HGL - Annual Report - 2018 PDF

ANNUAL
REPORT
2017-18
HIMALAYA GRANITES LIMITED

CORPORATE INFORMATION
BOARD OF DIRECTORS
Mr. Saurabh Mittal, Non-Executive Chairman
Mr. Ramesh Kumar Haritwal, Managing Director & CEO
Mr. Beni Gopal Saraf, Independent Director
Mr. Mahesh Kumar Malpani, Independent Director
Ms. Mathangi Ramanujam, Non-Executive Director
AUDIT COMMITTEE STATUTORY AUDITORS

Mr. Mahesh Kumar Malpani, Chairman M/s. S Mahendra & Co.
Mr. Ramesh Kumar Haritwal Chartered Accountants
Mr. Beni Gopal Saraf 615, Diamond Heritage
16, Strand Road, Kolkata-700001
NOMINATION & REMUNERATION COMMITTEE
Mr. Mahesh Kumar Malpani, Chairman REGISTERED OFFICE
Mr. Beni Gopal Saraf Panchalam Village, Melpettai Post
Ms. Mathangi Ramanujam Tindivanam, Tamil Nadu - 604 307
CIN: L13206TN1987PLC015161
STAKEHOLDERS’ RELATIONSHIP COMMITTEE Telefax: 044-26693378
Mr. Beni Gopal Saraf, Chairman Website: www.hgl.co.in
Mr. Mahesh Kumar Malpani Email:investors@hgl.co.in
CHIEF FINANCIAL OFFICER REGISTRARS & SHARE TRANSFER AGENT

Mr. Jayasankar Ramalingam M/s. S. K. Infosolutions Pvt. Ltd.
34/1A, Sudhir Chatterjee Street
COMPANY SECRETARY Kolkata - 700 006
Mr. Hariom Pandey Phone: (033) 2219-4815/6797
Fax: (033) 2219-4815
NAVIGATING THE INSIDE PAGES

Directors’ Report 2 Independent Auditors’ Report 32 Balance Sheet 38
Statement of Profit & Loss 39 Cash Flow Statement 40 Statement of Changes in Equity 42
Significant Accounting Policies 43 Notes to Financial Statements 49
DIRECTORS’ REPORT for the Financial Year 2017-18

Dear Shareholders,
Your Directors have the pleasure in presenting the 30th Annual Report on the business and operations of the Company and
the Audited Financial Statements of the Company for the financial year ended March 31, 2018.
1. FINANCIAL HIGHLIGHTS (Amount in `)
Particulars 2017-18 2016-17
Revenue from Operations - 79,800
Other Income 73,76,349 70,27,511
Profit/(Loss) before Finance Cost, Depreciation & Amortization Expenses and (24,21,190) (86,49,387)
Tax Expenses
Less : Finance Cost - -
Less : Depreciation & Amortization Expenses 12,68,883 14,80,740
Profit/(loss) before tax (36,90,073) (1,01,30,127)
Less : Provision for Taxation - -
Profit/(loss) for the year (36,90,073) (1,01,30,127)
Add : Other Comprensive Income (Net of Taxes) - (1,37,353)
Total Comprensive Income (Net of Taxes) (36,90,073) (1,02,67,480)
Balance brought forward from earlier years (3,37,77,008) (2,35,09,528)
Balance carried to Balance Sheet (3,74,67,081) (3,37,77,008)
2. STATE OF AFFAIRS OF THE COMPANY AND FUTURE OUTLOOK
During the year under review, your Company continued to let out part of its factory sheds and office space. The closure
of the Company’s unit has posed a challenge for the Company to resume operations. Your Directors are exploring
alternate avenues to make the Company operative.
3. DIVIDEND
Considering the loss incurred in the current financial year and accumulated losses, your Directors have not
recommended any dividend for the financial year under review.
4. SUBSIDIARIES AND ITS PERFORMANCE
Your Company has no subsidiaries, Joint Venture or Associate Company during the year under review.
5. TRANSFER TO GENERAL RESERVE
In view of the accumulated losses, no transfer is proposed to the General Reserve.
6. BOARD OF DIRECTORS
Your Company has received declarations from all the Independent Directors viz. Mr. Mahesh Kumar Malpani
[DIN: 02603222], Mr. Beni Gopal Saraf [DIN: 00267858]confirming that they meet the criteria of independence as
prescribed under sub-section (6) of Section 149 of the Companies Act, 2013 and Regulation 16 of the SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015.
In accordance with the provisions of the Companies Act, 2013 and the Articles of Association of the Company, Mr.
Ramesh Kumar Haritwal [DIN: 01486666], Managing Director & CEO of the Company, will retire by rotation at the
ensuing Annual General Meeting (AGM) and being eligible offers himself for re-appointment. The Board recommends
his re-appointment at the ensuing AGM.
2 Annual Report 2017-18

During the financial year 2017-18, Mr. Pradip Manharlal Domadia, Independent Director of the Company resigned
from the directorship of the Company and also from Nomination & Remuneration Committee of the Company
effective from the close of business hours of January 02, 2018. There was no other change in the composition of Board
of Directors of the Company. None of the Directors of your Company is disqualified under the provisions of Section
164(2)(a) & (b) of the Companies Act, 2013.
7. CHANGES IN SHARE CAPITAL
During the year under review, there was no change in the Share Capital of the Company.
8. KEY MANAGERIAL PERSONNEL
During the year under review, Mr. Jayasankar Ramalingam, was appointed as Chief Financial Officer and Whole-time
Key Managerial Personnel (KMP) of the Company by the Audit Committee and Board of Directors at their meeting held
on January 02, 2018 on the recommendation of Nomination & Remuneration Committee of the Company. There was
no further appointment or resignation of Key Managerial Personnel (KMP) during the year under review.
As on March 31, 2018 the Company has the following Whole-time KMPs :
1. Mr. Ramesh Kumar Haritwal (Managing Director & CEO)
2. Mr. Jayasankar Ramalingam (Chief Financial Officer)
3. Mr. Hariom Pandey (Company Secretary)
9. MEETINGS OF THE BOARD
During the financial year 2017-18, six (6) meetings of the Board of Directors of the Company were held on April 10,
2017, May 30, 2017, August 12, 2017, November 14, 2017, January 02, 2018 and February 14, 2018. The composition
of the Board of Directors and their attendances at the Board Meetings held during the financial year 2017-18 were as
below:
Name of the Directors and Director Category of Directorship No. of Board
Identification Number [DIN] Meetings
Held Attended
Mr. Saurabh Mittal [DIN:00273917] Non-Executive Chairman, Promoter Director 6 1
Mr. Ramesh Kumar Haritwal [DIN:01486666] Managing Director & CEO 6 6

Mr. Beni Gopal Saraf [DIN:00267858] Non-Executive - Independent Director 6 6
Mr. Mahesh Kumar Malpani [DIN:02603222] Non-Executive - Independent Director 6 6
Mr. Pradip Manharlal Domadia [DIN:05292129] Non- Executive - Independent Director 6 5*
Ms. Mathangi Ramanujam [DIN: 07095686] Non-Executive Director 6 6
* Mr. Pradip Manharlal Domadia, resigned from the Directorship of the Company with effect from close of business
hours of January 02, 2018.
10. PERFORMANCE EVALUATION
Pursuant to the provisions of the Schedule IV and other relevant provisions of Companies Act, 2013 and Regulation
25(3) & (4) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Independent Directors
in their separate meeting held on March 31, 2018 have evaluated the performance of Non-Independent Directors,
Chairperson of the Company after considering the views of the Executive and Non-Executive Directors, Board as a
whole and assessed the quality, quantity and timely flow of information between the Company’s Management and the
Board. The Nomination & Remuneration Committee has also carried out evaluation of performance of every Director
of the Company. On the basis of evaluation made by the Independent Directors and the Nomination & Remuneration
Committee and by way of individual and collective feedback from the Non-Independent Directors, the Board has
Annual Report 2017-18 3

carried out the annual performance evaluation of the Directors individually as well as evaluation of the working of the
Board as a whole and Committees of the Board.
The criteria for evaluation are outlined below :
a. For Independent Directors:
- Knowledge and Skills
- Professional conduct
- Duties, role and functions
- Compliance with Code of Business Ethics and Code of Conduct of the Company
- Rendering independent and unbiased opinion and judgements
- Attendance and active participation in meetings of Board and Committees of the Board and Members of the
Company
- Assistance in implementing corporate governance practices
- Updation of skills and knowledge
- Information regarding external environment
- Raising of concerns, if any, to the Board
- Study of agenda in depth prior to Meeting
- Contribution towards the formulation and implementation of strategy for achieving the goals of the
Company
b. For Executive & Non-Executive Directors:
- Performance as Team Leader/Member
- Evaluating Business Opportunity and analysis of Risk Reward Scenarios
- Professional Conduct and Integrity
- Sharing of Information with the Board
- Attendance and active participation in the Board and Committee of the Board and Meetings of Members of
the Company
- Whether difference of opinion was voiced in the meeting
- Whether Executive Directors were able to answer the queries raised by Independent Directors
- Compliance with Code of Business Ethics and Code of Conduct of the Company
- Assistance in implementing corporate governance practices
- Independent view on key appointments and strategy formulation
- Review of integrity of financial information and risk management
- Updation of skills and knowledge
- Information regarding external environment
- Raising of concerns, if any, to the Board

- Assistance in formulation of statutory and non-statutory policies for the Company

- Ensures implementation of decisions of the Board
- Ensures compliance with applicable legal and regulatory requirements
- Alignment of Company’s resources and budgets to the implementation of the organization’s strategic plan
- Creativity and innovations in creating new products
- Understanding of the business and products of the Company
c. For Committees of the Board:
- Adequate and appropriate written terms of reference
- Volume of business handled by the committee set at the right level?
- Whether the committees work in an ‘inclusive’ manner
- Effectiveness of the Board’s Committees with respect to their role, composition and their interaction with
the Board
- Are the committees used to the best advantage in terms of management development, effective decision,
etc.
- Attendance and active participation of each member in the meetings
- Review of the action taken reports and follows up thereon
d. For Board of Directors as a whole:
- Setting of clear performance objectives and how well it has performed against them
- Contribution to the testing and development and strategy
- Contribution to ensuring robust and effective risk management
- Composition of the Board and its committees appropriate with the right mix of knowledge and skills sufficient
to maximize performance in the light of future strategy
- Effectiveness of inside and outside Board relationship
- Responding to the problems or crises that have emerged
- Relationship between Board and its Committees and between committees themselves
- Communication with employees and others
- Updation with latest developments in regulatory environments and the market in which the Company
operates
- Role and functioning of the Board on the matters pertaining to financial reporting and internal controls
- Contribution of the Board for ensuring that the Company is adhere to the statutory and regulatory
compliances as applicable to the Company.
The Directors expressed their satisfaction with the evaluation process.
11. AUDIT COMMITTEE
As on March 31, 2018, the Audit Committee of the Company comprises of three members with two Independent
Directors namely Mr. Mahesh Kumar Malpani (Chairman), Mr. Beni Gopal Saraf and one Executive Director namely
Mr. Ramesh Kumar Haritwal, Managing Director & CEO as members. The Committee, inter alia, reviews the Internal

Control System and reports of Internal Auditors and compliance of various Regulations. The Committee also reviews
the Financial Statements before they are placed before the Board. The brief terms of reference of the Committee and
the details of the Committee meetings are provided herein below:
Terms of reference for the Audit Committee :
Powers of Audit Committee
The Audit Committee shall have powers, which should include the following:
1. To investigate any activity within its terms of reference.
2. To seek information from any employee.
3. To obtain outside legal or other professional advice.
4. To secure attendance of outsiders with relevant expertise, if it considers necessary.
Role of Audit Committee
The role of the Audit Committee shall include the following:
1. Oversight of the Company’s financial reporting process and the disclosure of its financial information to ensure
that the financial statement is correct, sufficient and credible;
2. Recommendation for appointment, remuneration and terms of appointment of auditors of the Company;
3. Approval of payment to statutory auditors for any other services rendered by the statutory auditors except those
which are specifically prohibited;
4. Reviewing, with the management, the annual financial statements and auditor’s report thereon before submission
to the board for approval, with particular reference to:
i. Matters required to be included in the Director’s Responsibility Statement to be included in the Board’s
report in terms of clause (c) of sub-section 3 of Section 134 of the Companies Act, 2013;
ii. Changes, if any, in accounting policies and practices and reasons for the same;
iii. Major accounting entries involving estimates based on the exercise of judgment by management;
iv. Significant adjustments made in the financial statements arising out of audit findings;
v. Compliance with listing and other legal requirements relating to financial statements;
vi. Disclosure of any related party transactions;
vii. Modified opinion(s) in the draft audit report;
5. Reviewing, with the management, the quarterly financial statements before submission to the board for approval;
6. Reviewing, with the management, the statement of uses / application of funds raised through an issue (public
issue, rights issue, preferential issue, etc.), the statement of funds utilized for purposes other than those stated
in the offer document / prospectus / notice and the report submitted by the monitoring agency monitoring the
utilisation of proceeds of a public or rights issue, and making appropriate recommendations to the Board to take
up steps in this matter;
7. Review and monitor the auditor’s independence and performance, and effectiveness of audit process;
8. Approval or any subsequent modification of transactions of the company with related parties;
9. Scrutiny of inter-corporate loans and investments;

10. Valuation of undertakings or assets of the company, wherever it is necessary;

11. Evaluation of internal financial controls and risk management systems;
12. Reviewing, with the management, performance of statutory and internal auditors, adequacy of the internal
control systems;
13. Reviewing the adequacy of internal audit function, if any, including the structure of the internal audit department,
staffing and seniority of the official heading the department, reporting structure coverage and frequency of
internal audit;
14. Discussion with internal auditors of any significant findings and follow up there on;
15. Reviewing the findings of any internal investigations by the internal auditors into matters where there is suspected
fraud or irregularity or a failure of internal control systems of a material nature and reporting the matter to the
board;
16. Discussion with statutory auditors before the audit commences, about the nature and scope of audit as well as
post-audit discussion to ascertain any area of concern;
17. To look into the reasons for substantial defaults in the payment to the depositors, debenture holders, shareholders
(in case of non-payment of declared dividends) and creditors;
18. To review the functioning of the Whistle Blower mechanism;
19. Approval of appointment of Chief Financial Officer after assessing the qualifications, experience and background,
etc. of the candidate;
20. Carrying out any other function as may be referred to by the Board or mandated by regulatory provisions from
time to time.
Review of information by Audit Committee
1. The Audit Committee shall mandatorily review the following information:
a. Management discussion and analysis of financial condition and results of operations;
b. Statement of significant related party transactions (as defined by the Audit Committee), submitted by
management;
c. Management letters / letters of internal control weaknesses issued by the statutory auditors;
d. Internal audit reports relating to internal control weaknesses;
e. The appointment, removal and terms of remuneration of the Chief internal auditor shall be subject to review
by the Audit Committee; and
f. Statement of deviations:
i) quarterly statement of deviation(s) including report of monitoring agency, if applicable, submitted to
stock exchange(s) in terms of Regulations 32(1) of SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015.
ii) annual statement of funds utilized for purposes other than those stated in the offer document/
prospectus/notice in terms of Regulation 32(7) of SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015.
Meetings and attendance:
During the financial year 2017-18, five (5) meetings of the Audit Committee were held on May 30, 2017, August 12,

2017, November 14, 2017, January 02, 2018 and February 14, 2018 and the attendances of the Committee Members
were as under:
Name of the Committee Members Category No. of Meetings

