear2008-09,theoptionofadjustingexchangedifferencesarisingonreportingoflongtermforeigncurrencymonetaryitemsrelatedtoacquisitionofdepreciablecapitalassetsinthecostoftheassetstobedepreciatedoverthebalancelifeoftheassetsandotherlongtermmonetaryiteminthe“ForeignCurrencyMonetaryItemTranslationDifference”tobeamortisedovertheperiodofloan.Accordingly:(a)Exchangedifferences(gain)/lossrelatingtolong-termmonetary items, inso far related toacquisitionofdepreciablecapitalassets,arisingduring theyearamounting to ` 983.59Lacs(PreviousYear` 936.50Lacs)(netofdepreciation`10.23Lacs,PreviousYear` 25.60 Lacs)adjustedtothecostoffixedassets,and(b)relatingtootherlong-termmonetaryitemsarisingduringtheyear amounting to ` 237.22Lacs(PreviousYear` 1,206.62Lacs)(Netofamortizationof`541.28Lacs,PreviousYear `655.34Lacs)areadjustedto“ForeignCurrencyMonetaryItemTranslationDifference”.Ason31stMarch2015,un-amortizeamountof`3,880.59Lacsand`699.01Lacs(PreviousYear` 3,080.06Lacsand` 2,275.70Lacs)isincludedinPlant&Machinery&CWIPunderNote10andinForeignCurrencyMonetaryItemTranslationDifferenceAccountunderNote3respectively.

40. (i) Catalyst is charged to theProfit& LossAccount as consumable (Stores&Spares) based on technicallyassessedusefullife(1to3Years).

(ii) SpecializedComputerSoftwareisamortisedoveritsusefullifeof6yearsonSLMbasis.

41. Inrespectofsubsidiarycompany(SSAIL):-a) SSAIL is inprocessofupdating thefixedassets recordsandnophysicalverificationofFixedAssetshas

beencarriedoutaccordinglydifferencebetweenthebookandphysicalinventorycouldnotbeascertained.




Notes to Consolidated Financial StatementsDepreciationasper theSchedule IIof theCompaniesAct,2013havebeenprovidedonestimatedbasis.Furthermanagementisinprocessofassessmentofitemwisedetailsofdepreciationonfixedassetsandintheopinionofmanagementtherewillnotbematerialimpactonfinalassessment;and

b) Inventoryoffinishedgoods, rawmaterials,storesandspareshasbeentaken /valuedandascertifiedbythemanagementascertainsubsidiaryrecordsareinprocessofupdation.Inviewoftheadequatesecurityarrangements,managementisoftheviewthattherewillnotbeanymaterialdiscrepanciesbetweenbookandphysicalstockofinventoriesandfixedassetsoncompletionofphysicalverification.

c) Noprovisionagainstnon-movinganddamaged/oldinventoryoffinishedgoods,rawmaterialsandstoresandspareshasbeenconsiderednecessarybythemanagement(readwithnoteno.(a)&(b)above).

d) Duringtheyearcertainexpenses,provisionsfordoubtfuldebts(readwithNoteNo.43)areaccounted,asapprovedbythemanagement,asCompanyisinprocessofcompilingfullaudittrail.Further,stepshavebeeninitiatedtostrengthenitsaccountingsoftwareaswellasinternalcontroloftheCompany.

42. InaccordancewiththeAccountingStandard(AS-28)on“ImpairmentofAssets”issuedbytheInstituteofCharteredAccountantsofIndia,inviewofthemanagementwithrespecttoSSAIL,noimpairmentlossonitsFixedAssets/CashGeneratingUnits(CGU)isconsiderednecessaryatthisstage,asitsexpectedrecoverablevalueismorethanitscarryingvalue.

43. Inrespectofasubsidiarycompany(SSAIL),balancesofreceivables,payables,banks(includingfixeddepositswithbanks), loans&advances (includingcapitaladvances),current liabilitiesandprovisionsare inprocessofconfirmationand/or reconciliation.Companyhas initiated furthersteps tostrengthen the internalcontrol in thisregardandthistobereadwithnoteno.41.Basedonreconciliationdonetilldate,duringtheyear,asamatterofprudenceprovisionfordoubtfuldebtofamountingto`91.03Lacshasbeenmade.

