TRL Krosaki Refractories AR 2021

TRL
Sixty-second Annual Report 2020 - 21
Contents
Board of Directors .....................................................................................................................2
Notice ......................................................................................................................................3
Highlights ..................................................................................................................................8
Directors' Report .......................................................................................................................9
Management Discussion and Analysis ..................................................................................26
Corporate Governance Report ...............................................................................................28
Standalone Financial Statement
Independent Auditors' Report ................................................................................................36
Annexure to the Auditors' Report ...........................................................................................39
Balance Sheet ........................................................................................................................44
Statement of Profit & Loss .....................................................................................................45
Cash Flow Statement .............................................................................................................47
Accounting Policies ................................................................................................................58
Consolidated Financial Statement
Independent Auditors' Report on Consolidated Financial Statements ...................................81
Consolidated Balance Sheet...................................................................................................86
Consolidated Profit & Loss .....................................................................................................87
Consolidated Cash Flow ........................................................................................................89
Consolidated Accounting Policies .........................................................................................100

TRL Sixty-second Annual Report 2020 - 21
Board of Directors
(As on 28th July, 2021)
Mr. H. M. Nerurkar Chairman
Mr. P. B. Panda Managing Director
Mr. Sudhansu Pathak
Ms. Shuang Zhu
Mr. Hisatake Okumara
Mr. Sachihiko Asaya
Mr. Jumpei Konishi
Mr. Anirban Dasgupta
Mr. Pradeep Vasudeo Bhide Independent Director
Mr. Raghupathy Ranganath Rao Independent Director
Senior Executives
Mr. S. Sengupta Executive Vice President (Sales, Marketing & Customer Care)
Mr. H. Sehgal Executive Vice President (Operations)
Mr. M. V. Rao Sr. Vice President (Finance) & CFO
Mr. Sambit Mishra Company Secretary
Registered Office Belpahar- 768218

Dist: Jharsuguda (Odisha)
Phone No.: 06645-258417
Fax: 06645-250254
Principal Bankers State Bank of India

Central Bank of India
HDFC Bank Limited
Mizuho Bank Limited
Auditors BSR & Co LLP

