Ref : ASK/UD/30th AGM June 6, 2022

The National Stock Exchange (India) Ltd., BSE Limited, Corporate Relationship
Exchange Plaza, Bandra-Kurla Complex, Bandra Department, P. J. Towers, Dalal Street,
(East), Mumbai – 400 051. Fort, Mumbai – 400 023.
Code : PRSMJOHNSN Code : 500338

Sub. : Notice of the Annual General Meeting, Annual Report for the financial year 2021-22
and Secretarial Audit Report of Material Unlisted Subsidiary - Compliance under Regulation 24A,
30 & 34(1) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
(SEBI LODR)

Dear Sir,
Please refer to our letter dated May 26, 2022 intimating that the 30th Annual General Meeting (‘AGM’) of
the Company will be held on Wednesday, June 29, 2022 at 10.30 a.m. through Video Conference
(‘VC’)/Other Audio-Visual Means (‘OAVM’), in accordance with the applicable circulars issued by the
Ministry of Corporate Affairs and the Securities and Exchange Board of India.
Pursuant to Regulation 30 and 34 of the SEBI LODR, please find enclosed the Annual Report of the
Company along with the Notice of 30th AGM for the financial year 2021-22 (including e-voting and e-
meeting instructions). The brief details of the agenda items proposed to be transacted at the AGM are given
in Annexure- ‘A’.
In compliance with the applicable circulars issued by Ministry of Corporate Affairs and SEBI, the aforesaid
documents have been electronically despatched to those members whose email IDs are registered with the
Company/KFin Technologies Limited (‘Registrar & Transfer Agent of the Company’) or the Depository
Participants.
A copy of the above mentioned documents is available on the website of the Company
https://www.prismjohnson.in/investors/annual-reports
Further, as per Regulation 24A of SEBI LODR, the Secretarial Audit Report of the material unlisted
subsidiary company is annexed to the Directors’ Report in the Annual Report. The Secretarial Audit Report
does not contain any qualification, reservation or adverse remark or disclaimer.
The information is being also uploaded on the website of the Company www.prismjohnson.in
Kindly take the above on record and acknowledge receipt of the same.

Thanking you,
Yours faithfully,
for PRISM JOHNSON LIMITED

ANEETA S. KULKARNI
COMPANY SECRETARY

Encl : As Above
 Annexure A

Brief Summary of the Business proposed to be transacted at the AGM of the Company are as under :

Sr. Details of Resolutions proposed at the AGM Manner of approval

No.

1 To consider and adopt :

a. The Audited Standalone Financial Statements of the Company for Ordinary Resolution
the Financial Year ended March 31, 2022, together with the
Reports of the Board of Directors and the Statutory Auditor
thereon; and

b. The Audited Consolidated Financial Statements of the Company Ordinary Resolution

for the Financial Year ended March 31, 2022, together with the
Report of the Statutory Auditor thereon.

2 To appoint a Director in place of Mr. Vijay Aggarwal (DIN : 00515412), Ordinary Resolution
who retires by rotation and being eligible, offers himself for re-
appointment as Director.
3 To appoint a Director in place of Mr. Sarat Chandak (DIN : 06406126), Ordinary Resolution
who retires by rotation and being eligible, offers himself for re-
appointment as Director.
4 Re-appointment of Dr. Raveendra Chittoor (DIN : 02115056) as Special Resolution
Independent Director of the Company.
5 To ratify remuneration of the Cost Auditors of the Company. Ordinary Resolution
6 Private Placement of Non-convertible Debentures and/or other Debt Special Resolution
Securities.
 ANNUAL REPORT 2021-22

Concrete steps
towards the
future
What’s
Inside….
Corporate Overview 01-45 Statutory Reports 46-115
ƒƒ Concrete Steps Towards the Future 01 ƒƒ Management Discussion
ƒƒ Numbers that Define us 02 and Analysis 46
ƒƒ From the MD’s Desk 04 ƒƒ Report on Corporate Governance 65
ƒƒ Prism Johnson at a Glance 08 ƒƒ Business Responsibility Report 85
ƒƒ Journey and Milestones 10 ƒƒ Directors’ Report 98
ƒƒ Wide Range of Innovative Products 12
ƒƒ Growing Strong with Increasing Financial Statements 116-277
Housing Demand 20 ƒƒ Standalone 116
ƒƒ Sustainable Business Model 22
ƒƒ Consolidated 192
ƒƒ Financial Capital 26
ƒƒ Manufacturing Capital 28 Notice 278
ƒƒ Intellectual Capital 32
ƒƒ Human Capital 34
ƒƒ Social and Relationship Capital 36
ƒƒ Natural Capital 38
ƒƒ Governance 42
ƒƒ Awards & Recognitions 44
ƒƒ Corporate Information 45

Investor Information
Please find our online version at
Market Capitalisation
https://www.prismjohnson.in/
as at March 31, 2022 : ` 5,799 Crores
investors/annual-reports
CIN : L26942TG1992PLC014033
BSE Code : 500338
NSE Symbol : PRSMJOHNSN
Bloomberg Code : PRSC:IN
AGM Date : June 29, 2022
AGM Venue/Mode : Video Conferencing (‘VC’) /
Or simply scan to download
Other Audio-Visual Means (‘OAVM’)

Disclaimer
This document contains statements about expected future events and financials of Prism Johnson Limited, which are
forward-looking. By their nature, forward-looking statements require the Company to make assumptions and are subject to
inherent risks and uncertainties. There is a risk that the assumptions, predictions and other forward-looking statements may not
prove to be accurate. Readers are cautioned not to place undue reliance on forward-looking statements as a number of factors
could cause the underlying assumptions, actual future results and events to differ materially from those expressed in the forward-
looking statements. Accordingly, this document is subject to the disclaimer and qualified in its entirety by the assumptions,
qualifications and risk factors referred to in the Management Discussion and Analysis section of this Annual Report.
Concrete Steps
Towards
The Future
The volatile business enviroment has created a need for businesses
to adopt a definite and flexible approach to pursue consistent
progress. The preceding two years posed unforeseen and extensive
challenges to the world’s economies, impacting businesses and
human life across the globe. At Prism Johnson, when we found
ourselves in the middle of this crisis, we didn’t just react, but rather
endured the phase with high resilience and agility.

Our robust fundamentals, along have been persistently taking

with our cost focus, helped us ‘Concrete Steps Towards the Future’.
remain cautiously optimistic and
The easing of restrictions post a
march ahead, as reflected in our
nationwide lockdown, faster vaccination
performance for the year 2021-22:
drives, Government’s various fiscal
ƒƒ HRJ division witnessed stimulus packages led to overall
strong growth in the sales of
improved consumer sentiment. Together
domestic Tiles, Sanitary Ware
these helped overall demand scenario,
and Bath Fittings
presenting potential opportunities for us
ƒƒ Prism RMC reported strong to pursue growth and expansion. To cater
revenue growth of 31.9% and to the evolving industry trends, our future
achieved EBITDA breakeven plan of action involves taking concrete
ƒƒ Remained motivated despite steps by enhancing our manufacturing
witnessing lower demand and capabilities, expanding capacity, engaging
cost pressures in the Cement in higher efficiencies, and upgrading
Business ourselves constantly through technology.
Backed by our integrated Therefore, helping us inch closer to our
capabilities and competencies, our goals as an organisation as we tread
journey stands to testify how we along the path to the future.
Prism Johnson Limited
Annual Report 2021-22

Numbers
that Define us
` 5,827Crores ` 285Crores Working Capital
9.4% Revenue from Operations
and 18Days Working Capital**

Revenue Contribution
Prism Cement 41.3%
0.9X
Net Debt to Equity
H & R Johnson (India) 38.1%
Prism RMC 20.6%
` 1,447Crores
Net Worth

` 614Crores
10.5% EBITDA* & EBITDA Margin 8.6%
ROE

` 2.79 ` 870Crores
Earnings Per Share Contribution to Ex-Chequer

2
 Corporate overview statutory reports Financial Statements

5.6 MTPA ~64 mn m2

Prism Cement’s Manufacturing HRJ Tile Manufacturing Capacity across
Capacity at Satna 11 Plants (Own Plants + Joint Ventures)

~2,900 Active Cement

Dealers and ~4,700 Active Cement ~1,200 HRJ Dealers
Retailers

100 Prism RMC Plants 18

and Quarries HRJ Experience Centres***

All figures as on March 31, 2022

All financial data is Consolidated, Ex Raheja QBE General
Insurance Company Limited (‘RQBE’)
*Earnings Before Interest, Taxes, Depreciation, and Amortisation
**Calculated as Inventory Days + Debtor Days – Creditor Days
*** Includes one office-cum showroom

3
Prism Johnson Limited
Annual Report 2021-22

From the

MD’s Desk

At Prism
Johnson, we
strive to create
sustainable value
by meeting the
construction and
lifestyle needs
of our customers
through innovative
building materials
and services. Our
collective purpose
is to foster growth
and nurture strong
infrastructural
developments
in the country,
create a healthy
and safe working
environment
for our people,
provide quality
product and
service offering
to our customers
and create
shareholder
value.”

4
 Corporate overview statutory reports Financial Statements

Dear Shareholders, H & R Johnson (India) (HRJ) and reasons, HRJ delivered strong
Prism RMC divisions. However, revenue growth led by increasing
2021-22 was a year of recovery consolidated EBITDA margin volume offtake coupled with
from the lows of 2020-21 as the declined by 280 basis points to higher realisations. Prism RMC
Indian economy came out of 8.3%. This was mainly due to benefitted from strong order wins
the strict nationwide lockdowns decline in Prism Cement’s EBITDA from the infrastructure sector. Let
and curbs, supported by a faster led by steep rise in power and us consider some of the highlights
vaccination drive and easing of fuel costs, while HRJ’s EBITDA of our financial performance in
mobility restrictions. However, margin expanded 190 basis points 2021-22:
the year 2021-22 also posed to 10.6%. Consolidated EBIDTA for
several challenges that affected 2021-22 stood at ₹ 523 Crores, a Prism Cement: Prism Cement
business operations, such as decline of 15.9% over the previous revenues declined by 6.9% to
the second wave of Covid-19 year. As a result, Net Profit after ₹ 2,408 Crores due to a 10.3%
that claimed many lives and Tax and non-controlling interest decline in cement and clinker
disrupted operations for most declined by 46.4% to ₹ 92 Crores sales volume to 5.22 mn tons.
businesses, especially in the in 2021-22. Premium products constituted
first quarter, supply chain issues 29.0% of the total cement sales
that impacted export business During 2021-22, Prism Johnson
volume as compared to 27.7%
opportunities, coal and energy further improved its working
during 2020-21. EBITDA per ton
crisis that impacted profitability capital levels (cash conversion
declined from ₹ 962 in 2020-21
in the second half. Further, rising cycle) to 16 days and generated
to ₹ 709.
geopolitical tensions between free cash flows (pre capex and
Russia and Ukraine increased investments) of ₹ 462 Crores.
HRJ: HRJ revenues grew by 21.2%
the already soaring fuel prices, Capex requirements were largely
to ₹ 2,221 Crores with EBITDA
resulting in a cascading effect on met through internal accruals and
margin expanding 190 basis
other input costs. Consolidated Net Debt increased
points to 10.6% in 2021-22. HRJ
marginally from ₹ 1,183 Crores
reported highest ever EBITDA of
2021-22 Performance in 2020-21 to ₹ 1,186 Crores. Net
₹ 235 Crores in 2021-22. Tiles
Review: Consolidated Debt to EBITDA stood at 2.3x
sales volumes grew by 9.3% in
Financials (including RQBE) during 2021-22. Return On Capital
2021-22 to 53.1 mn m2, despite
Employed was clocked in at 9.7%.
During the year, Prism Johnson’s 14.3% decline in exports volume.
consolidated revenue grew by While Prism Cement’s sales Tile capacity utilisation increased
12.9% to ₹ 6,306 Crores mainly volume and profitability came from 59% in 2020-21 to 69% in
led by growth in revenue of under pressure for various 2021-22.

5
Prism Johnson Limited
Annual Report 2021-22

The Company continues to invest in innovation to cater to modern

infrastructure and lifestyle needs of our customers. We are prepared
to leverage technology and build capability across all levels of the
organisation so that we can add value to our customers. The Company
will also continue to take initiatives to achieve cost-competitiveness
and report healthy profit margins in the medium term.”

Prism RMC: Prism RMC materials and services. Our 13% reduction in energy
revenues grew by 31.9% to ₹ 1,198 collective purpose is to foster intensity to 13,139 TJ;
Crores with an EBITDA ₹ 9 Crores. growth and nurture strong emissions’ intensity stood
infrastructural developments in at 613 kg CO2 per ton of
RQBE: Gross written premium the country, create a healthy cementitious material in
grew by 33% to ₹ 393 Crores. 2021-22
and safe working environment
RQBE reported a Net Loss after
for our people, provide quality
Tax of ₹ 95 Crores. RQBE remains product and service offering ƒƒ Prism Cement consumed
well capitalised with a solvency to our customers and create 136 litres of water per ton of
ratio of 2.2x, as against the shareholder value. cement produced, a 20%
regulatory requirement of at least reduction in water intensity in
1.5x. AUM stood at ₹ 815 Crores Our Company aims to minimise 2021-22
as on March 31, 2022. the impact of our operations
and continues to take several ƒƒ Over 1,35,000 saplings were
Strong Sustainability concrete steps in the right planted by Prism Cement in
Focus direction for a sustainable 2021-22
future. Here are some of the key
Being a building materials ƒƒ Prism Cement’s Lost Time
highlights of our ESG initiatives:
company, we have a mark
Injury Rate (LTIR) stood at 0.23
on the environment and on ƒƒ 36.6% of Prism Cement’s total
our communities. At Prism power requirement was met Concrete Steps Towards
Johnson, we strive to create through renewable sources, the Future
sustainable value by meeting namely WHRS and solar
the construction and lifestyle We believe several measures
power during 2021-22
needs of our customers taken by the Government of
through innovative building ƒƒ Prism Cement reported a India along with increase in

6
 Corporate overview statutory reports Financial Statements

infrastructure demand, pick up in June 2023 for the capex of With this, we thank our
housing and commercial activities around ₹ 90 Crores (excluding shareholders for their continued
will boost the demand for building land). trust and confidence in our
materials in the medium term. Company. We are grateful to our
Going forward, Prism Johnson employees, distributors and other
To cater to the strong medium will continue to work on aligning stakeholders for their constant
term demand potential, emanating its product mix in line with the and untiring support. We credit
from the growing demand from actual demand (for example, our growth to our employees’
the infrastructure and housing increase share of glazed vitrified hard work, commitment, and
sectors, we crystallised capacity tiles in the tiles sales mix) and dedication, which will continue to
expansion plans during 2021-22. expand distribution network to help us scale newer heights as
We announced our plan to set achieve strong revenue growth in they stand with us through every
up a 2 MTPA greenfield cement future. The Company continues high and low.
grinding capacity in Eastern Uttar to invest in innovation to cater to
Warm Regards,
Pradesh by December 2024 for modern infrastructure and lifestyle
a capex of approximately ₹ 500 needs of our customers. We are Vijay Aggarwal
Crores. During 2021-22, our joint prepared to leverage technology
venture entities increased tile and build capability across all
manufacturing capacity by levels of the organisation so
~4 mn m , taking HRJ’s total tile
2
that we can add value to our
manufacturing capacity to ~64 mn customers. The Company will
m . HRJ has further announced its
2
also continue to take initiatives to
plan for a greenfield tile capacity achieve cost-competitiveness and
expansion of 5.5 mn m2 report healthy profit margins in
at Panagarh, West Bengal, by the medium term.

7
Prism Johnson Limited
Annual Report 2021-22

Prism Johnson at a Glance

Integrated Building
Materials Company
Prism Johnson Limited
is among India’s largest
integrated building
materials companies, Vision
offering a wide range of Creating sustainable value by
products from cement and
meeting the construction and
ready-mix concrete to tiles
and bath products. lifestyle needs of our customers
through innovative building
Established in 1992, Prism Johnson Limited
(referred to as ‘Prism Johnson’, or ‘the materials and services
Company’ hereinafter) is among India’s
leading integrated building materials
companies. The Company provides various
products and services through its three
divisions, namely Cement (‘Prism Cement’),
H & R Johnson (India) (‘HRJ’), and RMC (India)
(‘Prism RMC’). Values:
Prism Johnson strives to provide high-quality

1 TEAM
and innovative building materials products
and services, while meeting society’s needs in
a sustainable manner. The Company believes
that a superior customer experience makes
the foundation for long-lasting partnerships.
T: Transparency
1 TASC

To this end, the Company continuously

customises products and solutions to meet
customers’ requirements and ensures higher A: Accountability
satisfaction.

S: Speed

C: Changing with Time

8
 Corporate overview statutory reports Financial Statements

Prism Johnson Business

Key Highlights
Prism Cement

5.22
With about three decades of experience, Prism Cement is a prominent
cement player in the Satna cluster in central India, with an installed mn tons
cement capacity of 5.6 mtpa. Prism Cement has a wide distribution 2021-22 Cement & Clinker
Sale Volume
network of ~2,900 active dealers that cater to cement demand in Uttar
Pradesh, Madhya Pradesh and Bihar.

Quality assurance is an integral part of Prism Cement’s manufacturing

` 2,408 Crores
2021-22 Prism Cement
philosophy. The quality attributes are consistently ensured through rigorous Revenue
application of advanced technology, constant quality monitoring with

` 709
high precision equipment and adherence to ISO certified systems and
procedures. The Company’s cement manufacturing facility at Satna is
2021-22 Cement
equipped with state-of-the-art machinery and technical support from EBITDA per ton
FLSmidth & Co. A/S, Denmark KHD Germany, Thyssen Krupp Germany and
Holtec Consulting India, the world leaders in cement technology.

Key Highlights
H & R Johnson (India)
With over six decades of experience, HRJ is the pioneer of ceramic tiles
in India. HRJ offers a diversified product portfolio of tiles, sanitaryware,
53.1 mn m2
2021-22 Tiles Sales Volume
bath fittings and engineered marble & quartz and provides end-to-end
solutions to its customers. The division has a wide distribution network
` 2,221 Crores
of ~1,200 dealers and operates 18 large format Experience Centers 2021-22 HRJ Revenue
displaying HRJ’s wide range of products.
10.6 %
2021-22 HRJ EBITDA Margin

Key Highlights
Prism RMC
Prism RMC is the amongst the top 3 players in the ready-mixed 3.2 mn m3
concrete sector, with a pan-India presence as it operates 97 plants at 44 2021-22 Concrete Sales
locations. Prism RMC also mines aggregates and operates three large Volume

` 1,198 Crores
quarries. Further, it has three technical labs that are certified by National
Accreditation Board for Testing and Calibration Laboratories (NABL) and
ensures strict adherence to the quality of concrete manufactured at 2021-22 Prism RMC Revenue
Prism RMC plants.
0.7 %
2021-22 Prism RMC EBITDA Margin

9
Prism Johnson Limited
Annual Report 2021-22

Journey and

Milestones

yy Acquired stake NABL Changed

2016

2017

2018
in BLA Power accredited name of the
Private Limited lab set up by Company
and entered into Prism RMC from Prism
a power supply in Mumbai, Cement
agreement Bengaluru, Limited
Gurugram and to Prism
yy Launched
Chennai Johnson
Champion Plus
Limited
– a premium
cement brand

yy Entered into Received ISO Received ISO

2015

2013

2012
joint venture 22000:2005 27001:2005
agreement with Certification Certification
Coral Gold Tiles Food and Safety (ISMS)
Private Limited in May 2013.
Prism Cement
yy Launched
received a nod
Duratech – a
from the National
premium cement
Accreditation
brand
Board for Testing
and Calibration
Laboratories
(NABL) for Testing
Lab

Incorporated Entered into a Changed

1992

1993

1994

the Company as joint venture Company

Karan Cement with FLSmidth to name
Limited set-up 2 MTPA to Prism
cement plant Cement
Limited

10
 Corporate overview statutory reports Financial Statements

yy Launched new yy Entered into yy Received NCLT approval

2019

2020

2021
Sanitaryware joint venture for the Composite Scheme
and Bath agreement of Arrangement and
Fittings with Sanskar Amalgamation amongst the
product range Ceramics Company and some of its
under the Private Limited wholly-owned subsidiaries
brand name
yy Commissioned yy Commissioned 12.4 MW of
Johnson
10.0 MW of WHRS and 10 MW of solar
International
WHRS and 5.0 plant at Satna
yy Commissioned MW of solar
7.5 MW of power at Prism
solar power at Cement plant at
Satna Satna, Madhya
Pradesh

Entered into Commenced Amalgamated

2011

2010

2009

joint venture second line H. & R. Johnson

agreement of cement (India) Limited
with Small production and RMC
Johnson Floor with a Readymix
Tiles Private capacity of (India) Private
Limited 3.6 MTPA Limited into the
Company

Initial Public Commenced Established truck Ranked 3rd best

1995

1997

2004

2005

Offering production loading and bulk in leadership for

of first line loading system adopting state-of-
of cement the-art technology
(2 MTPA and
capacity) energy efficiency

11
Prism Johnson Limited
Annual Report 2021-22

Wide Range of

Innovative Products
Cement Division
Prism Cement offers wide range of quality products, catering to various
aspects of construction from foundation to finish. The Company provides
quality products alongside value-added services to its customers, masons,
and contractors. Prism Cement team visits the construction sites to provide
technical assistance on the best construction practices to aid in their
construction journey.

12
 Corporate overview statutory reports Financial Statements

Prism Champion Duratech Cement

yy Prism Cement’s premium product, and an all-purpose
cement that serves various customer needs, including
building terraces, beams, columns, foundation, roof slab,
and in all kinds of RCC and precast jobs

yy Improved workability

yy High long-term strength

yy Good resistance to alkali aggregate reaction

yy Higher one-day strength

yy Lower heat of hydration and low permeability

Prism Champion Plus Cement

yy A premium product, known for its high strength, high
performance and consistent quality
yy Helps in making the concrete stronger, denser and leak
proof, resulting in strengthening of the structure
yy Assures superior quality with high strength, suited for
general construction

Prism Champion Cement

yy Excellent durability that provides long-term strength & gain,
and is suitable for any type of structural application
yy Wide range of application, including housing, roads, wells,
dams, masonry and plastering works

13
Prism Johnson Limited
Annual Report 2021-22

H & R Johnson (India)

With an experience of more than 60 years, H & R Johnson (India) is amongst
the largest players for lifestyle solutions in India. It offers a wide range of
products – tiles, bath fittings, sanitary ware and engineered marble and quartz.
The Company reaches out to its customers across the nation through its wide
distribution network of nearly 1,200 dealers and 18 large format Experience
Centers. As a renowned name, the brand is associated with high-quality,
design-led products, especially wall tiles & floor tiles.

14
 Corporate overview statutory reports Financial Statements

Johnson
Johnson Tiles Porselano
Ceramic tiles fit for serving a Glazed vitrified tiles and
variety of interior styles slabs designed to suit
modern lifestyles that
emphasise health, hygiene,
safety, environmental
awareness and aesthetics

Johnson
Marbonite
Polished vitrified tiles that
are mainly used for flooring
Johnson Marble
& Quartz
Engineered marble and
quartz range of products

Johnson Endura
Heavy-duty and special-
purpose industrial tiles
designed for specific
purposes, example high Johnson
traffic tiles for high-usage International
areas, staircase solutions, Wide range of bathroom
swimming pool tiles, exterior products with contemporary
wall cladding, ‘Tactiles’ for designs, comprising
public spaces to assist sanitaryware, faucets and
visually impaired people,
accessories
among others.

15
Prism Johnson Limited
Annual Report 2021-22

Prism RMC
Prism RMC has been at the forefront with complete concrete solutions,
innovative products, computerised production and quality systems and its own
fleet of over 170 transit mixers for better services in the ready-mixed concrete
industry.
Prism RMC’s plants consist of computerised batching mixers with a
computerised system that controls the entire production process, well
established quality labs, compartmental storage of aggregates and sand, silos
for cement, fly ash and GGBS. The quality of the resulting concrete is much
superior to site-mixed concrete.

16
 Corporate overview statutory reports Financial Statements

AquaresisT- Coastcrete
crete Aquaresistcr
r ete®
Speciality concrete
An integral water- that is designed to
proofing solution withstand extreme
used in basement coastal environment
retaining walls, lift
pits, swimming pools,
water retaining
structures and
sewage & water
Integral Waterproofing Solution
treatment plants

Dyecrete Easycrete
y rete®
Dyecr Easycrete®
A colourful concrete High resistance to
that provides segregation, with no
architects with the compaction and can
liberty to explore their easily spread and fill
vision and bring variety every nook and corner
in their treatment of of the formwork by its
a building’s structural unique free-flow ability
elements
Colour your Flowable Concrete,
Solution to Congestion of Steel

Envirocrete Elitecrete
Elitecrete®
High-performance, Composite material
high-quality used for insulating
sustainable concrete material for roofs, floor
with low environmental and electrical cables
impact and construction of
partition walls

Lightweight &
Thermal Insulation Solution

17
Prism Johnson Limited
Annual Report 2021-22

Foundation FRCcrete
crete
®
FRCcrete
Increases the
Makes the structure structural integrity
highly durable and an through its concrete
environment friendly containing fibres
product that helps
to minimise cement
consumption through
increased absorption
of cementitious by-
products

Megacrete Portacrete
Portacrete ®
A dense concrete used Retains consistency
for jumbo strength, and cohesiveness
supporting high rise of the mix for a long
constructions period and is used
in repair/renovation
work in houses and
buildings

®
Megacrete Ready to deliver
Breaking the height barrier
at your doorstep

Pervious Thermocrete
crete
®
Thermocrete
Concrete that controls
Concrete that permits the temperature
water and storm water difference between
runoff to percolate the core and surface
through it and is of the concrete,
suitable for rain water thereby mitigating
harvesting thermal tensile cracks

Instant Water Logging Solution Thermal Cracking Solution

in Mass Pours

18
 Corporate overview statutory reports Financial Statements

Ardex Endura
Wide range of products, including tile fixing adhesives, grouts, industrial
flooring and water proofing products.

Tile & Stone Installations Waterproofing Systems

Flooring Solutions Flooring Adhesives

Concrete Repair, Anchors & Grouts Decorative Finishes

19
Prism Johnson Limited
Annual Report 2021-22

Growing Strong with

Increasing
Housing
Demand

The demand for housing and

real estate is set to witness
a turnaround, backed by
favourable Government
policies and focus on
infrastructural development.

India is a Leading
Cement
Manufacturer

7-8 % of Total World

Cement Produced in India

361 MT
Total Cement Production in
India during 2021-22

544 MTPA
Total Installed Capacity of
Cement in India

20
 Corporate overview statutory reports Financial Statements

Government Push for

Housing Sector
The Government has refuelled Pradhan Mantri Awas
Yojana (PMAY) with ` 48,000 Crores budgetary
allocation for the year 2022-23. The target is to build
80 Lakh homes for the rural and urban dwellers –
boosting demand in the industry with further growth ` 48,000Crores
prospects for Prism Johnson, to cater to the growing Budgetary Allocation for
demands. Higher demand for residential properties 2022-23 under PMAY
resulting from an increased household income and
rapid urbanisation is also a factor in driving a rise in
the cement, RMC, and tiles demand.

Increased Capital
Expenditure by the
Government of India
In the Union Budget for 2022-23, the Government
announced an increase in capital expenditure by over
35% to ` 7,50,000 Crores. This is going to be amongst
the major factors that will drive infrastructure
` 7,50,000 Crores
Capital Expenditure by the
spending and result in strong demand for building Government of India
materials. The increase in private sector capital
expenditure will further help overall cement demand.

Infrastructure Thrust
to Pent-up Demand
There are many schemes announced by the
Government of India that aim at development and

` 19,000 Crores
improvement of public infrastructure, such as roads,
highways, railways, airports and ports, among others.
For example, the Government has allocated ` 19,000 Pradhan Mantri Gram Sadak Yojna
Crores to the Pradhan Mantri Gram Sadak Yojna for
development of rural roads.

21
Prism Johnson Limited
Annual Report 2021-22

Sustainable
Business Model
Capitals Engaged Inputs Key Value Drivers

` 2,588 Crores
Financial CAPITAL Vision
Capital Employed
Creating sustainable
` 1,447 Crores value by meeting the
The Company strives to maximise returns for
Total Equity construction and lifestyle
its lenders and shareholders. The two financial
` 1,253 Crores needs of our customers
parameters that drive key business decisions
Net Debt through innovative building
are ROCE and FCF. Prism Johnson uses an
` 4,185 Crores materials and services
optimum capital structure, a judicial mix of
debt and equity, in order to create value for its Gross Fixed Assets
shareholders. ` 285 Crores Core Values
Net Working Capital
1 -1 TEAM
All financial data is
Consolidated, ex RQBE T: Transparency
A: Accountability
1 Plant, 2 units of
Manufactured CAPITAL Cement Manufacturing S: Speed
5.6 mn Tons Cement C: Changing with Time
The Company endeavours to manufacture Installed Capacity
11 Tiles Manufacturing Innovative product line
products that cater to the varied needs of
plant Providing innovative and
its customers while maintaining the highest
64 mn m Tiles
2
wide range of building
possible standards of quality and ensuring
Manufacturing
optimum utilisation of resources. Prism Cement’s material products
Capacity
plant at Satna is equipped with state-of-the-art 97 Prism RMC Plants Healthy work
machinery and gets technical support from 3 Aggregate Quarries environment
reputed global cement technology companies.
Providing a safe and
sustainable working
environment and providing
equal opportunities to
Intellectual CAPITAL 3 Technical labs for
employees
Prism RMC that are
The Company constantly strives to develop certified by National
innovative products and processes, which are Accreditation Board for
safer, more environment friendly and responsive Testing and Calibration
to market needs. Laboratories

1 Technical Lab for

Prism Cement

1 Dedicated R&D
Center for HRJ

22
 Corporate overview statutory reports Financial Statements

Business Activities Output SDG Impacted

` 5,827 Crores
Raw Material
Revenue from Operations
Sourcing

„„ Limestone mining and ` 139 Crores

crushing Profit after Tax
„„ Other raw materials
sourcing ` 2.79
„„ Storage of raw Earnings per Share
materials
13.5%
Cement, Tiles Return on Capital Employed
and Concrete
Manufacturing

„„ Cement production: 5.22 mn Tons

Clinkerisation, grinding Cement Sales Volume
and storage
53.1 mn m2
„„ Tiles and Bathroom Tiles Sales Volume
fittings production
„„ Ready-mixed concrete 3.2 mn m3
RMC Sales Volume
production
„„ Innovation 92%
Capacity Utilisation
Marketing Cement Plant
„„ Distribution
69% Capacity Utilisation
„„ Sales HRJ Plants
„„ Experience Centre
29% Share of premium products
„„ After sales service
in cement

5 Number of patents granted

to HRJ

23
Prism Johnson Limited
Annual Report 2021-22

Capitals Engaged Inputs Key Value Drivers

Human CAPITAL 5,170 Number of

employees
Prism Johnson is an equal opportunity
employer and diversity is highly valued and ` 560 Crores
encouraged. The Company aims to provide a Employee cost
work culture that is most conducive to both
the professional and personal growth of its
people, while working towards creating a
capable organisation.
Facilitating community
growth
Social and Relationship CAPITAL ` 3.94 Crores Prism Johnson is well
Amount Spent for focused towards
The Company believes that its stakeholders CSR Activities enhancing the living
are central to its business model and strategy conditions of communities
` 870 Crores Contri-
and creating value for all stakeholders is of through its CSR activities.
bution to Ex-chequer
prime importance. It strives to minimise the
Efficient supply and
negative impact and maximise the positive ~1,200 HRJ Dealers
distribution Management
impact of its business activities on the ~2,900 Prism Cement
Prism Johnson has an
surrounding communities. Active Dealers
efficient and wide dealers
and distribution network,
Natural CAPITAL 13,139 TJ Energy owing to a diversified
Intensity business portfolio. The
Efficient use of raw materials is of utmost 22.4 MW WHRS Company collaborates
importance. The Company is committed to Capacity with suppliers and
increase the use of alternative raw material monitors the entire value
that has lower carbon footprint and is more
22.5 MW Solar
chain, encouraging
sustainable as compared to their conventional
Power Capacity
knowledge enhancement,
counterparts. Further, it is committed
at Satna, Madhya
process improvements and
to optimise the use of water across all
Pradesh
product applications.
manufacturing plants, sites and quarries. 4.5 MW Solar Power
Capacity at HRJ
Plants
136 litres Water
Consumption per
ton of Cement

24
 Corporate overview statutory reports Financial Statements

Business Activities Output SDG Impacted

` 1.1 Crores
Revenue per Employee

0.23
Prism Cement’s Lost Time Injury
Rate (LTIR)

Other Activities

„„ Human Resource
18 Villages Benefited
Development in Satna Region
„„ Technological
Development

„„ Supply Chain
Management

„„ Legal and
Compliances

„„ Procurement

„„ Financing 613 kg CO2 Emissions Intensity per

ton of Cementitious Material

36.6% Energy Consumption

Sourced From Whrs And Other
Renewable Sources (Solar And
Biomass) at Prism Cement

1,94,622 m3 Rainwater Harvesting

and Water Conservation

1,35,000+
Saplings Planted by Prism
Cement

25
Prism Johnson Limited
Annual Report 2021-22

Financial
CAPITAL Key Focus Areas
Strong Sales Volume: The Company has taken
Key Highlights for several initiatives to grow sales volumes across
divisions and product categories, such as expanding
2021-22 the distribution network, optimising the product mix
Prism Johnson’s Consolidated (ex and launching new innovative products that cater
RQBE) revenues grew 9.4% in 2021- to the evolving customer needs. The Company also

22, led by growth in HRJ and Prism plans to increase cement and tiles capacity to cater
the growing demand in the medium term.
RMC divisions. Prism Cement revenue
declined by 6.9% mainly due to Cost Optimisation: Cost control is of utmost
priority for Prism Johnson, given the pressure on
lower sales volume. Prism Cement
margins due to rising input costs, especially power
constituted 41.3% of Consolidated
and fuel costs. The Company is working on various
(ex RQBE) Revenues in 2021-22, while initiatives to improve its energy efficiency through
HRJ constituted 38.1% and Prism RMC technology up-gradation, process optimisation and
constituted 20.6%. Consolidated (ex productivity improvement. Additionally, it has been
RQBE) EBITDA margin declined by 270 focussed on reducing fixed costs and has taken
basis points mainly due to reduction several initiatives across divisions for the same.

in cement EBITDA as a result of high Strengthen Balance Sheet: The Company has
input costs. HRJ reported a 190 basis been actively strengthening its balance sheet ratios,
points increase in EBITDA margin to reducing the net debt levels and keeping the working
capital requirements in check. In the past five years,
10.6%, while Prism RMC’s EBITDA
Prism Johnson has brought down Consolidated Net
Margin improved by 270 basis points
Debt (ex RQBE) from ` 1,953 Crores in 2017-18 to
to 0.7% in 2021-22. ` 1,253 Crores. Consolidated Net Debt to EBITDA ratio
(ex RQBE) significantly declined from 4.4x in 2017-18
to 2.0x. Further, the Company has actively managed
its working capital cycle (Consolidated ex RQBE),
bringing it down from 40 days in 2017-18 to 18 days
in 2021-22.

26
 Corporate overview statutory reports Financial Statements

FIVE YEAR FINANCIAL SUMMARY

(CONSOLIDATED EX RQBE)

Revenue from Operations (` Crores) EBITDA (` Crores)

2021-22 5,827 2021-22 614

2020-21 5,326 2020-21 701

2019-20 5,820 2019-20 601

2018-19 6,081 2018-19 621

2017-18 5,422 2017-18 441

Gross Block (` Crores) *ROCE (%)

2021-22 4,198 2021-22 13.5

2020-21 3,878 2020-21 18.2

2019-20 3,533 2019-20 13.2

2018-19 3,389 2018-19 15.5

2017-18 3,210 2017-18 15.6

Net Debt (` Crores) Net Debt to EBITDA (x)

2021-22 1,253 2021-22 2.0

2020-21 1,234 2020-21 1.8

2019-20 1,864 2019-20 3.1

2018-19 1,856 2018-19 3.0

2017-18 1,953 2017-18 4.4

*ROCE: Return on Capital Employed

27
Prism Johnson Limited
Annual Report 2021-22

Manufacturing
CAPITAL
Prism CEMENT
Prism Cement is a prominent player
in the Satna cluster in central India
with a cement production capacity
of 5.6 MTPA. Prism Cement’s
manufacturing facility at Satna,
Madhya Pradesh, is equipped with
state-of-the-art machinery and
technical support from FLSmidth
& Co A/S Denmark, KHD Germany,
Thyssen Krupp Germany and Holtec
Consulting India - the world leaders
in cement technology.

Key Focus Areas

yy Improve capacity utilisation for effectiveness,
higher efficiency measures and cost optimisation

yy Increase use of alternative fuel and raw materials

in its manufacturing processes for conservation of
natural resources

CAPACITY EXPANSION PLAN

Prism Cement is increasing its cement granding
capacity to further strengthen its market positioning.
5.6 MTPA
Installed Cement Capacity
The Company has announced plans to increase its
grinding capacity through a greenfield Grinding Unit
in Eastern Uttar Pradesh of 2.0 MTPA by December
92%
Capacity Utilisation
2024 with a capex of ` 500 Crores.

5.22 MT
Cement & Clinker Sales Volume

28
 Corporate overview statutory reports Financial Statements

H & R Johnson (India)

HRJ has a tile manufacturing capacity of 64 mn m2 per annum, spread across 11
manufacturing plants (including joint ventures), making it among India’s largest
tiles manufacturers. HRJ’s manufacturing facilities employ the best technologies
from global tile manufacturing equipment companies. The Company’s plants
are ISO compliant with 9001 and 14001 certifications, as well as OHSAS 18001
certification.

Key Focus Areas

yy Improve product mix (increase share of GVT) in line HRJ is increasing its own manufacturing capacity by
with the customer demand 5.5 mn m2 through greenfield expansion at Panagarh,
yy Increase its market share by making its distribution West Bengal, with a proposed capex of approximately
channel wider and more efficient ` 90 Crores. This capacity will be operational by June
yy Ensure timely implementation of capex plans 2023, and shall enable HRJ to grow market share and
without any cost overruns further strengthen its market position in eastern India.

Capacity Expansion Plan

Witnessing strong demand from housing and
64 mn m2
Installed Capacity
infrastructure sectors, the Company plans to increase
its tile manufacturing capacity. During 2021-22, the
Company’s joint venture entities added 4 mn m2 69%
capacity for a capex of around ` 50 Crores. All these Capacity Utilisation
planned measures are being implemented as per the
proposed timelines.
11
Tile Manufacturing Plants

29
 Prism Johnson Limited
Annual Report 2021-22

Prism RMC
Prism RMC is amongst India’s leading ready-mixed concrete
manufacturers. The Company currently has 97 RMC plants across
44 cities. Prism RMC manufactures a wide range of concrete
products and provides concrete solutions for their customers’
several needs. Prism RMC also manufactures aggregates and
operates large quarries and crushers. At present, Prism RMC has
three quarries.
Prism RMC’s production plants are provided with fully-equipped
laboratories for conducting trials and testing raw materials
and finished products. Testing is required to ensure effective
performance of the raw ingredients involved and to assess
conformance to desired parameters of the concrete produced.
Prism RMC has three NABL certified labs that have certification for
testing certain parameters of concrete and its raw materials. These
are located in Mumbai, Dhumaspur (NCR) and Chennai.

Key Focus Areas

yy Increase plant utilisation
~11 mn m3
Installed Capacity
yy Increase share of value-added products
yy Increase focus on individual home builder segment
97
RMC Plants

3
Aggregate Quarries

30
 Corporate overview statutory reports Financial Statements

Jammu & Kashmir

Sambha
Baddi
Ludhiana Derabassi
Himachal
Mohali Pradesh
Jalandhar Ludhiana
Punjab Chandigarh
PanchkulaUttarakhand
Sonipat
Haryana Arunachal
Greater Noida Pradesh
New Delhi Sahibabad
Gurgaon
Faridabad Sikkim
Uttar Pradesh
Rajasthan Jaipur
Kanpur Lucknow Jalpaiguri Guwahati Nagaland
Assam
Gwalior Bihar
Prayagraj Varanasi
Patna Manipur

Satna
Tripura
Ahmedabad Madhya West Bengal
Dewas Pradesh Jabalpur Mizoram
Gujarat Baroda Ranchi Panagarh
Jharkhand
Chhattisgarh Kolkata
Rajkot Indore
Bhopal
Odisha
Surat Nagpur Raipur
Paradeep
Nashik Bhubaneswar
Thane
Kalyan Maharashtra
Navi Mumbai

Panvel
Mumbai Registered Office
Vizag
Pen Pune
Hyderabad Corporate Office
Telangana
Karnataka
Vijayawada
Kurnool Prism Cement Plant
Goa
Mangalore Prism Cement Marketing Office
Kunigal
Manipal
Bengaluru Prism Cement AP Project
Mysore Chennai
Tamil Ready-Mixed Concrete Plant
Kozhikode Nadu
Coimbatore
Trichy Ready-Mixed Concrete Quarry
Ernakulam Karaikal
Kochi
Madurai H & R Johnson Plant

Thiruvananthapuram
H & R Johnson Office

Experience Centre

This map is a generalised illustration only for the ease of the reader to understand the locations, and is not intended to be used for reference purposes.
The representation of political boundaries and the names of geographical features/states do not necessarily reflect the actual position. The Company
or any of its directors, officers or employees, cannot be held responsible for any misuse or misinterpretation of any information or design thereof. The
Company does not warrant or represent any kind of connection to its accuracy or completeness.

31
Prism Johnson Limited
Annual Report 2021-22

Intellectual
CAPITAL Innovative Tile
Products from HRJ
Prism Johnson continues to focus on
reducing its environmental impact,
while delivering on every customer’s
need across the building material
segment.
Prism Johnson’s HRJ division has an R&D facility
that is recognised by the Department of Scientific
& Industrial Research (DSIR), as well as various
academic bodies. HRJ has a team of young scientists
and researchers who work under guidance of senior
reputed scientists to maintain its technological edge.
In its history of last 60+ years, HRJ has launched
many inventions and exclusive features that the tile
industry has seen so far. HRJ has also been granted 5
patents for its innovative product offerings, mainly for
anti-static tiles, soluble salt, anti-oxidation refractory
frit and an anti-microbial powder.

32
 Corporate overview statutory reports Financial Statements

At Prism RMC, a typical plant provides an innovative Thermocrete: a modified concrete that helps in
edge with respect to manufacturing processes and mitigating thermal tensile cracks
enables resource optimisation without compromising
on its commitment to provide quality products and Key Focus Areas
services to its consumers. The quality of the resulting
yy Ensuring quality products and continuous
concrete is much superior to site-mixed concrete.
improvement in the current product portfolio and
With focus on innovation Prism RMC has achieved
production process
several characteristics that make its concrete
products suitable for a wide range of applications. yy Launch new innovative products that cater to the
Some of its product innovations include: growing customer demand

yy Identify and implement efficient and innovative

Envirocrete: a high-performance, high-quality
production processes and technologies that are
sustainable concrete with low environmental impact
sustainability focussed and help lower carbon
emissions
Aquaresistcrete: a water-tight concrete containing
specially formulated admixture to provide a complete
waterproofing solution

Perviouscrete: a concrete that permits water runoff

to percolate, and is highly suitable for rainwater
harvesting

33
Prism Johnson Limited
Annual Report 2021-22

Human
CAPITAL
Prism Johnson encourages
and facilitates a healthy work
environment, driven by team
spirit and unity. As of March 31,
2022, Prism Johnson had 5,170
employees actively involved in
fulfilling organisational purpose
and creating value for customers,
shareholders, investors, and the
communities where it operates.

Prism Johnson’s committed workforce is a key

factor responsible for the Company’s continued
growth. The Company constantly strives to
provide a work culture that is most conducive
to both professional and personal growth of
its people, while working towards creating a
capable organisation. This requires the Company
to motivate employees, nurture relevant
competencies and skills, provide a safe, diverse
and inclusive workspace. Prism Johnson is an
equal opportunity employer and diversity is highly
valued and encouraged.

34
 Corporate overview statutory reports Financial Statements

Training and High Focus on Health and

Development Initiatives Safety
Prism Johnson’s utmost priority is to invest in upskilling Prism Johnson’s primary occupational and health goal
and training of employees that helps enhance is to be an accident-free workplace. Each person
employee productivity. The Company provides within the organisation has equal responsibility
induction training programmes, on-the-job training, for ensuring workspace safety. Contractors and
up-skilling programmes, including safety at workplace, contractual workers also come under the purview of
stress management, conflict management, and team- the Company’s health and safety endeavours. A safety
building activities, total production management, communication meeting is conducted every month for
5S-workplace organisation system, among others. imparting safety awareness and communicate about
relevant changes or updates to the workers.

Various hands-on safety trainings are provided to all

permanent and temporary workers, including Industrial
Safety and Road Safety, Lock-Out-Tag-Out (LOTO)
safety training, Height Pass training, safety training for
drivers, scrap handling training and many more.

Prism Johnson’s Workforce

By By By
Contract Gender Age

Permanent: 5,170 Male: 9,775 <30 years: 2,487

Contractual: 4,988 Female: 383 30-50 years: 6,312

>50 years: 1,359

Key Focus Areas

yy Upskilling and training employees to enhance productivity

yy Maintaining human and workplace rights for all employees

yy Hiring the best talent and maintaining a ready pool by creating a sourcing pipeline that helps in fulfilling
manpower requirements

35
Prism Johnson Limited
Annual Report 2021-22

Social and Relationship

CAPITAL Ensuring Customer Satisfaction: Prism
Johnson belief lies in ensuring customer satisfaction
for the organisational success. Customers are a
Delivering a Superior key stakeholder in the business and maintaining
Customer Experience dialogue with them is important for the Company’s
brand enhancement and product innovation. For this
Prism Johnson is constantly purpose, the Company follows a well-defined process,
enhancing its offerings to the including post-marketing audit, customer satisfaction
surveys and regular interaction with customers.
customers by placing them at the
centre of every strategy, decision Personalised Experience to the
and action undertaken by the Customers: The Company has developed
extensive marketing collaterals and regularly hosts
Company.
launch events and outdoor campaigns to increase
the visibility of its brands and educate customers
about key features of its products.

HRJ continues to invest in marketing and distribution

activities through its 18 Experience Centres
spread across India. These centres provide a more
personalised experience to the customers and help
HRJ get an edge in the market.

Prism RMC has created 13 innovation galleries at key

locations, where customers can get a closer look at
the Company’s product offerings, technologies and
get clarifications on questions they might have.

Better Relations with

Suppliers
The Company ensures an optimum supply chain with
competent suppliers for seamless operations. The
Company encourages vendors to follow the statutory
regulations on environmental and social compliances.

The Company also focusses on procuring raw

materials locally. Since Prism Cement’s manufacturing
unit is located Madhya Pradesh, its focus remains
on procuring most of its raw materials from within
the state. During the financial year, Prism Cement
purchased around 85% of its total procurement
locally.

36
 Corporate overview statutory reports Financial Statements

CSR Initiatives
The Company realises the importance of a healthy
community engagement and strives to ensure the
well-being of its communities and promote inclusive
growth. Prism Johnson is engaged in extensive
community-building initiatives in and around its
manufacturing facilities at Satna, Madhya Pradesh.
During the year, Prism Johnson spent ` 3.94 Crores
towards CSR activities. These activities are
categorised into few broad areas:

yy Rural Infrastructure Development

yy Health and Hygiene

yy Promotion of Education

yy Environment and Water Conservation

yy Provideing Potable Drinking Water

yy Empowerment and Skill Development

yy Disaster Management

yy Social Welfare

37
Prism Johnson Limited
Annual Report 2021-22

Natural
CAPITAL
The manufacturing of building
materials is a resource and energy
36.6%
Prism Cement’s power requirement
intensive process. Being a responsible met through WHRS and Solar Power
organisation, Prism Johnson strives
to follow the best environmental
practices. Thereon, it incorporates
13,139 TJ
Prism Cement’s Energy Intensity
these in its business strategies and
operations, to foster environmental
awareness among stakeholders,
613 kg CO2
Prism Cement’s Emissions Intensity
including employees, clients and per ton of Cementitious Material
suppliers. The Company remains Includes Scope1 emissions only

conscious of its responsibility towards

creating, maintaining and ensuring 136 LITRES
Water Consumption Per Ton Of
a safe and clean environment for
Cement
sustainable development.

Over 1,35,000
Saplings Planted by Prism
Cement

38
 Corporate overview statutory reports Financial Statements

Sustainable Utilisation generated from washrooms and cleaning activities

undergoes treatment in Sewage Treatment Plant (STP)
of Resources and is reused for gardening purposes. Further, Prism
Raw Material: Being a responsible organisation, Cement recycles 100% wastewater generated from its
Prism Johnson is focused and committed to use residential colony for gardening purposes.
raw materials efficiently with minimal wastage. It is During 2021-22, Prism Cement successfully
enhancing the use of alternative raw materials that contributed 1,94,622 cubic meter water to ground
are more sustainable, lowering carbon footprint as water recharge.
compared to its conventional counterparts. Cement
and RMC divisions commonly use fly ash, granulated Waste Treatment: Prism Johnson understands
blast furnace slag (GGBS), copper slag, micro fine, that one of the causes behind environmental
granite dust slurry powder, and in-house feldspar degradation is inappropriate waste disposal.
as alternative raw materials. During 2021-22, Prism Therefore, the Company complies with current legal
Cement division used 25%, Prism RMC used 4% and regulations for the disposal of waste produced at
HRJ used 9% alternative raw materials. their plants. The Company has tied up with local
vendors, authorised by the relevant State Pollution
Water & Wastewater Treatment: Water Control Board (SPCB), for disposal of hazardous
is among the prime requirements of the Company’s waste generated from plants. The non-hazardous
production process. Prism Cement uses the rainwater, waste is stored on-site in the scrap yards and sold to
that gets naturally filled up in the mine pits, for private vendors for further recycling/disposal.
industrial purposes. HRJ and Prism RMC fulfil their
water requirements by using a mix of ground water
Efficient Use of Energy: The Company has
taken various measures towards achieving energy-
and third-party water sources such as local municipal
efficient future. Prism Johnson is using a mix of alternate
water supply or private tanker.
and renewable fuels in direct energy consumption to
Prism Cement’s plant at Satna, 66 out of the 97 reduce the Company’s dependency on fossil fuels.
Prism RMC plants and all HRJ Plants (except one)
Prism Cement is constantly engaged towards using
have maintained Zero Liquid Discharge (ZLD).
green energy and has an installed capacity of 22.5 MW
The Company has a Cross Functional Team (CFT)
of solar power and 22.4 MW of Waste Heat recovery
for water management for each division which System (WHRS). In 2021-22, 36.6% of Prism Cement’s
monitors wastewater generation, reduction in water total energy consumption was sourced from WHRS and
consumption, rate of recycling and many other such other renewable sources (solar and biomass). Further,
initiatives. the Company is also experimenting with other biomass-
Wastewater generated from industrial activities based energy sources like bagasse composting.

undergoes treatment in Effluent Treatment Plant (ETP) Prism Johnson is also using de-oiled cashew shells
and is reused for industrial processes. The wastewater (waste from cashew oil plants) and soya husk as fuel,

39
Prism Johnson Limited
Annual Report 2021-22

from nearby farmers at Kunigal plant and bio briquettes

at Dewas, Karaikal, and Vijaywada plants. Few of the
Company’s RMC sites also use CNG-fuelled transit mixers.

Lowering Carbon Emission: The manufacturing

units of the Company generate Greenhouse gas (GHG)
through fossil fuels and consumption of grid electricity. Prism
Johnson is taking various measures to reduce GHG and
carbon footprints by investing in energy efficient process
changes and adopting cleaner fuel alternatives. During the
year, the Company planted over 1,35,000 trees.

Key Focus Areas

yy Adoption of blended cements with a lower clinker factor

yy Reinforcing renewable energy policies that enable

and promote energy transition and clean electricity
generation

yy Conservation of natural resources through increased use

of alternative fuel and raw materials in its manufacturing
processes

yy Utilisation of other industry’s waste as alternative fuel in

cement production process, thereby providing a viable
solution for industrial waste disposal

40
Corporate overview statutory reports Financial Statements

41
Prism Johnson Limited
Annual Report 2021-22

Governance
Prism Johnson has adopted high Board Composition
ethics and standards in corporate The composition of the Board is determined on the
governance that go beyond simple skills, expertise and competencies of the Directors
adherence to laws and regulations. to provide effective leadership to the Company’s
business. It is guided by the applicable provisions of

3 the Companies Act, 2013 and the SEBI LODR.

The Nomination & Remuneration Committee of the

Independent Directors
Board reviews and assesses Board composition
on behalf of the Board and recommends the
appointment of new Directors. In identifying suitable
1 candidates for appointment to the Board, the NRC
Woman Director considers candidates on merit against objective
criteria, availing advantages of diversity for efficient
working of the Board.

4
Executive Directors

5
Non-Executive Directors

42
 Corporate overview statutory reports Financial Statements

Robust Governance
The Company believes high standards of corporate corporate structure, promoting long-term interests
governance are essential to achieving business of stakeholders, strengthening the Board and
objectives, which are aimed at creating value and Management’s accountability and maintaining public
sustainable outcomes for shareholders, customers trust in the Company.
and the communities. The Board is committed
to maintaining a strong governance framework
Significant Policies
and culture, through which the Management sets Governing Business
the tone and adopts a continuous improvement yy Environment Policy
approach to ensure that Prism Johnson governance
yy CSR Policy
practices are aligned to the relevant laws, regulations,
corporate governance principles and community yy Archival Policy

expectations. The Board has a philosophy of treating yy Policy on Material Subsidiaries

all stakeholders equally, which help in maintenance of yy Policy for Determining of Materiality for Disclosures
trust among them. The Company strives to achieve
yy Dividend Distribution Policy
excellence in corporate governance through the
values reinforced across all organisational levels. yy Related Party Transactions Policy

The Company’s commitment to good corporate yy Whistle Blower Policy

governance is based on four pillars – accountability, yy Remuneration Policy
transparency, independence and fairness. This is yy Code of Conduct
achieved by maintaining a simple and transparent yy Code for Prohibition of Insider Trading
yy POSH Policy
yy Performance Evaluation Policy

43
Prism Johnson Limited
Annual Report 2021-22

Awards &
Recognitions
Prism Cement HRJ Prism RMC

The Economic Times Extraordinaire Brand

Golden Peacock (2020-22) by
Best Brands 2021
Environment Management Brand Vision
Award 2021

Special Award Reality+6th Inex Award - JDB: Brand of the year

under ‘Within the Fence’ Sanitaryware & Bath Fittings at Realty+ Inex Interior
category for the 15th Edition of Exterior Conclave
CII – National Awards & Awards 2022
for Excellence in
Water Management 2021

Gold Award Marketing Campaign of the year at

under Apex Green Leaf Realty+ Inex Interior Exterior
Award 2020 for ‘Environment Conclave & Awards 2022
Excellence’

44
 Corporate overview statutory reports Financial Statements

Corporate
Information
Board of Directors Corporate Office
Mr. Shobhan Thakore ‘Rahejas’, Main Avenue, 2nd Floor, V. P. Road,
Chairman & Independent Director Santacruz (West), Mumbai: 400 054
Mr. Rajan B. Raheja
Director
Registered Office
Mr. Akshay R. Raheja 305, Laxmi Niwas Apartments,
Director
Ameerpet,
Mr. Vijay Aggarwal
Managing Director Hyderabad: 500 016

Mr. Vivek K. Agnihotri

Executive Director & CEO (Cement) Registrar &
Mr. Sarat Chandak Transfer Agent
Executive Director & CEO (HRJ) KFin Technologies Limited,
Mr. Atul R. Desai Unit: Prism Johnson Limited,
Executive Director & CEO (RMC)
Selenium Tower B, Plot 31-32,
Ms. Ameeta A. Parpia
Independent Director Financial District, Nanakramguda,
Serilingampally Mandal,
Dr. Raveendra Chittoor
Independent Director Hyderabad - 500 032

Management Team Bankers

Mr. Manish Bhatia Axis Bank Limited
Chief Financial Officer HDFC Bank Limited
Mr. Rajnish Sacheti ICICI Bank Limited
Chief Legal Officer
Indian Overseas Bank
Ms. Aneeta S. Kulkarni Kotak Mahindra Bank Limited
Company Secretary
RBL Bank Limited
Mr. Prabir K. Ray
Chief Human Resources Officer Standard Chartered Bank
YES Bank Limited
Mr. Sanjeeva
Chief Commercial Officer

Ms. Nupur Agarwal Auditors

Chief Investor Relations Officer G. M. Kapadia & Co.
Tel: +91 22 6675 4142-46
Email: [email protected]

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Prism Johnson Limited
Annual Report 2021-22

Management

Discussion
and Analysis

Economy Overview
The global economy is estimated to have grown by 6.6% in 2020-21, as per the estimates released by the
6.1% in 2021 following a contraction of 3.3% in 2020, National Statistical Office. Further, India’s GDP in real
as per the World Economic Outlook published by terms is expected to grow by 7.2% in 2022-23, as per
International Monetary Fund (IMF) in April 2022. IMF the Reserve Bank of India.
forecasts global economic growth to moderate to
This makes India the fastest growing economy in
3.6% per annum in 2022 and 2023, which is lower than
the world. This recovery has been aided by vaccine
their earlier estimate of 4.4% growth in 2022 and 3.8%
roll-out and full return of economic activity. While the
growth in 2023, mainly due to the Russia-Ukraine war.
second wave of Covid-19 had a significant influence
IMF further estimates inflation in 2022 will likely reach
on people’s lives, the financial impact on the economy
5.7% in advanced economies (from 3.1% in 2021) and
was lesser than the first wave due to partial lockdowns.
to 8.7% in emerging market and developing economies
In the second half of the year 2021-22, there was a
(from 5.9% in 2021), due to the increase in commodity
moderation in the growth momentum, caused by
prices as a result of the Russia-Ukraine war. The rapid
shortage of coal, increase in crude prices, rising
increase in fuel and food prices has hit the vulnerable
inflation and global supply chain issues. Further, rising
population in low-income countries the hardest,
geopolitical tensions between Russia and Ukraine
according to IMF.
increased the already soaring oil prices, resulting in a
For the Indian economy, 2021-22 was a year of cascading effect on other input costs.
recovery. The Indian economy is estimated to have
grown by 8.9% during 2021-22 after a contraction of

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 Corporate overview statutory reports Financial Statements

Industry Overview
Cement
India is the second-largest manufacturer of cement, the next 2 to 3 years, mainly driven by policy initiatives
after China, and accounts for around 7% to 8% of in infrastructure and housing sectors. The per capita
global cement production volumes. During 2021-22, consumption of cement in the central India region
domestic cement production increased by 21% to 361 is lower than the national average. Hence, cement
mn tons, partly due to a low base (cement production demand could potentially grow higher in central India
volume declined by 12.0% during 2020-21 primarily as compared to the national average.
due to the impact of the pandemic).
The key input costs, such as power and fuel have risen
According to a report published by India Ratings in sharply during the second half of 2021-22, mainly due
May 2022, cement production is expected to grow by to a steep increase in prices of coal and pet-coke.
7-8% during 2022-23. Cement production capacity Apart from power and fuel costs, raw material cost
increased by around 30 MTPA in 2021-22 and is and freight cost have also increased as diesel prices
expected to increase by 33 MTPA during 2022-23. have gone up. This led to pressure on profitability of
The production capacity in central India is expected cement manufacturers in 2021-22. The prices of coal
to increase by 20 MTPA cumulatively during 2021-22, and pet-coke are still at a high level, and could impact
2022-23 and 2023-24. operating profitability of cement manufacturing
companies in 2022-23 as well.
According to a report from CARE Ratings, demand for
cement is estimated to grow at 7-8% per annum for

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Ceramic Tiles & Sanitaryware Industry

India is the world’s second-largest producer of ceramic According to the data from Ministry of Commerce &
tiles and sanitaryware, after China. Around 80% of the Industry, exports of ceramics & glassware products
tiles produced in India are consumed domestically and increased from US$ 1,292 mn in 2013-14 to a record high
the remaining 20% are exported as per CARE Ratings of US$ 3,464 mn during 2021-22, in spite of logistical
Limited. The organised sector in India accounts for challenges such as high freight rates and container
shortages. India now exports to over 125 countries
around 50% of the industry and the remaining half
and top destinations include Saudi Arabia, United
is represented mostly by regional players in Morbi,
States, Mexico, Kuwait, United Arab Emirates, Iraq,
Gujarat.
Oman, Indonesia, United Kingdom and Poland. While
The Tiles industry is witnessing strong growth due China is facing anti-dumping duties in some markets,
to increasing demand from the Real Estate sector. it provides the Indian industry with the opportunity to
Many favourable Government policies and initiatives, extend its market share in the global market.
such as the ‘Pradhan Mantri Awas Yojana’ and ‘Smart The Indian Sanitaryware and Faucets industry is
Cities’, are generating strong demand in the Housing expected to grow at a CAGR of 12% to 15% over the
sector. Further, India’s rising disposable income and next few years.
corresponding desire for bigger spaces, second homes
and beautification of living spaces is also adding to
overall demand for tiles. Following this, demand for
products such as germ-free tiles and other hygiene-
centric products in bath-ware are likely to acquire the
centre stage in the coming future.

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 Corporate overview statutory reports Financial Statements

Ready-Mixed Concrete
During 2021-22, the Ready-Mixed Concrete market Moreover, the sector is fragmented in India, with the
experienced volume recovery, after a steep decline in unorganised players holding approximately 50% to
demand due to the pandemic during 2020-21. India, 60% of the market share. Demand for ready-mixed
being among the fast-developing nations, is likely to concrete is expected to benefit from a favourable
witness a demand surge in the infrastructure and change in the consumer attitude and is predicted to
housing sectors, leading to an increase in demand rise faster than cement demand, as usage of ready-
for ready-mixed concrete. The ready-mixed concrete mixed concrete is more convenient than the traditional
market size was estimated to be around US$ 2.4 bn methods. Ready-mixed concrete replaces conventional
during 2019-20 as per industry. It is estimated to have concrete in construction activities, as it also helps in
declined by 30% to 35% during 2020-21 due to impact improving the quality of construction and reducing
of the pandemic, as per the Company’s Management. pollution at construction sites.
While demand has recovered since the second half of
2021-22, it is yet to exceed pre-Covid-19 levels for many
ready-mixed concrete manufacturers, including Prism
RMC.

India still has a long way to go in terms of adoption of

ready-mixed concrete. The production of ready-mixed
concrete contributes 50% to 70% of the total cement
consumption volume in the developed economies.
In India, the percentage of commercial ready-mixed
concrete to total cement usage stands at 10% to 12%.

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Business Overview
Prism Cement 2021-22 Performance Overview
Prism Cement is a prominent player in the Satna yy Cement & clinker volumes declined by 10.3%, from
cluster in central India, with an installed capacity of 5.82 mn tons in 2020-21 to 5.22 mn tons in 2021-22
5.6 MTPA. Its plant at Satna, Madhya Pradesh caters to yy Premium products constituted 29.0% of the total
the regions of eastern Uttar Pradesh, Madhya Pradesh cement sales volume as compared to 27.7% during
and Bihar with a lead distance of 369 kilometers in 2020-21
2021-22. The Company produces Portland Pozzolana
Cement (PPC) under three separate brand names - yy EBITDA per ton declined to ` 709 due to higher input

‘Champion,’ ‘Champion Plus’ & ‘Duratech’ and Ordinary costs and lower cement sales volume

Portland Cement (OPC) through its modern state-of-the-

art equipment at the Satna plant.

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 Corporate overview statutory reports Financial Statements

Cement Sales Mix Trade vs. Non-trade (%) Cement & Clinker Sales Volume (mn Tonnes)

2021-22 2021-22 5.22

75 25

2020-21 75 25 2020-21 5.82

2019-20 2019-20 5.72

76 24

2018-19 79 21 2018-19 6.27

2017-18 84 16 2017-18 5.64

Sales Mix Trade vs. Non-trade (%)

55 %
d es h
P ra 6%
r h2
Share of Premium Product (%) a es
ad

t
r

Ut
9%

P
N
a

1
ER
2021-22 29 hy
a r
EA ST
Mad
Bih
2020-21 28 Regional
Sales
2019-20 22 Breakup

2018-19 18

2017-18 15

2017-18 2018-19 2019-20 2020-21 2021-22

Revenue (` Crores) 2,372 2,773 2,584 2,586 2,408

EBITDA (` Crores) 349 523 509 560 370

Margin (%) 14.7 18.9 19.7 21.7 15.4

EBITDA per Ton (`) 619 834 889 962 709

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Prism Johnson Limited
Annual Report 2021-22

H & R Johnson (India)

With a rich heritage of over 60 years, HRJ is amongst the especially wall tiles & floor tiles. HRJ operates a broad
largest players for lifestyle solutions for tiles and bath- distribution network with nearly 1,200 dealers and
fittings in India today. HRJ has a pan-India presence, 18 large-format Experience Centers, along with 11 tile
backed by a wide range of product offering, namely manufacturing plants (including joint ventures) with
tiles, bathroom products, and engineered marble and a capacity of 64 mn m2, spread across India. The
quartz. Company has executed several product innovations
As a well-renowned name, the HRJ brands are and developments in the past few years to strengthen
associated with high-quality, design-led products, its product range.

2021-22 Performance Overview

yy HRJ revenue grew by 21.2% from ` 1,833 Crores in yy EBITDA margin improved by 190 basis points from
2020-21 to ` 2,221 Crores in 2021-22 8.7% in 2020-21 to 10.6% in 2021-22

yy Tiles sales volume grew by 9.3% YoY from 48.6 mn m2 yy Revenue from sanitary ware & bath fittings grew by
in 2020-21 to 53.1 mn m in 2021-22
2
25.0% in 2021-22 to ` 246 Crores

yy Domestic tiles sales volume grew by 13.4%, while yy The Company’s joint venture entities completed tile
exports volume declined by 14.3% due to high sea capacity expansion of 4 mn m2
freight cost and non-availability of containers

Particulars 2017-18 2018-19 2019-20 2020-21 2021-22

Tiles Sales Volume (mn m2) 45.0 47.1 44.8 48.6 53.1

Revenues (` Crores) 1,685 1,827 1,823 1,833 2,221

EBITDA (` Crores) 63 60 69 159 235

Margin (%) 3.7 3.3 3.8 8.7 10.6

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 Corporate overview statutory reports Financial Statements

Prism RMC
Prism RMC is amongst the top three players in the Company ensures strict adherence to quality.
RMC sector in India, in terms of the total number of The demand for ready-mixed concrete is set to grow
plants operated, with a pan-India presence. Prism in the medium-term led by the demand recovery from
RMC operates 97 plants at 44 locations. Prism RMC Real Estate and Infrastructure segments.
also operates three large quarries and crushers for
2021-22 Performance Overview
manufacturing aggregates. The Company remains
yy Revenue grew by 31.9% YoY from ` 908 Crores in
at the forefront with complete concrete solutions and
2020-21 to ` 1,198 Crores in 2021-22
innovative products, computerised production and
quality systems, own fleet of over 170 transit mixers, over yy EBITDA grew from a loss of ` 18 Crores to a profit of
60 own pumps for better services, and GPS connected ` 9 Crores
delivery systems for tracking. With the help of three yy Several cost rationalisation initiatives led to an
technical labs certified by National Accreditation Board improvement in EBITDA margin by 270 basis points
for Testing and Calibration Laboratories (NABL), the in 2021-22 to 0.7%

Particulars 2017-18 2018-19 2019-20 2020-21 2021-22

Revenues (` Crores) 1,364 1,481 1,414 908 1,198

EBITDA (` Crores) 28 39 23 (18) 9

Margin (%) 2.0 2.6 1.6 (2.0) 0.7

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Annual Report 2021-22

Consolidated Financial Review.

During the year, Prism Johnson’s revenues grew 12.9% to ` 6,306 Crores led by growth in HRJ and Prism RMC Divisions,
while Prism Cement revenue declined 6.9% due to lower sales volume. 2021-22 EBITDA declined by 15.9% to ` 523
Crores mainly due to pressure on Prism Cement’s EBITDA owing to steep rise in power and fuel costs. HRJ’s EBITDA
grew by 47.9% to ` 235 Crores. EBITDA margin for the year 2021-22 stood at 8.3%.

Key Financial Ratios (Consolidated)

Key Financial Ratios 2020-21 2021-22 % change YoY

Debtors Turnover Ratio (Days) 41 36 12.4

Inventory Turnover Ratio (x) 16.9 22.0 29.7

Interest Coverage Ratio (x) 3.4 3.5 0.9

Current Ratio (x) 1.0 0.9 (10.2)

Net Debt Equity Ratio (x) 0.8 0.7 (4.2)

Operating Profit Margin (%) 11.3 8.5 (24.6)

Net Profit Margin (%) 2.5 0.7 (71.8)

Return on Net Worth (%) 9.2 2.8 (70.1)

Return on Capital Employed (%) 14.4 9.7 (32.7)

Net Debt to EBITDA (x) 1.9 2.3 19.1

FCF (Pre-Capex & Investments) (` Crores) 1,008 462 (54.1)

Note: All financial data covered under the Management Discussion and Analysis section pertains to consolidated financial statements
(including RQBE).

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 Corporate overview statutory reports Financial Statements

Debtors Turnover Ratio (Days) 8.5% due to pressure on Prism Cement’s profitability.
Consolidated Debtors Turnover Ratio improved by HRJ reported healthy EBITDA margin of 10.6% (up by
12.4% from 41 days in 2020-21 to 36 days, primarily 190 basis points) while Prism RMC’s EBITDA margin
due to increased focus on improving collections by the improved 270 basis points to 0.7%.
Company.
Net Profit Margin (%)
Inventory Turnover Ratio (x) Net Profit Margin declined 180 basis points from 2.5% in
Inventory Turnover Ratio increased from 16.9x to 22.0x 2020-21 to 0.7% as a result of decline in operating profit
due to increase in Net Sales and decline in average margin, as explained above.
inventory during 2021-22.
Return on Net Worth (%)
Return on Net Worth declined from 9.2% in 2020-21
Interest Coverage Ratio (x)
to 2.8% due to decline in operating profit margin, as
Consolidated Interest Coverage Ratio increased by
explained above.
0.9% from 3.4x in 2020-21 to 3.5x in 2021-22. This is
mainly due to decline in net interest expense from Return on Capital Employed (%)
` 192 Crores in 2020-21 to ` 166 Crores in 2021-22. Return on Capital Employed decreased from 14.4%

Current Ratio (x) in 2020-21 to 9.7% in 2021-22 due to lower operating

Current Ratio declined by 10.2% from 1.0x in 2020-21 to margin and increase in capital employed as the

0.9x due to increase in current liabilities during the year. Company embarked on capex plans for growth and
capacity expansion.
Debt Equity Ratio (x)
Consolidated Net Debt Equity Ratio decreased from Net Debt to EBITDA (x)
0.8x in 2020-21 to 0.7x, despite marginal increase in Net Debt to EBITDA increased from 1.9x in 2020-21 to 2.3x
consolidated Net Debt, due to increase in Equity from as the Company’s net debt increased marginally during
` 1,524 Crores to ` 1,596 Crores. During 2021-22, the the year, while EBITDA declined by 15.9% to ` 523 Crores.
Company repaid debt to the tune of ` 628 Crores. FCF (Pre-Capex & Investments) (` Crores)
Operating Profit Margin (%) Free Cash Flow decreased from ` 1,008 Crores in
Consolidated Operating Profit Margin contracted 280 2020-21 to ` 462 Crores due to lower profitability and
basis points during 2021-22 from 11.3% in 2020-21 to investment in working capital.

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Prism Johnson Limited
Annual Report 2021-22

These include increase usage of AFR, dynamic mix

Business Outlook of coal and pet-coke increasing fly ash utilisation,
gypsum cost reduction, maximisation of WHRS
utilisation, and more.

HRJ
HRJ has implemented several initiatives, such as
improving its product mix (increase share of GVT) and
expanding distribution network to further penetrate in
the market, and will continue on its journey to increase
market share. During the year, the Company’s joint
venture entities successfully expanded their tile
production capacity by 4 mn m . These expansions will
2

help the Company serve the overall growing demand

of tiles in India. Further, considering the medium-term
market growth potential, HRJ is increasing its own
manufacturing capacity by 5.5 mn m2 through greenfield
expansions at Panagarh, West Bengal by June 2023.
Several initiatives taken by HRJ at the plant level include
reduction of administrative costs, use of surplus low-
cost natural gas, replacing old inefficient kilns and
presses to reduce fuel consumption and increase plant
efficiency and many others.

Prism RMC
Prism Cement Prism RMC is expected to be a beneficiary of likely
While cement demand has witnessed some moderation demand recovery from Real Estate and Infrastructure
in the recent quarters, growth in infrastructure and segments in the medium-term. It is witnessing good
housing sectors will help keep the cement demand traction in its mega business as Prism RMC won several
intact in the medium-term. Prism Cement plans to infrastructure projects that will be executed over the
implement a greenfield cement grinding unit of 2.0 next 2 to 3 years and will contribute to revenue growth.
MTPA in eastern Uttar Pradesh by December 2024 to
cater to the increase in demand. Opportunities and Threats
Going ahead, several measures taken by the Government
The rise in input costs, especially fuel, pet coke and coal
of India together with rise in infrastructure demand,
prices dampened EBITDA margins during the second
half of the fiscal year 2021-22. Further, the geopolitical housing & commercial activities are expected to boost
tension between Russia and Ukraine has further resulted the demand for building materials in the near to medium-
in steep increase in the pet coke and coal prices, thereby term.
impacting the overall profitability of the business. Prism
Prism Johnson’s business outlook is affected by prevailing
Cement will continue to focus on cost optimisation to
economic conditions in India. Any moderation in demand
counter the negative impact of input costs on EBITDA.
As such, Prism Cement has identified several levers could affect the Company’s business operations and

to improve the EBITDA and has created a responsible financial performance. The Company faces competition
cross-functional team for implementation of the same from a number of organised players as well as
under the close supervision of senior management. unorganised players in the building materials space.

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 Corporate overview statutory reports Financial Statements

Human Resource

Human resource management is vital to an organisation’s overall ranking with feedback, form a part of the
success as people form the bedrock of a business. They performance-management process held annually.
propel growth while keeping the fundamentals intact. Based on the process and resultant ratings, employees
Similarly, at Prism Johnson, its employees/workforce receive bonuses and increments.
forms the cornerstone of every milestone achieved by Saksham
the Company. As of March 31, 2022, Prism Johnson had
The Company operates a cloud-based HRMS system
an employee strength of 5,170.
under the brand name ‘Saksham’, that encompasses
The Company pays special attention to the training modules relating to employee database management
and upskilling needs of its employees and maintains the (Employee Central), learning management system (LMS),
highest standards of health and safety. Prism Johnson‘s recruitment and on-boarding as well as performance
aim is to foster a culture of adaptability, encouraging evaluation.
employees to willingly learn and improve everything
they do. Moreover, the Company continues to acquire Employee Engagement & Communication
fresh talent and undertakes various steps to retain the The Company uses various communication platforms,
existing ones and provide benefits as per their talent such as Open Forums with the CEO and Executive
and requirement. Prism Johnson Limited’s HR system Directors of the three divisions, Employee Connect
is designed to empower employees, while enabling Sessions with Business Leaders, to encourage open
innovation within the workplace. The Company has and healthy communication at the workplace. All
taken several steps to retain its key employees, such as zonal heads connect with their respective teams to
learning & development initiatives to meet their career understand their issues and provide solutions, on a
and growth aspirations, creation of retention schemes for monthly basis.
critical roles and employees, providing them with internal
growth opportunities based on availability of role. Health, Safety and Environment Initiatives
At Prism Johnson, health is a key focus area to
Performance Management
ensure the continuity of a business. Therefore, the
The organisation ensures productivity through various
measures, one of which is performance management. organisational workforce is regularly trained on safety
Enabling a healthy environment is among its top and environmental standards. The ‘Tobacco-Free Zone’
priorities, wherein employees’ results are reviewed campaign has been meticulously implemented to
and appropriately rewarded. Target setting, self- ensure that all plants and offices are tobacco-free, and
evaluation, managerial appraisal and analysis, and employees live a healthy life.

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Annual Report 2021-22

Internal Control Systems

Prism Johnson has a robust Internal Controls framework premises. In addition to the in-house Internal Audit
that is commensurate with the size of its operations, team, the Company has appointed external auditors to
geographical spread and changing risk complexity, monitor the internal control system efficiently.
which are impacted by varying internal and external
factors. Internal control systems comprising policies and A Risk-Based Internal Audit (RBIA) programme provides
procedures are designed to ensure sound management assurance to the Audit Committee regarding the
of the Company’s operations, safekeeping of its assets, adequacy and effectiveness of internal controls. The
optimal utilisation of resources, reliability of its financial Audit Committee of the Board reviews the annual
information and compliance. internal audit plan. Significant audit observations

During the year, such controls were tested and no from the independent internal auditors are presented
reportable material weaknesses in the design or quarterly to the Audit Committee along with the status
operation were noticed. The Company has taken of the management actions and the progress of the
various safety and quality control measures at all its implementation of recommended remedial measures.

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 Corporate overview statutory reports Financial Statements

Risks and Mitigation

Risk is an integral and unavoidable component of outbreak, have also been identified and acted upon.
business, and given the challenging and dynamic The risk horizon includes long-term strategic risks, short
environment of the Company’s operations, it is to medium-term risks as well as single events. The risks
committed to proactively managing risk and are analysed considering the likelihood and impact as a
accomplishing its goals. The Company has formulated basis to determine their mitigation plan.
a risk management policy and has in place a The top enterprise-wide risks for the Company and their
mechanism to update the Board Members about risk mitigation measures are summarised in the subsequent
assessment. Some of the key business risks identified table.
by the management include risks related to economic
environment and market position, cost of production,
legal and compliance with applicable laws, environment
and sustainability, information technology and talent
management. The challenges presented by Covid-19

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Annual Report 2021-22

Risk Description Mitigation Measures

Pandemic

COVID-19, which was declared a pandemic by the A task force comprising members from leadership
World Health Organisation in March 2020, posed and Risk Management was formed to assess and
a risk to health and safety. It also has had various develop suitable mitigation strategies to address the
implications on businesses in terms of slowdown of impact of the pandemic. The Company followed all
new business orders, delays in execution of existing the lockdown restrictions imposed by the central and
business, and supply disruptions. state governments as well as local authorities.

The COVID-related restrictions were progressively

lifted by Government, thereby enabling physical
attendance and resuming work from office premises.

However, Company has proactively continued

measures of ensuring social distancing, wearing
of masks and frequent sanitation so as to ensure
utmost care of health and hygiene. The Company
encouraged and supported all its employees to get
fully vaccinated.

Energy

Energy cost remains one of the major cost Optimising energy consumption through process
components for cement manufacturing. improvements and usage of green fuels.

Escalation in energy cost, stressed supply and Safeguarding against the risk of energy price inflation
fluctuations remain major concerns. by diversifying sources and mix of fuel/energy and
negotiating for suitable period of supply contracts.
Regular tracking of coal prices on rupees per unit
calorie basis, monthly tracking of fuel consumption
and having six monthly rolling plan helps the Company
schedule procurements in advance and take optimal
decisions with respect to choice of fuel and timing of
procurement.

Increase use of waste-derived alternative fuels

(hazardous and non-hazardous).

Use of green energy, such as Waste Heat Recovery

System (WHRS) and solar power to reduce
dependency on grid. It is a low-cost source of energy
and is environmental-friendly.

Raw Material Risk

Availability of raw materials at economical cost could For its key raw materials, the Company looks at
impact the overall profitability of the Company. strategic sourcing options, evaluates alternate raw
materials and maintains minimum reserve levels to
ensure there is no or minimal disruption.

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 Corporate overview statutory reports Financial Statements

Commodity Price Risk

Commodity risk is mainly concerned with Comparative analysis and regular tracking of
unanticipated changes in price of various commodity prices helps the Company ascertain the
commodities including imported fuel such as coal trend, and hence, take the appropriate decisions.
and pet-coke, which affects the cost of production
The impact of fuel price fluctuations on profit margins
and impacts the Company’s profitability.
is mitigated by diversifying fuel mix and sources. The
Company has taken initiatives to increase the use
of waste derived alternative fuels. The Company’s
procurement decisions are based on the prevailing
price trend and consumption plan.

Economic Risk

Any moderation in economic activity would adversely The Company devises business strategies keeping in
affect the Real Estate and Infrastructure sector, mind the prevalent economic environment and tries
thereby impacting demand for Company’s products to minimise the risks to the extent possible.
and its financial performance.

Environment Risk

This covers different spheres of environment, The Company has devised a detailed sustainability
encompassing emissions of air pollutants, strategy and execution roadmap to address the
consumption of water, generation and discharge of rising need for sustainable business practices.
trade effluents, utilisation and storage of hazardous
Regular monitoring and complying with the laid down
waste, noise generation, utilisation of forest land and
Government norms and regulations; the Company
wild life areas, among others.
has taken several measures/initiatives that directly
The Company must also comply with the various help in ensuring good governance processes.
Environmental Acts and regulations notified by the
Ministry of Environment and Forests (MoEF).

Cost Risk

The increase in the cost of input materials may Prism Johnson has made several efforts, especially in
impact the Company’s profitability. the past few years, to optimise/rationalise costs.

Credit Risk

Payments from the existing clients can be delayed Prism Johnson continues to work towards an efficient
and could hamper the cash flows for the Company. working capital management with a high focus on
debtors (timely collections) and it has a robust credit
control policy.

The Company has diversified customer base spread

across institutional and retail clients, and tries to
mitigate the risk of delays in cash flows to some
extent.

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Annual Report 2021-22

Health and Safety

Ensuring health and safety of employees in the Necessary steps are taken to ensure ‘Zero Harm’ and
organisation to protect employees, contractors and third parties
from injury, illness or fatalities, both on-site and off-site.

Robust implementation of guidelines on ‘Operating

with and without Covid-19’, handling of day-to-
day operations and surge requirements (shutdown,
maintenance, and more) along with focus on personal
behaviour while at work.