44. RelatedPartiesDisclosure(Asidentifiedbythemanagement):

(i) Relationship A.SubsidiaryCompany - IGLInfrastructurePrivateLimited(IGLInfra)(incorporatedon13.10.2014)

B.KeyManagementPersonnel&theirRelatives - U.S.Bhartia(ChairmanandManagingDirector) - M.K.Rao(ExecutiveDirector) - RakeshBhartia(ChiefExecutiveOfficer) @ - AnandSinghal(ChiefFinancialOfficer) @ - LalitSharma(CompanySecretary) @

C.RelativesofKeyManagementPersonnel - Pragya Bhartia - Jayshree Bhartia - AnandSinghal(HUF) @ - RakeshBhartia(HUF) @ - Alpna Sharma @

D.EnterprisesoverwhichKeyManagementPersonnelhavesignificantinfluence: - AjayCommercialCo.(P)Ltd. - J.B.CommercialCo.(P)Ltd. - KashipurHoldingsLimited - PolylinkPolymers(India)Ltd. - HindustanWiresLimited - SupreetVyapaar(P)Ltd. - MayurBarter(P)Ltd. - FacitCommosales(P)Ltd. - J.Boseck&Co.(P)Ltd. @w.e.f1stApril,2014inaccordancewithCompaniesAct,2013.




Notes to Consolidated Financial Statements(ii) DetailofTransactionswithrelatedparties:

Related Party Transaction Summary

SignificantInfluence

Key Managerial Person

Relative of KMP Subsidiary

2015 2014 2015 2014 2015 2014 2015 2014

PurchaseofServices

80.16 38.41 - - - - - -

SaleofMaterial 281.74 293.76 - - - - - -

SecurityDepositGiven

- - 220.00 280.00 - - - -

Slump Sale - - - - - - 18,420.00 -

CapitalAdvancesGiven

- 1,000.00 - - - - - -

Investmentinpreferenceshares

- 490.00 - - - - - -

Redemptionofpreferenceshares

- 490.00 - - - - - -

InvestmentinEquityShares

- - - - - - 5.00 -

ReimbursementofExpensesmade

32.49 - - - - - - -

ICDReceived 6,432.88 2,870.50 - - - - - -

ICDPaidBack 13,382.73 4,013.50 - - - - - -

InterestExpense 400.01 717.26 - - - - - -

Rent Paid 29.59 25.68 24.00 24.00 - - - -

Vehicle Lease Rent - - - - 14.16 - - -

Salary - - 263.40 - 27.29 27.29 - -

Managerial Remuneration

- - 220.48 364.91 - - - -

Balance Outstanding

- - - - - - - -

Payable - - - - - - - -

ICDPayable - 7,035.15 - - - - - -

Others 151.71 8.92 9.75 - 1.44 - - -

Receivable - - - - - - - -

CapitalAdvances 1,000.00 1,000.00 - - - - - -

SecurityDeposit 480.00 480.00 500.00 280.00 - - - -

Others 4.60 4.64 - - - - 18,420.00 -

(iii) DetailofremunerationtoKMP:- •Chairman&ManagingDirector–` 151.70Lacs(PreviousYear`295.83Lacs) •ExecutiveDirector–` 68.78Lacs(PreviousYear` 69.08Lacs) •ChiefExecutiveOfficer–` 185.05Lacs •ChiefFinancialOfficer–` 54.24 Lacs •CompanySecretary–` 24.11 Lacs DisclosureinrespectofMaterialRelatedPartytransactionsduringtheyear:

a) PurchaseofServices •Polylinkpolymers`46.45Lacs(PreviousYear` 38.41Lacs) •HindustanWires`33.71Lacs(PreviousYear`Nil)