Chartered Accountants
Kolkata
Secretarial Auditors Ashok Mishra & Associates

Company Secretaries
Bhubaneswar
Cost Auditors M/s JUP & Associates

Cost Accountants
Kolkata
2
TRL
NOTICE
Notice is hereby given that the Sixty-second Annual General Meeting of the members of TRL Krosaki Refractories Limited will
be held on Wednesday, 29th September 2021, at 12:00 Noon IST through Video Conference ("VC") / Other Audio-Visual
Means ('OAVM"), to transact the following business:
ORDINARY BUSINESS:
Item No. 1 - Adoption of Audited Standalone Financial Statements
To receive, consider and adopt the Audited Standalone Financial Statements of the Company for the Financial Year ended
31st March 2021 and the Reports of the Board of Directors and the Auditors thereon; and
Item No. 2 - Adoption of Audited Consolidated Financial Statements
To receive, consider and adopt the Audited Consolidated Financial Statements of the Company for the Financial Year ended
31st March 2021 and the Report of the Auditors thereon.
Item No. 3 - Declaration of Dividend
To declare dividend of ` 6.40 per equity share of ` 10 each for the Financial Year 2020-21.
Item No. 4 - Appointment of a Director
To appoint a director in place of Mr. Hisatake Okumura (DIN: 05130777), who retires by rotation in terms of section 152(6) of
the Companies Act, 2013 and, being eligible, seeks re-appointment.
Item No. 5 - Appointment of a Director
To appoint a director in place of Mr. H. M.Nerurkar (DIN: 00265887), who retires by rotation in terms of section 152(6) of the
Companies Act,2013 and, being eligible, seeks re-appointment.
SPECIAL BUSINESS:
Item No. 6 - Appointment of Mr. Sachihiko Asaya as Director
To consider and if thought fit, to pass with or without modification(s), the following Resolution as an Ordinary Resolution:
"RESOLVED THAT Mr. Sachihiko Asaya (DIN: 09043344) who was appointed as an Additional Director of the Company by
the Board of Directors with effect from 16th March 2021 and who holds office up to the date of Annual General Meeting in
terms of Section 161(1) of the Companies Act, 2013 (the Act) and Article 97 of the Articles of Association of the Company and
who is eligible for re-appointment and in respect of whom the Nomination and Remuneration Committee of the Board of
Directors has recommended his appointment to the office of Director under the provision of Section 160 of the Companies
Act, 2013, be and is hereby appointed as a Director of the Company".
Item No. 7- Appointment of Mr. Jumpei Konishi as Director
To consider and if thought fit, to pass with or without modification(s), the following Resolution as an Ordinary Resolution:
"RESOLVED THAT Mr. Jumpei Konishi (DIN: 09152493) who was appointed as an Additional Director of the Company by the
Board of Directors with effect from 27th April 2021 and who holds office up to the date of Annual General Meeting in terms of
Section 161(1) of the Companies Act, 2013 (the Act) and Article 97 of the Articles of Association of the Company and who is
eligible for re-appointment and in respect of whom the Nomination and Remuneration Committee of the Board of Directors
has recommended his appointment to the office of Director under the provision of Section 160 of the Companies Act, 2013, be
and is hereby appointed as a Director of the Company".
Item No.8- Ratification of Remuneration of Cost Auditors
To consider and if thought fit, to pass with or without modification(s), the following Resolutions as Ordinary Resolutions:
"RESOLVED THAT pursuant to the provisions of Section 148 and other applicable provisions, if any, of the Companies Act,
2013 read with the Companies (Audit and Auditors) Rules, 2014, including any amendment, modification or variation thereof,
the Company hereby ratifies the remuneration of ` 1,25,000.00 plus out-of-pocket expenses incurred in connection with the
audit payable to M/s. JUP & Associates, Cost Accountants (Firm Registration Number - 000435) who have been appointed by
the Board of Directors at its meeting held on 28th July, 2020 as the Cost Auditors of the Company, to conduct the audit of the
cost records of the Company as prescribed under the Companies (Cost Records and Audit) Rules 2014, for the Financial Year
ending March 31, 2021.
RESOLVED FURTHER THAT the Board of Directors (which term includes a duly constituted Committee of the Board of
Directors) be and is hereby authorized to do all such acts, deeds, matters and things as may be considered necessary,
desirable and expedient for giving effect to this Resolution and / or otherwise considered by them to be in the best interest of
the Company."
3
NOTES:
(a) Considering the continuation of Covid-19 pandemic, the Ministry of Corporate Affairs ("MCA") has vide its circular dated
January 13, 2021 read together with circulars dated April 8, 2020, April 13, 2020 & May 5, 2020 (collectively referred to
as "MCA Circulars") permitted convening the Annual General Meeting ("AGM" / "Meeting") through Video Conference
("VC") or Other Audio Visual Means ("OAVM"), without the physical presence of the members at a common venue. In
accordance with the MCA Circulars and applicable provisions of the Companies Act, 2013 ('the Act'), the AGM of the