Information Technology & Cyber Security Risk

Information Technology: This comprises risks related Prism Johnson uses SAP ERP to support its core
to Information Technology systems; data integrity business operations such as sales, logistics,
and physical assets. Prism Johnson Limited deploys procurement, finance and production. The Company
Information Technology systems, including ERP to assesses IT risks on a periodic basis and invests in
support its business processes. Risks could primarily strengthening its IT infrastructure to make it more
arise from the unavailability of systems and/or loss or reliable and resilient.
manipulation of information.
Prism Johnson has implemented adequate processes
Cyber Security: As IT systems get increasingly and tools for data backup, data security to enforce
interconnected and with implementation of various detective and preventive controls. The Company has
digitalisation initiatives, cyber security has become a taken a risk-based approach to cyber security to
key concern for many companies. ensure effective working practices for protecting the
organisation.

HR Risk

The Company’s operations may be hindered due to The Company’s workforce is the most-valuable asset
lack of qualified personnel with necessary skills to in its business. The Company focuses on developing a
compete, innovate, expand and grow. team of motivated individuals who are committed to
working hard and succeeding in their fields. To improve
performance, training and team-building activities are
done on a regular basis.

Cautionary Statement address expectations or projections about the future,

including, but not limited to, statements about the
The statements in the Management Discussion and
Company’s strategy for growth, product development,
Analysis section describing the Company’s objectives, market positioning, expenditures and financial results,
projections, estimates and prediction may be considered are based on certain assumptions and expectations
as forward-looking statements. All statements that of future events. The Company cannot guarantee that

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 Corporate overview statutory reports Financial Statements

Regulatory

This risk relates to inadvertently violating the laws A comprehensive risk based compliance programme,
covering business conduct. involving inclusive training and adherence to the
Code of Conduct, is thus institutionalised.
The country’s regulatory framework is ever-evolving
and the risk of non-compliance and penalties may The Company has a robust compliance framework
increase leading to reputational risks. and mechanism for policies, Standard Operating
Procedures (SOPs) and advisories in relation to
statutory compliances and litigation/potential
litigation.

Digital Advancement

Digital technologies are changing the way companies The Company has formulated a comprehensive
operate while creating new opportunities to improve digital advancement roadmap across business value
efficiencies, and enhance customer experience and chain viz. manufacturing, logistics and supply chain,
employee involvement. commercial, CRM, to enhance business efficiency,
productivity, and overall success.
Adoption of such technologies require top
management initiative, employee commitment and
cultural transformation.

these assumptions and expectations are accurate or will basis of any subsequent developments, information or
be realised. The Company’s actual results, performance events.
or achievement may thus differ materially from those
projected in such forward-looking statements. The
Company assumes no responsibility to publicly amend,
modify or revise any forward-looking statement on the

63
 Corporate overview statutory reports Financial Statements

Report ON Corporate Governance

Company’s Philosophy on Corporate Governance Company has adopted the following Codes :
The Company’s commitment to good corporate governance i. Code of Conduct for Prohibition of Insider Trading
is based on four pillars – accountability, transparency, in Securities of Prism Johnson Limited to regulate,
independence and fairness. This is achieved by maintaining monitor and report trading by Insiders, Designated
a simple and transparent corporate structure, which promotes Persons and their immediate relatives and such
the long-term interests of stakeholders, strengthens Board other persons to whom this Code is applicable.
and management accountability and helps build public trust
in the Company. Responsible corporate conduct is integral to ii. Code for Practices and Procedures for Fair Disclosure
the way the business is done. All actions are governed by the of Unpublished Price Sensitive Information. The
Company’s values and principles, which are reinforced at all Code is uploaded on the website of the Company
levels within the Company. https://www.prismjohnson.in/investors/disclosures-
under-SEBI-LODR-regulations/policies.
The Company and its Board of Directors firmly believe that
strong governance is primary to creating value on a sustainable iii. Policy and Procedures for Inquiry in case of Leak
basis. Good corporate governance practices have enabled or Suspected Leak of Unpublished Price Sensitive
the Company to have better access to external finance, lower Information.
interest rates, improved performance and compliance of laws
The Codes, inter alia, prohibit trading in the securities of
and regulations.
the Company by Insiders/Designated persons and their
Corporate governance is a system of varied rules, practices immediate relatives while in possession of unpublished
and processes, which is adopted and implemented by the price sensitive information in relation to the Company.
Company on a continuous basis that provides the foundation
1. Board of Directors
for the day-to-day operations of the Company. Corporate
Governance encompasses every aspect of operations and Composition and Attendance
management including internal controls, risk management The Board has a good combination of Executive and
and stakeholder services. Non-executive Directors including Independent
Directors. It consists  of Directors with the appropriate
Governance Codes
balance of skills, experience, independence and
a. Code of Conduct
knowledge of the Company which enable it to discharge
The Board of Directors of the Company has laid down its responsibilities and provide effective leadership to the
two separate Codes of Conduct – one for Directors and business. The Non-executive Directors and Independent
the other for senior management & employees. These Directors on the Board are experienced, competent and
Codes are hosted on the Company’s website https:// renowned persons from the fields of manufacturing,
www.prismjohnson.in/investors/disclosures-under- finance, economics, law, etc.
SEBI-LODR-regulations/policies. All Board Members
As on March 31, 2022, the total strength of the Board is
and senior management personnel have affirmed
compliance with the Code of Conduct for the year under nine Directors comprising four Executive Directors and five
review. Declaration to this effect signed by the Managing Non-executive Directors, of which three are independent.
Director is annexed to this report. The Chairman of the Board is a Non-executive Independent
Director. During the year ended March 31, 2022, six Board
b. Insider Trading Code Meetings were held on May 19, 2021, July 29, 2021,
In compliance with the SEBI Regulations on prohibition August 13, 2021, October 28, 2021, December 10, 2021 and
of insider trading, as amended from time to time, the February 1, 2022.

65
Prism Johnson Limited
Annual Report 2021-22

Attendance at Board Meetings and at the last Annual General Meeting

Name & Designation Category of Directorship DIN Particulars of Attendance
Board Meeting Last AGM
Mr. Shobhan M. Thakore Non-executive Independent 00031788 6 Yes
Chairman
Mr. Rajan B. Raheja Non-executive Non-independent 00037480 4 No
Mr. Akshay R. Raheja* Non-executive Non-independent 00288397 N.A. N. A.
Mr. Vijay Aggarwal Executive Non-independent 00515412 6 Yes
Managing Director
Mr. Vivek K. Agnihotri Executive Non-independent 02986266 6 Yes
Executive Director & CEO (Cement)
Mr. Atul R. Desai Executive Non-independent 01918187 5 Yes
Executive Director & CEO (RMC)
Mr. Sarat Chandak Executive Non-independent 06406126 6 Yes
Executive Director & CEO (HRJ)
Ms. Ameeta A. Parpia Non-executive Independent 02654277 6 Yes
Dr. Raveendra Chittoor Non-executive Independent 02115056 6 Yes
* Appointed w.e.f. March 5, 2022
None of the Directors on the Board :
(i) is a member on more than ten Audit Committees/Stakeholders Relationship Committees of public limited companies or acts as
a chairperson of more than five such Committees across all the public limited companies in which he/she is a director.
(ii) serves as a director in more than seven listed entities.
(iii) serves as an independent director in more than seven listed companies.

Mr. Rajan Raheja and Mr. Akshay Raheja, Directors are related to each other. Mr. Akshay Raheja is the son of Mr. Rajan Raheja. Apart
from this, there is no inter-se relationship among other Directors.

None of the Executive Directors serve as an Independent Director in more than three listed companies and none of the
Non-executive Directors has any material pecuniary relationship or transactions with the Company.

Other Directorships
The following table gives details as on March 31, 2022 of number of Directorships and memberships of Committees held in other
Indian public limited companies (excluding Prism Johnson Limited) :
Name & Designation *Directorship(s) **Committee(s)
Member Chairman
Mr. Shobhan M. Thakore 5 3 1
Chairman
Mr. Rajan B. Raheja 3 1 –
Mr. Akshay R. Raheja 3 1 –
Mr. Vijay Aggarwal 2 1 1
Managing Director
Mr. Vivek K. Agnihotri – – –
Executive Director & CEO (Cement)
Mr. Atul R. Desai – – –
Executive Director & CEO (RMC)
Mr. Sarat Chandak – – –
Executive Director & CEO (HRJ)
Ms. Ameeta A. Parpia 5 5 2
Dr. Raveendra Chittoor – – –
* Excludes directorship in private limited companies, foreign companies and companies under Section 8 of the Companies Act, 2013.
**  Only Audit Committee and Stakeholders Relationship Committee positions in Indian public limited companies (excluding Prism
Johnson Limited) considered.

66
 Corporate overview statutory reports Financial Statements

Details of the other listed entities in which directorship is held :

Name of the Director Name of the Company Category

Mr. Shobhan M. Thakore 1. Alkyl Amines Chemicals Limited
Non-executive Independent
2. Sharda Cropchem Limited
Mr. Rajan B. Raheja 1. Exide Industries Limited Non-executive Non-independent
2. Supreme Petrochem Limited Non-executive Promoter
Mr. Akshay R. Raheja 1. Hathway Cable and Datacom Limited Non-executive
2. EIH Associated Hotels Limited Non-independent
Mr. Vijay Aggarwal 1. Aptech Limited Non-executive Independent Chairman
Ms. Ameeta A. Parpia 1. Supreme Petrochem Limited
2. Hathway Cable and Datacom Limited Non-executive Independent
3. The Supreme Industries Limited

Core skills/expertise/competencies identified by the Board  Behavioural Competencies :

of Directors as required in the context of its business(es) for l 
Includes Integrity, leadership skills, high ethical
it to function effectively and those actually available with standards, communication and interpersonal skills,
the Board and the Directors adaptability, decision making abilities, etc.
The Board is responsible for ensuring that it has represented on
While all the Board members possess the skills identified,
it the skills, knowledge and experience needed to effectively
the details of Directors and their area of core skills/expertise/
steer the Company forward. Building the right Board requires
competencies required for the effective functioning of the
an understanding of Director competencies, which involves
Board is given below :
consideration of the Directors’ experience, skills, attributes
and capabilities. The Nomination & Remuneration Committee Mr. Shobhan M. Thakore (DIN : 00031788) (Non-executive
ensures that while appointing Directors, they have the Independent) is a B.A. (Politics) and Bachelor of Law from
requisite balance of skills, experience, independence, diversity Mumbai University and is the Chairman of the Board. He was a
and knowledge as required for the Board. It is important to Solicitor of High Court, Bombay and Supreme Court of England
acknowledge that not all Directors will possess each necessary and Wales.
skill, but the Board as a whole must possess them.
He was an advisor to several leading Indian Companies on
The following Core skills/expertise/competencies have been corporate law matters and securities related legislations. He
identified for the effective functioning of the Company and are has acted on behalf of leading investment banks and issuers
currently available with the Board : for Indian IPO offerings and several international equity and
equity-linked debt issuances by Indian corporates. Being a
 Corporate Governance & Expertise :
solicitor for over 40 years, he instructed leading Indian Counsel
l Ability to think strategically before various courts and forums including High Courts
l Analyse key financial statements around India as well as the Supreme Court of India in various
l Safeguard the interest of the Company matters involving indirect tax, commercial and corporate law.
l Guide on complex legal issues
Mr. Thakore was appointed on the Board in July 2014. He is a
l 
Knowledge and practical experience in best member of the Audit Committee.
practices pertaining to transparency, accountability,
corporate governance keeping in view the best Mr. Rajan B. Raheja (DIN : 00037480) (Non-executive
interest of all stakeholders Non-independent), is an industrialist with a rich and varied
experience. He is a Director on the Board of the Company
l Broad range of commercial/business experience
since April 1994. Mr. Raheja is an Honours Graduate from
 Technical/Industrial Skills : the Mumbai University. He is a member of the Nomination &
l 
Knowledge of and experience in the building Remuneration Committee.
material industry/cement/ready mixed concrete/tile Mr. Akshay R. Raheja (DIN : 00288397) (Non-executive
and bath industry/infrastructure industry Non-independent), has a broad range of commercial/business
l Experience in marketing products and services experience in areas including real estate, cable television and

67
Prism Johnson Limited
Annual Report 2021-22

broadband services, hospitality, retailing and general insurance. Senior Leadership Programme at IMD Luccane – Switzerland.
He is a Commerce Graduate from University of Mumbai and Mr. Desai joined the Board in August 2016 and is a member of the
MBA from Columbia Business School, N.Y., USA. Mr. Akshay Risk Management Committee, Corporate Social Responsibility
Raheja was appointed on the Board in March 2022. Committee and Securities Allotment & Transfer Committee.

Mr. Vijay Aggarwal (DIN : 00515412) (Executive Mr. Sarat Kumar Chandak (DIN : 06406126) (Executive
Non-independent), graduated from IIT Delhi with a B. Tech Non-independent), B.Sc. (Hons), Sambalpur University, Post
in Electrical Engineering and completed PGDM from IIM, Graduate Diploma in Systems Management, NIIT – Nagpur
Ahmedabad, where he was conferred the Gold Medal for and MBA (Marketing) from Pune University, has a good and
being the first ranker and K. V. Srinivas Gold Medal for being varied experience of over 27 years, with in-depth business
the best all-rounder. He started his career with SBI Capital insight and knowledge of the building materials industry,
Markets Limited and has several years of experience in the especially the tiles industry. Mr. Chandak was appointed as
manufacturing industry. Executive Director & CEO (HRJ) since March 2019. He joined
the Company in November 2018 and was designated Chief
Mr. Aggarwal was appointed as Managing Director on the
Executive Officer (HRJ) – Designate. He is a member of the
Board since March 2010 and has earlier been a Director
Risk Management Committee, Corporate Social Responsibility
on the Board of the Company as an alternate to Mr. Satish
Committee and Securities Allotment & Transfer Committee.
B. Raheja. He was the Managing Director and CEO of the
erstwhile H. & R. Johnson (India) Limited since 1998, before Ms. Ameeta A. Parpia (DIN : 02654277) (Non-executive
it was amalgamated with the Company. He is a member of Independent) is B.A., LL.B, Advocate & Solicitor and a partner of
the Stakeholders Relationship Committee and Chairman of the M/s. A. H. Parpia & Company. She has been in practice since
Risk Management Committee, Corporate Social Responsibility last 33 years and is on the Boards of companies operating in
Committee and Securities Allotment & Transfer Committee. diverse industries. Ms. Parpia joined the Board in May 2010
and was appointed as an Independent Director in July 2014.
Mr. Vivek K. Agnihotri (DIN : 02986266) (Executive
She is the Chairperson of the Audit Committee, Stakeholders
Non-independent), has an extensive experience in the cement
Relationship Committee and Nomination & Remuneration
industry of over 34 years in areas such as sales, marketing
Committee and a member of the Risk Management Committee
and commercial services, corporate strategy, business risk
and Corporate Social Responsibility Committee.
management, M&A, CSR, land, environment, sustainability,
etc. Mr. Agnihotri has done B.A. – Economics (Hons) and MBA Dr. Raveendra Chittoor (DIN : 02115056) (Non-executive
– Marketing from University of Delhi. Mr. Agnihotri joined the Independent) is an associate professor of strategy and
Board in August 2015 and is a member of the Risk Management international business at the Gustavson School of Business in
Committee, Corporate Social Responsibility Committee and University of Victoria, Canada. Dr. Chittoor is a post graduate
Securities Allotment & Transfer Committee. in management from the Indian Institute of Management,
Ahmedabad and is a Fellow in Management (equivalent to
Mr. Atul R. Desai (DIN : 01918187) (Executive
a PhD) from the Indian Institute of Management, Calcutta. He
Non-independent) has a rich experience of 33 years in the
has more than 17 years of industry experience primarily in the
areas of marketing, logistics and sales operations, product
areas of corporate finance and investment management in
management, marketing, customer service, customer
senior management roles.
retention, and customer research. Mr. Desai has done B.E.
(Chemical) from Gujarat University and MBA (Marketing) Dr. Chittoor joined the Board in July 2017 and is a member
from South Gujarat University. He has also undergone a of the Audit Committee, Stakeholders Relationship Committee
Senior Executive Programme at London Business School and and Nomination & Remuneration Committee.

68
 Corporate overview statutory reports Financial Statements

Name Shobhan Rajan Akshay Vijay Vivek Atul Sarat Ameeta Raveendra
Thakore Raheja Raheja Aggarwal Agnihotri Desai Chandak Parpia Chittoor
Core skills/Expertise/
Competencies :
Corporate Governance
& Expertise
Ability to think         
strategically
Analyse key financial         
statements
Safeguard the interest of         
the Company
Guide on complex legal  
issues
Knowledge and practical         
experience in best
practices pertaining
to transparency,
accountability, corporate
governance keeping in
view the best interest of
all stakeholders
Broad range of         
commercial/business
experience.
Technical/Industrial      
Skills – Knowledge
of and experience in
the building material
industry/cement/
ready mixed concrete/
tile and bath industry/
infrastructure
industry, experience
in marketing products
and services.
Behavioral         
Competencies –
includes Integrity,
leadership skills, high
ethical standards,
communication and
interpersonal skills,
adaptability, decision
making abilities, etc.

Board Meetings The Board has full access to any information about the
The Board meets at regular intervals to review, inter alia, the Company. The agenda for the Board and its Committee
financial performance of the Company and on other matters meetings includes detailed notes on the items to be discussed
requiring its decisions and directions. The tentative yearly at the meeting to enable the Directors to take an informed
calendar of the meetings is finalised before the beginning of decision and in exceptional cases, additional items of agenda
the year. Additional meetings are held as and when necessary. are tabled at the meeting. However, in case of special and
The Chairperson of various Board Committees brief the Board urgent business needs, the Board/Committee approval is
on all the important matters discussed and decided at their taken by passing resolutions by circulation, as permitted by
respective Committee meetings, which are generally held law, which is noted and confirmed at the subsequent Board/
prior to the Board meetings. Committee meeting.

69
Prism Johnson Limited
Annual Report 2021-22

The Company has developed an in-house application for are also taken through various business and functional
transmitting Board/Committee agenda and supporting sessions in the Board meetings to discuss strategy.
documents. The Directors of the Company receive the
The details of familiarisation programme for Independent
agenda and supporting documents in electronic form through
Directors have been disclosed on the website of
this application. The application meets requisite standards the Company https://www.prismjohnson.in/investors/
of security and integrity that is required for storage and disclosures-under-SEBI-LODR-regulations/policies.
transmission of Board/Committee agenda and supporting
l Meeting
documents in electronic form.

During the year under review, a meeting of the
With the need for digital transformation and recommended
Independent Directors of the Company was held on
safety measures in view of the continued Covid-19 situation,
January 27, 2022 to discuss, inter alia, the evaluation
the Board and its Committees held meetings virtually during
of the performance of Non-independent Directors and
the financial year 2021-22.
the Board as a whole, evaluation of the performance
The Independent Directors take active part at the Board of the Chairman of the Company, taking into account
and Committee meetings by providing valuable guidance to the views of Executive and Non-executive Directors
the Management on various aspects of the business, policy and evaluation of the quality, quantity and timeliness of
matters, governance, compliance, etc., and strategic issues flow of information between the Management and the
which aid in the decision making process of the Board. Board that is necessary for the Board to effectively and
reasonably perform their duties. The Directors expressed
The Board periodically reviews matters such as strategy and
their satisfaction with the evaluation process and the
business plans, annual operating and capital expenditure
performance was found to be satisfactory.
budgets, adoption of quarterly/half-yearly/annual financial
results, investors’ grievances, borrowings and investments, The meeting was attended by all the Independent
issue of securities, compliance certificates, minutes of Directors.
meetings of the Committees of the Board and the subsidiary l Confirmation of Independence
companies including agenda suggested in Schedule II to

Based on the declarations received from all the
the SEBI (Listing Obligations & Disclosure Requirements)
Independent Directors and also in the opinion of the
Regulations, 2015 (‘SEBI LODR’) and to the extent applicable.
Board, the Independent Directors fulfil the conditions
A detailed operations report is also presented at quarterly
specified in the SEBI LODR and the Companies Act, 2013
Board Meetings.
(‘the Act’) and are independent of the management.
The Chief Financial Officer is invited to attend all the Board

All Independent Directors have completed the
Meetings. registration with the Independent Director’s Databank.
Independent Directors Requisite disclosures have been received from the
Directors in this regard.
l Familiarisation

The Company has formulated a policy to familiarise the 2. Board Committees

Independent Directors with the Company, their roles, The Board has constituted Committees to deal with
rights, responsibilities in the Company, nature of the specific areas and functions which concern the Company
industry in which the Company operates, business model and require closer review. The constitution of the
of the Company, etc., through various programmes. Upon Committees, fixing of terms of reference, appointment
appointment, Directors receive a letter of appointment of members, etc., are determined by the Board.
setting out in detail, the terms of appointment, duties, Recommendations of these Committees are submitted
responsibilities and expected time commitments. to the Board for approval. These Committees meet
from time to time and the minutes of their meetings are
Presentations are regularly made to the Board Members
periodically placed for the review of the Board.
covering, inter alia, business environmental scan,
the business strategies, operations review, quarterly/ Apart from the Board members, the Chief Financial
half-yearly/annual financial results, budgets, review Officer is invited to attend the Committee Meetings. Other
of internal audit reports, statutory compliances, risk senior management executives and advisors/consultants
management, operations of subsidiaries and joint are called as and when necessary, to provide additional
ventures, etc. In addition, the Independent Directors inputs for the items being discussed by the Committee(s).

70
 Corporate overview statutory reports Financial Statements

The Company Secretary acts as the Secretary to all the are also in accordance with the requirements of the SEBI
Committees. LODR and, inter alia, include :

The Board currently has the following Committees : l 

Oversight of the Company’s financial reporting
process and the disclosure of its financial
A. Audit Committee
information to ensure that the financial statement is
The Audit Committee of the Company is constituted correct, sufficient and credible.
pursuant to the provisions of the Act and the SEBI LODR.
l 
Recommendation for appointment, remuneration
As on March 31, 2022, the Audit Committee comprised
and terms of appointment of auditors of the
of three Non-executive Independent Directors, viz.
Company.
Ms. Ameeta A. Parpia – Chairperson, Mr. Shobhan M.
l 
Approval of payment to auditors for any other
Thakore and Dr. Raveendra Chittoor. All the members
have the requisite qualification for appointment on the services rendered by them.
Committee and possess sound knowledge of finance, l Review of the internal control systems with the
accounting practices and internal controls. management, internal auditors and auditors.

The Audit Committee has met eight times during the year l Review with the management the annual financial
ended March 31, 2022, on May 18, 2021, May 19, 2021, statements before submission to the Board for
July 28, 2021, July 29, 2021, October 27, 2021, approval, with special emphasis on accounting
October 28, 2021, January 31, 2022 and February 1, 2022. policies and practices, disclosure of related party
The details of attendance of the Committee Members transactions, qualifications in the draft audit report,
are as follows : if any, compliance and other legal requirements
Name of Member Category No. of concerning financial statements.
Meetings l Review with the management, the quarterly financial
Ms. Ameeta A. Parpia Non-executive 8 statements before submission to the Board for
Independent approval.
Mr. Shobhan M. Thakore Non-executive 8
l 
Review the adequacy of internal audit function,
Independent
Dr. Raveendra Chittoor Non-executive 8 significant internal audit findings and follow-ups
Independent thereon.


The terms of reference of the Audit Committee cover the l Review Management Discussion and Analysis.
matters specified in Section 177 of the Act to, inter alia, l 
Review the functioning of the Whistle Blower
include : mechanism.
l 
The recommendation for appointment, l 
Review and discuss with the Management the
remuneration and terms of appointment of auditors internal financial controls and risk management
of the Company. systems.
l Review and monitor the auditor’s independence and
l Review transactions with related parties and grant
performance and effectiveness of audit process. omnibus approval for transactions which are in the
l Examination of the financial statements and the normal course of business and on an arm’s length
auditors’ report thereon. basis and to review and approve such transactions
l Approval or any subsequent modification of subject to the approval of the Board, wherever
transactions of the Company with related parties. necessary.
l 
Evaluation of internal financial controls and risk l Approval of appointment of CFO after assessing
management systems. the qualifications, experience and background, etc.,
l Scrutiny of inter-corporate loans and investments. of the candidate.
l Valuation of undertakings or assets of the Company, l 
Review financial statements and investment of
wherever it is necessary. unlisted subsidiary companies.
l Monitoring the end use of funds raised through l Reviewing the utilisation of loans and/or advances
public offers and related matters. from/investment by the holding company in the
The terms of reference and powers of the Committee subsidiary exceeding ` 100 Crores or 10% of the

71
Prism Johnson Limited
Annual Report 2021-22

asset size of the subsidiary, whichever is lower (i) use the services of an external agencies, if
including existing loans/advances/investments. required;
l Any other terms of reference as may be included (ii) 
consider candidates from a wide range of
from time to time. backgrounds, having due regard to diversity; and
The Committee also reviews the compliance of the (iii) 
consider the time commitments of the
provisions of the SEBI Prohibition of Insider Trading candidates.
Regulations 2015, as amended from time to time on a
c. Formulate and recommend to the Board a policy,
quarterly basis.
relating to the remuneration for the Directors, Key
The Committee has, during the year ended March 31, 2022,
Managerial Personnel and other Employees ensuring
reviewed each area as laid down in the terms of reference
that the level and composition of remuneration
stipulated by the Board and the applicable regulations.
is reasonable and sufficient to attract, retain and
The Internal Audit plan and scope is reviewed and approved motivate Directors of the quality required to run the
at the beginning of every year. The focus of Internal Audit Company successfully, relationship of remuneration
is oriented towards the review of internal controls and risks
to performance is clear and meets appropriate
in the Company’s operations and covers factories, sales
performance benchmarks and that remuneration
offices, warehouses and centrally controlled businesses
to Directors, Key Managerial Personnel and Senior
and functions. The Audit Committee is presented with a
Management involves a balance between fixed
summary of significant audit observation and follow-up
actions thereon every quarter. and incentive pay reflecting short and long-term
performance objectives appropriate to the working
The representative of the Auditors is invited to all the
of the Company and its goals.
Audit Committee Meetings which have been attended
by them. The representatives of the Internal Auditors are d. Formulate the criteria for evaluating the performance
invited for the Audit Committee Meetings at which their of the Independent Directors and the Board of
reports are placed. All the Audit Committee Meetings are Directors.
generally attended by Senior Management Executives of e. Formulate the criteria for determining qualifications,
the Company.
positive attributes and independence of a Director.
B. Nomination & Remuneration Committee f. 
Recommend to the Board all remuneration, in
As on March 31, 2022, the Nomination & Remuneration whatever form, payable to Senior Management.
Committee (‘NRC’) comprises three Non-executive members
of the Board viz. Ms. Ameeta A. Parpia, Independent During the year ended March 31, 2022, two meetings of
Director as Chairperson, Mr. Rajan B. Raheja, Director and the NRC were held on May 19, 2021 and February 1, 2022.
Dr. Raveendra Chittoor, Independent Director. The details of attendance of the Committee Members are
as follows :
The role of the NRC includes, inter alia, the following :
a. Identifying persons who are qualified to become Name of Member Category No. of Meetings
Directors and who may be appointed in Senior
Ms. Ameeta A. Parpia Non-executive 2
Management in accordance with the criteria Independent
laid down and recommend to the Board their
Mr. Rajan Raheja Non-executive _
appointment and removal.
Non-
b. For every appointment of an independent director, Independent
the NRC shall evaluate the balance of skills,
Dr. Raveendra Chittoor Non-executive 2
knowledge and experience on the Board and on Independent
the basis of such evaluation, prepare a description
of the role and capabilities required of an Evaluation
independent director. In accordance with the provisions of the Act, the SEBI
The person recommended to the Board for LODR and the Policy framed by the Board for Performance
appointment as an independent director shall have Evaluation, the Board has carried out the annual evaluation
the capabilities identified in such description. For of its own performance, the peer evaluation of the Directors
the purpose of identifying suitable candidates, the as well as the evaluation of the working of its Committees.
Committee may : The performance evaluation of the Independent Directors was

72
 Corporate overview statutory reports Financial Statements

carried out by the entire Board with regard to performance every meeting of the Board and ` 40,000/- for
and fulfilment of the independence criteria as specified in the attending every meeting of the Audit Committee.
regulations and their independence from the management.
(ii) 
Apart from this, NEDs are entitled to be paid profit
The performance evaluation of the Chairman, the
related commission within the limits stipulated under
Non-independent Directors and the Board as a whole was
Section 197 of the Act and as approved by the
carried out by the Independent Directors.
shareholders. The distribution of commission amongst
The Board formally assesses its own performance with the aim the NEDs shall be approved by the NRC/Board.
to improve the effectiveness of the Board and its Committees.
(iii) 
The details of sitting fees paid and commission
The exercise was led by the Chairman of the Company and the
provided for NEDs for the year ended March 31, 2022
Chairperson of the Nomination & Remuneration Committee of
are as under :
the Company.
` Crores
The structured questionnaires as formulated by the NRC
and prepared in line with the SEBI Guidance Note on Board Name of Director Sitting Commission Total
Evaluation covering various aspects such as structure, Fees
attendance at the meetings, participation and contribution, Ms. Ameeta A. Parpia 0.06 0.20 0.26
functions, knowledge and competency, initiative, commitment, Mr. Rajan B. Raheja 0.02 – 0.02
team work, discussions at the Board/Committee Meetings, Mr. Shobhan M. Thakore 0.06 0.25 0.31
understanding of the business of the Company, strategy and Dr. Raveendra Chittoor 0.06 0.15 0.21
quality of decision making, etc. were used for the said purpose.
Sitting fees paid for Board and Audit Committee
 
As an outcome, it was noted that the Board functions as
Meetings.
a cohesive body which is well engaged with different
perspectives and experiences. The Directors expressed their  he Commission for the financial year ended
T
satisfaction with the performance and the evaluation process. March 31, 2022 will be paid to Independent
Remuneration Policy Directors, subject to deduction of tax, after adoption
of financial statements by the Members at the AGM
The purpose of the Remuneration Policy of the Company for
to be held on June 29, 2022.
members of the Board of Directors, Key Managerial Personnel,
Senior Management and other Employees is to focus on b. Executive Directors
enhancing the value, to retain and motivate Employees and l The term of office and remuneration of Managing
Directors for achieving the objectives of the Company and to Director and Executive Director & CEOs are subject
place the Company in a leadership position. to the approval of the NRC/Board of Directors and
The Policy is guided by a reward framework and set of shareholders and the limits laid down under the Act
principles and objectives as more fully and particularly and Schedule V thereto, from time to time.
envisaged under Section 178 of the Act and criteria pertaining to l 
The remuneration for the Managing Director
qualifications, positive attributes, integrity and independence of and Executive Director & CEOs is designed to
Directors, etc. remunerate them fairly and responsibly. The
a. 
Criteria of making payments to Non-executive Directors remuneration comprises of salary, perquisites and
The Non-executive Directors (‘NEDs’) shall be entitled performance based incentive, wherever applicable,
to receive remuneration by way of sitting fees, apart from retirement benefits such as provident
reimbursement of expenses for participation in the Board/ fund, annuity funds, gratuity, ex-gratia, leave
Committee/General Body meetings and commission as encashment, etc., as per rules of the Company and
under : as may be mutually agreed to by the Managing
Director/Executive Director & CEO(s) and the
(i) The NEDs are paid sitting fees for attending the
NRC/Board.
Board and Audit Committee meetings as may
be approved by the Board of Directors within l 
While considering the appointment and
the overall limits prescribed under the Act and remuneration of the Managing Director and
the Companies (Appointment and Remuneration Executive Director & CEOs, the NRC considers the
of Managerial Personnel) Rules, 2014. NEDs are industry benchmarks, merit and seniority of the
currently paid sitting fees of ` 50,000/- for attending person. The NRC also aims to motivate personnel to

73
Prism Johnson Limited
Annual Report 2021-22

deliver Company’s key business strategies, create 3. 

Retirement benefits – contribution to provident
a strong performance-oriented environment and fund, superannuation, annuity funds, gratuity, etc.,
reward achievement of meaningful targets over the as may be applicable as per Company rules.
short and long term. 4. 
Motivation/Reward – a performance appraisal is
l The tenure of the Managing Director and Executive carried out annually and promotions/increments/
Director & CEOs is for three years and can be rewards are decided based on the appraisal
terminated by either party by giving six months’ and recommendation of the Managing Director/
notice in writing. concerned Executive Director & CEO, wherever
applicable, as per Company rules.
l 
The Company does not pay any sitting fees,
d. Other employees
severance fee and no stock option is granted to the
Managing Director/Executive Director & CEOs. The remuneration of other employees is fixed from
time to time as per the guiding principles outlined
Details of the remuneration for the year ended March 31, 2022
above and considering industry standards and cost of
are as under :
living. In addition to basic salary they are also provided
` Crores
perquisites and retirement benefits as per schemes
Name Designation Remuneration Date of of the Company and statutory requirements, where
Appointment/
applicable. Policy of motivation/reward is applicable to
Re-appointment
this category of employees as in the case of those in the
Mr. Vijay Managing 12.64 March 3, 2022
Aggarwal Director senior management cadre.
Mr. Vivek K. Executive 3.41 August 17, 2021 e. Details of shares of the Company held by the Directors
Agnihotri Director & as on March 31, 2022 are as under :
CEO (Cement)
Mr. Atul R. Executive 3.27 August 29, 2019 Name No. of shares
Desai Director & Mr. Rajan B. Raheja 5,14,06,327
CEO (RMC) Mr. Akshay R. Raheja 55,76,784
Mr. Sarat Executive 3.98 March 3, 2022
Ms. Ameeta A. Parpia 1,53,950
Chandak Director &
CEO (HRJ) None of the other Directors hold any shares in the
Remuneration includes salary, allowances, perquisites, Company. None of the Directors hold any convertible
contribution to provident and annuity funds, gratuity, instruments in the Company.
ex-gratia and leave encashment on actual payment, etc.: C. Stakeholders Relationship Committee
` 21.45 Crores and performance incentive to be paid in
As on March 31, 2022, the Stakeholders Relationship
FY 2022-23 : ` 1.85 Crores.
Committee comprises Ms. Ameeta A. Parpia,
c. Senior Management Employees Independent Director as the Chairperson, Mr. Vijay
The Company while deciding the remuneration of the Aggarwal, Managing Director and Dr. Raveendra Chittoor,
Senior Management employees takes into consideration, Independent Director, as members of the Committee.
inter alia, the merit and seniority of the person, The terms of reference, inter alia, include :
employment scenario and industry benchmarks. a. Resolving the grievances of the security holders
The remuneration of the Senior Management employees of the Company including complaints related to
is based on : transfer/transmission of shares, non-receipt of
1. A fixed base salary – set at a level aimed at attracting annual report, non-receipt of declared dividends,
and retaining executives with professional and issue of new/duplicate certificates/letter of
personal competence, showing good performance confirmation, general meetings, etc.
towards achieving Company goals. b. Review of measures taken for effective exercise of
2. Perquisites – in the form of house rent allowance/ voting rights by shareholders.
accommodation, reimbursement of medical c. 
Review of adherence to the service standards
expenses, insurance, conveyance, telephone, adopted by the Company in respect of various
leave travel, etc., as may be mutually agreed and services being rendered by the Registrar &
applicable as per Company rules. Transfer Agent.

74
 Corporate overview statutory reports Financial Statements

d. 
Review of the various measures and initiatives of the CSR Committee and the details of attendance at the
taken by the Company for reducing the quantum of meetings are as under :
unclaimed dividends and ensuring timely receipt of
Name of Member Designation No. of
dividend warrants/annual reports/statutory notices meetings
by the shareholders of the Company. Mr. Vijay Aggarwal Chairman 2
The Committee has met once during the year ended Ms. Ameeta A. Parpia Member & 2
March 31, 2022 on October 27, 2021 and the meeting Independent Director
was attended by all the Committee Members. Mr. Vivek K. Agnihotri Member 2
Mr. Atul R. Desai Member 2
The Board has designated Ms. Aneeta S. Kulkarni, Mr. Sarat Chandak Member 2
Company Secretary, as Compliance Officer. During the
year ended March 31, 2022, one complaint was received F. Risk Management Committee
from a shareholder, which was resolved satisfactorily. Risk management is integral to the Company and is
As on March 31, 2022, there were no pending controlled through awareness, training, discipline,
investor complaints. commitment and prudent risk management strategies.
The risk management framework is designed to assess,
D. Securities Allotment & Transfer Committee
measure and control risks, including procedures for
The Company’s securities are traded in the dematerialised
mitigating concerns, monitoring compliance with
form on the Stock Exchanges. The Committee is
standards and reporting results to the appropriate
responsible, inter alia, for issue and allotment of securities,
operations and management groups.
issue of duplicate/split/consolidated certificates, letter
of confirmation, transmissions and related applications The Board of Directors has constituted a Risk Management
received from investors. As on March 31, 2022, the Committee with the following broad objectives :
Committee comprises Mr. Vijay Aggarwal – Chairman, l Assess and provide oversight to the management
Mr. Vivek K. Agnihotri, Mr. Atul R. Desai and Mr. Sarat relating to the identification and evaluation of major
Chandak. strategic, operational, regulatory, information, cyber
The Committee has met once during the year under security and external risks inherent in the business
review on March 23, 2022. The meeting was attended of the Company and the control processes with
by all the Committee Members. respect to such risks.

Officers of the Company have been authorised l Overseeing the risk management, compliance and
to review all other matters connected with the control activities of the Company, including without
Company’s securities. limitation, the development and execution by
management of strategies to mitigate risks.
E. Corporate Social Responsibility Committee
The Board of Directors has constituted a Corporate l Overseeing the integrity of the Company’s systems
Social Responsibility (‘CSR’) Committee with the following of operational controls regarding legal and
objectives : regulatory compliance.
(i) To formulate and recommend a CSR policy to the l Overseeing compliance with legal and regulatory
Board and the amount of expenditure to be incurred requirements, including, without limitation, with
on CSR activities. respect to the conduct of the Company’s business.
(ii) To monitor the implementation of the CSR policy of
l Obtaining assurance from the Management that
the Company from time to time.
all known and expected risks are identified and
(iii) To institute a transparent monitoring mechanism for
mitigation steps are taken.
implementation of the CSR projects or programmes
or activities undertaken by the Company. The terms of reference, inter alia, include :
(iv) 
To formulate and recommend to the Board, an (i) To formulate a detailed Risk Management Policy
Annual Action Plan in pursuance of its CSR policy. which shall include :
 uring the year ended March 31, 2022, two meetings of
D (a) 
A framework for identification of internal
the CSR Committee were held on May 18, 2021 and and external risks specifically faced by the
January 31, 2022. As on March 31, 2022, the composition Company, in particular including financial,

75
Prism Johnson Limited
Annual Report 2021-22

operational, sectoral, sustainability (particularly, Extent of implementation of mitigation strategies

 
ESG related risks), information, cyber security and their efficacy.
risks or any other risk as may be determined  Review the accuracy of self-assessments on risk
by the Committee. mitigation.
Measures for risk mitigation including systems and
(b)   Review of Internal Financial Controls.
processes for internal control of identified risks. Report on such matters as may be specifically
 
(c) Business continuity plan. directed by the Risk Management/Audit Committee.

(ii) To ensure that appropriate methodology, processes The Company has a detailed document on Business
and systems are in place to monitor and evaluate Continuity. This is in line with the business requirements
risks associated with the business of the Company. of the three business divisions ensuring preparedness for
any unforeseen breakdown and/or contingencies, which
(iii) 
To review, and, as applicable, approve the may impact the regular working of any business division.
Company’s risk appetite and key risk policies
During the year ended March 31, 2022, four meetings of the

on the establishment of risk limits, as well as the
Risk Management Committee were held on May 18, 2021,
guidelines, policies and processes for monitoring
July 28, 2021, October 27, 2021 and January 31, 2022.
and mitigating such risks.
The composition of the Risk Management Committee as
(iv) 
To monitor and oversee implementation of the at March 31, 2022 and the details of attendance at the
risk management policy, including evaluating the meetings of the Committee are as under :
adequacy of risk management systems. Name of Member Designation No. of
(v) To periodically review the risk management policy, Meetings
including by considering the changing industry Mr. Vijay Aggarwal Chairman 4
Ms. Ameeta A. Parpia Member & 4
dynamics and evolving complexity.
Independent Director
(vi) 
To keep the board of directors informed about Mr. Vivek K. Agnihotri Member 4
the nature and content of its discussions, Mr. Atul R. Desai Member 4
recommendations and actions to be taken. Mr. Sarat Chandak Member 4
Mr. Manish Bhatia Member 4
(vii) The appointment, removal and terms of remuneration Ms. Aneeta S. Kulkarni Member 4
of the Chief Risk Officer (if any) shall be subject to
3. Whistle Blower Policy
review by the Risk Management Committee.
The Company is committed to conducting its business in

(viii) 
Form and delegate to one or more accordance with applicable laws, rules and regulations
sub-committees all or any portion of the Committee’s and the highest standards of business ethics, honesty,
authority, duties and responsibilities, and may integrity and ethical conduct. Accordingly, the Board has
establish such rules as it determines necessary or established a vigil mechanism by adopting a ‘Whistle
appropriate to conduct the Committee’s business. Blower Policy’ for stakeholders including Employees
and Directors and their representatives to freely
(ix) 
Have powers to seek information from any
communicate their concerns about illegal or unethical
employee, obtain outside legal or other professional practices.
advice and secure attendance of outsiders with
relevant expertise, if it considers necessary. The Whistle Blower Policy provides a mechanism for
stakeholders including Employees and Directors and their
(x) Have such other authority, duties and responsibilities representatives to approach the Corporate Governance
as may be delegated to the Committee by Cell/Chairman of the Company/Chairperson of the
the Board. Audit Committee of the Company. The Policy ensures
that strict confidentiality is maintained whilst dealing

The Internal Management Assurance team of the
with concerns and also that no discrimination will be
Company provides independent assurance on the
meted out to any person for a genuinely raised concern.
efficacy of risk management in terms of :
The Policy is hosted on the website of the Company
Review of the process for identifying/prioritising
  https://www.prismjohnson.in/investors/disclosures-
various risks. under-SEBI-LODR-regulations/policies.

76
 Corporate overview statutory reports Financial Statements

4. Prevention of Sexual Harassment 6. Related Party Transactions

The Company has framed a policy on Prevention of The Board has approved a policy on materiality of
Sexual Harassment of Women at workplace. As per related party transactions and dealing with related
the requirement of the Sexual Harassment of Women party transactions which has been uploaded on the
at Workplace (Prevention, Prohibition & Redressal) Company’s website https://www.prismjohnson.in/investors/
Act, 2013 and Rules made thereunder, the Company disclosures-under-SEBI-LODR-regulations/policies.
has constituted an Internal Committee to inquire into The Company’s major related party transactions are
complaints of sexual harassment and recommend generally with its subsidiaries, joint ventures and
appropriate action. associates to further the Company’s business interest.

Disclosures in relation to the Sexual Harassment of Attention of the members is drawn to the details of
Women at Workplace (Prevention, Prohibition and transactions mentioned in the Annexure ‘B’ forming part
Redressal) Act, 2013 for the year ended March 31, 2022 of the Directors’ Report.
are as under : All other transactions entered into with related parties,
a. Number of complaints pending at the 1 as defined under the Act and the SEBI LODR, during the
beginning of the financial year financial year were in the ordinary course of business
b. Number of complaints filed during the 1 and on an arm’s length basis and do not attract the
financial year provisions of Section 188 of the Act. There were no
c. Number of complaints disposed of during the 1 materially significant transactions with related parties
financial year during the year ended March 31, 2022 which were in
d. Number of complaints pending as on end of 1 conflict with the interests of the Company. Details of
the financial year related party transactions are given in Note No. 4.09 of
(Complaint filed in March 2022 and under the Standalone Financial Statements forming part of this
investigation)
Annual Report.
5. Subsidiary Company
7. Disclosures
All subsidiary companies are Board managed with their
a) There are no penalties or strictures imposed on the
Boards exercising the duties and powers to manage such
Company by the Stock Exchanges or SEBI or any
companies in the best interest of their stakeholders. The
statutory authority on any matters related to capital
Company has formulated a policy for determining ‘material’ markets during the last three years.
subsidiaries and the same is disclosed on the website
b) 
The Board of Directors has established a vigil
of the Company https://www.prismjohnson.in/investors/
mechanism by adopting a Whistle Blower Policy for
disclosures-under-SEBI-LODR-regulations/policies. As on
the Company which is available on the Company’s
March 31, 2022, Raheja QBE General Insurance Company website. No personnel had been denied access to
Limited (‘RQBE’), is an unlisted material subsidiary pursuant the Audit Committee.
to the terms of the SEBI LODR.
c) The Company has complied with the disclosures
Ms. Ameeta A. Parpia and Mr. Shobhan M. Thakore, of corporate governance requirements specified
Independent Directors of the Company, are appointed in Regulations 17 to 27 and Clauses (b) to (i) and
as Independent Directors on the Board of RQBE. (t) of sub-Regulation (2) of Regulation 46 of the
SEBI LODR.
The operations and performance of the subsidiary
companies are reviewed on a quarterly basis as under : d) (i) Mandatory Requirements

(i) 
The minutes of the meetings of the Board of The Company has complied with all the
mandatory requirements of the SEBI LODR.
Directors of all subsidiary companies are placed
before the Board of Directors of the Company (ii) Discretionary Requirements
and the attention of the Directors is drawn to all l 
Non-executive Chairman’s Office : The
significant transactions and arrangements entered Chairman’s office is maintained by himself.
into by the unlisted subsidiary companies. l 
As the quarterly and half-yearly financial
(ii) The Audit Committee of the Company reviews the performance along with significant events
financial statements, in particular, the investments are published in the newspapers and are
made by the subsidiary companies. also posted on the Company’s website

77
Prism Johnson Limited
Annual Report 2021-22

and the websites of BSE and NSE, the l 

Issue of Non-convertible Debentures on
same are not being sent separately to private placement basis.
the shareholders.
(iv) The details of resolutions passed using Postal Ballot
l 
The annual financial statements of the during the year ended March 31, 2022 with regard
Company are unmodified. to approval by the shareholders of the Company
l 
The Internal Auditors have access to the are as under :
Audit Committee.
Special Resolutions :
e) The Company has followed all relevant Accounting  Re-appointment of Mr. Vijay Aggarwal as
Standards prescribed under the Act and Rules Managing Director and Mr. Sarat Chandak as
thereunder and the guidelines issued by Securities Executive Director & CEO (HRJ) for a period of
Exchange Board of India while preparing three years effective from March 3, 2022
Financial Statements.
 Ms. Savita Jyoti, Practising Company Secretary,
8. CEO/CFO Certification Hyderabad was appointed as Scrutiniser for
Pursuant to provisions of Regulation 17(8) of the SEBI conducting the entire Postal Ballot process in a fair and
LODR, the Managing Director and the Chief Financial transparent manner.
Officer of the Company have certified to the Board The Company had completed the despatch of
regarding their review on the Financial Statements, Cash the Postal Ballot Notice dated February 1, 2022
Flow Statements and other matters related to internal together with the Explanatory Statement on
controls for the year ended March 31, 2022. February 17, 2022, to all the shareholders whose
9. General Body Meetings name(s) appeared on the Register of Members/list
of beneficiaries as on February 11, 2022.
(i) Location and time where last three Annual General
Meetings were held : The voting under the Postal Ballot was kept open
Date of Time of Venue from February 20, 2022 to March 21, 2022 through
Meeting Meeting electronic mode only.
July 30, 10.30 a.m. Through Video
 The result of the Postal Ballot declared on March
2021 Conferencing at the
August 14, 10.30 a.m. deemed venue at 22, 2022 was as under :
2020 the Registered Office
Resolution No. 1 - Appointment of Mr. Vijay
at 305, Laxmi Niwas
Aggarwal as Managing Director :
Apartments, Ameerpet,
Total no. of valid votes 42,63,17,620
Hyderabad - 500 016
July 31, 10.00 a.m. National Institute Total no. of votes assenting the 41,07,01,276
2019 for Micro, Small and resolution
Medium Enterprises % of votes cast in favour 96.34
(ni-msme), Auditorium Total no. of votes dissenting the 1,56,16,344
Hall, 2nd Floor, Training resolution
Block, Yousufguda, % of votes cast against 3.66
Hyderabad - 500 045, Resolution No. 2 - Appointment of Mr. Sarat
Telangana. Chandak as Executive Director & CEO (HRJ) :
Total no. of valid votes 42,63,17,619
(ii) Six special resolutions were passed at the Annual
Total no. of votes assenting the 41,08,27,762
General Meeting held on July 31, 2019, two special resolution
resolutions were passed at the Annual General % of votes cast in favour 96.37
Meeting held on August 14, 2020 and two special Total no. of votes dissenting the 1,54,89,857
resolutions were passed at the Annual General resolution
Meeting held on July 30, 2021. % of votes cast against 3.63

(iii) 
Two special resolutions are proposed to be Ordinary Resolution :
passed at the ensuing Annual General Meeting  Appointment of Mr. Akshay Raheja as Non-
with regard to : executive Director effective from March 5, 2022
l Re-appointment of Dr. Raveendra Chittoor as Ms. Savita Jyoti, Practising Company Secretary,
Independent Director. Hyderabad was appointed as Scrutiniser for

78
 Corporate overview statutory reports Financial Statements

conducting the entire Postal Ballot process in a fair investors/public and as mandated by the SEBI
and transparent manner. LODR and the Act.

 The Company had completed the despatch of the l The presentations made to institutional investors/
Postal Ballot Notice dated March 3, 2022 together analysts, if any, are also available on the Company’s
with the Explanatory Statement on March 9, 2022, website and are submitted to BSE and NSE.
to all the shareholders whose name(s) appeared on 11. Management Discussion and Analysis is a part
the Register of Members/list of beneficiaries as on of the Annual Report and is annexed separately.
March 4, 2022.
12. General Shareholder Information
The voting under the Postal Ballot was kept open
A. Annual General Meeting
from March 10, 2022 to April 8, 2022 through
Date and Time : June 29, 2022 at 10.30 a.m.
electronic mode only.
Venue : The Meeting will be held through
The result of the Postal Ballot declared on April 9,
Video Conference/Other Audio
2022 was as under :
Visual Means and the deemed
Resolution No. 1 - Appointment of Akshay Raheja venue of the AGM shall be the
as Non-executive Director Registered Office at 305, Laxmi
Total no. of valid votes 42,54,32,963 Niwas Apartments, Ameerpet,
Total no. of votes assenting the 42,41,54,084
Hyderabad - 500 016.
resolution
% of votes cast in favour 99.70 B. Financial Year
Total no. of votes dissenting the 12,78,879
resolution The Company follows April 1 to March 31 as its
% of votes cast against 0.30 financial year. The financial results for every quarter
beginning from April are declared as per the SEBI
(v) No special resolutions have been proposed to be
(LODR).
passed through postal ballot at the AGM to be held on
June 29, 2022. C. Listing on Stock Exchanges

10. Means of Communication (i) The Company’s equity shares are listed on the
following Stock Exchanges :
l 
The quarterly/half-yearly/annual financial results,
shareholding pattern, quarterly compliances Name & Address of Stock Stock Code/
and all other corporate communication are filed Exchange Symbol
electronically on BSE and NSE on-line portals, BSE Limited, Phiroze Jeejeebhoy 500338
where the Company’s securities are listed. Towers, Dalal Street,
l The results are thereafter given to various news Mumbai - 400 001.
agencies/analysts and published in Business National Stock Exchange of India PRSMJOHNSN
Standard (English) and Nava Telangana (Telugu) Limited, Exchange Plaza, 5th Floor,
Plot No. C/1, G Block, Bandra-Kurla
and are displayed on the Company’s website
Complex, Bandra (East),
https://www.prismjohnson.in/investors/financials. Mumbai - 400 051.
l The Company also informs, by way of intimation to
(ii) 
The listing fees for the year 2022-23 have
BSE and NSE, all price sensitive matters or such
been paid to the aforesaid Stock Exchanges.
other matters, which in its opinion are material and
of relevance to the investors. (iii) 
The Non-convertible Debentures issued on
l A separate dedicated section under ‘Investors’ on the private placement basis by the Company are
Company’s website gives information on unclaimed listed on BSE Limited.
dividends, financial results, annual reports, quarterly (iv) 
The Company has not issued any Global
compliance reports, communications with the Stock Depository Receipts or American Depository
Exchanges, investor presentations and updates Receipts or warrants or any convertible
and other relevant information of interest to the instruments.

79
Prism Johnson Limited
Annual Report 2021-22

D. Market price data for the year ended March 31, 2022
Month BSE Prices NSE Prices
High ` Low ` High ` Low `
April 2021 139.05 119.40 137.80 119.50
May 2021 143.90 128.15 144.10 128.10
June 2021 136.90 124.35 137.00 124.35
July 2021 144.95 130.15 144.90 130.00
August 2021 139.60 125.05 139.80 125.10
September 2021 130.05 121.20 130.40 121.15
October 2021 124.75 118.30 124.65 118.10
November 2021 138.20 120.05 138.05 120.05
December 2021 132.90 120.55 132.35 120.25
January 2022 152.85 129.60 153.10 129.90
February 2022 139.70 117.90 139.70 117.75
March 2022 126.55 113.65 126.65 113.70
Performance in comparison to BSE Sensex :
Closing value of Company’s share price v/s BSE Sensex on the last trading day of the month.
Base is considered to be 100 as on March 31, 2021.

Prism Johnson Limited - Share Price v/s BSE Sensex

BSE Sensex Share Price

140

120

100

80

60

40

20

0
Mar 21 Aprl 21 May 21 Jun 21 Jul 21 Aug 21 Sep 21 Oct 21 Nov 21 Dec 21 Jan 22 Feb 22 Mar 22

Source : www.bseindia.com

E. Registrar & Transfer Agent Pursuant to amendments to Regulation 40 of

KFin Technologies Limited, the SEBI LODR w.e.f April 1, 2019, shares  can
Unit : Prism Johnson Limited, be transferred only in dematerialised form.
Selenium Tower B, Annual Share Transfer Audit in terms of the SEBI
Plot 31-32, Financial District, LODR is carried out by an independent practicing
Nanakramguda, Serilingampally Mandal, Company Secretary.
Hyderabad – 500 032, Telangana Dealing with securities which have remained
e-mail : [email protected] unclaimed
website : www.kfintech.com
Pursuant to Regulation 39 of the SEBI LODR,
Toll Free No. : 1800 309 4001
unclaimed and postal returned equity shares have
F. Share Transfer System been transferred to the Unclaimed Suspense

Requests for dematerialisation of shares are Account of the Company and shall be transferred
processed and confirmation thereof is given to the to the concerned shareholder upon making a claim
respective depositories within the statutory time limit to the Company’s Registrar & Transfer Agent. The
from the date of receipt of share certificates provided voting rights on these shares shall remain frozen till
the documents are complete in all respects. the rightful owner claims the shares.

80
 Corporate overview statutory reports Financial Statements

Details of the account are as under :

Particulars No. of shareholders No. of shares

(i) Aggregate number of shareholders and the outstanding shares lying in 22 5,700
the Unclaimed Suspense Account at the beginning of the year.

(ii) Number of shareholders who approached the Company for transfer of Nil Nil
shares from the Unclaimed Suspense Account during the year.

(iii) Number of shareholders to whom shares were transferred from the Nil Nil
Unclaimed Suspense Account during the year.

(iv) Number of shares transferred to IEPF Authority. Nil Nil

(v) Aggregate number of shareholders and the outstanding shares lying in 22 5,700
the Unclaimed Suspense Account at the end of the year.

G. Transfer of Unpaid/Unclaimed Dividend Amounts/ shareholders from IEPF Authority after complying with
Shares to Investor Education & Protection Fund the procedure prescribed under the IEPF Rules.
 Transfer of unclaimed equity shares into H. Distribution of shareholding and shareholding
Investor Education & Protection Fund pattern as of March 31, 2022 :
Pursuant to the provisions of Section 125 of the Distribution of Shareholding
Act read with Investor Education & Protection Category No. of % of Total Shares % of
Fund (‘IEPF’) Authority (Accounting, Audit, (shares) shareholders Shareholders Shares
Transfer and Refund) Rules, 2016, (‘the Rules’) 1- 5000 76,225 98.66 2,21,10,680 4.39
the Company shall transfer the shares in 5001- 10000 480 0.62 35,66,472 0.71
respect of which dividends have remained 10001- 20000 219 0.28 31,33,841 0.62
unclaimed for a period of seven consecutive 20001- 30000 86 0.11 21,47,872 0.43
years to the IEPF Account established by the 30001- 40000 44 0.06 15,63,613 0.31
Central Government on the specified date. 40001- 50000 40 0.05 18,07,213 0.36
50001- 100000 70 0.09 48,68,768 0.97
  ransfer of Unpaid/Unclaimed Dividend
T
100001 & Above 93 0.13 46,41,58,121 92.21
Amounts to Investor Education & Protection
Total 77,257 100.00 50,33,56,580 100.00
Fund
Pursuant to the provisions of Sections 124 Shareholding Pattern
and 125 of the Act and Investor Education & Category No. of Shares % Shareholding
Protection Fund (‘IEPF’) Authority (Accounting, Promoters 37,68,81,169 74.87
Audit, Transfer and Refund) Rules, 2016
FPCs/NRIs 1,81,53,175 3.61
(‘the Rules’) dividends not encashed/claimed
Bodies Corporate 1,54,72,798 3.07
within seven years from the date of declaration
Financial Institutions/ 3,13,29,534 6.22
are to be transferred to the IEPF.
Banks/Mutual Funds
The Company has transferred all such unpaid/ Indian Public 5,79,28,466 11.52
unclaimed dividend to the IEPF. No claim lies IEPF 35,91,438 0.71
against the Company in respect thereof. Total 50,33,56,580 100.00
The Company has uploaded full details of shares as well I. Dematerialisation of Shares
as unclaimed dividends transferred to IEPF on the website
Trading of the Company’s shares is compulsorily in
of the Company https://www.prismjohnson.in/investors/
dematerialised form for all investors. As of March 31,
iepf. The Company has appointed Nodal Officers under
2022, equity shares representing 99.53% have been
the provisions of IEPF, the details of which are available on
dematerialised with the following depositories :
the website of the Company.
Description ISIN Depositories

Both, the unclaimed dividends and the shares
Equity shares INE010A01011 NSDL & CDSL
transferred to the IEPF can be claimed by the concerned

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Pursuant SEBI Circular No. SEBI/LAD-NRO/ Shareholders holding shares in electronic mode
GN/2022/66 dated January 24, 2022, as an on- should address all their correspondence to their
going measure to enhance ease of dealing in respective Depository Participants.
securities markets by investors, the Company shall
L. Details of Debenture Trustee
issue the securities in dematerialised form only
Axis Trustee Services Limited,
while processing the following service request with
The Ruby, 2nd Floor, SW,
effect from January 25, 2022 :
29, Senapati Bapat Marg,
 Issue of duplicate securities certificate
Dadar (West), Mumbai - 400 028
 Claim from Unclaimed Suspense Account e-mail : [email protected]
 Renewal/Exchange of securities certificate website : www.axistrustee.in
 Endorsement Tel. No. : +91-22-6230 0451
Fax No. : +91-22-6230 0700
 Sub-division/Splitting of securities certificate
M. Details of Credit Ratings
 Consolidation of securities certificates/folios
Credit Ratings issued and applicable to the
 Transmission
Company as on March 31, 2022
 Transposition
During the year ended March 31, 2022, the
J. Commodity price risk or foreign exchange risk Company has obtained rating from India Ratings
and hedging activities and Research Private Limited (‘India Ratings’) for
During the year 2021-22, the Company has managed debt instruments/financial facilities. India Ratings
the foreign exchange risk by entering into forward revised the Company’s Outlook to ‘Positive’ from
contracts for hedging foreign exchange exposures ‘Stable’ while affirming its long term Issuer rating as
against imports or exports as applicable. The details ‘IND A+’ during the year under review. Short term
of foreign currency exposure of the Company are Issuer Rating was affirmed as IND A1+. CRISIL has
disclosed in Note No. 4.08 of the Standalone Financial assigned a CRISIL A1+ rating to the Commercial
Statements forming part of this Annual Report. Paper Program of the Company.
The details of Credit Rating are available on the
The Company does not have any exposure hedged
website at https://www.prismjohnson.in/investors/
through commodity derivatives.
disclosures-under-SEBI-LODR-regulations/credit-
K. Addresses ratings.
Plant Location Rating Agency Instrument Rating
The Company’s cement manufacturing facilities India Ratings Debt Instruments IND A+
are located at Satna, Madhya Pradesh. The Term Loans/Fund based IND A+
tile manufacturing facilities are located at Pen, Working Capital
Maharashtra; Dewas, Madhya Pradesh; Kunigal, Commercial Paper IND A1+
Karnataka; Vijayawada, Andhra Pradesh and Non-fund Based Limits – IND A1+
Working Capital/Unsecured
Karaikal, Puducherry. The facilities for manufacture
Short Term Loans
of bath fittings are located at Baddi, Himachal
Crisil Ratings Commercial Paper CRISIL
Pradesh and Samba, Jammu & Kashmir. Prism RMC Limited A1+
currently operates 97 Ready Mixed Concrete plants
N. Audit Fees
spread across various locations in the country and
The total fees for all services paid by the Company
3 aggregate crushers.
and its subsidiaries on a consolidated basis, to the
Correspondence Statutory Auditors for the year ended March 31, 2022
Shareholders’ correspondence may be addressed is ` 1.35 Crores.
to the Registrar & Transfer Agent at Hyderabad and O. Loans and advances
also at [email protected]. Investors can There are no loans and advances given by the Company
also mail their queries to the Company at investor@ and its subsidiaries to firms/companies in which Directors
prismjohnson.in for redressal. are interested.

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 Corporate overview statutory reports Financial Statements

DECLARATION
Pursuant to Part D of Schedule V of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015, we confirm that the
Board Members and Senior Management of the Company have confirmed compliance with the Code of Conduct for the year ended
March 31, 2022.
For PRISM JOHNSON LIMITED

VIJAY AGGARWAL
Place : Mumbai Managing Director
Date : May 11, 2022 (DIN : 00515412)

Independent Auditor’s Certificate on Compliance

with Corporate Governance Requirements
Under Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015

To the Members, Governance. It is neither an audit nor an expression of

Prism Johnson Limited opinion on the financial statements of the Company.

1. This certificate is issued in accordance with the terms 5. Pursuant to the requirements of the Listing Regulations,
of our engagement communication with Prism Johnson it is our responsibility to provide a reasonable assurance
Limited. whether the Company has complied with the conditions
2. 
We have examined the compliance of conditions of of Corporate Governance as stipulated in the Listing
Corporate Governance by Prism Johnson Limited (‘the Regulations for the year ended March 31, 2022.
Company’), for the financial year ended on March 31, 6. We conducted our examination of the above corporate
2022, as stipulated in Regulations 17 to 27, clauses (b) to (i) governance compliance by the Company in accordance
of Regulation 46(2) and paragraphs C, D & E of Schedule with the Guidance Note on Reports or Certificates for
V of Chapter IV of the Securities and Exchange Board of
Special Purposes (Revised 2016) and Guidance Note on
India (Listing Obligations and Disclosure Requirements)
Certification of Corporate Governance both issued by
Regulations, 2015 as amended from time to time (‘Listing
the Institute of Chartered Accountants of India (the ‘ICAI’),
Regulations’), pursuant to the Listing Agreement of the
in so far as applicable for the purpose of this certificate.
Company with Stock Exchanges.
The Guidance Note requires that we comply with the
MANAGEMENT’S RESPONSIBILITY ethical requirements of the Code of Ethics issued by the
3. The compliance of conditions of Corporate Governance ICAI.
as stipulated under the Listing Regulations is the
7. 
We have complied with the relevant applicable
responsibility of the Company’s Management including
requirements of the Standard on Quality Control (SQC) 1,
the preparation and maintenance of all the relevant
Quality Control for Firms that Perform Audits and Reviews
records and documents. This responsibility includes the
of Historical Financial Information, and Other Assurance
design, implementation and maintenance on internal
and Related Services Engagements.
control and procedures to ensure the compliance with
conditions of Corporate Governance stipulated in Listing OPINION
Regulations. 8. In our opinion, and to the best of our information and
AUDITOR’S RESPONSIBILITY according to the explanations given to us, we certify
4. 
Our examination was limited to procedures and that the Company has complied with the conditions
implementation thereof, adopted by the Company for of Corporate Governance as stipulated in the above-
ensuring compliance of the conditions of the Corporate mentioned Listing Regulations.

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Prism Johnson Limited
Annual Report 2021-22

9. We state that such compliance is neither an assurance purpose or to any other person to whom this certificate is
as to the future viability of the Company nor of the shown or into whose hands it may come without our prior
efficiency or effectiveness with which the management consent in writing.
has conducted the affairs of the Company.
RESTRICTION ON USE For G. M. Kapadia & Co.
Chartered Accountants
10. The certificate is addressed and provided to the Members
Firm Registration No. 104767W
of the Company solely for the purpose of enabling the
Company to comply with the requirement of the Listing
Rajen Ashar
Regulations and should not be used by any other person
Partner
or for any other purpose. Accordingly, we do not accept
Place : Delhi Membership No. 048243
or assume any liability or any duty of care for any other
Date : May 11, 2022 UDIN: 22048243AITMTY9152

SECRETARIAL AUDITOR’S CERTIFICATE

Certificate of Non-disqualification of Directors
(Pursuant to Regulation 34(3) and Schedule V Para C clause (10)(i) of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015)
To,
The Members,
Prism Johnson Limited
We have examined the relevant registers, records, forms, returns and disclosures received from the Directors of
Prism Johnson Limited bearing CIN : L26942TG1992PLC014033 and having its registered office at 305, Laxmi Niwas Apartments,
Ameerpet, Hyderabad - 500016 (hereinafter referred to as ‘the Company’), produced before us by the Company for the purpose of
issuing this Certificate, in accordance with Regulation 34(3) read with Schedule V Para-C Sub clause 10(i) of the Securities Exchange
Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.
In our opinion and to the best of our information and according to the verifications (including Directors Identification Number (DIN)
status at the portal www.mca.gov.in) as considered necessary and explanations furnished to us by the Company & its officers, we
hereby certify that none of the Directors on the Board of the Company as stated below for the Financial Year ending on March 31,
2022 have been debarred or disqualified from being appointed or continuing as Directors of companies by the Securities and
Exchange Board of India, Ministry of Corporate Affairs or any such other Statutory Authority :

Sr. No. Name of Director DIN

1. Shobhan M. Thakore 00031788
2. Rajan B. Raheja 00037480
3. Akshay R. Raheja 00288397
4. Vijay Aggarwal 00515412
5. Vivek K. Agnihotri 02986266
6. Atul R. Desai 01918187
7. Sarat Chandak 06406126
8. Ameeta A. Parpia 02654277
9. Raveendra Chittoor 02115056
Ensuring the eligibility of the appointment/continuity of every Director on the Board is the responsibility of the management of the
Company. Our responsibility is to express an opinion on these based on our verification.
for Savita Jyoti Associates
Company Secretaries

CS Savita Jyoti
FCS No. : 3738
Date : May 11, 2022 CP No. : 1796
Place: Hyderabad UDIN : F003738D000303213

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 Corporate overview statutory reports Financial Statements

BUSINESS RESPONSIBILITY REPORT

SECTION A : GENERAL INFORMATION ABOUT THE COMPANY

1. Corporate Identity Number (CIN) of the L26942TG1992PLC014033

Company
2. Name of the Company PRISM JOHNSON LIMITED
3. Registered address 305, Laxmi Niwas Apartments, Ameerpet, Hyderabad - 500 016
4. Website www.prismjohnson.in
5. E-mail id [email protected]
6. Financial Year reported 2021-22
7. Sector(s) that the Company is engaged in 23942 - Portland Cement
(industrial activity code-wise) 23939 - Tiles
23952 - Ready Mixed Concrete
23941 - Clinkers
8. List three key products that the Company l Portland Cement
manufactures (as in balance sheet) l Tiles
l Ready Mixed Concrete

9. Total number of locations where business

activity is undertaken by the Company
(a) Number of International Locations –
(Provide details of major 5)
(b) Number of National Locations One Cement Plant (2 Units), 5 Tile Plants, 2 Bathroom Fittings Plants, 97 Ready
Mixed Concrete Plants, 3 Aggregate Crusher Plants and various Offices across
the country including Registered Office, Corporate Office, Division Head
Offices and Regional Marketing/Sales Offices.
10. Markets served by the Company - Local/ Local/State/National/International
State/National/International

SECTION B : FINANCIAL DETAILS OF THE COMPANY

1. Paid up Capital (INR) ` 503.36 Crores

2. Total Turnover (INR) ` 5,568.79 Crores
3. Total profit after taxes (INR) ` 133.25 Crores
4. Total Spending on Corporate Social Total spending on Corporate Social Responsibility (CSR) is 2.96% of Profit after
Responsibility (CSR) as percentage of tax.
profit after tax (%)
5. List of activities in which expenditure in a) Rural infrastructure development.
4 above has been incurred b) Health and hygiene.
c) Promotion of education.
d) Environment and water conservation.
e) Providing potable drinking water.
f) Empowerment and skill development.
g) Disaster Management.
h) Social welfare.

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SECTION C : OTHER DETAILS

1. Does the Company have any Subsidiary Company/ Yes, the Company has seven subsidiaries.
Companies?
2. Do the Subsidiary Company/Companies The subsidiaries of the Company have their own Board of Directors
participate in the BR Initiatives of the parent having rights and obligations to manage such companies in the best
company? If yes, then indicate the number of such interest of the Company.
subsidiary company(s)
The Company encourages its subsidiaries to formulate and practise
their own BR initiatives based on their individual priorities.
3. Do any other entity/entities (e.g. suppliers, We do not mandate that our suppliers, distributors, etc., participate in
distributors, etc.) that the Company does the Company’s BR initiatives. However, they are encouraged to do so.
business with, participate in the BR initiatives of
the Company? If yes, then indicate the percentage
of such entity/entities? [Less than 30%, 30 -60%,
More than 60%]

SECTION D : BR INFORMATION
1.Details of Director/Directors responsible for BR
(a)Details of the Director/Directors responsible for implementation of the BR policy/policies :
1. DIN Number 00515412
2. Name Mr. Vijay Aggarwal
3. Designation Managing Director
(b) Details of the BR head :
1. DIN Number (if applicable) The Executive Committee comprising, inter alia, of the Executive Director
2. Name & CEO of each Division of the Company oversee the implementation of
3. Designation the BR policy.
4. Telephone number + 91-22-66754142
5. e-mail id [email protected]

2. Principle-wise (as per NVGs) BR Policy/policies

The National Voluntary Guidelines on Social, Environmental and Economic Responsibilities of Business (NVGs) released by the
Ministry of Corporate Affairs has adopted nine areas of Business Responsibility. These briefly are as under :

P1 – Businesses should conduct and govern themselves with Ethics, Transparency and Accountability.

P2 – Businesses should provide goods and services that are safe and contribute to sustainability throughout their life cycle.

P3 – Businesses should promote the well-being of all employees.

P4 – Businesses should respect the interests of and be responsive towards all stakeholders, especially those who are
disadvantaged, vulnerable and marginalised.

P5 – Businesses should respect and promote human rights.

P6 – Businesses should respect, protect and make efforts to restore the environment.

P7 – Businesses, when engaged in influencing public and regulatory policy, should do so in a responsible manner.

P8 – Businesses should support inclusive growth and equitable development.

P9 – Businesses should engage with and provide value to their customers and consumers in a responsible manner.

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 Corporate overview statutory reports Financial Statements

(a) Details of compliance (Reply in Y/N)

No. Questions P1 P2 P3 P4 P5 P6 P7 P8 P9
1. Do you have a Y Y Y Y Y Y N Y N
policy/ policies
The policy is The policy is The policy is
for....
embedded in embedded in the embedded in
the Company’s Company’s Code the Company’s
quality and of Conduct, HR CSR policy and
environment policies and various other
policies which, various other HR social initiatives
inter alia, relate practices undertaken
to safe and
sustainable
products
2. Has the policy Y – Y Y Y Y – Y –
being formulated
in consultation
with the relevant
stakeholders?
3. Does the policy Y Y Y Y Y Y – Y –
conform to
Bureau of Indian Conforms to Conforms to
any national /
Standard/ guidelines, guidelines of the
international
norms and Companies Act,
standards? If Generally
directives 2013
yes, specify? (50 accepted
of different
words) standards
State and
Central
Government
4. Has the policy Y – Y N – – Y Y –
being approved
by the Board? If
yes, has it been
signed by MD/
owner/ CEO/
appropriate
Board Director?
5. Does the Y Y Y Y Y Y – Y –
Company have
At Executive
a specified
Committee
committee
Meetings
of the Board/
Director/ Official
to oversee the
implementation
of the policy?
6. Indicate the link * * – – – * – * –
for the policy
to be viewed
online?
7. Has the policy Communicated to key stakeholders of the Company. The communication is an on-going process
been formally to cover all internal and external stakeholders.
communicated
to all relevant
internal and
external
stakeholders?

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No. Questions P1 P2 P3 P4 P5 P6 P7 P8 P9
8. Does the Y Y Y Y – Y – Y –
Company
have in-house
structure to
implement the
policy/ policies.
9. Does the Y Y Y Y Y Y – Y –
Company have
a grievance
redressal
mechanism
related to the
policy/ policies
to address
stakeholders’
grievances
related to the
policy/ policies?
10. Has the Y Y Y N N Y N Y –
Company carried
out independent
audit/evaluation
of the working
of this policy by
an internal or
external agency?
*Company’s website : www.prismjohnson.in

(b) If answer to the question at serial number 1 against any principle, is ‘No’, please explain why : (Tick up to 2 options)
No. Questions P1 P2 P3 P4 P5 P6 P7 P8 P9
1. The Company has not – – – – – – – – –
understood the Principles
2. The Company is not at a stage – – – – – – – – –
where it finds itself in a position
to formulate and implement the
policies on specified principles
3. The Company does not have – – – – – – – – –
financial or manpower resources
available for the task
4. It is planned to be done within – – – – – – – – –
next 6 months
5. It is planned to be done within – – – – – – – – –
the next 1 year
6. Any other reason (please – – – – – – The need for a – The Company
specify) written policy assesses customer
has not been felt. needs and
Suitable decision fulfills them with
will be taken at the innovative products
appropriate time. and services.
The Company
has a redressal
mechanism for
all customer
complaints.

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 Corporate overview statutory reports Financial Statements

3. Governance related to BR : Principle 2 - Businesses should provide goods and services

(a) Indicate the frequency with which the Board of that are safe and contribute to sustainability throughout
Directors, Committee of the Board or CEO to their life cycle.
assess the BR performance of the Company. 1. List up to 3 of your products or services whose design
Within 3 months, 3-6 months, Annually, More has incorporated social or environmental concerns,
than 1 year risks and/or opportunities.
3-6 months The Company understands its commitment towards social
(b) Does the Company publish a BR or a Sustainability and environmental concerns, and risk and opportunity.
Report? What is the hyperlink for viewing this The Company has three Divisions – Cement Division
report? How frequently it is published? (‘Prism Cement’), H & R Johnson (India) Division (‘HRJ’) and
The Company has been publishing a Sustainability RMC (India) Division (‘Prism RMC’) and its products are :
Report since FY 2019-20 which are available on the
 Blended Cement : Portland Pozzolana Cement
website of the Company https://www.prismjohnson.
in/investors/sustainability-reports.  Ready Mixed Concrete :
The Company also publishes a Business Responsibility l 
Envirocrete® is a high performance and
Report which forms part of the Annual Report high quality, sustainable concrete with low
and is available on the website of the Company environmental impact.
https://www.prismjohnson.in/investors/annual-reports.
l Perviouscrete® is special category of modified
SECTION E : PRINCIPLE-WISE PERFORMANCE concrete that permits rain & storm water run
Principle 1 - Businesses should conduct and govern off to percolate rather than flood surrounding
themselves with Ethics, Transparency and Accountability. areas or storm water drains. It can also be
called as “Rain Water Harvesting Concrete”.
1. 
Does the policy relating to ethics, bribery and
corruption cover only the Company? Yes/No. Does l Elitecrete® is a light weight concrete.
it extend to the Group/Joint Ventures/Suppliers/  Tiles :
Contractors/NGOs /Others?
l 
Tac Tiles to guide pathways and to avoid
The Company’s philosophy on Corporate Governance
accidents as well as enhancing sense of
is to conduct its business in a manner, which is ethical
freedom & dignity for the visually impaired.
and transparent with all stakeholders in the Company,
including shareholders, lenders, creditors and employees. l  ool Roof Tiles in order to keep the roof cool
C
by reflecting the heat back, saves electricity and
The Company has a Code of Conduct and Whistle Blower counters urban heat island effect, global warming.
Policy which pertain to ethics, bribery and corruption.
These are applicable to all Board members and l Care Tile (Germ Free) for hygiene which is
employees of the Company only. The Code of Conduct anti-bacterial and kills bacteria within 24
governs the manner in which the Company carries hours of deposition, anti-bacterial compound
out its activities and interacts with its stakeholders. An which is key raw material developed in-house
annual confirmation is obtained from all Directors and and patented.
Senior Management employees in compliance of the l 
Anti-static tiles for safety in arms and
Code. The Whistle Blower Policy encompasses various ammunitions warehouses, IT data centres, etc.
stakeholders of the Company like employees, suppliers,
contractors and their employees. l Slim tiles, which are developed with 60% lower
raw materials and energy requirement. Being
2. How many stakeholder complaints have been received
lightweight, these tiles reduce inward and
in the past financial year and what percentage was
outward transportation cost.
satisfactorily resolved by the management? If so,
provide details thereof, in about 50 words or so. Prism Cement is engaged in the production of Blended
During the year, one complaint was received from cement, which uses fly ash and conditioned fly ash –
an investor. The complaint has been resolved to the industrial by-products as an additive to continually
satisfaction of the complainant and no investor complaint improve the life of the mines and reduce carbon footprint
was pending at the end of the year. of cement.

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To reduce the energy and environmental impact due to water recharge structures, have been installed to
conventional fuel, the Company is currently using a blend recharge ground water. Sewage water treatment
of alternative fuels (Plastic waste, RDF & Biomass) with plants have been created at multiple places. Further,
conventional fossil fuels in kiln & calciner. 100% of waste water generated from the residential
colony is recycled for gardening purposes at Satna,
The Company has installed a 22.4 MW Waste Heat
Madhya Pradesh.
Recovery System, 22.5 MW solar power plant at its
cement plant at Satna, Madhya Pradesh and solar These efforts have been recognised and Prism
power plants aggregating to 4.5 MW at some of its tile Cement has been felicitated with the Golden
manufacturing plants to ensure reduction in fossil fuel Peacock Environment Award – 2021, Apex Green
consumption in power generation. Leaf Award – 2020, CII Water Management –
2021 and Greentech Energy Conservation
At Prism Johnson, we encourage water conservation Award – 2021.
and use of recycled water is stressed upon. At the
HRJ
manufacturing sites, recycling water, rainwater harvesting
and recharging the ground water are of prime importance. l 
Solar power plants aggregating to 4.5 MW
installed at some of the tile manufacturing plants.
The Company uses alternate materials such as industrial
by-products, soya husk and biomass as Alternative Fuel l 
New energy efficient Kiln at Kunigal Plant
and Raw Materials, solar/small hydro/biomass green installed in March 2022, benefit will be from
power to replace portions of conventional power. coming years.

2. F
 or each such product, provide the following details l 
With waste water management strategies
in respect of resource use (energy, water, raw material and technologies, the waste water from
etc.) per unit of product (optional) : manufacturing activities is treated and reused in
process and the waste water of toilet sludge is
(a) 
Reduction during sourcing/production/
treated and reused for gardening activities.
distribution achieved since the previous year
throughout the value chain? Prism RMC

Energy consumption is constantly monitored and l 

There is reduction in usage of cement by
analysed for process optimisation at the mines, using cement replacement products like fly
plants and townships with the help of EnMS software ash & Granulated Ground Blast Furnace Slag
to achieve overall reduction. (‘GGBS’) which protects the environment.

Prism Cement l Use of recycled water while manufacturing

concrete.
Consumption per unit of production 2021-22
Specific Heat Consumption 739 l Close monitoring of power factor to optimise
(Kcal/Kg of Clinker) power consumption.
Water Consumption (Ltr/Ton of Clinker) 177 (b) Reduction during usage by consumers (energy,
25.6% and 11% of total power consumption for water) has been achieved since the previous
cement production has been sourced from WHRS year?
and green renewable resources such as biomass/ The Company’s products are used for variety of
bagasse/small hydro/solar, respectively. purposes and by diverse consumers. It is therefore
The Company is committed to optimising the use not feasible to measure the usage (energy, water)
of water across its manufacturing plant & quarries. by consumers.
Used water is reclaimed and re-used in order to 3. 
Does the Company have procedures in place for
conserve water. Water is treated before discharging sustainable sourcing (including transportation)? If
via treatment plants. Partial recycling of treated yes, what percentage of your inputs was sourced
effluent water is carried out for gardening purposes. sustainably? Also, provide details thereof, in about 50
Twenty structures, which include twelve Rooftop words or so.
RWH structures, four GW recharge structures with The Company strives to engage in long-term relationships
abandoned bore Wells and four Run-off/Storm with the suppliers, committed to its social responsibility,

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 Corporate overview statutory reports Financial Statements

follows international standards such as ISO 14001 frequent meetings are arranged with the vendors, thus
(Environment Management System) and comply with maintaining a cordial customer-vendor relationship and
laws and regulations. ensuring supply continuity.