Held Attended
Mr. Mahesh Kumar Malpani Non-Executive -Independent Director 5 5
Mr. Beni Gopal Saraf Non-Executive -Independent Director 5 5
Mr. Ramesh Kumar Haritwal Executive- Non- Promoter Director 5 5
12. NOMINATION AND REMUNERATION COMMITTEE
As on March 31, 2018, the Nomination and Remuneration Committee of the Company comprises of three Directors
namely Mr. Mahesh Kumar Malpani (Chairman), Mr. Beni Gopal Saraf and Ms. Mathangi Ramanujam as members
of the Committee. The brief terms of reference of the Committee and the details of the Committee meetings are
provided herein below:
Terms of reference for the Nomination and Remuneration Committee:
1. To formulate criteria for:
a. determining qualifications, positive attributes and independence of a director;
b. evaluation of independent directors and the Board.
2. To devise and recommend policies on:
a. remuneration including any compensation related payments of the directors, key managerial personnel and
other employees and recommend the same to the board of the Company;
b. board diversity laying out an optimum mix of executive, independent and non-independent directors keeping
in mind the needs of the Company.
3. To identify persons who are qualified to:
a. become directors in accordance with the criteria laid down, and recommend to the Board the appointment
and removal of directors;
b. be appointed in senior management in accordance with the policies of the Company and recommend their
appointment to the HR Department and to the Board.
4. To carry out evaluation of the performance of every director of the Company.
5. To express opinion to the Board that a director possesses the requisite qualification(s) for the practice of the
profession in case the services to be rendered by a director are of professional nature.
6. To extend or continue the term of appointment of the independent director, on the basis of the report of
performance evaluation of independent directors.
7. To carry out such other business as may be required by applicable law or delegated by the Board or considered
appropriate in view of the general terms of reference and the purpose of the Nomination and Remuneration
Committee.
During the financial year 2017-18, two (2) meetings of the Nomination & Remuneration Committee were held on

January 02, 2018 and March 31, 2018 and the attendances of the Committee Members were as under:
Name of the Committee Members Category No. of Meetings

Held Attended
Mr. Pradip Manharlal Domadia Non-Executive -Independent Director 2 1*
Mr. Mahesh Kumar Malpani Non-Executive -Independent Director 2 2
Mr. Beni Gopal Saraf Non-Executive -Independent Director 2 2
Ms. Mathangi Ramanujam Non-Executive 2 1#
* Mr. Pradip Manharlal Domadia, resigned from the Nomination & Remuneration Committee with effect from close of
business hours of January 02, 2018.
#
Ms. Mathangi Ramanujam appointed as member of Nomination & Remuneration Committee w.e.f. 02/01/2018.

Summary on Nomination & Remuneration Policy of the Company
The Board of Directors has adopted the Remuneration Policy on the recommendation of the Nomination and
Remuneration Committee in compliance with the provisions of Section 178 of the Companies Act, 2013 and Regulation
19 read with Part D of Schedule II of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. This
Policy applies to all the “Executives” of the Company and is valid for all employment agreements entered into after
the approval of the Policy and for changes made to existing employment agreements thereafter. In keeping with the
provisions of Section 178, the remuneration structure of the Company comprises of fixed remuneration (including
fixed supplements), performance-based remuneration (variable salary) such as pension schemes, where applicable,
other benefits in kind and severance payment, where applicable, other benefits in kind and severance payment, where
applicable. Further, the Policy states that the Non-Executive Directors and Independent Directors of the Company may
receive remuneration only by way of fee and reimbursement of expenses for participation in meetings of the Board
or Committee thereof and profit related commission, as may be permissible by the applicable law. Additionally, the
Policy also lays down the overall selection criteria for the Executives of the Company which is based on broad heads
such as competencies, capabilities, compatibility, strong interpersonal skills, commitment among others. The Policy
also entitles Executives to a severance fee.
13. STAKEHOLDERS’ RELATIONSHIP COMMITTEE
As on March 31, 2018, the Stakeholders’ Relationship Committee of the Company consists of two Independent
Directors namely Mr. Beni Gopal Saraf (Chairman) and Mr. Mahesh Kumar Malpani as member of the Committee. The
brief terms of reference of the Committee and the details of the Committee meetings are provided herein below:
Terms of reference for the Stakeholder’s Relationship Committee:
(i) To ensure proper and timely attendance and redressal of grievances of security holders of the Company in relation
to:
a. Transfer of shares,
b. Non-receipt of annual reports,
c. Non-receipt of declared dividend,
d. All such complaints directly concerning the shareholders / investors as stakeholders of the Company; and
e. Any such matters that may be considered necessary in relation to shareholders and investors of the Company.
(ii) Formulation of procedures in line with the statutory guidelines to ensure speedy disposal of various requests
received from shareholders from time to time;
(iii) To review and / or approve applications for transfer, transmission, transposition and mutation of share certificates
including issue of duplicate certificates and new certificates on split / sub-division / consolidation / renewal and
to deal with all related matters.

(iv) To review and approve requests of dematerialization and rematerialisation of securities of the Company and such
other related matters;
(v) Appointment and fixing of remuneration of RTA and overseeing their performance;
(vi) Review the status of the litigation(s) filed by/against the security holders of the Company;
(vii) Review the status of claims received for unclaimed shares;
(viii) Recommending measures for overall improvement in the quality of investor services;
(ix) Monitoring implementation and compliance with the Company’s Code of Conduct for Prohibition of Insider
Trading in pursuance of SEBI (Prohibition of Insider Trading) Regulations, 2015;
(x) Review the impact of enactments/ amendments issued by the MCA/ SEBI and other regulatory authorities on
matters concerning the investors in general;
(xi) Such other matters as per the directions of the Board of Directors of the Company and/ or as required under
Regulation 20 read with Part D of Schedule II of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015, from time to time.
During the financial year 2017-18, one (1) meeting of Stakeholders’ Relationship Committee was held on March 31,
2018 and the attendances of Committee Members were as under:
Name of the Committee members Category No. of meetings

Held Attended
Mr. Beni Gopal Saraf Non-executive - Independent Director 1 1
Mr. Mahesh Kumar Malpani Non-executive - Independent Director 1 1
The table below gives the number of Shareholders Complaints received, resolved and pending during the financial year
2017-18.
Number of Complaints :
Received Resolved Pending

1 1 0
14. INDEPENDENT DIRECTORS AND THEIR MEETING
As on March 31, 2018 there were two (2) Independent Directors in the Company as per following details:
Mr. Mahesh Kumar Malpani, [DIN:02603222]
Mr. Beni Gopal Saraf, [DIN:00267858]
During the year under review, one (1) meeting of Independent Directors was held on March 31, 2018, where all the
Independent Directors of the Company were present.
15. VIGIL MECHANISM
Pursuant to the provisions of Section 177(9) & (10) of the Companies Act, 2013 and the SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015, a ‘Whistle Blower Policy’ to establish Vigil Mechanism for Directors and
employees to report genuine concerns has been framed. The policy is revised from time to time to realign it with
applicable regulations or organisations suitability. This policy provides a platform to disclose information, confidentially
and without fear of reprisal or victimization, where there is reason to believe that there has been serious malpractice,
fraud, impropriety, abuse or wrong doing within the Company. The Company ensures that no personnel have been
denied access to the Audit Committee.

16. RISK MANAGEMENT

The Company is taking necessary steps to identify, assess, monitor and mitigate various risks to key business objectives.
Major risks to be identified by the business and functions, if any, would be systematically addressed through mitigating
actions on a continuous basis.
17. STATEMENT IN RESPECT OF ADEQUACY OF INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO THE FINANCIAL
STATEMENTS
The Directors had laid down internal financial controls procedures to be followed by the Company which ensure
compliance with various policies, practices and statutes. The Audit Committee of the Board, from time to time,
evaluated the internal financial control of the Company with regard to-
1. Systems have been laid to ensure that all transactions are executed in accordance with management’s general
and specific authorization. There are well-laid manuals for such general or specific authorization.
2. Systems and procedures exist to ensure that all transactions are recorded as necessary to permit preparation
of financial statements in conformity with generally accepted accounting principles or any other criteria appli-
cable to such statements, and to maintain accountability for aspects and the timely preparation of reliable
financial information.
3. Access to assets is permitted only in accordance with management’s general and specific authorization. No assets
of the Company are allowed to be used for personal purposes, except in accordance with terms of employment
or except as specifically permitted.
4. The existing assets of the Company are verified/checked at reasonable intervals and appropriate action is taken
with respect to any differences, if any.
5. Proper systems are in place for prevention and detection of frauds and errors and for ensuring adherence to the
Company’s policies.
18. CORPORATE SOCIAL RESPONSIBILITY
During the year under review, the compliance under Section 135 of the Companies Act, 2013 was not applicable to
the Company. Further, considering the financial and other factors, your Company could not take any initiative in this
regard.
19. PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES
Related party transactions that were entered into during the financial year 2017-18, were on arm’s length basis and
were in ordinary course of business. The particulars of material related party transactions which were entered into
on arm’s length basis are provided in Form AOC- 2 as required under Section 134(3)(h) of the Companies Act, 2013
read with Rule 8(2) of the Companies (Accounts) Rules, 2014 which is annexed herewith as “Annexure-I”. There are
no materially significant related party transactions made by the Company which may have potential conflict with the
interest of the Company.
20. DIRECTORS’ RESPONSIBILITY STATEMENT
In terms of the provisions of Section 134(3)(c) read with 134(5) of the Companies Act, 2013, the Directors state that:
a) In preparation of the annual accounts for the financial year ended March 31, 2018, the applicable Accounting
Standards have been followed along with proper explanation relating to material departures;
b) The Directors have selected such Accounting Policies as listed in Note 1 of Significant Accounting Policies to the
Financial Statements and applied them consistently and made judgments and estimates that are reasonable and
prudent so as to give true and fair view of the state of affairs of the Company at the end of the financial year as
on March 31, 2018 and of the profit of the Company for that period;

c) The Directors have taken proper and sufficient care for maintenance of adequate accounting records in accordance
with the provisions of the Companies Act, 2013 for safeguarding the assets of the Company and for preventing
and detecting fraud and other irregularities;
d) The Directors have prepared the annual accounts on a going concern basis;
e) The Directors have laid down internal financial controls to be followed by the Company and that such internal
financial controls are adequate and are operating effectively;
f) The Directors have devised proper systems to ensure compliance with the provisions of all applicable laws and
that such systems were adequate and operating effectively.
21. MATERIAL CHANGES
There have been no material changes and commitments affecting the financial position of the Company since the
close of financial year i.e. March 31, 2018 and upto the date of this report. Further, it is hereby confirmed that there
has been no change in the nature of business of the Company.
22. PUBLIC DEPOSITS
During the period under review, the Company did not invite or accept any deposits from the public in terms of
Chapter V of the Companies Act, 2013.
23. LISTING OF SHARES
The Equity Shares of the Company are listed on the BSE Limited (BSE) with scrip code No. 513723. The Company
confirms that the annual listing fees to the stock exchange for the financial year 2018-19 have been duly paid.
24. LOANS, GUARANTEES OR INVESTMENTS UNDER SECTION 186 OF THE COMPANIES ACT, 2013
Details of loans granted, guarantees given and investments made during the year under review, covered under the
provisions of Section 186 of the Companies Act, 2013 are given in the financial statements of the Company forms part
of this Annual Report.
25. AUDITORS AND THEIR REPORT
(a) Statutory Auditors:
In compliance with the Companies (Audit and Auditors) Rules, 2014 M/s. S Mahendra & Co., Chartered
Accountants has been appointed as Statutory Auditors for a period of 5 (five) years, from the conclusion of
29th Annual General Meeting till the conclusion of the 34th Annual General Meeting (AGM), as approved by the
members at their 29th Annual General Meeting held on 25th September, 2017.
(b) Secretarial Auditors:
The Board of Directors of the Company at their meeting held on February 14, 2018 appointed Mr. Dilip Kumar
Sarawagi, Practicing Company Secretary, Proprietor of M/s. DKS & Co., having office at 173, M.G. Road, 1stFloor,
Kolkata-700007, to conduct Secretarial Audit for the financial year 2017-18. The Secretarial Audit Report in Form
No. MR-3 for the financial year ended March 31, 2018 is annexed herewith as “Annexure-II”.
(c) Cost Auditors:
Your Company was not required to appoint Cost Auditor for the financial year ended March 31, 2018.
(d) Internal Auditors:
The Board of Directors has appointed M/s. AS & Associates, Cost Accountants, as Internal Auditors of the Company
to carry out internal audit of the Company. The Audit Committee periodically reviews the Internal Audit report.

26. RESPONSE TO AUDITORS’ REMARKS

There is no qualification, reservation, adverse remark or disclaimer by the Statutory Auditors in their report and hence
no explanation or comments of the Board is required in this matter.
There is no qualification, reservation, adverse remark or disclaimer by the Secretarial Auditor in their Secretarial Audit
Report.
27. EXTRACT OF ANNUAL RETURN
The extract of Annual Return as required under Section 134(3)(a) of the Companies Act, 2013 read with Rule 12(1) of
the Companies (Management and Administration) Rules, 2014, is provided in Form No. MGT- 9 as “Annexure-III” to
this report.
28. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO
Owing to closure of manufacturing facility of the Company, no step was taken by the Company towards Conservation
of energy and Technology Absorption during the year under review. Further, there was no Foreign Exchange Earnings
and outgo during the year under review.
29. PARTICULARS OF EMPLOYEES
The information required under Section 197(12) of the Companies Act, 2013 read with Rule 5 of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014, is annexed herewith as “Annexure-IV”.
30. FRAUD REPORTING
There was no fraud reported by the Auditors of the Company under Section 143(12) of the Companies Act, 2013, to
the Audit Committee or the Board of Directors during the year under review.
31. DISCLOSURES UNDER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION & REDRESSAL)
ACT, 2013
There is no employee in the Company during the year under review except Directors and KMPs and hence the
provisions of the Sexual Harassment of Women at Workplace (Prevention, Prohibition & Redressal) Act, 2013 were
not applicable to the Company.
32. DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS / COURTS/ TRIBUNALS IMPACTING
THE GOING CONCERN STATUS AND THE COMPANY’S OPERATIONS IN FUTURE
During the period under review, there were no significant and material orders passed by any regulator /court /tribunal
impacting the going concern status and the Company’s operations in future.
33. MANAGEMENT DISCUSSION AND ANALYSIS REPORT
The Management Discussion and Analysis Report for the financial year 2017-18, pursuant to the SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015 is given as a separate statement in the Annual Report.
34. NON-APPLICABILITY OF CORPORATE GOVERNANCE REPORT AS PER THE SECURITIES AND EXCHANGE BOARD OF
INDIA (LISTING OBLIGATIONS AND DISCLOSURE REQUIREMENTS) REGULATIONS, 2015
Compliance with the provisions of the Securities and Exchange Board of India (Listing Obligations and Disclosure
Requirements) Regulations, 2015, regarding Corporate Governance Report, is not mandatory to your Company
presently. In view of the same, the Corporate Governance Report is not provided in the Annual Report.
35. DISCLOSURES WITH RESPECT TO DEMAT SUSPENSE ACCOUNT/ UNCLAIMED SUSPENSE ACCOUNT
(a) Aggregate number of shareholders and the outstanding shares in the suspense account lying at the beginning of
the year: Nil

(b) Number of shareholders who approached the Company for transfer of shares from suspense account during the
year: Nil
(c) Number of shareholders to whom shares were transferred from suspense account during the year: Nil
(d) Aggregate number of shareholders and the outstanding shares in the suspense account lying at the end of the
year: Nil
(e) The voting rights on these shares shall remain frozen till the rightful owner of such shares claims the shares: Not
applicable
36. ACKNOWLEDGEMENT
Your Directors place on record their sincere thanks and appreciation to financial institutions, vendors, clients, investors,
Central Government, State Governments, other regulatory authorities and other stakeholders for their continuing
support and Co-operation.
For and on behalf of the Board of Directors
Saurabh Mittal
Place: New Delhi Non-Executive Chairman
Date: May 30, 2018 [DIN: 00273917]