Company is being held through VC / OAVM. The deemed venue for the AGM shall be the Registered Office of the
Company.
(b) As per provisions of Clause 3.B.IV of the General Circular No.20/2020 dated May 5, 2020, issued by MCA, the matters of
Special Business as appearing at item no 6 to 8 of this notice are considered to be unavoidable by the Board and hence
forming part of this notice.
(c) The Explanatory Statement, pursuant to Section 102(1) of the Companies Act,2013, as amended ('Act') relating to
Special Business mentioned through item nos. 6 to 8 forms part of this Notice. A brief profile of the Director(s) who are
being proposed to be appointed/re-appointed as required pursuant to the Secretarial Standards is annexed hereto.
(d) Pursuant to provisions of this Act, a member entitled to attend and vote at the meeting is entitled to appoint a proxy to
attend and vote instead of himself and the proxy need not be a member of the Company. Since this AGM is being held
through VC / OAVM pursuant to the MCA Circulars, physical attendance of members has been dispensed with.
Accordingly, the facility for appointment of proxies by the members will not be available for the AGM and hence the Proxy
Form and Attendance Slip are not annexed to this Notice.
(e) Corporate members intending to send their authorised representatives to attend the meeting pursuant to section 113 of
the Companies Act, 2013 are requested to send a certified copy of the Board Resolution to the Company, authorising
their representative to attend and vote on their behalf at the meeting.
(f) Since the AGM will be held through VC/ OAVM, the route map of the venue of the Meeting is not annexed hereto.
(g) Members attending the AGM through VC/OAVM shall be counted for the purpose of reckoning the quorum under section
103 of the Act.
(h) In case of joint holders attending the Meeting, only such joint holders who are higher in the order of the names will be
entitled to vote.
(i) The Register of Members and Share Transfer Books will remain closed on 29th September, 2021.
(j) If dividend on equity shares as recommended by the Board of Directors is approved at the meeting, payment of such
dividend will be made on and from October 3, 2021 as under:
l In respect of Equity Shares held in physical form, to all those members whose name appear in the Company's
Register of Members as on Wednesday, September 29,2021 after giving effect to valid requests for transmission or
transposition lodged with the Company on or before the end of business hours on Tuesday, September 28, 2021.
l In respect of Equity Shares held in electronic form, to all beneficial owners of shares as at the end of business hours
on Tuesday, September 28, 2021, as per details furnished by the Depositories for this purpose.
Payment of dividend shall be made through electronic mode to the Shareholders who have updated their bank
account details. Dividend warrants / demand drafts will be despatched to the registered address of the
shareholders who have not updated their bank account details.
Shareholders are requested to register / update their complete bank details:
(a) with their Depository Participant(s) with whom they maintain their demat accounts if shares are held in
dematerialised mode by submitting the requisite documents, and
(b) with the Company by emailing at sambit.mishra@trlkrosaki.com, if shares are held in physical mode, by
submitting
(i) scanned copy of the signed request letter which shall contain shareholder's name, folio number, bank
details (Bank account number, Bank and Branch Name and address, IFSC, MICR details),
(ii) self-attested copy of the PAN card and (iii) cancelled cheque leaf
(k) Pursuant to Finance Act, 2020, dividend income will be taxable in the hands of shareholders w.e.f 1st April,2020 and the
Company is required to deduct tax at source from dividend paid to shareholders at the prescribed rates. The
shareholders are requested to update their Residential Status, PAN, Category as per IT Act with the Company (in case
shares held in physical mode) and depositories (in case shares held in demat mode).
(l) A Resident individual shareholder with PAN and who is not liable to pay income tax can submit a yearly declaration in
Form No. 15G/15H, to avail the benefit of non-deduction of tax at source by email to sambit.mishra@trlkrosaki.com by
11:59 p.m. (IST) on 28th September 2021. Shareholders are requested to note that in case their PAN is not registered,
the tax will be deducted at a higher rate of 20%.
Non-resident shareholders can avail beneficial rates under tax treaty between India and their country of residence,
subject to providing necessary documents i.e. No Permanent Establishment and Beneficial Ownership Declaration, Tax
Residency Certificate, Form 10F, any other document which may be required to avail the tax treaty benefits by sending
an email to sambit.mishra@trlkrosaki.com. The aforesaid declarations and documents need to be submitted by the
shareholders by 11:59 p.m. (IST) on 28th September 2021.
4
TRL