The Company uses Alternative Fuel and Raw Materials in 4. Has the Company taken any steps to procure goods
its manufacturing processes, which help in conservation and services from local & small producers, including
of natural resources. communities surrounding their place of work? If yes,
what steps have been taken to improve their capacity
The Company’s cement plant is located near limestone
and capability of local and small vendors?
reserves, which helps in minimising transportation. The
Company also adopts sustainable mining practices. Yes, the Company procures products and services from
local producers/small scale vendors and communities
Normally bulk materials are received by rail transport.
surrounding its operations. The contractors who are
Fly ash used in the manufacture of Pozzolana Portland
engaged in operations, packaging, transportation,
cement is a waste product of power plants. Other
maintenance, horticulture and housekeeping mostly
cheaper and eco-friendly modes of improving the supply
employ workmen from the nearby villages. They have
chain are being identified. Infrastructure modifications to
been given opportunity and training to perform the
utilise more pond/conditioned ash in the future are being
required contracts. For Aggregates, the Company
undertaken after a successful trial run of conditioned fly
has implemented the concept of capacity buying. This
ash through rail.
ensures certain capacity of the vendors plants are

Prism Cement replaced high-cost grid power with secured for selling.
alternative renewable energy sources. In FY 2021-22,
5. 
Does the Company have a mechanism to recycle
Prism Cement has used 36.6% of the electrical energy
products and waste? If yes, what is the percentage of
through WHRS, Solar and Biomass power.
recycling of products and waste (separately as <5%,
To substitute HSD, Prism Cement is blending industrial 5-10%, >10%). Also, provide details thereof, in about
oil along with it as per its environment-friendly properties 50 words or so.
and cost optimisation initiatives for its own as well as for  The operations of Prism Cement are such that it
contractor’s vehicles. results into the generation of hazardous waste,
as categorised by Hazardous and Other Wastes
The Company uses de-oiled cashew shells (waste
(Management and Transboundary Movement)
from cashew oil plants), granite waste of nearby
Rules, 2015.
industries and soya husk from nearby farmers as fuel
in some of its tile plants. Reuse of water and sludge of  In 2021-22, around 82.6% of cement manufactured
manufacturing process (polishing/rectification line) and by the Company was blended cement, produced
all solid waste generated during process is reused in by using fly ash from the thermal power plants and
conditioned ash, which is waste material of other
process. Underground water tanks are built for rainwater
industries.
harvesting and its usage during monsoon. Solar power is
used as a renewable energy source across most of the Other ancillary activities generate waste materials
 
tile plants. such as waste oil, etc. The scrap generated is sent to
the local vendors authorised by the concerned SPCB
As a practice, ethical performance is one of the criteria for proper disposal.
for selection of vendors. For transportation contracts,
 Utilisation of sewage water after proper treatment
compliance of safety and environmental norms is one of in Sewage Treatment Plant – generated from the
the parameters and also efficient usage of fuel is another cement plants and colony is recycled and used in
criteria used in the selection of vendors. Raw materials gardening, housekeeping purposes.
such as fly ash and GGBS, which are waste products
 The excess heat available from the kiln in the plants
of power and steel plants respectively, are used as
is also captured and used for power generation
cement replacements in the manufacture of Ready Mixed
through waste heat recovery system.
Concrete.
 In Prism Cement, 11% of total power consumption
The Company has long-term contracts with its vendors, was sourced from renewable sources and 25.6%
both goods and transportation included. Apart from this, power from WHRS.

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 Prism Cement has been awarded the first prize in the on the end of the financial year.
cemWHR-2021 award for the category “Innovation Sr. Category No. of No. of
and Sustainability” from Mission Energy Foundation. No. complaints complaints
filed pending as
 Less than 5% recycled products and waste are used
during the on end of
in the manufacture of tiles. Fired Pitcher is grinded financial the financial
and used in tile body up to 3%. Dust/tile particles year year
recovered from Effluent Treatment Plant Waste in the (a) Child labour/forced Nil Nil
form of slurry is re-used in wall tiles body up to 3%. labour/ involuntary
labour
Solar power plants aggregating to 4.5 MW have
 
(b) Sexual harassment 1 1
been installed at some of the tile plants of HRJ. (c) Discriminatory Nil Nil
 In view of the simple manufacturing process for ready employment
mixed concretes, there are no by-products. Prism
8. What percentage of your under mentioned employees
RMC uses fly ash and GGBS as an environment-
were given safety & skill up-gradation training in the
friendly alternative to cement, for production of last year?
ready mixed concrete, which are by products of
Sr. Category Safety Skilled
power and steel industries.
No.
Principle 3 - Businesses should promote the wellbeing of (a) Permanent employees 52% 54%
all employees (b) Permanent women 39% 44%
employees
1. Total number of employees (c) Casual/Temporary/ 84% 29%
5,170 Contractual employees
(d) Employees with 29% 29%
2. 
Total number of employees hired on temporary/ disabilities
contractual/ casual basis
Based on identified needs of employees, training and
4,988 development, at all levels, is given due priority by the
3. Number of permanent women employees Company for holistic growth of the individual as well
as Company effectiveness. The Company selectively
210
nominates its employees for specialised training
4. Number of permanent employees with disabilities programmes/workshops/seminars/conferences organised
7 by reputed professional organisations and Institutes.

5. 
Do you have an employee association that is Principle 4 - Businesses should respect the interests of and
be responsive towards all stakeholders, especially those
recognised by management?
who are disadvantaged, vulnerable and marginalised.
Yes, there are recognised trade unions affiliated to
1. Has the Company mapped its internal and external
various central/state union bodies depending on their
stakeholders? Yes/No
presence at respective locations.
Yes, the Company has mapped its internal and external
6. 
What percentage of your permanent employees is stakeholders.
members of this recognised employee association?
2. 
Out of the above, has the Company identified
Around 47%. Most of the workmen are members of
the disadvantaged, vulnerable & marginalised
the different registered Trade Unions operating in the
stakeholders.
plants/units.

The Company has identified the disadvantaged,
7. Please indicate the Number of complaints relating to vulnerable and marginalised stakeholders, namely the
child labour, forced labour, involuntary labour, sexual communities around its manufacturing units, its worker/
harassment in the last financial year and pending, as contractual labour and truck drivers. The needs of

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 Corporate overview statutory reports Financial Statements

the vulnerable and marginalised stakeholders of the 2. 

Does the Company have strategies/initiatives to
community are considered while designing community address global environmental issues such as climate
development initiatives. This is carried out through change, global warming, etc.? Y/N. If yes, please give
continuous interaction and engagement with the hyperlink for webpage etc.
stakeholders during the course of implementation of Environment health is paramount to the Company and it

various social programmes. is believed that sustainability ensures a noble future. A
3. Are there any special initiatives taken by the Company healthy balance is maintained between environmental
to engage with the disadvantaged, vulnerable and sustainability, business development and social uplift,
marginalised stakeholders. If so, provide details making efforts towards a better tomorrow. The Company
thereof, in about 50 words or so. has a robust system to ensure regulatory environmental
The Company takes various initiatives to engage with compliances.
disadvantaged or marginalised stakeholders. The 
The Company also recognises that it can play a
Company arranges healthcare medical camps for meaningful role in trying to mitigate the problem by
medical treatment, eye check-ups, blood donation adopting certain strategies and initiatives in its day-to-
drives, skill development training for the youth, career day operations. In this direction, some of the initiatives
development for women, etc., in the communities around taken by the Company are as under :
its manufacturing units. The Company has also joined the
Kiln - 2 Cooler modification – project undertaken
 
initiatives arranged by local administration for the health
that helps to reduce specific heat consumption and
of the communities around its plants.
improve productivity.
By abiding with all the statutory and Environment, Health
Setting up waste heat recovery system and solar
 
& Safety guidelines, the Company ensures that its
power plants to generate non-conventional energy
workforce operates under a safe working environment.
that contributes to indirect emissions reduction.
Principle 5 - Businesses should respect and promote
The Company collaborated with Society for
 
human rights
Innovation and Entrepreneurship IIT, Bombay for
1. 
Does the policy of the Company on human rights emission inventory dispersion modelling studies of
cover only the Company or extend to the Group/Joint air pollutants, measuring the impact of air pollutants
Ventures/Suppliers/Contractors/NGOs/Others?
from cement manufacturing and air dispersion
The Company does not have a separate Human Rights modelling due to construction processes, mining
Policy. However, its policies support, respect and operations and other allied activities in the
protect the human rights of its direct as well as indirect surrounding area.
employees. The Company addresses human rights in
The Company conducted trials to replace HSD
 
compliance with applicable laws (like Factories Act,
with industrial oil for both own as well as for the
Mines Act and other labour legislations) and through HR
contractors vehicles.
practices, which embody human rights principles such as
prevention of child labour, forced labour, prohibition of Fresh feed taken through V-separator in Unit -
 
sexual harassment of women at workplace, etc. II cement mill instead of through Roller press.
2. 
How many stakeholder complaints have been This prevents material flushing in Roller press by
received in the past financial year and what percent reduction in fines, increased output and reduced
was satisfactorily resolved by the management? the specific power consumption of the mill.

No stakeholder complaints, relating to human rights, Installation and commissioning of SLC coal firing
 
have been received in the past financial year. blower VFD in pyro section of Unit - I to reduce
specific electrical energy consumption.
Principle 6 - Business should respect, protect and make
efforts to restore the environment Use of a mix of alternate and renewable fuels in
 
1. Does the policy related to Principle 6 cover only the direct energy consumption in order to reduce
Company or extends to the Group/Joint Ventures/ dependence on fossil fuels.
Suppliers/Contractors/NGOs/others.  In FY 2021-22, 36.6% of total energy consumption
The Corporate Environment Policy is applicable to the was sourced from WHRS and other renewable
Company only. sources (solar and biomass) in Prism Cement.

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Use of Conditioned fly ash, Replacement of Mineral

  reduces labour required on site, increases speed of
Gypsum with Alternative Material Grade (Chemical/ construction and due to easier pumping operations
FGD Gypsum), clinker factor optimisation and and faster discharge of truck mixers, it also helps in
other waste materials in cement manufacturing to reduction of fossil fuel consumption.
substitute the natural and conventional ingredients.
3. 
Does the Company identify and assess potential
The Company manufactured 82.6% of its cement
  environmental risks? Y/N
as blended cements made with fly ash, which is a Yes. The Company follows a structured risk management
waste material from other industries. approach emphasising to identify potential risks,
Rainwater harvesting & water conservation in FY
  assessment of impact of the same, mitigation plan to
2021-22 was 1,94,622 m3, through rooftop RWH mitigate the identified risks, continuous monitoring
structures, ground water recharge structures and timely action.
with abandoned bore Wells & Runoff/Storm water 4. Does the Company have any project related to Clean
recharge structures. Development Mechanism? If so, provide details
Reforestation being done continuously and the
  thereof, in about 50 words or so. Also, if Yes, whether
development of greenbelt in and around the plant any environmental compliance report is filed?
areas to ensure a sustainable environment and Currently, the Company does not have any project
carbon sink. registered under the Clean Development Mechanism.
Energy Management system in place to monitor
  5. 
Has the Company undertaken any other initiatives
and help reduction in energy consumption and on - clean technology, energy efficiency, renewable
hence emission. energy, etc. Y/N. If yes, please give hyperlink for web
Using alternative renewable energy like Bio-coal,
  page, etc.
Cashew nut Husk, etc. instead of Coal, Natural gas he Company has taken several steps towards
T
or RLNG at HRJ. maintaining clean environment and improvement in
 Solar power plants aggregating to 4.5 MW has been energy efficiency :
installed at some of the tile manufacturing plants of
Operations transformation to focus across cement
 
HRJ.
value chain especially mining and inbound logistics.
Prism RMC uses industrial waste products such
 
as fly ash & GGBS in its concrete and also several AFR introduction and sustenance.
 
measures are taken to reduce dust pollution. Substitute for fly ash by pond ash.
 
Prism RMC produces sustainable concrete products
  Explore sourcing of domestic mineral gypsum.
 
that incorporate high levels of fly ash and GGBS (both
Alternate material grades (Chemical/FGD gypsum).
 
industrial wastes) as partial replacement to cement,
which not only helps reduce CO2 emissions, but also Maximisation of WHRS utilisation.
 
makes the concrete more durable thereby mitigating Substitute high-cost grid power with alternate RE
 
corrosion of embedded steel and hence, enhances sources and MRO & Services and Packaging.
the useful service life of the structure.
Air Decking blasting technique – using decks of
 
At certain locations, where there is availability, a
 
plastic bottles, which separate column, charges so
proportion of the fine aggregate fraction is replaced
that explosive energy can be distributed throughout
with other industrial by-products such as GGBS and
the benches, aims for improved fragmentation
Copper Slag which helps in conservation of natural
quality by expanding induced fracturing, control
aggregate & river sand.
of back brakes to reduce fracturing and reducing
 Prism RMC also manufactures a special category of
generation of fines.
modified concrete that permits rain & storm water
run-off to percolate rather than flood surrounding Use of Auto Capacitor Bank to assist in maintaining
 
areas or storm water drains – ‘Rain Water Harvesting desired power factor which helps in controlling
Concrete’. power consumption.
A concrete that levels and compacts on its own
  Use of non-ancillary machines/process during
 
has been designed and successfully supplied. This non-peak demand hours.

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 Corporate overview statutory reports Financial Statements

Installation of solar power plants.

  Through the association, representation has been
 
Conversion of conventional lights to LED is a step
  made by the Tile industry with regards to exports of
forward for reduction of electricity cost. tiles, agglomerated marble and quartz.
 The Company through RMCMA advocates use of
6. Are the Emissions/Waste generated by the Company
Ready Mixed Concrete which has positive impact on
within the permissible limits given by CPCB/SPCB for
business as well environment, as use of Ready Mixed
the financial year being reported?
Concrete gives assured quality of product with faster
The Emissions/Waste generated by the Company are delivery and helps in reducing dust pollution created
within the permissible limits given by CPCB/SPCB for the at sites by replacing site mix concrete.
financial year being reported.
Principle 8 - Businesses should support inclusive growth
7. Number of show cause/legal notices received from and equitable development
CPCB/SPCB which are pending (i.e. not resolved to
1. 
Does the Company have specified programmes/
satisfaction) as on end of Financial Year.
initiatives/projects in pursuit of the policy related to
Nil. Principle 8? If yes details thereof.
Principle 7 - Businesses, when engaged in influencing The Company is committed to social, economic and
public and regulatory policy, should do so in a responsible environmental development of communities at all its
manner operations. The Company has specified programmes/
1. Is your Company a member of any trade and chamber initiatives to support inclusive growth and equitable
or association? If Yes, Name only those major ones development. These involve series of initiatives in
that your business deals with : the creation of green ecology, people empowerment,
educational development, health improvement, hygiene
The Company is a member of several industry associations
awareness and nurturing people centric practices for
through which it interacts with its peers and discusses
better development of rural society.
key issues in the products which it manufactures. The
major associations where the Company is a member are : Prime focus areas of the Company are :

(a) Bombay Chambers of Commerce & Industry. (a) Rural infrastructure development.

(b) Confederation of Indian Industry. (b) Health and hygiene.

(c) Cement Manufacturers Association (‘CMA’). (c) Promotion of education.

(d) Indian Council of Ceramic Tiles and Sanitaryware. (d) Environment and water conservation.

(e) Indian Ceramic Society. (e) Providing potable drinking water.

(f) All India Pottery Manufacturers Association. (f) Empowerment and skill development.

(g) Ready Mixed Concrete Manufacturers Association (g) Disaster management.

(‘RMCMA’).
(h) Social welfare.
(h) Indian Green Building Council.
2. 
Are the programmes/projects undertaken through
2. 
Have you advocated/lobbied through above in-house team/own foundation/external NGO/
associations for the advancement or improvement of government structures/any other organisation?
public good? Yes/No; if yes specify the broad areas
All programmes and projects are undertaken through
(drop box : Governance and Administration, Economic
in-house teams and external NGOs and Government
Reforms, Inclusive Development Policies, Energy
structures.
security, Water, Food Security, Sustainable Business
Principles, Others) 3. 
Have you done any impact assessment of your
The Company through CMA has advocated energy
  initiative?
conservation, sustainable mining practices and Impact assessment survey was carried out for the initiatives
better waste management in cement manufacturing. undertaken around the Company’s cement plant.

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4. 
What is your Company’s direct contribution to l 
Vocational Training for effective livelihood
community development projects – Amount in INR
  he Company is imparting vocational training for
T
and the details of the projects undertaken.
effective livelihood through motor driver training,
The Company has spent ` 3.94 Crores on various stitching & embroidery training and agriculture
initiatives involving rural infrastructure development, development programs for farmers. The Company
health and hygiene, promotion of education, environment has its Simulator and dedicated vehicle facility with
and water conservation, providing potable drinking a trainer for motor driving training. Moreover, the
water, empowerment and skill development, disaster Company is collaborating with training institutions
management and social welfare. The details of the same and other agencies.
are given in Annexure ‘A’ to the Directors’ Report.
A large number of unemployed youth are
 
5. Have you taken steps to ensure that this community earning a living after completing the course
development initiative is successfully adopted by the and receiving a driving license.
community? Please explain.
The Stitching & Embroidery training courses
 
l 
The Company takes up participatory approach
have become very popular with the large
to plan projects for community development in
number of women being able to earn a small
concurrence with local stakeholders and community
income working from home.
representatives. A regular field visit is made by
the team to identify the needs of the community The Bag and Cotton wick making training
 
and to supervise the programs which are being has enabled several women to contribute
implemented and whether they are benefitting the effectively in enhancing their family income and
local community or not. The Company is always leading them to become more empowered in
eager to promote new initiatives for community society.
development. l 
The Company is promoting a healthy lifestyle
l The Company focuses on the holistic development through development of playgrounds in nearby
of the local community and creates social, ecological villages at Satna, Madhya Pradesh. The Company
and economic values for its stakeholders through is creating social awareness on health, education,
conducting mega medical camps, 24 hours free gender equality, environment, water conservation
ambulance service, school children health check-up and drug abuse by slogan writing.
and sponsoring cataract surgery along with a l The Company is also supporting charitable trusts,
full-fledged Medical Centre support to the local NGO’s and other institutions engaged in social
community. welfare and development activities.
l uilding WBM and PCC roads, construction
B l 
Disaster Management – Corona Pandemic
of cremation sheds, providing toilet blocks in
nearby government schools, furniture, fans and Prism Cement provided 18 Oxygen
 
uniforms, plays a key role in fostering community concentrators – five at Sardar Vallabhbhai
development. Environment sustainability is taken Patel District Hospital, Satna, four at Community
care of in the local community by planting saplings Health Centre, Rampur Baghelan, District
in villages and adjoining roads with fixing tree Satna, five at Gandhi Medical College Bhopal
guards and providing the villagers with fruit-bearing and four to Andhra Pradesh Medical Services
plants. and Infrastructure Development Corporation.

l 
Water harvesting structures, check dams and Provided 1,000 Medicines kit and 6 Oxygen
 
deepening of ponds are among other initiatives cylinders at Community Health Centre Rampur
to augment the groundwater level. Distribution of Baghelan.
potable water from bore well by mobile tankers and l The country is affected by life threatening arsenic
operation of water booths ensure sustenance to the contamination in the ground water. The Company
underprivileged during scorching summer. has developed a ceramic membrane based filtration

96
 Corporate overview statutory reports Financial Statements

technology for the removal of ground water arsenic. were pending and 39 consumer cases were pending
The Ceramic membrane is provided to CSIR-CGCRI before different Forums/Commissions/Courts.
at an affordable rate and this results in availability
2. 
Does the Company display product information on
of potable ground water to the community at
the product label, over and above what is mandated
affordable rates.
as per local laws? Yes/No/N.A./Remarks (additional
l Tac Tiles to guide pathways and to avoid accidents information)
as well as enhancing sense of freedom and dignity
No. The Company has displayed all mandatory information
for visually challenged.
on the product labels/packaging as per applicable laws.
l Cool Roof Tiles in order to keep the roof cool by Wherever applicable, specific certification requirements
reflecting the heat back, saves electricity and of regulatory authorities and some marks like ISI, BIS etc.,
counter urban heat island effect, global warming. are provided on the product label/packages.
l 
Care Tile (Germ Free) for hygiene which is
3. 
Is there any case filed by any stakeholder against
anti-bacterial and kills bacteria within 24 hours of
deposition. Anti-bacterial compound which is key the Company regarding unfair trade practices,
raw material developed in-house and patented. irresponsible advertising and/or anti-competitive
behaviour during the last five years and pending as on
l Anti-static tiles for safety of areas where static charge
end of financial year? If so, provide details thereof, in
is generated such as in arms and ammunitions
about 50 words or so.
warehouses, IT data centres, etc.
There are no such cases by any stakeholder during
l Slim tiles, which are developed with 60% lower
raw materials and energy requirement. Being the last five years and pending as on end of Financial
lightweight these tiles reduce inward and outward Year 2021-22.
transportation cost. 4. Did your Company carry out any consumer survey/
Principle 9 - Businesses should engage with and provide consumer satisfaction trends?
value to their customers and consumers in a responsible Yes. Customer Satisfaction Surveys are carried out by the
manner Company on a regular basis.
1. What percentage of customer complaints/consumer
cases are pending as on the end of financial year.
As on March 31, 2022, 359 cases of customer complaints

97
Prism Johnson Limited
Annual Report 2021-22

DIRECTORS’ REPORT

To the Shareholders, OPERATIONS

The Directors present the Thirtieth Annual Report together The first quarter of the year under review witnessed the
with the audited Statement of Accounts of the Company for second wave of the pandemic. While the second wave of
the year ended March 31, 2022. the pandemic impacted human lives due to higher mortality
FINANCIAL RESULTS (Standalone) rate, the impact on Company’s operations and financial
` Crores performance was less severe as compared to the first wave.
Particulars 2021-22 2020-21 Further, during the second half of 2021-22, the Company
Revenue from operations 5,568.79 5,035.18 witnessed moderation in demand coupled with rising power
Other income 34.93 36.20
and fuel costs that impacted the overall profitability.
Total income 5,603.72 5,071.38
Expenses 5,438.60 4,862.82 Despite the challenges, the Company ensured continuous
Profit before Exceptional items 165.12 208.56
& tax supply of products in the markets with utmost focus on safety
Exceptional items 8.99 (4.78) while adhering to all Covid - 19 protocols. With the uptick in
Profit before tax 174.11 203.78 the economy and the resumption of the plants and offices of
Tax expenses 40.86 3.83
the Company, business activities have more or less regained
Profit for the year 133.25 199.95
Other Comprehensive Income/ (3.58) (2.56) normalcy.
(Loss) - net of tax The Company generated turnover of ` 5,568.79 Crores,
Surplus - opening balance 594.52 397.13
Surplus - closing balance 724.19 594.52 profit before tax of ` 174.11 Crores and profit after tax of
` 133.25 Crores during the year ended March 31, 2022 as
RESERVES
against turnover of ` 5,035.18 Crores, profit before tax of
During the financial year, there was no amount proposed to be
` 203.78 Crores and profit after tax of ` 199.95 Crores during
transferred to the Reserves.
the year ended March 31, 2021.
DIVIDEND
The consolidated profit after tax for the year ended March 31,
In compliance with the SEBI (Listing Obligations & Disclosure 2022 of the Company amounted to ` 43.95 Crores as against
Requirements) Regulations, 2015 (‘SEBI LODR’), the Board of profit after tax of ` 140.34 Crores for the previous year ended
Directors of the Company has approved a Dividend Distribution March 31, 2021.
Policy. The objective of the policy is to lay down the criteria to
be considered by the Board before recommending dividend FIXED DEPOSITS
to its shareholders for a financial year and to provide clarity During the year, the Company did not accept any public
to stakeholders on the profit distribution of the Company. deposits under Chapter V of the Companies Act, 2013
The Board shall consider distribution of profits in accordance (‘the Act’).
with the business strategies, provisions of the applicable
FINANCE
regulations and seek to balance the benefit to shareholders
of the Company with the comparative advantages of retaining The Company has repaid/prepaid loans of ` 553.20 Crores and
profits in the Company which would lead to greater value tied-up fresh loans of  ` 456.69 Crores during the year under
creation for all stakeholders. review to finance, inter alia, its repayment of debts, ongoing
The Policy is uploaded on the Company’s website at long term working capital and capital expenditure. The loans
www.prismjohnson.in/investors/disclosures-under-SEBI- were used for the purpose they were sanctioned by the
LODR-regulations/policies. respective banks/financial institutions.

The Board of Directors, after considering the overall During the year ended March 31, 2022, the Company
circumstances and keeping in view the Company’s Dividend raised  `  95 Crores by way of privately placed Unsecured
Distribution Policy, has decided that it would be prudent not to Redeemable Non-convertible Debentures (‘NCDs’), for
recommend any Dividend for the year under review. general corporate purpose, detailed as under :

98
 Corporate overview statutory reports Financial Statements

Coupon Date of Series No. of Total Tenor Maturity Bath Kitchen Private Limited, TBK Samiyaz Tile Bath Kitchen
Rate Allotment NCDs Amount Date Private Limited and TBK Venkataramiah Tile Bath Kitchen
` Crores Private Limited.
8.20% August Tranche 950 95 3 years August During the year under review, expansion of tile manufacturing
26, 2021 – XVIII 26, capacity aggregating to 4 mn m2 was undertaken at some joint
2024
ventures of the Company at Morbi, Gujarat.
The aforesaid debentures are listed on BSE Limited.
There has been no material change in the nature of the
The proceeds of the NCDs issue have been fully utilised for
business of the other subsidiaries, joint ventures and
the purpose of the issue.
associates during the year under review.
During the year under review, NCDs aggregating ` 184 Crores
CONSOLIDATED FINANCIAL STATEMENTS
were redeemed in accordance with the terms of the issue.
The audited consolidated financial statements of the Company,
TRANSFER TO INVESTOR EDUCATION AND PROTECTION prepared in accordance with the Act and the applicable Indian
FUND Accounting Standards, along with all relevant documents and
During the year, the Company has transferred a sum of the Auditors’ Report form part of this Annual Report.
` 0.13 Crores to the Investor Education and Protection Fund in The separate audited financial statements in respect of each
compliance with provisions of the Act, which represents unclaimed subsidiary company is also available on the website of the
fixed deposits and unclaimed interest on the fixed deposits. Company at https://www.prismjohnson.in/investors/subsidiary-
SUBSIDIARY, JOINT VENTURE AND ASSOCIATE annual-accounts.
COMPANIES SHARE CAPITAL
The Company has seven subsidiaries, nine joint ventures and The paid-up equity share capital remains unchanged at
two associate companies as on March 31, 2022. A statement ` 503.36 Crores as on March 31, 2022. During the year
providing details of performance and salient features of the under review, the Company has not issued shares with
financial statements of subsidiary/associate/joint venture differential voting rights neither granted any stock options nor
companies, as per Section 129(3) of the Act, is provided in sweat equity.
AOC-1 attached to the consolidated financial statement and
DIRECTORS
therefore not repeated in this Report to avoid duplication.
The Board, at its meeting held on February 1, 2022, based
The highlights of performance of subsidiaries, associates and on the performance evaluation and recommendations of
joint venture companies during the financial year is as under : the Nomination & Remuneration Committee and subject to
Raheja QBE General Insurance Company Limited the requisite approvals, re-appointed Mr. Vijay Aggarwal
(‘RQBE’) : The Company has approved the divestment of as Managing Director and Mr. Sarat Chandak as Executive
its entire holding of 51% of the paid-up equity share capital Director & CEO (HRJ) of the Company for a period of three
in RQBE, a material subsidiary, to Paytm Insuretech Private years with effect from March 3, 2022. The shareholders
Limited (erstwhile QORQL Private Limited) subject to receipt approved the said re-appointments and key terms of the
of requisite approvals. agreement vide postal ballot through remote e-voting
concluded on March 21, 2022.
Pending the requisite approvals and to support the expansion
plans of RQBE, the Company has acquired 1,59,69,363  equity The Board, on March 3, 2022, based on the recommendations
shares of ` 10/- each aggregating ` 43.37 Crores by subscribing to of the Nomination & Remuneration Committee and subject to
right issues during the year under review. The joint venture partner the requisite approvals, appointed Mr. Akshay Rajan Raheja
also subscribed to the rights issue and hence the shareholding as Additional Director of the Company in the category of
percentage of the Company in RQBE remains unchanged. Non-executive Non-independent, liable to retire by rotation,
with effect from March 5, 2022. The shareholders approved
TBK Rangoli Tile Bath Kitchen Private Limited, TBK Samiyaz
the appointment of Mr. Akshay Rajan Raheja as Non-executive
Tile Bath Kitchen Private Limited and TBK Venkataramiah
Director liable to retire by rotation, vide postal ballot through
Tile Bath Kitchen Private Limited : During the year under
remote e-voting concluded on April 8, 2022.
review, the Company subscribed to 1,00,000 Equity Shares
of ` 10/- each at par amounting to ` 10 Lakhs in each of the The term of office of Dr. Raveendra Chittoor, as Independent
wholly owned subsidiaries of the Company - TBK Rangoli Tile Director, will expire on July 2, 2022. The Board, at its meeting

99
Prism Johnson Limited
Annual Report 2021-22

held on May 11, 2022, on recommendation of the Nomination KEY MANAGERIAL PERSONNEL
& Remuneration Committee, has recommended the There were no changes in the Key Managerial Personnel of
re-appointment of Dr. Chittoor, as Independent Director of the the Company during the year under review.
Company for a second term of 5 (five) consecutive years on
the expiry of his current term of office. The Board recommends COMPOSITION OF AUDIT COMMITTEE
the said appointment. The Board has constituted an Audit Committee, details of the
same are stated in the Report on Corporate Governance.
The Company has received declarations from Ms. Ameeta
Parpia, Mr. Shobhan Thakore and Dr. Raveendra Chittoor, VIGIL MECHANISM/WHISTLE BLOWER POLICY
Independent Directors of the Company, confirming that The Company has established a vigil mechanism by
they meet the criteria of independence as prescribed both adopting a Whistle Blower Policy to report concerns about
under sub-section (6) of Section 149 of the Act and under illegal or unethical practices, if any. The details of the Policy
the SEBI LODR. The terms and conditions of appointment of are explained in the Report on Corporate Governance
the Independent Directors are placed on the website of the and are also available on the website of the Company at
Company https://www.prismjohnson.in/investors/disclosures- https://www.prismjohnson.in/investors/disclosures-under-
under-SEBI-LODR-regulations/policies. SEBI-LODR-regulations/policies.
The details of familiarisation programme for Independent PREVENTION OF SEXUAL HARASSMENT
Directors have been disclosed in the Report on Corporate The Company offers equal employment opportunity and is
Governance and on the website of the Company
committed to creating a healthy working environment that
https://www.prismjohnson.in/investors/disclosures-under-
enables employees to work without fear of prejudice, gender
SEBI-LODR-regulations/policies.
bias and sexual harassment. The Company has also framed
Pursuant to Section 152 of the Act, Mr. Vijay Aggarwal and a policy on Prevention of Sexual Harassment of Women
Mr. Sarat Chandak retire by rotation at the forthcoming Annual at workplace. The Company has constituted an Internal
General Meeting of the Company and being eligible, have Committee to inquire into complaints of sexual harassment
offered themselves for re-appointment. and recommend appropriate action as per the requirement of
the Sexual Harassment of Women at Workplace (Prevention,
As required, the requisite details of Directors seeking
Prohibition & Redressal) Act, 2013 (‘POSH Act’) and Rules made
appointment/re-appointment are included in this Annual
thereunder.
Report.
The Company has been conducting induction/refresher
Meetings
programmes in the organisation on a continuous basis to build
The Board of Directors met six times during the year ended awareness in this area.
March 31, 2022. Additionally, several Committee Meetings
were held including the Audit Committee, which met eight During the financial year 2021-22, one complaint was received
times during the year. Details of the meetings are included in with allegations of sexual harassment as per the provisions
the Report on Corporate Governance. of the POSH Act, which is under investigation. The pending
complaint of financial year 2020-21 was investigated and
Evaluation
resolved.
Pursuant to the provisions of the Act and the SEBI LODR,
RISK MANAGEMENT
the Board has carried out an annual performance evaluation
during the year under review. Details of the same are given in The Company has constituted a Risk Management Committee.
the Report on Corporate Governance. The details of the Committee and its terms of reference are set
out in the Report on Corporate Governance.
Remuneration Policy
The Company works across a wide range of products i.e.
The policy on Director’s appointment and remuneration
Cement, Tiles, Bath fittings and Ready Mixed Concrete.
including criteria for determining qualifications, positive
Several of the product lines have their own unique business
attributes, independence of Director and also remuneration
for Key Managerial Personnel, Senior Management and other and operating models. These businesses operate in an
employees forms part of the Report on Corporate Governance evolving and challenging business environment.
and is also available on the website of the Company at The Risk Management Policy framed by the Company details
https://www.prismjohnson.in/investors/disclosures-under- the objectives and principles of risk management along with
SEBI-LODR-regulations/policies. an overview of the risk management process, procedures and

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 Corporate overview statutory reports Financial Statements

related roles and responsibilities. The risk management process of the Act are given in the prescribed Form AOC-2 annexed
includes identifying types of risks and its assessment, risk herewith as Annexure ‘B’.
handling and monitoring, reporting and controlling/mitigation.
There was no material related party transaction made by the
The Committee, on timely basis, informed members of the Audit Company with Promoters, Directors, Key Managerial Personnel
Committee and the Board of Directors about risk assessment or other designated persons which may have a potential
and minimisation procedures and in their opinion, there was conflict with the interest of the Company at large. None of the
no risk that may threaten the existence of the Company. Directors have any pecuniary relationships or transactions vis-
à-vis the Company.
CORPORATE SOCIAL RESPONSIBILITY (‘CSR’)
Attention of the members is drawn to the disclosure of related
The Company has adopted a CSR Policy based on which all
party transactions set out in Note No. 4.09 of the Standalone
CSR activities are initiated and implemented. The Company
Financial Statements forming part of this Annual Report.
Policy is focused on CSR activities in areas such as energy
and water conservation, health and sanitation, pollution-free DIRECTORS’ RESPONSIBILITY STATEMENT
atmosphere, clean technologies and primary health care for Pursuant to Section 134(3)(c) of the Act, to the best of their
the villagers in the vicinity of the plants. The Policy is available knowledge and belief and according to the information and
on the Company’s website at https://www.prismjohnson.in/ explanations obtained by them, the Directors confirm :
investors/disclosures-under-SEBI-LODR-regulations/policies.
a. That in the preparation of the annual financial statements
During the financial year 2021-22, the Company has spent for the year ended March 31, 2022, the applicable
` 3.94 Crores towards CSR activities. accounting standards have been followed along with
proper explanation relating to material departures, if any;
Requisite disclosure including composition of the CSR
Committee has been made in Annexure ‘A’ to this Report. b. That they have selected such accounting policies and
applied them consistently and made judgements and
BUSINESS RESPONSIBILITY REPORTING
estimates that are reasonable and prudent so as to give
A separate section on Business Responsibility Reporting forms a true and fair view of the state of affairs of the Company
part of this Annual Report as required under Regulation 34(2)(f) as at March 31, 2022 and of the profit of the Company for
of the SEBI LODR. the year ended on that date;

LOANS, GUARANTEES AND INVESTMENTS c. 

That proper and sufficient care has been taken for
Details of loans, guarantees and investments covered under the maintenance of adequate accounting records in
the provisions of Section 186 of the Act are given in the notes accordance with the provisions of the Companies Act,
to Financial Statements. 2013 for safeguarding the assets of the Company and for
preventing and detecting fraud and other irregularities;
RELATED PARTY TRANSACTIONS
d. That the annual financial statements have been prepared
All related party transactions are placed before the Audit on a going concern basis;
Committee and the Board, wherever required, for prior
approval. Prior omnibus approval of the Audit Committee is e. 
That proper internal financial controls were in place
obtained for the transactions which are of a foreseen and and that the financial controls were adequate and were
operating effectively;
repetitive nature. A statement giving details of all related party
transactions entered into pursuant to the omnibus approval f. That systems to ensure compliance with the provisions of
is placed before the Audit Committee for its review on a all applicable laws were in place and were adequate and
quarterly basis. The statement is supported by a certificate operating effectively.
from the Managing Director, Executive Director & CEOs and
EMPLOYEE REMUNERATION
the Chief Financial Officer.
Disclosures pertaining to remuneration and other details
The Policy on Related Party Transactions as approved by the as required under Section 197(12) of the Act read with Rule
Audit Committee and the Board of Directors is available on 5(1) of the Companies (Appointment and Remuneration of
the website of the Company at https://www.prismjohnson.in/ Managerial Personnel) Rules, 2014 are forming part of this
investors/disclosures-under-SEBI-LODR-regulations/policies. report as Annexure ‘C’.

Details of the transactions entered during the year ended The information required under Section 197 of the Act and Rule
March 31, 2022, pursuant to sub-section (1) of Section 188 5(2) & 5(3) of Companies (Appointment and Remuneration of

101
Prism Johnson Limited
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Managerial Personnel) Rules, 2014, forms part of this Report. Rules framed thereunder. As required under the SEBI LODR,
Having regard to the provisions of the first proviso to Section the Auditor has also confirmed that they hold a valid certificate
136(1) of the Act, the Annual Report excluding the aforesaid issued by the Peer Review Board of the Institute of Chartered
information is being sent to the members of the Company. Any Accountants of India.
shareholder interested in obtaining a copy of the statement
The Report given by the Auditor on the financial statements
may send an email to [email protected].
of the Company is part of this Annual Report. There is no
CONSERVATION OF ENERGY, Technology absorption qualification, reservation, adverse remark or disclaimer given
and foreign Exchange earnings and outgo by the Auditor in their Report.
The information relating to conservation of energy, technology
Cost Auditor
absorption and foreign exchange earnings and outgo as
required under Section 134 of the Act read with the Companies Pursuant to Section 148 of the Act read with the Rules
(Accounts) Rules, 2014, is given in Annexure ‘D’ forming part of thereunder, as amended, the Company needs to maintain the
this Report. cost records and such accounts and records are maintained
for its businesses. The Board of Directors of the Company has,
Management Discussion and Analysis on the recommendation of the Audit Committee, at its meeting
The Management Discussion and Analysis Report for the year held on May 11, 2022, appointed M/s. D. C. Dave & Co., Cost
under review as stipulated under the SEBI LODR is presented Accountants as the Cost Auditor for the year ending March
in a separate section forming part of this Annual Report. 31, 2023 and has recommended their remuneration to the
Corporate Governance shareholders for their ratification.

As per the SEBI LODR, a separate section on Corporate Secretarial Auditor

Governance together with a certificate from the Company’s The Company has appointed Ms. Savita Jyoti, M/s. Savita Jyoti
Auditors confirming compliance forms part of this Associates, Practising Company Secretary, Hyderabad to
Annual Report. undertake the Secretarial Audit of the Company pursuant to
INTERNAL FINANCIAL CONTROL SYSTEMS the provisions of Section 204 of the Act and the Companies
The Company has established standards, processes and (Appointment and Remuneration of Managerial Personnel)
structure which enable it to implement adequate internal Rules, 2014. There was no qualification, reservation or adverse
financial controls and ensure that the same are operating remarks given by the Secretarial Auditor of the Company. The
effectively. The internal financial control systems of the Report of the Secretarial Auditor in Form MR-3 is annexed
Company are commensurate with its size and the nature of herewith as Annexure ‘E’.
its operations. The Company has well defined delegation Secretarial Audit of Material Unlisted Subsidiaries
of authority limits for approving revenue as well as capital
For the financial year 2021-22, Raheja QBE General Insurance
expenditures. The Company uses an established ERP
Company Limited (‘RQBE’) is the material unlisted subsidiary
system to record day-to-day transactions for accounting and
of the Company. In terms of Regulation 24A of SEBI LODR
financial reporting.
read with Section 204 of the Act, Secretarial Audit of RQBE
Based on the framework of internal financial controls and has been conducted for the year 2021-22 by the Practising
compliance systems established and maintained by the Company Secretary. The said Audit Report which does not
Company, the work done by the Internal, Statutory, Cost and contain any qualification, reservation or adverse remark or
Secretarial Auditors and the reviews of the Management and disclaimer has been annexed herewith as Annexure ‘F’.
the relevant Board Committees, including the Audit Committee,
the Company believes that the internal financial controls were ANNUAL RETURN
adequate and effective during the financial year 2021-22. The Annual Return of the Company has been placed on
the website of the Company and can be accessed at
AUDITORS
https://www.prismjohnson.in/investors/annual-return.
Statutory Auditor
GENERAL
The shareholders had, at the 26th Annual General Meeting,
appointed M/s. G. M. Kapadia & Co., Chartered Accountants, 1. No other material changes and commitments affecting
Mumbai as the Company’s Auditors up to conclusion of the the financial position of the Company occurred between
31st Annual General Meeting of the Company. The Auditor has the end of the financial year to which the financial
confirmed their eligibility under Section 141 of the Act and the statements relate and the date of this report.

102
 Corporate overview statutory reports Financial Statements

2. No significant and material orders were passed by the 7. There was no instance of one-time settlement with any
regulators or courts or tribunals impacting the going Bank or Financial Institution.
concern status and Company’s operations in future.
ACKNOWLEDGEMENTS
3. No fraud has been reported during the audit conducted
The Directors thank the shareholders, various Central and
by the Statutory Auditor, Internal Auditors, Secretarial
State Government departments/agencies, banks and other
Auditor and Cost Auditor of the Company.
business associates for their valuable services and continued
4. 
The Company is in compliance with the applicable support during the year under review. The Board also takes this
Secretarial Standards issued by the Institute of Company opportunity to express its sincere appreciation of the contribution
Secretaries of India and approved by the Central
and dedicated work of all the employees of the Company.
Government under Section 118(10) of the Act.

5. For the financial year ended on March 31, 2022, the

For and on behalf of the Board
Company has complied with provisions relating to the
constitution of Internal Committee under the POSH Act. SHOBHAN M. THAKORE
6. There is no proceeding pending under the Insolvency Place : Mumbai Chairman
and Bankruptcy Code, 2016. Date : May 11, 2022 (DIN : 00031788)

ANNEXURE ‘A’ TO THE DIRECTORS’ REPORT

Annual Report on Corporate Social Responsibility Activities for the Financial Year 2021-22
[Pursuant to Companies (Corporate Social Responsibility Policy) Rules, 2014]
1 Brief outline on The Company remains committed to carry the responsibility of sustainable growth by transforming the
CSR Policy of challenges it faces into value creation opportunities. The principles of sustainable growth extend to the CSR
the Company. initiatives, which focus on holistic development of the local community and create social, ecological and
economic value to the society.
Since its inception the Company has been socially responsible and has voluntarily undertaken various
Corporate Social Responsibility initiatives even when there were no legal and statutory requirements in this
regard.
In its commitment to CSR initiatives, the Company has been making available medical and educational
assistance to economically disadvantaged and socially weaker sections of the society. The Company also
carries out a variety of social initiatives in the areas of education, healthcare and environment.
The Company is aware about its responsibility towards environment and sustainability and conducts its
manufacturing operations in an efficient manner without compromising with the ecological sustenance.
Corporate Social Responsibility is the continuing commitment of the Company to behave ethically and
contribute to economic development while improving the quality of life of the local communities living
around the plants and offices and society at large.
The CSR Policy is available on the Company’s website at https://www.prismjohnson.in/investors/disclosures-
under-SEBI-LODR-regulations/policies.
2 Composition of CSR Committee :

Sl. Name of Director Designation/Nature of Number of meetings of CSR Number of meetings

No. Directorship Committee held during the of CSR Committee
year attended during
the year
1 Mr. Vijay Aggarwal Chairman 2 2
2 Ms. Ameeta A. Parpia Member and Independent Director 2
3 Mr. Vivek K. Agnihotri Member 2
4 Mr. Atul R. Desai Member 2
5 Mr. Sarat Chandak Member 2

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Annual Report 2021-22

3 Provide the web-link where Composition of CSR committee, CSR Policy and CSR projects www.prismjohnson.in
approved by the board are disclosed on the website of the Company.
4 Provide the details of Impact assessment of CSR projects carried out in pursuance of sub- Not Applicable
rule (3) of rule 8 of the Companies (Corporate Social Responsibility Policy) Rules, 2014, if
applicable (attach the report).
5 Details of the amount available for set off in pursuance of sub-rule (3) of rule 7 of the Companies Not Applicable
(Corporate Social responsibility Policy) Rules, 2014 and amount required for set off for the
financial year, if any.
6 Average net profit of the Company as per section 135(5) (` Crores) 180.11
7 (a) Two percent of average net profit of the company as per section 135(5) (` Crores) 3.60
(b) Surplus arising out of the CSR projects or programmes or activities of the previous financial Nil
years. (` Crores)
(c) Amount required to be set off for the financial year, if any (` Crores) Nil
(d) Total CSR obligation for the financial year (7a+7b- 7c) (` Crores) 3.60

8 (a) CSR amount spent or unspent for the financial year :

Total Amount Amount Unspent
Spent for the Total Amount transferred to Unspent CSR Amount transferred to any fund specified under
Financial Year Account as per section 135(6) Schedule VII as per second proviso to section 135(5)
(` Crores)
Amount Date of transfer Name of the Amount Date of
(` Crores) Fund (` Crores) transfer
3.94 – NA NA – NA

(b) Details of CSR amount spent against ongoing projects for the financial year (` Crores) : Nil
(c) Details of CSR amount spent against other than ongoing projects for the financial year :

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

SI. Name of the Project Item from the list Local Location of Amount Mode of Mode of implementation
No. of activities in area the project spent on the implemen- – Through Implementing
schedule VII to (Yes/ projects or tation – Agency
the Act No) programs Direct Name CSR regis-
(` Crores) (Yes/No) tration number
1. Availability of potable water through (i) Making available Yes Satna, 0.13 Yes N.A. N.A.
installation of hand pumps with safe drinking water Madhya
bore well, providing synthetic water Pradesh
storage tank and water cooler etc.
2. Providing synthetic water storage (i) Making available Yes Dewas, 0.01 Yes N.A. N.A.
tank and water cooler etc. safe drinking water Madhya
Pradesh
3. Providing Covid care medicine (xii) Disaster Yes Satna & 0.25 Yes N.A. N.A.
kits & Oxygen Concentrators to Management Bhopal,
Community Health Centre/ District Madhya
Hospital etc., financial assistance to Pradesh
children orphaned due to Covid
4. Providing Oxygen Concentrators to (xii) Disaster Yes Kurnool, 0.03 Yes N.A. N.A.
AP Medical Services Management Andhra
Pradesh
5 Financial assistance for providing (xii) Disaster Yes Kurnool, 0.03 Yes N.A. N.A.
Covid care kits to police personnel Management Andhra
Pradesh

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 Corporate overview statutory reports Financial Statements

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

SI. Name of the Project Item from the list Local Location of Amount Mode of Mode of implementation
No. of activities in area the project spent on the implemen- – Through Implementing
schedule VII to (Yes/ projects or tation – Agency
the Act No) programs Direct Name CSR regis-
(` Crores) (Yes/No) tration number
6. Providing thermal innerwear, (iii) Assistance to Yes Satna, 0.01 Yes N.A. N.A.
Distribution of blankets etc. senior citizens Madhya
/ Facilities for Pradesh
Orphans
7. Measures for benefit welfare of (vi) Measures Yes Satna, 0.01 Yes N.A. N.A.
Soldiers, Martyrs, etc. including for the benefit Madhya
contribution to Armed Forces Flag of armed forces Pradesh
day fund veterans, war
widows and their
dependents
8. Plantation, ensuring survival of (iv) Ensuring Yes Satna, 0.82 Yes N.A. N.A.
sapling, construction of honey environmental Madhya
comb structures, pond deepening, sustainability, Pradesh
desilting of pond, and construction ecological balance,
of water ways channel, bore protection of
recharge system, drum based flora and fauna,
water harvesting structure etc. conservation of
natural resources
and maintaining
quality of soil, air
and water
9. Desilting of land (iv) Conservation of Yes Karaikal, 0.02 Yes N.A. N.A.
natural resources Puducherry
10. Installation of solar/electric street (iv) Ensuring Yes Satna, 0.03 Yes N.A. N.A.
lights in Villages environmental Madhya
sustainability Pradesh
11. Construction/maintenance/ (i) Promoting health Yes Satna, 0.62 Yes N.A. N.A.
renovation of lavatory care including Madhya
preventive health Pradesh
care
12. Construction of lavatory (i) Promoting health Yes Tumkur, 0.07 Yes N.A. N.A.
care including Karnataka
preventive health
care
13. Sponsoring Cataract surgery (i) Promoting health Yes Satna, 0.02 Yes N.A. N.A.
care including Madhya
preventive health Pradesh
care
14. Providing nutritious food to (i) Eradicating Yes Satna, 0.01 Yes N.A. N.A.
undernourished children hunger, poverty Madhya
and malnutrition Pradesh
15. Providing motorised tricycle to (ii) Enhancing Yes Satna, 0.16 Yes N.A. N.A.
people with disabilities under ADIP vocation skills Madhya
scheme (MP) among the Pradesh
differently abled
16. Providing accessibility equipment (i) Promoting health Yes Raigad, 0.02 Yes N.A. N.A.
to differently abled care including Maharashtra
preventive health
care
17. Renovation of Government schools, (ii) Promoting Yes Satna, 0.63 Yes N.A. N.A.
installation of smart classes, education Madhya
providing Computers, Printers, Pradesh
book shelf to Government schools

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Annual Report 2021-22

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

SI. Name of the Project Item from the list Local Location of Amount Mode of Mode of implementation
No. of activities in area the project spent on the implemen- – Through Implementing
schedule VII to (Yes/ projects or tation – Agency
the Act No) programs Direct Name CSR regis-
(` Crores) (Yes/No) tration number
18. Development of playground (x) Rural Yes Satna, 0.31 Yes N.A. N.A.
thereby promoting sports development Madhya
projects Pradesh
19. Construction of WBM road, (x) Rural Yes Satna, 0.22 Yes N.A. N.A.
bus shelter, drainage system; development Madhya
renovation/maintenance of bus projects Pradesh
shelter, cremation sheds, street
lights
20. Renovation of Community centre (x) Rural Yes Tadipatri, 0.09 Yes N.A. N.A.
development Andhra
projects Pradesh
21. Construction of Community health (x) Rural Yes Raigad, 0.04 Yes N.A. N.A.
centre development Maharashtra
projects
22. Providing tractor trolley for waste (x) Rural Yes Vijayawada, 0.08 Yes N.A. N.A.
disposal to Gram Panchayat development Andhra
projects Pradesh
23. Arranging driving training with (ii) Promoting Yes Satna, 0.05 Yes N.A. N.A.
assistance to obtain license etc. to employment Madhya
enhance vocation skills enhancing Pradesh
vocation skills
24. Sewing Machine Distribution (ii) Livelihood Yes Pen, 0.01 Yes N.A. N.A.
enhancement Maharashtra
projects
25. Donation to Trust operating old age (iii) Facilities for Yes Satna, 0.07 No Dr. Lalta Prasad CSR00000455
home senior citizens Madhya Khare Public
Pradesh Charitable
Trust
26. Donation to trust to build classrooms (ii) Promoting Yes Solan, 0.10 No Round Table CSR00000895
at Government school education Himachal India Trust
Pradesh
27. Arranging trainings viz. bag making, (ii) Promoting Yes Satna, 0.10 No Jai Gurudev CSR00015295
stitching & embroidery, etc. to employment Madhya Group of
enhance vocation skills enhancing Pradesh Social Welfare
vocation skills Organisation
Total 3.94
8 (d) Amount spent in Administrative Overheads (` Crores) : Nil
(e) Amount spent on Impact Assessment, if applicable (` Crores) : –
(f) Total amount spent for the Financial Year (8b+8c+8d+8e) (` Crores) : 3.94
(g) Excess amount for set off, if any (` Crores) :

Sl. Particulars Amount

No.
(i) Two percent of average net profit of the Company as per section 135(5) 3.60
(ii) Total amount spent for the Financial Year 3.94
(iii) Excess amount spent for the financial year [(ii)-(i)] 0.34
(iv) Surplus arising out of the CSR projects or programmes or activities of the previous financial years, Nil
if any
(v) Amount available for set off in succeeding financial years [(iii)-(iv)] 0.34

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 Corporate overview statutory reports Financial Statements

9 (a) Details of Unspent CSR amount for the preceding three financial years Not Applicable
(b) Details of CSR amount spent in the financial year for ongoing projects of the preceding Nil
financial year(s)
10 In case of creation or acquisition of capital asset, furnish the details relating to the asset so Not Applicable since no capital asset
created or acquired through CSR spent in the financial year (asset-wise details) created or acquired through CSR
expenditure.
11 Specify the reason(s), if the Company has failed to spend two per cent of the average net Not Applicable
profit as per section 135(5).

VIJAY AGGARWAL
Managing Director &
Place : Mumbai Chairman of CSR Committee
Date : May 11, 2022 DIN : 00515412

ANNEXURE ‘B’ TO THE DIRECTORS’ REPORT

Form AOC - 2
Disclosure of particulars of contracts/arrangements entered into by the Company with related parties referred to in sub-
section (1) of Section 188 of the Companies Act, 2013 including certain arms-length transactions under third proviso thereto.
(Pursuant to clause (h) of sub-section (3) of Section 134 of the Companies Act and Rule 8(2) of the Companies (Accounts) Rules, 2014)

I Details of contracts or arrangements or transactions not at arm’s length basis

a Name(s) of the related party 1. Sunspring Solar Private Limited – Associate
and nature of relationship 2. Ardex Endura (India) Private Limited – Joint Venture
b Nature of contracts/ 1. Termination of Power Consumption Agreement with Sunspring Solar Private Limited.
arrangements/ transactions 2. Amendment to Agreement dated March 31, 2021 for increase in charges for designing
and printing  packaging materials and for promoting and marketing products, brands
and corporate name of Ardex Endura (India) Private Limited through Tile cartons/boxes
of the Company.
c Duration of the contracts/ 1. On or before September 30, 2021.
arrangements/transactions 2. 5 years with effect from April 1, 2021.
d Salient terms of the contracts or 1. Termination of Power Consumption Agreement with Sunspring Solar Private Limited, an
arrangements or transactions associate of the Company for supply of solar power at the Company’s tile manufacturing
including the value, if any facility of H & R Johnson (India) Division located at Pen (Maharashtra).
Termination Agreement on the following terms :
a) 
The Company shall pay aggregate amount towards the termination charges
amounting to ` 1.30 Crores on or before June 30, 2021.

b) Sunspring Solar shall remove and dismantle at its sole cost and expense all the
plant, equipment and machinery belonging to them and forming part of the Solar
Power Facility from the Project Site and peacefully vacate the Project Site on or
before September 30, 2021.
2. Revision in charges from range of ` 0.10 paise to ` 0.20 paise per box/carton to an amount
not exceeding ` 0.50 paise per box/carton w.e.f. April 1, 2022.
e Justification for entering 1. The Company does not see any economic value in continuing with this fixed cost in its
into such contracts or manufacturing facility situated at Pen. Pre-mature termination of agreement in future
arrangements or transactions would cost the Company more than the amount that was currently agreed.
2. Sales/Promotion of products of Joint venture entity.
f Date of approval by the Board 1. May 19, 2021
2. March 30, 2022

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g Amount paid as advances, if any None

h Date on which the special Not Applicable.
resolution was passed in
general meeting as required
under first proviso to section 188
II Details of material contracts or arrangements or transactions at arm’s length basis
The Company has not entered into any material contracts or arrangements or transactions at arm’s length basis with its related
parties.

For and on behalf of the Board

SHOBHAN M. THAKORE
Place : Mumbai Chairman
Date : May 11, 2022 (DIN : 00031788)

ANNEXURE ‘C’ TO THE DIRECTORS’ REPORT

The details in terms of Section 197(12) of the Companies Act, 2013 read with Rule 5(1) of the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014 :
1. The ratio of the remuneration of each director to the median remuneration of the employees for the financial year 2021-22 :

Name Designation Ratio

Mr. Vijay Aggarwal Managing Director 171
Mr. Vivek K. Agnihotri Executive Director & CEO (Cement) 64
Mr. Sarat Chandak Executive Director & CEO (HRJ) 75
Mr. Atul R. Desai Executive Director & CEO (RMC) 61
Mr. Shobhan M. Thakore Non-executive Independent Director 5
Ms. Ameeta A. Parpia Non-executive Independent Director 4
Dr. Raveendra Chittoor Non-executive Independent Director 3

2. The percentage increase in remuneration of each Director, Chief Financial Officer and Company Secretary in the financial year
2021-22 :

Name Designation % increase

Mr. Vijay Aggarwal Managing Director 63.60
Mr. Vivek K. Agnihotri Executive Director & CEO (Cement) -0.07
Mr. Sarat Chandak Executive Director & CEO (HRJ) 31.61
Mr. Atul R. Desai Executive Director & CEO (RMC) 15.91
Mr. Shobhan M. Thakore Non-executive Independent Director –
Ms. Ameeta A. Parpia Non-executive Independent Director –
Dr. Raveendra Chittoor Non-executive Independent Director –
Mr. Manish Bhatia Chief Financial Officer 36.48
Ms. Aneeta S. Kulkarni Company Secretary 29.85
Note : Remuneration of Non-executive Independent Directors excludes sitting fees.

3. The percentage increase in the median remuneration of the employees in the financial year was around 9.41%.
4. The number of permanent employees on the rolls of the Company as on March 31, 2022 was 5,170.

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 Corporate overview statutory reports Financial Statements

5. Average percentile increase already made in the salaries of employees other than the managerial personnel in the financial
year was 0.15 whereas, the increase in the managerial remuneration was 0.33. The increment is in line with industry practice and
is within the normal range and is also based on the factors stated in the Remuneration Policy of the Company, details of which
are mentioned in the Report on Corporate Governance.

6. It is hereby affirmed that the remuneration is as per the Remuneration Policy of the Company.

For and on behalf of the Board

SHOBHAN M. THAKORE
Place : Mumbai Chairman
Date : May 11, 2022 (DIN : 00031788)

ANNEXURE ‘D’ TO THE DIRECTORS’ REPORT

Conservation of Energy, Technology Absorption  Raw mills
and Foreign Exchange Earnings and Outgo
l Modification of separator discharge cone of
(A) Conservation of energy Unit - II Raw Mill - 1 to reduce mill internal free
(i) The steps taken or impact on conservation of space, which resulted high take up velocities
energy : and reduced recirculation of material. It has
Prism Cement increased output of mill and reduction in
power consumption.
 Limestone crusher & mines
l 
Modification of Unit - I Raw Mill - 1 high grade
l In Mines two new HEMM equipment added
and limestone weigh feeder to minimise
to the HEMM fleet for better performance and
deviation in mill feed, which resulted better mill
reduced fuel consumption.
operation.
l 3 nos. of normal efficiency 200 kW existing
dewatering pump motors replaced with IE4 l Replacement of Unit - II Raw Mill - 1 one set
motor in second band. of table liners with new one & Raw Mill - 2
l 
7X50kVAr Capacitor banks installed with all with repaired one to improve the output and
dewatering pump motors in second Band efficiency of the mills.
substation to improve power factor. l  eplacement of Unit - II Raw Mill - 1 nozzle ring
R
l 
One diesel operated de-watering pump assembly and mother segment of dam ring for
converted to electrically powered pump to better layer thickness, optimised gas flow and
save on diesel. lifting of fine material, which resulted better output.
l Unit - I Crusher one set of hammers replaced l Replacement of Unit - I Raw Mill - 2 one set of
new design sintered cast hammer to improve table liners with the new one to increase the
crushing efficiency. mill grinding efficiency.
l Unit - II Reversal of LS Crusher two front impact  Kilns
arm and replacement of LS Crusher 1 front
l Upgradation of ESP fan motors 500kW/590
impact arm and spindle to get smaller size
rpm to 1100kW/990 rpm to improve WHRS
crushed lime stone which in turn results in Raw
generation and improve Cooler heat
Mill specific power consumption control.
recuperation efficiency.
l 
Practicing Air Decking blasting technique,
using decks of plastic bottles, which separates l In both kilns, the traditional tip cast have been
column charges so that explosive energy can replaced with pre-cast tip casting to reduce
be distributed throughout the benches. This false air and improve service life.
will enhance the fragmentation & powder l Kiln - 2 Cooler Modification. Denmark-based
factor as well as reduce the blasting cost. F. L. Smidth has launched the project which

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Prism Johnson Limited
Annual Report 2021-22

helps to reduce specific heat consumption l 

Installation of in-house Variable frequency
and improve productivity. drive at Slip House storage tank 3 & 4, savings
l 
Replacement of wave grate plates up to of 100 units per day.
recuperation zone. Karaikal
l 
To reduce the energy and environmental l Installation of UPS, connected to both Kiln,
impact due to conventional fuel, currently, a filling the power gap during power failures,
blend of alternative fuels (Plastic waste, RDF savings in possible losses of power, fuel,
& Biomass) with conventional fossil fuels in kiln quality and production.
and calciner is being used. l Installation of VFD at both the blower motor
 Coal mills startup, savings of 125 units per day.

l 
Installation and commissioning of SLC coal  Savings in Thermal Energy
firing blower VFD in pyro section of Unit - I to Pen
reduce specific electrical energy consumption.
l Kiln-1 vertical entry increase of 30% production
l Separator rotor, rotor shaft, guide vane, louver capacity with the same gas consumption.
replaced with new ones in Unit - II Coal Mill in
l Heat recovery in Vertical dryer, saving of gas
order to reduce the specific power and maintain consumption in vertical dryers.
the output.
l Reduction in Kiln Cycle time by an average of
l In Unit - I & Unit - II, the nitrogen consumption 8-10 minutes resulted into the increase in Kiln
was reduced by the installation of pneumatic efficiency and savings in fuel consumption
controls on the main-deliver line and upgraded by 10%.
nitrogen generation operation program.
l Kiln waste heat usage in Pre-kiln drier.
 Cement mills & Packing plant
Dewas
l Fresh feed taken through V-separator in Unit - II
l White coating and maintenance work carried
Cement Mill instead of through Roller press.
out in Kiln-1 and small leakages arrested and
l Roller press gap optimised for better efficiency closed, resulting in savings of an average 110
and subsequently reduction in specific SCM gas per day.
power consumption.
Kunigal
l Re-grading of grinding media in Cement Mills
l Hot air combustion from Kiln transferred to
to improve mill output.
chain stove through Duct Line.
H & R Johnson (India)
Karaikal
 Savings in Electrical Energy l Reworked in hot air supply to Horizontal drier
Pen and reduced gas consumption.
l Smoke air fan of 30 Kw converted into VFD in l Replacement of roof insulation material and
Kiln-1, savings of 100 units/day. bricks of hot air generator insulation of spray
l 
Installation of variable frequency drive at drier, leakages of fuel arrested and resulted
Polishing Line and reduction of 140 RPM of all into the savings of 2.02 SCM/MT in spray drier
polishing heads, saving of 132 units per day. fuel consumption.
l Modification in cooling tower pump at press (ii) 
The steps taken by the Company for utilising
led to increase in the efficiency, reduced the alternate sources of energy :
requirement from two pumps to one pump,
Prism Cement
savings of 16 units per hour.
l Solar power plant Phase 1, 2 & 3 commissioned
Dewas with 22.5 MW at mined out area and colony
l 
Installation of in-house (300 HP) Variable premises. 8.6% of total annual electricity
frequency drive at Slip House Ball Mill No. 3, consumption has been utilised from solar
savings of 200 units per day. power.

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 Corporate overview statutory reports Financial Statements

l 2.4% of total annual electricity consumption for l Installation of high efficiency screw compressor
process sourced from non-solar green power in place of old low efficiency reciprocating
resources (biomass and bagasse). compressor in phased manner.
l 25.6% of total annual electricity consumption l 
Development of grinding aid for better
has been utilised from WHRS. grinding, at our research laboratory of IPNR.

H & R Johnson (India) (ii) The benefits derived like product improvement,
cost reduction, product development or import
l Usage of Cashew nut Husk in Chain stove
substitution :
instead of Coal at Kunigal plant.
l Savings on natural resources like limestone
l Solar power plants aggregating to 4.5 MW and fossil fuel. Around 82.6% of cement
installed at some of the tile manufacturing manufactured by the Company is blended
plants. cement produced by using fly ash which is
(iii) The capital investment on energy conservation waste material of other industries.
equipment : l 
Reduction of utility demand side power
Investment on energy conservation equipment is consumption and improvement upon carbon
` 58.52 Crores during the year ended March 31, footprint by generating approximately 94
2022. Lakh unit/day from solar power plant and
approximately 3.77 Lakh units/day from WHRS.
(B) Technology absorption
l Improvement in specific energy consumption.
(i) The efforts made towards technology absorption :
l The Company has collaborated with Society l 
Strengthening of environment friendly
Innovation and Entrepreneurship, IIT, measures.
Bombay for an emission inventory dispersion
l Improving the clinker utilisation factor.
modeling study of air pollutant, quantifying
impact of air pollutants from the Company’s l Improvement in throughput and specific power
Cement plant and air dispersion modeling consumption.
due to construction processes, mining
(iii) In case of imported technology (imported during
operations and other allied activities in the
the last three years reckoned from the beginning
surrounding area.
of the financial year) : Not Applicable
l 
Successfully utilising waste heat recovery
(iv) 
The expenditure incurred on Research and
based 22.4 MW power plant for electricity
generation, which utilises heat of flue gases Development : ` 5.28 Crores (Previous year : ` 4.12
being vented to atmosphere after pyro Crores)
processing.
(C) Foreign Exchange Earnings and Outgo
l 
Replaced 23 Nos. normal/low efficiency
motors with IE4 high efficiency motors. ` Crores

l Replacement of 5 Nos. of old and obsolete Particulars 2021-22 2020-21

water cooled package AC of CCR building with Details of earnings in foreign 64.57 57.45
new ones, to revamp the cooling system and currency
save energy. Details of outgo in foreign 235.82 152.66
l Installation of LOGO PLC for SLC Fine Coal currency
Bin Air/Nitrogen Purging. This will increase
effectiveness of Purging and ease of
maintenance of Purging system. For and on behalf of the Board

l Z2A01, Cement Mill - 2 Clinker Apron Weigh SHOBHAN M. THAKORE

Feeder Control system upgraded with latest Place : Mumbai Chairman
Schenk make Intecont Plus Controller. Date : May 11, 2022 (DIN : 00031788)

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Prism Johnson Limited
Annual Report 2021-22

ANNEXURE ‘E’ TO THE DIRECTORS’ REPORT

FORM NO. MR-3
SECRETARIAL AUDIT REPORT
FOR THE FINANCIAL YEAR ENDED MARCH 31, 2022
[Pursuant to section 204(1) of the Companies Act, 2013 and Rule No.9 of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014]

To, (b) 
The Securities and Exchange Board
The Members, of India (Prohibition of Insider Trading)
Prism Johnson Limited Regulations, 2015;

We have conducted the secretarial audit of compliance of (c) 

The Securities and Exchange Board of
applicable statutory provisions and the adherence to good India (Issue and Listing of Debt Securities)
corporate practices by Prism Johnson Limited (hereinafter Regulations, 2008;
called ‘the Company’). Secretarial Audit was conducted in a (d) Securities and Exchange Board of India (Issue
manner that provided us a reasonable basis for evaluating the and Listing of Non-Convertible Securities)
corporate conducts/statutory compliances and expressing our Regulations, 2021;
opinion thereon. (e) 
The Securities and Exchange Board of
Based on our verification of books, papers, minute books, India (Substantial Acquisition of Shares and
forms and returns filed and other records maintained by the Takeovers) Regulations, 2011;
Company and also the information provided by the Company, (f) The Securities and Exchange Board of India
its officers, agents and authorised representatives during (Registrars to an Issue and Share Transfer
the conduct of secretarial audit, we hereby report that in our Agents) Regulations, 1993 regarding the
opinion, the Company has, during the audit period covering Companies Act and dealing with client;
the financial year ended on March 31, 2022 complied with
(g) The Securities and Exchange Board of India
the statutory provisions listed hereunder and also that the
(Issue of Capital and Disclosure Requirements)
Company has proper Board-processes and compliance
Regulations, 2018.
mechanism in place to the extent, in the manner and subject
to the reporting made hereinafter : (h) The Depositories Act, 1996 and the Regulations
and Bye-laws framed thereunder.
1. We have examined the books, papers, minute books,
forms and returns filed and other records maintained 2. We have relied on certifications/representations made
by the officers of the Company and mechanisms formed
by the Company (Records for full year in electronic form
by the Company for compliances under other applicable
only due to situations of ‘’COVID 19’’) for the financial year
Acts, Laws and Regulations to the Company. Major laws
ended March 31, 2022 according to the provisions of :
applicable to the Company are as follows :
(i) The Companies Act, 2013 (‘the Act’) and the Rules
1) Factories Act, 1948;
made thereunder;
2) Industrial Development and Regulations Act;
(ii) 
The Securities Contracts (Regulation) Act, 1956
3) Acts prescribed under Environment Protection Act;
(‘SCRA’) and the Rules made thereunder;
4) Acts prescribed under Prevention and Control of
(iii) The Depositories Act, 1996 and the Regulations and
Pollution;
Bye-laws framed thereunder;
5) Acts prescribed under Direct Tax and Indirect Tax;
(iv) 
The following Regulations and Guidelines
6) Mines Act, 1952;
prescribed under the Securities and Exchange
Board of India Act, 1992 (‘SEBI Act’) : 7) Acts under Industrial Laws;
(a) 
SEBI (Listing Obligations & Disclosure 8) Labour Welfare Acts;
Requirements) Regulations, 2015 (‘SEBI 9) Labour laws and other incidental laws related to
LODR’)/Regulation(s); labour and employees appointed by the Company;

112
 Corporate overview statutory reports Financial Statements

10) 
Local laws as applicable to various offices We further report that during the audit period the Company
and plants. has issued listed non-convertible debentures on private
placement basis pursuant to the Special Resolution passed at
3. We have also examined compliance with the applicable
the Annual General Meetings held on July 30, 2021
clauses of the following :
(i) 
Secretarial Standards issued by The Institute of We further state that following list of the documents were
Company Secretaries of India. verified :
(ii) SEBI LODR guidelines. 1) Memorandum and Articles of Association;
(iii) The Securities and Exchange Board of India (Issue 2) Annual Report for the financial year 2021;
and Listing of Debt Securities) Regulations, 2008;
3) 
Minutes of the meetings of Board of Directors, Audit
(iv) 
Securities and Exchange Board of India (Issue
Committee, Nomination and Remuneration Committee,
and Listing of Non-Convertible Securities)
Securities Allotment & Transfer Committee, Stakeholders
Regulations, 2021;
Relationship Committee, Risk Management Committee
(v) 
The Securities and Exchange Board of India
and Corporate Social Responsibility Committee held
(Substantial Acquisition of Shares and Takeovers)
during the year;
Regulations, 2011.
4) Minutes of the General meeting and Postal Ballots held
4. 
During the year under the report the Company
during the financial year under report;
has complied with the provisions of the Act, Rules,
Regulations, Guidelines, Standards, etc. mentioned 5) Statutory registers;
above.
6) Agenda papers submitted to all directors/members for
We further report that : the board meetings and committee meetings;
l The Board of Directors of the Company is duly constituted 7) Intimations received from the Directors of the Company
with proper balance of Executive Directors, Non- pursuant to the provisions of section 184 and 149(7) of
executive Directors, Independent Directors and Woman Companies Act, 2013;
Director. The changes in the composition of the Board of
Directors that took place during the period under review 8) E-forms filed by the Company from time to time under
were carried out in compliance with the provisions of the the applicable provisions of the Companies Act, 2013
Act / Regulation(s). and attachments thereof during the financial year
under report;
l Adequate notice was given to all Directors to schedule the

Board Meetings, agenda and detailed notes on agenda 9) 

Intimations/documents/reports/returns filed with stock
were sent at least seven days in advance and a system exchanges pursuant to provisions of the SEBI LODR/
exists for seeking and obtaining further information and Companies Act, 2013;
clarifications on the agenda items before the meeting 10) Various policies made under the Companies Act, 2013
and for meaningful participation at the meeting. For and SEBI LODR.
certain urgent matters, some of the meetings were called
at shorter notice. The complete year audit was done on the basis of
information provided by the Company in electronic mode.
l 
Since none of the members have communicated We were unable to conduct actual physical examination of
dissenting views in the matters / agenda proposed documents and reports filed by the Company with respect
from time to time for consideration of the Board and
to compliances applicable.
Committees thereof, during the year under the report,
For Savita Jyoti Associates
hence were not required to be captured and recorded
as part of the minutes. Company Secretaries

We further report that there are adequate systems and Savita Jyoti
processes in the Company commensurate with the size and FCS No.: 3738
operations of the Company to monitor and ensure compliance Place : Hyderabad CP No.: 1796
with applicable laws, rules, regulations and guidelines. Date : May 11, 2022 UDIN: F003738D000303268

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Prism Johnson Limited
Annual Report 2021-22

ANNEXURE ‘F’ TO THE DIRECTORS’ REPORT

FORM NO. MR-3
SECRETARIAL AUDIT REPORT
FOR THE FINANCIAL YEAR ENDED MARCH 31, 2022
(Pursuant to Section 204(1) of the Companies Act, 2013 and Rule No.9 of the Companies
(Appointment and Remuneration Personnel) Rules, 2014)

To, iv. 
The list of Acts, Laws and regulations specifically
The Members, applicable to the Company are given below :

RAHEJA QBE GENERAL INSURANCE COMPANY LIMITED a) The Insurance Act, 1938 including amendments and
Ground Floor, P & G Plaza, part thereof;
Cardinal Gracious Road, b) 
The Insurance Regulatory and Development
Chakala, Andheri (East), Authority Act, 1999 and rules and regulations made
Mumbai – 400 099. thereunder;
c) 
The Rules, regulations, guidelines, circulars and
We have conducted the Secretarial Audit of the compliance
notifications issued by the Insurance Regulatory
of applicable statutory provisions and the adherence to good
and Development Authority of India (IRDAI) as are
corporate practices by RAHEJA QBE GENERAL INSURANCE
applicable to a General Insurance Company.
COMPANY LIMITED (hereinafter called the Company).
Secretarial Audit was conducted in a manner that provided v. The Company has its own robust compliance system
us a reasonable basis for evaluating the corporate conducts/ and the Company is also subject to monitoring by and
statutory compliances and expressing our opinion thereon. reporting of compliances to IRDAI.

Based on our verification of the Company’s books, papers, vi. We have also examined compliance with the applicable
minute books, forms and returns filed and other records clauses of the Secretarial Standards 1 and 2 issued by
maintained by the Company and also the information The Institute of Company Secretaries of India.
provided by the Company, its officers, agents and authorised During the period under review, the Company has complied
representatives during the conduct of Secretarial Audit, with the provisions of the Act, Rules, Regulations, Guidelines,
we hereby report that in our opinion, the Company has, Standards, etc. mentioned above.
during the audit period covering the financial year ended on
We report that during the conduct of the audit, in our opinion,
March 31, 2022 complied with the statutory provisions of the
adequate systems exist in the Company to monitor and ensure
applicable Acts listed hereunder and also that the Company
compliance with general laws.
has proper Board-processes and compliance-mechanism in
place to the extent, in the manner and subject to the reporting We report that the Compliance by the Company of applicable
made hereinafter : financial laws, like direct, indirect tax laws and Goods and
Service Tax has not been reviewed in this Audit since the
We have examined the books, papers, minutes books, forms
same has been subject to review by statutory financial auditor
and returns filed and other records maintained by RAHEJA
and other designated professionals.
QBE GENERAL INSURANCE COMPANY LIMITED for the
financial year ended on March 31, 2022 according to the We further report that :
provisions of : 1. The Board of Directors of the Company is duly constituted
with proper balance of Executive Directors, Non-
i. The Companies Act, 2013 (“the Act”) and the rules made
Executive Directors and Independent Directors. There
thereunder;
were no changes in the composition of the Board of
ii. Foreign Exchange Management Act, 1999 (“FEMA”) and Directors that took place during the period under review.
the Rules and Regulations made thereunder to the extent
2. Adequate notice is given to all Directors to schedule the
of Foreign Direct Investment;
Board Meetings, Board Committee Meetings, agenda
iii. 
The Depositories Act, 1996 and the Regulations and and detailed notes on agenda were sent well in advance
Bye-laws framed thereunder; and a system exists for seeking and obtaining further

114
 Corporate overview statutory reports Financial Statements

information and clarifications on the agenda items 2. The Board had approved the issue of 1,92,39,014 equity
before the meeting and for meaningful participation at shares of ` 10/- each at a premium of ` 16/- in their
the meeting. Majority decisions are carried through while meeting held on July 27, 2021. The shares were allotted
the dissenting members’ views, if any, are captured and by passing a Circular Resolution on September 16, 2021.
recorded as part of Minutes. 3. The Board had approved the issue of 1,20,73,462 equity
3. 
There are adequate systems and processes in the shares of ` 10/- each at a premium of ` 19/- in their
Company commensurate with the size and operations meeting held on March 11, 2022. The shares were allotted
by passing a Circular Resolution on March 23, 2022.
of the Company to monitor and ensure compliance with
applicable laws, rules, regulations and guidelines. As informed, the Company has responded appropriately
to notices/emails received from the statutory/regulatory
We further report that during the audit period; the Company
authorities including by taking corrective measures wherever
had the following specific events :
found necessary.
1. The Company has increased its Authorised Share Capital
For GMJ & ASSOCIATES
from ` 265,00,00,000/- to ` 285,00,00,000/- at the Extra Company Secretaries
Ordinary General Meeting held on August 19, 2021 and
from ` 285,00,00,000/- to ` 298,00,00,000/- at the Extra SONIA CHETTIAR
Ordinary General Meeting held on January 25, 2022. PARTNER
The Company has altered its Memorandum and Articles ACS: 27582
of Association in this respect and complied with the Place : Mumbai COP: 10130
provisions of the Act. Date : May 6, 2022 UDIN: A027582D000280329

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Prism Johnson Limited
Annual Report 2021-22

INDEPENDENT AUDITOR’S REPORT

To the members of Prism Johnson Limited Basis for Opinion
Report on the Audit of the Standalone Financial We conducted our audit of the Standalone Financial Statement
Statements in accordance with the Standards on Auditing (“SAs”) specified
Opinion under section 143(10) of the Act. Our responsibilities under
those Standards are further described in the Auditor’s
We have audited the accompanying standalone financial
Responsibilities for the Audit of the Standalone Financial
statements of Prism Johnson Limited (“the Company”), Statements section of our report. We are independent of the
which comprise the Balance Sheet as at March 31, 2022, the Company in accordance with the Code of Ethics issued by the
Statement of Profit and Loss (including Other Comprehensive Institute of Chartered Accountants of India (“ICAI”) together
Income), the Statement of Changes in Equity and the with the ethical requirements that are relevant to our audit
Statement of Cash Flows for the year then ended, a summary of the Standalone Financial Statements under the provisions
of significant accounting policies and other explanatory of the Act and the Rules framed thereunder, and we have
information (hereinafter referred to as “the Standalone fulfilled our other ethical responsibilities in accordance with
Financial Statements”). these requirements and the ICAI’s Code of Ethics. We believe
that the audit evidence we have obtained is sufficient and
In our opinion and to the best of our information and according
appropriate to provide a basis for our audit opinion on the
to the explanations given to us, the aforesaid Standalone
Standalone Financial Statements.
Financial Statements give the information required by the
Companies Act, 2013 (“the Act”) in the manner so required Key Audit Matters
and give a true and fair view in conformity with the Accounting Key audit matters are those matters that, in our professional
Standards prescribed under section 133 of the Act read with judgment, were of most significance in our audit of the
the Companies (Indian Accounting Standards) Rules, 2015, as Standalone Financial Statements of the current period. These
amended, (“Ind AS”) and other accounting principles generally matters were addressed in the context of our audit of the
accepted in India, of the state of affairs of the Company as at Standalone Financial Statements as a whole, and in forming
March 31, 2022 and its profit, total comprehensive income, the our opinion thereon, and we do not provide a separate opinion
changes in equity and its cash flows for the year ended on on these matters. We have determined the matters described
that date. below to be the key audit matters :

Sr. Key Audit Matters How our audit addressed the Key Audit Matters
No

1 Evaluation of Provisions and Contingent Liabilities Our procedures included, amongst others:

As at the Balance Sheet date, the Company has certain We have reviewed and held discussions with the management to
open legal cases and other contingent liabilities understand their processes to identify new possible obligations and
as disclosed in note no. 4.05. The assessment of changes in existing obligations for compliance with the requirements
the existence of the present legal or constructive of Ind AS 37 on “Provisions, Contingent Liabilities and Contingent
obligation and analysis of the probability of the related Assets”.
payment require the management to make judgement
We have analysed significant changes from prior periods and obtain
and estimates in relation to the issues of each matter.
a detailed understanding of these items and assumptions applied.
We have held regular meetings with the management and key legal
personnel responsible for handling legal matters.

116
 Corporate overview statutory reports Financial Statements

Sr. Key Audit Matters How our audit addressed the Key Audit Matters
No

The management with the help of its experts, as In addition, we have reviewed:
needed, have made such judgements and estimates
l the details of the proceedings before the relevant authorities

relating to the likelihood of an obligation arising and
including communication from the advocates / experts;
whether there is a need to recognize a provision or
disclose a contingent liability. l legal advises / opinions obtained by the management, as


needed, from experts in the field of law on the legal cases;

Due to the level of judgement and estimate involved
in recognition, valuation and presentation of provision l  minutes of board meetings, including the sub-committees; and
and contingent liabilities, this is considered to be a key l 
status of each of the material matters as on the date of the
audit matter. balance sheet.

We have assessed the appropriateness of provisioning based on

assumptions made by the management and presentation of the
significant contingent liabilities in the financial statements.

2 Impairment of investment in Property, plant and l We

 have understood, evaluated and validated management’s
equipment key controls over the impairment assessment process.

Significant judgement is involved in carrying out l We

 have compared the methodology used by the management
impairment assessment of Property, plant and to market practice.
equipment (PPE). Such assessment is undertaken
l We
 have obtained management’s future cash flow forecasts,
using discounted cash flow models to determine the
tested the mathematical accuracy of the underlying value-in-
recoverable amount (value-in-use) of Cash Generating
use calculations.
Units (CGUs), which is compared to the carrying
amount of the relevant non-current assets of the l We
 have compared historical actual results to those budgeted
CGU in terms of Ind AS 36 on “Impairment of Assets”. to assess the quality of management’s forecasts.
A deficit in recoverable amount compared with the l We have assessed the reasonableness of key assumptions used

carrying amount would result in an impairment. in the calculations, comprising sales growth rates, gross profit
The value-in-use requires the use of significant margin, net profit margin, perpetual growth rate and discount
management judgements and estimates including key rates. When assessing these key assumptions, we discussed
assumptions such as product-mix, sales growth rate, such parameters with management to understand and evaluate
discount rate and terminal growth rate etc. management’s basis for determining the assumptions, and
compared them to external industry outlook reports and
Considering significant degree of judgment in
economic growth forecasts from independent sources.
estimating value-in-use, we identified assessment of
impairment of PPE as a key audit matter. l We have also considered views of valuation experts in assessing


the reasonableness of the discount rates used by management

by comparing the discount rates used to entities with similar risk
profiles and market information.

l We
 obtained and tested management’s sensitivity analysis
around the key assumptions, to ascertain that selected adverse
changes to key assumptions, both individually and in aggregate,
would not cause the carrying amount to exceed the recoverable
amount.