Annexure-I
Form No. AOC-2

[Pursuant to clause (h) of sub-section (3) of Section 134 of the Companies Act,2013 and Rule 8(2)
of the Companies (Accounts) Rules, 2014]
1. Details of contracts or arrangements or transactions not at arm’s length basis: Nil
2. Details of material contracts or arrangement or transactions at arm’s length basis are given below:
Name(s) of the related Nature of Duration of Salient terms of Date(s) of Amount paid
party and nature of contracts/ the contracts / the contracts or approval by the as advances,
relationship arrangements/ arrangements/ arrangements or Board, if any if any
transaction transactions transactions including
the value, if any
Greenlam Industries Agreement For the period of Monthly Rent of 28th May, 2016 Nil
Limited in respect of 11 months w.e.f. ` 4,20,000/-
(Mr. Saurabh Mittal immovable August 01,02016
is Common Director, property of the For the period of Monthly Rent of 30th May, 2017 Nil
and holding more Company 11 months w.e.f. ` 4,41,000/-
than 2% of Paid-up July 01, 2017
share capital in both
the Companies)
The Company has obtained approval of its Shareholders by passing Special Resolution at the 26th Annual General Meeting
of the Company held on September 30, 2014, in respect of the above said transaction for the financial year 2014-15 or
thereafter with an increase in rent by 5% every year.
Saurabh Mittal
Date: May 30, 2018 [DIN: 00273917]

Annexure-II
SECRETARIAL AUDIT REPORT
FOR THE FINANCIAL YEAR ENDED ON 31st MARCH, 2018
[Pursuant to Section 204(1) of the Companies Act, 2013 and Rule No. 9 of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014]
To
The Members of
Panchalam Village,
Melpettai Post, Tindivanam,
TAMILNADU - 604 307
We have conducted the Secretarial Audit of the compliance of applicable statutory provisions and the adherence to good
corporate practices by HIMALAYA GRANITES LIMITED (hereinafter called the Company). Secretarial Audit was conducted in
a manner that provided us a reasonable basis for evaluating the corporate conducts / statutory compliances and expressing
our opinion thereon.
Based on our verification of the Company’s books, papers, minute books, forms and returns filed and other records maintained
by the Company and also the information provided by the Company, its officers, agents and authorized representatives
during the conduct of Secretarial Audit, We hereby report that in our opinion, the Company has, during the audit period
covering the financial year ended on 31st March, 2018 complied with the applicable statutory provisions and adhered to
good corporate practices and also that the Company has proper Board-processes and compliance-mechanism in place to the
extent, in the manner and subject to the reporting made hereinafter:
We have examined the books, papers, minute books, forms and returns filed and other records maintained by Company for
the financial year ended on 31st March, 2018 according to the provisions of:
(i) The Companies Act, 2013 (the Act) and the rules made thereunder;
(ii) The Securities Contracts (Regulation) Act, 1956 (‘SCRA’) and the rules made thereunder;
(iii) The Depositories Act, 1996 and the Regulations and Bye-laws framed thereunder;
(iv) Foreign Exchange Management Act, 1999 and the rules and regulations made thereunder to the extent of Foreign
Direct Investment, Overseas Direct Investment and External Commercial Borrowings:- (Not applicable to the Company
during the period under review);
(v) The following Regulations and Guidelines prescribed under the Securities and Exchange Board of India Act, 1992 (‘SEBI
Act’):-
(a) The Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011;
(b) The Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015;
(c) The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009:-
(Not applicable to the Company during the period under review);
(d) The Securities and Exchange Board of India (Employee Stock Option Scheme and Employee Stock Purchase
Scheme) Guidelines, 1999/ Securities and Exchange Board of India (Share Based Employee Benefits) Regulations,
2014:- (Not applicable to the Company during the period under review);
(e) The Securities and Exchange Board of India (Issue and Listing of Debt Securities) Regulations, 2008:- (Not
applicable to the Company during the period under review);
(f) The Securities and Exchange Board of India (Registrars to an issue and Share Transfer Agents) Regulations, 1993
regarding the Companies Act and dealing with client to the extent of securities issued;
(g) The Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009:- (Not applicable to
the Company during the period under review);
(h) The Securities and Exchange Board of India (Buyback of Securities) Regulations, 1998:- (Not applicable to the
Company during the period under review);

(vi) Other Laws applicable specifically to the Company:

Due to the closure of the Company’s unit the management confirms that there are no other Laws applicable specifically
to the Company.
We have also examined compliance with the applicable clauses of the following:
(i) Secretarial Standards issued by The Institute of Company Secretaries of India.
(ii) The Listing Agreements entered into by the Company with BSE Limited pursuant to the Securities and Exchange Board
of India (Listing Obligations and Disclosures Requirements) Regulations, 2015, as applicable.
We report that during the year under review, the Company has complied with the provisions of the Acts, rules, regulations
and guidelines mentioned above. Mr. Jayasankar Ramalingam was appointed as Chief Financial Officer of the Company with
effect from 2nd January, 2018 in Compliance with Section 203 of the Companies Act, 2013 and the rules made thereunder.
We further report that based on the information provided and the representation made by the Company taken on record
by the Board of Directors of the Company, in our opinion, adequate systems and processes exist in the Company to monitor
and ensure compliance with provisions of applicable laws.
We further report that Compliance by the Company of applicable financial laws like direct and indirect tax laws and
maintenance of financial records and books of accounts has not been reviewed in this audit since the same has been subject
to review by statutory financial audit and other designated professionals.
We further report that:
1. The Board of Directors of the Company is duly constituted with proper balance of Executive Directors, Non-Executive
Directors and Independent Directors. The changes in the composition of the Board of Directors and Committees of
the Board that took place during the period under review were carried out in compliance with the provisions of the
Companies Act, 2013 and rules made thereunder.
2. Adequate notice is given to all directors to schedule the Board Meetings, agenda and detailed notes on agenda were
sent at least seven days in advance, and a system exists for seeking and obtaining further information and clarifications
on the agenda items before the meeting and for meaningful participation at the meeting.
3. As per the minutes of the meeting duly recorded and signed by the Chairman the decisions of the Board were
unanimous and no dissenting views have been recorded.
We further report that there are adequate systems and processes in the Company commensurate with the size and
operations of the Company to monitor and ensure compliance with applicable laws, rules, regulations and guidelines.
for DKS & Co.
Place: KOLKATA DILIP KUMAR SARAWAGI

Date: 30th May, 2018 ACS: 13020 C. P. No.: 3090
NOTE:
This report is to be read with my letter of even date which is annexed as Annexure A and forms an integral part of this report.

‘Annexure A’
To
The Members of
Panchalam Village,
Melpettai Post, Tindivanam,
TAMILNADU - 604 307
My report of even date is to be read along with this letter.

1. Maintenance of secretarial record is the responsibility of the management of the Company. My responsibility is to
express an opinion on these secretarial audit reports based on the audit.
2. We have followed the audit practices and processes as were appropriate to obtain reasonable assurance about
the correctness of the contents of the Secretarial records. The verification was done on test basis to ensure that
correct facts are reflected in secretarial records. We believe that the processes and practices, we followed provide a
reasonable basis for my opinion.
3. We have not verified the correctness and appropriateness of financial records and Books of Accounts of the Company.
4. Where ever required, we have obtained the Management representation about the compliance of laws, rules and
regulations and happening of events etc.
5. The compliance of the provisions of Corporate and other applicable laws, rules, regulations, standards is the
responsibility of management. My examination was limited to the verification of procedure on test basis.
6. The Secretarial Audit report is neither an assurance as to the future viability of the Company nor of the efficacy or
effectiveness with which the management has conducted the affairs of the Company.
for DKS & Co.
Place: KOLKATA DILIP KUMAR SARAWAGI

Date: 30th May, 2018 ACS: 13020 C. P. No.: 3090

Annexure-III
FORM NO. MGT 9
EXTRACT OF ANNUAL RETURN
As on financial year ended on March 31, 2018
[Pursuant to Section 92(3) of the Companies Act, 2013 and Rule 12(1) of the Companies
(Management & Administration) Rules, 2014]
I. REGISTRATION & OTHER DETAILS:

1 CIN L13206TN1987PLC015161
2 Registration Date DECEMBER 11, 1987
3 Name of the Company HIMALAYA GRANITES LIMITED
4 Category/Sub-category of the Company Public Company limited by shares
5 Address of the Registered office & contact details Panchalam Village, Melpettai Post,
Tindivanam, Tamil Nadu-604 307
Phone No.: 011-42791399
Fax No.: 044-26693378
Website: www.hgl.co.in
Email: investors@hgl.co.in
6 Whether listed company Yes, Listed at BSE Limited
7 Name, Address & contact details of the Registrar & S. K. Infosolutions Private Limited
Share Transfer Agent 34/1A, Sudhir Chatterjee Street
Kolkata – 700 006
Phone No.: (033) 2219-4815/6797
Fax No.: (033) 2219-4815
Website: www.skcinfo.com
Email: skcdilip@gmail.com
II. PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY

All the business activities contributing 10 % or more of the total turnover of the company shall be stated:-
Sl. Name and Description of main products / services NIC Code (2008) of the % to total turnover of the
No. Product/service company*
1 Letting out of immovable properties 68100 70.89 %
2 Credit Granting 64920 28.50 %
* Figures have been stated on the basis of the gross turnover of the Company.
III. PARTICULARS OF HOLDING, SUBSIDIARY AND ASSOCIATE COMPANIES:
The Company has no subsidiary, holding and associate Company during the year under review.

IV. SHARE HOLDING PATTERN: [Equity Share Capital Breakup as percentage of Total Equity]
A) Category-wise Share Holding:
Category of Shareholders No. of Shares held at the beginning of the No. of Shares held at the end of the year % Change
year [As on April 01, 2017] [As on March 31, 2018] during
the year
Demat Physical Total % of Demat Physical Total % of
Total Total
Shares Shares
A. Promoters & Promoter Group
(1)Indian
a) Individual/ HUF 1716950 - 1716950 74.11 1716950 - 1716950 74.11 0.00
b) Central Govt. - - - - - - - - -
c) State Govt.(s) - - - - - - - - -
d) Bodies Corporate 100 - 100 0.00 100 - 100 0.00 0.00
e) Banks / FI - - - - - - - - -
f) Any other - - - - - - - - -
Sub-Total (A)(1):- 1717050 - 1717050 74.11 1717050 - 1717050 74.11 0.00
(2)Foreign
a) NRIs-Individual - - - - - - - - -
b) Others-Individuals - - - - - - - - -
c) Bodies Corporate - - - - - - - - -
d) Banks / FI - - - - - - - - -
e) Any Other - - - - - - - - -
Sub-Total (A)(2):- - - - - - - - - -
Total shareholding of
Promoter (A)= (A)(1) +(A)(2) 1717050 - 1717050 74.11 1717050 - 1717050 74.11 0.00
B. Public Shareholding
1. Institutions
a) Mutual Funds - - - - - - - - -
b) Banks / FI - - - - - - - - -
c) Central Govt. - - - - - - - - -
d) State Govt.(s) - - - - - - - - -
e) Venture Capital Funds - - - - - - - - -
f) Insurance Companies - - - - - - - - -
g) FIIs - - - - - - - - -
h) Foreign Venture Capital
Funds - - - - - - - - -
i) Others - - - - - - - - -
Sub-total (B)(1):- - - - - - - - - -

Category of Shareholders No. of Shares held at the beginning of the No. of Shares held at the end of the year % Change
year [As on April 01, 2017] [As on March 31, 2018] during
the year
Demat Physical Total % of Demat Physical Total % of
Total Total
Shares Shares
2. Non-Institutions
a) Bodies Corporate
i) Indian 92195 3900 96095 4.15 143842 3900 147742 6.38 2.23
ii) Overseas - - - - - - - - -
b) Individuals
i) Individual shareholders
holding nominal share capital
upto ` 1 lakh 144422 76536 220958 9.54 146969 74526 221495 9.56 0.02
ii) Individual shareholders
holding nominal share capital
in excess of ` 1 lakh 231629 - 231629 10.00 229647 - 229647 9.91 (2.25)
c) Others
Non Resident Indians 750 - 750 0.03 750 - 750 0.03 0.00
Trust 50302 - 50302 2.17 100 - 100 0.00 0.00
Foreign Company - - - - - - - - -
Sub-total (B)(2):- 519298 80436 599734 25.89 521308 78426 599734 25.89 0.00
Total Public Shareholding
(B)=(B)(1)+ (B)(2) 519298 80436 599734 25.89 521308 78426 599734 25.89 0.00
C. Shares held by Custodian
for GDRs & ADRs - - - - - - - - -
Grand Total (A+B+C) 2236348 80436 2316784 100.00 2238358 78426 2316784 100.00 0.00
B) Shareholding of Promoters & Promoter Group

Sl. Shareholders’ Name Category Shareholding at the beginning of the year Shareholding at the end of the year % change
No. in share
No. of % of total % of Shares No. of % of total % of Shares
holding
Shares Shares Pledged/ Shares Shares Pledged/
during the
of the encumbered to of the encumbered to
year
Company total shares Company total shares
1 Mr. Saurabh Mittal Promoter 1647600 71.12 - 1647600 71.12 - 0.00
2 Mr. Shiv Prakash Mittal Promoter 12500 0.54 - 12500 0.54 - 0.00
3 Mr. Rajesh Mittal Promoter - - - - - - -
4 Mr. Shobhan Mittal Promoter - - - - - - -
5 Ms. Karuna Mittal Promoter 28750 1.24 - 28750 1.24 - 0.00
Group
6 Ms. Parul Mittal Promoter 28100 1.21 - 28100 1.21 - 0.00
Group
7 Greenply Leasing & Promoter 100 0.00 - 100 0.00 - 0.00
Finance Pvt. Ltd. Group

C) Change in Promoters & Promoter Group Shareholding

Sl. Particulars Category Shareholding at the Cumulative Shareholding
No. beginning of the year during the year
No. of % of total No. of % of total
shares shares shares shares
of the of the
Company Company
1 Mr. Saurabh Mittal Promoter
At the beginning of the year 1647600 71.12 1647600 71.12
Changes during the year No Change during the year
At the end of the year 1647600 71.12
2 Mr. Shiv Prakash Mittal Promoter
3 Mr. Rajesh Mittal Promoter
At the beginning of the year - - - -
At the end of the year - -
4 Mr. Shobhan Mittal Promoter
At the end of the year - -
5 Ms. Karuna Mittal Promoter
At the beginning of the year Group 28750 1.24 28750 1.24
6 Ms. Parul Mittal Promoter
7 Greenply Leasing & Finance Private Limited Promoter
D) Shareholding Pattern of top ten Shareholders:
[Other than Directors, Promoters & Promoter Group and Holders of GDRs and ADRs]:
Sl. For each of the Top 10 Shareholders Shareholding at the beginning of Cumulative Shareholding during
No. the year the Year
No. of shares % of total No. of shares % of total
shares of the shares of the
company company
1 SUBRAMANIAN P

company company
2 SANJEEV KRISHNA BHALOTIA
3 MONET SECURITIES PRIVATE LIMITED
Changes during the year:
Acquired 10000 Shares on 23.02.2018 21867 0.94
4 SANJEEV BUBNA
Changes during the year
5 USHA POLYCHEM INDIA PVT LTD
6 PLYLAM ENTERPRISES PVT. LTD.
7 ALKESH GULAB WADHWANI
8 M.PRASAD & CO LIMITED
Transferred 40184 Shares on 02.03.2018 12400 0.54
9 URMILA DEVI GUPTA

company company
10 KISHAN KUMAR
Note: The above dates of transfers/acquisitions are based on the weekly Benpose provided by the Depositories/ Registrar & Share Transfer
Agent.
E) Shareholding of Directors and Key Managerial Personnel:
Sl. For each of the Directors and Key Managerial Shareholding at the beginning Cumulative Shareholding during
No. Personnel of the year the Year
company company
1. Mr. Saurabh Mittal, Non-Executive Chairman
2. Mr. Ramesh Kumar Haritwal, Managing Director & CEO
3. Mr. Mahesh Kumar Malpani, Independent Director
At the beginning of the year Nil Nil Nil Nil
At the end of the year Nil Nil
4. Mr. Beni Gopal Saraf, Independent Director
5. Ms. Mathangi Ramanujam, Non-Executive Director
6. Mr. Hariom Pandey, Company Secretary
7. Mr. Jayasankar Ramalingam, Chief Financial Officer

