India Glycols Limited: 2-B, +911206860000, 3090200 3090111, E-Mail

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Plot No. 2-B, Sector-126, NOIDA-201304, Distt. Gautam Budh Nagar, Uttar Pradesh, Tel.: +911206860000, 3090100, 3090200
Fax: +91120 3090111, 3090211 E-mail: iglho@indiaglycols.com, Website: www.indiaglycols.com
121h August, 2022
The Manager (Listing) The Manager (Listing)

BSE Limited National Stock Exchange of India Limited
1st Floor, New Trading Ring, Exchange Plaza, C-1, Block G,
Rotunda Building, P.J. Towers, Bondre Kurla Complex,
Dalal Street, Bondre (East)
Mumbai- 400 001 Mumbai - 400 051
Scrip Code: 500201 Symbol: INDIAGL YCO

Dear Sirs,
Sub: Notice of 381h Annual General Meeting, Annual Report for FY 2021-22 and Intimation of
E-Voting facility
In continuation to our earlier co mmunications dated 101h & 11 th August, 2022 and pursuant to
Regulation 30 and 34 of the Securities and Exchange Board of India (Listing Obligations and
Disclosure Requirements) Regulations, 2015 ("SEBI Listing Regulation s") , kindly find e nc losed
herewith Notice of the 38 1h Annual General Meeting ("AGM") of the Members of the Company
scheduled to be held on Wednesday, 71h September, 2022 at 11 :00 A.M . through Video
Conferencing/ Other Audio Visual Means ("VC/OAVM") in accordance with relevant circu lars
issued by th e Ministry of Corporate Affairs and Securities and Exchange Board of India, along
with the Annual Report for th e finan c ial year 2021-22.
In compliance with the relevant circ ulars, the AGM Notice and Annual Report for th e finan c ia l
year 2021-22 is being sent only through email to all those Members whose email addresses are
registered with the Company or their respective Depository Participant ("DP") and is also
available on th e Co mpany' s website at https://www.indiag lycols .com/inves tors/downl oads/
annual-report-202 1-22. pdf.
As per Section 108 o f th e Companies Act, 20 13 read with Rul e 20 of th e Compan ies
(Managemen t & Admi nistration) Rules, 20 14 and Reg ulation 44 o f th e SEB I Listin g Regu lations,
the Co mpany is providing the faci lity to cas t vo te by electronic means (R emo te e-votin g prior
to AGM and e-voting during th e AGM) on a ll reso lutions set out in th e No ti ce of 38 1h AGM to
those shareholders, w ho are holding shares eit her in physical or in e lec tron ic form as o n th e
cut-off date i.e. Wednesday, 3l5 1 August, 2022. The remote e-voting will commence on
Saturday, 3rd September, 2022 (9:00 A.M.) and end on Tuesday, 6'h September, 2022 (5:00
P.M.). De tail ed instru c tions for, inter-a lia, remote e-voting prior to AGM and e-voting at th e
AGM and for participation in th e AGM are m ention e d in th e said Notice.
This is for your information and records please.
Thanking you, ;,
An ur J ·
Head (Legal) & Company Secretary
Encl: A/a
~ ~
Corporate Office : 3A, Shakespeare Sarani, Kolkata - 700071 , Phone : +91 33 22823585, 22823586
Works & Registered Office : A-1, Industrial Area , Bazpur Road , Kashipur - 244 713, Distt. Udham Singh Nagar (Uttarakhand)
Phone : +91 5947 269000 I 269500 Fax: +91 5947 275315, 269535
CIN : L24111UR1983PLC009097
Index
Across the pages
• Corporate information 1
• Notice 2
• Board’s Report 13
• Management Discussion & Analysis Report 33
• Report on Corporate Governance 43
• Business Responsibility Report 61
• Independent Auditors’ Report 69
• Balance Sheet 76
• Statement of Profit & Loss 77
• Cash Flow Statement 79
• Notes to Standalone Financial Statements 80
• Independent Consolidated Auditors’ Report 125
• Consolidated Balance Sheet 130
• Consolidated Statement of Profit & Loss 131
• Consolidated Cash Flow Statement 133
• Notes to Consolidated Financial Statements 134

Management
Board of Directors
U. S. Bhartia Jayshree Bhartia

Chairman & Managing Director Director
Pragya Bhartia Barwale Pradip Kumar Khaitan

Executive Director Independent Director
Jitender Balakrishnan Ravi Jhunjhunwala

Independent Director Independent Director
Jagmohan N. Kejriwal Sajeve Bhushan Deora

Independent Director Independent Director
Sudhir Agarwal
Shukla Wassan
Executive Director
Independent Director
Leadership Team
Rupark Sarswat Anand Singhal

Chief Executive Officer Chief Financial Officer
Prof. Dr. R. K. Khandal Sanjeev Gurwara

President - R & D Business Development Head Marketing
S. K. Shukla Akshay Bansal

Head Liquor Business Head – Sales & Marketing
(Ennature Biopharma)
Ankur Jain Shrinivas Dusi

Head Legal & Company Secretary Chief Human Resources Officer
Atul Govil B. P. Singhal

CTO, Head SAP & IT Head Projects & Purchase
India Glycols Limited
Corporate Information
Board of Directors Bankers
U.S. Bhartia Chairman & Managing Director
State Bank of India
Jayshree Bhartia Director
IDBI Bank Limited
Pragya Bhartia Barwale Executive Director
Pradip Kumar Khaitan Independent Director Axis Bank Limited
Jitender Balakrishnan Independent Director Union Bank of India
Ravi Jhunjhunwala Independent Director Bank of Baroda
Jagmohan N. Kejriwal Independent Director
Sajeve Bhushan Deora Independent Director
Shukla Wassan Independent Director
Registered Office
Sudhir Agarwal Executive Director India Glycols Limited
CIN: L24111UR1983PLC009097
Audit Committee A-1, Industrial Area,
Pradip Kumar Khaitan Chairman Bazpur Road, Kashipur -244 713
Ravi Jhunjhunwala Member Distt. Udham Singh Nagar, Uttarakhand
Jagmohan N. Kejriwal Member
Phone : +91-5947-269000/269500
Sajeve Bhushan Deora Member
Fax : +91-5947-275315/269535
Sudhir Agarwal Member
Website : www.indiaglycols.com
E-mail : compliance.officer@indiaglycols.com
Stakeholders’ Relationship Committee

Pradip Kumar Khaitan Chairman Corporate Office
U.S. Bhartia Member
3A, Shakespeare Sarani,
Jagmohan N. Kejriwal Member
Kolkata - 700 071
Jitender Balakrishnan Member
Chief Executive Officer

Head Office
Rupark Sarswat
Plot No. 2-B, Sector-126, Noida - 201304
Distt. Gautam Budh Nagar,
Chief Financial Officer Uttar Pradesh
Anand Singhal Phone: +91-120-6860000/3090100/3090200
Fax: +91-120-3090111/3090211
Company Secretary
Ankur Jain
Registrars & Transfer Agents
MCS Share Transfer Agent Limited
Statutory Auditors F-65, 1st Floor, Okhla Industrial Area, Phase-I
K. N. Gutgutia & Co., Chartered Accountants New Delhi - 110 020
Phone: +91-11-41406149
Cost Auditors Fax: +91-11-41709881
R.J. Goel & Co., Cost Accountants E-mail: admin@mcsregistrars.com
38th Annual Report 2021-22 | 1

CIN: L24111UR1983PLC009097
Notice A-1, Industrial Area, Bazpur Road, Kashipur-244713, Distt. Udham Singh Nagar, Uttarakhand
Phone : +91 5947-269000, 269500 Fax : +91 5947-275315, 269535
Website : www.indiaglycols.com, E-Mail : compliance.officer@indiaglycols.com
Notice is hereby given that the Thirty Eighth Annual March, 2023, amounting to ` 3,00,000/- (Rupees
General Meeting (“AGM”) of the members of India Three Lakhs only) plus applicable tax and out of
Glycols Limited will be held on Wednesday, the 7th pocket expenses, if any, be and is hereby ratified and
day of September, 2022 at 11:00 A.M. through Video confirmed.
Conferencing (“VC”)/ Other Audio Visual Means RESOLVED FURTHER THAT the Board (including
(“OAVM”) to transact the following business: any Committee thereof) of the Company be and is
ORDINARY BUSINESS: hereby authorised to do all acts and take all such
1. To receive, consider and adopt the audited financial steps and give all directions as it may in its absolute
statements (including the consolidated financial discretion deem necessary, proper or expedient to
statements) of the Company for the financial year give effect to this resolution.”
ended 31st March, 2022, together with the Reports of
the Board of Directors and Auditors thereon. By order of the Board
2. To declare dividend of ` 7.50/- per Equity share for For India Glycols Limited
the financial year 2021-22.
Place: Noida Ankur Jain
3. To appoint a Director in place of Shri Sudhir Agarwal
Date : 26th May, 2022 Company Secretary
(DIN: 08602216), who retires by rotation and being
eligible, offers himself for re-appointment. Registered Office:
4. To consider and if thought fit, to pass the following A-1, Industrial Area, Bazpur Road,
resolution as an ORDINARY RESOLUTION: Kashipur-244713, District Udham Singh Nagar,
Uttarakhand
“RESOLVED THAT pursuant to Sections 139, CIN: L24111UR1983PLC009097
142 and other applicable provisions, if any, of the
Telephone no: +91-5947-269000, 269500
Companies Act, 2013 and the Companies (Audit
Fax: +91-5947-275315 , 269535
& Auditors) Rules, 2014 (including any statutory
modification(s) or re-enactment thereof, for the time Website: www.indiaglycols.com
being in force) and pursuant to the recommendations E-mail: compliance.officer@indiaglycols.com
of the Audit Committee and the Board of Directors of NOTES:
the Company, M/s K. N. Gutgutia & Co., Chartered 1. In view of the Covid-19 pandemic, the Ministry of
Accountants (Registration No. 304153E) be and are
Corporate Affairs (“MCA”) has vide its circular nos.
hereby re-appointed as the Statutory Auditors of the
20/2020, 02/2021, 19/2021, 21/2021 and 02/2022
Company, for the second term of 5 (five) years, to hold
the office from the conclusion of 38th Annual General dated 5th May, 2020, 13th January, 2021, 8th December,
Meeting (AGM) until the conclusion of the 43rd AGM, 2021, 14th December, 2021 and 5th May, 2022,
at such remuneration and out of pocket expenses, respectively, read together with circular nos. 14/2020
as may be decided by the Board of Directors of the and 17/2020 dated 8th April, 2020 and 13th April,
Company. 2020, respectively, (collectively referred to as “MCA
Circulars”) permitted convening of the Annual General
RESOLVED FURTHER THAT the Board (including
any Committee thereof) of the Company be and is Meeting (“AGM”) through Video Conferencing (“VC”)/
hereby authorised to do all acts and take all such Other Audio Visual Means (“OAVM”) facility, without
steps and give all directions as it may in its absolute the physical presence of the members at a common
discretion deem necessary, proper or expedient to venue. Further, Securities and Exchange Board of India
give effect to this resolution.” (“SEBI”) vide its circular nos. SEBI/HO/CFD/CMD1/
SPECIAL BUSINESS: CIR/P/2020/79, SEBI/HO/CFD/CMD2/CIR/P/2021/11
5. To consider and if thought fit, to pass the following and SEBI/HO/CFD/CMD2/CIR/P/2022/62 dated 12th
resolution as an ORDINARY RESOLUTION: May, 2020, 15th January, 2021 and 13th May, 2022,
“RESOLVED THAT pursuant to the provisions of respectively, (“SEBI Circulars”) has also granted
Section 148 and all other applicable provisions, if certain relaxations with respect to AGM. In view of the
any, of the Companies Act, 2013, the Companies above circulars, the 38th AGM of the Company is being
(Audit and Auditors) Rules, 2014 and the Companies convened through VC/OAVM in compliance with the
(Cost Records and Audit) Rules, 2014, (including any applicable provisions of the Companies Act, 2013 (“the
statutory modification(s) or re-enactment(s) thereof, Act”). Hence, members can attend and participate
for the time being in force), remuneration payable to in the ensuing AGM through VC/OAVM only. The
M/s. R.J. Goel & Co., Cost Accountants (Registration deemed venue for the AGM shall be the Registered
No. 000026), appointed by the Board of Directors Office of the Company at A-1, Industrial Area, Bazpur
(“the Board”) to conduct the audit of the cost records Road, Kashipur - 244713, Distt. Udham Singh Nagar,
of the Company for the financial year ending 31st Uttarakhand.
2 | 38th Annual Report 2021-22

2. Pursuant to the provisions of the Act, a Member Regulations”), the Register of Members and Share
entitled to attend and vote at the AGM is entitled Transfer Books of the Company will remain closed
to appoint a proxy to attend and vote on his/her from Thursday, 1st September, 2022 to Wednesday,
behalf and the proxy need not be a Member of the 7th September, 2022 (Both days inclusive) for
Company. Since this AGM is being held through determining the entitlement of the shareholders for
VC/OAVM facility, requirement of physical the purpose of payment of dividend for the financial
attendance of Members has been dispensed with. year ended 31st March, 2022 and the AGM.
Accordingly, in terms of the MCA circulars and
The dividend of ` 7.50/- per equity share (@ 75%),
the SEBI circulars, the facility for appointment
of proxies by the Members will not be available as recommended by the Board of Directors, if
for the 38th AGM and hence, the proxy form, declared at the AGM, will be paid/dispatched
attendance slip and route map of the AGM venue within 30 days from the date of the ensuing AGM
are not annexed to this Notice. of the Company as under:
3. Corporate Members intending to appoint their • To all those beneficial owners holding shares in
representatives for the purpose of voting through electronic form, as per the beneficial ownership
remote e-voting, participation in the 38th AGM through data made available to the Company by National
VC/OAVM facility and e-voting during the 38th AGM, Securities Depository Limited (NSDL) and the
are requested to send to the Company a certified copy Central Depository Services (India) Limited
of the relevant Board Resolution authorizing their (CDSL) as on Wednesday, 31st August, 2022.
representatives. The said resolution/authorisation

• To all those shareholders holding shares in
should be sent to the scrutinizer through there
physical form, after giving effect to all the valid
registered email addressed to ashish@asandco.
net with a copy marked to compliance.officer@ share transmission or transposition request
indiaglycols.com. lodged with the Company/ Share Transfer Agent,
M/s MCS Share Transfer Agent Limited (“RTA”),
4. A Statement pursuant to Section 102 of the Act, in
respect of Special Business to be transacted at the F-65, 1st Floor, Okhla Industrial Area Phase-I,
AGM is annexed hereto and forms part of this Notice. New Delhi 110020 on or before Wednesday, 31st
August, 2022.
5. The Members can join the 38th AGM through VC/
OAVM facility 15 minutes before and after the Any query related to dividend should be directed to
scheduled time of the commencement of the Meeting the RTA of the Company.
by following the procedure mentioned in the Notice. Pursuant to the provisions of the Income Tax Act,
The facility for joining the AGM through VC/OAVM 1961, as amended by the Finance Act, 2020, dividend
will be available for 1,000 members on first come paid or distributed by a Company on or after 1st April,
first served basis. However, this number does not 2020 shall be taxable in the hands of the Members,
include the large shareholders (i.e. Shareholders
therefore, the Company is required to deduct tax at
holding 2% or more shareholding), Promoters,
source at the time of making payment of dividend at
Institutional Investors, Directors, Key Managerial
the prescribed rates. In order to enable the Company
Personnel, the Chairpersons of the Audit, Nomination
to determine the appropriate TDS rate, as applicable,
and Remuneration and Stakeholders’ Relationship
Committee, Auditors etc. who are allowed to attend shareholders are requested to submit their documents
the AGM without restriction on account of first come in accordance with the applicable provisions. The
first served basis in term of the MCA circulars. Company will also send an e-mail to all shareholders at
6. Members attending the 38th AGM through VC/OAVM their registered email id’s in this regard and the same
will be counted for the purpose of reckoning quorum shall be available under Investor Relations Section at
under Section 103 of the Act. the Company’s website i.e. https://www.indiaglycols.
com/investors/shareholders-communication.htm.
7. In case of joint holders attending the AGM, the
Member whose name appears as the first holder in the Members are requested to update their PAN with their
order of names as per the Register of Members of the Depository Participant (if shares held in electronic form)
Company will be entitled to vote. and Company / RTA (if shares held in physical form).
8. Pursuant to the provisions of Section 91 of the 9. As per the SEBI Listing Regulations, the Company
Act and SEBI (Listing Obligations and Disclosure shall use any electronic mode of payment approved
Requirements) Regulations, 2015, (“SEBI Listing by the Reserve Bank of India for making payment of

dividend to the members. Where the dividend cannot No. along with scanned copy of self-attested
be paid through electronic mode, the same will be Client Master copy or consolidated Demat
paid by warrants with bank account details printed Account Statement.
thereon. In case of non-availability of bank account However, for permanent registration of email
details, address of the members will be printed on the address, members should contact their
warrants. respective Depository Participants.
10. Members holding shares in electronic mode may After successful registration of the e-mail
note that bank particulars registered against their
address, a copy of the Notice alongwith the
respective depository accounts will be used by the
Remote e-voting user ID and password will be
Company for payment of dividend. The Company or
sent to your registered e-mail address.
RTA cannot act on any request received directly from
the members holding shares in electronic form for any In case of any queries/difficulties in registering
change of bank particulars or bank mandates. Such the e-mail address or any other matter related to
changes are to be advised only to the Depository this Notice, Members may write to the Company
Participant (DP) by the members. at compliance.officer@indiaglycols.com.
11. Members holding shares in physical form are The Notice convening the 38th AGM has been
requested to register their Electronic Clearing uploaded on the website of the Company at www.
Services (ECS) mandate by submitting form ISR-1 indiaglycols.com under Investor Relations Section
along with the (i)Physical copy of the signed request and can also be accessed from the websites of the
letter which shall contain shareholder’s name, folio Stock Exchanges i.e. BSE Limited and the National
number, bank details (viz. Bank account number, Stock Exchange of India Ltd at www.bseindia.com
Bank and Branch Name, address, IFSC, MICR and www.nseindia.com, respectively and the same
details) (ii) a self attested copy of PAN card and (iii) is also available on the website of NSDL (agency
cancelled cheque leaf to the Company’s RTA. for providing the Remote e-Voting facility) i.e. www.
12. In compliance with the aforesaid MCA Circulars and evoting.nsdl.com.
SEBI Circulars, the Notice of the 38th AGM, inter-alia, 13. In pursuance to the provisions of Section 124 and 125
indicating the process and manner of voting through of the Act read with Investor Education and Protection
electronic means alongwith the Annual Report 2021- Fund Authority (Accounting, Audit, Transfer and
22 is being sent only through electronic mode to those Refund) Rules, 2016, as amended, (“IEPF rules”)
Members whose e-mail addresses are registered with read with relevant circulars, the amount of dividend
the Company/Depositories. remaining unpaid /unclaimed for a period of seven
To obtain copy of Annual Report for FY 2021- years from the due date is required to be transferred
22 through electronic mode, the Members are to the credit of the Investor Education and Protection
requested to register/update their e-mail IDs by Fund (“the IEPF”) established by the Central
following the below procedure:- Government. The Company had accordingly, during
(i) Members holding shares in physical mode the financial year 2021-22 transferred ` 7,64,280/-
are requested to register/update their email related to final dividend for FY 2013-14. Further,
addresses by writing to the RTA at F-65, pursuant to the applicable provisions, all shares
1st Floor, Okhla Industrial Area, Phase-I, in respect of which dividend had remained unpaid/
New Delhi-110020 or email at admin@ unclaimed for seven consecutive years or more shall
mcsregistrars.com along with the copy of the be transferred to the designated demat account of the
signed request letter mentioning the name, IEPF Authority (“IEPF Account”). Accordingly, during
folio number and address of the Member, self- the FY 2021-22, 45,287 equity shares of `10/- each,
attested copy of the PAN card, self-attested on which the dividend remained unpaid/ unclaimed
copy of Aadhar and copy of share certificate for seven consecutive years, were transferred to the
(front & back). IEPF Account, after completing all the procedural
(ii) Members holding shares in dematerialized formalities in this regard.
mode are requested to register/ update their The Company has uploaded the details of unpaid
email addresses by following the process and unclaimed dividends lying with the Company on
mentioned above for Physical Holding and the website of the IEPF i.e. www.iepf.gov.in. These
send 16 digit DPID & Client ID in place of Folio details along with details of shareholders whose

shares were transferred to the IEPF authority have Committee and Risk Management Committee of
also been uploaded on the website of the company the Company. He has attended all the five Board
at https://www.indiaglycols.com/investors/iepf.htm. Meetings held during FY 2021-22 and was paid
Members who have not encashed the dividend remuneration of ` 58.63 lakhs for FY 2021-22. He is
warrants so far are requested to claim the same to not having directorship in other companies. As on 31st
avoid transferring to the unpaid/ unclaimed dividend March, 2022, he was not holding any shares in the
and respective shares to the IEPF Authority and IEPF Company. He is not related to any of the directors
Account, respectively.
and Key Managerial Personnel of the Company.
The Members may note that no claim shall lie against The terms and conditions of his appointment and
the Company in respect of said dividend(s) and remuneration are as per the resolution passed by the
shares, upon their transfer to IEPF. However, the
members of the Company at the 36th AGM held on
same can be claimed back from them after complying
24th September, 2020.
with the procedure prescribed under the IEPF rules
by visiting the weblink: http://iepf.gov.in/IEPF/refund. 15. The Register of Directors and Key Managerial
html. For any related information, the RTA [e-mail: Personnel and their shareholding maintained under
admin@mcsregistrars.com] or the Company may Section 170 of the Act and the Register of Contracts
also be contacted. or Arrangements in which the Directors are interested
14. Shri Sudhir Agarwal, Director shall retire by rotation under Section 189 of the Act will be available
at the 38th AGM and is eligible for re-appointment as electronically for inspection by the members during
per item No. 3 of this notice. Shri Sudhir Agarwal is the 38th AGM, upon log-in to NSDL e-Voting system
interested in the ordinary business as set out in item at https://www.evoting.nsdl.com.
No. 3. 16. All documents referred to in the Notice Convening
Shri Sudhir Agarwal (DIN: 08602216), aged about 38th AGM and the Explanatory Statement shall be
60 years (DOB: 20th January, 1962) is a Chemical made available electronically for inspection by the
Engineer graduated from HBTI Kanpur in 1985, members upto the date of 38th AGM. Members who
is having a total professional experience of about wish to inspect the same may write to the Company
36 years in the field of Plant Operations and at compliance.officer@indiaglycols.com.
Project Management. He joined the Company in
the year 2014 as Vice President (Operations) and 17. Voting through electronic means and joining of
was elevated to the position of Site/Plant Head of AGM electronically:
Kashipur Plant in May, 2018 before his appointment I. In compliance with provisions of Section 108
as Executive Director of the Company w.e.f. 1st of the Act and Rule 20 of the Companies
December, 2019. During all this tenure, he has (Management and Administration) Rules, 2014,
played a key role in implementing various initiatives as amended, Regulation 44 of SEBI Listing
for Productivity improvement, Energy optimization, Regulations, as amended and MCA Circulars,
Water conservation and Environment preservation. the Company is pleased to provide the Members
He has been discharging his functions and duties in the facility to exercise their right to vote by electronics
best interest of the Company and has been entrusted means on all the resolutions set forth in the notice
with the role and responsibilities as the Occupier of convening the 38th AGM. The facility of casting
all 3 manufacturing facilities of the Company under the votes by the members using an electronic
the Factories Act, 1948. He has been also nominated
voting system from a place other than venue of
as Person Responsible under the Legal Metrology
the AGM (“remote e-voting”) as well as e-voting
Act, 2009 for the manufacturing facilities at Kashipur
facility on the day of AGM will be provided by
and Gorakhpur. During the challenging Pandemic
time, he has handled the plant operations well. Shri National Securities Depository Limited (“NSDL”).
Agarwal has also authored/co-authored papers on Resolution(s) passed by Members through
various topics such as Plant Case Studies, Quality remote e-voting is/ are deemed to have been
Management & Environment Management etc. passed as if they have been passed at the AGM.
The Company has received relevant disclosure/ II. The Members who have casted their vote by
consent from Shri Sudhir Agarwal seeking re- remote e-voting prior to the AGM may also
appointment. attend/participate in the AGM through VC/OAVM
He is a member of Audit Committee, Finance but shall not be entitled to cast their vote again at
Committee, Corporate Social Responsibility the AGM.

III. The remote e-voting period will commence on Type of Login Method
Saturday, 3rd September, 2022 (9:00 A.M.) and shareholders
end on Tuesday, 6th September, 2022 (5:00 Individual 1. Existing IDeAS user can
P.M.). During this period, Members of the Shareholders visit the e-Services website
holding of NSDL Viz. https://
Company, holding shares either in physical
securities in eservices.nsdl.com either
form or in dematerialized form, as on the cut- demat mode on a Personal Computer
off date of Wednesday, 31st August, 2022, with NSDL or on a mobile. On the
may cast their vote by remote e-voting. The e-Services home page click
remote e-voting module shall be disabled by on the “Beneficial Owner”
icon under “Login” which
NSDL for voting thereafter. Once the vote on a
is available under ‘IDeAS’
resolution is cast by the Member, he/she shall section, this will prompt you
not be allowed to change it subsequently or to enter your existing User
cast the vote again. ID and Password. After
successful authentication,
IV. Members can opt for only one mode of voting i.e. you will be able to see
remote e-voting or e-voting system at the 38th AGM. e-Voting services under
V. The process and manner for remote e-voting Value added services. Click
on “Access to e-Voting”
and attending General Meeting are as under:
under e-Voting services
Process and manner for remote e-voting: and you will be able to see
e-Voting page. Click on
The way to vote electronically on NSDL e-Voting
company name or e-Voting
system consists of “Two Steps” which are service provider i.e. NSDL
mentioned below. and you will be re-directed
Step 1: Access to NSDL e-Voting system. to e-Voting website of NSDL
for casting your vote during
Step 2: Cast your vote electronically and join the remote e-Voting period
General Meeting on NSDL e-Voting system. or joining virtual meeting &
Step 1: Access to NSDL e-Voting system voting during the meeting.
2. If you are not registered for

A) Login method for e-Voting and IDeAS e-Services, option
joining virtual meeting for Individual to register is available at
shareholders holding securities in demat https://eservices.nsdl.com.
mode. Select “Register Online
for IDeAS Portal” or click
In terms of SEBI circular dated 9th December, at https://eservices.nsdl.com/
2020 on e-Voting facility provided by Listed SecureWeb/IdeasDirectReg.
Companies, Individual shareholders holding jsp.
3. Visit the e-Voting website of
securities in demat mode are allowed to vote
NSDL. Open web browser
through their demat account maintained with by typing the following URL:
Depositories and Depository Participants. https://www.evoting.nsdl.com/
Shareholders are advised to update their mobile either on a Personal Computer
number and email Id in their demat accounts in or on a mobile. Once the home
page of e-Voting system is
order to access e-Voting facility.
launched, click on the icon
Login method for Individual shareholders holding “Login” which is available under
securities in demat mode is given below. ‘Shareholder/Member’ section.

A new screen will open. You 3. If the user is not registered

will have to enter your User for Easi/Easiest, option
ID (i.e. your sixteen digit to register is available
demat account number hold at https://web.cdslindia.
with NSDL), Password/OTP com/myeasi/Registration/
and a Verification Code as EasiRegistration.
shown on the screen. After 4. Alternatively, the user can
successful authentication, directly access e-Voting
you will be redirected to page by providing demat
NSDL Depository site Account Number and PAN
wherein you can see No. from a link in www.
e-Voting page. Click on cdslindia.com home page.
The system will authenticate
company name or e-Voting
the user by sending OTP on
service provider i.e. NSDL
registered Mobile & Email
and you will be redirected to
as recorded in the demat
e-Voting website of NSDL
Account. After successful
for casting your vote during authentication, user will
the remote e-Voting period be provided links for the
or joining virtual meeting & respective ESP i.e. NSDL
voting during the meeting. where the e-Voting is in
4. Shareholders/Members can progress.
also download NSDL Mobile
Individual 1. You can also login using
App “NSDL Speede”
Shareholders the login credentials of your
facility by scanning the QR (holding demat account through
code mentioned below for securities in your Depository Participant
seamless voting experience. demat mode) registered with NSDL/CDSL
login through for e-Voting facility.
their depository 2. Upon logging in, you will be
participants able to see e-Voting option.
3. Click on e-Voting option, you
will be redirected to NSDL/
CDSL Depository site after
successful authentication,
Individual 1.
Existing users who have wherein you can see
Shareholders opted for Easi / Easiest, they e-Voting feature.
holding can login through their user 4. Click on company name or
securities in id and password. Option e-Voting service provider
demat mode will be made available to i.e. NSDL and you will
with CDSL reach e-Voting page without be redirected to e-Voting
any further authentication. website of NSDL for casting
The URL for users to your vote during the remote
login to Easi / Easiest are e-Voting period or joining
https://web.cdslindia.com/ virtual meeting & voting
myeasi/home/login or www. during the meeting.
cdslindia.com and click on
Important note: Members who are unable to
New System Myeasi.
retrieve User ID/ Password are advised to use
After successful login of
2.
Forget User ID and Forget Password option
Easi/Easiest the user will be
available at abovementioned website.
also able to see the E Voting
Menu. The Menu will have Helpdesk for Individual Shareholders holding
links of e-Voting service securities in demat mode for any technical
provider i.e. NSDL. Click issues related to login through Depository i.e.
on NSDL to cast your vote. NSDL and CDSL.

Login type Helpdesk details c) For Members EVEN Number followed by

Individual Members facing any technical holding shares Folio Number registered
Shareholders issue in login can contact NSDL in Physical with the company For
holding helpdesk by sending a request Form. example if folio number
securities in at evoting@nsdl.co.in or call at is 001*** and EVEN
demat mode toll free no.: 1800 1020 990 and 101456 then user ID is
with NSDL 1800 22 44 30 101456001***
Individual Members facing any technical
Shareholders issue in login can contact CDSL 5. Password details for shareholders other
holding helpdesk by sending a request than Individual shareholders are given
securities in at helpdesk.evoting@cdslindia. below:
demat mode com or contact at 022- 23058738 a) If you are already registered for
with CDSL or 022-23058542-43 e-Voting, then you can use your existing
password to login and cast your vote.
B) Login Method for e-Voting and joining b) If you are using NSDL e-Voting system
virtual meeting for shareholders for the first time, you will need to
other than Individual shareholders retrieve the ‘initial password’ which
holding securities in demat mode and was communicated to you. Once you
shareholders holding securities in retrieve your ‘initial password’, you
physical mode. need to enter the ‘initial password’ and
How to Log-in to NSDL e-Voting website? the system will force you to change
1. Visit the e-Voting website of NSDL. Open your password.
web browser by typing the following URL: c) How to retrieve your ‘initial password’?
https://www.evoting.nsdl.com/ either on a (i) If your email ID is registered in
Personal Computer or on a mobile. your demat account or with the
2. Once the home page of e-Voting system is Company, your ‘initial password’ is
launched, click on the icon “Login” which is communicated to you on your email
available under ‘Shareholders’ section. ID. Trace the email sent to you from
NSDL from your mailbox. Open the
3. A new screen will open. You will have to
email and open the attachment
enter your User ID, your Password/OTP
i.e. a .pdf file. Open the .pdf file.
and a Verification Code as shown on the The password to open the .pdf file
screen. Alternatively, if you are registered for is your 8 digit client ID for NSDL
NSDL eservices i.e. IDEAS, you can log-in at account, last 8 digits of client ID for
https://eservices.nsdl.com/ with your existing CDSL account or folio number for
IDEAS login. Once you log-in to NSDL shares held in physical form. The
eservices after using your log-in credentials, .pdf file contains your ‘User ID’ and
click on e-Voting and you can proceed to your ‘initial password’.
Step 2 i.e. Cast your vote electronically.
(ii) If your email ID is not registered,
4. Your User ID details are given below: please follow steps mentioned
Manner of Your User ID is: below in process for those
holding shares shareholders whose email ids are
i.e. Demat (NSDL not registered.
or CDSL) or 6. If you are unable to retrieve or have not
Physical received the “initial password” or have
a) For Members 8 Character DP ID followed forgotten your password:
who hold by 8 Digit Client ID For a) Click on “Forgot User Details/
shares in demat example if your DP ID is Password?” (If you are holding shares in
account with IN300*** and Client ID is your demat account with NSDL or CDSL)
NSDL. 12****** then your user ID is option available on www.evoting.nsdl.com.
IN300***12****** b) “Physical User Reset Password?” (If you
b) For Members 16 Digit Beneficiary ID For are holding shares in physical mode) option
who hold example if your Beneficiary available on www.evoting.nsdl.com.
shares in demat ID is 12************** c) If you are still unable to get the password
account with then your user ID is by aforesaid two options, you can
CDSL. 12************** send a request at evoting@nsdl.co.in
mentioning your demat account number/

folio number, your PAN, your name and (b) It is strongly recommended not to share
your registered address. your password with any other person and
d) Members can also use the OTP (one take utmost care to keep your password
Time Password) based login for casting confidential. Login to the e-voting website will
the votes on the e-voting system of NSDL. be disabled upon five unsuccessful attempts to
key in the correct password. In such an event,
7. After entering your password, tick on Agree
you will need to go through the “Forgot User
to “Terms and Conditions” by selecting on
Details/Password?” or “Physical User Reset
the check box.
Password?” option available on www.evoting.
8. Now, you will have to click on “Login” button. nsdl.com to reset the password.
9. After you click on the “Login” button, Home (c) In case of any queries, you may refer the
page of e-Voting will open. Frequently Asked Questions (FAQs) for
Step 2: Cast your vote electronically and Shareholders and e-voting user manual
join General Meeting on NSDL for Shareholders available at the download
e-Voting system: section of www.evoting.nsdl.com or call on toll
How to cast your vote electronically and join free no.: 1800 1020 990 and 1800 22 44 30
General Meeting on NSDL e-Voting system? or send a request to Ms. Soni Singh, Assistant
1. After successful login at Step 1, you will be Manager at evoting@nsdl.co.in.
able to see all the companies “EVEN” in Process for those shareholders whose email
which you are holding shares and whose ids are not registered with the depositories for
voting cycle and General Meeting is in active procuring user id and password and registration
status. of e mail ids for e-voting for the resolutions set
2. Select “EVEN” of India Glycols Limited for out in this notice:
which you wish to cast your vote during the 1. In case shares are held in physical mode,
remote e-Voting period and casting your vote please provide Folio No., Name of shareholder,
during the General Meeting. For joining virtual scanned copy of the share certificate (front
meeting, you need to click on “VC/OAVM” link and back), PAN (self attested scanned copy
placed under “Join Meeting". of PAN card), AADHAR (self attested scanned
3. Now you are ready for e-Voting as the Voting copy of Aadhar Card) by email to compliance.
page opens. officer@indiaglycols.com or to the RTA at
4. Cast your vote by selecting appropriate options admin@mcsregistrars.com.
i.e. assent or dissent, verify/ modify the number 2. In case shares are held in demat mode, please
of shares for which you wish to cast your vote provide DPID-CLID (16 digit DPID + CLID or
and click on “Submit” and also “Confirm” when 16 digit beneficiary ID), Name, client master
prompted. or copy of Consolidated Account statement,
5. Upon confirmation, the message “Vote cast PAN (self attested scanned copy of PAN card),
successfully” will be displayed. AADHAR (self attested scanned copy of Aadhar
6. You can also take the printout of the votes cast Card) to compliance.officer@indiaglycols.com
by you by clicking on the print option on the or to the RTA at admin@mcsregistrars.com.
confirmation page. If you are an Individual shareholder holding
7. Once you confirm your vote on the resolution, securities in demat mode, you are requested
you will not be allowed to modify your vote. to refer to the login method explained at step
General Guidelines for shareholders 1 (A) above i.e. Login method for e-Voting
(a) Institutional shareholders (i.e. other than and joining virtual meeting for Individual
individuals, HUF, NRI etc.) are required to shareholders holding securities in demat
send scanned copy (PDF/JPG Format) of the mode.
relevant Board Resolution/ Authority letter etc. 3. Alternatively, shareholder/members may send
with attested specimen signature of the duly a request to evoting@nsdl.co.in for procuring
authorized signatory(ies) who are authorized user id and password for e-voting by providing
to vote, to the Scrutinizer by e-mail to ashish@ above mentioned documents.
asandco.net with a copy marked to evoting@ 4. In terms of SEBI circular dated 9th December,
nsdl.co.in. Institutional shareholders (i.e. 2020 on e-Voting facility provided by Listed
other than individuals, HUF, NRI etc.) can Companies, Individual shareholders holding
also upload their Board Resolution / Power securities in demat mode are allowed to vote
of Attorney / Authority Letter etc. by clicking through their demat account maintained with
on "Upload Board Resolution/Authority Depositories and Depository Participants.
Letter" displayed under "e-Voting" tab in their Shareholders are required to update their
login. mobile number and email ID correctly in their

demat account in order to access e-Voting their request from their registered e-mail
facility. address mentioning their name, demat account
Process and manner for e-voting on the day number/folio number, email id, mobile number
of the 38th AGM at compliance.officer@indiaglycols.com from
1. The procedure for e-Voting on the day of Thursday, 1st September, 2022 (9:00 A.M.) to
the 38th AGM is same as the instructions Sunday, 4th September, 2022 (5:00 P.M.).
mentioned above for remote e-voting. 7. Those members who have registered themselves
2. Only those members/ shareholders, who as a speaker will only be allowed to express
will be present in the 38th AGM through VC/ their views/ask questions during the 38th AGM.
OAVM facility and have not casted their vote The Company reserves the right to restrict the
on the Resolutions through remote e-Voting number of speakers depending on the availability
and are otherwise not barred from doing so, of time for the AGM. .
shall be eligible to vote through e-Voting 18. Members may submit their queries, if any, on the
system in the 38th AGM. financial statements or on any agenda item proposed
3. The details of the person who may be in this notice at least 7 days prior to the date of
contacted for any grievances connected the 38th AGM from their registered e-mail address,
with the facility for e-Voting on the day mentioning their name, DP ID and Client ID number/
of the AGM shall be the same person folio number and mobile number at Company’s
mentioned for remote e-voting. e-mail address at compliance.officer@indiaglycols.
Process and manner for attending the AGM com or write to the Company’s Head Office at Plot
through VC/OAVM: No. 2-B, Sector-126, Distt. Gautam Budh Nagar,
Noida-201304, Uttar Pradesh. Such queries by the
1. Member will be provided with a facility to attend Members shall be suitably replied by the Company.
the AGM through VC/OAVM through the NSDL
e-Voting system. Members may access by 19. The voting rights of members shall be in
following the steps mentioned above for Access proportion to their share in the paid up equity
to NSDL e-Voting system. After successful share capital of the Company as on the cut-off
login, you can see link of “VC/OAVM link” placed date of Wednesday, 31st August, 2022. A person
under “Join meeting” menu against company who is not a member as on the cut-off date should
name. You are requested to click on VC/ treat this notice for information only.
OAVM link placed under Join General Meeting 20. Any person, who acquires shares of the Company and
menu. The link for VC/OAVM will be available becomes member of the Company after the Company
in shareholder/member login where the EVEN sends the Notice of the 38th AGM and holds shares
of Company will be displayed. The members as on the cut-off date i.e. Wednesday, 31st August,
who do not have the User ID and Password 2022, may obtain the User ID and password by
for e-Voting or have forgotten the User ID and sending a request at evoting@nsdl.co.in or to the RTA
Password may retrieve the same by following the at admin@mcsregistrars.com. However, if you are
remote e-Voting instructions mentioned in the already registered with NSDL for remote e-voting then
notice to avoid last minute rush. you can use your existing user ID and password for
2. Member who need assistance before or during casting your vote. If you forgot your password, you can
the AGM, can contact NSDL on toll free nos.: reset your password by using “Forgot User Details/
1800 1020 990 and 1800 22 44 30 or send a Password?” or “Physical User Reset Password?”
request to Ms. Soni Singh, Assistant Manager at option available on www.evoting.nsdl.com.
evoting@nsdl.co.in. 21. A person, whose name is recorded in the register
3. Members are encouraged to join the Meeting of members or in the register of beneficial owners
through Laptops for better experience. maintained by the depositories as on the cut-off date
4. Members will be required to allow Camera and i.e. Wednesday, 31st August, 2022, only shall be
use Internet with a good speed to avoid any entitled to avail the facility of remote e-voting or voting
disturbance during the meeting. at the 38th AGM through e-voting system.
5. Please note that Participants Connecting from 22. Shri Ashish Saxena (C.P. No. 7096) of Ashish Saxena
Mobile Devices or Tablets or through Laptop & Co., Company Secretaries, having their office at
connecting via Mobile Hotspot may experience A-32, Nyay Khand-I, Indirapuram, Ghaziabad-201014,
Audio/Video loss due to fluctuation in their Uttar Pradesh has been appointed as the Scrutinizer
respective network. It is therefore recommended to scrutinize the remote e-voting process and casting
to use Stable Wi-Fi or LAN Connection to mitigate voting through e-voting system during the 38th AGM in
any kind of aforesaid glitches. a fair and transparent manner.
6. Members who would like to express their views 23. The Chairman shall, at the AGM, at the end of
or ask questions during the 38th AGM may discussion on the resolutions on which voting is to be
register themselves as a speaker by sending held, allow voting with the assistance of Scrutinizer, by

use of e-voting system for all those members who are there is a change in order to receive all important
participating in the AGM but have not cast their votes shareholder communications and corporate
by availing the remote e-voting facility. benefits.
24. The Scrutinizer shall after the conclusion of voting b. Immediately notify any change of address, e-mail
at the 38th AGM, unblock the votes cast through address, change of name, contact numbers, bank
remote e-voting and e-voting system at the AGM, details, bank mandates, nominations, power
in the presence of at least two witnesses not in the of attorney etc. and their PAN to their DP with
employment of the Company and shall make a whom they maintain their demat account. Non-
consolidated scrutinizer’s report of the total votes cast resident Indian members are requested to inform
in favour or against, invalid votes, if any, and whether the RTA/ respective DP, immediately of change
the resolution has been carried or not, and such Report in their residential status on return to India for
shall then be submitted to the Chairman or a person permanent settlement and the particulars of their
authorized by him in writing, within two working days bank account maintained in India with complete
of the 38th AGM, who shall countersign the same and name, branch, account type, account number
declare the result of the voting forthwith. and address of the bank with pin code number, if
25. The Results declared along with the report of the not furnished earlier.
Scrutinizer shall be placed on the website of the c. Note that in order to receive faster
Company www.indiaglycols.com and on the website of communication and enable the Company to
NSDL www.evoting.nsdl.com and the results shall also serve the members better and to support the
be immediately forwarded to the BSE Limited (BSE) “Green Initiative”, members are requested
and the National Stock Exchange of India Limited to register/update their e-mail address(es)
(NSE). by sending the same along with the name,
26. MEMBERS ARE REQUESTED TO: address, Folio No. / DPID & Client ID, shares
held:
a. Note that SEBI vide its circular no. SEBI/HO/
i. To the RTA in the prescribed form
MIRSD/MIRSD_RTAMB/P/CIR/2021/655 dated
mentioned at point (a) above for shares
3rd November, 2021 has mandated furnishing
held in physical form and;
of PAN, KYC details (i.e. postal address with
Pin Code, email address, mobile number, bank ii. To their respective Depository Participants
account details) and Nomination details by in respect of shares held in demat mode.
holders of physical securities. Accordingly, in Upon registration of the e-mail address(es), the
pursuance to the above circular and provisions Company proposes to send Notices, Annual
of Section 72 of the Act, the facility for making Report and other documents/ communication to
nomination is available for the Members in those Members via electronic mode/e-mail.
respect of the shares held by them. Members 27. SEBI vide its circular no. SEBI/HO/CFD/CMD/
holding shares in physical form are requested to CIR/P/2020/242 dated 9th December, 2020 in order
submit their PAN, KYC details and Nomination to increase the efficiency of the voting process, has
details by sending duly filled and signed Form enabled e-voting to all the demat account holders, by
ISR-1 (request for registering/change/ updation way of a single login credential, through their demat
of PAN, KYC details), ISR-2 (signature of accounts/ websites of Depositories/ Depository
shareholder), SH-13 (nomination), SH-14 Participants. Demat account holders would be able
(cancellation/variation in nomination), ISR-3 to cast their vote without having to register again
(opting out of Nomination) to the RTA at F-65, 1st with the e-voting service providers (ESPs), thereby,
Floor, Okhla Industrial Area, Phase I, New Delhi not only facilitating seamless authentication but also
- 110020 or email at admin@mcsregistrars.com. enhancing ease and convenience of participating in
Effective from 1st January 2022, any service e-voting process.
requests or complaints received from the 28. SEBI had mandated that effective from 1st April, 2019,
member, will not be processed by RTA till the securities of listed companies can only be transferred
aforesaid details/ documents are provided to in dematerialized form. Therefore, the Company has
RTA. On or after 1st April 2023, in case any of the not been accepting any request for transfer of shares
above cited documents/ details are not available in physical form w.e.f. 1st April, 2019.
in the Folio(s), RTA shall be constrained to
freeze such Folio(s). 29. SEBI vide its circular dated 25th January, 2022,
amended the SEBI Listing Regulations and
All these forms are available on the Company's mandated that the listed companies shall henceforth
website (www.indiaglycols.com) under investor issue the securities in dematerialized form only while
relations section. The Company has also sent processing the service requests such as transmission,
individual letters to all the Members holding transposition, Issue of duplicate securities certificate,
shares of the Company in physical form in this Claim from Unclaimed Suspense Account, renewal/
regard. exchange of securities certificate, endorsement,
Members are requested to ensure that the above sub-division/ splitting of securities certificate,
mentioned KYC details are updated as and when consolidation of securities certificates/ folios of

securities. Accordingly, Members are requested to Institute of Chartered Accountants of India.

make service requests by submitting a dully filled in Accordingly, consent of the members is being sought by
and signed Form ISR-4, which is available on the way of an ordinary resolution for re-appointment of KNG
Company’s website (www.indiaglycols.com) under as Statutory Auditors of the Company for a second term
investor relations section. It may be noted that any of 5 (five) years.
service request can be processed only after the folio
None of the Directors/Key Managerial Personnel of the
is KYC Complaint.
Company or their respective relatives are in any way,
In view of the above, Members holding shares in concerned or interested, financially or otherwise, in the
physical form are requested to consider converting Ordinary Resolution at Item No. 4 of the Notice.
their holdings to demat mode. The Board recommends the resolution set out at Item
Explanatory Statement in terms of Regulation No. 4 of this notice for approval of the members as an
36(5) of SEBI (Listing Obligations and Disclosure Ordinary Resolution.
Requirements) Regulations, 2015 EXPLANATORY STATEMENT PURSUANT TO
ITEM NO. 4 SECTION 102 OF THE COMPANIES ACT, 2013
The members of the Company at the 33rd AGM held on The following statement sets out all the material facts
1st September, 2017, approved appointment of M/s K.N. related to Special Business mentioned under item No. 5
Gutgutia & Co., Chartered Accountants (Registration No. of the Notice dated 26th May, 2022.
304153E) [“KNG”] as Statutory Auditors of the Company, ITEM NO. 5
to hold office for a period of 5 years till the conclusion of The Board of Directors (“the Board”) of the Company on
38th AGM. the recommendation of the Audit Committee, approved
Accordingly, KNG’s first tenure of 5 years as statutory the appointment of M/s R.J. Goel & Co., Cost Accountants
Auditors, would complete on the conclusion of this 38th to conduct the audit of cost records of the Company for
AGM. Pursuant to the provisions of Section 139(2) of the the financial year ending 31st March, 2023.
Companies Act, 2013 read with rules made thereunder, Pursuant to the provisions of Section 148 of the Companies
KNG is eligible to be appointed for the second consecutive Act, 2013 read with Rule 14 of the Companies (Audit and
term of 5 years. Accordingly, the Board of Directors, Auditors) Rules, 2014, the remuneration payable to the
considering the past performance, experience and expertise Cost Auditor, as recommended by the Audit Committee
of KNG and on the recommendation of Audit Committee, and approved by the Board has to be ratified by the
re-appointed KNG as Statutory Auditors of the Company, members of the Company.
subject to the approval of members, for a second term of 5
(five) years commencing from the conclusion of 38th AGM Accordingly, consent of the members is being sought
till the conclusion of 43rd AGM. The proposed remuneration by way of an ordinary resolution for ratification of the
to be paid to KNG for statutory audit for the financial year remuneration payable to the cost auditor for the financial
ending 31st March, 2023 is ` 24 lakhs plus applicable year 2022-23.
taxes and out-of-pocket expenses (same amount towards None of the Directors/Key Managerial Personnel of the
statutory audit Fees was paid for financial year 2021- Company or their respective relatives are in any way,
22). For the subsequent years, the Audit Fees would be concerned or interested, financially or otherwise, in the
determined by the Board of Directors from time to time Ordinary Resolution at Item No. 5 of the Notice.
based on the recommendations of the Audit Committee
The Board recommends the resolution set out at Item
and in consultation with the Statutory Auditors.
No. 5 of this notice for approval of the members as an
KNG was established in the year 1938 and was Ordinary Resolution.
reorganized in the year 1966 as a partnership firm of
Chartered Accountants under the regulations of "The
Institute of Chartered Accountants of India". The Firm By order of the Board
consists of 7 partners with vast experience in Statutory India Glycols Limited
Audits, Internal Audits, Tax Consultancy, Corporate laws
and Corporate Advisory and has a pool of experienced
staff consisting of CAs, Semi Qualified CAs, Article Clerks Place: Noida Ankur Jain
and other associated staff and having its offices at Kolkata Date : 26th May, 2022 Company Secretary
and New Delhi. It is one of the oldest & reputed CA firm in
India having experience of more than 80 years. Registered Office:
KNG have consented to the said re-appointment and A-1, Industrial Area, Bazpur Road,
their re-appointment, if made, would be within the limits Kashipur-244713, District Udham Singh Nagar,
specified under Section 141(3)(g) of the Act. They have Uttarakhand
further confirmed that they are not disqualified to be CIN: L24111UR1983PLC009097
appointed as statutory auditors in terms of the provisions
Telephone no: +91-5947-269000, 269500
of the proviso to Section 139(1), 141(2) and 141(3) of
the Act and the provisions of the Companies (Audit and Fax: +91-5947-275315, 269535
Auditors) Rules, 2014 and also confirmed that they hold Website: www.indiaglycols.com
a valid certificate issued by the Peer Review Board of the e-mail: compliance.officer@indiaglycols.com

Board’s Report
To The Members Dividend
Your Directors are pleased to recommend a dividend of
` 7.50/- (Rupees Seven and Paise Fifty Only) per equity
Your Directors are pleased to present the 38th Annual share of face value of ` 10/- each (i.e. 75%) for the financial
Report on the business and operations of the Company, year ended 31st March, 2022 subject to the approval of
together with the Audited Financial Statements of your the Shareholders in the ensuing Annual General Meeting
Company for the financial year ended 31st March, 2022. (“AGM”). The total outgo on account of dividend will be
` 23.22 Crores.
Financial Results*
In view of the changes made under the Income-tax
(` in Crores) Act, 1961 by the Finance Act, 2020, dividend paid or
(except earnings per share) distributed by the Company shall be taxable in the hands
Particulars Year ended Year ended of the Shareholders. The Company shall, accordingly,
31.03.2022 31.03.2021 make the payment of the final dividend after deduction of
tax at source.
Gross Sales and other income**
The dividend recommended is in accordance with the
- Continuing operations: 6,622.86 5,402.08 Company’s Dividend Distribution Policy (“the Policy”)
- Discontinued operations: 214.07 668.07 adopted in pursuance to the provisions of Regulation
43A of the SEBI (Listing Obligations and Disclosure
Total 6,836.93 6,070.15 Requirements) Regulations, 2015, as amended
Earnings before interest, taxes, (“SEBI Listing Regulations”). The Policy contains
depreciation and amortization broad parameters and factors while recommending/
- Continuing operations: 278.90 269.58 declaring dividend(s) by the Board of Directors. The
Policy is available on the Company’s website at https://
- Discontinued operations: 21.65 88.96 www.indiaglycols.com/investors/downloads/Dividend-
Total 300.55 358.58 distribution-policy.pdf
Exceptional item 200.63 - Performance Review
FY 2021-22 started with intermittent lockdowns following
Profit /(loss) before tax the second wave of Covid-19 and also witnessed the war
- Continuing operations: 341.38 120.32 between Russia and Ukraine towards its closure, which
led to a highly uncertain economic environment. Amidst
- Discontinued operations: 13.72 45.18
the challenging business and economic conditions,
Total 355.10 165.50 your Company’s overall performance for the FY 2021-
Provision for tax 22 was resilient, consistent and good. Highlights for the
year include successful formation of 49:51 Joint Venture
- Continuing operations: 66.25 58.43 with Clariant International Limited for Company’s BioEO
- Discontinued operations: 3.45 22.77 (Speciality Chemicals) Business and approving setting up
grain distilleries at Kashipur and Gorakhpur sites.
Net profit/(loss)
During the FY 2021-22, on a standalone basis, your
- Continuing operations: 275.12 61.89 Company’s total revenue increased to ` 6,837 Crores from
- Discontinued operations: 10.27 22.41 ` 6,070 Crores in FY 2020-21, an increase of over 12%.
The profit after depreciation and tax for the FY 2021-22
Total 285.39 84.30
increased to ` 285 Crores from ` 84 Crores in the FY 2020-
Earnings per share (in `) (Basic 21 which includes an exceptional gain from slump sale
and Diluted) of Company’s BioEO (Speciality Chemicals) Business. In
- Continuing operations: 88.86 19.99 the financial year 2021-22, the unprecedented escalation
in feed stock and energy prices put substantial pressure
- Discontinued operations: 3.32 7.24 on margin across sectors. However, despite challenges,
- Continuing & discontinued Chemical business particularly Bio-based Specialties
92.18 27.23
operations and Performance Chemicals business made an excellent
Dividend on Equity Shares 23.22 18.58 performance both in terms of sales and margins and
garnered substantial revenue. Due to increase in raw
*The BioEO (Speciality Chemicals) Business was transferred on 30 June, 2021 in
th
material and packaging cost, margins of the potable spirits
terms of Business Transfer Agreement and Joint Venture Agreement executed on
11th March, 2021, accordingly, in pursuance to the provisions of Indian Accounting were under pressure. However, the business segment
Standards (Ind AS), the same has been disclosed as discontinued operations in the registered a growth of about 18% in revenue over last
Standalone financial statements for the FY 2021-22.
** Includes State Excise Duty, as applicable. year. The Ennature Biopharma (Nutraceuticals) Business

also registered a marginal growth of 3% over the previous the Company’s Long-term Issuer Rating as ‘IND A’ while
year. resolving the Rating Watch Positive (“RWP”) and Outlook
The Company continued to procure its green feedstock is stable. The instrument wise ratings are as follows:
molasses and also imported its principal raw material, ethyl Instrument Type Rating/Outlook Rating Action
alcohol. Post setting up of grain distilleries, the Company Term Loan IND A/Stable Upgraded; Off RWP
would have the adequate availability of its principal raw Fund-based Limit IND A/Stable /IND A1 Upgraded; Off RWP
material (Alcohol) at a competitive price and feels that the
Non Fund based IND A/Stable /IND A1 Upgraded; Off RWP
same should prove beneficial for the Company in longer Limit
times.
Successful formation of Joint Venture with Clariant
Under the current scenario, the outlook for the near future
International
remains positive.
Post obtaining all the requisite government and statutory
During the year under review, no amount was transferred approvals and completion of condition precedents as
to reserves. identified in the Business Transfer Agreement (“BTA”) and
In Q1/FY 22, India witnessed the massive second wave in pursuance to the approval of the shareholders dated
of the Covid-19 which led to fresh set of restrictions in 24th September, 2020 and 25th April, 2021, during the year
the country but the economic activities were not much under review, the Company has successfully completed
affected. the formation of joint venture with Clariant International
Limited (“Clariant”) for its BioEO (Speciality Chemicals)
The Company adhered to various guidelines and advisories Business by transferring the same to Clariant IGL
issued by the authorities from time to time. The Company Specialty Chemicals Private Limited (“CISCPL”) (erstwhile
continued to take a number of measures at its offices and IGL Green Chemicals Private Limited) for a lump sum
manufacturing sites to ensure employee safety and support consideration of ` 649.55 Crores (Rupees Six Hundred
Including Work from Home policy, regular sanitization, Forty Nine Crores Fifty Five Lakhs) after adjustment
encouraging virtual meetings, free vaccination, medical in accordance with BTA executed on 11th March, 2021.
expenses for employees and immediate family members Out of which, ` 458.49 Crores (Rupees Four Hundred
who suffered due to the Covid-19 infection. With all these Fifty Eight Crores Forty Nine Lakhs) had been paid by
efforts and learnings from earlier experience, Company’s CISCPL to the Company and the remaining amount of
plant and other operations continued to run smoothly and approximately ` 191.06 Crores (Rupees One Hundred
efficiently during last year. Ninety One Crores Six Lakhs) will remain payable to the
While discharging its social obligations, the Company Company by CISCPL over a period of 3 years (or such
provided ICU’s & ventilators and also arranged setting up extended time as may be agreed).
oxygen plant at various health centres. Also, the Company As per the terms of Joint Venture, Clariant, inter-alia, made
quickly converted all its industrial grade Liquid Oxygen to an investment of ` 587.74 Crores (Rupees Five Hundred
medical grade during second Covid 19 wave and run its Eighty Seven Crores Seventy Four Lakhs) in CISCPL as
plants continuously at full capacity to supply the medical consideration for 51% (fifty one per cent) shareholding in
oxygen. CISCPL. The balance 49% equity shares in CISCPL are
held by the Company and its affiliate(s). More details of
Material Changes and Commitments Affecting the the transaction are mentioned in the notes to the financial
Financial Position of the Company statements.
There were no material changes and commitments
This joint venture shall result in a viable and sustainable
affecting the financial position of the Company between structure for the Company and should assist in creating
the end of financial year and date of this report. There a platform that will enable the Company to implement
has been no change in the nature of the business of the its long term strategy to achieve, inter-alia, combining
Company. synergies with Clariant in technology, accelerating product
Awards and Recognitions premiumisation, enhancing operational efficiency of the
During the year under review, your Company has BioEO (Speciality Chemicals) Business, consolidating
received ‘Best Whisky Award’ for its ‘Single Reserva its position as one of the leading manufacturers and
Whisky’ at Ambrosia Award 2021 and was also conferred distributors of Ethylene Oxide derivative products in India.
with “ICISWSC Award” for sustainability along with Bio-Based Specialities and Performance Chemicals
our partners Unilever and LanzaTech during the ICIS The Company is the largest manufacturer of Bio-based
Surfactant Conference 2022. glycols made from renewable feedstock i.e. molasses
Credit Ratings and Bio-based ethanol. Bio-based MEG is the largest
During the financial year 2021-22, India Ratings & selling product in this category apart from being from a
Research (“Ind-Ra”), a credit rating Agency has upgraded renewable source. Bio-based MEG has a much lower

carbon footprint and therefore helps companies reduce decline, due to high sea freight, blank sailings and erratic
their carbon footprint targets as one of the measures shipment schedules resulting in delayed deliveries. The
to combat climate change as has been set out in the demand for sanitizers also reduced down substantially as
UNSDGs – United Nations Sustainability Development the pandemic situation improved. The Company continues
Goals. to be a major player in North India for domestic pharma
The year 2021-22 was very challenging for the chemicals markets. It is a trusted and reliable supplier to many
business. The economic slowdown caused by intermittent well established companies manufacturing homeopathic
Covid related lockdowns disrupted chains and made medicines. The Company continues to be a reliable
the demand supply scenario very unpredictable. Some supplier for customers in Nepal which is a growing market
volume of Bio-MEG business was lost due to policy shift for ENA. The Company enjoys a position of a premium
in US market in favour of recycled PET. Domestic Glycol quality ENA supplier in the international markets and is
prices remained low so we took a conscious decision to gradually trying to increase its market share. The existing
reduce volumes in domestic market. tie-up with Bacardi for bottling of their products at the
However, despite adversities, the Company was able to Kashipur bottling unit performed well.
increase the sales in the domestic market and achieved Your Company has the license for operations and sale
a growth in the Glycol Ether segment as a result of of branded Country Liquor in the States of Uttar Pradesh
conscious strategy to push more volumes into China in and Uttarakhand. The Company commanded leadership
order to increase our sales revenue and capitalize on the position in the Country Liquor market both in the States
opportunity created in domestic market due to higher price of Uttar Pradesh and Uttarakhand. Also, the new liquor
and tight availability of competition products. Sales of
policy of Delhi Government in place from 1st April, 2022, will
Glycols [Monoethylene Glycol (MEG), Diethylene Glycol
provide new opportunities to the Company in this segment.
(DEG), Triethylene Glycol (TEG), Heavy Glycols and
Glycols Ether] have increased from 75,767 MT during the The Company is producing Indian Made Foreign Liquor
FY 2020-21 to 81,077 MT in FY 2021-22 and whereas, (“IMFL”) brands from its Gorakhpur unit and Kashipur unit
the sales value was at ` 1,024 Crores and ` 1,555 Crores, and couple of tie-up units. With focus on brand extension
respectively. of the Bunty® family, the Company launched several IMFL
During the period from April to June, 2021(before transfer brand variants and a new variant of Vodka in the Bunty®
of EOD business), sales under Ethylene Oxide Derivatives brand category This was a huge success in the Uttar
(EOD/Speciality Chemicals & Ethoxylate) business was Pradesh market.
17,762 MT with a sales value of ` 214 Crores. Following the strategy of premiumisation in the Potable
During the year, your Company produced 86,152 MT of Spirits division, the Company launched Amazing Vodka in
Glycols compared to 75,615 MT last year. the Semi-Premium Segment. The brand has the distinction
The Company continued to manufacture premium quality of being packed in a beautiful frosted, printed bottle with
Hand Sanitizer from its Kashipur and Gorakhpur plants. brilliant blend which has imported enhancers/flavours. The
However, with the reduced pace and impact of Covid-19, Company also launched Amazing Vodka in Green Apple &
during the year under review, the Company recorded Orange flavours.
a sales value of ` 11.04 Crores against sale of `41.36 Amazing Vodka has been well accepted by the consumers
Crores during last year. of UP, Uttarakhand and Chandigarh. Encouraged by the
Exports good success of the brand, the Company intends to take
Despite the challenging global scenario, the Company the brand national. In the semi-premium Whisky segment,
registered a sales value of ` 717 Crores during the year the Company has successfully launched Single Reserve
under review as compared to ` 645 Crores during previous Whisky with a unique Winning brand promise of “blended
year. The increase was mainly driven by a modest 6% with Indian Single Malt" while almost all others competing
increase in Glycol sales value. The total export volume brands are blended with scotch. This unique selling
remained roughly same as last year. proposition gives the brand a competitive edge. The brand
The Company continues to hold the ‘Three Star Export has got good consumer acceptance in Uttar Pradesh,
House’ status as granted by Government of India. Uttarakhand, Chandigarh and Delhi etc. The brand is an
integral part of Company’s focus on IMFL business.
Potable Spirits (IMFL, Country Liquor) and ENA
During the year, your Company registered gross sales The Company is a registered supplier to the Indian Defense
value of ` 4,393 Crores as compared to ` 3,718 Crores forces through CSD & Para Military Forces with the flagship
last year in the Potable Spirits division. The Company brand “Beach House XXX Premium Rum”. The Company
has been focusing to develop the export market for Extra now also plans to introduce premium new Whisky and
Neutral Alcohol (ENA) which is a price sensitive market. Vodka brands thus further strengthening the Company’s
However, ENA volume to export market witnessed a brand portfolio in CSD & Para Military market.