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Prism Johnson Limited
Annual Report 2021-22

Information Other than the Standalone Financial In preparing the Standalone Financial Statements, Management
Statements and Our Report thereon and Board of Directors are responsible for assessing the
The Company’s Management and Board of Directors are Company’s ability to continue as a going concern, disclosing,
responsible for the preparation of the other information. The as applicable, matters related to going concern and using the
other information comprises the information included in Annual going concern basis of accounting unless management either
Report, but does not include the Standalone and Consolidated intends to liquidate the Company or to cease operations, or
Financial Statements and our auditor’s reports thereon. The has no realistic alternative but to do so.
Annual Report is expected to be made available to us after the The Board of Directors are also responsible for overseeing
date of this report. the Company’s financial reporting process.
Our opinion on the Standalone Financial Statements does not Auditor’s Responsibilities for the Audit of the Standalone
cover the other information and we will not express any form Financial Statements
of assurance conclusion thereon. Our objectives are to obtain reasonable assurance about
In connection with our audit of the Standalone Financial whether the Standalone Financial Statements as a whole
Statements, our responsibility is to read the other information are free from material misstatement, whether due to fraud
identified above and, in doing so, consider whether the other or error, and to issue an auditor’s report that includes our
information is materially inconsistent with the Standalone opinion. Reasonable assurance is a high level of assurance,
Financial Statements or our knowledge obtained in the audit, but is not a guarantee that an audit conducted in accordance
or otherwise appears to be materially misstated. with SAs will always detect a material misstatement when it
exists. Misstatements can arise from fraud or error and are
When we read the Annual Report, if we conclude that considered material if, individually or in the aggregate, they
there is a material misstatement therein, we are required to could reasonably be expected to influence the economic
communicate the matter to Those Charged With Governance decisions of users taken on the basis of the Standalone
and take necessary actions as applicable under the relevant Financial Statements.
laws and regulations.
As part of an audit in accordance with SAs, we exercise
Management’s and Those Charged with Governance professional judgment and maintain professional skepticism
Responsibilties for the Standalone Financial Statements throughout the audit. We also :
The Company’s Management and Board of Directors are
l Identify and assess the risks of material misstatement of
responsible for the matters stated in section 134(5) of the Act
the Standalone Financial Statements, whether due to fraud
with respect to the preparation of the Standalone Financial
or error, design and perform audit procedures responsive
Statements that give a true and fair view of the financial to those risks, and obtain audit evidence that is sufficient
position, financial performance including other comprehensive and appropriate to provide a basis for our opinion. The
income, changes in equity, cash flows of the Company in risk of not detecting a material misstatement resulting
accordance with the accounting principles generally accepted from fraud is higher than for one resulting from error, as
in India, including the Ind AS and relevant provisions of the fraud may involve collusion, forgery, intentional omissions,
Act. This responsibility also includes maintenance of adequate misrepresentations, or the override of internal control.
accounting records in accordance with the provisions of
the Act for safeguarding the assets of the Company and l Obtain
 an understanding of internal control relevant to
for preventing and detecting frauds and other irregularities; the audit in order to design audit procedures that are
appropriate in the circumstances. Under section 143(3)(i)
selection and application of appropriate accounting policies;
of the Act, we are also responsible for expressing our
making judgments and estimates that are reasonable and
opinion on whether the Company has adequate internal
prudent; and design, implementation and maintenance of
financial controls system with reference to Standalone
adequate internal financial controls, that were operating
Financial Statements in place and the operating
effectively for ensuring the accuracy and completeness of
effectiveness of such controls.
the accounting records, relevant to the preparation and
presentation of the Standalone Financial Statements that give l Evaluate
 the appropriateness of accounting policies
a true and fair view and are free from material misstatement, used and the reasonableness of accounting estimates
whether due to fraud or error. and related disclosures made by the Management.

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 Corporate overview statutory reports Financial Statements

l Conclude
 on the appropriateness of Management and 2. As required by section 143(3) of the Act, we report that :
Board of Directors use of the going concern basis of
a) We have sought and obtained all the information and
accounting and, based on the audit evidence obtained,
explanations which to the best of our knowledge and
whether a material uncertainty exists related to events belief were necessary for the purposes of our audit;
or conditions that may cast significant doubt on the
Company’s ability to continue as a going concern. b) In our opinion proper books of account as required
If we conclude that a material uncertainty exists, we by law have been kept by the Company so far as it
appears from our examination of those books;
are required to draw attention in our auditor’s report
to the related disclosures in the Standalone Financial c) 
The Balance Sheet, the Statement of Profit and
Statements or, if such disclosures are inadequate, to Loss (including Other Comprehensive Income), the
modify our opinion. Our conclusions are based on the Statement of Changes in Equity and the Statement
audit evidence obtained up to the date of our auditor’s of Cash Flows dealt with by this Report are in
report. However, future events or conditions may cause agreement with the books of account;
the Company to cease to continue as a going concern. d) In our opinion, the Standalone Financial Statements
l Evaluate
 the overall presentation, structure and content comply with the Accounting Standards specified
of the Standalone Financial Statements, including the under section 133 of the Act, read with relevant
disclosures, and whether the Standalone Financial rules issued thereunder and relevant provisions of
Statements represent the underlying transactions and the Act;
events in a manner that achieves fair presentation. e) On the basis of the written representations received
from the directors as on March 31, 2022 taken
We communicate with those charged with governance
on record by the Board of Directors, none of the
regarding, among other matters, the planned scope and
directors is disqualified as on March 31, 2022 from
timing of the audit and significant audit findings, including
being appointed as a director in terms of section
any significant deficiencies in internal control that we identify
164(2) of the Act;
during our audit.
f) With respect to the adequacy of the internal financial
We also provide those charged with governance with a
controls with reference to Standalone Financial
statement that we have complied with relevant ethical
Statements of the Company and the operating
requirements regarding independence, and to communicate effectiveness of such controls, refer to our separate
with them all relationships and other matters that may report in “Annexure B”. Our report expresses an
reasonably be thought to bear on our independence, and unmodified opinion on the adequacy and operating
where applicable, related safeguards. effectiveness of the Company’s internal financial
From the matters communicated with those charged with controls with reference to Standalone Financial
governance, we determine those matters that were of most Statements;
significance in the audit of the Standalone Financial Statements g) With respect to the other matters to be included
of the current period and are therefore the key audit matters. in the Auditor’s Report in accordance with the
We describe these matters in our auditor’s report unless law requirements of section 197(16) of the Act, as
or regulation precludes public disclosure about the matter or amended:
when, in extremely rare circumstances, we determine that a
In our opinion and to the best of our information
matter should not be communicated in our report because
and according to the explanations given to us, the
the adverse consequences of doing so would reasonably
remuneration paid by the Company to its directors
be expected to outweigh the public interest benefits of such during the year is in accordance with the provisions
communication. of section 197 of the Act; and
Report on Other Legal and Regulatory Requirements h) With respect to the other matters to be included in
1. As required by the Companies (Auditor’s Report) Order, the Auditor’s Report in accordance with rule 11 of
2020 (“the Order”), issued by the Central Government of the Companies (Audit and Auditors) Rules, 2014,
India in terms of section 143(11) of the Act, we give in the as amended, in our opinion and to the best of our
“Annexure A”, a statement on the matters specified in the information and according to the explanations given
paragraph 3 and 4 of the Order. to us :

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Annual Report 2021-22

i. The Company has disclosed the impact of no funds have been received by the
pending litigations on its financial position in its Company from any person(s) or entity(ies),
Standalone Financial Statements. Refer note including foreign entities (“Funding
4.05 to the Standalone Financial Statements; Parties”), with the understanding, whether
recorded in writing or otherwise, that the
ii. The Company has made provision, as required
Company shall, directly or indirectly, lend
under the applicable law or accounting
or invest in other persons or entities
standards for material foreseeable losses,
identified in any manner whatsoever
if any, on the long-term contracts including
by or on behalf of the Funding Party
derivative contracts;
(“Ultimate Beneficiaries”) or provide any
iii There has been no amounts which are required guarantee, security or the like on behalf
to be transferred to the Investor Education and of the Ultimate Beneficiaries;
Protection Fund by the Company;
(c) 
Based on the audit procedures that
(a) The Management has represented that, has been considered reasonable and
to the best of its knowledge and belief, appropriate in the circumstances, nothing
no funds have been advanced or loaned has come to our notice that has caused
or invested (either from borrowed funds us to believe that the representations
or share premium or any other sources or under sub-clause (i) and (ii) of rule 11(e), as
kind of funds) by the Company to or in any provided under (a) and (b) above, contain
other person(s) or entity(ies), including any material misstatement; and
foreign entities (“Intermediaries”), with
(d) The Company has neither declared nor
the understanding, whether recorded in
paid any dividend during the year.
writing or otherwise, that the Intermediary
shall, directly or indirectly lend or invest in
For G.M. Kapadia & Co.
other persons or entities identified in any
Chartered Accountants
manner whatsoever by or on behalf of
Firm Registration No. 104767W
the Company (“Ultimate Beneficiaries”) or
provide any guarantee, security or the like
Rajen Ashar
on behalf of the Ultimate Beneficiaries;
Partner
(b) The Management has represented, that, Place : Delhi Membership No. 048243
to the best of its knowledge and belief, Date : May 11, 2022 UDIN: 22048243AITJQB3203

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 Corporate overview statutory reports Financial Statements

Annexure A - referred to in paragraph 1 under “Report on (d) The Company has not revalued its Property, plant
Other Legal and Regulatory Requirements” of our report and equipment (including Right-of-use assets) or
on even date, to the members of Prism Johnson Limited Intangible assets or both during the year ended
on the Standalone Financial Statements for the year ended March 31, 2022.
March 31, 2022
(e) There are no proceedings initiated during the year
In terms of the information and explanations sought by us and or are pending against the Company as at March
given by the Company and the books of account and records 31, 2022 for holding any benami property under
examined by us in the normal course of audit and to the best the Benami Transactions (Prohibition) Act, 1988 and
of our knowledge and belief, we state that rules made thereunder.
i. (a) (A) The Company is maintaining proper records ii. (a) The inventory has been physically verified by the
showing full particulars, including quantitative Management during the year. In our opinion, the
details and situation of Property, plant and frequency of such verification is reasonable and
equipment. procedures and coverage as followed by the
(B) The Company has maintained proper records Management were appropriate. No discrepancies
showing full particulars of Intangible assets. were noticed on verification between the physical
stocks and the book records that were 10% or more
(b) The Company has a regular programme of physical in the aggregate for each class of inventory.
verification of Property, plant and equipment by
(b) The Company has been sanctioned working capital
which all Property, plant and equipment of the
limits in excess of Rs.5 crores, in aggregate from
Company are being verified in a phased manner
banks on the basis of security of current assets.
over a period of three years, which in our opinion,
The details filed with such banks on quarterly are
is reasonable having regard to the size of the
in agreement with the books of account of the
Company and nature of its business. Pursuant to the
Company.
program, a portion of Property, plant and equipment
has been physically verified by the Management iii. During the year, the Company has made investments
during the year and no material discrepancies were in companies, and granted unsecured loans to other
noticed on verification conducted during the year parties, in respect of which :
as compared with the book records;
(a) 
The Company has not provided any loans or
(c) Based on test check examination of the records advances in the nature of loans or stood guarantee,
and sale deeds/ transfer deeds/ lease deeds/ or provided security to any other entity during the
conveyance deeds/ property tax receipts and year, and hence reporting under paragraph 3(iii)(a)
such other documents provided to us, the title (A) and 3(iii)(a)(B) of the Order are not applicable.
deeds of all the immovable properties (other than
(b) The investments made during the year is, prima
properties where the Company is the lessee and
facie, not prejudicial to the Company’s interest.
the lease agreements are duly executed in favour
of the lessee) are held in the name of the Company. (c) In the case of loan given, the repayment of principal
Certain Immovable Properties, details of which are and payment of interest has been stipulated and
given in note no. 4.24 of the Standalone FInaincials the repayments or receipts have been regular.
Statements, are in the name of the companies which (d) There is no overdue amount for more than ninety
were amalgamated with the Company. In addition, days in respect of loans given.
certain Immovable Properties are in the erstwhile
name of the Company. The Management is in the (e) There is no loan given falling due during the year,
which has been renewed or extended or fresh
process of getting the same updated / registered in
loans given to settle the overdues of existing loans
the name of the Company. The acquisition of these
given to the same party.
properties was in the normal course of business
and none of the promoters, directors, or their (f) 
The Company has not given any loans either
relatives are associated with these transactions in repayable on demand or without specifying any
any manner. terms or period of repayment.

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iv. 
The Company has complied with the provisions of examination of the records with a view to determine
section 185 and 186 of the Act, as applicable. whether they are accurate or complete.

v. 
The Company has not accepted any deposits or vii. (a) 
The Company has generally been regular in
amounts which are deemed to be deposits from the depositing undisputed statutory dues including
public. Accordingly, paragraph 3(v) of the Order is not provident fund, employees’ state insurance, income
applicable. We are informed by the management that No tax, sales tax, service tax, duty of customs, duty of
order has been passed by the Company Law Board or excise, value added tax, goods and services tax,
National Company Law Tribunal or Reserve Bank of India cess and other applicable statutory dues with the
or any court or any other tribunal in this regard. appropriate authorities.

No undisputed statutory dues payable were in

vi. The Central Government has prescribed maintenance
arrears as at March 31, 2022, for a period of more
of cost records under section 148(1) of the Act, for the
than six months from the date they became payable.
products manufactured by the Company. We have
broadly reviewed the books of account maintained (b) The details of statutory dues referred to in sub-
and are of the opinion that prima facie, the prescribed clause (a) which have not been deposited with the
accounts and records have been made and maintained concerned authorities on account of dispute are
by the Company. We have not, however, made a detailed given below :

Name of Statute Nature of dues Amount involved Period to which the Forum where dispute is pending
(` in Crores) amount relates
Central Excise Act, 1944 Central Excise and 5.11 2012-13 to Apr-14 Central Excise Service Tax
Service Tax Appellate Tribunal
0.12 Apr-17 to Jun-17 Asst./Dy. Comm.
0.05 Apr-17 to Jun-17 Joint Commissioner
1.26 2008-17 Addl. Comm.
0.01 Jun-12 to Dec-13 Tribunal
0.33 Apr-13 to Sep-15 Tribunal
0.16 Oct-15 to Mar-17 Tribunal
0.56 2012-13 to 2016-17 Joint Commissioner, Indore
0.03 Apr-14 to Jun-17 Asst. Commissioner, Dewas
0.01 Feb-17 to Jun-17 Central Tax Audit-II
Commissionearate
0.28 Jan-16 to Jun-17 Commissioner of Central Excise
(Appeals)
0.03 2017-18 Superintendent
0.03 Sep-16 to Jun-17 Excise Tribunal

122
 Corporate overview statutory reports Financial Statements

Name of Statute Nature of dues Amount involved Period to which the Forum where dispute is pending
(` in Crores) amount relates
Sales Tax Act Sales Tax 0.24 2008-09 to 2013-14 The High Court, Madhya Pradesh
0.19 2010-11 to 2011-12 Assessing officer, Delhi
2.23 2014-15 to 2017-18 Joint Commissioner (Appeals),
Maharashtra

0.15 2009-10 to 2013-14 Additional Commissioner

(Appeals), Madhya Pradesh
1.18 2009-10 Joint Commissioner of
Commercial Tax, Appeals
Bengaluru
0.02 2015-16 Sales Tax Tribunal
0.04 2010-11 The High Court, Kerala
0.21 2016-17 Commissioner (Appeal)
0.10 2000-01 Sales Tax Appellate Tribunal
0.09 2001-02 Sales Tax Appellate Tribunal
0.44 2007-08 to 2009-10 Tamil Nadu Sales Tax Tribunal
1.21 2016-17 & 2017-18 Joint Commissioner, Appeal,
Maharashtra
Sales Tax (Central & 0.04 2016-17 Deputy Commissioner of Sales
State) Tax, Mumbai
0.07 2007-08 and 2008-09 Tribunal, Maharashtra
MP VAT Act, 2005 MP VAT 2.98 2012-13 to 2016-17 The High Court, Madhya Pradesh
MP Entry Tax Act, 1976 MP Entry Tax 66.49 2006-07 to 2016-17 The High Court, Madhya Pradesh
West Bengal Sales Tax West Bengal Sales 0.11 2013-14 Appeallate Authority
Act, 1954 Tax Act, 1954
MP Energy Cess Act, Energy Cess 8.90 2000-01 to 2005-06 The Supreme Court
1981
Income Tax Act, 1961 Income Tax 0.81 AY 2013-14 CIT (Appeals) National Faceless
Appeal Centre Delhi.
Mines and Minerals Royalty on Mining 0.09 2010-11 to 2011-12 Director of Mines & Geology,
(Regulation and Minerals Hyderabad
Development) Act, 1957
MP Regulation of Water Water Charges/ Tax 7.47 1998-99 to 2019-20 (Dec The High Court, Madhya Pradesh
Act, 1949 19)
Good & Service Act, GST 20.70 2017-20 Addl. Commissioner, Central Tax,
2017 Jabalpur
Central Excise Act, 1944 Excise Duty 11.08 Jan-08 to Feb-11 Commissioner, Central Tax,
Jabalpur
Service Tax Act, 1994 Service Tax on 51.65 Oct-14 to Jun-17 Commissioner, Central Tax,
Mining Service Jabalpur
Electricity Act, 2003 Cross Subsidy 119.22 2018-19 & 2019-20 Appeallate Tribunal
and Additional
surcharge
Electricity Act, 2003 Tamil Nadu 0.17 Jan-06 to Nov-13 Consumer Grievances Redressal
Electricity Board Forum

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Annual Report 2021-22

viii. During the year, there were no transactions relating to xiii. Transactions with the related parties are in compliance
previously unrecorded income that were surrendered or with sections 177 and 188 of the Act where applicable
disclosed as income in the tax assessments under the and details of such transactions have been disclosed in
Income Tax Act, 1961. the Standalone Financial Statements as required by the
applicable accounting standards.
ix. (a) The Company has not defaulted in the repayment
of loans or other borrowings or in the payment of xiv. (a) 
The Company has an internal audit system
interest thereon to any lender. commensurate with the size and nature of its
(b) 
The Company has not been declared willful business.
defaulter by any bank or financial institution or other (b) We have considered, the internal audit reports for
lender. the period under audit.
(c) 
The Company has applied term loans for the xv. Based on our audit procedures performed for the purpose
purpose for which the loans were obtained. of reporting the true and fair view of the standalone
(d) 
On an overall examination of the Standalone financial statements, the Company has not entered into
Financial Statements of the Company, funds raised any non-cash transactions with directors. We have been
on short-term basis have, prima facie, not been informed that no such transactions have been entered
used during the year for long-term purposes by the into with person connected with directors. Accordingly,
Company. paragraph 3(xv) of the Order is not applicable to the
Company.
(e) 
On an overall examination of the Standalone
Financial Statements of the Company, the Company xvi. (a) 
The Company is not required to be registered
has not taken any funds from any entity or person under Section 45-IA of the Reserve Bank of India
on account of or to meet the obligations of its Act, 1934. Accordingly, clause 3(xvi)(a) of the Order
subsidiaries, associates or joint ventures. is not applicable.

(f) The Company has not raised loans during the year (b) 
The Company is not required to be registered
on the pledge of securities held in its subsidiaries, under Section 45-IA of the Reserve Bank of India
associates or joint ventures. Act, 1934. Accordingly, clause 3(xvi)(b) of the Order
is not applicable.
x. (a) The Company has not raised monies by way of
Initial Public Offer or Further Public Offer (including (c) The Company is not a Core Investment Company
debt instruments) during the year. (CIC) as defined in the regulation made by the
Reserve Bank of India. Accordingly, clause 3(xvi)(c)
(b) 
During the year, the Company has not made
preferential allotment or private placement of of the Order is not applicable.
shares or convertible debentures (fully or partly or (d) The Group does not have more than one CIC.
optionally).
xvii. The Company has not incurred cash losses in the current
xi. (a) No fraud by the Company and no material fraud on year or in the immediately preceding financial year.
the Company has been noticed or reported during
xviii. There has been no resignation of the statutory auditors
the year.
of the Company during the year.
(b) During the year and up to the date of this report,
no report under section 143(12) of the Act has been xix. On the basis of the financial ratios, ageing and expected
filed by the auditors in Form ADT-4 as prescribed dates of realization of financial assets and payment of
under rule 13 of Companies (Audit and Auditors) financial liabilities, other information accompanying the
Rules, 2014 with the Central Government. financial statements and our knowledge of the Board
of Directors and Management plans and based on our
(c) There were no whistle blower complaints received examination of the evidence supporting the assumptions,
by the Company during the year.
nothing has come to our attention, which causes us to
xii. 
The Company is not a Nidhi Company. Accordingly, believe that any material uncertainty exists as on the date
paragraph 3(xii) of the Order is not applicable to the of the audit report indicating that Company is not capable
Company. of meeting its liabilities existing at the date of balance

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 Corporate overview statutory reports Financial Statements

sheet as and when they fall due within a period of one or special account in compliance with the provision of
year from the balance sheet date. We, however, state section 135(6) of the said Act. Accordingly, reporting
that this is not an assurance as to the future viability of the under paragraph 3(xx) of the Order is not applicable for
Company. We further state that our reporting is based on the year.
the facts up to the date of the audit report and we neither
give any guarantee nor any assurance that all liabilities
For G. M. Kapadia & Co.
falling due within a period of one year from the balance
Chartered Accountants
sheet date, will get discharged by the Company as and
Firm Registration No: 104767W
when they fall due.

xx. 
The Company has fully spent the required amount Rajen Ashar
towards Corporate Social Responsibility (CSR) and there Partner
are no unspent CSR amount for the year requiring a Place : Delhi Membership No: 048243
transfer to a Fund specified in Schedule VII to the Act Date : May 11, 2022 UDIN: 22048243AITJQB3203

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Annexure B - referred to in paragraph 2(f) under “Report Internal Financial Controls and, both issued by the ICAI. Those
on Other Legal and Regulatory Requirements” of our Standards and the Guidance Note require that we comply with
Independent Auditor’s report of even date, to the members ethical requirements and plan and perform the audit to obtain
of Prism Johnson Limited on the Standalone Financial reasonable assurance about whether adequate internal
Statements for the year ended March 31, 2022 financial controls with reference to financial statements were
Report on the Internal Financial Controls under section established and maintained and if such controls operated
143(3)(i) of the Act effectively in all material respects.

Opinion Our audit involves performing procedures to obtain audit

We have audited the internal financial controls with reference evidence about the adequacy of the internal financial controls
to Standalone Financial Statements of Prism Johnson Limited system with reference to Standalone Financial Statements and
(‘‘the Company’’) as of March 31, 2022 in conjunction with our their operating effectiveness.
audit of the Standalone Financial Statements of the Company Our audit of internal financial controls with reference to
for the year ended on that date. Standalone Financial Statements included obtaining an
In our opinion, the Company has, in all material respects, an understanding of internal financial controls with reference
adequate internal financial controls system with reference to to Standalone Financial Statements, assessing the risk that
financial statements and such internal financial controls with a material weakness exists, and testing and evaluating the
reference to Standalone Financial Statements were operating design and operating effectiveness of internal control based
effectively as at March 31, 2022, based on the internal control on the assessed risk.
with reference to Standalone Financial Statements criteria The procedures selected depend on the auditor’s judgment,
established by the Company considering the essential including the assessment of the risks of material misstatement
components of internal control stated in the Guidance Note of the Standalone Financial Statements, whether due to fraud
on Audit of Internal Financial Controls over Financial Reporting or error.
(“Guidance Note”) issued by the Institute of Chartered
We believe that the audit evidence we have obtained is
Accountants of India (“ICAI”).
sufficient and appropriate to provide a basis for our audit
Management’s Responsibility for Internal Financial Controls opinion on the Company’s internal financial controls system
The Company’s Management and Board of Directors are with reference to Standalone Financial Statements.
responsible for establishing and maintaining internal financial
Meaning of Internal Financial Controls with reference to
controls based on the internal control with reference to
Standalone Financial Statements
Standalone Financial Statements criteria established by the
A company’s internal financial control with reference to
Company considering the essential components of internal
standalone financial statements is a process designed to
control stated in the Guidance Note. These responsibilities
provide reasonable assurance regarding the reliability of
include the design, implementation and maintenance of
financial reporting and the preparation of financial statements
adequate internal financial controls that were operating
for external purposes in accordance with generally accepted
effectively for ensuring the orderly and efficient conduct of
accounting principles. A company’s internal financial
its business, including adherence to Company’s policies,
control with reference to Standalone Financial Statements
the safeguarding of its assets, the prevention and detection
includes those policies and procedures that (1) pertain to the
of frauds and errors, the accuracy and completeness of the
maintenance of records that, in reasonable detail, accurately
accounting records, and the timely preparation of reliable
and fairly reflect the transactions and dispositions of the
financial information, as required under the Act.
assets of the company; (2) provide reasonable assurance that
Auditor’s Responsibility transactions are recorded as necessary to permit preparation
Our responsibility is to express an opinion on the Company’s of standalone financial statements in accordance with
internal financial controls with reference to financial statements generally accepted accounting principles, and that receipts
based on our audit. We conducted our audit in accordance and expenditures of the company are being made only in
with the Guidance Note and the Standards on Auditing, accordance with authorisations of management and directors
issued by the ICAI and deemed to be prescribed under of the company; and (3) provide reasonable assurance
section 143(10) of the Act, to the extent applicable to an audit regarding prevention or timely detection of unauthorised
of internal financial controls, both applicable to an audit of acquisition, use, or disposition of the company’s assets that

126
 Corporate overview statutory reports Financial Statements

could have a material effect on the standalone financial statements may become inadequate because of changes in
statements. conditions, or that the degree of compliance with the policies
or procedures may deteriorate.
Inherent Limitations of Internal Financial Controls with
reference to Standalone Financial Statements
Because of the inherent limitations of internal financial controls For G. M. Kapadia & Co.
with reference to Standalone Financial Statements, including Chartered Accountants
the possibility of collusion or improper management override Firm Registration No. 104767W
of controls, material misstatements due to error or fraud may
occur and not be detected. Also, projections of any evaluation Rajen Ashar
of the internal financial controls with reference to Standalone Partner
Financial Statements to future periods are subject to the risk Place : Delhi Membership No: 048243
that the internal financial control with reference to financial Date : May 11, 2022 UDIN: 22048243AITJQB3203

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Annual Report 2021-22

Standalone Balance Sheet as at March 31, 2022

` Crores
Particulars Note No. As at March 31,
2022 2021
ASSETS
Non-current Assets
Property, plant and equipment 2.01 2,337.50 2,327.20
Right of Use Assets 4.03 174.38 202.31
Capital work-in-progress 4.06 200.63 121.58
Intangible assets 2.02 36.36 21.03
Financial assets
Investments 2.03 326.10 280.45
Loans 2.04 3.67 4.06
Other financial assets 2.05 125.48 133.08
Other non-current assets 2.07 78.86 167.84
Total Non-current Assets 3,282.98 3,257.55
Current Assets
Inventories 2.08 664.87 470.47
Financial assets
Trade receivables 2.09 570.80 537.74
Cash and cash equivalents 2.10 245.13 340.74
Bank balances other than Cash and cash equivalents 2.11 56.28 148.22
Loans 2.04 0.94 3.65
Other financial assets 2.05 15.75 8.40
Current tax assets (net) 2.12 40.61 55.43
Other current assets 2.07 184.39 114.83
Non-current assets classified as held for sale 4.18 0.32 1.81
Total Current Assets 1,779.09 1,681.29
TOTAL ASSETS 5,062.07 4,938.84
EQUITY AND LIABILITIES
Equity
Equity share capital 2.13 503.36 503.36
Other equity 2.14 765.52 635.85
Total Equity 1,268.88 1,139.21
Liabilities
Non-current Liabilities
Financial liabilities
Borrowings 2.15 1,104.54 1,353.84
Lease Liability 4.03 154.45 165.81
Trade payables
Total outstanding dues of Micro Enterprises & Small Enterprises 2.16 – –
Total outstanding dues of Creditors other than Micro Enterprises & Small 2.16 12.80 –
Enterprises
Other financial liabilities 2.17 309.58 303.32
Provisions 2.18 24.56 24.56
Deferred tax Liabilities (net) 2.06 70.08 29.15
Other non-current liabilities 2.19 26.67 27.09
Total Non-current Liabilities 1,702.68 1,903.77
Current Liabilities
Financial liabilities
Borrowings 2.15 238.46 174.52
Lease Liability 4.03 24.91 30.46
Trade payables
Total outstanding dues of Micro Enterprises & Small Enterprises 2.16 102.64 50.72
Total outstanding dues of Creditors other than Micro Enterprises & Small 2.16 1,051.39 914.31
Enterprises
Other financial liabilities 2.17 388.28 409.11
Provisions 2.18 45.58 45.12
Other current liabilities 2.19 239.25 271.62
Total Current Liabilities 2,090.51 1,895.86
TOTAL EQUITY AND LIABILITIES 5,062.07 4,938.84
Significant Accounting Policies 1
The accompanying notes are an integral part of the financial statements.
As per our report of even date For and on behalf of the Board
For G. M. Kapadia & Co. Shobhan M. Thakore Ameeta A. Parpia
Chartered Accountants Chairman - DIN : 00031788 Director - DIN : 02654277
Firm Registration No. 104767W
Vijay Aggarwal Vivek K. Agnihotri
Rajen Ashar Managing Director - DIN : 00515412 Executive Director & CEO (Cement) - DIN : 02986266
Partner
Membership No. 048243 Sarat Chandak Atul R. Desai
Executive Director & CEO (HRJ) - DIN : 06406126 Executive Director & CEO (RMC) - DIN : 01918187
Place : Delhi
Date : May 11, 2022 Manish Bhatia Aneeta S. Kulkarni
Chief Financial Officer Company Secretary

Place : Mumbai
Date : May 11, 2022

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Standalone Statement of Profit and Loss for the year ended March 31, 2022

` Crores
Particulars Note No. Year ended March 31,
2022 2021
INCOME
Revenue from operations 3.01 5,568.79 5,035.18
Other income 3.02 34.93 36.20
Total Income 5,603.72 5,071.38
EXPENSES
Cost of materials consumed 1,366.03 1,052.73
Purchase of stock-in-trade 1,017.61 805.89
Changes in inventories 3.03 (77.91) 140.36
Power and fuel expenses 887.60 741.72
Freight outward expenses 663.06 658.61
Other manufacturing expenses 3.04 311.99 282.14
Employee benefits expense 3.05 478.30 433.70
Finance costs 3.06 170.15 191.18
Depreciation, Amortisation and Impairment expense 3.07 275.38 252.58
Other expenses 3.08 346.39 303.91
Total Expenses 5,438.60 4,862.82
Profit before exceptional items and tax 165.12 208.56
Exceptional items 4.02 8.99 (4.78)
Profit before tax 174.11 203.78
Tax expenses 3.09
Current tax – 1.35
Current tax of the earlier years (1.24) –
Deferred tax 42.10 2.48
Total tax expenses 40.86 3.83
Profit for the year 133.25 199.95
Other Comprehensive Income / (Loss)
Items that will not be reclassified to profit or loss
Remeasurements of the defined benefit plans (4.65) (3.12)
Equity instruments through other comprehensive income (0.10) (0.23)
Income Tax relating to items that will not be reclassified to profit or loss 3.09 1.17 0.79
Total Other Comprehensive Income / (Loss) (3.58) (2.56)
Total Comprehensive Income for the year 129.67 197.39
Earnings per share (Face value of ` 10/- each) 4.01
Basic (in `) 2.65 3.97
Diluted (in `) 2.65 3.97
Significant Accounting Policies 1
The accompanying notes are an integral part of the financial statements.

As per our report of even date For and on behalf of the Board

For G. M. Kapadia & Co. Shobhan M. Thakore Ameeta A. Parpia

Chartered Accountants Chairman - DIN : 00031788 Director - DIN : 02654277
Firm Registration No. 104767W
Vijay Aggarwal Vivek K. Agnihotri
Rajen Ashar Managing Director - DIN : 00515412 Executive Director & CEO (Cement) - DIN : 02986266
Partner
Membership No. 048243 Sarat Chandak Atul R. Desai
Executive Director & CEO (HRJ) - DIN : 06406126 Executive Director & CEO (RMC) - DIN : 01918187
Place : Delhi
Date : May 11, 2022 Manish Bhatia Aneeta S. Kulkarni
Chief Financial Officer Company Secretary

Place : Mumbai
Date : May 11, 2022

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Standalone Statement of Changes in Equity for the year ended March 31, 2022

` Crores
A. EQUITY SHARE CAPITAL Note No. Amount
Balance as at April 1, 2020 2.13 503.36
Changes in equity share capital during the year –
Balance as at March 31, 2021 2.13 503.36
Changes in equity share capital during the year –
Balance as at March 31, 2022 2.13 503.36

` Crores
B. OTHER EQUITY Reserves and Surplus (refer note 2.14)
Capital General Retained Capital Total
Redemption Reserve Earnings Reserve
Reserve
Balance as at April 1, 2020 10.75 155.67 397.13 (125.09) 438.46
Profit for the year – – 199.95 – 199.95
Other Comprehensive Income/(loss) – – (2.56) – (2.56)
Total Comprehensive Income for the year 10.75 155.67 594.52 (125.09) 635.85
Balance as at March 31, 2021 10.75 155.67 594.52 (125.09) 635.85
Balance as at April 1, 2021 10.75 155.67 594.52 (125.09) 635.85
Profit for the year – – 133.25 – 133.25
Other Comprehensive Income/(loss) – – (3.58) – (3.58)
Total Comprehensive Income for the year 10.75 155.67 724.19 (125.09) 765.52
Balance as at March 31, 2022 10.75 155.67 724.19 (125.09) 765.52
Significant Accounting Policies Note - 1
The accompanying notes are an integral part of the financial statements.

As per our report of even date For and on behalf of the Board

For G. M. Kapadia & Co. Shobhan M. Thakore Ameeta A. Parpia

Chartered Accountants Chairman - DIN : 00031788 Director - DIN : 02654277
Firm Registration No. 104767W
Vijay Aggarwal Vivek K. Agnihotri
Rajen Ashar Managing Director - DIN : 00515412 Executive Director & CEO (Cement) - DIN : 02986266
Partner
Membership No. 048243 Sarat Chandak Atul R. Desai
Executive Director & CEO (HRJ) - DIN : 06406126 Executive Director & CEO (RMC) - DIN : 01918187
Place : Delhi
Date : May 11, 2022 Manish Bhatia Aneeta S. Kulkarni
Chief Financial Officer Company Secretary

Place : Mumbai
Date : May 11, 2022

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Standalone Cash Flow Statement for the year ended March 31, 2022

` Crores
Particulars Year ended March 31,
2022 2021
CASH FLOW FROM OPERATING ACTIVITIES
Profit before tax 174.11 203.78

Non-cash Adjustment to Profit before tax :

Depreciation, amortisation and impairment expense 275.38 252.58
Impairment on trade receivables (56.68) 5.61
Impairment on financial assets – (0.64)
Impairment/write-off of non-current assets (0.86) (2.61)
Amortisation of processing fees 6.22 5.97
Bad debts written off 67.05 15.54
Unwinding of interests and discounts (1.69) (1.05)
(Gain)/Loss on disposal of Property, plant and equipment (3.81) (32.87)
Gain on sale of investments – (0.75)
Dividend and interest income (18.32) (18.87)
Finance costs 163.93 185.21
Balances written back (6.76) (6.05)
Exchange differences (net) 0.51 (6.44)
Impairment/write-off of Inventories – (0.21)
Gain on Lease Rental Waiver – (1.61)
Other non-cash Items (0.85) (2.47)
Operating profit before change in operating assets and liabilities 598.23 595.12

Change in operating assets and liabilities :

Decrease/(increase) in trade receivables (43.39) 117.32
Decrease/(increase) in inventories (194.40) 115.15
Increase/(decrease) in trade payables 195.71 255.31
Decrease/(increase) in other financial assets 0.04 0.25
Decrease/(increase) in loans 1.38 2.17
Decrease/(increase) in other non-current and current assets (10.03) 3.58
Increase/(decrease) in provisions 0.23 0.05
Increase/(decrease) in other current and non-current financial liabilities 3.35 67.39
Increase/(decrease) in other current and non-current liabilities (40.42) 58.03
Cash generated from operations 510.70 1,214.37
Direct taxes paid (net of refunds) (16.06) 5.50
Net cash flow from operating activities (A) 526.76 1,208.87

CASH FLOW FROM INVESTING ACTIVITIES

Payments for acquisition of Property, plant and equipment (314.70) (200.99)
Payments for purchase of investments (50.92) (96.66)
Proceeds from sale of investments 4.88 4.75
Proceeds from disposal of Property, plant and equipment 12.18 39.65
Investment in Fixed deposits (net) 91.69 107.77
Interest received 18.61 18.32
Net cash flow used in investing activities (B) (238.26) (127.16)

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Standalone Cash Flow Statement for the year ended March 31, 2022 (Contd...)

` Crores
Particulars Year ended March 31,
2022 2021
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from borrowings 363.60 657.02
Repayment of long term borrowings (588.08) (1029.74)
Movement in short term borrowings (net) 38.97 (149.30)
Loan given to Subsidiary – (1.95)
Repayment of Loan given to Others 1.81 1.40
Interest Received on Loan given to Subsidiary 0.43 0.41
Repayment of Lease Liability (41.24) (46.63)
Interest paid (159.27) (292.10)
Net cash flow used in financing activities (C) (383.78) (860.89)

Net increase/(decrease) in cash and cash equivalents (A+B+C) (95.28) 220.82

Effect of exchange differences on cash & cash equivalent held in foreign (0.33) (0.14)
currency
Cash and cash equivalents at the beginning of the year 340.74 120.06
Cash and cash equivalents at the end of the year 245.13 340.74

Cash and cash equivalents comprise of :

Balances with bank 243.18 304.40
Cheques/drafts on hand 0.98 35.43
Cash on hand 0.97 0.91
Total 245.13 340.74
Notes :
1. The Cash Flow Statement has been prepared using the Indirect Method set out in Ind AS 7 - Statement of Cash Flows.
2. Payments for acquisition of Property, plant and equipment include movement in capital work-in-progress.

As per our report of even date For and on behalf of the Board

For G. M. Kapadia & Co. Shobhan M. Thakore Ameeta A. Parpia

Chartered Accountants Chairman - DIN : 00031788 Director - DIN : 02654277
Firm Registration No. 104767W
Vijay Aggarwal Vivek K. Agnihotri
Rajen Ashar Managing Director - DIN : 00515412 Executive Director & CEO (Cement) - DIN : 02986266
Partner
Membership No. 048243 Sarat Chandak Atul R. Desai
Executive Director & CEO (HRJ) - DIN : 06406126 Executive Director & CEO (RMC) - DIN : 01918187
Place : Delhi
Date : May 11, 2022 Manish Bhatia Aneeta S. Kulkarni
Chief Financial Officer Company Secretary

Place : Mumbai
Date : May 11, 2022

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Notes FORMING PART OF THE STANDALONE FINANCIAL STATEMENTS

for the year ended March 31, 2022

Background
Prism Johnson Limited, a Public Limited Company domiciled in India, incorporated under the Companies Act, 1956, principally
operates in three business segments: Cement; Tile and Bath (HRJ) and Ready Mixed Concrete (RMC). The equity shares of the
Company are listed on BSE Limited and the National Stock Exchange (India) Limited.

Authorisation of financial statements

The financial statements were authorised for issue in accordance with a resolution of the board of directors dated May 11, 2022.

1. Significant Accounting Policies

This note provides a list of the significant accounting policies adopted in the presentation of these standalone financial
statements.

1.1 Basis of Preparation

a) Compliance with Ind AS
The standalone financial statements comply in all material aspects with Indian Accounting Standards (“Ind AS”) notified
under Section 133 of the Companies Act, 2013 (“the Act”), and relevant rules issued thereunder and the relevant
provisions of the Act. In accordance with proviso to the Rule 4A of the Companies (Accounts) Rules, 2014, the terms used
in these financial statements are in accordance with the definitions and other requirements specified in the applicable
Accounting Standards.

b) Historical cost convention

The financial statements have been prepared on a historical cost basis, except for the following :

i. certain financial assets and liabilities (including derivative instruments) are measured at fair value; and

ii. defined benefit plans - plan assets measured at fair value.

1.2 Rounding of amounts

All amounts disclosed in the financial statement and notes have been rounded off to the nearest Crores, except where otherwise
indicated.

1.3 Current versus non-current classification

The Company presents its assets and liabilities in the Balance Sheet based on current/non-current classification. An asset is
classified as current if it is :
a) expected to be realised or intended to be sold or consumed in normal operating cycle;
b) held primarily for the purpose of trading;
c) expected to be realised within twelve months after the reporting period; or
d) the cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months
after the reporting period.

All other assets are classified as non-current.

A liability is current when :

a) it is expected to be settled in normal operating cycle;
b) it is held primarily for the purpose of trading;
c) it is due to be settled within twelve months after the reporting period; or
d) there is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period.

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All other liabilities are classified as non-current.

Deferred tax assets and liabilities are classified as non-current on net basis.
The operating cycle is the time between the acquisition of assets for processing and their realisation in cash and cash
equivalents. The Company has identified twelve months as its normal operating cycle.
1.4 Use of judgements, estimates & assumptions
While preparing financial statements in conformity with Ind AS, the management makes certain estimates and assumptions that
require subjective and complex judgments. These judgments affect the application of accounting policies and the reported
amount of assets, liabilities, income and expenses, disclosure of contingent liabilities at the statement of financial position date
and the reported amount of income and expenses for the reporting period. Financial reporting results rely on our estimate
of the effect of certain matters that are inherently uncertain. Future events rarely develop exactly as forecast and the best
estimates require adjustments, as actual results may differ from these estimates under different assumptions or conditions. The
management continually evaluates these estimates and assumptions based on the most recently available information.
Revisions to accounting estimates are recognised in the period in which the estimates are revised and in any future periods
affected. In particular, information about significant areas of estimation uncertainty and critical judgments in applying accounting
policies that have the most significant effect on the amounts recognised in the financial statements are as below :
The Company has equity stake in various entities for strategic reasons concerning its operation. The relationship with these
entities have been determined based on principles laid down in Ind AS 110 – Consolidated Financial Statements and Ind AS
111 – Joint Arrangements. The entities mentioned below are considered as subsidiaries :
a) Antique Marbonite Private Limited
b) Small Johnson Floor Tiles Private Limited
c) Spectrum Johnson Tiles Private Limited
d) Sentini Cermica Private Limited
e) Coral Gold Tiles Private Limited
f) Sanskar Ceramics Private Limited
Key assumptions
a) Evaluation of recoverability of deferred tax assets
Deferred tax assets are recognised for unused tax losses to the extent that it is probable that taxable profit will be
available against which the losses can be utilised. Significant management judgment is required to determine the amount
of deferred tax assets that can be recognised, based upon the likely timing and the level of future taxable profits together
with future tax planning strategies.
b) Assets and obligations relating to employee benefits
The cost of the defined benefit plans, compensated absences and the present value of the defined benefit obligations
are based on actuarial valuation using the projected unit credit method. An actuarial valuation involves making various
assumptions that may differ from actual developments in the future. These inter alia include the determination of the
discount rate, future salary increases and mortality rates. Due to the complexities involved in the valuation and its long-
term nature, a defined benefit obligation is highly sensitive to changes in these assumptions. All assumptions are reviewed
at each reporting date.
c) Useful lives of Property, plant and equipment
The Company reviews the useful life of Property, plant and equipment at the end of each reporting period. This
reassessment may result in change in depreciation expense in future periods.
d) Impairment of Property, plant and equipment
For Property, plant and equipment and intangibles an assessment is made at each reporting date to determine whether
there is an indication that the carrying amount may not be recoverable or previously recognised impairment losses no
longer exist or have decreased. If such indication exists, the Company estimates the asset’s or Cash Generating Units
(CGU’s) recoverable amount. A previously recognised impairment loss is reversed only if there has been a change in the
assumptions used to determine the asset’s recoverable amount since the last impairment loss was recognised.

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e) Impairment of investment
For determining whether the investments in subsidiaries, joint ventures and associates are impaired requires an estimate in
the value in use of investments. In considering the value in use, the Directors have estimated the future cash flow, capacity
utilisation, operating margins and other factors of the underlying businesses / operations of the investee companies. Any
subsequent changes to the cash flows due to changes in the above mentioned factors could impact the carrying value of
investments.

f) Valuation of inventories
The Company estimates the net realisable value (NRV) of its inventories by taking into account estimated selling price,
estimated cost of completion, estimated costs necessary to make the sale, obsolescence considering the past trend.
Inventories are written down to NRV where such NRV is lower than their cost.

g) Recognition and measurement of other Provisions

The recognition and measurement of other provisions is based on the assessment of the probability of an outflow of
resources, and on past experience and circumstances known at the closing date. The actual outflow of resources at a
future date may therefore, vary from the amount included in other provisions.

h) Mine Restoration Provision

In determining the fair value of the Mines Restoration Obligation, assumptions and estimates are made in relation to the
expected cost of mines restoration and the expected timing of those costs.

i) Fair value of financial instruments

Management uses valuation techniques in measuring the fair value of financial instruments where active market quotes are
not available. Details of the assumptions used are given in the notes regarding financial assets and liabilities. In applying
the valuation techniques, management makes maximum use of market inputs and uses estimates and assumptions that
are, as far as possible, consistent with observable data that market participants would use in pricing the instrument. Where
applicable data is not observable, management uses its best estimate about the assumptions that market participants
would make. These estimates may vary from the actual prices that would be achieved in an arm’s length transaction at the
reporting date.

1.5 Property, plant and equipment

a) Freehold land is carried at historical cost less impairment losses, if any.

b) Property, plant and equipment is stated at cost, less accumulated depreciation and accumulated impairment losses. The
initial cost of an asset comprises its purchase price, non-refundable purchase taxes and any costs directly attributable
to bringing the asset into the location and condition necessary for it to be capable of operating in the manner intended
by management, the initial estimate of any decommissioning obligation, if any, and, for assets that necessarily take a
substantial period of time to get ready for their intended use, finance costs. The purchase price is the aggregate amount
paid and the fair value of any other consideration given to acquire the asset.

c) When significant parts of plant and equipment are required to be replaced at intervals, the Company depreciates them
separately based on their specific useful lives. Likewise, when a major inspection is performed, its cost is recognised in
the carrying amount of the plant and equipment as a replacement, if the recognition criteria are satisfied. All other repair
and maintenance costs are recognised in the Statement of Profit and Loss as incurred.

d) An item of Property, plant and equipment and any significant part initially recognised is derecognised upon disposal
or when no future economic benefits are expected from its use. Any gain or loss arising on derecognition of the asset
(calculated as the difference between the net realisable value and the carrying amount of the asset) is included in the
Statement of Profit and Loss.

e) Expenditure directly attributable to setting up/construction of new projects are capitalised. Administrative and other
General overhead expenses, which are specifically attributable to the setting up/construction activities, incurred during
the construction period, are capitalised as part of the indirect cost. Other indirect expenditure incurred during such period
which are not related to the setting up / construction activities are charged to Statement of Profit and Loss. Income earned
during this period from setting up activities is deducted from the total of indirect expenditure.

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f) The residual values and useful lives of Property, plant and equipment are reviewed at each financial year end, and changes,
if any, are accounted prospectively.

g) Long-term lease arrangements in respect of land are treated as Property, plant and equipment, in case such arrangements
result in transfer of control and the present value of the lease payments is likely to represent substantially all of the fair
value of the land. Cost in respect of the same is amortised over the period of respective lease arrangement.

h) Stores and spares which meet the definition of Property, plant and equipment and satisfy the recognition criteria of Ind AS
16 are capitalised as Property, Plant and Equipment.

i) Cost of mining reserves included in freehold / leasehold land, balance cost of leasehold mining land and mines development
expenses are amortised systematically based on principle of Unit of Production method.

j) Depreciation on Property, plant and equipment is provided on straight line method. In accordance with requirements
prescribed under Schedule II to the Companies Act, 2013, the Company has assessed the estimated useful lives of its
Property, plant and equipment and has adopted the useful lives and residual value as prescribed therein except following
cases which are based on internal technical assessment :

Assets Useful life of asset

Mobile Phones 1- 3 years
Motor car given to employees as per the Company’s scheme or 5-7 years
vehicle used by employees
Leasehold land Remaining period of the lease
Truck mixers, Loaders, Excavators and Dumpers 8 years
Leasehold Improvements Over the period of the lease / rent agreement
Machinery spares Over the useful life of the related assets
Plant & Machinery - Concrete Pumps 6 years
Freehold land is not depreciated.

k) The Company depreciates significant components of the main asset (which have different useful lives as compared to the
main asset) based on the individual useful life of those components. Useful life for such components of Property, Plant and
Equipment is assessed based on the historical experience and internal technical inputs which varies from 2 to 40 years.

l) All assets costing up to ` 10,000/- are fully depreciated in the year of capitalisation.

1.6 Intangible assets

Intangible assets acquired separately are measured on initial recognition at cost. Following initial recognition, intangible assets
are carried at cost less any accumulated amortisation and accumulated impairment losses. Internally generated intangibles
are not capitalised and the related expenditure is reflected in the Statement of Profit and Loss in the period in which the
expenditure is incurred.

Technical know-how / license fee and application software are classified as Intangible Assets.

Intangible assets with finite lives are amortised on straight line basis over their useful economic life and assessed for impairment
whenever there is an indication that the intangible asset may be impaired. The amortisation period and the amortisation method
for an intangible asset with a finite useful life are reviewed at each year end. The amortisation expense on Intangible assets with
finite lives and impairment loss is recognised in the Statement of Profit and Loss.

Estimated lives for current and comparative periods in relation to application of straight line method of amortisation of intangible
assets (acquired) are as follows :

Assets Amortisation method/Useful life

Intellectual Property Rights 10 years
Technical know-how 7 years
Software 1 - 8 years
Mineral Procurement Rights Unit of Production method
Mining Lease Rights Over the period of the lease

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Research and Development

Research costs are expensed as incurred. Development expenditure incurred on an individual project is recognised as an
Intangible asset when the Company can demonstrate the following :
a) The technical feasibility of completing the intangible asset so that it will be available for use or sale;
b) Its intention to complete the asset;
c) Its ability to use or sell the asset;
d) Ability to generate future economic benefits;
e) The availability of adequate resources to complete the development and use or sell the asset; and
f) The ability to measure reliably the expenditure attributable to the intangible asset during development.

1.7 Impairment of Assets

Carrying amount of Tangible assets, Intangible assets, investments in Subsidiaries, Joint Ventures and Associates (which are
carried at cost) are tested for impairment whenever events or changes in circumstances indicate that the carrying amount
may not be recoverable. An impairment loss is recognised for the amount by which the asset’s carrying amount exceeds its
recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs of disposal and value in use.

In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that
reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair value less
costs of disposal, recent market transactions are taken into account. If no such transactions can be identified, an appropriate
valuation model is used.

For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable
cash inflows which are largely independent of the cash inflows from other assets or company’s assets (cash-generating units).
Non-financial assets other than goodwill that suffered an impairment are reviewed for possible reversal of the impairment at the
end of each reporting period.

1.8 Inventories
Raw materials, fuels, stores and spares are valued at lower of cost and net realisable value. However, materials and other
items held for use in the production of inventories are not written down below cost if the finished products in which they will be
incorporated are expected to be sold at or above cost. Cost in case of Raw material and Packing material, Stores and Spare
and Traded Goods include purchase cost net of refundable taxes and other overheads incurred in bringing such items of
inventory to its present location and condition. Cost of raw materials, components and stores and spares which do not meet the
recognition criteria under Property, plant and equipment is determined on a weighted average basis.

Work-in-progress and finished goods are valued at lower of cost and net realisable value. Cost includes direct materials, labour,
other direct cost and a proportion of manufacturing overheads based on normal operating capacity. Cost of inventories is
computed on weighted average basis

Traded goods are valued at lower of weighted average cost and net realisable value.

Net realisable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and
estimated costs necessary to make the sale.

The factors that the Company considers in determining the allowance for slow moving, obsolete and other non-saleable
inventory in determining net realisable value include ageing of inventory, price changes and such other related factors.

1.9 Cash and cash equivalents

Cash and cash equivalents in the Balance Sheet comprise cash at banks and on hand and short-term deposits with an original
maturity of three months or less, which are subject to insignificant risk of change in value.

For the purpose of statement of cash flow, cash and cash equivalents consist of cash, short-term deposits as defined above,
bank overdrafts and short-term highly liquid investments that are readily convertible to known amounts of cash and which are
subject to insignificant risk of changes in value as they are considered as an integral part of the Company’s management.

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1.10 Government Grants

Government grants are recognised when there is reasonable assurance that the grant will be received and all attached
conditions will be complied with. When the grant relates to an expense item, it is deducted from the related expense. When the
grant relates to an asset, it is recognised as deferred income and amortised over the useful life of such assets.

The above criteria is also used for recognition of incentives under various schemes notified by the Government.

1.11 Financial Instruments

Financial assets and financial liabilities are recognised when a Company becomes a party to the contractual provisions of the
instruments.

Initial Recognition and Measurement – Financial Assets and Financial Liabilities

Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the
acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value
through profit or loss and ancillary costs related to borrowings) are added to or deducted from the fair value of the financial
assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition
of financial assets or financial liabilities at fair value through profit or loss are recognised immediately in the Statement of
Profit and Loss.

Classification and Subsequent Measurement: Financial Assets

The Company classifies financial assets as subsequently measured at amortised cost, Fair Value Through Other Comprehensive
Income (“FVTOCI”) or Fair Value Through Profit or Loss (“FVTPL”) on the basis of following :

− the entity’s business model for managing the financial assets and

− the contractual cash flow characteristics of the financial asset.

Amortised Cost
A financial asset is classified and measured at amortised cost if both of the following conditions are met :

− the financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual
cash flows; and

− the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and
interest on the principal amount outstanding.

FVTOCI
A financial asset is classified and measured at FVTOCI if both of the following conditions are met :

− the financial asset is held within a business model whose objective is achieved by both collecting contractual cash flows and
selling financial assets; and

− the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and
interest on the principal amount outstanding.

FVTPL
A financial asset is classified and measured at FVTPL unless it is measured at amortised cost or at FVTOCI.

All recognised financial assets are subsequently measured in their entirety at either amortised cost or fair value, depending on
the classification of the financial assets.

Impairment of financial assets

The Company assesses on a forward looking basis the expected credit losses associated with its assets carried at amortised
cost. The impairment methodology applied depends on whether there has been a significant increase in credit risk.

For trade receivables only, the Company applies the simplified approach permitted by Ind AS 109 Financial Instruments, which
requires expected lifetime losses to be recognised from initial recognition of the receivables.

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Classification and Subsequent measurement : Financial Liabilities

The Company’s financial liabilities include trade and other payables, loans and borrowings including bank overdrafts, financial
guarantee contracts and derivative financial instruments.

Financial Liabilities at FVTPL

Financial liabilities are classified as at FVTPL when the financial liability is held for trading or are designated upon initial
recognition as FVTPL.
Gains or losses on financial liabilities held for trading are recognised in the Statement of Profit and Loss.

Other Financial Liabilities

Other financial liabilities (including borrowings and trade and other payables) are subsequently measured at amortised cost
using the effective interest method.
The effective interest method is a method of calculating the amortised cost of a financial liability and of allocating interest
expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments
(including all fees and points paid or received that form an integral part of the effective interest rate, transaction costs and other
premiums or discounts) through the expected life of the financial liability, or (where appropriate) a shorter period, to the net
carrying amount on initial recognition.

Derecognition of Financial Assets and Financial Liabilities

The Company de-recognises a financial asset when the contractual rights to the cash flows from the financial asset expire, or
it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards
of ownership of the financial asset are transferred or in which the Company neither transfers nor retains substantially all of
the risks and rewards of ownership and does not retain control of the financial asset. If the Company enters into transactions
whereby it transfers assets recognised on its balance sheet, but retains either all or substantially all of the risks and rewards of
the transferred assets, the transferred assets are not derecognised.
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires.

Offsetting financial instruments

Financial assets and liabilities are offset and the net amount is reported in the Balance Sheet where there is a legally enforceable
right to offset the recognised amounts and there is an intention to settle on a net basis or realise the asset and settle the liability
simultaneously. The legally enforceable right must not be contingent on future events and must be enforceable in the normal
course of business and in the event of default, insolvency or bankruptcy of the Company or the counter party.

1.12 Financial liabilities and equity instruments :

Classification as debt or equity
Debt and equity instruments issued by the Company are classified as either financial liabilities or as equity in accordance with
the substance of the contractual arrangements and the definitions of a financial liability and an equity instrument.

Equity instruments
An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities.
Equity instruments issued by a Company are recognised at the proceeds received.

1.13 Investments in Subsidiaries, Associates and Joint Ventures

A Subsidiary is an entity that is controlled by another entity. An investor controls an investee if and only if the investor has the
following; (i) Power over the investee, (ii) exposure, or rights, to variable returns from its involvement with the investee and
(iii) the ability to use its power over the investee to affect the amount of the investor’s returns.
An Associate is an entity over which the Company has significant influence. Significant influence is the power to participate in
the financial and operating policy decisions of the investee, but is not control or joint control over those policies.
A Joint Venture is a type of joint arrangement whereby the parties that have joint control of the arrangement have rights to the
net assets of the Joint Venture. Joint control is the contractually agreed sharing of control of an arrangement, which exists only
when decisions about the relevant activities require unanimous consent of the parties sharing control.
The Company’s investments in its Subsidiaries, Associates and Joint Ventures are accounted at cost.

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1.14 Borrowing Costs

Borrowing costs directly attributable to the acquisition, construction or production of an asset that necessarily takes a substantial
period of time to get ready for its intended use or sale are capitalised as part of the cost of the asset. All other borrowing costs
are expensed in the period in which they occur. Borrowing costs consist of interest and other costs that an entity incurs in
connection with the borrowing of funds. Borrowing cost also includes exchange differences to the extent regarded as an
adjustment to the borrowing costs.

1.15 Provisions, Contingent liabilities and Contingent Assets

Provisions are recognised when the Company has a present legal or constructive obligation as a result of past events, it is
probable that an outflow of resources embodying economic benefits will be required to settle the obligation and the amount
can be reliably estimated. Provisions are not recognised for future operating losses, if any.

Provisions are measured at the present value of management’s best estimate of the expenditure required to settle the present
obligation at the end of the reporting period. The discount rate used to determine the present value is a current pre-tax rate.
The increase in the provision due to the passage of time is recognised as interest expense.

Contingent liabilities are disclosed in the case of :

l a present obligation arising from the past events, when it is not probable that an outflow of resources will be required to
settle the obligation;
l a present obligation arising from the past events, when no reliable estimate is possible;
l a possible obligation arising from past events, unless the probability of outflow of resources is remote.

Contingent Assets is disclosed when inflow of economic benefits is probable.

1.16 Gratuity and other post-employment benefits

a) Short-term obligations
Short term employee benefits are recognised as an expense at an undiscounted amount in the Statement of Profit and
Loss of the year in which the related services are rendered.

The Company recognises a liability and an expense for bonuses. The Company recognises a provision where contractually
obliged or where there is a past practice that has created a constructive obligation.

b) Post-employment obligations
The Company operates the following post-employment schemes :
l defined benefit plans such as gratuity; and
l defined contribution plans such as provident fund, superannuation fund and national pension scheme.

Gratuity obligations
The liability or asset recognised in the Balance Sheet in respect of defined benefit gratuity plans is the present value of
the defined benefit obligation at the end of the reporting period less the fair value of plan assets. The defined benefit
obligation is calculated annually by actuaries using the projected unit credit method.

The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows by
reference to market yields at the end of the reporting period on government bonds that have terms approximating to the
terms of the related obligation.

The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and
the fair value of plan assets. This cost is included in employee benefit expense in the Statement of Profit and Loss.

Remeasurement gains and losses arising from experience adjustments and changes in actuarial assumptions are
recognised at amount net of taxes in the period in which they occur, directly in Other Comprehensive Income. They are
included in Retained Earnings in the Statement of Changes in Equity and in the Balance Sheet.

Changes in the present value of the defined benefit obligation resulting from plan amendments or curtailments are
recognised immediately in the Statement Profit and Loss as past service cost.

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 Corporate overview statutory reports Financial Statements

Defined contribution plans

The Company contributes to Superannuation, Employee’s State Insurance Corporation, Provident Fund and subscribes
to the National Pension Scheme which are considered as defined contribution plans. A contribution is made to Regional
Provident Fund Commissioner for certain employees. In case of other employees covered under the Provident Fund Trust
of the Company, the management does not expect any material liability on account of interest shortfall to be borne by the
Company. The said contributions are charged to the Statement of Profit and Loss.

c) Other long-term employee benefit obligations

The liabilities for leave are not expected to be settled wholly within twelve months after the end of the period in which the
employees render the related service. They are therefore measured as the present value of expected future payments
to be made in respect of services provided by employees up to the end of the reporting period using the projected unit
credit method. The benefits are discounted using the market yields at the end of the reporting period that have terms
approximating to the terms of the related obligation. Remeasurements as a result of experience adjustments and changes
in actuarial assumptions are recognised in the Statement of Profit and Loss.

The obligations are presented as current liabilities in the Balance Sheet if the entity does not have an unconditional right to
defer settlement for at least twelve months after the reporting period, regardless of when the actual settlement is expected
to occur.

1.17 Revenue Recognition

a) Revenue from contracts with Customers
The Company derives revenues primarily from sale of products and services. Revenue from sale of goods is recognised
net of returns and discounts.

Revenue is recognised upon transfer of control of promised products or services to customers in an amount that reflects
the consideration the Company expect to receive in exchange for those products or services.

To recognise revenues, the Company applies the following five step approach :

1. Identify the contract with a customer;

2. Identify the performance obligations in the contract;

3. Determine the transaction price;

4. Allocate the transaction price to the performance obligations in the contract; and

5. Recognise revenues when a performance obligation is satisfied.

Revenue is measured based on the consideration specified in a contract with a customer and excludes amounts collected
on behalf of third parties.

The Company presents revenues net of indirect taxes in its Statement of Profit and Loss.

Performance obligation may be satisfied over time or at a point in time. Performance obligations satisfied over time if any
one of the following criteria is met. In such cases, revenue is recognised over time.

1. The customer simultaneously receives and consumes the benefits provided by the Company’s performance; or

2. The Company’s performance creates or enhances an asset that the customer controls as the asset is created or
enhanced; or

3. The Company’s performance does not create an asset with an alternative use to the Company and the Company has
an enforceable right to payment for performance completed to date.

For performance obligations where one of the above conditions are not met, revenue is recognised at the point in time at
which the performance obligation is satisfied.

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b) Interest Income
Interest income from debt instruments is recognised using the effective interest rate method.

c) Dividend Income
Dividends are recognised in the Statement of Profit and Loss only when the right to receive payment is established, it
is probable that the economic benefits associated with the dividend will flow to the Company, and the amount of the
dividend can be measured reliably.

1.18 Taxes on Income

Current Tax
Tax on income for the current period is determined on the basis of estimated taxable income and tax credits computed in
accordance with the provisions of the relevant tax laws and based on the expected outcome of assessments/appeals.

Current income tax relating to items recognised directly in equity is recognised in equity and not in the Statement of
Profit and Loss.

Management periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax
regulations are subject to interpretation and establishes provisions where appropriate.

Deferred tax
Deferred tax is provided using the Balance Sheet approach on temporary differences at the reporting date between the tax
bases of assets and liabilities and their carrying amounts for financial reporting purposes at the reporting date.

Deferred tax assets are recognised for all deductible temporary differences, the carry forward of unused tax credits and any
unused tax losses. Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against
which the deductible temporary differences, carry forward of unused tax credits and unused tax losses can be utilised.

The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer
probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised. Unrecognised
deferred tax assets are reassessed at each reporting date and are recognised to the extent that it has become probable that
future taxable profits will allow the deferred tax asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realised
or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date.

Deferred tax relating to items recognised outside the Statement of Profit and Loss is recognised outside the Statement of Profit
and Loss. Deferred tax items are recognised in correlation to the underlying transaction either in Other Comprehensive Income
or directly in equity.

The break-up of the major components of the deferred tax assets and liabilities as at Balance Sheet date has been arrived at
after setting off deferred tax assets and liabilities where the Company have a legally enforceable right to set-off assets against
liabilities and where such assets and liabilities relate to taxes on income levied by the same governing taxation laws.

MAT Credits are in the form of unused tax credits that are carried forward by the Company for a specified period of time, hence
it is grouped with Deferred Tax Asset.

1.19 Earnings Per Share

Basic earnings per share are calculated by dividing the net profit or loss for the period attributable to equity shareholders (after
deducting preference dividends, if any, and attributable taxes) by the weighted average number of equity shares outstanding
during the period.

For the purpose of calculating diluted earnings per share, the net profit or loss for the period attributable to equity shareholders
is adjusted for after income tax effect of interest and other financing costs associated with dilutive potential equity shares and the
weighted average number of shares outstanding during the period are adjusted for the effects of all dilutive potential equity shares.

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1.20 Leases
Company as a lessee
The Company assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the
right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract
conveys the right to control the use of an identified asset, the Company assesses whether : (i) the contract involves the use of
an identified asset (ii) the Company has substantially all of the economic benefits from use of the asset through the period of
the lease and (iii) the Company has the right to direct the use of the asset.

The Company applies a single recognition and measurement approach for all leases, except for short-term leases and leases
of low-value assets. For these short-term leases, the Company recognises the lease payments as an operating expense on a
straight-line basis over the term of the lease. The Company recognises lease liabilities to make lease payments and right of use
assets representing the right to use the underlying assets as below.

Right of use (ROU) assets

The Company recognises right of use assets at the commencement date of the lease (i.e., the date the underlying asset is
available for use). Right of Use assets are measured at cost, less any accumulated depreciation and impairment losses, and
adjusted for any remeasurement of lease liabilities. The cost of right of use assets includes the amount of lease liabilities
recognised, initial direct costs incurred, and lease payments made at or before the commencement date less any lease
incentives received. Right of use assets are depreciated on a straight-line basis over the shorter of the lease term and the
estimated useful lives of the assets.

If ownership of the leased asset transfers to the Company at the end of the lease term or the cost reflects the exercise of a
purchase option, depreciation is calculated using the estimated useful life of the asset.

Lease Liabilities
The lease liability is initially measured at amortised cost at the present value of the future lease payments. The lease payments
are discounted using the interest rate implicit in the lease or, if not readily determinable, using the incremental borrowing rate.
After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for
the lease payments made. Lease liabilities are remeasured with a corresponding adjustment to the related ROU asset.

Lease liabilities and ROU assets have been separately presented in the Balance Sheet and lease payments have been classified
as financing cash flows.

1.21 Foreign currency translation

a) Functional and presentation currency
The Company’s financial statements are prepared in `, which is also the Company’s functional and presentation currency.

b) Transactions and balances

Foreign currency transactions are translated into the functional currency using the exchange rates at the dates of the
transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation
of monetary assets and liabilities denominated in foreign currencies at year end exchange rates are generally recognised
in the Statement of Profit and Loss.

In case of advance payment for purchase of assets/goods/services and advance receipt against sales of products/
services, all such purchase/sales transaction are recorded at the rate at which such advances are paid/received.

Foreign exchange differences regarded as an adjustment to borrowing costs are presented in the Statement of Profit and
Loss, within finance costs. All other foreign exchange gains and losses are presented in the Statement of Profit and Loss
on a net basis within other gains/(losses).

Non-monetary items :
Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange
rates at the dates of the initial transactions.

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1.22 Mine Restoration Provision

The Company provides for the estimated expenditure required to restore quarries and mines. The total estimate of restoration
expenses is apportioned over the estimate of mineral reserves and a provision is made based on minerals extracted during the
year. Mines restoration expenses are incurred on an ongoing basis and until the closure of the quarries and mines. The actual
expenses may vary based on the nature of restoration and the estimate of restoration expenditure. On the basis of technical
parameters, restoration expenses estimates are reviewed periodically.

1.23 Non-current assets held for Sale

Non-current assets are classified as ‘held for sale’ when all of the following criteria are met : (i) decision has been made to sell.
(ii) the assets are available for immediate sale in its present condition. (iii) the assets are being actively marketed and (iv) sale
has been agreed or is expected to be concluded within 12 months of the Balance Sheet date. Subsequently, such non-current
assets classified as held for sale are measured at the lower of its carrying value and fair value less costs to sell. Non-current
assets held for sale are not depreciated or amortised. Any decrease in fair value of asset (less cost of sale) is recognised
through profit and loss as impairment loss. Any subsequent increase in fair value of asset to the extent of previously recognised
impairment loss is recognised as gain and any gain exceeding this impairment loss is recognised on the date of de-recognition.

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 2.01 Property, Plant and Equipment

` Crores
Particulars Gross Carrying Amount Depreciation/Impairment Net Carrying Amount
As at Addition/ Disposal/ As at As at For the Elimination As at As at As at
April 1, Adjustments Adjustments March 31, April 1, Year on disposal/ March 31, March 31, March 31,
2021 2022 2021 Adjustments 2022 2022 2021
Own Assets :
Land - Freehold 696.13 6.33 2.48 699.98 37.99 8.83 – 46.82 653.16 658.14
Buildings 236.46 26.06 1.39 261.13 69.64 11.45 0.45 80.64 180.49 166.82
Plant and Machinery 1,986.30 137.31 12.92 2,110.69 645.29 163.45 (2.19) 810.93 1,299.76 1,341.01
Railway Siding 4.46 – – 4.46 1.34 0.29 – 1.63 2.83 3.12
Office Equipment 17.43 3.69 0.56 20.56 10.01 2.05 (0.79) 12.85 7.71 7.42
Computers 17.69 2.92 0.76 19.85 13.14 1.91 0.70 14.35 5.50 4.55
Mines Development 267.52 59.08 - 326.60 169.17 45.15 – 214.32 112.28 98.35
Furniture & Fixtures 51.32 3.11 0.60 53.83 21.97 5.63 0.55 27.05 26.78 29.35
Vehicles 15.33 3.54 1.33 17.54 8.69 2.03 1.02 9.70 7.84 6.64
Truck Mixers, Loaders 12.02 7.80 4.23 15.59 7.93 1.44 4.22 5.15 10.44 4.09
and Dumpers
Leasehold Improvement 0.57 – – 0.57 0.51 0.06 – 0.57 – 0.06
Total (A) 3,305.23 249.84 24.27 3,530.80 985.68 242.29 3.96 1,224.01 2,306.79 2,319.55
Corporate overview

Leased Assets
Leasehold Land (Long 8.37 24.15 0.73 31.79 0.72 0.41 0.05 1.08 30.71 7.65
term - refer note 1.5(g)) (B)

Total (A+B) 3,313.60 273.99 25.00 3,562.59 986.40 242.70 4.01 1,225.09 2,337.50 2,327.20
statutory reports

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Financial Statements
146
2.01 Property, Plant and Equipment (Contd...)

` Crores
Particulars Gross Carrying Amount Depreciation/Impairment Net Carrying Amount
As at Addition/ Disposal/ As at As at For the Elimination As at As at As at
April 1, Adjustments Adjustments March 31, April 1, Year on disposal/ March 31, March 31, March 31,
2020 2021 2020 Adjustments 2021 2021 2020
Prism Johnson Limited
Annual Report 2021-22

Own Assets :
Land - Freehold 688.38 10.53 2.78 696.13 29.26 8.73 – 37.99 658.14 659.12
Buildings 230.98 6.78 1.30 236.46 58.32 12.18 0.86 69.64 166.82 172.66
Plant and Machinery 1,711.43 286.40 11.53 1,986.30 502.63 150.59 7.93 645.29 1,341.01 1,208.80
Railway Siding 4.46 – – 4.46 1.05 0.29 – 1.34 3.12 3.41
Office Equipment 16.62 1.18 0.37 17.43 8.34 2.01 0.34 10.01 7.42 8.28
Computers 17.06 1.25 0.62 17.69 11.40 2.21 0.47 13.14 4.55 5.66
Mines Development 226.80 40.72 – 267.52 140.31 28.86 – 169.17 98.35 86.49
Furniture & Fixtures 45.48 6.38 0.54 51.32 17.79 4.61 0.43 21.97 29.35 27.69
Vehicles 17.20 0.89 2.76 15.33 9.08 2.05 2.44 8.69 6.64 8.12
Truck Mixers, Loaders 10.67 1.84 0.49 12.02 7.84 0.58 0.49 7.93 4.09 2.83
and Dumpers
Leasehold Improvement 0.57 – – 0.57 0.50 0.01 – 0.51 0.06 0.07
Total (A) 2,969.65 355.97 20.39 3,305.23 786.52 212.12 12.96 985.68 2,319.55 2,183.13

Leased Assets
Leasehold Land (Long 7.92 0.45 – 8.37 0.11 0.61 – 0.72 7.65 7.81
term - refer note 1.5(g)) (B)

Total (A+B) 2,977.57 356.42 20.39 3,313.60 786.63 212.73 12.96 986.40 2,327.20 2,190.94
Notes :
a) Depreciation for the year includes ` 4.77 Crores (Previous year : ` 3.47 Crores) considered for capitalisation.
b) Amortisation in case of Freehold Land represent amortisation of mining reserve on extraction basis.
c) During the year, depreciation on Right of Use assets is ` 33.15 Crores (Previous year : ` 38.53 Crores) which is not forming part of the above schedule and
disclosed in Note no. 4.03 on leases.
d) Other adjustments against Property, plant and equipment includes ` 23.77 Crores (Previous year : Nil) being unamortised portion of Right of Use Assets on
completion of lease term and on acquisition of underlying assets.

e) In the FY 2020-21, Leasehold land ` 0.46 Crores which was earlier wrongly classified as Freehold land, was rectified. Further, on such re-classification,
amortization of ` 0.42 Crores was charged to Statement of Profit and Loss.
 2.02 Intangible Assets :

` Crores
Particulars Gross Carrying Amount Amortisation Net Carrying Amount
As at Addition/ Disposal/ As at As at For the Elimination As at As at As at
April 1, Adjustments Adjustments March 31, April 1, Year on disposal/ March 31, March 31, March 31,
2021 2022 2021 Adjustments 2022 2022 2021
Software 28.07 0.75 0.01 28.81 16.71 3.14 – 19.85 8.96 11.36
Intellectual Property 1.77 – – 1.77 1.77 – – 1.77 – –
Rights
Mining Lease Rights 11.32 18.96 – 30.28 2.66 0.98 – 3.64 26.64 8.66
Minerals Procurement 2.28 – 0.02 2.26 2.26 – – 2.26 – 0.02
Rights
Technical Know-how 1.82 – 0.05 1.77 0.83 0.18 – 1.01 0.76 0.99
Total 45.26 19.71 0.08 64.89 24.23 4.30 – 28.53 36.36 21.03

` Crores
Particulars Gross Carrying Amount Amortisation Net Carrying Amount
As at Addition/ Disposal/ As at As at For the Elimination As at As at As at
April 1, Adjustments Adjustments March 31, April 1, Year on disposal/ March 31, March 31, March 31,
2020 2021 2020 Adjustments 2021 2021 2020
Software 26.93 1.14 – 28.07 12.72 3.99 – 16.71 11.36 14.21
Intellectual Property 1.77 – – 1.77 1.77 – – 1.77 – –
Rights
Mining Lease Rights 11.22 0.10 – 11.32 2.14 0.52 – 2.66 8.66 9.08
Corporate overview

Minerals Procurement 2.28 – – 2.28 2.26 – – 2.26 0.02 0.02

Rights
Technical Know-how 1.77 0.05 – 1.82 0.55 0.28 – 0.83 0.99 1.22
Total 43.97 1.29 – 45.26 19.44 4.79 – 24.23 21.03 24.53

Range of remaining period of amortisation as at March 31, 2022 of Intangible assets is as below :
` Crores
Assets Range of remaining period of amortisation
statutory reports

< 5 year 6 - 10 year > 10 year Net Carrying

Amount
Software 7.95 1.01 – 8.96
Mining Lease Rights 0.35 0.69 25.60 26.64
Technical Know-how 0.76 – – 0.76
Total 9.06 1.70 25.60 36.36

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Financial Statements
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Annual Report 2021-22

2.03 Investments

` Crores
Particulars Face As at March 31,
Value 2022 2021
` Qty Amount Qty Amount
Investments in Equity Instruments
(fully paid up) - Unquoted
Investment in Subsidiaries - measured at cost
- Raheja QBE General Insurance Company Limited 10 15,09,81,072 225.49 13,50,11,709 182.12
- H. & R. Johnson (India) TBK Limited 100 1,61,020 1.61 1,61,020 1.61
- Antique Marbonite Private Limited # 10 22,56,750 11.32 22,56,750 11.32
- Small Johnson Floor Tiles Private Limited * 10 20,00,000 10.95 20,00,000 13.30
- Sentini Cermica Private Limited # 10 17,10,000 8.55 17,10,000 8.55
- Spectrum Johnson Tiles Private Limited 10 21,65,388 8.03 21,65,388 8.03
- Coral Gold Tiles Private Limited 10 26,00,000 5.46 26,00,000 5.46
- TBK Venkataramiah Tile Bath Kitchen Private Limited 10 1,10,000 0.11 10,000 0.01
- TBK Prathap Tile Bath Kitchen Private Limited 10 9,800 0.01 9,800 0.01
- TBK Samiyaz Tile Bath Kitchen Private Limited 10 1,83,000 0.68 83,000 0.58
- TBK Rangoli Tile Bath Kitchen Private Limited 10 1,10,000 0.11 10,000 0.01
- Sanskar Ceramics Private Limited $ 10 50,00,000 22.13 50,00,000 18.23
- RMC Readymix Porselano (India) Limited 10 50,000 0.05 50,000 0.05
Investment in Joint Ventures - measured at cost
- Ardex Endura (India) Private Limited 10 65,00,000 6.50 65,00,000 6.50
- TBK Deepgiri Tile Bath Kitchen Private Limited 10 50,000 0.05 50,000 0.05
- TBK Florance Ceramics Private Limited 10 1,55,000 3.38 1,55,000 3.38
Investment in Associates - measured at cost
- CSE Solar Parks Satna Private Limited 10 99,80,000 9.98 99,80,000 9.98
- Sunspring Solar Private Limited 10 14,78,412 1.48 14,78,412 1.48
Other Investments designated at FVTOCI
- B L A Power Private Limited (Refer note 4.08) 10 1,75,00,000 4.85 1,75,00,000 4.95
- Reddy Ceramics Private Limited 10 100 # 100 #
- TBK Shriram Tile Bath Kitchen Private Limited 10 500 # 500 #
- TBK Tile Home Private Limited 10 100 # 100 #
- TBK Raj Kamal Tile Bath Kitchen Private Limited 10 100 # 100 #
- TBK Deziner's Home Private Limited 10 500 # 500 #
- TBK Solan Ceramics Private Limited 10 100 # 100 #
- TBK Krishna Tile Bath Kitchen Private Limited 10 100 # 100 #
- TBK P B Shah Tile Bath Kitchen Private Limited 10 2,000 # 2,000 #
- TBK Unique Jalgaon Tile Bath Kitchen Private Limited 10 200 # 200 #
- TBK Sanitary Sales Private Limited 10 100 # 100 #
- TBK Shree Ganesh Traders Private Limited 10 100 # 100 #
Investment in Debt securities - measured at FVTPL
- 8.22% IL&FS Financial Service Limited 28-Sep-21 1000 – – 6,700 0.34
- 8.65% IL&FS Financial Service Limited 06-Dec-21 1000 – – 7,000 0.35
- 8.65% IL&FS Financial Service Limited 06-Jun-22 1000 – – 5,700 0.29
- 7.70% IL&FS Financial Service Limited 02-Aug-27 1000 – – 6,800 0.34
- 9.55% IL&FS Financial Service Limited 28-Feb-23 1000 – – 3,000 0.15
- 10.30% Yes Bank Limited 25-Jul-21 1000000 – – 7 0.75
- 8.85% Indiabulls Housing Finance Limited 26-Sep-26 1000 4,000 0.42 4,000 0.41
Other Investment designated at FVTPL
- Shivalik Solid Waste Management Limited 10 10,000 0.01 10,000 0.01
(A) 321.17 278.26

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2.03 Investments (Contd...)

` Crores
Particulars Face As at March 31,
Value 2022 2021
` Qty Amount Qty Amount
Investments in Preference shares
(fully paid up) - Unquoted
Investment in Subsidiaries- measured at amortised cost
- Sanskar Ceramics Private Limited
(0.01% Non-convertible Non-Participating Non- 10 22,50,000 1.45 – –
cumulative Redeemable Preference shares)
(0.02% Non-convertible Non-Participating Non- 10 50,00,000 2.98 – –
cumulative Redeemable Preference shares)
- Small Johnson Floor Tiles Private Limited 10 – – 40,00,000 1.59
(0.01% Non-cumulative Optionally Convertible
Preference Shares)
Others- measured at amortised cost
- TBK Rishi Ceramics Private Limited 100 – – 12,500 0.10
(0% Redeemable Preference Shares)
- TBK Deziner's Home Private Limited 100 60,000 0.50 60,000 0.50
(0% Redeemable Preference Shares)
(B) 4.93 2.19
Total non-current investments (A + B) 326.10 280.45

Aggregate book value of quoted investments – –

Aggregate market value of investments designated at FVTOCI 4.85 4.95
Aggregate market value of investments measured at FVTPL 0.42 2.63
Aggregate market value of investments designated at FVTPL 0.01 0.01
Aggregate value of investments measured at cost 315.89 270.67
Aggregate value of investments measured at amortised cost 4.93 2.19
Aggregate amount of unquoted investments 326.10 280.45
# Company has given Non Disposal Undertaking to certain banks for its investment in above Subsidiaries.

* Investment in Subsidiary Small Johnson Floor Tiles Private Limited includes equity component recognised from 0.01% Non-
cumulative Optionally Convertible Preference Shares. The carrying value of such equity component is ` 0.95 Crores (Previous
year : ` 3.30 Crores) with respect to the subsidiary.

$ Investment in Subsidiary Sanskar Ceramics Private Limited includes equity component recognised from 0.01% and 0.02% Non-
convertible Non-Participating Non-cumulative Redeemable Preference shares. The carrying value of such equity component
is ` 2.96 Crores (Previous year : Nil) with respect to the subsidiary.

$ In FY 2020-21, the Company had purchased 35,00,000 shares of Sanskar Ceramics Private Limited from Small Johnson Floor
Tiles Private Limited.

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2.04 Loans

` Crores
Particulars Non-current Current
As at March 31, As at March 31,
2022 2021 2022 2021
Loans to related parties
Loan to a subsidiary company
Unsecured, considered good 2.80 2.80 – 1.24
(a) 2.80 2.80 – 1.24
Loans to employees
Unsecured, considered good 0.68 1.04 0.94 1.84
(b) 0.68 1.04 0.94 1.84
Loans to Others
Unsecured, considered good 0.19 0.22 – 0.57
Doubtful – – – 1.30
0.19 0.22 – 1.87
Less : Provision for Impairment – – – 1.30
(c) 0.19 0.22 – 0.57
Total (a + b + c) 3.67 4.06 0.94 3.65

Note :
No amount is due from any of the directors or officers of the Company, severally or jointly with any other person; or from firms where
such director is a partner or from private companies where such director is a member except security deposit for premises of ` 0.06
Crores (Previous year : ` 0.06 Crores) given to Director.