V) INDEBTEDNESS:
Indebtedness of the Company including interest outstanding/accrued but not due for payment (Amount In `)
Secured Loans Unsecured Deposits Total Indebtedness
excluding deposits Loans
Indebtedness at the beginning of the financial year
i) Principal Amount Nil Nil Nil Nil
ii) Interest due but not paid Nil Nil Nil Nil
iii) Interest accrued but not due Nil Nil Nil Nil
Total (i+ii+iii) Nil Nil Nil Nil
Change in Indebtedness during the financial year
Addition Nil Nil Nil Nil
Reduction Nil Nil Nil Nil
Net Change Nil Nil Nil Nil
Indebtedness at the end of the financial year
i) Principal Amount Nil Nil Nil Nil
ii) Interest due but not paid Nil Nil Nil Nil
iii) Interest accrued but not due Nil Nil Nil Nil
Total (i+ii+iii) Nil Nil Nil Nil
VI. REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL:
A. Remuneration to Managing Director, Whole-time Directors and/or Manager (Amount In `)
Sl. Particulars of Remuneration Name of MD/WTD/ Manager Total
No. Amount
Mr. Ramesh Kumar Haritwal,
Managing Director & CEO
1 Gross salary
(a) Salary as per provisions contained in section 17(1) of the 16,23,360 16,23,360
Income-tax Act, 1961
(b) Value of perquisites u/s 17(2) of the Income-tax Act, 1961 Nil Nil
(c) Profits in lieu of salary under section 17(3) of the Income- Nil Nil
tax Act, 1961
2 Stock Option Nil Nil
3 Sweat Equity Nil Nil
4 Commission
- as % of profit Nil Nil
- others Nil Nil
5 Others (Contribution to Provident Fund) 1,36,800 1,36,800
Total (A) 17,60,160 17,60,160
Ceiling as per the Act^ N.A. N.A.
^During the year under review, the company had no profits. Hence, the above remuneration has been paid on the basis of effective capital
of the Company as per Section 197 read with Schedule V of the Companies Act, 2013.

B. Remuneration to other Directors (Amount In `)

Sl. Particulars of Remuneration Name of Directors Total
No. Amount
Mr. Saurabh Mr. Mahesh Mr. Beni Ms. Mathangi Mr. Pradip
Mittal, Non- Kumar Gopal Saraf, Ramanujam, Manharlal
Executive Malpani, Independent Non-Executive Domadia,
Chairman Independent Director Director Independent
Director Director
1 Independent Directors
Fee for attending Board and N.A. 3500 3500 N.A. 2500 9500
committee meetings
Commission N.A. Nil Nil N.A. Nil Nil
Others, please specify N.A. Nil Nil N.A. Nil Nil
Total (1) N.A. 3500 3500 N.A. 2500 9500
2 Other Non-Executive Directors
Fee for attending Board and 500 N.A. N.A. 3000 N.A. 3500
committee meetings
Commission Nil N.A. N.A. Nil N.A. Nil
Others Nil N.A. N.A. Nil N.A. Nil
Total (2) 500 N.A. N.A. 3000 N.A. 3500
Total (B)=(1+2) 500 3500 3500 3000 2500@ 13000^
Total Managerial Remuneration 17,73,160#
Overall Ceiling as per the Act N.A.*
#Total remuneration to the Managing Director & CEO, and other directors (being the total of A & B).
*During the year under review, the company had no profits. Hence, the above remuneration has been paid on the basis of effective capital of
the Company as per Section 197 read with Schedule V of the Companies Act, 2013.
^The sum total of sitting fees does not include the amount of applicable GST/Service Tax thereon.
@Mr. Pradip Manharlal Domadia, resigned from the Directorship of the Company with effect from close of business hours of January 02, 2018.
C. Remuneration to Key Managerial Personnel other than MD/Manager/WTD: (Amount In `)

Sl. Particulars of Remuneration Name of Key Managerial Personnel Total Amount
No. Mr. Jayasankar Ramalingam Mr. Hariom Pandey,
Chief Financial Officer Company Secretary
1 Gross salary
(a) Salary as per provisions contained in 1,70,694 9,08,649 10,79,343
section 17(1) of the Income-tax Act, 1961
(b) Value of perquisites u/s 17(2) of the Nil Nil Nil
Income-tax Act, 1961
(c) Profits in lieu of salary under section Nil Nil Nil
17(3) of the Income-tax Act, 1961
2 Stock Option Nil Nil Nil
3 Sweat Equity Nil Nil Nil
4 Commission
- as % of profit Nil Nil Nil
- others Nil Nil Nil
5 Others (Contribution to Provident Fund) 87,99 45,600 54,399
Total 1,79,493* 9,54,249 11,33,742
* Mr. Jayasankar Ramalingam was appointed on January 01, 2018 and designated as Chief Financial Officer with effect from January 02,
2018, the remuneration reflects total remuneration received by him from the date of his appointment.

VII. PENALTIES / PUNISHMENT/ COMPOUNDING OF OFFENCES

Type Section of Brief Details of Penalty/ Authority Appeal made, if
the Companies Description Punishment/ [RD /NCLT/ any (give Details)
Act Compounding COURT]
fees imposed
A. COMPANY
Penalty N.A N.A. N.A. N.A. N.A.
Punishment N.A N.A. N.A. N.A. N.A.
Compounding N.A N.A. N.A. N.A. N.A.
B. DIRECTORS
C. OTHER OFFICERS IN DEFAULT
Saurabh Mittal
Date: May 30, 2018 [DIN: 00273917]

Annexure-IV
A. Particulars of employees for the year ended March 31, 2018 as required under Section 197 of the Companies Act,
2013 read with Rule 5 of the Companies (Appointment & Remuneration of Managerial Personnel) Rules, 2014:
i. The ratio of the remuneration of each Director to the median remuneration of the employees of the Company
for the financial year 2017-18 is as under:
Sl. No. Name of Director Designation Ratio of the remuneration of each
director to the median remuneration of
employees
1. Mr. Saurabh Mittal Non-Executive Chairman 0.0005
2. Mr. Ramesh Kumar Haritwal Managing Director & CEO 1.8446
3. Mr. Beni Gopal Saraf Independent Director 0.0037
4. Mr. Mahesh Kumar Malpani Independent Director 0.0037
5. Mr. Pradip Manharlal Domadia Independent Director 0.0026#
6. Ms. Mathangi Ramanujam Non-Executive Director 0.0031
# Mr. Pradip Manharlal Domadia, resigned from the Directorship of the Company with effect from close of business hours
of January 02, 2018.
ii. The percentage increase in remuneration of each Director, Chief Financial Officer and Company Secretary
during the financial year 2017-18:
Sl. No. Name of Director/KMP Designation % increase in Remuneration in the
financial year 2017-18
1. Mr. Saurabh Mittal Non-Executive Chairman (50)^
2. Mr. Ramesh Kumar Haritwal Managing Director & CEO NIL
3. Mr. Beni Gopal Saraf Independent Director 40^
4. Mr. Mahesh Kumar Malpani Independent Director 40^
5. Mr. Pradip Manharlal Domadia Independent Director NIL
6. Ms. Mathangi Ramanujam Non-Executive Director 50^
7. Mr. Hariom Pandey Company Secretary 11.77*
8. Mr. Jayasankar Ramalingam Chief Financial Officer N.A.#
* On full entitlement basis.
^ The Remuneration of Non-Executive Directors comprises of Sitting fees paid to them during the year under review. Further,
there was no increase in per meeting sitting fees of Non- Executive Directors during the year under review, the above
increase/decrease in remuneration was due to changes in number of meetings they attended during the financial year
2017-18.
# Mr. Jayasankar Ramalingam was appointed during the financial year 2017-18. Hence, comparative figures are not available.
iii. The percentage increase in the median remuneration of employees of the Company in the financial year:
During the financial year 2017-18, the median remuneration of employees of the Company was increased by
11.77%.
iv. The number of permanent employees on the rolls of Company:
As on March 31, 2018, there were three permanent employees on the rolls of Company including Managing
Director & CEO.
v. Average percentile of increase made in the salaries of employees other than the managerial personnel in the last
financial year and its comparison with the percentile increase in the managerial remuneration and justification
thereof and point out if there are any exceptional circumstances for increase in the managerial remuneration:
Average percentage increase in the salary of the Company’s employees other than the managerial personnel during
the financial year 2017-18 was aprox 11.77%. Total Managerial remuneration for the financial year 2017-18 was
` 17,73,160/- as against ` 17,70,660/- during the previous year 2016-17. The increase in the overall managerial
remuneration during the financial year 2017-18 was 0.17%.

vi. Affirmation that the remuneration is as per the Remuneration Policy of the Company:
It is hereby affirmed that the remuneration paid during the year ended March 31, 2018 is as per the Remuneration
Policy of the Company.
B. Particulars of employees for the year ended March 31, 2018 as required under Section 197 of the Companies Act,
2013 read with rule 5(2) of Companies (Appointment & Remuneration of Managerial Personnel) Rules, 2014:
Sl. Name of the Age Designation Remuneration Qualifica- Experience Date of Last employment
No. Employee (years) Received tion in years commencement
(`) of employment
1. Mr. Ramesh 54 Managing 17,60,160 B.Com 26 31/05/2007 Greenply Industries
Kumar Director & Ltd.
Haritwal CEO
2. Mr. Hariom 29 Company 9,54,249 B.Com(H), 7 08/06/2016 A2Z Infrastructure Ltd.
Pandey Secretary CS, LL.B
3. Mr. Jayasankar 52 Chief 1,79,493 B.Com 31 01/01/2018* Greenlam Industries
Ramalingam Financial Ltd.
Officer
* Mr. Jayasankar Ramalingam was designated as Chief Financial Officer with effect from January 02, 2018.
Notes:
1. Remuneration shown above includes salary, allowances, cost of accommodation, medical reimbursement, contribution
to provident fund, annual commission and other perquisites as per the terms of employment. However, the above
remuneration does not include provision for gratuity and expenses towards club membership fees.
2. All the employees have requisite experience to discharge the responsibility assigned to them.
3. Nature and terms of employment are as per resolution/appointment letter.
4. None of the employees own 2% or more of the equity shares of the Company as on March 31, 2018.
Saurabh Mittal
Date: May 30, 2018 [DIN: 00273917]

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

INDUSTRY STRUCTURE AND DEVELOPMENT
During the year under review, your Company continued to let out part of its factory shed, situated at the registered office of
the Company in the State of Tamil Nadu.
OPPORTUNITIES AND THREATS

The management could not tap any opportunity during the year under review.
SEGMENT WISE PERFORMANCE

The Company currently operates in only one Segment.
OUTLOOK
Your Directors are exploring alternate avenues to make the Company operative.
RISK AND CONCERN

The closure of the Company’s unit has posed a challenge for the Company to resume operations.
INTERNAL CONTROL SYSTEM AND THEIR ADEQUACY

The company has an adequate internal control system. An Audit committee headed by Non-Executive Independent Director
periodically reviews the audit observation and the corrective remedial measures taken in this respect.
HUMAN RESOURCES DEVELOPMENT

The production facilities of the Company continue to remain close since February 27, 2008 and there are no pending dues
of its workers.
CAUTIONARY STATEMENT
Certain statements in the Directors’ report and management discussion and analysis reflecting the company’s projections,
estimates, objectives and expectations may constitute ‘forward looking statements’ within the meaning of applicable laws
and regulations. Actual results may differ from such projections, estimates, objectives and expectations due to economic
and climatic conditions effecting government regulations, policies, taxations and other factors on which the Company does
not have any direct control.
Saurabh Mittal
Date: May 30, 2018 [DIN: 00273917]

ACCOUNTS SECTION

INDEPENDENT AUDITOR’S REPORT

TO THE MEMBERS OF HIMALAYA GRANITES LIMITED
REPORT ON THE STANDALONE FINANCIAL STATEMENTS
We have audited the accompanying standalone Ind AS financial statements of HIMALAYA GRANITES LIMITED (“the
Company”), which comprise the Balance Sheet as at 31 March 2018, the Statement of Profit and Loss (including Other
Comprehensive Income), the Cash Flow Statement and the Statement of Changes in Equity for the year then ended, and a
summary of the significant accounting policies and other explanatory information.
MANAGEMENT’S RESPONSIBILITY FOR THE STANDALONE FINANCIAL STATEMENTS
The Company’s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (“the
Act”) with respect to the preparation of these standalone Ind AS financial statements that give a true and fair view of the
state of affairs (financial position), profit or loss (financial performance including other comprehensive income), cash flows
and changes in equity of the Company in accordance with the accounting principles generally accepted in India, including
the Indian Accounting Standards (Ind AS) specified under Section 133 of the Act.
This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act
for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection
and application of appropriate accounting policies; making judgements and estimates that are reasonable and prudent;
and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for
ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the
standalone Ind AS financial statements that give a true and fair view and are free from material misstatement, whether due
to fraud or error.
AUDITOR’S RESPONSIBILITY
Our responsibility is to express an opinion on these standalone Ind AS financial statements based on our audit.
We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required
to be included in the audit report under the provisions of the Act and the Rules made thereunder.
We conducted our audit of the standalone Ind AS financial statements in accordance with the Standards on Auditing
specified under Section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and
perform the audit to obtain reasonable assurance about whether the standalone Ind AS financial statements are free from
material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the standalone
Ind AS financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the
risks of material misstatement of the standalone Ind AS financial statements, whether due to fraud or error. In making those
risk assessments, the auditor considers internal financial control relevant to the Company’s preparation of the standalone
Ind AS financial statements that give a true and fair view in order to design audit procedures that are appropriate in the
circumstances. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness
of the accounting estimates made by the Company’s Directors, as well as evaluating the overall presentation of the standalone
Ind AS financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion
on the standalone Ind AS financial statements.
OPINION
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone
Ind AS financial statements give the information required by the Act in the manner so required and give a true and fair view
in conformity with the accounting principles generally accepted in India including the Ind AS, of the state of affairs (financial
position) of the Company as at 31 March 2018, and its loss (financial position including other comprehensive income), its
cash flows and the changes in equity for the year ended on that date.
OTHER MATTERS
The comparative financial information of the Company for the year ended 31 March 2017 and the transition date opening

balance sheet as at 1 April 2016 included in these standalone Ind AS financial statements, are based on the previously issued
statutory financial statements prepared in accordance with the Companies (Accounting Standards) Rules, 2014 audited by
the predecessor auditor whose reports for the years ended 31 March 2017 and 31 March 2016 dated 30 May 2017 and
28 May 2016 respectively expressed an unmodified opinion on those standalone financial statements, as adjusted for the
differences in the accounting principles adopted by the Company on transition to the Ind AS, which have been audited by us.
Our opinion is not modified in respect of these matters.
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS
1. As required by the Companies (Auditor’s Report) Order, 2016 (“the Order”) issued by the Central Government of India
in terms of sub-section (11) of Section 143 of the Act, we give in the “Annexure A” statement on the matters specified
in paragraphs 3 and 4 of the Order.
2. As required by Section 143 (3) of the Act, we report that:
(a) We have sought and obtained all the information and explanations which to the best of our knowledge and
belief were necessary for the purposes of our audit.
(b) In our opinion, proper books of account as required by the law have been kept by the Company so far as it
appears from our examination of those books.
(c) The Balance Sheet, the Statement of Profit and Loss and the Cash Flow Statement and Statement of Changes in
Equity dealt with by this Report are in agreement with the books of account.
(d) In our opinion, the aforesaid standalone Ind AS financial statements comply with the Accounting Standards
specified under Section 133 of the Act.
(e) On the basis of the written representations received from the directors as on 31 March 2018 taken on record
by the Board of Directors, none of the directors is disqualified as on 31 March 2018 from being appointed as a
director in terms of Section 164 (2) of the Act.
(f) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the
operating effectiveness of such controls, refer to our separate Report in “Annexure B”.
(g) With respect to the other matters to be included in the Auditor’s Report in accordance with Rule 11 of the
Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to
the explanations given to us:
i. There were no pending litigations which would impact the financial position in its standalone Ind AS
financial statements;
ii. The Company did not have any long-term contracts including derivative contracts for which there were
any material foreseeable losses;
iii. There were no amounts which were required to be transferred to the Investor Education and Protection
Fund by the Company.
iv. The Company has provided requisite disclosures in the financial statements as to holdings as well as
dealings in Specified Bank Notes during the period from 8th November 2016 to 30th December 2016 and
the same are in accordance with books of accounts maintained by the Company and as produced to us by
the Management. (Refer note no. 27)
For S MAHENDRA & COMPANY