Power Alcohol (Bio-Fuels) of Cold Water Soluble ingredients for which marketing
The Company has Power Alcohol plants at Kashipur and and promotional activities started in various markets.
Gorakhpur units each with a capacity of 100 KL per day. Maxicuma (a curcumin formulation) in nanotized form,
The Company continued to produce and supply from which is part of the ENNSOL range is more bioavailable
its Kashipur and Gorakhpur units, Power Alcohol to Oil than curcumin itself and is proven in the preclinical trials
Manufacturing companies (“OMC’s”) through their tender on animal models. Human Clinical Trials has been initiated
process, as per Government of India’s Ethanol Blending to establish the safety and efficacy of Maxicuma. The
Programme for blending in Petrol. Once commissioned, Company has undertaken major business development
both grain distilleries will also be helpful in catering to the activities to leverage the branded nutraceutical ingredient
growing demand in the Bio-fuel segment. market with the help of Maxicuma. Lutein business has also
During the year under review, the Company registered able to increase presence in lucrative European market.
a revenue of ` 9 Crores from sale of Power Alcohol as With strong focus on R & D and formulation development,
compared to ` 74 Crores during previous year. aim to diversify product portfolio to reduce dependency on
a single or few products and also develop, differentiated
Ennature Bio-Pharma (Nutraceuticals) and branded ingredients in line with requirements of US
The Ennature Bio-pharma division of the Company is and European markets, the segment is poised to yield
operating in the space of Plants based API's Nutraceuticals, more growth and profitability in the time to come.
Phytochemicals Health Supplement Ingredients. It is a
leader in high-value complex phytochemicals chemistry Industrial Gases
in India. Ennature Biopharma is also the global leader in During the year under review, on account of surge in
Thiocolchicoside API, a highly potent muscle relaxant. It demand for Liquid Oxygen during Covid-19, the production
has a strategic partnership with Algatechnologies (Part and sale of Liquid Oxygen was on all-time high. However,
of the Solabia Group, France) for highly specialized the price of the medical Oxygen remained capped as per
Astaxanthin and Fucoxanthin ingredients. the government regulations. The Company produced
21,954 MT of Liquid Oxygen and 844 MT of Liquid
The manufacturing facility is located at Dehradun and Nitrogen. Both Liquid Oxygen and Liquid Nitrogen were
is accredited with EU written confirmation, WHO GMP, sold in the market and also used for in house requirements.
Current Good Manufacturing Practices (cGMP), ISO In addition, Argon of 2,671 MT was also produced and its
9001, ISO 22000, Hazard Analysis and Critical Control sales were 2,650 MT.
Points (HACCP), Kosher and Halal. The Company had
also applied for EUGMP certification from the European The Industrial Gas Division also produced Beverage
agency-EDQM, which is underway (delayed due to and Industrial Grade Liquid Carbon Di-oxide (LCO2) at
Pandemic) for audit from the European drug agency. Kashipur. During the year, your Company has produced
28,753 MT of LCO2 and its sale was 28,032 MT.
The unit has an advanced production facility, including
organic certified Super Critical CO2 Fluid Extraction (SCFE) Your Company also produced ETO (Ethylene Oxide
& bio-based solvents' extraction facility, for production & Carbon Dioxide Gas Mixtures) under the trade name
of standardized botanical extract, phytochemicals, food IGL-STERI GAS at its Kashipur Plant. It is suitable for
supplements, spice extracts and active pharmaceuticals sterilization of disposable surgical & medical devices,
ingredients (APIs) of natural plant origin. spices and packing substances like rubber, plastic etc.
The Company has an in house facility for production of EO
The division has achieved sales of ` 153 Crores for FY
and LCO2 which are also used in the production of ETO.
2021-22, as compared to ` 148 Crores over previous
It is the only plant in India to have such manufacturing
year. In spite of the challenges in both international and
facility which manufactures both these gases and gives us
domestic markets, the Company has been able to maintain
a distinct edge over other suppliers in the market. During
the leading market share in the major API categories.
the year under review, the Company has sold 1,343 MT of
The APIs derived from plant sources have been doing Steri Gas as compared to 1,181 MT in the last year.
exceedingly well with some of the molecules having gained
significant growth and captured major market share in the Further, the Industrial Gases segment registered total
burgeoning global pharmaceutical market. Your Company sales of all gases of ` 46 Crores during FY 2021-22
is continuously working on diversification of API’s and against a sale of ` 41 Crores during the last year.
Nutraceuticals. Company’s Nicotine API performed very Future Outlook - Expansion, Modernization and
well and registered significant growth in sales volumes Diversification
during the year under review and supply agreements IGL has established itself as a role model in sustainability.
for Nicotine were executed with few key customers. The It has been possible only because of the fact that the
Company focused on development of new API’s with a Company adopts state-of-the-art technology with a sharp
view to reduce dependency on the API-Thiocolchiside. focus on safety, health, environment and quality while
The Company has also launched the ENNSOL range maximizing use of renewable resources. IGL has been

at the forefront of taking novel initiatives to create a new of the Company. As a result, products being designed
paradigm, each time a need arises. In the present scenario will have a high degree of success rate besides the
when climate changes and global warming have taken development cycle being efficient in-terms of time, quality
the center stage for policy makers across the world, the and cost. The tripartite agreement with LanzaTech and
global chemicals industry has to adopt greener products, Unilever is a perfect example in this regard. Within a short
greener processes and take measures to reduce carbon span of one year not only few products were designed
foot-print in the value chain. IGL stands ahead in the successfully, Unilever launched novel FMCG products
world by graduating from being a producer of renewable based on two of them globally.
and sustainable chemicals to become a PIONEER in With the amount of efforts made during the year gone
Specialty Chemicals derived from C-smart feedstock. IGL by and based on the initial successes obtained, it can
would have the distinction of being the right partner for be said that the future growth path for IGL would be
its customers helping them to achieve their sustainability taking the Company at great heights. Following notable
objectives. Like in the past, IGL’s products of future will developments are worth mentioning in this context:
remain a great enabler for the much needed circular a. Obtained approvals from DSIR for new R&D centre
economy and thus enabling progress on the UNSDGs for IGL at Kashipur and at Dehradun.
(United Nations Sustainability Development Goals). b. IGL (alongwith our partners Unilever and LanzaTech)
The Company has identified the following New areas to was conferred with ICIS surfactant award which is a
build a portfolio of value added produts: sustainability award.
I. New Bio-based Specialties & Performance Chemicals c. A plan for the New specialties has been prepared
including: and project for phase 1 has also been approved.
• Bio-Polymers. Installation of the same is in progress.
• Green Solvents. d. Pilot Plant facilities for new bio-specialties are
commissioned and the new product development
• Amines.
plan is being executed.
• Plasticizers.
e. New breakthroughs in DOT 4 brake fluid with leading
• Speciality Derivatives. PSUs.
• Carbon-smart based Specialties f. Several new products in Potable Spirits segment
II. Potable Spirits and ENA. launched with notable success.
III. Ennature Biopharma (Nutraceuticals) and Plant g. Obtained CEP (Certificate of suitability) approvals
based API's. from EU for an API in Ennature Bio-Pharma segment.
Various types of products would be introduced keeping This puts IGL in a strong position as far as export to
in mind the future needs of user industries. With a sound EU are concerned.
business case, each product would be designed by in- Further, in order to save foreign exchange, benefit the
house R & D adopting the most innovative methods and farm sector and to reduce pollution, the Indian government
approaches. The aim would not only be to capture the is encouraging the industry to produce ethanol from
market share but also to maintain a competitive edge for damaged grains for ethanol blending in petrol through
times to come. The targeted industries for the products its ethanol blending programme (“EBP”). Manufacture of
would include Polymers (Elastomer, inks, Coatings etc.), good quality ethanol and its value added derivatives has
Personal Care, Home Care, Brake Fluids, FMCG, Oil and been a strength of India Glycols and the Company has
initiated steps to setup Grain based Distilleries which apart
Gas, Refineries, Crop Care, Automobiles, Metal Working
from fuel blending will also cater to the growing demand
and other applications.
for potable spirits.
FY 2021-22 has been a year of interesting developments. Finance
This brought a golden opportunity to IGL in terms of During the year under review, your Company has raised
creating a new R&D set up as well as diversifying into term loan amounting to ` 307.29 Crores. The Company
products of novel chemistries. As a part of preparing IGL renewed the EPBG advance for USD 40.59 million
for a new path forward, a plan of action for diversification (`258.66 Crores) after meeting repayment obligations
has been made during the year and a new R & D centre for FY 2021-22. The Company repaid an amount of USD
is being established. The pilot facilities for new Bio- 5.00 million (` 31.86 Crores) to the customers against
Specialties have already been commissioned. The the commitments reducing the total liability to USD 40.59
Company has already started establishing its new range million (` 258.66 Crores) as on 31st March, 2022. Further,
of products in industries identified. the Company has re-paid, upon maturity, term loan of
IGL has already established several collaborations with ` 279.05 Crores during the year.
global leaders for joint R & D on a long-term basis. It has The Company has been regular in meeting its obligations
given a new dimension to new product design concepts towards payment of principal/interest to Banks/NBFCs.

Details of the Loans, Guarantees and Investments Shakumbari Sugar and Allied Industries Limited
covered under the provisions of Section 186 of the
The Company has a sugar manufacturing plant in the
Companies Act, 2013 (“the Act”) are provided in the notes
state of Uttar Pradesh through its subsidiary Company
to the standalone financial statements which form part
Shakumbari Sugar and Allied Industries Ltd. (“SSAIL”) with
of the Annual Report. The Company had discontinued
a crushing capacity of 5,500 tons crushed per day (TCD)
its fixed deposits scheme in the FY 2009-10 and has not
accepted any fresh deposits covered under Chapter V of along with a modern distillery of 65 KL per day (KLPD)
the Act during the year. There are no overdue deposits producing high quality rectified spirit and an internal
as on 31st March, 2022. During the year under review, bagasse fired co-generation plant of 11 MW catering to
no unclaimed deposit was required to be transferred to the captive power needs of the sugar and distillery units.
Investor Education and Protection Fund (IEPF). During FY 22, the Company sold 47.852% of the paid up
The financial statements of the Company (including of equity share capital i.e. 2,42,50,000 equity shares and
subsidiaries) have been prepared in accordance with the 49% of the paid up preference share capital i.e. 49,00,000
recognition and measurement principles laid down under preference shares held in SSAIL. As on 31st March, 2022,
Ind-AS as presented under Section 133 of the Act read the Company along with its nominees holds 51.003%
with the relevant rules issued thereunder and the other i.e. 2,58,62,100 equity shares and 51% i.e. 51,00,000
accounting principles generally accepted in India as preference shares of SSAIL and SSAIL continues to be a
applicable. subsidiary of the Company.
Internal Financial Controls and their Adequacy
During the year under review, SSAIL’s operations remain
The Company has in place adequate internal financial discontinued. However, SSAIL continues to evaluate
controls commensurate with the size, scale and complexity and explore options in consultation with expert(s) and
of its operations which ensures that all transactions are
stakeholders for restructuring/revival/disinvestment.
authorized, recorded and reported correctly in a timely
manner. The Company periodically discusses and During the year ended 31st March, 2022, SSAIL has
reviews at its Audit Committee and with its auditors the earned a profit of ` 544.70 Lakhs.
effectiveness of the internal financial control measures IGL Finance Limited
implemented by the Company including with reference to IGL Finance Ltd. (“IGLFL”) is a 100% subsidiary of the
the Financial Statements of the Company. Company. IGLFL had invested funds in short term
The Company has a proper and adequate system of commodity financing contracts of the National Spot
internal financial controls which includes the policies and Exchange Ltd. (“NSEL”).
procedures for ensuring the orderly and efficient conduct
of its business, including adherence to Company’s NSEL has defaulted in settling the contracts on due dates,
policies, the safeguarding of its assets, the prevention for which IGLFL has initiated legal and other action. IGLFL
and detection of frauds and errors, the accuracy and is confident of recovery of its dues from NSEL over a
completeness of the accounting records and the timely period of time in view of the measures which have so far
preparation of reliable financial information. been taken for and pending before the Government and
Subsequent to updation of delegation of authority other agencies. During the year ended 31st March, 2022,
matrix/ SOP’s/manual in line with the changed business IGLFL has incurred a loss of ` 0.46 Lakh.
environment in earlier years, the Company has also IGL Chem International Pte. Ltd.
implemented the more strengthened IFC framework in
consultation with M/s Grant Thornton during the year IGL Chem International Pte. Ltd. is a 100% subsidiary
under review. of the Company in Singapore to augment its activities in
Listing of Securities South Eastern region and help the marketing of products
from Chemical Plant, Natural Gums Plant and Supercritical
The shares of the Company are listed on BSE Limited
Fluid Extraction facility to large buyers in US, Europe and
(BSE) and the National Stock Exchange of India Limited
South East Asia. During the year ended 31st March, 2022,
(NSE). The respective stock code no. and symbol of the
Company are 500201 and INDIAGLYCO. The annual IGL Chem International Pte. Ltd. has earned a profit of
listing fees for the year 2022-23 have been paid in ` 221.61 Lakhs.
advance to the Stock Exchanges. IGL Chem International USA LLC
Subsidiary Companies and Joint Venture and Your Company has also set up a 100% subsidiary
Consolidated Financial Statements Company in USA named as IGL Chem International USA
As on 31st March, 2022, the Company had Six (6) LLC with the main objective of marketing of the Company’s
subsidiaries and Two (2) Joint Venture Company. products and related activities in the American and Latin
During the year under review, one (1) new wholly-owned American regions. During the year ended 31st March,
subsidiaries namely Ennature Bio Pharma Private Limited 2022, IGL Chem International USA LLC has incurred a
was incorporated. A brief of each of them is given below: loss of ` 109.56 Lakhs.

IGL Chemicals and Services Private Limited Limited (KIFTPL) is a joint venture of your Company
IGL Chemicals and Services Private Limited (“ICSPL”) is and Apollo Logisolutions Limited (“ALS”), serves as a
a 100% subsidiary of the Company with objectives, inter- multimodal logistic facility for both EXIM and domestic
alia, of manufacturing, distribution and sale of various cargo handling. KIFTPL owns state-of–art infrastructure
chemicals and ancillary items and providing related and provides railway based logistic services and other
services, utilities etc. facilities through its Private Freight Terminal and Inland
Container Depot at Bazpur Road, Kashipur, Uttarakhand.
During the year ended 31st March, 2022, ICSPL has
incurred a loss of ` 0.52 Lakh. As on 31st March, 2022, your Company along with its
affiliates hold 48.92% of the share Capital (42.31% by
Ennature Bio Pharma Private Limited
the Company and 6.61% by the affiliates) of KIFTPL
During the year under review, your Company had while 51% of the share capital is held by ALS. ALS is an
incorporated a 100% subsidiary namely, Ennature Bio integrated logistics service provider and provides complete
Pharma Private Limited (“EBPPL”) vide certificate of and comprehensive services relating to container freight
incorporation dated 1st October, 2021 issued by the station, transportation of containers, cargo handling
Registrar of Companies with objectives, inter-alia, and has the requisite technical expertise to operate and
to produce of all types and nature of Nutraceuticals, manage inland container depot.
Phytochemicals, Active Pharmaceuticals ingredients During the year under review, KIFTPL has registered
(API) of natural plant origins, food supplements & health sales turnover of ` 2,754.97 Lakhs as compared to ` 2,025
supplements herbs and their extracts and all nature of Lakhs in previous year, an increase of about 36% over the
their derivatives, intermediary products and/or to carry out previous year. During the year ended 31st March, 2022,
other related activities. KIFTPL has earned a profit of ` 376.34 Lakhs.
During the year ended 31st March, 2022, EBPPL has The consolidated financial statements of the Company
incurred a loss of ` 0.37 Lakh. and its subsidiaries, joint ventures for the FY 2021-22,
Clariant IGL Specialty Chemicals Private Limited prepared in accordance with the applicable provisions
(erstwhile IGL Green Chemicals Private Limited) of the Act, SEBI Listing Regulations and applicable
Clariant IGL Specialty Chemicals Private Limited accounting standards notified by Ministry of Corporate
(“CISCPL”) (erstwhile IGL Green Chemicals Private Affairs (“MCA”), Govt. of India, forms part of the Annual
Limited) was incorporated in financial year 2020-21 as a Report. Pursuant to the provisions of Section 136 of the
wholly owned subsidiary and in pursuance to the approval Act, financial statements of the subsidiary companies are
by the Board of Directors at their meeting held on 11th not required to be sent to the members of the Company.
March, 2021, the Company entered into a Business The Company will provide a copy of separate annual
Transfer Agreement (“BTA”) dated 11th March, 2021 to accounts in respect of each of its subsidiary/associate
transfer its BioEO (Speciality Chemicals) Business to to any member of the Company if so desired and said
CISCPL. Simultaneously, the Board of Directors had also annual accounts will also be kept open for inspection at
approved entering into a joint venture with CISCPL and the registered office of the Company.
Clariant International Ltd. (“Clariant”), in connection with, Further, the audited annual accounts of the subsidiary
inter alia, investment by Clariant in CISCPL and issuance companies are also available on the website of the
of subscription shares by IGCPL to Clariant, resulting Company viz. www.indiaglycols.com.
into CISCPL becoming a 49:51 joint venture between the A separate statement containing salient features of the
Company and Clariant. financial statements of subsidiaries and Joint ventures
Thereafter, subsequent to receipt of all requisite approvals under first proviso to sub-section (3) of section 129 in
including government and shareholders, upon completion Form AOC-1 forms part of the financial statements.
of certain conditions as per the BTA, during the year Board of Directors and Key Managerial Personnel
under review, CISCPL became a 49:51 joint venture of (KMP)
your Company and Clariant, with an objective to carry on The Board of Directors of the Company, on the
BioEO (Speciality Chemicals) Business. More details of recommendation of Nomination and Remuneration
the transaction are mentioned in the notes to the financial Committee (“NRC”) at its meeting held on 12th February,
statements and earlier in this Report. 2021 re-appointed Shri U.S. Bhartia (DIN: 00063091)
During the year ended 31st March, 2022, CISCPL has as Chairman & Managing Director and Key Managerial
earned a profit of ` 3,936.88 Lakhs. Personnel of the Company in the category of Whole time
Director of the Company, for a further period of 5 (Five)
Kashipur Infrastructure and Freight Terminal Private years w.e.f. 1st April, 2021 till 31st March, 2026 which was
Limited also approved by the members of the Company by Special
Kashipur Infrastructure and Freight Terminal Private Resolution passed through Postal Ballot on 25th April, 2021.

Furthermore, Shri Sudhir Agarwal (DIN: 08602216), the Directors individually as well as the evaluation of
Director of the Company is retiring by rotation at the Committees. The evaluation was carried out based on
ensuing AGM and being eligible, offers himself for parameters such as level of engagement and contribution,
reappointment. Your Directors also recommends the independence of judgement, safeguarding the interest of
reappointment of Shri Sudhir Agarwal, the retiring Director, the Company and all stakeholders etc.
for your approval.
The performance evaluation of the Independent Directors
The Company has received requisite declarations as was done by the entire Board excluding the Directors
required under Section 152(4) of the Act from Shri Agarwal
being evaluated in pursuance to the applicable provisions
along with the intimation that he is not disqualified under
of SEBI listing Regulations. The performance evaluation of
Section 164 of the Act to act as Director.
the Chairman, Board as a whole and the Non-Independent
Brief resume of the Director retiring by rotation along Directors was carried out by the Independent Directors.
with the other details as stipulated under SEBI Listing
Regulations and Secretarial Standard on General The Board of Directors expressed their satisfaction with
Meetings (SS-2), are provided in the Notice convening the evaluation process
AGM. Nomination and Remuneration Policy
Except as mentioned above, there is no change in the Key The Nomination and Remuneration Policy containing,
Managerial Personnel during the year under review. inter-alia, guiding principles for payment of remuneration
to Directors, Senior Management, Key Managerial
All the Independent Directors have furnished declarations Personnel and other employees along with criteria
that they fulfill the criteria of Independence and conditions
for determining qualifications, positive attributes,
as prescribed under Section 149(6) of the Act and
independence of Directors and Board evaluation are
Regulation 16(I)(b) of SEBI Listing Regulations and
provided in the Corporate Governance Report and forms
confirmed regarding their enrollment with the Indian
part of the Annual Report. The said policy is available
Institute of Corporate Affairs (IICA) for inclusion of their
on the website of the Company i.e. www.indiaglycols.
name in the Data Bank of Independent Directors. There
com under link https://www.indiaglycols.com/investors/
was no change in the circumstances effecting their status
downloads/nomination-remuneration-and-evaluation-
as Independent Director. In terms of Regulation 25(8) of
policy.pdf.
SEBI Listing Regulations, the Independent Directors have
confirmed that they are not aware of any circumstance or Sexual Harassment of Women at Workplace
situation which exists or may be reasonably anticipated (Prevention, Prohibition and Redressal) Act, 2013
that could impair or impact their ability to discharge their In accordance with the provisions of the Sexual
duties. The Board is of the opinion that all Independent Harassment of Women at Workplace (Prevention,
Directors are independent of the Company’s management Prohibition and Redressal) Act, 2013 (“Prevention of
and meets the requirement of integrity, expertise and Sexual Harassment Act”), the Company has constituted
experience (including proficiency). an Internal Complaints Committee where any grievance
During the Financial Year 2021-22, Five (5) Board of sexual harassment at workplace can be reported. No
Meetings were held. The details of the Board meetings complaint pertaining to sexual harassment at workplace
and the attendance of the Directors thereat are provided has been reported to the Committee during the financial
in the Corporate Governance Report and forms part of this year ended 31st March, 2022.
Report. The Company has also adopted policy on prevention of
As on 31 March, 2022, the Board has 5 (five) committees
st Sexual Harassment at workplace. The objective of the
namely: the Audit Committee, the Corporate Social policy is to provide its women employees, a workplace,
responsibility Committee, the Nomination & Remuneration free from harassment/discrimination and that every
Committee, the Risk Management Committee, the employee is treated with dignity and respect.
Stakeholder's Relationship Committee. The said policy is available on the website of the
The detailed note on the composition of the Board and its Company i.e. www.indiaglycols.com under link: https://
committees is provided in the Corporate Governance report www.indiaglycols.com/investors/downloads/policy-for-
of the Company. During the year, all the recommendations prevention-and-redressal-of-sexual-harrasment-of-
made by the Committees were approved by the Board. women-at-workplace.pdf
Board Evaluation The Company periodically conducts sessions for
Pursuant to the applicable provisions of the Act and employees across the organization to build awareness
SEBI Listing Regulations, the Board has carried out the about the policy and the provisions of the Prevention of
annual performance evaluation of its own performance, Sexual Harassment Act.

Vigil Mechanism/ Whistle Blower Policy and that such systems were adequate and operating
In terms of provisions of Section 177 of the Act read effectively.
with Rules thereunder and SEBI Listing Regulations, the Management Discussion and Analysis
Company has established a Vigil Mechanism/Whistle The Management Discussion and Analysis Report as
Blower Policy to deal with the instances of fraud and required under SEBI Listing Regulations forms part of this
mismanagement. The Policy also facilitates all employees Report.
of the Company to report an instance of leak of unpublished
price sensitive information. Corporate Governance
The Corporate Governance Report, as stipulated under
The details of the Vigil Mechanism/ Whistle Blower Policy Schedule V(C) of SEBI Listing Regulations forms part of
are provided in the Corporate Governance Report and this Report.
also hosted on the website of the Company i.e. www.
indiaglycols.com under link https://www.indiaglycols.com/ The requisite certificate from the Statutory Auditors
investors/downloads/vigil-mechanism-policy.pdf of the Company, M/s K. N. Gutgutia & Co., Chartered
Accountants, confirming compliance with the conditions of
As on 31st March, 2022, the Audit Committee comprises corporate governance as stipulated under the aforesaid
Four Non-Executive Independent Directors, namely, clause is attached to Corporate Governance Report.
Shri Pradip Kumar Khaitan (Chairman), Shri Ravi
Business Responsibility Report
Jhunjhunwala, Shri Jagmohan N. Kejriwal, Shri Sajeve
In pursuance to the provisions of Regulation 34 (2)(f) of
Bhushan Deora and one Executive Director, Shri Sudhir
SEBI Listing Regulations, the Business Responsibility
Agarwal.
Report describing the initiatives taken by the Company
The details of the Audit Committee meetings and the from an environmental, social and governance perspective,
attendance of the members thereat are provided in the in the prescribed format, forms part of the Annual Report.
Corporate Governance Report and forms part of this Statutory Auditor & Audit Report
Report. During the year, all the recommendations made As per Section 139 of the Companies Act, 2013, read
by Audit Committee were accepted by the Board. with the Companies (Audit and Auditors) Rules, 2014, M/s
Directors’ Responsibility Statement K.N. Gutgutia & Co., Chartered Accountants (Registration
In terms of provisions of Section 134(5) of the Act, to the No. 304153E)[“KNG”] were appointed as the Statutory
best of their knowledge and ability, your Directors confirm Auditors of the Company with the approval of members at
that: the 33rd AGM held on 1st September, 2017 for a period of 5
(a) in the preparation of the annual accounts for the year years to hold office till the conclusion of 38th AGM.
ended 31st March, 2022, the applicable accounting KNG’s first tenure of 5 years as statutory Auditors, would
standards had been followed along with proper complete on the conclusion of this 38th AGM. Pursuant
explanation relating to material departures; to the provisions of Section 139(2) of the Companies
Act, 2013 read with rules made thereunder, KNG is
(b) they have selected such accounting policies and eligible to be appointed for the second consecutive term
applied them consistently and made judgements and of 5 years. Accordingly, the Board of Directors on the
estimates that are reasonable and prudent so as to recommendation of Audit Committee, re-appointed KNG
give a true and fair view of the state of affairs of the as Statutory Auditors of the Company, subject to the
Company as at 31st March, 2022 and the profit and approval of members in the this 38th AGM, for second term
loss of the Company for that period; of 5 (five) years commencing from the conclusion of 38th
(c) they have taken proper and sufficient care for the AGM till the conclusion of 43rd AGM.
maintenance of adequate accounting records in KNG have consented to the said re-appointment and
accordance with the provisions of the Companies their re-appointment, if made, would be within the limits
Act, 2013 for safeguarding the assets of the Company specified under Section 141(3)(g) of the Act. They have
and for preventing and detecting fraud and other further confirmed that they are not disqualified to be
irregularities; appointed as statutory auditors in terms of the provisions
of the proviso to Section 139(1), 141(2) and 141(3) of
(d) they have prepared the annual accounts on a going
the Act and the provisions of the Companies (Audit and
concern basis;
Auditors) Rules, 2014 and also confirmed that they hold
(e) they have laid down the internal financial controls to a valid certificate issued by the Peer Review Board of the
be followed by the Company and that such internal Institute of Chartered Accountants of India.
financial controls are adequate and were operating The Report given by M/s K.N. Gutgutia & Co., Chartered
effectively; and Accountants (Registration No. 304153E), Statutory
(f) they have devised proper systems to ensure Auditors on the financial statements of the Company for
compliance with the provisions of all applicable laws the financial year 2021-22 is part of the Annual Report.

The notes on financial statements referred to in the Further, the details of material RPTs executed during the
Auditor’s Report are self-explanatory and do not call for year under review are disclosed in Form AOC-2 which is
any further comments. enclosed as “Annexure B” to this report. The disclosures
There has been no qualification, reservation or adverse pertaining to RPTs including with entity belonging to the
remark or disclaimer in their Report on standalone and promoter group which hold(s) 10% or more shareholding
consolidated financial statements for FY 2021-22. in compliance with the applicable Accounting Standards
During the year under review, the Auditors have not have been given in Note no. 57 of the Standalone financial
reported any matter under Section 143 (12) of the Act. statements forming part of the Annual Report.
Secretarial Auditor & Secretarial Audit Report Conservation of Energy, Technology Absorption,
The Board appointed M/s Mukesh Agarwal & Co., Company Foreign Exchange Earnings & Outgo
Secretaries (CP No.- 3851) as Secretarial Auditor for the Your Company works actively on various projects
Financial Year 2021-22 in terms of provisions of Section efficiently, approaching and targeting reduction in Green
204 of the Act. The Secretarial Audit Report for the financial House Gases (GHG) emissions.
year ended 31st March, 2022 was considered by the Board The Company has installed unique technology for
in its meeting held on 26th May, 2022 and is enclosed as converting distillery spent wash into fuel at both the plants
“Annexure A” to this report. The Secretarial Audit Report viz. Kashipur and Gorakhpur. Through this technology, the
does not contain any qualification, reservation or adverse spent wash is concentrated through five effect evaporator.
remark which needs any explanation or comment of the The concentrate is utilized as fuel to substitute coal in a
Board. specifically designed boiler. The high pressure steam
During the year under review, the Company has complied so generated is passed through the turbine for power
with all the applicable mandatory Secretarial Standards as generation and low pressure steam after turbine is utilized
issued by the Institute of Company Secretaries of India. in the plant processes. Due to this, your Company is saving
Cost Records and Cost Auditors fossil fuel in terms of coal and substituting the essential
The Cost records as required to be maintained under power generation through DG sets.
Section 148 (1) of Act are duly made and maintained by Your Company has received certification of Energy
the Company. Management System (ISO 50001:2018) under integrated
The Company has appointed M/s R.J. Goel & Co., Cost management system.
Accountants (FRN 000026) as Cost Auditors of the The information in accordance with the provisions of
Company for the financial year 2022-23 under section Section 134(3)(m) of the Act read with the Rule 8 of the
148 of the Act read with the Companies (Cost Records Companies (Accounts) Rules, 2014 is given at “Annexure
and Audit) Rules, 2014 including amendments, if any. The C” to this report.
Cost Auditors have confirmed that they are eligible under
Section 141 (3) of the Act for re-appointment. Corporate Social Responsibility
The Cost Auditor’s Report for the year 2020-21 was filed Corporate Social Responsibility (‘CSR’) is a way of
with Central Government within the prescribed time. conducting business, by which corporate entities visibly
Related Party Transactions contribute to the social good and the welfare of society at
large with an aim to improve quality of life of people. The
During the FY 2021-22, Related Party transactions (RPTs)
Company feels that the essence of CSR is to integrate
as defined under Section 188 of the Act read with rules
economic, environmental and social objectives with the
made thereunder and the SEBI Listing Regulations, were
Company’s operations and growth. CSR is the process
at arm’s length and in ordinary course of business.
by which an organization thinks about and evolves its
Pursuant to the provisions of Section 177 of the Act relationships with society for the common good and
read with Regulation 23 of SEBI Listing Regulations, demonstrates its commitment by giving back to the
all transaction with related parties were reviewed and
society for the resources it used to flourish by adoption of
approved by the Audit Committee and were in accordance
appropriate business processes and strategies. To give
with the policy on RPTs as formulated by the Company.
further impetus to this cause, the Company endeavours to
The RPT policy was revised pursuant to the amendments
manage its operations with an emphasis on Sustainable
to the SEBI Listing Regulations and the same has been
development to minimize impact on environment and
uploaded on the Company’s website at the following
link https://www.indiaglycols.com/investors/downloads/ promotes inclusive growth.
related-party-transactions-policy.pdf The Company had an average profit of ` 8,819.75 lakhs
Pursuant to Regulation 23(9) of SEBI Listing Regulations, in terms of Section 198 of the Act during the last 3
disclosures of related party transactions on a consolidated financial years. Therefore, in pursuance to the provisions
basis for the half year ended 31st March, 2021 and 30th of Section 135 of the Act, the Company was required
September, 2021 were submitted to the Stock Exchanges to spend ` 176.40 lakhs towards CSR activities during
and also hosted on the website of the Company. the financial year 2021-22. However, keeping in view

its social responsibility commitments, the Company has organization & share information, experiences amongst
voluntarily contributed an amount of ` 237.01 lakhs on the different sites of the Company.
CSR activities during the financial year ended 31st March, Considering the importance of keeping the risk
2022. The CSR policy of the Company is available on the management process dynamic, a periodical review of
website of the Company at https://www.indiaglycols.com/ the risks is carried out across sites and departments for
investors/downloads/csr-policy.pdf necessary key risks and risk management strategies
The Company’s CSR policy statement and the annual are communicated to the Board of Directors for their
report on CSR activities undertaken during the financial assessment for minimization of effects of risk. The
year ended 31st March, 2022, in accordance with the details of the Risk Management Committee meeting and
provisions of Section 135 of the Act read with the the attendance of members thereat are provided in the
Companies (Corporate Social Responsibility Policy) Corporate Governance Report and forms part of this
Rules, 2014, is given at “Annexure D” to this Report. Report.
The CSR Committee comprises two Executive Directors Annual Return
namely Shri U.S. Bhartia (Chairman) and Shri Sudhir The Annual Return of the Company is available on the
Agarwal and two Non-Executive Independent Directors website of the Company at https://www.indiaglycols.com/
namely, Shri Pradip Kumar Khaitan and Shri Jitender investors/downloads/IGL-MGT-7-2021.pdf
Balakrishnan.
Court/Tribunal Orders
The details of the CSR Committee meetings and the During the year under review, there were no significant
attendance of the members thereat are provided in the material orders passed by the regulators or courts or
Corporate Governance Report and forms part of this tribunals impacting the going concern status of the
Report. Company and its future operations.
Risk Management Policy Miscellaneous Disclosures
The Company had already voluntarily constituted a Risk There is no proceeding pending under the Insolvency
Management Committee ("RMC”) to monitor the Risk and Bankruptcy Code, 2016 against the Company. There
Management Plan and to mitigate the risks attached to the have not been any instances of one-time settlement by
business of the Company before it was made mandatory the Company with any Bank or financial institution.
by the SEBI Listing Regulations w.e.f. 5th May, 2021. The
Particulars of Employees
RMC consists of Directors and the senior management
The required information as per Section 197 of the Act
personnel of the Company, details whereof are provided
read with Rule 5 of the Companies (Appointment and
in the Corporate Governance Report and forms part of this
Remuneration of Managerial Personnel) Rules, 2014 is
Report. In pursuance to the amended provisions of the
given at “Annexure E” to this Report.
SEBI Listing Regulations, during the year under review,
the Board of Directors approved the revised terms of Acknowledgement
reference/role and responsibilities of the RMC and revised Your Directors expresses their sincere gratitude for the
Risk Management Policy along with the risk matrix/ library continued support, co-operation and encouragement
to align them with the said amendments. received from Central Government, the State
Governments of Uttarakhand and Uttar Pradesh, other
Your Company’s objective of risk management is to have governmental authorities, Bankers, customers, lenders,
a meaningful identification, measurement, prioritization suppliers, vendors, dealers, members, other stakeholders
of risks or exposures to potential losses on a continual and business associates during the year under review.
basis through active participation of all members of
Your Director place on record their deep appreciation
the Company and accordingly establish controls and
to all the employees for their hard work, dedication
procedures to build a visible & structured enterprise-wide
and commitment. The Company look forward for their
risk management framework; reduce the risk levels and
continued support in the future.
mitigate their effects in the likelihood of a risk event with
an aim to protect the Company from harm; and have a
contingency plan to manage risks having high probability
and high impact.
Risk management framework is created to ensure that risk
management principles are implemented and integrated For and on behalf of the Board
all over the organization and that information retrieved
from the risk management process are correctly reported.
This framework provides a stable foundation for the risk Place : Noida U.S. Bhartia
management work, orient the organizational arrangements Dated : 26th May, 2022 Chairman and Managing Director
properly in order to have a clear risk strategy across the DIN: 00063091

Annexure A (Substantial Acquisition of Shares and Takeovers)

FORM NO. MR-3 Regulations, 2011;
SECRETARIAL AUDIT REPORT b. The Securities and Exchange Board of India
FOR THE FINANCIAL YEAR ENDED MARCH 31, 2022 (Prohibition of Insider Trading) Regulations, 2015;
[Pursuant to Section 204(1) of the Companies Act, 2013 c. The Securities and Exchange Board of India
and Rule No. 9 of the Companies (Appointment and (Issue of Capital and Disclosure Requirements)
Remuneration of Managerial Personnel) Rules, 2014] Regulations, 2018; (Not Applicable to the
Company during the Audit Period)
To,
d. The Securities and Exchange Board of India
The Members,
(Share Based Employee Benefits) Regulations,
INDIA GLYCOLS LIMITED
2014; (Not Applicable to the Company during
CIN : L24111UR1983PLC009097
the Audit Period)
A-1, Industrial Area, Bazpur Road,
Kashipur-244713, Udham Singh Nagar, Uttarakhand e. The Securities and Exchange Board of India
(Issue and Listing of Non-convertible Redeemable
We have conducted the secretarial audit of the compliance Preference shares) Regulations, 2013; (Not
of applicable statutory provisions and the adherence to Applicable to the Company during the Audit
good corporate practices by INDIA GLYCOLS LIMITED Period)
(hereinafter called the “Company”). Secretarial Audit was f. The Securities and Exchange Board of India
conducted in a manner that provided us a reasonable (Issue and Listing of Debt Securities) Regulations,
basis for evaluating the corporate conducts/statutory 2008; (Not Applicable to the Company during
compliances and expressing our opinion thereon. the Audit Period)
Based on our verification of Company’s books, papers,
g. The Securities and Exchange Board of India
minute books, forms and returns filed and other records
(Registrars to an Issue and Share Transfer Agents)
maintained by the Company and also the information
Regulations, 1993 regarding the Companies Act
provided by the Company, its officers, agents and
and dealing with client; (Not Applicable to the
authorized representatives during the conduct of
Company during the Audit Period)
secretarial audit, we hereby report that in our opinion,
the Company has, during the audit period covering the h. The Securities and Exchange Board of India
financial year ended March 31, 2022, complied with the (Delisting of Equity Shares) Regulations, 2009;
statutory provisions listed hereunder and also that the (Not Applicable to the Company during the
Company has proper Board-processes and compliance Audit Period)
mechanism in place to the extent, in the manner and i. The Securities and Exchange Board of India
subject to the reporting made hereinafter. (Buyback of Securities) Regulations, 1998. (Not
We have examined the books, papers, minute books, Applicable to the Company during the Audit
forms and returns filed and other records maintained by Period)
the Company for the financial year ended on March 31, (vi) The management has confirmed that other laws
2022 according to the provisions of: applicable to the Company are complied with.
(i) The Companies Act, 2013 and the rules made We have also examined compliance with the
thereunder. applicable clauses of the following:
(ii) The Securities Contracts (Regulation) Act, 1956 (i) Secretarial Standards issued by The Institute of
(‘SCRA’) and the rules made thereunder. Company Secretaries of India and notified by
(iii) The Depositories Act, 1996 and the Regulations and Ministry of Corporate Affairs;
Bye-laws framed thereunder.
(ii) The SEBI (Listing Obligations and Disclosure
(iv) Foreign Exchange Management Act, 1999 and Requirements) Regulations, 2015.
the rules and regulations made thereunder to the
During the period under review the Company has duly
extent of Foreign Direct Investment, Overseas Direct
complied with the provisions of the Act, Rules, Regulations,
Investment and External Commercial Borrowings
Guidelines, etc. mentioned above.
(ECB). (Not Applicable to the Company during the
Audit Period)
We further report that:
(v) The following Regulations and Guidelines prescribed The Board of Director of the Company is duly constituted
under the Securities and Exchange Board of India with proper balance of Executive Directors, Non-Executive
Act, 1992 (‘SEBI Act’):- Directors, Independent Directors and Women Director.
a. The Securities and Exchange Board of India The changes in the composition of the Board of Directors

which took place during the period under review were records maintained by the Company, there are adequate
carried out in compliance with the provisions of the Act. systems and processes in the Company commensurate
Adequate notice is given to all Directors to schedule with the size and operations of the Company to monitor
the Board Meetings, Agenda and detailed notes on and ensure compliance with applicable laws, rules,
Agenda were sent to the Directors at least seven days in regulations and guidelines.
advance, and a system exists for seeking and obtaining For Mukesh Agarwal & Co.
further information and clarifications on the agenda items Mukesh Kumar Agarwal
before the meeting and for meaningful participation at the Proprietor
meeting. Place : Delhi FCS No.: 5991
All decisions at Board Meetings and Committee Meetings Date : 3rd May, 2022 C. P. No.: 3851
are carried out unanimously as recorded in the minutes of UDIN: F005991D000259301
the meetings of the Board of Directors or Committee(s) of Note: This report is to be read with our letter of even date
the Board, as the case may be. which is annexed as “Annexure-A” and forms an integral
We further report that based on the information received and part of this report.
Annexure A
To,
The Members,
India Glycols Limited,
CIN : L24111UR1983PLC009097
A-1, Industrial Area, Bazpur Road,
Kashipur-244713, Udham Singh Nagar, Uttarakhand
The Secretarial Audit 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. Our responsibility is to
express an opinion on these secretarial records based on our audit.
2. We have followed the audit practices and processes as 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 our opinion.
3. We have not verified the correctness and appropriateness of financial records and Books of Accounts of the
company.
4. Wherever required, we have obtained the Management representation about the compliance of laws, rules and
regulations and happening of events etc.
5. The compliance of the provisions of Corporate and other applicable laws, rules, regulations, standards is the
responsibility of management. Our examination was limited to the verification of procedures 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 Mukesh Agarwal & Co.
Place : Delhi Mukesh Kumar Agarwal

Date : 3rd May, 2022 Proprietor
FCS.: 5991
C. P. No.: 3851
UDIN: F005991D000259301

Annexure B
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]
Disclosure of particulars of contracts/arrangements entered into by the Company with related parties referred to in sub-
section (1) of section 188 of the Companies Act, 2013 including certain arm’s length transactions under fourth (erstwhile
third) proviso thereto.
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:
Name(s) of the Nature of contracts/ Durations of the con- Salient terms of the contracts or arrange- Date(s) of approval Amount paid
related party and arrangements/ tracts/ arrangements/ ments or transactions including the value, if by the Board, if any as advances,
nature of relation- transactions transactions any if any
ship
Clariant IGL Business Transfer One time. **Transfer of Company’s BioEO (Speciality 24th June, 2020 and Nil
Specialty Chemicals Agreement Chemicals) Business on slump sale basis inter- 11th March, 2021
Private Limited alia, including sale of land through sale deed(s).
(Erstwhile IGL Green
Chemicals Private Supply Agreement(s) 20 years and extend- @#
Supply of Ethylene Oxide, Diethylene Glycol, 11th March, 2021 Nil
Limited) (“CISCPL”), able for a further period utilities, power.
Joint Venture (whol- of 10 years.
@#
ly-owned subsidiary Providing services at site. 11th March, 2021 Nil
Services Agreement
till 30th June, 2021 till
@#
the time of allotment Transitional Services 6 months and extend- Providing certain transitional services. - Nil
of equity shares to agreement(s) able as may be mutu-
JV Partner.) ally agreed.
Lease/Leave & 20 years and extend- @#

Lease and Reverse lease at site. - Nil
License able for a further period
Agreement(s) of 10 years.
11 months and extend- @#

Leasing of office premises. - Nil
able as may be mutu-
ally agreed.
Supply Agreement(s) 20 years and extend- @#

Supply of Acetic Acid and procurement of Pro- - Nil
able for a further period pylene Oxide.
of 10 years.
#
Miscellaneous ar- For FY 2021-22. Sale/Purchase of Goods and/or Rendering/ - Nil
rangements Availing of Services and/or reimbursement of ex-
penses paid on each other’s behalf. (on omnibus
approval basis)
* All transactions were executed in the ordinary course of business and on arms’ length basis.
** For consideration and other details, refer note nos. 57 and 62 of the Standalone Financial Statements and Board’s Report for
FY 2021-22.
@
Effective from 1st July, 2021.
#
For details of transactions during the year, refer note no. 57 of the Standalone Financial Statements.
Note: All transactions with CISCPL have been disclosed irrespective of whether they are covered under Section 188 of the
Companies Act, 2013 or not.
On behalf of the Board
Place : Noida U.S. Bhartia

Date : 26th May, 2022 Chairman & Managing Director
DIN: 00063091

Annexure C
PARTICULARS AS REQUIRED UNDER SECTION 134(3)(m) OF THE COMPANIES ACT, 2013 AND THE COMPANIES (ACCOUNTS)
RULES, 2014
(A) CONSERVATION OF ENERGY

(a) Steps taken or impact on Energy Conservation:
1. Replacement of boiler fuel (Bottling unit) from Diesel to Natural Gas to reduce losses of the system & also to get better
efficiency of boiler; resulting in fuel savings.
2. Replacement of Air pre heater of Slop Boiler to improve boiler efficiency; resulting in coal savings.
3. Installation of Anaerobic & Aerobic system followed by Evaporator for treatment of high COD waste water and further its
utilization as raw water; resulting in saving of bore well water.
4. Use of Coal Additive in boiler to reduce % unburnt in coal ash, resulting in coal savings.
5. Utilization of HP scrubber (Food grade) wash water as absorbent water in HP Scrubber (Industrial grade); resulting in reduction
in water consumption as well as power consumption.
6. In evaporator plant Two Pumps operation is reduced to single Pump operation by increasing the impeller size of the Pump. The
exercise helped to reduce the electrical energy as well as improved the plant reliability.
7. Installation of LED lights in place of conventional lights.
8. Utilization of spent lees & bleed of vacuum pumps in distillation process as well as for fermenter cleaning, resulting in reduction
of Raw Water /DM water & Energy consumption.
9. Process condensate from Evaporator plant is used for dilution in fermentation section resulting in saving of raw water and
energy.
10. Installation of sludge settling system in Fermented wash & Spent Wash helped to minimize the scaling in respective units i.e.
Analyzer Column & associated reboiler and Evaporator, respectively, resulted in saving in supporting fuels.
11. Installed and commissioned the 55 TPH High Efficiency Slop fired Boiler, improved the utilization of concentrated slops to cater
the steam requirement resulted reduction in the rice husk/coal consumption.
12. Various continuous energy saving measures that includes steam trap management, periodic monitoring of energy intensive
equipment’s are in continuous practice to reduce the energy cost at all units.
(b) Steps taken by the Company for utilizing alternate sources of energy:
Utilization of Slops (concentrated Spent wash), Rice husk, Herbal waste & Natural Gas in boilers.
(C) Capital Investment on energy conservation equipments:
During the year, the Company invested ` 143.04 lakhs in energy conservation equipments.
(B) TECHNOLOGY ABSORPTION
(a) The efforts made towards technology absorption:
Development of new cost effective feed stock (RM) source
(b) Benefits derived like product improvement, cost reduction, product development or import substitution:
1. Under waste to wealth project, Utilizing Potash rich Slop boiler Ash as fertilizer.
2. To increase the Bio-DEG production, in-house process changes were carried out to enhance DEG production up to 20% of
MEG produced against 9 - 10% as per design.
3. Process development of Methyl & Butyl based glycol ether from methanol and butanol respectively.
4. Process development of new product as DEG diformate from DEG and Formic acid.
5. Process developed for Extraction of carotenoids and Omega three fatty acid from Micro algae Nanochloropsis and
Shyzochytrium.
6. Extraction and enrichment of Astaxanthin from the raw material samples received from Iceland and enriched biomass sample
received aiming for 93% active recovery.
7. Process development for isolation of punicic acids from Pomegranate seed.
8. Process development for enrichment of Astaxanthin to 27-29%.
9. Process developed for removal of residual solvents from marigold extract to comply the international requirement for residual
solvents.
10. Stabilization of commercial process in SCF-CO2 process to create a widest product portfolio such as Lutein Ester (75%) extract
from Marigold meal; Astaxanthin (Algamo) from Haematoccocus pluvialis; Pomegranate seed oil from Pomegranate seed
which contains Punicic acid & Omega Fatty acid; Astaxanthin from Haematoccocus pluvialis and Turmeric oil from Turmeric
extract.
(c) In case of imported technology (imported during the last 3 years reckoned from the beginning of the financial year)
(a) Details of technology imported Nil
(b) Year of import Nil
(c) Whether the technology been fully absorbed NA
(d) If not fully absorbed, areas where absorption has not taken place and the reasons thereof NA
(d) Expenditure incurred on Research and Development:
Nature of expenses (` In lakhs)
Sl. No. Division/Place/Plant for which incurred
Capital Recurring
1. Chemical, Kashipur - 197.72
2. Ennature Bio Pharma, Dehradun 165.49 267.86
Total 165.49 465.58
(e) Foreign Exchange Earning and Outgo: (` In lakhs)
Sl. No. Particulars 2021-22 2020-21
1. Foreign Exchange earnings 67,242.83 61,396.39
2. Foreign Exchange outgo 1,47,654.44 1,17,386.16
For and on behalf of the Board

Date : 26th May, 2022 Chairman & Managing Director
DIN: 00063091

Annexure D
ANNUAL REPORT ON CORPORATE SOCIAL RESPONSIBILITY (CSR) ACTIVITIES
for the financial year ended 31st March, 2022
1. Brief outline on CSR Policy of the Company:

Corporate Social Responsibility (CSR) is a way of conducting business, by which corporate entities visibly contribute to the social good
and the welfare of society at large with an aim to improve quality of life of people. India Glycols Limited (“the Company”) feels that the
essence of CSR is to integrate economic, environmental and social objectives with the Company’s operations and growth. CSR is
the process by which an organization thinks about and evolves its relationships with society for the common good and demonstrate
its commitment by giving back to the society for the resources it used to flourish by adoption of appropriate business processes and
strategies. To give further impetus to this cause, the Company endeavours to manage its operations with an emphasis on Sustainable
development to minimize impact on environment and promotes inclusive growth.
2. Composition of CSR Committee:
Sl. Name of Director Designation / Nature of Number of meetings Number of meetings
No. Directorship of CSR Committee of CSR Committee
held during the year attended during the
year
1. Shri U.S. Bhartia, Chairman Chairman and Managing Director 3 3
2. Shri Pradip Kumar Khaitan, Independent Director 3 3
Member
3. Shri Jitender Balakrishnan, Independent Director 3 3
Member
4. Shri Sudhir Agarwal, Member Executive Director 3 3

3. Provide the web-link where Composition of CSR committee, CSR Policy and CSR projects approved by the board are disclosed
on the website of the company:

Particular Web-link
Composition of CSR Policy https://www.indiaglycols.com/investors/downloads/board-committees.pdf
CSR Policy https://www.indiaglycols.com/investors/downloads/csr-policy.pdf
CSR Projects approved by No specific projects were approved during FY 22. All expenses were incurred under various
the Board heads as per Schedule VII of the Companies Act, 2013.

4. Provide the details of Impact assessment of CSR projects carried out in pursuance of sub-rule (3) of rule 8 of the Companies
(Corporate Social Responsibility Policy) Rules, 2014, if applicable (attach the report): Not applicable
5. Details of the amount available for set off in pursuance of sub-rule (3) of rule 7 of the Companies (Corporate Social Responsibility
Policy) Rules, 2014 and amount required for set off for the financial year, if any
Sl. No. Financial Year Amount available Amount required to be setoff for the financial year, if any
for set-off from (in `)*
preceding financial
years (in `)
1. 2018-19 65.87 lakhs -
2. 2019-20 24.17 lakhs -
3. 2020-21 21.27 lakhs -
*the Company has not availed any setoff benefits.
6. Average net profit of the company as per section 135(5):

The average net profit of the Company for the preceding three financial years was ` 8,819.75 Lakhs.
7. (a) Two percent of average net profit of the company as per section 135(5): ` 176.40 Lakhs
(b) Surplus arising out of the CSR projects or programmes or activities of the previous financial years: Nil
(c) Amount required to be set off for the financial year, if any: Nil
(d) Total CSR obligation for the financial year (7a+7b-7c): ` 176.40 Lakhs

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

Total Amount Spent Amount Unspent (in `)
for the Financial
Total Amount transferred to Unspent Amount transferred to any fund specified
Year (in `) CSR Account as per section 135(6). under Schedule VII as per second proviso to
section 135(5).
Amount Date of transfer Name of the Amount Date of
2,37,00,872 Fund transfer
NIL N.A. N.A. NIL N.A.

(b) Details of CSR amount spent against ongoing projects for the financial year:
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11)
Sl. Name Item from Local Location of the Project Amount Amount Amount Mode of Mode of
No. of the the list of area project dura- allo- spent trans- Imple- Implementa-
Proj- activities (Yes/ tion cated in the ferred menta tion - Through
ect in Sched- No) for the current to Un- tion Implementing
ule VII to project financial spent - Direct Agency
the Act (in `) Year (in CSR (Yes/
`) Ac- No)
count
for the
project
as per
Section
135(6)
(in `)
State Dis- Name CSR
trict Regis-
tration
num-
ber
No ongoing projects, hence not applicable.
(c) Details of CSR amount spent against other than ongoing projects for the financial year.

(1) (2) (3) (4) (5) (6) (7) (8)
Sl. Name of the Item from Local Location of the Amount Mode of Mode of
No. Project the list of area project spent for the implementa- Implementa-
activities in (Yes/ project (in `) tion - Direct tion - Through
schedule VII No) (Yes/No) Implementing
to the Act Agency
State District Name CSR
Regis-
tration
number
1. Installation of Hand Sanitation and Yes Uttara- Kashipur 6,62,650 Yes - -
Pumps safe drinking khand
water
2. Medical (camps/ Health care Yes Uttara- Kashipur 2,46,950 Yes - -
sanitization/ distribu- & Sanitation khand
Dehradun 10,79,750
tion of medicines/
providing ICUs and Uttar Ballia 34,44,700
Ventilators/ Installa- Pradesh
tion of PSA Oxygen Gorakhpur 38,46,989
Gas Plants Maharaj- 38,23,250
ganj
Mau 34,54,900
No Pratapgarh 34,62,550

3. Scholarships/ Prize Promoting Yes Uttara- Kashipur 36,25,133 Yes - -

distribution to poor education khand
Students/
School Renovation/
Building Develop-
ment
4. Repair & Construc- Conserva- Yes Uttara- Kashipur 54,000 Yes - -
tion work in Canal tion of natural khand
resources
Total 2,37,00,872

(d) Amount spent in Administrative Overhead: Nil
(e) Amount spent on Impact Assessment, if applicable: Not applicable
(f) Total amount spent for the Financial Year (8b+8c+8d+8e): ` 2,37,00,872/-
(g) Excess amount for set off, if any:

Sl. No. Particular Amount (in `)
(i) Two percent of average net profit of the company as per section 135(5) 1,76,40,000
(ii) Total amount spent for the Financial Year 2,37,00,872
(iii) Excess amount spent for the financial year [(ii)-(i)] 60,60,872
(iv) Surplus arising out of the CSR projects or programmes or activities of the -
previous financial years, if any
(v) Amount available for set off in succeeding financial years [(iii)-(iv)] 60,60,872
9. (a) Details of Unspent CSR amount for the preceding three financial years:
Sl. No. Preceding Amount Amount spent Amount transferred to any fund specified under Amount
Financial transferred to in the report- Schedule VII as per section 135(6), if any. remaining
Year Unspent CSR ing Financial Name of the Amount (in Date of trans- to be spent
Account under Year (in `) Fund Rs) fer in succeed-
section 135 (6) ing financial
(in `) years. (in `)
N.A.
(b) Details of CSR amount spent in the financial year for ongoing projects of the preceding financial year(s):
(1) (2) (3) (4) (5) (6) (7) (8) (9)
Sl. Project Name of the Financial Year Project Total amount Amount spent Cumulative Status of
No. ID Project in which the duration allocated for on the project amount spent the project -
project was the project in the report- at the end Completed /
commenced (in `) ing Financial of reporting Ongoing
Year (in Rs) Financial Year
(in `)
N.A.
10. In case of creation or acquisition of capital asset, furnish the details relating to the asset so created or acquired
through CSR spent in the financial year (asset-wise details):
(a) Date of creation or acquisition of the capital asset(s). Not Applicable
(b) Amount of CSR spent for creation or acquisition of capital asset. Not Applicable
(c) Details of the entity or public authority or beneficiary under whose name such capital asset is registered, their
address etc. Not Applicable
(d) Provide details of the capital asset(s) created or acquired (including complete address and location of the
capital asset). Not Applicable
11. Specify the reason(s), if the company has failed to spend two per cent of the average net profit as per section 135(5):
Not Applicable

Dated : 26th May, 2022 Chairman and Managing Director
Chairman, CSR Committee
DIN: 00063091

Annexure E
Details pertaining to remuneration as 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
The remuneration paid by the Company to its employees including Directors, Key Managerial Personnel is in line with
the Nomination and Remuneration policy of the Company. The guiding principles of the Nomination and Remuneration
policy of the Company is that the level and composition of the remuneration be reasonable and sufficient to attract,
retain and motivate Directors, Key Managerial Personnel and other senior officials.
(i) The percentage increase in remuneration of each Director, Chief Executive Officer, Chief Financial Officer, Company
Secretary in the financial year 2021-22 in comparison to the financial year 2020-21 and ratio of remuneration of
each Director to the median remuneration of the employees of the Company:
Name of Directors/ KMPs Remuneration 2020- Remuneration 2021-22 % increase in Ratio of Remuneration to
21 (in `) (in `) Remuneration in the MRE$ for the financial year
financial year 2021-22 2021- 22
Shri U. S. Bhartia, Chairman & Managing Director 7,91,98,411 10,52,37,343* 32.88 224.55
Ms. Pragya Bhartia Barwale, Whole-time Director 1,82,88,294 3,54,73,596* ^ 75.69

(w.e.f. 24th June, 2020)
Shri Sudhir Agarwal, Whole-time Director 55,08,947 58,63,055 6.43 12.51
Smt. Jayshree Bhartia, Promoter Director 10,50,000 12,00,000* 14.29 2.56
Shri Pradip Kumar Khaitan, Independent Director 21,40,000 26,30,000* 22.90 5.61
Shri Jagmohan N. Kejriwal, Independent Director 13,40,000 14,70,000* 9.70 3.14
Shri Ravi Jhunjhunwala, Independent Director 13,60,000 15,90,000* 16.91 3.39
Shri Jitender Balakrishnan, Independent Director 11,00,000 13,50,000* 22.73 2.88
Shri Sajeve Bhushan Deora, Independent Director 13,00,000 15,40,000* 18.46 3.29
Smt. Shukla Wassan, Independent Director 10,10,000 12,60,000* 24.75 2.69
Shri Rupark Sarswat, Chief Executive Officer 1,61,71,987 2,80,34,716 ^ 59.82

(w.e.f. 21st December, 2020)
Shri Anand Singhal, Chief Financial Officer 65,68,533 64,93,897 (1.14) 13.86
#
Shri Ankur Jain, Company Secretary 39,07,140 60,55,988 54.99 12.96
$
Median Remuneration of Employees
Notes:
(a) *Remuneration includes commission which relates to FY 2021-22 and which will be paid during FY 2022-23.
(b) ^ Increase/decrease in remuneration is not reported as the concerned Director/KMP was only for a part of FY 2020-21.
(c) #Includes ex-gratia amount, percentage increase is not comparable.
(ii) There was an increase of 5.51% in the median remuneration of employees in the financial year 2021-22.
(iii) Number of permanent employees on the rolls of the Company as on 31st March, 2022 were 1151.
(iv) Average percentile increase made in the salaries of the employees other than managerial personnel in the last
financial year was 4% whereas percentile increase in the managerial remuneration was 14.03% for the same
financial year.
(v) It is affirmed that the remuneration paid to the Directors, Key Managerial personnel and other Employees is as per
the Nomination and Remuneration Policy of the Company.
Information regarding employees in accordance with the provisions of Rule 5(2) of the Companies (Appointment
and Remuneration of Managerial Personnel) Rules, 2014
A. Top Ten Employees of the Company in terms of remuneration drawn:
SR. NAME AGE DESIGNATION NATURE OF #GROSS QUALIFICATIONS TOTAL DATE OF PREVIOUS
NO. IN EMPLOY- REMUNE- EXPERI- COMMENCEMENT OF EMPLOYMENT
YEARS MENT RATION ENCE EMPLOYMENT WITH
(IN `) (YEARS) THE COMPANY
1 Shri U.S. 68 Chairman and Contractual 10,52,37,343* B.Com (Hons.) 43 29.11.1996 Managing Director,
Bhartia Managing India Glycols Ltd.
Director
2 Ms. Pragya 40 Executive Contractual 3,54,73,596** B.A. (Economics & 14 01.08.2008 President-Business
Bhartia Director (w.e.f. International Relations), Development,
Barwale 24.06.2020) M.Sc (Development India Glycols Ltd.
Economics)

SR. NAME AGE DESIGNATION NATURE OF #GROSS QUALIFICATIONS TOTAL DATE OF PREVIOUS
NO. IN EMPLOY- REMUNE- EXPERI- COMMENCEMENT OF EMPLOYMENT
YEARS MENT RATION ENCE EMPLOYMENT WITH
(IN `) (YEARS) THE COMPANY
3 Shri Rupark 50 Chief Executive Permanent 2,80,34,716 B. Tech (Chemical 27 21.12.2020 Managing Director,
Sarswat Officer Engineering), 3TP Transpek-Silox
Senior Leaders General Industries Private
Management Program Limited
4 Shri Rakesh 64 President (R&D) Permanent 77,07,075 M.Sc (Chemistry), PHD 41 12.05.2015 Vice-Chancellor, Uttar
Kumar and Business (Applied Chemistry) Pradesh Technical
Khandal Develop-ment University
5 Shri Sanjeev 61 President Permanent 69,38,473 M.Sc (Organic 38 22.08.1994 Branch Manager
Gurwara Marketing Chemistry), MBA Marketing, S.M.
(Marketing) Dyechem Ltd
6 Shri Anand 55 CFO Permanent 64,93,897 CA 32 02.01.2008 Chief Financial Officer,

Singhal Abhishek Industries Ltd.
7 Shri Ankur 47 Head (Legal) Permanent 60,55,988 CS, LL.B. 24 01.07.2016 Associate VP &
Jain & Company Company Secretary,
Secretary DLF Home Developers
Ltd.
8 Shri Sudhir 60 Executive Contractual 58,63,055 B.Tech (Chem.) 37 10.07.2014 National Fertilizers
Agarwal Director Ltd, Chief Production
Manager
9 Shri Shashi 57 Business Head - Permanent 58,57,224 MBA 33 20.12.2004 Saraya Distillery ,
Kant Shukla Gorakhpur Gorakhpur
10 Shri Alok 52 Head – Permanent 52,01,164 M.Tech (Chem.) 31 04.07.1991 None
Singhal Operations
B. Employed throughout the year and in receipt of remuneration not less than ` 1,02,00,000/- per annum:
Covered in Point (A) above.
C. Employed for part of the year and in receipt of Remuneration not less than ` 8,50,000/- per month:
SR. NAME AGE IN DESIGNATION NATURE #GROSS RE- QUALIFICATIONS TOTAL EX- DATE OF COMMENCE- PREVIOUS
NO YEARS OF EM- MUNERATION PERIENCE MENT OF EMPLOYMENT EMPLOYMENT
PLOYMENT (IN RS) (YEARS) WITH THE COMPANY
1 Shri 51 Chief Executive Permanent 1,15,91,974# B. Pharma (Hons) 29 01.03.2021 CEO - Makiz
Pravin Kumar Officer-Ennature and MBA ( Market- Pharma, Moscow
Tripathi Bio-pharma Division ing)
(till 15.10.2021)
# Includes amount of leave encashment and ex-gratia.

NOTES:
1. #Gross Remuneration shown above includes salary, house rent allowance, Company’s contribution to Provident Fund and other perquisites. Value
of Perquisites have been calculated on the basis of Income Tax Act, 1961.
2. *Inclueds a Commission of Rs. 5 Crores relating to FY 2021-22 and shall be paid during FY 2022-23.
3. ** includes a Commission of Rs. 2.40 Crores relating to FY 2021-22 and shall be paid during FY 2022-23.
4. None of the employee mentioned above is related to any Director of the Company other than Shri U.S. Bhartia who is related to Smt. Jayshree Bhartia
as spouse and Ms. Pragya Bhartia Barwale is daughter of Shri U.S. Bhartia and Smt. Jayshree Bhartia.
5. There is no employee who was in receipt of remuneration in excess of that drawn by the Managing Director or Whole-time Director and holds not
less than two percent of the equity shares of the Company by himself or alongwith his spouse and dependent children, falling under the provisions of
Section 197 read with Rule 5(2)(iii) of Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014.
Dated : 26th May, 2022 Chairman and Managing Director
DIN: 00063091

Management
Discussion & Analysis
Management Discussion & Analysis Report

Economy and Industry Overview The Indian chemicals industry stood at US$ 178 billion in
With more than two years into the Covid-19 induced 2019 and is expected to reach US$ 304 billion by 2025
pandemic, the global economy continues to be plagued registering a CAGR of 9.3%. The demand for chemicals
by uncertainty, with resurgent waves of mutant variants, is expected to expand by 9% per annum by 2025. Indian
supply-chain disruptions, and a return of inflation in both chemical industry accounts for approx. 3% of the global
advanced and emerging economies. The economic chemical industry is expected to contribute US$ 300
damage from the ongoing conflict between Russia and billion to India’s GDP by 2025. An investment of ` 8
Ukraine is expected to contribute to further slowdown in
lakh crore (US$ 107.38 billion) is estimated in the Indian
global growth in FY 2022-23 and add to inflation. The
interest rates are expected to rise as central banks tighten chemicals and petrochemicals sector by 2025. As per
policy. This overall risks derailing the post-pandemic India Brand Equity Foundation, the chemical industry in
recovery. India is extremely diversified, covering more than 80,000
The global economy that was projected to show signs of commercial products. Between FY 2015 and FY 2021, the
recovery in 2022 after a short-lived impact of the Omicron compounded annual growth rate (CAGR) in revenue for
variant has been going through a rough recovery process. India’s chemical companies was 11% and Indian chemical
As per International Monetary Fund’s (IMF), World industry is expected to continue the trend for next couple
Economic Outlook Update, the growth of global economy of years.
is projected to slow from an estimated 6.1% in 2021 to India Glycols Limited being the only Bio-based ingredients
3.6 percent in 2022 and 2023. The global trade volumes and Performance Chemicals Company of its kind, figures
are forecasted to grow at about 5% in 2022, before in the list of leading chemical manufacturers in the country.
moderating down to 4% in 2023. Beyond 2023, global
growth is forecast to decline to about 3.3 percent over the Products
medium term. INDIA GLYCOLS LIMITED is one of the leading
As per the Economic Survey 21-22, India’s real GDP manufacturers with its presence in Bio-Based Specialities
was projected to record a growth of over 8% in 2022-23. and Performance Chemicals, Potable Spirits, Ennature
As per the IMF’s latest World Economic Outlook growth Biopharma, Bio Polymers and Industrial Gases. Our state-
projections, India’s real GDP is projected to grow at 8.2% of-the-art manufacturing facilities are working to provide
in 2022-23 and at 6.9 % in 2023-24. This projects India sustainable value added products using the superior
as the fastest growing major economy in the world in the technologies. To represent all its segment in the current
next two years. context, the Company has changed the names of all
In the backdrop of an evolving pandemic situation, the the segments from Industrial Chemicals, Ethyl Alcohol
Government of India has adopted a calibrated fiscal policy (Potable) & Nutraceuticals to Bio-Based Specialities
approach to the pandemic, which had the flexibility of and Performance Chemicals, Potable Spirits & Ennature
adapting to an evolving situation in order to support the Biopharma, respectively. For details, refer note no. 59 of
vulnerable sections of society/firms and enable a resilient the Standalone Financial Statements.
recovery. India’s unique agile policy response differed from
The manufacturing building blocks are as presented below:
the waterfall strategy of introducing front-loaded stimulus
packages, adopted by most other countries in 2020. The Manufacturing Building Blocks
stimulus measures announced so far during the year 2021-
22 include liquidity enhancing and investment boosting
measures such as the Production Linked Incentives
scheme, credit guarantee schemes and export boosting
initiatives. The global supply chain vacuum caused by
geo-political changes work in India’s favour and expected
to add momentum to economic growth trajectory as India
becomes a key natural choice for sourcing and making it a
promising investment destination.
Sustainability has increasingly become a focus area
for the chemical industries. Industry is working on
adoption of chemical recycling, decarbonization etc.
These developments will likely help grow renewables,
improve energy efficiency, reduce emissions, and create
new markets for carbon and other byproducts as part The Company has organised its business into:
of an increasingly circular economy. The benefits of A.
Bio-Based Specialities and Performance
decarbonizing chemical companies could spread beyond Chemicals(“BSPC”) having following :-
the industry itself, since chemistry provides the building • Bio-based Glycols (MEG, DEG, TEG and Heavy
blocks for many value chains.
Glycols), Glycol Ethers, Glycol Ether Esters.