2.05 Other financial assets

` Crores
Particulars Non-current Current
As at March 31, As at March 31,
2022 2021 2022 2021
Insurance claim receivable (refer note 4.17) 58.94 58.94 3.94 4.51
Bank deposits with more than twelve months maturity (restricted use) 0.02 5.45 5.78 –
Security Deposits
Rental 10.49 14.88 1.76 1.58
Utility 41.27 39.08 – 0.42
Accrued Interest – – 0.51 1.22
Balances in Escrow accounts with banks (restricted use) 0.05 0.32 – –
Balances related to Coal Mine and Infrastructure (refer note 4.16) 13.93 13.93 – –
Accrued Interest on loans given 0.78 0.48 – 0.64
Other receivables – – 3.76 0.03
Total 125.48 133.08 15.75 8.40

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2.06 Deferred tax liabilities (net)

Significant components of deferred tax (liabilities)/assets recognised in the financial statements are as follows :
` Crores
Particulars As at March 31,
2022 2021
Deferred tax (liabilities)/assets in relation to :
Unabsorbed depreciation/Business loss as per Income Tax 65.09 89.32
Provision for Employees Benefits 16.57 53.86
Other temporary differences/unutilised tax asset (82.78) (69.10)
Property, plant and equipment (68.96) (103.23)
Total (70.08) (29.15)

The movement in deferred tax (liabilities)/assets during the year ended March 31, 2022 and March 31, 2021 :
` Crores
Particulars As at March Credited/ As at March Credited/ As at March
31, 2022 (Charged) to 31, 2021 (Charged) to 31, 2020
Statement Statement
of P&L/OCI of P&L/OCI
Deferred tax (liabilities)/assets in relation to :
Unabsorbed depreciation/Business loss as per 65.09 (24.23) 89.32 (18.71) 108.03
Income Tax
Provision for Employees Benefits 16.57 (37.29) 53.86 (5.43) 59.29
Other temporary differences/unutilised tax asset (82.78) (13.68) (69.10) (10.26) (58.84)
Property, plant and equipment (68.96) 34.27 (103.23) 32.71 (135.94)
Total (70.08) (40.93) (29.15) (1.69) (27.46)

2.07 Other assets

` Crores
Particulars Non-current Current
As at March 31, As at March 31,
2022 2021 2022 2021
Capital Advances
Unsecured, considered good 13.38 42.39 – 0.01
Doubtful 0.34 0.34 – –
13.72 42.73 – 0.01
Less : Provision for Impairment 2.00 0.25 – –
11.72 42.48 – 0.01
Advances other than Capital Advances
Balances with government authorities :
CENVAT/VAT/GST receivables – 0.38 16.51 17.58
Balances with statutory authorities – – 3.04 0.17
Excise/VAT/Service Tax/Custom duty deposited under protest 47.17 47.18 0.40 0.23
Security Deposits 3.18 3.72 0.44 0.91
Advance to related parties – – – 0.56
Advances to other parties (net of provision for impairment) 14.55 15.71 54.96 37.87
Prepaid expenses 2.08 3.00 13.63 14.37
Royalty refund receivable – – 14.00 14.00
Others 0.16 55.37 81.41 29.13
Total 78.86 167.84 184.39 114.83
Note : No amount is due from any of the directors or officers of the Company, severally or jointly with any other person; or from firms
where such director is a partner or from private companies where such director is a member.

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2.08 Inventories
` Crores
Particulars As at March 31,
2022 2021
Raw materials 139.21 123.77
Goods-in-transit 0.10 0.53
Stores and spares 74.96 65.80
Goods-in-transit – 0.01
Fuel Stock 151.36 87.71
Goods-in-transit 57.90 29.22
Work-in-progress 86.55 30.54
Finished goods 109.96 80.43
Goods-in-transit 12.93 22.44
Stock-in-trade 31.14 28.70
Goods-in-transit 0.76 1.32
Total 664.87 470.47
Notes :
(a) Amount charged to the Statement of Profit and Loss on account of write-down of inventories to net realisable value for the year
is ` 10.99 Crores (Previous year : ` 11.77 Crores).
(b) Above inventory includes damaged stock of finished goods of cement amounting to ` 4.85 Crores (Previous year : ` 4.19 Crores)
in respect of which insurance claims have been lodged. The management expects to recover the amount at least equal to it’s
carrying value.

2.09 Trade receivables

` Crores
Particulars As at March 31,
2022 2021
Secured, considered good 45.90 50.83
Unsecured, considered good 524.90 486.91
Unsecured, credit impaired 89.39 146.07
660.19 683.81
Less : Provision for impairment 89.39 146.07
Total 570.80 537.74
For Ageing schedule, refer note 4.21
Note : No amount is due from any of the directors or officers of the Company, severally or jointly with any other person; or from firms
where such director is a partner or from private companies where such director is a member.
2.10 Cash and Cash equivalents
` Crores
Particulars As at March 31,
2022 2021
Balances with banks :
In current accounts 46.92 52.81
Deposits with original maturity of less than three months 196.26 251.59
Cheques/drafts on hand 0.98 35.43
Cash on hand 0.97 0.91
Total 245.13 340.74

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2.11 Bank balances other than Cash and cash equivalents

` Crores
Particulars As at March 31,
2022 2021
Unclaimed Dividend 0.65 0.65
Term Deposits (original maturity for more than three months but less than twelve months) 55.49 140.39
Term Deposits (original maturity for more than three months but less than twelve months-restricted use) 0.14 7.18
Total 56.28 148.22

2.12 Current Tax Assets (net)

` Crores
Particulars As at March 31,
2022 2021
Current Tax Assets
Taxes paid (net of provision) 40.61 55.43
Total 40.61 55.43

2.13 Equity Share Capital

` Crores
Particulars As at March 31,
2022 2021
Authorised Share Capital :
65,12,15,000 (Previous year : 65,12,15,000) Equity shares of ` 10/- each 651.22 651.22
Total 651.22 651.22
Issued, Subscribed and Paid up :
50,33,56,580 (Previous year : 50,33,56,580) Equity shares of ` 10/- each 503.36 503.36
Total 503.36 503.36
a. Reconciliation of shares outstanding as at the beginning and at the end of the reporting period :
Equity shares As at March 31,
2022 2021
At the beginning of the year 50,33,56,580 50,33,56,580
Outstanding at the end of the year 50,33,56,580 50,33,56,580

b. Rights, preference and restrictions attached to Equity shares :

The Company has one class of equity shares having a par value of ` 10 per share. Each shareholder is entitled to one vote
per equity share. The shareholders are entitled to dividend declared on proportionate basis. On liquidation of the Company,
the equity shareholders are eligible to receive remaining assets of the Company in proportion to their shareholding after
distribution of all preferential amounts.

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

Name of the Shareholder As at March 31,
2022 2021
No. of Shares % of holding No. of Shares % of holding
Hathway Investments Private Limited 18,98,80,786 37.72% 6,41,13,400 12.74%
Rajan B. Raheja 5,14,06,327 10.21% 5,14,06,327 10.21%
Bloomingdale Investment and Finance Private Limited 3,15,07,000 6.26% 3,15,07,000 6.26%
Manali Investment and Finance Private Limited – – 6,78,17,992 13.47%
Coronet Investments Private Limited – – 5,79,49,394 11.51%

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2.13 Equity Share Capital (Contd...)

d. Details of shares held by promoters/promoter group as at March 31, 2022

Name of Promoter No. of Shares % of Total % change
Shares during the year

Rajan B. Raheja 5,14,06,327 10.21% –

Suman R. Raheja 56,90,528 1.13% –
Akshay R. Raheja 55,76,784 1.11% –
Viren R. Raheja 55,76,784 1.11% –
Satish B. Raheja 500 0.00% –
Bloomingdale Investment and Finance Private Limited 3,15,07,000 6.26% –
Coronet Investments Private Limited – – 100.00%
R Raheja Properties Private Limited 2,31,00,400 4.59% –
Hathway Investments Private Limited 18,98,80,786 37.72% 196.16%
Matsyagandha Investment and Finance Private Limited 2,31,11,412 4.59% –
Manali Investment and Finance Private Limited – – 100.00%
Varahagiri Investments and Finance Private Limited 2,32,21,148 4.61% –
Peninsula Estates Private Limited 1,78,09,500 3.54% –
Total 37,68,81,169 74.87%

Details of shares held by promoters/promoter group as at March 31, 2021

Name of Promoter No. of Shares % of Total % change
Shares during the year

Rajan B. Raheja 5,14,06,327 10.21% –

Suman R. Raheja 56,90,528 1.13% –
Akshay R. Raheja 55,76,784 1.11% –
Viren R. Raheja 55,76,784 1.11% –
Satish B. Raheja 500 0.00% –
Bloomingdale Investment and Finance Private Limited 3,15,07,000 6.26% –
Coronet Investments Private Limited 5,79,49,394 11.51% –
R Raheja Properties Private Limited 2,31,00,400 4.59% –
Hathway Investments Private Limited 6,41,13,400 12.74% –
Matsyagandha Investment and Finance Private Limited 2,31,11,412 4.59% –
Manali Investment and Finance Private Limited 6,78,17,992 13.47% –
Varahagiri Investments and Finance Private Limited 2,32,21,148 4.61% –
Peninsula Estates Private Limited 1,78,09,500 3.54% –
Total 37,68,81,169 74.87%

2.14 Other Equity

` Crores
Particulars As at March 31,
2022 2021
Capital Redemption Reserve 10.75 10.75
General Reserve 155.67 155.67
Retained Earnings 724.19 594.52
Capital Reserve (125.09) (125.09)
Total 765.52 635.85

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2.14 Other Equity (Contd...)

Description of the nature and purpose of each reserve within equity is as follows :
(a) Capital Redemption Reserve :
Capital redemption reserve was created pursuant to the scheme of amalgamation.

(b) General Reserve :

The Company had earlier transferred a portion of the net profit of the Company before declaring dividend to the general
reserve pursuant to the earlier provisions of the Companies Act, 1956. Mandatory transfer to general reserve before
declaration of dividend is not required under the Companies Act, 2013.

(c) Retained Earnings :

Retained earnings are the net profits that the Company has earned till date and is net of amount transferred to other
reserves such as general reserves, debenture redemption reserve etc., amount distributed as dividend and adjustments
in terms of Ind AS 101.

(d) Capital Reserve :

Capital Reserve was recognised on giving effect to amalgamation of Milano Bathroom Fittings Private Limited and Silica
Ceramica Private Limited with the Company and on demerger of retail/trading business undertaking of H. & R. Johnson
(India) TBK Limited into the Company.

2.15 Borrowings

` Crores
Particulars Non-current
As at March 31,
2022 2021
Secured
Term loans
from banks (refer Sr. No. 1 to 14) 803.76 908.81
from others (refer Sr. No. 15 to 17) 199.42 218.98
Vehicle loans (refer Sr. No. 18 to 20)
from banks 0.87 1.62
Unsecured
- 10.70% Non-convertible Debentures (refer Sr. No. 25) 115.00 115.00
{1150 Nos. (Previous year : 1150 Nos.) debentures of ` 0.10 Crore each}
- 10.00% Non-convertible Debentures (refer Sr. No. 26) – 84.00
{Nil (Previous year : 840 Nos.) debentures of ` 0.10 Crore each}
- 8.20% Non-convertible Debentures (refer Sr. No. 27) 95.00 –
{950 Nos. (Previous year : Nil) debentures of ` 0.10 Crore each}
- 9.50% Non-convertible Debentures (refer Sr. No. 28) 75.00 75.00
{750 Nos. (Previous year : 750 Nos.) debentures of ` 0.10 Crore each}
- 10.65% Non-convertible Redeemable Debentures (refer Sr. No. 29) – 49.98
{Nil (Previous year : 500 Nos.) debentures of ` 0.10 Crore each}
- 10.25% Non-convertible Debentures (refer Sr. No. 30) – 50.00
{Nil (Previous year : 500 Nos.) debentures of ` 0.10 Crore each}
Term loans from banks (refer Sr. No. 31) – 9.99
Fixed deposits from public (refer Sr. No. 32) 0.34 0.49
1,289.39 1,513.87
Less : Current maturities of non-current borrowings 184.51 159.54
Less : Unclaimed fixed deposits 0.34 0.49
Total 1,104.54 1,353.84

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2.15 Borrowings (Contd...)

` Crores
Particulars Current
As at March 31,
2022 2021
Secured
Loans repayable to banks on Demand (refer Sr. No. 21 to 23) 0.59 5.52
Buyer's Credit (refer Sr. No. 24) 3.36 9.46
Current maturities of non-current borrowings 69.51 59.56

Unsecured
Loans repayable to banks on Demand (refer Sr. No. 33) 50.00 –
Current maturities of non-current borrowings 115.00 99.98
Total 238.46 174.52

Details of current maturities of non-current borrowings :

` Crores
Particulars As at March 31,
2022 2021
Secured Loans :
Term loans 69.05 58.82
Vehicle loans 0.46 0.74
Unsecured Loans :
Non-convertible debentures 115.00 99.98
Total 184.51 159.54

(a) Nature of Security and terms of repayment for secured borrowings (other than debentures) :
` Crores
Sr. Nature of Security Terms of Repayment As at March 31,
No. 2022 2021
1 Secured by first pari passu charge on the Quarterly in 6 structured installments from the 100.00 –
entire movable and immovable Property, last day of the 30th month from date of first
plant and equipment of the Cement drawdown of facility availed on September 27,
Division located at Satna, both present 2021.
and future.
2 Secured by first pari passu charge on Repayment by way of 4 equal quarterly 100.00 –
the entire movable Property, plant and installments of ` 20 Crores starting from 30th
equipment of the Cement Division month from the date of first disbursement,
located at Satna, both present and future 5th equal installment to be repaid at the end
except Waste Heat Recovery System of 41st month from date of first disbursement,
assets. Second pari passu charge on November 30, 2021.
Current Assets of Cement Division, both
present and future.
3 Secured by first pari passu charge on the Quarterly in 13 equal installments payable from 200.00 200.00
entire movable and immovable Property, the last day of 24th month from date of first
plant and equipment of the Cement drawdown of facility availed on September 2,
Division located at Satna, both present 2020.
and future.
4 First exclusive charge on the office Quarterly in 14 equal installments payable from 80.00 60.00
premises of HRJ Division on units 1 to 4 the last day of 21st month from date of first
on 7th Floor, Windsor. drawdown of facility availed on August 23,
2020.

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2.15 Borrowings (Contd...)

` Crores
Sr. Nature of Security Terms of Repayment As at March 31,
No. 2022 2021
5 Secured by first pari passu charge on all Quarterly in 19 equal installments payable from – 36.84
the movable and immovable Property, the last day of 9th month from date of first
plant and equipment of the Cement drawdown of facility availed on September 27,
Division, both present and future. 2018. During the year, prepayment was made
on September 24, 2021.
6 Secured by first pari passu charge on all Quarterly in 19 equal installments payable from – 42.11
the movable and immovable Property, the last day of 9th month from date of first
plant and equipment of the Cement drawdown of facility availed on November 19,
Division, both present and future. 2018. During the year, prepayment was made
on November 18, 2021
7 Secured by first pari passu charge on all Quarterly in 17 structured installments payable 70.00 122.00
the movable and immovable Property, from the last day of 9th month from date of first
plant and equipment of the Cement drawdown of facility availed on September 20,
Division located at Satna, both present 2019.
and future.
8 Secured by first pari passu charge on all Quarterly in 17 structured installments payable 52.50 91.50
the movable and immovable Property, from the last day of 9th month from date of first
plant and equipment of the Cement drawdown of facility availed on September 13,
Division located at Satna, both present 2019.
and future.
9 Secured by first pari passu charge on all Quarterly in 17 structured installments payable 26.25 45.75
the movable and immovable Property, from the last day of 9th month from date of first
plant and equipment of the Cement drawdown of facility availed on September 18,
Division located at Satna, both present 2019.
and future.
10 Secured by exclusive charge on all the Quarterly in 23 structured installments payable 104.35 150.00
movable Property, plant and equipment from the last day of 18th month from date of first
in relation to the Waste Heat Recovery drawdown of facility availed on March 18, 2020.
System of the company, both present
and future.
11 Secured by exclusive charge over the Quarterly in 17 structured installments payable 43.75 76.25
movable Property, plant and equipment from the last day of 9th month from date of first
of specified plants of the HRJ Division drawdown of facility availed on September 30,
namely Dewas, Pen, Kunigal and Karaikal, 2019.
both present and future.
12 Secured by first pari passu charge on all Quarterly in 17 structured installments payable 31.50 68.25
the movable and immovable Property, from the last day of 9th month from date of first
plant and equipment of Vijayawada plant drawdown of facility availed on December 2,
of HRJ Division, both present and future. 2019.
13 Secured by first pari passu charge on all Quarterly in 10 equal installments payable from – 17.50
the movable and immovable Property, the last day of 9th month from date of first
plant and equipment of Vijayawada plant drawdown of facility availed on December 17,
of HRJ Division, both present and future. 2019.
14 Secured by first pari passu charge on all Quarterly in 12 equal installments payable from – 6.25
the movable and immovable Property, the last day of the 18th month from date of first
plant and equipment of Vijayawada plant drawdown of facility availed on March 16, 2017.
of HRJ Division, both present and future.
15 Secured by first pari passu charge on the Repayment in 3 equal annual installments due 50.00 –
entire movable and immovable Property, at the end of 32, 42 and 48 months from the
plant and equipment of the Cement date of disbursement September 30, 2021.
Division located at Satna, both present
and future.

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2.15 Borrowings (Contd...)

` Crores
Sr. Nature of Security Terms of Repayment As at March 31,
No. 2022 2021
16 Secured by first pari passu charge on all Quarterly Installments over a period of 5 Years. – 20.00
the movable and immovable Property,
plant and equipment of Vijayawada plant
of HRJ Division, both present and future.
17 Secured by first pari passu charge on all Quarterly in 28 equal installments payable from 150.00 200.00
the movable and immovable assets of the last day of 24 months from date of first
the Cement Division, both present and drawdown of facility availed on June 30, 2020.
future, except land in Andhra Pradesh.
Also secured by second pari passu
charge over Current Assets, Receivables
of Cement Division both present and
future; Unconditional and irrevocable
personal guarantee of Director.
18 Secured by exclusive charge on vehicles EMI over a period of 60 months from the 0.67 1.27
of HRJ Division. respective date of disbursement.
19 First and exclusive charge secured by EMI over a period of 60 months from the – 0.06
hypothecation of vehicles financed to respective date of disbursement.
RMC Division.
20 Secured by exclusive charge on vehicles EMI over a period of 60 months from the 0.20 0.29
of Cement Division. respective date of disbursement.
21 Secured by first pari passu charge by Payable within one year. 0.59 –
way of hypothecation of stocks and book
debts both present and future of HRJ
Division.
22 Secured by first pari passu charge by Payable within one year. – 5.48
way of hypothecation of Current Assets.
Second pari passu charge on movable
and immovable Property, plant and
equipment of Vijayawada plant of HRJ
Division, both present and future.
23 Secured by exclusive charge by way of Payable within one year. – 0.04
hypothecation of Current Assets of HRJ
Division, both present and future.
24 Secured by first pari passu charge by As per due dates of respective buyer's credit. 3.36 9.46
way of hypothecation of stocks and book
debts both present and future of HRJ
Division.
Total 1,013.17 1,153.05
Less : Unamortised borrowing costs 5.17 8.66
Total (a) 1,008.00 1,144.39

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2.15 Borrowings (Contd...)

(b) Nature of security and terms of repayment for Unsecured borrowings :
` Crores
Sr. Particulars Terms of Repayment As at March 31,
No. 2022 2021
Non-current Borrowings :
25 Non-convertible Debentures Allotted on July 26, 2019 and repayable at the 115.00 115.00
end of 36 months from the date of allotment on
July 25, 2022.
26 Non-convertible Debentures Allotted on January 31, 2020 and repayable on – 84.00
January 31, 2023 with Put / Call option at par on
January 31, 2022. Call Option was availed and
NCDs were prepaid on January 31, 2022.
27 Non-convertible Debentures Allotted on April 26, 2021 and repayable at the 95.00 –
end of 36 months from the date of allotment on
April 26, 2024.
28 Non-convertible Debentures Allotted on August 21, 2020 and repayable at 75.00 75.00
the end of 36 months from the date of allotment
on August 21, 2023.
29 Non-convertible Debentures Allotted on September 14, 2018 and repayable – 50.00
at the end of 36 months from the date of
allotment.
30 Non-convertible Debentures Allotted on June 12, 2020 and repayable in two – 50.00
tranches - Tranche A ` 35 Crores on June 25,
2021. - Tranche B ` 15 Crores on December 30,
2021.
31 Term Loan Quarterly in 10 equal installments payable from – 10.00
the last day of 9th month from date of first
drawdown of facility availed on May 27, 2019.
32 Fixed deposits from public Payable over a period of one to two years from 0.34 0.49
the respective date of disbursement.
33 Current Borrowings 50.00 –
Total 335.34 384.49
Less : Unamortised borrowing costs – 0.03
Total (b) 335.34 384.46
Total Borrowings (a + b) 1,343.34 1,528.85

(c) Assets pledged as security :

` Crores
Particulars As at March 31,
2022 2021
Current
Receivables 570.80 537.74
Inventories 664.87 470.47
Total (a) 1,235.67 1,008.21
Non-current
Freehold Land 617.19 624.30
Buildings 108.82 110.67
Plant and Machinery 1,060.30 1,268.78
Railway Siding 2.83 3.12

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2.15 Borrowings (Contd...)

` Crores
Particulars As at March 31,
2022 2021
Office Equipments 2.59 4.18
Furniture and Fixtures 3.14 3.87
Computers 3.04 1.91
Electric installation – 0.10
Mines Development 106.23 92.30
Vehicles 1.64 2.92
Movable Tangible assets at Pen, Dewas, Vijayawada, Karaikal and Kunigal 203.11 145.93
Others – 0.18
Total (b) 2,108.89 2,258.26
Total (a+b) 3,344.56 3,266.47

2.16 Trade payables

` Crores
Particulars Non-current Current
As at March 31, As at March 31,
2022 2021 2022 2021
Total outstanding dues of Micro Enterprises & Small Enterprises – – 102.64 50.72
(refer note 4.20)
Total outstanding dues of Creditors other than Micro Enterprises & Small 12.80 – 1,051.39 914.31
Enterprises
Total 12.80 – 1,154.03 965.03
For Ageing schedule, refer note 4.22

2.17 Other financial liabilities

` Crores
Particulars Non-current Current
As at March 31, As at March 31,
2022 2021 2022 2021
Payables for acquisition of Property, plant and equipment – – 30.24 33.48
Interest accrued – – 18.83 22.47
Unclaimed dividends* – – 0.65 0.67
Unpaid matured deposits and interest accrued thereon – – 0.43 0.65
Security deposits from customers/others 307.61 301.28 25.96 22.45
Payable to employees – – 6.29 5.21
Finance lease obligations 1.97 2.04 – –
Liability for expenses – – 305.38 322.40
Others – – 0.50 1.78
Total 309.58 303.32 388.28 409.11

* There is no amount due and outstanding to be credited to the Investor Education and Protection Fund as at March 31, 2022
(Previous year : Nil).

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2.18 Provisions
` Crores
Particulars Non-current Current
As at March 31, As at March 31,
2022 2021 2022 2021
Employee benefits :
Provision for Gratuity – 1.12 – 0.16
Provision for Bonus – – 7.94 10.25
Provision for Leave Encashment 17.32 17.10 20.28 17.79
Others – – 17.36 16.67
(a) 17.32 18.22 45.58 44.87
Others :
Provision for claims under litigations – 0.07 – –
Others 7.24 6.27 – 0.25
(b) 7.24 6.34 – 0.25
Total (a+b) 24.56 24.56 45.58 45.12

2.19 Other liabilities

` Crores
Particulars Non-current Current
As at March 31, As at March 31,
2022 2021 2022 2021
Advance from customers – 0.05 56.01 82.07
Statutory liabilities 25.78 25.78 78.68 96.50
Other employee benefit expenses – – 32.34 24.99
Others 0.89 1.26 72.22 68.06
Total 26.67 27.09 239.25 271.62

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3.01 Revenue from operations

` Crores
Particulars Year ended March 31,
2022 2021
Revenue from operations :
Sale of products 5,434.79 4,943.34
Sale of services 102.62 70.04
Other operating revenue :
Scrap sales 16.06 10.09
Claims and recoveries 4.53 7.04
Export incentive 0.14 0.62
Others 10.65 4.05
Total 5,568.79 5,035.18

Revenue from contracts with customers :

I. Revenue from contracts with customers disaggregated based on geography :
` Crores
Particulars Year ended March 31,
2022 2021
Home market 5,511.44 4,970.49
Exports 57.35 64.69
Total 5,568.79 5,035.18

II. Reconciliation of gross revenue with the revenue from contracts with customers :

` Crores
Particulars Year ended March 31,
2022 2021
Gross Revenue 5,879.93 5,362.16
Less : Discounts and incentives 311.14 326.98
Net Revenue recognised from contracts with customers 5,568.79 5,035.18

III. Revenue recognised from contract liability (Advances from customers) :

` Crores
Particulars As at March 31,
2022 2021
Closing Contract liability 56.01 82.12
The contract liability outstanding at the beginning of the year was ` 82.12 Crores, of which ` 79.60 Crores has been recognised
as revenue during the year ended March 31, 2022.
Management conclude that disaggregation of revenue disclosed in Ind AS 108 meets the disclosure criteria of Ind AS 115 and
segment revenue is measured on the same basis as required by Ind AS 115, hence separate disclosures as per Ind AS 115 is not
required.

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3.02 Other Income

` Crores
Particulars Year ended March 31,
2022 2021
Interest income earned on financial assets :
Bank deposits (at amortised cost) 9.14 13.67
Corporate guarantee/unwinding interest 0.18 0.36
Dividend on preference shares 1.19 0.14
Preference shares/unwinding interest – 0.03
Others 4.33 5.36
Other non - operating income :
Liabilities no longer considered as payable 6.76 6.05
Government assistance- Tax Subsidy/Exemption 0.80 1.56
Interest on income tax refund 7.35 0.37
Miscellaneous income 1.08 3.45
Other gains and losses :
Net gain on disposal of Property, plant and equipment 3.81 0.30
Net gain on buyback of investments – 0.75
Net gain on foreign exchange fluctuation 0.29 4.16
Total 34.93 36.20

3.03 Changes in inventories

` Crores
Particulars Year ended March 31,
2022 2021
Inventories at the end of the year (including in-transit)
Stock-in-trade 31.90 30.02
Work-in-progress 86.55 30.54
Finished goods 122.89 102.87
(a) 241.34 163.43
Inventories at the beginning of the year (including in-transit)
Stock-in-trade 30.02 41.04
Work-in-progress 30.54 73.26
Finished goods 102.87 189.49
(b) 163.43 303.79
Total (a - b) 77.91 (140.36)

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3.04 Other manufacturing expenses

` Crores
Particulars Year ended March 31,
2022 2021
Stores and spares consumed 116.75 104.57
Plant and equipment hire charges 30.21 20.28
Repairs to plant and equipment 23.20 18.80
Royalty for minerals 58.59 57.03
Sub-contract charges 34.63 43.73
Plant upkeep expenses 39.11 29.22
Quarry expenses 4.56 3.41
Dies and punches consumed 1.61 2.60
Other manufacturing expenses 3.33 2.50
Total 311.99 282.14

3.05 Employee benefits expense

` Crores
Particulars Year ended March 31,
2022 2021
Salaries, wages and bonus 422.56 384.38
Contribution to provident and other funds 33.95 35.14
Staff welfare expenses 21.79 14.18
Total 478.30 433.70

3.06 Finance costs

` Crores
Particulars Year ended March 31,
2022 2021
Interest and Finance charges on financial liabilities
Interest on overdraft/cash credit 2.62 3.77
Interest on borrowings 128.16 149.14
Interest on security deposits 14.05 14.03
Interest on finance lease obligation 19.10 18.27
Other borrowing costs 6.22 5.97
Total 170.15 191.18

3.07 Depreciation, Amortisation and Impairment expense

` Crores
Particulars Year ended March 31,
2022 2021
Depreciation of Property, plant and equipment 237.93 209.26
Depreciation on Right of Use Assets 33.15 38.53
Amortisation of intangible assets 4.30 4.79
Total 275.38 252.58

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3.08 Other expenses

` Crores
Particulars Year ended March 31,
2022 2021
Rent expenses 19.43 18.81
Rates and taxes 24.53 16.48
Travelling and communication expenses 40.57 29.46
Commission on sales 27.49 30.40
Advertisement, sales promotion and other marketing expenses 63.03 59.48
Legal and professional fees 45.32 24.89
Insurance 20.26 19.88
Impairment/(reversal of impairment) of trade receivables (56.68) 5.30
Bad debts written off 67.05 15.85
Concrete pumping expenses 9.85 9.04
Research expenses * 5.28 4.12
Repairs to buildings 2.32 1.06
Repairs others 7.52 7.57
Bank charges 5.49 5.56
Impairment of non-current assets 0.60 2.59
CSR expenses 3.94 3.48
Miscellaneous expenses 60.39 49.94
Total 346.39 303.91
* Research expenses comprises of :
Salaries and wages 3.13 2.61
Travelling and Communication 0.32 0.24
Others 1.83 1.27
Total 5.28 4.12

3.09 Tax expenses

` Crores
Particulars Year ended March 31,
2022 2021
(a) Income tax expenses
Current tax
In respect of the current year – 1.35
In respect of the earlier year (1.24) –
Deferred tax
In respect of the current year 42.10 2.48
Total 40.86 3.83
(b) Income tax recognised in Other Comprehensive Income
Remeasurements of the defined benefit plans 1.17 0.79
Total income tax expenses recognised in the year (a - b) 39.69 3.04

(c) A reconciliation between the Statutory income tax rate applicable to the Company and the effective income tax rate is as
follows :
` Crores
Particulars Year ended March 31,
2022 2021
Net profit before tax 174.11 203.78
Effective tax rate applicable to the Company 25.17% 25.17%
Tax amount at the enacted income tax rate 43.82 52.64
Add : Expenses not deductible in determining taxable profits 63.57 81.03
Less : Allowances/Deductibles (84.80) (70.63)
Tax relating to earlier years (1.24) –
Incremental Deferred Tax assets on account of unused tax losses and unused tax credits (35.98) (75.68)
Incremental Deferred Tax liability on account of other temporary differences 54.32 15.68
Tax expense as per the Statement of Profit and Loss 39.69 3.04

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4.01 Earnings Per Share (EPS)

Particulars As at March 31,

2022 2021
Basic earnings per share
Attributable to equity holders of the Company (`) 2.65 3.97
Diluted earnings per share
Attributable to equity holders of the Company (`) 2.65 3.97
Reconciliation of earnings used in calculating earnings per share :
Basic earnings per share
Profit attributable to equity holders of the Company used in calculating basic earnings per share 133.25 199.95
(` Crores)
Diluted earnings per share
Profit attributable to equity holders of the Company used in calculating diluted earnings per share 133.25 199.95
(` Crores)
Weighted average number of Equity shares used as the denominator in calculating basic and diluted 50,33,56,580 50,33,56,580
earnings per share

4.02 Exceptional items

FY 2021-22 :
a) Gain on sale of land and building located at Prayagraj amounting to ` 10.87 Crores on discontinuance of cement packing unit
operations in the year 2018-19.
b) Pursuant to the order of Commissioner of Labour on the settlement scheme and voluntary retirement/separation scheme
offered by the Company, the Company has rationalised certain workforce at its tile manufacturing facilities of HRJ Division
located at Dewas, Madhya Pradesh. The one-time financial impact on account of rationalisation aggregates to ` 1.88 Crores.
FY 2020-21 :
a) During the course of mining, limestone pits are formed on the land from where limestone is extracted. Water accumulates
in such pits, which is used by the Company in its manufacturing process. The Water Resource Department, Government of
Madhya Pradesh raised a demand for consumption of such water during the period FY 1998-99 to FY 2019-20 aggregating
to ` 8.92 Crores. The said demand had been challenged by the Company and a writ petition was filed before the Hon’ble
Madhya Pradesh High Court, Jabalpur. During FY 2020-21, the Water Resources Department recalculated the demand
and has issued revised demand notice for ` 1.45 Crores for period up to FY 2020-21, which has been paid. Out of the
same, an amount of ` 1.33 Crores pertains to period up to FY 2019-20, which has been shown under Exceptional item.
Once the Madhya Pradesh High Court resumes physical hearing, the writ petition will be withdrawn in view of the above
settlement with Water Resources Department.

b) The state of Madhya Pradesh introduced a new Section 9C in MP VAT Act, 2002 vide which VAT was levied on freight of goods
up to the state border. Accordingly, on the stock transfer of cement out of Madhya Pradesh, VAT was required to be paid on
the freight charges up to the border. The Company had challenged the above provisions before Hon’ble Madhya Pradesh High
Court, Jabalpur but no stay or interim relief had been granted.

Government of Madhya Pradesh had announced an Amnesty Scheme on September 26, 2020 to settle the disputed demands
of MP Commercial Tax, VAT and CST for period up to FY 2015-16. The Company had availed benefit under the said amnesty
scheme for the period from FY 2009-10 to FY 2015-16 in respect of the above demand of VAT.

The aggregate amount recognised in this regard is ` 11.95 Crores.

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4.02 Exceptional items (Contd...)

c) Gain on sale of land located at Whitefield, Bengaluru amounting to ` 32.57 Crores.

d) Pursuant to the order of Commissioner of Labour on the settlement scheme and voluntary retirement/separation scheme
offered by the Company, the Company had rationalised certain workforce at its tile manufacturing facilities of HRJ Division
located at Pen, Maharashtra and at Kunigal, Karnataka. The one-time financial impact on account of rationalisation aggregates
to ` 24.07 Crores.

4.03 Leases
1.  The Company’s lease asset primarily consist of leases for Land, Office Space, Furniture, Vehicle and Plant & Machinery having
various lease terms.

2. The following is carrying value of right of use assets :

` Crores
Particulars Category of ROU
Leasehold Plant & Leasehold Vehicle Furniture Total
Land Machinery Building
Balance as at April 01, 2020 55.37 65.23 40.00 0.34 17.76 178.70
Additions during the previous year 8.90 68.08 0.33 – 1.34 78.65
Deletion during the previous year 15.35 0.43 0.73 – – 16.51
Depreciation of Right of use assets 12.46 10.76 7.41 0.06 7.84 38.53
Balance as at March 31, 2021 36.46 122.12 32.19 0.28 11.26 202.31
Additions during the year 6.86 11.08 0.59 – – 18.53
Transferred to Property, plant & equipment (refer note 2.01) – 10.46 – 0.20 – 10.66
Deletion during the year 2.44 – 0.21 – – 2.65
Depreciation of Right of use assets 10.48 10.34 7.29 0.01 5.03 33.15
Balance as at March 31, 2022 30.40 112.40 25.28 0.07 6.23 174.38

3. The following is the carrying value of lease liability :

` Crores
Particulars Year ended March 31,
2022 2021
Opening Balance of Lease liability 196.27 172.20
Additions during the year 18.18 78.40
Finance cost accrued during the year 18.83 17.96
Payment/Deletion/Waiver of lease liabilities during the year 53.92 72.29
Closing Balance of Lease liability 179.36 196.27
Current portion of Lease Liability 24.91 30.46
Non-current portion of Lease Liability 154.45 165.81
Total 179.36 196.27

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4.03 Leases (Contd...)

4. Amounts recognised in the statement of cash flows :
` Crores
Particulars 2021-22 2020-21
Total cash outflow for Leases 51.08 50.87

5. Rental expense recorded for short-term leases was ` 41.47 Crores for the year ended March 31, 2022 (FY 2020-21 : ` 27.59
Crores)
6. The maturity analysis of lease liabilities are disclosed in Note No. 4.08. The Company does not face a significant liquidity risk
with regard to its lease liabilities as the current assets are sufficient to meet the obligations related to lease liabilities as and
when they fall due.
7. Future lease payments which will start from April 1, 2022 is Nil (Previous year : ` 28.61 Crores).
8. Certain lease agreements are subject to escalation clause and with extension of lease term options. At the expiry of the lease
term, in case of lease agreements other than land, the lessee has an option to purchase the assets at Fair Market Value.

4.04 Employee Benefit Plans

1. Defined contribution plans
The Company operated defined benefits contribution retirement benefits plans for all qualifying employees.
The total expenses recognised in the Statement of Profit and Loss of ` 17.71 Crores (Previous year : ` 19.73 Crores) represents
contributions payable to these plans by the Company at rates specified in rules of the plans.
2. Defined Benefits Plans
The Company sponsors funded defined benefit plans for qualifying employees. The defined benefits plan are administered by
separate funds that are legally independent entities. The governing body of the fund is responsible for the investment policy
with regard to assets of the funds.
These plans typically expose the Company to Actuarial risks such as : investment risk, interest rate risk, longetivity risk and
salary risk. No other post-retirement benefit are provided to the employees.
Investment risk : The present value of the defined benefit plan liability is calculated using a discount rate which is determined
by reference to market yields at the end of the reporting period on government bonds.
Interest risk : A decrease in the bond interest rate will increase the plan liability; however, this will be partially offset by an
increase in the return on the plan debt investments.
Longevity risk : The present value of the defined benefit plan liability is calculated by reference to the best estimate of the
mortality of plan participants both during and after their employment. An increase in the life expectancy of the
plan participants will increase the plan’s liability.
Salary risk : The present value of the defined plan liability is calculated by reference to the future salaries of plan participants.
As such, an increase in the salary of the plan participants will increase the plan’s liability.

3. Principal assumptions used for the purpose of actuarial valuation

Particulars Valuation as at March 31,

2022 2021
Discount Rate 6.84% 6.49% to 6.99%
Expected Rate(s) of salary increase 7% 5%
Average longetivity at retirement age for current beneficiaries of plans (years) 39 to 43 38 to 43
Average longetivity at retirement age for current employees (future beneficiaries of the plan) 58 & 60 58 & 60
Attrition Rate 10% to 20% 10% to 20%

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4.04 Employee Benefit Plans (Contd...)

4. (a) Amounts recognised in Statement of Profit and Loss in respect of defined benefit plans
` Crores
Particulars Leave Encashment Gratuity
March 31, March 31, March 31, March 31,
2022 2021 2022 2021
Service cost :
Current service cost 2.65 2.29 6.75 6.20
Past service cost and (gain)/loss from settlements 0.11 – (0.33) –
Net interest expense 2.00 1.93 2.77 2.49
Actuarial(Gain)/Loss 5.72 6.01 2.38 2.30
Component of defined benefit costs recognised in Statement of 10.48 10.23 11.57 10.99
profit and loss

4. (b) Amounts recognised in Other Comprehensive Income in respect of defined benefit plans
` Crores
Particulars Gratuity
March 31, 2022 March 31, 2021
Remeasurement of net defined benefit liability
Return on plan assets (excluding amount included in net interest expense) 0.11 (1.13)
Actuarial (gains)/losses arising from changes in demographic assumptions 0.06 (0.38)
Actuarial (gains)/losses arising from changes in financial assumptions 3.51 4.45
Actuarial (gains)/losses arising from experience adjustments 0.97 0.18
Components of defined benefits cost recognised in Other Comprehensive Income 4.65 3.12

5. (a) Movements in present value of defined benefit obligation

` Crores
Particulars Leave Encashment Gratuity
March 31, March 31, March 31, March 31,
2022 2021 2022 2021
Opening defined benefit obligations 34.88 33.60 56.31 54.34
Current service cost 2.65 2.29 6.75 6.20
Interest cost 2.00 1.93 3.34 3.21
Remeasurement (Gains)/losses
Actuarial (gains)/losses arising from changes in demographic (0.01) (0.02) 0.06 (0.38)
assumptions
ctuarial (gains)/losses arising from changes in financial
A 1.02 1.38 3.51 4.45
assumptions
Actuarial (gains)/losses arising from experience adjustments 3.43 4.65 0.97 0.18
Past service cost, including losses/(gains) on settlements 0.11 – – –
Benefits paid (6.50) (8.95) (7.23) (11.69)
Closing defined benefit obligation 37.58 34.88 63.71 56.31

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4.04 Employee Benefit Plans (Contd...)

5. (b) Movements in present value in planned assets

` Crores
Particulars Gratuity
March 31, 2022 March 31, 2021
Fair value of plan assets at beginning of year 30.04 32.72
Interest Income 1.98 2.06
Contributions 5.07 5.59
Return on plan Assets (0.11) 1.13
Benefits paid (5.93) (11.46)
Fair value of plan assets at end of year 31.05 30.04

6. The category of plan assets as a percentage of total plan are as follows :

Particulars Percentage
March 31, 2022 March 31, 2021
Equity Shares 8.79% 10.42%
Central and State Government Securities 66.03% 74.61%
Other Fixed Income Securities/Deposits 25.18% 14.97%
Total 100% 100%

Sensitivity Analysis
Below is the sensitivity analysis determined for significant actuarial assumption for determination of defined benefit obligation and
based on reasonably possible changes of the respective assumptions occurring at the end of the reporting period.

` Crores
Particulars Leave Encashment Gratuity
March 31, March 31, March 31, March 31,
2022 2021 2022 2021
Discount Rate +100 basis points 36.58 33.24 60.81 53.79
Discount Rate -100 basis points 38.68 35.16 66.19 59.10
Salary Increase Rate +1 % 38.50 35.01 65.85 58.84
Salary Increase Rate -1 % 36.74 33.38 61.07 53.98
Attrition Rate +1% 37.43 34.12 63.28 56.44
Attrition Rate -1% 37.76 34.21 63.49 56.19

4.05 (a) Contingent Liabilities

(i)  Guarantees given by the Company’s bankers and counter guaranteed by the Company : ` 85.54 Crores (Previous
year : ` 67.36 Crores).

(ii) Prepayment charges claimed by a bank on amounts prepaid ` 1.25 Crores (Previous year : ` 1.25 Crores).

(iii) Claims against the Company not acknowledged as debts on account of disputes :

(a) Energy Development Cess ` 9.89 Crores (Previous year : ` 9.89 Crores).

(b) Other Claims in respect to Income Tax, Sales Tax, Entry Tax, Excise Duty, Service Tax and other claims ` 341.79
Crores. (Previous year : ` 250.00 Crores).

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4.05 (Contd...)

(b) Capital and other Commitments

Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advances) ` 82.05
Crores (Previous year : ` 97.26 Crores) and other commitments includes Outstanding Letters of Credit ` 50.57 Crores
(Previous year : ` 46.74 Crores).

(c) Disclosure of provisions made as per the requirements of Ind AS 37 on “Provisions, Contingent Liabilities and
Contingent Assets” are as follows :
` Crores
Particulars As at Provisions Amounts As at
April 1, 2021 made utilised or March 31,
during the reversed 2022
year during the
year
MPEB Cess on Generation of Electricity 8.33 – – 8.33
MP Entry Tax/VAT 10.05 – – 10.05
Appeal with AP, Kerala, Punjab, Tamil Nadu, Karnataka and 2.03 0.20 0.10 2.13
Maharashtra Commercial Tax Department
Mines Restoration Expenses 6.27 0.97 – 7.24
Workmen dues 0.07 – 0.07 –
In certain cases, the Company has made payments against the above provisions. In case the disputes are settled in the
favour of the Company, there would be refund of ` 1.19 Crores (Previous year : ` 1.04 Crores) and in the event, these are
settled against the Company there would be cash outflow of ` 26.56 Crores (Previous year : ` 25.71 Crores).

(d) In terms of long-term Gas Supply Agreement (‘GSA’) for Re-Liquefied Natural Gas (‘RLNG’) - Tranche A type with GAIL (India)
Limited (‘GAIL’) having validity till April 2028, the Company is committed to draw minimum quantity of RLNG specified
therein. In case of underdrawn quantities, determined on calendar year basis, the Company is liable to deposit purchase
price under Take or Pay Obligation clause (‘TOP’) of the GSA and is allowed to draw such underdrawn quantities in the
balance term of the GSA at then prevailing price.

In earlier years, the Company has not been able to draw committed quantity of RLNG and GAIL has waived the TOP
obligations under the GSA. In CY21, with the pandemic situation improving, the demand for gas increased, and as expected
GAIL waived of TOP obligation for CY21 also.

The Company has Gas supply agreements/contracts for three manufacturing locations i.e. at Dewas, Kunigal and Pen.
At Dewas and Kunigal, the Company has been able to renegotiate Minimum Guaranteed Obligation (‘MGO’), thereby
reducing (limiting) the TOP obligation on the Company for the undrawn quantities of MGO. The Company is pursuing its
efforts with GAIL for similar reduction for its plant at Pen.

The estimated amount committed under TOP obligation for the underdrawn quantities of RLNG for the quarter ended
March 31, 2022, which would be due in December 2022, if it remains undrawn or not waived, is approximately ` 18.20
Crores. The aforesaid amount, if payable, will only be in the nature of an advance payment for RLNG which can be drawn
anytime thereafter up to the end of term of the GSA i.e. April 2028. Accordingly, this contract is not considered as in the
nature of onerous contract and no effect of the same is required to be given in the accounts.

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4.06 Capital work-in-progress (CWIP) includes pre-operative expenses of ` 98.58 Crores (Previous year : ` 89.09 Crores),
the details of which are as under :
` Crores
Particulars As at March 31
2022 2021
Indirect expenditure incurred during the year and considered as pre-operative expenses
Salary, Wages and Bonus 1.72 1.29
Contribution to Provident and other funds 0.08 0.03
Rent, Rates and Taxes 0.34 0.27
Travelling and Communication 0.30 0.11
Professional fees 0.81 0.28
Depreciation 4.77 3.47
Miscellaneous expenses 1.47 1.21
Total 9.49 6.66
Add : Expenditure upto previous year 89.09 82.43
Balance Carried forward 98.58 89.09
Cost relating to acquisition of assets and related direct expenses 102.05 32.49
Total CWIP 200.63 121.58

CWIP ageing schedule as at March 31, 2022

` Crores
Particulars Amount in CWIP for a period of
Less than 1-2 years 2-3 years More than Total
1 year 3 years
A. Projects In Progress
Identified Projects 76.01 17.51 0.49 12.31 106.32
General project Items 5.93 – – – 5.93
Total (A) 81.94 17.51 0.49 12.31 112.25

B. Projects temporarily suspended

On Hold 5.82 3.06 1.90 63.31 74.09
In Litigation – 8.78 – 5.51 14.29
Total (B) 5.82 11.84 1.90 68.82 88.38
Total (A+B) 87.76 29.35 2.39 81.13 200.63

For capital-work-in progress, whose completion is overdue or has exceeded its cost compared to its original plan, the project
wise details of when the project is expected to be completed is given below as of March 31, 2022 :
` Crores
Particulars To be completed in
Less than 1-2 years 2-3 years More than
1 year 3 years
A. Projects In Progress
New Plant (HRJ Division) – 16.94 – –
Control Automation & Electronic Control System 3.94 – – –
Modernisation at packing section 0.57 – – –
Dispatch section/Yard development 0.52 – – –
Others (individual projects of less than ` 50 lakhs each) 0.87 – – –
Total (A) 5.90 16.94 – –

B. Projects temporarily suspended

On Hold - New Plant (Cement Division) – – – 74.09
In Litigation - Mining Leases – – – 14.29
Total (B) – – – 88.38
Total (A+B) 5.90 16.94 – 88.38

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4.06 Capital work-in-progress (CWIP) : (Contd...)

CWIP ageing schedule as at March 31, 2021

` Crores
Particulars Amount in CWIP for a period of
Less than 1-2 years 2-3 years More than Total
1 year 3 years
A. Projects In Progress
Identified Projects 20.26 1.53 0.50 11.85 34.14
General project Items 2.70 – – – 2.70
Total (A) 22.96 1.53 0.50 11.85 36.84

B. Projects temporarily suspended

On Hold 3.06 1.90 3.69 59.62 68.27
In Litigation 8.78 – – 7.69 16.47
Total (B) 11.84 1.90 3.69 67.31 84.74
Total (A+B) 34.80 3.43 4.19 79.16 121.58

For capital-work-in progress, whose completion is overdue or has exceeded its cost compared to its original plan, the
project wise details of when the project is expected to be completed is given below as of March 31, 2021 :
` Crores
Particulars To be completed in
Less than 1 1-2 years 2-3 years More than 3
year years
A. Projects In Progress
New Plant (HRJ Division) – – 13.18 –
Safety & Security project (Solar facilities) 3.20 – – –
Others (individual projects of less than ` 50 lakhs each) 0.10 0.07 – –
Total (A) 3.30 0.07 13.18 –

B. Projects temporarily suspended

On Hold - New Plant (Cement Division) – – – 68.27
In Litigation - Mining Leases – – – 16.47
Total (B) – – – 84.74
Total (A+B) 3.30 0.07 13.18 84.74

4.07 Capital management

Risk management
 he Company’s policy is to maintain a stable and strong capital structure with a focus on total equity so as to maintain investors’,
T
creditors’ and market confidence and to sustain future development and growth of its business and at the same time, optimise
returns to the shareholders. The Company takes appropriate and corrective steps in order to maintain, or if necessary adjust, its
capital structure.

 he capital structure of the Company is based on management’s judgement of the appropriate balance of key elements in order to
T
meet its strategic and day-to-day needs. The Company considers the amount of capital in proportion to risk and manage the capital
structure in light of changes in economic conditions and the risk characteristics of the underlying assets.

Consistent with others in the industry, the Company monitors capital on the basis of the capital gearing ratio computed as under :

Net debt (total Borrowings net of Cash and Cash equivalents) divided by Total ‘Equity’ (as shown in the Balance Sheet).

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4.07 Capital management (Contd...)

 he Company’s strategy is to maintain a capital gearing ratio within 2 times. The comparative capital gearing ratios are tabulated as
T
hereunder :

Particulars As at March 31,

2022 2021
Net Debt (` Crores) 1041.93 1039.89
Total Equity (` Crores) 1268.88 1139.21
Net Debt to Equity Ratio 0.82 0.91
The Company has complied with all material externally imposed conditions relating to capital requirements and there has not been
any delay or default during the period covered under these financial statements. No lenders have raised any matter that may lead to
breach of covenants stipulated in the underlying documents.

4.08 Financial Instruments

(i) Methods and assumptions used to estimate the fair values
The fair values of the financial assets and liabilities are included at the amount at which the instrument could be exchanged in
a current transaction between willing parties, other than in a forced or liquidation sale.

The following methods and assumptions were used to estimate the fair values :
a) The carrying amounts of receivables and payables which are short term in nature such as trade receivables, other bank
balances, deposits, loans to employees, trade payables, payables for acquisition of non-current assets, demand loans
from banks and cash and cash equivalents are considered to be the same as their fair values.
b) The fair values for long term loans, long term security deposits given and remaining non-current financial assets were
calculated based on cash flows discounted using a current lending rate. They are classified as level 3 fair values in the fair
value hierarchy due to the inclusion of unobservable inputs.
c) The fair values of long term security deposits taken, non-current borrowings and remaining non-current financial liabilities
are based on discounted cash flows using a current borrowing rate. They are classified as level 3 fair values in the fair
value hierarchy due to the use of unobservable inputs.
d) For financial assets and liabilities that are measured at fair value, the carrying amounts are equal to the fair values.

(ii) Categories of financial instruments

The Company uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation
technique :
Level 1 : unadjusted quoted prices in active markets for identical assets or liabilities;
Level 2 : directly or indirectly observable market inputs, other than Level 1 inputs; and
Level 3 : inputs which are not based on observable market data.

` Crores
Particulars As at March 31, 2022 As at March 31, 2021
Carrying Fair value Carrying Fair value
values values
Financial assets
Measured at amortised cost :
Trade receivables 570.80 570.80 537.74 537.74
Loans 4.61 4.61 7.71 7.71
Cash and Bank balances 307.60 307.60 495.49 495.49
Other financial assets 135.04 135.04 134.95 134.95

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` Crores
Particulars As at March 31, 2022 As at March 31, 2021
Carrying Fair value Carrying Fair value
values values
Measured at FVTPL :
Investments in other companies 0.01 0.01 0.01 0.01
Derivative Instruments – – # #
Debt Instruments 0.42 0.42 2.63 2.63

Designated at FVTOCI :
Investment in other companies 4.85 4.85 4.95 4.95
Total Financial assets 1,023.33 1,023.33 1,183.48 1,183.48

Financial liabilities
Measured at amortised cost :
Borrowings 1,343.34 1,343.34 1,528.85 1,528.85
Lease Liabilities 179.36 179.36 196.27 196.27
Trade payables 1,166.83 1,166.83 965.03 965.03
Other financial liabilities 697.52 697.52 711.94 711.94
Total Financial liabilities 3,387.05 3,387.05 3,402.09 3,402.09

(iii) Level wise disclosure of financial instruments

` Crores
Particulars As at As at March Level Valuation
March 31, 31, 2021 techniques
2022 and key
inputs
Investment in equity instruments of other companies (B L A Power 4.85 4.95 3 Independent
Private Limited) Valuer
Certificate
Investment in Debt instruments 0.42 2.63 1 Quotes from
Markets
Foreign currency forward contracts - Assets – # 2 Quotes from
banks or
dealers
# Amount less than ` 50,000/-
The following table shows a reconciliation of significant unobservable inputs from the opening balance to the closing balance
for Level 3 recurring fair value measurements.
Investment in equity instruments of other companies ` Crores
Balance as on April 1, 2021 4.95
Less : Adjustment due to Fair valuation 0.10
Balance as on March 31, 2022 4.85
(iv) Financial Risk Management
The Company’s financial risk management is an integral part of how to plan and execute its business strategies. The Company’s
financial risk management policy is set by the Board. The details of different types of risk and management policy to address
these risks are listed below :
The Company’s activities are exposed to various risks viz. Credit risk, Liquidity risk and Market risk. In order to minimise any
adverse effects on the financial performance of the Company, it uses various instruments and follows polices set up by the
Board of Directors/Management.

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a. Credit Risk :
Credit risk arises from the possibility that counter party will cause financial loss to the Company by failing to discharge its
obligation as agreed.

Credit risks from balances with banks and financial institutions are managed in accordance with the Company policy. For
financial instruments, the Company attempts to limit the credit risk by only dealing with reputable banks and financial institutions
having high credit-ratings assigned by credit-rating agencies.

In addition, the Company is exposed to credit risk in relation to financial guarantees given to banks and other counterparties
for the facilities availed by subsidiary. The Company’s maximum exposure in this respect is the maximum amount the Company
would have to pay if the guarantee is called upon.

Each division of the Company has specific policies for managing customer credit risk; these policies factor in the customers’
financial position, past experience and other customer specific factors. The Company uses the allowance matrix to measure the
expected credit loss of trade receivables from customers.

Based on the industry practices and business environment in which the Company operates, management considers that the
trade receivables are in default if the payment are more than 2 years past due.

Trade receivables consists of large number of customers spread across diverse industries and geographical areas with no
significant concentration of credit risk. The outstanding trade receivables are regularly monitored and appropriate action is
taken for collection of overdue receivables.

Table showing age of gross trade receivables and movement in expected credit loss allowance :
` Crores
Particulars As at March 31,
2022 2021
Within the credit period 354.31 307.77
1-90 days past due 173.63 183.36
91-180 days past due 19.59 23.82
181-270 days past due 11.02 7.80
More than 270 days past due 101.64 161.06
Total 660.19 683.81

` Crores
Movement in the expected credit loss allowance As at March 31,
2022 2021
Balance at the beginning of the year 146.07 140.77
Net movement in expected credit loss allowance on trade receivables calculated at lifetime (56.68) 5.30
expected credit losses
Balance at the end of the year 89.39 146.07

b. Liquidity Risk
Liquidity risk is the risk that the Company will encounter difficulty in meeting obligations associated with financial liabilities that
are settled by delivering cash or another financial asset. The Company’s approach for managing liquidity is to ensure, as far as
possible, that it will have sufficient liquidity to meet its liabilities when they are due, under both normal and stressed conditions,
without incurring unacceptable losses or risking damage to Company’s reputation. In addition, processes and policies related
to such risks are overseen by the senior management. The Management monitors the Company’s net liquidity position through
rolling forecasts on the basis of expected cash flows.

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Maturities of financial liabilities

The table below provides details regarding the remaining contractual maturities of financial liabilities :
` Crores
As at March 31, 2022 < 1 Year 1 - 5 year > 5 year Total
Non-current borrowings 184.51 1,040.25 64.29 1,289.05
Current borrowings 53.95 – – 53.95
Lease Liability 41.60 104.42 213.68 359.70
Fixed Deposits payable 0.34 – – 0.34
Trade Payables 1,154.03 12.80 – 1,166.83
Other Financial Liabilities 387.94 231.63 77.95 697.52

` Crores
As at March 31, 2021 < 1 Year 1 - 5 year > 5 year Total
Non-current borrowings 159.54 1,234.90 118.94 1,513.38
Current borrowings 14.98 – – 14.98
Lease Liability 48.72 119.15 211.54 379.41
Fixed Deposits payable 0.49 – – 0.49
Trade Payables 965.03 – – 965.03
Other Financial Liabilities 408.62 170.06 133.26 711.94

Financing arrangements
The Company has sufficient sanctioned line of credit from its bankers/financiers; commensurate to its business requirements.
The Company reviews its line of credit available with bankers and lenders from time to time to ensure that at any point of time
there is sufficient availability of line of credit to handle peak business cycle.

The Company pays special attention to the net operating working capital invested in the business. In this regard, as in previous
years, considerable work has been performed to control and reduce collection periods for trade and other receivables, as well
as to optimise accounts payable with the support of banking arrangements to mobilise funds and minimise inventories.

c. Market Risk :
Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market
prices. Market risk comprises two types of risk : currency risk and interest rate risk.

i. Market Risk – Foreign Exchange

Foreign currency risk is that risk in which the fair value or future cash flows of a financial instrument will fluctuate because
of changes in foreign exchange rates. The Company operates internationally and a portion of its business is transacted
in several currencies and therefore the Company is exposed to foreign exchange risk through its overseas sales and
purchases in various foreign currencies. The Company hedges the receivables as well as payables by forming view after
discussion with Forex Consultant and as per polices set by Management.

The Company is also exposed to the foreign currency loans availed from various banks to reduce the overall interest cost.

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4.08 Financial Instruments (Contd...)

The carrying amount of the Company’s foreign currency denominated monetary assets and liabilities as at the end of the
reporting period is as follows :
In Crores
Currencies Liabilities Assets
As at March 31, As at March 31,
2022 2021 2022 2021
US Dollar (USD) 2.19 1.71 0.07 0.15
EURO 0.42 0.40 – #
Japanese Yen (JPY) – 0.01 – –
British Pound (GBP) # – – –
Srilankan Rupee (LKR) # 0.03 1.13 4.28
Danish Krone (DKK) # – – –

Foreign Currency Exposure

In Crores
Foreign currency exposure as at March 31, 2022 USD EURO JPY LKR GBP DKK
Trade receivables 0.07 – – 0.11 – –
Loans and other receivables – – – 1.02 – –
Borrowings 0.04 – – – – –
Trade payables 2.15 0.42 – # # #

In Crores
Foreign currency exposure as at March 31, 2021 USD EURO JPY LKR GBP DKK
Trade receivables 0.15 # – 1.62 – –
Loans and other receivables – – – 2.66 – –
Borrowings 0.13 – – – – –
Trade payables 1.58 0.40 0.01 0.03 – –

# Amount less than 50,000/-

Particulars of un-hedged foreign currency asset/liability as at Balance Sheet date

In Crores
Currency Nature As at March 31, 2022 As at March 31, 2021
Amount Amount (`) Amount Amount (`)
in Foreign in Foreign
Currency Currency
EURO Asset – – # 0.27
GBP Asset – – – –
LKR Asset 1.13 0.29 4.28 1.57
USD Asset 0.07 5.03 0.15 10.85
EURO Liability 0.42 35.36 0.40 33.94
LKR Liability # # 0.03 0.01
GBP Liability # # – –
USD Liability 2.19 166.24 1.71 125.17
DKK Liability # 0.05 – –
JPY Liability – – 0.01 #
# Amount less than 50,000/-

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4.08 Financial Instruments (Contd...)

Foreign currency sensitivity

1% increase or decrease in foreign exchange rates will have the following impact on Profit after Tax and impact on Equity

` Crores
Currencies Impact on profit after Tax and Equity
March 31, March 31, March 31, March 31,
2022 2021 2022 2021
1% increase 1% increase 1% decrease 1% decrease
USD (1.61) (1.14) 1.61 1.14
EURO (0.35) (0.34) 0.35 0.34
LKR – 0.02 – (0.02)
Total (1.96) (1.46) 1.96 1.46

ii. Market Risk – Interest Rate

The interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of
changes in market interest rates.

The Company borrows at variable as well as fixed interest rates and the same is managed by the Company by constantly
monitoring the trends and expectations. In order to reduce the overall interest cost, the Company has borrowed in a mix
of short term and long term loans.
` Crores
Particulars As at March 31,
2022 2021
Variable rate borrowings 757.13 1152.76
Fixed rate borrowings 586.21 376.09

Interest rate sensitivity analysis

The sensitivity analysis below have been determined based on the exposure to interest rates on the borrowings at the end of
the reporting period. For floating rate liabilities, the analysis is prepared assuming the amount of liability outstanding at the end
of the reporting period was outstanding for whole of the year. A 100 basis point increase or decrease is used for internal review
by the key management personnel.

` Crores
Particulars Impact on Profit/Loss and Equity
March 31, 2022 March 31, 2021
Interest rates - increase by 100 basis points * (7.57) (11.53)
Interest rates - decrease by 100 basis points * 7.57 11.53
* Assuming all other variables as constant.

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4.09 Related Party Disclosures

Relationships
Particulars Ownership interest
As at March 31,
2022 2021
Subsidiaries :
Raheja QBE General Insurance Company Limited 51% 51%
H. & R. Johnson (India) TBK Limited 100% 100%
TBK Venkataramiah Tile Bath Kitchen Private Limited 100% 100%
TBK Rangoli Tile Bath Kitchen Private Limited 100% 100%
TBK Samiyaz Tile Bath Kitchen Private Limited 100% 100%
RMC Readymix Porselano (India) Limited 100% 100%
Sentini Cermica Private Limited 50% 50%
Antique Marbonite Private Limited 50% 50%
Spectrum Johnson Tiles Private Limited 50% 50%
Small Johnson Floor Tiles Private Limited 50% 50%
Coral Gold Tiles Private Limited 50% 50%
Antique Minerals Private Limited (Subsidiary of Antique Marbonite Private Limited) 25.50% 25.50%
Sanskar Ceramics Private Limited 50% 50%
TBK Prathap Tile Bath Kitchen Private Limited ( w.e.f 29/06/2020) 98% 98%

Joint Ventures :
Ardex Endura (India) Private Limited 50% 50%
TBK Deepgiri Tile Bath Kitchen Private Limited 50% 50%
TBK Florance Ceramics Private Limited 50% 50%

Associates :
CSE Solar Parks Satna Private Limited 27.95% 27.95%
Sunspring Solar Private Limited 27% 27%

Companies in which Directors and/or their relatives have Key Management Personnel (KMP)
significant influence Executive Directors
Peninsula Estates Private Limited Mr. Vijay Aggarwal, Managing Director
Varahagiri Investments and Finance Private Limited Mr. Vivek K. Agnihotri, Executive Director & CEO (Cement)
Hathway Cable and Datacom Limited Mr. Sarat Chandak, Executive Director & CEO (HRJ)
Mr. Atul R. Desai, Executive Director & CEO (RMC)
Others - Significant Influence
Countrywide Exports Private Limited
Non-executive Directors
Others - Post-retirement Benefit Plan Non-independent
Prism Johnson Limited Staff Provident Fund Mr. Rajan B. Raheja, Director
Mr. Akshay R. Raheja, Director (w.e.f 05/03/2022)

Independent
Mr. Shobhan M. Thakore, Chairman
Ms. Ameeta A. Parpia, Director
Dr. Raveendra Chittoor, Director

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` Crores
Name Relationship Nature of Amount of Amount Amount of Amount
transaction transaction outstanding transaction outstanding
in FY2021- as on March in FY2020- as on March
22 31, 2022 21 31, 2021
(Payable)/ (Payable)/
Receivable Receivable
Peninsula Estates Private Companies in which Rent expense 0.17 – 0.15 –
Limited Directors and/or Deposit given – 0.03 – 0.03
their relatives have
significant influence
Varahagiri Investments and Companies in which Rent expense 0.66 – 0.60 –
Finance Private Limited Directors and/or Deposit given – 0.11 – 0.11
their relatives have
significant influence
CSE Solar Parks Satna Associate Investment made – – 4.48 NA
Private Limited Purchase 11.67 (2.54) 6.52 (2.28)
Access Fees 0.13 0.14 0.11 0.05
received
Incentive paid 0.42 – 0.19 (0.89)
Sunspring Solar Private Associate Purchase 1.56 (1.00) 0.90 (0.28)
Limited Termination 1.30 – – –
Charges
Access Fees 0.11 0.11 0.04 0.04
received
Incentive paid 0.64 – 0.38 (0.68)
Payable on account of KMPs Refer table below 24.11 (1.85) 15.51 (2.55)
Managerial Remuneration (*)
Mr. Atul R. Desai Executive Director & Deposit given – 0.06 – 0.06
CEO (RMC) Rent expense 0.13 – 0.11 -
Antique Marbonite Subsidiary Purchase and 260.63 (62.14) 219.63 (65.90)
Private Limited services
Rent Paid 0.04 – – –
Reimbursement of 0.36 – 0.41 –
services received
Sanskar Ceramics Private Subsidiary Purchase and 125.32 (37.56) 102.06 (42.71)
Limited services
Reimbursement of 0.43 – 0.21 –
services received
Small Johnson Floor Tiles Subsidiary Investment 7.25 NA 12.95 NA
Private Limited purchased
Sale of Shares 4.00 NA – –
Sentini Cermica Private Subsidiary Sales 5.59 1.29 4.55 1.71
Limited Reimbursement of 0.25 – 0.49 –
services received
Purchase and 96.95 (28.93) 82.31 (25.20)
services

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4.09 Related Party Disclosures (Contd...)

` Crores
Name Relationship Nature of Amount of Amount Amount of Amount
transaction transaction outstanding transaction outstanding
in FY2021- as on March in FY2020- as on March
22 31, 2022 21 31, 2021
(Payable)/ (Payable)/
Receivable Receivable
Spectrum Johnson Tiles Subsidiary Purchase and 113.99 (27.18) 76.19 (18.03)
Private Limited services
Interest income 0.71 – 1.47 –
Reimbursement of 0.39 – 0.29 –
services paid
Sales 3.48 1.06 3.39 1.57
Rent expense 0.04 – 0.04 –
TBK Florance Ceramics Joint Venture Sales 13.26 0.30 8.00 0.24
Private Limited Reimbursement of 0.08 – 0.05 –
services paid
Selling and 0.24 – 0.61 –
Distribution
expenses
TBK Prathap Tile Bath Subsidiary Loan given – 2.80 1.95 2.80
Kitchen Private Limited Purchase of shares – – # NA
Interest income 0.34 0.78 0.20 0.48
Sales 4.37 0.39 1.99 –
Selling and 0.05 – 0.41 –
Distribution
expenses
TBK Deepgiri Tile Bath Joint Venture Selling and 0.05 – 0.15 –
Kitchen Private Limited Distribution
expenses
Loan given 1.24 – – 1.24
Coral Gold Tiles Private Subsidiary Reimbursement of 0.13 – 0.16 –
Limited services paid
Sale of Assets 0.11 – – –
Interest income 0.46 – 0.18 –
Purchase and 94.15 (26.76) 76.35 (24.89)
services
RMC Readymix Subsidiary Rent received 0.02 – 0.01 –
Porselano (India) Limited Reimbursement of 0.54 – – –
services received
Royalty income 0.01 – 0.01 –
Raheja QBE General Subsidiary Insurance premium 0.41 – 0.38 –
Insurance Company Investment made 43.37 NA 76.55 NA
Limited
Rent received 0.01 – 0.01 –
Security deposit – – 0.02 –
Ardex Endura (India) Joint Venture Branding income 1.18 – – –
Private Limited Sales – – 0.09 –

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4.09 Related Party Disclosures (Contd...)

` Crores
Name Relationship Nature of Amount of Amount Amount of Amount
transaction transaction outstanding transaction outstanding
in FY2021- as on March in FY2020- as on March
22 31, 2022 21 31, 2021
(Payable)/ (Payable)/
Receivable Receivable
Prism Johnson Limited Post-retirement Benefit Purchase of – – 2.57 NA
Staff Provident Fund Plan securities
Others Interest income / 0.13 – 0.52 0.61
(waived-off)
Purchase and 53.61 (14.72) 44.85 (20.50)
services
Sales 6.90 2.78 7.63 2.33
Selling and – – 0.05 –
Distribution
expenses
Reimbursement of 0.39 – 0.38 –
services received
Buyback of Shares – – 0.01 –
Reimbursement of 0.21 – 0.18 –
services paid
Investment 0.30 – – –
purchased
Rent expense # – 0.03 –
Deposit given – # - #
Dividend income # – # –

# Amount less than ` 50,000/-

Note : The Company had invested in 0.01% Non-cumulative Optionally Convertible Preference Shares issued by Small Johnson Floor
Tiles Private Limited aggregating to Nil (Previous year : ` 4.00 Crores).

* Compensation to KMPs :
` Crores
Particulars Amount of Amount of
transaction in transaction in
FY2021-22 FY2020-21
Short-term employee benefits 23.30 14.81
Post-employment benefits – –
Other long-term benefits – –
Commission to Independent Directors 0.60 0.45
Sitting Fees 0.21 0.25
Total 24.11 15.51
Notes :
a) As the post-employment benefits is provided on an actuarial basis for the Company as a whole, the amount pertaining to key
management personnel is not ascertainable and therefore not included above.
b) The value of related party transaction & balances reported are based on actual transaction and without giving effect to notional
Ind AS adjustment entries.

c) Transactions disclosed against “Others” in the above table are those transactions with related party which are of the amount not
in excess of 10% of the total related party transactions of the same nature.

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4.10 Segment Information

In accordance with Ind AS 108 on ‘’Operating segments” information has been given in the Consolidated Financial Statement of the
Company and therefore no separate disclosure on segment information is given in the Standalone financial Statements.

4.11 Government Grants by way of Tax subsidy/exemption schemes

a As per Jammu and Kashmir Budgetary support scheme under Goods and Service Tax, the company is entitled for 58 % of
CGST and 29% IGST paid through debit in cash ledger account maintained by the Entity. During the year, the Company has
recognised the GST Rebate and credited to “Other Income” of ` 0.43 Crores (Previous year : ` 0.78 Crores).

b As per Jammu and Kashmir Budgetary support scheme under Goods and Service Tax, the company is entitled for claim 2% of
the taxable turnover with respect to interstate supplies made by the Industrial unit under Integrated Goods and Services Tax
Act, 2017 provided that the maximum amount of annual reimbursement shall be limited to 2% of the interstate sales turnover
reflected by the dealer in his returns for the accounting year 2016-17. The Company has recognised the Interstate Sale Rebate
of ` 0.71 Crores (Previous year : ` 0.01 Crores) in the Statement of Profit and Loss.

c As part of fiscal incentives to North East Region, the Ministry of Commerce & Industry had provided capital investment incentives
under “North East Industrial and Investment Promotion Policy (NEIIPP), 2007”. The Company had invested ` 1.56 Crores in plant
and machinery in FY 2012-13 and lodged claim for capital subsidy. During the FY 2018-19, the Government had approved
Company’s claim against NEIIPP 2007 and sanctioned capital subsidy of ` 0.47 Crores. The Company had recognised this as
unearned income, to be recognised in Statement of Profit and Loss over the balance useful life of the assets.

4.12 Details of Loans given, security provided and investment made during the year 2021-22 as per section 186 (4) of the
Companies Act, 2013

` Crores
Nature of transaction Name of the recipient Amount of loan/security/ Purpose of loan/security/
acquisition/guarantee acquisition/guarantee
2021 - 2022 2020 - 2021
Security acquisition Raheja QBE General Insurance 43.37 76.55 Investment in Equity shares
Company Limited (unlisted) - Mumbai
Security acquisition CSE Solar Parks Satna Private Limited – 4.48 Investment in Equity shares
(unlisted) - Mumbai
Security acquisition TBK Venkataramiah Tile Bath Kitchen 0.10 – Investment in Equity shares
Private Limited (unlisted) - Mumbai
Security acquisition TBK Samiyaz Tile Bath Kitchen Private 0.10 – Investment in Equity shares
Limited (unlisted) - Mumbai
Security acquisition TBK Rangoli Tile Bath Kitchen Private 0.10 – Investment in Equity shares
Limited (unlisted) - Mumbai
Security acquisition Sanskar Ceramics Private Limited 7.25 – Investment in Preference shares
(unlisted) - Rajkot
Security acquisition Sanskar Ceramics Private Limited – 12.98 Investment in Equity shares
(unlisted) - Rajkot

4.13 Disclosure under Regulation 34(3) read with Schedule V of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015 :
` Crores
Name of Subsidiary Amount outstanding Maximum Balance
outstanding during the Year
As at March 31, As at March 31,
2022 2021 2022 2021
TBK Prathap Tile Bath Kitchen Private Limited 2.80 2.80 2.80 2.80

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4.14 Corporate Social Responsibility

` Crores
(a) Particulars FY2021-22 FY2020-21
i) Gross amount required to be spent by the Company during the year as per Section 135 of 3.60 3.48
the Companies Act, 2013 read with Schedule VII
ii) Amount spent during the year (net of excess spent to be adjusted in subsequent years) 3.60 3.48
iii) Excess spent/(unspent) amount 0.34 –

(b) Details of amount spent by the Company during the year 2021-22 are as follows :
` Crores
Particulars In cash Yet to be Total
paid in cash
Construction/acquisition of any asset – – –
On purposes other than above 3.60 – 3.60
Total 3.60 – 3.60

(c) Nature of CSR activities :

Rural infrastructure development, Health and hygiene, Promotion of education, Environment and water conservation, Providing
potable drinking water, Empowerment and skill development, Disaster Management and Social welfare.

(d) There is no CSR expenditure transaction with related party.

(e) There is no provision made with respect to a liability incurred by entering into a contractual obligation.

4.15 Payment to Statutory Auditors

` Crores
Particulars 2021-22 2020-21
For Statutory Audit 1.14 1.09
For Tax Audit 0.10 0.10
For Company law matters and Taxation Services – –
For Certification 0.01 0.01
For Reimbursement of Expenses – –
Total 1.25 1.20

4.16 Pursuant to Order of the Hon’ble Supreme Court dated September 24, 2014, Sial Ghogri Coal mine of the Company was de-
allocated and put to auction by the Ministry of Coal through Nominated Authority. The Nominated Authority had determined
compensation of ` 32.49 Crores for the said Coal Block as against expenses and book value of assets amounting to ` 47.58
Crores.

Till date, a sum of ` 32.34 Crores has been disbursed by the Nominated Authority. The Company had inter alia disputed the
quantum of compensation before the Hon’ble High Court of Judicature, Delhi. As per the directions of the said High Court,
the Company had filed its claim for an additional compensation of ` 53.03 Crores before the Coal Tribunal at Singrauli, duly
appointed under Coal Bearing Areas (Acquisition and Development) Act, 1957.

The Coal Tribunal however, has declined to entertain claim of the Company being of the view that the same has to be heard
by the Nominated Authority. Aggrieved by the decision of the Coal Tribunal, the Company has filed an appeal before the
High Court of Madhya Pradesh to restore the claim before the Coal Tribunal.

Pending final disposal of the matter, the Company has not recognised excess of compensation claimed over the book value
as income as well as loss that may have to be incurred in the event compensation is denied. Accordingly, the balance amount
appears under the head Other Financial Assets (note no. 2.05) and Freehold Land (note no. 2.01) ` 13.93 Crores and ` 1.31
Crores respectively. The Freehold Land continues to be in possession of the Company as it was not part of the vesting order.
Based on the legal opinion, the Company has more than reasonable chances of succeeding in the matter.

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4.17 Insurance claim of the year 2012 relating to collapse of blending silo at cement plant and consequential damages was
rejected by the insurance company. The Company had recognized a sum of ` 58.94 Crores as receivable. Against the
rejection of the claim, the Company has filed a money suit against the insurance company for recovery of ` 150.27 Crores.
The matter is before the Commercial Court at Rewa, Madhya Pradesh. In addition, the Company is pursuing arbitration
proceedings with the party responsible for construction of the said silo for recovery of damages. Based on legal opinion and
judicial precedents, the Company has more than reasonable chance of succeeding in the matter.

4.18 In the course of normal business operations, the Company has settled certain receivables by acquiring residential and
commercial properties. The process of disposing these properties is in progress. Impairment loss recognised in Statement of
profit and loss under the head Other expenses to write down the value of such properties to its fair value is Nil (Previous year
: ` 0.55 Crores). The reportable segment, in which the Non-current Assets held for sale is presented, is RMC in accordance
with Ind AS 108.

4.19 The Hon’ble National Company Law Tribunal (‘NCLT’), Hyderabad has approved the Composite Scheme of Arrangement and
Amalgamation (‘the Scheme’) vide its order dated April 28, 2021 having effect from the Appointed Date i.e. April 1, 2018. The
said order came into effect on May 11, 2021, before finalisation of financial statements for the year 2020-21. Pursuant thereto:

(a) Demerger of retail / trading business undertakings of TBK Rangoli Tile Bath Kitchen Private Limited, TBK Venkataramiah
Tile Bath Kitchen Private Limited and TBK Samiyaz Tile Bath Kitchen Private Limited, into its holding company H. & R.
Johnson (India) TBK Limited (“HRJ TBK”) and subsequent demerger of retail / trading business undertaking of HRJ TBK
into the Company; and

(b) Amalgamation of Milano Bathroom Fittings Private Limited and Silica Ceramica Private Limited, with the Company
have been recognised by the Company by applying Pooling of Interest method as laid down in Appendix C of Indian
Accounting Standard (Ind AS) 103 – ‘Business Combinations’ relating to accounting for common control business
combinations in the FY 2020-21. Accordingly, all assets & liabilities and reserves of the amalgamating companies and
demerged undertaking are recognised at their respective book values and since no shares were issued, the difference
between the book value of investments and the net assets transferred has been recognised as Capital Reserve.

4.20 According to the information available with the management, on the basis of intimation received from its suppliers regarding
their status under the Micro, Small and Medium Enterprises Development Act, 2006, the Company has amounts due to micro
and small enterprises under the said Act are as follows :

` Crores
Particulars As at March 31,
2022 2021
a) Principal amount due 102.64 50.72
b) Interest due on above 0.08 –

c) Amount of interest paid in terms of Section 16 of the Micro, Small and Medium Enterprises – –
Development Act, 2006
d) Amount of interest due and payable for the period of delay 0.08 –

e) Amount of interest accrued and remaining unpaid as at year end 0.08 –

f) Amount of further interest remaining due and payable in the succeeding year 0.08 –

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4.21 Trade Receivables Ageing schedule as at March 31, 2022 :

` Crores
Particulars Not Due Outstanding for following periods from due date of Total
payment
Less than 6 months 1-2 years 2-3 years More than
6 months - 1 year 3 years
(i) Undisputed - Considered Good 350.97 190.60 15.04 4.78 0.38 – 561.77
(ii) Undisputed - Significant increase in Credit – – – – – – –
Risk
(iii) Undisputed - Credit Impaired 0.21 2.34 1.43 3.20 7.07 9.62 23.87
(iv) Disputed - Considered Good – 0.21 1.81 2.95 0.93 – 5.90
(v) Disputed - Significant increase in Credit Risk – – – – – – –
(vi) Disputed - Credit Impaired – 0.07 9.30 11.20 18.95 26.00 65.52
Total 351.18 193.22 27.58 22.13 27.33 35.62 657.06
Less : Provision for Impairment (89.39)
Add : Unbilled trade receivables 3.13
Total 570.80

Trade Receivables Ageing schedule as at March 31, 2021 :

` Crores
Particulars Not Due Outstanding for following periods from due date of Total
payment
Less than 6 months 1-2 years 2-3 years More than
6 months - 1 year 3 years
(i) Undisputed - Considered Good 307.06 201.29 7.86 18.58 0.03 0.03 534.85
(ii) Undisputed - Significant increase in Credit – – – – – – –
Risk
(iii) Undisputed - Credit Impaired 0.71 5.45 2.92 20.71 13.02 27.30 70.11
(iv) Disputed - Considered Good – 0.08 0.06 2.08 0.53 0.14 2.89
(v) Disputed - Significant increase in Credit Risk – – – – – – –
(vi) Disputed - Credit Impaired – 0.36 0.25 14.27 14.75 46.33 75.96
Total 307.77 207.18 11.09 55.64 28.33 73.80 683.81
Less : Provision for Impairment (146.07)
Total 537.74

4.22 Trade Payables Ageing schedule as at March 31, 2022 :

` Crores
Particulars Not Due Outstanding for following periods from due date of Total
payment
Less than 1 1-2 years 2-3 years More than 3
year years
(i) Micro Enterprises & Small Enterprises 101.40 1.24 – – – 102.64
(ii) Others 870.60 176.13 9.62 2.09 4.01 1,062.45
(iii) Disputed Dues - Micro Enterprises & – – – – – –
Small Enterprises
(iv) Disputed Dues - Others – – – – – –
Total 972.00 177.37 9.62 2.09 4.01 1,165.09
Add : Unbilled trade payables (others) 1.74
Total 1,166.83

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4.22 (Contd...)