Chartered Accountants
ICAI Firm Reg. No. 307131E
(I D Gupta)
Place of Signature : New Delhi Partner
Dated : 30 May 2018 Membership No. 051135

ANNEXURE ‘A’ REFERRED TO IN PARAGRAPH ‘REPORT ON OTHER LEGAL AND

REGULATORY REQUIREMENTS’ OF OUR REPORT OF EVEN DATE
RE: HIMALAYA GRANITES LIMITED (‘THE COMPANY’)
(i) (a) The Company has maintained proper records showing full particulars, including quantitative details and
situation of fixed assets.
(b) All fixed assets have not been physically verified by the management during the year but there is a regular
programme of verification which, in our opinion, is reasonable having regard to the size of the Company and the
nature of its assets. No material discrepancies were noticed on such verification.
(c) Based on our audit procedures performed for the purpose of reporting the true and fair view of the financial
statements and according to information and explanations given by the management, the title deeds of
immovable properties are held in the name of the Company.
(ii) The company does not hold any physical inventories. Hence, clause 3(ii) of the order is not applicable..
(iii) According to the information and explanations given to us, the Company has not granted any loans, secured or
unsecured to companies, firms, Limited Liability Partnerships or other parties covered in the register maintained
under Section 189 of the Companies Act, 2013. Accordingly, the provisions of clause 3(iii)(a), (b) and (c) of the Order
are not applicable to the Company and hence not commented upon.
(iv) In our opinion and according to the information and explanations given to us, in respect of loans, investments,
guarantees, and securities, the Company has complied with the provisions of Section 185 and 186 of the Act.
(v) The Company has not accepted any deposits from the public.
(vi) The Central Government has not prescribed the maintenance of cost records under Section 148(1) of the Act, which
apply to the Company.
(vii) (a) The Company is generally regular in depositing with appropriate authorities undisputed statutory dues including
provident fund, employees’ state insurance, income-tax, sales-tax, service tax, value added tax, Goods and
Services Tax, cess and other material statutory dues applicable to it.
(b) According to the information and explanations given to us, no undisputed amounts payable in respect of
provident fund, employees’ state insurance, income-tax, sales-tax, service tax, value added tax, Goods and
Services Tax, cess and other material statutory dues were outstanding at the year end, for a period of more than
six months from the date they became payable.
(c) According to the records of the Company, there were no dues outstanding of income-tax, sales-tax, service tax,
value added tax, Goods and Services Tax and cess on account of any dispute.
(viii) The Company has no dues to any bank, financial institution or government. It does not have any debentures.
(ix) Based on our audit procedures performed for the purpose of reporting the true and fair view of the financial statements
and according to the information and explanations given by the management, the Company has not raised any money
by way of initial public offer / further public offer / debt instruments and term loans and hence, reporting under clause
(ix) is not applicable to the Company and hence not commented upon.
(x) Based upon the audit procedures performed and according to the information and explanations given to us by the
Management, no material fraud on or by the Company has been noticed or reported by the Management during the
year.
(xi) Based on our audit procedures performed for the purpose of reporting the true and fair view of the financial statements
and according to the information and explanations given by the management, we report that the managerial
remuneration has been paid / provided in accordance with the requisite approvals mandated by the provisions of
Section 197 read with Schedule V to the Companies Act, 2013.
(xii) In our opinion, the Company is not a nidhi company. Therefore, the provisions of clause 3(xii) of the Order are not
applicable to the Company and hence not commented upon.
(xiii) Based on our audit procedures performed for the purpose of reporting the true and fair view of the financial statements
and according to the information and explanations given by the management, transactions with the related parties

are in compliance with Section 177 and 188 of Companies Act, 2013 where applicable and the details have been
disclosed in the notes to the financial statements, as required by the applicable accounting standards.
(xiv) According to the information and explanations given to us and on an overall examination of the balance sheet,
the Company has not made any preferential allotment or private placement of shares or fully or partly convertible
debentures during the year under review and hence not commented upon.
(xv) Based on our audit procedures performed for the purpose of reporting the true and fair view of the financial statements
and according to the information and explanations given by the management, the Company has not entered into any
non-cash transactions with directors or persons connected with him.
(xvi) According to the information and explanations given to us, the provisions of Section 45-IA of the Reserve Bank of India
Act, 1934 are not applicable to the Company.

(I D Gupta)

ANNEXURE ‘B’ TO THE INDEPENDENT AUDITOR’S REPORT OF EVEN DATE ON THE

FINANCIAL STATEMENTS OF HIMALAYA GRANITES LIMTED
REPORT ON THE INTERNAL FINANCIAL CONTROLS UNDER CLAUSE (I) OF SUB-SECTION 3 OF SECTION 143 OF THE
COMPANIES ACT, 2013 (“THE ACT”)
To the Members of Himalaya Granites Limited
We have audited the internal financial controls over financial reporting of HIMALAYA GRANITES LIMITED (“the Company”) as
of 31 March 2018 in conjunction with our audit of the financial statements of the Company for the year ended on that date.
MANAGEMENT’S RESPONSIBILITY FOR INTERNAL FINANCIAL CONTROLS
The Company’s Management is responsible for establishing and maintaining internal financial controls based on the internal
control over financial reporting criteria established by the Company considering the essential components of internal
control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute
of Chartered Accountants of India. These responsibilities include the design, implementation and maintenance of adequate
internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business,
including adherence to the Company’s policies, the safeguarding of its assets, the prevention and detection of frauds and
errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information,
as required under the Companies Act, 2013.
AUDITOR’S RESPONSIBILITY
Our responsibility is to express an opinion on the Company’s internal financial controls over financial reporting based on our
audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial
Reporting (the “Guidance Note”) and the Standards on Auditing as specified under Section 143(10) of the Companies Act,
2013, to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial
Controls and, both issued by the Institute of Chartered Accountants of India. Those Standards and the Guidance Note
require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about
whether adequate internal financial controls over financial reporting was established and maintained and if such controls
operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls
system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial
reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a
material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the
assessed risk. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material
misstatement of the financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion
on the internal financial controls system over financial reporting.
MEANING OF INTERNAL FINANCIAL CONTROLS OVER FINANCIAL REPORTING
A Company’s internal financial control over financial reporting is a process designed to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance
with generally accepted accounting principles. A Company’s internal financial control over financial reporting includes those
policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly
reflect the transactions and dispositions of the assets of the Company; (2) provide reasonable assurance that transactions
are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting
principles, and that receipts and expenditures of the Company are being made only in accordance with authorisations of
management and directors of the Company; and (3) provide reasonable assurance regarding prevention or timely detection
of unauthorised acquisition, use, or disposition of the Company’s assets that could have a material effect on the financial
statements.
INHERENT LIMITATIONS OF INTERNAL FINANCIAL CONTROLS OVER FINANCIAL REPORTING
Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion

or improper management override of controls, material misstatements due to error or fraud may occur and not be detected.
Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to
the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions,
or that the degree of compliance with the policies or procedures may deteriorate.
OPINION
In our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial
reporting and such internal financial controls over financial reporting were operating effectively as at March 31, 2018, based
on the internal control over financial reporting criteria established by the Company considering the essential components of
internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the
Institute of Chartered Accountants of India.
EXPLANATORY PARAGRAPH
We also have audited, in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of
India, as specified under Section 143(10) of the Act, the financial statements of Company, which comprise the Balance Sheet
as at 31 March 2018, and the related Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a
summary of significant accounting policies and other explanatory information, and our report dated 30 May 2018 expressed
an unqualified opinion thereon.

(I D Gupta)

Balance Sheet as at 31st March, 2018

Amount in `
As at As at As at
Note 31st March, 2018 31st March, 2017 1st April, 2016
ASSETS No.
Non-current assets
Property, Plant and Equipment 1 1,53,48,035 1,78,91,268 1,98,38,317
Financial Assets
Loans 2 8,77,512 8,77,512 8,71,897
Total Non–current assets 1,62,25,547 1,87,68,780 2,07,10,214
Current assets
Inventories 3 – – 1,02,893
Financial Assets
Investments 4 12,44,592 – –
Assets held for sale 4,07,884 – –
Trade Receivables 5 – – 1,00,27,124
Cash and Cash Equivalents 6 20,93,911 2,47,08,562 24,47,414
Loans 7 3,61,92,657 1,20,64,033 3,29,30,370
Other Current Assets 8 15,12,176 56,27,231 58,91,912
Total Current assets 4,14,51,220 4,23,99,826 5,13,99,713
Total Assets 5,76,76,767 6,11,68,606 7,21,09,927
EQUITY AND LIABILITIES
Equity:
Equity Share Capital 9 2,31,67,840 2,31,67,840 2,31,67,840
Other Equity 10 3,33,62,847 3,70,52,920 4,73,20,400
Total Equity 5,65,30,687 6,02,20,760 7,04,88,240
Liabilities:
Non-current Liabilities
Provisions 11 6,24,974 5,14,338 2,86,729
Total Non–current liabilities 6,24,974 5,14,338 2,86,729
Current Liabilities
Financial Liabilities
Trade Payables 12 – – 7,51,189
Other Current Liabilities 13 5,21,106 4,33,508 5,83,769
Total Current liabilities 5,21,106 4,33,508 13,34,958
Total Equity and Liabilities 5,76,76,767 6,11,68,606 7,21,09,927
Significant Accounting Policies

See Accompanying Notes to the Financial Statements 1 to 30
As per our report of even date attached
For S MAHENDRA & COMPANY For and on behalf of Board of Directors of
Chartered Accountants Himalaya Granites Limited
ICAI Firm Reg. No. 307131E CIN: L13206TN1987PLC015161
(I D Gupta) Saurabh Mittal Ramesh Kumar Haritwal

Partner Non-Executive Chairman Managing Director & CEO
Membership No. 051135 (DIN: 00273917) (DIN : 01486666)
Place of Signature : New Delhi Hariom Pandey Jayasankar Ramalingam

Dated : 30th May, 2018 Company Secretary Chief Financial Officer

Statement of Profit and Loss for the year ended 31st March, 2018
Amount in `
For the year ended For the year ended
Note 31st March, 2018 31st March, 2017
INCOME: No.
Revenue from Operations 14 – 79,800
Other Income 15 73,76,349 70,27,511
Total Income 73,76,349 71,07,311
EXPENSES:
Cost of Materials Consumed – –
Purchase of Stock in Trade – –
Changes in Inventories of Finished Goods,
Stock in Trade and Stock in Process _ _
Employees Benefits Expense 16 34,88,744 31,12,383
Depreciation and Amortisation Expense 17 12,68,883 14,80,740
Other Expenses 18 63,08,795 1,26,44,315
Total Expenses 1,10,66,422 1,72,37,438
Profit before Tax (36,90,073) (1,01,30,127)

Current Tax – –
Current Tax – –
Release of Deferred Tax – –
Deferred Tax – –
Tax Expense – –
Profit for the Year (36,90,073) (1,01,30,127)
Other Comprehensive Income
Items that will not be reclassified to profit or loss:
Remeasurement gain/(loss) on defined benefit plans – (1,37,353)
Release of Deferred Tax – –
Other Comprehensive Income, net of tax – (1,37,353)
Total Comprehensive Income for the year, net of Tax (36,90,073) (1,02,67,480)
Earnings per Equity Share - Basic and Diluted (in ₹) 19 (1.59) (4.37)
Significant Accounting Policies
See Accompanying Notes to the Financial Statements 1 to 30


Dated : 30th May 2018 Company Secretary Chief Financial Officer

Cash Flow Statement for the year ended 31st March, 2018 Amount in `
31st March, 2018 31st March, 2017
A. CASH FLOW ARISING FROM OPERATING ACTIVITIES:
Profit before Tax (36,90,073) (1,01,30,127)
Adjustments for:
Depreciation and Amortisation Expense 12,68,883 14,80,740
Loss on Sale and Discard of Fixed Assets 8,43,106 4,20,402
Re–measurement gain/(loss) on defined benefit plans - (1,37,353)
Loss/(Gain) on Fair Valuation of Quoted Investments (2,166) -
Dividend Income (42,426) -
Interest Income (21,02,757) (20,44,422)
Rental Income (52,29,000) (49,60,000)
(52,64,360) (52,40,633)
Operating Profit before Working Capital Changes (89,54,433) (1,53,70,760)
Adjustments for:
(Increase) / Decrease in Trade and Other Receivables (2,00,13,569) 3,11,52,527
(Increase) / Decrease in Inventories - 1,02,893
(Decrease) / Increase in Trade Payables 1,98,234 (6,73,841)
(1,98,15,335) 3,05,81,579
Cash Generated from Operations (2,87,69,768) 1,52,10,819
Income Tax Paid - -
Net Cash Generated from Operating Activities (2,87,69,768) 1,52,10,819
B. CASH FLOW ARISING FROM INVESTING ACTIVITIES:

Adjustments for:
Interest Received 21,02,757 20,44,422
Rental Income 52,29,000 49,60,000
Dividend Income 42,426 -
Sale of Fixed Assets 23,360 45,907
Acquisition of Investments (12,42,426) -
Net Cash used in Investing Activities 61,55,117 70,50,329

Cash Flow Statement for the year ended 31st March, 2018 Amount in `
C. CASH FLOW ARISING FROM FINANCING ACTIVITIES:
Adjustments for:
Proceeds from Issue of Equity Capital - -
Net Cash used in Financing Activities - -
Net Increase / (Decrease) in Cash and Cash Equivalents (2,26,14,651) 2,22,61,148
Cash and Cash Equivalents at the beginning of the Year 2,47,08,562 24,47,414
Cash and Cash Equivalents at the close of the Year 20,93,911 2,47,08,562