Notes to Consolidated Financial Statementsb) SalesofMaterialareto: •HindustanWiresLimited.` 281.74Lacs(PreviousYear`293.76Lacs)c) SlumpSaletoIGLInfra`18,420.00Lacs(PerviousYear`Nil)d) SecurityDepositgiventoUSBhartia`220Lacs(PreviousYear`280Lacs).e) InvestmentInEquityShare •IGLInfra`5Lacs(PreviousYear`Nil)f) Reimbursementofexpensemade. •PolylinkPolymers(India)Limited` 30.01Lacs(PreviousYear` Nil)g) InterCorporateDepositreceivedincludesfrom: •KashipurHoldingLimited`5,308.00Lacs(PreviousYear`2,530.00Lacs). •JBoseck(P)Ltd` 600.00Lacs(PreviousYear`NIL) •SupreetVyapaar`415.00Lacs(PreviousYear`NIL)h) InterCorporateDepositpaidbackincludesto: •KashipurHoldingLimited` 11,152.24Lacs(PreviousYear` 2,045.00Lacs). •MayurBarter(P)Ltd.`745.00Lacs(PreviousYear`820.00Lacs). •SupreetVyapaar(P)Ltd.`646.00Lacs(PreviousYear`547.00Lacs). •JBoseck(P)Ltd.` 600.00Lacs(PreviousYear`600Lacs). •FacitCommosales(P)Ltd`90.00Lacs(PreviousYear`250Lacs)i) InterestExpenseincludesto: •KashipurHoldingLimited`294.86Lacs(PreviousYear`549.78Lacs). •SupreetVyapaar(P)Ltd.` 21.88Lacs(PreviousYear`39.45Lacs). •MayurBarter(P)Ltd.`67.05Lacs(PreviousYear`93.59Lacs).j) RentPaidto •PolylinkPolymers` 13.48Lacs(PreviousYear` 12.00Lacs) •KashipurHoldingLimited` 7.69Lacs(PreviousYear` 6.00Lacs)k) VehicleLeasePaidto: •RakeshBhartiaHUF` 6.36 Lacs •AnandSinghalHUF`4.80Lacs •AlpnaSharma` 3.00 Lacsl) CapitaladvancesReceivable: •HindustanWiresLimited`1,000Lacs(Previousyear`1,000.00Lacs)m) InterCorporateDepositPayable(includinginterest)includes: •KashipurHoldingLimited`NIL(PreviousYear`5,849.90Lacs). •MayurBarter(P)Ltd.`NIL(PreviousYear`788.61Lacs).n) SecurityDepositreceivable: •AjayCommercialCo.(P)Limited`240Lacs(PreviousYear`240Lacs) •J.B.CommercialCo.(P)Limited`240Lacs(PreviousYear`240Lacs) •USBhartia` 500Lacs(PreviousYear` 280Lacs)o) OthersReceivableincludes: •IGLInfra`18,420Lacs(PreviousYear`Nil).(Maximumbalanceoutstandingduringtheyear`18,420

Lacs,PreviousYear`Nil)

45. a) TheSubsidiaryCompany,SSAILhadbeenincurringcashlossesduetowhichitsnetworthhasbeencompletelyerodedanditscurrentliabilitiesarefarinexcessofitscurrentassets.AccordinglyintheYear2012-13SSAILhadfiledapplicationwiththeBoardforIndustrialandFinancialReconstruction(BIFR).TheBIFRvideitsorderdated4thApril2013hasdeclaredM/s.SSAILasasickindustrialcompanyintermsofSec3(1)(o)ofSickIndustrialCompanies(SpecialProvisions)Act,1985.Further,BIFRhasappointedIDBIastheOperatingAgency(OA)withdirectionstopreparearevivalschemeforthecompany.AccordinglySSAILhasfiledDraftRehabilitationSchemewithBIFRon11thJanuary2014,andasperthedirections,theCompanyhasfiledwithIDBI(OA)TEV(TechnicalEvaluationStudy).TheStateandCentralGovernmenthave initiatedvariousstepstosupport thesugarindustrylikedecontroloffreesaleofsugarreleasemechanism,doingawaywithlevyquotasystemandalsoconsideringlinkingthesugarcanepricewithsugarprice,consideringthisandcontinuousfinancialsupportfromtheHoldingcompany,themanagementconsidersitappropriatetoprepareFinancialStatementsofSSAILonGoingConcernbasisdespitethenegativenetworthonthebalancesheetdate.