Trade Payables Ageing schedule as at March 31, 2021 :

` Crores
Particulars Not Due Outstanding for following periods from due date of Total
payment
Less than 1 1-2 years 2-3 years More than 3
year years
(i) Micro Enterprises & Small Enterprises 50.72 – – – – 50.72
(ii) Others 684.23 218.71 4.76 0.09 2.82 910.61
(iii) Disputed Dues - Micro Enterprises & – – – – – –
Small Enterprises
(iiv) Disputed Dues - Others – – – – – –
Total 734.95 218.71 4.76 0.09 2.82 961.33
Add : Unbilled trade payables (others) 3.70
Total 965.03

4.23 Relationship with Struck off Companies

As at March 31, 2022
Name of Struck off company Nature of Transaction Balance Relationship with
outstanding Struck off company
` Crores
ZK Construction Projects Private Limited Receivables 0.09 Trade receivables
AKS Builders Private Limited Receivables 0.11 Trade receivables
Shiv Products Private Limited Receivables 0.11 Trade receivables
S S Properties Private Limited Receivables 0.02 Trade receivables

As at March 31, 2021

Name of Struck off company Nature of Transaction Balance Relationship with

outstanding Struck off company
` Crores
ZK Construction Projects Private Limited Receivables 0.09 Trade receivables
AKS Builders Private Limited Receivables 0.11 Trade receivables

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4.24 Details of Properties in which Title Deeds are not in the name of the Company :
The title deeds of all immovable properties (other than properties where the Company is the lessee and the lease agreements are
duly executed in favour of the lessee) disclosed in the financial statements are held in the name of the Company. However, there
are certain immovable properties which continue to appear in the records of the relevant authorities in the erstwhile name of the
Company viz. Karan Cement Limited or Prism Cement Limited. The Company is in the process of getting the same updated in the
current name of the Company viz. Prism Johnson Limited. In addition, certain immovable properties were vested in the Company
on amalgamation of RMC Readymix (India) Private Limited and H. & R. Johnson (India) Limited as of April 1, 2009 and also on
amalgamation of Silica Ceramica Private Limited and Milano Bathroom Fittings Private Limited as of April 1, 2018. Some of these
immovable properties owned or taken on long-term non-cancellable lease arrangements by these amalgamating entities are yet
to be transferred in the name of the Company. The Company is pursuing the matter to get the same registered with the relevant
authorities in the name of the Company. The details of the same are as under :

March 31, 2022

Properties in the name of amalgamating Nature of Property Number of cases Gross carrying
company value (` Crores)
RMC Readymix (India) Private Limited Freehold Land 7 9.34
RMC Readymix (India) Private Limited Leasehold Land 7 4.96
H. & R. Johnson (India) Limited Freehold Land 5 12.06
H. & R. Johnson (India) Limited Buildings 4 16.94
Silica Ceramica Private Limited Freehold Land 1 19.94
Silica Ceramica Private Limited Leasehold Land 1 0.33
Silica Ceramica Private Limited Building 1 30.98

March 31, 2021

Properties in the name of amalgamating Nature of Property Number of cases Gross carrying
company value (` Crores)
RMC Readymix (India) Private Limited Freehold Land 7 9.34
RMC Readymix (India) Private Limited Leasehold Land 7 4.96
H. & R. Johnson (India) Limited Freehold Land 5 11.81
H. & R. Johnson (India) Limited Buildings 4 16.94
Silica Ceramica Private Limited Freehold Land 1 19.94
Silica Ceramica Private Limited Leasehold Land 1 0.33
Silica Ceramica Private Limited Building 1 30.98
Milano Bathroom Fittings Private Limited Leasehold Land 2 0.45
Milano Bathroom Fittings Private Limited Buildings 2 5.96

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4.25 The Company does not have any charge or satisfaction which are yet to be registered with Registrar of Companies beyond the
statutory period. In the year 2011-12, the Company had prepaid the entire Term Loan taken from a consortium of banks. Except
one bank, all the other banks have given their no due certificates and the Company has registered modification of charge. One
bank from the consortium, as disclosed in the note 4.05 under the Contingent Liabilities, has demanded prepayment charges,
which the Company has disputed. In view of this dispute, the charge has not been satisfied as the said bank has not issued no
dues certificate. The Company is pursuing the matter with the said bank as well as with the security trustee.

4.26 The quarterly returns or statements of current assets filed by the company with banks or financial institutions are in agreement
with the books of accounts.

4.27 (a) The Company has not advanced or loaned or invested funds (either borrowed funds or share premium or any other source
or kind of funds) to any other person(s) or entity(ies), including foreign entities (‘Intermediaries’) with the understanding
(whether recorded in writing or otherwise) that the Intermediary shall: (i) directly or indirectly lend or invest in other
persons or entities identified in any manner whatsoever by or on behalf of the company (‘Ultimate Beneficiaries’) or
(ii) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.

(b) The Company has not received any funds from any person(s) or entity(ies), including foreign entities (‘Funding Parties’),
with the understanding, whether recorded in writing or otherwise, that the Company shall, directly or indirectly, lend or
invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (‘Ultimate
Beneficiaries’) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

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 Corporate overview statutory reports Financial Statements

4.28 Ratios
Particulars Numerator Denominator March 31, March 31, % Variance Reason for variance
2022 2021
Current Ratios (x) Current Assets Current Liabilities 0.97 0.99 -2.02% NA
excl. current
borrowings
Debt Equity Ratio (x) Total Debt Equity 1.06 1.34 -20.90% NA
Debt Service Net profit after tax Interest + Lease 1.95 1.35 44.16% Principal repayment of
Coverage Ratio (x) + Depreciation and payments Long Term loan is lower
amortisations + + Principal in FY 21-22 as compared
Interest + loss on repayment of to previous year.
sale of fixed assets long term loans
Return on Equity Net profit after tax Average 11.07% 19.22% -42.40% The profitability is lower
Ratio (%) Shareholder’s in FY 21-22 as compared
Equity to previous year.
Inventory Turnover Sales of products Average 27.36 21.46 27.49% Lower average inventory
Ratio (x) and services inventory levels and higher sales
have resulted in higher
inventory turnover ratio
compared to previous
year.
Trade Receivables Sales of products Average Trade 8.24 6.68 23.35% NA
Turnover Ratio (x) and services receivables
Trade Payables Purchase of Raw Average 3.73 3.35 11.34% NA
Turnover Ratio (x) Materials, Stores & adjusted Trade
Spares and Traded payables
goods
Net Capital Turnover Net Sales Working Capital -115.24 -522.77 77.96% Release of working
Ratio (x) capital in the current
year.
Net Profit Ratio (%) Net Profit after Tax Sales of Products 2.41% 3.99% -39.60% The profitability is lower
and services in FY 21-22 as compared
to previous year.
Return on Capital Earnings before Capital Employed 13.01% 14.76% -11.86% NA
Employed (%) Interest & Tax
Return on Investment
Not Applicable
(%)

4.29 Figures for the previous year have been regrouped/reclassified/reinstated, wherever considered necessary.

As per our report of even date For and on behalf of the Board
For G. M. Kapadia & Co. Shobhan M. Thakore Ameeta A. Parpia
Chartered Accountants Chairman - DIN : 00031788 Director - DIN : 02654277
Firm Registration No. 104767W
Vijay Aggarwal Vivek K. Agnihotri
Rajen Ashar Managing Director - DIN : 00515412 Executive Director & CEO (Cement) - DIN : 02986266
Partner
Membership No. 048243 Sarat Chandak Atul R. Desai
Executive Director & CEO (HRJ) - DIN : 06406126 Executive Director & CEO (RMC) - DIN : 01918187
Place : Delhi
Date : May 11, 2022 Manish Bhatia Aneeta S. Kulkarni
Chief Financial Officer Company Secretary

Place : Mumbai
Date : May 11, 2022

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INDEPENDENT AUDITOR’S REPORT

To the Members of Prism Johnson Limited income, their consolidated statement of changes in equity and
Report on the audit of the Consolidated their consolidated cash flows for the year ended on that date.
Financial Statements Basis for Opinion
Opinion We conducted our audit of the Consolidated Financial
We have audited the accompanying consolidated financial Statements in accordance with the Standards on Auditing
statements of Prism Johnson Limited (“the Holding (“SAs”) specified under section 143(10) of the Act. Our
Company”) and its subsidiaries (the Holding Company and responsibilities under those Standards are further described in
its subsidiaries together referred to as “the Group”), its joint the Auditor’s Responsibilities for the Audit of the Consolidated
ventures and its associates comprising of the Consolidated Financial Statements section of our report. We are independent
Balance Sheet as at March 31, 2022, the Consolidated of the Group in accordance with the Code of Ethics issued by
Statement of Profit and Loss (including Other Comprehensive Institute of Chartered Accountants of India (“ICAI”), together
Income), the Consolidated Statement of Changes in Equity with the ethical requirements that are relevant to our audit of
and the Consolidated Cash Flow Statement for the year then the Consolidated Financial Statements under the provisions of
ended, and a summary of significant accounting policies and the Act and the rules framed thereunder and we have fulfilled
other explanatory information. (hereinafter referred to as ‘the our other ethical responsibilities in accordance with these
Consolidated Financial Statements’). requirements and ICAI’s Code of Ethics. We believe that the
In our opinion and to the best of our information and according audit evidence we have obtained is sufficient and appropriate
to the explanations given to us and based on the consideration to provide a basis for our audit opinion on the Consolidated
of reports of other auditors of the subsidiaries, joint ventures Financial Statements.
and associates, the Consolidated Financial Statements give
Key Audit Matters
the information required by the Companies Act, 2013 (“the
Act”) in the manner so required and give a true and fair view Key audit matters are those matters that, in our professional
in conformity with the Accounting Standards prescribed judgment, were of most significance in our audit of the
under section 133 of the Act read with the Companies (Indian consolidated financial statements of the current period. These
Accounting Standards) Rules, 2015, as amended, (“Ind AS”) matters were addressed in the context of our audit of the
and other accounting principles generally accepted in India, Consolidated Financial Statements as a whole, and in forming
of the consolidated state of affairs of the Group, its joint our opinion thereon, and we do not provide a separate opinion
ventures and its associates as at March  31, 2022 and their on these matters. We have determined the matters described
consolidated profit, their consolidated total comprehensive below to be the key audit matters :

Sr. Key Audit Matters How our audit addressed the Key Audit Matters
No.
1 Evaluation of Provisions and Contingent Liabilities Our procedures included, amongst others :

As at the Balance Sheet date, the Group has certain We have reviewed and held discussions with the management to
open legal cases and other contingent liabilities as understand their processes to identify new possible obligations and
disclosed in note no. 4.05 and 4.13 The assessment changes in existing obligations for compliance with the requirements
of the existence of the present legal or constructive of Ind AS 37 on “Provisions, Contingent Liabilities and Contingent
obligation and analysis of the probability of the related Assets”.
payment require the Management to make judgement
and estimates in relation to the issues of each matter.

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 Corporate overview statutory reports Financial Statements

Sr. Key Audit Matters How our audit addressed the Key Audit Matters
No.
The Management with the help of its experts, as We have analysed significant changes from prior periods and obtain
needed, have made such judgements and estimates a detailed understanding of these items and assumptions applied.
relating to the likelihood of an obligation arising and We have held regular meetings with the management and key legal
whether there is a need to recognize a provision or personnel responsible for handling legal matters.
disclose a contingent liability.
In addition, we have reviewed :
Due to the level of judgement and estimate involved
l the
 details of the proceedings before the relevant authorities
in recognition, valuation and presentation of provision
including communication from the advocates / experts;
and contingent liabilities, this is considered to be a key
audit matter. l legal
 advises / opinions obtained by the management, as
needed, from experts in the field of law on the legal cases;

l minutes
 of board meetings, including the sub-committees; and

l status
 of each of the material matters as on the date of the
balance sheet.

We have assessed the appropriateness of provisioning based on

assumptions made by the management and presentation of the
significant contingent liabilities in the financial statements.
2 Impairment of investment in Property, plant and l  We have understood, evaluated and validated management’s
equipment key controls over the impairment assessment process.

Significant judgement is involved in carrying out l We

 have compared the methodology used by the management
impairment assessment of Property, plant and to market practice.
equipment (PPE) and investment in subsidiaries. Such
l We
 have obtained management’s future cash flow forecasts,
assessment is undertaken using discounted cash flow
tested the mathematical accuracy of the underlying value-in-use
models to determine the recoverable amount (value-
calculations. We also compared historical actual results to those
in-use) of Cash Generating Units (CGUs), which is
budgeted to assess the quality of management’s forecasts.
compared to the carrying amount of the relevant non-
current assets of the CGU in terms of Ind AS 36 on l We have assessed the reasonableness of key assumptions used


“Impairment of Assets”. A deficit in recoverable amount in the calculations, comprising sales growth rates, gross profit
compared with the carrying amount would result in an margin, net profit margin, perpetual growth rate and discount
impairment. rates. When assessing these key assumptions, we discussed
such parameters with management to understand and evaluate
The value-in-use requires the use of significant
management’s basis for determining the assumptions, and
management judgements and estimates including key
compared them to external industry outlook reports and
assumptions such as product-mix, sales growth rate,
economic growth forecasts from independent sources.
discount rate and terminal growth rate etc.
l We
 have considered views of valuation experts in assessing the
Considering significant degree of judgment in
reasonableness of the discount rates used by management by
estimating value-in-use, we identified assessment of
comparing the discount rates used to entities with similar risk
impairment of PPE as a key audit matter.
profiles and market information.

l We
 obtained and tested management’s sensitivity analysis
around the key assumptions, to ascertain that selected adverse
changes to key assumptions, both individually and in aggregate,
would not cause the carrying amount to exceed the recoverable
amount.

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Information Other than the Consolidated Financial ensuring the accuracy and completeness of the accounting
Statements and Our Report thereon records, relevant to the preparation and presentation of the
The Holding Company’s Management and Board of Consolidated Financial Statements that give a true and fair
Directors are responsible for the other information. The other view and are free from material misstatement, whether due
information comprises of the other information comprises the to fraud or error, which have been used for the purpose of
information included in Annual Report, but does not include preparation of the Consolidated Financial Statements by
the Management and Directors of the Holding Company, as
the Consolidated and Standalone Financial Statements and
aforesaid.
our auditor’s reports thereon. The Annual Report is expected
to be made available to us after the date of this report. In preparing the Consolidated Financial Statements, the
respective Board of Directors of the companies included in the
Our opinion on the Consolidated Financial Statements does
Group and of its joint ventures and associates are responsible
not cover the other information and we will not express any
for assessing the ability of the Group and of its associates and
form of assurance conclusion thereon.
joint ventures to continue as a going concern, disclosing, as
In connection with our audit of the Consolidated Financial applicable, matters related to going concern and using the
Statements, our responsibility is to read the other information going concern basis of accounting unless management either
identified above and, in doing so, consider whether the other intends to liquidate the Group or to cease operations, or has
information is materially inconsistent with the Consolidated no realistic alternative but to do so.
Financial Statements or our knowledge obtained in the audit,
The respective Board of Directors of the companies included
or otherwise appears to be materially misstated.
in the Group and of its joint ventures and associates are
When we read the balanace part of Annual Report, if we responsible for overseeing the financial reporting process of
conclude that there is a material misstatement therein, we are the Group and of its joint ventures and associates.
required to communicate the matter to Those Charged With Auditor’s Responsibilities for the Audit of the Consolidated
Governance and take necessary actions as applicable under Financial Statements
the relevant laws and regulations.
Our objectives are to obtain reasonable assurance about
Management’s and Those Charged with Governance whether the Consolidated Financial Statements as a whole
Responsibilities for the Consolidated Financial Statements are free from material misstatement, whether due to fraud
The Holding Company’s Management and Board of Directors or error, and to issue an auditor’s report that includes our
are responsible for the matters stated in section 134(5) of opinion. Reasonable assurance is a high level of assurance,
but is not a guarantee that an audit conducted in accordance
the Act with respect to preparation and presentation of the
with SAs will always detect a material misstatement when it
Consolidated Financial Statements that give a true and fair
exists. Misstatements can arise from fraud or error and are
view of the consolidated financial position, consolidated
considered material if, individually or in the aggregate, they
financial performance including other comprehensive income,
could reasonably be expected to influence the economic
consolidated changes in equity and consolidated cash flows
decisions of users taken on the basis of these Consolidated
of the Group including, its joint ventures and its associates in
Financial Statements.
accordance with the accounting principles generally accepted
in India, including the Indian Accounting Standards (“Ind AS”) As part of an audit in accordance with SAs, we exercise
specified under section 133 of the Act, read with the rules professional judgment and maintain professional skepticism
made thereunder and the relevant provisions of the Act. The throughout the audit. We also :
respective Board of Directors of the companies included in the l Identify
 and assess the risks of material misstatement
Group and of its joint ventures and associates are responsible of the Consolidated Financial Statements, whether due
for maintenance of adequate accounting records in accordance to fraud or error, design and perform audit procedures
with the provisions of the Act for safeguarding the assets of the responsive to those risks, and obtain audit evidence that
Group its joint ventures and its associates and for preventing is sufficient and appropriate to provide a basis for our
and detecting frauds and other irregularities; the selection opinion. The risk of not detecting a material misstatement
and application of appropriate accounting policies; making resulting from fraud is higher than for one resulting from
judgments and estimates that are reasonable and prudent; error, as fraud may involve collusion, forgery, intentional
and the design, implementation and maintenance of adequate omissions, misrepresentations, or the override of internal
internal financial controls, that were operating effectively for control.

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 Corporate overview statutory reports Financial Statements

l Obtain
 an understanding of internal control relevant to timing of the audit and significant audit findings, including
the audit in order to design audit procedures that are any significant deficiencies in internal control that we identify
appropriate in the circumstances. Under section 143(3)(i) during our audit.
of the Act, we are also responsible for expressing our
We also provide those charged with governance with a
opinion on whether the Holding company has adequate
statement that we have complied with relevant ethical
internal financial controls system in place and the
requirements regarding independence, and to communicate
operating effectiveness of such controls. with them all relationships and other matters that may
l Evaluate
 the appropriateness of accounting policies reasonably be thought to bear on our independence, and
used and the reasonableness of accounting estimates where applicable, related safeguards.
and related disclosures made by the Management. From the matters communicated with those charged with
l Conclude
 on the appropriateness of Management and governance, we determine those matters that were of
Board of Directors use of the going concern basis of most significance in the audit of the Consolidated Financial
accounting and, based on the audit evidence obtained, Statements of the current period and are therefore the key
whether a material uncertainty exists related to events or audit matters. We describe these matters in our auditor’s
conditions that may cast significant doubt on the ability report unless law or regulation precludes public disclosure
of the Group and its joint venture and its associates about the matter or when, in extremely rare circumstances,
to continue as a going concern. If we conclude that a we determine that a matter should not be communicated in
material uncertainty exists, we are required to draw our report because the adverse consequences of doing so
attention in our auditor’s report to the related disclosures would reasonably be expected to outweigh the public interest
in the Consolidated Financial Statements or, if such benefits of such communication.
disclosures are inadequate, to modify our opinion. Our Other Matters
conclusions are based on the audit evidence obtained We did not audit the standalone financial statements of twelve
up to the date of our auditor’s report. However, future subsidiaries and consolidated financial statement of one
events or conditions may cause the Group and its joint subsidiary whose financial statements/consolidated financial
venture and its associates to cease to continue as a statements reflect total assets of ` 1,840.86 Crores as at March
going concern. 31, 2022, total revenues of ` 1,403.68 Crores and net cash
l Evaluate
 the overall presentation, structure and content flows amounting to ` 6.46 Crores for the year ended on that
of the Consolidated Financial Statements, including the date, as considered in the preparation of the Consolidated
disclosures, and whether the Consolidated Financial Financial Statements. The Consolidated Financial Statements
Statements represent the underlying transactions and also includes Group’s share of net profit of ` 7.91 Crores
events in a manner that achieves fair presentation. for the year ended March 31, 2022, as considered in the
preparation of Consolidated Financial Statements, in respect
l Obtain
 sufficient appropriate audit evidence regarding
of standalone financial statements of one joint venture and
the financial information of the entities or business
consolidated financial statements of two joint ventures have
activities within the Group and its associates and joint
not been audited by us. The Consolidated Financial Statements
ventures to express an opinion on the Consolidated
includes Group’s share of net loss of ` (0.70) Crores for the
Financial Statements. We are responsible for the
year ended March 31, 2022, as considered in the preparation
direction, supervision and performance of the audit of
of the Consolidated Financial Statements in respect of two
the consolidated financial statements of such entities
associates, whose standalone financial statements have
included in the Consolidated Financial Statements
not been audited by us. These financial statements have
of which we are the independent auditors. For the
been audited by other auditors whose reports have been
other entities included in the Consolidated Financial
furnished to us by the management and our opinion on the
Statements, which have been audited by other auditors,
Consolidated Financial Statements, in so far as it relates to
such other auditors remain responsible for the direction,
the amounts and disclosures included in respect of these
supervision and performance of the audits carried out by
subsidiaries, joint ventures and associates, and our report in
them. We remain solely responsible for our audit opinion.
terms of section 143(3) of the Act, in so far as it relates to the
We communicate with those charged with governance aforesaid subsidiaries, joint ventures and associates, is based
regarding, among other matters, the planned scope and solely on the reports of the other auditors.

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Our opinion on the Consolidated Financial Statements, and e. On the basis of the written representations received
our report on Other Legal and Regulatory Requirements from the directors of the Holding Company as on
below, is not modified in respect of the above matters with March 31, 2022 taken on record by the Board of
respect to our reliance on the work done and the reports of Directors of the Holding Company and the reports
the other auditors. of the statutory auditors of its subsidiaries, joint
ventures and associates incorporated in India, none
Report on Other Legal and Regulatory Requirements
of the directors of the Group companies, its joint
1. As required by the Companies (Auditor’s Report) Order, ventures and its associates incorporated in India
2020 (“the Order”), issued by the Central Government is disqualified as on March 31, 2022 from being
of India in terms of section 143(11) of the Act, based on appointed as a director in terms of section 164 (2) of
our audit and on the consideration of report of the other the Act;
auditors on separate financial statements and the other
f. With respect to the adequacy of the internal financial
financial information of the subsidiaries, joint ventures
controls with reference to Financial Statements
and associates, incorporated in India, as noted in the
of the Holding Company, its subsidiaries, joint
‘Other Matter’ paragraph we give in the “Annexure A” a
ventures and associates incorporated in India and
statement on the matters specified in paragraph 3(xxi) of
the operating effectiveness of such controls, we
the Order.
give our separate Report in “Annexure B”. Our report
2. As required by section 143(3) of the Act, based on our expresses an unmodified opinion on the adequacy
audit and on the consideration of report of the other and operating effectiveness of the Company’s
auditors on separate financial statements and the other internal financial controls with reference to financial
financial information of subsidiaries, joint ventures and statements;
associates, as noted in the ‘other matter’ paragraph we
g. With respect to the other matters to be included
report, to the extent applicable, that :
in the Auditor’s Report in accordance with the
a. We have sought and obtained all the information and requirements of section 197(16) of the Act, as
explanations which to the best of our knowledge amended :
and belief were necessary for the purposes of
In our opinion and to the best of our information
our audit of the aforesaid Consolidated Financial
and according to the explanations given to us,
Statements;
the remuneration paid by Holding Company to its
b. In our opinion, proper books of account as required directors during the year is in accordance with the
by law relating to preparation of the aforesaid provisions of section 197 of the Act; and
Consolidated Financial Statements have been kept h. With respect to the other matters to be included in
by the Holding Company so far as it appears from the Auditor’s Report in accordance with rule 11 of
our examination of those books and the reports of the Companies (Audit and Auditors) Rules, 2014,
the other auditors; as amended, in our opinion and to the best of our
c. The Consolidated Balance Sheet, the Consolidated information and according to the explanations given
Statement of Profit and Loss (including Other to us and based on the consideration of the report
Comprehensive Income), Consolidated Statement of other auditors of subsidiaries, joint ventures and
of Changes in Equity and the Consolidated Cash associates, as noted in the other matters paragraph:
Flow Statement dealt with by this Report are in i. 
The Consolidated Financial Statements
agreement with the relevant books of account disclose the impact of pending litigations
maintained for the purpose of preparation of the on the consolidated financial position of
consolidate financial statements; the Group, its joint ventures and associates.
d. In our opinion, the aforesaid Consolidated Financial Refer Note 4.05 and 4.13 to the Consolidated
Statements comply with the Accounting Standards Financial Statements;
specified under section 133 of the Act read with ii. The Group, its joint ventures and its associates
relevant rules issued thereunder and relevant has made provision, as required under the
provisions of the Act; applicable law or accounting standards for

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material foreseeable losses, if any, on long- that, to the best of its knowledge and
term contracts including derivative contracts; belief, no funds (which are material either
and individually or in the aggregate) have
been received by the respective Holding
iii. 
There has been no amounts which are
Company or any of such subsidiaries,
required to be transferred to the Investor
joint ventures and associates from
Education and Protection Fund by the Group,
any person or entity, including foreign
its joint ventures and its associates.
entities (“Funding Parties”), with the
iv. (a) 
The respective managements of the understanding, whether recorded in
Holding Company, its subsidiaries, its writing or otherwise, that the Holding
joint ventures and its associates whose Company or any of such subsidiaries, joint
financial statements have been audited ventures and associates shall, whether,
under the Act have represented to us and directly or indirectly, lend or invest in
the other auditors of such subsidiaries, other persons or entities identified in any
joint ventures and associates respectively manner whatsoever by or on behalf of the
that, to the best of its knowledge and Funding Party (“Ultimate Beneficiaries”)
belief, no funds have been advanced or or provide any guarantee, security or the
loaned or invested (either from borrowed like on behalf of the Ultimate Benficiaries;
funds or share premium or any other
(c) 
Based on the audit procedures that
sources or kind of funds) by the Holding
has been considered reasonable
Company or any of such subsidiaries,
and appropriate in the circumstances
joint ventures and associates to or in
performed by us, nothing has come to our
any other person or entity, including
or other auditor’s notice that has caused
foreign entities (“Intermediaries”), with
us to believe that the representations
the understanding, whether recorded in
under sub-clause (i) and (ii) of Rule 11(e), as
writing or otherwise, that the Intermediary
provided under (a) and (b) above, contain
shall, whether, directly or indirectly lend
any material misstatement.
or invest in other persons or entities
identified in any manner whatsoever by v. 
The Holding Company, its subsidiaries, its
or on behalf of the respective Holding joint ventures and its associates companies
Company or any of such subsidiaries, incorporated in India have not declared or
joint ventures and associates (“Ultimate paid any dividend during the year.
Beneficiaries”) or provide any guarantee,
security or the like on behalf of the
Ultimate Beneficiaries;
For G.M. Kapadia & Co.
(b) 
The respective managements of the Chartered Accountants
Holding Company, its subsidiaries, its joint Firm Registration No. 104767W
ventures, its associates whose financial
statements have been audited under Rajen Ashar
the Act have represented to us and the Partner
other auditors of such subsidiaries, joint Place : Delhi Membership No. 048243
ventures and associates respectively Dated : May 11, 2022 UDIN : 22048243AITJUE2120

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Annual Report 2021-22

Annexure 1 referred to in paragraph 1 under the heading “Report on other legal and regulatory requirements” of our
Independent Auditor’s report of even date, to the members of Prism Johnson Limited (“the Holding Company”) on the
Consolidated Financial Statements for the year ended March 31, 2022
In terms of the information and explanations sought by us and given by the Holding Company and the books of account
and records examined by us in the normal course of audit and to the best of our knowledge and belief, and based on the
consideration of reports of auditors in respect of subsidiaries, joint ventures and associates, we state that the adverse remarks
by the respective auditors in their reports on Companies (Auditor’s Report) Order, 2020 of the companies included in the
Consolidated Financial Statements are :

Sr. Name CIN Holding Company/ Clause number of the

No. Subsidiary/Joint CARO report which is
Venture/Associate adverse
1. Sentini Cermica Private Limited U26914AP2002PTC038347 Subsidiary Clause xvii
2. Small Johnson Floor Tiles Private Limited U26933GJ2011PTC067661 Subsidiary Clause xvii
3. TBK Prathap Tile Bath Kitchen Private Limited U26931KA2010PTC056090 Subsidiary Clause xvii
4. TBK Rangoli Tile Bath Kitchen Private Limited U74120MH2010PTC209550 Subsidiary Clause xvii
5. TBK Samiyaz Tile Bath Kitchen Private Limited U26916MH2007PTC176528 Subsidiary Clause xvii
6. TBK Venkataramiah Tile Bath Kitchen Private U26900KA2010PTC056306 Subsidiary Clause xvii
Limited

Annexure B referred to in paragraph 2(f) under “Report Management’s Responsibility for Internal Financial Controls
on Other Legal and Regulatory Requirements” of our The respective Management and Board of Directors of the
Independent Auditor’s report of even date, to the members Holding company, its subsidiaries, its joint ventures and
of Prism Johnson Limited (“the Holding Company”) on associates , which are companies incorporated in India, are
the Consolidated Financial Statements for the year ended responsible for establishing and maintaining internal financial
March 31, 2022 controls based on the internal controls with reference to
Report on the Internal Financial Controls under section financial statements criteria established by the Holding
143(3)(i) of the Companies Act, 2013 (the Act) Company, considering the essential components of internal
Opinion controls stated in the Guidance Note. These responsibilities
include the design, implementation and maintenance of
In conjunction with our audit of the Consolidated Financial
adequate internal financial controls that were operating
Statements of the Holding Company as of and for the year
effectively for ensuring the orderly and efficient conduct of
ended March 31, 2022, we have audited the internal financial
controls with reference to financial statements of Prism its business, including adherence to respective company’s
Johnson Limited (“the Holding Company”) and its subsidiaries, policies, the safeguarding of its assets, the prevention and
its joint ventures and associates, which are companies detection of frauds and errors, the accuracy and completeness
incorporated in India, as of that date. of the accounting records, and the timely preparation of
reliable financial information, as required under the Act.
In our opinion, the Holding Company, its subsidiaries, its joint
ventures and associates , which are companies incorporated Auditor’s Responsibility
in India, have, in all material respects, an adequate internal Our responsibility is to express an opinion on the internal
financial controls system with reference to financial statements financial controls with reference to financial statement of
and such internal financial controls with reference to financial the Holding Company, its subsidiaries, joint ventures and
statements were operating effectively as at March 31, 2022 associates, which are companies incorporated in India, based
based on the internal controls with reference to financial on our audit. We conducted our audit in accordance with
statements criteria established by the Holding Company, the Guidance Note and the Standards on Auditing, specified
considering the essential components of internal controls under section 143(10) of the Act, to the extent applicable to
stated in the Guidance Note on Audit of Internal Financial an audit of internal financial controls, both issued by the
Controls over Financial Reporting (“Guidance Note”) issued by Institute of Chartered Accountants of India. Those Standards
the Institute of Chartered Accountants of India (“ICAI”). and the Guidance Note require that we comply with ethical

198
 Corporate overview statutory reports Financial Statements

requirements and plan and perform the audit to obtain accounting principles and that receipts and expenditures
reasonable assurance about whether adequate internal of the company are being made only in accordance with
financial controls with reference to financial statements was authorisations of management and directors of the company;
established and maintained and if such controls operated and (3) provide reasonable assurance regarding prevention
effectively in all material respects. or timely detection of unauthorised acquisition, use, or
disposition of the company’s assets that could have a material
Our audit involves performing procedures to obtain audit
effect on the financial statements.
evidence about the adequacy of the internal financial controls
system with reference to financial statements and their Inherent Limitations of Internal Financial Controls with
operating effectiveness. reference to Financial Statements

Our audit of internal financial controls with reference to financial Because of the inherent limitations of internal financial controls
statements included obtaining an understanding of internal with reference to financial statements, including the possibility
financial controls with reference to financial statements, of collusion or improper management override of controls,
assessing the risk that a material weakness exists, and testing material misstatements due to error or fraud may occur and not
and evaluating the design and operating effectiveness of be detected. Also, projections of any evaluation of the internal
internal controls based on the assessed risk. financial controls with reference to financial statements to
future periods are subject to the risk that the internal financial
The procedures selected depend on the auditor’s judgment, controls with reference to financial statements may become
including the assessment of the risks of material misstatement inadequate because of changes in conditions, or that the
of the financial statements, whether due to fraud or error. degree of compliance with the policies or procedures may
We believe that the audit evidence we have obtained and deteriorate.
the audit evidence obtained by the other auditor in terms of Other Matters
their report referred to in the Other matter paragraph below
Our aforesaid report under section 143(3)(i) of the Act on the
is sufficient and appropriate to provide a basis for our audit
adequacy and operating effectiveness of the internal financial
opinion on the Holding Company’s internal financial control
controls with reference to financial statements, in so far as it
system with reference to financial statements.
relates standalone financial statements of twelve subsidiaries,
Meaning of Internal Financial Controls with reference to consolidated financial statements of one subsidiary,
Consolidated Financial Statements standalone financial statements of two associates, standalone
A company’s internal financial controls with reference to financial statements of two joint ventures and consolidated
consolidated financial statements is a process designed to financial statements of one joint venture, which are companies
provide reasonable assurance regarding the reliability of incorporated in India, is based on the corresponding reports
financial reporting and the preparation of financial statements of the auditors of such companies incorporated in India.
for external purposes in accordance with generally accepted
For G.M. Kapadia & Co.
accounting principles. A company’s internal financial
controls with reference to consolidated financial statements Chartered Accountants
includes those policies and procedures that (1) pertain to the Firm Registration No. 104767W
maintenance of records that, in reasonable detail, accurately
and fairly reflect the transactions and dispositions of the Rajen Ashar
assets of the company; (2) provide reasonable assurance that Partner
transactions are recorded as necessary to permit preparation Place : Delhi Membership No. 048243
of financial statements in accordance with generally accepted Dated : May 11, 2022 UDIN: 22048243AITJUE2120

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Annual Report 2021-22

Consolidated Balance Sheet as at March 31, 2022

` Crores
Particulars Note No. As at March 31,
2022 2021
ASSETS
Non-current Assets
Property, plant and equipment 2.01 2,728.61 2,691.60
Right of Use Assets 4.03 178.22 208.25
Capital work-in-progress 4.06 204.10 132.44
Goodwill 2.02 22.73 22.73
Other intangible assets 2.03 40.67 23.90
Intangible assets under development 0.03 -
Investments in Joint Ventures and Associates 2.04 80.14 73.19
Financial assets
Investments 2.05 716.84 497.54
Loans 2.06 0.68 1.04
Other financial assets 2.07 129.81 139.66
Deferred tax assets (net) 2.08 9.15 5.76
Other non-current assets 2.09 106.51 190.60
Total Non-current Assets 4,217.49 3,986.71
Current Assets
Inventories 2.10 804.86 580.50
Financial assets
Investments 2.05 37.19 160.24
Trade receivables 2.11 623.80 630.90
Cash and cash equivalents 2.12 257.05 346.37
Bank balances other than Cash and cash equivalents 2.13 117.05 198.36
Loans 2.06 1.29 3.75
Other financial assets 2.07 36.23 25.62
Current tax assets (net) 2.14 43.94 57.64
Other current assets 2.09 317.53 180.08
Non-current assets classified as held for sale 4.16 0.59 2.08
Total Current Assets 2,239.53 2,185.54
TOTAL ASSETS 6,457.02 6,172.25
EQUITY AND LIABILITIES
Equity
Equity share capital 2.15 503.36 503.36
Other equity 2.16 819.65 738.18
Non-controlling interests 272.53 282.40
Total Equity 1,595.54 1,523.94
Liabilities
Non-current Liabilities
Financial liabilities
Borrowings 2.17 1,177.01 1,429.81
Lease Liability 4.03 157.41 170.72
Trade payables
Total outstanding dues of Micro Enterprises & Small Enterprises 2.18 – –
Total outstanding dues of Creditors other than Micro Enterprises & Small Enterprises 2.18 12.80 –
Other financial liabilities 2.19 309.59 302.93
Provisions 2.20 34.43 32.64
Deferred tax liabilities (net) 2.21 98.29 61.18
Other non current liabilities 2.22 269.76 225.22
Total Non-current Liabilities 2,059.29 2,222.50
Current Liabilities
Financial liabilities
Borrowings 2.17 382.91 297.64
Lease Liability 4.03 26.69 32.30
Trade payables
Total outstanding dues of Micro Enterprises & Small Enterprises 2.18 111.06 56.54
Total outstanding dues of Creditors other than Micro Enterprises & Small Enterprises 2.18 1,026.87 889.22
Other financial liabilities 2.19 422.76 442.88
Current tax liabilities (net) 2.23 0.34 0.73
Provisions 2.20 69.20 63.11
Other current liabilities 2.22 762.36 643.39
Total Current Liabilities 2,802.19 2,425.81
TOTAL EQUITY AND LIABILITIES 6,457.02 6,172.25
Significant Accounting Policies 1
The accompanying notes are an integral part of the financial statements.
As per our report of even date For and on behalf of the Board
For G. M. Kapadia & Co. Shobhan M. Thakore Ameeta A. Parpia
Chartered Accountants Chairman - DIN : 00031788 Director - DIN : 02654277
Firm Registration No. 104767W
Vijay Aggarwal Vivek K. Agnihotri
Rajen Ashar Managing Director - DIN : 00515412 Executive Director & CEO (Cement) - DIN : 02986266
Partner
Membership No. 048243 Sarat Chandak Atul R. Desai
Executive Director & CEO (HRJ) - DIN : 06406126 Executive Director & CEO (RMC) - DIN : 01918187
Place : Delhi
Date : May 11, 2022 Manish Bhatia Aneeta S. Kulkarni
Chief Financial Officer Company Secretary

Place : Mumbai
Date : May 11, 2022

200
 Corporate overview statutory reports Financial Statements

Consolidated Statement of Profit and Loss for the year ended March 31, 2022
` Crores
Particulars Note No. Year ended March 31,
2022 2021
INCOME
Revenue from operations 3.01 6,306.32 5,587.14
Other income 3.02 39.67 38.15
Total Income 6,345.99 5,625.29
EXPENSES
Cost of materials consumed 1,755.38 1,392.79
Purchase of stock-in-trade 412.08 306.82
Changes in inventories 3.03 (95.30) 187.02
Power and fuel expenses 1,177.81 917.16
Freight outward expenses 664.10 658.86
Other manufacturing expenses 3.04 345.59 306.57
Employee benefits expense 3.05 615.23 549.89
Finance costs 3.06 185.14 210.38
Depreciation, amortisation and impairment expense 3.07 309.65 292.52
Other expenses 3.08 908.24 646.21
Total expenses 6,277.92 5,468.22
Profit before share of profit of Joint Ventures, Associates and Exceptional items 68.07 157.07
Share of profit of Joint Ventures & Associates 6.87 4.25
Profit before Exceptional items and Tax 74.94 161.32
Exceptional items 4.02 8.99 (4.78)
Profit before tax 83.93 156.54
Tax expenses 3.09
Current tax 3.69 10.37
Current tax of the earlier years (1.24) –
Deferred tax 37.53 5.83
Total tax expenses 39.98 16.20
Profit for the year 43.95 140.34
Other Comprehensive Income / (Loss)
Items that will not be reclassified to profit or loss
Remeasurements of the defined benefit plans (4.36) (2.88)
Equity instruments through other comprehensive income (0.10) (0.23)
Share of other comprehensive income in Joint Ventures, to the extent not to be 0.10 0.01
reclassified to profit or loss
Income tax relating to items that will not be reclassified to profit or loss 3.09 1.12 0.72
Total (A) (3.24) (2.38)
Items that will be reclassified to profit or loss
Net gain/(loss) arising on financial assets measured at FVTOCI (11.27) (4.81)
Income tax relating to items that will be reclassified to profit or loss 3.09 2.93 1.25
Total (B) (8.34) (3.56)
Total Other Comprehensive Income / (Loss) (A+B) (11.58) (5.94)
Total Comprehensive Income for the year 32.37 134.40
Profit / (Loss) for the year attributable to :
Owners of the Parent 91.77 171.23
Non-controlling interests (47.82) (30.89)
43.95 140.34
Other Comprehensive Income / (Loss) for the year attributable to :
Owners of the Parent (7.63) (4.28)
Non-controlling interests (3.95) (1.66)
(11.58) (5.94)
Total Comprehensive Income / (Loss) for the year attributable to :
Owners of the Parent 84.14 166.95
Non-controlling interests (51.77) (32.55)
32.37 134.40
Earnings per share (Face value of ` 10/- each) 4.01
Basic (in `) 1.82 3.40
Diluted (in `) 1.82 3.40
Significant Accounting Policies 1
The accompanying notes are an integral part of the financial statements.
As per our report of even date For and on behalf of the Board
For G. M. Kapadia & Co. Shobhan M. Thakore Ameeta A. Parpia
Chartered Accountants Chairman - DIN : 00031788 Director - DIN : 02654277
Firm Registration No. 104767W
Vijay Aggarwal Vivek K. Agnihotri
Rajen Ashar Managing Director - DIN : 00515412 Executive Director & CEO (Cement) - DIN : 02986266
Partner
Membership No. 048243 Sarat Chandak Atul R. Desai
Executive Director & CEO (HRJ) - DIN : 06406126 Executive Director & CEO (RMC) - DIN : 01918187
Place : Delhi
Date : May 11, 2022 Manish Bhatia Aneeta S. Kulkarni
Chief Financial Officer Company Secretary

Place : Mumbai
Date : May 11, 2022

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Annual Report 2021-22

Consolidated Statement of Changes in Equity for the year ended March 31, 2022

` Crores
A. EQUITY SHARE CAPITAL Note No. Amount
Balance as at April 1, 2020 2.15 503.36
Changes in equity share capital during the year –
Balance as at March 31, 2021 2.15 503.36
Changes in equity share capital during the year –
Balance as at March 31, 2022 2.15 503.36

` Crores
B. OTHER EQUITY Reserves and Surplus (refer note 2.16) Amount Non- Total
attribu- controlling
Particulars Capital General Capital Retained Net Gain
table to interests
Redem- Reserve Reserve Earnings arising of
Owners
ption financial
of the
Reserve assets
parent
measured
as at
FVTOCI
Balance as at April 1, 2020 11.94 192.34 (178.71) 547.43 2.59 575.59 245.04 820.63
Profit/(Loss) for the year – – – 171.23 – 171.23 (30.89) 140.34
Items of Other Comprehensive Income:
Remeasurements of the defined benefit – – – (2.47) – (2.47) 0.08 (2.39)
plans
Share in Joint Ventures and Associates – – – 0.01 – 0.01 – 0.01
Net Gain arising of financial assets – – – – (1.82) (1.82) (1.74) (3.56)
measured at FVTOCI
Total Comprehensive Income for the year 11.94 192.34 (178.71) 716.20 0.77 742.54 212.49 955.03
Non-controlling interests arising on the – – – – – – (0.05) (0.05)
acquisition of a Subsidiary
Profit from Sale of stake – – – – – – 4.74 4.74
Non-controlling interests arising due to – – – – – – 73.54 73.54
issue of shares
Reduction of non-controlling interests – – – – – – (8.32) (8.32)
due to buy back of shares of a Subsidiary
Capital reserve due to business – – (2.45) – – (2.45) – (2.45)
combination within the group
Transferred from General Reserve 0.75 – – – – 0.75 – 0.75
Transferred to Capital Redemption – (1.28) – – – (1.28) – (1.28)
Reserve
Others – – – (1.38) – (1.38) – (1.38)
Balance as at March 31, 2021 12.69 191.06 (181.16) 714.82 0.77 738.18 282.40 1,020.58

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 Corporate overview statutory reports Financial Statements

Consolidated Statement of Changes in Equity for the year ended March 31, 2022 (Contd...)

` Crores
B. OTHER EQUITY Reserves and Surplus (refer note 2.16)
Amount Non- Total
attribu- controlling
Particulars Capital General Capital Retained Net Gain
table to interests
Redem- Reserve Reserve Earnings arising of
Owners
ption financial
of the
Reserve assets
parent
measured
as at
FVTOCI
Balance as at April 1, 2021 12.69 191.06 (181.16) 714.82 0.77 738.18 282.40 1,020.58
Profit/(Loss) for the year – – – 91.77 – 91.77 (47.82) 43.95
Items of Other Comprehensive Income:
Remeasurements of the defined benefit – – – (3.48) – (3.48) 0.14 (3.34)
plans
Share in Joint Ventures and Associates – – – 0.10 – 0.10 – 0.10
Net Gain arising of financial assets – – – – (4.25) (4.25) (4.09) (8.34)
measured at FVTOCI
Total Comprehensive Income for the year 12.69 191.06 (181.16) 803.21 (3.48) 822.32 230.63 1,052.95
Non-controlling interests arising due to – – – – – – 41.66 41.66
issue of shares
Reduction of non-controlling interests – – – – – – 0.24 0.24
due to sale of shares of a Subsidiary
De-recognition of Financial Guarantee – – (0.70) 0.70 – – – –
Remeasurement of Financial Instruments – – (2.67) – – (2.67) – (2.67)
Balance as at March 31, 2022 12.69 191.06 (184.53) 803.91 (3.48) 819.65 272.53 1,092.18
Significant Accounting Policies Note - 1

The accompanying notes are an integral part of the financial statements.

As per our report of even date For and on behalf of the Board

For G. M. Kapadia & Co. Shobhan M. Thakore Ameeta A. Parpia

Chartered Accountants Chairman - DIN : 00031788 Director - DIN : 02654277
Firm Registration No. 104767W
Vijay Aggarwal Vivek K. Agnihotri
Rajen Ashar Managing Director - DIN : 00515412 Executive Director & CEO (Cement) - DIN : 02986266
Partner
Membership No. 048243 Sarat Chandak Atul R. Desai
Executive Director & CEO (HRJ) - DIN : 06406126 Executive Director & CEO (RMC) - DIN : 01918187
Place : Delhi
Date : May 11, 2022 Manish Bhatia Aneeta S. Kulkarni
Chief Financial Officer Company Secretary

Place : Mumbai
Date : May 11, 2022

203
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Annual Report 2021-22

Consolidated Cash Flow Statement for the year ended March 31, 2022

` Crores
Particulars Year ended March 31,
2022 2021
CASH FLOW FROM OPERATING ACTIVITIES
Profit before tax 83.93 156.54
Non-cash Adjustment to Profit Before Tax :
Share of (Profit)/Loss of Joint Ventures and Associates (6.87) (4.25)
Depreciation, amortisation and impairment expense 309.65 292.52
Impairment on trade receivables (52.82) 8.52
Impairment on non-current assets (0.86) 2.43
Amortisation of processing fees 6.51 6.21
Bad debts written off 67.05 15.68
Unwinding of interest and discounts (0.25) (0.91)
(Gain)/Loss on disposal of Property, plant and equipment (4.00) (31.84)
(Gain)/Loss on disposal of investments (0.29) (2.88)
Dividend and interest income (68.54) (55.40)
Finance costs 178.21 209.87
Exchange differences (net) (0.04) (6.54)
Impairment on financial assets (0.31) (1.22)
Balances written back (8.39) (6.05)
Impairment/write-off of Inventories – (0.21)
Gain on Lease Rental Waiver – (1.61)
Other non-cash Items 0.32 (4.80)
Operating profit before change in operating assets and liabilities 503.30 576.06

Change in operating assets and liabilities :

Decrease/(increase) in trade receivables (6.61) 66.82
Decrease/(increase) in inventories (224.36) 161.37
Increase/(decrease) in trade payables 200.49 174.13
Decrease/(increase) in other financial assets (1.24) (22.55)
Decrease/(increase) in loans (1.45) 22.29
Decrease/(increase) in other non-current and current assets (83.63) (15.73)
Increase/(decrease) in provisions 7.77 9.31
Increase/(decrease) in other current and non-current financial liabilities 3.46 69.40
Increase/(decrease) in other current and non-current liabilities 154.70 252.54
Cash generated from operations 552.43 1,293.64
Direct taxes paid (net of refunds) (13.03) 13.05
Net cash flow from operating activities (A) 565.46 1,280.59

CASH FLOW FROM INVESTING ACTIVITIES

Payments for acquisition of Property, plant and equipment (367.69) (229.53)
Payments for purchase of investments (666.16) (597.91)
Proceeds from sale of investments 536.28 355.60
Proceeds from disposal of Property, plant and equipment 16.04 42.59
Investment in Fixed deposit (net) 92.46 106.41
Disposal of Subsidiary (net) (0.07) -
Payment for Repurchase of Shares from Investee - (4.51)
Interest received 76.23 62.33
Net cash flow used in investing activities (B) (312.91) (265.02)

204
 Corporate overview statutory reports Financial Statements

Consolidated Cash Flow Statement for the year ended March 31, 2022 (Contd...)
` Crores
Particulars Year ended March 31,
2022 2021
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from Issue of Share Capital to Non-controlling Interest 41.66 73.54
Proceeds from borrowings 397.26 681.69
Repayment of long term borrowings (623.43) (1033.69)
Repayment of short term borrowings (net) 58.72 (163.25)
Repayment of loan given to others 1.68 1.40
Repayment of Lease Liability (43.38) (47.05)
Share issue expenses (0.25) (0.40)
Tax paid on buyback - (1.06)
Interest paid (173.80) (317.28)
Net cash flow used in financing activities (C) (341.54) (806.10)

Net increase/(decrease) in cash and cash equivalents (A+B+C) (88.99) 209.47

Effect of exchange differences on cash & cash equivalent held in foreign currency (0.33) (0.14)
Cash and cash equivalents at the beginning of the year 346.37 137.04
Cash and cash equivalents at the end of the year 257.05 346.37

Cash and cash equivalents comprises of :

Balances with bank 254.65 309.67
Cheques/drafts on hand 0.98 35.43
Cash on hand 1.42 1.27
Total 257.05 346.37
Notes :
1. The Cash Flow Statement has been prepared using the Indirect Method set out in Ind AS 7 - Statement of Cash Flows.
2. Payments for acquisition of Property, plant and equipment include movement in capital work-in-progress.

As per our report of even date For and on behalf of the Board

For G. M. Kapadia & Co. Shobhan M. Thakore Ameeta A. Parpia

Chartered Accountants Chairman - DIN : 00031788 Director - DIN : 02654277
Firm Registration No. 104767W
Vijay Aggarwal Vivek K. Agnihotri
Rajen Ashar Managing Director - DIN : 00515412 Executive Director & CEO (Cement) - DIN : 02986266
Partner
Membership No. 048243 Sarat Chandak Atul R. Desai
Executive Director & CEO (HRJ) - DIN : 06406126 Executive Director & CEO (RMC) - DIN : 01918187
Place : Delhi
Date : May 11, 2022 Manish Bhatia Aneeta S. Kulkarni
Chief Financial Officer Company Secretary

Place : Mumbai
Date : May 11, 2022

205
Prism Johnson Limited
Annual Report 2021-22

Notes FORMING PART OF THE Consolidated FINANCIAL STATEMENTS

for the year ended March 31, 2022

1. Significant Accounting Policies

The consolidated financial statements comprise financial statements of Prism Johnson Limited (“the Company”) and its
subsidiaries (collectively “the Group”) for the year ended March 31, 2022. The Company is a public limited company domiciled in
India and is incorporated under the provisions of the Companies Act applicable in India. Its shares are listed on two recognised
stock exchanges in India.

The Group principally operates in four business segments : Cement; Tile and Bath (HRJ), Ready Mixed Concrete (RMC) and
Insurance. Information on other related party relationships of the Group is provided in Note No. 4.09.

Authorisation of financial statements :

The financial statements were authorised for issue in accordance with a resolution of the board of directors dated May 11, 2022.

1.1 Basis of Preparation

a) Compliance with Ind AS
The consolidated financial statements comply in all material aspects with Indian Accounting Standards (“Ind AS”)
notified under Section 133 of the Companies Act, 2013 (“the Act”), and relevant rules issued thereunder and the
relevant provisions of the Act. In accordance with proviso to the Rule 4A of the Companies (Accounts) Rules, 2014,
the terms used in these financial statements are in accordance with the definitions and other requirements specified
in the applicable Accounting Standards.

b) Historical cost convention

The financial statements have been prepared on a historical cost basis, except for the following :
l certain financial assets and liabilities (including derivative instruments) are measured at fair value; and
l defined benefit plans -plan assets measured at fair value.

1.2 Rounding of amounts

All amounts disclosed in the financial statement and notes have been rounded off to the nearest Crores, except where
otherwise indicated.

1.3 Current versus non-current classification

The Group presents its assets and liabilities in the Balance Sheet based on current/non-current classification. An asset is
classified as current if :
a) it is expected to be realised or intended to be sold or consumed in normal operating cycle;
b) it is held primarily for the purpose of trading;
c) it is expected to be realised within twelve months after the reporting period; or
d) cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months
after the reporting period.

All other assets are classified as non-current.

A liability is classified as current if :

a) it is expected to be settled in normal operating cycle;
b) it is held primarily for the purpose of trading;
c) it is due to be settled within twelve months after the reporting period; or

d) there is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting
period.

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All other liabilities are classified as non-current.

Deferred tax assets and liabilities are classified as non-current assets and liabilities.
The operating cycle is the time between the acquisition of assets for processing and their realisation in cash and cash
equivalents. The Group has identified twelve months as its normal operating cycle.

1.4 Use of judgements, estimates & assumptions

While preparing financial statements in conformity with Ind AS, the management makes certain estimates and assumptions
that require subjective and complex judgments. These judgments affect the application of accounting policies and the
reported amount of assets, liabilities, income and expenses, disclosure of contingent liabilities at the statement of financial
position date and the reported amount of income and expenses for the reporting period. Financial reporting results rely
on our estimate of the effect of certain matters that are inherently uncertain. Future events rarely develop exactly as
forecast and the best estimates require adjustments, as actual results may differ from these estimates under different
assumptions or conditions. The management continually evaluate these estimates and assumptions based on the most
recently available information.

Revisions to accounting estimates are recognised in the period in which the estimates are revised and in any future
periods affected. In particular, information about significant areas of estimation uncertainty and critical judgments in
applying accounting policies that have the most significant effect on the amounts recognised in the financial statements
are as below :

The Company has equity stake in various entities for strategic reasons concerning its operation. The relationship with
these entities have been determined based on principles laid down in Ind AS 110 – Consolidated Financial Statements and
Ind AS 111 – Joint Arrangements. The entities mentioned below are considered as subsidiaries.
a) Antique Marbonite Private Limited
b) Small Johnson Floor Tiles Private Limited
c) Spectrum Johnson Tiles Private Limited
d) Sentini Cermica Private Limited
e) Coral Gold Tiles Private Limited
f) Sanskar Ceramics Private Limited

Key assumptions
a) Evaluation of recoverability of deferred tax assets
Deferred tax assets are recognised for unused tax losses to the extent that it is probable that taxable profit will be
available against which the losses can be utilised. Significant management judgment is required to determine the
amount of deferred tax assets that can be recognised, based upon the likely timing and the level of future taxable
profits together with future tax planning strategies.

b) Assets and obligations relating to employee benefits

The cost of the defined benefit plans, compensated absences and the present value of the defined benefit obligations
are based on actuarial valuation using the projected unit credit method. An actuarial valuation involves making
various assumptions that may differ from actual developments in the future. These inter alia include the determination
of the discount rate, future salary increases and mortality rates. Due to the complexities involved in the valuation and
its long-term nature, a defined benefit obligation is highly sensitive to changes in these assumptions. All assumptions
are reviewed at each reporting date.

c) Useful lives of Property, plant and equipment

The Company reviews the useful life of Property, plant and equipment at the end of each reporting period. This
reassessment may result in change in depreciation expense in future periods.

d) Impairment of Property, plant and equipment

For Property, plant and equipment and intangibles an assessment is made at each reporting date to determine
whether there is an indication that the carrying amount may not be recoverable or previously recognised impairment

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losses no longer exist or have decreased. If such indication exists, the Company estimates the asset’s or Cash
Generating Units (CGU’s) recoverable amount. A previously recognised impairment loss is reversed only if there has
been a change in the assumptions used to determine the asset’s recoverable amount since the last impairment loss
was recognised.

e) Impairment of investment
For determining whether the investments in subsidiaries, joint ventures and associates are impaired requires an
estimate in the value in use of investments. In considering the value in use, the Directors have estimated the future
cash flow, capacity utilisation, operating margins and other factors of the underlying businesses/operations of the
investee companies. Any subsequent changes to the cash flows due to changes in the above mentioned factors
could impact the carrying value of investments.

f) Valuation of inventories
The Company estimates the net realisable value (NRV) of its inventories by taking into account estimated selling
price, estimated cost of completion, estimated costs necessary to make the sale, obsolescence considering the past
trend. Inventories are written down to NRV where such NRV is lower than their cost.

g) Recognition and measurement of other Provisions

The recognition and measurement of other provisions is based on the assessment of the probability of an outflow of
resources, and on past experience and circumstances known at the closing date. The actual outflow of resources at
a future date may therefore, vary from the amount included in other provisions.

h) Mine Restoration Provision

In determining the fair value of the Mines Restoration Obligation, assumptions and estimates are made in relation to
the expected cost of mines restoration and the expected timing of those costs.

i) Fair value of financial instruments

Management uses valuation techniques in measuring the fair value of financial instruments where active market quotes
are not available. Details of the assumptions used are given in the notes regarding financial assets and liabilities.
In applying the valuation techniques, management makes maximum use of market inputs and uses estimates and
assumptions that are, as far as possible, consistent with observable data that market participants would use in pricing
the instrument. Where applicable data is not observable, management uses its best estimate about the assumptions
that market participants would make. These estimates may vary from the actual prices that would be achieved in an
arm’s length transaction at the reporting date.

1.5 Principles of consolidation and equity accounting

a) Subsidiaries
Subsidiaries are all entities over which the Group has control. The Group controls an entity when the Group is
exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those
returns through its power to direct the relevant activities of the entity. Subsidiaries are fully consolidated from the date
on which control is transferred to the Group. They are deconsolidated from the date that control ceases.

The Group combines the financial statements of the parent and its subsidiaries line by line adding together like
items of assets, liabilities, equity, income and expenses. Intergroup transactions, balances and unrealised gains on
transactions between Group companies are eliminated. Unrealised losses are also eliminated unless the transaction
provides evidence of an impairment of the transferred asset.

Non-controlling interests in the results and equity of subsidiaries are shown separately in the consolidated Statement
of Profit and Loss, consolidated Statement of Changes in Equity and Balance Sheet respectively.

b) Associates
Associates are all entities over which the Group has significant influence but not control or joint control. This is
generally the case where the Group holds between 20% and 50% of the voting rights. Investments in Associates are
accounted for using the equity method of accounting (see (d) below), after initially being recognised at cost.

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c) Joint Ventures
Under Ind AS 111 Joint Arrangements, investments in joint arrangements are classified as either joint operations or
Joint Ventures. The classification depends on the contractual rights and obligations of each investor, rather than the
legal structure of the joint arrangement. The Group has only Joint Ventures.

Interests in Joint Ventures are accounted for using the equity method (see (d) below), after initially being recognised
at cost in the consolidated Balance Sheet.

d) Equity method
Under the equity method of accounting, the investments are initially recognised at cost and adjusted thereafter
to recognise the Group’s share of the post-acquisition profits or losses of the investee in profit and loss, and the
Group’s share of Other Comprehensive Income of the investee in Other Comprehensive Income. Dividends received
or receivable from Associates and Joint Ventures are recognised as a reduction in the carrying amount of the
investment.

When the Group’s share of losses in an equity-accounted investment equals or exceeds its interest in the entity,
including any other unsecured long-term receivables, the Group does not recognise further losses, unless it has
incurred obligations or made payments on behalf of the other entity.

Unrealised gains on transactions between the Group and its Associates and Joint Ventures are eliminated to the
extent of the Group’s interest in these entities. Unrealised losses are also eliminated unless the transaction provides
evidence of an impairment of the asset transferred. Accounting policies of equity accounted investees have been
changed where necessary to ensure consistency with the policies adopted by the Group. The carrying amount of
equity accounted investments are tested for impairment in accordance with the policy described in note 1.9 below.

e) Changes in ownership interests

The Group treats transactions with non-controlling interests that do not result in a loss of control, as transactions with
equity owners of the Group. A change in ownership interest results in an adjustment between the carrying amounts of
the controlling and non-controlling interests to reflect their relative interests in the subsidiary. Any difference between the
amount of the adjustment to non-controlling interests and any consideration paid or received is recognised within equity.

When the Group ceases to consolidate or equity account for an investment because of a loss of control, joint control
or significant influence, any retained interest in the entity is re-measured to its fair value with the change in carrying
amount recognised in profit or loss. This fair value becomes the initial carrying amount for the purpose of subsequent
accounting for the retained interest as an Associate, Joint Venture or financial asset. In addition, any amounts
previously recognised in Other Comprehensive Income in respect of that entity are accounted for as if the Group had
directly disposed of the related assets or liabilities.

The amounts previously recognised in Other Comprehensive Income are reclassified to profit or loss.

If the ownership interest in a Joint Venture or an Associate is reduced but joint control or significant influence is
retained, only a proportionate share of the amounts previously recognised in Other Comprehensive Income are
reclassified to profit or loss where appropriate.

1.6 Business Combinations

Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the
aggregate of the consideration transferred, measured at acquisition date fair value and the amount of any non-controlling
interest in the acquiree. For each business combination, the Company elects whether it measures the non-controlling
interest in the acquiree either at fair value or at the proportionate share of the acquiree’s identifiable net assets. Acquisition
costs which are administrative in nature are expensed out.

After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of
impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the
Company’s cash-generating units that are expected to benefit from the combination, irrespective of whether other assets
or liabilities of the acquiree are assigned to those units.

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Where goodwill forms part of a cash-generating unit and part of the operation within that unit is disposed of, the goodwill
associated with the operation disposed off is included in the carrying amount of the operation when determining the gain
or loss on disposal of the operation. Goodwill disposed off in this circumstance is measured based on the relative values
of the operation disposed off and the portion of the cash-generating unit retained.

Common control business combinations include transactions, such as transfer of subsidiaries or businesses, between
entities within a Group.

Business combinations involving entities or businesses under common control are accounted for using the pooling of
interests method. Under pooling of interest method, the assets and liabilities of the combining entities are reflected at their
carrying amounts, the only adjustments that are made are to harmonise accounting policies.

The financial information in the consolidated financial statements in respect of prior periods are restated as if the business
combination had occurred from the beginning of the preceding period in the consolidated financial statements, irrespective
of the actual date of the combination. However, if business combination had occurred after that date, the prior period
information is restated only from that date.

The difference, if any, between the amount recorded as share capital issued plus any additional consideration in the form
of cash or other assets and the amount of share capital of the transferor is transferred to capital reserve and presented
separately from other capital reserves with disclosure of its nature and purpose in the notes.

1.7 Property, plant and equipment

a) Freehold land is carried at historical cost less impairment losses, if any.

b) Property, plant and equipment is stated at cost, less accumulated depreciation and accumulated impairment losses. The
initial cost of an asset comprises its purchase price, non-refundable purchase taxes and any costs directly attributable
to bringing the asset into the location and condition necessary for it to be capable of operating in the manner intended
by management, the initial estimate of any decommissioning obligation, if any, and, for assets that necessarily take a
substantial period of time to get ready for their intended use, finance costs. The purchase price or construction cost is
the aggregate amount paid and the fair value of any other consideration given to acquire the asset.

c) When significant parts of Plant and Equipment are required to be replaced at intervals, the Group depreciates them
separately based on their specific useful lives. Likewise, when a major inspection is performed, its cost is recognised
in the carrying amount of the plant and equipment as a replacement, if the recognition criteria are satisfied. All other
repair and maintenance costs are recognised in the Statement of Profit and Loss as incurred.

d) An item of Property, plant and equipment and any significant part initially recognised is derecognised upon disposal
or when no future economic benefits are expected from its use. Any gain or loss arising on derecognition of the asset
(calculated as the difference between the net realisable value and the carrying amount of the asset) is included in the
Statement of Profit and Loss.

e) Expenditure directly attributable to setting up/construction of new projects are capitalised. Administrative and other
General overhead expenses, which are specifically attributable to the setting up/construction activities, incurred
during the construction period are capitalised as part of the indirect cost. Other indirect expenditure incurred during
such period, which are not related to the setting up/construction activities are charged to Statement of Profit and
Loss. Income earned during this period from setting up activities is deducted from the total of indirect expenditure.

f) The residual values and useful lives of Property, plant and equipment are reviewed at each financial year end, and
changes, if any, are accounted prospectively.

g) Long-term lease arrangements in respect of land are treated as Property, plant and equipment, in case such
arrangements result in transfer of control and the present value of the lease payments is likely to represent
substantially all of the fair value of the land. Cost in respect of the same is amortised over the period of respective
lease arrangement.

h) Stores and spares which meet the definition of Property, plant and equipment and satisfy the recognition criteria of
Ind AS 16 are capitalised as Property, plant and equipment.

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i) Cost of mining reserves included in freehold / leasehold land, balance cost of leasehold mining land and mines
development expenses are amortised systematically based on principle of Unit of Production method.

j) Depreciation on Property, plant and equipment is provided on straight line method. In accordance with requirements
prescribed under Schedule II to the Companies Act, 2013, the Group has assessed the estimated useful lives of its
Property, Plant and Equipment and has adopted the useful lives and residual value as prescribed therein except for
the following cases which are based on internal technical assessment :

Assets Useful life of asset

Mobile Phones 1- 3 years
Motor car given to employees as per the company’s 5-7 years
scheme or vehicle used by employees
Leasehold land Remaining period of the lease
Truck mixers, Loaders, Excavators and Dumpers 8 years
Leasehold Improvements Over the period of the lease / rent agreement
Machinery spares Over the useful life of the related assets
Plant & Machinery - Concrete Pumps 6 years
Freehold land is not depreciated.

k) The Group depreciates significant components of the main asset (which have different useful lives as compared to
the main asset) based on the individual useful life of those components. Useful life for such components of Property,
Plant and Equipment is assessed based on the historical experience and internal technical inputs which varies from
2 to 40 years.

l) All assets costing up to ` 10,000/- are fully depreciated in the year of capitalisation.

1.8 Intangible Assets

Intangible assets acquired separately are measured on initial recognition at cost. Following initial recognition, intangible
assets are carried at cost less any accumulated amortisation and accumulated impairment losses. Internally generated
intangibles are not capitalised and the related expenditure is reflected in the Statement of Profit or Loss in the period in
which the expenditure is incurred.

Technical know-how/license fee and application software are classified as Intangible Assets.

Intangible assets with finite lives are amortised on straight line basis over their useful economic life and assessed for
impairment whenever there is an indication that the Intangible asset may be impaired. The amortisation period and the
amortisation method for an Intangible asset with a finite useful life are reviewed at each year end. The amortisation
expense on Intangible assets with finite lives and impairment loss is recognised in the Statement of Profit and Loss.

Estimated lives for current and comparative periods in relation to application of straight line method of amortisation of
Intangible assets (acquired) are as follows :

Assets Amortisation method/Useful life

Intellectual Property Rights 10 years
Technical know-how 7 years
Software 1-8 years
Mineral Procurement Rights Unit of Production Method
Mining Lease Rights Over the period of the lease
Research and Development
Research costs are expensed as incurred. Development expenditure incurred on an individual project is recognised as an
Intangible asset when the Group can demonstrate the following :
a The technical feasibility of completing the intangible asset so that it will be available for use or sale;
b) Its intention to complete the asset;
c) Its ability to use or sell the asset;

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d) Ability to generate future economic benefits;

e) The availability of adequate resources to complete the development and use or sell the asset; and
f) The ability to measure reliably the expenditure attributable to the intangible asset during development.

1.9 Impairment of Assets

Carrying amount of Tangible assets, Intangible assets, investments in Joint Ventures and Associates (accounted under
equity method) are tested for impairment whenever events or changes in circumstances indicate that the carrying amount
may not be recoverable. An impairment loss is recognised for the amount by which the asset’s carrying amount exceeds its
recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs of disposal and value in use.

In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount
rate that reflects current market assessments of the time value of money and the risks specific to the asset. In determining
fair value less costs of disposal, recent market transactions are taken into account. If no such transactions can be identified,
an appropriate valuation model is used.

For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately
identifiable cash inflows which are largely independent of the cash inflows from other assets or Group’s assets (cash-
generating units). Non-financial assets other than goodwill that suffered an impairment are reviewed for possible reversal
of the impairment at the end of each reporting period.

1.10 Inventories
Raw materials, fuels, stores and spares are valued at lower of cost and net realisable value. However, materials and other
items held for use in the production of inventories are not written down below cost if the finished products in which they
will be incorporated are expected to be sold at or above cost. Cost in case of Raw material and Packing material, Stores
and Spare and Traded Goods include purchase cost net of refundable taxes and other overheads incurred in bringing
such items of inventory to its present location and condition. Cost of raw materials, components and stores and spares
which do not meet the recognition criteria under Property, plant and equipment is determined on a weighted average
basis.

Work-in-progress and finished goods are valued at lower of cost and net realisable value. Cost includes direct materials,
labour, other direct cost and a proportion of manufacturing overheads based on normal operating capacity. Cost of
inventories is computed on weighted average basis

Traded goods are valued at lower of weighted average cost and net realisable value.

Net realisable value is the estimated selling price in the ordinary course of business, less estimated costs of completion
and estimated costs necessary to make the sale.

The factors that the Company considers in determining the allowance for slow moving, obsolete and other non-saleable
inventory in determining net realisable value include ageing of inventory, price changes and such other related factors.

1.11 Cash and cash equivalents

Cash and cash equivalents in the Balance Sheet comprise cash at banks and on hand and short-term deposits with an
original maturity of three months or less, which are subject to insignificant risk of change in value.

For the purpose of statement of cashflows, cash and cash equivalents consist of cash, short-term deposits as defined
above, bank overdrafts and short-term highly liquid investments that are readily convertible to known amounts of cash
and which are subject to insignificant risk of changes in value as they are considered as an integral part of the Company’s
management.

1.12 Government Grants

Government grants are recognised when there is reasonable assurance that the grant will be received and all attached
conditions will be complied with. When the grant relates to an expense item, it is deducted from the related expense.
When the grant relates to an asset, it is recognised as deferred income and amortised over the useful life of such assets.

The above criteria is also used for recognition of incentives under various schemes notified by the Government.

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1.13 Financial Instruments

Financial assets and financial liabilities are recognised when the Group becomes a party to the contractual provisions of
the instruments.

Initial Recognition and Measurement – Financial Assets and Financial Liabilities

Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable
to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at
fair value through profit or loss and ancillary costs related to borrowings) are added to or deducted from the fair value of
the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the
acquisition of financial assets or financial liabilities at fair value through profit or loss are recognised immediately in the
Statement of Profit and Loss.

Classification and Subsequent Measurement: Financial Assets

The Group classifies financial assets as subsequently measured at amortised cost, Fair Value Through Other Comprehensive
Income (“FVTOCI”) or Fair Value Through Profit or Loss (“FVTPL”) on the basis of following :
− the entity’s business model for managing the financial assets and
− the contractual cash flow characteristics of the financial asset.

Amortised Cost
A financial asset is classified and measured at amortised cost if both of the following conditions are met :
− the financial asset is held within a business model whose objective is to hold financial assets in order to collect
contractual cash flows; and
− the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of
principal and interest on the principal amount outstanding.

FVTOCI
A financial asset is classified and measured at FVTOCI if both of the following conditions are met:
− the financial asset is held within a business model whose objective is achieved by both collecting contractual cash
flows and selling financial assets; and
− the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of
principal and interest on the principal amount outstanding.

FVTPL
A financial asset is classified and measured at FVTPL unless it is measured at amortised cost or at FVTOCI.

All recognised financial assets are subsequently measured in their entirety at either amortised cost or fair value, depending
on the classification of the financial assets.

Impairment of Financial Assets

The Group assesses on a forward looking basis the expected credit losses associated with its assets carried at amortised
cost. The impairment methodology applied depends on whether there has been a significant increase in credit risk.

For trade receivables only, the Group applies the simplified approach permitted by Ind AS 109 Financial Instruments, which
requires expected lifetime losses to be recognised from initial recognition of the receivables.

Classification and Subsequent measurement : Financial Liabilities

The Group’s financial liabilities include trade and other payables, loans and borrowings including bank overdrafts, financial
guarantee contracts and derivative financial instruments.

Financial Liabilities at FVTPL

Financial liabilities are classified as at FVTPL when the financial liability is held for trading or are designated upon initial
recognition as FVTPL.

Gains or Losses on financial liabilities held for trading are recognised in the Statement of Profit and Loss.

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Other Financial Liabilities

Other financial liabilities (including borrowings and trade and other payables) are subsequently measured at amortised
cost using the effective interest method.

The effective interest method is a method of calculating the amortised cost of a financial liability and of allocating interest
expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash
payments (including all fees and points paid or received that form an integral part of the effective interest rate, transaction
costs and other premiums or discounts) through the expected life of the financial liability, or (where appropriate) a shorter
period, to the net carrying amount on initial recognition.

Derecognition of Financial Assets and Financial Liabilities

The Group derecognises a financial asset when the contractual rights to the cash flows from the financial asset expire, or it
transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards
of ownership of the financial asset are transferred or in which the Group neither transfers nor retains substantially all of
the risks and rewards of ownership and does not retain control of the financial asset. If the Group enters into transactions
whereby it transfers assets recognised on its balance sheet, but retains either all or substantially all of the risks and
rewards of the transferred assets, the transferred assets are not derecognised.

A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires.

Offsetting Financial Instruments

Financial assets and liabilities are offset and the net amount is reported in the Balance Sheet where there is a legally
enforceable right to offset the recognised amounts and there is an intention to settle on a net basis or realise the asset
and settle the liability simultaneously. The legally enforceable right must not be contingent on future events and must be
enforceable in the normal course of business and in the event of default, insolvency or bankruptcy of the Group or the
counterparty.

1.14 Financial liabilities and equity instruments

Classification as debt or equity
Debt and equity instruments issued by the Group are classified as either financial liabilities or as equity in accordance with
the substance of the contractual arrangements and the definitions of a financial liability and an equity instrument.

Equity instruments
An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its
liabilities. Equity instruments issued by the Group are recognised at the proceeds received.

1.15 Borrowing Costs

Borrowing costs directly attributable to the acquisition, construction or production of an asset that necessarily takes a
substantial period of time to get ready for its intended use or sale are capitalised as part of the cost of the asset. All other
borrowing costs are expensed in the period in which they occur. Borrowing costs consist of interest and other costs that
an entity incurs in connection with the borrowing of funds. Borrowing cost also includes exchange differences to the extent
regarded as an adjustment to the borrowing costs.

1.16 Provisions, Contingent liabilities and Contingent Assets

Provisions are recognised when the Group has a present legal or constructive obligation as a result of past events, it
is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and the
amount can be reliably estimated. Provisions are not recognised for future operating losses, if any.

Provisions are measured at the present value of management’s best estimate of the expenditure required to settle the
present obligation at the end of the reporting period. The discount rate used to determine the present value is a current
pre-tax rate. The increase in the provision due to the passage of time is recognised as interest expense.

Contingent liabilities are disclosed in the case of :

l a present obligation arising from the past events, when it is not probable that an outflow of resources will be required
to settle the obligation;

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l a present obligation arising from the past events, when no reliable estimate is possible;
l a possible obligation arising from past events, unless the probability of outflow of resources is remote.

Contingent Assets is disclosed when inflow of economic benefits is probable.

1.17 Gratuity and other post-employment benefits

a) Short-term obligations
Short term employee benefits are recognised as an expense at an undiscounted amount in the Statement of Profit
and Loss of the year in which the related services are rendered.

The Company recognises a liability and an expense for bonuses. The Company recognises a provision where
contractually obliged or where there is a past practice that has created a constructive obligation.

b) Post-employment obligations
The Group operates the following post-employment schemes :
l defined benefit plans such as gratuity; and
l defined contribution plans such as provident fund, superannuation fund and national pension scheme.

Gratuity obligations
The liability or asset recognised in the Balance Sheet in respect of defined benefit gratuity plans is the present value
of the defined benefit obligation at the end of the reporting period less the fair value of plan assets. The defined
benefit obligation is calculated annually by actuaries using the projected unit credit method.

The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows
by reference to market yields at the end of the reporting period on government bonds that have terms approximating
to the terms of the related obligation.

The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation
and the fair value of plan assets. This cost is included in employee benefit expense in the Statement of Profit and Loss.

Remeasurement gains and losses arising from experience adjustments and changes in actuarial assumptions are
recognised at amount net of taxes in the period in which they occur, directly in Other Comprehensive Income. They
are included in Retained Earnings in the Statement of Changes in Equity and in the Balance Sheet.

Changes in the present value of the defined benefit obligation resulting from plan amendments or curtailments are
recognised immediately in the Statement Profit and Loss as past service cost.

Defined contribution plans

The Group contributes to Superannuation, Employee’s State Insurance Corporation, Provident Fund and subscribes to
the National Pension Scheme which are considered as defined contribution plans. A contribution is made to Regional
Provident Fund Commissioner for certain employees. In case of other employees covered under the Provident Fund
Trust of the Group, the management does not expect any material liability on account of interest shortfall to be borne
by the Group. The said contributions are charged to the Statement of Profit and Loss.

c) Other long-term employee benefit obligations

The liabilities for leave are not expected to be settled wholly within twelve months after the end of the period in which
the employees render the related service. They are therefore measured as the present value of expected future
payments to be made in respect of services provided by employees up to the end of the reporting period using the
projected unit credit method. The benefits are discounted using the market yields at the end of the reporting period
that have terms approximating to the terms of the related obligation. Remeasurements as a result of experience
adjustments and changes in actuarial assumptions are recognised in the Statement of Profit and Loss.

The obligations are presented as current liabilities in the Balance Sheet if the entity does not have an unconditional
right to defer settlement for at least twelve months after the reporting period, regardless of when the actual settlement
is expected to occur.

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1.18 Revenue Recognition

a) Revenue from contracts with Customers
The Company derives revenues primarily from sale of products and services. Revenue from sale of goods is
recognised net of returns and discounts.

Revenue is recognised upon transfer of control of promised products or services to customers in an amount that
reflects the consideration the Company expect to receive in exchange for those products or services.

To recognise revenues, the Company applies the following five step approach :
1. Identify the contract with a customer;
2. Identify the performance obligations in the contract;
3. Determine the transaction price;
4. Allocate the transaction price to the performance obligations in the contract; and
5. Recognise revenues when a performance obligation is satisfied

Revenue is measured based on the consideration specified in a contract with a customer and excludes amounts
collected on behalf of third parties.

The Company presents revenues net of indirect taxes in its Statement of Profit and Loss.

Performance obligation may be satisfied over time or at a point in time. Performance obligations satisfied over time if
any one of the following criteria is met. In such cases, revenue is recognised over time.
1. The customer simultaneously receives and consumes the benefits provided by the Company’s performance; or
2. The Company’s performance creates or enhances an asset that the customer controls as the asset is created
or enhanced; or
3. The Company’s performance does not create an asset with an alternative use to the Company and the Company
has an enforceable right to payment for performance completed to date.

For performance obligations where one of the above conditions are not met, revenue is recognised at the point in
time at which the performance obligation is satisfied.

b) Interest Income
Interest income from debt instruments is recognised using the effective interest rate method.

c) Dividend Income
Dividends are recognised in the Statement of Profit and Loss only when the right to receive payment is established, it
is probable that the economic benefits associated with the dividend will flow to the Company, and the amount of the
dividend can be measured reliably.

1.19 Taxes on Income

Current Tax
Tax on income for the current period is determined on the basis of estimated taxable income and tax credits computed in
accordance with the provisions of the relevant tax laws and based on the expected outcome of assessments/appeals.

Current income tax relating to items recognised directly in equity is recognised in equity and not in the Statement of Profit
and Loss.

Management periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax
regulations are subject to interpretation and establishes provisions where appropriate.

Deferred tax
Deferred tax is provided using the Balance Sheet approach on temporary differences at the reporting date between the
tax bases of assets and liabilities and their carrying amounts for financial reporting purposes at the reporting date.

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 Corporate overview statutory reports Financial Statements

Deferred tax assets are recognised for all deductible temporary differences, the carry forward of unused tax credits
and any unused tax losses. Deferred tax assets are recognised to the extent that it is probable that taxable profit will be
available against which the deductible temporary differences, carry forward of unused tax credits and unused tax losses
can be utilised.

The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no
longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised.
Unrecognised deferred tax assets are reassessed at each reporting date and are recognised to the extent that it has
become probable that future taxable profits will allow the deferred tax asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is
realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the
reporting date.

Deferred tax relating to items recognised outside the Statement of Profit and Loss is recognised outside the Statement of
Profit and Loss. Deferred tax items are recognised in correlation to the underlying transaction either in Other Comprehensive
Income or directly in equity.

Deferred tax assets and deferred tax liabilities are offset if a legally enforceable right exists to set off current tax assets
against current income tax liabilities and the deferred taxes relate to the same taxable entity and the same taxation
authority.

The break-up of the major components of the deferred tax assets and liabilities as at Balance Sheet date has been arrived
at after setting off deferred tax assets and liabilities where the Group have a legally enforceable right to set-off assets
against liabilities and where such assets and liabilities relate to taxes on income levied by the same governing taxation laws.

Deferred tax liabilities are recognised for all taxable temporary differences, except in respect of taxable temporary
differences associated with investments in subsidiaries, Associates and interests in Joint Ventures, when the timing of the
reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse
in the foreseeable future.

MAT Credits are in the form of unused tax credits that are carried forward by the Group for a specified period of time,
hence it is grouped with Deferred Tax Asset.

1.20 Earnings Per Share

Basic earnings per share are calculated by dividing the net profit or loss for the period attributable to equity shareholders
(after deducting preference dividends, if any, and attributable taxes) by the weighted average number of equity shares
outstanding during the period.

For the purpose of calculating diluted earnings per share, the net profit or loss for the period attributable to equity
shareholders is adjusted for after income tax effect of interest and other financing costs associated with dilutive potential
equity shares and the weighted average number of shares outstanding during the period are adjusted for the effects of all
dilutive potential equity share.

1.21 Segment reporting

The Chief Operational Decision Maker monitors the operating results of its business Segments separately for the purpose
of making decisions about resources allocation and performance assessment. Segment performance is evaluated based
on profit or loss and is measured consistently with profit or loss in the financial statements.

The operating segments have been identified on the basis of nature of products/services.
a) Segment revenue includes sales and other income directly attributable with allocable to segments including inter-
segment revenue.
b) Expenses that are directly identifiable with/allocable to segments are considered for determining the segment results.
Expenses which relate to the Group as a whole and not allocable to segments are included under unallowable
expenditure.

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c) Income which relates to the Group as a whole and not allocable to segments is included in unallowable income.
d) Segment results includes margins on inter-segment and sales which are reduced in arriving at the profit before tax of
the Group.
e) Segment assets and liabilities include those directly identifiable with the respective segments. Un-allocable assets
and liability represent the assets and liabilities that relate to the Group as a whole and not allocable to any segment.
1.22 Leases
Company as a lessee
The Company assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys
the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether
a contract conveys the right to control the use of an identified asset, the Company assesses whether : (i) the contract
involves the use of an identified asset (ii) the Company has substantially all of the economic benefits from use of the asset
through the period of the lease and (iii) the Company has the right to direct the use of the asset.
The Company applies a single recognition and measurement approach for all leases, except for short-term leases and
leases of low-value assets. For these short-term leases, the Company recognises the lease payments as an operating
expense on a straight-line basis over the term of the lease. The Company recognises lease liabilities to make lease
payments and right of use assets representing the right to use the underlying assets as below.