Statement of Changes in Equity for the year ended 31st March, 2018
A) EQUITY SHARE CAPITAL
For the year ended 31st March, 2018 ₹
Balance as at 1st April 2017 2,31,67,840
Changes in equity share capital during the year –
Balance as at 31st March 2018 2,31,67,840
For the year ended 31st March, 2017
Balance as at 1st April 2016 2,31,67,840
Changes in equity share capital during the year –
Balance as at 31st March 2017 2,31,67,840
B) OTHER EQUITY
Reserves and Surplus
Capital Capital Securities General Retained
Particulars Total
Reserve Redemption Premium Reserve Earnings
Reserve
Balance as at 1st April 2017 15,00,000 68,82,160 62,35,680 5,62,12,088 (3,37,77,008) 3,70,52,920
Profit for the year – – – – (36,90,073) (36,90,073)
Other Comprehensive Income/(loss)
for the year:
- Remeasurement of the net defined – – – – – –
benefit plans
Balance as at 31st March 2018 15,00,000 68,82,160 62,35,680 5,62,12,088 (3,74,67,081) 3,33,62,847

Reserves and Surplus
Capital Capital Securities General Retained Total
Particulars
Reserve Redemption Premium Reserve Earnings
Reserve
Balance as at 1st April 2016 15,00,000 68,82,160 62,35,680 5,62,12,088 (2,35,09,528) 4,73,20,400
Profit for the year – – – – (1,01,30,127) (1,01,30,127)
Other Comprehensive Income/(loss)
for the year:
- Remeasurement of the net – – – – (1,37,353) (1,37,353)
defined benefit plans
Balance as at 31st March 2017 15,00,000 68,82,160 62,35,680 5,62,12,088 (3,37,77,008) 3,70,52,920




SIGNIFICANT ACCOUNTING POLICIES for the year ended 31st March, 2018
1.01 DISCLOSURE OF ACCOUNTING POLICIES:
1.01.01 CORPORATE INFORMATION:
Himalaya Granites Limited (the ‘Company’) is a public limited company domiciled in India incorporated under
the provisions of the Companies Act. Its shares is listed in a recognised stock exchanges (i.e. BSE Limited) in
India. The registered office of the company is located at Panchalam Village, Melpettai Post, Tindivanam, Tamil
Nadu - 604 307, India.
1.01.02 BASIS OF PREPARATION OF FINANCIAL STATEMENTS:
The Financial Statements have been prepared in accordance with Indian Accounting Standards (Ind AS)
notified under the Companies (Indian Accounting Standards) Rules, 2015 as amended, notified under Section
133 of the Companies Act, 2013 (“Act”) and other relevant provisions of the Act.
The Financial Statements upto year ended 31st March, 2017 were prepared in accordance with accounting
standards notified under the Company (Accounting Standards) Rules 2014 read with Rule 7(1) of the
Companies (Accounts) Rules, 2014 and the provisions of the Companies Act, 2013 (hereinafter referred to as
the ‘previous GAAP’).
These Financial Statements are the first financial statements of the company under Ind AS - the transition
date being 1st April, 2016. The information as to how the company has adopted Ind AS and the impact thereof
on Company’s financial position, financial performance and cash flows is presented in notes to financial
statements.
The financial statements have been prepared under the historical cost basis, except for the following assets
and liabilities which has been measured at fair value of Quoted Investments in Equity Shares and Mutual
Funds.
Accounting policies have been consistently applied except where a newly issued accounting standard is
initially adopted or a revision to an existing accounting standard requires a change in the accounting policy
hitherto in use. The Company’s management evaluates all recently issued or revised accounting standards on
an on-going basis.
The financial statements are presented in Indian Rupees (‘INR’) and all values are rounded to the nearest
rupee. Where changes are made in presentation, the comparative figures of the previous year are regrouped
and re-arranged accordingly.
1.01.03 ACCOUNTING ESTIMATES AND ASSUMPTIONS:
The preparation of financial statements in conformity with generally accepted accounting principles requires
management to make estimates and assumptions that affect the reported amounts of assets and liabilities
and disclosure of contingent liabilities at the date of the financial statements and the results of operations
during the reporting year end. Although these estimates are based upon management’s best knowledge of
current events and actions, actual results could differ from these estimates.
1.02 PROPERTY, PLANT AND EQUIPMENT:
1.02.01 Property, Plant and Equipment are stated at original cost (net of tax/duty credit availed) less accumulated
depreciation and impairment losses except freehold land which is carried at cost. Cost includes cost of
acquisition, construction and installation, taxes, duties, freight, other incidental expenses related to the
acquisition, trial run expenses (net of revenue) and pre-operative expenses including attributable borrowing
costs incurred during pre-operational period.
1.02.02 Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate,
only when it is probable that future economic benefits associated with the item will flow to the company and

the cost of the item can be measured reliably. The carrying amount of any component as a separate asset
is derecognised when replaced. All other repairs and maintenance are charged to profit and loss during the
reporting period in which they are incurred.
1.02.03 Assets which are not ready for their intended use on reporting date are carried as capital work-in-progress at
cost, comprising direct cost and related incidental expenses.
1.02.04 On transition to Ind AS, the Company has elected to continue with the carrying value of all of its property,
plant and equipment as at 1st April 2016 measured as per the previous GAAP and use that carrying value as
the deemed cost of the property, plant and equipment.
1.02.05 Property, Plant and Equipments including continuous process plants are depreciated and/or amortised on
the basis of their useful lives as notified in Schedule II to the Companies Act, 2013 except in case of assets
costing less than ` 5,000 which are depreciated over their useful life as assessed by the management.
The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each
reporting period.
Depreciation in respect of additions to assets has been charged on pro rata basis with reference to the
period when the assets are ready for use.
1.02.06 An asset’s carrying amount is written down immediately on discontinuation to its recoverable amount if
the asset’s carrying amount is greater than its estimated recoverable amount. Gains and losses on disposals
are determined by comparing proceeds with carrying amount. These are included in Profit/Loss on Sale
and Discard of Fixed Assets.
1.02.07 Useful lives of the Property, Plant and Equipment as notified in Schedule II to the Companies Act, 2013 are
as follows :
Buildings - 30 to 60 years
Plant and Equipments - 10 to 15 years
Furniture and Fixtures - 10 years
Office Equipments - 3 to 10 years
1.02.08 At each balance sheet date, the Company reviews the carrying amount of property, plant and equipment to
determine whether there is any indication of impairment loss. If any such indication exists, the recoverable
amount of the assets is estimated in order to determine the extent of impairment loss. The recoverable
amount is higher of the net selling price and the value in use, determined by discounting the estimated
future cash flows expected from the continuing use of the asset to their present value.
1.03 INVENTORIES:
1.03.01 Finished goods are valued at lower of cost and net realisable value.
1.03.02 Stock of Raw Materials, Consumables and Stores and spares are valued at lower of cost or net realisable
value. Cost represents purchase price and other costs for bringing inventories upto their present location
and condition and is generally determined on weighted average basis.
1.04 CASH FLOW STATEMENT:
1.04.01 Cash flows are reported using indirect method, whereby profit before tax is adjusted for the effects of
transactions of a non-cash nature and any deferrals or accruals of past or future cash receipts or payments.
The cash flow from regular revenue generating, financing and investing activities of the Company is
segregated.
1.04.02 Cash and cash equivalents in the balance sheet comprise cash at bank, cash/cheques in hand and short
term investments with an original maturity of three months or less.

1.05 FINANCIAL ASSETS:
1.05.01 The Company classifies its financial assets as those to be measured subsequently at fair value (either
through other comprehensive income, or through profit or loss), and those to be measured at amortised
cost.
1.05.02 The Company measures all quoted Equity/Mutual Fund instruments at fair value on initial and subsequent
recognition. Changes in fair value of quoted investments in equity shares are shown as profit/loss on fair
valuation of investments in Statement of Profit and Loss.
1.05.03 Trade receivables represent receivables for goods sold by the Company upto to the end of the financial
year. The amounts are generally unsecured and are usually received as per the terms of payment agreed
with the customers. The amounts are presented as current assets where receivable is due within 12 months
from the reporting date. They are recognised initially and subsequently measured at amortised cost.
1.05.04 A financial asset is derecognised only when the Company has transferred the rights to receive cash flows
from the financial asset, or when it has transferred substantially all the risks and rewards of the asset, or
when it has transferred the control of the asset.
1.05.05 Investments that are readily realisable and intended to be held for not more than a year are classified as
Current investments. All other investments are classified as Non-Current/Long-term Investments. Current
investments are carried at lower of cost or market value on individual investment basis. Non-Current
Investments are considered at cost, unless there is an “other than temporary” decline in value, in which
case adequate provision is made for the diminution in the value of Investments.
1.06 FINANCIAL LIABILITIES:
1.06.01 Borrowings are initially recognised and subsequently measured at amortised cost, net of transaction costs
incurred. The transaction costs is amortised over the period of borrowings using the effective interest
method in Capital Work in Progress upto the commencement of related Plant, Property and Equipment and
subsequently under finance costs in profit and loss account.
1.06.02 Borrowings are removed from balance sheet when the obligation specified in the contract is discharged,
cancelled or expired.
1.06.03 Borrowings are classified as current liabilities unless the company has an unconditional right to defer
settlement of the liability for at least 12 months after the reporting period.
1.06.04 Trade Payables represent liabilities for goods and services provided to the Company upto to the end of the
financial year. The amounts are unsecured and are usually paid as per the terms of payment agreed with
the vendors. The amounts are presented as current liabilities unless payment is not due within 12 months
after the reporting period. They are recognised initially and subsequently measured at amortised cost.
1.06.05 Financial assets and Financial liabilities are offset and the net amount is reported in the balance sheet if
there is a currently enforceable legal right to offset the recognised amounts and there is an intention to
settle on a net basis, to realise the assets and settle the liabilities simultaneously.
1.07 EQUITY :
Ordinary shares are classified as equity.
Final dividends on shares are recorded as a liability on the date of approval by the shareholders and interim dividends
are recorded as a liability on the date of declaration by the Board of Directors of the Company.
1.08 REVENUE RECOGNITION:
1.08.01 Revenue comprises of all economic benefits that arise in the ordinary course of activities of the Company
which result in increase in Equity, other than increases relating to contributions from equity participants.

Revenue is recognized to the extent that it is probable that the economic benefits will flow to the Company
and the revenue can be reliably measured. Revenue is measured at the fair value of the consideration
received or receivable.
1.08.02 Sale of Goods: Revenue from sales of goods is recognised on transfer of significant risks and rewards of
ownership to the customers. Revenue shown in the Statement of Profit and Loss excludes returns, trade
discounts, cash discounts, other benefits passed to customers in kind, Goods and Services tax and Value
Added Tax.
1.08.03 Services: Revenue from Services are recognized as and when the services are rendered. The Company
collects GST and service tax on behalf of the government and therefore, it is not an economic benefit
flowing to the Company and hence excluded from Revenue.
1.08.04 Interest: Interest income is accrued on a time basis, by reference to the principal outstanding and at the
effective interest rate applicable.
1.08.05 Dividends: Dividend from investment is recognized when the Company in which they are held declares the
dividend and when the right to receive the same is established.
1.08.06 Rental Income: Rental income is recognised on accrual basis.
1.09 EMPLOYEE BENEFITS:
1.09.01 Short-term employee benefits are recognized as an expense at the undiscounted amount in the Statement
of Profit and Loss of the year in which the related service is rendered.
1.09.02 Post Employment and Retirement benefits in the form of Gratuity is considered as defined benefit
obligations and is provided for on the basis of third party actuarial valuation, using the projected unit credit
method, as at the date of the Balance Sheet. Every Employee who has completed five years or more of
service is entitled to Gratuity on terms not less favourable than the provisions of The Payment of Gratuity
Act, 1972.
1.09.03 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 reporting period on government bonds that have
terms approximating to the terms of the related obligation.
1.09.04 The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit
obligation. This cost is included in employee benefit expense in the statement of profit and loss.
1.09.05 Remeasurement gains and losses arising from experience adjustments and changes in actuarial
assumptions of the defined benefit obligation are recognised 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.
1.09.06 Employee benefits in the form of Provident Fund is considered as defined contribution plan and the
contributions to Employees’ Provident Fund Organisation established under The Employees’ Provident
Fund and Miscellaneous Provisions Act 1952 is charged to the Statement of Profit and Loss of the year
when the contributions to the respective funds are due. The Company pays provident fund contributions
to publicly administered provident funds as per local regulations. The Company has no further payment
obligations once the contributions have been paid.
1.10 RELATED PARTY TRANSACTIONS:
1.10.01 Disclosure of related party transactions as required by the accounting standard is furnished in the Notes on
Financial Statements.

1.11 EARNINGS PER SHARE:
1.11.01 Basic earnings (loss) per share are calculated by dividing the net profit or loss for the period attributable to
equity shareholders by the weighted average number of equity shares outstanding during the period.
1.11.02 For the purpose of calculating diluted earnings per share, the net profit or loss for the period attributable
to equity shareholders and the weighted average number of shares outstanding during the period are
adjusted for the effects of all dilutive potential equity shares.
1.12 ACCOUNTING FOR TAXES ON INCOME:
1.12.01 Tax expenses comprise of current tax and deferred tax including applicable surcharge and cess.
1.12.02 Current Income tax is computed using the tax effect accounting method, where taxes are accrued in the
same period in which the related revenue and expenses arise. A provision is made for income tax annually,
based on the tax liability computed, after considering tax allowances and exemptions. Provisions are
recorded when it is estimated that a liability due to disallowances or other matters is probable.
1.12.03 Income-tax expenses comprises current tax and deferred tax charge or release. The deferred tax charge
or credit is recognised using current tax rates. Where there is unabsorbed depreciation or carry forward
losses, deferred tax assets are recognised only if there is virtual certainty of realisation of such assets
based on expected future profits. Other deferred tax assets are recognised only to the extent there is
reasonable certainty of realisation in future. Such assets are reviewed as at each Balance Sheet date to
reassess realisation.
1.13 PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS:
1.13.01 Provisions are made when (a) the Company has a present legal or constructive obligation as a result of past
events; (b) it is probable that an outflow of resources embodying economic benefits will be required to
settle the obligation; and (c) a reliable estimate is made of the amount of the obligation.
1.13.02 Contingent liabilities are not provided for but are disclosed by way of Notes on Accounts. Contingent
liabilities is disclosed in case of a present obligation from past events (a) when it is not probable that an
outflow of resources will be required to settle the obligation; (b) when no reliable estimate is possible; (c)
unless the probability of outflow of resources is remote.
1.13.03 Contingent assets are not accounted but disclosed by way of Notes on Accounts where the inflow of
economic benefits is probable.
1.14 CURRENT AND NON-CURRENT CLASSIFICATION:
1.14.01 The Normal Operating Cycle for the Company has been assumed to be of twelve months for classification
of its various assets and liabilities into “Current” and “Non-Current”.
1.14.02 The Company presents assets and liabilities in the balance sheet based on current and non-current
classification.
1.14.03 An asset is current when 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; (d) Cash and 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.
1.14.04 An 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 discharged within twelve months after the reporting period;
(d) there is no unconditional right to defer the settlement of the liability for at least twelve months after
the reporting period. All other liabilities are classified as non-current.