• Bio-based Ethylene Oxide and *Ethylene Oxide but experienced a slowdown in US/European markets as
Derivatives (EODs). they were also impacted by the Covid-19 scenario and
• Power Alcohol (Bio Fuel), Industrial Gases, Bio shift towards Recycled Polyethylene Tetraphyte (RPET).
Polymers etc. International prices of crude based MEG remained in the
B. Potable Spirits-Indian Made Foreign Liquor (“IMFL”), range of US$ 650-675 during large part of the year. Tight
Branded Country Liquor and ENA (Extra Neutral container availability and limited sailing slots on vessels
Alcohol). continued to impact order cycle time and disturbed
C. Ennature Biopharma delivery schedules.
*till 30th June, 2022. Post that EOD business was transferred in terms IGL registered growth in the Glycol Ether segment as a
of Business Transfer Agreement. Details whereof are given under the result of aggressive market strategy and taking advantage
heading Ethylene Oxide Derivatives (EODs) in this report. of competition products being priced comparatively higher.
Butyl and Propyl Glycol Ether prices were high thus
The segment wise business share is indicated as below:- pushing up the international prices of Ethyl Glycol Ethers
which resulted in higher sales and better margins. There
Segment Gross Revenue % Share was some erosion of margins due to high sea freights
2021-22 and production cost going up due to high energy cost and
(` In Crores) ethanol remaining firm. The overall business performance
(Domestic + Exports) of Glycol Ethers (exports and domestic) has been pretty
A. BIO-BASED SPECIALI- 2,235 32.82 impressive in terms of volume, value and contribution. All
TIES AND PERFORMANCE
products were sold at good margins.
CHEMICALS Ethylene Oxide Derivatives (EODs)
4,419 64.89
The Company, during the year under review, successfully
B. POTABLE SPIRITS
formed a 49:51 JV with Clariant International Limited
C. ENNATURE 156 2.29 (“Clariant”) wherein, the Company along with its affiliates
BIOPHARMA holds 49% shares and Clariant holds 51% in Clariant IGL
TOTAL 6,810 100.00 Specialty Chemicals Private Limited (“CISCPL”) (erstwhile
IGL Green Chemicals Private Limited). The Company
Bio-Based Specialities and Performance Chemicals through JV intends to further increase its EOD business
Segment(BSPC) by developing new products and applications combining
Gross revenue in Bio-Based Specialities and Performance its synergies with Clariant in technology. For further details
Chemicals segment has increased to ` 2,235 Crores of the transaction, Board Report be referred.
from ` 2,162 Crores in FY 2021-22. This segment has Surfactants and Speciality Chemicals
contributed about 32.82% of the gross revenue of the In order to meet the requirements of various industry
Company. sectors, India Glycols has been developing specialty
surfactants as well as specialty chemicals for niche
FY 2019-20 2020-21 2021-22 applications. These products are sold based mainly on
Bio-Based Specialities and 2,727 2,162 2,235 their performance.
Performance Chemicals Opportunities & Challenges
Gross Revenue The global MEG market is about 32 Million MT and
(` in Crores) expanding at a CAGR of about 6%. At this rate the MEG
market would be in excess of US$ 65 Billion by the end
of year 2031-32. In year 2020-21, the global market was
estimated to be valued at US$ 35 Billion. Manufacturers
of MEG are finding opportunities in the plastics and
polyester industries. MEG manufacturing is being
increased in order to produce polyster fiber, packaging
materials and polyester films. The product further finds
application in several industrial uses such as antifreeze,
hydrate inhibitor in gas pipelines, coolants and as a heat
transfer agent, which is projected to produce ample
prospects from various end-use industries.
Bio-based Glycols The biggest driver of demand is likely to be the increasing
Sales of Glycols [Monoethylene Glycol (MEG), Diethylene market for polyester fiber from the textile sector in Asia
Glycol (DEG), Triethylene Glycol (TEG), Heavy Glycols Pacific region. In India, the strong domestic PET demand
and Glycols Ether] has increased from 75,767 MT in FY and increase in exports of textiles and apparel by about
20-21 to 81,077 MT in FY 21-22 and resultantly, the sales 40% shall keep the MEG on firm footing. In India the
value also increased from ` 1,024 Crores to ` 1,555 Crores, demand for MEG has been witnessing a CAGR of around
respectively. The global chemical trade was adversely 7-8% which is higher than global average.
affected by prolonged lockdowns due to spread of Covid Reliance Industries Limited, Indian Oil Corporation Limited
pandemic. The Bio-MEG sales grew in Far East markets and India Glycols Limited are the only MEG manufacturers

in the domestic market. Though production has seen a sterilization of Disposable Surgical & Medical Devices,
modest growth, it is not enough to meet domestic demand spices and packing substances like rubber, plastic etc.
and the large gap is met through heavy imports. The Company has in-house facilities for production of EO
and LCO2 which are used in production of ETO and as
The business environment in year 2021-22 has been
such it is the only plant in India to have such manufacturing
very challenging for the Chemical industry due to Covid facility, which gives us a distinct edge over other suppliers
Pandemic and various global markets being subjected to in the market. During the year under review, the Company
lockdowns at different times of the year impacting sales has sold 1,343 MT of STERI Gas as compared to 1,181
as well as prices. The volatility in price greatly impacted MT in the last year.
the business. Feedstock Ethanol prices witnessed
unprecedented increase throughout the year. The energy Further, the Industrial Gases segment registered total
cost went up due to scarcity of coal and resulting high sales of all gases of ` 46 Crores as compared to ` 41
procurement price. The logistics cost and the sea freight Crores during the last year.
went up steeply. All this had a cumulative impact on
FY 2019-20 2020-21 2021-22
margins.
Sales Value 40 41 46
IGL performed rather well despite all the adverse factors
due to persistent efforts to go into new markets and offer (` In Crores)
its product for diverse end use applications.
IGL has leveraged its position as the only Bio/ Green
MEG supplier commercially and positioned its products
for niche segments with high realizations. Potential
customers interested in meeting their objective of using
environment friendly chemicals made from natural
renewable resources having low carbon footprint have
shown lot of interest in IGL products. This concept offers
a good business opportunity which will enable higher
capacity utilization with better realization.
Power Alcohol (Bio- Fuels) Potable Spirits and Extra Neutral Alcohol (ENA)
In our continued thrust towards offering sustainable and During the year, your Company registered total sales
renewable ingredients, the Company has set-up Power value of ` 4,393 Crores as compared to ` 3,718 Crores
last year in the Potable Spirits division. The Company has
Alcohol plants at Kashipur and Gorakhpur each with three state-of-the-art distilleries (Kashipur- Uttarakhand,
a capacity of 100 KL per day. During the year under Gorakhpur-Uttar Pradesh, and Saharanpur- Uttar
review, production and supplies of Power Alcohol to Oil Pradesh (through its subsidiary)) with a total distillery
Manufacturing companies (“OMC’s”) for blending in Petrol capacity of 280,000 KLPA for the production of ethyl
as per Govt. Policy were continued by the Company from alcohol, out of which, 80,000 KLPA is for potable alcohol.
its both plants through tender participation. The Company The Kashipur facility is considered one of the most
registered a revenue of ` 9 Crores during financial year efficient distilleries in the country. Apart from producing
2021-22 as compared to ` 74 Crores last year from sale industrial alcohol for its captive consumption, IGL is also
of Power Alcohol. one of the biggest exporters of international quality ENA
(Extra Neutral Alcohol). The Company has been certified
Industrial Gases
by CONTROLUNION, an International certifying agency,
IGL’s Kashipur Plant has a capacity of Liquid Oxygen of for “Bonsucro MB ‘Chain of Custody’ Standard” for ENA-
60 MT/day, out of which 20 MT/day is Medical grade and Special Sprit.
40 MT/day is Industrial grade. During the second wave of The major deviation seen from Sanitizer market which
Covid in Q1/FY 22 , the Company voluntarily converted was substantially reduced because Covid was in control
the Industrial grade Liquid Oxygen to Medical grade and in India. We also saw a decline in volume to export market
supplied 60 MT/day of Liquid Oxygen of Medical grade to due to high sea freight, blank sailings and erratic shipment
the hospitals/refillers as per Government allotments. schedules resulted in delayed deliveries. The Company
During the year under review, the Company, from its Air continues to be a major player in North India for domestic
separation unit, produced 21,954 MT of Liquid Oxygen pharma markets. It is a trusted and reliable supplier to many
and 844 MT of Liquid Nitrogen. Both Liquid Oxygen and well established companies manufacturing homeopathic
Liquid Nitrogen were sold in the market and also used for medicines. The Company enjoys a position of premium
in-house requirements. In addition, Argon of 2,671 MT quality ENA supplier in the international markets and is
was also produced and its sales were 2,650 MT. gradually trying to increase its market share.
Industrial Gas Division also produced Beverage and Kashipur is the only bottling plant in India to adopt
Industrial Grade Liquid Carbon Di-oxide (LCO2) at ISO 22000 (food safety management systems) quality
Kashipur. During the year, your Company has produced standards in addition to ISO 9000, 14000 and 18000. In
28,753 MT of LCO2 and its sale was 28,032 MT. Uttar Pradesh IGL’s “Bunty Babli®” brand is the highest
Your Company also produced ETO (Ethylene Oxide selling brand in the country liquor segment. The Country
& Carbon Dioxide Gas Mixtures) under the trade name Liquor is now made from ENA. IGL has continue to
IGL-STERI GAS at its Kashipur Plant. It is suitable for hold the commanding position as the largest supplier

of country liquor with highest market share in the states recycling initiatives to make the plant more efficient
of Uttar Pradesh and Uttarakhand. During the year and competitive. On account of pandemic, people are
under review, the Company successfully launched Semi becoming more health cautious and , the market focus
Premium Vodka called Amazing from the Gorakhpur would remain more on health & health supplements,
Unit. It’s Green Apple & Orange flavours are also very making this segment look promising in the times to come.
appreciated by the Consumers. This is because of its Exports
excellent German flavours and brilliant printed bottles. It is With an objective to create a niche market for its green
a favourite of the youngsters in particular. Demography of chemicals, the Company has been focusing on exports as
our Country is such that young population is huge, thereby one of its key segments for future growth. For the past few
there is good potential for the brand. IGL also Launched years the effort has been to create a product differentiation
a Semi Premium Whisky named as Single Reserve. It and market segmentation on the basis of the green
has a unique innovative concept of “blended with Indian low carbon attributes of Bio-MEG. This has positioned
Single Malt”. The brand is futuristic with a note of peat the Company as a ‘Green Chemicals’ Company in the
& has delighted the consumers. IGL intends to take the international market and is today a well-known supplier of
brand national and also intends to launch couple of more bio-glycols. The Company is working with a well thought
premium brands of IMFL in the time to come. over strategy to cater to the global high value added green
Another feather in the Cap of IGL is to introduce its Bunty market constituting Multinationals & Large Corporates,
Green Apple Vodka in Tetra pack., The Company enjoys who have a special concern for the environment and have
the largest market share (over 40%) in the flavored their internal sustainability objectives of moving towards
green products. As result of sustained efforts, today,
Vodka category in the Tetra segment. The Company is a
IGL enjoys the trust and confidence of world renowned
registered supplier to the Indian Defense Forces through
companies in beverage/packaging/textile fiber segment
CSD & Para Military Forces, and under premiumisation and is a regular supplier of Bio-MEG made from renewable
aims to introduce a new range of Whisky & Vodka brands. green feedstock.
In high spirits, with improved quality and packaging, IMFL
brands scores over the competitive market. India Glycols IGL has been at the forefront of taking initiatives to partner
is also embarking on IMFL growth. with global brands to create a new paradigm in reducing
the carbon footprint and meet its sustainability objectives.
FY 2019-20 2020-21 2021-22 In this direction, IGL has partnered with a leading
Potable Spirits Sales Value 3,014 3,718 4,393
international technology innovator to use ethanol made
from recycled industrial carbon emissions and convert
(` In Crores)
into MEG. This low carbon path of Ethanol to MEG has
great acceptability with consumer brands looking to bring
sustainable sourced recycled carbon into their supply
chain.
Despite the challenging global scenario in chemical trade,
the export sales value increased by 11%. The increase
was mainly driven by increase in Glycol sales value. The
total export volume remained roughly same as last year.
During the year under review, your Company has
recorded export sales value of ` 717 Crores as compared
Ennature Biopharma to ` 645 Crores during last year. The Company continues
During the year, your Company registered sale value of to hold the ‘Three Star Export House’ status as granted by
` 153 Crores as compared to ` 148 Crores last year in the Government of India.
Ennature Bio-pharma division. FY 2019-20 2020-21 2021-22
With focus on the strategy to develop a diversified
product portfolio, the Company has developed few API’s Exports Sales Value 747 645 717
which did well. The division has successfully received 1st (` In Crores)
CEP(Certification of EU pharmacopeia) from EDQM for
our flagship API-Thiocolchicoside. The division is targeting
to receive CEP for another API in the current fiscal. During
the year under review, the Nicotine API performed very
well and registered significant growth in sales volumes
prompting the Company to enhance the capacity. All this
will help the Company in further tapping the European
and Russian markets. The Company has also launched
the ENNSOL range of Cold Water Soluble ingredients for
which marketing and promotional activities has started
in various markets. Maxicuma (a curcumin formulation)
in nanotized form, which is part of the ENNSOL range Financial Review
is more bioavailable than Curcumin itself, proven in Amidst the challenging business and economic conditions,
the preclinical trials on animal models. Additionally, the the Company's overall performance resilient, consistent
Company has taken several energy saving and solvent and good. During the FY 2021-22 on a standalone basis,

your Company recorded total revenue of ` 6,837 Crores has emerged as a unique set-up having strengths and
as compared to ` 6,070 Crores in FY 2020-21. Whereas, capabilities of the two leading companies dedicating
the profits after depreciation and tax for the FY 2021-22 themselves for the noble cause of environment-friendly
were ` 285 Crores as compared to ` 84 Crores during green chemistry including Bio-based surfactants, in the
the FY 2020-21 which includes an exceptional gain from world.
slump sale of Company’s BioEO (Speciality Chemicals)
The Company is also a producer and supplier, in B2B
Business. For more financial details, Board Report be
category, of Nutraceuticals and phytochemical products,
referred.
being derived from herbs, vitamins, minerals and with
During the year under review, the Gross Fixed Assets time have gathered greater acceptance as a preventive
has decreased to ` 2,589 Crores in FY 2021-22 from ` health care measure. The segment is expected to grow at
2,659 Crores in FY 2020-21 on account of slump sale a fast rate due to rising demand for dietary supplements.
of Company's BioEo (Speciality Chemicals) Business The growth trend in the Potable Spirits segment of the
to Clariant IGL Specialty Chemicals Private Limited Company has also showcased better growth possibilities
(“CISCPL”) (erstwhile IGL Green Chemicals Private in the coming years.
Limited).
The Company has a vast product range that covers a wide
The Company has been regular in meeting its obligations
variety of specialty chemicals and herbal products such as
towards timely payment of principal/interest to the financial
nutraceuticals, phytochemicals, bio-polymers, industrial
Institutions and Banks.
gases etc. User industries prefer products of IGL because
Key Financial Ratios: they have significantly low carbon footprint. In recent times,
Details of Key Financial Ratios and explanation for IGL has partnered with reputed companies for supplying
significant changes therein are provided in note no. 64 to bio-based chemicals and aims to move towards supply of
the Standalone Financial Statements for FY 2021-22. more value added chemicals. With this, IGL is well placed
Outlook to become the leading manufacturer of a large number of
One of the critical areas of focus for most chemical companies products that will have potential to replace conventional
in 2022-23 and thereafter will likely be sustainability and products derived from fossil resources.
decarbonization. But it’s not only about taking out the
Sustainability-Health, Safety, Environment and
carbon. There are also increasing calls for the industry to
Management Systems
make less-toxic products that are safer for humans and the
India Glycols Limited prioritize employee’s Safety,
environment. Thus, the already widened scope will further
expand significantly for chemical companies in response Health and Environment to enhance its reputation as a
to shareholder and customer demand. The benefits of responsible corporate. The Company’s Policies covers-
decarbonizing chemical companies could spread beyond Quality, Safety, Health, Environment Stewardship &
the industry itself, since chemistry provides the building Energy conservation; it extends support to stakeholders
blocks for many value chains. and influencing the entire value chain. This also helps in
Also, with the rise of new materials and technologies, sustaining environmental impacts beyond the prescribed
alternative energy sources and fuels, and circular- limits and address social responsibility.
economy business models, new business ecosystems The Company has signed on to Responsible Care®
should and will emerge. Guiding Principles to become signatory to Indian
With global changing lifestyle habits of humans amid more Chemical Council’s Responsible Care® initiative. These
environmental concerns, demand of speciality chemicals Principles apply to the Company globally. Being a
has surged. As per CRISIL Ratings, the resurgence in Responsible Care® signatory, Company is committed for
demand of specialty chemicals spurred to ramp up the continual improvement of the performances in the fields of
capacity expansion (capex) plans in the segment. environmental protection, occupational safety and health
As a dynamic and professionally driven organization, protection, process safety, product stewardship and
remaining always ahead of its time, IGL has emerged as logistics, as well as to continuously improve dialog with
a leading manufacturer of various Bio products with the the neighbours and the public.
distinction of being the first and the only company of its Health
kind in the world, manufacturing bio-based performance Your Company accords very high priority to provide
chemicals adopting green technology. healthy and safe working environment. Company has
In July, 2021, the Company has successfully formed a medical centre at factory site with basic amenities;
a 49:51 JV with Clariant International Limited. The JV two qualified and experienced doctors with trained and

experienced para-medical personnel are available round The Company has its own Fire Station fully equipped
the clock to meet any contingency. The Company also has with Fire Tenders, modern communication facilities and
a qualified Occupational Health Physician. Company also elaborate auto fire hydrant system and other equipment
has ambulances to provide necessary assistance in case which are manned and supervised by trained experts.
of any emergency. All employees are required to undergo There is also auto fire alarm system covering all the areas.
annual medical check-up for early diagnosis of any health Live fire training drills are organized to provide hands-on
problem. Company has made arrangements for treatment training to the employees.
of employees and their dependents under the mediclaim
insurance policy, which allows employee to avail treatment Environmental Stewardship
from any of the listed hospitals without having to make Environmental stewardship refers to responsible use and
any immediate cash payments. The Company arranged protection of the natural environment through conservation
free vaccination for employees and immediate family and sustainable practices.
members under Pandemic. The Company also took care Your Company uses molasses, residue product of sugar
for the medical expenses of employees and their family mills generated in the process of manufacturing of sugar.
members who suffered due to the Covid-19 infection. This The molasses converted into alcohol in the captive distillery
provides the employees much needed emotional and and thereafter used in the process to make ethylene
financial security. The Company organizes blood donation oxide and its products. Company has set up elaborate
camp as part of community welfare activities. systems by making substantial capital investments for
The Company also organizes medical camps at nearby proper treatment of the effluent generated and meets all
villages and organize/assist in National health related the requirements in this regard. The Company has also
programs in the nearby villages as part of community installed Rain Water Harvesting systems and keeps on
welfare activities. working for reduction of water footprint (WFP).
Safety To make the system more environmental friendly,
Your Company has set up elaborate safety systems to Company has developed a green belt all around its
ensure proper safe work environment. Emphasis is given factory by growing approx. 1,20,000 trees of different
to prevention of any accident. As a result of strict safety species some of which are fruit bearing in addition to
norms being followed Company has been able to maintain providing green cover. All possible efforts are being made
good safety record and has received various prestigious to preserve the environment and improve the same as far
national and international safety awards recognizing the as possible.
safe working environment available at the factory. The Company has already achieved zero effluent discharge
A Central Safety Committee has been constituted to from their Ethanol Plants by having concentrated effluent
continuously review and upgrade the safe working burning in specially designed Boilers.
practices. Emergency management plan is in place for
mitigating any kind of emergency. Proper systems have The Company focuses on effective integration with
been set up to record and report any accident, which is the basic philosophy of resource optimisation, use of
thoroughly investigated and corrective action taken for alternative sources and maximisation of 'recycle and
future prevention. reuse' by innovation. The liquid effluent from Distillery
is concentrated in the evaporator system to generate
At work place appropriate protective equipment and gears
concentrated spent wash (slop). The Slop (concentrated
are provided to the employees and usage of the same
is strictly monitored to ensure high level of safety. Safety spent wash) from the evaporator is used as fuel for the
training programs are regularly conducted for training generation of steam and electricity. This is a novel boiler
the employees in proper use of safety equipment and that has been developed for utilization of concentrated
following the safe work practices. spent wash and generation of steam there from.
The Company always encourage internal and external Sustainable Environment and Climate Change
stakeholder by conducting motivational program on safety Initiatives
by celebration of National Safety Day, Fire Service Day India Glycols Sustainable Solutions makes it easy for
and Transport safety awareness program to promote customers to identify, evaluate and select the right
safe work practices and environment inside and outside materials.
premises. There are number of sustainable solutions and product
Various incentive schemes are in operation for motivating grades. The raw material, properties, performance and/or
the employees to ensure working in the safe environment. content of these materials make a significant contribution

to reduced environmental impact, from lowering carbon (Title: Biomass based Cogeneration Project activity taken
emissions and minimize use of the earth’s limited up by IGL at Gorakhpur, U.P.; Annual CER's 110,157 MT
resources. CO2 equivalent) registered at UNFCCC.
Sustainable solutions are based on number of defined Management Systems
action plans and standard based on Life Cycle • Integrated Management System
Assessment (LCA) methodologies. India Glycols Your Company is having Integrated Management
Sustainable Solutions enable customers to confidently System (IMS) comprising of Quality Management
choose high-performance materials that advance their System, Environmental Management System,
environmental and business goals. Occupational Health & Safety Management System,
Your Company is continuously working for integrating Food Safety Management System, Food Safety System
the life cycle perspective in management system, as per Certificate, Energy Management System and Social
revised Environmental Management System for bringing Accountability. Your Company is successfully certified
product and process in a more sustainable direction. against the new revised High Level Structure (HLS)
of Quality Management System (ISO 9001:2015),
The Company believes in life cycle approach which directs Environmental Management System (ISO 14001:2015),
business to consider responsibility on environmental Occupational Health & Safety Management System
protection from raw material procurement to product (ISO 45001:2018), Energy Management System (ISO
use. Company has conducted comparative Life Cycle 50001:2018), Social Accountability (SA 8000:2014),
Assessment (LCA) study of Bio-Mono Ethylene Glycol Food Safety Management System (ISO 22000:2018),
(Bio-MEG) based on ISO 14044-2006 standards and Food Safety System Certificate (FSSC 22000 ver-5),
determining several Environmental Impacts (including as applicable. All these are comprised under Integrated
Carbon Foot-Print) from its Renewable Manufacturing Management System and accreditation done by M/s
Approaches and conclude that “Manufacturing MEG DNV, a renowned certification agency.
through Renewable based raw materials is a better option
than adopting Conventional Petro route approaches in Special emphasis on risk-based thinking has been
India, US and Europe”. The LCA study was conducted on the new focus of Quality Management System
a purchased software-SIMAPRO and report of “LCA on & Environmental Management System. This risk
Bio-MEG” got Peer Reviewed. based thinking enables to determine the factors that
could cause deviation in processes and thereby in
In continuation Company has also conducted Life Cycle management systems, which may pose business risk
Assessment (LCA) study for its other products such in turn. This risk-based thinking offers opportunity to
as Bio-Ethanol, Bio-Ethylene Oxide, Bio-Glycols and put necessary controls, to mitigate and minimize the
Bio-Poly Ethylene Glycols etc. Company is working premature risks, in place. Furthermore, preventive
continuous on Life Cycle Assessment (LCA) study for its actions can be implemented to avoid any potential
other products such as Ethylene Oxide derivatives and business risk. Value addition to Environmental
specialty chemicals. Management System is its new focus and emphasis
Your company has become key partner in supply chain on Life Cycle Perspective to achieve sustainable
for innovative process of MEG, Ethylene Oxide and development by balancing three pillars Environment,
derivatives production by utilizing biotechnological Society and Economy which are essential to meet
converted Ethanol from industrial carbon emissions. the present day need of sustainable business
The Company always encourages stakeholders’ by without compromising ability of future generation and
conducting motivational program on environment by rendering them impaired. Integrated Management
celebration of World Environmental Day. The focus of System has been upgraded to cover RC 14001:2015
the World Environment Day Program was to promote standard. Responsible Care helps companies to
environmental stewardship practices. Special campaign not only improve their environmental, health, safety
was taken up with communities, employees and individuals and security performance, but also to improve their
to come together and explore sustainable alternatives business operations. As per requirement of the
to reduce Air Pollution and encourage to participate in standard, emphasis on risk-based thinking is given.
water conservation practices. The Company has taken Focus for security is also considered in addition to
up several initiatives in promoting climate change and Quality, Health, Safety & Environment system.
environment-sustainable projects. Your Company’s The Company also has HALAL and KOSHER
Gorakhpur plant has got its Large scale CDM project certificates for the defined products. The Company

has worked for “Bonsucro MB ‘Chain of Custody’ R&D and Customer Oriented Innovation
Standard” for the Extra Neutral Alcohol (ENA)- Special R&D and innovations, for new product development
Sprit and successfully certified by CONTROLUNION. (NPD), have always been driving growth of IGL, since
The Company uses an established ERP system beginning. Designing new products, establishing them
of SAP S/4 HANA which is built on a robust IBM with the customers, adopting novel ways to keep
hardware platform and has helped the Company to improving them and in the end ensuring that the products
achieve inter-alia, faster performance, improved user render value to the customers has been the life cycle of
experience through simplified data structure, smaller NPD. In order to remain competitive or to maintain an
data footprint & embedded analytics. The Company is edge over competition, R&D has been focusing on finding
practicing Behaviour Based Safety (BBS) under name alternative ways both in terms of inputs as well as process
“BHAVISHYA BANAYE SURAKSHIT ”. technology. The aim has always been to design products,
while keeping the interests of customers in mind and
• Process Safety Management System ensuring high level of value creation and value addition.
India Glycols is working towards implementation of Major products of IGL are of low level of carbon foot-
Process Safety Management (PSM) along with RC in print, keeping in view the global trends which are creating
the organization to ensure systematic and high level demand for products that can help achieve the targets of
Process Safety by elaborating its specific elements net zero; products being mostly derived from renewable
and ensuring the safety of employees, environment resources.
and physical plant assets in the event of any The year gone by has been quite transformational for
unexpected process excursion. All the new project and IGL. The Bio-EO (Speciality Chemicals) business has
major changes has been processed through Hazard been transferred to a Joint Venture of IGL and Clariant
and Operability Study (HAZOP), Quantitative Risk International Limited. As per the business transfer
Assessment (QRA) and Pre Startup Safety Review arrangement, R & D facilities of Bio-EO (Speciality
(PSSR). Company has digitized one of the key pillars Chemicals) business forms part of JV. Accordingly, IGL
of PSM as Management of Change in SAP system have created a new R & D Centre focusing on NPDs
which helps to compile process safety information and of completely different chemistries as well as specialty
changes as another key pillar of PSM. applications. During the last one year, following notable
The Company also carried out Hazard Identification tasks have been completed by IGL, R&D:
and Risk Assessment as Group Risk Assessment a) DSIR approval for new R&D set-up: IGL R&D
(GRA) and have a well-defined safety work permit Centre has always been approved by DSIR
system to ensure safe jobs (Department of Scientific and Industrial Research),
Government of India, since the year 1993. Ever since
Lean Management
then, the approval has been renewed based on it
Your Company has adopted a systematic approach to
out-come oriented Research every three years. This
identifying and eliminating non-value-added activities
distinction is also received based on the State-of-the-
through continuous improvement by following the product Art facilities as well as the out-come of the Research
through flow processes based on a signal from the carried out in the past. By virtue of this approval,
customers (internal & external). India Glycols Ltd. uses R&D activities of India Glycols are recognized by
the building blocks of – standardized work, optimization Government as of high standard. This also provide
of manpower, workplace organization 5S & visual us with an opportunity to collaborate and corporate
controls, material handling systems, effective plant layout, with Govt. Institution even for strategic areas. The
improved operational and maintenance practices, quality efforts of the R&D has always been to value create
at the source, batch cycle time reduction, customer and value add through New Product Development for
demand-based manufacturing, point of use storage, Sustainability of the Company.
quick changeover, cellular manufacturing, process At the time of formation of JV, it was imminent to
improvements, Kaizen, world class manufacturing, acquire DSIR approval for JV R&D. At the same time,
synchronous manufacturing and inventory management. it was also essential to secure DSIR approval also
We are committed to work towards continual improvement for new R&D set up of IGL. The NPD domain of Bio-
of Quality, Environment, Health & Safety, Food Safety, Polymers, derivatives of bio-polymers, alternative
Energy Performance and Social accountability and we feed stock like C-smart alcohol or Purple alcohol,
discourage discrimination of any kind in any form. Nutraceuticals, Functional foods, API etc. were

covered under the new R&D plan. It is a matter of Biopharma” Division, a unit which is GMP compliant,
pride that all the targeted approvals from DSIR were HACCP and CEP approved, established in 2008 at
obtained. Now, all the R&D facilities of IGL as well Dehradun, Uttarakhand, makes IGL as the leading
JV are DSIR approved. It is a notable achievement manufacturer of nutraceuticals, APIs, etc., adopting
because this brings all R&D facilities at Kashipur as green technology of Highly Selective Supercritical
well as Dehradun approved by DSIR. Fluid Extraction (SCFE-CO2).
(b) Plan for setting up facilities to carry out NPDs The rapidly changing scenario has put a lot of demand
work: IGL R&D would focus on completely new on R&D to ensure that areas such as Environment
range of chemistries and application, in future. For Protection, Control of Water Pollution and Energy
this purpose, certain process development and Efficiency. Thus, R&D will focus on innovative
product development facilities have been planned. solutions through “GREEN CHEMISTRY” which
This will help design process for novel NPDs so that has also been is a key focus area of India Glycols.
new range of NPDs can be launched. The focus will India Glycols Ltd. is further diversifying to Bio-based
always be to design NPDs with low carbon foot-print. Specialities; a new ranges of products are being
c) Finalization of R&D Centre building for future: developed based on novel chemistries and Green
In order to be able to pursue development work, lab Technology. Customized value-added products
scale facilities of the R&D housed in new building has and processes, with emphasis on “Sustainable”
been finalized. For taking the NPD work from Lab approaches via use of renewable RMs and savings
scale to Pilot and semi commercial scale, pilot plant of energy as well as water, were designed. In order
facilities have also been finalized. All these facilities to ensure that India Glycols remain ahead of its
including the R&D building would be ready within a competitors, these products were developed as
year. The NPD work for new specialties has started per global standards using renewable resources.
and some products have also been developed in the All these products and processes met most of the
lab. international standards and accreditation of REACH/
d) Novel specialties, of low carbon foot-print to HALAL etc.
achieve Net Zero targets: Based on the business Future growth path: Having several key starting
case, NPD plan for novel specialties has been drawn. materials at its hand, IGL is well placed to become the
A system for taking up of NPDs based on business leading manufacturer of a large number of products
case has also been put in place. In future, all the that will have potential to replace conventional
NPDs would be taken up, following this system by a products derived from fossil resources. A significantly
NPDI group created for this purpose. high capacity of key starting materials: Bio-ethylene;
e) Future trends and growth path: The products are Bio- EO; Ethanol; CO2; N2; and O2, IGL is poised
being developed keeping in mind the aim of providing to exploit these starting materials for several new
indigenous products for different industry sectors, chemistries. There will be possibilities of a variety of
by using local resources, while matching with global products produced by IGL to replace conventional
standards of quality. As an R&D driven organization, ingredients derived from fossil-resource. Thus, IGL
remaining always ahead of its time, IGL has emerged will not only be the provider of import substitutes
as a leading manufacturer of Bio-Glycols, Bio- of Bio-specialties (specialty chemicals of minimum
Ethylene Oxide, Bio-Glycol Ethers, Bio-Surfactants, carbon footprint and extraordinary performance) but it
Bio-Polymers, and performance chemicals with the will also become a resource point of quality products
distinction of being the first and the only company for de-carbonization goals. It would be appropriate to
of its kind in the world, manufacturing bio-based say that IGL today is the perfect example of “Make-in-
performance chemicals adopting green technology. India”, while helping the cause of benefiting farmers,
The Company has a vast product range that covers a through the indigenous product design capability of
wide variety of specialties and herbal products such IGL, R&D. In future, IGL will be a trustworthy partner
as nutraceuticals, phytochemicals, bio-polymers for those dedicated to net zero.
mainly Polygalactomannans, industrial gases and f) New range of products in pipeline: following
liquor. User industries prefer products of IGL because would be the new range of products from IGL, based
they have significantly low carbon footprint. IGL on unique and innovative concepts: i) Products
has several firsts to its credit including the state-of- derived from C-smart or Purple alcohol, ii) Bio Based
the-art manufacturing of bio-polymers. "Ennature specialties, iii) Green solvents including a range

of bio-esters, glymes, Specialty amines etc., iv) basis through active participation of all members of
Specialty derivatives of Polygalactomannans, v) APIs the Company and accordingly establish controls and
and Nutraceuticals. procedures to build a visible & structured enterprise-wide
IGL R&D would be focusing on following major risk management framework; reduce the risk levels and
industry sectors: i) Oil & Gas Industry including mitigate their effects in the likelihood of a risk event with
refineries, ii) Automobiles, iii) Metal working Industry, an aim to protect our Company from harm; and have a
iv) Industrial and institutional cleaning, v) Rheology contingency plan to manage risks having high probability
modifiers for Petroleum Industry, vi) Food Industry, and high impact.
vii) Health care etc. Risk management framework is created to ensure that risk
Internal Financial Controls and their Adequacy, Risk management principles are implemented and integrated
Management all over the organization and that information retrieved
The Company has in place adequate internal financial from the risk management process are correctly reported.
controls commensurate with the size, scale and complexity This framework provides a stable foundation for the risk
of its operations. The Company periodically discusses management work, orient the organizational arrangements
and reviews at its Audit Committee and with its auditors properly in order to have a clear risk strategy across the
the effectiveness of the internal financial control measures organization & share information, experiences amongst
implemented by the Company including with reference to different sites of the Company.
the Financial Statements of the Company. Considering the importance of keeping the risk
The Company has a proper and adequate system of management process dynamic, a quarterly review of
internal financial controls which includes the policies and the risks is carried out across sites and departments for
procedures for ensuring the orderly and efficient conduct necessary key risks and risk management strategies
of its business, including adherence to Company’s are communicated to the Board of Directors for their
policies, the safeguarding of its assets, the prevention assessment for minimization of effects of risk.
and detection of frauds and errors, the accuracy and Human Resource/Industrial Relations
completeness of the accounting records, and the timely
Company continues to focus on training its employees on
preparation of reliable financial information.
a continuous basis both on the job and through training
The systems, procedures, checks and controls are
program to face challenges in the business/industry.
routinely tested and certified by our Statutory as well
During the year, industrial relations have been cordial.
as Internal Auditors. Moreover, Company continuously
Total Number of Employees on Company’s role has been
upgrades and validates these systems in line with best
around 1,231(including 80 apprentice).
practices and standards on internal control systems and
procedures. The Company has a Risk Management Cautionary Statement
Committee consisting of Directors and the senior The statement made in this report describing the
management personnel of the Company to monitor the Company’s expectations and estimations may be a
Risk Management Plan, to identify and mitigate the risks forward looking statement within the meaning of applicable
attached to the business of the Company. securities laws and regulations. Actual results may differ
Your Company’s objective of risk management is to have from those expressed or implied in this report due to the
a meaningful identification, measurement, prioritization influence of external and internal factors which are beyond
of risks or exposures to potential losses on a continual the control of the Company.

Report on Corporate Governance

The Directors present the Company’s Report on Corporate of which seven are Non-Executive Directors, one
Governance for the year ended 31st March, 2022 in Managing Director and two Executive Directors.
compliance with the Securities and Exchange Board of Out of the seven Non-Executive Directors, six are
India (Listing Obligations and Disclosure Requirements) Independent Directors.
Regulations, 2015 (as amended).
The composition of the Board is in conformity with
I. COMPANY’S PHILOSOPHY ON CORPORATE Regulation 17 of SEBI Listing Regulations read with
GOVERNANCE Section 149 of the Act. The Board keeps on reviewing
Good corporate practices ensure that a Company periodically the need for change in its size and
meets its obligations to optimize shareholders’ value. composition.
The Company always aims to abide by the highest
b) Number of Board Meetings
standards of good governance and ethical behavior
During the year ended 31st March, 2022, five board
across all levels. The provisions of the Corporate
Governance as prescribed by the Companies Act, 2013 meetings were held. The dates of the meetings and
(“the Act”) and the Securities and Exchange Board of attendance of directors thereat are as under:
India (Listing Obligations and Disclosure Requirements) Date Board No. of Directors
Regulations, 2015 (“SEBI Listing Regulations”), for Strength Present
the time being in force, have been complied with by 25th June, 2021 10 10
the Company. The core principles of the Company’s
10th August, 2021 10 9
Corporate Governance policy’s philosophy is towards
th
caring of the society and environment around us, 12 November, 2021 10 10
enhancement of stakeholder’s values, transparency 11th February, 2022 10 9
and promptness in disclosures and communication th
30 March, 2022 10 9
and complying with the laws in letter as well as in spirit.
During the FY 2021-22, the maximum gap between
II. BOARD OF DIRECTORS
two Board Meetings was within the period/time as
a) Composition of the Board
As on 31st March, 2022, the Board of Directors of the specified by the Companies Act, 2013 and Securities
Company (“the Board”) comprised of ten Directors and Exchange Board of India (“SEBI”).
c) Names and category of the Directors, their attendance at Board Meetings, last Annual General Meeting and the
number of Directorships and Chairman/ membership(s) held in other Companies as on 31st March, 2022:
Name of the Category Number of board Atten- Number of Direc- No. of Committees in Directorship held in
Director meetings during dance torships in other which Chairmanship/ other listed entities and
the FY 2021-22 at last Companies* membership held** category of Directorship
AGM
Held Attended Chairman- Director- Chairman- Member
ship ship ship
Shri U.S. Bhartia Executive 5 5 Yes 4 13 1 5 1. Polylink Polymers (India)

(Chairman and (Promoter Limited (Non-Executive Non-
Managing Director) Independent Director)
DIN: 00063091
Smt. Jayshree Non-Executive 5 3 Yes - 13 - 1 -

Bhartia (Promoter)
DIN: 00063018
Ms. Pragya Bhartia Executive 5 5 Yes - 7 - - 1. Polylink Polymers (India)

Barwale (Promoter) Limited (Non-Executive Non-
(Executive Director) Independent Director)
DIN: 02109262
Shri Sudhir Executive 5 5 Yes - - - 1 -

Agarwal (Executive
Director)
DIN: 08602216

Name of the Category Number of board Atten- Number of Direc- No. of Committees in Directorship held in
Director meetings during dance torships in other which Chairmanship/ other listed entities and
the FY 2021-22 at last Companies* membership held** category of Directorship
AGM
Held Attended Chairman- Director- Chairman- Member
ship ship ship
Shri Pradip Kumar Non-Executive 5 5 Yes - 7 2 4 1. CESC Limited (Non-
Khaitan & Independent Executive Non-Independent
DIN: 00004821 Director)
2. Electro Steel Castings
Limited (Independent
Director)
3. Emami Limited
(Independent Director)
4. Firstsource Solutions
Limited (Non-Executive Non-
Independent Director)
5. Graphite India Limited
6. Dalmia Bharat Limited
Shri Jitender Non-Executive 5 5 Yes - 6 1 4 1. Polyplex Corporation
Balakrishnan & Independent Limited (Independent
DIN: 00028320 Director)
2. Sarda Energy & Minerals
Director)
Shri Ravi Non-Executive 5 5 Yes 4 9 2 4 1. . HEG Limited (Executive
Jhunjhunwala & Independent Director)
DIN: 00060972 2. RSWM Limited (Non-
Executive Non-Independent
Director)
3. Maral Overseas Limited
(Non-Executive Non-
Independent Director)
4. BSL Limited (Non-
Executive Non-Independent
Director)
5. JK Lakshmi Cement
Director)
Shri Jagmohan N. Non-Executive 5 4 Yes - 1 - 2 -
Kejriwal & Independent
DIN: 00074012
Shri Sajeve Non-Executive 5 5 Yes - 4 - 2 1. Integrated Capital Services
Bhushan Deora & Independent Limited (Non-Executive Non-
DIN: 00003305 Independent Director)
Smt. Shukla Non-Executive 5 5 Yes - 3 - 3 1. Snowman Logistics Limited
Wassan & Independent (Independent Director)#
DIN: 02770898 2. GE Power India Limited
NOTES: *Excludes Directorship in Companies registered under Section 8 of the Act and foreign Companies.
**Includes only Audit and the Stakeholders’ Relationship Committee of public limited Companies including India Glycols Limited.
#
Subsequent to closure of FY 2022, ceased to be an Independent Director w.e.f. 15th May, 2022.
The directorship/Committee membership is based on the disclosures received from the Directors.
d) The Board of the Company is appropriately structured to ensure a high degree of diversity by qualifications,
professional background, knowledge, experience, competence, skills etc. The following are the key skills/expertise/
competencies identified by the Board of Directors as required in the context of its business for it to function effectively:
1. Manufacturing business/ sector: Relevant Experience and knowledge related to manufacturing, Health, Safety
and Environment issues including Research and Development, Logistics and operational issues.
2. Leadership: Experience in managing companies including general management.
3. Marketing: Strategic thinker to analyse and identify opportunities to stimulate business growth and enhance
enterprise reputation.
4. Financial: Financially literate with basic financial and accounting knowledge. Experience of handling financial
management.

5. Compliance Management and Corporate Governance: Knowledge and understanding of legal and regulatory
aspects including risk management, maintaining board and management accountability, protecting and enhancing
interest of stakeholders.
Further, the Board has also identified the names of Directors who have such key skills/expertise/competence as
under:
Name of Director Knowledge of Manu- Leadership Marketing Financial Compliance Management
facturing Business/ and Corporate Governance
Sector
Shri U. S. Bhartia √ √ √ √ √
Smt. Jayshree Bhartia √ √ - √ √
Ms. Pragya Bhartia √ √ √ √ √

Barwale
Shri Sudhir Agarwal √ √ - √ √
Shri Pradip Kumar Khaitan - √ - √ √
Shri Jitender Balakrishnan - √ - √ √
Shri Ravi Jhunjhunwala √ √ √ √ √
Shri Jagmohan N Kejriwal √ √ √ √ √
Shri Sajeve Bhushan - √ √ √ √

Deora
Smt. Shukla Wassan - √ - √ √
e) The number of directorship, Committee membership/ chairmanship(s) of all directors is within respective limits as
prescribed under the Act and SEBI Listing Regulations.
f) The Board periodically reviews the compliance reports of all laws applicable to the Company.
g) The Board of Directors has adopted and laid down a Code of Conduct for all directors and senior management
personnel. The Code of Conduct is posted on Company’s website at the link- https://www.indiaglycols.com/investors/
downloads/code_of_conduct.pdf
The Company is committed to conduct its business in accordance with the applicable laws, rules and regulations and
with highest standards of business ethics. The said code is intended to provide guidance and help in recognizing
and dealing with ethical issues, provide mechanism to report unethical conduct and to help foster a culture of
responsibility and accountability.
All Board members and senior management personnel have affirmed compliance with the Code of Conduct for the
FY 2021-22. A declaration by Chief Executive Officer to this effect is enclosed with this report.
h) As on 31st March, 2022, no Director is inter-se related to any other Director on the Board, except Shri U.S. Bhartia
and Smt. Jayshree Bhartia, who are related to each other as spouse and Ms. Pragya Bhartia Barwale, who is related
to them as their daughter.
i) The number of shares held by Non-Executive Directors of the Company is as under:
Name of Director Number of Shares
Smt. Jayshree Bhartia 2,29,003
The Company has not issued any convertible instruments.
j) Independent Directors (IDs) are Non-Executive Directors as defined under Regulation 16(1)(b) of the SEBI Listing
Regulations read with Section 149(6) of the Act. The terms and conditions of the appointment of the IDs, including
duties of IDs, are disclosed on the website of the Company. The maximum tenure of IDs is in compliance with the
Act and SEBI Regulations.
All IDs have confirmed that they meet the criteria of Independence as mentioned under Section 149(6) of the Act and

Regulation 16(1)(b) of the SEBI Listing Regulations 2. Recommendation for appointment, remuneration
and they maintain the limit of Directorship as provided and terms of appointment of auditors of the
under the Act and Regulation 25 of the SEBI Listing company namely, the Statutory Auditors, Internal
Regulations and the limit of Committee membership. Auditors, Cost Auditors, Tax Auditors, Secretarial
All ID’s of the Company are registered with Indian Auditors and their replacement/removal;
Institute of Corporate Affairs. Basis the confirmation 3. Approval of payment to statutory auditors for any
received from the IDs, the Board formed an opinion other services rendered by the statutory auditors;
that the independent directors fulfill the conditions 4. Examination of the financial statement and the
specified in SEBI Listing Regulations and the Act and auditors’ report thereon;
are independent of the management. 5. Reviewing, with the management, the annual
The Company ensures that the IDs have been properly financial statements and auditor’s report thereon
informed about their role and responsibilities in the before submission to the board for approval, with
Company, nature of the Industry in which the Company particular reference to:
operates, business model of the Company through (a) matters required to be included in the
various presentations during the board meetings. director’s responsibility statement to be
The details of the familiarization programme to IDs are included in the board’s report in terms of
disclosed on the Company’s website, link of which is as clause (c) of sub-section (3) of Section 134
below: of the Companies Act, 2013;
https://www.indiaglycols.com/investors/downloads/ (b) changes, if any, in accounting policies and
familiarization-programme-for-independent-directors.pdf practices and reasons for the same;
During the FY 2021-22, one separate meeting of the (c) major accounting entries involving estimates
IDs was held on 24th June, 2021, without the presence based on the exercise of judgment by
of Non-Independent Directors and the members of management;
the management. The IDs, inter-alia, reviewed the (d) significant adjustments made in the financial
performance of Non-Independent Directors, Chairman statements arising out of audit findings;
of the Company and the Board as a whole, assessment (e) compliance with listing and other legal
of quality, quantity and timeliness of flow of information requirements relating to financial statements;
between Company management and the Board. (f) disclosure of any related party transactions;
During the year under review, no Independent Director (g) draft auditor’s report including qualifications,
resigned. if any.
III. COMMITTEES OF THE BOARD 6. Reviewing, with the management, the quarterly
The Board has constituted various Committees with financial statements before submission to the
specific terms of reference as mandated by the applicable board for approval;
laws. As on 31st March 2022, the Board has 8 (Eight) 7. Monitoring the end use of funds raised through
Committees namely, Audit Committee, Nomination and public offers and related matters;
Remuneration Committee, Stakeholders’ Relationship 8. Reviewing, with the management, the statement
Committee, Share Transfer Committee, Finance of uses / application of funds raised through an
Committee, Risk Management Committee, Corporate issue (public issue, rights issue, preferential
Social Responsibility Committee and Ethics Committee. issue, etc.), the statement of funds utilized for
a) Audit Committee: purposes other than those stated in the offer
The Audit Committee is constituted in terms of the document / prospectus / notice and the report
provisions of Section 177 of the Act and Regulation 18 submitted by the monitoring agency monitoring
of the SEBI Listing Regulations and performs all the the utilisation of proceeds of a public or rights
functions specified therein. The terms of reference of issue, and making appropriate recommendations
the Audit Committee are aligned to the SEBI Listing to the board to take up steps in this matter;
Regulations. 9. Reviewing and monitoring the auditor’s
Terms of Reference: independence and performance, and
The brief terms of reference of Audit Committee are effectiveness of audit process;
as under: 10. Approval or any subsequent modification of
1. Oversight of the Company’s financial reporting transactions of the company with related parties;
process and the disclosure of its financial 11. Scrutiny of inter-corporate loans and investments;
information to ensure that the financial statement 12. Valuation of undertakings or assets of the
is correct, sufficient and credible; company, wherever it is necessary;

13. Evaluation of internal financial controls and risk Companies, in particular, the investments made
management systems; by the unlisted subsidiary company;
14. Reviewing, with the management, performance 29. Review compliance with the provisions of SEBI
of statutory and internal auditors, adequacy of (Prohibition of Insider Trading) Regulations,
the internal control systems; 2015, as amended;
15. Reviewing the adequacy of internal audit 30. Consider and comment on rationale, cost-
function, if any, including the structure of the benefits and impact of schemes involving
internal audit department, staffing and seniority merger, demerger, amalgamation etc., on the
of the official heading the department, reporting listed entity and its shareholders.
structure coverage and frequency of internal 31. To perform such other functions as may be
audit;
prescribed by the Companies act, 2013 or
16. Discussion with internal auditors of any significant the SEBI Listing Regulations, as amended or
findings and follow up there on; under any other law or as may be prescribed or
17. Reviewing the findings of any internal specified by the Board from time to time.
investigations by the internal auditors into matters Composition
where there is suspected fraud or irregularity or As on 31st March, 2022, the Committee comprises of
a failure of internal control systems of a material
four Non-Executive Independent Directors, namely,
nature and reporting the matter to the board;
Shri Pradip Kumar Khaitan, Shri Ravi Jhunjhunwala,
18. Discussion with statutory auditors before the Shri Jagmohan N. Kejriwal, Shri Sajeve Bhushan
audit commences, about the nature and scope Deora and One Executive Director, Shri Sudhir
of audit as well as post-audit discussion to Agarwal. Shri Pradip Kumar Khaitan is the Chairman
ascertain any area of concern; of the Committee. The Company Secretary acts as
19. To look into the reasons for substantial defaults the Secretary to the Audit Committee.
in the payment to the depositors, debenture
holders, shareholders (in case of non-payment Meetings and Attendance
of declared dividends) and creditors; The Committee met five times during the year on
20. To review the functioning of the whistle blower 25th June, 2021, 10th August, 2021, 12th November,
mechanism/vigil mechanism including the 2021, 11th February 2022 and 30th March 2022. The
complaints received thereunder and to address necessary quorum was present for all the meetings.
concerns in such manner as prescribed under The attendance of the members at the meetings is as
the rules; follows:
21. Approval of appointment of chief financial officer Name of Members Category No. of Meetings
(i.e. any other person heading the finance function Held Attended
or discharging that function) after assessing the Shri Pradip Kumar Chairman 5 5
qualifications, experience and background, etc. Khaitan
of the candidate; Shri Jagmohan N. Member 5 4
Kejriwal
22. Reviewing the utilization of loans and/ or
Shri Ravi Member 5 5
advances from/investment by the holding
Jhunjhunwala
company in the subsidiary exceeding rupees 100
Shri Sajeve Bhushan Member 5 5
crore or 10% of the asset size of the subsidiary,
Deora
whichever is lower including existing loans /
Shri Sudhir Agarwal Member 5 5
advances / investments.
All the members possess sound knowledge of
23. Reviewing the management discussion and
analysis of financial condition and results of finance, accounting practices and internal controls.
operations; The Audit Committee invites such of the executives,
24. Reviewing statement of significant related party as it considers appropriate, particularly the head of
transactions (as defined by the audit committee), the finance function, representatives of the Statutory
submitted by management; Auditors, representatives of the Internal Auditor.
25. Reviewing the management letters / letters All recommendation made by the Audit Committee
of internal control weaknesses issued by the were accepted by the Board.
statutory auditors; The Chairman of the Audit Committee had attended
26. Reviewing the internal audit reports relating to the last Annual General Meeting held on 24th
internal control weaknesses; September, 2021.
27. Reviewing the appointment, removal and terms b) Nomination and Remuneration Committee
of remuneration of the chief internal auditor; The Nomination and Remuneration Committee
28. Review the financial statements of the Subsidiary (“NRC”) is constituted in terms of the provisions of

Section 178 of the Act and Regulation 19 of the SEBI 8. To make recommendations to the Board
Listing Regulations and performs all the functions concerning any matters relating to the
specified therein. continuation in office of any Director at any
During the year, the terms of reference of the NRC time including the suspension or termination of
were revised to align the same with the SEBI Listing service of an Executive Director as an employee
Regulations and other applicable laws. of the Company subject to the provision of the
Terms of Reference: applicable laws and their service contract;
The brief terms of reference of the NRC are as under: 9. To ensure that level and composition of
1. To formulate the criterion for determining remuneration is reasonable and sufficient,
qualifications, positive attributes and relationship of remuneration to performance
independence of a Director and recommend to is clear and meets appropriate performance
the Board of Directors a policy relating to the benchmarks;
remuneration for the Directors, Key Managerial 10. To devise a policy on Board diversity;
Personnel (KMPs), Senior Management 11. To develop a succession plan for the Board and
Personnel and other employees;
to regularly review the plan.
2. While recommending appointment of an
12. Such other key issues / matters as may be
independent director, evaluate the balance of
skills, knowledge and experience on the Board referred /delegated by the Board or as may
and on the basis of such evaluation, prepare a be necessary in view of the SEBI Listing
description of the role and capabilities required Regulations and provisions of the Act and Rules
of an independent director. The person thereunder and any subsequent amendments
recommended to the Board for appointment thereto.
as an independent director shall have the Composition
capabilities identified in such description. For As on 31st March, 2022, the Committee comprises of
the purpose of identifying suitable candidates, four Non-Executive Independent Directors namely,
the Committee may; Shri Pradip Kumar Khaitan, Shri Jagmohan N.
a. use the services of an external agencies, if Kejriwal, Shri Ravi Jhunjhunwala and Shri Sajeve
required; Bhushan Deora. Shri Pradip Kumar Khaitan is
b. consider candidates from a wide range of Chairman of the Committee. The Company Secretary
backgrounds, having due regard to diversity; acts as the Secretary to the NRC.
and Meetings and Attendance
c. consider the time commitments of the The Committee met three times during the year
candidates. on 25th June, 2021, 12th November, 2021 and 11th
3. To identify the persons who are qualified to February 2022. The necessary quorum was present
become directors and who may be appointed for all the meetings. The attendance of the members
as the KMPs or in senior management of the at the meetings is as follows:
Company in accordance with the criteria laid Name of Members Category No. of Meetings
down and recommend to the Board of Directors Held Attended
their appointment and removal; Shri Pradip Kumar Chairman 3 3
4. To review the structure, size and composition Khaitan
(including the skills, knowledge and experience) Shri Jagmohan N. Member 3 3
Kejriwal
of the Board and making recommendations
Shri Ravi Jhunjhunwala Member 3 2
on any proposed changes to the Board to
complement the Company’s corporate strategy, Shri Sajeve Bhushan Member 3 3
Deora
with the objective to diversify the Board;
5. To make recommendations to the Board on the The Chairman of the NRC had attended the last
remuneration payable to the Directors/ KMPs/ Annual General Meeting held on 24th September,
Senior Management Personnel; 2021.
6. To formulate the criteria/ manner for evaluation Nomination, Remuneration and Evaluation Policy
of performance of Board of Directors, its The Nomination, Remuneration and Evaluation
Committees, individual directors including Policy (“Policy”) is formulated and adopted in line
independent directors; with Section 178 of the Act and the SEBI Listing
7. To assess the independence of Independent Regulations (including any statutory modification(s)
Directors; or re-enactments thereof) to provide a framework and

set standards for the nomination and remuneration of be based and determined on the individual person’s
the Directors, KMPs, Senior Management Personnel responsibilities and performance and in accordance
and Other Employees and evaluation of Directors. with the limits as prescribed statutorily, if any and the
The Company aims to achieve a balance of merit, Human Resource policy of the Company.
experience and skills amongst its Directors, KMPs The NRC determines individual remuneration
and Senior Management Personnel. During the year, packages for Directors, KMPs and Senior
the Policy was revised to align the same with the Management Personnel of the Company at the
SEBI Listing Regulations and other applicable laws. time of their appointment/re-appointment taking
Board Membership Criteria into account factors it deems relevant, including but
The basis for the NRC to select a candidate for not limited to market, business performance and
appointment to the Board are enhancing the practices in comparable companies, having due
competencies of the Board and attracting as well regard to financial and commercial health of the
as retaining talented employees for the role of KMP Company as well as prevailing laws and government/
and senior management. When recommending a other guidelines and the Human Resource policy of
candidate for appointment, the NRC has regard to: the Company.
a) Assessing the appointee against a range of The NRC consults with the Chairman of the Board as
criteria which includes but not be limited to it deems appropriate. Remuneration of the Chairman
qualifications, skills, regional and industry and Executive Directors is recommended by the NRC
experience, background and other qualities to the Board of the Company.
required to operate successfully in the position, The Non-Executive Directors shall be entitled to
with due regard for the benefits from diversifying receive remuneration by way of sitting fees for
the Board; attending every meeting of the Board/ Committees as
b) The extent to which the appointee is likely to approved by the Board, profit related commission as
contribute to the overall effectiveness of the may be recommended by the Committee to the Board
Board, work constructively with the existing and subsequently approved by the members.
Directors and enhance the efficiencies of the The remuneration payable to the Directors shall be as
Company; per the Company’s policy and shall be valued as per
the Income Tax Rules.
c) The skills and experience that the appointee
The Independent Directors shall not be entitled to any
brings to the role of KMPs/Senior Management
stock option.
Personnel and how an appointee will enhance
the skill sets and experience of the Board as a The criteria of making payment to the Non-Executive
whole; Directors of the Company is provided in the Policy
placed on the website of the Company
d) The nature of existing positions held by the
appointee including directorships or other (https://www.indiaglycols.com/investors/downloads/
relationships and the impact they may have on nomination-remuneration-and-evaluation-policy.pdf).
the appointee’s ability to exercise independent Performance Evaluation Criteria
judgment; The evaluation/assessment of the Directors of the
e) In addition to the qualifications and attributes Company is to be conducted on an annual basis and
specified herein, the prospective Independent to satisfy the requirements of the Act and the SEBI
Director should meet the criteria of independence Listing Regulations.
provided in the Act and the requirements of Following are the criteria that may assist in
Schedule IV and the SEBI Listing Regulations. determining how effective the performances of the
f) Personal specifications. Directors / Board /Committees have been.
Remuneration Policy • Leadership & stewardship abilities.
The guiding principle for the remuneration of • Contributing to clearly define corporate objectives
Directors, KMPs, Senior Management Personnel and & plans.
Other Employees is that the level and composition • Communication of expectations & concerns clearly
of remuneration shall be reasonable and sufficient to with subordinates.
attract, retain and motivate Directors, KMPs, Senior • Obtain adequate, relevant & timely information
Management Personnel and Other Employees. from external sources.
The remuneration of the Directors, KMPs, Senior • Review achievement of strategic and operational
Management Personnel and Other Employees shall plans, objectives, budgets.

• Regular monitoring of corporate results against Regulations, 2015, as amended or under any
projections. other law or as may be prescribed by the Board
• Identify, monitor & mitigate significant corporate from time to time.
risks. Composition
• Assess policies, structures & procedures. As on 31st March, 2022, the Committee comprises
• Review management’s succession plan. of three Non-Executive Independent Directors,
• Effective meetings. namely, Shri Pradip Kumar Khaitan, Shri Jagmohan
• Assuring appropriate board size, composition, N. Kejriwal, Shri Jitender Balakrishnan and one
independence, structure. Executive Director, Shri U.S. Bhartia. Shri Pradip
• Clearly defining roles & monitoring activities of Kumar Khaitan is the Chairman of the Committee.
Committees. The Company Secretary acts as the Secretary to the
• Review of corporation’s ethical conduct. Committee. Shri Ankur Jain, Company Secretary is
Evaluation on the aforesaid parameters is being the Compliance officer of the Company.
conducted by the Independent Directors for each
Meetings and Attendance
of the Executive/Non-Independent Directors in a
The Committee met four times during the year on 25th
separate meeting of the Independent Directors.
June, 2021, 10th August, 2021, 12th November, 2021
The Executive Directors/Non-Independent Directors and 11th February, 2022. The necessary quorum was
along with the Independent Directors evaluate/assess present for all the meetings. The attendance of the
each of the Independent Directors on the aforesaid members at the meetings is as follows:
parameters. Only the Independent Director being
Name of Members Category No. of Meetings
evaluated does not participate in the said evaluation
discussion. Held Attended
c) Stakeholders’ Relationship Committee Shri Pradip Kumar Chairman 4 4

Khaitan
The Stakeholders’ Relationship Committee (“SRC”)
is constituted in terms of the provisions of Section Shri U.S. Bhartia Member 4 4
178 of the Act and Regulation 20 of the SEBI Listing Shri Jagmohan N. Member 4 3
Regulations and performs all the functions specified Kejriwal
therein. Shri Jitender Member 4 4
Terms of Reference Balakrishnan
The brief terms of reference of the Committee are The Chairman of the SRC was present at the last
given below: Annual General Meeting held on 24th September,
1. Consider and resolve the grievances of the security 2021.
holders of the Company including complaints Investors’ complaints received and resolved
related to transfer/transmission of shares, non- during the year
receipt of annual report, non-receipt of declared During the year under review, the Company had
dividends, issue of new/duplicate certificates, received 20 Investors’ Complaints. All the complaints
general meetings etc.; received were duly redressed by the Company. As on
31st March, 2022, no complaint was outstanding.
2. Review of measures taken for effective exercise of
voting rights by shareholders; The investors’ complaints are also being processed
through the centralized web based SEBI Complaints
3. Review of adherence to the service standards Redress System (SCORES).
adopted by the Company in respect of various
d) Share Transfer Committee
services being rendered by the Registrar & Share
Terms of Reference
Transfer Agent; The Share Transfer Committee has been constituted
4. Review of the various measures and initiatives by the Board to inter-alia, review and approve the
taken by the Company for reducing the quantum of request for transfer/transmission/name deletion of
unclaimed dividends and ensuring timely receipt of shares and issue of duplicate share certificates. The
dividend warrants/annual reports/statutory notices Share Transfer Committee also reviews the status of
by the shareholders of the company. Shareholding pattern of the Company and significant
5. To perform such other functions as may be changes, if any.
prescribed by the Companies act, 2013 or the SEBI Composition
(Listing Obligations and Disclosure Requirements) As on 31st March, 2022, the Committee comprises

of three Non-Executive Directors, namely, Smt. During FY 2021-22, the Risk Management Policy
Jayshree Bhartia, Shri Ravi Jhunjhunwala, Shri was also amended to align it with the SEBI Listing
Jagmohan N. Kejriwal, and one Executive Director, Regulations, as amended.
Shri U.S. Bhartia. Shri U.S. Bhartia is the Chairman of Terms of Reference
the Committee. The Company Secretary acts as the The brief terms of reference of the RMC are as under:
Secretary to the Share Transfer Committee. 1. To identify the existing and prospective Risks
Meetings and Attendance attached to the business of the Company;
The Committee met 6 (Six) times during the year. The 2. To monitor and review the Risk Management
necessary quorum was present for all the meetings. Plan of the Company;
The attendance of the members at the meetings is as 3. To suggest measures for mitigation of the Risks
follows: attached to the business of the Company;
4. To formulate a detailed risk management policy
Name of Members Category No. of Meetings
covering all the risks, measures etc.;
Held Attended 5. To ensure that appropriate methodology,
Shri U.S. Bhartia Chairman 6 6 processes and systems are in place to monitor
Smt. Jayshree Bhartia Member 6 5 and evaluate risks associated with the business
of the Company;
Shri Jagmohan N. Member 6 0
Kejriwal 6. To monitor and oversee implementation of the
risk management policy, including evaluating the
Shri Ravi Member 6 5 adequacy of risk management systems;
Jhunjhunwala
7. To periodically review the risk management
e) Finance Committee policy, at least once in two years, including by
Terms of Reference considering the changing industry dynamics and
The brief terms of the Finance Committee are to evolving complexity;
consider and approve inter-alia, inter Corporate 8. To keep the board of directors informed about
Deposits and Investment, investment of surplus funds the nature and content of its discussions,
from time to time in marketable securities, to take recommendations and actions to be taken;
decisions on the Banking operations of the Company 9. To appoint, remove and review/approve terms of
and to consider, review & approve the borrowings by remuneration of the Chief Risk Officer (if any);
the Company.
10. To coordinate its activities with other Committees,
Composition in instances where there is any overlap with
As on 31st March, 2022, the Committee comprises of activities of such committees;
two Directors, namely, Shri U.S. Bhartia, Chairman 11. To perform such other functions as may be
and Managing Director and Shri Sudhir Agarwal, prescribed by the Companies Act, 2013 or
Executive Director. Senior officials of the Company, the SEBI (Listing Obligations and Disclosure
namely, Shri Rupark Sarswat, Chief Executive Officer Requirements) Regulations, 2015, as amended
and Shri Anand Singhal, Chief Financial Officer are or under any other law or as may be prescribed
the permanent invitees of the Committee. Shri U.S. by the Board from time to time.
Bhartia is the Chairman of the Committee. The Composition
Company Secretary acts as the Secretary to the As on 31st March, 2022, the Committee comprises
Finance Committee. of 8 (eight) members including three Non-
Meetings and Attendance Executive Independent Directors namely, Shri Ravi
The Committee met 9 (Nine) times during the year. Jhunjhunwala, Shri Pradip Kumar Khaitan, Shri
The necessary quorum was present for all the Jitender Balakrishnan; Shri U. S. Bhartia, Chairman
meetings. and Managing Director, Shri Sudhir Agarwal,
f) Risk Management Committee Executive Director and three Senior executives of
In pursuance to the provisions of Regulation 21 of the Company namely, Shri Rupark Sarswat, Chief
the SEBI Listing Regulations, constitution of the Risk Executive Officer Shri Anand Singhal, Chief Financial
Management Committee (“RMC”) was mandatory Officer and Shri Atul Govil, IT Head as its members.
for the Company w.e.f. 5th May, 2021. However, the Shri U.S. Bhartia is the Chairman of the RMC.
Board had voluntarily constituted a RMC prior to that The Company Secretary acts as the Secretary to the
in line with SEBI Listing Regulations. Further, during RMC.
the year under review, consequent to amendment in Meetings and Attendance
the said Regulation, the terms of reference of the RMC The RMC met twice during the year on 25th June,
were amended to align the role and responsibilities of 2021 and 12th November, 2021. The necessary
the RMC with the said amendments. quorum was present for both the meetings.