Notes to Consolidated Financial Statements b) Asstatedinnoteno.(a)aboveandinviewoffinancialtightnessSSAILcouldnotpayontimeandmadedefault

inrepaymentof:(i) Principal :- IDBIBank`208.33Lacs(Jan-15toMar-15-sincebeenpaid)CentralBankof India(CBI)

`742.11Lacs(Apr-13toMar-15-InterestonCC)(ii) Interest:-CBI`5.41Lacs(Apr-13toMar-15),AxisBank`37.00Lacs(Feb-15toMar15-sincebeen

paid)&IDBIBank`46.31Lacs(Feb-15toMar-15-sincebeenpaid)(iii)AboveBankBalancesofloanfromCBIissubjecttoconfirmationandreconciliationandinterest,penal

interest,chargesetc.amountingto`977.52Lacs(excludingpenalinterest,chargesetc.)hasnotbeenprovidedfor(amountunascertained)astheSSAILhasinitiatedstepsfornegotiationwithCBI.

46. Exceptionalitemincludes: (a)AProvisionof 1,100.00Lacs(PreviousYear Nil)hasbeencreatedagainstforeignexchangecontractrelated

disputeandanyliabilitythatmayarisetherefrom;(b)Lossonaccountofexchangeratedifferencesamountingto` 1,600.55Lacs(netofgainof`5,064.53Lacs)[PreviousYear` 10,803.19Lacs(netofgainof` 11,336.93Lacs)]foryearended31stMarch2015,onpayment,settlementaswellasreinstatementofshorttermforeigncurrencyborrowingsandothermonetaryassets/ liabilities; (c)Provisiononaccount of special discount toanoverseasoverduereceivablesamountingto`5,052.12Lacs(PreviousYear` 8,369.43Lacs),(ReferNoteNo.37)inviewofremotechancesofrealizationonaccountofsteepfallinpriceintheinternationalcommoditymarket.;(d)Profitonsaleof‘RentalBusinessDivision’amountingto`5,194.26Lacs(PreviousYear`Nil)(NoteNo.35);(e)Lossonsaleofspentsilvercatalystamountingto 2,480.78Lacs(PreviousYear Nil)and(f)Writingoffofexportincentivereceivableof` 756.32Lacs(PreviousYear`Nil)whichhasbeenrecognizedinearlieryearsasperapplicablegovernmentschemes.

47. As on 31stMarch,2015asper theauditedfinancialstatementsof IGLCHEMINTRENATIONALPTELimited,Singapore(IGLCHEM),thenetworthoftheIGLCHEMhasbecomenegative.

48. TheCompanyhadenteredintoaJointVentureAgreementdatedOctober12,2011(“JVAgreement”)withFourceeInfrastructureEquipmentsPvt.Ltd.(FIEPL)forsettingupaPrivateFreightTerminalandacompany,KashipurInfrastructureandFreightTerminalPvt.Ltd.(“KIFTPL”)wasincorporatedon11thNovember2011.BothJVpartnershaveenteredintoaJointVentureTerminationAgreementfortheterminationoftheJV.AccordinglyonsettlementwithFIEPLgain(onsettlementwithJVPartner)isincludedunderOtherIncome(NoteNo20).PostsettlementandpurchaseoffullrightsoferstwhileJVPartner(FIEPL)bythecompany,theCompanyhasenteredintoanewJointVentureAgreementwithApolloLogisolutionsLimited(‘ALS’).ALSaspertheagreementhasinvestedin51%ofpaidupequitysharecapitalofKIFTPL.