Right of use (ROU) assets

The Company recognises right of use assets at the commencement date of the lease (i.e., the date the underlying asset
is available for use). Right of Use assets are measured at cost, less any accumulated depreciation and impairment losses,
and adjusted for any remeasurement of lease liabilities. The cost of right of use assets includes the amount of lease
liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date less any
lease incentives received. Right of use assets are depreciated on a straight-line basis over the shorter of the lease term
and the estimated useful lives of the assets.
If ownership of the leased asset transfers to the Company at the end of the lease term or the cost reflects the exercise of
a purchase option, depreciation is calculated using the estimated useful life of the asset.

Lease Liabilities
The lease liability is initially measured at amortised cost at the present value of the future lease payments. The lease
payments are discounted using the interest rate implicit in the lease or, if not readily determinable, using the incremental
borrowing rate. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of
interest and reduced for the lease payments made. Lease liabilities are remeasured with a corresponding adjustment to
the related ROU asset.
Lease liabilities and ROU assets have been separately presented in the Balance Sheet and lease payments have been
classified as financing cash flows.

1.23 Foreign currency translation

a) Functional and presentation currency
The Group’s financial statements are prepared in INR, which is also the Group’s financial and presentation currency.

b) Transactions and balances

Foreign currency transactions are translated into the functional currency using the exchange rates at the dates of
the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from
the translation of monetary assets and liabilities denominated in foreign currencies at year end exchange rates are
generally recognised in the Statement of Profit and Loss.
In case of advance payment for purchase of assets/goods/services and advance receipt against sales of products/
services, all such purchase/sales transaction are recorded at the rate at which such advances are paid/received.
Foreign exchange differences regarded as an adjustment to borrowing costs are presented in the Statement of Profit
and Loss, within finance costs. All other foreign exchange gains and losses are presented in the Statement of Profit
and Loss on a net basis within other gains/(losses).

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 Corporate overview statutory reports Financial Statements

Non-monetary items
Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the
exchange rates at the dates of the initial transactions.

1.24 Mine Restoration Provision

The Group provides for the estimated expenditure required to restore quarries and mines. The total estimate of restoration
expenses is apportioned over the estimate of mineral reserves and a provision is made based on minerals extracted
during the year. Mines restoration expenses are incurred on an ongoing basis and until the closure of the quarries and
mines. The actual expenses may vary based on the nature of restoration and the estimate of restoration expenditure. On
the basis of technical parameters, restoration expenses estimates are reviewed periodically.

1.25 Non-current assets held for Sale

Non-current assets are classified as ‘held for sale’ when all of the following criteria are met :
(i) decision has been made to sell.
(ii) the assets are available for immediate sale in its present condition.
(iii) the assets are being actively marketed and
(iv) sale has been agreed or is expected to be concluded within 12 months of the Balance Sheet date.

Subsequently, such non-current assets classified as held for sale are measured at the lower of its carrying value and fair
value less costs to sell. Non-current assets held for sale are not depreciated or amortised. Any decrease in fair value of
asset (less cost of sale) is recognised through profit and loss as impairment loss. Any subsequent increase in fair value of
asset to the extent of previously recognised impairment loss is recognised as gain and any gain exceeding this impairment
loss is recognised on the date of de-recognition.

1.26 Other Policies relating to Insurance Business

Reinsurance Ceded
Reinsurance cost in respect of proportional reinsurance ceded, is accrued at policy inception. Non-proportional
reinsurance cost is recognised when incurred and due. Any subsequent revisions to refunds or cancellations of premiums
are recognised in the year in which they occur.

Reinsurance accepted
Reinsurance inward acceptances are accounted for on the basis of returns/intimations, to the extent received, from the
insurers.

Claims incurred
Claims are recognised as and when reported based on information from Surveyors/insured/Brokers. Claims paid are
charged to the respective revenue account. Provision is made for estimated value of claims outstanding as at the Balance
Sheet date. Reserve is maintained for each claim which at all times reflects the amount likely to be paid on each claim, as
anticipated and estimated by the management in the light of past experience and subsequently modified for changes, as
appropriate.

IBNR (Claims Incurred but not reported) and IBNER (Claims Incurred but not enough reported)
IBNR represents that amount of all claims that may have been incurred prior to the end of current accounting year but
not have been reported or claimed. The IBNR provision also includes provision if any required for claims incurred but not
enough reported. The IBNR (including IBNER) is determined based on the actuarial principles by the Appointed Actuary.

Reserve for Unexpired Risk

Reserve for unexpired risk represents that part of net premium (net of proportional reinsurance ceded) which is attributable
to, and set aside for subsequent risks to be borne by the Company under contractual obligations on a contract period
basis or risk period basis, whichever is appropriate, subject to a minimum of 100% in case of Marine Hull business and
50% in case of other businesses based on net premium written during the year as required under Section 64V(1)(ii)(b) of
the Insurance Act, 1938.

219
 2.01 Property, Plant and Equipment

220
` Crores
Particulars Gross Carrying Amount Depreciation/Impairment Net Carrying Amount
As at Addition/ Disposal/ Acquisition As at As at Acquisition For the Elimination As at As at As at
April 1, Adjustments Adjustments through March 31, April 1, through Year on disposal/ March 31, March 31, March 31,
Prism Johnson Limited
Annual Report 2021-22

2021 business 2022 2021 business Adjustments 2022 2022 2021

combinations combinations
Own Assets :
Land - Freehold 717.08 7.42 3.18 – 721.32 37.99 – 8.83 – 46.82 674.50 679.09
Buildings 305.77 41.88 2.16 – 345.49 82.52 – 14.46 0.65 96.33 249.16 223.25
Plant and Machinery 2,379.55 179.50 19.12 – 2,539.93 759.28 – 188.97 1.77 946.48 1,593.45 1,620.27
Railway Siding 4.46 – – – 4.46 1.34 – 0.29 – 1.63 2.83 3.12
Office Equipment 18.61 3.86 0.59 – 21.88 10.76 – 2.33 (0.76) 13.85 8.03 7.85
Computers 22.04 3.75 0.77 – 25.02 16.08 – 2.77 0.71 18.14 6.88 5.96
Mines Development 268.92 59.08 – – 328.00 169.17 – 45.15 - 214.32 113.68 99.75
Furniture & Fixtures 54.10 3.26 0.61 – 56.75 23.43 – 5.89 0.56 28.76 27.99 30.67
Vehicles 21.98 4.44 1.92 – 24.50 12.13 – 2.92 1.51 13.54 10.96 9.85
Truck Mixers, Loaders and 12.02 7.80 4.23 – 15.59 7.93 – 1.44 4.22 5.15 10.44 4.09
Dumpers
Leasehold Improvement 0.93 – – – 0.93 0.86 – 0.07 – 0.93 – 0.07
Total (A) 3,805.46 310.99 32.58 – 4,083.87 1,121.49 – 273.12 8.66 1,385.95 2,697.92 2,683.97

Leased Assets
Leasehold Land (Long term - 8.35 24.15 0.73 – 31.77 0.72 – 0.41 0.05 1.08 30.69 7.63
refer note 1.7(g)) (B)

Total (A+B) 3,813.81 335.14 33.31 – 4,115.64 1,122.21 – 273.53 8.71 1,387.03 2,728.61 2,691.60
 2.01 Property, Plant and Equipment (Contd...)

` Crores
Particulars Gross Carrying Amount Depreciation/Impairment Net Carrying Amount
As at Addition/ Disposal/ Acquisition As at As at Acquisition For the Elimination As at As at As at
April 1, Adjustments Adjustments through March 31, April 1, through Year on disposal/ March 31, March 31, March 31,
2020 business 2021 2020 business Adjustments 2021 2021 2020
combinations combinations
Own Assets :
Land - Freehold 710.03 10.74 3.69 – 717.08 29.26 – 8.73 – 37.99 679.09 680.77
Buildings 300.44 6.85 1.52 – 305.77 68.49 – 15.11 1.08 82.52 223.25 231.95
Plant and Machinery 2,110.52 292.62 23.78 0.19 2,379.55 593.62 0.03 182.13 16.50 759.28 1,620.27 1,516.90
Railway Siding 4.46 – – – 4.46 1.05 – 0.29 – 1.34 3.12 3.41
Office Equipment 17.43 1.53 0.40 0.05 18.61 8.81 0.04 2.27 0.36 10.76 7.85 8.62
Computers 20.62 2.07 0.66 0.01 22.04 13.51 0.01 3.05 0.49 16.08 5.96 7.11
Mines Development 228.20 40.72 – – 268.92 140.31 – 28.86 – 169.17 99.75 87.89
Furniture & Fixtures 47.98 6.80 0.79 0.11 54.10 18.98 0.09 4.96 0.60 23.43 30.67 29.00
Vehicles 23.06 1.39 3.12 0.65 21.98 11.74 0.18 2.98 2.77 12.13 9.85 11.32
Truck Mixers, Loaders and 10.67 1.84 0.49 – 12.02 7.84 – 0.58 0.49 7.93 4.09 2.83
Dumpers
Leasehold Improvement 0.57 – – 0.36 0.93 0.50 0.33 0.03 – 0.86 0.07 0.07
Total (A) 3,473.98 364.56 34.45 1.37 3,805.46 894.11 0.68 248.99 22.29 1,121.49 2,683.97 2,579.87
Corporate overview

Leased Assets
Leasehold Land (Long term - 7.90 0.45 – – 8.35 0.11 – 0.61 – 0.72 7.63 7.79
refer note 1.7(g)) (B)

Total (A+B) 3,481.88 365.01 34.45 1.37 3,813.81 894.22 0.68 249.60 22.29 1,122.21 2,691.60 2,587.66
Notes :
a) Depreciation for the year includes ` 4.77 Crores (Previous year : ` 3.47 Crores) considered for capitalisation.
statutory reports

b) Amortisation in case of Freehold Land represent amortisation of mining reserve on extraction basis.
c)  uring the year, depreciation on Right of Use assets is ` 34.95 Crores (Previous year : ` 40.57 Crores) which is not forming part of the above schedule and
D
disclosed in Note no. 4.03 on leases.
d)  ther adjustments against Property, plant and equipment includes ` 23.77 Crores (Previous year : Nil) being unamortised portion of Right of Use Assets on
O
completion of lease term and on acquisition of underlying assets.
e) In the FY 2020-21, Leasehold land ` 0.46 Crores which was earlier wrongly classified as Freehold land, was rectified. Further, on such re-classification,
amortization of ` 0.42 Crores was charged to Statement of Profit and Loss.

221
Financial Statements
 2.02 Goodwill

222
` Crores
Particulars Gross Carrying Amount Impairment Net Carrying Amount
As at Addition/ Disposal/ As at As at For the Other As at As at As at
April 1, Adjustments Adjustments March 31, April 1, Year Adjustments March 31, March 31, March 31,
Prism Johnson Limited
Annual Report 2021-22

2021 2022 2021 2022 2022 2021

Goodwill 22.73 – – 22.73 – – – – 22.73 22.73
Total 22.73 – – 22.73 – – – – 22.73 22.73

` Crores
Particulars Gross Carrying Amount Impairment Net Carrying Amount
As at Addition/ Disposal/ As at As at For the Other As at As at As at
April 1, Adjustments Adjustments March 31, April 1, Year Adjustments March 31, March 31, March 31,
2020 2021 2020 2021 2021 2020
Goodwill 21.41 1.32 – 22.73 – – – – 22.73 21.41
Total 21.41 1.32 – 22.73 – – – – 22.73 21.41
 2.03 Other Intangible Assets

` Crores
Particulars Gross Carrying Amount Amortisation Net Carrying Amount
As at Addition/ Disposal/ As at As at For the Elimination As at As at As at
April 1, Adjustments Adjustments March 31, April 1, Year on disposal/ March 31, March 31, March 31,
2021 2022 2021 Adjustments 2022 2022 2021
Software 33.29 3.85 0.02 37.12 19.06 4.78 – 23.84 13.28 14.23
Intellectual Property Rights 1.77 – – 1.77 1.77 – – 1.77 – –
Mining Lease Rights 11.32 18.96 – 30.28 2.66 0.98 – 3.64 26.64 8.66
Minerals Procurement Rights 2.28 – 0.02 2.26 2.26 – – 2.26 – 0.02
Technical Know-how 1.82 – 0.06 1.76 0.83 0.18 – 1.01 0.75 0.99
Total 50.48 22.81 0.10 73.19 26.58 5.94 – 32.52 40.67 23.90

` Crores
Particulars Gross Carrying Amount Amortisation Net Carrying Amount
As at Addition/ Disposal/ As at As at For the Elimination As at As at As at
April 1, Adjustments Adjustments March 31, April 1, Year on disposal/ March 31, March 31, March
2020 2021 2020 Adjustments 2021 2021 31, 2020
Software 28.95 4.34 – 33.29 14.04 5.02 – 19.06 14.23 14.91
Intellectual Property Rights 1.77 – – 1.77 1.77 – – 1.77 – –
Mining Lease Rights 11.22 0.10 – 11.32 2.14 0.52 – 2.66 8.66 9.08
Minerals Procurement Rights 2.28 – – 2.28 2.26 – – 2.26 0.02 0.02
Technical Know-how 1.77 0.05 – 1.82 0.55 0.28 – 0.83 0.99 1.22
Total 45.99 4.49 – 50.48 20.76 5.82 – 26.58 23.90 25.23
Corporate overview

Range of remaining period of amortisation as at March 31, 2022 of Intangible assets is as below :
` Crores
Assets Range of remaining period of amortisation
< 5 year 6 - 10 year > 10 year Net Carrying
Amount
Software 12.27 1.01 – 13.28
Mining Lease Rights 0.35 0.69 25.60 26.64
statutory reports

Technical Know-how 0.75 – – 0.75

Total 13.37 1.70 25.60 40.67

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Financial Statements
Prism Johnson Limited
Annual Report 2021-22

2.04 Investments in Joint Ventures and Associates

` Crores
Particulars As at March 31,
2022 2021
Qty Amount Qty Amount
Investments in Equity Instruments accounted for using equity method :
Investment in Joint Ventures - Unquoted
TBK Deepgiri Tile Bath Kitchen Private Limited 50,000 1.84 50,000 1.76
TBK Florance Ceramics Private Limited 1,55,000 2.01 1,55,000 2.04
Ardex Endura (India) Private Limited 65,00,000 65.48 65,00,000 57.89

Investment in Associates - Unquoted

Sunspring Solar Private Limited 14,78,412 1.34 14,78,412 1.56
CSE Solar Parks Satna Private Limited 99,80,000 9.47 99,80,000 9.94

Total investments 80.14 73.19

2.05 Investments

` Crores
Particulars As at March 31,
2022 2021
I. Non-current
Investments- unquoted (fully paid-up)
(a) Investments in Equity Instruments - measured at FVTPL 0.01 0.02
(b) Investments in Equity Instruments - designated at FVTOCI
B L A Power Private Limited {No. of Shares 1,75,00,000 (Previous year : 1,75,00,000)} 4.85 4.95
Reddy Ceramics Private Limited {No. of Shares 100 (Previous year : 100)} # #
TBK Shriram Tile Bath Kitchen Private Limited {No. of Shares 500 (Previous year : 500)} # #
TBK Tile Home Private Limited {No. of Shares 100 (Previous year : 100)} # #
TBK Raj Kamal Tile Bath Kitchen Private Limited {No. of Shares 100 (Previous year : 100)} # #
TBK Deziner’s Home Private Limited {No. of Shares 500 (Previous year : 500)} # #
TBK Solan Ceramics Private Limited {No. of Shares 100 (Previous year : 100)} # #
TBK Krishna Tile Bath Kitchen Private Limited {No. of Shares 100 (Previous year : 100)} # #
TBK P B Shah Tile Bath Kitchen Private Limited {No. of Shares 2000 (Previous year : 2000)} # #
TBK Unique Jalgaon Tile Bath Kitchen Private Limited {No. of Shares 200 (Previous year : 200)} # #
TBK Sanitary Sales Private Limited {No. of Shares 100 (Previous year : 100)} # #
TBK Shree Ganesh Traders Private Limited {No. of Shares 100 (Previous year : 100)} # #
(c) Investment in debenture or bonds - measured at FVTOCI
Government Securities and Government Bonds 286.96 257.73
Debentures/Bonds 218.39 167.68
Investment in Infrastructure and Social sectors 206.02 64.31

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 Corporate overview statutory reports Financial Statements

2.05 Investments (Contd...)

` Crores
Particulars As at March 31,
2022 2021
(d) Investments in Preference shares - measured at amortised cost- Unquoted
TBK Rishi Ceramics Private Limited – 0.04
(0% Redeemable Preference Shares)
TBK Deziner’s Home Private Limited 0.19 0.18
(0% Redeemable Preference Shares)
(e) Investment in Debt securities - measured at FVTPL
8.22% IL&FS Financial Service Limited 28-Sep-21 – 0.34
8.65% IL&FS Financial Service Limited 06-Dec-21 – 0.35
8.65% IL&FS Financial Service Limited 06-Jun-22 – 0.29
7.70% IL&FS Financial Service Limited 02-Aug-27 – 0.34
9.55% IL&FS Financial Service Limited 28-Feb-23 – 0.15
10.30% Yes Bank Limited 25-Jul-21 – 0.75
8.85% Indiabulls Housing Finance Limited 26-Sep-26 0.42 0.41
Total aggregate unquoted investments 716.84 497.54
# Amount less than ` 50,000/-
Aggregate fair value of quoted investments – –
Aggregate fair value of unquoted investments 716.84 497.54
Aggregate fair value of investments measured at FVTPL 0.43 2.65
Aggregate fair value of investments designated at FVTOCI 4.85 4.95
Aggregate fair value of investments measured at FVTOCI 711.56 489.94

II. Current
Investments - unquoted
(a) Investments in debentures or bonds- measured at FVTOCI
Government Securities and Government Bonds – 40.52
Other Debentures/Bonds 25.41 46.03
Investment in Infrastructure and Social sectors 10.38 61.86
(b) Investments in Mutual Funds - measured at FVTPL 1.40 11.83
Total aggregate unquoted investments 37.19 160.24

Aggregate fair value of quoted investments – –

Aggregate fair value of unquoted investments 37.19 160.24
Aggregate fair value of investment measured at FVTOCI 35.79 148.41
Aggregate fair value of investment measured at FVTPL 1.40 11.83

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2.06 Loans

` Crores
Particulars Non-current Current
As at March 31, As at March 31,
2022 2021 2022 2021
Loans to related parties
Unsecured, considered good – – – 1.24
(a) – – – 1.24
Loans to employees
Unsecured, considered good 0.68 1.04 1.29 2.19
(b) 0.68 1.04 1.29 2.19
Loans to others
Unsecured, considered good – – – 0.32
Unsecured, credit impaired – – – 1.30
– – – 1.62
Less : Provision for Impairment – – – 1.30
(c) – – – 0.32
Total (a + b + c) 0.68 1.04 1.29 3.75

2.07 Other financial assets

` Crores
Particulars Non-current Current
As at March 31, As at March 31,
2022 2021 2022 2021
Insurance claim receivable (refer note 4.15) 58.94 58.94 3.94 4.51
Bank deposits with more than twelve months maturity (restricted use) 1.67 8.63 5.78 –
Security Deposits
Rental 11.27 15.70 1.76 1.58
Utility 43.94 42.10 0.21 0.42
Balances in Escrow accounts with banks (restricted use) 0.05 0.32 – –
Accrued interest 0.01 0.01 19.28 17.33
Balances related to Coal Mine and Infrastructure (refer note 4.14) 13.93 13.93 – –
Other receivables – 0.03 5.26 1.78
Total 129.81 139.66 36.23 25.62

2.08 Deferred tax assets (net)

Significant components of deferred tax assets recognised in the financial statements are as follows :
` Crores
Particulars As at March 31,
2022 2021
Deferred tax assets/(liabilities) in relation to :
Unabsorbed depreciation/Business losses as per Income Tax 0.48 (0.44)
Provision for employee benefits 1.04 (1.51)
Other temporary differences/unutilised tax asset 7.36 7.80
Property, plant and equipment 0.27 (0.09)
Total 9.15 5.76

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 Corporate overview statutory reports Financial Statements

2.08 Deferred tax assets (net) (Contd...)

The movement in deferred tax assets during the year ended March 31, 2022 and March 31, 2021 :
` Crores
Particulars As at March Credited/ As at March Credited/ As at March
31, 2022 (Charged) to 31, 2021 (Charged) to 31, 2020
Statement Statement
of P&L/OCI of P&L/OCI
Deferred tax assets/(liabilities) in relation to :
Unabsorbed depreciation/Business losses as per 0.48 0.92 (0.44) (0.01) (0.43)
Income Tax
Provision for employee benefits 1.04 2.55 (1.51) 0.02 (1.53)
Other temporary differences / unutilised tax asset 7.36 (0.44) 7.80 1.36 6.44
Property, plant and equipment 0.27 0.36 (0.09) 0.11 (0.20)
Total 9.15 3.39 5.76 1.48 4.28

2.09 Other assets

` Crores
Particulars Non-current Current
As at March 31, As at March 31,
2022 2021 2022 2021
Capital Advances
Unsecured, considered good 15.95 45.78 – 0.01
Doubtful 0.34 0.34 – –
16.29 46.12 – 0.01
Less : Provision for Impairment 2.00 0.25 – –
14.29 45.87 – 0.01
Advances other than Capital Advances
Balances with government authorities:
CENVAT/VAT/GST Receivable 0.31 0.81 24.60 20.94
Balances with Statutory Authorities – – 3.05 0.20
Excise/VAT/Service Tax /Custom duty deposited under protest 47.60 47.23 0.40 0.24
Security Deposits 3.18 3.72 0.44 0.91
Advance to related parties – – – 0.56
Advances to other parties (net of provision for impairment) 14.55 15.71 58.13 38.90
Prepaid expenses 2.12 3.04 16.01 16.64
Royalty refund receivable – – 14.00 14.00
Others 24.46 74.22 200.90 87.68
Total 106.51 190.60 317.53 180.08

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2.10 Inventories
` Crores
Particulars As at March 31,
2022 2021
Raw materials 175.50 151.92
Goods-in-transit 0.10 0.58
Stores and spares 88.75 79.28
Goods-in-transit – 0.21
Fuel Stock 155.89 87.87
Goods-in-transit 57.90 29.22
Work-in-progress 95.25 40.17
Finished goods 186.48 138.17
Goods-in-transit 12.93 22.44
Stock-in-trade 31.30 29.32
Goods-in-transit 0.76 1.32
Total 804.86 580.50

Notes :
(a) Amount charged to the Statement of Profit and Loss on account of write-down of inventories to net realisable value for the year
is ` 11.67 Crores (Previous year : ` 12.44 Crores).
(b) Above inventory includes damaged stock of finished goods of cement amounting to ` 4.85 Crores (Previous year: ` 4.19 Crores)
in respect of which insurance claims have been lodged. The management expects to recover the amount at least equal to it’s
carrying value.

2.11 Trade receivables

` Crores
Particulars As at March 31,
2022 2021
Secured, considered good 45.90 50.83
Unsecured, considered good 577.90 580.07
Unsecured, credit impaired 96.83 149.65
720.63 780.55
Less : Provision for Impairment 96.83 149.65
Total 623.80 630.90
For Ageing schedule, refer note 4.18

2.12 Cash and cash equivalents

` Crores
Particulars As at March 31,
2022 2021
Balances with banks :
In current accounts 58.39 58.08
Deposits with original maturity of less than three months 196.26 251.59
Cheques/drafts on hand 0.98 35.43
Cash on hand 1.42 1.27
Total 257.05 346.37

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2.13 Bank balances other than Cash and cash equivalents

` Crores
Particulars As at March 31,
2022 2021
Unclaimed Dividend 0.65 0.65
Term deposits (original maturity for more than three months but less than twelve months) 113.23 187.27
Term deposits (original maturity for more than three months but less than twelve months - restricted use) 3.17 10.44
Total 117.05 198.36

2.14 Current Tax Assets (net)

` Crores
Particulars As at March 31,
2022 2021
Current tax assets
Taxes paid 79.32 93.19
Others 0.34 1.21
(a) 79.66 94.40
Current tax liabilities
Provision for taxation 35.72 36.76
(b) 35.72 36.76
Total (a-b) 43.94 57.64

2.15 Equity share capital

` Crores
Particulars As at March 31,
2022 2021
Paid up Share Capital :
50,33,56,580 (Previous year : 50,33,56,580) Equity shares of ` 10/- each 503.36 503.36
Total 503.36 503.36
a. Reconciliation of shares outstanding as at the beginning and at the end of the reporting period :
Equity shares As at March 31,
2022 2021
At the beginning of the year 50,33,56,580 50,33,56,580
Outstanding at the end of the year 50,33,56,580 50,33,56,580
b. Rights, preference and restrictions attached to Equity shares :
The Company has one class of Equity shares having a par value of ` 10 per share. Each shareholder is entitled to one vote
per equity share. The shareholders are entitled to dividend declared on proportionate basis. On liquidation of the Company,
the equity shareholders are eligible to receive remaining assets of the Company in proportion to their shareholding after
distribution of all preferential amounts.
c. Details of shareholders holding more than 5% shares in the Company :
Name of the Shareholder As at March 31,
2022 2021
No. of Shares % of holding No. of Shares % of holding
Hathway Investments Private Limited 18,98,80,786 37.72% 6,41,13,400 12.74%
Rajan B. Raheja 5,14,06,327 10.21% 5,14,06,327 10.21%
Bloomingdale Investment and Finance Private Limited 3,15,07,000 6.26% 3,15,07,000 6.26%
Manali Investment and Finance Private Limited – – 6,78,17,992 13.47%
Coronet Investments Private Limited – – 5,79,49,394 11.51%

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2.15 Equity share capital (Contd...)

d. Details of shares held by promoters/promoter group as at March 31, 2022 :

Name of Promoter No. of Shares % of Total % change
Shares during the year
Rajan B. Raheja 5,14,06,327 10.21% –
Suman R. Raheja 56,90,528 1.13% –
Akshay R. Raheja 55,76,784 1.11% –
Viren R. Raheja 55,76,784 1.11% –
Satish B. Raheja 500 0.00% –
Bloomingdale Investment and Finance Private Limited 3,15,07,000 6.26% –
Coronet Investments Private Limited – – 100.00%
R Raheja Properties Private Limited 2,31,00,400 4.59% –
Hathway Investments Private Limited 18,98,80,786 37.72% 196.16%
Matsyagandha Investment and Finance Private Limited 2,31,11,412 4.59% –
Manali Investment and Finance Private Limited – – 100.00%
Varahagiri Investments and Finance Private Limited 2,32,21,148 4.61% –
Peninsula Estates Private Limited 1,78,09,500 3.54% –
Total 37,68,81,169 74.87%

Details of shares held by promoters/promoter group as at March 31, 2021 :

Name of Promoter No. of Shares % of Total % change
Shares during the year
Rajan B. Raheja 5,14,06,327 10.21% –
Suman R. Raheja 56,90,528 1.13% –
Akshay R. Raheja 55,76,784 1.11% –
Viren R. Raheja 55,76,784 1.11% –
Satish B. Raheja 500 0.00% –
Bloomingdale Investment and Finance Private Limited 3,15,07,000 6.26% –
Coronet Investments Private Limited 5,79,49,394 11.51% –
R Raheja Properties Private Limited 2,31,00,400 4.59% –
Hathway Investments Private Limited 6,41,13,400 12.74% –
Matsyagandha Investment and Finance Private Limited 2,31,11,412 4.59% –
Manali Investment and Finance Private Limited 6,78,17,992 13.47% –
Varahagiri Investments and Finance Private Limited 2,32,21,148 4.61% –
Peninsula Estates Private Limited 1,78,09,500 3.54% –
Total 37,68,81,169 74.87%

2.16 Other Equity

` Crores
Particulars As at March 31,
2022 2021
Capital redemption reserve 12.69 12.69
General reserve 191.06 191.06
Capital reserve (184.53) (181.16)
Retained earnings 803.91 714.82
Other Comprehensive Income (Financial assets measured as at FVTOCI) (3.48) 0.77
Total 819.65 738.18

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2.16 Other Equity (Contd...)

Description of the nature and purpose of each reserve within equity is as follows :
(a) Capital Redemption Reserve
Capital redemption reserve was created pursuant to the scheme of amalgamation.
(b) General Reserve
The Group had earlier transferred a portion of the net profits before declaring dividend to the general reserve pursuant to
the earlier provisions of the Companies Act, 1956. Mandatory transfer to general reserve before declaration of dividend is not
required under the Companies Act, 2013.
(c) Capital Reserve
Capital reserve represents recognition of equity component included in investments made in subsidiaries by way of preference
shares and on applying Ind AS 103 Business Combination in accounting acquisitions made during the year. It was recognised on
giving effect to amalgamation of Milano Bathroom Fittings Private Limited and Silica Ceramica Private Limited with the Company
and on demerger of retail/trading business undertaking of H. & R. Johnson (India) TBK Limited into the Company.
(d) Retained Earnings
Retained earnings are the net profits that the Group has earned till date and is net of amount transferred to other reserves such
as general reserves, debenture redemption reserve etc., amount distributed as dividend and adjustments in terms of Ind AS 101.

2.17 Borrowings
` Crores
Particulars Non-current
As at March 31,
2022 2021
Secured
Term loans
from banks (refer Sr. No. 1 to 33) 895.13 998.95
from others (refer Sr. No. 34 to 36) 199.42 218.98
Vehicle loans
from banks (refer Sr. No. 37 to 46) 1.51 2.48

Unsecured
- 10.70% Non-convertible Debentures (refer Sr. No. 60) 115.00 115.00
{1150 Nos. (Previous year : 1150 Nos.) debentures of ` 0.10 Crore each}
- 10.00% Non-convertible Debentures (refer Sr. No. 61) – 84.00
{Nil (Previous year : 840 Nos.) debentures of ` 0.10 Crore each}
- 8.20% Non-convertible Debentures (refer Sr. No. 62) 95.00 –
{950 Nos. (Previous year : Nil) debentures of ` 0.10 Crore each}
- 10.65% Non-convertible Redeemable Debentures (refer Sr. No. 63) – 49.98
{Nil (Previous year : 500 Nos.) debentures of ` 0.10 Crore each}
- 10.25% Non-convertible Debentures (refer Sr. No. 64) – 50.00
{Nil (Previous year : 500 Nos.) debentures of ` 0.10 Crore each}
- 9.50% Non-convertible Debentures (refer Sr. No. 65) 75.00 75.00
{750 Nos. (Previous year : 750 Nos.) debentures of ` 0.10 Crore each}
- 0.01% Non-cumulative Redeemable Preference Shares (refer Sr. No. 68) 1.49 2.20
- 0.02% Non-cumulative Redeemable Preference Shares (refer Sr. No. 69) 2.92 2.72
Term Loan from banks (refer Sr. No. 66) – 9.99
Loan from related party (refer Sr. No. 70) 3.20 0.70
Fixed Deposits from Public (refer Sr. No. 67) 0.34 0.49
1,389.01 1,610.49
Less : Current maturities of non-current borrowings 211.66 180.19
Less : Unclaimed fixed deposits 0.34 0.49
Total 1,177.01 1,429.81

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2.17 Borrowings (Contd...)

` Crores
Particulars Current
As at March 31,
2022 2021
Secured
Loans repayable to banks on Demand (refer Sr. No. 47 to 56) 63.58 44.58
Bank overdrafts and cash credits (refer Sr. No. 57 & 58) 52.31 63.41
Buyer's Credit (refer Sr. No. 59) 3.36 9.46
Current maturities of non-current borrowings 96.66 80.21

Unsecured (refer Sr. No. 71)

Loans repayable to banks on Demand 50.00 –
Loan from related party 2.00 –
Current maturities of non-current borrowings 115.00 99.98
Total 382.91 297.64

Detail of current maturities of non-current borrowings :

` Crores
Particulars As at March 31,
2022 2021
Secured Loans :
Term loans 95.95 79.02
Vehicle loans 0.71 1.19
Unsecured Loans :
Non-convertible debentures 115.00 99.98
Total 211.66 180.19

(a) Nature of Security and terms of repayment for secured borrowings (other than debentures) :
` Crores
Sr. Nature of Security Terms of Repayment As at March 31,
No. 2022 2021
1 Secured by first pari passu charge on the Quarterly in 6 structured installments from 100.00 –
entire movable and immovable Property, the last day of the 30th month from date
plant and equipment of the Cement Division of first drawdown of facility availed on
located at Satna, both present and future. September 27, 2021.
2 Secured by first pari passu charge on Repayment by way of 4 equal quarterly 100.00 –
the entire movable Property, plant and installments of ` 20 Crores starting from 30th
equipment of the Cement Division located month from the date of first disbursement,
at Satna, both present and future except 5th equal installment to be repaid at the end
Waste Heat Recovery System assets. of 41st month from date of first disbursement,
Second pari passu charge on Current November 30, 2021.
Assets of Cement Division, both present
and future.
3 Secured by first pari passu charge on the Quarterly in 13 equal installments payable 200.00 200.00
entire movable and immovable Property, from the last day of 24th month from date
plant and equipment of the Cement Division of first drawdown of facility availed on
located at Satna, both present and future. September 2, 2020.

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2.17 Borrowings (Contd...)

` Crores
Sr. Nature of Security Terms of Repayment As at March 31,
No. 2022 2021
4 First exclusive charge on the office premises Quarterly in 14 equal installments payable 80.00 60.00
of HRJ Division on units 1 to 4 on 7th Floor, from the last day of 21st month from date of
Windsor. first drawdown of facility availed on August
23, 2020.
5 Secured by first pari passu charge on all Quarterly in 19 equal installments payable – 36.84
the movable and immovable Property, plant from the last day of 9th month from date of first
and equipment of the Cement Division, drawdown of facility availed on September
both present and future. 27, 2018. During the year, prepayment was
made on September 24, 2021.
6 Secured by first pari passu charge on all Quarterly in 19 equal installments payable – 42.11
the movable and immovable Property, plant from the last day of 9th month from date of first
and equipment of the Cement Division, drawdown of facility availed on November
both present and future. 19, 2018. During the year, prepayment was
made on November 18, 2021.
7 Secured by first pari passu charge on all Quarterly in 17 structured installments 70.00 122.00
the movable and immovable Property, plant payable from the last day of 9th month from
and equipment of the Cement Division date of first drawdown of facility availed on
located at Satna, both present and future. September 20, 2019.
8 Secured by first pari passu charge on all Quarterly in 17 structured installments 52.50 91.50
the movable and immovable Property, plant payable from the last day of 9th month from
and equipment of the Cement Division date of first drawdown of facility availed on
located at Satna, both present and future. September 13, 2019.
9 Secured by first pari passu charge on all Quarterly in 17 structured installments 26.25 45.75
the movable and immovable Property, plant payable from the last day of 9th month from
and equipment of the Cement Division date of first drawdown of facility availed on
located at Satna, both present and future. September 18, 2019.
10 Secured by exclusive charge on all the Quarterly in 23 structured installments 104.35 150.00
movable Property, plant and equipment in payable from the last day of 18th month from
relation to the Waste Heat Recovery System date of first drawdown of facility availed on
of the company, both present and future. March 18, 2020.
11 Secured by exclusive charge over the Quarterly in 17 structured installments 43.75 76.25
movable Property, plant and equipment of payable from the last day of 9th month from
specified plants of the HRJ Division namely date of first drawdown of facility availed on
Dewas, Pen, Kunigal and Karaikal, both September 30, 2019.
present and future.
12 Secured by first pari passu charge on all Quarterly in 17 structured installments 31.50 68.25
the movable and immovable Property, plant payable from the last day of 9th month from
and equipment of Vijayawada plant of HRJ date of first drawdown of facility availed on
Division, both present and future. December 2, 2019.
13 Secured by first pari passu charge on all Quarterly in 10 equal installments payable – 17.50
the movable and immovable Property, plant from the last day of 9th month from date
and equipment of Vijayawada plant of HRJ of first drawdown of facility availed on
Division, both present and future. December 17, 2019.

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2.17 Borrowings (Contd...)

` Crores
Sr. Nature of Security Terms of Repayment As at March 31,
No. 2022 2021
14 Secured by first pari passu charge on all Quarterly in 12 equal installments payable – 6.25
the movable and immovable Property, plant from the last day of the 18th month from date
and equipment of Vijayawada plant of HRJ of first drawdown of facility availed on March
Division, both present and future. 16, 2017.
15 Hypothecation by way of first and exclusive Repayable in 56 EMI. 2.04 5.08
charge on all present & future current
assets inclusive of all stocks, book debts.
Hypothecation by way of first and exclusive
charge on all Property, plant and equipment.
16 Extension of second ranking charge over Repayable in 48 EMI. 9.90 9.90
existing primary and collateral securities of
subsidiary including mortgages created in
favour of Bank.
17 Hypothecation by way of first and exclusive Repayable in 57 EMI. 7.89 9.85
charge on all present & future current
assets inclusive of all stocks, book debts,
Hypothecation by way of first and exclusive
on all Property, plant and equipment
inclusive of all plant and machinery.
18 Hypothecation by way of first and exclusive Repayable in 58 EMI. 16.93 21.01
charge on all present & future current
assets inclusive of all stocks, book debts,
Hypothecation by way of first and exclusive
on all Property, plant and equipment
inclusive of all plant and machinery.
19 Secured by first pari passu charge on entire Repayable in 48 EMI. 1.80 2.00
current assets of the Company both present
and Future along with other working capital
lenders, Second pari passu hypothecation
charge on all existing and future
movable Property, plant and equipment
Second pari passu mortgage charge on all
Immovable properties of the borrower.
20 Secured by first pari passu entire factory Repayable in 48 Equal Quarterly instalments 12.79 2.10
land and building, plant and machinery and
the asset being funded out of personal
guarantee of Director of Subsidiary
Company.

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2.17 Borrowings (Contd...)

` Crores
Sr. Nature of Security Terms of Repayment As at March 31,
No. 2022 2021
21 Secured by hypothecation of all present Repayable in 30 EMI. 0.90 1.98
and future current assets inclusive of all
stock, book debts and Property, plant and
equipment. Further equitable mortgage of
the property situated at Morbi.
22 Secured by hypothecation of all present Repayable in 48 EMI including 12 months 1.91 2.47
and future current assets inclusive of all moratorium.
stock, book debts and Property, plant and
equipment. Further equitable mortgage of
industrial property owned by the Subsidiary.
23 Secured by hypothecation of all present Repayable in 60 EMI including 24 months 1.23 –
and future current assets inclusive of all moratorium.
stock, book debts and Property, plant and
equipment. Further equitable mortgage of
industrial property owned by the Subsidiary.
24 Secured by hypothecation of all present Repayable in 60 EMI. 4.18 –
and future current assets inclusive of all
stock, book debts and Property, plant and
equipment. Further equitable mortgage of
industrial property owned by the Subsidiary.
25 Secured by hypothecation of all present Repayable in 36 EMI. 0.89 –
and future current assets inclusive of all
stock, book debts and Property, plant and
equipment. Further equitable mortgage of
industrial property owned by the Subsidiary.
26 Secured by second pari passu charge over Repayable in 36 equal monthly instalments – 0.21
land and all Tangible and Intangible assets after a moratorium of 12 months from the
of the Subsidiary Company. date of disbursement and Interest to be
serviced as and when applied.
27 Hypothecation of Stock, Book Debts Repayable in 36 equal monthly instalments 1.57 2.18
and all other current assets of the unit. after a moratorium of 12 months from the
Hypothecation of Property, plant and date of disbursement and Interest to be
equipment of the company (Present and serviced as and when applied.
Future). Hypothecation of land and Building
situated at Morbi and personal guarantee
of Director of Subsidiary Company.

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2.17 Borrowings (Contd...)

` Crores
Sr. Nature of Security Terms of Repayment As at March 31,
No. 2022 2021
28 Hypothecation of Stock, Book Debts Repayable in 18 equal monthly instalments 0.13 0.93
and all other current assets of the unit. after a moratorium of 6 months from the date
Hypothecation of Property, plant and of disbursement and Interest to be serviced
equipment of the company (Present and as and when applied.
Future). Hypothecation of land and Building
situated at Morbi and personal guarantee
of Director of Subsidiary Company.
29 Hypothecation of Stock, Book Debts Repayable in 36 equal monthly instalments 1.36 –
and all other current assets of the unit. after a moratorium of 24 months from the
Hypothecation of Property, plant and date of disbursement and Interest to be
equipment of the company (Present and serviced as and when applied.
Future). Hypothecation of land and Building
situated at Morbi and personal guarantee
of Director of Subsidiary Company.
30 Secured by hypothecation of all Tangible EMI over a period of 72 months starting from 16.05 21.67
and Intangible assets both present & future April 30, 2018.
and second pari passu charge over the
immovable assets (land) of the Subsidiary
Company.
31 Secured by hypothecation of all Tangible Repayable in 18 Months equal Instalment 0.28 1.94
and Intangible assets both present & future after a Moratorium of 6 Months from the date
and second pari passu charge over the of disbursement and interest to be serviced
immovable assets (land) of the Subsidiary as and when applied.
Company.
32 Secured by hypothecation of all Tangible Repayable in 36 Months equal Instalment 7.11 8.82
and Intangible assets both present & future after a Moratorium of 12 Months from the
and second pari passu charge over the date of disbursement and interest to be
immovable assets (land) of the Subsidiary serviced as and when applied.
Company.
33 Secured by hypothecation of all Tangible Repayable in 36 Months equal Instalment 4.42 –
and Intangible assets both present & future after a Moratorium of 24 Months from the
and second pari passu charge over the date of disbursement and interest to be
immovable assets (land) of the Subsidiary serviced as and when applied.
Company.
34 Secured by first pari passu charge on the Repayment in 3 equal annual installments 50.00 –
entire movable and immovable Property, due at the end of 32, 42 and 48 months from
plant and equipment of the Cement Division the date of disbursement September 30,
located at Satna, both present and future. 2021.
35 Secured by first pari passu charge on all Quarterly Installments over a period of 5 – 20.00
the movable and immovable Property, plant Years.
and equipment of Vijayawada plant of HRJ
Division, both present and future.

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2.17 Borrowings (Contd...)

` Crores
Sr. Nature of Security Terms of Repayment As at March 31,
No. 2022 2021
36 Secured by first pari passu charge on all Quarterly in 28 equal installments payable 150.00 200.00
the movable and immovable assets of the from the last day of 24 months from date of
Cement Division, both present and future, first drawdown of facility availed on June 30,
except land in Andhra Pradesh. Also secured 2020.
by second pari passu charge over Current
Assets, Receivables of Cement Division
both present and future; Unconditional and
irrevocable personal guarantee of Director.
37 Secured by exclusive charge on vehicles of EMI over a period of 60 months from the 0.67 1.27
HRJ Division. respective date of disbursement.
38 Secured by hypothecation of vehicle of the Repayable in 48 EMI. 0.17 –
Subsidiary Company.
39 First and exclusive charge secured by EMI over a period of 60 months from the – 0.06
hypothecation of vehicles financed to RMC respective date of disbursement.
Division.
40 Secured by exclusive charge on vehicles of EMI over a period of 60 months from the 0.20 0.29
Cement Division. respective date of disbursement.
41 Secured by hypothecation of vehicle of the Repayable in 48 equal quarterly installments. 0.01 0.06
Subsidiary Company.
42 Secured by hypothecation of vehicle of the Repayable in 60 equal quarterly installments. 0.23 0.31
Subsidiary Company.
43 Secured by hypothecation of vehicle of the Repayable in 47 equal quarterly installments. 0.05 0.11
Subsidiary Company.
44 Secured by hypothecation of vehicle of the Repayable in 60 equal quarterly installments. – 0.02
Subsidiary Company.
45 Secured by first pari passu charge on Repayable in 36 EMI. 0.18 0.29
vehicles of the Subsidiary Company.
46 Secured by first pari passu charge on Repayable in 36 EMI. – 0.07
vehicles of the Subsidiary Company.
47 Secured by first pari passu charge by way Repayable within one year. 0.59 –
of hypothecation of stocks and book debts
both present and future of HRJ Division.
48 Secured by first pari passu charge by Repayable within one year. – 5.48
way of hypothecation of Current Assets &
Second pari passu charge on movable &
immovable Property, plant and equipment
of Vijayawada plant of HRJ Division, both
present and future.
49 Secured by exclusive charge by way of Repayable within one year. – 0.04
hypothecation of Current Assets of HRJ
Division, both present and future.

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2.17 Borrowings (Contd...)

` Crores
Sr. Nature of Security Terms of Repayment As at March 31,
No. 2022 2021
50 Secured by first pari passu charge on all Repayable on demand. 13.50 1.76
current assets both present and future,
second pari passu charge on all the
Tangible and Intangible assets both present
and future and personal guarantee of
Director of the Subsidiary Company.
51 Secured by first pari passu charge on all Repayable on demand. – 0.12
current assets both present and Future,
Second pari passu charge on all Tangible
and Intangible assets both present and
future and personal guarantee of Director
of the Subsidiary Company.
52 Secured by first pari passu charge on all Repayable on demand. 10.06 5.00
current assets both present and Future,
Second pari passu charge on all existing
and future movable Property, plant and
equipment excluding vehicles financed by
Bank and personal guarantee of Director of
the Subsidiary Company.
53 Secured by First pari passu charge on all Repayable on demand. 2.90 0.08
current assets of the Subsidiary Company
both present and Future, Second pari
passu hypothecation charge on all
existing and future movable Property,
Plant and Equipment (except vehicles).
Second pari passu mortgage charge on all
Immovable properties being land & building
of the Subsidiary Company.
54 Secured by hypothecation of stock, book Repayable on demand. 11.83 11.53
debts, and all other current assets (present
& future). Equitable mortgage over the
immovable property (factory land) of the
Subsidiary Company.
55 Secured by hypothecation of land & building Repayable on demand. 12.26 11.93
and all Tangible and Intangible assets and
all current assets & personal guarantee of
two directors of the Subsidiary Company.

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2.17 Borrowings (Contd...)

` Crores
Sr. Nature of Security Terms of Repayment As at March 31,
No. 2022 2021
56 Secured by hypothecation of all current Repayable on demand. 12.44 8.64
asset, both present and future and all
movable Property, Plant and Equipment of
the Subsidiary Company. Further equitable
mortgage of the Immovable property of the
Subsidiary Company.
57 Secured by first pari passu charge Repayable on demand. 22.21 20.96
by way of hypothecation of Property,
plant and equipment of the Subsidiary
Company (present and future).
Secured by second pari passu charge
on land situated at Morbi belonging
to Subsidiary Company and equitable
mortgage of residential properties situated
at Tankara and Morbi belonging to some
of the beneficiaries of the Trust (one of the
shareholder).
58 Secured by first pari passu charge by Repayable on demand. 30.10 42.45
hypothecation of total current assets and
second pari passu charge over entire
Tangible and Intangible assets (other than
Land and building) and personal guarantees
of three Directors of the Subsidiary
Company.
59 Secured by first pari passu charge by way As per due dates of respective buyer's credit. 3.36 9.46
of hypothecation of stocks and book debts
both present and future of HRJ Division.
Total 1,220.49 1,346.52
Less : Unamortised borrowing costs 5.18 8.66
Total (a) 1,215.31 1,337.86

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2.17 Borrowings (Contd...)

(b) Nature of security and terms of repayment for Unsecured borrowings :

` Crores
Sr. Particulars Terms of Repayment As at March 31,
No. 2022 2021
Non-current Borrowings :
60 Non-convertible Debentures Allotted on July 26, 2019 and repayable 115.00 115.00
at the end of 36 months from the date of
allotment on July 25, 2022.
61 Non-convertible Debentures Allotted on January 31, 2020 and – 84.00
repayable on January 31, 2023 with Put
/ Call option at par on January 31, 2022.
Call option was availed and NCDs were
prepaid on January 31, 2022.
62 Non-convertible Debentures Allotted on April 26, 2021 and repayable 95.00 –
at the end of 36 months from the date of
allotment on April 26, 2024.
63 Non-convertible Debentures Allotted on September 14, 2018 and – 50.00
repayable at the end of 36 months from
the date of allotment.
64 Non-convertible Debentures Allotted on June 12, 2020 and repayable – 50.00
in two tranches - Tranche A ` 35 Crores
on June 25, 2021. - Tranche B ` 15 Crores
on December 30, 2021.
65 Non-convertible Debentures Allotted on August 21, 2020 and 75.00 75.00
repayable at the end of 36 months from
the date of allotment on August 21, 2023.
66 Term Loan Quarterly in 10 equal installments payable – 10.00
from the last day of 9th month from date
of first drawdown of facility availed on
May 27, 2019.
67 Fixed Deposits from Public Payable over a period of one to two years 0.34 0.49
from the respective date of disbursement.
68 Non-cumulative Redeemable Preference Redemption on or before March 31, 2027. 1.49 2.20
Shares
69 Non-cumulative Redeemable Preference Redemption on or before March 31, 2028. 2.92 2.72
Shares
70 Loan from Related party 3.20 0.70
71 Current Borrowings 52.00 –
Total 344.95 390.11
Less : Unamortised borrowing costs – 0.03
Total (b) 344.95 390.08
Total Borrowings (a + b) 1,560.26 1,727.94

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2.17 Borrowings (Contd...)

(c) Aggregate value of borrowings guaranteed by others :

` Crores
Particulars As at March 31,
2022 2021
Non-current :
Term loans from banks
Principal 27.85 32.44
Current :
Cash Credit from Banks 22.21 20.96

(d) Assets pledged as security :

` Crores
Particulars As at March 31,
2022 2021
Current
Cash and cash equivalents 0.45 0.40
Other Bank Balance 1.97 2.91
Receivables 798.85 795.47
Inventories 804.73 580.39
Other current assets 2.69 1.52
(a) 1,608.69 1,380.69
Non-current
Freehold Land 638.51 644.52
Buildings 176.91 165.67
Plant and Machinery 1,352.56 1,545.61
Railway Siding 2.83 3.12
Office Equipments 2.81 4.49
Furniture and Fixtures 4.86 5.68
Computers 3.35 2.21
Mines Development 107.65 93.72
Vehicles 4.24 5.90
Movable tangible assets at Pen, Dewas, Vijayawada, Karaikal and Kunigal 203.11 145.93
Others 0.44 0.77
(b) 2,497.27 2,617.62
Total (a+b) 4,105.96 3,998.31

2.18 Trade payables

` Crores
Particulars Non-current Current
As at March 31, As at March 31,
2022 2021 2022 2021
Total outstanding dues of Micro Enterprises & Small Enterprises – – 111.06 56.54
Total outstanding dues of Creditors other than Micro Enterprises & Small 12.80 – 1,026.87 889.22
Enterprises
Total 12.80 – 1,137.93 945.76
For Ageing schedule, refer note 4.19

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2.19 Other financial liabilities

` Crores
Particulars Non-current Current
As at March 31, As at March 31,
2022 2021 2022 2021
Payables for acquisition of Property, plant and equipment – – 30.88 34.07
Interest accrued – – 19.35 23.05
Unclaimed dividends* – – 0.65 0.68
Unpaid matured deposits and interest accrued thereon – – 0.43 0.65
Security deposits from customers / others 307.62 300.88 25.96 22.45
Payable to employees – – 13.33 13.59
Financial lease obligations 1.97 2.05 – –
Liability for expenses – – 331.14 345.81
Others – – 1.02 2.58
Total 309.59 302.93 422.76 442.88
* There is no amount due and outstanding to be credited to the Investor Education and Protection Fund as at March 31, 2022
(Previous year : Nil).

2.20 Provisions
` Crores
Particulars Non-current Current
As at March 31, As at March 31,
2022 2021 2022 2021
Employee benefits :
Provision for Gratuity 6.90 7.27 1.51 1.88
Provision for Bonus 1.00 – 29.15 26.18
Provision for Leave Encashment 19.29 19.03 21.02 17.97
Others – – 17.52 16.83
(a) 27.19 26.30 69.20 62.86
Others :
Provision for claims under litigations – 0.07 – –
Others 7.24 6.27 – 0.25
(b) 7.24 6.34 – 0.25
Total (a+b) 34.43 32.64 69.20 63.11

2.21 Deferred tax liabilities (net)

Significant components of deferred tax liabilities recognised in the financial statements are as follows :
` Crores
Particulars As at March 31,
2022 2021
Deferred tax liabilities/(assets) in relation to :
Unabsorbed Depreciation/Business Loss as per Income Tax (60.11) (84.97)
Provision for employee benefits (18.72) (55.66)
Other temporary differences 80.68 68.25
Property, plant and equipment 96.44 133.56
Total 98.29 61.18

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2.21 Deferred tax liabilities (net) (Contd...)

The movement in deferred tax liabilities during the year ended March 31, 2022 and March 31, 2021 :
` Crores
Particulars As at Credited/ As at Credited/ As at
March 31, (Charged) to March 31, (Charged) to March 31,
2022 Statement 2021 Statement 2020
of P&L /OCI of P&L /OCI
Deferred tax liabilities/(assets) in relation to :
Unabsorbed Depreciation / Business Loss as per Income Tax (60.11) 24.86 (84.97) 17.12 (102.09)
Provision for employee benefits (18.72) 36.94 (55.66) 5.15 (60.81)
Other temporary differences 80.68 12.43 68.25 17.23 51.02
Property, plant and equipment 96.44 (37.12) 133.56 (34.17) 167.73
Total 98.29 37.11 61.18 5.33 55.85

2.22 Other liabilities

` Crores
Particulars Non-current Current
As at March 31, As at March 31,
2022 2021 2022 2021
Advance from customers – 0.05 101.33 94.21
Statutory liabilities 25.78 25.78 90.59 104.64
Other employee benefit expenses – – 32.34 24.99
Others 243.98 199.39 538.10 419.55
Total 269.76 225.22 762.36 643.39

2.23 Current tax liabilities (net)

` Crores
Particulars As at March 31,
2022 2021
Current tax liabilities
Provision for taxation 3.36 61.06
(a) 3.36 61.06
Current tax assets
Taxes paid 3.02 60.33
(b) 3.02 60.33
Total (a-b) 0.34 0.73

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3.01 Revenue from operations

` Crores
Particulars Year ended March 31,
2022 2021
Revenue from operations :
Sale of products 6,026.10 5,424.88
Sale of services 103.06 70.04
Other operating revenue :
Scrap sales 16.58 11.19
Claims and recoveries 91.77 29.78
Export incentive 1.52 1.55
Investment Income of Insurance Business 47.41 37.60
Net Gain arising of financial assets designated as at FVTPL 0.33 2.87
Commission 7.90 5.17
Others 11.65 4.06
Total 6,306.32 5,587.14
Revenue from contracts with customers :
I. Revenue from contracts with customers disaggregated based on geography :
` Crores
Particulars Year ended March 31,
2022 2021
Home market 6,030.07 5,275.23
Exports 276.25 311.91
Total 6,306.32 5,587.14

II. Reconciliation of gross revenue with the revenue from contracts with customers :
` Crores
Particulars Year ended March 31,
2022 2021
Gross Revenue 6,617.46 5,914.12
Less : Discounts and incentives 311.14 326.98
Net Revenue recognised from Contracts with Customers 6,306.32 5,587.14

III. Revenue recognised from Contract liability (Advances from Customers) :

` Crores
Particulars As at March 31,
2022 2021
Closing Contract liability 101.33 94.26

The contact liability outstanding at the beginning of the year was ` 94.26 Crores, of which, ` 87.65 Crores has been recognised
as revenue during the year ended March 31, 2022.

Management conclude that disaggregation of revenue disclosed in Ind AS 108 meets the disclosure criteria of Ind AS 115 and
segment revenue is measured on the same basis as required by Ind AS 115, hence separate disclosures as per Ind AS 115 is not
required.

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3.02 Other Income

` Crores
Particulars Year ended March 31,
2022 2021
Interest income earned on financial assets :
Bank deposits (at amortised cost) 9.38 13.93
Unwinding Interest on financial assets 0.18 0.36
Dividend on preference Shares 1.40 0.43
Others 3.16 4.03
Other non - operating income :
Liabilities no longer considered as payable 8.39 6.05
Government assistance-Tax subsidy/Exemption 1.44 4.05
Interest on income tax refund 7.48 0.37
Miscellaneous income 1.45 4.07
Other gains and losses :
Net gain on sale of investment 0.04 0.01
Net gain on foreign exchange fluctuation 2.75 4.85
Net gain on disposal of Property, plant and equipment 4.00 –
Total 39.67 38.15

3.03 Changes in inventories

` Crores
Particulars Year ended March 31,
2022 2021
Inventories at the end of the year (including in-transit)
Stock-in-trade 32.06 30.64
Work-in-progress 95.25 40.17
Finished goods 199.41 160.61
(a) 326.72 231.42
On Acquisition
Stock-in-trade – 0.27
(b) – 0.27
Inventories at the beginning of the year (including in-transit)
Stock-in-trade 30.64 41.96
Work-in-progress 40.17 78.48
Finished goods 160.61 297.73
(c) 231.42 418.17
Total (a - b - c) 95.30 (187.02)

3.04 Other manufacturing expenses

` Crores
Particulars Year ended March 31,
2022 2021
Stores and spares consumed 139.53 121.74
Plant and equipment hire charges 30.21 20.28
Repairs to plant and equipment 28.30 22.16
Royalty for minerals 58.59 57.03
Sub-contract charges 35.03 43.91
Plant upkeep expenses 39.11 29.22
Quarry expenses 4.56 3.41
Dies and punches consumed 2.24 3.18
Other manufacturing expenses 8.02 5.64
Total 345.59 306.57

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3.05 Employee benefits expense

` Crores
Particulars Year ended March 31,
2022 2021
Salaries, wages and bonus 551.13 492.93
Contribution to provident and other funds 40.07 40.28
Staff welfare expenses 24.03 16.68
Total 615.23 549.89

3.06 Finance costs

` Crores
Particulars Year ended March 31,
2022 2021
Interest and Finance charges on financial liabilities :
Interest on overdraft/cash credit 8.13 12.49
Interest on borrowings 135.67 157.12
Interest on finance lease obligation 19.62 18.61
Interest on security deposits 14.05 14.03
Interest expense on redeemable preference shares 0.45 0.45
Other borrowing costs 7.22 7.68
Total 185.14 210.38

3.07 Depreciation, Amortisation and Impairment expense

` Crores
Particulars Year ended March 31,
2022 2021
Depreciation of Property, plant and equipment 268.76 246.13
Depreciation on Right of Use Assets 34.95 40.57
Amortisation of intangible assets 5.94 5.82
Total 309.65 292.52

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3.08 Other expenses

` Crores
Particulars Year ended March 31,
2022 2021
Rent expenses 20.93 20.00
Rates and taxes 25.55 16.98
Travelling and communication expenses 43.12 32.16
Commission on sales 28.05 30.02
Advertisement, sales promotion and other marketing expenses 125.12 100.12
Legal and professional fees 55.29 33.47
Re-insurance expenses 63.74 41.69
Insurance 21.29 20.84
Impairment loss/allowance/(reversal) on other financial assets carried at amortised cost (0.31) (1.22)
Impairment/(reversal of impairment) of trade receivables (52.82) 8.22
Bad debts written off 67.05 15.98
Concrete pumping expenses 9.85 9.04
Research expenses * 5.28 4.12
Repairs to buildings 2.79 1.76
Repairs others 16.24 11.74
Bank charges 7.65 6.70
Impairment on non-current assets 0.60 3.23
Claims paid- Insurance Business 328.46 181.83
Commission- Insurance Business 52.60 38.63
Net loss on disposal of Property, plant and equipment – 0.73
CSR expenses 4.54 4.29
Miscellaneous expenses 83.22 65.88
Total 908.24 646.21
* Research expenses comprise of :
Salaries and wages 3.13 2.61
Travelling and Communication 0.32 0.24
Others 1.83 1.27
Total 5.28 4.12

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3.09 Tax expenses

` Crores
Particulars Year ended March 31,
2022 2021
(a) Income tax expenses :
Current tax
In respect of the current year 3.69 10.37
In respect of the earlier years (1.24) –
Deferred tax
In respect of the current year 37.53 5.83
Total 39.98 16.20

(b) Income tax recognised in Other Comprehensive Income :

Remeasurements of the defined benefit plans 1.15 0.79
Share in joint ventures, to the extent not to be reclassified to profit or loss (0.03) (0.07)
Net Gain arising of financial assets designated as at FVTOCI 2.93 1.25
Total 4.05 1.97
Total income tax expenses recognised in the year (a - b) 35.93 14.23

(c) A reconciliation between the Statutory income tax rate applicable to the Company and the effective income tax rate is as
follows :
` Crores
Particulars Year ended March 31,
2022 2021
Net profit before tax 83.93 156.54
Effective tax rate applicable to the Company 25.17% 25.17%
Tax amount at the enacted income tax rate 21.13 40.75
Share of profit/(loss) in joint venture not taxable 1.85 1.09
Difference in tax rates of certain entities of the group (0.09) 0.80
Add : Expenses not deductible in determining taxable profits 63.76 82.69
Less : Allowances/deductible (84.80) (70.63)
Minimum Alternative Tax – 2.51
Tax relating to earlier years (1.24) (0.39)
Others 22.06 20.00
Incremental Deferred Tax assets on account of unused tax losses and unused tax credits (38.18) (77.09)
Incremental Deferred Tax liability on account of other temporary differences 51.44 14.50
Tax expense as per the Statement of Profit and Loss 35.93 14.23

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4.01 Earnings Per Share (EPS)

Particulars Year ended March 31,

2022 2021
Basic earnings per share :
Attributable to equity holders of the Group (`) 1.82 3.40
Diluted earnings per share :
Attributable to equity holders of the Group (`) 1.82 3.40
Reconciliation of earnings used in calculating earnings per share :
Basic earnings per share
Profit attributable to equity holders of the Group used in calculating basic earnings per share 91.77 171.23
(` Crores)
Diluted earnings per share
Profit attributable to equity holders of the Group used in calculating diluted earnings per share 91.77 171.23
(` Crores)
Weighted average number of equity shares used as the denominator in calculating basic and diluted 50,33,56,580 50,33,56,580
earnings per share

4.02 Exceptional items

FY 2021-22 :
a) Gain on sale of land and building located at Prayagraj amounting to ` 10.87 Crores on discontinuance of cement packing unit
operations in the year 2018-19.
b) Pursuant to the order of Commissioner of Labour on the settlement scheme and voluntary retirement/separation scheme
offered by the Company, the Company has rationalised certain workforce at its tile manufacturing facilities of HRJ Division
located at Dewas, Madhya Pradesh. The one-time financial impact on account of rationalisation aggregates to ` 1.88 Crores.

FY 2020-21 :
a) During the course of mining, limestone pits are formed on the land from where limestone is extracted. Water accumulates
in such pits, which is used by the Company in its manufacturing process. The Water Resource Department, Government of
Madhya Pradesh raised a demand for consumption of such water during the period FY 1998-99 to FY 2019-20 aggregating to
` 8.92 Crores. The said demand had been challenged by the Company and a writ petition was filed before the Hon’ble Madhya
Pradesh High Court, Jabalpur. During FY 2020-21, the Water Resources Department recalculated the demand and has issued
revised demand notice for ` 1.45 Crores for period up to FY 2020-21, which has been paid. Out of the same, an amount of ` 1.33
Crores pertains to period up to FY 2019-20, which has been shown under Exceptional item.

Once the Madhya Pradesh High Court resumes physical hearing, the writ petition will be withdrawn in view of the above
settlement with Water Resources Department.

b) The state of Madhya Pradesh introduced a new Section 9C in MP VAT Act, 2002 vide which VAT was levied on freight of goods
up to the state border. Accordingly, on the stock transfer of cement out of Madhya Pradesh, VAT was required to be paid on
the freight charges up to the border. The Company had challenged the above provisions before Hon’ble Madhya Pradesh High
Court, Jabalpur but no stay or interim relief had been granted.

Government of Madhya Pradesh had announced an Amnesty Scheme on September 26, 2020 to settle the disputed demands
of MP Commercial Tax, VAT and CST for period up to FY 2015-16. The Company had availed benefit under the said amnesty
scheme for the period from FY 2009-10 to FY 2015-16 in respect of the above demand of VAT.

The aggregate amount recognised in this regard was ` 11.95 Crores.

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4.02 Exceptional items (Contd...)

c) Gain on sale of land located at Whitefield, Bengaluru amounting to ` 32.57 Crores.

d) Pursuant to the order of Commissioner of Labour on the settlement scheme and voluntary retirement/separation scheme
offered by the Company, the Company had rationalised certain workforce at its tile manufacturing facilities of HRJ Division
located at Pen, Maharashtra and at Kunigal, Karnataka. The one-time financial impact on account of rationalisation aggregates
to ` 24.07 Crores.

4.03 Leases
1. The Group’s lease asset primarily consist of leases for Land, Office Space, Furniture, Vehicle and Plant & Machinery having
various lease terms.

2. Following is carrying value of right of use assets :

` Crores
Particulars Category of ROU
Leasehold Plant & Leasehold Vehicle Furniture Total
Land Machinery Building
Balance as at April 1, 2020 55.36 65.97 47.04 0.34 17.76 186.47
Additions during the previous year 8.90 68.08 0.54 – 1.34 78.86
Deletion during the previous year 15.35 0.43 0.73 – – 16.51
Depreciation of Right of use assets 12.46 11.06 9.15 0.06 7.84 40.57
Balance as at March 31, 2021 36.45 122.56 37.70 0.28 11.26 208.25
Additions during the year 6.86 11.08 0.59 – – 18.53
Transferred to Property, plant & equipment (refer note 2.01) – 10.46 – 0.20 – 10.66
Deletion during the year 2.44 0.29 0.22 0.20 – 2.95
Depreciation of Right of use assets 10.49 10.52 8.91 0.01 5.02 34.95
Balance as at March 31, 2022 30.38 112.37 29.16 0.07 6.24 178.22

3. The following is the carrying value of lease liability :

` Crores
Particulars Year ended March 31,
2022 2021
Opening Balance of Lease liability 203.02 180.64
Additions during the year 18.18 78.93
Finance cost accrued during the year 19.35 17.92
Payment/Deletion/Waiver of lease liabilities during the year 56.45 74.47
Closing Balance of Lease liability 184.10 203.02

Current portion of Lease Liability 26.69 32.30

Non-current portion of Lease Liability 157.41 170.72
Balance as at March 31, 2022 184.10 203.02

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4.03 Leases (Contd...)

4. Amounts recognised in the statement of cash flows :

` Crores
Particulars 2021-22 2020-21
Total cash outflow for Leases 53.22 53.59

5. Rental expense recorded for short-term leases was ` 42.30 Crores for the year ended March 31, 2022 (FY 2020-21 :
` 27.95 Crores)

6.  he maturity analysis of lease liabilities are disclosed in note no. 4.08. The Group does not face a significant liquidity risk with
T
regard to its lease liabilities as the current assets are sufficient to meet the obligations related to lease liabilities as and when
they fall due.

7. Future lease payments which will start from April 1, 2022 is ` 4.41 Crores (Previous year: ` 34.91 Crores).

8.  ertain lease agreements are subject to escalation clause and with extension of lease term options. At the expiry of the lease
C
term, in case of lease agreements other than land, the lessee has an option to purchase the assets at Fair Market Value.

4.04 Employee Benefits

1. Defined contribution plans
The Group operated defined benefits contribution retirement benefits plans for all qualifying employees.
The total expense recognised in the Statement of Profit and Loss of ` 20.57 Crores (Previous year : ` 22.09 Crores) represents
contributions payable to these plans by the Group at rates specified in rules of the plans.
2. Defined benefit plans
The Group sponsors funded defined benefit plans for qualifying employees. The defined benefits plan are administered by
separate funds that are legally independent entities. The governing body of the fund is responsible for the investment policy
with regard to assets of the funds.
These plans typically expose the Group to actuarial risks such as investment risk, interest rate risk, longetivity risk and salary risk
Investment risk : The present value of the defined benefit plan liability is calculated using a discount rate which is determined
by reference to market yields at the end of the reporting period on government bonds.
Interest risk : A decrease in the bond interest rate will increase the plan liability; however, this will be partially offset by an
increase in the return on the plan debt investments.
Longetivity risk : The present value of the defined benefit plan liability is calculated by reference to the best estimate of the
mortality of plan participants both during and after their employment. An increase in the life expectancy of the
plan participants will increase the plan’s liability.
Salary risk : The present value of the defined plan liability is calculated by reference to the future salaries of plan participants.
As such, an increase in the salary of the plan participants will increase the plan’s liability.

3. Principal assumptions used for the purpose of actuarial valuation

Particulars Valuation as at March 31,
2022 2021
Discount Rate 5.66% to 7.23% 5.18% to 6.99%
Expected Rate(s) of salary increase 5% to 10% 3% to 10%
Average longetivity at retirement age for current beneficiaries of plans (years) 39 to 58 38 to 58
Average longetivity at retirement age for current employees (future beneficiaries of the plan) 58 & 60 58 & 60
Attrition rate 3% to 20% 2% to 20%

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4.04 Employee Benefits (Contd...)

4. (a) Amounts recognised in consolidated Statement of Profit and Loss in respect of defined benefit plans
` Crores
Particulars Leave Encashment Gratuity
For the year ended March 31, For the year ended March 31,
2022 2021 2022 2021
Service cost :
Current service cost 3.27 2.69 9.05 8.17
Past service cost and (gain)/loss from settlements 0.11 – (0.33) –
Net interest expense 2.09 2.02 3.21 2.92
Actuarial (gain)/loss 5.58 5.72 2.38 2.30
Component of defined benefit costs recognised in 11.05 10.43 14.31 13.39
Statement of Profit and Loss

4. (b) Amounts recognised in consolidated Other Comprehensive Income in respect of defined benefit plans
` Crores
Particulars Gratuity
For the year ended March 31,
2022 2021
Remeasurement of net defined benefit liability
Return on plan assets (excluding amount included in net interest expense) 0.26 (1.11)
Actuarial (gains)/losses arising from changes in demographic assumptions 0.06 (0.32)
Actuarial (gains)/losses arising from changes in financial assumptions 3.59 4.46
Actuarial (gains)/losses arising from experience adjustments 0.45 (0.15)
Components of defined benefits cost recognised in Other Comprehensive Income 4.36 2.88

5. (a) Movements in present value of defined benefit obligation and planned assets
` Crores
Particulars Leave Encashment Gratuity
For the year ended March 31, For the year ended March 31,
2022 2021 2022 2021
Opening defined benefit obligations 36.37 34.96 66.08 62.35
Current service cost 3.27 2.69 9.05 8.17
Interest cost 2.09 2.02 3.97 3.73
Remeasurement (Gains)/Losses
Actuarial (gains)/losses arising from changes in (0.01) 0.02 0.06 (0.32)
demographic assumptions
 ctuarial (gains)/losses arising from changes in financial
A 0.98 1.37 3.59 4.46
assumptions
Actuarial (gains)/losses arising from experience adjustments 3.33 4.34 0.45 (0.15)
Past service cost, including losses/(gains) on curtailments 0.11 – (0.33) –
Benefits paid (6.62) (9.03) (7.43) (12.16)
Closing Defined Benefit Obligation 39.52 36.37 75.44 66.08

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4.04 Employee Benefits (Contd...)

5. (b) Movements in fair value of the plan assets

` Crores
Particulars Gratuity
For the year ended March 31,
2022 2021
Opening fair value of plan assets 31.76 33.70
Interest income 2.12 2.09
Contributions 7.63 6.33
Return on plan assets (0.21) 1.17
Benefits paid (5.97) (11.53)
Closing fair value of plan assets 35.33 31.76

6. The category of plan assets as a percentage of total plan are as follows

Particulars Percentage
March 31, March 31,
2022 2021
Equity Shares 8.79% 11.05%
Central and State Government Securities 66.03% 73.72%
Other Fixed Income Securities/Deposits 25.18% 15.23%
Total 100% 100%

Sensitivity Analysis
Below is the sensitivity analysis determined for significant actuarial assumption for determination of defined benefit obligation
and based on reasonably possible changes of the respective assumptions occurring at the end of the reporting period.

` Crores
Particulars Leave Encashment Gratuity
March 31, March 31, March 31, March 31,
2022 2021 2022 2021
Discount Rate +100 basis points 38.20 34.48 72.14 62.92
Discount Rate -100 basis points 40.59 36.63 79.00 69.53
Salary Increase Rate +1% 40.41 36.47 78.65 69.27
Salary Increase Rate -1% 38.36 34.62 72.40 63.09
Attrition Rate +1% 39.09 35.39 75.20 66.08
Attrition Rate -1% 39.64 35.66 75.64 66.05

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4.05 (a) Contingent Liabilities

(i) Guarantees given by the Group’s bankers and counter guaranteed by the Group: ` 107.82 Crores (Previous year :
` 86.15 Crores).

(ii) Prepayment charges claimed by a bank on amounts prepaid ` 1.25 Crores (Previous year : ` 1.25 Crores)

(iii) Claims against the Group not acknowledged as debts on account of disputes:

(a) Energy Development Cess ` 9.89 Crores (Previous year : ` 9.89 Crores).

(b) Other Claims in respect to Income Tax, Sales Tax, Entry Tax, Excise Duty, Service Tax and other claims ` 374.56
Crores. (Previous year : ` 283.40 Crores)

(b) Capital and other Commitments

Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advances)
` 112.38 Crores (Previous year : ` 104.97 Crores) and other commitments include outstanding letter of credit ` 53.78 Crores
(Previous year : ` 48.02 Crores)

(c) Disclosure of provisions made as per the requirements of Ind AS - 37 on “Provisions, Contingent Liabilities and
Contingent Assets” are as follows :

` Crores
Particulars As at Provisions Amounts As at
April 1, 2021 made utilised or March 31,
during the reversed 2022
year during the
year
MPEB Cess on Generation of Electricity 8.33 – – 8.33
MP Entry Tax/VAT 10.05 – – 10.05
Appeal with AP, Kerala, Punjab, Tamil Nadu, Karnataka and 2.03 0.20 0.10 2.13
Maharashtra Commercial Tax Department
Mines Restoration Expenses 6.27 0.97 – 7.24
Workmen dues 0.07 – 0.07 –
In certain cases, the Company has made payments against the above provisions. In case the disputes are settled in the favour
of the Company, there would be refund of ` 1.19 Crores (Previous year : ` 1.04 Crores) and in the event, these are settled against
the Company there would be cash outflow of ` 26.56 Crores (Previous year : ` 25.71 Crores).

(d) In terms of long-term Gas Supply Agreement (‘GSA’) for Re-Liquefied Natural Gas (‘RLNG’) - Tranche A type with GAIL (India)
Limited (‘GAIL’) having validity till April, 2028, the Company is committed to draw minimum quantity of RLNG specified therein.
In case of underdrawn quantities, determined on calendar year basis, the Company is liable to deposit purchase price under
Take or Pay Obligation clause (‘TOP’) of the GSA and is allowed to draw such underdrawn quantities in the balance term of the
GSA at then prevailing price.

In earlier years, the Company has not been able to draw committed quantity of RLNG and GAIL has waived the TOP obligations
under the GSA. In CY21, with the pandemic situation improving, the demand for gas increased, and as expected GAIL waived
of TOP obligation for CY21 also.

The Company has Gas supply agreements/contracts for three manufacturing locations i.e. at Dewas, Kunigal and Pen. At Dewas
and Kunigal, the Company has been able to renegotiate Minimum Guaranteed Obligation (‘MGO’), thereby reducing (limiting)
the TOP obligation on the Company for the undrawn quantities of MGO. The Company is pursuing its efforts with GAIL for similar
reduction for its plant at Pen.

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4.05 (Contd...)

The estimated amount committed under TOP obligation for the underdrawn quantities of RLNG for the quarter ended March
31, 2022, which would be due in December 2022, if it remains undrawn or not waived, is approximately ` 18.20 Crores. The
aforesaid amount, if payable, will only be in the nature of an advance payment for RLNG which can be drawn anytime thereafter
up to the end of term of the GSA i.e. April 2028. Accordingly, this contract is not considered as in the nature of onerous contract
and no effect of the same is required to be given in the accounts.

4.06 Capital work-in-progress includes pre-operative expenses of ` 98.58 Crores (Previous year : ` 89.09 Crores), the details
of which are as under :

` Crores
Particulars As at March 31,
2022 2021
Indirect expenditure incurred during the year and considered as pre-operative expenses
Salary, Wages and Bonus 1.72 1.29
Contribution to Provident and other funds 0.08 0.03
Rent, Rates and Taxes 0.34 0.27
Travelling and Communication 0.30 0.11
Professional fees 0.81 0.28
Depreciation 4.77 3.47
Miscellaneous expenses 1.47 1.21
Total 9.49 6.66
Add : Expenditure up to Previous year 89.09 82.43
Balance Carried forward 98.58 89.09
Cost relating to acquisition of assets and related direct expenses 105.52 43.35
Total Capital Work-in-progress 204.10 132.44

4.07 Capital management

Risk management
 he Group’s policy is to maintain a stable and strong capital structure with a focus on total equity so as to maintain investors’, creditors’
T
and market confidence and to sustain future development and growth of its business and at the same time, optimise returns to the
shareholders. The Group takes appropriate and corrective steps in order to maintain, or if necessary adjust, its capital structure.

 he capital structure of the Group is based on management’s judgement of the appropriate balance of key elements in order to meet
T
its strategic and day-to-day needs. The Group considers the amount of capital in proportion to risk and manage the capital structure
in light of changes in economic conditions and the risk characteristics of the underlying assets.

Consistent with others in the industry, the Group monitors capital on the basis of the capital gearing ratio computed as under :

 et debt (Total Borrowings net of Cash and Cash equivalents) divided by Total ‘Equity’ (as shown in the Balance Sheet including
N
Non-controlling interest).

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4.07 Capital management (Contd...)

 he Group’s strategy is to maintain a capital gearing ratio within 2.25 times. The comparative capital gearing ratios are tabulated as
T
hereunder :

Particulars As At March 31,

2022 2021
Net Debt (` Crores) 1,186.16 1,183.21
Total Equity (` Crores) 1,595.54 1,523.94
Net Debt to Equity ratio 0.74 0.78
 he Group has complied with all material externally imposed conditions relating to capital requirements and there has not been any
T
delay or default during the period covered under these financial statements. No lenders have raised any matter that may lead to
breach of covenants stipulated in the underlying documents.

4.08 Financial Instruments

(i) Methods and assumptions used to estimate the fair values
The fair values of the financial assets and liabilities are included at the amount at which the instrument could be exchanged in
a current transaction between willing parties, other than in a forced or liquidation sale.

The following methods and assumptions were used to estimate the fair values :

a) The carrying amounts of receivables and payables which are short term in nature such as trade receivables, other bank
balances, deposits, loans to employees, trade payables, payables for acquisition of non- current assets, demand loans
from banks and cash and cash equivalents are considered to be the same as their fair values.

b) The fair values for long term loans, long term security deposits given and remaining non current financial assets were
calculated based on cash flows discounted using a current lending rate. They are classified as level 3 fair values in the fair
value hierarchy due to the inclusion of unobservable inputs.

c) The fair values of long term security deposits taken, non-current borrowings and remaining non current financial liabilities
are based on discounted cash flows using a current borrowing rate. They are classified as level 3 fair values in the fair
value hierarchy due to the use of unobservable inputs.

d) For financial assets and liabilities that are measured at fair value, the carrying amounts are equal to the fair values.

(ii) Categories of financial instruments

The Group uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation
technique:
Level 1 : unadjusted quoted prices in active markets for identical assets or liabilities.
Level 2 : directly or indirectly observable market inputs, other than Level 1 inputs; and
Level 3 : inputs which are not based on observable market data

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4.08 Financial Instruments (Contd...)

` Crores
Particulars As at March 31, 2022 As at March 31, 2021
Carrying Fair value Carrying Fair value
values values
Financial assets
Measured at amortised cost :
Trade receivables 623.70 623.70 630.90 630.90
Loans 1.97 1.97 4.79 4.79
Cash and Bank balances 382.11 382.11 554.57 554.57
Other financial assets 158.03 158.03 155.44 155.44

Measured at FVTPL :
Investments 1.41 1.41 11.85 11.85
Derivative Instruments 0.10 0.10 # #
Debt Instruments 0.42 0.42 2.63 2.63

Measured at FVTOCI :
Investment in other companies 752.01 752.01 643.08 643.08
Total Financial assets 1,919.75 1,919.75 2,003.26 2,003.26

Financial liabilities
Measured at amortised cost :
Borrowings 1,560.26 1,560.26 1,727.94 1,727.94
Lease Liabilities 184.10 184.10 203.02 203.02
Trade payables 1,150.73 1,150.73 945.76 945.76
Other financial liabilities 732.01 732.01 745.32 745.32
Total Financial liabilities 3,627.10 3,627.10 3,622.04 3,622.04

(iii) Level wise disclosure of financial instruments

` Crores
Particulars As at As at March Level Valuation
March 31, 31, 2021 techniques
2022 and key
inputs
Investment in equity instruments of other companies (B L A Power 4.85 4.95 3 Independent
Private Limited) Valuer
Certificate
Investments in mutual funds 1.40 11.83 1 Quotes from
market
Investment in debt instruments 0.42 2.63 1 Quotes from
market
Investment in debenture/bonds 747.16 638.13 2 Quotes
from market
for similar
instruments
Foreign currency forward contracts - Assets – # 2 Quotes from
banks or
dealers

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4.08 Financial Instruments (Contd...)

The following table shows a reconciliation of significant unobservable inputs from the opening balance to the closing balance
for Level 3 recurring fair value measurements :

Investment in equity instruments of other companies ` Crores

Balance as on April 1, 2021 4.95
Less: Adjustment due to Fair valuation 0.10
Balance as on March 31, 2022 4.85
# Amount less than ` 50,000/-

(iv) Financial Risk Management

The Group’s financial risk management is an integral part of how to plan and execute its business strategies. The Groups
financial risk management policy is set by the respective Board of the companies in the Group. The details of different types of
risk and management policy to address these risks are listed below :

The Group’s activities are exposed to various risks viz. Credit risk, Liquidity risk and Market risk. In order to minimise any
adverse effects on the financial performance of the Group, it uses various instruments and follows polices set up by the Board
of Directors/Management.

(a) Credit Risk :

Credit risk arises from the possibility that counter party will cause financial loss to the Group by failing to discharge its
obligation as agreed.

Credit risks from balances with banks and financial institutions are managed in accordance with the Groups policy.
For financial instruments, the Group attempts to limit the credit risk by only dealing with reputable banks and financial
institutions having high credit-ratings assigned by credit-rating agencies.

Each Company of the Group has specific policies for managing customer credit risk; these policies factor in the customers’
financial position, past experience and other customer specific factor The Group uses the allowance matrix to measure
the expected credit loss of trade receivables from customer.