The attendance of the members at the meetings is as h) Ethics Committee

follows: Terms of Reference
Name of Mem- Category No. of Meetings The Ethics Committee of the Board has been
bers constituted to administer, implement the Code of
Held Attended
Conduct and Ethics and to review the breach of the
Shri U.S. Bhartia Chairman 2 2
said code, if any and advice the action to be taken.
Shri Ravi Member 2 1
Jhunjhunwala
Composition
As on 31st March, 2022, the Committee comprises of
Shri Pradip Member 2 2
three Non-Executive Independent Directors namely,
Kumar Khaitan
Shri Pradip Kumar Khaitan, Shri Jitender Balakrishnan
Shri Jitender Member 2 2 and Shri Jagmohan N. Kejriwal. Shri Pradip Kumar
Balakrishnan
Khaitan is the Chairman of the Committee. The
Shri Sudhir Member 2 2 Company Secretary acts as the Secretary to the
Agarwal Ethics Committee.
Shri Rupark Member 2 2
Meetings and Attendance
Sarswat*
The Directors and the senior management confirmed
Shri Anand Member 2 2 compliance with the Code of Conduct for the FY
Singhal* 2021-22. No breach of the said code was observed.
Shri Atul Govil* Member 2 2 During the year, no meeting of the Ethics Committee
* Not a Board Member. was held.
g) Corporate Social Responsibility Committee
IV. REMUNERATION OF DIRECTORS FOR FY 2021-22:
Terms of reference
The Corporate Social Responsibility Committee has (a) Executive Directors - (Amount in `)
been constituted by the Board to inter-alia, formulate Name of Salary Perquisites/ Retiral Provident Commis- Total
and recommend to the Board, a Corporate Social Direc- (Basic) allowances benefits Fund Con- sion#
Responsibility Policy which shall indicate the activities tor tribution
to be undertaken by the Company as specified in Shri U.S. 4,80,00,000 14,77,343 - 57,60,000 5,00,00,000 10,52,37,343
Schedule VII of the Act; recommend the amount of Bhartia
expenditure to be incurred on the activities referred Ms. 99,99,996 2,73,600 - 12,00,000 2,40,00,000 3,54,73,596
above; monitor the Corporate Social Responsibility Pragya
Policy of the Company from time to time; to formulate Bhartia
and recommend to the Board, an annual action Barwale
plan and any alteration therein in pursuance to the
Shri 26,40,000 27,14,303 - 5,08,752 - 58,63,055
CSR Policy of the Company, which shall include
Sudhir
the list of CSR projects or programmes, the manner
Agarwal
of execution of such projects or programmes, the
#
modalities of utilisation of funds and implementation relates to FY 2021-22 which shall be paid during FY 2022-23.
schedules, monitoring and reporting mechanism The appointment of Executive Directors is governed
and details of need and impact assessment, if any, by the resolutions passed by the Board and the
for the project undertaken by the Company; and to Shareholders of the Company, which covers the
perform and discharge such other functions as may terms and conditions of such appointment.
be prescribed under the Act or relevant regulations (b) Non-Executive Directors - (Amount in `)
and/or as may be prescribed by the Board from time
Name of Director Sitting Commis- Total
to time.
Fee sion#
Composition
As on 31st March, 2022, the Committee comprises Smt. Jayshree Bhartia 2,00,000 10,00,000 12,00,000
of four members including two Executive Directors Shri Pradip Kumar Khaitan 6,30,000 20,00,000 26,30,000
namely Shri U.S. Bhartia, Chairman and Managing
Director and Shri Sudhir Agarwal, Executive Director Shri Jagmohan N. Kejriwal 4,70,000 10,00,000 14,70,000
and two Non-Executive Independent Director Shri Ravi Jhunjhunwala 5,90,000 10,00,000 15,90,000
namely, Shri Pradip Kumar Khaitan and Shri Jitender
Balakrishnan. Shri U.S. Bhartia is Chairman of the Shri Jitender Balakrishnan 3,50,000 10,00,000 13,50,000
Committee. The Company Secretary acts as the Shri Sajeve Bhushan Deora 5,40,000 10,00,000 15,40,000
Secretary to the Corporate Social Responsibility
Smt. Shukla Wassan 2,60,000 10,00,000 12,60,000
Committee.
Meetings and Attendance #
relates to FY 2021-22 which shall be paid during FY 2022-23.
The Committee met three times during the year on Sitting fees was paid to Non-Executive Directors
25th June, 10th August and 12th November, 2021. The within the limits prescribed under the Act read with
necessary quorum was present for all the meetings. Rules thereunder.

During the FY 2021-22, an amount ` 243.19 lakhs Exchanges or SEBI or any Statutory Authorities
(excluding taxes) was paid by the Company to M/s on any matter related to Capital Markets for non-
Khaitan & Co. LLP, related party towards the legal compliance by the Company during last three years.
and professional services rendered by them, in which (c) As a conscious and vigilant organization, the
Shri Pradip Kumar Khaitan, Director of the Company Company believes in the conduct of the affairs of
is a partner. its constituents in a fair and transparent manner, by
adopting the highest standards of professionalism,
Non-executive Directors did not have any other honesty, integrity and ethical behavior. In its
material pecuniary relationship or transactions endeavour to enable its employees to report concerns
with the Company during the year except as stated about unethical behavior, actual and suspected fraud
above. or violation of the Company’s conduct, the Company
Letters of appointment have been issued by the has put in place a Whistle Blower/Vigil Mechanism
Company to the Independent Directors, incorporating Policy (“the Policy”). Whistle Blower/Vigil Mechanism
their roles, responsibilities, etc., which have been provides a channel to the employees to report to
accepted by them. the management concerns about the suspected
or confirmed malpractices and events. The policy
The statutory provisions will apply with respect to the
provide for the adequate safeguard of the person
notice period of Directors unless otherwise mentioned in availing the mechanism by maintaining confidentiality
the resolution. There is no separate provision included of all the matters under the policy and also provide for
for severance fees in the resolutions governing the direct access to the Chairman of the Audit Committee
appointment of Directors. No stock option was given to in exceptional cases in the manner laid down therein.
Directors during the year. During the year under review, no person has been
denied access to the Audit Committee. It is affirmed
V. OTHER DISCLOSURES that, the Policy allows reporting of instances related to
(a) Related Party Transaction Disclosures leakage of Unpublished Price Sensitive Information.
All transactions entered into with related parties by the The Whistle Blower/Vigil Mechanism Policy is hosted
Company during the FY 21-22 were on Arm’s Length on the Company’s website at the following link https://
Basis and in Ordinary course of Business and were in www.indiaglycols.com/investors/downloads/vigil-
compliance with the applicable provisions of the Act mechanism-policy.pdf
and SEBI Listing Regulations and approved by the (d) The Company has also adopted Policy on
Audit Committee. The Audit Committee reviews at determination of materiality of event/information as
least on a quarterly basis, the details of related party required by SEBI Listing Regulations the same is
available at https://www.indiaglycols.com/investors/
transactions entered into by the Company pursuant downloads/policy-on-determination-of-materiality-
to each of the omnibus approval granted. There of-event-information.pdf. Also, the Policy on
were no materially significant transaction made by Preservation of Records/Archival, as adopted by the
the Company with the related parties viz. Promoters, Company is available at https://www.indiaglycols.
Directors or the management or relatives etc. that com/investors/downloads/Policy-on-preservation-
may have a potential conflict with the interest of the of-records-IGL-Nov2020.pdf. Further, the details of
Company at large. Details of material related party the key managerial personnel who are authorized
transactions are given in the Board’s Report. for the purpose of determining materiality of an
Pursuant to Regulation 23(9) of SEBI Listing event or information and for the purpose of making
Regulations, disclosures of related party transactions disclosures to stock exchange(s) as required under
sub-regulation (5) of regulation 30 of SEBI Listing
on a consolidated basis for the half year ended Regulations are also available at https://www.
31st March, 2021 and 30th September, 2021 were indiaglycols.com/investors/downloads/policy-on-
submitted to the Stock Exchanges and also hosted determination-of-materiality-of-event-information-
on the website of the Company. The details of related authorisation.pdf
party transactions with the Company as required by (e) In Compliance with the SEBI (Prohibition of
Indian Accounting Standards (Ind AS) on Related Insider Trading) Regulations 2015, as amended,
Party Transactions have been given in Note no. 57 the Company has adopted a Code of Conduct
of the Standalone Financial Statements forming part for Regulating, Monitoring, Reporting Trading in
of Annual Report. The Related Party Transactions Securities and Code of Practices & Procedures
Policy of the Company as approved by the Board for Fair Disclosure of Unpublished Price Sensitive
has been uploaded on the Company’s website at the Information. The codes lay down guidelines for
following link procedures to be followed and disclosures to be
made while trading in securities of the Company. The
https://www.indiaglycols.com/investors/downloads/ Code of Practices & Procedures for Fair Disclosure of
related-party-transactions-policy.pdf Unpublished Price Sensitive Information is available
(b) The Company has complied with all the applicable on the website of the Company at the following link:
requirements as specified under the SEBI Listing https://www.indiaglycols.com/investors/downloads/
Regulations. There were no penalties or strictures code-practices-Procedures-Fair-Disclosure-
imposed or passed on the Company by the Stock Unpublished-Price-Information.pdf

(f) The Company discloses on its website all such b. Exposure of the Company to various commodities:
events or information which has been disclosed to Commodity Exposure Exposure % of such exposure hedged
stock exchange(s) under SEBI Listing Regulations. name (` in in Quantity through commodity derivatives
(g) The Company has also uploaded the Annual return lakhs) terms (MT) Domestic International Total
for FY 2020-21 at https://www.indiaglycols.com/ (approx.) (approx.) Market Market
investors/downloads/IGL-MGT-7-2021.pdf OTC Exchange OTC Exchange
(h) The Company is in compliance with all the Mandatory Alcohol (Raw 71,782 15,38,67,966 Nil Nil Nil Nil Nil
requirements stipulated in SEBI Listing Regulations. Material)
(i) The Company has complied with the corporate Mono 33,385 36,691 Nil Nil Nil Nil Nil
governance requirements specified in Regulations 17 Ethylene
to 27 and clauses (b) to (i) of the Regulation 46(2) of Glycol
(Finished
the SEBI Listing Regulations.
Product)
(j) The Company has in place a Directors and Officers
(D & O) Insurance Policy for all Directors including Exposure for the Alcohol is based on the procurement and for
Independent Directors and its Officers in compliance Mono Ethylene Glycol is based on sales.
of the provisions of the Act and Regulation 25(10) of As the above commodities are not traded/actively
the SEBI Listing Regulations. traded in the derivative market, the Company does
(k) The Company has obtained a certificate from M/s not have any exposure hedged through commodity
Mukesh Agarwal & Co., Company Secretaries, derivative. However, the Company continuously
confirming that none of the directors on the Board
of the Company have been debarred or disqualified monitors and manages the associated commodity
from being appointed or continuing as directors of the risks through commercial negotiation with customers
companies by the Securities and Exchange Board of and suppliers and by entering into long term contracts,
India and Ministry of Corporate Affairs or any such wherever required.
authority. The Company has a sizeable forex exposure and in
(l) During the year under review, all recommendation of order to mitigate the fluctuations in exchange rate,
the Committees of the Board which were mandatorily
required have been accepted by the Board. the Company hedges its import liabilities and export
(m) During FY 2021-22, an amount of ` 46.70 lakhs by adopting appropriate measures. The Company
was paid by the Company and its subsidiaries on has adopted Forex Risk Management Policy in terms
consolidated basis, for all the services to M/s K.N. of applicable laws.
Gutgutia & Co., the Statutory Auditors. Out of which, ` (p) The Company has not raised any funds through
45.70 lakhs paid by the Company (` 24 lakhs towards
qualified institutions placement and also there are
Statutory Audit fee) and ` 1 lakh paid by subsidiaries
towards Statutory Audit fee. The Statutory Auditor no unutilized amount w.r.t. the funds raised by the
has no networking/ partner in the networking entity. Company through preferential allotment as specified
(n) In accordance with the provisions of the Sexual under Regulation 32 (7A) of SEBI Listing Regulations.
Harassment of Women at Workplace (Prevention, Subsidiary Companies
Prohibition and Redressal) Act, 2013, the Company The Audited annual financial statements and the
has constituted an Internal Complaints Committee
where any grievance of sexual harassment at investments made by unlisted subsidiary Companies
workplace can be reported. No complaint pertaining are periodically reviewed by the Audit Committee.
to sexual harassment at workplace has been reported The minutes of the Board Meetings of Subsidiary
to the Committee during the financial year ended 31st Companies are periodically placed before the Board
March, 2022.
of the Company. The Company does not have any
(o) Disclosure w.r.t. Commodity, Foreign Exchange
Risk and Hedging activities. material subsidiary as defined under Regulation 16 of
The Company being the manufacturer of Green the SEBI Listing Regulations. A policy for determining
Chemicals procures variety of commodities as its raw material subsidiaries has been formulated and the
material and, therefore, the commodity prices risk is same is hosted on the Company’s website at the link:
one of the important business risk for the Company. https://www.indiaglycols.com/investors/downloads/
The Company has in place an adequate risk Policy-for-determining-Material-Subsidiaries.pdf
management policy inter-alia, for risk assessment
and mitigation system including for the commodities. CEO/CFO Certification
Details of exposure of the Company to commodity The Chief Executive Officer and Chief Financial Officer
and commodity risk faced by the entity during the have issued compliance certificate under the provisions
year, in pursuance to the Materiality Policy of the of Regulation 17 (8) of the SEBI Listing Regulations
Company are as under: which is annexed and forms part of this Report.
a. Total exposure of the Company to commodities: Non-Mandatory Requirements:
` 1,05,167 Lakhs (approx.)
(i) The quarterly/ half yearly and yearly results are

displayed on the website of the Company viz (iii) The Internal Auditor reports directly to the Audit
www.indiaglycols.com and also published in Committee. The Internal Auditor has regular
widely circulated English and Regional language
newspapers. meetings with the Head of Finance prior to
(ii) During the FY 2021-22, there is no audit qualification placing of the reports of Internal Auditors before
on the Company’s financial statements. the Audit Committee.
VI. SHAREHOLDERS
a) General Body Meetings
Details of the last three Annual General meetings are as under:
Financial Date & Time Location Details of Special Resolution passed
Year
2020-21 24th September, 2021 Through Video Conferencing a. Ratification and confirmation of the waiver of recovery of the excess
at 11.00 A.M. . (“VC”)/Other Audio Visual remuneration paid to Shri Sudhir Agarwal (DIN: 08602216), Executive
means (“OAVM”) Director of the Company, for the financial year 2020-21.
Deemed venue- A-1, Indus- b. Ratification and confirmation of the waiver of recovery of the excess
trial Area, Bazpur Road, Ka- remuneration paid/payable to Ms. Pragya Bhartia Barwale (DIN: 02109262),
shipur-244713, Distt Udham Executive Director of the Company, for the financial year 2020-21.
Singh Nagar, Uttarakhand c. Raising of additional long term funds through further issuance of securities/
shares.
2019-20 24th September, 2020 Through Video Conferencing a. Appointment of Ms. Pragya Bhartia Barwale (DIN: 02109262) as an Executive
at 11.00 A.M. (“VC”)/Other Audio Visual Director and Key Managerial Personnel of the Company for a period of 5
means (“OAVM”) years w.e.f. 24th June, 2020.
Deemed venue- A-1, Indus- b. Approval for transfer of the BioEO (Speciality Chemicals) Business to a wholly
trial Area, Bazpur Road, Ka- owned subsidiary.
shipur-244713, Distt. Udham c. Approval for transfer of the Ennature Bio-pharma (Nutraceuticals) Business to
Singh Nagar, Uttarakhand a wholly owned subsidiary.
d. Raising of additional long term funds through further issuance of securities/
shares.
2018-19 22nd August, 2019 at A-1, Industrial Area, Bazpur a. Approval of the Remuneration of Shri U. S. Bhartia (DIN: 00063091),
11.00 A.M. Road, Kashipur-244713, Chairman & Managing Director.
Distt. Udham Singh Nagar, b. Approval for the payment of Commission to Non- Executive Directors.
Uttarakhand c. Re-appointment of Shri Pradip Kumar Khaitan (DIN: 00004821) as
Independent Director for second term of five years.
d. Re-appointment of Shri Jagmohan N. Kejriwal (DIN: 00074012) as
e. Re-appointment of Shri Ravi Jhunjhunwala (DIN: 00060972) as Independent
Director for second term of five years.
f. Re-appointment of Shri Jitender Balakrishnan (DIN: 00028320) as
g. Raising of additional long term funds through further issuance of securities/
shares.
Postal Ballot
During FY 2021-22, two special resolutions were passed through Postal Ballot process, the details whereof including voting pattern
are as under:
S. No. Description of Special Resolu- Total No. of Number of Votes cast in Votes cast against Date of pass-
tion passed Votes votes polled favour ing of resolu-
Number of % Number of % tions
votes votes
1. Approval for re-appointment of Shri 3,09,61,500 193,83,913 190,57,525 98.316 3,26,388 1.684 25th April, 2021
U.S. Bhartia (DIN: 00063091) as
Chairman and Managing Director
of the Company.
2. Approval of divestment of Com- 3,09,61,500 193,83,768 193,82,868 99.995 900 0.005 25th April, 2021
pany's stake held in Clariant IGL
Specialty Chemicals Private Limit-
ed (erstwhile IGL Green Chemicals
Private Limited), a Wholly Owned
Subsidiary.
Shri Ashish Saxena (C.P. No. 7096) of Ashish Saxena & Co., Company Secretaries, Ghaziabad, was appointed as
the Scrutinizer to conduct the aforesaid Postal Ballot process in a fair and transparent manner. The Company had
provided the facility of voting through electronic means. The procedure of Postal Ballot, as contained in the Postal Bal-
lot Notice, is available on the Company’s website at https://www.indiaglycols.com/investors/agm-postal-ballot-notice.
htm. Further, as on date, no resolution is proposed to be passed through postal ballot.

b) Means of Communication declared at the Annual General Meeting, will be

The quarterly, half-yearly, annual financial results and paid/dispatched within 30 days from the date of
other vital official News release/documents of the ensuing AGM of the Company as under:
Company under SEBI Listing Regulations are filed with • To all those beneficial owners holding shares
the Stock Exchanges. The results are also displayed on in electronic form, as per the beneficial
the website of BSE Limited (BSE) and National Stock ownership data made available to the
Exchange of India Limited (NSE) and are also published Company by National Securities Depository
in leading English and Hindi Newspapers in India which Limited (NSDL) and the Central depository
includes the Financial Express, Business Standard and
Services (India) Limited (CDSL) as on
Uttar Ujala.
Wednesday, 31st August, 2022.
All periodical compliance filings, inter-alia, shareholding
pattern, Corporate Governance Report, corporate • To all those shareholders holding shares in
announcements, in accordance with the SEBI Listing physical form, after giving effect to all the
Regulations are also filed electronically on NSE valid share transmission or transposition
Electronic Application Processing System (NEAPS) request lodged with the Company/Share
and/or NSE Digital Exchange, web based applications Transfer Agent, M/s MCS Share Transfer
designed by NSE and BSE Corporate Compliance & Agent Limited (“RTA”), F-65, 1st Floor, Okhla
Listing Centre (Listing Centre), web based application Industrial Area Phase-I, New Delhi 110020
designed by BSE for Corporates. on or before Wednesday, 31st August, 2022.
In compliance with Regulation 46 of the SEBI Listing v) Listing at stock exchanges and stock
Regulations, a separate dedicated section under codes
‘Investor Relations’ on the Company’s website at The Stock Exchanges at which the equity shares
www.indiaglycols.com, gives information on various of the Company are listed as on 31st March,
announcements made by the Company including the 2022 and the respective stock codes are as
financial results. under:
During the FY 2021-22, the Company started holding Name of the Stock Stock Code No./
calls/meetings with Investors and Analysts. During Exchange Symbol
these calls/meetings, Company’s performance is BSE Limited (“BSE”) 500201
discussed. Phiroze Jeejeebhoy
Details of these calls alongwith presentation(s) made, Towers, Dalal Street,
Mumbai-400 001
Audio recordings and transcripts thererof are hosted on
National Stock Exchange INDIAGLYCO
the Stock Exchanges Websites (www.bseindia.com and of India Limited (“NSE”)
www.nseindia.com) and also on the Company's website Exchange Plaza, C-1,
(www.indiaglycols.com) under investor relations Block-G, Bandra Kurla
section. Complex, Bandra (East),
c) General shareholder information Mumbai-400 051
i) Annual General Meeting The Annual Listing fees for the financial year 2022-
Date: Wednesday, 7th September, 2022 23 has been paid by the Company to BSE and
Venue : Being convened through Video NSE.
Conferencing (“VC”) / Other Audio Visual Means The ISIN number allotted to the Company’s shares
(“OAVM”) [Deemed venue for AGM shall be the under the depository system is INE560A01015.
Registered office i.e. A-1, Industrial Area, Bazpur vi) Market Price Data
Road, Kashipur-244713, Distt. Udham Singh High/Low of market price of the Company’s equity
Nagar, Uttarakhand] shares traded on BSE and NSE during each
Time : 11.00 A.M. month of FY 2021-22 is as under:-
ii) Financial Calendar - Financial year: 1st April to High Low
31st March Month
BSE NSE BSE NSE
For the financial year 2022-23, the tentative dates
for approval and adoption of unaudited quarterly Apr-21 497.30 498.00 397.05 396.05
financial results will be by 14th August, 2022 for May-21 551.90 560.00 465.20 463.95
the first quarter, by 14th November, 2022 for half Jun-21 659.95 659.90 465.00 464.60
yearly, by 14th February, 2023 for third quarter and Jul-21 768.70 769.00 632.00 631.00
by 15th May/30th May, 2023 for the fourth quarter Aug-21 764.70 765.00 621.70 621.50
and annual audited financial results. Sep-21 831.60 831.45 634.95 634.90
iii) Book Closure
Oct-21 1011.15 1012.70 792.55 790.50
The Register of Members and Share Transfer
Books of the Company shall remain closed from Nov-21 1028.20 1029.80 798.50 798.75
Thursday, 1st September, 2022 till Wednesday, 7th Dec-21 940.25 941.20 758.05 758.70
September, 2022 (Both days inclusive). Jan-22 1060.00 1060.00 861.00 862.30
iv) Dividend: Feb-22 933.75 933.80 725.05 725.40
The dividend of ` 7.50 per equity share, as Mar-22 1024.50 1025.00 753.70 751.85
recommended by the Board of Directors, if Source: BSE and NSE Website.

vii) Performance of Company’s equity shares securities. Accordingly, Members are requested
in comparison to S&P BSE Sensex and NSE to make service requests by submitting a dully
NIFTY 50 filled in and signed Form ISR-4, format whereof
The graphical presentations of movement of is available on the Company’s website (www.
share prices of the Company on BSE and NSE indiaglycols.com) under investor relations section.
during the year are as under: It was further clarified that listed entities/ RTAs
a. INDIA GLYCOLS’ SHARE PRICES VERSUS shall now issue a Letter of Confirmation in lieu of
S&P BSE SENSEX the share certificate while processing any of the
aforesaid investor service request.
In view of the above, Members holding shares in
physical form are requested to consider converting
their holdings to demat mode.
SEBI vide its circular dated 3rd November, 2021
has mandated registration of PAN, KYC details
and Nomination, by holders of physical securities.
Members holding shares in physical form are
requested to submit their PAN, KYC details
and Nomination details by sending a duly filled
b. INDIA GLYCOLS’ SHARE PRICES VERSUS and signed Form ISR-1 (request for registering/
NSE NIFTY 50 change/ updation of PAN, KYC details), ISR-2
(signature of shareholder), SH-13 (nomination),
SH-14 (cancellation/variation in nomination),
ISR-3 (opting out of Nomination) to MCS Share
Transfer Agent Limited, F-65, 1st Floor, Okhla
Industrial Area, Phase I, New Delhi - 110020 or
email at admin@mcsregistrars.com. All these
forms are available on the Company's website
(www.indiaglycols.com) under investor relations
section. The Company has also sent individual
letters to all the Members holding shares of the
viii) Registrar and Share Transfer Agents Company in physical form in this regard.
Name and Address - M/s MCS Share Transfer Members holding shares in electronic form are
Agent Limited, F-65, 1st Floor, Okhla Industrial requested to verify and update any change/
Area, Phase-I, New Delhi -110 020 updation in their KYC details/ Bank mandate(s)
Telephone - 011-41406149 or details of nomination immediately to their
E-mail - admin@mcsregistrars.com respective Depository Participants (NSDL or
Website - www.mcsregistrars.com CDSL) with whom they are maintaining their
Fax - 011-41709881 demat accounts.
ix) Share Transfer System The Company under its Green Initiative intends to
The Company’s entire equity shares (approx.) send all intimations electronically, accordingly, the
are in electronic format. These shares can be Company availed services of National Securities
transferred through the depositories without the Depository Limited (‘NSDL’) and Central
Company’s involvement. Depository Services (India) Limited (‘CDSL’) to
send SMS to those shareholders whose email
SEBI had mandated that, effective from 1st April
addresses were not registered with the Company.
2019, securities of listed companies can only be
transferred in dematerialized form. Therefore, the During the year, the Company had obtained a
Company has not been accepting any request for certificate from a Company Secretary in practice
transfer of shares in physical form w.e.f. 1st April, as required under Regulation 40(9) of SEBI
2019. (Listing Obligations and Disclosure Requirement)
Further, SEBI vide its circular dated 25th January Regulations, 2015 and filed copy of the same with
2022, amended the SEBI Listing Regulations the Stock Exchanges. Also, pursuant to Regulation
and mandated that the listed companies shall 7(3) of the SEBI Listing regulations, compliance
henceforth issue the securities in dematerialized certificate certifying compliance regarding
form only while processing the service requests maintenance of securities transfer facilities have
such as transmission, transposition, Issue also been submitted to stock exchanges within
of duplicate securities certificate, Claim from stipulated time.
Unclaimed Suspense Account, renewal/ Further, the Company complies with the
exchange of securities certificate, endorsement, Operational guidelines issued by the SEBI for
sub-division/ splitting of securities certificate, Transfer and Dematerialization of re-lodged
consolidation of securities certificates/ folios of physical shares.

x) Category & Distribution of shareholding as on xv) Management

31st March, 2022 a) Management discussion and analysis -
Category Shares %age Holders %age
Management discussion and analysis report
(Shares) of Total of Total forms separate part of the Annual Report.
Shares Share- b) Disclosure on Risk Management - The
holders Company has further strengthened the Risk
Up to 500 33,83,341 10.93 41,181 94.89 Management System in the Company. The
501-1000 9,23,938 2.98 1,172 2.70 Board of Directors periodically reviews the
1001-2000 8,22,373 2.66 537 1.24 Risk Assessment and minimizing procedure
2001-3000 4,45,254 1.44 176 0.40 thereof.
3001-4000 2,95,402 0.95 83 0.19 xvi) Reconciliation of Share Capital
4001-5000 2,80,549 0.91 59 0.14 The certificate of Reconciliation of Share capital
5001-10000 6,43,326 2.08 91 0.21 Audit confirming that the total issued capital of the
10001-50000 15,94,512 5.15 73 0.17 Company is in agreement with the total number
50001-100000 6,57,611 2.12 9 0.02 of shares in physical form and the total number of
100001 and 2,19,15,194 70.78 19 0.04 dematerialized shares held with NSDL and CDSL
above is placed before the Board on quarterly basis and
Total 3,09,61,500 100.00 43,400 100.00 also submitted to the Stock Exchanges.
Category of Shareholders as at 31st March, xvii) Compliance Certificate from the Statutory
2022 Auditors
Certificate from the Statutory Auditors of the
Company, M/s K. N. Gutgutia and Co., Chartered
Accountants, confirming compliance with the
provisions of Corporate Governance as stipulated
in SEBI Listing Regulations is annexed to this
Report and forms part of the Annual Report.
xviii) Equity shares in the suspense account - N.A.
xix) Transfer of unpaid/unclaimed amounts to
Investor Education and Protection Fund
During the financial year 2021-22, the Company
transferred ` 7,64,280/- being dividend for FY
2013-14 to Investor Education and Protection
Fund pursuant to Section 125 of the Act.
Shares held in physical and dematerialized Further, pursuant to the provisions of Section
form 124(6) of the Act read with the Investor Education
Mode of Holding %age and Protection Fund Authority (Accounting, Audit,
NSDL 24.92 Transfer and Refund) Rules, 2016 (‘IEPF Rules’), as
CDSL 73.34 amended, during the financial year 2021-22, 45,287
Physical 1.74 equity shares of `10/- each, on which the dividend
remained unpaid/unclaimed for seven consecutive
xi) Dematerialization of shares and liquidity years, were transferred to the demat account of the
The shares of the Company are compulsorily IEPF Authority(“IEPF Account”), after completing all
traded in dematerialized form. As on 31st March, the procedural formalities in this regard.
2022, 98.26% shares were held in dematerialized Members who have not encashed the dividend
form and 1.74% in physical form. Entire Promoters warrants so far are requested to claim the same to
shareholding is in dematerialized form. The avoid transferring the unpaid/unclaimed dividend
Company’s shares are actively traded on BSE and respective shares to the IEPF Authority and
and NSE. IEPF Account, respectively.
The details of unpaid/unclaimed dividend lying with
xii) Outstanding GDR’s / ADR’s / Warrants / the Company in respect of last seven years and date
convertible instruments, conversion date and for transfer of the same to IEPF has been uploaded
their impact on equity –Nil on the website of the Company at https://www.
xiii) Plant Locations indiaglycols.com/investors/iepf.htm.
1) A-1, Industrial Area, Bazpur Road, The Members may note that no claim shall lie
Kashipur-244713, Distt. Udham Singh Nagar, against the Company in respect of said dividend(s)
Uttarakhand. and shares, upon their transfer to IEPF. However,
2) E-1, Sector-15, Gorakhpur Industrial the same can be claimed back from them after
Development Area, Gorakhpur, Uttar Pradesh. complying with the procedure prescribed under
3) Plot No. 2, 3, 4 & 5 Pharma City, Selaqui, the IEPF rules by visiting the weblink: http://
iepf.gov.in/IEPF/refund.html. For any related
Dehradun, Uttarakhand information, RTA or the Company may also be
xiv) Address for correspondence contacted. In terms of the IEPF Rules, Shri Ankur
India Glycols Limited, Plot No. 2-B, Sector-126, Jain, Company Secretary is the Nodal Officer.
Noida-201304, Gautam Budh Nagar, Uttar The voting rights on the shares transferred to
Pradesh IEPF Authority shall remain frozen till the rightful
Telephone : 0120- 3090100 owner claims the shares.
Fax : 0120-3090111 (xx) The details pertaining to Credit Ratings obtained
Website : www.indiaglycols.com by the Company have been disclosed in the
E-Mail : compliance.officer@indiaglycols.com Board’s Report forming part of Annual Report.

INDEPENDENT AUDITORS’ CERTIFICATE ON

CORPORATE GOVERNANCE
To,
The Members of
INDIA GLYCOLS LIMITED
1. We, K.N. GUTGUTIA & CO., CHARTERED ACCOUNTANTS, the Statutory Auditors of INDIA GLYCOLS LIMITED
(the “Company”), have examined the compliance of conditions of Corporate Governance by the Company, for the
year ended on 31st March, 2022, as stipulated in Regulations 17 to 27 and clauses (b) to (i) of Regulation 46(2)
and para C and D of Schedule V of the Securities and Exchange Board of India (Listing obligations and Disclosure
Requirements) Regulations, 2015 (the Listing Regulations).
Management’s Responsibility
2. The Compliance of conditions of Corporate Governance is the responsibility of the Management. This responsibility
includes the design, implementation and maintenance of internal control and procedures to ensure the compliance
with conditions of the Corporate Governance stipulated in the Listing Regulations.
Auditor’s Responsibility
3. Pursuant to the requirements of the Listing Regulations, our responsibility is to express a reasonable assurance in
the form of an opinion as to whether the Company has complied with the conditions of corporate governance as
stated in paragraph 2 above. Our responsibility is limited to examining the procedures and implementation thereof,
adopted by the Company for ensuring compliance with the conditions of the corporate governance. It is neither an
audit nor an expression of opinion on the financial statements of the Company.
4. We have examined relevant records of the Company in accordance with the applicable Generally Accepted Auditing
Standards in India, the Guidance Note on Certification of Corporate Governance issued by the Institute of Chartered
Accountants of India (ICAI), and Guidance Note on Reports or Certificates for Special Purposes issued by the ICAI
which requires that we comply with the ethical requirements of the code of Ethics issued by the ICAI.
5. We have complied with the relevant applicable requirements of the Standard on Quality Control (SQC) 1, Quality
Control of Firms that Perform Audits and Reviews of Historical Financial Information, and Other Assurance and
Related Services Engagements.
Opinion
6. Based on our examination of the relevant records and according to the information and explanations provided to us
and the representations provided by the Management, we certify that the Company has complied with the conditions
of Corporate Governance as stipulated in Regulations 17 to 27 and clauses (b) to (i) of Regulation 46(2) and para C
and D of Schedule V of the Listing Regulations during the year ended 31st March, 2022.
7. We state that such compliance is neither an assurance as to the future viability of the Company nor the efficiency or
effectiveness with which the Management has conducted the affairs of the Company.
PLACE : NEW DELHI FOR K. N. GUTGUTIA & CO.

DATE : 26th May, 2022 CHARTERED ACCOUNTANTS
FRN 304153E
(B. R. GOYAL)
PARTNER
M. NO. 12172
UDIN: 22012172AJQGWB1779

CEO/CFO CERTIFICATE
The Board of Directors
India Glycols Limited,
Pursuant to Regulation 17(8) and 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations,
2015
We, the undersigned do hereby certify as under in the capacity of Chief Executive Officer and Chief Financial Officer of
India Glycols Limited in respect of the year ended on 31st March, 2022:
a. We have reviewed the financial statements and the cash flow statements for the financial year ended 31st March,
2022 and to the best of our knowledge and belief, we state that:
i) these statements do not contain any misleading untrue statements or omit any material fact or contain any state-
ments that might be misleading;
ii) these statements together present a true and fair view of the Company’s affairs and are in compliance with exist-
ing accounting standards, applicable laws and regulations.
b. We further state that to the best of our knowledge and belief, there are no transactions entered into by the Company
during the year, which are fraudulent, illegal or violative of the Company’s code of conduct.
c. We are responsible for establishing and maintaining internal controls for financial reporting and that we have
evaluated the effectiveness of internal control systems of the Company pertaining to financial reporting and have
disclosed to the Auditors and the Audit Committee, deficiencies in the design or operation of such internal controls,
if any, of which we are aware and the steps we have taken or propose to take to rectify these deficiencies.
d. We have indicated, wherever applicable, to the Auditors and the Audit Committee:
i) that there were no significant changes in internal control over financial reporting during the year;
ii) s ignificant changes in the accounting policies during the year and that the same have been disclosed in the
notes to the financial statements; and
iii) that there were no instances of significant fraud of which we have become aware and the involvement therein
of the management or an employee having a significant role in the Company’s internal control system over
financial reporting.
For India Glycols Limited For India Glycols Limited

Place : Noida Rupark Sarswat Anand Singhal
Date : 26th May, 2022 Chief Executive Officer Chief Financial Officer
To the Members of India Glycols Limited

DECLARATION
I, Rupark Sarswat, Chief Executive Officer of India Glycols Limited do hereby declare that the Company had received
affirmation from all the members of the Board and Senior Management personnel stating compliance of the code of
conduct for the year 2021-22 pursuant to the requirement of the Regulation 26 of the SEBI (Listing Obligations and
Disclosure Requirements) Regulation 2015.
For India Glycols Limited
Place : Noida Rupark Sarswat

Date : 19th April, 2022 Chief Executive Officer

BUSINESS RESPONSIBILITY REPORT

Introduction 5. List of activities in which expenditure in 4 above
This Business Responsibility Report has been prepared has been incurred:-
in pursuance to the reporting framework of Regulation (a) Health Care.
34 of Securities and Exchange Board of India (Listing (b) Promoting Education.
Obligations and Disclosure Requirements) Regulations, (c) Sanitation and Safe Drinking Water.
2015 and the National Guidelines on Responsible (d) Conservation of Natural Resources.
Business Conduct (“NGRBC”) issued by the Ministry of
Corporate Affairs, Government of India.
SECTION C: OTHER DETAILS
ANNEXURE I
[See Regulation 34(2)(f)] 1. Does the Company have any Subsidiary
SECTION A: GENERAL INFORMATION ABOUT THE Company/ Companies?
COMPANY Yes, the Company has 6 (Six) subsidiary companies
1. Corporate Identity Number (CIN) of the Company: as on 31st March, 2022.
L24111UR1983PLC009097 2. Do the Subsidiary Company/Companies
2. Name of the Company: India Glycols Limited participate in the BR Initiatives of the parent
3. Registered address: A-1, Industrial Area, Bazpur
company? If yes, then indicate the number of
Road, Kashipur- 244713, Distt. Udham Singh Nagar,
Uttarakhand such subsidiary company(s).
4. Website: www.indiaglycols.com No, but India Glycols Limited encourages its
5. E-mail id: compliance.officer@indiaglycols.com subsidiaries for the same.
6. Financial Year reported: 2021-22
3. Do any other entity/entities (e.g. suppliers,
7. Sector(s) that the Company is engaged in
(industrial activity code-wise): distributors etc.) that the Company does business
a. Bio-Based Specialities and Performance with, participate in the BR initiatives of the
Chemicals (NIC code 20119) Company? If yes, then indicate the percentage
b. Bio-Based Ethylene Oxide (NIC code 20229) of such entity/entities? [Less than 30%, 30-60%,
c. Potable Spirits (NIC code 1101) More than 60%]
d. Ennature Bio-pharma (NIC code 21001) The Company does not mandatorily require its
8. List three key products/services that the suppliers and distributors to participate in BR
Company manufactures/provides (as in balance initiatives of the Company. [Less than 30%]
sheet)
a. Mono Ethylene Glycol SECTION D: BR INFORMATION
b. Bio Based Ethylene Oxide 1. Details of Director/Directors responsible for BR
c. Ethyl Alcohol (Potable)
a) Details of the Director/Director responsible for
d. Nutraceuticals
9. Total number of locations where business activity implementation of the BR policy/policies
is undertaken by the Company S.No. Particulars Details
(a) Number of International Locations (Provide 1 DIN : 00063091
details of major 5): We undertake business 2 Name : Shri U. S. Bhartia
activities in USA and South East Asia (through 3 Designation: Chairman and
subsidiary companies). Managing Director
(b) Number of National Locations: b) Details of the BR head:
The Company has manufacturing activities
at 3 locations namely Kashipur, Gorakhpur, S.No. Particulars Details
Dehradun. The Company also has its Head 1 DIN Number : 08602216
office at Noida, Corporate Office at Kolkata and (if applicable)
Registered office at Kashipur. Additionally, the 2 Name : Shri Sudhir Agarwal
Company has marketing offices and depots. 3 Designation : Executive Director
10. Markets served by the Company – Local/State/ 4 Telephone : 05947-269000/269500
National/International: All number
SECTION B: FINANCIAL DETAILS OF THE COMPANY 5 E-mail id : s.agarwal@indiaglycols.com
1. Paid up Capital (`): 30,96,15,000 2. Principle-wise (as per NGRBC) BR Policy/policies
2. Total Turnover (`): 6,75,790 lakhs (Reply in Y/N)
3. Total profit after taxes (`): 28,539 lakhs The nine Principles are as under:
4. Total Spending on Corporate Social Responsibility
(CSR) as percentage of profit after tax (%): P1 Businesses should conduct and govern themselves
` 237.01 Lakhs [about 2.69% of the average net profits with integrity, and in a manner that is ethical,
of previous three financial years i.e. ` 8,819.75 Lakhs] transparent, and accountable.

P2 Businesses should provide goods and services in a P6 Businesses should respect and make efforts to
manner that is sustainable and safe. protect and restore the environment.
P3 Businesses should respect and promote the well-being P7 Businesses, when engaging in influencing public and
of all employees, including those in their value chains. regulatory policy, should do so in a manner that is
responsible and transparent.
P4 Businesses should respect the interests of and be
P8 Businesses should promote inclusive growth and
responsive to all its stakeholders.
equitable development.
P5 Businesses should respect and promote human P9 Businesses should engage with and provide value to
rights. their consumers in a responsible manner.
a) Details of compliance (Reply in Y/N)

No. Questions P1 P2 P3 P4 P5 P6 P7 P8 P9
1 Do you have a policy/ policies for Y Y Y Y Y Y Y Y Y
2 Has the policy being formulated in consultation with the relevant Y Y Y Y Y Y Y Y Y
stakeholders?
3 Does the policy conform to any national / international standards? The policies are based on the National Guidelines on
responsible Business conduct (“NGRBC”) in addition
to the desires of ISO on Social, Environment, Safety,
Energy Conservation & Business Stewardship.
4 Has the policy being approved by the Board? Y Y Y Y Y Y Y Y Y
Is yes, has it been signed by MD/ owner/ CEO/ appropriate Board
Director?
5 Does the Company have a specified committee of the Board/ Director/ Y Y Y Y Y Y Y Y Y

Official to oversee the implementation of the policy?
6 Indicate the link for the policy to be viewed online? https://www.indiaglycols.com/investors/downloads/BR-Policy.pdf
7 Has the policy been formally communicated to all relevant internal and Y Y Y Y Y Y Y Y Y
external stakeholders?
8 Does the Company have in-house structure to implement the policy/ poli- Y Y Y Y Y Y Y Y Y
cies?
9 Does the Company have a grievance redressal mechanism related to the Y Y Y Y Y Y Y Y Y
policy/ policies to address stakeholders’ grievances related to the policy/
policies?
10 Has the Company carried out independent audit/ evaluation of the working BR Policies are reviewed/evaluated at routine interval
of this policy by an internal or external agency? internally. Policies pertaining to Health, Safety,
Environment, Quality, Social Accountability and
Energy conservation are being audited by External
Agency(ies), as applicable under the concerned ISO
certification.
b) If answer to the question at serial number 1 against any principle, is ‘No’, please explain why: (Tick up to 2 options)
No. Questions P P P P P P P P P
1 2 3 4 5 6 7 8 9
1 The Company has not understood the Principles
2 The Company is not at a stage where it finds itself in a position to
formulate and implement the policies on specified principles
3 The Company does not have financial or manpower resources available
for the task Not Applicable
4 It is planned to be done within next 6 Months

5 It is planned to be done within the next 1 year
6 Any other reason (please specify)

3. Governance related to BR resolved satisfactorily with in time. As on 31st March,

a) Indicate the frequency with which the Board 2022, no compliant was pending.
of Directors, Committee of the Board or Principle 2: Business should provide goods and
CEO to assess the BR performance of the services in a manner that is sustainable
Company. Within 3 months, 3-6 months, and safe
Annually, More than 1 year
1. List up to 3 of your products or services whose
The BR performance of the Company are design has incorporated social or environmental
assessed/reviewed annually by the Board and concerns, risks and/or opportunities.
CSR Committee. India Glycols is a leading Company that
b) Does the Company publish a BR or a manufactures green technology based bulk,
Sustainability Report? What is the hyperlink specialty and performance chemicals and natural
for viewing this report? How frequently it is gums, spirits, industrial gases and nutraceuticals and
published? phytochemical products. Based on the disclosure
The Business Responsibility Report of Company requirements under this Principle, following are the
is published as a part of its Annual Report and key products:
can be viewed on Company’s website at the I. Bio based Glycols i.e. Mono Ethylene Glycol
following link: https://www.indiaglycols.com/ (MEG), Diethylene Glycol (DEG) and Triethylene
investors/downloads/annual-report-2021-22.pdf Glycol (TEG), which are made out of renewable
feedstock i.e. Molasses and Ethanol.
SECTION E: PRINCIPLE-WISE PERFORMANCE
II. Bio based Ethylene Oxide which has been
Principle 1: Business should conduct and govern used for production of Glycols Ether and Acetate
themselves with integrity in a manner as well as other Specialty Chemicals.
that is Ethical, Transparent and III. Natural Active Pharmaceutical ingredients
Accountable. (APIs), Standardized botanical extracts and
1. Does the policy relating to ethics, bribery and spice extracts derived from plant based herbal
corruption cover only the Company? Yes/ No. raw material & extracted through renewable
Does it extend to the Group/Joint Ventures/ feedstock & green solvents such as ethanol &
Suppliers/ Contractors/NGOs /Others? liquid carbon dioxide, recycled in the process.
The Company’s Anti-bribery and Anti-corruption These solvents are non-polluting & environment
Policy is applicable to all its affiliates, subsidiaries, friendly.
their Directors and employees at all level, IV. Others includes Power Alcohol which is used
Consultants, Contractors, Trainees, casual workers, for blending in Petrol as per Govt. policy by Oil
or any other persons associated with the Company. Manufacturing companies, Alcohol-based Hand
The Company also has Code of Conduct and Ethics Sanitizer, Natural Gums covering Guargum and
Policy which covers employees and Board members others hydrocolloids products with specialty
of the Company. PO derivatized guar, Liquid Oxygen including
In addition, the Company also has in place a Policy medical oxygen, liquid nitrogen, liquid argon,
on Vigil Mechanism (Whistle Blower Policy) which liquid CO2 and EO-CO2 Gas Mixtures.
covers Directors and Employees of the Company to 2. For each such product, provide the following
report their grievances/concerns related to actual/ details in respect of resource use (energy, water,
suspected fraud or unethical behavior or breach of raw material etc.) per unit of product(optional) :
SEBI Insider Trading Regulations. (a) Reduction during sourcing/production/
2. How many stakeholder complaints have been distribution achieved since the previous year
received in the past financial year and what throughout the value chain?
percentage was satisfactorily resolved by the (b) Reduction during usage by consumers
management? If so, provide details thereof, in (energy, water) has been achieved since the
about 50 words or so. previous year?
The Company has not received any complaint under the India Glycols at its Kashipur Plant have Energy
above Codes /Policies during FY 22. However, during Management System (ISO 50001:2018) in place and
FY 22, the Company received 20 investors’ complaints. energy consumption, energy performance monitoring
All these complaints were properly attended and is being done. Distilleries effluent i.e. spent wash is

concentrated in evaporator and the concentrated Sustainable solutions are based on number of defined
spent wash (SLOP) is used as renewable fuel in action plans and standards based on Life Cycle
boilers at Kashipur and Gorakhpur Units. Assessment (“LCA”) methodologies. India Glycols
At Dehradun unit, herbal biomass extraction is utilized sustainable solutions for responsible sourcing of raw
for the preparation of briquettes which are used as materials enables customers to confidently choose
boiler fuel. Hence, the plant is self-sustainable for high-performance materials that advance their
fuel need for thermal energy and saves 100% fossil environmental and business goals.
fuel. 4. Has the Company taken any steps to procure
The Company has Zero Liquid Discharge (“ZLD”) goods and services from local & small producers,
from its Dehradun, Gorakhpur and ethanol unit including communities surrounding their place
of Kashipur. The condensate generated during of work? If yes, what steps have been taken to
concentration of spent wash is recycled in the improve their capacity and capability of local and
process to reduce the fresh water consumption at small vendors?
Kashipur and Gorakhpur. The Company promotes and provides opportunities
The Company is focused on recharging maximum to the local contractors and vendors and undertakes
rain water in to the ground and various water special initiatives to support them as and when
recharge measures have also been adopted. Rain required, as local contractors/vendors plays a vital role
water harvesting system has been installed to in the business growth at lesser cost/. The Company
recharge ground water. Gabion Structures have been also provides training to many apprentice of local
constructed at natural seasonal drains at up stream areas through skill development programmes. The
of the site to recharge the same basin. Company also procures raw material and packaging
The Company is continuously focusing on optimizing material from nearby areas thereby creating
the resource use in order to minimize environmental employment opportunities and hence boosting local
impact and contributing to long term sustainability. For Economy.
details of the steps undertaken towards conservation The Company initiates training program for local
of energy etc., please refer to Annexure C of the farmers to make them capable of using latest
Board’s Report. techniques of cultivation, farming and polyhouse
3. Does the Company have procedures in place for nurseries.
sustainable sourcing (including transportation)? 5. Does the Company have a mechanism to recycle
If yes, what percentage of your inputs was products and waste? If yes what is the percentage
sourced sustainably? Also, provide details of recycling of products and waste (separately as
thereof, in about 50 words or so. <5%, 5-10%, >10%). Also, provide details thereof,
Yes. The Company believes in and follows Integrated in about 50 words or so.
Management System Policy with utmost focus on The Company believes in waste minimization and
environmental and social aspects. The Company increasing waste utilization as a part of drive for
ensures the sustainability of resources by reducing, process efficiency and product stewardship. One
reusing, recycling and managing waste. of the Key raw material molasses itself is a sugar
The Company uses molasses-a sugar plant by- plant waste cum by product and is used for ethanol
product cum waste as major raw material which is production.
100% bio-based material for operating its distilleries. Distillery effluent i.e. spent wash is concentrated
The Company uses Bio based raw materials and in evaporator and the concentrated spent wash
Ethanol is one such key raw material, whereas (‘SLOP’) is used as renewable fuel in boilers. Overall
in conventional process fossil fuel is used as raw 100% spent wash from Distilleries is processed for
material for production of Ethylene Oxide (EO)/ Mono renewable energy production. Condensate generated
Ethylene Glycol (MEG) and others, throughout the during concentration of spent wash is being recycled
globe. in the process to reduce the fresh water consumption
The responsible sourcing of raw material, their at Kashipur and Gorakhpur.
properties, performance and content of these The Herbal biomass extraction is utilized for the
materials make a significant contribution to reduced preparation of briquettes which are used as boiler
environmental impacts such as lowering carbon fuel. Hence, the Dehradun plant is self-sustainable
emissions and minimize use of the earth’s limited for fuel need for thermal energy and saves 100%
resources. fossil fuel.

We have Zero Liquid Discharge (“ZLD”) System The Company maintained distancing and limited
Installation at our Distilleries at Kashipur and Gorakhpur trainings had been planned following industrial
as well as herbal extraction plant of Dehradun. operational guideline during pandemic.
Most of the Hazardous waste (spent catalysts & Also, every year employees go through fire
used/waste oil) is recyclable and sent to Ministry and safety refresher training and other process
of Environment and Forests and Climate Change specific and skill up-gradation training as per
('MoEF&CC') approved recyclers. defined plan. Refresher and other specific
Principle 3: Business should respect and promote trainings covered 95% employee in training
the well-being of all employees including calendar for 2021-22.
those in their value chains. Employees at various level also participated in
1. Please indicate the Total number of employees: virtual training programs conducted through
1231 [Includes 80 Apprentice] external agencies.
2. Please indicate the Total number of employees Principle 4: Business should respect the interests
hired on temporary/contractual/casual basis: of and be responsive to all their
2950 stakeholders.
3. Please indicate the Number of permanent women 1. Has the company mapped its internal and external
employees:23 stakeholders? Yes/No
4. Please indicate the Number of permanent Yes, the Company has identified employees and
employees with disabilities: 1 their family(ies) as key internal stakeholders and
5. Do you have an employee association that is customers, neighbouring society as key external
recognized by management: No stakeholders.
6. What percentage of your permanent employees 2. Out of the above, has the company identified
is members of this recognized employee the disadvantaged, vulnerable & marginalized
association: Not applicable stakeholders.
7. Please indicate the Number of complaints relating The Company has mapped its stakeholders as a part
to child labour, forced labour, involuntary labour, of its stakeholder engagement strategy development
sexual harassment in the last financial year and process. The Company also follow High Level
pending, as on the end of the financial year. Structure ISO 9001:2015, ISO 14001:2015, ISO
45001:2018, ISO 50001:2018 and SA 8000:2014
Sr. Category No. of No. of
No. complaints complaints standard procedure for stakeholder identification as
filed pending as interested parties.
during the on end of the The Company regularly undertakes initiatives to serve
financial year financial year
(2021-22) (2021-22)
the interested issue of those stakeholders identified
as disadvantaged, vulnerable and marginalized for
1 Child labour / forced NIL NIL
its sustainability.
Labour /involuntary
Labour 3. Are there any special initiatives taken by the
2 Sexual harassment NIL NIL company to engage with the disadvantaged,
vulnerable and marginalized stakeholders. If so,
3 Discriminatory NIL NIL
employment provide details thereof, in about 50 words or so.
Employees: India Glycol’s policies safeguard its
8. What percentage of your under mentioned employees against any kind of discrimination based
employees were given safety & skill up- gradation on caste, creed, religion, geography, educational
training in the last year? or social background, gender, age, family status,
(a) Permanent Employees citizenship, disability etc. The Company believes in the
(b) Permanent Women Employees continuous people development through investment
(c) Casual/Temporary/Contractual Employees in the training & development of employees even
(d) Employees with Disabilities in adverse business times. The Company provides
100 % employees covering permanent, medical support and facilities across location as
contractual, women and disabled have gone well as provision of medical insurance policy of
through Fire & Safety, process specific and skill employee(s) and their family(ies), which provides
up-gradation training based on competence and the employees much needed emotional and financial
job profile. security.

Local Communities: Development of need based service providers for environment and energy
community programs in the areas of health, education, conservation. Environmental impacts in lifecycle of
drinking water, skill development, sanitation, key products are carried out with the scope of cradle
livelihood, conservation of natural resources to gate to identify environment hotspots. Integrated
etc. are undertaken as part of Corporate Social Management System Policy is also communicated
Responsibility (CSR) initiatives. The Company has with supplier, contractors and customer to influence
Identified the disadvantaged students from primary sustainable aspects.
schools & help them by providing amenities e.g. fans, The Company is a global exemplar in environmental
study material, furniture etc. Also, take up some civil sustainability and takes pride in being green
repair jobs of school buildings. The Company also production since beginning. The Company has
organizes medical camps at nearby villages and contributed to environmental stewardship by not only
assist in National health related programs as part of ensuring efficient use of resources but also conserve
community welfare activities. precious natural resources.
Customers: The Company houses a marketing 2. Does the company have strategies/ initiatives
team to ensure pre to post services to customers. to address global environmental issues such as
Adequate system have been established for handling climate change, global warming, etc? Y/N. If yes,
customers’ concerns, which operated through SAP. please give hyperlink for webpage etc.
Post sale service ensures smooth usage of our Yes, the Company believes in life cycle approach
products and in case of any assistance technical team which directs business to consider responsibility
support to customer for long lasting relationships. on environmental protection from raw material
Principle 5: Business should respect and promote procurement to product use. We are promoting our
human rights. Glycols and other products as Bio based to potential
1. Does the policy of the company on human rights customers interested in meeting their objective of
cover only the company or extend to the Group / using environment friendly chemicals made from
Joint Ventures / Suppliers / Contractors / NGOs / natural renewable resources which has reduction
Others? in CO2eq emission compared to petro route similar
Social performance team (SPT), Works Committee, products and have comparative lesser climate
Canteen Committee and Safety Committee are change impact.
framed as forum for dialogue between workers The Company has conducted comparative Life Cycle
and management and to take-up basic eminent of Assessment (LCA) study of Bio-Mono Ethylene
employees to appropriate forum. Grievance handing Glycol (Bio-MEG) based on ISO 14044-2006
policy and Social Accountability system are in place to standard and determining GHG emission as well as
address these issues. We adhere to the human rights product specific carbon footprint as well as global
principles of dignity of workforce regardless of the warming impacts with the scope of cradle to gate.
religion, language, location, ethnic origin or any other The Company has become a key partner in supply
status of any person. Therefore, we follow a policy chain for innovative process of MEG, Ethylene Oxide
of no discrimination of any kind with employees. The and derivatives as Glycol Ethers etc. production
Company does not hire child labour, forced labour or by utilizing biotechnological converted Ethanol
involuntary labour. from industrial carbon emissions. The new process
2. How many stakeholder complaints have been now allows production using recycled carbon and
received in the past financial year and what reduction of GHG emissions.
percent was satisfactorily resolved by the The Company has developed a green belt all around
management? its factory by growing trees of different species some
The Company has not received any complaint related of which are fruit bearing in addition to providing
to violation of human rights during FY 2021-22. green cover.
Principle 6: Business should respect and make effort For further details, “Management Discussion and
to protect and restore the environment. Analysis Report” forming part of the Annual Report
1. Does the policy related to Principle 6 cover be referred.
only the company or extends to the Group/Joint 3. Does the company identify and assess potential
Ventures/Suppliers/Contractors/NGOs/others. environmental risks? Y/N
The Company policy covers environment stewardship Yes. The Company is an ISO 14001:2015 certified
and energy conservation approach. Requisite and follows all the standard conditions accordingly.
processes are in place to reach the suppliers and Environmental risk and opportunity assessment

study conducted and various steps and objectives There were no show cause notices pending as on the
taken to overcome the risk and conserve environment end of financial year 2021-22.
with carbon footprint reduction, energy saving, water Principle 7: Business when engaging in influencing
conservation and waste minimization processes and public and regulatory policy, should do
projects. so in a manner that is responsible and
Since our major key raw materials are renewable and transparent
the plant at Dehradun is also a herbal extraction unit, 1. Is your company a member of any trade and
hence there is least potential risk of natural resources chamber or association? If Yes, Name only those
reduction from our plants and processes.
major ones that your business deals with:
4. Does the company have any project related to
Yes, the Company is a member of number of chambers
Clean Development Mechanism? If so, provide
and associations. The major ones includes Indian
details thereof, in about 50 words or so. Also,
Chemical Council (‘ICC’), National Safety Council
if Yes, whether any environmental compliance
(NSC), Center of Chemical Process Safety (CCPS),
report is filed?
Confederation of Indian Industry (CII), Federation of
Yes, the Company’s Gorakhpur Unit has got its large Indian Chamber of Commerce & Industry (‘FICCI’),
scale CDM project -Biomass based Cogeneration, PHD Chamber of Commerce and Industry, All
registered at UNFCCC. The purpose of the project India Distillery Association, Uttar Pradesh Distillery
activity is to utilize the Slop (concentrated spent Association, Chamber of Commerce-Gorakhpur,
wash) from the evaporator and other biomass as the
Kumaun Garhwal Chamber of Commerce &
fuel for the generation of steam and electricity in a
Industries (‘KGCCI’), Basic Chemicals, Cosmetics
novel boiler that has been developed for the first time
and Dyes Export Promotion Council (‘CHEMEXCIL’),
in India for the utilization of concentrated spent wash
Shellac and Forest Products Exports Promotion
and generation of steam.
Council (‘SHEFEXIL’) and Federation of India Export
5. Has the company undertaken any other initiatives Organizations (FIEO).
on – clean technology, energy efficiency,
renewable energy, etc. Y/N. If yes, please give 2. Have you advocated/lobbied through above
hyperlink for web page etc. associations for the advancement or improvement
of public good? Yes/No; if yes specify the broad
Yes, we have been able to decompose food waste
areas (drop box: Governance and Administration,
generated from Colony, Canteen & Guest House by
Economic Reforms, Inclusive Development
installing Bio-gas plant. Company uses renewable
Policies, Energy security, Water, Food Security,
fuels such as rice husk, herbal agro waste,
Sustainable Business Principles, Others).
concentrated spent wash (SLOP) as a substitute of
the conventional fuel. This allows us to reduce the Yes, being member of various organizations
carbon emissions along with saving the fossil fuel as above, the Company regularly interacts and
reserves to a great extent. The Company promotes initiates various discussions at the platform of these
the uses of non-conventional source of energy in the Associations/ Chambers on the matters related to
form of Solar heater for water heating, Solar operated environment, economic/sector reforms, governance,
traffic light for road safety and Solar operated street administration etc. The Company does not promote/
light. practice lobbying on a particular matter and discuss/
The Company has taken Innovative changes for total raise the issue in a transparent manner.
energy integration strategy. For details of the steps Principle 8: Business should promote inclusive
undertaken towards conservation of energy, please growth and equitable development
refer to Annexure C of the Board’s Report. 1. Does the company have specified programmes/
6. Are the Emissions/Waste generated by the initiatives/projects in pursuit of the policy related
company within the permissible limits given by to Principle 8? If yes, details thereof:
CPCB/SPCB for the financial year being reported? Yes, the Company through its CSR programmes and/
Yes, the Emission/waste generated by company is or projects focuses, inter-alia, around Healthcare,
within permissible limits as per concerned consents’ Education, Sanitation etc. which facilitates in
conditions improving the livelihood of others. In Healthcare,
7. Number of show cause/ legal notices received the Company organizes medical camps with
free consultancy and medicines; blood donation
from CPCB/SPCB which are pending (i.e. not
camps, ambulance service and medical devices/
resolved to satisfaction) as on end of Financial
Year. equipments. In Education field, the Company

provides Scholarships and other educational material the need, priorities and expectation of the society.
to needy students, undertakes development activities The Company encourages the participation of the
in schools in the vicinity, Equipped schools with basic community to ensure community development thereby
and modern schooling amenities. In the Community meeting the needs, priorities and expectations of the
Development programme, the Company support local community.
various initiatives including toilet building, Installation Principle 9: Business should engage with and
of Hand Pumps and also contributed for conservation provide value to their consumer in a
of natural resources by repair & construction work in responsible manner
Canal. The Company also supports to neighbouring 1. What percentage of customer complaints/
companies and society at large in handling emergency consumer cases are pending as on the end of
situation such as fire incidents etc. A detailed Annual financial year.: Nil
Report on CSR activities for the financial year 2021- 2. Does the company display product information
22 is annexed to the Board’s Report. on the product label, over and above what is
2. Are the programmes/projects undertaken through mandated as per local laws? Yes/No/N.A. /
in-house team/own foundation/external NGO/ Remarks(additional information):
government structures/any other organization? The Company displays the product information
Generally, the programs /projects are undertaken appropriately on the product label as per the
through in-house team of dedicated professionals applicable standards. It is always ensured that the
and takes help of related external NGO’s and products meet the necessary compliance.
government departments. 3. Is there any case filed by any stakeholder against
3. Have you done any impact assessment of your the company regarding unfair trade practices,
initiative? irresponsible advertising and/or anti-competitive
Yes, we assess our self at the field level on the social behaviour during the last five years and pending
reforms and develop programs accordingly. as on end of financial year. If so, provide details
thereof, in about 50 words or so.
4. What is your company’s direct contribution to
community development projects- Amount in Nil.
INR and the details of the projects undertaken. 4. Did your company carry out any consumer
During FY 2021-22, the Company has spent an amount survey/ consumer satisfaction trends?
of ` 237.01 Lakhs towards various project/programs, The Company responds to the Complaints of all its
details whereof are provided in the Annual Report on stakeholders in an efficient and effective manner.
CSR activities forming part of Board’s Report. To address Customer Complaints satisfactorily, the
5. Have you taken steps to ensure that this Company follows corrective action and preventive
community development initiative is successfully action (CAPA). The Company conducts periodic
adopted by the community? Please explain in 50 surveys/feedbacks for ascertaining customer
words, or so. satisfaction in line with ISO requirements. On the
Yes, the process of engagement with the community basis of these feedbacks, we address the grievances
is an ongoing process and the Company attempts in time to their satisfaction and also attempts to
to focus the initiatives relating to CSR considering improve the performances.