1.15 FAIR VALUE MEASUREMENT:
1.15.01 The Company measures financial instruments such as derivatives and certain investments, at fair value at
each balance sheet date.
1.15.02 Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly
transaction between market participants at the measurement date. The fair value measurement is based
on the presumption that the transaction to sell the asset or transfer the liability takes place either in the
principal market for the asset or liability, or in the absence of a principal market, in the most advantageous
market for the asset or liability. The principal or the most advantageous market must be accessible by the
Company.
1.15.03 The fair value of an asset or liability is measured using the assumptions that market participants would use
when pricing the asset or liability, assuming that market participants act in their economic best interest.
1.15.04 A fair value measurement of a non-financial asset takes into account a market participant’s ability to
generate economic benefits by using the asset in its highest and best use or by selling it to another market
participant that would use the asset in its highest and best use.
1.15.05 The Company uses valuation techniques that are appropriate in the circumstances and for which sufficient
data are available to measure fair value, maximising the use of relevant observable inputs and minimising
the use of unobservable inputs.
1.15.06 The assets and liabilities which has been measured at fair value are, (i) Quoted Investments in Equity
Shares, (ii) Certain Financial Assets.
1.16 NON-CURRENT ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS:
1.16.01 Non-current assets and disposal groups are classified as held for sale if their carrying amounts will be
recovered principally through a sale transaction rather than through continuing use.
1.16.02 Non-current assets and disposal groups classified as held for sale are measured at the lower of carrying
amount and fair value less cost to sell. This condition is regarded as met only when the sale is highly probable
and the asset or disposal group is available for immediate sale in its present condition. Management must
be committed to the sale, which should be expected to qualify for recognition as a completed sale within
one year from the date of classification.
1.16.03 Non-current assets classified as held for sale are presented separately from other assets in the balance
sheet. An entity shall not depreciate or amortise a non-current asset after such asset has been classified as
held for sale.
1.16.04 Discontinued operations are excluded from the results of continuing operations and are presented as a
single amount as profit or loss after tax from discontinued operations in the statement of profit and loss.

Notes to Financial Statements for the year ended 31st March, 2018
NOTE 1. Property, Plant and Equipment `
Freehold Buildings Plant and Furniture and Total
Land Equipments Fixtures Tangibles
Cost
As at April 1st, 2016 11,32,849 4,14,75,388 1,81,13,446 11,86,994 6,19,08,677
Additions – – – – –
Disposal – 7,05,025 14,29,324 9,21,248 30,55,597
As at March 31st, 2017 11,32,849 4,07,70,363 1,66,84,122 2,65,746 5,88,53,080
Additions – – – – –
Disposal – – – – –
Reclassification to assets as held for sale 1,66,84,122 1,66,84,122
As at March 31st, 2018 11,32,849 4,07,70,363 – 2,65,746 4,21,68,958
Accumulated Depreciation
As at April 1st, 2016 – 2,44,10,043 1,65,60,979 10,99,338 4,20,70,360
Depreciation for the year – 12,70,791 2,06,055 3,894 14,80,740
Disposal – 3,56,840 13,57,262 8,75,186 25,89,288
As at March 31st, 2017 – 2,53,23,994 1,54,09,772 2,28,046 4,09,61,812
Depreciation for the year – 12,64,989 – 3,894 12,68,883
Disposal – – – – –
Reclassification to assets as held for sale 1,54,09,772 1,54,09,772
As at March 31st, 2018 – 2,65,88,983 - 2,31,940 2,68,20,923
Net Carrying Value

As at April 1st, 2016 11,32,849 1,70,65,345 15,52,467 87,656 1,98,38,317
As at March 31st, 2017 11,32,849 1,54,46,369 12,74,350 37,700 1,78,91,268
As at March 31st, 2018 11,32,849 1,41,81,380 – 33,806 1,53,48,035
NON-CURRENT ASSETS As at 31st March, 2018 As at 31st March, 2017 As at 1st April, 2016
₹ ₹ ₹
2. LOANS
(Unsecured, considered good) ₹
Security Deposits 8,77,512 8,77,512 8,71,897
Total 8,77,512 8,77,512 8,71,897
CURRENT ASSETS As at 31st March, 2018 As at 31st March, 2017 As at 1st April, 2016
₹ ₹ ₹
3. INVENTORIES
(at lower of cost or net realisable value)
Stores and Spares – – 1,02,893
– – 1,02,893

As at 31st March, 2018 As at 31st March, 2017 As at 1st April, 2016
₹ ₹ ₹
4. INVESTMENTS
Quoted
Investments in Mutual Funds
carried at fair value through profit
and loss (FVTPL)
122444.995 (Previous year - Nil)

Units of Kotak Treasury Advantage
Fund - Weekly Dividend - Regular
Plan 12,44,592 – –
Total 12,44,592 – –
Aggregate amount of Quoted

Investments 12,44,592 – –
Aggregate amount of Unquoted
Investments – – –
Total 12,44,592 – –
Aggregate Market Value of Quoted
Investments 12,44,592 – –

₹ ₹ ₹
5. TRADE RECEIVABLES
Unsecured, considered good – – 2,44,997
Unsecured, considered doubtful – – 97,82,127
– – 1,00,27,124

₹ ₹ ₹
6. CASH AND CASH EQUIVALENTS
Cash and Bank Balances
Balances with Banks - on Current
Accounts 19,06,277 2,45,47,090 22,90,403
Cash on Hand 1,87,634 1,61,472 1,57,011
Total 20,93,911 2,47,08,562 24,47,414

₹ ₹ ₹
7. LOANS
(Unsecured, considered good)
Loan to others (including interest
receivable) 3,61,92,657 1,20,64,033 3,29,30,370
3,61,92,657 1,20,64,033 3,29,30,370

₹ ₹ ₹
8. OTHER CURRENT ASSETS
Advance against Purchases - 40,18,406 43,69,406
Prepaid Expenses 29,445 74,893 6,89,718
Income Tax Refund 14,27,225 15,08,932 8,07,788
Goods and Service Tax Refund 30,506 - -
Amount due from Sales Tax authority 25,000 25,000 25,000
Total 15,12,176 56,27,231 58,91,912
9. EQUITY SHARE CAPITAL As at 31st March, 2018 As at 31st March, 2017 As at 1st April, 2016
Number ₹ Number ₹ Number ₹
9.1 Authorised
Equity Shares of ₹ 10 each 40,00,000 4,00,00,000 40,00,000 4,00,00,000 40,00,000 4,00,00,000
9.2 Issued, Subscribed and Fully Paid up

Equity Shares of ₹ 10 each 23,16,784 2,31,67,840 23,16,784 2,31,67,840 23,16,784 2,31,67,840
9.3 The reconciliation of the number of

shares outstanding at the beginning and
at the end of the reporting year
Equity Shares outstanding at the
beginning of the year 23,16,784 2,31,67,840 23,16,784 2,31,67,840 23,16,784 2,31,67,840
Add : Changes during the year – – – – – –
Equity Shares outstanding at the end of
the year 23,16,784 2,31,67,840 23,16,784 2,31,67,840 23,16,784 2,31,67,840
9.4 Terms/Rights attached to the Equity Shares

The Company has only one class of Equity Shares having a par value of ₹ 10 per share. Each holder of equity shares
is entitled to one vote per share. The Company declares and pays dividends in Indian rupees. The dividend proposed
by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.
The Company has proposed dividend as distribution to equity shareholders ₹ Nil per equity share (Previous year ₹
Nil per equity share)
In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets
of the Company, after distribution of all preferential amounts. This distribution will be in proportion to the number
of equity shares held by the shareholders.
9.5 Name of the Shareholders holding

more than 5% Shares
Number % Number % Number %
Equity Shares of ₹ 10 each
Saurabh Mittal 16,47,600 71.12% 16,47,600 71.12% 16,47,600 71.12%

9.6 The Company has not reserved any shares for issue under options and contracts/commitments for the sale of
shares/disinvestment.
9.7 The Company for the period of five years immediately preceding the date of Balance Sheet has not:
i. Not allotted any class of shares as fully paid pursuant to contract(s) without payment being received in cash.
ii. Not allotted fully paid up shares by way of bonus shares.
iii. Bought back 6,88,216 equity shares during the financial year 2015-16.

₹ ₹ ₹
10. OTHER EQUITY
Capital Reserve
As per last Balance Sheet 15,00,000 15,00,000 15,00,000
Capital Redemption Reserve
As per last Balance Sheet 68,82,160 68,82,160 –
Add: Transferred from General
Reserve – – 68,82,160
68,82,160 68,82,160 68,82,160
Securities Premium Account
As per last Balance Sheet 62,35,680 62,35,680 2,00,00,000
Less: Premium on buy back of equity
shares – – 1,37,64,320
62,35,680 62,35,680 62,35,680
General Reserve
As per last Balance Sheet 5,62,12,088 5,62,12,088 6,30,94,248
Less: Transferred to Capital
Redemption Reserve – – 68,82,160
5,62,12,088 5,62,12,088 5,62,12,088
Retained Earnings
Retained Earnings other than OCI
As per last Balance Sheet (3,36,39,655) (2,35,09,528) –
Add : Net profit for the current year (36,90,073) (1,01,30,127) –
(3,73,29,728) (3,36,39,655) –
Other Comprehensive Income (OCI)
As per last Balance Sheet (1,37,353) – –
Remeasurements of the net defined
benefit plans – (1,37,353) –
(1,37,353) (1,37,353) –
(3,74,67,081) (3,37,77,008) (2,35,09,528)
Total 3,33,62,847 3,70,52,920 4,73,20,400
Nature and purpose of reserve:

Securities Premium Account
Security premium account is created when shares are issued at premium. The Company may issue fully paid-up
bonus shares to its members out of the security premium reserve account, and Company can use this reserve for
buy-back of shares.


₹ ₹ ₹
11. NON CURRENT PROVISIONS
Provisions for Employee Benefits
(unfunded)
For Gratuity 6,24,974 5,14,338 2,86,729
Total 6,24,974 5,14,338 2,86,729
11.1 Amount due and outstanding to be credited to the Investor Education and Protection Fund ₹ Nil (Previous Year ₹ Nil)

₹ ₹ ₹
12. CURRENT FINANCIAL LIABILITIES
TRADE PAYABLES
Dues to Micro and Small Enterprises – – –

Dues to Others – – 7,51,189
– – 7,51,189

₹ ₹ ₹
13. OTHER CURRENT LIABILITIES
Unpaid expenses 3,78,308 3,46,053 4,85,101
Statutory Dues 1,42,798 87,455 98,668
Total 5,21,106 4,33,508 5,83,769
For the Year ended For the Year ended

₹ ₹
14. REVENUE FROM OPERATIONS
Sale of Products – 79,800

₹ ₹
15. OTHER INCOME
Dividend 42,426 –
Rental Income 52,29,000 49,60,000
Interest Income 21,02,757 20,44,422
Gain on fair valuation of Investments at FVTPL 2,166 –
Profit on Sale of Fixed Assets – 23,089
Total 73,76,349 70,27,511

₹ ₹
16. EMPLOYEES BENEFITS EXPENSE
Salary, Wages and Bonus 31,73,603 28,35,829
Contribution to Provident Fund and
Employees' State Insurance 2,04,505 1,86,298
Gratuity 1,10,636 90,256
Total 34,88,744 31,12,383
16.1 DISCLOSURES REGARDING EMPLOYEE BENEFITS

i) Defined Contribution Plan: Employee benefits in the form of Provident Fund is considered as defined contribution
plan and the contributions to Employees’ Provident Fund Organisation established under The Employees' Provident
Fund and Miscellaneous Provisions Act 1952 is charged to the Statement of Profit and Loss of the year when the
contributions to the respective funds are due.
ii) Defined Benefit Plan: Retirement benefits in the form of Gratuity and Leave Encashment are considered as defined
benefit obligations and is provided for on the basis of third party actuarial valuation, using the projected unit credit
method, as at the date of the Balance Sheet.
Every Employee who has completed five years or more of service is entitled to Gratuity on terms not less favourable
than the provisions of The Payment of Gratuity Act, 1972.
As the Company has not funded its liability, it has nothing to disclose regarding plan assets and its reconciliation.
₹ ₹
iii) Actuarial Valuation of Gratuity Liability :
a) Defined Benefit Cost
Current Service Cost 72,061 60,216
Interest Expense on Defined Benefit Obligation (DBO) 38,575 30,040
Defined Benefit Cost included in Profit and Loss 1,10,636 90,256
Remeasurements - Due to Financial Assumptions – 14,678
Remeasurements - Due to Experience Adjustments – 1,22,675
Defined Benefit Cost included in Other Comprehensive Income – 1,37,353
Total Defined Benefit Cost in Profit and Loss and OCI 1,10,636 2,27,609
b) Movement in Defined benefit liability:
Opening Defined Benefit Obligation 5,14,338 2,86,729
Interest Expense on Defined Benefit Obligation (DBO) 38,575 30,040
Current Service Cost 72,061 60,216
Total Remeasurements included in OCI – 1,37,353
Less: Benefits paid – –
Closing benefit obligation 6,24,974 5,14,338
Current Liabilities of Closing benefit obligation – –
Non-Current Liabilities of Closing benefit obligation 6,24,974 5,14,338
6,24,974 5,14,338

₹ ₹
d) Actuarial assumptions:
Mortality Table IALM 2006-2008 IALM 2006-2008
Discount Rate (per annum) 7.50% 7.50%
Rate of escalation in salary (per annum) 6.00% 6.00%
Withdrawal rate 1% - 8% 1% - 8%
v) Amount incurred as expense for defined contribution to Provident Fund is ₹ 2,04,505 (Previous Year ₹ 1,86,298).

₹ ₹
17. DEPRECIATION AND AMORTISATION EXPENSE
Depreciation of Plant, Property and Equipment 12,68,883 14,80,740
Total 12,68,883 14,80,740

₹ ₹
18. OTHER EXPENSES
Consumption of Stores and Spares – 1,02,893
Rent – 3,72,000
Repairs to Buildings 1,49,625 1,76,541
Insurance 20,462 20,346
Rates and Taxes 1,59,134 1,58,976
Legal Expenses 1,76,588 2,27,592
Annual Listing Fees 2,97,500 2,29,000
Security Service Charges – 2,12,980
Electricity Expenses 83,487 87,332
Directors' Sitting Fees* 15,340 12,075
Auditors' Remuneration 60,000 1,10,963
Printing & Stationery 37,474 42,485
Loss on Sale and Discard of Fixed 8,43,106 4,43,491
Assets
Sundry Balance written off 40,15,416 2,16,271
Bad Debts – 98,72,124
Other General Expenses 4,50,663 3,59,246
Total 63,08,795 1,26,44,315
* inclusive of service tax


₹ ₹
18.1 AUDITORS' REMUNERATION
As Auditors 50,000 85,000
For Other Services - Certifications 10,000 11,500
For Service Tax – 14,463
Total 60,000 1,10,963

19. EARNINGS PER SHARE
BASIC AND DILUTED EARNINGS PER SHARE:
Number of Equity Shares at the beginning of the year 23,16,784 23,16,784
Number of Equity Shares at the end of the year 23,16,784 23,16,784
Weighted average number of equity shares 23,16,784 23,16,784
Profit for the year (after tax, available for equity (36,90,073) (1,01,30,127)
shareholders)
BASIC AND DILUTED EARNINGS PER SHARE (1.59) (4 .37)
20. CONTINGENT LIABILITIES AND COMMITMENTS
20.1 Contingent liabilities

a. Disputed Demand ₹ Nil (Previous year ₹ Nil)
20.2 Commitments
a. Estimated amount of contracts remaining to be executed on capital account and not provided for (Net of
advances) ₹ Nil (Previous year ₹ Nil)
b. Uncalled liability on shares and other investments which are partly paid ₹ Nil (Previous year ₹ Nil).
c. Other commitments ₹ Nil (Previous year ₹ Nil).
21. FINANCIAL INSTRUMENTS - ACCOUNTING CLASSIFICATION

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 liquidated sale.
The following methods and assumptions were used to estimate the fair values:
Fair value of cash and short term deposits, trade and other short term receivables, trade payables, other current
liabilities, working capital loans from banks approximate their carrying amounts largely due to the short term
maturities of these instruments.
Financial instruments other than above are carried at amortised cost except certain assets which are carried at fair
value.