Based on the industry practices and business environment in which the Group operates, management considers that the
trade receivables are in default if the payment are more than 2 years past due.

Trade receivables consists of large number of customers spread across diverse industries and geographical areas with no
significant concentration of credit risk. The outstanding trade receivables are regularly monitored and appropriate action
is taken for collection of overdue receivables.

Table showing age of gross trade receivables and movement in expected credit loss allowance :
` Crores
Particulars As at March 31,
2022 2021
Within the credit period 379.16 355.90
1-90 days past due 191.46 210.93
91-180 days past due 20.19 27.65
181-270 days past due 11.63 17.40
More than 270 days past due 118.19 168.67
Total 720.63 780.55

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4.08 Financial Instruments (Contd...)

` Crores
Movement in the expected credit loss allowance As at March 31,
2022 2021
Balance at the beginning of the year 149.65 141.43
Net movement in expected credit loss allowance on trade receivables (52.82) 8.22
calculated at lifetime expected credit losses
Balance at the end of the year 96.83 149.65

(b) Liquidity Risk

Liquidity risk is the risk that the Group will encounter difficulty in meeting obligations associated with financial liabilities
that are settled by delivering cash or another financial asset. The Groups approach to managing liquidity is to ensure, as
far as possible, that it will have sufficient liquidity to meet its liabilities when they are due, under both normal and stressed
conditions, without incurring unacceptable losses or risking damage to Group’s reputation. In addition, processes and
policies related to such risks are overseen by the senior management. The management monitors the Group’s net liquidity
position through rolling forecasts on the basis of expected cash flows.

Maturities of financial liabilities

The table below provides details regarding the remaining contractual maturities of financial liabilities :
` Crores
As at March 31, 2022 < 1 Year 1 - 5 year > 5 year Total
Non-current borrowings 211.66 1,108.30 68.71 1,388.67
Current borrowings 171.25 – – 171.25
Lease Liability 43.45 107.50 213.72 364.67
Fixed Deposits payable 0.34 – – 0.34
Trade Payables 1,137.93 12.80 – 1,150.73
Other Financial Liabilities 422.42 231.64 77.95 732.01

` Crores
As at March 31, 2021 < 1 Year 1 - 5 year > 5 year Total
Non-current borrowings 180.19 1,305.95 123.86 1,610.00
Current borrowings 117.45 – – 117.45
Lease Liability 50.68 124.07 211.83 386.58
Fixed Deposits payable 0.49 – – 0.49
Trade Payables 945.76 – – 945.76
Other Financial Liabilities 442.41 170.08 132.83 745.32

Financing arrangements
The Group has sufficient sanctioned line of credits from its bankers/financiers; commensurate to its business requirements.
The Group reviews its line of credit available with bankers and lenders from time to time to ensure that at any point of time
there is sufficient availability of line of credit to handle peak business cycle.
The Group pays special attention to the net operating working capital invested in the business. In this regard, as in
previous years, considerable work has been performed to control and reduce collection periods for trade and other
receivables, as well as to optimise accounts payable with the support of banking arrangements to mobilise funds and
minimise inventories.

(c) Market Risk

Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in
market prices. Market risk comprises two types of risk : currency risk and interest rate risk.

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4.08 Financial Instruments (Contd...)

i. Market Risk – Foreign Exchange

Foreign currency risk is that the risk that the fair value or future cash flows of a financial instrument will fluctuate
because of changes in foreign exchange rates. The Group operates internationally and a portion of its business
is transacted in several currencies and consequently the Group is exposed to foreign exchange risk through its
overseas sales and purchases in various foreign currencies. The Group hedges the receivables as well as payables
after discussion with the Forex Consultant and as per polices set by the management.

The Group is also exposed to the foreign currency loans availed from various banks to reduce the overall interest
cost.

The carrying amount of the Group’s foreign currency denominated monetary assets and liabilities as at the end
of the reporting period are as follows :

In Crores
Currencies Liabilities Assets
As at March 31, As at March 31,
2022 2021 2022 2021
US Dollar (USD) 2.26 1.74 0.39 0.53
EURO 0.42 0.42 – #
British Pound (GBP) # – – –
Japanese Yen (JPY) – 0.01 – –
Danish Krone (DKK) # – – –
Srilankan Rupee (LKR) # 0.03 1.13 4.28
# Amount less than 50,000/-

Foreign Currency Exposure

In Crores
Foreign currency exposure as at March 31, 2022 USD EURO JPY LKR GBP DKK
Trade receivables 0.39 – – 0.11 – –
Loan and other receivables – – – 1.02 – –
Borrowings 0.04 – – – – –
Trade payables 2.22 0.42 – # # #

In Crores
Foreign currency exposure as at March 31, 2021 USD EURO JPY LKR GBP DKK
Trade receivables 0.53 # – 1.62 – –
Loans and other receivables – – – 2.66 – –
Borrowings 0.13 – – – – –
Trade payables 1.61 0.42 0.01 0.03 – –
# Amount less than 50,000/-

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4.08 Financial Instruments (Contd...)

Particulars of un-hedged foreign currency asset/liability as at Balance Sheet date

In Crores
Currency Nature As at March 31, 2022 As at March 31, 2021
Amount Amount (`) Amount Amount (`)
in Foreign in Foreign
Currency Currency
EURO Asset – – # 0.27
LKR Asset 1.13 0.29 4.28 1.57
USD Asset 0.39 29.40 0.53 38.76
EURO Liability 0.42 35.36 0.42 35.63
LKR Liability # # 0.03 0.01
USD Liability 2.26 171.37 1.74 127.07
DKK Liability # 0.05 – –
GBP Liability # # – –
JPY Liability – – 0.01 #
# Amount less than 50,000/-
Foreign currency sensitivity
1% increase or decrease in foreign exchange rates will have the following impact on profit after tax and equity :
` Crores
Currency Impact on Profit after Tax Impact on Profit after Tax
and Equity and Equity
As at March 31, As at March 31,
2022 2021 2022 2021
1% increase 1% increase 1% decrease 1% decrease
USD (1.42) (0.88) 1.42 0.88
EURO (0.35) (0.35) 0.35 0.35
LKR – 0.02 – (0.02)
Total (1.77) (1.21) 1.77 1.21

ii. Market Risk – Interest Rate

The interest rate risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because
of changes in market interest rates.
The Group borrows at variable as well as fixed interest rates and the same is managed by the Group by constantly
monitoring the trends and expectations. In order to reduce the overall interest cost, the Group has borrowed in a mix
of short term and long term loans.
` Crores
Particulars March 31, 2022 March 31, 2021
Variable rate borrowings 969.17 1346.08
Fixed rate borrowings 591.09 381.86
Interest rate sensitivity analysis
The sensitivity analysis below have been determined based on the exposure to interest rates on the borrowings at the end
of the reporting period. For floating rate liabilities, the analysis is prepared assuming that the amount of liability outstanding
at the end of the reporting period was outstanding for whole the year. A 100 basis point increase or decrease is used for
internal review by the key management personnel.
` Crores
Particulars Impact on Profit/Loss and Equity
As at March 31,
2022 2021
Interest rates - increase by 100 basis points * (9.69) (13.46)
Interest rates - decrease by 100 basis points * 9.69 13.46
• Assuming all other variables as constant

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4.09 Related Party Disclosures

Relationships
Particulars Ownership interest
As at March 31,
2022 2021
Joint Ventures
Ardex Endura (India) Private Limited 50% 50%
TBK Deepgiri Tile Bath Kitchen Private Limited 50% 50%
TBK Florance Ceramics Private Limited 50% 50%
TBK Prathap Tile Bath Kitchen Private Limited (upto 29/06/2020) – –

Associates
CSE Solar Parks Satna Private Limited 27.95% 27.95%
Sunspring Solar Private Limited 27% 27%

Companies in which Directors and/or their relatives have Key Management Personnel (KMP)
significant influence Executive Directors
Peninsula Estates Private Limited Mr. Vijay Aggarwal, Managing Director
Varahagiri Investments & Finance Private Limited Mr. Vivek K. Agnihotri, Executive Director & CEO (Cement)
Hathway Cable and Datacom Limited Mr. Sarat Chandak, Executive Director & CEO (HRJ)
Mr. Atul R. Desai, Executive Director & CEO (RMC)
Others - Significant Influence
Countrywide Exports Private Limited Non-executive Directors
Non-independent
Others - Post-retirement Benefit Plan Mr. Rajan B. Raheja, Director
Prism Johnson Limited Staff Provident Fund Mr. Akshay R. Raheja, Director (w.e.f. 05/03/2022)

Independent
Mr. Shobhan M. Thakore, Chairman
Ms. Ameeta A. Parpia, Director
Dr. Raveendra Chittoor, Director

` Crores
Name Relationship Nature of Amount of Amount Amount of Amount
transaction transaction outstanding transaction outstanding
in FY 2021- as on March in FY 2020- as on March
22 31, 2022 21 31, 2021
(payable)/ (payable)/
Receivable Receivable
Peninsula Estates Private Companies in which Rent expense 0.17 – 0.15 –
Limited Directors and/or their Deposit given – 0.03 – 0.03
relatives have significant
influence
Varahagiri Investments & Companies in which Rent expense 0.66 – 0.60 –
Finance Private Limited Directors and/or their Deposit given – 0.11 – 0.11
relatives have significant
influence
CSE Solar Parks Satna Associate Investment – – 4.48 NA
Private Limited made
Access Fees 0.13 0.14 0.11 0.05
received
Purchase 11.67 (2.54) 6.52 (2.28)
Incentive paid 0.42 – 0.19 (0.89)

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4.09 Related Party Disclosures (Contd...)

` Crores
Name Relationship Nature of Amount of Amount Amount of Amount
transaction transaction outstanding transaction outstanding
in FY 2021- as on March in FY 2020- as on March
22 31, 2022 21 31, 2021
(payable)/ (payable)/
Receivable Receivable
Sunspring Solar Private Associate Termination 1.30 – – –
Limited Charges
Access Fees 0.11 0.11 0.04 0.04
received
Purchase 1.56 (1.00) 0.90 (0.28)
Incentive paid 0.64 – 0.38 (0.68)
Mr. Atul R. Desai Executive Director & CEO Deposit given – 0.06 – 0.06
(RMC) Rent expense 0.13 – 0.11 –
Payable on account of KMPs Refer table 24.11 (1.85) 15.51 (2.55)
Managerial Remuneration below (*)
TBK Florance Ceramics Joint Venture Sales 13.26 0.30 8.00 0.24
Private Limited Selling and 0.24 – 0.61 –
Distribution
Expenses
Reimbursement # – # –
of services
received
Reimbursement 0.08 – 0.05 –
of Services Paid
TBK Deepgiri Tile Bath Joint Venture Reimbursement 0.10 – 0.08 –
Kitchen Private Limited of services
received
Sales 2.44 0.06 3.11 0.04
Amount written 1.24 – – 1.24
off / loan
balance
Selling and 0.05 – 0.15 –
Distribution
Expenses
Reimbursement # – # –
of Services Paid
Interest Income 0.09 – 0.15 0.61
TBK Prathap Tile Bath Joint Venture Purchase – – 0.13 –
Kitchen Private Limited
Countrywide Exports Significant Influence Rent expense – – 0.03 –
Private Limited
Ardex Endura (India) Private Joint Venture Deposits given – # – #
Limited Brand promotion 1.18 – – –
income
Purchase and 0.01 – 0.14 (0.02)
services

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4.09 Related Party Disclosures (Contd...)

` Crores
Name Relationship Nature of Amount of Amount Amount of Amount
transaction transaction outstanding transaction outstanding
in FY 2021- as on March in FY 2020- as on March
22 31, 2022 21 31, 2021
(payable)/ (payable)/
Receivable Receivable
Prism Johnson Limited Staff Post-retirement Benefit Plan Purchase of – – 2.57 N.A.
Provident Fund securities
Others Interest Income – – 0.02 –
Interest – – 0.05 –
receivable
written-off
Sales – – 1.36 –
Selling and – – 0.07 –
Distribution
Expenses
Sale of – – 0.01 –
investments
Reimbursement – – # –
of services paid
# Amount less than ` 50,000/-

(*) Compensation to KMPs :

` Crores
Particulars Amount of transaction in
FY 2021-22 FY 2020-21
Short-term employee benefits 23.30 14.81
Post-employment benefits – –
Other long-term benefits – –
Commission paid to Independent Directors 0.60 0.45
Sitting Fees 0.21 0.25
Total 24.11 15.51
Notes :
a) As the post-employment benefits is provided on an actuarial basis for the Company as a whole, the amount pertaining to
key management personnel is not ascertainable and therefore not included above.
b) The value of related party transaction & balances reported are based on actual transaction and without giving effect to
notional Ind AS adjustment entries.
c) Transactions disclosed against “Others” in the above table are those transactions with related party which are of the
amount not in excess of 10% of the total related party transactions of the same nature.

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4.10 Segment Information

Products and services from which reportable segments derive their revenues.
Information reported to Chief Operating Decision Maker (CODM) for the purpose of resource allocation and assessment of segment
performance focuses on types of goods and services delivered, or provided. No operating segments have been aggregated in
arriving at reporting segments in the Group.
Segment Revenue and Results :
The following is an analysis of the Group revenue and results from continuing operations by reportable segments.
` Crores
Particulars Segment Revenue Segment Results
For the year ended March 31, For the year ended March 31,
2022 2021 2022 2021
Cement (a) 2,407.60 2,585.74 219.78 424.51
HRJ 2,221.41 1,832.50 118.60 (7.13)
Share of Profit/(loss) of Joint Ventures and Associate – – 7.34 4.26
Total HRJ (b) 2,221.41 1,832.50 125.94 (2.87)
RMC (c) 1,197.46 907.86 (18.29) (15.86)
Insurance (d) 503.66 292.98 (48.77) (43.04)
(a + b + c + d) 6,330.13 5,619.08 278.66 362.74
Less: Inter Segment Revenue 23.81 31.94 - -
Total 6,306.32 5,587.14 278.66 362.74
Add : Other un-allocable income net of un-allocable expenditure 38.23 35.07
Less : Finance costs 185.14 210.38
Profit Before Tax 131.75 187.43

Segment Assets and Liabilities :

` Crores
Particulars As at March 31,
2022 2021
Segment Assets
Cement 2,945.02 2,707.28
Investment in Associate accounted under Equity Method 9.47 9.94
Total Cement (a) 2,954.49 2,717.22
HRJ 1,623.16 1,572.56
Investment in Joint Ventures and Associate accounted under Equity Method 70.67 63.25
Total HRJ (b) 1,693.83 1,635.81
RMC (c) 495.57 521.58
Insurance (d) 1,016.64 848.34
Total Segment Assets (a + b + c + d) 6,160.53 5,722.95
Unallocated 303.08 454.00
Consolidated Total Assets 6,463.61 6,176.95

Segment Liabilities
Cement 1,303.28 1,189.08
HRJ 910.49 861.77
RMC 342.17 351.12
Insurance 925.77 743.59
Total Segment Liabilities 3,481.71 3,145.56
Unallocated 1,658.89 1,789.85
Consolidated Total Liabilities 5,140.60 4,935.41

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4.10 Segment Information (Contd...)

For the purposes of monitoring segment performance and allocating resources between segments :

i. All assets are allocated to reportable segments other than, other investments, loans, other financial assets. Goodwill is allocated
to reportable segments as described in notes.

ii. All liabilities are allocated to reportable segments other than borrowings, other financial liabilities, current and deferred tax
liabilities.

` Crores
Particulars Depreciation, Amortisation Additions to Non-current
and Impairment Assets
For the year ended March 31, As at March 31,
2022 2021 2022 2021
Cement 161.04 122.35 204.27 333.06
HRJ 117.24 135.92 94.39 25.44
RMC 27.11 30.66 30.86 7.93
Insurance 4.26 3.59 4.28 3.94
Total 309.65 292.52 333.80 370.37

4.11 Government grants by way of Tax subsidy/exemption schemes

a. As per Jammu and Kashmir Budgetary support scheme under Goods and Service Tax, the Company is entitled for 58 % of
CGST and 29% IGST paid through debit in cash ledger account maintained by the Entity. During the year, the Company has
recognised the GST Rebate and credited to “Other Income” of ` 0.43 Crores (Previous year : ` 0.78 Crores).

b. As per Jammu and Kashmir Budgetary support scheme under Goods and Service Tax, the Company is entitled for claim 2% of
the taxable turnover with respect to interstate supplies made by the Industrial unit under Integrated Goods and Services Tax
Act, 2017 provided that the maximum amount of annual reimbursement shall be limited to 2% of the interstate sales turnover
reflected by the dealer in his returns for the accounting year 2016-17. The Company has recognised the Interstate Sale Rebate
of ` 0.71 Crores (Previous year : ` 0.01 Crores) in the Statement of Profit and Loss.

c. Coral Gold Tiles Private Limited has received grant in the nature of exemption of Import duty such as custom duty, CVD and
other duties on capital goods with certain condition related to Export of Goods under EPCG Scheme of Government of India
aggregating to ` 0.54 Crores (Previous year : ` 0.54 Crores)

d. During the year, Sanskar Ceramics Private Limited and Spectrum Johnson Tiles Private Limited, grant set up as deferred income
has been recognised in the Statement of Profit and Loss as Nil (Previous year : ` 2.05 Crores)

e. As part of fiscal incentives to North East Region, the Ministry of Commerce & Industry had provided capital investment incentives
under “North East Industrial and Investment Promotion Policy (NEIIPP), 2007”. The Company had invested ` 1.56 Crores in plant
and machinery in FY 2012-13 and lodged claim for capital subsidy. During the FY 2018-19, the Government had approved
Company’s claim against NEIIPP 2007 and sanctioned capital subsidy of ` 0.47 Crores. The Company had recognised this as
unearned income, to be recognised in Statement of Profit and Loss over the balance useful life of the assets.

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 Corporate overview statutory reports Financial Statements

4.12 Interests in other entities

Subsidiaries :
The Company’s subsidiaries as at March 31, 2022 are set out below. Unless otherwise stated, they have Share Capital consisting
solely of equity shares, the proportion of ownership interests held equals the voting rights held by the Company. The country of
incorporation or registration is also their principal place of business.

Name of entity Country of Ownership interest Ownership interest Principal

incorporation held by the Group held by non- Activities
controlling interests
March 31, March 31, March 31, March 31,
2022 2021 2022 2021
Raheja QBE General Insurance Company India 51% 51% 49% 49% General
Limited insurance
business
Antique Marbonite Private Limited India 50% 50% 50% 50% Manufacturing
Spectrum Johnson Tiles Private Limited India 50% 50% 50% 50% of Tiles
Sentini Cermica Private Limited India 50% 50% 50% 50%
Coral Gold Tiles Private Limited India 50% 50% 50% 50%
Small Johnson Floor Tiles Private Limited India 50% 50% 50% 50%
Sanskar Ceramics Private Limited India 50% 50% 50% 50%
TBK Prathap Tile Bath Kitchen Private Limited India 98% 98% 2% 2% Trading of Tiles
H. & R. Johnson (India) TBK Limited India 100% 100% – –
TBK Venkataramiah Tile Bath Kitchen Private India 100% 100% – –
Limited
TBK Samiyaz Tile Bath Kitchen Private Limited India 100% 100% – –
TBK Rangoli Tile Bath Kitchen Private Limited India 100% 100% – –
RMC Readymix Porselano (India) Limited India 100% 100% – –
Antique Minerals Private Limited (Subsidiary of India – 25.50% – 74.50% Conversion of
Antique Marbonite Private Limited) feldspar and
quartz lumps
to powder
Non-controlling interests (NCI) :
Set out below is summarised financial information for each subsidiary that has non-controlling interests that are material to the Group.
The amounts disclosed for each subsidiary are before inter-company eliminations.

` Crores
Particulars Raheja QBE General Antique Marbonite Private
Insurance Company Limited Limited (*)
March 31, March 31, March 31, March 31,
2022 2021 2022 2021
Summarised Balance Sheet :
Current assets 269.97 326.29 136.51 136.81
Current liabilities 581.08 434.56 103.12 110.49
Net current assets (a) (311.11) (108.27) 33.39 26.32

Non-current assets 757.47 528.29 147.39 149.76

Non-current liabilities 247.45 202.83 18.36 21.39
Net non-current assets (b) 510.02 325.46 129.03 128.37
Net assets (a + b) 198.91 217.19 162.42 154.69

Accumulated NCI 97.24 106.20 81.21 77.68

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4.12 Interests in other entities (Contd...)

` Crores
Summarised Statement of Profit and Loss Raheja QBE General Antique Marbonite Private
Insurance Company Limited Limited (*)
March 31, March 31, March 31, March 31,
2022 2021 2022 2021
Revenue 503.96 293.41 344.39 303.31
Profit/(Loss) for the year (95.02) (83.70) 7.56 7.90
Other Comprehensive Income/(Loss) (8.29) (3.59) 0.18 0.10
Total Comprehensive Income/(Loss) (103.31) (87.29) 7.74 8.00
Profit/(Loss) allocated to NCI (50.62) (42.77) 3.87 4.00

` Crores
Summarised cash flows Raheja QBE General Antique Marbonite Private
Insurance Company Limited Limited (*)
March 31, March 31, March 31, March 31,
2022 2021 2022 2021
Cash flows from operating activities 1.45 33.02 22.48 12.97
Cash flows from investing activities (79.10) (194.98) (7.16) (10.48)
Cash flows from financing activities 82.89 149.69 (15.33) (2.46)
Net increase/(decrease) in cash and cash equivalents 5.24 (12.27) (0.01) 0.03
(*) Based on consolidated financial statements

4.13 Interests in Joint Venture and Associates

Set out below is information on the Joint Venture of the Group as at March 31, 2022 which, in the opinion of the management, is
material to the Group. The entity listed below have share capital consisting solely of equity shares, which are held directly by the
Group. The country of incorporation or registration is also their principal place of business, and the proportion of ownership interest
is the same as the proportion of voting rights held.
` Crores
Name of entity Relationship Place of % of Carrying amount
business Ownership March 31, March 31,
2022 2021
Ardex Endura (India) Private Limited Joint Venture India 50.00% 65.48 57.89

` Crores
Commitments and contingent liabilities Ardex Endura (India) Private
Limited (*)
March 31, March 31,
2022 2021
Share in Joint Venture's contingent liability in respect of VAT/CST, excise and service tax claims not 0.62 0.47
acknowledge as debt
Share of capital commitment in Joint Venture 1.34 0.27

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 Corporate overview statutory reports Financial Statements

4.13 Interests in Joint Venture and Associates (Contd...)

Summarised financial information for the Joint Venture :

The tables below provides summarised financial information for the Joint Venture that is material to the Group. The information
disclosed reflects the amounts presented in the financial statements of the relevant Joint Venture and not the Group share in the
Joint Venture.

` Crores
Particulars Ardex Endura (India)
Private Limited (*)
March 31, March 31,
2022 2021
Summarised Balance Sheet
Current assets
Cash and cash equivalents 0.07 0.76
Other assets 117.47 98.52
Total current assets (a) 117.54 99.28
Total non-current assets (b) 53.60 55.40
Current liabilities
Financial liabilities (excluding trade payables) 5.54 4.11
Other liabilities 34.66 34.28
Total current liabilities (c) 40.20 38.39
Non-current liabilities
Financial liabilities (excluding trade payables) 5.45 5.72
Other liabilities 0.42 0.68
Total non-current liabilities (d) 5.87 6.40
Net assets (a + b - c- d) 125.07 109.89

` Crores
Reconciliation to carrying amounts Ardex Endura (India)
Private Limited (*)
March 31, March 31,
2022 2021
Opening net assets 109.89 101.58
Profit for the year 15.03 8.30
Other Comprehensive Income 0.15 0.01
Closing net assets 125.07 109.89
Group’s share in % 50% 50%
Group’s share in INR 62.54 54.95
Goodwill 2.94 2.94
Carrying amount 65.48 57.89

` Crores
Summarised Statement of Profit and Loss Ardex Endura (India)
Private Limited (*)
March 31, March 31,
2022 2021
Revenue from operations 168.36 133.19
Other Income 2.97 2.86
Depreciation and amortisation 4.62 4.55
Interest expense 0.62 0.77
Income tax expense 5.21 3.01
Other expenses 145.85 119.42
Profit for the year 15.03 8.30
Other comprehensive income 0.15 0.01
Total Comprehensive Income 15.18 8.31

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4.13 Interests in Joint Venture and Associate (Contd...)

Individually immaterial Joint Ventures and Associates :

In addition to the interests in Joint Venture disclosed above, the Group also has interests in a number of individually immaterial Joint
Ventures and Associates that are accounted for using the equity method.

` Crores
Particulars March 31, March 31,
2022 2021
Aggregate carrying amount of individually immaterial Joint Ventures and Associates 14.66 15.30
Aggregate amount of the Group’s share of :
Profit/(Loss) from operations 0.13 0.11
Total Comprehensive Income/(Loss) 0.13 0.11

` Crores
Particulars March 31, March 31,
2022 2021
Total share of profit/(loss) from Joint Ventures/Associates 6.87 4.25
(*) Based on consolidated financial statements

4.14 Pursuant to Order of the Hon’ble Supreme Court dated September 24, 2014, Sial Ghogri Coal mine of the Company was de-
allocated and put to auction by the Ministry of Coal through Nominated Authority. The Nominated Authority had determined
compensation of ` 32.49 Crores for the said Coal Block as against expenses and book value of assets amounting to ` 47.58
Crores.

Till date, a sum of ` 32.34 Crores has been disbursed by the Nominated Authority. The Company had inter alia disputed the
quantum of compensation before the Hon’ble High Court of Judicature, Delhi. As per the directions of the said High Court,
the Company had filed its claim for an additional compensation of ` 53.03 Crores before the Coal Tribunal at Singrauli, duly
appointed under Coal Bearing Areas (Acquisition and Development) Act, 1957.

The Coal Tribunal however, has declined to entertain claim of the Company being of the view that the same has to be heard
by the Nominated Authority. Aggrieved by the decision of the Coal Tribunal, the Company has filed an appeal before the High
Court of Madhya Pradesh to restore the claim before the Coal Tribunal.

Pending final disposal of the matter, the Company has not recognised excess of compensation claimed over the book value
as income as well as loss that may have to be incurred in the event compensation is denied. Accordingly, the balance amount
appears under the head Other Financial Assets (note no. 2.07) and Freehold Land (note no. 2.01) ` 13.93 Crores and ` 1.31
Crores respectively. The Freehold Land continues to be in possession of the Company as it was not part of the vesting order.
Based on the legal opinion, the Company has more than reasonable chances of succeeding in the matter.

4.15 Insurance claim of the year 2012 relating to collapse of blending silo at cement plant and consequential damages was
rejected by the insurance company. The Company had recognized a sum of ` 58.94 Crores as receivable. Against the
rejection of the claim, the Company has filed a money suit against the insurance company for recovery of ` 150.27 Crores.
The matter is before the Commercial Court at Rewa, Madhya Pradesh. In addition, the Company is pursuing arbitration
proceedings with the party responsible for construction of the said silo for recovery of damages. Based on legal opinion and
judicial precedents, the Company has more than reasonable chance of succeeding in the matter.

4.16 In the course of normal business operations, the Company has settled certain receivables by acquiring residential and
commercial properties. The process of disposing these properties is in progress. Impairment loss recognised in Statement of
profit and loss under the head Other expenses to write down the value of such properties to its fair value is Nil (Previous year
: ` 0.55 Crores). The reportable segment, in which the Non-current Assets held for sale is presented, is RMC in accordance
with Ind AS 108.

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4.17 The Hon’ble National Company Law Tribunal (‘NCLT’), Hyderabad has approved the Composite Scheme of Arrangement and
Amalgamation (‘the Scheme’) vide its order dated April 28, 2021 having effect from the Appointed Date i.e. April 1, 2018. The
said order came into effect on May 11, 2021, before finalisation of financial statements for the year 2020-21. Pursuant thereto:
(a) 
Demerger of retail/trading business undertakings of TBK Rangoli Tile Bath Kitchen Private Limited, TBK Venkataramiah
Tile Bath Kitchen Private Limited and TBK Samiyaz Tile Bath Kitchen Private Limited, into its holding company H. & R.
Johnson (India) TBK Limited (“HRJ TBK”) and subsequent demerger of retail/trading business undertaking of HRJ TBK
into the Company; and
(b) 
Amalgamation of Milano Bathroom Fittings Private Limited and Silica Ceramica Private Limited, with the Company;
have been recognised by the Company in the FY 2020-21.
This being a transaction involving entities under common control, it does not have any material impact on the consolidated
financial statements of the Company.

4.18 Trade Receivables Ageing schedule as at March 31, 2022 :

` Crores
Particulars Not Due Outstanding for following periods from due date of Total
payment
Less than 6 months 1-2 years 2-3 years More than
6 months - 1 year 3 years
(i) Undisputed - Considered Good 375.82 209.02 16.08 13.46 0.38 0.01 614.77
(ii) Undisputed - Significant increase in – – – – – – –
Credit Risk
(iii) Undisputed - Credit Impaired 0.21 2.35 1.43 7.28 7.07 9.62 27.96
(iv) Disputed - Considered Good – 0.21 1.81 2.95 0.93 – 5.90
(v) Disputed - Significant increase in – – – – – – –
Credit Risk
(vi) Disputed - Credit Impaired – 0.07 9.30 14.54 18.95 26.01 68.87
Total 376.03 211.65 28.62 38.23 27.33 35.64 717.50
Less : Provision for Impairment (96.83)
Add : Unbilled trade receivables 3.13
Total 623.80

Trade Receivables Ageing schedule as at March 31, 2021 :

` Crores
Particulars Not Due Outstanding for following periods from due date of Total
payment
Less than 6 months 1-2 years 2-3 years More than
6 months - 1 year 3 years
(i) Undisputed - Considered Good 355.19 232.04 22.08 18.57 0.03 0.10 628.01
(ii) Undisputed - Significant increase in – – – – – – –
Credit Risk
(iii) Undisputed - Credit Impaired 0.71 5.45 5.83 20.71 13.02 27.32 73.04
(iv) Disputed - Considered Good – 0.08 0.06 2.09 0.52 0.14 2.89
(v) Disputed - Significant increase in – – – – – – –
Credit Risk
(vi) Disputed - Credit Impaired – 1.01 0.25 14.27 14.75 46.33 76.61
Total 355.90 238.58 28.22 55.64 28.32 73.89 780.55
Less : Provision for Impairment (149.65)
Total 630.90

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Annual Report 2021-22

4.19 Trade Payables Ageing schedule as at March 31, 2022 :

` Crores
Particulars Not Due Outstanding for following periods from due date of Total
payment
Less than 1 1-2 years 2-3 years More than
year 3 years
(i) Micro Enterprises & Small Enterprises 102.63 8.43 – – – 111.06
(ii) Others 672.60 341.34 11.48 3.55 8.96 1,037.93
(iii) Disputed Dues - Micro Enterprises & – – – – – –
Small Enterprises
(iv) Disputed Dues - Others – – – – – –
Total 775.23 349.77 11.48 3.55 8.96 1,148.99
Add : Unbilled trade payables (others) 1.74
Total 1,150.73

Trade Payables Ageing schedule as at March 31, 2021 :

` Crores
Particulars Not Due Outstanding for following periods from due date of Total
payment
Less than 1 1-2 years 2-3 years More than
year 3 years
(i) Micro Enterprises & Small Enterprises 50.72 5.82 – – – 56.54
(ii) Others 494.28 373.93 7.08 2.18 8.05 885.52
(iii) 
Disputed Dues - Micro Enterprises & – – – – – –
Small Enterprises
(iv) Disputed Dues - Others – – – – – –
Total 545.00 379.75 7.08 2.18 8.05 942.06
Add : Unbilled trade payables (others) 3.70
Total 945.76

4.20 Relationship with Struck off Companies

As at March 31, 2022 :
Name of Struck off company Nature of Balance Relationship
Transaction outstanding with Struck off
` Crores company
ZK Constrution Projects Private Limited Receivables 0.09 Trade receivables
AKS Builders Private Limited Receivables 0.11 Trade receivables
Shiv Products Private Limited Receivables 0.11 Trade receivables
S S Properties Private Limited Receivables 0.02 Trade receivables

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4.20 Relationship with Struck off Companies (Contd...)

As at March 31, 2021 :

Name of Struck off company Nature of Balance Relationship
Transaction outstanding with Struck off
` Crores company
ZK Constrution Projects Private Limited Receivables 0.09 Trade receivables
AKS Builders Private Limited Receivables 0.11 Trade receivables

4.21 The quarterly returns or statements of current assets filed by the group with banks or financial institutions are in agreement
with the books of accounts.

4.22 (a) The Group has not advanced or loaned or invested funds (either borrowed funds or share premium or any other source
or kind of funds) to any other person(s) or entity(ies), including foreign entities (‘Intermediaries’) with the understanding
(whether recorded in writing or otherwise) that the Intermediary shall : (i) directly or indirectly lend or invest in other
persons or entities identified in any manner whatsoever by or on behalf of the group (‘Ultimate Beneficiaries’) or
(ii) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.

(b) The Group has not received any funds from any person(s) or entity(ies), including foreign entities (‘Funding Parties’),
with the understanding, whether recorded in writing or otherwise, that the Group shall, directly or indirectly, lend or
invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (‘Ultimate
Beneficiaries’) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

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 4.23 Additional Information required by Schedule III

274
March 31, 2022 :

` Crores
Name of the entity in the Group Net assets (total assets Share in profit or (loss) Share in Other Share in Total
minus total liabilities) Comprehensive Income Comprehensive Income
Prism Johnson Limited
Annual Report 2021-22

% of Amount % of Amount % of Amount % of Amount

consoli- consoli- consoli- consoli-
dated dated dated dated Total
net profit or Other Compre-
assets loss Compre- hensive
hensive Income
Income
Parent 61.82% 986.44 303.61% 133.44 30.50% (3.53) 401.32% 129.91
Subsidiaries (Group’s share)
Indian
Sanskar Ceramics Private Limited 0.86% 13.69 -3.48% (1.53) -2.59% 0.30 -3.80% (1.23)
TBK Prathap Tile Bath Kitchen Private Limited -0.25% (4.00) -1.66% (0.73) – – -2.26% (0.73)
TBK Rangoli Tile Bath Kitchen Private Limited 0.01% 0.09 -0.05% (0.02) – – -0.06% (0.02)
TBK Samiyaz Tile Bath Kitchen Private Limited 0.01% 0.11 -0.02% (0.01) – – -0.03% (0.01)
TBK Venkataramiah Tile Bath Kitchen Private Limited 0.00% 0.05 -0.02% (0.01) – – -0.03% (0.01)
H. & R. Johnson (India) TBK Limited 0.11% 1.74 0.05% 0.02 0.52% (0.06) -0.12% (0.04)
RMC Readymix Porselano (India) Limited 0.03% 0.49 1.07% 0.47 – – 1.45% 0.47
Antique Marbonite Private Limited * 5.09% 81.21 9.35% 4.11 -0.78% 0.09 12.97% 4.20
Small Johnson Floor Tiles Private Limited 1.13% 18.03 -5.01% (2.20) 0.35% (0.04) -6.92% (2.24)
Spectrum Johnson Tiles Private Limited 1.27% 20.30 1.57% 0.69 1.12% (0.13) 1.73% 0.56
Sentini Cermica Private Limited 1.91% 30.53 -5.96% (2.62) – – -8.09% (2.62)
Coral Gold Tiles Private Limited 0.65% 10.35 2.21% 0.97 0.95% (0.11) 2.66% 0.86
Raheja QBE General Insurance Company Limited 6.36% 101.44 -110.26% (48.46) 36.51% (4.23) -162.77% (52.69)
Non-controlling interests in all subsidiaries
Indian 17.08% 272.53 -108.81% (47.82) 34.11% (3.95) -159.93% (51.77)
Joint ventures (Investment as per equity method)
Ardex Endura (India) Private Limited * 3.92% 62.54 17.41% 7.65 -0.69% 0.08 23.88% 7.73
Total 100% 1,595.54 100% 43.95 100% (11.58) 100% 32.37
 4.23 Additional Information required by Schedule III (Contd...)
March 31, 2021 :
` Crores
Name of the entity in the Group Net assets (total assets Share in profit or (loss) Share in Other Share in Total
minus total liabilities) Comprehensive Income Comprehensive Income
% of Amount % of Amount % of Amount % of Amount
consoli- consoli- consoli- consoli-
dated dated dated dated Total
net profit or Other Compre-
assets loss Compre- hensive
hensive Income
Income
Parent 58.98% 898.80 139.13% 195.27 42.91% (2.55) 143.38% 192.72
Subsidiaries (Group’s share)
Indian
Sanskar Ceramics Private Limited 1.13% 17.25 1.77% 2.48 -0.17% 0.01 1.85% 2.49
TBK Prathap Tile Bath Kitchen Private Limited -0.21% (3.27) -0.42% (0.59) – – -0.44% (0.59)
TBK Rangoli Tile Bath Kitchen Private Limited – 0.01 0.23% 0.32 – – 0.24% 0.32
TBK Samiyaz Tile Bath Kitchen Private Limited – 0.02 – – – – – –
TBK Venkataramiah Tile Bath Kitchen Private Limited – 0.01 – – – – – –
H. & R. Johnson (India) TBK Limited 0.12% 1.78 – – – – – –
RMC Readymix Porselano (India) Limited – 0.02 – (0.02) – – – (0.02)
Antique Marbonite Private Limited * 5.05% 77.00 2.81% 3.95 -0.84% 0.05 2.98% 4.00
Small Johnson Floor Tiles Private Limited 1.44% 21.95 2.55% 3.58 – – 2.66% 3.58
Spectrum Johnson Tiles Private Limited 1.30% 19.74 1.99% 2.79 -0.67% 0.04 2.11% 2.83
Sentini Cermica Private Limited 2.18% 33.16 0.98% 1.37 0.17% (0.01) 1.01% 1.36
Coral Gold Tiles Private Limited 0.62% 9.49 0.44% 0.62 – – 0.46% 0.62
Raheja QBE General Insurance Company Limited 7.27% 110.77 -30.42% (42.69) 30.82% (1.83) -33.12% (44.52)
Non-controlling interests in all subsidiaries
Indian 18.53% 282.40 -22.01% (30.89) 27.95% (1.66) -24.22% (32.55)
Corporate overview

Joint ventures (Investment as per equity method)

Ardex Endura (India) Private Limited * 3.60% 54.81 2.96% 4.15 -0.17% 0.01 3.10% 4.16
Total 100% 1,523.94 100% 140.34 100% (5.94) 100% 134.40
* Based on consolidated financial statement of the respective entities

4.24 Figures for the previous year have been regrouped / reclassified / reinstated, wherever considered necessary.

As per our report of even date For and on behalf of the Board
For G. M. Kapadia & Co. Shobhan M. Thakore Ameeta A. Parpia
statutory reports

Chartered Accountants Chairman - DIN : 00031788 Director - DIN : 02654277

Firm Registration No. 104767W
Vijay Aggarwal Vivek K. Agnihotri
Rajen Ashar Managing Director - DIN : 00515412 Executive Director & CEO (Cement) - DIN : 02986266
Partner
Membership No. 048243 Sarat Chandak Atul R. Desai
Executive Director & CEO (HRJ) - DIN : 06406126 Executive Director & CEO (RMC) - DIN : 01918187
Place : Delhi
Date : May 11, 2022 Manish Bhatia Aneeta S. Kulkarni
Chief Financial Officer Company Secretary

Place : Mumbai

275
Date : May 11, 2022
Financial Statements
276
FORM AOC - 1
(Pursuant to first proviso to sub-section (3) Section 129 read with Rules 5 of the Companies (Accounts) Rules, 2014)
Statement containing salient features of the financial statements of Subsidiaries /Joint Ventures/ Associates
Part “ A” Subsidiaries
` Crores
Prism Johnson Limited

Sr. Particulars Name of the Subsidiaries

Annual Report 2021-22

No. TBK Rangoli TBK TBK Samiyaz TBK Prathap H. & R. RMC Raheja QBE
Tile Bath Venkataramiah Tile Bath Tile Bath Johnson Readymix General
Kitchen Tile Bath Kitchen Kitchen (India) TBK Porselano Insurance
Private Kitchen Private Private Private Limited (India) Limited Company
Limited Limited Limited Limited Limited
1 Date when subsidiary was acquired 01.04.2018*** 01.04.2018*** 01.04.2018*** 29.06.2020*** 01.04.2009** 01.04.2009** 10.12.2007
2 Reporting Currency INR INR INR INR INR INR INR
3 Share Capital 0.11 0.11 0.18 0.01 1.61 0.05 296.04
4 Reserves & Surplus (0.02) # (0.07) (4.09) 0.13 0.44 (97.13)
5 Total Assets 0.09 0.11 0.11 0.97 2.56 11.05 1,027.44
6 Total Liabilities # # # 5.05 0.82 10.56 828.53
7 Investments – – – – – – 748.56
8 Turnover – – – 5.03 2.16 26.41 503.66
9 Profit before Taxation (0.02) (0.01) (0.01) (0.75) (0.02) 0.63 (95.45)
10 Provision for taxation – – – (0.01) (0.04) 0.16 (0.43)
11 Profit after taxation (before OCI) (0.02) (0.01) (0.01) (0.74) 0.02 0.47 (95.02)
12 Other Comprehensive Income and Minority – – – – (0.06) – (8.29)
share
13 Profit/Loss for the year (after OCI) - Total (0.02) (0.01) (0.01) (0.74) (0.04) 0.47 (103.31)
Comprehensive Income attributable to the
owners of the Company
14 Proposed Dividend Nil Nil Nil Nil Nil Nil Nil
15 % of shareholding 100% 100% 100% 98% 100% 100% 51%

Part “B” : Joint Ventures and Associates

` Crores
Sr. Particulars Name of Joint Ventures/Associates
No. Sentini Spectrum Antique Sanskar Small Coral Ardex TBK TBK CSE Sunspring
Cermica Johnson Marbonite Ceramics Johnson Gold Endura Deepgiri Florance Solar Solar
Private Tiles Private Private Floor Tiles (India) Tile Bath Ceramics Parks Private
Limited Private Limited Limited Tiles Private Private Kitchen Private Satna Limited
Limited Private Limited Limited* Private Limited* Private
Limited Limited Limited
1 Latest audited Balance Sheet date 31.03.2022 31.03.2022 31.03.2022 31.03.2022 31.03.2022 31.03.2022 31.03.2022 31.03.2022 31.03.2022 31.03.2022 31.03.2022
2 Date when Joint Ventures/Associates 01.04.2009** 01.04.2009** 01.04.2009**
06.07.2020 18.11.2011 04.11.2015 01.04.2009** 01.04.2018*** 01.04.2018*** 18.03.2019 05.11.2019
was acquired
3 Shares of Joint Ventures/Associates
held by the Company at the year end
- Number 17,10,000 21,65,388 22,56,750 50,00,000 20,00,000 26,00,000 65,00,000 50,000 1,55,000 99,80,000 14,78,412
-Amount of investment in Joint 8.55 8.03 11.32 26.57 10.95 5.46 6.50 0.05 3.38 9.98 1.48
Ventures/Associates
 ` Crores
Sr. Particulars Name of Joint Ventures/Associates
No. Sentini Spectrum Antique Sanskar Small Coral Ardex TBK TBK CSE Sunspring
Cermica Johnson Marbonite Ceramics Johnson Gold Endura Deepgiri Florance Solar Solar
Private Tiles Private Private Floor Tiles (India) Tile Bath Ceramics Parks Private
Limited Private Limited Limited Tiles Private Private Kitchen Private Satna Limited
Limited Private Limited Limited* Private Limited* Private
Limited Limited Limited
- Extend of Holding % 50% 50% 50% 50% 50% 50% 50% 50% 50% 27.95% 27%
4 Description of how there is significant Joint Joint Joint Joint Joint Joint Joint Joint Joint Associate Associate
influence Venture Venture Venture Venture Venture Venture Venture Venture Venture
5 Reason why the Joint Ventures/ N.A N.A N.A N.A N.A N.A N.A N.A N.A N.A N.A
Associates is not consolidated
6 Networth attributable to Shareholding 30.53 20.30 81.21 13.69 18.03 10.35 62.54 2.28 1.30 33.86 1.32
as per latest audited Balance Sheet
7 Profit/Loss for the year (after OCI) - Total
Comprehensive Income attributable to
the owners of the Company
i. Considered in Consolidation (5.25) 1.12 8.41 (2.46) (4.48) 1.72 7.73 0.24 0.02 (0.47) (0.23)
ii. Not Considered in Consolidation Refer Note no. 5 7.73 0.24 0.02 (1.21) (0.61)
* Based on Consolidated financial statements of respective entities.
# Denotes amount less than ` 50,000/-
** The appointed date of amalgamation of erstwhile H. & R. Johnson (India) Limited with the Company.
***  he appointed date of Composite Scheme of Arrangement and Amalgamation approved by Hon’ble National Company Law Tribunal, Hyderabad Bench vide Order
T
dated April 28, 2021.
Notes : (1) None of the entities have been liquidated or sold during the year.
(2) The name of Prism Power Infrastructure Private Limited, an associate of the Company has been struck-off with effect from April 9, 2021 pursuant to
Corporate overview

application made to Registrar of Companies, Hyderabad on January 13, 2020.

(3) The reporting period of all the subsidiaries is March 31, 2022.
(4) Investments excludes investment in subsidiaries.
(5) As per the principles of Ind-AS, these entities are considered as Subsidiary therefore total profit of the said entities have been considered for consolidation.

For and on behalf of the Board

Shobhan M. Thakore Ameeta A. Parpia Vijay Aggarwal

statutory reports

Chairman - DIN : 00031788 Director - DIN : 02654277 Managing Director - DIN : 00515412

Vivek K. Agnihotri Sarat Chandak Atul R. Desai

Executive Director & CEO (Cement) - DIN : 02986266 Executive Director & CEO (HRJ) - DIN : 06406126 Executive Director & CEO (RMC) - DIN : 01918187

Manish Bhatia Aneeta S. Kulkarni

Chief Financial Officer Company Secretary

Place : Mumbai

277
Financial Statements

Date : May 11, 2022

Prism Johnson Limited
Annual Report 2021-22

NOTICE

NOTICE IS HEREBY GIVEN that the Thirtieth Annual General Director and whose appointment has been recommended
Meeting of the Company will be held on Wednesday, June 29, by the Nomination & Remuneration Committee and by
2022 at 10.30 a.m. through Video Conference/Other Audio Visual the Board of Directors, be and is hereby re-appointed as
Means, to transact the following business. The deemed venue an Independent Director of the Company, not liable to
of the Annual General Meeting shall be the Registered Office at retire by rotation and to hold office for a second term of
305, Laxmi Niwas Apartments, Ameerpet, Hyderabad - 500 016. 5 (five) consecutive years, with effect from July 3, 2022.”

Ordinary Business : “RESOLVED FURTHER THAT the Board of Directors of

1. To consider and adopt : the Company be and is hereby authorised to do all acts
and take all such steps as may be necessary, proper or
a. 
the Audited Standalone Financial Statements of expedient to give effect to this resolution.”
the Company for the Financial Year ended March
31, 2022, together with the Reports of the Board of 5. 
To ratify remuneration of the Cost Auditors of the
Directors and the Statutory Auditor thereon; and Company

To consider and, if thought fit, to pass the following
b. 
the Audited Consolidated Financial Statements
resolution as an Ordinary Resolution :
of the Company for the Financial Year ended
March 31, 2022, together with the Report of the “RESOLVED THAT pursuant to the provisions of Section
Statutory Auditor thereon. 148 and all other applicable provisions of the Companies
Act, 2013 read with the Companies (Audit and Auditors)
2. 
To appoint a Director in place of Mr. Vijay Aggarwal
Rules, 2014 (including any statutory modification(s) or
(DIN : 00515412), who retires by rotation and being
re-enactment(s) thereto, for the time being in force),
eligible, offers himself for re-appointment as Director.
M/s. D. C. Dave & Co., Cost Accountants, (Firm Registration
3. 
To appoint a Director in place of Mr. Sarat Chandak No. 000611) appointed by the Board of Directors as Cost
(DIN : 06406126), who retires by rotation and being Auditors to conduct the audit of the cost records of the
eligible, offers himself for re-appointment as Director. Company for the financial year ending March 31, 2023,
Special Business : be paid a remuneration of ₹ 9,00,000/-, plus applicable
taxes and reimbursement of out-of-pocket expenses.”
4. 
Re-appointment of Dr. Raveendra Chittoor
(DIN : 02115056) as Independent Director of the “RESOLVED FURTHER THAT the Board be and is hereby
Company authorised to do all acts and take all such steps as may

To consider and, if thought fit, to pass the following be necessary, proper or expedient to give effect to this
resolution as a Special Resolution : resolution.”

“RESOLVED THAT pursuant to the provisions of Sections 6. Private Placement of Non-convertible Debentures
149 and 152 read with Schedule IV and other applicable and/or other Debt Securities
provisions, if any, of the Companies Act, 2013 (‘the Act’) To consider and, if thought fit, to pass the following
and the Companies (Appointment and Qualification of resolution as a Special Resolution :
Directors) Rules, 2014 and the applicable provisions 
“RESOLVED THAT in supersession of the Special
of the Securities and Exchange Board of India (Listing Resolution passed at the 29th Annual General Meeting
Obligations and Disclosure Requirements) Regulations, of the Company held on July 30, 2021 and pursuant to
2015 (including any statutory modification(s) or the provisions of Sections 42, 71 and other applicable
re-enactment(s) thereof, for the time being in force), provisions, if any, of the Companies Act, 2013 read
Dr. Raveendra Chittoor (DIN : 02115056), who was with the Rules made thereunder (including any
appointed as an Independent Director and who holds statutory modification(s) or re-enactment(s) thereof,
office up to July 2, 2022, being eligible and in respect for the time being in force), the applicable provisions
of whom the Company has received a notice in writing of the Securities and Exchange Board of India (Issue
from a Member under Section 160 of the Act, signifying of Capital and Disclosure Requirements) Regulations,
the intention to propose his candidature for the office of 2018, Securities and Exchange Board of India (Issue

278
 and Listing of  Debt  Securities) Regulations, 2008, NOTES :
Securities and Exchange Board of India (Issue and 1. The Explanatory Statement pursuant to Section 102 of
Listing of Non-convertible Securities) Regulations, the Companies Act, 2013 (‘the Act’), in respect of the
2021, Securities and Exchange Board of India (Listing
Special Business mentioned under Item Nos. 4 - 6 as set
Obligations & Disclosure Requirements) Regulations,
out above, is annexed hereto. The Board of Directors
2015, as amended and subject to other applicable Rules,
have considered and decided to include the Item No. 4-6
Regulations, Guidelines, Notifications and Circulars as
given above as Special Business in the forthcoming 30th
may be applicable, the Articles of Association of the
Company and subject to receipt of necessary approvals Annual General Meeting (‘AGM’), as they are unavoidable
as may be required and subject to such conditions and in nature.
modifications as may be prescribed or imposed by any 2. In compliance with the provisions of the Companies Act,
authority while granting such approvals which may be 2013 (‘the Act’), SEBI (Listing Obligations and Disclosure
agreed to by the Board of Directors of the Company
Requirements) Regulations, 2015 (‘SEBI LODR’) and MCA
(‘the Board’, which term shall be deemed to include any
Circulars, the AGM of the Company is being held through
Committee thereof which the Board may have constituted
Video Conference (‘VC’)/Other Audio Visual Means
or hereinafter constitute to exercise its powers including
(‘OAVM’), without the physical presence of the Members
the powers conferred by this resolution), the approval of
the Company, be and is hereby accorded to the Board at a common venue. KFin Technologies Limited (‘KFin’),
for making offer(s) or invitation(s) to subscribe to secured/ the Registrar & Transfer Agent of the Company (‘RTA’), will
unsecured Non-convertible Debentures including but be providing facility for voting through remote e-voting,
not limited to Bonds, and/or other Debt Securities, on for participation in the AGM through VC/OAVM and for
Private Placement basis, in one or more tranches, to e-voting during the AGM. The procedure for participating
such person(s)/Financial Institution(s)/Bank(s)/Mutual in the meeting through VC/OAVM is explained at Note
Fund(s)/Body Corporate(s)/ Company(ies)/any other No. 15 below and is also available on the website of the
entities on such terms and conditions as the Board may Company at www.prismjohnson.in.
deem fit during a period of one year from the date of
passing of this resolution upto an aggregate amount of 3. Since this AGM is being held pursuant to the applicable
` 1250,00,00,000/- (Rupees Twelve Hundred Fifty Crores Circulars through VC/OAVM, physical attendance of
only) within the overall borrowing limits of the Company, Members has been dispensed with and the facility to
as approved by the members, from time to time.” appoint proxy to attend and cast vote for the members
is not available for this AGM. Hence Proxy Form and
“ RESOLVED FURTHER THAT the Board be and is hereby
Attendance Slip including the Route Map are not annexed
authorised and empowered to arrange or settle or vary/
to this Notice.
modify the terms and conditions on which all such monies
are to be borrowed from time to time, as to interest, 4. Corporate Members are entitled to appoint authorised
premium, repayment, prepayment, security or otherwise, representatives to attend the AGM through VC/OAVM and
as it may deem expedient and to do all such acts, deeds, participate thereat and cast their votes through remote
matters and things in connection therewith and incidental e-voting or through e-voting during AGM. Corporate
thereto as the Board may in its absolute discretion deem Members are requested to send to the Company a
fit, without being required to seek any further consent
certified copy of the relevant Board Resolution authorising
or approval of the members or otherwise to the end
their representative(s) to attend and vote on their behalf
and intent that it shall be deemed to have their approval
at the Meeting. The said Resolution/Authorisation shall
thereto expressly by the authority of this resolution.”
be sent to the Scrutiniser by email through its registered
“RESOLVED FURTHER THAT the Board be and is hereby email address to [email protected] with a copy marked
authorised to execute all documents or writings as may to [email protected].
be necessary, proper or expedient for the purpose of
giving effect to this resolution and for matters connected 5.  espatch of Annual Report through Electronic Mode :
D
therewith or incidental thereto including intimating the In accordance with the applicable Circulars and other
concerned authorities or any regulatory bodies and to relevant provisions of the Act, Notice of the AGM along
delegate all or any of the powers conferred herein to any with the Annual Report 2021-22 is being sent in electronic
Officer(s)/Authorised Representative(s) of the Company mode to Members whose email address is registered
and/or in such manner as it may deem fit.” with the Company or the Depository Participant(s) (‘DPs’).

279
Prism Johnson Limited
Annual Report 2021-22

The Notice of AGM and the Annual Report 2021-22, will 10. 
Permanent Account Number : SEBI has mandated the
also be available on the website of the Company at submission of the Permanent Account Number (‘PAN’), proof
www.prismjohnson.in, on the website of Stock Exchanges of identity, address and bank details by every participant in
– www.bseindia.com & www.nseindia.com and on the the securities market. Members holding shares in electronic
website of KFin at https://evoting.kfintech.com. form are, therefore, requested to submit the said documents
to their DPs. Members holding shares in physical form shall
6. 
Brief profile of the Directors seeking re-appointment
submit the documents to KFin.
under Item Nos. 2 - 4 of the Notice as stipulated under
the SEBI LODR and Secretarial Standard on General Important Notice for Physical Shareholders :
Meetings issued by the Institute of Company Secretaries In view of SEBI Circular dated November 3, 2021 read with
of India (‘SS-2’) are included in the Notice. the SEBI Circular dated December 14, 2021, Shareholders
7. Communication : Members are requested to send all holding shares in physical form are requested to submit
communication relating to shares to the Company’s their PAN, full KYC details (Postal address with PIN, mobile
Registrar & Transfer Agent - KFin Technologies Limited, number, email address, bank details, signature) and
Unit : Prism Johnson Limited, Selenium, Tower - B, Plot other relevant details in Form ISR-1 to KFin Technologies
31-32, Financial District, Nanakramguda, Serilingampally Limited, Registrar & Transfer Agent (‘RTA’) of the Company.
Mandal, Hyderabad - 500 032. Members holding The said Form is also available on the website of the
Company viz. https://www.prismjohnson.in/investors/
shares in electronic mode should address all their
updation-of-kyc-details and also on the website of RTA
correspondence to their respective DPs.
viz. https://risop.kfintech.com/clientservices/isc/default.
8. Nomination facility for shares is available for Members. aspx#isc_download_hrd. Non-availability of any of the
The prescribed format, in this regard, can be obtained above documents/details with the Bank/RTA on or after
from KFin or from the website of the Company - https:// April 1, 2023 will result in freezing of the shareholders’
www.prismjohnson.in/investors/updation-of-kyc-details. folios. Shareholders holding shares in physical form are
also requested to dematerialise their shareholding at the
9. Transfer to IEPF :
earliest, as pursuant to SEBI Circular, any investor service
(i) Members are requested to note that, dividends if requests including transfer/ transmissions requests shall
not encashed for a consecutive period of seven be processed in dematerialised mode only.
years from the date of transfer to Unpaid Dividend
11. KPRISM : Members are requested to note that KFin
Account of the Company, are liable to be transferred
has launched a mobile application ‘KPRISM’ and
to the Investor Education and Protection Fund
website https://kprism.kfintech.com for online service to
(‘IEPF’).
shareholders.
(ii) The shares in respect of such unclaimed dividends
Members can download the mobile application, register
are also liable to be transferred to the demat
themselves (one-time) for availing host of services viz.,
account of the IEPF Authority. In view of this,
consolidated portfolio view serviced by KFin, dividend
Members are requested to claim their dividends
status and send requests for change of Address,
from the Company, within the stipulated timeline. change/update Bank Mandate. Through the Mobile
(iii) The details of the unpaid/unclaimed amounts lying app, members can download Annual Reports, standard
with the Company are available on the website forms and keep track of upcoming General Meetings and
of the Company https://www.prismjohnson.in/ dividend disbursements.
investors/iepf and on the website of IEPF Authority. 12. 
Procedure for Inspection of Documents : All the
(iv) Members whose dividend/shares are transferred documents referred to in the accompanying Notice and
to the IEPF Authority can claim their dividend/ Explanatory Statement, shall be available for inspection
shares from the Authority by following the Refund through electronic mode, basis the request being sent
Procedure as detailed on the website of IEPF on [email protected].
Authority. Members are requested to approach the The Register of Directors and Key Managerial Personnel
Company/KFin for claiming unpaid dividends yet to and their shareholding maintained under Section 170 of
be transferred to IEPF as early as possible. the Act and the Register of Contracts or arrangements in

280
 which Directors are interested maintained under Section themselves registered with KFin, by clicking the link
189 of the Act will be available during the meeting for https://ris.kfintech.com/clientservices/mobilereg/
inspection through the VC/OAVM facility of KFin to the mobileemailreg.aspx for sending the same.
Members attending the AGM. Members are requested to support our commitment
to environmental protection by choosing to receive
13. Additional information : Members desiring any additional
the Company’s communication through email going
information with regard to Accounts/Annual Report or
forward. Members who have not registered their
have any question or query are requested to write to the
email address so far are requested to register
Company Secretary on the Company’s investor email ID
their email address for receiving all communication
[email protected] on or before Saturday, June
including Annual Report, Notices, etc., from the
25, 2022, so as to enable the Management to keep the
Company electronically.
information ready. Please note that, Members questions
will be answered only if they continue to hold the shares iii. With a view to serve you better, Members who hold
as of Wednesday, June 22, 2022, i.e. the ‘cut-off’ date for shares in identical names and in the same order of
e-voting. names in more than one folio are requested to write
to the Company/RTA to consolidate their holdings in
14. Procedure for registering the email address and
one folio.
obtaining the Annual Report, AGM notice and
e-voting instructions by the shareholders whose email iv. Members who have registered their email address,
addresses are not registered with the Depositories (in mobile no., postal address and bank account details
case of shareholders holding shares in Demat form) are requested to validate/update their registered
or with RTA (in case of shareholders holding shares in details by contacting the DP in case of shares held
physical form) : in electronic form or by contacting KFin, in case the
shares are held in physical form.
i. Those Members who have not yet registered their
email addresses are requested to get their email 15. Instructions for e-voting and joining the AGM are as
addresses registered by following the procedure follows :
given below :
A. Voting through electronic means
a. Members holding shares in demat form can a) In compliance with the provisions of Section
get their email ID registered by contacting 108 and other applicable provisions of the
their respective DP. Act, if any, the Companies (Management and
b. 
Members holding shares in physical form Administration) Rules, 2014 as amended,
may register their email address and mobile SS-2 and Regulation 44 of the SEBI LODR,
number with KFin by : the Members are provided with the facility to
cast their vote electronically on all resolutions
(i) 
sending email to  einward.ris@kfintech.
set forth in this Notice from a place other than
com  along with signed scanned copy
the venue of the Meeting (‘remote e-voting’)
of the request letter providing the email
through the e-voting platform provided by KFin
address, mobile number, self-attested
or to vote at the AGM. Any person who is not a
PAN copy and copy of share certificate
member as on the cut-off date should treat this
for receiving the Annual report, Notice of
Notice for information purposes only.
the AGM and the e-voting instructions. 
b) 
The Members, whose names appear in
(ii) 
register their email address
the Register of Members/list of Beneficial
with KFin by clicking on
Owners as on the cut-off date are entitled
https://ris.kfintech.com/clientservices/
to vote on the Resolutions set forth in this
mobilereg/mobileemailreg.aspx
Notice. Members who have acquired shares
ii. Further, those members who have not registered after the despatch of the Annual Report may
their email addresses and mobile nos. and in approach KFin for issuance of the User ID and
consequence could not be served the Annual Password for exercising their right to vote by
Report and Notice of AGM, may temporarily get electronic means.

281
Prism Johnson Limited
Annual Report 2021-22

c) The facility for voting through electronic voting appear. If you desire to cast all the votes
system will be made available at the AGM and assenting/dissenting to the resolution,
Members attending the Meeting who have not enter all shares and click ‘FOR’/‘AGAINST’
already cast their vote by remote e-voting shall as the case may be or partially in ‘FOR’
be eligible to vote at the Meeting. and partially in ‘AGAINST’, but the total
number in ‘FOR’ and/or ‘AGAINST’ taken
d) Members who have cast their vote by remote
together should not exceed your total
e-voting prior to the Meeting may also attend
shareholding as on the cut-off date. You
the Meeting but shall not be entitled to cast may also choose the option ‘ABSTAIN’
their vote again. and the shares held will not be counted
e) 
The details of the process and manner for under either head.
remote e-voting are given below : ix. 
Cast your votes by selecting an
i. Initial password is provided in the body of appropriate option and click on ‘SUBMIT’.
the email. A confirmation box will be displayed. Click
‘OK’ to confirm, else ‘CANCEL’ to modify.
ii. 
Launch internet browser and type the Once you confirm, you will not be allowed
URL: https://evoting.kfintech.com in the to modify your vote subsequently. During
address bar. the voting period, you can login multiple
iii. Enter the login credentials i.e. User ID and times till you have confirmed that you
password mentioned in your email. Your have voted on the resolutions.
Folio No./DP ID Client ID will be your User x. 
Corporate/institutional members (i.e. other
ID. However, if you are already registered than individuals, HUF, NRI, etc.) are
with KFin for e-voting, you can use your required to send scanned image (PDF/
existing User ID and password for casting JPG format) of certified true copy of
your votes. relevant board resolution/authority letter
etc., to the Scrutiniser through email at
iv. After entering the details appropriately,
[email protected] and may also upload
click on LOGIN.
the same in the e-voting module in their
v. 
You will reach the password change login. The scanned image of the above
menu wherein you are required to documents should be in the naming
mandatorily change your password. The format ‘PRISM_EVENT No.’
new password shall comprise of minimum
xi. 
Members can cast their vote online
8 characters with at least one upper case from Friday, June 24, 2022 (9.00 a.m.)
(A-Z), one lower case (a-z), one numeric till Tuesday, June 28, 2022 (5.00 p.m.).
value (0-9) and a special character Voting beyond the said date shall not be
(@,#,$,etc.). It is strongly recommended allowed and the remote e-voting facility
not to share your password with any shall be disabled.
other person and take utmost care to
keep your password confidential. xii. 
In case of any queries/grievances,
you may refer the Frequently Asked
vi. 
You need to login again with the new Questions (FAQs) for Members and
credentials. e-voting User Manual available at the
vii. 
On successful login, the system will ‘download’ section of https://evoting.
prompt you to select the EVENT i.e. Prism kfintech.com or call KFin on toll free
Johnson Limited. number 1800-309-4001.

viii. On the voting page, the number of shares B. Voting at the AGM
(which represents the number of votes) i. Only those Members, who will be present at
held by you as on the cut-off date will the AGM through video conferencing facility

282
 and have not cast their vote through remote iii. 
Proceed with completing the
e-voting and are otherwise not barred from required fields.
doing so, are eligible to vote through e-voting
3. 
User not registered for IDeAS
in the AGM. e-Services
ii. Members attending the AGM shall be counted i. To register click on link : https://
for the purpose of reckoning the quorum eservices.nsdl.com/SecureWeb/
under Section 103 of the Act. IdeasDirectReg.jsp
iii. 
Upon declaration by the Chairman about ii. 
Proceed with completing the
the commencement of e-voting at the AGM, required fields.
members shall click on the thumb sign on the
4. 
By visiting the e-voting website of
left hand bottom corner of the video screen for
NSDL
voting at the AGM.
i. URL : https://www.evoting.nsdl.com
C. Procedure to login through websites of
Depositories ii. 
Click on the icon “Login” which
is available under ‘Shareholder/
As per the SEBI circular dated December 9, 2020
Member’ section.
on e-voting facility provided by listed companies,
individual shareholders holding securities in demat iii. 
Enter User ID (i.e. 16-digit demat
mode are allowed to vote through their demat account number held with NSDL),
account maintained with Depositories and DPs. Password/OTP and a Verification
Shareholders are advised to update their mobile Code as shown on the screen.
number and email Id in their demat accounts in iv. 
Post successful authentication,
order to access e-voting facility. you will be redirected to NSDL
a. 
National Securities Depository Limited Depository site wherein you can
(‘NSDL’) see e-voting page.

Click on company name or e-Voting

1. 
User already registered for IDeAS
service provider name and you will
facility
be redirected to e-voting service
i. URL : https://eservices.nsdl.com provider website for casting your
vote during the remote e-voting
ii. Click on the “Beneficial Owner” icon
period.
under ‘IDeAS’ section.
b. Central Depository Services (India) Limited
iii. 
On the new page, enter User ID
(‘CDSL’)
and Password. Post successful
authentication, click on “Access to 1. Existing user who have opted for Easi/
e-voting”. Easiest

iv. Click on company name or e-voting i. 

URL: https://web.cdslindia.com/
service provider and you will be myeasi/home/login or URL: www.
re-directed to e-voting service cdslindia.com.
provider website for casting the vote ii. Click on New System Myeasi.
during the remote e-voting period.
iii. Login with User ID and password.
2. 
User not registered for IDeAS
iv. 
Option will be made available to
e-Services
reach e-voting page without any
i. To register click on link : https:// further authentication.
eservices.nsdl.com
v. Click on e-voting service provider
ii. Select “Register Online for IDeAS” name to cast your vote.

283
Prism Johnson Limited
Annual Report 2021-22

2. User not registered for Easi/Easiest D. Instructions for Members for Attending the AGM
i.  ption to register is available at
O i. The Members can join the AGM in the VC/
https://web.cdslindia.com/myeasi/ OAVM mode 15 minutes before and after the
Registration/EasiRegistration scheduled time of the commencement of the
Meeting by following the procedure mentioned
ii. 
Proceed with completing the
herein. The facility of participation at the AGM
required fields.
through VC/OAVM will be made available for
3. 
By visiting the e-voting website of 1,000 members on first come first served basis.
CDSL This will not include large Members (Members
i. URL : www.cdslindia.com. holding 2% or more shareholding), Promoters,
Institutional Investors, Directors, Key
ii. 
Provide demat Account Number
Managerial Personnel, the Chairperson of the
and PAN.
Audit Committee, Nomination & Remuneration
iii. 
System will authenticate user by Committee and Stakeholders Relationship
sending OTP on registered Mobile Committee, Auditors etc. who are allowed to
& Email as recorded in the demat attend the AGM without restriction on account
Account.
of first come first served basis.
iv. 
After successful authentication,
ii. 
Members will be able to attend the AGM
user will be provided links for the
through VC/OAVM by using their remote
respective ESP where the e-voting
e-voting login credentials. The link for AGM
is in progress.
will be available in Members login where the

Individual Shareholders (holding securities in EVENT and the name of the Company can be
demat mode) login through their depository selected. Members who do not have User ID
participants. and Password for e-voting or have forgotten
You can also login using the login credentials of the User ID and Password may retrieve
your demat account through your DP registered the same by following the remote e-voting
with NSDL/CDSL for e-voting facility. Once logged instructions mentioned under heading ‘A’
in, you will be able to see e-voting option. Click above.
on e-voting option and you will be re-directed
iii. Members are encouraged to join the meeting
to NSDL/CDSL Depository site after successful
through Laptops with Google Chrome for
authentication. Click on company name or e-voting
better experience.
service provider name and you will be re-directed
to e-voting service provider website for casting your iv. 
Further, members will be required to allow
vote during the remote e-voting period. camera, if any, and hence use internet with a
Important note good speed to avoid any disturbance during
the meeting.
Members who are unable to retrieve User ID/
Password are advised to use Forget User ID v. While all efforts would be made to make the VC/
and Forget Password option available at above OAVM meeting smooth, participants connecting
mentioned website. through mobile devices, tablets, laptops etc.
may at times experience audio/video loss due
Members facing any Members facing any
to fluctuation in their respective networks. Use
technical issue - NSDL technical issue - CDSL
of a stable Wi-Fi or LAN connection can mitigate
Members facing any Members facing any some of the technical glitches.
technical issue in login can technical issue in login can
contact NSDL helpdesk contact CDSL helpdesk vi. Speaker Registration before AGM :
by sending a request at by sending a request
[email protected] or call at at helpdesk.evoting@ (a) 
Members, who would like to express
toll free No.: 1800 1020 990 cdslindia.com or call at their views or ask questions during the
and 1800 22 44 30. Tel. No. 022-23058738 or AGM will have to register themselves
022-23058542-43.
as a speaker by visiting the URL

284
 https://emeetings.kfintech.com and [email protected] or Toll free number :
clicking on the tab ‘Speaker Registration’ 1800-309-4001.
during the period starting from June 24,
E. General Instructions :
2022 (9.00 a.m.) upto June 26, 2022
i. 
The Company has appointed Ms. Savita
(5.00 p.m.).
Jyoti, M/s. Savita Jyoti Associates, Practising
(b) Only those members who have registered Company Secretary, Hyderabad as the
themselves as a speaker will be allowed Scrutiniser to scrutinise the entire e-voting
to express their views/ask questions process, in a fair and transparent manner.
during the AGM. ii. Subject to the receipt of requisite number of
(c) The Company reserves the right to restrict votes, the resolutions shall be deemed as
the number of speakers depending on passed on the date of the Meeting.
the availability of time for the AGM. Please iii. 
The results declared along with the
note that only questions of the Members Scrutiniser’s Report shall be placed on the
holding the shares as on cut-off date will Company’s website www.prismjohnson.in and
be considered. on KFin’s website https://evoting.kfintech.com
vii. A video guide assisting the members attending and shall also be communicated to BSE Limited
and National Stock Exchange of India Limited.
AGM either as a speaker or participant
is available for quick reference at URL
https://emeetings.kfintech.com. By Order of the Board

viii. 
Members who need technical assistance Place : Mumbai Aneeta S. Kulkarni
before or during the AGM can contact KFin at Date : May 11, 2022 Company Secretary

EXPLANATORY STATEMENT
As required by Section 102 of the Act, the following Explanatory the continued association of Dr. Chittoor would be beneficial
Statement sets out the material facts relating to Item Nos. 4 - 6 to the Company and it is desirable to continue to avail his
mentioned in the accompanying Notice. services as Independent Director. Accordingly, it is proposed
to re-appoint Dr. Chittoor as Independent Director of the
Item No. 4
Company, not liable to retire by rotation, for a second term of
Dr. Raveendra Chittoor (DIN : 02115056) was appointed as 5 (five) consecutive years.
a Director in the category of Non-executive Independent
Director by the Board for a term of 5 years with effect from Dr. Chittoor is not disqualified from being appointed as a
July 3, 2017. Director in terms of Section 164 of the Act and is not debarred
from holding the office of director by virtue of any SEBI order
The Nomination & Remuneration Committee of the Board of
or any other such authority and has given their consent to act
Directors, on the basis of the report of performance evaluation,
as a Director.
has recommended re-appointment of Dr. Raveendra Chittoor
as Independent Director for a second term of 5 (five) The Company has also received declaration from Dr. Chittoor
consecutive years on the Board of the Company with effect that he meets the criteria of independence as prescribed both
from July 3, 2022. under Section 149(6) of the Act and under the SEBI LODR.

The Board, based on the performance evaluation and as In the opinion of the Board, Dr. Chittoor fulfils the conditions
per the recommendation of the Nomination & Remuneration for appointment as Independent Director as specified in the
Committee, considers that, given his background and Act and the SEBI LODR. Dr. Chittoor is independent of the
experience and contributions made by him during his tenure, management.

285
Prism Johnson Limited
Annual Report 2021-22

The Company has also received notice from a Member Item No. 6
under Section 160 of the Act proposing his re-appointment as
As per Section 42 of the Act, read with the Rules thereunder,
Director.
a company offering or making an invitation to subscribe to
Brief profile of Dr. Chittoor is provided in the Notice. Non-convertible Debentures (‘NCDs’) on a private placement
Dr. Chittoor shall be paid remuneration by way of fee for basis, is required to obtain the prior approval of Members by
attending meetings of the Board/Committees thereof or for any way of a special resolution. Such an approval by way of special
other purpose whatsoever as may be decided by the Board, resolution may be obtained once a year for all the offers and
reimbursement of expenses for participating in the Board and invitations made for such NCDs during the year.
other meetings and profit related commission within the limits
stipulated under Section 197 of the Act and as approved by NCDs issued on private placement basis are a significant source
the shareholders. of borrowings for the Company. The borrowings of the Company
as on the date of Notice consists of secured/unsecured NCDs
Copy of draft letter of appointment of Dr. Chittoor setting out
and Fund & Non-fund based Credit Facilities from Banks by
the terms and conditions of appointment shall be available for
way of Cash Credit/Overdraft/Short Term Loan/WCDL/LC/BG,
inspection by the Members through electronic mode, basis
etc. The Company has, as on March 31, 2022, borrowed ` 285
the request being sent on [email protected].
Crores by way of NCDs at competitive costs due to which the
Except for Dr. Chittoor who may be deemed to be interested in average cost of borrowing of the Company has reduced. The
the appointment, none of the other Directors/Key Managerial Company seeks to pass an enabling resolution to borrow funds
Personnel of the Company/their relatives are, in any way, in addition to the existing borrowing to meet its requirement of
financially or otherwise, deemed to be concerned or interested funds for repayment/reduction of high cost borrowings, working
in this item of business. Dr. Chittoor is not related to any of the capital requirements and general corporate purposes.
Directors or Promoters of the Company.
The Members had, at the AGM held on July 30, 2021, approved
This statement may also be regarded as an appropriate
a similar resolution which was valid for a year. Therefore, the
disclosure under the Act and the SEBI LODR.
approval of the Members is being sought by way of a Special
The Board recommends the Special Resolution set out at Item Resolution under Sections 42 and 71 of the Act read with the
No. 4 of the Notice for approval by the members. Rules made there under, to enable the Company to offer or
invite subscriptions for NCDs on a private placement basis,
Item No. 5
in one or more tranches, during the period of one year from
The Board, on the recommendation of the Audit Committee, the date of passing of the Resolution at Item No. 6, within the
has approved the appointment of M/s. D. C. Dave & Co., overall borrowing limits of the Company, as approved by the
Cost Accountants, as the Cost Auditors to conduct the audit Members from time to time.
of the cost records of the Company for the financial year
ending March 31, 2023 at a remuneration of ₹ 9,00,000/-, The Directors recommend the passing of the Special
plus applicable taxes and reimbursement of out-of-pocket Resolution at Item No. 6.
expenses.
None of the Directors and Key Managerial Personnel of the
In accordance with the provisions of Section 148 of the Act Company and/or their relatives are, in any way, financially or
read with the Companies (Audit and Auditors) Rules, 2014, the otherwise, deemed to be concerned or interested in this item
remuneration payable to the Cost Auditors has to be ratified of business.
by the shareholders of the Company. By Order of the Board
Accordingly, consent of the Members is sought for passing an Place : Mumbai Aneeta S. Kulkarni
Ordinary Resolution as set out at Item No. 5 of the Notice for Date : May 11, 2022 Company Secretary
ratification of the remuneration payable to the Cost Auditors
Registered Office :
for the financial year ending March 31, 2023.
305, Laxmi Niwas Apartments,
The Directors recommend the passing of the Ordinary Ameerpet, Hyderabad - 500 016
Resolution at Item No. 5. Phone : +91-40-23400218
None of the Directors and Key Managerial Personnel of the Fax : +91-40-23402249
Company and/or their relatives are, in any way, financially or email : [email protected]
otherwise, deemed to be concerned or interested in this item website: www.prismjohnson.in
of business. CIN : L26942TG1992PLC014033

286
Brief profile of Directors seeking re-appointment as November 2018 and was designated Chief Executive Officer
required under the SEBI (Listing Obligations & Disclosure (HRJ) - Designate.
Requirements) Regulations, 2015 :
Mr. Chandak has a good and varied experience of over 27
Mr. Vijay Aggarwal (DIN : 00515412), 53 years, was years, with in-depth business insight and knowledge of the
appointed as Managing Director on the Board since March building materials industry, especially in the tiles industry. He is
3, 2010 and has earlier been a Director on the Board of the a result-oriented, persevering management professional with
Company as an alternate to Mr. Satish B. Raheja. He was the documented track record of success in developing business
Managing Director and CEO of the erstwhile H. & R. Johnson in nascent markets and building efficient organisational team,
(India) Limited since 1998, before it was amalgamated with with proven ability to lead and mentor. He has knowledge of
the Company. both front and back end business processes with proficiency
in strategising to tackle operational challenges and align
Mr. Aggarwal graduated from IIT Delhi with a B. Tech in
business objectives.
Electrical Engineering and completed PGDM from IIM,
Ahmedabad, where he was conferred the Gold Medal for Mr. Chandak was the Chief Executive Officer & Whole Time
being the first ranker and K. V. Srinivas Gold Medal for being Director of RAK Ceramics India Private Limited since May 2016.
the best all-rounder. He started his career with SBI Capital Prior to his joining RAK Ceramics, Mr. Chandak had worked
Markets Limited and has several years of experience in the in senior positions with Kajaria Ceramics Limited, Bell Granito
manufacturing industry. Ceramica Limited and Everest Industries Limited.

Mr. Aggarwal is the Non-executive Chairman and Independent Mr. Chandak has done his B.Sc. (Hons), Sambalpur University,
Director on the Board of Aptech Limited and a Non-executive Post Graduate Diploma in Systems Management, NIIT - Nagpur
Director on the Board of Raheja QBE General Insurance and MBA-Marketing from Pune University.
Company Limited. He is Chairman of the Audit Committee of
Mr. Chandak does not hold any securities of the Company. He
Aptech Limited and member of the Audit Committee of Raheja
does not have any interest in the capital of the Company or
QBE General Insurance Company Limited.
any of its subsidiaries directly or indirectly or through any other
Mr. Aggarwal resigned from the Boards of Exide Industries statutory structures and does not have any direct or indirect
Limited and Exide Life Insurance Company Limited on August interest nor is he related to the directors or promoters of the
3, 2019 and January 1, 2022, respectively. Company or any of its subsidiaries.

In the past, Mr. Aggarwal had been a part of various associations Mr. Chandak has attended six Board meetings during the year
in different capacities. He had served as the Chairman of Indian ended March 31, 2022.
Council of Ceramic Tiles and Sanitaryware, as Vice Chairman
Dr. Raveendra Chittoor (DIN : 02115056), 55 years, is a
of Ceramics and Allied Products (including Refractories) Panel
post-graduate in management from the Indian Institute of
at Capexil and as a Member of the Managing Committee of
Management, Ahmedabad and is a Fellow in Management
Bombay Chamber of Commerce and Industry.
(equivalent to a PhD) from the Indian Institute of Management,
Mr. Aggarwal does not hold any securities of the Company. He Calcutta.
does not have any interest in the capital of the Company or
Dr. Chittoor is an associate professor of strategy and
any of its subsidiaries directly or indirectly or through any other
international business at the Gustavson School of Business in
statutory structures and does not have any direct or indirect
University of Victoria, Canada. He has a deep understanding
interest nor is he related to the directors or promoters of the
of the strategies and structures of family-owned firms including
Company or any of its subsidiaries.
business groups. His recent research explores the trade-offs
Mr. Aggarwal has attended six Board meetings during the year and complementarities between stakeholder strategies and
ended March 31, 2022. competitive strategies.

Mr. Sarat Chandak (DIN : 06406126), 51 years, was He has won many awards for his research and teaching. His
appointed as Executive Director & CEO (HRJ) on the Board research has been published in leading academic journals
of Directors since March 3, 2019. He joined the Company in such as the Strategic Management Journal, Academy of

287
Prism Johnson Limited
Annual Report 2021-22

Management Journal, Organisation Science, Journal of Dr. Chittoor has attended six Board meetings during the year
International Business Studies, Global Strategy Journal, Journal ended March 31, 2022.
of Management, Management International Review, Journal of
International Management and Long Range Planning. By Order of the Board

Prior to joining the University of Victoria, he taught at the Indian Place : Mumbai Aneeta S. Kulkarni
School of Business, Hyderabad and the Indian Institute of Date : May 11, 2022 Company Secretary
Management, Calcutta. He has more than 17 years of industry
experience primarily in the areas of corporate finance and Registered Office :
investment management in senior management roles. 305, Laxmi Niwas Apartments,
Ameerpet, Hyderabad - 500 016
Dr. Chittoor does not hold any securities of the Company. He
Phone : +91-40-23400218
does not have any interest in the capital of the Company or
Fax : +91-40-23402249
any of its subsidiaries directly or indirectly or through any other
email : [email protected]
statutory structures and does not have any direct or indirect
website: www.prismjohnson.in
interest nor is he related to the directors or promoters of the
CIN : L26942TG1992PLC014033
Company or any of its subsidiaries.

288
Registered Office
305 Laxmi Niwas Apartments, Ameerpet, Hyderabad 500016
Tel: +91-40-23400218 | Fax: +91-40-23402249
CIN: L26942TG1992PLC014033