Financials
Independent Auditor’s Report included in the Management Discussion and

Analysis, Board’s Report including Annexures to
TO THE MEMBERS OF INDIA GLYCOLS LIMITED
Board’s Report, Business Responsibility Report,
I. Report on the Audit of Standalone Financial Corporate Governance and Shareholder’s
Statements for the year ended 31st March, 2022 Information, but does not include the Standalone
1. Opinion Financial Statements and our auditor’s report
A. We have audited the Standalone Financial thereon.
Statements of India Glycols Limited (“the Our opinion on the standalone financial statements
Company”), which comprise the Balance Sheet as does not cover the other information and we do
at March 31, 2022, and the Statement of Profit and not express any form of assurance conclusion
Loss (including Other Comprehensive Income), thereon.
Statement of Changes in Equity and Statement of B. In connection with our audit of the financial
Cash Flows for the year then ended, and notes statements, our responsibility is to read the other
to financial statements including a summary information and, in doing so, consider whether
of the significant accounting policies and other the other information is materially inconsistent
explanatory information (hereinafter referred to as with the Standalone Financial Statements or our
“the Standalone Financial Statements”). knowledge obtained during the course of our audit
B. In our opinion and to the best of our information or otherwise appears to be materially misstated.
and according to the explanations given to us, the If, based on the work we have performed, we
aforesaid Standalone Financial Statements give conclude that there is a material misstatement of
the information required by the Companies Act, this other information, we are required to report
2013 (“the Act”) in the manner so required and that fact. We have nothing to report in this regard.
give a true and fair view in conformity with the 5. Responsibilities of Management and Those
accounting principles generally accepted in India, Charged with Governance for the Standalone
of the state of affairs of the Company as at March Financial Statements
31, 2022, and its Profit, other comprehensive
income, changes in equity and its cash flows for A. The Company’s Board of Directors are responsible
the year ended on that date. for the matters stated in section 134(5) of the Act
with respect to the preparation of these Standalone
2. Basis for Opinion Financial Statements that give a true and fair view
We conducted our audit in accordance with the of the financial position, financial performance,
Standards on Auditing (SAs) specified under section other comprehensive income, changes in equity
143(10) of the Act. Our responsibilities under those and cash flows of the Company in accordance with
Standards are further described in the Auditor’s the accounting principles generally accepted in
Responsibilities for the Audit of the Standalone India including Indian Accounting Standards (Ind
Financial Statements section of our report. We are AS) specified under section 133 of company Act.
independent of the Company in accordance with the This responsibility also includes maintenance
Code of Ethics issued by the Institute of Chartered of adequate accounting records in accordance
Accountants of India (ICAI) together with the with the provisions of the Act for safeguarding
independence requirements that are relevant to our the assets of the Company and for preventing
audit of the financial statements under the provisions and detecting frauds and other irregularities;
of the Act and the Rules made thereunder, and we selection and application of appropriate
have fulfilled our other ethical responsibilities in accounting policies; making judgments and
accordance with these requirements and the Code estimates that are reasonable and prudent; and
of Ethics. We believe that the audit evidence we design, implementation and maintenance of
have obtained is sufficient and appropriate to provide adequate internal financial controls, that were
a basis for our audit opinion on the Standalone operating effectively for ensuring the accuracy
Financial Statements. and completeness of the accounting records,
3. Key Audit Matters relevant to the preparation and presentation of
Key audit matters are those matters that, in our the standalone financial statements that give
professional judgment, were of most significance in a true and fair view and are free from material
our audit of the Standalone Financial Statements of misstatement, whether due to fraud or error.
the current period. These matters were addressed in B. In preparing the Standalone Financial Statements,
the context of our audit of the Standalone Financial management is responsible for assessing the
Statements as a whole, and in forming our opinion Company’s ability to continue as a going concern,
thereon, and we do not provide a separate opinion on disclosing, as applicable, matters related to going
these matters. We have determined that there are no concern and using the going concern basis of
key audit matters to be communicated in our report. accounting unless management either intends to
4. Information Other than the Standalone Financial liquidate the Company or to cease operations, or
Statements and Auditor’s Report thereon has no realistic alternative but to do so.
A. The Company’s Board of Directors are responsible Those Board of Directors are responsible for
for the preparation of the other information. The overseeing the Company’s financial reporting
other information comprises the information process.

6. Auditor’s Responsibilities for the Audit of the content of the Standalone Financial Statements,
Standalone Financial Statements including the disclosures, and whether the
A. Our objectives are to obtain reasonable assurance Standalone Financial Statements represent
about whether the Standalone Financial the underlying transactions and events in a
Statements as a whole are free from material manner that achieves fair presentation.
misstatement, whether due to fraud or error, C. We communicate with those charged with
and to issue an auditor’s report that includes our governance regarding, among other matters,
opinion. Reasonable assurance is a high level of the planned scope and timing of the audit and
assurance, but is not a guarantee that an audit significant audit findings, including any significant
conducted in accordance with SAs will always deficiencies in internal control that we identify
detect a material misstatement when it exists. during our audit.
Misstatements can arise from fraud or error and D. We also provide those charged with governance
are considered material if, individually or in the with a statement that we have complied with relevant
aggregate, they could reasonably be expected ethical requirements regarding independence, and
to influence the economic decisions of users to communicate with them all relationships and
taken on the basis of these Standalone Financial other matters that may reasonably be thought to
Statements. bear on our independence, and where applicable,
B. As part of an audit in accordance with SAs, we related safeguards.
exercise professional judgment and maintain E. From the matters communicated with those
professional skepticism throughout the audit. We charged with governance, we determine those
also: matters that were of most significance in the audit
i) Identify and assess the risks of material of the Standalone Financial Statements of the
misstatement of the standalone financial current period and are therefore the key audit
statements, whether due to fraud or error, matters. We describe these matters in our auditor’s
design and perform audit procedures report unless law or regulation precludes public
responsive to those risks, and obtain audit disclosure about the matter or when, in extremely
evidence that is sufficient and appropriate to rare circumstances, we determine that a matter
provide a basis for our opinion. The risk of not should not be communicated in our report because
detecting a material misstatement resulting the adverse consequences of doing so would
from fraud is higher than for one resulting from reasonably be expected to outweigh the public
error, as fraud may involve collusion, forgery, interest benefits of such communication.
intentional omissions, misrepresentations, or II. Report on Other Legal and Regulatory Requirements
the override of internal control. 1. 1. As required by the Companies (Auditor’s Report)
ii) Obtain an understanding of internal financial Order, 2020 (“the Order”) issued by the Central
controls relevant to the audit in order to design Government in terms of Section 143(11) of the Act,
audit procedures that are appropriate in the we give in “Annexure A” a statement on the matters
circumstances. Under section 143(3)(i) of the specified in paragraph 3 and 4 of the Order, to the
Act, we are also responsible for expressing our extent applicable:
opinion on whether the Company has adequate 2. (A)As required by Section 143(3) of the Act, based on
internal financial controls system in place and our audit we report that;
the operating effectiveness of such controls. a. We have sought and obtained all the information
iii) Evaluate the appropriateness of accounting and explanations which to the best of our
policies used and the reasonableness of knowledge and belief were necessary for the
accounting estimates and related disclosures purposes of our audit;
made by management. b. In our opinion, proper books of account as required
iv) Conclude on the appropriateness of by law have been kept by the Company so far as it
management’s use of the going concern basis appears from our examination of those books;
of accounting and, based on the audit evidence c. The Balance Sheet, the Statement of Profit and
obtained, whether a material uncertainty exists Loss including Other Comprehensive Income,
related to events or conditions that may cast Statement of Changes in Equity and the Statement
significant doubt on the Company’s ability to of Cash Flow dealt with by this Report are in
continue as a going concern. If we conclude agreement with the relevant books of account;
that a material uncertainty exists, we are d. In our opinion, the aforesaid standalone financial
required to draw attention in our auditor’s report statements comply with the Ind AS specified under
to the related disclosures in the Standalone Section 133 of the Act;
Financial Statements or, if such disclosures e. On the basis of the written representations
are inadequate, to modify our opinion. Our received from the directors as on March 31, 2022
conclusions are based on the audit evidence taken on record by the Board of Directors, none of
obtained up to the date of our auditor’s report. the directors is disqualified as on March 31, 2022
However, future events or conditions may from being appointed as a director in terms of
cause the Company to cease to continue as a Section 164 (2) of the Act;
going concern. f. With respect to the adequacy of the internal
v) Evaluate the overall presentation, structure and financial controls over financial reporting of the

Company and the operating effectiveness of (v) The final dividend paid by the Company during
such controls, refer to our separate Report in the year in respect of the same declared for the
“Annexure B”. previous year is in accordance with section 123
(B)With respect to the other matters to be included in of the Act to the extent it applies to payment of
the Auditor’s Report in accordance with Rule 11 of dividend.
the Companies (Audit and Auditors) Rules, 2014, As stated in note 58 and 63, to the standalone
in our opinion and to the best of our information financial statements, the Board of Directors
and according to the explanations given to us: of the Company have proposed final dividend
i) The Company has disclosed the impact of for the year which is subject to the approval
pending litigations on its financial position in its of the members at the ensuing Annual
Standalone Financial Statements; Refer note General Meeting. The dividend declared is in
40(A)(i), 42 and 44 to the standalone financial accordance with section 123 of the Act to the
statements; extent it applies to declaration of dividend
ii) The Company has made provision, as required (C) With respect to the other matters to be included
under the applicable law or accounting in the Auditor’s Report in accordance with the
standards, for material foreseeable losses, if requirements of section 197(16) of the Act.
any, on long-term contracts including derivative In our opinion and to the best of our information
contracts; Refer note 53 (B) to the standalone and according to the explanations given to us, the
financial statements; remuneration paid by the Company to its directors
iii) There has been no delay in transferring during the year is in accordance with the provisions of
amounts, required to be transferred, to the section 197 of the Act.
Investor Education and Protection Fund by the
Company. For K.N. Gutgutia & Co.
iv) a) The management has represented that, Chartered Accountants
to the best of its knowledge and belief, as
(Firm’s Registration No. 304153E)
disclosed in in Note 65 (d) to the standalone
financial statements, no funds have been
advanced or loaned or invested (either from (B.R. GOYAL)
borrowed funds or share premium or any other Place : Noida Partner
sources or kind of funds) by the Company to Date : 26th May, 2022 (Membership No.12172)
or in any other persons or entities, including
foreign entities (“Intermediaries”), with the (UDIN:22012172AJQFCL8619)
understanding, whether recorded in writing or ANNEXURE “A” TO THE INDEPENDENT AUDITOR’S
otherwise, that the Intermediary shall: REPORT
• directly or indirectly lend or invest in other (Referred to in paragraph II point 1 under “Report on Other
persons or entities identified in any manner Legal and Regulatory Requirements” section of our report
whatsoever (“Ultimate Beneficiaries”) by or to the members of India Glycols Limited of even date)
on behalf of the Company or (i) (a) (A) The Company has maintained proper records
• Provide any guarantee, security or the like showing full particulars, including quantitative
to or on behalf of the Ultimate Beneficiaries. details and situation of property, plant and
(b) The management has represented, that, equipment.
to the best of its knowledge and belief, as (B) The Company has maintained proper records
disclosed in in Note 65 (e) to the standalone showing full particulars of Intangible Assets.
financial statements, no funds have been (b) The property, plant and equipment were physically
received by the Company from any persons verified during the year by the Management
or entities, including foreign entities (“Funding in accordance with a regular programme of
Parties”), with the understanding, whether verification which, in our opinion, provides for
recorded in writing or otherwise, that the physical verification of the property, plant and
Company shall: equipment at reasonable intervals. According
• directly or indirectly, lend or invest in other to the information and explanations given to us,
persons or entities identified in any manner no material discrepancies were noticed on such
whatsoever (“Ultimate Beneficiaries”) by or verification however, the same has been properly
on behalf of the Funding Party or adjusted in the books of accounts.
• Provide any guarantee, security or the (c) As per the record and information and explanations
like from or on behalf of the Ultimate given to us, we report that, the title deeds for all the
Beneficiaries. immovable properties of the company (other than
(c) Based on such audit procedures as properties where the company is the lessee and
considered reasonable and appropriate in the the lease agreements are duly executed in favour
nothing has come to our notice that has caused of the lessee) are held in the name of the Company
us to believe that the representations under as at the balance sheet date.
sub-clause (iv) (a) and (iv) (b) contain any (d) According to the information and explanations
material mis-statement. given to us and on the basis of our examination

of the records of the Company, the Company has the cost records maintained by the Company
not revalued its Property, Plant and Equipment pursuant to the Companies (Cost Records and Audit)
(including Right of use assets) or intangible assets Rules, 2014, as amended prescribed by the Central
during the year. Government under sub-section (1) of Section 148 of
(e)According to information and explanations given the Companies Act, 2013, and are of the opinion that,
to us and on the basis of our examination of the prima facie, the prescribed cost records have been
records of the Company, there are no proceedings made and maintained We have, however, not made a
initiated or pending against the Company for detailed examination of the cost records with a view to
holding any benami property under the Prohibition determine whether they are accurate or complete.
of Benami Property Transactions Act, 1988 and (vii) According to the information and explanations given
rules made thereunder. to us, in respect of statutory dues:
(ii) (a) As explained to us, the inventories (except stock in (a) The Company has been generally regular in
transit which have been verified based on subsequent depositing undisputed statutory dues, including
receipt /reconciliation) were physically verified during Provident Fund, Employees’ State Insurance,
the year by the Management at reasonable intervals, Income-tax, Sales Tax, Goods and Service Tax,
and the procedures of physical verification of inventory Customs Duty, Excise Duty, Value Added Tax,
followed by the management are reasonable and cess and other material statutory dues applicable
adequate, no material discrepancies were noticed on to it to the appropriate authorities.
physical verification of inventories. No discrepancies (b) There were no undisputed amounts payable in
of 10% or more in the aggregate for each class of respect of Provident Fund, Employees’ State
inventories were noticed on such physical verification Insurance, Income-tax, Sales tax, Service Tax,
of inventories when compared with books of account. Goods and Service Tax, Customs Duty, Excise
(b) According to the information and explanations Duty, Value Added Tax, Cess and other material
given to us and on the basis of our examination of statutory dues in arrears as at March 31, 2022 for a
the records of the Company, the Company has been period of more than six months from the date they
sanctioned working capital limits in excess of five became payable.
crore rupees, in aggregate, from banks on the basis of Details of dues of Custom duty, Service Tax, Sales
security of current assets. In our opinion, the quarterly tax and Excise Duty which have not been deposited
returns or statements filed by the Company with such as at March 31, 2022 on account of disputes are
banks are in agreement with the books of account of given below:
the Company.
Name of Nature Forum where Period to Amount
(iii) The Company has made investments in one company
Statute of Dispute is which the In-
during the year. The company has not granted Dues Pending Amount volved
secured/unsecured loans/advances in the nature Relates (` In
of loans or stood guarantee or provide securities to (Financial Lakhs)
any parties. Therefore, the reporting under clause 3 Year)
(iii)(a),(c) ,(d),(e), (f) of the order are not applicable to Custom Uttarakhand 1992-93 11.42
company. Duty High court
(b) The investments made during the year are, in our Custom Assistant 2004- 196.55
opinion, prima facie, not prejudicial to the Company’s Duty Commissioner 05,2009-10
interest. Custom
Customs and 2015-
(iv) In our opinion and according to the information and 16
Act,1962
explanations given to us, the Company has not granted Custom Commissioner 2004- 763.77
any loans or provided any guarantees or security Duty Customs 05,2010-11
to the parties covered under section 185 of the Act. (Appeal)
Further the company has compiled with the provisions
of Sections 186 of the Companies Act, 2013 in respect
of investments made by it and the company has not Service Assistant 2010-11 to 2.2
Tax Commissioner 2015-16
provided any loans, guarantees or securities to the
LTU-Ahmed-
parties covered under section 186 of the Act. abad
(v) According to information and explanations given to
Service Assistant/ 2005-06 8.09
us, the Company has not accepted any deposits or Finance Tax Deputy Com- to 2008-
amounts which are deemed to be deposits from the Act,1994 missioner 09,2010-11
public during the year, Accordingly, paragraph 3 (v) of LTU-GKP
the Order is not applicable to the Company.
Service Assistant/ 2015-16 3.51
(vi) The maintenance of cost records has been specified Tax Deputy Com-
by the Central Government under section 148(1) of missioner
the Companies Act, 2013. We have broadly reviewed LTU-Noida

Cenvat Additional 2011-12 to 11.07 (x) a) The Company has not raised any moneys by way of
Credit Commissioner 2013-14 initial public offer or further public offer (including debt
LTU-KSP and 2015- instruments) Accordingly, clause 3(x)(a) of the Order
16 is not applicable.
Cenvat Commissioner 2011- 10.86 b) According to the information and explanations
Credit LTU-GKP 12,2012-13 given to us and on the basis of our examination of the
Cenvat Superinten- 2016-17 1.24 records of the Company, the Company has not made
Credit dent-LTU- any preferential allotment or private placement of
GKP shares or fully or partly convertible debentures during
Excise Deputy Com- 2020-21 15.89 the year. Accordingly, clause 3(x)(b) of the Order is not
Central
Duty missioner – applicable.
Excise
Act,1994 GKP (xi) a) Based on examination of the books and records of
Excise Principal Sec- 2018-19 102.24 the Company and according to the information and
Duty retary Excise, explanations given to us, no fraud by the Company or
Lucknow on the Company has been noticed or reported during
Excise High court 2005-06 to 46.20 the course of the audit.
Duty Nainital 2008-09 b) According to the information and explanations given
Excise Allahabad 2007-2008 852.57 to us, no report under sub-section (12) of Section 143
Duty High Court to 2011-12 of the Act has been filed by the auditors in Form ADT-4
as prescribed under rule 13 of Companies (Audit and
Excise CESTAT - 2010-11 961.38
Duty DELHI Auditors) Rules, 2014 with the Central Government.
(viii)According to the information and explanations c) As represented to us by the management, there are
given to us and on the basis of our examination of no whistle blower complaints received by the Company
the records of the Company, the Company has not during the year.
surrendered or disclosed any transactions, previously (xii)The Company is not a Nidhi Company and hence 3
unrecorded as income in the books of account, in the (xii) of the Order is not applicable to the Company.
tax assessments under the Income Tax Act, 1961, as (xiii)As per the information and explanations and records
income during the year. made available by the management of the company
(ix) a) According to the information and explanations given and audit procedure performed, for the related parties
to us and on the basis of our examination of the records transaction entered during the year, the company has
of the Company, the Company has not defaulted in complied with the provisions of sec 177 and 188 of the
repayment of loans or borrowing or in the payment of act, wherever applicable. As explained, as per records
interest thereon to any lender during the year. and details made available to us such related parties
b) According to the information and explanations transactions have been disclosed in the note no. 57 to
given to us and on the basis of our examination of the the standalone financial statements as required by the
records of the Company, the Company has not been applicable Ind-AS.
declared a willful defaulter by any bank or financial (xiv) a) Based on information and explanations provided
institution or government or any government authority. to us and our audit procedures, in our opinion, the
c) In our opinion and according to the information and Company has an internal audit system commensurate
explanations given to us, term loans have been applied with the size and nature of its business.
for the purposes for which the loans were obtained.
b) We have considered the internal audit reports of the
d) According to the information and explanations given Company issued till date for the period under audit.
to us and on an overall examination of the balance
sheet of the company, we report that no funds raised (xv) During the year, the Company has not entered into
on short-term basis have been used for long-term any non-cash transaction with Director or person
purposes by the company. connected with him covered within the meaning of
Section 192 of the Act, Hence paragraph 3 (xv) of the
e) According to the information and explanations given
Order is not applicable to the Company.
to us and on an overall examination of the balance
sheet of the company, the company has not taken any (xvi)a) The Company is not required to be registered
funds from an entity or person on account of or to meet under Section 45-IA of the Reserve Bank of India
the obligations of its subsidiaries, associates or joint Act, 1934. Accordingly, clause 3(xvi)(a) of the Order
ventures. is not applicable.
f) According to the information and explanations given b) The Company is not required to be registered
to us and procedures performed by us, we report that under Section 45-IA of the Reserve Bank of India Act,
the company has not raised loans during the year on 1934. Accordingly, clause 3(xvi)(b) of the Order is not
the pledge of securities held in its subsidiaries, joint applicable.
ventures or associate companies (as defined under
the Act). c) The Company is not a Core Investment Company

(CIC) as defined in the regulations made by the ANNEXURE “B” TO THE INDEPENDENT AUDITOR’S
Reserve Bank of India. Accordingly, clause 3(xvi)(c) of REPORT
the Order is not applicable. (Referred to in paragraph II point 2 A (f) under “Report on
d) According to the information and explanation given Other Legal and Regulatory Requirements” section of our
to us by the management, the Group does not have report to the members of India Glycols Limited of even
any Core Investment Company (CIC) as part of the date)
Group as per the definition of Group contained in Report on the Internal Financial Controls With
the Core Investment Companies (Reserve Bank) reference to standalone financial statements under
Directions, 2016 and hence the reporting under clause Clause (i) of Sub-section 3 of Section 143 of the
(xvi)(d) of the Order is not applicable. Companies Act, 2013 (“the Act”)
(xvii)The Company has not incurred any cash losses in Opinion
the financial year and in the immediately preceding We have audited the internal financial controls with
financial year. reference to standalone financial statements of INDIA
GLYCOLS LIMITED (“the Company”) as of March 31,
(xviii) There has been no resignation of the statutory 2022 in conjunction with our audit of the standalone
auditors during the year and accordingly this clause is financial statements of the Company for the year ended
not applicable / paragraph 3(xviii) of the Order is not on that date.
applicable.
Management’s Responsibility for Internal Financial
(xix) On the basis of the financial ratios disclosed in note Controls
no. 64 to the standalone financial statements, ageing The Company’s management and Board of Directors
and expected dates of realization of financial assets are responsible for establishing and maintaining internal
and payment of financial liabilities, other information financial controls based on the internal control with
accompanying the standalone financial statements reference to the standalone financial statements criteria
and our knowledge of the Board of Directors and established by the Company considering the essential
Management plans and based on our examination of components of internal control stated in the Guidance
the evidence supporting the assumptions, nothing has Note on Audit of Internal Financial Controls Over
come to our attention, which causes us to believe that Financial Reporting (the “Guidance Note”) issued by the
any material uncertainty exists as on the date of the Institute of Chartered Accountants of India (‘ICAI’). These
audit report indicating that Company is not capable responsibilities include the design, implementation and
of meeting its liabilities existing at the date of balance maintenance of adequate internal financial controls that
sheet as and when they fall due within a period of one were operating effectively for ensuring the orderly and
year from the balance sheet date. We, however, state
efficient conduct of its business, including adherence
that this is not an assurance as to the future viability
to Company’s policies, the safeguarding of its assets,
of the Company. We further state that our reporting is
the prevention and detection of frauds and errors, the
based on the facts up to the date of the audit report
accuracy and completeness of the accounting records,
and we neither give any guarantee nor any assurance
and the timely preparation of reliable financial information,
that all liabilities falling due within a period of one year
as required under the Companies Act, 2013.
from the balance sheet date, will get discharged by the
Company as and when they fall due. Auditor’s Responsibility
Our responsibility is to express an opinion on the
(xx)In our opinion and according to information and Company's internal financial controls with reference to
explanation given to us, there is no unspent amount the standalone financial statements based on our audit.
under sub-section (5) of Section 135 of the Companies We conducted our audit in accordance with the Guidance
Act, 2013 pursuant to any projects. Accordingly, Note and the Standards on Auditing, issued by ICAI
clauses 3(xx)(a) and 3(xx)(b) of the Order are not and deemed to be prescribed under section 143(10) of
applicable. Refer note no. 49 to the standalone the Companies Act, 2013, to the extent applicable to an
financial statements.
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
For K.N. Gutgutia & Co. with ethical requirements and plan and perform the audit
Chartered Accountants to obtain reasonable assurance about whether adequate
(Firm’s Registration No. 304153E) internal financial controls with reference to the standalone
financial statements was established and maintained
and if such controls operated effectively in all material
(B.R. GOYAL) respects.
Place: Noida Partner Our audit involves performing procedures to obtain audit
Date: 26th May, 2022 (Membership No. 12172) evidence about the adequacy of the internal financial

controls system over financial reporting and their material effect on the standalone financial statements.
operating effectiveness. Our audit of internal financial Inherent Limitations of Internal Financial Controls
controls over financial reporting included obtaining an with reference to the standalone financial statements
understanding of internal financial controls over financial Because of the inherent limitations of internal financial
reporting, assessing the risk that a material weakness controls with reference to the standalone financial
exists, and testing and evaluating the design and statements, including the possibility of collusion or
operating effectiveness of internal control based on the improper management override of controls, material
assessed risk. The procedures selected depend on the misstatements due to error or fraud may occur and not be
auditor’s judgement, including the assessment of the detected. Also, projections of any evaluation of the internal
risks of material misstatement of the financial statements, financial controls with reference to the standalone financial
whether due to fraud or error. statements to future periods are subject to the risk that the
We believe that the audit evidence we have obtained is internal financial control with reference to the standalone
sufficient and appropriate to provide a basis for our audit financial statements may become inadequate because of
opinion on the Company’s internal financial controls changes in conditions, or that the degree of compliance
system with reference to the standalone financial with the policies or procedures may deteriorate.
statements.
Opinion
Meaning of Internal Financial Controls with reference In our opinion, to the best of our information and according
to the standalone financial statements to the explanations given to us, the Company has, in
A company's internal financial control with reference to all material respects, an adequate internal financial
the standalone financial statements is a process designed controls system with reference to the standalone financial
to provide reasonable assurance regarding the reliability statements and such internal financial controls with
of financial reporting and the preparation of standalone reference to the standalone financial statements were
financial statements for external purposes in accordance operating effectively as of March 31, 2022, based on the
with generally accepted accounting principles. A internal financial controls with reference to the standalone
company's internal financial control with reference to the financial statements criteria established by the Company
standalone financial statements includes those policies considering the essential components of internal control
and procedures that (1) pertain to the maintenance of stated in the Guidance Note on Audit of Internal Financial
records that, in reasonable detail, accurately and fairly Controls Over Financial Reporting issued by the Institute
reflect the transactions and dispositions of the assets of Chartered Accountants of India.
of the company; (2) provide reasonable assurance
that transactions are recorded as necessary to permit
preparation of standalone financial statements in For K.N. Gutgutia & Co.
accordance with generally accepted accounting principles, Chartered Accountants
and that receipts and expenditures of the company are (Firm’s Registration No. 304153E)
being made only in accordance with authorisations of
management and directors of the company; and (3)
provide reasonable assurance regarding prevention (B.R. GOYAL)
or timely detection of unauthorised acquisition, use, or Place: Noida Partner
disposition of the company's assets that could have a Date: 26th May, 2022 (Membership No. 12172)

Standalone Balance Sheet as at March 31, 2022 (` in lakhs)

Particulars Note No. As at As at
March 31, 2022 March 31, 2021
ASSETS
(1) NON-CURRENT ASSETS:
(a) Property, Plant and Equipment 2 221,752.57 208,109.57
(b) Capital work-in-progress 2A 23,680.14 11,938.79
(c) Investment Property 3 775.00 788.74
(d) Other Intangible assets 4 165.22 187.09
(e) Right to use assets 5 510.97 1,148.85
(f) Financial Assets
(i) Investments 6 2,861.74 2,860.74
(ii) Loans 7 43.53 73.66
(iii) Others 8 11,144.98 4,603.55
(g) Other Non-Current assets 9 1,344.41 1,511.04
Total Non Current Assets 262,278.56 231,222.03
(2) CURRENT ASSETS:
(a) Inventories 10 68,942.60 60,550.83
(b) Financial Assets
(i) Trade receivables 11 40,233.46 36,470.13
(ii) Cash and cash equivalents 12 664.06 300.13
(iii) Bank balances other than (ii) above 13 9,467.14 9,415.09
(iv) Loans 14 8,733.63 8,763.63
(v) Others 15 16,411.70 4,366.36
(c) Current Tax Assets (Net) 16 - 1,594.45
(d) Other current assets 17 19,984.37 16,465.71
Total Current Assets 164,436.96 137,926.33
(3) Assets held for sale and discontinued operations 62 - 38,268.90
TOTAL ASSETS 426,715.52 407,417.26
EQUITY AND LIABILITIES
EQUITY:
(a) Equity Share capital 18 3,096.15 3,096.15
(b) Other Equity 18A 148,079.89 121,405.75
Total Equity 151,176.04 124,501.90
LIABILITIES:
NON-CURRENT LIABILITIES:
(a) Financial Liabilities
(i) Borrowings 19 53,507.69 50,821.95
(ii) Lease Liabilities - 727.14
(iii) Other financial liabilities 20 3,804.42 4,217.19
(b) Provisions 21 457.92 595.00
(c) Deferred tax liabilities (Net) 22 33,485.62 32,738.30
(d) Other non-current liabilities 23 18,883.87 26,166.92
Total Non Current Liabilities 110,139.52 115,266.50
CURRENT LIABILITIES:
(i) Borrowings 24 42,732.71 54,202.62
(ii) Lease Liabilities 649.46 650.36
(iii) Trade payables 25
Total Outstanding dues of micro enterprises and small enterprises 16.61 16.61
Total Outstanding dues of creditors other than micro enterprises 64,181.89 58,164.10
and small enterprises
(iv) Other financial liabilities 26 26,141.38 24,854.32
(b) Other current liabilities 27 28,877.00 26,002.07
(c) Provisions 28 277.27 321.39
(d) Current Tax Liabilities (Net) 29 2,523.64 -
Total Current Liabilities 165,399.96 164,211.47
Liabilities held for sale and discontinued operations 62 - 3,437.39
TOTAL EQUITY AND LIABILITIES 426,715.52 407,417.26
Company Overview, Basis of preparation and significant accounting policies 1
The accompanying notes are an integral part of these standalone financial statements.
As per our report of even date
For K N Gutgutia & Co. U. S. Bhartia Sudhir Agarwal
Chartered Accountants Chairman and Managing Director Executive Director
Firm Registration no. 304153E DIN - 00063091 DIN - 08602216
B.R.Goyal
Partner Rupark Sarswat Anand Singhal
Membership Number 12172 Chief Executive Officer Chief Financial Officer
Place : Noida, UP Ankur Jain
Date : May 26, 2022 Company Secretary

Standalone Statement of Profit & Loss For the year ended March 31, 2022 (` in lakhs), except as otherwise stated
Particulars Note No. Year ended Year ended
March 31, 2022 March 31, 2021
CONTINUING OPERATIONS
Income
Revenue from operations 30 659,632.83 539,000.03
Other income 31 2,653.05 1,208.31
Total Revenue 662,285.88 540,208.34
Expenses:
Cost of materials consumed 32 166,693.50 118,559.66
Excise Duty on Sales 373,310.20 311,047.71
Purchase of Stock-in-Trade 33 35,036.39 30,090.01
Change in inventories of finished goods, work-in-progress 34 (9,688.80) (1,440.37)
and Stock-in-trade
Employee benefits expense 35 8,758.62 8,168.87
Finance costs 36 6,217.32 7,345.11
Depreciation and amortization expense 37 7,597.70 7,581.19
Other expenses 38 60,285.96 46,824.08
Total Expenses 648,210.89 528,176.26
Profit/ (Loss) before exceptional items and tax 14,074.99 12,032.08
Exceptional Items (Net) 39 20,062.91 -
Profit/ (Loss) before tax 34,137.90 12,032.08
Tax Expense: 61
- Current Tax 5,875.70 1,016.02
- Deferred tax Charged / (Credit) 749.76 1,789.17
- Tax for earlier years - 3,037.52
Profit after tax from continuing operations 27,512.44 6,189.37
DISCONTINUING OPERATIONS 62
Profit from discontinued operations before tax 1,371.94 4,518.39
Tax expense of discontinued operations 345.29 2,277.85
Profit after tax from discontinued operations 1,026.65 2,240.54
Profit/ (Loss) for the year 28,539.09 8,429.91
Other Comprehensive Income
Items that will not be reclassified to Profit or Loss
(i) Remeasurement benefit of defined benefit plans (9.70) 393.68
(ii) Income tax expense on remeasurement benefit of defined benefit 2.44 (99.09)
plans
Other comprehensive Income/ (Loss) for the year (7.26) 294.59
Total Comprehensive Income for the year 28,531.83 8,724.50
Earnings per Equity share of `10 each basic/ diluted (in `) 56 92.18 27.23
- For continuing operations (in `) 88.86 19.99
- For discontinuing operations (in `) 3.32 7.24
B.R.Goyal Rupark Sarswat Anand Singhal

Partner Chief Executive Officer Chief Financial Officer
Membership Number 12172 Ankur Jain

Place : Noida, UP Company Secretary
Date : May 26, 2022

Statement of Changes in Equity as on March 31, 2022

A. Equity Share Capital
(` in Lakhs)
Particulars Balance as at Changes due Restated Changes Balance as at
31st March 2021 to prior period balance at the during 31st March 2022
errors beginning of the the year
year
ISSUED, SUBSCRIBED AND
PAID UP
30,961,500 Equity Shares of ` 10/- 3,096.15 - 3,096.15 - 3,096.15
each fully paid up
Total 3,096.15 - 3,096.15 - 3,096.15
Particulars Balance as at Changes due Restated Changes Balance as at

31st March 2020 to prior period balance at the during 31st March 2021
errors beginning of the the year
year
ISSUED, SUBSCRIBED AND
PAID UP
30,961,500 Equity Shares of ` 10/- 3,096.15 - 3,096.15 - 3,096.15
each fully paid up
Total 3,096.15 - 3,096.15 - 3,096.15
\
B. Other Equity
(` in Lakhs)
Particulars Reserve & Surplus Items of Other
Comprehensive
Securities Reserve for General Retained
Income that will not be Total
Premium Contigencies Reserve Earnings
classified to profit &
Reserve
loss
Balance as at March 31,2020 3,958.36 200.00 10,600.14 97,896.71 26.04 112,681.25
Profit/ (loss) for the year - - - 8,429.91 - 8,429.91
Other Comprehensive income/ - - - - 294.59 294.59
(losses)
Balance as at March 31,2021 3,958.36 200.00 10,600.14 106,326.62 320.63 121,405.75
Profit/ (loss) for the year - - - 28,539.09 - 28,539.09
Other Comprehensive income/ - - - - (7.26) (7.26)
(losses)
Dividends Paid - - - (1,857.69) - (1,857.69)
Balance As at March 31, 2022 3,958.36 200.00 10,600.14 133,008.02 313.37 148,079.89


Membership Number 12172 Ankur Jain

Place : Noida, UP Company Secretary
Date : May 26, 2022

Standalone Cash Flow Statement for the year ended 31st March, 2022 (` in lakhs)
2021-22 2020-21
A Cash Flow from Operating Activities
Net Profit/(Loss) Before Tax 34,137.90 12,032.08
Adjustments For:
Depreciation and amortisation expense 7,597.70 7,581.19
(Profit)/Loss on Sale of Property, plant & equipment 8.96 5.53
Net Unrealised Foreign Exchange Fluctuation (Gain) / Loss (656.81) (1,066.09)
Govt Grant (Net) (20.21) (30.21)
Profit on sale of Non-Current Investment (14.58) -
Profit on slump sale of BioEO Business (22,133.86) -
Interest receivable from subsidiary company written off 2,070.95 -
Provision No Longer Required Written Back (930.53) (680.05)
Finance Costs 6,587.86 7,653.49
Interest Income (2,943.90) (10,434.42) (1,444.95) 12,018.91
Operating Profit/ (Loss) before Working Capital 23,703.48 24,050.99
Changes
Adjustments For:
(Increase)/Decrease in Trade & Other Receivables (14,441.22) 6,928.10
(Increase)/Decrease in Inventories (1,234.09) (243.80)
Increase / (Decrease) in Trade & Other Payables 3,049.68 (12,625.63) (20,405.98) (13,721.68)
Cash Generated from / (Used in) Operations 11,077.85 10,329.31
Income Tax Paid (Net) (2,102.70) (1,771.08)
Net Cash flow from / (Used in) Operating Activities 8,975.15 8,558.23
Net Cash flow from / (Used in) discontinued 2,461.52 5,607.00
activities
Net Cash flow from / (Used in) continuing and 11,436.67 14,165.23
discontinued activities
B Cash Flow from Investing Activities
Purchase of Property, plant & equipment (37,992.39) (15,116.74)
Sale of Property, plant & equipment 22.11 21.09
Interest received 1,425.35 865.06
Sale consideration received on slump sale of BioEO 45,848.82 -
Business
Sale consideration received on Sale of Non-Current 14.58 -
Investments
ICDs received back 30.00 282.00
Purchase of non-current investments (1.00) (2.00)
Net Cash flow from / (Used in) Investing Activities 9,347.47 (13,950.59)
Net Cash flow from / (Used in) discontinued activities (1,667.76) (1,780.26)
Net Cash flow from / (Used in) continuing and 7,679.71 (15,730.85)
C Cash Flow from Financing Activities
Net Proceeds from Borrowings 32,158.44 29,878.82
Repayment of Borrowings (40,963.80) (15,806.88)
Payment of lease liabilities (728.04) (486.86)
Finance Costs (6,585.92) (8,130.13)
Dividends Paid (1,839.20) (38.43)
Net Cash flow from / (Used in) Financing Activities (17,958.52) 5,416.52
Net Cash flow from / (Used in) discontinued activities (793.93) (3,826.74)
Net Cash flow from / (Used in) continuing and (18,752.45) 1,589.78
Net Increase/(Decrease) in Cash & Cash Equivalents 363.93 24.16
[A+B+C]
Opening Cash & Cash Equivalent (refer note 12) 300.13 275.97
Closing Cash & Cash Equivalent (refer note 12) 664.06 300.13
Note:
1. The Cash flow stattement has been prepared under the indirect method as set out in Indian Accounting Standard (Ind
AS 7) statement of cash flows.
This is the Cash Flow Stattement referred to in our report of even date.
B.R.Goyal

Notes to Standalone Financial Statements

1 Company Overview, Basis of Preparation and Significant Accounting Policies
1.1. Company Overview

India Glycols Limited (“IGL” or “the company”) is a public company domiciled in India and is incorporated under the
provisions of the Companies Act applicable in India. Its shares are publicly traded on the National Stock Exchange
(“NSE”) and the Bombay Stock Exchange (“BSE”) in India. The registered office of IGL is situated at A-1, Industrial
Area, Bazpur Road, Kashipur – 244713, Distt. Udham Singh Nagar, Uttarakhand, India.
The Company manufactures Industrial Chemicals such as green technology based bulk, specialty and performance
chemicals and natural gums and industrial gases; Ethyl Alcohol (Potable) and nutraceuticals.
These financial statements were authorized for issue in accordance with a resolution of the directors on dated 26th
May, 2022.
1.2. Basis of Preparation of financial statements
These financial statements have been prepared in accordance with the Indian Accounting Standards (hereinafter
referred to as the ‘Ind AS’) as notified by Ministry of Corporate Affairs pursuant to Section 133 of the Companies
Act, 2013 read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 as amended and other
relevant provisions of the Act.
1.3. Significant Accounting Policies
(a) Basis of Measurement
The Financial statements have been prepared under historical cost convention on accrual basis, except for the
items that have been measured at fair value as required by relevant Ind AS.
The standalone financial statements are presented in Indian Rupees (`), which is the Company’s functional
and presentation currency and all amounts are rounded to the nearest Lakhs (`00,000) and two decimals
thereof, except as stated otherwise.
(b) Basis of classification of Current and Non – Current
Assets and Liabilities in the balance sheet have been classified as either current or non-current.
An asset has been classified as current if (a) it is expected to be realized in, or is intended for sale or
consumption in, the Company’s normal operating cycle; or (b) it is held primarily for the purpose of being
traded; or (c) it is expected to be realized within twelve months after the reporting date; or (d) it is cash or cash
equivalent unless it is restricted from being exchanged or used to settle a liability for at least twelve months
after the reporting date. All other assets have been classified as non-current.
A liability has been classified as current when (a) it is expected to be settled in the Company’s normal operating
cycle; or (b) it is held primarily for the purpose of being traded; or (c) it is due to be settled within twelve
months after the reporting date; or (d) the Company does not have an unconditional right to defer settlement
of the liability for at least twelve months after the reporting date. All other liabilities have been classified as
noncurrent.
Deferred tax assets and liabilities are classified as non-current assets and non-current liabilities.
An operating cycle is the time between the acquisition of assets for processing and their realization in cash or
cash equivalents. The Company has identified twelve months as its operating cycle for the purpose of current
/non-current assets and liabilities.
(c) Property, Plant and Equipment (PPE)
Property, Plant and Equipment are carried at deemed cost (fair value model) less accumulated depreciation
and accumulated impairment losses, if any. Cost includes expenditure that is directly attributable to the
acquisition of the items.
The Assets’ residual values, useful lives and method of depreciation are reviewed at each financial year end
and adjusted prospectively, if appropriate. Depreciation on Plant, Property and equipment has been provided
using straight line method over the useful life of assets as specified in Schedule II of the Companies Act, 2013.
However, in case of certain Plant & Machinery depreciation have been provided based on technical evaluation
of the useful life by technical valuer ranging from 40-48 years.
Depreciation on additions/ disposals is provided with reference to the month of addition/ disposal. Certain
plant and machinery have been considered as continuous process plant as provided in schedule II of the
Companies Act, 2013 on technical evaluation.
Freehold land is not depreciated. Leasehold land is amortised over the period of lease.
Property, plant and equipment are eliminated from financial statement, either on disposal or when retired from


active use. Losses/gain arising in the case of retirement of property, plant and equipment and gains or losses
arising from disposal of property, plant and equipment are recognized in the statement of profit and loss in the
year of occurrence.
Expenditure during construction
Expenditure including qualifying interest during construction period is being included under capital work-in
progress and the same is allocated to Property, Plant & Equipment on completion of installation/construction.
(d) Investment Properties
Investment properties are measured at cost less accumulated depreciation and impairment losses, if any.
Depreciation on such properties is provided over the estimated useful lives as specified in Schedule II to the
Companies Act, 2013. The residual values, useful lives and depreciation method of investment properties are
reviewed, and adjusted on prospective basis as appropriate, at each financial year end. The effects of any
revision are included in the statement of profit and loss when the changes arise.
Though the Company measures investment property using cost based measurement, the fair value
of investment property is disclosed in the notes. Fair values are determined based on annual evaluation
performed by an external independent valuer/internal assessment.
(e) Intangible Assets
Identifiable intangible assets are recognised a) when the Company controls the asset, b) it is probable that
future economic benefits attributed to the asset will flow to the Company and c) the cost of the asset can be
reliably measured.
Computer software’s are capitalised at the amounts paid to acquire the respective license for use and are
amortised over the period of license, generally not exceeding six years on straight line basis. The assets’
useful lives are reviewed at each financial year end.
(f) Leases
The Company, as a lessee, recognises a right-of-use asset and a lease liability for its leasing arrangements,
if the contract conveys the right to control the use of an identified asset.
The contract conveys the right to control the use of an identified asset, if it involves the use of an identified
asset and the Company has substantially all of the economic benefits from use of the asset and has right to
direct the use of the identified asset. The cost of the right-of-use asset shall comprise of the amount of the initial
measurement of the lease liability adjusted for any lease payments made at or before the commencement
date plus any initial direct costs incurred. The right-of-use assets is subsequently measured at cost less any
accumulated depreciation, accumulated impairment losses, if any and adjusted for any remeasurement of the
lease liability. The right-of-use assets is depreciated using the straight-line method from the commencement
date over the period of lease term.
The Company measures the lease liability at the present value of the lease payments that are not paid at the
commencement date of the lease. The lease payments are discounted using the incremental borrowing rate
of the company.
For short-term and low value leases, the Company recognises the lease payments as an operating expense
on a straight-line basis over the lease term.
(g) Inventories
Inventories are valued ‘at lower of cost or net realizable value’ except stock of residual products and scrap
which are valued at net realizable value. The cost is computed on the weighted average basis. In case of
finished goods and stock in process, cost is determined by considering material, labour, related overheads and
duties thereon.
(h) Employee benefits
I. Short-term employee benefits:
All employee benefits falling due within twelve months of the end of the period in which the employees
render the related services are classified as short term employee benefits, which include benefits like
salaries, wages, short term compensated absences, performance incentives, etc. and are recognised as
expenses in the period in which the employee renders the related service and measured accordingly.
II. Post-employment benefits
(i) Defined Contribution Plan
Employee benefits in the form of Provident Fund (with Government Authorities) are considered as
defined contribution plan and the contributions are charged to the statement of Profit & Loss of the
year when the contributions to the respective funds are due.


Actuarial Valuation
(ii) Defined Benefit Plan
Retirement benefits in the form of Gratuity and Long term compensated leaves are considered as
defined benefit obligations and are provided for on the basis of an actuarial valuation, using the
projected unit credit method, as at the date of the Balance Sheet.
The liability in respect of all defined benefit plans is accrued in the books of account on the basis of
actuarial valuation carried out by an independent actuary using the Projected Unit Credit Method,
which recognizes each year of service as giving rise to additional unit of employee benefit entitlement
and measure each unit separately to build up the final obligation. The obligation is measured at the
present value of estimated future cash flows. The discount rates used for determining the present
value of obligation under defined benefit plans, is based on the market yields on Government
securities as at the Balance Sheet date, having maturity periods approximating to the terms of related
obligations.
Other short term absences are provided based on past experience of leave availed.
Actuarial Gains and losses arising from experience adjustments and changes in actuarial
assumptions are recognized immediately in the balance sheet with a corresponding debit or credit
to retained earnings through other comprehensive income (OCI) in the period in which they occur.
Remeasurements are not reclassified to profit or loss in subsequent periods.
All other expenses related to defined benefit plans are recognized in Statement of Profit and Loss as employee
benefit expenses.
(i) Foreign currency transactions and translation
Standalone financial statements have been presented in Indian Rupees (`), which is the Company’s functional
and presentation currency.
Transactions in foreign currencies are initially recorded by the Company at rates prevailing at the date of the
transaction. Subsequently monetary items are translated at closing exchange rates of balance sheet date
and the resulting exchange difference recognised in the statement of profit or loss. Differences arising on
settlement of monetary items are also recognised in the statement of profit or loss.
(j) Non-current assets held for sale and discontinued operations
Non-current assets are classified as held for sale if their carrying amount will be recovered principally through
a sale transaction rather than through continuing use and a sale is considered highly probable.
Non-current assets classified as held for sale are measured at lower of their carrying amount and fair value
less cost to sell.
Non-current assets classified as held for sale are not depreciated or amortised from the date when they are
classified as held for sale.
Non-current assets classified as held for sale and the assets and liabilities of a disposal group classified as
held for sale are presented separately from the other assets and liabilities in the Standalone Balance Sheet.
A discontinued operation is a component of the entity that has been disposed off or is classified as held for sale
and:
• represents a separate major line of business or geographical area of operations and;
• is part of a single co-ordinated plan to dispose of such a line of business or area of operations.
The results of discontinued operations are presented separately in the Standalone Statement of Profit and
Loss.
(k) Grants
Grants and subsidies from the government are recognised at their fair value where there is a reasonable
assurance that the grant/subsidies will be received and the Company will comply with all attached conditions.
Revenue Grants are recognised in the statement of Profit & Loss. Government grants relating to the specific
Property, Plant & Equipment is disclosed in the balance sheet as deferred income and are credited to profit or
loss on a straight-line basis over the expected lives of the related assets and presented within other income
to match them with the cost that they are intended to compensate. Changes in estimates are recognised
prospectively over the remaining life of the assets.
(l) Taxation
Income tax expense represents the sum of current, MAT and deferred tax. Tax is recognised in the Statement of


Profit and Loss, except to the extent that it relates to items recognised directly in equity or other comprehensive
income.
Current tax provision is computed for Income calculated after considering allowances and exemptions under
the provisions of the applicable Income Tax Laws. Current tax assets and current tax liabilities are off set, and
presented as net.
Deferred tax is recognised on differences between the carrying amounts of assets and liabilities in the Balance
sheet and the corresponding tax bases used in the computation of taxable profit and are accounted for using
the liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences, and
deferred tax assets are generally recognised for all deductible temporary differences, carry forward tax losses
and allowances to the extent that it is probable that in future taxable profits will be available to set off such
deductible temporary differences. Deferred tax assets and liabilities are measured at the applicable tax rates.
Deferred tax assets and deferred tax liabilities are off- set, and presented as net.
The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the
extent that it is no longer probable that sufficient taxable profits will be available against which the temporary
differences can be utilised.
Deferred Tax includes MAT paid in accordance with Law of India which is recognised as MAT credit entitlement.
Minimum Alternative Tax (MAT) as applicable to the Company is charged to the statement of Profit and loss.
Credit of MAT is recognised as an asset only when and to the extent there is convincing evidence that the
Company will pay normal income tax during the specified period, i.e., the period for which MAT credit is allowed
to be carried forward. In the year in which the MAT credit becomes eligible to be recognised as an asset, the
said asset is created by way of a credit to the profit and loss account and shown as MAT credit entitlement.
(m) Provisions and Contingencies
(i) Provisions
Provisions are recognised when the Company has a present obligation (legal or constructive) as a result
of a past event, it is probable that an outflow of resources embodying economic benefits will be required
to settle the obligation and a reliable estimate can be made of the amount of the obligation. Provisions are
reviewed at each reporting period and are adjusted to reflect the current best estimate.
(ii) Contingencies
Contingent liabilities are disclosed when there is a possible obligation arising from past events, the existence
of which will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events
not wholly within the control of the Company or a present obligation that arises from past events where it is
either not probable that an outflow of resources will be required to settle or a reliable estimate of the amount
cannot be made. Information on contingent liability is disclosed in the Notes to the Financial Statements.
Contingent assets are not recognized in financial statements but are disclosed, if any.
(n) Impairment of non-current assets
An asset is considered as impaired when at the date of Balance Sheet there are indications of impairment
and the carrying amount of the asset, or where applicable the cash generating unit to which the asset belongs
exceeds its recoverable amount (i.e. the higher of the net asset selling price and value in use).The carrying
amount is reduced to the recoverable amount and the reduction is recognized as an impairment loss in the
Statement of Profit and Loss. The impairment loss recognized in the prior accounting period is reversed if there
has been a change in the estimate of recoverable amount. Post impairment, depreciation is provided on the
revised carrying value of the impaired asset over its remaining useful life.
(o) Borrowing Cost / Finance Cost
Borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying assets
treated as of the cost of that asset and other borrowing cost are recognised as expenses in the period in which
it incurs them. Ancillary cost incurred in connection with the arranging the borrowings is amortized over the
terms of the loan.
(p) Financial instruments – initial recognition, subsequent measurement and impairment
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or
equity instrument of another entity. A financial assets or a liability is recognised when the Company becomes
a Party to the contractual provision of the instrument.
a) Financial Assets
Financial assets include cash and cash equivalent, trade and other receivables, investments in securities


and other eligible current and noncurrent assets.
Financial Assets are measured at amortised cost or fair value through Other Comprehensive Income or
fair value through Profit or Loss, depending on its business model for managing those financial assets and
the assets contractual cash flow characteristics.
Subsequent measurements of financial assets are dependent on initial categorisation. For impairment
purposes significant financial assets are tested on an individual basis, other financial assets are assessed
collectively in groups that share similar credit risk characteristics.
The company derecognizes a financial assets when the contractual rights to the cash flows from the
financial assets expire or it transfers the financial assets and the transfer qualifies for the derecognisition
under Ind-AS 109.
Investment in Equity shares
Investments in equity securities (Other than Investment in Subsidiaries & Joint Venture) are initially
measured at fair value. Any subsequent fair value gain or loss is recognized through Profit or Loss.
Investment in Subsidiaries & Joint Venture
Investments in subsidiaries and Joint Venture are carried at cost. The cost comprises price paid to acquire
investment and directly attributable cost.
The company assesses impairment based on expected credit loss (ECL) model to all its financial assets
measured at amortised cost.
b) Financial liabilities
Financial liabilities include long term and short term loan and borrowings, trade and other payables and
other eligible current and non-current liabilities.
All financial liabilities recognized initially at fair value and, in the case of loans and borrowing and other
payable, net of directly attributable transaction costs. After initial recognition, financial liabilities are
classified under one of the following two categories
i) Financial liabilities at fair value through profit or loss
Financial liabilities at fair value through profit or loss include financial liabilities held for trading. The
Company has not designated any financial liabilities upon initial measurement recognition at fair
value through profit or loss. Financial liabilities at fair value through profit or loss are at each reporting
date at fair value with all the changes recognized in the Statement of Profit and Loss.
ii) Financial liabilities measured at amortised cost
After initial recognition, such financial liabilities are subsequently measured at amortized cost by
applying the Effective Interest Rate (EIR) method to the gross carrying amount of financial liability.
The EIR amortization is included in finance expense in the profit and loss.
De-recognition of financial liability
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires.
(q) Derivative financial instruments
The Company uses derivative financial instruments, such as forward & Options currency contracts to hedge
its foreign currency risks. Derivative financial instruments are measured at their fair value at the end of each
reporting period.
(r) Cash and Cash equivalents
Cash and cash equivalents in the balance sheet comprise cash at banks and on hand and short-term deposits
with an original maturity of three months or less, which are subject to an insignificant risk of changes in value.
(s) Earnings per share
Basic earnings per share are calculated by dividing the net profit or loss for the year attributable to equity
shareholders of the Company by the weighted average number of the equity shares outstanding during the
year.
For the purpose of calculating diluted earnings per share, net profit or loss for the year attributable to equity
shareholders of the Company and the weighted average number of shares outstanding during the year is
adjusted for the effect of all dilutive potential equity shares.
(t) Segment Reporting
Operating segments are reported in a manner consistent with the internal reporting provided to the chief


operating decision maker. Management of the Company is responsible for allocating resources and assessing
the performance of the operating segment. Revenue, expenses assets and liabilities which are common to the
company are shown as results, assets and liabilities as unallocable.
(u) Revenue recognition and other income
a) Sale of goods
Revenue is recognized either on delivery or on transfer of significant risk and rewards of ownership of the
goods. Revenue from the sale of goods is measured at fair value of consideration received or receivable,
inclusive of excise duty as applicable but after deducting discounts, rebates and Goods & Service Tax.
b) Sale of services-job work
Revenue from job work charges are recognised on when performance obligation is met.
c) Export Incentives
Revenue in respect of Export benefit are recognised on post export basis at the rate at which the
entitlement accrues in terms of import export policy and is included in the turnover of the company.
(v) Exceptional Items
When items of income and expenses within statement of profit and loss from ordinary activities are of such
size, nature or incidence that their disclosure is relevant to explain the performance of the enterprise for the
period, the nature and amount of such material items are disclosed separately as exceptional items.
1.4. Critical accounting estimates, assumptions and judgements
In the process of applying the Company’s accounting policies, management has made the following estimates,
assumptions and judgements, which have significant effect on the amounts recognised in the financial statement.
Uncertainty about these assumptions and estimates could result in outcome that require a material adjustment to
assets or liabilities affected in future periods.
a) Income taxes
Management judgment is required for the calculation of provision for income taxes and deferred tax assets
and liabilities based on probability that taxable profit will be available against which the deductible temporary
differences can be utilized. The Company reviews at each balance sheet date the carrying amount of deferred
tax assets and liabilities. The factors used in estimates may differ from actual outcome which could lead to
significant adjustment to the amounts reported in the standalone financial statements.
b) Contingencies
Management judgement is required for estimating the possible outflow of resources, if any, in respect of
contingencies/claim/litigations against the Company as it is not possible to predict the outcome of pending
matters with accuracy.
c) Allowance for uncollected accounts receivable and advances
Trade receivables and advances are stated at their transaction value as reduced by appropriate allowances for
estimated irrecoverable amounts. Trade receivables and advances are written off on case to case basis when
management deems them not to be collectible. Impairment is made on the expected credit losses, which are
the present value of the cash shortfall over the expected life of the financial assets.
d) Insurance claims
Insurance claims are recognised when the Company have reasonable certainty of recovery. Subsequently any
change in recoverability is appropriately adjusted for and give effect in the statement of profit and loss.
e) Fair value measurement of financial instruments
When the fair values of financial assets and financial liabilities recorded in the balance sheet cannot be
measured based on quoted prices in active markets, their fair value is measured using valuation techniques
including Discounted Cash Flow (DCF) model. The inputs to these models are taken from observable markets
where possible, but where this is not feasible, a degree of judgement is required in establishing fair values.
Judgements include considerations of inputs such as liquidity risk, credit risk and volatility. Changes in
assumptions about these factors could affect the reported fair value of financial instruments.
f) Impairment of financial assets
The impairment provisions for financial assets are based on assumptions about risk of default and expected loss
rates. The Company uses judgement in making these assumptions and selecting the inputs to the impairment
calculation, based on Company’s past history, existing market conditions as well as forward looking estimates
at the end of each reporting period.


2. Property, Plant & Equipment
(` in Lakhs)
Particulars Freehold Leasehold Buildings Plant & Office Furniture & Vehicles# Total
Land Land Equipment Equipment Fixtures
Gross block 12,387.72 11,895.00 9,484.60 206,674.97 873.25 2,332.23 671.69 244,319.46
As at March 31, 2020
Additions - - 1,709.92 18,424.43 159.33 101.55 130.51 20,525.74
Disposals - - - - 35.06 0.72 47.92 83.70
Relating to discontinued 1,729.00 417.72 18,757.22 75.59 715.49 10.96 21,705.98
operations
As at March 31, 2021 10,658.72 11,895.00 10,776.80 206,342.18 921.93 1,717.57 743.32 243,055.52
Additions - - 933.90 27,984.27 141.91 9.53 159.30 29,228.91
Disposals - - - - 25.96 - 67.76 93.72
Relating to discontinued - - - 14,399.99 - - - 14,399.99
operations
As at March 31, 2022 10,658.72 11,895.00 11,710.70 219,926.46 1,037.88 1,727.10 834.86 257,790.72
Accumulated - 884.50 1,495.77 29,568.18 467.92 1,144.44 91.41 33,652.22
Depreciation As at
March 31, 2020
Charge for the year - 152.85 331.93 6,133.86 123.24 121.44 105.12 6,968.44
Disposals - - - - 30.03 0.47 26.58 57.08
Relating to discontinued - 126.97 5,167.26 41.58 277.39 4.43 5,617.63
operations
As at March 31, 2021 - 1,037.35 1,700.73 30,534.78 519.55 988.02 165.52 34,945.95
Charge for the period 176.90 373.78 6,155.63 120.07 117.20 107.54 7,051.12
Disposals - - - - 18.08 - 44.66 62.74
operations
As at March 31, 2022 - 1,214.25 2,074.51 30,794.23 621.54 1,105.22 228.40 36,038.15
Net Carrying Amount -
As at March 31, 2021 10,658.72 10,857.65 9,076.07 175,807.40 402.38 729.55 577.80 208,109.57
As at March 31, 2022 10,658.72 10,680.75 9,636.19 189,132.23 416.34 621.88 606.46 221,752.57
Notes:
# Gross block includes ` 490.95 Lakhs (Previous Year ` 368.65 Lakhs) secured by hypothecation against loan.
2A. Ageing schedule of Capital Work-in-progess

(` in Lakhs)
Amount in CWIP for a period of
Particulars Less than 1 1-2 years 2-3 years More than 3 Total
year years
Project in Progress 21,341.08 1,813.12 436.91 89.03 23,680.14
Projects Temporarily Suspended - - - - -
21,341.08 1,813.12 436.91 89.03 23,680.14

Projects Temporarily Suspended - - - - -
7,701.03 3,834.81 303.82 99.13 11,938.79


3. Investment Property
(` in Lakhs)
Particulars Amount
Gross block As at March 31,2020 833.54
Additions -
Disposals -
As at March 31,2021 833.54
Additions -
Disposals -
As at March 31,2022 833.54
Accumulated Depreciation As at March 31, 2020 31.06
Charge for the period 13.74
Disposals -
As at March 31,2021 44.80
Charge for the year 13.74
Disposals -
As at March 31,2022 58.54
Net Carrying Amount
As at March 31,2021 788.74
As at March 31,2022 775.00
Fair Value
As at March 31,2021 976.22
As at March 31,2022 1,150.82
2021-22 2020-21
Rental Income Derived from Investment Properties 43.45 38.36
Direct Operating Expenses 8.61 3.63
Profit arising from investment properties 34.84 34.73
4. Other Intangibles
(` in Lakhs)
Particulars Amount
Computer Software
Gross block As at March 31, 2020 295.91
Additions 7.69
Disposal -
As at March 31, 2021 303.60
Additions -
Disposal -
As at March 31, 2022 303.60
Accumulated Amortisation As at March 31, 2020 91.92
Disposals -
As at March 31, 2021 116.51
Disposals -
As at March 31, 2022 138.38
Net Carrying Amount
As at March 31, 2021 187.09
As at March 31, 2022 165.22


5. Right to use assets
(` in Lakhs)
Particulars Amount
Gross block As at March 31, 2020 2,299.27
Additions -
Disposal -
As at March 31, 2021 2,299.27
Additions -
Disposal 126.91
As at March 31, 2022 2,172.36
Disposals -
As at March 31, 2021 1,150.42
Disposals -
As at March 31, 2022 1,661.39
Net Carrying Amount
As at March 31, 2021 1,148.85
As at March 31, 2022 510.97
6. NON CURRENT FINANCIAL ASSETS : INVESTMENTS

(` in Lakhs), except as otherwise stated
Particulars As at March 31, 2022 As at March 31, 2021
No. of Face Amount No. of Face Amount
shares Value shares Value
- UNQUOTED
(A) Investment in Equity Instruments
(1) Subsidiary Companies
a) IGL Finance Ltd.* 15,00,000 ` 10.00 - 15,00,000 ` 10.00 -
b) IGL CHEM International PTE Ltd., 1,00,000 SGD 1 27.41 1,00,000 SGD 1 27.41
Singapore
c) IGL CHEM International USA LLC 2,00,000 USD 1 127.00 2,00,000 USD 1 127.00
d) Shakumbari Sugar & Allied Industries 2,58,62,100 ` 10.00 - 5,01,12,100 ` 10.00 -
Ltd.*
e) Clariant IGL Specialty Chemicals - - - 10,000 ` 10.00 1.00
Private Limited** (Previously known as
IGL Green Chemicals Private Limited)
f) IGL Chemicals and Services Private 10,000 ` 10.00 1.00 10,000 ` 10.00 1.00
Limited
g) Ennature Bio Pharma Private Limited 10,000 ` 10.00 1.00 - - -
(2) Joint Venture
Kashipur Infrastructure and Freight Terminal 26,74,418 ` 10.00 2,704.33 26,74,418 ` 10.00 2,704.33
Pvt Ltd
Clariant IGL Specialty Chemicals Private 10,000 ` 10.00 1.00 - - -
Limited** (Previously known as IGL Green
Chemicals Private Limited)
2,861.74 2,860.74


(B) Investment in Preference Shares
(1) Subsidiary Companies
Shakumbari Sugar & Allied Industries Ltd.* 51,00,000 ` 10.00 - 10,000,000 ` 10.00 -
- -
2,861.74 2,860.74
Aggregated book value of unquoted investment 2,861.74 2,860.74

*The Company has elected to fair value in investment in certain subsidiaries to the date of transition.
*Refer Note no. 45 to financial statements.
**w.e.f. 30th June, 2021 from the time of allotment of equity shares to JV Partner. (Refer Note 62)
7. Non Current Loans

(` in Lakhs)
Particulars As at As at
March 31, 2022 March 31, 2021
Other Loans
Loans to Employee
- Unsecured, considered good 43.53 73.66
43.53 73.66
8. Other non-Current financial assets
(` in Lakhs)
March 31, 2022 March 31, 2021
Bank deposits with remaining maturity of more than 12 months (Note no. 13)* 930.11 1,293.50
Deferred Sale consideration receivable from related party 6,350.00 -
Security Deposits
- Unsecured, considered good# 3,864.87 3,310.05
11,144.98 4,603.55
* Pledged with bank/Government Authorities as margin money/security against guarantees, packing credit facility and
other borrowings maturing after 12 months
# IIncludes ` 1,759.31 lakhs (Previous Year ` 1,387.39 lakhs) (net of deferred expenditure) security deposit to director,
private companies in which director/directors of company is director and are also related parties.