(m) During Financial Year 2018-19, the Ministry of Corporate Affairs ('MCA') vide Rule 9A of Companies (Prospectus and
Allotment of Securities) Rules, 2014, mandated for every Unlisted Public Company that existing shareholders of the
Company who holds securities in physical mode and intend to transfer their securities on or after 2nd October 2018 can
do so only in dematerialized form. Therefore, shareholders holding shares in physical form are requested to consider
converting their shareholding to dematerialized form to eliminate all risk associated with physical shares for ease of
portfolio management as well as for ease of transfer, if required. Shareholders can contact the Company or Depository
for assisting in this regard.
(n) TRL Krosaki Refractories Limited has lodged its entire shareholding with NSDL facilitating shareholders to
dematerialize their individual holdings. The ISIN No. of TRL Krosaki Refractories Limited is INE 012L01014.
Shareholders wishing to dematerialize their shares may contact their Depository Participant through which they are
operating Demat Account or contact Company for further details.
(o) Members are requested to note that, dividends if not encashed for a consecutive period of 7 years from the date of
transfer to Unpaid Dividend Account of the Company, are liable to be transferred to the Investor Education and
Protection Fund ("IEPF"). The shares in respect of such unclaimed dividends are also liable to be transferred to the
demat account of the IEPF Authority. In view of this, Members are requested to claim their dividends from the Company,
within the stipulated timeline. The Members, whose unclaimed dividends/shares have been transferred to IEPF, may
claim the same by making an online application to the IEPF Authority in web Form No. IEPF-5 available on
www.iepf.gov.in.
(p) A detailed know your Shareholder (KYS) form is annexed with the Annual Report. Members are requested to provide
updated details as per the form attached and send it to the registered address of the Company or scan and mail the same
to sambit.mishra@trlkrosaki.com.
(q) For receiving all communication (including Annual Report) from the Company electronically, members who have not yet
registered their email address are requested to register the same with their Depository Participants (DP) in case the
shares are held in electronic form or in case the shares are held in physical form may follow the instruction as mentioned
in point no (p).
(r) Pursuant to Section 72 of the Companies Act, 2013 read with Rules framed thereunder, shareholders are entitled to
make nomination in respect of shares held by them. Shareholders holding shares in physical form and desirous of
making nomination(s) are requested to send their nomination(s) in the prescribed Form No. SH-13 duly filled in to the
Company at its registered office. Further, shareholders holding shares in electronic form are requested to contact their
respective Depository Participant, with whom they are maintaining their demat account, for availing this facility.
(s) During the AGM, members may access copy of the Notice along with statutory registers (specifically Register of
Directors and Key Managerial Personnel and their shareholding maintained under Section 170 of the Act and the
Register of Contracts or Arrangements in which the directors are interested, maintained under Section 189 of the Act),
Annual Report and other related documents on the Company's website at https://www.trlkrosaki.com/.
(t) Shareholders desiring any information as regards the Accounts are requested to write to the Company at
sambit.mishra@trlkrosaki.com at least seven days before the meeting so as to enable the management to keep the
information ready at the meeting.
(u) The helpline number regarding any query/assistance for participation in AGM through VC/OAVM is 06645-258417.
(v) Instructions for attending the AGM through VC/OAVM are as follows:
l Members will be able to attend the AGM through VC/OAVM through MS Teams/Cisco VC with Webex, which is a
two-way video conferencing facility. The link for the meeting will be provided to the members to their registered mail
id.
l On clicking on the link, you will be prompted either:
i. to open the MS Teams App/Cisco Webex App if already downloaded, or
ii. the link to download the MS Teams App/Cisco Webex App or
iii. continue to use the web version of MS Teams/Cisco Webex
l After clicking the appropriate option, you will be redirected to the meeting itself.
l Click on the 'Join Meeting' as shown on the monitor
l Facility of joining the AGM through VC/OAVM shall open 15 minutes before and after the time scheduled for the
AGM and will be available for Members on first come first served basis.
(w) To support the 'Green Initiative' the Members who have not registered their e-mail addresses are requested to register
the same with the Depository/Company.
By Order of the Board of Directors
Sd/-
Date : July 28, 2021 Sambit Mishra
Place : Belpahar Company Secretary
Registered Office :
Po: Belpahar, Dist. Jharsuguda, Odisha, Pin: 768218
CIN: U26921OR1958PLC000349
Website: www.trlkrosaki.com
5
Statement pursuant to Section 102(1) of the Companies Act, 2013 (“Act”)