The Company uses the following hierarchy for determining and disclosing the fair value of financial instruments by
valuation technique:
Level 1 : Quoted prices in active markets for identical assets or liabilities
Level 2 : Other techniques for which all inputs which have a significant effect on the recorded fair value are
observable.
Level 3 : Techniques using inputs having significant effect on the recorded fair value that are not based on
observable market data.
₹ ₹ ₹
Financial assets at amortised cost:
Loans - Non-current 8,77,512 8,77,512 8,71,897
Trade Receivables – – 1,00,27,124
Cash and Cash Equivalents 20,93,911 2,47,08,562 24,47,414
Loans - Current 3,61,92,657 1,20,64,033 3,29,30,370
Total 3,91,64,080 3,76,50,107 4,62,76,805
Financial assets at fair value

through profit and loss:
Investments - Non-current - Level 1 12,44,592 – –
Assets held for sale 4,07,884 – –
Total 16,52,476 – –
Total Financial Assets 3,75,11,604 3,76,50,107 4,62,76,805
Financial liabilities at amortised cost:

Other Financial Liabilities - Current 5,21,106 4,33,508 5,83,769
Trade Payables – – 7,51,189
Total 5,21,106 4,33,508 13,34,958
22. TAXATION
In view of losses, provision for income tax is not considered necessary.
23. RELATED PARTY DISCLOSURES

23.1 List of related parties and relationship:
a) Related parties with whom transactions have taken place during the year.
Key Management Personnel/Director
i) Mr. Saurabh Mittal, Non - Executive Chairman
ii) Mr. Ramesh Kumar Haritwal, Managing Director & CEO
iii) Mr. Mahesh Kumar Malpani, Independent Director
iv) Mr. Beni Gopal Saraf, Independent Director
v) Mr. Pradip Manharlal Domadia, Independent Director#
vi) Ms. Mathangi Ramanujam, Non-executive Director
vii) Mr. Jayasankar Ramalingam, Chief Financial Officer*

viii) Mr. Hariom Pandey, Company Secretary
Enterprises Owned/Influenced by Key Management Personnel or their relatives
i) Greenlam Industries Ltd.
23.2 TRANSACTIONS DURING THE YEAR
Particulars Key Management Personnel Enterprises Owned/
/ Director Influenced by Key
Management Personnel or
their relatives
2017-18 2016-17 2017-18 2016-17
(₹ ) (₹ ) (₹ ) (₹ )
Rental Income
Greenlam Industries Ltd. – – 52,29,000 49,60,000
Total – – 52,29,000 49,60,000
Remuneration Paid
Mr. Ramesh Kumar Haritwal 17,60,160 17,60,160 – –
Mr. Jayasankar Ramalingam* 1,79,493 – – –
Mr. Hariom Pandey 9,54,249 6,55,977 – –
Total 28,93,902 24,16,137 – –
Meeting Fees
Mr. Saurabh Mittal 500 1,000 – –
Mr. Mahesh Kumar Malpani 3,500 2,500 – –
Mr. Beni Gopal Saraf 3,500 2,500 – –
Mr. Pradip Manharlal Domadia # 2,500 2,500 – –
Ms. Mathangi Ramanujam 3,000 2,000 – –
Total 13,000 10,500 – –
* Mr. Jayasankar Ramalingam was appointed on January 01, 2018 and designated as Chief Financial Officer with
effect from January 02, 2018, the remuneration reflects total remuneration received by him from the date of his
appointment.
#
Mr. Pradip Manharlal Domadia, Independent Director resigned from the Directorship of the Company with effect
from close of business hours of January 02, 2018.
Notes : Related Party Relationship is as identified by the Company and relied upon by the Auditors.

24 FIRST-TIME ADOPTION OF IND AS:
These are company’s first financial statements prepared in accordance with Ind AS.
The accounting policies set out herein have been applied in preparing the financial statements for the year ended
31st March, 2017, the comparative information presented in these financial statements for the year ended 31st March
2016 and in the preparation of an opening Ind AS balance sheet at 1st April, 2016 (the company’s date of transition).
In preparing its opening Ind AS balance sheet, the company has adjusted the amounts reported previously in
financial statements prepared in accordance with the accounting standards notified under Companies (Accounting
Standards) Rules, 2014 (as amended) and other relevant provisions of the Act (previous GAAP).

Following notes explains the effect of transition from previous GAAP to Ind AS on the company’s financial position,
financial performance and cash flows.
24.1 Carrying value of Property, Plant and Equipment:
Ind AS 101 permits a first time adopter to elect to continue with the carrying value for all its property, plant and
equipment as recognised in the financial statements as at the date of transition to Ind AS, measured as per the
previous GAAP and use that as its deemed cost as at the date of transition after making necessary adjustments for
de-commissioning liabilities. The company has elected to apply to measure all of its property, plant and equipment,
and intangible assets at their previous GAAP carrying value.
24.2 Fair Valuation of Investments :
Under the previous GAAP, investments in equity instruments were classified as long-term investments or current
investments based on the intended holding period and realisability. Long term investments were carried at cost less
provision for other than temporary decline in the value of such investments. Current investments were carried at
lower of cost and fair value. Under Ind AS, these investments are required to be measured at fair value.
24.3 Actuarial gain/(loss) on Defined Benefit plans for Employee Benefits :
Under Ind AS, the change in defined benefit liability is split into changes arising out of service and interest cost and
changes arising out of remeasurements. Changes due to service and interest cost are to be recognised in Profit and
Loss account and the changes arising out of re-measurements are to be recognised directly in Other Comprehensive
Income (OCI). As such, actuarial loss on valuation of Gratuity and Leave salary of ₹ 1.37 lacs as on 31.03.2017 on date
has been recognised in OCI instead of Employee benefit expenses.
24.4 Fair Valuation of Loans and Advances :
Under Ind AS, fair valuation is required for in case of loans and advances such as advance to employees and security
deposits. In case of advance to employees, all the advances are repayable within a period of 12 months and as such
no fair valuation is required.

24.5 RECONCILIATION OF EQUITY AS ON TRANSITION DATE 1st APRIL, 2016 AS PER IND AS
(₹)
Previous GAAP Adjustments Ind AS
ASSETS
Non–current Assets
Property, Plant and Equipment 1,98,38,317 – 1,98,38,317
Financial Assets
Loans 8,71,897 – 8,71,897
2,07,10,214 – 2,07,10,214
Current Assets
Inventories 1,02,893 – 1,02,893
Financial Assets
Trade Receivables 1,00,27,124 – 1,00,27,124
Cash and Cash Equivalents 24,47,414 – 24,47,414
Loans 3,29,30,370 – 3,29,30,370
Other Current Assets 58,91,912 – 58,91,912
5,13,99,713 – 5,13,99,713
TOTAL : 7,21,09,927 – 7,21,09,927

Equity:
Equity Share Capital 2,31,67,840 – 2,31,67,840
Other Equity 4,73,20,400 – 4,73,20,400
7,04,88,240 – 7,04,88,240
Liabilities:
Non–current Liabilities
Provisions 2,86,729 – 2,86,729
2,86,729 – 2,86,729
Current Liabilities
Financial Liabilities
Trade Payables 7,51,189 – 7,51,189
Other Current Liabilities 5,83,769 – 5,83,769
13,34,958 – 13,34,958
TOTAL : 7,21,09,927 – 7,21,09,927

24.6 RECONCILIATION OF EQUITY AS ON 31st MARCH, 2017 AS PER IND AS
(₹)
ASSETS
Non–current Assets
Property, Plant and Equipment 1,78,91,268 – 1,78,91,268
Financial Assets
Loans 8,77,512 – 8,77,512
1,87,68,780 – 1,87,68,780
Current Assets
Financial Assets
Cash and Cash Equivalents 2,47,08,562 – 2,47,08,562
Loans 1,20,64,033 – 1,20,64,033
Other Current Assets 56,27,231 – 56,27,231
4,23,99,826 – 4,23,99,826
TOTAL : 6,11,68,606 – 6,11,68,606

Equity:
Equity Share Capital 2,31,67,840 – 2,31,67,840
Other Equity 3,70,52,920 – 3,70,52,920
6,02,20,760 – 6,02,20,760
Liabilities:
Non–current Liabilities
Provisions 5,14,338 – 5,14,338
5,14,338 – 5,14,338
Current Liabilities
Other Current Liabilities 4,33,508 – 4,33,508
4,33,508 – 4,33,508
TOTAL : 6,11,68,606 – 6,11,68,606

24.7 RECONCILIATION OF PROFIT AND LOSS FOR THE YEAR ENDED 31st MARCH, 2017 AS PER IND AS
(₹ )
INCOME:
Revenue from Operations 79,800 – 79,800
Other Income 70,27,511 – 70,27,511
Total Revenue 71,07,311 – 71,07,311
EXPENDITURE:
Employees Benefits Expense 32,49,736 (137353) 31,12,383
Depreciation and Amortisation Expense 14,80,740 – 14,80,740
Other Expenses 1,26,44,315 – 1,26,44,315
Total Expenditure 1,73,74,791 (1,37,353) 1,72,37,438
Profit before Tax (1,02,67,480) 1,37,353 (1,01,30,127)
Current Tax – – –
Mat Credit Entitlement – – –
– – –
Release of Deferred Tax – – –
Tax Expense – – –
Profit for the Year (1,02,67,480) 1,37,353 (1,01,30,127)
Other Comprehensive Income

Items that will not be reclassified to profit or loss:
Remeasurement gain/(loss) on defined benefit plans – (1,37,353) (1,37,353)
Release of Deferred Tax – – –
Other Comprehensive Income, net of tax – (1,37,353) (1,37,353)
Total Comprehensive Income for the year, net of Tax (1,02,67,480) – (1,02,67,480)
24.8 RECONCILIATION OF EQUITY AND NET PROFIT ON TRANSITION TO IND AS

(₹ )
Particulars Equity on Equity on Profit for year
01.04.2016 31.03.2017 2016–17
Shareholders Funds and Net Profit after tax as per

previous GAAP 7,04,88,240 6,02,20,760 (1,02,67,480)
Reclassification of Actuarial loss on Defined Benefit plans – 1,37,353 1,37,353
Net Impact of Ind AS adjustments in Reserves and Surplus – 1,37,353 1,37,353
Reclassification of Actuarial loss on Defined Benefit plans – (1,37,353) (1,37,353)
Deferred Tax impact of Ind AS adjustments – – –
Net Impact of Ind AS adjustments in OCI – (1,37,353) (1,37,353)
Net Impact of Ind AS adjustments in Reserves and Surplus – – –
Shareholders Funds and Net Profit after tax as per Ind AS 7,04,88,240 6,02,20,760 (1,02,67,480)

25. INFORMATION REGARDING MICRO, SMALL AND MEDIUM ENTERPRISES
Based on the information /documents available with the Company, information as per the requirements of
Section 22 of The Micro, Small and Medium Enterprises Development Act, 2006 are as under:

₹ ₹ ₹
i) Principal amount remaining unpaid

to any supplier at the end of – – –
accounting year (including retention
money against performance).
ii) Interest due on above – – –
Total of (i) and (ii) – – –
iii) Amount of interest paid by the
Company to the suppliers in terms – – –
of Section 16 of the Act.
iv) Amount paid to the suppliers
beyond due date during the year – – –
v) Amount of interest due and payable
for the period of delay in payments – – –
(which have been paid but beyond
the due date during the year)
but without adding the interest
specified under the Act.
vi) Amount of interest accrued and
remaining unpaid at the end of – – –
accounting year
vii) Amount of further interest
remaining due and payable even – – –
in the succeeding years, until
such date when the interest dues
as above are actually paid to the
small enterprise, for the purpose
of disallowance as a deductible
expenditure under Section 23 of
this Act.
26. DISCLOSURE PURSUANT TO SECTION 186(4) OF THE COMPANIES ACT, 2013

a. Details of Loans :
Name of the Company Date of Board Purpose Rate of Interest As at 31st March, 2018
approval
Plylam Enterprises Pvt Ltd 14-Nov-2017 Business 9.00% ` 2,27,00,000
Purpose
b. Details of Investments : Nil
c. Details of guarantee
provided : Nil

27. INFORMATION REGARDING SPECIFIED BANK NOTES (SBN) :
During the year ended 31st March 2017, the Holding Company had specified bank notes or other denomination
notes as defined in the MCA notification G.S.R.308 (E) dated 31st March 2017 on the details of Specified Bank Notes
(SBN), held and transacted during the period from 8th November 2016 to 30th December 2016, the denomination
wise SBNs and other notes as per the notification is given below:
(₹)
Specified Bank Other Bank
Notes Notes Total
Closing cash in hand as on 8th November 2016 55,000 1,00,834 1,55,834
Add: Permitted receipts - 50,000 50,000
Less: Permitted payments - 57,154 57,154
Less: Amount deposited in banks 55,000 - 55,000
Closing cash in hand as on 30th December 2016 - 93,680 93,680
* For the purposes of this clause, the term ‘Specified Bank Notes’ shall have the same meaning provided in the
notification of the Government of India, in the Ministry of Finance, Department of Economic Affairs number S.O.
3407(E), dated the 8th November, 2016.
28. As there is neither more than one business segment nor more than one geographical segment, segment information
is not required to be disclosed.
29. The figures for the previous year are re-classified/ re-arranged / re -grouped, wherever necessary so as to be in
conformity with the figures of the current year's classification/disclosure.
30. The financial statements of the previous year were audited by a firm of chartered accountants other than S
Mahendra & Company.



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ANNUAL

HIMALAYA GRANITES LIMITED

AUDIT COMMITTEE STATUTORY AUDITORS

CHIEF FINANCIAL OFFICER REGISTRARS & SHARE TRANSFER AGENT

NAVIGATING THE INSIDE PAGES

DIRECTORS’ REPORT for the Financial Year 2017-18

2 Annual Report 2017-18

Mr. Ramesh Kumar Haritwal [DIN:01486666] Managing Director & CEO 6 6

Annual Report 2017-18 3

4 Annual Report 2017-18

- Assistance in formulation of statutory and non-statutory policies for the Company

Annual Report 2017-18 5

6 Annual Report 2017-18

10. Valuation of undertakings or assets of the company, wherever it is necessary;

Annual Report 2017-18 7

Name of the Committee Members Category No. of Meetings

8 Annual Report 2017-18

Name of the Committee Members Category No. of Meetings

Annual Report 2017-18 9

Name of the Committee members Category No. of meetings

Received Resolved Pending

10 Annual Report 2017-18

16. RISK MANAGEMENT

Annual Report 2017-18 11

12 Annual Report 2017-18

26. RESPONSE TO AUDITORS’ REMARKS

Annual Report 2017-18 13

14 Annual Report 2017-18

Form No. AOC-2

For and on behalf of the Board of Directors

Annual Report 2017-18 15

16 Annual Report 2017-18

(vi) Other Laws applicable specifically to the Company:

for DKS & Co.

Place: KOLKATA DILIP KUMAR SARAWAGI

Annual Report 2017-18 17

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

for DKS & Co.

Place: KOLKATA DILIP KUMAR SARAWAGI

18 Annual Report 2017-18

I. REGISTRATION & OTHER DETAILS:

II. PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY

Annual Report 2017-18 19

20 Annual Report 2017-18

B) Shareholding of Promoters & Promoter Group

Annual Report 2017-18 21

C) Change in Promoters & Promoter Group Shareholding

22 Annual Report 2017-18

Annual Report 2017-18 23

24 Annual Report 2017-18

Annual Report 2017-18 25

B. Remuneration to other Directors (Amount In `)

C. Remuneration to Key Managerial Personnel other than MD/Manager/WTD: (Amount In `)

26 Annual Report 2017-18

VII. PENALTIES / PUNISHMENT/ COMPOUNDING OF OFFENCES

For and on behalf of the Board of Directors

Annual Report 2017-18 27

28 Annual Report 2017-18

For and on behalf of the Board of Directors