9. Other non-current assets
(` in Lakhs)
March 31, 2022 March 31, 2021
Capital Advances
- Unsecured, considered good 1,067.20 1,218.56
Advances other than capital advances:
- Prepaid Expenses 168.25 140.62
- Deferred Expenditure 108.96 151.86
277.21 292.48
1,344.41 1,511.04


10. Inventories (At lower of cost and net realisable value)
(` in Lakhs)
March 31, 2022 March 31, 2021
Raw Materials 11,176.70 14,487.06
Add: Goods in transit 5,085.67 7,566.33
16,262.37 22,053.39
Work-in-Process 8,890.55 7,966.86
Finished Goods 12,225.67 3,435.23
12,225.67 3,435.23
Stores and Spares 31,465.07 26,969.54
Residue Product 43.84 69.17
Loose Tools & others 55.10 56.64
68,942.60 60,550.83
11. Trade Receviables

(` in Lakhs)
March 31, 2022 March 31, 2021
- Undisputed Trade Receivables-considered good 39,801.55 35,728.57
- Undisputed Trade Receivables-which have significant increase in - -
Credit Risk
- Undisputed Trade Receivables-Credit impaired - -
- Disputed Trade Receivables-considered good 431.91 741.56
- Disputed Trade Receivables-which have significant increase in - -
Credit Risk
- Disputed Trade Receivables-Credit impaired 78.79 78.79
40,312.25 36,548.92
Less: Loss Allowance (78.79) (78.79)
40,233.46 36,470.13
12. Cash & Cash Equivalents

(` in Lakhs)
March 31, 2022 March 31, 2021
Balances with Banks
- On Current Accounts 626.98 265.27
- Cash on Hand 37.08 34.86
664.06 300.13
13. Bank balance other than cash & cash equivalents

(` in Lakhs)
March 31, 2022 March 31, 2021
Other bank balances
- In Fixed Depost Accounts* Current 9,347.05 9,313.39
- In Fixed Depost Accounts* - Non Current 930.11 1,293.50
- On Unpaid Dividend Accounts 120.09 101.70
10,397.25 10,708.59
Less: Amount disclosed under Other Non Current Assets (Note No 8) 930.11 1,293.50
9,467.14 9,415.09
other borrowings maturing after 12 months.


14. Current loans
(` in Lakhs)
March 31, 2022 March 31, 2021
Inter Corporate Deposits (ICD) #
- Loans which have significant increase in Credit Risk - -
- Loans- Credit Imapired - 11,719.71
Less : Provision/ Allowance for doubtful ICD - (11,719.71)
8,733.63 8,763.63
# Includes deposit with related party ` 6,219.13 lakhs (Previous year ` 6,219.13 lakhs), 71.21% (Previous year -
71.21%) of total deposits.(Refer note no 45(b)).
15. Other financial assets
(` in Lakhs)
March 31, 2022 March 31, 2021
Export Incentive receivable - Duty Drawback 94.71 204.73
Interest receivable# 2,358.75 2,911.05
Others (including security deposit, claims & other receivable) 1,494.02 3,002.61
Less : Provision/ Allowance for doubtful other financial assets (291.78) (1,752.03)
1,202.24 1,250.58
16,411.70 4,366.36
# Includes receivable from related party ` Nil (Previous year ` 1587.95 lakhs ), refer note no 45(a).
16. Current tax assets (Net)

(` in Lakhs)
March 31, 2022 March 31, 2021
Advance Income Tax/ Tax deducted at source - 1,594.45
(net of income tax provision )
- 1,594.45
17. Other current assets

(` in Lakhs)
March 31, 2022 March 31, 2021
Export Incentive receivable 151.01 934.77
Balance with Excise and Other Authorities 9,605.96 4,183.23
Deposits with Government Departments & Others 758.43 800.95
Prepaid expenses 3,049.90 4,064.43
Other Advances:
Advances recoverable in cash or in kind or for value to be received 6,419.07 6,482.33
Doubtful advances 204.11 204.11
6,623.18 6,686.44
Less : Provision/ Allowance for doubtful advances# (204.11) (204.11)
6,419.07 6,482.33
19,984.37 16,465.71


18. EQUITY SHARE CAPITAL
March 31, 2022 March 31, 2021
Authorised :
45,000,000 Equity Shares of ` 10/- each 4,500.00 4,500.00
4,500.00 4,500.00
Issued, Subscribed and paid up :
30,961,500 Equity Shares of ` 10/- each fully paid up 3,096.15 3,096.15
Total Equity share Capital 3,096.15 3,096.15
a) Terms/rights attached to equity shares:
The Company has only one class of shares referred to as equity shares having a par value of Rs 10/- per share.
Each holder of equity shares is entitled to one vote per 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. The distribution will be in proportion to the number of
equity shares held by the shareholders.
b) Details of shareholders holding more than 5% equity shares in the company

Name of Shareholders As at March 31, 2022 As at March 31, 2021
No. of Shares % of holding No. of Shares % of holding

Kashipur Holdings Limited 1,18,08,472 38.14% 1,18,08,472 38.14%
Executors to the Estate of Late Sajani Devi Bhartia 21,00,249 6.78% 21,00,249 6.78%
c) Reconciliation of the number of shares outstanding at the beginning and at the end of the year
Particulars No. of Shares No. of Shares
As at As at
March 31, 2022 March 31, 2021
Shares outstanding as at the beginning of the year 30,961,500 30,961,500
Additions during the year - -
Deletions during the year - -
Shares outstanding as at the end of the year 30,961,500 30,961,500
d) Detail of shares held by promoters in the Company

Name of Promoter As at As at
March 31, 2022 % Change March 31, 2021 % Change
during the during the
No. of % of total year No. of % of total year
Shares Shares Shares Shares
Kashipur holdings Limited 1,18,08,472 38.14% - 1,18,08,472 38.14% 4.70%
Executors to the Estate of Late 21,00,249 6.78% - 21,00,249 6.78% -
Sajani Devi Bhartia
Mayur Barter Pvt. Ltd. - - - - - (4.70)%
Uma Shankar Bhartia 4,48,722 1.45% - 4,48,722 1.45% -
Jayshree Bhartia 2,29,003 0.74% - 2,29,003 0.74% -
Pooja Jhaver 97,592 0.32% - 97,592 0.32% -
Pragya Bhartia Barwale 300 - - 300 - -


Facit Commosales Pvt. Ltd. 10,57,853 3.42% - 10,57,853 3.42% -
JB Commercial Company Pvt. Ltd. 9,77,915 3.16% - 9,77,915 3.16% -
J Boseck & Co. Pvt. Ltd. 8,64,401 2.79% - 8,64,401 2.79% -
Ajay Commercial Co. Pvt. Ltd. 6,11,255 1.97% - 6,11,255 1.97% -
Sukhvarsha Distributors Pvt. Ltd. 3,61,875 1.17% - 3,61,875 1.17% -
Supreet Vyapaar Pvt. Ltd. 2,67,895 0.87% - 2,67,895 0.87% -
Hindustan Wires Ltd. 65,000 0.21% - 65,000 0.21% -
Lund & Blockley Pvt. Ltd. 500 - - 500 - -
e) In last 5 years there was no Bonus Issue, buy back and /or issue of shares other for cash consideration.
18A. Other Equity

(` in Lakhs)
Particulars Reserve & Surplus
Securities Reserve for General Retained Items of Other Total
Premium Contigencies Reserve Earnings Comprehensive
Income that will
not be classified
to profit & loss
Balance as at April 1, 2020 3,958.36 200.00 10,600.14 97,896.71 26.04 112,681.25

Profit / (Loss ) for the year 8,429.91 - 8,429.91
Re-measurement of the net defined 294.59 294.59
benefit Plans
Profit / (Loss ) for the year 28,539.09 - 28,539.09
Re-measurement of the net defined (7.26) (7.26)
benefit Plans
Dividend paid (1,857.69) (1,857.69)
Nature of reserves
Reserve from Contingencies are created in earlier years to meet any contingencies in future and in the nature of free
reserve.
General reserve amount transferred/ apportioned represents is in accordance with Indian Corporate law (The Companies
Act, 1956) wherein a portion of profit is apportioned to general reserve, before a company can declare dividend.
Other comprehensive Income Reserve represent the balance in equity for items to be accounted in Other Comprenhensive
Income. OCI is classified into i) Items that will not be reclassified to profit & loss ii) Items that will be reclassified to profit
& loss.


19. Non-current borrowings
(` in Lakhs)
Non-Current Portion Current Maturities
As at As at As at As at
March 31, 2022 March 31, 2021 March 31, 2022 March 31, 2021
SECURED LOANS
Rupee Term Loans
- from Banks & NBFCs 32,432.44 36,212.52 12,130.56 11,699.99
- Vehicle Loan & others 189.45 294.86 73.69 61.33
Foreign Currency Term Loans from Banks 13,060.80 7,939.57 2,572.800 1,428.000
45,682.69 44,446.95 14,777.05 13,189.32
UNSECURED LOANS
Loan from Body Corporates 7,825.00 6,375.00 - -
7,825.00 6,375.00 - -
Less: Amount disclosed under the head "other financial 14,777.05 13,189.32
liabilities "( Note No. 24)
Total Non- Current Borrowings 53,507.69 50,821.95 - -
Notes:
1 The Term Loans inter-se, are secured / to be secured by mortgage of all immovable properties of the Company both present and future and
hypothecation of all movable properties of the Company (save and except book debts) including movable machinery, machinery spares, tools
and accessories, both present and future subject to prior charges created and / or to be created in favour of the bankers of the Company on
stocks, book debts and other specified movable properties for working capital requirements / Buyers Credit. .
2 Vehicle Loan & others include loan of ` 263.14 lakhs (Previous Year ` 209.24 lakhs) secured by hypothecation of Motor Vehicles purchased
there under which is repayable on different dates & loan of ` Nil (Previous Year ` 146.96 lakhs) secured against bank guarantee. (read with
para 7)
3 Term Loan from NBFC of ` Nil lakhs (Previous year ` 2850.00 lakhs), is repayable in 20 equal quarterly instalments of ` 356.25 lakhs
commencing from June 2018. This RTL facility has been fully prepaid through the proceeds of slump sale of BioEO business.
4. Term Loan from NBFC of ` 2,995 lakhs (Previous year ` Nil lakhs), is repayable in 20 equal quarterly installments commenced from March 22.
5. Term Loan from bank of ` 5,415 lakhs (Previous year ` Nil lakhs), is repayable in 20 equal quarterly installments commenced from Feb 22.
6. Term Loan from bank of ` 450.00 lakhs (Previous year ` 1,050.00 lakhs), is repayable in 9 equal quarterly installments of ` 150.00 lakhs
commencing from October 2019.
7. Term Loan from DBT Bio-pharma ` Nil (Previous year ` 146.96 lakhs), is repayable in 8 equal half yearly installments commencing from July
2018.
8. Term Loan from bank of ` 8,000 lakhs (Previous year ` Nil lakhs), is repayable in 12 equal quarterly installments commencing from July 2022.
9. Term Loan from NBFC of ` Nil (Previous year ` 1,400.00 lakhs), is repayable in 20 equal quarterly installments of ` 140.00 lakhs commencing
from October 2018. This RTL facility has been fully prepaid through the proceeds of slump sale of BioEO business.
10. Term Loan from bank of ` 4,000.00 lakhs (Previous year ` 6,000.00 lakhs), is repayable in 20 equal quarterly installments of ` 500.00 lakhs
commencing from February 2019.
11. Term Loan from bank of ` Nil (Previous year ` 4,179 lakhs), is repayable in 20 structured quarterly installments commencing from next quarter
from date of each disbursement. This RTL facility has been fully prepaid through the proceeds of slump sale of BioEO business.
12. Term Loan from bank of ` Nil (Previous year ` 6,948 lakhs), is repayable in 72 structured monthly installments commencing from next monht
from date of each disbursement. This RTL facility has been fully prepaid through the proceeds of slump sale of BioEO business.
13. Term Loan from bank of ` 3,500 lakhs (Previous year ` 4,000 lakhs), is repayable in 48 equal monthly installments commencing from end of
13th months from the date of disbursement.
14 Term Loan from bank of ` Nil (Previous year ` 3,650 lakhs), is repayable in 18 structured quarterly installments commencing from the same
month of disbursement.
15 Term Loan from bank of ` 5,000 lakhs (Previous year ` 5,000 lakhs), is repayable in 16 equal quarterly installments commencing from July
2022.
16 Term Loan from bank of ` 4,000 lakhs (Previous year ` 5,000 lakhs), is repayable in 20 equal quarterly installments commenced fron June 2021.
17 Term Loan from bank of ` 2,752 lakhs (Previous year ` Nil lakhs), is repayable in 24 quarterly equal installments after moratorium of 1 year from
the date of 1st disbursement.
18 Term Loan from bank of ` 2,428 lakhs (Previous year ` Nil lakhs), is repayable in 24 quarterly equal installments after moratorium of 1 year from
the date of 1st disbursement.
19 Term Loan from bank of ` 5971 lakhs (Previous year ` Nil lakhs), is repayable in 24 quarterly structured installments after moratorium of 1 year
from the date of 1st disbursement.
20 Foreign Currency Term Loan (converted from Rupee Term loan) from bank of USD 10151700 (Rupee Term Loan - Previous Year -
` 5,000 lakhs), is repayable in 28 quarterly installments commenced from Jan 2022.
21 Term Loan from bank of ` Nil (Previous year ` 2,838), is repayable in 20 equal quarterly installments of ` 195 lakhs commencing from December
2019. This RTL facility has been fully prepaid through the proceeds of slump sale of BioEO business.
22 Foreign Currency Term Loan (converted from Rupee Term loan) from bank of USD 10423339 (Previous year - USD 12849174.55), is repayable
in 28 equal quarterly instalments commenced from March 2021.
23 Loan from Body Corporate of ` 6,375 lakhs (Previous Year ` 6,375 lakhs) is repayable only post confirmation from consortium banks and
balance loan of ` 1450 lakhs (Previous Year ` Nil) is payable after one year of balance sheet date.


20. Other non-current financial liabilities
(` in Lakhs)
March 31, 2022 March 31, 2021
Security Deposits 3,804.42 4,217.19
3,804.42 4,217.19
21. Provisions
(` in Lakhs)
March 31, 2022 March 31, 2021
Provision for employee benefits
- Leave Encashment 457.92 595.00
457.92 595.00
22. Deferred Tax Liabilities (Net)

(` in Lakhs)
March 31, 2022 March 31, 2021
Deferred Tax Assets :-
Amount covered U/s 43B of Income Tax Act, 1961 214.18 262.13
Provision for doubtful debts / advances 273.00 3,713.45
Others 101.12 123.82
Gross Deferred tax Assets 588.30 4,099.40
Deferred Tax Liabilities :-
Property, Plant & Equipment 34,035.37 36,757.57
Others 38.55 80.13
Gross Deferred tax Liability 34,073.92 36,837.70
Net Deferred Tax Liability 33,485.62 32,738.30
23. Other non-current liabilities

(` in Lakhs)
March 31, 2022 March 31, 2021
Advance from Customers* 18,602.13 25,870.07
Deferred Income-Govt Grant & Security Deposit 281.74 296.85
18,883.87 26,166.92
* Long term export advance received from customers with supply schedule over period of 8-10 years. Export advance
are secured by Guarantees given by State Bank of India (SBI) to the customers, while other export performance bank
guarantee (EPBG) member banks have given counter guarantee in favour of SBI. Such guarantee are secured by first
charge on the fixed assets and second charge on the current assets of the Company on pari passu basis.


24. Current Borrowings
(` in Lakhs)
March 31, 2022 March 31, 2021
Secured Loans
Loans repayable on demand from Banks:
- Working Capital Loans* 27,955.66 41,013.30
Current maturities of long term borrowings (Note No. 19) 14,777.05 13,189.32
42,732.71 54,202.62
* Working Capital Loans from Banks are secured / to be secured by way of hypothecation of book debts and stocks
including in-transit and other specified movable properties and second charge on all immovable properties of the
Company. Buyers Credit facility is secured against non-fund based facility sanctioned to the Company.
25. Trade Payable

(` in Lakhs)
March 31, 2022 March 31, 2021
Payable to Micro Enterprises and Small Enterprises - -
Payable to Others 64,176.62 58,158.83
Disputed dues (MSMEs) 16.61 16.61
Disputed dues (Others) 5.27 5.27
64,198.50 58,180.71
Ageing of Trade payables

Outstanding for the following periods from the due date of payment
year years
(i) MSME - - - - -
(ii) Others 63,425.43 485.90 207.77 57.52 64,176.62
(iii) Disputed dues-MSME - - - 16.61 16.61
(iv) Disputed Dues-Others - - - 5.27 5.27
Total 63,425.43 485.90 207.77 79.40 64,198.50
(i) MSME - - - - -
(ii) Others 57,743.17 280.17 104.50 30.99 58,158.83
Total 57,743.17 280.17 104.50 52.87 58,180.71


26. Other current financial liabilities
(` in Lakhs)
March 31, 2022 March 31, 2021
Interest accrued but not due on borrowings 51.46 49.52
Capital Payables 15,848.74 13,934.98
Retention Money 3,837.56 4,540.70
Expenses payable (Including derivative liabilities) 4,318.01 4,895.97
Investor education & protection fund shall be
( i) Unclaimed Dividends 120.09 101.70
(ii) Unclaimed matured deposits - -
(iii) Unclaimed interest on above (ii) - -
Other Payables 1,965.52 1,331.45
26,141.38 24,854.32
27. Other current liabilities

(` in Lakhs)
March 31, 2022 March 31, 2021
Duties, taxes and other statutory dues 1,267.17 1,377.90
Advance from Customers 27,266.86 24,391.98
Deferred Income Govt Grant & others 45.63 47.93
Other Payables 297.34 184.26
28,877.00 26,002.07
28. Current Provisions

(` in Lakhs)
March 31, 2022 March 31, 2021
277.27 321.39
29. Current tax liabilities (Net)

(` in Lakhs)
March 31, 2022 March 31, 2021
Provision for Income Tax 2,523.64 -
2,523.64 -


30. Revenue From Operations
(` in Lakhs)
Particulars Year Ended Year Ended
March 31, 2022 March 31, 2021
a) Sales of Products
Glycols & Others 1,55,542.12 1,02,406.08
Power Alcohol (DAE) 915.17 7,363.09
Guar Gum Powder and derivatives 4,343.02 2,325.42
Ethyl Alcohol (Potable) 4,39,312.85 3,71,785.05
Industrial Gases 4,569.10 4,114.21
Sale of traded goods
Chemicals and oil Products 33,426.27 29,148.12
Nutraceutical 15,277.83 14,754.13
6,53,386.36 5,31,896.10
b) Sales of Service 1,030.43 1,227.73
1,030.43 1,227.73
c) Other Operating Revenue
Provision no longer required/ Sundry balances written back 930.53 680.05
Export Incentive 211.56 862.05
Miscelleneous Income 4,073.95 4,334.10
5,216.04 5,876.20
Total Revenue from operations 6,59,632.83 5,39,000.03
31. Other Income

(` in Lakhs)
March 31, 2022 March 31, 2021
Interest 2,573.36 1,136.57
Rent 43.45 38.36
Profit on sale of Property, Plant & Equipment 1.45 3.17
Profit on sale of Non-Current Investment 14.58 -
Govt Grants 20.21 30.21
2,653.05 1,208.31
32. Cost of Materials Consumed

(` in Lakhs)
March 31, 2022 March 31, 2021
Raw Materials 146,013.27 102,587.53
Packing Materials 20,680.23 15,972.13
166,693.50 118,559.66
33. Purchase of Stock-In-Trade

(` in Lakhs)
March 31, 2022 March 31, 2021
Chemical and Oil Products 35,036.39 30,090.01


34. Changes In Inventories of Finished Goods, Work- In-Progress And Stock-In-Trade
(` in Lakhs)
March 31, 2022 March 31, 2021
CLOSING STOCK
Finished Goods 12,225.67 3,435.23
Work-in-Process 8,890.55 7,966.86
21,160.06 11,471.26
OPENING STOCK
Finished Goods 3,435.23 3,201.62
Work-in-Process 7,966.86 6,590.82
11,471.26 10,030.89
Change in inventories of finished goods, work-in-progress and Stock-in-trade (9,688.80) (1,440.37)
35. Employee Benefit Expenses

(` in Lakhs)
March 31, 2022 March 31, 2021
Salaries, Wages, Allowances, etc. 7,448.41 7,202.88
Contribution to Provident and other Funds 775.18 581.86
Employees' Welfare and other Benefits 535.03 384.13
8,758.62 8,168.87
36. Finance Costs

(` in Lakhs)
March 31, 2022 March 31, 2021
Interest on Fixed Loans 1,786.49 2,474.21
Other Interest 3,260.86 3,841.19
Other Borrowing Cost
Financial Charges 1,540.51 1,338.09
6,587.86 7,653.49
Less: Interest Received on temporary deposits 370.54 308.38
6,217.32 7,345.11
a) Forex losses treated as finance cost ` 754.44 lakhs (previous year ` 286.63) as per IND AS23 -Borrowing Costs.
b) Net of ` 2642.41 Lakhs (previous year `2038.82) interest capitalised during the year as per IND AS 23- Borrowing Costs.
37. Depreciation And Amortisation Expense

(` in Lakhs)
March 31, 2022 March 31, 2021
Depreciation on Property, Plant & Equipment 7,051.12 6,968.44
Depreciation on Right to use assets 510.97 574.42
Depreciation on Investment Property 13.74 13.74
Amortisation on other intangible assets 21.87 24.59
7,597.70 7,581.19


38. Other Expenses
(` in Lakhs)
March 31, 2022 March 31, 2021
Stores and spares consumed 4,673.65 4,846.82
Power and Fuel 33,208.19 21,393.10
Repairs and Maintenance
- Buildings 504.92 559.65
- Plant and Equipment 2,849.14 2,430.14
- Others 772.78 627.55
Rent 241.75 114.11
Rates and Taxes 1,766.53 1,816.79
Travelling and Conveyance 679.27 641.82
Insurance 1,509.02 1,313.06
Directors' sitting Fee 30.40 33.00
Commission to Selling agents 1,003.45 1,178.69
Freight forwarding and others (Net of recovery from 8,571.97 6,175.03
customers / provision written back)
Exchange Fluctuation loss/ (gain) (Net) * 1,153.37 1,496.75
Bad debts /advance written off 13,179.96 - 10,368.96 -
Less : Provision for doubtful debts utilised 13,179.96 - 10,368.96 -
Loss on Sale / Discard of Property, Plant & Equipment 10.41 8.70
Legal & Professional 1,365.69 2,290.82
Printing & Stationery, Postage, Telephone, security 1,945.42 1,898.05
and other Miscellaneous Expenses
60,285.96 46,824.08
* Net of Forex losses treated as finance cost `754.44 Lakhs (Previous Year `286.63) as per IND AS 23- Borrowing Costs
39. Exceptional Items (Net)

(` in Lakhs)
March 31, 2022 March 31, 2021
Profit on slump sale of BioEO Business (Refer Note 62) 22,133.86 -
Interest receivable from subsidiary company written off (Refer (2,070.95) -
Note 45)
20,062.91 -
Notes accompanying to the standalone financial statements for the Year Ended 31.03.2022
40. (A) Contingent Liabilities not Provided For
(i) In respect of :- (` in Lakhs)
Sl. No Particulars As at As at
March 31, 2022 March 31, 2021
1 Central Excise/ State Excise @ 2,001.45 2,001.45
2 Customs 971.74 971.74
3 Service Tax 13.80 13.80
4 Other matters 494.31 180.79
Total 3,481.30 3,167.78
@ Excluding show cause notice (SCNs), where management is confident that on merits SCNs will be dropped and also
as legally advised possibility of an outflow of fund is remote.
(ii) Bills discounted with banks/others ` 1147.44 Lakhs (Previous Year: ` 660.44 Lakhs).


(B) Custom duty saved on import of raw material under Advance License pending fulfillment of export obligation
amounting to ` 1,444.99 Lakhs (Previous Year ` 596.97 Lakhs). The Management is of the view that
considering the past export performance and future prospects there is certainty that pending export obligation
under advance licenses will be fulfilled before expiry of the validity of respective advance licenses, accordingly
and also on “Going Concern Concept” basis there is no need to make any provision for custom duty saved.
41. Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advances
of ` 1067.20 Lakhs, Previous Year ` 1218.56 Lakhs) are ` 12576.04 Lakhs (Previous Year ` 8365.16 Lakhs).
42. In the earlier years, the State Government of Uttar Pradesh (UP) had imposed a levy of license fee on transfer of
alcohol from the distillery to the chemical plant. The levy was challenged by the Company in the Hon’ble Supreme
Court and on October 18, 2006 the matter was finally decided by The Hon’ble Supreme Court in favour of the
Company. Accordingly, Company had filed an application for refund of amount paid ` 507.05 Lakhs (Previous
Year ` 507.05 Lakhs) (shown as recoverable under the head “Other Current Assets”) with State Government of
Uttarakhand, which is still pending for refund of the amount.
43. In the earlier years, the State Government of Uttarakhand had levied Export Pass Fee on ENA/R.S. export outside
India. The matter is finally disposed of by Hon’ble High Court of Uttarakhand vide its Order dated 9th January,
2012 and has declared the levy of said fee as unsustainable and irrecoverable. Subsequently, on June 8, 2012,
vide Uttarakhand Excise (Amendment) Act, 2012, Uttarakhand Government retrospectively revived old notification
relating to imposition of export fee on ENA and R.S. The Company filed Writ Petition challenging the above said
notification and vide order dated September 12, 2012 the Hon’ble High Court of Uttarakhand had granted stay and
restrained State from imposing export fee. Vide Judgement of Hon’ble High Court has held levy of export fee @
`2.50 on export of ENA as unjustified and set aside the levy. Till date the State Government has neither challenged
the High Order nor levied export pass fee on export of ENA out of India. A sum of ` 106.15 Lakhs (Previous Year
` 106.15 Lakhs) paid under protest is shown as recoverable from State Govt. of Uttarakhand, under the head
“Other Current Assets".
44. In the previous year, Directorate of Revenue Intelligence (DRI) issued summons to the Company in connection
with investigation in respect to import of Denatured Ethyl Alcohol by importer other than manufacturer of Excisable
Goods and as per DRI, Company was not eligible for lower rate of BCD @ 2.5% under notification no. 50/2017
dated 30.06.2017. The Company has filed Writ Petition before Gujarat High Court that Company is eligible to
avail benefit of concessional rate of 2.5% BCD on import of DEA and for quashing of investigations initiated by
DRI. A sum of ` 750.00 Lakhs (Previous Year ` 750.00 Lakhs) paid under protest is shown as recoverable from
department, under the head “Other Current Assets”.
45. (a) (i) C
ompany has Investment of ` 5,427.50 Lakhs Company (Previous year ` 5,427.50 Lakhs) in equity
share capital and 10% cumulative redeemable preference share capital in subsidiary company namely
Shakumbari Sugar and Allied Industries Limited (SSAIL) whose net worth has been fully eroded and
SSAIL has also been declared sick industrial undertaking as per provision of Sick Industrial Companies
Act. 1985. During the year, the company has sold 242.50 lakhs equity shares and 49.00 lakhs preference
shares of its subsidiary, Shakumbari Sugar and Allied Industries Limited @ ` 0.05 per share (Fair value -
Nil) & carried at Nil value in the financial statement of the Company and recognized gain of ` 14.58 lakhs
on such transaction as approved by the Board of Directors at their meeting held on 30th March 2022.
(ii) In earlier year, the company has also given to SSAIL-Inter corporate deposit (ICD) amounting to ` 1,915.13
Lakhs (Previous Year ` 1,915.13 Lakhs) (including interest thereon) and advances of ` 8,453.83 Lakhs
(Previous Year ` 8,453.83 Lakhs).
(iii) B
ased upon the application and adoption of fair value of the aforesaid investment are carried at nil value.
During the previous year, the Company has written off ICD including interest & Advance of ` 1915.13
Lakhs & ` 8453.83 Lakhs respectively and the same has been adjusted against the provision, which was
created in earlier year. Hence, there is no impact on profitability of the company.
(iv) D
uring the current year, the company has written - off interest of ` 2070.95 lakhs on ICD receivable from
its subsidiary, Shakumbari Sugar and Allied Industries Limited, which has been disclosed as exceptional
items in financial (Refer Note 39).
(b) (i) In earlier year the company had given (included in current Loan) Inter Corporate Deposit (ICD) of
`14,649.64 Lakhs (Previous Year ` 14,649.64 Lakhs) to its subsidiary IGL Finance Ltd. (IGLFL) (A 100%
subsidiary). IGLFL in earlier year had invested funds for short term in commodity financing contracts
offered by National Spot Exchange Ltd. (NSEL). NSEL had defaulted in settling the contracts on due
dates, for which IGLFL has initiated legal and other action and in turn IGLFL did not pay back due amount
to the company. Accordingly considering the prudence no interest on above ICD has been accrued for the
period from 01-09-2013 onwards.


(ii) In respect of the above, the Company has made a loss allowance of ` 11,719.71 Lakhs based on expected
credit loss Policy and other estimation made by the management and for balance ` 2,041.93 Lakhs
(and also fully provided for against equity investment of ` 125.00 Lakhs), the management and IGLFL is
confident for recovery of dues from NSEL over a period of time and hence shown as good (considering
the arrangement of merger of NSEL with Financial Technologies (India) Limited (FTIL) and other measure
which have so far been taken for and pending before the Govt. and other authorities and current scenario/
present state of affairs.). However, during the year, the Company has written off ICD of ` 11,719.71 Lakhs
and same has been adjusted against the provision, which was created in earlier year. Hence there is no
impact on profitability of the company.
46. T
he disclosures required under IND AS 19 “Employee Benefits” notified in the Companies (Accounting Standards)
Rules, 2006 are as given below :
A) Defined Contribution plan
Contribution to Defined Contribution Plan, recognized as expense for the Year is as under:
(` in Lakhs)
Particulars Year ended Year ended

March 31, 2022 March 31, 2021
Company’s contribution to provident fund 714.52 759.31
B) Defined Benefit Plan :
he employees’ gratuity fund scheme managed by a trust is a defined benefit plan. The present value of
T
obligation is determined based on actuarial valuation using by projected unit credit method in case of gratuity
and Leave Encashment.
a) Reconciliation of opening and closing Balance of Defined Benefit Obligation (` in Lakhs)
Particulars Gratuity Gratuity Leave Leave

(Funded) (Funded) encashment encashment
March March (Unfunded) (Unfunded)
31, 2022 31, 2021 March 31, March 31,
2022 2021
Present value of obligation at the beginning of 3,592.77 3,545.71 916.39 912.41
the year
Liability Transfer In/Out (514.01) -- (109.23) --
Current service cost 208.89 233.04 69.90 99.04
Interest cost 211.97 223.38 54.07 57.48
Benefits paid (319.87) (254.77) (81.04) (77.34)
Remeasurements - actuarial loss/(gain) arising
from:
- Changes in demographic assumptions -- -- -- --
- Change in financial assumptions (22.32) 51.50 (3.97) 10.08
-
Experience variance (i.e. actual 35.98 (206.09) (110.93) (85.28)
experience vs assumptions)
Present value of obligation at the end of year 3,193.42 3,592.77 735.19 916.39


b) Changes in the fair value of plan assets – Gratuity (` in Lakhs)

March 31, 2022 March 31, 2021
Fair value of plan assets at beginning of year 3723.90 3,077.28
Interest Income 219.71 193.87
Employer contributions -- 468.43
Benefits paid (319.87) (254.77)
Return on plan assets, excluding amount recognized in 3.96 239.09
net interest expense
Fair value of plan assets at end of year 3,627.70 3,723.90
Present value of obligation 3,193.42 3,592.77
Net funded status of plan 434.27 131.13
The components of the gratuity and leave encashment are as follows:
c) Expenses recognized statement of profit & loss account (` in Lakhs)
Particulars Gratuity Gratuity Leave Leave

March 31, March 31, encashment encashment
2022 2021 March 31, March 31,
2022 2021
Current service cost 208.89 233.04 69.90 99.05
Net interest income /(Cost) on the Net (7.74) 29.51 54.07 57.48
Defined Benefit Liability(Asset)
Re-measurements - Actuarial loss/ (gain) - - (114.90) (75.20)
Defined benefit cost recognized in
statement of Profit & loss. 201.16 262.55 9.07 81.33
d) Recognized in Other Comprehensive Income (` in Lakhs)
Particulars Gratuity Gratuity

March 31, March 31,
2022 2021
1. Actuarial loss/ (gain)
- Change in demographic assumptions - -
- Change in financial assumptions (22.32) 51.50
- Experience variance (i.e. actual experience vs assumptions) 35.98 (206.09)
2. Return on plan assets, excluding amount recognized in net (3.96) (239.09)
interest expense
Component of defined benefit costs recognized in other 9.70 (393.68)
comprehensive income
e) Investment Detail
All Investments are made with trust


f) The principal actuarial assumptions used for estimating the Company’s defined benefit obligations
for gratuity and leave encashment are set out below:
Actuarial assumptions As at As at
March 31, 2022 March 31, 2021
Discount Rate 6.10% 5.90%
Expected Rate of increase in salary 5.00% 5.00%
Withdrawal rate 10% p.a. 10% p.a.
Expected Average remaining working lives of employees (years) 17.35 17.22

The principal assumptions are the discount rate & salary growth rate. The discount rate is generally based
upon the market yields available on Government bonds. The estimate of rate of escalation in salary
considered in actuarial valuation, taken into account inflation, seniority, promotion and other relevant
factors including supply and demand in the employment market.
g) Sensitivity analysis: (` in Lakhs)
Particulars Change in Increase/ Increase/ Increase/ Increase/

Assumptions (decrease) (decrease) (Decrease) (Decrease)
in Gratuity in Gratuity in Leave in Leave
Obligations Obligations Encashment Encashment
March 31, 2022 March 31, Obligations Obligations
2021 March 31, 2022 March 31, 2021
Discount rate +1% (105.67) (125.32) (19.05) (24.70)
-1% 115.92 137.52 20.42 26.48
Salary Growth +1% 116.04 137.38 20.44 26.45
rate -1% (107.71) (127.51) (19.43) (25.14)
The above sensitivity analysis is based on change in an assumption while holding all other assumption
constant in practice, this is unlikely to occur, and change in some of the assumption may be correlated.
When calculating the sensitivity of the defined benefit obligation to significant actuarial assumption the
same method [projected unit credit method] has been applied as when calculating the defined benefit
obligation recognized within the balance sheet.
Estimate of expected benefit payments (` in Lakhs)
Particulars Gratuity Leave Encashment

01 Apr 2022 to 31 Mar 2023 1299.43 285.61
01 Apr 2023 to 31 Mar 2024 401.21 133.36
01 Apr 2024 to 31 Mar 2025 303.49 99.27
01 Apr 2025 to 31 Mar 2026 302.96 80.04
01 Apr 2026 to 31 Mar 2027 288.37 66.54
01 Apr 2027 Onwards 1534.59 222.70
47. Financial risk management objectives and Policies
The Company’s activities are exposed to a variety of financial risks from its operations. The key financial risks
include market risk (including foreign currency risk, interest rate risk and commodity risk etc.), credit risk and
liquidity risk. The company’s overall risk management policy seeks to minimize potential adverse effects on
company’s financial performance.
(i) Market Risk: Market risk is the risk that the fair value of future cash flow of a financial instruments will fluctuate
because of change in market prices. Market risk comprises mainly three types of risk: interest rate, currency
risk and other price risk such as commodity price risk.
(a) Foreign Currency Risk: Foreign Currency risk is the risk that the fair value or future cash flows of an
exposure will fluctuate because of changes in foreign exchange rates. The company has obtained foreign
currency borrowing and has foreign currency trade payable and receivable and is therefore, exposed to
foreign currency risk.
After taking cognizance of the natural hedge, the company takes appropriate hedge to mitigate its risk
resulting from fluctuation in foreign currency exchange rate(s).


Foreign Currency sensitivity: The following tables demonstrate the sensitivity to a reasonable possible
change in Foreign Currency with all other variable held constant. The impact on company’s profit/(loss)
before tax is due to change in the foreign exchange rate for:
(` in Lakhs)
March 31, 2022 March 31, 2021
Change in USD + 1% + 1%
Effect on profit/(loss) before tax (456.37) (155.31)
Change in USD -1% -1%
Effect on profit/(loss) before tax 456.37 155.31
(b)
Interest rate risk:- Interest rate risk is the risk that the fair value of future cash flows of a financial
instrument will fluctuate because of changes in market interest rates. Any change in the interest rates
environment may impact future rates of borrowing. The company mitigates this risk by regularly assessing
the market scenario, finding appropriate financial instruments, interest rate negotiation with the lenders for
ensuring the cost effective method of financing.
Interest Rate Sensitivity: The following table demonstrates the sensitivity to a reasonable possible

change in interest rate on financial assets affected. With all other variable held constant, the company’s
profit before tax is affected through the impact on finance cost with respect to our borrowing, as follows:
A change in 25 basis points in interest rates would have following impact on profit before tax.
(` in Lakhs)
March 31, 2022 March 31, 2021
Change in basis point +25 +25
Effect on profit before tax (285.70) (335.20)
Change in basis point -25 -25

Effect on profit before tax 285.70 335.20
Commodity Price risk: The Company is affected by the price volatility of certain commodities. Its
(c)
operating activities require the purchase of raw material therefore, requires a continuous supply of certain
raw materials. To mitigate the commodity price risk, the Company has an approved supplier base to get
competitive prices for the commodities and to assess the market to manage the cost without any comprise
on quality.
(ii) Credit Risk:
redit risk refers to risk that a counter party will default on its contractual obligations resulting in financial loss
C
to the Company. Credit risk arises primarily from financial assets such as trade receivables, Inter Corporate
deposit, derivative financial instruments, other balances with banks, loans and other receivables. The
Company’s exposure to credit risk is disclosed in Note 6, 7, 8, 11, 14 & 15.
redit risk arising from investment derivative financial instruments and other balances with banks is limited
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and there is no collateral held against these because the counter parties are banks and recognised financial
institutions with high credit ratings.
he Company applies expected credit losses (ECL) model for measurement and recognition of loss allowance
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on the following:
i. Trade receivables
ii. Financial assets measured at amortized cost (other than trade receivables)
In case of trade receivables, the Company follows a simplified approach wherein an amount equal to lifetime
ECL is measured and recognized as loss allowance. The ageing of the trade receivables are given below.


(` in Lakhs)
Particulars Due Ageing Total

Less than 6 1-2 years 2-3 years More
6 Months Months than 3
- 1 Year years
As at 31st March, 2022
(i) Undisputed Trade 37,838.51 526.05 343.24 493.99 599.75 39,801.54
Receivables - considered good
(ii) Undisputed Trade - - - - - -
Receivables-which have
significant increase in Credit
Risk
(iii) Undisputed Trade - - - - - -
Receivables-Credit impaired
(iv) Disputed Trade 1.01 11.83 59.78 73.99 285.31 431.92
Receivables-considered good
(v) Disputed Trade Receivables- - - - - - -
which have significant increase
in Credit Risk
(vi) Disputed Trade - - - - 78.79 78.79
Provision/Allowance for - - - - (78.79) (78.79)
Doubtful Receivables
Net Total 37,839.52 537.88 403.02 567.98 885.06 40233.46
st
As at 31 March, 2021
Risk
in Credit Risk
Net Total 34,218.58 465.51 583.36 382.36 820.32 36,470.13
ECL impairment loss allowance (or reversal) recognized during the period is recognized as income/ expense
in the Statement of Profit and Loss under the head ‘Other expenses’. The balance sheet presentation for
financial instruments is described below:
Financial assets measured as at amortised cost: ECL is presented as an allowance, i.e., as an integral part of
the measurement of those assets in the balance sheet. The allowance reduces the net carrying amount. Until
the asset meets write-off criteria, the company does not reduce impairment allowance from the gross carrying
amount.


(iii) Liquidity Risk: Liquidity risk is the risk, where the company will encounter difficulty in meeting the obligations
associated with its financial liabilities that are settled by delivering cash or another financial asset. The
company’s approach to ensure, as far as possible, that it will have sufficient liquidity to meet its liabilities when
due.
he table below summarizes the maturity profile of company’s financial liabilities based on contractual
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undiscounted payments:-
(` in Lakhs)
Particulars As at March 31, 2021

Carrying Amount On Demand < 1 Year 1 to 2 Years >2 Years Total
Interest bearing 1,05,024.57 41,013.30 13,189.32 15,795.23 35,026.72 1,05,024.57
borrowings
Other Liabilities 30,449.01 - 25,504.68 4,944.33 - 30,449.01
Trade Payable 58,180.71 - 58,180.71 - - 58,180.71
Total 1,93,654.29 41,013.30 1,10,495.90 20,739.56 35,026.72 1,93,654.29
Interest bearing 96,240.40 27,955.66 14,777.05 16,325.96 37,181.73 96,240.40
borrowings
Other Liabilities 30,595.26 - 26,790.84 3,804.42 - 30,595.26
Trade Payable 64,198.50 - 64,198.50 - - 64,198.50
Total 1,91,034.16 27,955.66 1,05,766.39 20,130.38 37,181.73 1,91,034.16
48. Capital risk management
The Company’s policy is to maintain an adequate capital base so as to maintain creditor and market confidence
and to sustain future development. Capital includes issued capital, share premium and all other equity reserves
attributable to equity holders. The primary objective of the Company’s capital management is to maintain an optimal
structure so as to maximize the shareholder’s value. In order to strengthen the capital base, the company may use
appropriate means to enhance or reduce capital, as the case may be.
The Company is not subject to any external imposed capital requirement. The company monitors capital using a
gearing ratio, which is net debt divided by total capital plus net debt. Net Debt is calculated as borrowings less cash
and cash equivalents.
(` in Lakhs)
March 31, 2022 March 31, 2021
Borrowings 96,240.40 105,024.57
Less : Cash and Cash equivalents 664.06 300.13
Net debt 95,576.34 104,724.44
Equity Share Capital 3,096.15 3,096.15
Other Equity 1,48,079.89 1,21,405.75
Total Capital 1,51,176.04 1,24,501.90
Capital and net debt 2,46,752.38 2,29,226.34
Gearing ratio 38.73% 45.69%


Corporate Social Responsibility (CSR)
49.
(` in Lakhs)
Particulars 2021-22 2020-21
Amount required to be spent by the company 176.40 135.39
during the year
Amount spent during the year 237.01 156.66
Shortfall at the end of the year NIL NIL
Total of previous years shortfall NIL NIL
Reason for shortfall NA NA
Nature of CSR Activities Sanitation and safe Sanitation and safe
drinking water, Healthcare, drinking water, Healthcare,
Promoting education, Promoting education,
Conservation of natural Restoration of buildings
resources. and sites of historical
importance, Conservation
of natural resources.
Details of Related party transactions NIL NIL
50.
As required by section 22 of The Micro, Small and Medium Enterprises Development Act, 2006 the following
information is disclosed:
(` in Lakhs)
S. No Particular As at March As at March
31, 2022 31, 2021
(a) The principal amount remaining unpaid to any supplier at the end of the year 16.61 16.61
(b) Interest due remaining unpaid to any supplier at the end of the year - -
(c) The amount of interest paid by the buyer in terms of section 16 of the MSMED - -
Act, 2006, along with the amount of the payment made to the supplier beyond
the appointed day during the year
(d) The amount of interest due and payable for the period of delay in making pay- - -
ment (which have been paid but beyond the appointed day during the year)
but without adding the interest specified under the MSMED Act,2006
(e) The amount of interest accrued and remaining unpaid at the end of the - -
accounting year.
(f) The amount of further interest remaining due and payable even in succeeding - -
years, until such date when the interest dues above are actually paid to the
small enterprises, for the purpose of disallowance of a deductible expenditure
under section 23 of the MSMED Act, 2006
Disclosure of payable to vendors as defined under the “Micro, Small and Medium Enterprises Development Act,
2006” is based on the information available with the company regarding the status of registration of such vendors
under the said Act, as per the intimation received from them on requests made by the Company. There are
no overdue principal amounts/ interest payable amounts for delayed payments to such vendors at the Balance
Sheet date. There are no delays in payment made to such suppliers during the year or for any earlier years and
accordingly there is no interest paid or outstanding interest in this regard in respect of payment made during the
year or on balance brought forward from previous year.
51. Other Particulars :
(a) Details of Loan given during the year covered under Section 186(4) of the Companies Act, 2013: Nil


(b) Disclosure pursuant to regulation 34(3) & 53(F) of SEBI (LODR) Regulations, 2015 (` in Lakhs)
Particulars Outstanding Maximum Outstanding Maximum

as at 31st Amount as at 31st Amount
March, 2022 Outstanding March, 2021 Outstanding
during 2021-22 during 2020-21
Loans Given to Subsidiaries

Shakumbari Sugar & Allied Industries
Limited* 4,177.20 5,778.21 5,778.21 7,263.99
IGL Finance Limited* 2,041.93 13,761.64 13,761.64 14,043.64
Advances Given to Subsidiaries
Limited* - - - 8,453.81
Capital Advances Given to
Subsidiaries
Limited - - - 497.55
*Gross: without considering provision made against such loans/advances.
(c) C.I.F. Value of Imports : (` in Lakhs)

i) Capital Goods/Catalyst 9,000.86 6,443.57
ii) Stores & Spares 377.92 286.61
iii) Raw Materials 60,460.69 44,398.42
iv) Traded Goods 35,036.39 30,090.01
(d) Payment to Auditors (Exclusive of GST) (` in Lakhs)

i) As Auditors 24.00 20.00
ii) In other capacity in respect of
a) Out of Pocket Expenses 0.10 2.55
b) Certification and other matters 21.60 29.10
(e) Cost Auditors (Exclusive of GST) (` in Lakhs)

i) Audit Fees 3.00 2.50
ii) Out of Pocket Expenses 0.17 0.10
52. Expenditure on Research & Development: (` in Lakhs)

Capital 165.49 --
Revenue 465.58 536.45
Total 631.07 536.45


53. Derivative financial instruments
A. Commodity and Foreign Exchange Derivatives and exposures.
(a) Outstanding at the year- end as follows:
2021-22 2021-22 2020-21 2020-21

Nature of Instruments Amount Amount Amount Amount
(FC in millions) (` in Lakhs) (FC in millions) (` in Lakhs)
Forward Contracts - USD - - - -
Foreign currency options - USD 42.06 31,878.33 58.97 43,110.02
Open foreign exchange exposures:
Packing Credit Net of Export debtors 1.43 1,085.14 7.43 5,432.13
- USD
Loans - USD - - - -
Payable - USD 61.64 46,721.90 - -
(B) T
he Company has derivative instruments for hedging possible losses and exchange fluctuation losses. During
the year company has incurred net off loss of ` 96.28 Lakhs (previous year ` 1417.89 Lakhs - gain) out of
which gain of ` 153.19 Lakhs (previous year gain of ` 318.37 Lakhs) relating to provision for mark to market
gain/loss on account of outstanding financial transactions as on 31st March 2022.
54. Fair valuation techniques
The Company maintains policies and procedures to value financial assets or financial liabilities using the best and
most relevant data available. The fair values of the financial assets and liabilities are included at the amount 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.
(` in Lakhs)
Particular As at March 31, 2022 As at March 31, 2021
Carrying Fair Value Carrying Fair Value
amount Amount
(i) Financial Assets
At Amortized Cost
- Investment in Subsidiaries & joint venture 2,861.74 2,861.74 2,860.74 2,860.74
Trade Receivable 40,233.46 40,233.46 36,470.13 36,470.13
Others 46,465.04 46,465.04 27,522.42 27,522.42
Total 89,560.24 89,560.24 66,853.29 66,853.29
(ii) Financial Liabilities
(a)
At Fair value through Profit & Loss
-
Forward contract & Options (153.19) (153.19) (318.37) (318.37)
(b) At Amortized Cost
- Borrowing 96240.40 96240.40 105,024.57 105,024.57
- Trade payable 64,198.50 64,198.50 58,180.71 58,180.71
- Others 30,595.26 30,595.26 30,449.01 30,449.01
Total (a) + (b) 1,90,880.97 1,90,880.97 1,93,335.92 1,93,335.92
The following methods and assumptions were used to estimate the fair values:
1) Fair value of cash and deposits, trade receivables, trade payables, and other current financial assets and liabilities
approximate their carrying amounts largely due to the short-term maturities of these instruments.


2) Fair value of borrowings from banks and other non-current financial liabilities, are estimated by discounting future
cash flows using rates currently available for debt on similar terms and remaining maturities.
3) Other non-current receivables are evaluated by the Company, based on parameters such as interest rates,
individual creditworthiness of the counter party etc. Based on this evaluation, allowances are taken to account for
the expected losses of these receivables.
4) The fair values of derivatives are calculated using the RBI reference rate as on the reporting date as well as other
variable parameters.
Fair Value hierarchy
All financial assets and liabilities for which fair value is measured in the financial statements are categorised within
the fair value hierarchy, described as follows:-
Level 1 - Quoted prices in active markets.
Level 2 - Inputs other than quoted prices included within Level 1 that are observable, either directly or indirectly.
Level 3 - Inputs that are not based on observable market data.
he following table presents the fair value measurement hierarchy of financial assets and liabilities, which have
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been measured subsequent to initial recognition at fair value as at 31st March, 2022 and 31st March 2021:
(` in Lakhs)
Assets / Liabilities measured at fair value As at March 31, 2022
(Accounted) Level 1 Level 2 Level 3
Financial assets - -
Derivatives -Forward contracts & Options 153.19
Financial liabilities - -
-
(` in Lakhs)
(Accounted)
Level 1 Level 2 Level 3
Financial assets - 318.37 -
Derivatives- Forward contracts & Options - - -
Financial liabilities - - -
uring the year ended March 31, 2022 and March 31, 2021, there were no transfers between Level 1 and Level 2
D
fair value measurements, and no transfer into and out of Level 3 fair value measurements. There is no transaction
/ balance under level 3.
55. (a) C
apital work-in-progress includes machinery under installation, buildings under construction, construction/
erection material in hand and other assets and also includes the following pre-operative expenses:
(` in Lakhs)
Amount brought forward from previous year 1,753.96 2,251.37
Raw Material & Chemical Consumed 261.88 136.14
Salaries, wages and allowances etc. 943.72 360.71
Contribution to Provident and other funds 26.40 18.06
Staff Welfare Expenses 55.11 29.16
Legal and Professional charges 534.16 -
Power and Fuel 1,012.17 1,323.08


Miscellaneous Expenses 138.75 -
7,413.40 6,277.37
Less: Transferred / Capitalised during the year 5,325.63 4,523.41

Balance carried forward 2,087.77 1,753.96
(b) T
he company has received loans at 2% & 5% from DBT for Bio- mass plant. The loans are recognised at fair
value using prevailing market interest of equivalent loan. The difference between the gross proceed and fair
value of the loan is the benefit derived from lower rate of interest and is recognised as deferred income. The
fair value of loan as March 31, 2022 and March 31, 2021 are ` NIL and ` 146.96 Lakhs respectively.
56. Earnings per share (EPS)
I. Continuing Operation

March 31, 2022 March 31, 2021
Net profit/ (loss) for the year attributable to equity 27,512.44 6,189.37
shareholders (` in Lakhs)
Weighted average number of equity shares outstanding 3,09,61,500 3,09,61,500
Basic and diluted earnings per share (face value of `10 88.86 19.99
each) (`)

II. Discontinuing Operation

March 31, 2022 March 31, 2021
Basic and diluted earnings per share (face value of 3.32 7.24
` 10 each) (`)
III. Continuing & Discontinuing Operation

March 31, 2022 March 31, 2021
Basic and diluted earnings per share (face value of 92.18 27.23
` 10 each) (`)


57. Related Parties Disclosure (As identified by the management):
(i) Relationships:
A. Subsidiary Companies
- IGL Finance Limited (IGLFL)
- Shakumbari Sugar and Allied Industries Limited (SSAIL)
- IGLCHEM International PTE. Ltd. (IGLCHEM)
- IGLCHEM International USA LLC (IGLCHEM US)
- Clariant IGL Specialty Chemicals Private Limited
(Formerly IGL GREEN CHEMICALS PRIVATE LIMITED)-
Wholly Owned Subsidiary till 30th June, 2021 till the time of allotment of equity shares to JV partner.
- Ennature Bio Pharma Private Limited (EBPPL)
- IGL Chemicals and Services Private Limited (ICSPL)
B. Key Management Personnel
- U. S. Bhartia (Chairman and Managing Director)
- Pragya Bhartia Barwale (Executive Director)
- Sudhir Agarwal (Executive Director)
- Jayshree Bhartia (Non – Executive Director)
- Pradip Kumar Khaitan (Independent Director)
- Jitender Balakrishnan (Independent Director)
- Ravi jhunjhunwala (Independent Director)
- Jagmohan N. Kejriwal (Independent Director)
- Sajeve Bhushan Deora (Independent Director)
- Shukla Wassan (Independent Director)
- Rakesh Bhartia (Chief Executive Officer)-[Till 16.06.2020(Close of Business hours)]
- Rupak Sarswat (Chief Executive Officer)
- Anand Singhal (Chief Financial Officer)
- Ankur Jain (Company Secretary)
C. Relatives of Key Management Personnel
- Executors to the estate of Late Sajani devi Bhartia
- Shirish Barwale
- Pooja Bhartia
- Vedant Jhaver
- Anand Singhal (HUF)
- Smita Bhartia [Till 16.06.2020]
D. Enterprises over which Key Management Personnel have significant influence:
- Ajay Commercial Co. (P) Ltd.
- J. B. Commercial Co. (P) Ltd.
- Kashipur Holdings Limited
- Polylink Polymers (India) Ltd.
- Hindustan Wires Limited
- Supreet Vyapaar (P) Ltd.
- Facit Commosales (P) Ltd.
- J. Boseck & Co. (P) Ltd.
- IGL Infrastructure Private Limited. (IGL Infra)
- Khaitan & Company
- Khaitan & company LLP
- Lund & Blockley Pvt. Ltd
- Sukhvarsha Distributors Pvt. Ltd
E. Joint Venture Enterprise
- Kashipur Infrastructure and Freight Terminal Private Limited (KIFTPL)
- Clariant IGL Specialty Chemicals Private Limited
(Formerly IGL GREEN CHEMICALS PRIVATE LIMITED)-
w.e.f. 30th June 2021 from the time of allotment of equity shares to JV Partner.
F. Trust under company control
- India Glycols Limited Employees Group Gratuity Trust Scheme

(` in Lakhs)
Related Party Subsidiaries Significant Influence Joint Venture Key Managerial Person Relative of KMP
Transaction Summary 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021
Purchase of Material - - - - 490.95 - - - - -
Purchase of Services - - 3.60 - 322.66 358.54 - - - -
Sale of Material 2,214.52 662.96 2,301.34 1,724.64 33,179.94 0.64 - - - -
- 112.34 - - - -
Legal & Professional Fee - 279.19 - -
Slump Sale - - - - - -
64,954.82 - - -
Directors sitting Fees - - - - - - 30.40 33.00 - -
Sale of Service - - - - 425.12 - - - - -

ICD Received Back - 282.00 - - - - - - - -
Dividend Paid - - 960.91 - - - 40.68 - 131.87 -
Interest Income 522.15 523.58 - - 1,428.77 - - - - -
Interest Written - Off 2,070.95 - - - - - - - - -
Commission Paid 235.58 276.87 - - - - 740.0 340.60 - -
Investment in Equity Shares 1.00 2.00 - - - - - - - -
Reimbursement of Expenses made - - 3.11 32.29 - - - - - -
Reimbursement of Expenses Received - - 10.17 9.28 36.19 69.08 - - - -
Purchase of Capital Equipment - 950.00 - - - - - - - -
ICD Received - - 3,700.00 2,010.00 - - - - - -
ICD Paid Back - - 2,875.00 1,335.00 - - - - - -
Interest Expense - - 351.81 348.86 - - - - - -
Security Given - - 320.00 - - - - - - -
Rent & maintenance Paid - - 1,028.18 1,019.01 3.85 - 24.00 24.00 - -
Vehicle Lease Rent - - - - - - - - 9.00 12.00
Salary Paid - - - - - - 405.85 353.52 - 6.35

Managerial Remuneration - - - - - - 725.74 689.36 - -
Rental Income - - - - 35.50 - - - - -
Security Deposit taken - - - - 18.95 - - - - -
Security Deposit recd. back - - - - 16.50 - - - - -
Balance Outstanding
Payable
ICD Payable (including Accrued Interest) - - 4,172.63 3,276.44 - - - - - -
Outstanding Payables - - 2.53 14.57 135.44 4.43 56.74 1.70 0.74 0.74
Security Deposit - - - - 2.45 - - - - -
Receivable(Unsecured)
ICD (including accrued interest)* 6,219.13 19,539.85 - - - - - - - -
Capital Advance Given - - - - - - - - -
Security Deposit Receivable - - 1,383.85 1,063.85 - - 500.00 500.00 - -
Outstanding Receivables* 1,103.82 761.26 125.09 160.89 3,207.36 13.39 50.26 4.16 - 0.32
Sales consideration Receivable - - - - 19,106.00 - - - -
Interest Receivable - - - - 859.77 - - - - -
Provision/allowance for above Receivables - - - - - - - - - -
Provision/allowance for Doubtful ICD - 11,719.71 - - - - - - - -
Provision/allowance for Doubtful others - - - - - - - - - -

(ii) (a) Remuneration/Salary paid to KMP ( ` in Lakhs)
March 31, 2022 March 31, 2021
Short-term employee benefits # 1033.23 955.67
Post-employment benefits
- Defined contribution plan $ 98.36 87.21
- Other long-term benefits * - -
Total 1131.59 1042.88
# Including value of perquisites.

* As the liability for gratuity and leave encashment are provided on actuarial basis for the Company as a
whole, amounts accrued pertaining to key managerial personnel are not included above.
$ Employer Contribution of Provident Fund
(b) Detail of remuneration to KMP:-
a) Chairman & Managing Director – ` 552.37 Lakhs (Previous Year ` 545.98 Lakhs)
b) Chairman & Managing Director (Commission) - ` 500.00 Lakhs (Previous Year ` 246.00 Lakhs)
c) Executive Director – ` 114.74 Lakhs (Previous Year ` 88.28 Lakhs)
d) Executive Director – (Commission) - ` 240.00 Lakhs (Previous Year ` 94.60 Lakhs)
e) Executive Director – ` 58.63 Lakhs (Previous Year ` 55.09 Lakhs)
f) Chief Executive Officer – ` Nil Lakhs (Previous Year ` 87.04 Lakhs) upto 16th June 2020
g) Chief Executive Officer – ` 280.35 Lakhs (Previous Year ` 161.72 Lakhs)
h) Chief Financial Officer – ` 64.94 Lakhs (Previous Year ` 65.69 Lakhs)
i) Company Secretary – ` 60.56 Lakhs (Previous Year ` 39.07 Lakhs)

(iii) Detail of transaction India Glycols Limited Employees Group Gratuity Trust Scheme (` in Lakhs)

31 March 2022 31 March 2021
Contribution NIL 468.43
Outstanding at the Year End (434.27) (131.12)
(iv) Disclosure in respect of Material Related Party transactions during the year:
a) Purchase of Services are from:
• KIFTPL ` 322.66 Lakhs (Previous Year ` 358.54 Lakhs)
• Polylink Polymers (India) Ltd ` 3.60 Lakhs (Previous Year ` 30.78 Lakhs)
b) Sales of Material are to:
• IGLCHEM, US ` 2,214.52 Lakhs (Previous Year ` 662.96 Lakhs).
• Hindustan Wires Limited. ` 2,153.01 Lakhs (Previous Year ` 1558.15 Lakhs).
• IGL Infrastructure ` 148.33 Lakhs (Previous Year ` 166.49 Lakhs)
• Clariant IGL Specialty Chemicals Private Limited ` 33,179.88 Lakhs (Previous Year ` Nil Lakhs)
c) Legal & Professional fees:
• Khaitan & Co. LLP ` 243.19 Lakhs (Previous Year ` 71.28 Lakhs).
• Khaitan & Co ` Nil Lakhs (Previous Year ` 5.06 Lakhs).
• Hindustan Wires Ltd ` 36.00 Lakhs (Previous Year ` 36.00 Lakhs)
d) Inter Corporate Deposit (ICD) Received back includes :
• IGL Finance Ltd ` Nil Lakhs (Previous Year ` 282 Lakhs)
e) Inter Corporate Deposit (ICD) Received includes :
• Kashipur Holdings Ltd ` 3,000.00 Lakhs (Previous Year ` 700.00 Lakhs)
• J Boseck & Co. (P) Ltd ` Nil Lakhs (Previous Year ` 485 Lakhs)
f) Inter Corporate Deposit (ICD) Paid back includes :
• J Boseck & Co. (P) Ltd ` 850 Lakhs (Previous Year ` 335.00 Lakhs)


g) Interest Expense includes from :
• J Boseck & Co. (P) Ltd ` 74.19 Lakhs (Previous Year ` 106.46 Lakhs)
• Kashipur Holdings Ltd ` 100.14 Lakhs (Previous Year ` 91.74 Lakhs)
h) Interest Income includes from:
• SSAIL ` 522.15 Lakhs (Previous Year ` 522.15 Lakhs)
• Clariant IGL Specialty Chemicals Private Limited ` 1428.77 Lakhs (net of discount)
(Previous Year ` Nil Lakh)
i) Interest Written off includes:
• SSAIL ` 2070.95 Lakhs (Previous Year ` 135.03 Lakhs)
j) Commission Paid:
• IGL CHEM US ` Nil Lakhs (Previous Year ` 276.91 Lakhs)
• IGL CHEM International PTE. Ltd ` 235.58 Lakhs (Previous Year ` Nil Lakhs)
k) Purchase of Capital Equipment:
• SSAIL ` Nil Lakhs (Previous Year ` 950.00 Lakhs)
l) Reimbursement of expense made:
• Hindustan Wires Limited ` 3.11 Lakhs (Previous Year ` 1.51 Lakhs)
m) Reimbursement of expense Received.
• Clariant IGL Specialty Chemicals Private Limited ` 4.63 Lakhs (Previous Year ` Nil Lakhs)
n) Rent & Maintenance Paid to:
• Polylink Polymers (India) Ltd. ` 3.00 Lakhs (Previous Year ` 12.00 Lakhs)
• IGL Infra ` 1007.00 Lakhs (Previous Year ` 991.27 Lakhs)
• Kashipur Holding Limited ` 5.69 Lakhs (Previous Year ` 11.06 Lakhs)
• Ajay Commercial Co (P) Ltd ` 6.25 Lakhs (Previous Year ` 2.34 Lakhs)
• J.B. Commercial Co (P) Ltd ` 6.25 Lakhs (Previous Year ` 2.34 Lakhs)
• U.S Bhartia ` 24.00 Lakhs (Previous Year ` 24.00 Lakhs)
o) Vehicle Lease Paid to :
• Anand Singhal HUF ` 9.00 Lakhs (Previous Year ` 9.00 Lakhs )
• Smita Bhartia ` Nil Lakhs (Previous Year ` 3.00 Lakhs)
p) Investment in Equity Shares:
• Ennature Bio Pharma Private Limited (EBPPL) ` 1.00 Lakhs (Previous Year ` Nil Lakhs)
• Clariant IGL Specialty Chemicals Private Limited (Formerly IGL Green Chemicals Pvt. Ltd) ` Nil Lakhs
(Previous Year ` 1.00 Lakhs)
• IGL Chemical & Service Pvt. Ltd ` Nil Lakhs (Previous Year ` 1.00 Lakhs)
q) Purchase of Material:
r) Sale of Services:
s) Security Given:
• Ajay Commercial Co (P) Ltd `160 Lakhs (Previous Year ` Nil Lakhs)
• J.B. Commercial Co (P) Ltd `160 Lakhs (Previous Year ` Nil Lakhs)
t) Slump Sale:
• Clariant IGL Specialty Chemicals Private Limited (Formerly IGL Green Chemicals Pvt. Ltd)
` 64,954.82 Lakhs (Previous Year ` Nil Lakhs)
u) Rental Income:
v) Security Deposit taken:
w) Security Deposit paid back:
Balance Outstanding
a) ICD Payable (including Accrued Interest):
• Kashipur Holdings Ltd. ` 1,813.32 Lakhs (Previous Year ` 801.26 Lakhs)
• Hindustan Wires Ltd. ` 2,300.00 (Previous Year ` 1,625.18 Lakhs)
• J Boseck & Co. (P) Ltd. ` 59.31 Lakhs (Previous Year ` 850.00 Lakhs)
b) Outstanding Payable includes:
• J.B. Commercial Co. (P) Limited ` 0.01 Lakhs (Previous Year ` 0.01 Lakhs)
• Hindustan Wires ` 0.27 Lakhs (Previous Year ` Nil)
• Khaitan & Co. LLP ` 2.25 (Previous Year ` Nil)


• Polylink Polymers (India) Ltd ` Nil Lakhs (Previous Year ` 11.73 Lakhs)
• Khaitan & Co. ` Nil Lakhs (Previous Year ` 2.83 Lakhs)
• Rupark Sarswat ` 55.60 Lakhs (Previous Year ` Nil)
• Sudhir Agarwal ` 0.05 Lakhs (Previous Year ` 0.26 Lakhs)
• Anand Singhal ` Nil Lakhs (Previous Year ` 1.22 Lakhs)
• Anand Singhal HUF ` 0.74 Lakhs (Previous Year ` 0.74 Lakhs)
• Ankur Jain ` 1.09 Lakhs (Previous Year ` 0.45 Lakhs)
c) ICD Receivable including interest includes:
• SSAIL ` 4,177.20 Lakhs (Previous Year 5778.21 Lakhs). (Maximum balance outstanding during the year `
5,778.21 Lakhs (Previous Year ` 7,263.99 Lakhs).
• IGLFL ` 2,041.93 Lakhs (Previous Year ` 13,761.64 Lakhs) (Maximum balance outstanding during the year
` 13,761.64 Lakhs, Previous Year ` 14,043.64 Lakhs).
d) Security Deposit receivable:
• Ajay Commercial Co. (P) Limited ` 400.00 Lakhs (Previous Year ` 240.00 Lakhs)
• US Bhartia ` 500.00 Lakhs (Previous Year ` 500.00 Lakhs)
e) Security Deposit Payable:
f) Others Receivable includes:
• IGL CHEM ` 162.92 Lakhs (Previous Year ` 356.71 Lakhs). (Maximum balance outstanding during the year
` 356.71 Lakhs, Previous Year ` 369.11 Lakhs).
• IGL CHEM US ` 911.91 Lakhs (Previous Year ` 375.58 Lakhs). (Maximum balance outstanding during the
year ` 911.91 Lakhs, Previous Year ` 375.58 Lakhs).
• IGL Finance Limited ` 28.99 Lakhs (Previous Year ` 28.99 Lakhs). (Maximum balance outstanding during
the year ` 28.99 Lakhs, Previous Year ` 28.99 Lakhs).
• Hindustan Wires ` 0.04 Lakhs (Previous Year ` 4.11 Lakhs)
• Kashipur Holdings Ltd. ` 1.36 Lakhs (Previous Year ` NIl Lakhs)
g) Deferred Sale Consideration receivable:
h) Interest Receivable:
• Clariant IGL Specialty Chemicals Private Limited ` 859.77 Lakhs (Previous Year ` Nil Lakhs
i) Provision/Allowance relating to above Receivables:
(i) Provision for Doubtful ICD -
• IGLFL ` Nil Lakhs (Previous Year ` 11,719.71 Lakhs)

58. Dividend on Equity Share
Proposed Dividend on equity share not recognized as liability (` in Lakhs)
March 31,2022 March 31,2021
Dividend proposed for Equity shareholders of ` 7.5 per share
(Previous Year 2020-21 - ` 6 per share) 2,322.11 1,857.69
Above is subject to approval of the shareholders in the Annual General Meeting.
59. Segment Information:
Disclosures as required by Indian Accounting Standard (Ind AS) 108 Operating Segments
Identifications of Segments:
Segments have been identified in line with Indian Accounting Standard on ‘Operating Segments’ (Ind AS -108),
taking into account the organizational structure as well as the differential risk and returns of this segment and as
per the quantitative criteria specified under IND AS. The Company has identified the following segments:
Operating Segments:
Bio-based Specialities and Performance Chemicals Segment comprises Glycols, Specialty Chemicals, Natural
Gum & other related goods etc. Potable Spirits Segment comprises manufacture and sale of Ethyl Alcohol (Potable).
Ennature Biopharma comprises manufacture and sale of Nutraceutical Products.