49. IncompliancewithAccountingStandard27on“FinancialReportingof Interest inJointVenture”, thedetailsofcompany’sshareinitsjointventureintherespectiveheadofFinancialStatementareasunder:Particulars Amount (` in Lacs)

31.03.2015 31.03.2014LiabilitiesLongtermLiabilities 417.09 500.00OtherLong-termliabilities 44.35 52.91Othercurrentliabilities 189.58 1,575.09AssetsTangibleassets 744.18 761.27Intangibleassets 0.06 0.10Capitalwork-in-progress 1507.67 1,035.72Intangibleassetsunderdevelopment* 48.90 50.00Long-termloansandadvances 214.10 236.40Othernon-currentassets 11.98 14.00Cashandcashequivalents 762.84 21.55Short-termloansandadvances 16.71 7.22ExpensesRatesandtaxes - 0.02Miscellaneousexpenses 3.07 0.36

* Share in Railway License Fee




50. SegmentInformation: A.InformationaboutBusinessSegments(PrimarySegments): (`inLacs)

Business Segments Others Unallocable Total

Chemicals Liquor

31.03.2015 31.03.2014 31.03.2015 31.03.2014 31.03.2015 31.03.2014 31.03.2015 31.03.2014 31.03.2015 31.03.2014

A REVENUE

1 GrossSales(External) 231,069.80 271,655.13 70,056.34 66,746.56 10,263.66 14,252.27 - - 311,389.80 352,653.96

Inter- Segment 136.99 106.58 - - - - - - 136.99 106.58

Total 231,206.79 271,761.71 70,056.34 66,746.56 10,263.66 14,252.27 - - 311,526.79 352,760.54

2 OtherIncome 5,870.51 977.12 76.07 99.76 816.22 652.12 1,197.62 2,345.69 7,960.42 4,074.69

3 TotalRevenue 236,940.31 272,632.25 70,132.41 66,846.32 11,079.88 14,904.39 1,197.62 2,345.69 319,350.22 356,728.65

B RESULTS

1 SegmentResult(PBIT) 2,537.19 2,100.72 1,751.16 1,760.80 (25.39) (1,282.23) (2,320.66) (8,707.43) 1,942.30 (6,128.14)

2 InterestExpense(Net) 16,338.73 15,034.27

3 ProfitBeforeTax (14,396.43) (21,162.41)

4a ProvisionforCurrentTax(netofMATcredit)

- -

4b DeferredTax (5,531.16) (5,024.79)

4c Taxationprovisionofearlieryear

(0.78) (1.83)

5 ProfitafterTax (8,864.49) (16,135.79)

C Other Information:

1 Segment Assets 218,755.40 216,973.25 26,664.01 17,173.44 23,075.51 31,521.36 46,946.50 58,617.35 315,441.42 324,285.93

2 Segment Liabilities 37,896.17 61,041.15 10,071.90 3262.39 5,807.58 5,788.54 231,960.54 216,948.49 285,736.19 287,040.57

3 Capital Expenditure 7,860.40 9,988.07 281.53 1,105.45 687.07 1,486.26 431.34 1,357.13 9,260.34 13,936.91

4 Depreciation and Amortisation expenses

6,858.15 7,032.52 284.92 256.78 1,602.13 1,368.96 852.64 402.51 9,597.84 9,060.77

B.InformationaboutGeographicalSegments(SecondarySegments):(`inLacs)

Domestic Overseas Total31.03.2015 31.03.2014 31.03.2015 31.03.2014 31.03.2015 31.03.2014

1 GrossSales(External) 208,867.52 232,663.61 102,522.28 119,990.35 311,389.80 352,653.96

2 Segment Assets 244,824.27 240,793.12 23,670.65 24,875.46 268,494.92 265,668.58

Notes: Primary Segment reporting (by business segment)

Segments have been identified in linewith AccountingStandard on ‘SegmentReporting’ (AS-17), taking intoaccounttheorganisationalstructureaswellasthedifferentialrisksandreturnsofthesesegments.TheCompanyhasidentifiedthreesegmentsi.e.businessIndustrialchemical,Liquorandotherswhichincludesherbalproducts,rental and sugar and reported accordingly.

Secondary Segment reporting (by geographical segment-customer location) Inrespectofsecondarysegmentinformation,theCompanyhasidentifieditsgeographicalsegmentas(a)domestic

and(b)overseasonthebasisoflocationofcustomers.

Reportable segments Reportablesegmentshavebeenidentifiedasperthequantitativecriteriaspecifiedin‘AccountingStandard17:

SegmentReporting’. Segment Composition

Industrial Chemicals SegmentcomprisesGlycols,SpecialtyChemicals,NaturalGumandotherrelatedgoodsetc.