The following Statement set out all material facts relating to Item Nos. 6 to 8 mentioned in the accompanying Notice.
Item No. 6
On recommendation of the Nomination and Remuneration Committee, the Board appointed Mr. Sachihiko Asaya as Additional Director of the
Company with effect from 16th March, 2021. As per Section 161(1) of the Act and Article 97 of the Company's Article of Association,
Mr. Sachihiko Asaya hold office as director only till the date of the forthcoming Annual General Meeting, but is eligible for re-appointment. As
per Section 160 of the Companies Act, 2013, Nomination & Remuneration Committee of the Board of Directors of Company has
recommended the appointment of Mr. Sachihiko Asaya to the office of director liable to retire by rotation.
Mr. Sachihiko Asaya,54, is a Bachelor of Liberal Arts (International Relations) from Tokyo University, Japan, in the year 1990. Mr. Asaya has
around 30 years of experience in the areas of Accounting, Finance & Corporate Planning.
The Board considers that Mr. Sachihiko Asaya's continued association would be of immense benefit to the Company, and it is desirable to
continue to avail the services of Mr. Sachihiko Asaya as Director.
None of the Directors and Key Managerial Personnel of the Company or their respective relatives, except Mr. Sachihiko Asaya, to whom the
resolution relate, are concerned or interested in the resolution mentioned at Item No. 6 of the Notice.
The Board recommends the resolution set forth in Item No.6 for the approval of the members.
Item No. 7
On recommendation of the Nomination and Remuneration Committee, the Board appointed Mr. Jumpei Konishi as Additional Director of the
Company with effect from 27th April, 2021. As per section 161(1) of the Act and Article 97 of the Company's Article of Association, Mr.Jumpei
Konishi hold office as director only till the date of the forthcoming Annual General Meeting, but is eligible for re-appointment. As per section
160 of the Companies Act, 2013, Nomination & Remuneration Committee of the Board of Directors of Company has recommended the
appointment of Mr.Jumpei Konishi to the office of director liable to retire by rotation.
Mr. Jumpei Konishi, 58, is a Master of Metallurgy from Kyoto University in 1988 and Master of Applied Science from University of British
Columbia in 1996. Mr. Konishi has around 32 years of experience in the areas of Steel making, technical management & strategic
engineering.
The Board considers that Mr. Jumpei Konishi's continued association would be of immense benefit to the Company, and it is desirable to
continue to avail the services of Mr. Jumpei Konishi as Director.
None of the Directors and Key Managerial Personnel of the Company or their respective relatives, except Mr. Jumpei Konishi, to whom the
resolutions relate, are concerned or interested in the resolution mentioned at Item No. 7 of the Notice.
The Board recommends the resolution set forth in Item No.7 for the approval of the members.
Item No. 8
The Company is required under Section 148 of the Act read with the Companies (Cost Records and Audit) Rules, 2014, as amended from
time to time ("Cost Audit Rules"), to have the audit of its cost records for products covered under the Cost Audit Rules conducted by a Cost
Accountant in Practice. The Board of Directors of the Company has on the recommendation of the Audit Committee, approved the
appointment and remuneration of M/s. JUP & Associates, Cost Accountants (Firm's Registration Number 000435) as the Cost Auditor for
Financial Year 2020-21. In accordance with the provisions of Section 148(3) of the Act read with Rule 14 of the Companies (Audit and
Auditors) Rules, 2014, the remuneration payable to the Cost Auditors as recommended by the Audit Committee and approved by the Board
of Directors has to be ratified by the Members of the Company. Accordingly, the consent of the Members is sought for passing an Ordinary
Resolution as set out at Item No. 8 of the Notice for ratification of the remuneration payable to the Cost Auditors for the Financial Year ending
March 31, 2021.
None of the Director(s) and Key Managerial Personnel of the Company or their respective relatives are concerned or interested in the
Resolution mentioned at Item No. 8 of the Notice
By Order of the Board of Directors