Information about Operating Segments for the year ended 31-3-2022 & 31-3-2021 is as follows: - (` in Lakhs)
Particulars Industrial Chemicals Ethyl Alcohol (Potable) Nutraceutical (perviously Unallocable TOTAL
termed as Herbal)
31.03.2022 31.03.2021 31.03.2022 31.03.2021 31.03.2022 31.03.2021 31.03.2022 31.03.2021 31.03.2022 31.03.2021
A REVENUE
1 Gross Segment Revenue
(External Customers) 2,02,091.33 1,49,440.91 4,41,925.85 3,74,499.31 15,615.65 15,059.81 - 6,59,632.83 5,39,000.03
Inter- Segment - - - - - - - - - -
15,059.81 -

Total 2,02,091.33 1,49,440.91 4,41,925.85 3,74,499.31 15,615.65 - 6,59,632.83 5,39,000.03
2 Other Income 2,653.05 1,208.31 2,653.05 1,208.31
B RESULTS
1 Segment Result (PBIT) 12,060.09 4,659.81 8,967.06 15,361.06 3,945.76 5,138.14 (4,680.60) (5,781.82) 20,292.31 19,377.19
2 Interest Expense (Net) 6,217.32 7,345.11
3 Tax Expenses 6,625.46 5,842.71
4 Exceptional Items 20,062.91 -
5 Profit after Tax 27,512.44 6,189.37
C Other information:
1 Segment Assets 2,82,247.24 2,61,123.76 62,313.21 52,998.68 37,944.51 31,744.34 44,210.56 23,281.58 4,26,715.52 3,69,148.36
2 Segment Liablities 92,205.85 1,02,104.23 43,973.29 34,416.20 5,890.69 3,328.20 1,33,469.65 1,39,629.34 2,75,539.48 2,79,477.97
3 Depreciation and 5,997.06 6,014.28 359.28 328.27 459.09 399.87 782.27 838.77 7,597.70 7,581.19
Amortization expenses
4 Capital Expenditure 30,767.00 10,657.06 2,658.00 1,666.49 6,234.85 2,843.12 - - 39,659.85 15,166.67
Since 1989, there has been a huge shift in industry scenario, products, market dynamics, drivers, technologies as well as the demand of the company’s products. The com-
pany has therefore evolved quite significantly, expanding into a wide range of synergistic portfolios building on the company’s capabilities and responding to the market needs.
Considering the same and to represent all its segment in the current context, the company is changing the names of all the segments from Industrial Chemicals, Ethyl Alcohol
(Potable) & Nutraceutical to Bio-based Specialities and Performance Chemicals, Potable Spirits & Ennature Biopharma respectively.
Information about geographical areas:
(` In Lakhs)
Particulars Domestic Overseas Total
31.03.2022 31.03.2021 31.03.2022 31.03.2021 31.03.2022 31.03.2021
1 Gross Segment Revenue (External Customers) 5,95,358.82 4,82,537.24 64,274.01 56,462.79 6,59,632.83 5,39,000.03
Overseas Country- wise sales: (` In Lakhs)

USA 4,986.39 9,096.70
Other Countries 59,287.62 47,366.09
Total 64,274.01 56,462.79
All non- current assets of the Company are located in India.
There is no transaction with single external customer which amounts to 10% or more of the Company’s revenue.
For Discontinuing Operations - Refer Note -62

60. (a) In compliance with Ind AS 112 on Disclosure of Interests in Other Entities, following disclosures are made in
respect of jointly controlled entity - Kashipur Infrastructure and Freight Terminal Private Limited (KIFTPL) and
Clariant IGL Specialty Chemicals Private Limited (CISCPL), in which the Company is a joint venturer :
(` in Lakhs)
KIFTPL CISCPL
Country of Incorporation India India
Percentage of Share in Joint Venture 42.31% 42.31% 49% -
Current Assets 256.11 269.94 21,741.17 -
Non- Current Assets 3,832.85 4,039.79 38,690.63 -
Current Liabilities 770.69 711.56 9,137.72 -
Non- Current Liabilities 451.56 891.12 20,555.62 -
Revenue 1,165.63 856.78 43,707.87 -
Profit/(Loss) for the period 159.23 71.89 1,929.07 -
Total Comprehensive Income 159.66 72.46 1,938.43 -
61. Income Tax:

During the previous year, the Company decided to exercise the option available under section 115BAA of the
Income Tax Act, 1961 as introduced by the Taxation Laws (Amendment) Ordinance, 2019 onwards and recognised
the tax provision on the basis the rates prescribed in that section. The tax expense for the year ended 31st March,
2021 include one-time net - non cash adjustment on account of re-measurement of deferred tax assets/ liabilities
and write off MAT credit entitlement.
(A) Amounts recognized in Statement of Profit and Loss (` in Lakhs)
Tax Expense:
Continued Operations 6,625.46 5,842.71
Discontinued Operations 345.29 2,277.85
Total 6,970.75 8,120.56
Tax Expense:
- Current Tax 6220.99 1,427.90
- Current Tax for earlier years - (1,714.66)
- Deferred tax Charged / (Credit) 749.76 2,514.47
- Deferred tax Charged / (Credit) relating to changes in tax rates - (10,105.27)
- Minimum Alternate Tax Credit entitlement - -
- Minimum Alternate Tax Credit Written off - 15,998.12
Total 6970.75 8,120.56
(B) Income Tax recognised in other comprehensive Income (` in Lakhs)

Current Income Tax on Re-measurement losses on defined 2.44 (99.09)
benefit plans
Total 2.44 (99.09)
(C) Reconciliation of effective tax rate (` in Lakhs)

Enacted income tax rate in India applicable to the Company 25.17% 25.17%
Profit Before Tax
Discontinued Operations 1,371.94 4,518.39
Total PBT 35,509.84 16,550.47


At Statutory Income Tax Rate 8,937.83 4,165.42
Current Tax for earlier years - (1,714.66)
Deferred tax Charged / (Credit) relating to changes in tax rates - (10,105.27)
Minimum Alternate Tax Credit Written off - 15,998.12
Related to sale of non-current investment (LTCL) (1417.06) -
Relating to slump sale of BioEO business (414.35) -
Related to Property, Plant & Equipment (109.98) (97.12)
Deferred tax Related to house property (3.28) (2.90)
Others (22.41) (123.03)
Income Tax expense/(income) reported in Statement of P&L Account 6970.75 8,120.56
(D) Reconciliation of deferred tax liabilities, (net) (` In Lakhs)

March 31, 2022 March 31, 2021
Opening Balance 32,738.30 24,231.89
Deferred Tax expense recognised in :-
Statement of profit & loss 749.76 (7590.80)
Other comprehensive income (2.44) 99.09
MAT Credit Entitlement - 15998.12
Closing balance 33,485.62 32,738.30
62. Discontinued Operations
The Board of Directors of the Company at their meeting held on 24th June, 2020 had considered and approved
transfer of Company’s BioEO (Speciality Chemicals) Business to a wholly-owned subsidiary, which was further
approved by the members of the Company at their Annual General Meeting held on 24th September, 2020. Further,
in pursuance to the approval of the Board at their meeting held on 11th March, 2021, the Company had entered
into a Business transfer agreement with IGL Green Chemical Private Limited (later on name changed to Clariant
IGL Specialty Chemicals Private Limited), a wholly owned subsidiary for transfer of Company’s BioEO (Speciality
Chemicals) Business to IGCPL and in the same meeting, the Board of Directors of the Company had also approved
entering into a joint venture with IGCPL and Clariant International Ltd., in connection with, inter alia, investment by
Clariant International Ltd. in IGCPL and issuance of subscription shares by IGCPL to Clariant, which will result in
IGCPL becoming a 51:49 joint venture, in which 51% stake will be held by Clariant and the remaining 49% stake
will be held by the Company. The members of the Company had also approved the same by way of a Special
Resolution through Postal Ballot effective 25th April, 2021.
Further, pursuant to the terms of the JVA and the approvals of the members granted on 25 April 2021, and upon
fulfilment of conditions precedent as identified under the JVA, on 30 June 2021 , Clariant has invested ` 58774
Lakhs in the IGCPL, and the IGCPL has allotted and issued 11,240 equity shares (having a face value of ` 10/-
each) @ ` 5,22,905 per share (which includes a premium of ` 5,22,895 per share) to Clariant International Ltd.,
such that the IGCPL has become a 51 :49 Joint Venture company, in which 51% stake has been held by Clariant
International Ltd. and the remaining 49% stake held by the company along with its wholly owned subsidiary.
The Company has transferred ‘BioEo (Speciality Chemicals) Business’ (specified assets and liabilities including
dedicated employees, contracts, licenses, permits, consents, approvals and other legal documents relating to
the said business) to IGL Green Chemicals Private Limited (later on name changed to Clariant IGL Specialty
Chemicals Private Limited), a wholly owned subsidiary (in accordance with the term of the BTA) with effect from
30th June 2021 as a going concern for a lump sum consideration of ` 64,954.82 Lakhs by way of slump sale and
recognized gain of ` 22,133.87 Lakhs (net of BTA expenses) on slump sale of said business, which has been
disclosed as exceptional items in financial statements. Details of slump sale is as under.
(` In Lakhs)
Particulars Amount
Sale consideration 64,954.82
Less:
Assets transferred (net of liabilities) 40,821.85
BTA Expenses 1,999.10
Profit on slump sale of BioEO Business 22,133.87



The aforesaid transaction meets the criteria prescribed in Ind AS 105 " Non-current Assets Held for Sale and
Discontinued Operations" to be considered as discontinued operation, hence 'BioEO (Speciality Chemicals)
Business' has been disclosed as discontinued operations in Standalone financial statements. Details of income/
expenses, Assets/liabilities and net cash flow of discontinuing operations are as under:
(` In Lakhs)
Revenue/Expenses Upto 30.06.2021 31.03.2021 (12
(3 Months) Months)
Revenue from operations 21,407.13 66,807.32
Total Expenses 20,035.19 62,288.93
Tax Expense 345.29 2,277.85
Profit after tax 1,026.65 2,240.54
The major classes of assets and liabilities

(` In Lakhs)
Particulars 31.3.2022 31.03.2021
Assets
Property, Plant and Equipment - 15,537.42
Capital work-in-progress - 705.57
Inventories - 6,141.37
Trade receivables - 15,884.54
Total Assets - 38,268.90
Liabilities
Trade payables - 3,357.34
Others - 80.05
Total Liabilities - 3,437.39

Net cash flows attributable to the operating, investing and financing activities of discontinued
operations:
Particulars 31.03.2022 31.03.2021
Operating Activities 2,461.52 5,607.00
Investing Activities (1,667.76) (1,780.26)
Financing Activities (793.93) (3,826.74)
63. Event Occurring After Balance Sheet Date

The Board of Directors has recommended Equity dividend of ` 7.5 per share (previous year ` 6 per share) for the
financial year 2021-22.
64. Financial Ratios**
Ratio Numerator Denominator 2021-22 2020-21
Current ratio (in times) Total current assets Current liabilities = Total 1.09 1.04
current liabilities - Current
maturities of long term
borrowings
Debt-Equity ratio (in Total debts Total equity 0.64 0.84
times)


Debt service coverage Earning for Debt Ser- Debt service = Interest 2.55 2.14
ratio (in times) vice = Net Profit after on term loan + Term loan
taxes + Depreciation + Principal repayments
Other non-cash adjust-
ments
Return on equity ratio (in Net Profit after tax for Average total equity 21% 7%
%)* the year
Inventory Turnover ratio Net Turnover (exclude Average Inventory 4.54 4.38
(in times) excise duty)
Trade receivables turn- Net Turnover (exclude Average trade receivables 6.65 5.37
over ratio (in times) excise duty)
Trade payables turnover Net credit purchases Average trade payables 3.48 2.91
ratio (in times)
Net capital turnover ratio Net Turnover (exclude Average working capital 22.28 53.66
(in times)# excise duty) (i.e. Total current assets
less current liabilities)
(Current liabilities = Total
borrowings)
Net profit ratio (in %)* Net Profit after tax for Net Turnover (exclude 9% 3%
the year excise duty)
Return on capital em- Profit before tax and Capital employed = Net 15% 11%
ployed (in %)* finance costs worth + Total Debts +
Deferred tax liabilities
Return on investment Income generated from Average invested funds in NA NA
(in %) invested funds treasury investments
*The variation in Return on equity/capital employed/Net profit ratio as at March 31, 2022 as compared to March 31,
2021 is primarily due to Profit on slump sale of BioEO Business.
# The variation in Net capital turnover ratio as at March 31, 2022 as compared to March 31, 2021 is primarily due
to increase of current assets and decrease of short term borrowing.
**Financial numbers of discontinued operation have also been considered for the purpose of calculation of financial
ratio.
65. Other Statutory Information:
a. The Company does not have any Benami property, where any proceeding has been initiated or pending
against the Company for holding any Benami property.
b. There are no transactions and / or balance outstanding with companies struck off under section 248 of the
Companies Act, 2013.
c. The Company does not have any charges or satisfaction which is yet to be registered with ROC beyond the
statutory period.
d. The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies), including
foreign entities (Intermediaries) with the understanding that the Intermediary shall:
i) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on
behalf of the Company (Ultimate Beneficiaries) or
ii) provided any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.
e. The Company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding
Party) with the understanding (whether recorded in writing or otherwise) that the Group shall:
behalf of the Funding Party (Ultimate Beneficiaries) or
ii) provided any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.


f. The Company does not have any transactions which are not recorded in the books of accounts that have been
surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961
(such as, search or survey or any other relevant provisions of the Income Tax Act, 1961).
g. The company does not have any investments through more than two layers of investment companies as per
section 2(87) (d) and section 186 of Companies Act, 2013.
h. The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year.
i. The Title deeds of the immovable properties (other than properties where the Company is the lessee and the
lease agreements are duly executed in favour of the lessee) are held in the name of the Company
j. The Company has sanctioned facilities from banks on the basis of security of current assets. The periodic
returns filed by the Company with such banks are in agreement with the books of accounts of the Company.
k. The Company has adhered to debt repayment and interest service obligations on time. Wilful defaulter related
disclosures required as per Additional Regulatory Information of Schedule III (revised) to the Companies Act,
is not applicable.
l. Term loans availed by the Company were, applied by the Company during the year for the purposes for which
the loans were obtained.
66. The figures of the previous period/year have been restated/regrouped wherever necessary, to make them
comparable.

Firm Registration no. 304153E DIN - 00063091 DIN 08602216

Membership Number 12172

Form AOC-1
(Pursuant to first proviso to sub-section (3) of section 129 read with rule 5 of Companies (Accounts) Rules, 2014)
Satement containing salient features of the financial statement of subsidiaries/associate companies/joint ventures
PART "A" : Subsidiaries
(All figure except exchange rate in Lakhs)
S. No 1 2 3 4 5 6
Name of the Shakumbari IGL Chem Interna- IGL Finance IGL Chem Interna- IGL Ennature Bio
Subsidiary Company Sugar & Allied tional PTE. LTD. Limited tional USA LLC. Chemicals Pharma Pri-
Industries and Services vate Limited*
Limited Private
Limited#
Financial year March 31, March 31, March 31, March 31, March 31, March 31,
ending on 2022 2022 2022 2022 2022 2022
Reporting Currency INR INR USD INR INR USD INR
Exchange Rate on the 75.793 75.793
last date of financial
year
Share Capital 6,067.71 27.41 0.79 150.00 127.00 2.00 1.00 1.00
Reserves & Surplus (9,044.86) (247.51) (3.69) 119.44 (279.57) (4.02) (0.52) (0.37)
Total Assets 10,630.84 17.35 0.23 2,340.78 772.26 10.18 0.58 0.73
Total Liabilities 10,630.84 17.35 0.23 2,340.78 772.26 10.18 0.58 0.73
Investments - - - - - - 0.08 -
Turnover - - - - 2,435.65 32.72 - -
Profit / (loss) 544.70 221.61 2.98 (0.46) (109.56) (1.47) (0.52) (0.37)
before tax
Provision for Taxation - - - - - - - -
Profit / (loss) after 544.70 221.61 2.98 (0.46) (109.56) (1.47) (0.52) (0.37)
Taxation
Proposed Dividend - - - - - - -
% of Shareholding 51.03% 100% 100% 100% 100% 100%
Note :
i) Profit/ (loss) figure does not include Other Comprehensive Income.
ii) During FY 2021-22, Clariant IGL Specialty Chemicals Private Limited (Erstwhile IGL Green Chemicals Private Limited), ceased
to be a wholly-owned subsidiary of the Company and become a 49:51% Joint Venture of the Company and Clariant International
Limited, accordingly, the details are provided under Part B.
# The Company was incorporated on 3rd March, 2021.
* The Company was incorporated on 1st October, 2021
PART “B” : Associates and Joint Ventures
Statement pursuant to Section 129(3) of the companies Act, 2013 related to Associate Companies and Joint Ventures
(` in Lakhs)
S.No 1 2
Name of the Associates/Joint Venture Kashipur Infrastructure and Clariant IGL Specialty Chemicals
Freight Terminal Private Limited Private Limited (Erstwhile IGL
Green Chemicals Private Limited)#
1. Latest audited Balance Sheet Date March 31, 2022 March 31, 2022
Reporting Currency INR INR
2. Shares of Associate/Joint Ventures held by the
company on the year end
No. 2674418 10000
Amount of Investment in Associates/Joint Venture 2704.33 1.00
Extend of Holding % 42.31% 49%
3. Description of how there is significant influence Joint Venture Agreement Joint Venture Agreement
4. Reasons why the associate/joint venture is not N.A. N.A.
consolidated
5. Networth attributable to Shareholding as per latest 2865.85 30,729.07
audited Balance Sheet
6. Profit/Loss for the year
i. Considered in Consolidation 159.24 1929.07
ii. Not Considered in Consolidation 217.10 2,007.81
Note : i) There are no Associates or Joint Venture which have been liquidated or sold during the year.
#
w.e.f. 30th June, 2021 from the time of allotment of equity shares to JV Partner.

INDEPENDENT AUDITOR’S REPORT for restructuring/revival/disinvestments, hence the

management of SSAIL consider it appropriate to
TO THE MEMBERS OF INDIA GLYCOLS LIMITED
prepare Financial Statements on going concern
basis despite negative net worth on the balance
I. Report on the Audit of Consolidated Financial sheet date and we have relied upon the management
Statements for the year ended 31st March, 2022 representation in this regard.
1. Opinion Our opinion is not modified in respect of this matter
A. We have audited the accompanying Consolidated on the consolidated financial statements for the year
Financial Statements of INDIA GLYCOLS ended 31st, March 2022.
LIMITED (hereinafter referred to as “the Holding 3. Key Audit Matters
Company”) and its subsidiaries (the Holding Key audit matters are those matters that, in our
Company and its subsidiaries together referred to professional judgment, were of most significance in
as “the Group”),its Joint ventures, which comprise our audit of the Consolidated Financial Statements of
the Consolidated Balance Sheet as at March 31, the current period. These matters were addressed in
2022, the Consolidated Statement of Profit and the context of our audit of the Consolidated Financial
Loss (including Other Comprehensive Income), Statements as a whole, and in forming our opinion
the Consolidated Statement of Changes in Equity thereon, and we do not provide a separate opinion on
and the Consolidated Statement of Cash Flows for these matters. We have determined that there are no
the year then ended, and notes to the consolidated key audit matters to be communicated in our report.
financial statements including a summary of
4. Information Other than the Consolidated Financial
the significant accounting policies and other
Statements and Auditor’s Report thereon
explanatory information (hereinafter referred to as
A. The Holding Company’s Board of Directors
“the Consolidated Financial Statements”).
is responsible for the preparation of the other
B. In our opinion and to the best of our information information. The other information comprises the
and according to the explanations given to us, the information included in the Management Discussion
aforesaid Consolidated Financial Statements give and Analysis, Board’s Report including Annexures
the information required by the Companies Act, to Board’s Report, Business Responsibility
2013 (“the Act”) in the manner so required and Report, Corporate Governance and Shareholder’s
give a true and fair view in conformity with the Information, but does not include the Consolidated
accounting principles generally accepted in India, Financial Statements and our auditor’s report
of the consolidated state of affairs of the Group thereon. Our opinion on the consolidated financial
and its Joint ventures as at March 31, 2022, of statements does not cover the other information
its consolidated Profit and other comprehensive and we do not express any form of assurance
income, consolidated changes in equity and its conclusion thereon.
consolidated cash flows for the year then ended.
B. In connection with our audit of the consolidated
2. Basis for Opinion financial statements, our responsibility is to read the
We conducted our audit in accordance with the other information and, in doing so, consider whether
Standards on Auditing (SAs) specified under section the other information is materially in consistent
143(10) of the Act. Our responsibilities under those with the Consolidated Financial Statements or our
Standards are further described in the Auditor’s knowledge obtained during the course of our audit
Responsibility for the Audit of the Consolidated Financial or otherwise appears to be materially misstated. If,
Statements section of our report. We are independent based on the work we have performed, we conclude
of the group and its joint venture in accordance with that there is a material misstatement of this other
the Code of Ethics issued by the Institute of Chartered information, we are required to report that fact. We
Accountants of India (ICAI) together with the ethical have nothing to report in this regard.
requirements that are relevant to our audit of the 5. Responsibilities of Management and Those
consolidated financial statements under the provisions Charged with Governance for the Consolidated
of the Companies Act 2013, and we have fulfilled our Financial Statements
other ethical responsibilities in accordance with these A. The Holding Company’s Board of Directors is
requirements and the ICAI’s Code of Ethics. We believe responsible for the preparation and presentation of
that the audit evidence we have obtained and the audit these Consolidated Financial Statements in term of
evidence obtained by the other auditor in terms of their the requirements of the Companies Act, 2013 (the
report referred to the “Other Matters” section below is Act) that give a true and fair view of the consolidated
sufficient and appropriate to provide a basis for our audit financial position, Consolidated financial
opinion on the Consolidated Financial Statements. performance including other comprehensive
Emphasis of Matter income, consolidated changes in equity and
We draw attention to Note 48 of the Consolidated consolidated cash flows of the Group and its joint
financial statements in respect of its one of the ventures in accordance with the other accounting
subsidiary namely Shakumbari Sugar And Allied principles generally accepted in India including
Industries Ltd (SSAIL) continue to evaluate and explore Indian Accounting Standards (Ind AS) specified
options in consultation with expert(s) and stakeholders under section 133 of the Act. The respective Board of

Directors of the companies included in the Group and misstatement resulting from fraud is higher
its joint ventures are responsible for maintenance of than for one resulting from error, as fraud may
adequate accounting records in accordance with the involve collusion, forgery, intentional omissions,
provisions of the Act for safeguarding the assets of misrepresentations, or the override of internal
the Group and for preventing and detecting frauds control.
and other irregularities; selection and application of ii) Obtain an understanding of internal financial
appropriate accounting policies; making judgments controls relevant to the audit in order to design
and estimates that are reasonable and prudent; audit procedures that are appropriate in the
and design, implementation and maintenance circumstances. Under section 143(3)(i) of the
of adequate internal financial controls, that were Act, we are also responsible for expressing our
operating effectively for ensuring the accuracy and opinion on whether the Holding Company has
completeness of the accounting records, relevant to adequate internal financial controls system in
the preparation and presentation of the consolidated place and the operating effectiveness of such
financial statements that give a true and fair view controls.
and are free from material misstatement, whether
iii) Evaluate the appropriateness of accounting
due to fraud or error. These financial statements
policies used and the reasonableness of
have been used for the purpose of preparation of the
accounting estimates and related disclosures
consolidated financial statements by the Directors
made by management.
of the Holding Company, as aforesaid.
iv) Conclude on the appropriateness of
B. In preparing the Consolidated Financial Statements,
management’s use of the going concern basis
the respective Board of Directors of the companies
of accounting and, based on the audit evidence
included in the Group and its joint ventures are
obtained, whether a material uncertainty exists
responsible for assessing the Group’s ability and
related to events or conditions that may cast
its joint venture to continue as a going concern,
significant doubt on the Group’s ability to
disclosing, as applicable, matters related to going
continue as a going concern. If we conclude that
concern and using the going concern basis of
a material uncertainty exists, we are required
accounting unless management either intends to to draw attention in our auditor’s report to the
liquidate the Group or to cease operations, or has related disclosures in the Consolidated Financial
no realistic alternative but to do so. Statements or, if such disclosures are inadequate,
The respective Board of Directors of the companies to modify our opinion. Our conclusions are based
included in the group and of its Joint ventures on the audit evidence obtained up to the date of
are also responsible for overseeing the financial our auditor’s report. However, future events or
reporting process of the Group and its Joint conditions may cause the Group to cease to
ventures. continue as a going concern.
6. Auditor’s Responsibilities for the Audit of the v) Evaluate the overall presentation, structure
Consolidated Financial Statements and content of the Consolidated Financial
A. Our objectives are to obtain reasonable assurance Statements, including the disclosures, and
about whether the Consolidated Financial whether the Consolidated Financial Statements
Statements as a whole are free from material represent the underlying transactions and events
misstatement, whether due to fraud or error, and to in a manner that achieves fair presentation.
issue an auditor’s report that includes our opinion. vi) Obtain sufficient appropriate audit evidence
Reasonable assurance is a high level of assurance, regarding the financial information of the entities
but is not a guarantee that an audit conducted in or business activities within the Group and
accordance with SAs will always detect a material jointly controlled entities to express an opinion
misstatement when it exists. Misstatements can on the consolidated financial statements. We
arise from fraud or error and are considered are responsible for the direction, supervision
material if, individually or in the aggregate, they and performance of the audit of the financial
could reasonably be expected to influence the statements of such entities included in the
economic decisions of users taken on the basis of consolidated financial statements of which we
these Consolidated Financial Statements. are the independent auditors. For the other
B. As part of an audit in accordance with SAs, we entities included in the consolidated financial
exercise professional judgment and maintain statements, which have been audited by other
professional skepticism throughout the audit. We auditors, such other auditors remain responsible
also: for the direction, supervision and performance of
i) Identify and assess the risks of material the audits carried out by them. We remain solely
misstatement of the consolidated financial responsible for our audit opinion.
statements, whether due to fraud or error, design We communicate with those charged with
C.
and perform audit procedures responsive to governance of the Holding Company and such
those risks, and obtain audit evidence that is other entities included in the consolidated financial
sufficient and appropriate to provide a basis for statements of which we are the independent auditors
our opinion. The risk of not detecting a material regarding, among other matters, the planned scope

and timing of the audit and significant audit findings, Changes in Equity and the Consolidated Statement of
including any significant deficiencies in internal Cash Flow dealt with by this Report are in agreement
control that we identify during our audit. with the relevant books of account maintained for the
D. We also provide those charged with governance purpose of preparation of the consolidated financial
with a statement that we have complied with relevant statements.
ethical requirements regarding independence, and D. In our opinion, the aforesaid consolidated financial
to communicate with them all relationships and statements comply with the Ind AS specified under
other matters that may reasonably be thought to Section 133 of the Act.
bear on our independence, and where applicable, E. On the basis of the written representations received
related safeguards. from the directors as on March 31, 2022 taken on record
E. From the matters communicated with those by the Board of Directors of the Holding Company and
charged with governance, we determine those the report of the statutory auditor’s of its subsidiaries
matters that were of most significance in the audit and joint ventures incorporated in India, none of the
of the Consolidated Financial Statements of the directors is disqualified as on March 31, 2022 from
current period and are therefore the key audit being appointed as a director in terms of Section 164
matters. We describe these matters in our auditor’s (2) of the Act;
report unless law or regulation precludes public F. With respect to the adequacy of the internal financial
disclosure about the matter or when, in extremely controls over financial reporting of and the operating
rare circumstances, we determine that a matter effectiveness of such controls, refer to our separate
should not be communicated in our report because Report in “Annexure A”, which is based on the
the adverse consequences of doing so would auditors’ reports of the Holding and subsidiaries and its
reasonably be expected to outweigh the public joint ventures incorporated in India;
interest benefits of such communication. G. With respect to the other matters to be included in
Other Matters the Auditor’s Report in accordance with Rule 11 of
The consolidated financial statements includes the the Companies (Audit and Auditors) Rules, 2014,
Group's share of net profit after tax of ` 1929.07 in our opinion and to the best of our information and
lakhs and, total comprehensive income of ` 1938.43 according to the explanations given to us:
lakhs for the year ended 31st March 2022 as i. the consolidated financial statements disclose the
considered in the consolidated financial statements, impact of pending litigations on the consolidated
in respect of One joint venture, whose financial financial position of the Group and its joint venture
statements/financial information has been audited - Refer Note No.-39(A)(i),39(A) (ii), 39(A)(iv),40 and
by other auditor. The independent auditor’s report 42 to the consolidated financial statements.
on financial statements/financial information of this ii. Provision has been made in the consolidated
entity has been furnished to us by the management. financial statements, as required under the
Our opinion on the consolidated financial statements, applicable law or Ind AS, for material foreseeable
is so far as it relates to the amounts and disclosures losses, if any, on long-term contracts including
included in respect of this entity and our report in derivative contracts. Refer Note No.-50(b) to the
terms of sub-section (3) of Section143 of the Act consolidated financial statements.
including report on Other Information insofar as it iii. There has been no delay in transferring amounts,
relates to the aforesaid joint venture, is based solely required to be transferred, to the Investor Education
on the reports of the other auditor/ independent firm and Protection Fund by the group and its joint
of accountants. venture incorporated in India.
Our opinion on the consolidated financial statements iv. (a) The respective management of the company
is not modified in respect of the above matter with and its subsidiaries and its joint ventures which are
respect to our reliance on the work done and the companies incorporated in India whose financial
report of the other auditor/ independent firm of statements have been audited under the Act has
accountants. represented to us and other auditor of such joint
II. Report on Other Legal and Regulatory Requirements venture that, to the best of its knowledge and belief,
As required by Section 143(3) of the Act, based on our no funds have been advanced or loaned or invested
audit we report to the extent applicable that. (either from borrowed funds or share premium or
any other sources or kind of funds) by the Company
A. We have sought and obtained all the information and
or any of such subsidiaries ,joint ventures to or in
explanations which to the best of our knowledge and any other persons or entities, including foreign
belief were necessary for the purposes of our audit of entities (“Intermediaries”), with the understanding,
the aforesaid consolidated financial statements. whether recorded in writing or otherwise, that the
B. In our opinion, proper books of account as required Intermediary shall:
by law have been kept so far as it appears from our • directly or indirectly lend or invest in other persons
examination of those books. or entities identified in any manner whatsoever
C. The Consolidated Balance Sheet, the Consolidated (“Ultimate Beneficiaries”) by or on behalf of
Statement of Profit and Loss including Other the Company or any of such subsidiaries, joint
Comprehensive Income, Consolidated Statement of ventures.

• Provide any guarantee, security or the like to or ANNEXURE “A” TO THE INDEPENDENT AUDITOR’S
on behalf of the Ultimate Beneficiaries. REPORT
(b) The respective management of the company and (Referred to in point F of paragraph II under “Report on
its subsidiaries and its joint ventures which are Other Legal and Regulatory Requirements” section of our
companies incorporated in India whose financial report to the members of INDIA GLYCOLS LIMITED of
statements have been audited under the Act even date)
has represented to us and other auditor of such
joint venture that, to the best of its knowledge Report on the Internal Financial Controls with
and belief, no funds have been received by reference to Consolidated Financial Statements
the Company or any of such subsidiaries, joint under Clause (i) of Sub-section 3 of Section 143 of the
ventures from any persons or entities, including Companies Act, 2013 (“the Act”)
foreign entities (“Funding Parties”), with the Opinion
understanding, whether recorded in writing or In conjunction with our audit of the consolidated financial
otherwise, that the Company or any of such statements of the Company as of and for the year ended
subsidiaries, joint ventures shall: March 31, 2022, we have audited the internal financial
• directly or indirectly, lend or invest in other controls with reference to financial statements of INDIA
persons or entities identified in any manner GLYCOLS LIMITED (hereinafter referred to as “Holding
whatsoever (“Ultimate Beneficiaries”) by or on Company”) and its subsidiary companies, and joint
behalf of the Funding Party or ventures which are incorporated in India as of that date.
• Provide any guarantee, security or the like from In our opinion to the best of our information and
or on behalf of the Ultimate Beneficiaries. according to the explanations given to us , the Holding
(c)Based on such audit procedures as considered and its subsidiary companies and joint ventures which
reasonable and appropriate in the in the are companies incorporated in India, have, in all material
circumstances, performed by us and those respects, an adequate internal financial controls system
performed by the auditor of joint venture, nothing with reference to financial statements and such internal
has come to our notice that has caused us to financial controls with reference to financial statements
believe that the representations under sub- were operating effectively as at March 31, 2022, based
clause (iv) (a) and (iv) (b) contain any material on the criteria for internal financial control over financial
mis-statement. reporting established by the respective companies
v. The final dividend paid by the holding Company considering the essential components of internal control
during the year in respect of the same declared for the stated in the Guidance Note on Audit of Internal Financial
previous year is in accordance with section 123 of the Control over Financial Reporting issued by the Institute of
Act to the extent it applies to payment of dividend. Chartered Accountants of India.
The Board of Directors of the holding Company have Emphasis of Matter
proposed final dividend for the year which is subject We draw attention to Note 48 of the Consolidated financial
to the approval of the members at the ensuing statements in respect of its one of the subsidiary namely
Annual General Meeting. The dividend declared is in Shakumbari Sugar And Allied Industries Ltd (SSAIL)
accordance with section 123 of the Act to the extent it continue to evaluate and explore options in consultation
applies to declaration of dividend. with expert(s) and stakeholders for restructuring/revival/
H. With respect to the other matters to be included in the disinvestments, hence the management of SSAIL consider
Auditor’s Report in accordance with the requirements it appropriate to prepare Financial Statements on going
of section 197(16) of the Act, as amended: concern basis despite negative net worth on the balance
In our opinion and to the best of our information and sheet date and we have relied upon the management
according to the explanations given to us, its holding representation in this regard.
company covered under the Act paid remuneration to Our opinion is not modified in respect of this matter on the
its directors during the year is in accordance with the consolidated financial statements for the year ended 31st,
provisions of section 197 of the Act read with Schedule March 2022.
V to the Act.
Management’s Responsibility for Internal Financial
Controls
The respective Board of Directors of the Holding and
its subsidiary companies and joint venture which are
For K.N. Gutgutia & Co. companies incorporated in India, are responsible for
Chartered Accountants establishing and maintaining internal financial controls
(Firm’s Registration No. 304153E) with reference to financial statements based on the
internal control over financial reporting criteria established
by the respective Companies considering the essential
(B.R. GOYAL) components of internal control stated in the Guidance
Place: Noida Partner Note on Audit of Internal Financial Controls Over
Date: 26th May, 2022 (Membership No. 12172) Financial Reporting issued by the Institute of Chartered
(UDIN :22012172AJQFUZ8944) Accountants of India (ICAI) (the “Guidance Note”). These

responsibilities include the design, implementation and with generally accepted accounting principles. Company’s
maintenance of adequate internal financial controls that internal financial control with reference to consolidated
were operating effectively for ensuring the orderly and financial statements includes those policies and
efficient conduct of its business, including adherence to procedures that (1) pertain to the maintenance of records
the respective company’s policies, the safeguarding of its that, in reasonable detail, accurately and fairly reflect the
assets, the prevention and detection of frauds and errors, transactions and dispositions of the assets of the company;
the accuracy and completeness of the accounting records, (2) provide reasonable assurance that transactions
and the timely preparation of reliable financial information, are recorded as necessary to permit preparation of
as required under the Companies Act, 2013. consolidated financial statements in accordance with
generally accepted accounting principles, and that
Auditor’s Responsibility receipts and expenditures of the company are being made
Our responsibility is to express an opinion on the internal only in accordance with authorisations of management
financial controls with reference to Consolidated financial and directors of the company; and (3)provide reasonable
statements of the Holding company based on our audit. assurance regarding prevention or timely detection
We conducted our audit in accordance with the Guidance of unauthorised acquisition, use, or disposition of the
Note and the Standards on Auditing, prescribed under company’s assets that could have material effect on the
Section 143(10) of the Companies Act, 2013, to the extent consolidated financial statements.
applicable to an audit of internal financial controls. Those
Standards and the Guidance Note require that we comply Inherent Limitations of Internal Financial Controls
with ethical requirements and plan and perform the audit with reference to consolidated financial statements
to obtain reasonable assurance about whether adequate Because of the inherent limitations of internal financial
internal financial controls over financial reporting was controls with reference to consolidated financial
established and maintained and if such controls operated statements, including the possibility of collusion or
effectively in all material respects. improper management override of controls, material
misstatements due to error or fraud may occur and not be
Our audit involves performing procedures to obtain audit detected. Also, projections of any evaluation of the internal
evidence about the adequacy of the internal financial financial controls with reference to consolidated financial
controls system with reference to consolidated financial statements to future periods are subject to the risk that
statements and their operating effectiveness. Our audit of the internal financial control with reference to consolidated
internal financial controls with reference to Consolidated financial statements may become inadequate because of
financial statements included obtaining an understanding changes in conditions, or that the degree of compliance
of internal financial controls with reference to consolidated with the policies or procedures may deteriorate.
financial statements, assessing the risk that a material
weakness exists, and testing and evaluating the design Other Matters
and operating effectiveness of internal control based on Our aforesaid reports under Section 143(3)(i) of the Act on
the assessed risk. The procedures selected depend on the adequacy and operating effectiveness of the internal
the auditor’s judgement, including the assessment of the financial controls with reference to consolidated financial
risks of material misstatement of the consolidated financial statements insofar as it relates to One Joint venture
statements, whether due to fraud or error. which are companies incorporated in India, is based on
the corresponding report of the auditor of such company
We believe that the audit evidence we have obtained and incorporated in India.
the audit evidence obtained by the other auditor in terms
of their reports referred to in the Other Matters paragraph Our opinion is not modified in respect of this matter.
below is sufficient and appropriate to provide a basis
for our audit opinion on the Holding Company’s internal
financial controls system with reference to consolidated
financial statements. For K.N. Gutgutia & Co.
Chartered Accountants
Meaning of Internal Financial Controls over with
reference to consolidated financial statements (Firm’s Registration No. 304153E)
A company’s internal financial control with reference to
consolidated financial statements is a process designed (B.R. GOYAL)
to provide reasonable assurance regarding the reliability
Place: Noida Partner
of financial reporting and the preparation of consolidated
financial statements for external purposes in accordance Date: 26th May, 2022 (Membership No.12172)

Consolidated Balance Sheet as at March 31, 2022 (` in Lakhs)

Particulars Note No. As at As at
March 31, 2022 March 31, 2021
ASSETS
(1) NON-CURRENT ASSETS:
(a) Property, Plant and Equipment 2 230,346.35 217,134.48
(b) Capital work-in-progress 2A 24,318.07 12,576.72
(c) Investment Property 3 775.00 788.74
(d) Other Intangible assets 4 165.22 187.09
(e) Right to use assets 5 510.97 1,148.85
(f) Investment in Joint Venture 6 33,594.92 2,706.61
(g) Financial Assets
(i) Loans 7 43.53 74.16
(ii) Others 8 11,247.85 4,772.54
(h) Other Non-Current assets 9 1,343.91 1,511.04
Total Non Current Assets 302,345.82 240,900.23
(2) CURRENT ASSETS:
(a) Inventories 10 69,299.25 60,975.23
(b) Financial Assets
(i) Trade receivables 11 39,868.11 36,171.68
(ii) Cash and cash equivalents 12 704.74 339.11
(iii) Bank balances other than (ii) above 13 9,467.14 9,415.09
(iv) Loans 14 2,516.18 2,548.17
(v) Others 15 18,811.31 5,149.84
(c) Current Tax Assets (Net) 16 8.57 1,605.02
(d) Other current assets 17 20,045.72 16,550.80
Total Current Assets 160,721.02 132,754.94
(3) Assets held for sale and discontinued operations 59 38,268.90
TOTAL ASSETS 463,066.84 411,924.07
EQUITY AND LIABILITIES
EQUITY:
(a) Equity Share capital 18 3,096.15 3,096.15
(b) Other Equity 18A 176,093.80 113,756.16
Equity attributable to equity holders of the parent 179,189.95 116,852.31
Non-controlling interests (1,947.72) -
Total Equity 177,242.23 116,852.31
LIABILITIES:
NON-CURRENT LIABILITIES:
(i) Borrowings 19 53,997.69 50,821.95
(ii) Lease liabilities - 727.14
(iii) Other financial liabilities 20 3,804.42 4,242.92
(b) Provisions 21 457.92 595.00
(c) Deferred tax liabilities (Net) 22 33,808.58 35,744.18
(d) Other non-current liabilities 23 18,883.92 26,166.92
Total Non Current Liabilities 110,952.53 118,298.11
CURRENT LIABILITIES:
(i) Borrowings 24 50,008.21 61,478.12
(ii) Lease Liabilities 649.46 650.36
(iii) Trade payables 25
Total Outstanding dues of micro enterprises and small enterprises 16.61 18.04
Total Outstanding dues of creditors other than micro enterprises 64,139.45 58,060.11
and small enterprises
(iv) Other financial liabilities 26 28,254.78 26,516.04
(b) Other current liabilities 27 28,904.97 26,289.06
(c) Provisions 28 374.96 324.53
(d) Current Tax Liabilities (Net) 29 2,523.64 -
Total Current Liabilities 174,872.08 173,336.26
Liabilities held for sale and discontinued operations 59 - 3,437.39
TOTAL EQUITY AND LIABILITIES 463,066.84 411,924.07
The accompanying notes are an integral part of these consolidated financial statements.
B.R.Goyal

Consolidated Statement of Profit & Loss for the year ended March 31, 2022
Particulars Note No. Year ended Year ended March
March 31, 2022 31, 2021
Continuing Operations
Income:
Revenue from operations 30 660,140.80 542,747.16
Other income 31 2,153.80 1,526.12
Total Revenue 662,294.60 544,273.28
Expenses:
Cost of materials consumed 32 166,693.50 118,559.66
Excise Duty on Sales 373,310.20 311,047.71
Purchase of Stock-in-Trade 33 35,136.68 32,826.86
Change in inventories of finished goods, work-in-progress 34 (9,688.75) (1,470.04)
and Stock-in-trade
Employee benefits expense 35 8,915.90 8,332.79
Finance costs 36 6,965.90 8,338.30
Depreciation and amortization expense 37 8,028.83 8,011.84
Other expenses 38 60,253.42 46,650.29
Total Expenses 649,615.68 532,297.41
Profit/ (Loss) before exceptional items and tax 12,678.92 11,975.87
Exceptional Items (Net) 59 22,133.87 -
Share of net profit/ (loss) of Joint Venture 2,088.30 71.89
Tax Expense: 58
- Current Tax 5,875.80 1,016.02
- Deferred tax Charged / (Credit) (1,933.16) (820.48)
- Tax for earlier years - 932.05
Profit after tax from continuing operations 32,958.45 10,920.17
DISCONTINUING OPERATIONS 59
Profit from discontinued operations before tax 1,371.94 4,518.39
Tax expense of discontinued operations 345.29 2,277.85
Profit after tax from discontinued operations 1,026.65 2,240.54
Profit/ (Loss) for the year 33,985.10 13,160.71
Other Comprehensive Income
(A) Items that will not be reclassified to Profit or Loss
(i) Re-measurement benefit of defined benefit plans (9.70) 393.68
(ii) Income tax expense on re-measurement benefit of defined benefit plans 2.44 (99.09)
(B) Items that will be reclassified to Profit or Loss
Exchange differences on translating the financial statement of foreign (40.23) 10.41
subsidiary
Other comprehensive Income/ (Loss) for the year (47.49) 305.00
Total Comprehensive Income for the year 33,937.61 13,465.71
Net Profit/ (Loss) attributable to
(a) Owners of the Company 33,985.10 13,160.71
(b) Non Controlling interests - -
Other Comprehensive Income attributable to
(a) Owners of the Company (47.49) 305.00
Total Comprehensive Income attributable to
(a) Owners of the Company 33,937.61 13,465.71
Earnings per Equity share of ` 10 each basic/ diluted (in `) 53 109.77 42.51
- For continuing operations (in `) 106.45 35.27
- For discontinuing operations (in `) 3.32 7.24

Consolidated Statement of Changes in Equity for the year ended March 31, 2022
A. Equity Share Capital (` in Lakhs)
Particulars Balance Changes Restated Changes Balance Changes Restated Changes Balance
as at due to balance during as at due to balance during the as at
31st March prior at the the 31 March prior at the year 31st March,
2020 period beginning of year 2021 period beginning 2022
errors the year errors of the year
ISSUED, SUBSCRIBED
AND PAID UP
30,961,500 Equity Shares 3,096.15 - 3,096.15 - 3,096.15 - 3,096.15 - 3,096.15
of `10/- each fully paid up
Total 3,096.15 - 3,096.15 - 3,096.15 - 3,096.15 - 3,096.15
B. Other Equity (` in Lakhs)

Particulars Reserve & Surplus Other Comprehensive Income Total
Securities Reserve Molasses General Retained Capital Capital Re- Items of Other Items of Other
Premium for Contin- Reserve Reserve Earnings Reserve demption Comprehensive Comprehensive
gencies Fund Reserve Income that Income that will
will not be be classified to
classified to profit & loss
profit & loss
Balance As at 3,958.36 200.00 1.89 10,600.44 85076.87 416.00 0.19 86.86 (50.16 ) 100,290.45
March 31, 2020
Profit / (Loss ) for - - - - 13,160.71 - - - - 13,160.71
the year
Re-measurement - - - - - - - 294.59 - 294.59
of the net defined
benefit Plans
Exchange - - - - - - - - 10.41 10.41
differences
on translating
the financial
statement of
foreign subsidiary
Balance As at 3,958.36 200.00 1.89 10,600.44 98,237.58 416.00 0.19 381.45 (39.75) 113,756.16
March 31, 2021
Profit / (Loss ) for - - - - 33,985.10 - - - - 33,985.10
the year
Re-measurement - - - - - - - (7.26) - (7.26)
of the net defined
benefit Plans
Dividends Paid - - - - (1,857.69) - - - - (1,857.69)
Adjustment on - - - - 1,457.72 - - - - 1,457.72
account of sale
of shares of
Subsidiary
Addition on - - - - 28,800.00 - - - - 28,800.00
account of
subsidary to joint
adventure
Exchange - -- - - - - - - (40.23) (40.23)
differences
on translating
the financial
statement of
foreign subsidiary
Balance As at 3,958.36 200.00 1.89 10,600.44 160,622.71 416.00 0.19 374.19 (79.98) 176,093.80
March 31, 2022



Consolidated Cash Flow Statement for the year ended March 31, 2022
(` in Lakhs)
2021-22 2020-21
A Cash Flow from Operating Activities
Net Profit/(Loss) Before Tax 34,812.79 11,975.87
Adjustments For:
Depreciation and amortisation expense 8,028.83 8,011.84
(Profit)/Loss on Sale of Property, plant & equipment 8.96 5.53
Net Unrealised Foreign Exchange Fluctuation (Gain) / Loss (656.73) (1,066.09)
Govt Grant (20.21) (30.21)
Capital Advance forfeited - (800.00)
Profit on sale of Non-Current Investment (14.58) -
Profit on slump sale of BioEO Business (22,133.86) -
Provision No Longer Required Written Back (1,217.37) (1,684.13)
Finance Costs 7,339.74 8,652.75
Interest Income (2,425.05) (11,090.27) (928.87) 12,160.82
Operating Profit/ (Loss) before Working Capital Changes 23,722.52 24,136.69
Adjustments For:
(Increase)/Decrease in Trade & Other Receivables (14,312.87) 6,583.78
(Increase)/Decrease in Inventories (1,166.34) (341.80)
Increase / (Decrease) in Trade & Other Payables 2,998.26 (12,480.95) 20,512.11) (14,270.13)
Cash Generated from / (Used in) Operations 11,241.57 9,866.56
Income Tax Paid (Net) (2,099.55) (1,740.69)
Net Cash flow from / (Used in) Operating Activities 9,142.02 8,125.87
Net cash from discontinued activities 2,461.52 5,607.00
Net Cash from continuing and discontinued activities 11,603.54 13,732.87
B Cash Flow from Investing Activities
Purchase of Property, plant & equipment (37,992.39) (14,888.30)
Sale of Property, plant & equipment 22.02 21.09
Interest received 1,389.40 1,814.29
Sale consideration received on slump sale of BioEO Business 45,848.82 -
Sale consideration received on Sale of Non-Current Investments 14.58 -
ICDs received back 30.00 -
Net Cash flow from / (Used in) Investing Activities 9,312.43 (13,052.92)
Net cash from discontinued activities (1,667.76) (1,780.26)
Net Cash from continuing and discontinued activities 7,644.67 (14,833.18)
C Cash Flow from Financing Activities
Net Proceeds from Borrowings 32,158.44 29,878.82
Repayment of Borrowings (40,963.80) (15,656.88)
Payment of lease liabilities (728.04) (486.86)
Finance Costs (6,716.45) (8,795.33)
Dividends Paid (1,839.20) (38.43)
Net Cash flow from / (Used in) Financing Activities (18,089.05) 4,901.32
Net cash from discontinued activities (793.53) (3,826.77)
Net Cash from continuing and discontinued activities (18,882.58) 1,074.55
Net Increase/(Decrease) in Cash & Cash Equivalents 365.63 (25.76)
[A+B+C]
Opening Cash & Cash Equivalent (refer note 12) 339.11 364.87
Closing Cash & Cash Equivalent (refer note 12) 704.74 339.11
Notes:
The Cash flow statement has been prepared under the indirect method as set out in Indian Accounting Standard (Ind AS 7) statement of cash flows.
This is the Cash Flow Statement referred to in our report of even date.


Notes to Consolidated Financial Statements

1 Group Overview, Basis of Preparation and Significant Accounting Policies
1.1. Group Overview

The Group, India Glycols Limited (Parent) and its subsidiaries, manufactures green technology based bulk,
specialty and performance chemicals and sugar, spirits, industrial gases and nutraceuticals etc. The Joint venture
Company develop, manage and operate Private Freight Terminal (PFT) and Inland Container Depot (ICD) at
Kashipur, Uttarakhand.
These Consolidated financial statements were approved and adopted by board of directors of the Company in their
meeting held on May 26, 2022.
1.2. Statement of compliance:
The Consolidated financial statements have been prepared in accordance with Indian Accounting Standards
(Ind AS) as prescribed under Section 133 of the Companies Act, 2013 read with Companies (Indian Accounting
Standards) Rules, 2015 and amended and relevant provisions of the Companies Act, 2013.
1.3. Basis of preparation of Consolidated financial statements:
a) The consolidated financial statements relate to the Group, and joint ventures. Subsidiary are those entities in
which the Parent directly or indirectly, has interest more than 50% of the voting power or otherwise control the
composition of the board or governing body so as to obtain economic benefits from activities. The consolidated
financial statements have been prepared on the following basis:-
b) The financial statements of the subsidiaries are combined on a line-by–line basis by adding together the like
items of assets, liabilities, income and expenses after fully eliminating intra-group balances and intra-group
transactions and unrealized profits or losses in accordance with IND AS 110 –‘Consolidated Financial Statements’
notified under Section 133 of the Act, read with Companies (Indian Accounting Standards) Rules, 2015 as
amended time to time. The deferred tax to be recognised for temporary differences arises from elimination of
profits and losses resulting from intra group transactions.
c) Interest in joint ventures are consolidated using equity method as per IND AS 28 – ‘Investment in Joint
Ventures’. Under the equity method, post-acquisition attributable profit/losses are adjusted in the carrying value
of investment upto the Group investment in the joint venture.
d) The Consolidated Financial Statements (CFS) comprises the financial statements of India Glycols Limited (IGL)
and its following Subsidiaries/ Joint Venture as on March 31, 2022.
Name of the Company Nature Country of % of Shareholding

Incorporation & Voting Power
Shakumbari Sugar & Allied Industries Limited (SSAIL) Subsidiary India 51.03%
IGL Chem International PTE. LTD. Subsidiary Singapore 100%
IGL Chem International USA LLC (IGLCHEM US) Subsidiary USA 100%
IGL Finance Limited (IGLFL) Subsidiary India 100%
IGL Chemicals and Services Private Limited Subsidiary India 100%
Ennature Bio Pharma Private Limited Subsidiary India 100%
Kashipur Infrastructure and Freight Terminal Private Joint Venture India 42.31%
Limited (KIFTPL)
Clariant IGL Specialty Chemicals Private Limited Joint Venture India 49.00%
(Erstwhile IGL Green Chemicals Private Limited) (w.e.f.
30th June, 2021 from the time of allotment of equity
shares to JV Partner)


e) The difference between the cost of investment and the share of net assets at the time of acquisition of shares
in the subsidiaries is identified in the financial statements as Goodwill or Capital Reserve as the case may be.
f) In case of foreign subsidiaries, revenue items are consolidated at the average exchange rate during the year.
All assets and liabilities are translated at year end exchange rate. The resulting exchange differences are
recognised as Other Comprehensive Income/(loss) and disclosed accordingly.
g) Significant Accounting Policies of the financial statements of the company and its subsidiaries are set out in their
respective Financial Statements.
1.4. Significant accounting policies: The significant accounting policies to prepare consolidated financial statements
are in uniformity with the standalone financial statements of the Company. Following are the additional policies
specifically considered for preparation of consolidated financial statements:
(i) Business Combination:

Business Combinations are accounted for using the acquisition method. The cost of acquisition is measured
at the aggregate of the fair values at the date of exchange of assets given, liabilities incurred or assumed and
equity instruments issued by the Company in exchange for control of the acquiree. The acquiree’s identifiable
assets, liabilities and contingent liabilities that meet the recognition criteria are stated at their fair values at the
acquisition date except certain assets and liabilities required to be measured as per the applicable standard.
(ii) Goodwill
Goodwill is an asset representing the future economic benefits arising from other assets acquired in a business
combination that are not individually identified and separately recognized. Goodwill is initially measured at
cost, being the excess of the consideration transferred over the net identifiable assets acquired and liabilities
assumed, measured in accordance with Ind AS 103 – Business Combinations. An impairment loss is recognized
whenever the carrying amount of an asset or its cash generating unit (CGU) exceeds its recoverable amount.
(iii) The policy adopted by SSAIL for valuation of Inventories is enumerated below:-
(a) Finished Goods and Stock in Process of Sugar - At cost or at net realisable value whichever is lower, the
net realizable value of sugar in case of finished goods stock of levy sugar is considered based on the levy
price notified by the Central Government.
(b) Store and spares parts – At cost arrived at applying weighted average method.
(c) Cane crop – At net realisable value determined on the basis of estimated yield per hectare and Inventory
of Molasses, Bagasse, Press mud and Bio Compost are considered at net realizable value.