Liquor SegmentcomprisesmanufactureandsaleofEthylAlcohol(Potable).

‘Others’primarilyincludesHerbalProducts,RentalandSugar.





51. Earningspershare(EPS):

2014-15 2013-14

Netprofit/(loss)fortheyearattributabletoequityshareholders(`inLacs) (8,864.49) (16,135.79)

Weightedaveragenumberofequitysharesoutstanding 30961500 30961500

Basicanddilutedearningspershare(facevalueof`10each)(`) (28.63) (52.12)

52. CommodityandForeignExchangeDerivativesandexposures(ascertifiedbythemanagement).

(a) Outstandingattheyear-endasfollows

NatureofInstruments 2014-15Amount

(FC in millions)

2014-15Amount

(` in Lacs)

2013-14Amount

(FCinmillions)

2013-14Amount

(`inLacs)

ForwardContracts-USD 2.00 1,250.10 28.35 17,985.08

Foreign currency options -USD - - - -

Openforeignexchangeexposures:

PackingCreditNetofExportdebtors-USD 52.38 32,742.26 - -

Loans-USD

49.44 30,906.86 50.66 30,358.40

Payable-USD-EURO- JPY-CHF

17.860.031.330.01

11,166.3918.246.912.82

53.530.031.330.01

32,077.3022.817.762.96

(b) Exchangefluctuationgainof`NIL(PreviousYearlossof`0.87Lacs),isnetoflossof`NIL(PreviousYeargainof`0.82Lacs).

(c) The Company uses derivative instruments for hedging possible losses and exchange fluctuation gain is`923.67Lacsnetoff lossof`1,270.11Lacs(PreviousYear loss`679.44Lacsnetoffgainof`5,253.99Lacs)whichisinclusiveoflossof`71.37Lacs(PreviousYearlossof` 343.04Lacs)provisionformarktomarketgain/lossonaccountofalloutstandingfinancialtransactionsason31st March 2015.

(d) ConsideringtheprincipleofprudenceandannouncementmadebyTheInstituteofCharteredAccountantsofIndia‘AccountingforDerivatives’inMarch,2008,theCompanyhasprovidedforanamountof` 41.08Lacsincludedin(c)(PreviousYear` 143.63Lacs)onoutstandingcontractstotheStatementofProfit&Loss,onaccountofforeignexchangederivativeinstruments.





53. AdditionalInformationasrequiredunderscheduleIIIoftheCompaniesAct,2013,oftheenterprisesconsolidatedassubsidiary/Associates/JointVentures.

Sl. No

Name of the entity Net Assets,( i.e., total assets minus total liabilities)

Shareinprofitor(loss)

As % of consolidated net

assets

Amount(` in Lacs)

As % of consolidatedprofit

or loss

Amount(` in Lacs)

A B(a)1

2(b)12C D (a)

ParentIndia Glycols limitedSubsidiaries IndianShakumbariSugar&AlliedIndustries Limited.IGL Finance LimitedForeignIGLChemInternationalPTE.LTD.IGLChemInternationalUSALLCMinority Interest is insignificantand immaterial, hence not considered.Joint Ventures (as per Proportionate Consolidation Method)IndianKashipur Infrastructure and FreightTerminalPrivateLimited(KIFTPL)Eliminations

170.74%

(46.25%)

0.32%

(0.66%)0.18%

9.96%

(34.30%)

45,530.90

(12,331.84)

86.05

(177.09)48.09

2,655.42

(9,145.39)

69.19%

28.68%

0.01%

2.06%0.16%

0.03%

-0.13%

(6,133.88)

(2,541.95)

(0.74)

(182.19)(14.39)

(3.07)

11.33

TOTAL 100.00% 26,666.16 100.00% (8864.49)

54. PreviousYear’sfigureshavebeenregrouped/rearranged/recastwhereverconsiderednecessary.


AsperourreportofevendateFor Lodha & Co. U.S. Bhartia M.K. Rao Chartered Accountants Chairman and Managing Director Executive Director Firm Registration no. 301051E

N.K. Lodha Rakesh Bhartia Anand Singhal Partner Chief Executive Officer Chief Financial Officer M.No.85155

Place :Noida,UP Lalit Kumar Sharma Dated:28thMay,2015 Company Secretary


INDIAGLYCOLSLIMITEDCIN:L24111UR1983PLC009097

RegisteredOffice:A-1,IndustrialArea,BazpurRoad,Kashipur-244713,Distt.UdhamSinghNagar,Uttarakhand

Member’sSignature

FOLIONO./DPID&CLIENTIDNO................................(tobefilledinbytheshareholders)

IdeclarethatIamaRegisteredShareholderoftheCompanyandhold_______________Shares.