Sd/-
Sambit Mishra
Date : July 28, 2021 Company Secretary
Place : Belpahar
Registered Office :
Po: Belpahar, Dist. Jharsuguda, Odisha, Pin: 768218
CIN: U26921OR1958PLC000349
Website: www.trlkrosaki.com
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Annexure to the Notice
Details of the Directors seeking appointment/re-appointment in the forthcoming Annual General Meeting
Name of Director Mr. H. M. Nerurkar Mr. Hisatake Okumura

(DIN: 00265887) (DIN: 05130777)
Date of Birth 20.10.1948 22.11.1962
Date of Appointment 27.08.2011 01.04.2018
Expertise in specific Functional Areas Metallurgy Technical Service & Plant Management
Qualifications B.Tech (Metallurgy) Bachelor of Science
Directorship held in other public

companies (excluding Foreign
Companies) 7 NIL
Membership/ Chairmanship of
Committees of other Public Companies
(includes only Audit Committees and
Stakeholder Relationship Committee) 8 NIL
Shareholding in the Company NIL NIL
Name of Director Mr. Sachihiko Asaya Mr. Jumpei Konishi

(DIN: 09043344) (DIN: 09152493)
Date of Birth 10.05.1967 09.04.1963
Date of Appointment 16.03.2021 27.04.2021
Expertise in specific Functional Areas Accounting, Finance & Steel Making & Technical Management
Corporate Planning
Qualifications Bachelor of Liberal Arts Master of Metallurgy,

Master of Applied Science
Directorship held in other public

companies (excluding Foreign
Companies) NIL NIL
Membership/ Chairmanship of
Committees of other Public Companies
(includes only Audit Committees and
Stakeholder Relationship Committee) NIL NIL
Shareholding in the Company NIL NIL
7
Highlights
( ` Crores)
2020-21 2019-20 2018-19 2017-18 2016-17
Turn Over 1,429.73 1,653.76 1,594.29 1,194.90 1,090.66
Profit Before Interest, Depreciation & Taxes 90.62 174.76 177.54 106.79 101.76
Depreciation 28.94 26.83 31.86 20.51 18.17
Profit before Taxes 57.14 131.38 129.96 72.46 63.15
Profit After Taxes 44.48 100.69 84.72 47.03 45.79
Shareholders' Funds 497.57 485.95 418.33 353.00 322.99
Borrowings 209.25 233.17 219.01 162.63 215.38
Dividends 13.38 30.31 30.74 16.63 15.85
Shareholders' Funds- per Share (Rs.) 238 233 200 169 155
Dividend - (%) 64 145 122 66 63
Employee - Numbers 1427 1458 1435 1332 1291
8
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DIRECTORS' REPORT
To
The Members,
The Board of Directors hereby presents the 62nd Annual Report along with the Audited Statement of Account for
the year ended 31st March 2021.
Financial Results (` Crores)
Standalone Consolidated
2020-21 2019-20 2020-21 2019-20
Gross Revenue 1429.73 1653.76 1427.67 1653.76
Less Total Expenses 1339.11 1479.00 1339.11 1479.00
Profit before finance cost, depreciation, Taxes and other