2. Property, Plant & Equipment
(` in Lakhs)
Particulars Freehold Leasehold Buildings Plant & Office Furniture Vehicles Total
Land Land Equipment Equipment & Fixtures #
Gross block
As at March 31, 2020 17,304.48 11,895.00 10,861.31 211,965.97 908.64 2,335.90 672.81 255,944.11
Additions - - 1,709.92 18,424.43 163.79 101.55 130.51 20,530.20
Disposals - - - - 35.06 0.72 47.92 83.70
Relating to discontinued 1,729.00 417.72 18,757.22 75.59 715.49 10.96 21,705.98
operations
As at March 31, 2021 15,575.48 11,895.00 12,153.51 211,633.18 961.78 1,721.24 744.44 254,684.63
Additions - - 933.90 27,984.27 141.91 9.53 159.30 29,228.91
Disposals - - - - 25.96 - 67.76 93.72
operations
As at March 31, 2022 15,575.48 11,895.00 13,087.41 225,217.46 1,077.73 1,730.77 835.98 269,419.83
Accumulated - 884.50 1,821.37 31,396.44 486.37 1,145.68 91.41 35,825.77
Depreciation As at
March 31, 2020
Disposals - - - - 30.03 0.47 26.58 57.08
Relating to discontinued - - 126.97 5,167.26 41.58 277.39 4.43 5,617.63
operations
As at March 31, 2021 - 1,037.35 2,091.45 32,728.16 538.41 989.26 165.52 37,550.15
Disposals - - - - 18.08 - 44.66 62.74
Relating to discontinued 5,896.18 5,896.18
operations
As at March 31, 2022 - 1,214.25 2,530.35 33,350.41 643.61 1,106.46 228.40 39,073.48
Net Carrying Amount
As at March 31, 2021 15,575.48 10,857.65 10,062.06 178,905.02 423.37 731.98 578.92 217,134.48
As at March 31, 2022 15,575.48 10,680.75 10,557.06 191,867.05 434.12 624.31 607.58 230,346.35
Notes:
# Gross block includes ` 490.95 Lakhs (Previous Year ` 368.65 Lakhs) secured by hypothecation against loan.
2A. Ageing schedule of Capital Work-in-progess
(` in Lakhs)
Amount in CWIP for a period of
Particulars Less than 1 1-2 years 2-3 years More than Total
year 3 years
Projects Temporarily Suspended - - - 637.93 637.93
21,341.08 1,813.12 436.91 726.96 24,318.07

Projects Temporarily Suspended - - - 637.93 637.93
7,701.03 3,834.81 303.82 737.06 12,576.72


3. Investment Property
(` in Lakhs)
Particulars Amount
Additions -
Disposals -
As at March 31, 2021 833.54
Additions -
Disposals -
As at March 31, 2022 833.54
Accumulated Depreciation As at March 31, 2020 31.06
Disposals -
As at March 31, 2021 44.80
Disposals -
As at March 31, 2022 58.54
Net Carrying Amount
As at March 31, 2021 788.74
As at March 31, 2022 775.00
Fair Value
As at March 31, 2021 976.22
As at March 31,2022 1,150.82
2021-22 2020-21
Rental Income derived from investment properties 43.45 38.36
Direct operating expenses 8.61 3.63
Profit arising from investment properties 34.84 34.73
4. Other Intangibles
(` in Lakhs)
Particulars Amount
Computer Software
Additions 7.69
Disposal -
As at March 31, 2021 303.77
Additions
Disposals -
As at March 31, 2022 303.77
Disposals -
As at March 31, 2021 116.68
Disposals -
As at March 31, 2022 138.55
Net Carrying Amount
As at March 31, 2021 187.09
As at March 31, 2022 165.22


5. Right to use assets
(` in Lakhs)
Particulars Amount
Gross block As at March 31, 2020 2,299.27
Additions -
Disposal -
As at March 31, 2021 2,299.27
Additions -
Disposals 126.91
As at March 31, 2022 2,172.36
Disposals -
As at March 31,2021 1,150.42
Disposals -
As at March 31, 2022 1,661.39
Net Carrying Amount
As at March 31, 2021 1,148.85
As at March 31, 2022 510.97
6. NON CURRENT ASSETS : INVESTMENTS IN JOINT VENTURES

Particulars As at March 31, 2022 As at March 31, 2021
No. of Face Amount No. of Face Amount
shares Value shares Value
- UNQUOTED
Investment in Equity Instruments
Joint Venture
Kashipur Infrastructure and Freight Terminal 2,674,418 ` 10.00 2,865.85 2,674,418 ` 10.00 2,706.61
Pvt Ltd.
*Clariant IGL Specialty Chemicals Private Limited 10,000 ` 10.00 30,729.07 - - -
(Previously known as IGL Green Chemicals Private
Limited)
33,594.92 2,706.61
* w.e.f. 30th June, 2021 from the time of allotment of equity shares to JV Partner.
7. Non Current Loans

(` in Lakhs)
March 31, 2022 March 31, 2021
Other Loans
Loans to Employee
43.53 74.16
8. Other non-Current financial assets

(` in Lakhs)
March 31, 2022 March 31, 2021
Bank deposits with remaining maturity of more than 12 months (Note no. 13)* 1,033.08 1,393.44
Security Deposits
- Unsecured, considered good# 3,864.77 3,379.10
11,247.85 4,772.54


other borrowings maturing after 12 months
# Includes ` 1,759.31 lakhs (Previous Year ` 1,387.39 lakhs) (net of deferred expenditure) security deposit to director,
private companies in which director/directors of company is director and are also related parties.
9. Other non-current assets

(` in Lakhs)
March 31, 2022 March 31, 2021
Capital Advances
Advances other than capital advances:
- Prepaid Expenses 168.25 140.62
- Deferred Expenditure 108.46 151.86
276.71 292.48
1,343.91 1,511.04
10. Inventories (At lower of cost and net realisable value)

(` in Lakhs)
March 31, 2022 March 31, 2021
Raw Materials 11,180.57 14,490.93
Add: Goods in transit 5,085.67 7,566.33
16,266.24 22,057.26
Work-in-Process 8,895.52 7,971.83
Finished Goods 12,391.22 3,599.72
Add: Goods in transit - 68.81
12,391.22 3,668.53
Stores and Spares 31,647.33 27,151.80
Loose Tools & Others 55.68 56.11
69,299.25 60,975.23
11. Trade Receivables

(` in Lakhs)
March 31, 2022 March 31, 2021
- Undisputed Trade Receivables-considered good 39,436.20 35,430.12
- Undisputed Trade Receivables-which have significant increase in Credit Risk - -
- Undisputed Trade Receivables-Credit impaired - -
- Disputed Trade Receivables-considered good 431.91 741.56
- Disputed Trade Receivables-which have significant increase in Credit Risk - -
- Disputed Trade Receivables-Credit impaired 78.79 78.79
39,946.90 36,250.47
Less: Loss Allowance (78.79) (78.79)
39,868.11 36,171.68


12. Cash & Cash Equivalents
(` in Lakhs)
March 31, 2022 March 31, 2021
Balances with Banks
- On Current Accounts 667.47 303.80
- Cash on Hand 37.27 35.31
704.74 339.11
13. Bank balance other than cash & cash equivalents

(` in Lakhs)
March 31, 2022 March 31, 2021
Other bank balances
- In Fixed Deposit Accounts * - Current 9,347.05 9,313.39
- In Fixed Deposit Accounts * - Non current 930.11 1,293.50
- On Unpaid Dividend Accounts 120.09 101.70
10,397.25 10,708.59
Less: Amount disclosed under Other Non Current Assets (Note No 8) 930.11 1,293.50
9,467.14 9,415.09
other borrowings maturing after 12 months.
14. Current loans

(` in Lakhs)
March 31, 2022 March 31, 2021
a) Inter Corporate Deposits (ICD)
b) Advances To Employees
- Loans which have significant increase in Credit Risk -
- Loans- Credit Imapired - 15.86
Less: Provision/ Allowance for Doubtful ICD - (15.86)
2,516.18 2,548.17
15. Other financial assets

(` in Lakhs)
March 31, 2022 March 31, 2021
Export Incentive receivable - Duty Drawback 94.71 204.73
Interest receivable 2,358.75 1,323.10
Others (including security deposit, claims & other receivable) 3,893.63 17,102.84
Less : Provision/ Allowance for doubtful other financial assets (291.78) (13,480.83)
3,601.85 3,622.01
18,811.31 5,149.84


16. Current tax assets (Net)
(` in Lakhs)
March 31, 2022 March 31, 2021
Advance Income Tax/ Tax deducted at source 8.57 1,605.02
(net of income tax provision ) 8.57 1,605.02
17. Other current assets

(` in Lakhs)
March 31, 2022 March 31, 2021
Export Incentive receivable 151.01 934.77
Balance with Excise and Other Authorities 9,649.73 4,243.70
Deposits with Government Departments & Others 758.43 800.95
Prepaid expenses 3,067.44 4,078.97
Other Advances:
Advances recoverable in cash or in kind or for value to be received 6,419.11 6,492.41
Doubtful advances 204.11 204.11
6,623.22 6,696.52
Less : Provision/ Allowance for doubtful advances (204.11) (204.11)
6,419.11 6,492.41
20,045.72 16,550.80
18. EQUITY SHARE CAPITAL

March 31, 2022 March 31, 2021
Authorised :
45,000,000 Equity Shares of ` 10/- each 4,500.00 4500.00
4,500.00 4,500.00
Issued, Subscribed and paid up :
30,961,500 Equity Shares of ` 10/- each fully paid up 3,096.15 3,096.15
Total Equity share capital 3,096.15 3,096.15
a) Terms/rights attached to equity shares:

The Company has only one class of shares referred to as equity shares having a par value of ` 10/- per share. Each
holder of equity shares is entitled to one vote per 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. The distribution will be in proportion to the number of equity
shares held by the shareholders.


b) Details of shareholders holding more than 5% equity shares in the company
Name of Shareholders As at March 31, 2022 As at March 31, 2021
No. of Shares % of No. of Shares % of
holding holding
Kashipur Holdings Limited 11,808,472 38.14% 11,808,472 38.14%
Executors to the Estate of Late Sajani Devi Bhartia 2,100,249 6.78% 2,100,249 6.78%
c) Reconciliation of the number of shares outstanding at the beginning and at the end of the reporting period
Particulars No. of Shares No. of Shares
As at March 31, 2022 As at March 31, 2021
Shares outstanding as at the beginning of the year 30,961,500 30,961,500
Additions during the year - -
Deletions during the year - -
Shares outstanding as at the end of the year 30,961,500 30,961,500
d) In last 5 years there was no Bonus Issue, buy back and /or issue of shares other than for cash consideration.
e) Detail of shares held by promoters in the Company
Name of Promoter As at As at
March 31, 2022 % Change March 31, 2021 % Change
during the during the
No. of % of total year No. of % of total year
Shares Shares Shares Shares
Kashipur holdings Limited 11,808,472 38.14% - 11,808,472 38.14% 4.70%
Executors to the Estate of Late 2,100,249 6.78% - 2,100,249 6.78% -
Sajani Devi Bhartia
Mayur Barter Pvt. Ltd. - - - - - -4.70%
Uma Shankar Bhartia 448,722 1.45% - 448,722 1.45% -
Jayshree Bhartia 229,003 0.74% - 229,003 0.74% -
Pooja Jhaver 97,592 0.32% - 97,592 0.32% -
Pragya Bhartia Barwale 300 - - 300 - -
Facit Commosales Pvt. Ltd. 1,057,853 3.42% - 1,057,853 3.42% -
JB Commercial Company Pvt. Ltd. 977,915 3.16% - 977,915 3.16% -
J Boseck & Co. Pvt. Ltd. 864,401 2.79% - 864,401 2.79% -
Ajay Commercial Co. Pvt. Ltd. 611,255 1.97% - 611,255 1.97% -
Sukhvarsha Distributors Pvt. Ltd. 361,875 1.17% - 361,875 1.17% -
Supreet Vyapaar Pvt. Ltd. 267,895 0.87% - 267,895 0.87% -
Hindustan Wires Ltd. 65,000 0.21% - 65,000 0.21% -
Lund & Blockley Pvt. Ltd. 500 - 500 - -


18A. Other Equity
(` in Lakhs)
Particulars Reserve & Surplus Other Comprehensive Income
Securities Reserve Molasses General Retained Capital Capital Items of Other Items of Other
Premium for Conti- Reserve Reserve Earnings Reserve Redemption Comprehensive Comprehensive Total
gencies Reserve Income that will Income that will
not be classified be classified to
to profit & loss profit & loss*
Balance As at 3,958.36 200.00 1.89 10,600.44 85,076.87 416.00 0.19 86.86 (50.16) 100,290.45
March 31, 2020
Profit / (Loss ) - - - - 13,160.71 - - - - 13,160.71

for the year
Re- - - - - - - - 294.59 - 294.59

measurement of
the net defined
benefit Plans
Exchange - - - - - - - - 10.41 10.41

differences
on translating
the financial
statement
of foreign
subsidiary
Balance As at 3,958.36 200.00 1.89 10,600.44 98,237.58 416.00 0.19 381.45 (39.75)
March 31, 2021 113,756.16
Profit / (Loss ) - - - - 33,985.10 - - - - 33,985.10

for the year
Re- - - - - - - - (7.26) - (7.26)

measurement of
the net defined
benefit Plans
Dividend Paid - - - - (1,857.69) - - - - (1,857.69)
Adjustment on - - - 1,457.72 - - - - 1,457.72

account of sale
of shares of
Subsidiary
Addition on - - - - 28,800.00 - - - - 28,800.00

account of
Subsidiary to
Joint venture
Exchange - - - - - - - - (40.23) (40.23)

differences
on translating
the financial
statement
of foreign
subsidiary
Balance As at 3,958.36 200.00 1.89 10,600.44 1,60,622.71 416.00 0.19 374.19 (79.98) 1,76,093.80
March 31, 2022
Nature of reserves
Reserve from Contingencies are created in earlier years to meet any contingencies in future and in the nature of free reserve.
General reserve amount transferred/ apportioned represents is in accordance with Indian Corporate law (The Companies Act, 1956) wherein a portion
of profit is apportioned to general reserve, before a company can declare dividend.
Other comprehensive Income Reserve represent the balance in equity for items to be accounted in Other Comprenhensive Income. OCI is classified
into i) Items that will not be reclassified to profit & loss ii) Items that will be reclassified to profit & loss.
Capital reserve was created on reversal of provision for diminution in value of investment.


19. Non-current borrowings
(` in Lakhs)
Non-Current Portion Current Maturities
As at As at As at As at
SECURED LOANS
Rupee Term Loans
- from Banks & NBFCs 32,432.44 36,212.52 12,130.56 11,699.99
- Vehicle Loan & others 189.45 294.86 73.69 61.33
- Foreign Currency Term Loans from Banks 13,060.80 7,939.57 2,572.80 1,428.00
45,682.69 44,446.95 14,777.05 13,189.32
UNSECURED LOANS
10% Cumulative Redeemable Preference Share 490.00 - - -
- of `10/- each
Loan from Body Corporates 7,825.00 6,375.00 - -
8,315.00 6,375.00 - -
Less: Amount disclosed under the head "other
financial liabilities "( Note No. 26) - - 14,777.05 13,189.32
Total Non- Current Borrowings 53,997.69 50,821.95 - -
Note - in respect of security clause & repayment are disclosed in separate respective financial statements of the
company and its subsidaries.
20. Other non-current financial liabilities

(` in Lakhs)
March 31, 2022 March 31, 2021
Security Deposits 3,804.42 4,242.92
3,804.42 4,242.92
21. Provisions
(` in Lakhs)
March 31, 2022 March 31, 2021
457.92 595.00
22. Deferred Tax Liabilities (Net)

(` in Lakhs)
March 31, 2022 March 31, 2021
Deferred Tax Assets :-
Amount covered U/s 43B of Income Tax Act, 1961 214.18 262.13
Provision for doubtful debts / advances 144.64 512.15
Others 101.12 513.84
Gross Deferred tax Assets 459.94 1,288.12
Deferred Tax Liabilities :-
Property, Plant & Equipment 34,229.97 36,952.17
Others 38.55 80.13
Gross Deferred tax Liability 34,268.52 37,032.30
Net Deferred Tax Liability 33,808.58 35,744.18


23. Other non-current liabilities
(` in Lakhs)
March 31, 2022 March 31, 2021
Advance from Customers* 18,602.13 25,870.07
Deferred Income-Govt Grant & Security Deposit 281.79 296.85
18,883.92 26,166.92
* Long term export advance received from customers with supply schedule over period of 8-10 years. Export advance are secured by
Guarantees given by State Bank of India (SBI) to the customers, while other export performance bank guarantee (EPBG) member
banks have given counter guarantee in favour of SBI. Such guarantee are secured by first charge on the fixed assets and second
charge on the current assets of the Company on pari passu basis.
24. Current Borrowings

(` in Lakhs)
March 31, 2022 March 31, 2021
a) Secured Loans
Loans repayable on demand from Banks:
- Working Capital Loans* 27,955.66 41,013.30
Current maturities of long term borrowings (Note No. 19) 14,777.05 13,189.32
Secured borrowings 42,732.71 54,202.62
b) Unsecured Loans
Loan from Others 7,275.50 7,275.50
Unsecured borrowings 7,275.50 7,275.50
50,008.21 61,478.12
* Working Capital Loans from Banks are secured / to be secured by way of hypothecation of book debts and stocks
including in-transit and other specified movable properties and second charge on all immovable properties of the
Company. Buyers Credit facility is secured against non-fund based facility sanctioned to the Company.
25. Trade Payable
(` in Lakhs)
March 31, 2022 March 31, 2021
Payable to Micro Enterprises and Small Enterprises - 1.43
Payable to Others 64,134.18 58,054.84
Disputed dues (MSMEs) 16.61 16.61
Disputed dues (Others) 5.27 5.27
64,156.06 58,078.15

Ageing of Trade payables

Outstanding for the following periods from the due date of payment
year years
(i) MSME - - - - -
(ii) Others 63,382.99 485.90 207.77 57.52 64,134.18
Total 63,382.99 485.90 207.77 79.40 64,156.06
(i) MSME - - - - -
(ii) Others 57,640.61 280.17 104.50 30.99 58,056.27
Total 57,640.61 280.17 104.50 52.87 58,078.15
26. Other current financial liabilities

(` in Lakhs)
March 31, 2022 March 31, 2021
Interest accrued but not due on borrowings 1,888.17 1,264.61
Capital Payables 15,848.74 13,957.50
Retention Money 3,837.56 4,577.86
Expenses payable (Including derivative liabilities) 4,318.01 4,895.97
Investor education & protection fund shall be credited by the following amounts
when due:
(i) Unclaimed Dividends 120.09 101.70
(ii) Unclaimed matured deposits - -
(iii) Unclaimed interest on above (ii) - -
Other Payables 2,242.21 1,718.40
28,254.78 26,516.04
27. Other current liabilities

(` in Lakhs)
March 31, 2022 March 31, 2021
Duties, taxes and other statutory dues 1,298.09 1,572.58
Advance from Customers 27,263.82 24,389.74
Deferred Income Govt Grant & others 45.63 47.93
Provision for State excise duty on closing stock 94.55 94.55
Other Payables 202.88 184.26
28,904.97 26,289.06


28. Current Provisions
(` in Lakhs)
March 31, 2022 March 31, 2021
374.96 324.53
29. Current tax liabilities (Net)

(` in Lakhs)
March 31, 2022 March 31, 2021
Provision for Income Tax 2,523.64 -
2,523.64 -
30. Revenue from Operations

(` in Lakhs)
March 31, 2022 March 31, 2021
a) Sales of Products
Glycols & Others 155,412.65 104,142.89
Power Alcohol (DAE) 915.17 7,363.09
Guar Gum Powder and derivatives 4,693.62 2,331.02
Ethyl Alcohol (Potable) 439,312.85 371,785.05
Industrial Gases 4,569.10 4,114.21
Sale of traded goods
Chemical and oil Products 33,426.27 30,148.76
Nutraceutical 15,277.83 14,754.13
653,607.49 534,639.15
b) Sales of Service 1,030.43 1,227.73

1,030.43 1,227.73
c) Other Operating Revenue
Provision no longer required/ Sundry balances written back 1,217.37 1,684.13
Export Incentive 211.56 862.05
Miscellaneous Income 4,073.95 4,334.10
5,502.88 6,880.28
Total Revenue from operations 660,140.80 542,747.16
.


31. Other Income
(` in Lakhs)
March 31, 2022 March 31, 2021
Interest 2,051.21 614.42
Rent 43.45 38.36
Capital Advance forfeited - 800.00
Profit on sale of Non-Current Investment 14.58 -
Profit on sale of Property, Plant & Equipment 1.45 3.17
Govt Grants 20.21 30.21
Miscellaneous Income 22.90 39.96
2,153.80 1,526.12
32. Cost of Materials Consumed

(` in Lakhs)
March 31, 2022 March 31, 2021
Raw Materials 146,013.27 102,587.53
Packing Material 20,680.23 15,972.13
166,693.50 118,559.66
33. Purchase of Stock-In-Trade

(` in Lakhs)
March 31, 2022 March 31, 2021
Chemical and Oil Products 35,136.68 32,826.86
34. Changes in Inventories of Finished Goods, Work- In-Progress and Stock-in-Trade

(` in Lakhs)
March 31, 2022 March 31, 2021
CLOSING STOCK
Finished Goods 12,391.22 3,599.72
Work-in-Process 8,895.52 7,971.83
21,330.00 11,641.25
OPENING STOCK
Finished Goods 3,599.72 3,336.92
Work-in-Process 7,971.83 6,595.79
11,641.25 10,171.21
Change in inventories of finished goods, work-in-progress and Stock-in-trade (9,688.75) (1,470.04)

35. Employee Benefit Expenses

(` in Lakhs)
March 31, 2022 March 31, 2021
Salaries, Wages, Allowances, etc. 7,605.69 7,366.41

Contribution to Provident and other Funds 775.18 582.22
Employees' Welfare and other Benefits 535.03 384.16
8,915.90 8,332.79
36. Finance Costs

(` in Lakhs)
March 31, 2022 March 31, 2021
Other Interest 3,283.42 3,945.97
Other Borrowing Cost
Financial Charges 1,540.51 1,515.78
7,339.74 8,652.75
Less: Interest Received on temporary deposits 373.84 314.45
6,965.90 8,338.30
a) Forex losses treated as finance cost ` 754.44 lakhs (previous year ` 286.63) as per IND AS23 -Borrowing Costs.
b) Net of ` 2,642.41 Lakhs (previous year `2,038.82) interest capitalised during the year as per IND AS 23- Borrow-
ing Costs.
37. Depreciation and Amortisation Expense

(` in Lakhs)
March 31, 2022 March 31, 2021
Depreciation on Property, Plant & Equipment 7,482.25 7,399.09
Depreciation on Right to use assets 510.97 574.42
Depreciation on Investment Property 13.74 13.74
Amortisation on other intangible assets 21.87 24.59
8,028.83 8,011.84


38. Other Expenses
(` in Lakhs)
March 31, 2022 March 31, 2021
Stores and spares consumed 4,673.65 4,329.09
Power and Fuel 33,208.43 21,393.28
Repairs and Maintenance
- Buildings 504.92 559.65
- Plant and Equipment 2,849.35 2,431.09
- Others 784.89 637.70
Rent 252.51 129.22
Rates and Taxes 1,769.70 1,818.11
Insurance 1,537.47 1,350.36
Directors' sitting Fee 30.40 35.86
Commission to Selling agents 767.87 901.78
Freight forwarding and others (Net of recovery from
customers / provision written back) 8,571.97 6,175.03
Exchange Fluctuation loss/ (gain) (Net)* 1,153.21 1,499.05
Bad debts written off 13,267.32 697.04
Less : Provision for doubtful debts Advance written 13,179.96 87.36 294.72 402.32
back
Loss on Sale / Discard of Property, Plant & Equipment 10.41 8.70
Legal & Professional 1,374.72 2,323.94
Printing & Stationery, Postage, Telephone, security and 1,987.12 2,008.33
other Miscellaneous Expenses
60,253.42 46,650.29
* Net of Forex losses treated as finance cost ` 754.44 Lakhs (Previous Year ` 286.63) as per IND AS 23- Borrowing Costs.
Notes accompanying to the consolidated financial statements for the Year Ended 31.03.2022
39. (A) Contingent Liabilities not Provided For:-
(i) In respect of :-
(` in Lakhs)
S. No Particulars As at As at
March 31, 2022 March 31, 2021
1 Central Excise/ State Excise @ 2001.45 2015.69
2 Customs 971.74 971.74
3 Service Tax 13.80 13.80
4 Sales Tax 69.31 45.61
5 Other matters 494.31 180.79
Total 3,550.61 3,227.63

@ Excluding show cause notice (SCNs), where management is confident that on merits SCNs will be
dropped and also as legally advised possibility of an outflow of fund is remote.
(ii) In respect of subsidiary company (SSAIL), claims against the Company not acknowledged as debts
`117.60 Lakhs (Previous Year: ` 127.33 Lakhs).
(iii) Bills discounted with banks/others ` 1,147.44 Lakhs (Previous Year: ` 660.44 Lakhs).


(iv)
In respect of subsidiary company (SSAIL), Recovery Charges claimed by S.D.M. Behat towards payment of
cane dues ` 66.82 Lakhs (Previous Year ` 66.82 Lakhs) including the interest on cane dues ` 46.89 Lakhs
(Previous Year ` 46.89 Lakhs.
(B) Custom duty saved on import of raw material under Advance License pending fulfillment of export obligation
amounting to ` 1,444.99 Lakhs (Previous Year ` 596.97 Lakhs). The Management is of the view that
considering the past export performance and future prospects there is certainty that pending export obligation
under advance licenses will be fulfilled before expiry of the validity of respective advance licenses, accordingly
and also on “Going Concern Concept” basis there is no need to make any provision for custom duty saved.
(C) Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advances
of `1067.20 Lakhs, Previous Year ` 1218.56 Lakhs) are ` 12576.04 Lakhs (Previous Year ` 8365.16 Lakhs).
40. In the earlier years, the State Government of Uttar Pradesh (UP) had imposed a levy of license fee on transfer of
alcohol from the distillery to the chemical plant. The levy was challenged by the Company in the Hon’ble Supreme
Court and on October 18, 2006 the matter was finally decided by The Hon’ble Supreme Court in favour of the
Company. Accordingly, Company had filed an application for refund of amount paid ` 507.05 Lakhs (Previous
Year ` 507.05 Lakhs) (shown as recoverable under the head Other Current Assets) with State Government of
Uttarakhand, which is still pending for refund of the amount.
41.
In the earlier years, the State Government of Uttarakhand had levied Export Pass Fee on ENA/R.S. export outside
India. The matter is finally disposed of by Hon’ble High Court of Uttarakhand vide its Order dated 9th January,
2012 and has declared the levy of said fee as unsustainable and irrecoverable. Subsequently, on June 8, 2012,
vide Uttarakhand Excise (Amendment) Act, 2012, Uttarakhand Government retrospectively revived old notification
relating to imposition of export fee on ENA and R.S. The Company filed Writ Petition challenging the above said
notification and vide order dated September 12, 2012 the Hon’ble High Court of Uttarakhand had granted stay and
restrained State from imposing export fee. Vide Judgement of Hon’ble High Court has held levy of export fee @ `
2.50 on export of ENA as unjustified and set aside the levy. Till date the State Government has neither challenged
the High Order nor levied export pass fee on export of ENA out of India. A sum of ` 106.15 Lakhs (Previous Year
`106.15 Lakhs) paid under protest is shown as recoverable from State Govt. of Uttarakhand, under the head “Other
Current Assets”.
42. In the previous year, Directorate of Revenue Intelligence (DRI) issued summons to the Company in connection
with investigation in respect to import of Denatured Ethyl Alcohol by importer other than manufacturer of Excisable
Goods and as per DRI, Company was not eligible for lower rate of BCD @ 2.5% under notification no. 50/2017
dated 30.06.2017. The Company has filed Writ Petition before Gujarat High Court that Company is eligible to
avail benefit of concessional rate of 2.5% BCD on import of DEA and for quashing of investigations initiated by
DRI. A sum of ` 750.00 Lakhs (Previous Year ` 750.00 Lakhs) paid under protest is shown as recoverable from
department, under the head “Other Current Assets.
43. a) During the previous year, the Company paid ` 177.69 lakhs as uncharged bank guarantee commission and
`90.88 lakhs as interest on the same against settlement of dispute with the Central Bank of India. Subsequently,
the Central Bank of India has issued ‘no dues certificate’ to the Company vide its letter dated 15.12.2020.
(b) The subsidiary company, IGL Finance Limited, had invested funds for short term in commodity financing
contracts offered by National Spot Exchange Limited (NSEL). NSEL has defaulted in settling the contracts on
due dates. IGL Finance has made a loss allowance of ` 11,719.71 Lakhs based on expected credit loss Policy
and other estimation made by the management and for balance ` 2,333.86 Lakhs, the management and IGLFL
is confident for recovery of dues from NSEL over a period of time and hence shown as good (considering the
arrangement of merger of NSEL with Financial Technologies (India) Limited (FTIL) and other measure which have
so far been taken for and pending before the Govt. and other authorities and current scenario/present state of
affairs). However, during the year, the subsidiary company has written off amount of ` 11,719.71 Lakhs and same
has been adjusted against the provision, which was created in earlier year.
44. Financial risk management objectives and Policies
The Group’s activities are exposed to a variety of financial risks from its operations. The key financial risks include
market risk (including foreign currency risk, interest rate risk and commodity risk etc.), credit risk and liquidity risk.
The Group’s overall risk management policy seeks to minimize potential adverse effects on Group’s financial
performance.
(i)
Market Risk: Market risk is the risk that the fair value of future cash flow of a financial instruments will fluctuate
because of change in market prices. Market risk comprises mainly three types of risk: interest rate, currency
risk and other price risk such as commodity price risk.


(a) Foreign Currency Risk: Foreign Currency risk is the risk that the fair value or future cash flows of an
exposure will fluctuate because of changes in foreign exchange rates. The company has obtained foreign
currency borrowing and has foreign currency trade payable and receivable and is therefore, exposed to
foreign exchange risk.
After taking cognizance of the natural hedge, the company takes appropriate hedge to mitigate its risk
resulting from fluctuation in foreign currency exchange rate(s).
. Foreign Currency sensitivity: : The following tables demonstrate the sensitivity to a reasonable possible
change in Foreign Currency with all other variable held constant. The impact on company’s profit/(loss)
before tax is due to change in the foreign exchange rate for:
(` in Lakhs)
March 31, 2022 March 31, 2021
Change in USD + 1% + 1%
Effect on profit/(loss) before tax (456.37) (155.31)
Change in USD -1% -1%
Effect on profit/(loss) before tax 456.37 155.31
(b)
Interest rate risk:- Interest rate risk is the risk that the fair value of future cash flows of a financial
instrument will fluctuate because of changes in market interest rates. Any change in the interest rates
environment may impact future rates of borrowing. The company mitigates this risk by regularly assessing
the market scenario, finding appropriate financial instruments, interest rate negotiation with the lenders for
ensuring the cost-effective method of financing.
Interest Rate Sensitivity: The following table demonstrates the sensitivity to a reasonable possible
change in interest rate on financial assets affected. With all other variable held constant, the company’s
profit before tax is affected through the impact on finance cost with respect to our borrowing, as follows:
A change in 25 basis points in interest rates would have following impact on profit/(Loss) before tax:
(` in Lakhs)
March 31, 2022 March 31, 2021
Change in basis point +25 +25
Effect on profit before tax (285.70) (335.20)
Change in basis point -25 -25
Effect on profit before tax 285.70 335.20
(c) Commodity Price risk: The Company is affected by the price volatility of certain commodities. Its
operating activities require the purchase of raw material therefore, requires a continuous supply of certain
raw materials. To mitigate the commodity price risk, the Company has an approved supplier base to get
competitive prices for the commodities and to assess the market to manage the cost without any comprise
on quality.
(ii)
Credit Risk:
Credit risk refers to risk that a counter party will default on its contractual obligations resulting in financial loss
to the Company. Credit risk arises primarily from financial assets such as trade receivables, Inter Corporate
deposit, derivative financial instruments, other balances with banks, loans and other receivables. The
Company’s exposure to credit risk is disclosed in Note 7, 8, 11, 14 & 15.
Credit risk arising from investment derivative financial instruments and other balances with banks is limited
and there is no collateral held against these because the counter parties are banks and recognised financial
institutions with high credit ratings.
he Company applies expected credit losses (ECL) model for measurement and recognition of loss allowance
T
on the following:
i. Trade receivables
ii. Financial assets measured at amortized cost (other than trade receivables)


In case of trade receivables, the Company follows a simplified approach wherein an amount equal to lifetime
ECL is measured and recognized as loss allowance.
The ageing of the trade receivables are given below:
(` in Lakhs)
Particulars Due Ageing Total
Less than 6 1-2 years 2-3 years More
6 Months Months than 3
- 1 Year years
As at 31st March, 2022
Risk
in Credit Risk
Net Total 37,474.17 537.88 403.02 567.98 885.06 39,868.11
st
As at 31 March, 2021
Risk
in Credit Risk
Net Total 33,920.14 465.51 583.36 382.35 820.32 36,171.68
CL impairment loss allowance (or reversal) recognized during the period is recognized as income/ expense
E
in the Statement of Profit and Loss under the head ‘Other expenses. The balance sheet presentation for
financial instruments is described below:
Financial assets measured as at amortised cost: ECL is presented as an allowance, i.e., as an integral part of
the measurement of those assets in the balance sheet. The allowance reduces the net carrying amount. Until


the asset meets write-off criteria, the company does not reduce impairment allowance from the gross carrying
amount.
(iii) Liquidity Risk: Liquidity risk is the risk, where the company will encounter difficulty in meeting the obligations
associated with its financial liabilities that are settled by delivering cash or another financial asset. The company’s
approach to ensure, as far as possible, that it will have sufficient liquidity to meet its liabilities when due.
The table below summarizes the maturity profile of company’s financial liabilities based on contractual
undiscounted payments:-
(` in Lakhs)
Interest 1,04,005.90 35,231.16 14,777.05 16,325.96 37,671.73 1,04,005.90
bearing
borrowings
Other 32,708.66 - 28,904.24 3,804.42 - 32,708.66
Liabilities
Trade Payable 64,156.06 - 64,156.06 - - 64,156.06
Total 2,00,870.62 35,231.16 1,07,837.35 20,130.38 37,671.73 2,00,870.62
Interest 1,12,300.07 48,288.80 13,189.32 15,795.23 35,026.72 1,12,300.07
bearing
borrowings
Other 32,136.46 - 27,166.40 4,970.06 - 32,136.46
Liabilities
Trade Payable 58,078.15 - 58,078.15 - - 58,078.15
Total 2,02,514.68 48,288.80 98,433.87 20,765.29 35,026.72 2,02,514.68

45. In respect of subsidiary company (SSAIL): -
(i) The Subsidiary Company has not carried out physical verification of fixed assets during the year.
(ii) T
he Management of the said subsidiary is in process of assessment of item wise details of depreciation on
fixed assets and in the opinion of the management there will not be material impact on final assessment.
46.
Corporate social responsibility (CSR) (` in Lakhs)

Amount required to be spent by 176.40 135.39
the company during the year
Amount spent during the year 237.01 156.66
Shortfall at the end of the year NIL NIL
Total of previous years shortfall NIL NIL
Reason for shortfall NA NA
Nature of CSR Activities Sanitation and safe Sanitation and safe drinking water,
drinking water, healthcare, heallthcare, Promoting educa-
Promoting education, Conservation tion, Restoration of buildings and
of natural resources. sites of historical importance, conser-
vation of natural resources.
Details of Related party NIL NIL
transactions


47. Details of Loan given during the year covered under Section 186(4) of the Companies Act, 2013: Nil
48. In respect of subsidiary SSAIL, the Company has been incurring cash losses due to which its net worth has
been completely eroded and its current liabilities are far in excess of its current assets. However, the company
continues to evaluate and explore options in consultation with expert(s) and stakeholders for restructuring/revival/
disinvestment, hence the management of the Company considers it appropriate to prepare the Financial Statements
on going concern basis despite the negative net worth on the balance sheet date.
49. Capital risk management
The Company’s policy is to maintain an adequate capital base so as to maintain creditor and market confidence
and to sustain future development. Capital includes issued capital, share premium and all other equity reserves
attributable to equity holders. The primary objective of the Company’s capital management is to maintain an optimal
structure so as to maximize the shareholder’s value. In order to strengthen the capital base, the company may use
appropriate means to enhance or reduce capital, as the case may be.

The Company is not subject to any external imposed capital requirement. The company monitors capital using a
gearing ratio, which is net debt divided by total capital plus net debt. Net Debt is calculated as borrowings less cash
and cash equivalents.
(` in Lakhs)
March 31, 2022 March 31, 2021
Borrowings 1,04,005.90 1,12,300.07
Less: Cash and Cash equivalents 704.74 339.11
Net debt 1,03,301.16 1,11,960.96
Equity Share Capital 3,096.15 3,096.15
Other Equity 1,76,093.80 1,13,756.16
Total Capital 1,79,189.95 1,16,852.31
Capital and net debt 2,82,491.11 2,28,813.27
Gearing ratio 36.57% 48.93%
50. Derivative financial instruments

Commodity and Foreign Exchange Derivatives and exposures.
(a)
Outstanding at the year- end as follows
Nature of Instruments 2021-22 2021-22 2020-21 2020-21

Amount Amount Amount Amount
(FC in millions) (` in Lakhs) (FC in millions) (` in Lakhs)
Forward Contracts - USD -- -- -- --
Foreign currency options -USD 42.06 31,878.33 58.97 43,110.02
Open foreign exchange

exposures:
Packing Credit Net of Export 1.43 1,085.14 7.43 5,432.13
debtors - USD
Loans - USD -- -- -- --
Payable - USD 61.64 46,721.90 -- --
(b)
The Company has derivative instruments for hedging possible losses and exchange fluctuation losses. During
the year company has incurred net off loss of ` 96.28 Lakhs (previous year ` 1417.89 Lakhs - Gain) out of
which gain of ` 153.19 Lakhs (previous year gain of ` 318.37 Lakhs) relating to provision for mark to market
gain/loss on account of outstanding financial transactions as on 31st March 2022.


51. Fair valuation techniques
The Company maintains policies and procedures to value financial assets or financial liabilities using the best and
most relevant data available. The fair values of the financial assets and liabilities are included at the amount 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.
(` in Lakhs)
Particular As at March 31, 2022 As at March 31, 2021
Carrying Fair Value Carrying Fair Value

amount Amount
(i) Financial Assets
(a) At Amortized Cost
Trade Receivable 39,868.11 39,868.11 36,171.68 36,171.68
Others 42,790.75 42,790.75 22,298.91 22,298.91
Total (a) + (b) 82,658.86 82,658.86 58,470.59 58,470.59
(ii) Financial Liabilities
(a) At Fair value through Profit & Loss
- Forward contract & Options (153.19) (153.19) (318.37) (318.37)
(b) At Amortized Cost
- Borrowing 1,04,005.90 1,04,005.90 1,12,300.07 1,12,300.07
- Trade payable 64,156.06 64,156.06 58,078.15 58,078.15
- Others 32,708.66 32,708.66 32136.46 32136.46
Total (a) + (b) 200,717.43 200,717.43 2,02,196.31 2,02,196.31
The following methods and assumptions were used to estimate the fair values:
1) F
air value of cash and deposits, trade receivables, trade payables, and other current financial assets and
liabilities approximate their carrying amounts largely due to the short-term maturities of these instruments.
2) F
air value of borrowings from banks and other non-current financial liabilities, are estimated by discounting
future cash flows using rates currently available for debt on similar terms and remaining maturities.
3) O
ther non-current receivables are evaluated by the Company, based on parameters such as interest rates,
individual creditworthiness of the counterparty etc. Based on this evaluation, allowances are taken to account
for the expected losses of these receivables.
4) T
he fair values of derivatives are calculated using the RBI reference rate as on the reporting date as well as
other variable parameters.
Fair Value hierarchy
All financial assets and liabilities for which fair value is measured in the financial statements are categorised within
the fair value hierarchy, described as follows: -
Level 1 - Quoted prices in active markets.
Level 2 - Inputs other than quoted prices included within Level 1 that are observable, either directly or indirectly.
Level 3 - Inputs that are not based on observable market data.
The following table presents the fair value measurement hierarchy of financial assets and liabilities, which have
been measured subsequent to initial recognition at fair value as at 31st March, 2022 and 31st March 2021:


(` in Lakhs)
(Accounted)
Financial assets - -
Derivatives -Forward contracts & Options 153.19
Financial liabilities - -
(` in Lakhs)
(Accounted)
Financial assets - - -
Derivatives- Forward contracts & Options 318.37
Financial liabilities - - -
During the year ended March 31, 2022 and March 31, 2021, there were no transfers between Level 1 and Level 2

fair value measurements, and no transfer into and out of Level 3 fair value measurements. There is no transaction
/ balance under level 3.
In accordance with the Indian Accounting Standard (IND AS-36) on “Impairment of Assets” issued by the Institute
52.
of Chartered Accountants of India, in view of the management with respect to subsidiary SSAIL, no impairment
loss on its fixed assets (Property, Plant and Equipment other than land).
53. Earnings per share (EPS)
I. Continuing Operation (` in Lakhs)

March 31, 2022 March 31, 2021
Net profit/ (loss) for the year attributable to equity shareholders (` in Lakhs) 32,958.45 10,920.17
Basic and diluted earnings per share (face value of ` 10 each) (`) 106.45 35.27
II. Discontinuing Operation (` in Lakhs)

March 31, 2022 March 31, 2021
III. Continuing & Discontinuing Operation (` in Lakhs)

March 31, 2022 March 31, 2021
54. Related Parties Disclosure (As identified by the management):

A. Key Management Personnel
- U. S. Bhartia (Chairman and Managing Director)
- Pragya Bhartia Barwale (Executive Director)
- Sudhir Agarwal (Executive Director)


- Jayshree Bhartia (Non – Executive Director)
- Pradip Kumar Khaitan (Independent Director)
- Jitender Balakrishnan (Independent Director)
- Ravi jhunjhunwala (Independent Director)
- Jagmohan N. Kejriwal (Independent Director)
- Sajeve Bhushan Deora (Independent Director)
- Shukla Wassan (Independent Director)
- Rakesh Bhartia (Chief Executive Officer)-[Till 16.06.2020(Close of Business hours)]
- Rupak Sarswat (Chief Executive Officer)
- Anand Singhal (Chief Financial Officer)
- Ankur Jain (Company Secretary)
B. Relatives of Key Management Personnel
- Executors to the estate of Late Sajani devi Bhartia
- Shirish Barwale
- Pooja Bhartia
- Vedant Jhaver
- Anand Singhal (HUF)
- Smita Bhartia [Till 16.06.2020]
C. Enterprises over which Key Management Personnel have significant influence:
- Ajay Commercial Co. (P) Ltd.
- J. B. Commercial Co. (P) Ltd.
- Kashipur Holdings Limited
- Polylink Polymers (India) Ltd.
- Hindustan Wires Limited
- Supreet Vyapaar (P) Ltd.
- Facit Commosales (P) Ltd.
- J. Boseck & Co. (P) Ltd.
- IGL Infrastructure Private Limited. (IGL Infra)
- Khaitan & Company
- Khaitan & company LLP
- Lund & Blockley Pvt. Ltd
- Sukhvarsha Distributors Pvt. Ltd
D. Joint venture enterprises
- Kashipur Infrastructure and Freight Terminal Private Limited (KIFTPL)
- Clariant IGL Specialty Chemicals Private Limited (Formerly IGL Green Chemicals Private Limited)-
w.e.f. 30th June, 2021 from the time of allotment of equity shares to JV Partner.
E. Trust under company control
- India Glycols Limited Employees Group Gratuity Trust Scheme


(` in Lakhs)
Related Party Significant Joint venture Key Managerial Relative of KMP
Influence Person
Transaction Summary 2022 2021 2022 2021 2022 2021 2022 2021
Purchase of Material - - 490.95 - - - - -
Purchase of Services 3.60 - 322.66 358.54 - - - -
Sale of Material 2,301.34 1,724.64 33,179.94 0.64 - - - -
Legal & Professional Fee 279.19 112.34 - - - - - -
Directors sitting Fees - - - - 30.40 33.00 - -
Sale of Service - - 425.12 - - - - -
Dividend Paid 960.91 - - - 40.68 - 131.87 -
Interest Income - - 1,428.77 - - - - -
Commission Paid - - - - 740.00 340.60 - -
Reimbursement of Expenses made 3.11 32.29 - - - - - -
Reimbursement of Expenses Received 10.17 9.28 36.19 69.08 - - - -
ICD Received 3,700.00 2,010.00 - - - - - -
ICD Paid Back 2,875.00 1,335.00 - - - - - -
Interest Expense 351.81 348.86 - - - - - -
Security Given 320.00 - - - - - - -
Rent & maintenance Paid 1,028.18 1,019.01 3.85 - 24.00 24.00 - -
Vehicle Lease Rent - - - - - - 9.00 12.00

Salary Paid - - - - 405.85 353.52 - 6.35
Managerial Remuneration - - - - 725.74 689.36 - -
Rental Income - - 35.50 - - - - -
Security Deposit taken - - 18.95 - - - - -
Security Deposit recd. Back - - 16.50 - - - - -
Balance Outstanding
Payable
ICD Payable (including Accrued Interest) 4,172.63 3,276.44 - - - - - -

Outstanding Payables 2.53 14.57 135.44 4.43 56.74 1.70 0.74 0.74
Security Deposit - - 2.45 - - - - -
Receivable(Unsecured)
ICD (including accrued interest) - - - - - - - -
Security Deposit Receivables 1,383.85 1,063.85 - - 500.00 500.00 - -
Outstanding Receivable 125.09 160.89 3207.36 13.39 50.26 4.16 - 0.32
Sale Consideration Receivable - - 19,106.00 - - - - -
Interest Receivale - - 859.77 - - - - -


(ii) (a) Remuneration/Salary paid to KMP
(` in Lakhs)
March 31, 2022 March 31, 2021
Short-term employee benefits # 1,033.23 955.67
Post-employment benefits
- Defined contribution plan $ 98.36 87.21
- Other long-term benefits * - -
Total 1,131.59 1,042.88
# Including value of perquisites.
* As the liability for gratuity and leave encashment are provided on actuarial basis for the Company as a whole, amounts
accrued pertaining to key managerial personnel are not included above.
$ Employer Contribution of Provident Fund
(b) Detail of remuneration to KMP: -

a) Chairman & Managing Director – ` 552.37 Lakhs (Previous Year ` 545.98 Lakhs)
b) Chairman & Managing Director (Commission) - ` 500.00 Lakhs (Previous Year ` 246.00 Lakhs)
c) Executive Director – ` 114.74 Lakhs (Previous Year ` 88.28 Lakhs)
d) Executive Director – (Commission) - ` 240.00 Lakhs (Previous Year ` 94.60 Lakhs)
e) Executive Director – ` 58.63 Lakhs (Previous Year ` 55.09 Lakhs)
f) Chief Executive Officer – ` Nil Lakhs (Previous Year ` 87.04 Lakhs) upto 16th June 2020
g) Chief Executive Officer – ` 280.35 Lakhs (Previous Year ` 161.72 Lakhs)
h) Chief Financial Officer – ` 64.94 Lakhs (Previous Year` 65.69 Lakhs)
i) Company Secretary – ` 60.56 Lakhs (Previous Year ` 39.07 Lakhs)

(iii) Detail of transaction India Glycols Limited Employees Group Gratuity Trust Scheme
(` in Lakhs)
March 31, 2022 March 31, 2021
Contribution NIL 468.43

Outstanding at the Year End (434.27) (131.12)
(iv) Disclosure in respect of Material Related Party transactions during the year:
a) Purchases of Services are from:
• Polylink Polymers (India) Ltd ` 3.60 Lakhs (Previous Year ` 30.78 Lakhs)
b) Sales of Material are to:
• Hindustan Wires Limited. ` 2,153.01 Lakhs (Previous Year ` 1,558.15 Lakhs).
c) Legal & Professional fees:
• Khaitan & Co. LLP ` 243.19 Lakhs (Previous Year ` 71.28 Lakhs).
• Khaitan & Co ` Nil Lakhs (Previous Year ` 5.06 Lakhs).
d) Inter Corporate Deposit (ICD) Received includes :
• J Boseck & Co. (P) Ltd ` Nil Lakhs (Previous Year ` 485.00 Lakhs)
e) Inter Corporate Deposit (ICD) Paid back includes :
• J Boseck & Co. (P) Ltd ` 850 Lakhs (Previous Year ` 335.00 Lakhs)


f) Interest Expense includes from :
• J Boseck & Co. (P) Ltd ` 74.19 Lakhs (Previous Year ` 106.46 Lakhs)
• Kashipur Holdings Ltd ` 100.14 Lakhs (Previous Year ` 91.74 Lakhs)
g) Interest Income includes from:
• Clariant IGL Specialty Chemicals Private Limited ` 1428.77 Lakhs (net of discount)
(Previous Year ` Nil Lakh)
h) Reimbursement of expense made:
• Hindustan Wires Limited ` 3.11 Lakhs (Previous Year ` 1.51 Lakhs)
i) Reimbursement of expense Received:
j) Rent & Maintenance Paid to:
• Polylink Polymers (India) Ltd. ` 3.00 Lakhs (Previous Year ` 12.00 Lakhs)
• Kashipur Holding Limited ` 5.69 Lakhs (Previous Year ` 11.06 Lakhs)
• Ajay Commercial Co (P) Ltd ` 6.25 Lakhs (Previous Year ` 2.34 Lakhs)
• J.B. Commercial Co (P) Ltd ` 6.25 Lakhs (Previous Year ` 2.34 Lakhs)
• U.S Bhartia ` 24.00 Lakhs (Previous Year ` 24.00 Lakhs)
k) Vehicle Lease Paid to:
• Anand Singhal HUF ` 9.00 Lakhs (Previous Year ` 9.00 Lakhs )
• Smita Bhartia ` Nil Lakhs (Previous Year ` 3.00 Lakhs)
l) Purchase of Material:
m) Sale of Services:
• Clariant IGL Specialty Chemicals Private Limited ` 425.12 Lakhs (Previous Year ` Nil Lakh)
n) Security Given:
• Ajay Commercial Co (P) Ltd ` 160 Lakhs (Previous Year ` Nil Lakhs)
• J.B. Commercial Co (P) Ltd ` 160 Lakhs (Previous Year ` Nil Lakhs)
o) Rental Income:
p) Security Deposit taken:
q) Security Deposit paid back:
Balance Outstanding
a) ICD Payable (including Accrued Interest):
• Kashipur Holdings Ltd. ` 1,813.32 Lakhs (Previous Year ` 801.26 Lakhs)
• Hindustan Wires Ltd. ` 2,300 (Previous Year ` 1,625.18 Lakhs)
• J Boseck & Co. (P) Ltd. ` 59.31 Lakhs (Previous Year ` 850.00 Lakhs)
b) Others Payable includes:
• Hindustan Wires ` 0.27 Lakhs (Previous Year ` Nil)
• Khaitan & Co. LLP ` 2.25 (Previous Year ` Nil)
• Polylink Polymers (India) Ltd ` Nil Lakhs (Previous Year ` 11.73 Lakhs)
• Khaitan & Co. ` Nil Lakhs (Previous Year ` 2.83 Lakhs)
• Rupark Sarswat ` 55.60 Lakhs (Previous Year ` Nil)
• Sudhir Agarwal ` 0.05 Lakhs (Previous Year ` 0.26 Lakhs)
• Anand Singhal ` Nil Lakhs (Previous Year ` 1.22 Lakhs)
• Anand Singhal HUF ` 0.74 Lakhs (Previous Year ` 0.74 Lakhs)
• Ankur Jain ` 1.09 Lakhs (Previous Year ` 0.45 Lakhs)
c) Security Deposit recoverable:


• IGL Infrastructure (P) Limited ` 583.85 Lakhs (Previous Year ` 583.5 Lakhs)
• US Bhartia ` 500.00 Lakhs (Previous Year ` 500.00 Lakhs)
d) Security Deposit Payable
e) Outstanding Receivable includes:
• Hindustan Wires ` 0.04 Lakhs (Previous Year ` 4.11 Lakhs)
• Kashipur Holdings Ltd. ` 1.36 Lakhs (Previous Year ` NIl Lakhs)
f) Deferred Sale Consideration receivable
g) Interest Receivable
55. Dividend on Equity Share
Proposed Dividend on equity share not recognized as liability (` in Lakhs)

March 31, 2022 March 31, 2021
Dividend proposed for Equity shareholders of ` 7.5 per share (Previous 2,322.11 1,857.69
Year 2020-21 - ` 6 per share)
Above is subject to approval of the shareholders in the Annual General Meeting.

56. (a) In compliance with Ind AS 112 on Disclosure of Interests in Other Entities, following disclosures are made in
respect of jointly controlled entity - Kashipur Infrastructure and Freight Terminal Private Limited and Clariant
IGL Specialty Chemicals Private Limited (CISCPL), in which the Company is a joint venturer:
(` in Lakhs)
KIFTPL CISCPL
Country of Incorporation India India
Percentage of Share in Joint Venture 42.31% 42.31% 49% -
Current Assets 256.11 269.94 21,741.17 -
Non- Current Assets 3,832.85 4,039.79 38,690.63 -
Current Liabilities 770.69 711.56 9,137.72 -
Non- Current Liabilities 451.56 891.12 20,555.62 -
Revenue 1,165.63 856.78 43,707.87 -
Profit/(Loss) for the period 159.23 71.89 1,929.07 -
Total Comprehensive Income 159.66 72.46 1,938.43 -
57. Segment Information
Disclosures as required by Indian Accounting Standard (Ind AS) 108 Operating Segments
Identifications of Segments:
Segments have been identified in line with Indian Accounting Standard on ‘Operating Segments’ (Ind AS -108),
taking into account the organizational structure as well as the differential risk and returns of this segment and as
per the quantitative criteria specified under IND AS. The Company has identified the following segments.
Operating Segments:
Bio-based Specialities and Performance Chemicals Segment comprises Glycols, Specialty Chemicals, Natural
Gum & other related goods etc.
Potable Spirits Segment comprises manufacture and sale of Ethyl Alcohol (Potable).
Ennature Biopharma comprises manufacture and sale of Nutraceutical Products.

Information about Operating Segments (Continuing operations) for the year ended 31-3-2022 & 31-3-2021 is as follows:- (` in Lakhs)
Particulars Bio-based Speciali- Potable Spirits Ennature Unallocable Total
ties and Performance Biopharma
Chemicals
31.03.2022 31.03.2021 31.03.2022 31.03.2021 31.03.2022 31.03.2021 31.03.2022 31.03.2021 31.03.2022 31.03.2021
A REVENUE
1 Gross Segment Revenue 202,599.30 153,188.04 441,925.85 374,499.31 15,615.65 15,059.81 - - 660,140.80 542,747.16
(External Customers)
Inter- Segment - - - - - - - - - -
Total 202,599.30 153,188.04 441,925.85 374,499.31 15,615.65 15,059.81 - - 660,140.80 542,747.16
2 Other Income 2,153.80 1,526.12 2,153.80 1,526.12
B RESULTS
1 Segment Result (PBIT) 12,070.27 6,622.55 8,967.06 15,361.06 3,945.76 5,138.14 (5,338.27) (6,807.58) 19,644.82 20,314.17
2 Share of Profit/(Loss) of - - - - - - - - 2,088.31 71.89
Joint Venture
3 Interest Expense (Net) - - - - - - - - 6,965.90 8,338.30
4 Exceptional Items - - - - - - - - 22,133.86 -
5 Tax Expenses - - - - - - - - 3,942.64 1,127.59
6 Profit after Tax - - - - - - - - 32,958.45 10,920.17
C Other information:
1 Segment Assets 291,670.85 271,558.31 62,313.21 52,998.68 37,944.51 31,744.34 71,138.27 17,353.84 463,066.84 373,655.17
2 Segment Liablities 94,374.01 102,734.75 43,973.29 34,416.20 5,890.79 3,328.20 141,586.52 151,155.22 285,824.61 291,634.37
3 Depreciation and 6,428.19 6,444.93 359.28 328.27 459.09 399.87 782.27 838.77 8,028.83 8,011.84
Amortization expenses
4 Capital Expenditure 30,767.00 10,657.06 2,658.00 1,666.49 6,234.85 2,843.12 - - 39,659.85 15,166.67
Since 1989, there has been a huge shift in industry scenario, products, market dynamics, drivers, technologies as well as the demand of the company’s products. The company has therefore evolved quite significantly,
expanding into a wide range of synergistic portfolios building on the company’s capabilities and responding to the market needs. Considering the same and to represent all its segment in the current context, the company is
changing the names of all the segments from Industrial Chemicals, Ethyl Alcohol (Potable) & Nutraceutical to Bio-based Specialities and Performance Chemicals, Potable Spirits & Ennature Biopharma respectively.
Information about geographical areas: (` in Lakhs)

Particulars Domestic Overseas Total
31.03.2022 31.03.2021 31.03.2022 31.03.2021 31.03.2022 31.03.2021

Gross Segment Revenue (External Customers) 595,645.66 484,541.96 64,495.14 58,205.20 660,140.80 542,747.16
Overseas Country- wise sales:
USA 5,207.52 9,102.30
Other Countries 59,287.62 49,102.90
Total 64,495.14 58,205.20
All non- current assets of the Company are located in India.
There is no transaction with single external customer which amounts to 10% or more of the Company's revenue.
For Discontinuing Operations - Refer Note -59.


58. Income Tax
During the previous year, the Company decided to exercise the option available under section 115BAA of the
Income Tax Act, 1961 as introduced by the Taxation Laws (Amendment) Ordinance, 2019 for A.Y. 2020-21
onwards and recognised the tax provision for the year ended 31st March, 2021 basis the rates prescribed in that
section. The tax expense for the year ended 31st March, 2021 include one time net - non cash adjustment on
account of re-measurement of deferred tax assets/ liabilities and write off MAT credit entitlement.
(A) Amounts recognized in Statement of Profit and Loss
(` in Lakhs)

Tax Expense:
Discontinued Operations 345.29 2,277.85
Total 4,287.93 3,405.44
Tax Expense:
- Current Tax 6,221.09 1,427.90
- Current Tax for earlier years - (1,713.99)
- Deferred tax Charged / (Credit) (1,933.16) (95.18)
- Deferred tax Charged / (Credit) relating to changes in tax rates - (12,211.41)
- Minimum Alternate Tax Credit entitlement - -
- Minimum Alternate Tax Credit Written off - 15,998.12
Total 4,287.93 3,405.44
(B) Income Tax recognised in other comprehensive Income (` in Lakhs)

Current Income Tax on Re-measurement losses on defined benefit 2.44 (99.09)
plans
Total 2.44 (99.09)
(C) Reconciliation of deferred tax liabilities, net (` in Lakhs)

Enacted income tax rate in India applicable to the Company 25.17% 25.17%
Profit Before Tax
Continuing Operations 34,812.78 11,975.87
Discontinued Operations 1,371.94 4,518.39
Total PBT 36,184.72 16,494.26
At Statutory Income Tax Rate 9,106.98 4,151.28
Current Tax for earlier years - (1,713.99)
Deferred tax Charged / (Credit) relating to changes in tax rates - (12,211.41)
Minimum Alternate Tax Credit Written off - (15,998.12)
Related to sale of non-current investment (LTCL) (1,417.06) -
Relating to slump sale of BioEO business (414.35) -
Related to Property, Plant & Equipment (109.98) (97.12)
Deferred tax Related to house property (3.28) (2.90)
Others (22.41) (142.54)
Deferred Tax Charge/(Credit) not recognized in subsidiary companies (2,851.97) (2,576.00)
Income Tax expense/(income) reported in Statement of P&L Account 4,287.93 3,405.44


(D) Reconciliation of deferred tax liabilities (net) (` in Lakhs)
March 31, 2022 March 31, 2021
Opening Balance 35,744.18 31,953.57
Deferred Tax expense recognised in :-
Statement of profit & loss (1,933.16) (12,306.60)
Other comprehensive income (2.44) 99.09
MAT Credit Entitlement - 15,998.12
Closing balance 33,808.58 35,744.18
he subsidiary Companies have been incurring taxable losses and deferred tax assets (net) amounting to
T
` 2,139.21 Lakhs (Previous Year `1,746.01 Lakhs) has not been recognized based on prudence by the
subsidiary companies.
59. Discontinued Operations
The Board of Directors of the Company at their meeting held on 24th June, 2020 had considered and approved
transfer of Company’s BioEO (Speciality Chemicals) Business to a wholly-owned subsidiary, which was further
approved by the members of the Company at their Annual General Meeting held on 24th September, 2020. Further,
in pursuance to the approval of the Board at their meeting held on 11th March, 2021, the Company had entered
into a Business transfer agreement with IGL Green Chemical Private Limited (later on name changed to Clariant
IGL Green Chemical Private Limited), a wholly owned subsidiary for transfer of Company’s BioEO (Speciality
Chemicals) Business to IGCPL and in the same meeting , the Board of Directors of the Company had also approved
entering into a joint venture with IGCPL and Clariant International Ltd., in connection with, inter alia, investment by
Clariant in IGCPL and issuance of subscription shares by IGCPL to Clariant, which will result in IGCPL becoming
a 51:49 joint venture, in which 51% stake will be held by Clariant and the remaining 49% stake will be held by the
Company. The members of the Company had also approved the same by way of a Special Resolution through
Postal Ballot effective 25th April, 2021.
Further, pursuant to the terms of the JVA and the approvals of the members granted on 25 April 2021, and upon
fulfilment of conditions precedent as identified under the JVA, on 30 June 2021 , Clariant has invested ` 58774
Lakhs in the IGCPL, and the IGCPL has allotted and issued 11,240 equity shares (having a face value of ` 10/-
each) @ ` 5,22,905 per share (which includes a premium of ` 5,22,895 per share) to Clariant International Ltd.,
such that the IGCPL has become a 51 :49 Joint Venture company, in which 51% stake has been held by Clariant
International Ltd. and the remaining 49% stake held by the company along with its wholly owned subsidiary.
The Company has transferred ‘BioEo (Speciality Chemicals) Business’ (specified assets and liabilities including
dedicated employees, contracts, licenses, permits, consents, approvalsand other legal documents relating to the
said business) to IGL Green Chemicals Private Limited (later on name changed to Clariant IGL Specialty Chemicals
Private Limited), a wholly owned subsidiary (in accordance with the term of the BTA) with effect from 30th June
2021 as a going concern for a lump sum consideration of ` 64,954.82 Lakhs by way of slump sale and recognized
gain of ` 22,133.87 Lakhs (net of BTA expenses) on slump sale of said business, which has been disclosed as
exceptional items in financial statements. Details of slump sale is as under.
(` In Lakhs)
Particular Amount
Sale consideration 64,954.82
Less:
Assets transferred (net of liabilities) 40,821.85
BTA Expenses 1,999.10
Profit on slump sale of BioEO Business 22,133.87

The aforesaid transaction meets the criteria prescribed in Ind AS 105 " Non-current Assets Held for Sale and
Discontinued Operations" to be considered as discontinued operation, hence 'BioEO (Speciality Chemicals)
Business' has been disclosed as discontinued operations in Standalone financial statements. Details of income/
expenses, Assets/liabilities and net cash flow of discontinuing operations are as under:


(` In Lakhs)
Revenue/Expenses Upto 30.06.2021 31.03.2021 (12
(3 Months) Months)
Revenue from operations 21,407.13 66,807.32
Total Expenses 20,035.19 62,288.93
Tax Expense 345.29 2,277.85
Profit after tax 1,026.65 2,240.54
The major classes of assets and liabilities (` In Lakhs)

Particulars 31.3.2022 31.03.2021
Assets
Property, Plant and Equipment - 15,537.42
Capital work-in-progress - 705.57
Inventories - 6,141.37
Trade receivables - 15,884.54
Total Assets - 38,268.90
Liabilities
Trade payables - 3,357.34
Others - 80.05
Total Liabilities - 3,437.39

Net cash flows attributable to the operating, investing and financing activities of discontinued
operations:
Particulars 31.03.2022 31.03.2021
Operating Activities 2,461.52 5,607.00
Investing Activities (1,667.76) (1,780.26)
Financing Activities (793.93) (3,826.74)
60. Additional Information as required under schedule III of the Companies Act,2013, of the enterprises consolidated
as subsidiary & Joint Ventures for the Year 2021-22
(` in Lakhs)
Sl. Name of the entity Net Assets (i.e., total Share in profit or Other Comprehensive Total Comprehensive
No assets minus total (loss) Income Income
liabilities)
As % of Amount As % of Amount As % of Amount As % of Amount
consolidated consolidated consolidated consolidated
net assets profit or loss profit or loss profit or loss
A Parent
India Glycols Limited 85.29% 1,51,176.04 83.98% 28,539.09 15.35% (7.26) 84.07% 28,531.83
B Subsidiaries
(a) Indian
1 Shakumbari Sugar & Allied (2.24%) (3,977.15) 1.60% 544.70 - - 1.61% 544.70
Industries Limited (SSAIL)
2 IGL Finance Limited 0.15% 269.44 0.00% (0.46) - - 0.00% (0.46)
3 Ennature Bio Pharma Private 0.00% 0.63 0.00% (0.37) - - 0.00% (0.37)
Limited
4 IGL Chemicals and Services 0.00% 0.48 0.00% (0.52) - - 0.00% (0.52)
Private Limited


(b) Foreign
1 IGL Chem International PTE (0.12%) (220.10) 0.65% 221.61 34.49% (16.38) 0.60% 205.23
LTD
2 IGL Chem International USA (0.09%) (152.57) (0.32%) (109.56) 10.34% (4.91) (0.34%) (114.47)
LLC
(C ) Minority Interest (1.10%) (1,947.72) - - - - - -
(D) Joint Venture (as per Equity
Consolidation Method)
(a) Indian
Kashipur Infrastructure and 1.62% 2,866.71 0.47% 159.23 (0.91%) 0.43 0.47% 159.66
Freight Terminal Private
Limited (KIFTPL)
Clariant IGL Specialty Chemi- 17.34% 30,738.46 5.68% 1,929.07 (19.69%) 9.35 5.71% 1,938.43
cals Private Limited (CISCPL)
Eliminations (0.85%) (1,511.99) 7.95% 2,702.31 60.41% (28.69) 7.88% 2,673.61
TOTAL 100% 1,77,242.23 100% 33,985.10 100% (47.49) 100% 33,937.61
61. Event Occurring After Balance Sheet Date

The Board of Directors has recommended Equity dividend of ` 7.5 per share (previous year ` 6 per share) for the
financial year 2021-22.
62. Financial Ratio Analysis**
Ratio Numerator Denominator 2021-22 2020-21
Current ratio (in times) Total current assets Current liabilities = Total 1.00 0.95
borrowings
Debt-Equity ratio (in Total debts Total equity 0.58 0.96
times)*
Debt service coverage Earning for Debt Ser- Debt service = Interest 2.76 2.17
ratio (in times)* vice = Net Profit after on term loan + Term loan
taxes + Depreciation + Principal repayments
Other non-cash
adjustments
Return on equity ratio (in Net Profit after tax for Average total equity 23% 12%
%)* the year
Inventory Turnover ratio Net Turnover (exclude Average Inventory 4.52 4.41
(in times) excise duty)
Trade receivables turn- Net Turnover (exclude Average trade receivables 6.71 5.48
over ratio (in times) excise duty)
Trade payables turnover Net credit purchases Average trade payables 3.48 2.89
ratio (in times)
Net capital turnover ratio Net Turnover (exclude Average working capital 492.40 (33.91)
(in times)^ excise duty) (i.e. Total current assets
less current liabilities)
(Current liabilities = Total
borrowings)
Net profit ratio (in %)* Net Profit after tax for Net Turnover (exclude 11% 4%
the year excise duty)
Return on capital Profit before tax and Capital employed = Net 15% 11%
employed (in %)* finance costs worth + Total Debts +
Deferred tax liabilities
Return on investment Income generated from Average invested funds in NA NA
(in %) invested funds treasury investments


*The variation in Return on equity/capital employed/Net profit ratio/DSCR/Debt Equity ratio as at March 31, 2022
as compared to March 31, 2021 is primarily due to Profit on slump sale of BioEO Business.
^ The variation in Net capital turnover ratio as at March 31, 2022 as compared to March 31, 2021 is primarily due
to increase of current assets and decrease of short term borrowing.
**Financial numbers of discontinued operation have also been considered for the purpose of calculation of financial
ratio.
63. Other Statutory Information:
a. The Group does not have any Benami property, where any proceeding has been initiated or pending against
the Group for holding any Benami property.
b. There are no transactions and / or balance outstanding with companies struck off under section 248 of the
Companies Act, 2013.
c. The Group does not have any charges or satisfaction which is yet to be registered with ROC beyond the
statutory period.
d. The Group has not traded or invested in Crypto currency or Virtual Currency during the financial year.
e. The Group has not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign
entities (Intermediaries) with the understanding that the Intermediary shall:
behalf of the Group (Ultimate Beneficiaries) or
ii) provided any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries
f. The Group has not received any fund from any person(s) or entity(ies), including foreign entities (Funding
Party) with the understanding (whether recorded in writing or otherwise) that the Group shall:
behalf of the Funding Party (Ultimate Beneficiaries) or
ii) provided any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries
g. The Group does not have any transactions which are not recorded in the books of accounts that have been
surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961
(such as, search or survey or any other relevant provisions of the Income Tax Act, 1961)
h. The Group does not have any investments through more than two layers of investment companies as per
section 2(87) (d) and section 186 of Companies Act, 2013.
i. The Title deeds of the immovable properties (other than properties where the Group is the lessee and the lease
agreements are duly executed in favour of the lessee) are held in the name of the Group.
j. The Group has sanctioned facilities from banks on the basis of security of current assets. The periodic returns
filed by the Group with such banks are in agreement with the books of accounts of the Group.
k. The Group has adhered to debt repayment and interest service obligations on time. Wilful defaulter related
disclosures required as per Additional Regulatory Information of Schedule III (revised) to the Companies Act,
is not applicable.
l. Term loans availed by the Group were, applied by the Group during the year for the purposes for which the
loans were obtained.
64. The figures of the previous period/year have been restated/regrouped wherever necessary, to make them
comparable.

Chartered Accountants Chairman and Managing Director
Executive Director

Partner Chief Financial Officer
Chief Executive Officer


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\~y) ISO 9001

INDIA GLYCOLS LIMITED ISO 14001; ISO 45001 ;

121h August, 2022

The Manager (Listing) The Manager (Listing)

Scrip Code: 500201 Symbol: INDIAGL YCO

• Management Discussion & Analysis Report 33

• Report on Corporate Governance 43

• Business Responsibility Report 61

• Independent Auditors’ Report 69

• Statement of Profit & Loss 77

• Cash Flow Statement 79

• Notes to Standalone Financial Statements 80

• Independent Consolidated Auditors’ Report 125

• Consolidated Balance Sheet 130

• Consolidated Statement of Profit & Loss 131

• Consolidated Cash Flow Statement 133

• Notes to Consolidated Financial Statements 134

U. S. Bhartia Jayshree Bhartia

Pragya Bhartia Barwale Pradip Kumar Khaitan

Jitender Balakrishnan Ravi Jhunjhunwala

Jagmohan N. Kejriwal Sajeve Bhushan Deora

Rupark Sarswat Anand Singhal

Prof. Dr. R. K. Khandal Sanjeev Gurwara

S. K. Shukla Akshay Bansal

Ankur Jain Shrinivas Dusi

Atul Govil B. P. Singhal

Stakeholders’ Relationship Committee

Chief Executive Officer

38th Annual Report 2021-22 | 1

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Login type Helpdesk details c) For Members EVEN Number followed by

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securities. Accordingly, Members are requested to Institute of Chartered Accountants of India.

12 | 38th Annual Report 2021-22

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Annexure A (Substantial Acquisition of Shares and Takeovers)

24 | 38th Annual Report 2021-22

For Mukesh Agarwal & Co.

Place : Delhi Mukesh Kumar Agarwal