THIRTYFIRSTANNUALGENERALMEETING

ADMISSIONSLIP

INDIAGLYCOLSLIMITEDCIN:L24111UR1983PLC009097

RegisteredOffice:A-1,IndustrialArea,BazpurRoad,Kashipur-244713,Distt.UdhamSinghNagar,Uttarakhand

Nameofthemember(s): Email Id:

Registered address: FolioNo./ClientId:

DPId:

I/We,beingthemember(s)of…….........................................…sharesoftheabovenamedCompanyherebyappoint:

1)_____________________________of___________________________havingemailid________________________________orfailinghim



andwhosesignature(s)areappendedbelowasmy/ourproxytoattendandvote(onpoll)forme/usandonmy/ourbehalfattheThirtyFirstAnnualGeneralMeetingoftheCompany,tobeheldonFriday,28thAugust,2015at12.30P.M.atA-1,IndustrialArea,BazpurRoad,Kashipur-244 713,DistrictUdhamSinghNagar,Uttarakhandandatanyadjournmentthereofinrespectofsuchresolutionsasareindicatedbelow:

PROXYFORM[Pursuant to section 105(6) of the Companies Act,2013andrule19(3)oftheCompanies(ManagementandAdministration)Rules,2014]

Signedthis…………………….dayof……………………2015.

……………………….. ……………………………….Signatureofmember Signatureofproxyholder(s)

Notes: 1. Thisform,inordertobeeffective,shouldbedulystamped,completed,signedanddepositedattheRegisteredOfficeoftheCompany,notlessthan

48 hours before the commencement of the meeting.2. A proxy need not be a member of the Company.3. Appointingaproxydoesnotpreventamemberfromattendingthemeetinginperson,ifhesowishes.4. Fortheresolution,explanatorystatementandnotes,pleaserefertothenoticeoftheAnnualGeneralMeeting.**5. Thisisonlyoptional.Pleaseputa‘X’intheappropriatecolumnagainsttheresolutionsindicatedintheBox.Ifyouleavethe‘For’or‘Against’columnblankagainst

anyoralltheresolutions,yourProxywillbeentitledtovoteinthemannerashe/shethinksappropriate.

**Iwishmyaboveproxytonoteinthemannerasindicatedintheboxbelow:Resolution No. RESOLUTIONS FOR AGAINSTORDINARY BUSINESS1(a) Adoption of Audited Financial Statements of theCompany for the Financial Year ended

March31,2015,togetherwiththereportoftheBoardofDirectorsandAuditorsthereon(b) AdoptionofConsolidatedFinancialStatementsoftheCompanyfortheFinancialYearended

March31,2015,togetherwithreportofAuditorsthereon2 Re-appointmentofSmt.JayshreeBhartiawhoretiresbyrotation3 AppointmentofStatutoryAuditorsandfixingoftheirremunerationSPECIAL BUSINESS4 ApprovaloftheremunerationoftheCostAuditor5 RaisingoffundsbytheCompanybywayofissueofsecurities/shares

Affixrevenuestampofnot

less than `1.00

NOTE:1. AmemberintendingtoappointaproxyshouldcompletetheProxyFormbelowanddeposititattheCompany’sRegisteredOffice,notlaterthan48hoursbefore

thecommencementofthemeeting.2. Amemberproxyattending themeetingmustcomplete thisAdmissionSlipandhand itoverat theentrance.Nameof theProxy inBLOCKLETTERSProxy’s

Signature.KindlybringyourcopyoftheAnnualReportattheAnnualGeneralMeeting,ascopiesoftheReportwillnotbedistributedattheMeeting


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