comprehensive income 90.62 174.76 88.56 174.76
Less Finance Cost 12.42 16.55 12.42 16.55
Less Depreciation 28.94 26.83 28.94 26.83
Add share of profit of Associates — — (8.54) 4.18
Exceptional Item 7.88 — 7.88 —
Profit before taxes 57.14 131.38 46.54 135.56
Less provision for Current taxation 10.82 33.62 10.82 33.62
Less provision for Deferred taxation 1.84 (2.93) 0.01 (3.43)
Profit after Taxes 44.48 100.69 35.71 105.37
Other comprehensive income (3.18) (2.03) (3.18) (2.03)
Total comprehensive income 41.30 98.66 32.53 103.34
Add Balance brought forward from earlier year 246.12 178.20 261.32 188.72
Balance: 287.42 276.86 293.85 292.06
Less
(I) Dividend Paid for the previous year 30.31 25.50 30.31 25.50
(ii) Tax on Dividend — 5.24 — 5.24
Total 30.31 30.74 30.31 30.74
Balance carried forward 257.11 246.12 263.54 261.32
9
Dividend again from new variants of the virus, renewed lock downs,
Your Directors are pleased to recommend a dividend of ` 6.40 logistics problems for vaccine distribution etc. are going to
per share, i.e. 64% for the year ended 31st March, 2021, for dampen the hopes and aspirations related to vaccination
approval by the shareholders at the forthcoming Annual benefits. Much needs to be done on the health and economic
General Meeting. policy fronts to restrict the continuous damage from the severe
contraction of 2020 and to ensure a sustained recovery. It is
Transfer to Reserves expected that with growing vaccine availability, improved
The Board of Directors has decided to retain the entire amount therapies, testing, and tracing, local transmission of the virus
of profit in the profit and loss account. is expected to be brought to low levels by the end of 2022.
Support through additional fiscal policy and sizable fiscal
Economic Environment support announced for 2021 by some countries, including
The COVID-19 pandemic has led to a severe global most recently the United States and Japan, will help to lift
recession. The Contraction of global economy due to this economic activities among advanced economies. However,
Pandemic in 2020 was very sudden and deep compared to fiscal deficits in most countries are projected to decline in 2021
previous global crises. The impact is different across sectors, as revenues rise and expenditures decline automatically with
countries, and the recovery is highly uncertain. Similarly, the the recovery. In view of this typical features of the crises, its
response to the pandemic to improve health care systems, severity and high uncertainty make the assessment of the
disaster relief including economic packages announced by economic outlook challenging.
many countries was also unprecedented. Pandemic's As per IMF report in January 2021, it is estimated that the
continued uncertainty about the duration of health crisis is global growth contraction for 2020 is -3.5% which is 0.9%
affecting all aspects of recovery. It is estimated that the higher than earlier projection. The contraction in Advanced
pandemic has reversed the progress made in poverty Economies was -4.9% and in Emerging market and
reduction during the past two decades and around 90 million Developing countries it was - 2.4%. It is expected that in the
people are likely to fall below the extreme poverty threshold medium term, the output losses from the pandemic are
during 2020-21. substantial and the output for the world in 2024 would be about
Multiple vaccine approvals and the launch of vaccination in 3% lower than anticipated pre-pandemic estimates. It is
some countries in December have raised hopes of an expected that emerging market and developing economies
eventual end to the pandemic. However, surging infections are expected to suffer more than advanced economies.
TURNOVER PROFIT BEFORE INTEREST,

(` in Crores) DEPRECIATION, AMORTISATION
1700
OF EXPENSES AND TAXES
1650
(` in Crores)
200
1600
190
1550
180
1500
1450 170
1400 160
1350 150
1300 140
1250 130
1200
120
1150
110
1100
100
1050
1000 90
950 80
900 70
850 60
800
50
750
40
700
650 30
600 20
550 10
500 0
16-17 17-18 18-19 19-20 20-21 16-17 17-18 18-19 19-20 20-21
10
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Third quarter GDP outturns mostly surprised on the upside in and tourism-based economies within the EMDC group face
Australia, Euro area, India, Japan, Korea, New Zealand, difficult prospects considering the slow normalization of cross-
Turkey, United States. The significant upward revision was for border travel and the subdued outlook for oil prices.
India with a 2.7% increase. Reflecting the global recovery, oil In India, the Government consumption is estimated to rise by
prices are expected to rise in 2021 just over 20% from the low 5.8% due to increased expenditure as part of pandemic relief
base for 2020. Commodity prices are also expected to packages. Consumption indicators indicate demand recovery
increase with those of metals, in particular, projected to in Q3, including FMCG and Auto sales, and GST collection.
accelerate strongly in 2021. The inflation in advanced Sectors like Health, Pharma, Technology and Telecom have
economies is projected to remain generally below central shown growth potential during the pandemic and are likely to
bank targets at 1.5% and in emerging market and developing witness increased investment and robust growth in the future
economies it is projected just over 4% which is lower than the too. Further, companies are investing in improving their supply
historical average of the group. chains and distribution networks to overcome supply
Economic Outlook challenges and risks that came to light with the COVID-19
disruption. As per IMF, Indian economy is expected to grow at
As per International Monetary Fund (IMF), the global
11.5% in 2021 and 6.8% in 2022. The significant increase in
economy, after an estimated 3.5% contraction in 2020, is
spend allocation, 35% higher than previous year, announced
projected to grow by 5.5% in 2021 and 4.2% in 2022. The
in the Union Budget 2021-22 for infrastructure may see more
estimate by IMF for 2021 is revised upwards by 0.3%,
projects being rolled out.
reflecting additional policy support in a few large economies.
The upward revision is particularly large for the advanced Performance
economy group, mostly in the United States and Japan due to The Company had been continuously improving its overall
additional fiscal support and expectations of faster and business performance with respect to revenue and profit from
widespread vaccine availability compared to the emerging 2016-17 to 2019-20 and was poised for continuing the
market and developing economy group. Consistent with improving trend in 2020-21 also. However, the outbreak of
recovery in global activity, global trade volumes are expected COVID-19 pandemic forced the Company to revise its
to grow about 8% in 2021 and 6% in 2022. Services are business plan commensurate with the overall market situation
expected to recover more slowly than merchandise volumes, and customers' plans. Although the operations of its main
consistent with subdued cross-border tourism and business plant at Belpahar was not affected, the demand from
travel until transmission declines everywhere. customers has significantly reduced due to stoppage of
Emerging market and developing economies (EMDC) are customers' plants during the peak period of pandemic.
also projected to trace diverging recovery paths. Oil exporters On standalone basis the gross production during the year
was 2,10,194 MT against 2,29,053 MT of previous year; a
NET WORTH AND BORROWINGS GROSS AND NET ASSETS

(` in Crores) (` in Crores)
500.00 900
480.00 850
460.00
440.00 800
420.00 750
400.00
700
380.00
360.00 650
340.00 600
320.00
300.00 550
280.00 500
260.00
450
240.00
220.00 400
200.00
350
180.00
160.00 300
140.00 250
120.00
200
100.00
80.00 150
60.00
100
40.00
20.00 50
0.00 0
16-17 17-18 18-19 19-20 20-21 16-17 17-18 18-19 19-20 20-21
NET WORTH GROSS ASSETS

BORROWINGS NET ASSETS
11
decrease of 8%. The sales volume improved in the second demand. Taking the increased capacity into consideration, the
half of the year and the sales volume for the year was 2,82,155 capacity utilization of THC products reached to 92% in
MT as against 2,75,599 MT in 2019-20; an increase of 2%. December 2020 and Dolomite Burnt products reached to
The revenue of the Company has decreased from Rs. 1654 100% in March 2021. The Company manufactures all types of
Crores in 2019-20 to Rs. 1430 Crores in the current year; a refractory products except Alumina Graphite (AG) refractories
decrease of 14%. Although the volume has increased, Profit used in steel making process. To further strengthen its
Before exceptional items and tax has decreased from Rs. 131 capability in steel making process, the Company is putting up
Crores 2019-20 to Rs. 49 Crores in the current year; a a green field Alumina Graphite (AG) refractories
decrease of 63%. This is mainly due to change in product mix manufacturing facility with the technology support from
and lower selling prices. Total comprehensive income for the Krosaki Harima Corporation, Japan. The new facility is
year was Rs. 42 Crores against Rs. 98 Crores in 2019-20; a expected to commence commercial production by end of
decrease of 57%. Although the revenue from domestic sales 2021.
has picked up in Q4 of the current year, the revenue from The Company's multi-pronged growth strategy has helped to
export sales is yet to reach to pre-covid levels. serve in a better way to its customers in this difficult time of
Credit Ratings COVID-19. To drive growth, the Company has taken initiative
of Focused Customers and Focused Product and this has
ICRA has assigned [ICRA] AA (pronounced ICRA Double A)
helped the customers in ensuring continuity of supply in spite
rating to Fund Based Working Capital Facilities and A1+
of restrictions on movement of goods across the country to
(pronounced A one plus) rating to non-fund based Working
contain the spread of COVID-19. The Company is driving its
Capital Limit & Short Term Fund Based Working Capital Limit
growth by continuing its service and increasing the
of the Company.
performance of its focused products. The performance of
Business Strategy Dolomite bricks has improved in many steel plants and the
The demand for Steel in India is continuously increasing and it Company is able to retain its share of business of 70%.
is expected that India will be one of the few countries with good Similarly, the volume of Dolomite bricks sales in international
demand for steel in the medium term. In line with the increase business has increased by 46% in the current year over
in demand for steel, refractories demand will also increase. previous year. Tap Hole Clay remains one of the focused
The Company is making capital investment in critical areas to products of the Company and the revenue from Tap Hole Clay
enhance its capacity and to meet the growing demand for products has decreased from Rs.159 Cr. to Rs.143 Cr. due to
critical refractories. During the year, the Company has impact of COVID-19 Pandemic. However, the market share in
expanded its capacity in Tap Hole Clay (THC) plant and Burnt Trough business in the current year remained same as 2019-
Dolomite products to meet the continuous increase in 20 in spite of impact of COVID-19 Pandemic.
Associates
TRL Krosaki Asia Pte. Ltd. Singapore and Almora Magnesite
PAYMENT TO AND PROVISION Limited are two Associates of the Company. In accordance
FOR EMPLOYEES with Section 129(3) of the Companies Act, 2013, consolidated
(` in Crores) financial statements of the Company with all its associates
140
135 have been prepared, which form part of the Annual Report.
130 Further, the Report on the performance and financial position
125 of each of the associate and salient features of the financial
120
115
statement in the prescribed Form AOC-1 is given in notes to
110 consolidated financial statements.
105
100 Management Discussion and Analysis
95
Management Discussion and Analysis given separately forms
90
85 part of this Report "Annexure - F”
80
75 Safety, Health & Environment Management
70
TRL Krosaki has an unyielding commitment to safety, health
65
60 and environmental protection. The Company is certificated
55 under Integrated Management System, i.e, ISO 9001, ISO
50 14001 and ISO 45001. TRL Krosaki continuously strives to
45
achieve excellence in its health, safety and environment
40
35 performance and to be recognized as a leader in accident
30 prevention and environment protection.
25
20
In order to achieve this, the Company continues to focus on
15 measures to eliminate / minimize hazards & risks, to promote
10 preventive health care, to minimize pollution and to conserve
5
0
energy in all areas of its operations. Besides, continuous
16-17 17-18 18-19 19-20 20-21 thrust is given to further improve operational efficiencies to
12
TRL
minimize consumption of natural resources, water, energy Environment Management
and carbon emissions while maximizing production volumes. Environment Management strategy at TRL Krosaki is an
Safety & Health Management integral part of overall Company strategy and it focuses on
environmental challenges and adopting suitable set of actions
TRL Krosaki takes responsibility of its employees to promote
for better environmental performance of the Company. The
and safeguard their health, safety and working environment.
Company is committed not only to comply with all the
The target is to realize "Zero Harm". The Company is one
applicable statutory requirements but also to continually
among the best in the region / industry in terms of safety &
improve its environmental performance. Accordingly, focused
environment performance. During the current year, many
initiatives are taken in the areas of air pollution control, water
focused initiatives were taken in the areas of safety & health.
pollution control, water, energy and resource conservation,
The key initiatives include year wise campaign on "Elimination
greenbelt development, development of environmentally
of Commonly Accepted Unsafe Practices (ECAUP)",
friendly products and reduction of carbon footprint. The
strengthening implementation of "Safety Standards",
environmental performances in these focused areas are
digitalization of "Behavioral Based Safety Walk System" &
measured, compared against targets, and improved.
"Incident Management System", strengthening the
"Contractor Safety Management System", introducing The Company has made great strides in its Environment
induction training for all transport drivers, focused audit of Management journey and strives to move towards cleaner
critical areas, etc.. Besides, employee's involvement and operations and greener environment. During the year, one
motivation has been achieved through defining ownership at Pulse jet type Bag Filter with a capacity of 45,000 M3/Hr
all levels of employees, driving a robust reward & recognition replaced, nine portable Bag Filters of total capacity of 40,500
scheme and strictly complying with the approved Consequent M3/Hr, one dust suppression system was added to further
Management Guidelines. All these helped the Company to improve the overall work zone and ambient air quality. On the
continue to maintain its superior safety performance and water pollution front, the Company continues to achieve
accident frequency rate of 0.28 during the year is a testimony "Zero" discharge of effluent from its plant and reduced
to that. freshwater consumption by 13% through recycling and reuse.
The Environment Laboratory of the Company got accredited
The Company has proactively extended its "Safety
with ISO 17025:2017 (NABL) for wastewater analysis. The
Excellence Journey" beyond the factory premises to its
Company conforms to all statutory requirements related to
Township and more importantly all Customer Sites. It is a
Environment Management. Developing and maintaining a
matter of great satisfaction and pride that during the current
Green Belt in and around the plant has been a priority agenda
year the target of "Zero Harm" was achieved in all these
for the Company and today, the greenbelt coverage stands at
locations.
35% of the total land area, which is more than the statutory
The focus on "Preventive Health Care" continues to be norm.
pursued across the Company. The key initiatives in this area
The Company's endeavor towards protecting the environment
include extending the "Health Score Card System" to different
has been recognized at State & National Levels at different
levels of officers, strict screening of new employees based on
times. During the year, the Company was also adjudged as
their prevailing health conditions. Initiatives taken in the area
the Winner and received the coveted Environment, Health &
of occupational health include Pre-employment & Periodic
Safety (EHS) Award 2020 from Confederation of Indian
health checkup, occupational health checkup, screening of
Industries, Odisha Chapter.
employees engaged in high risk activities, health awareness
at the shopfloor, special health training sessions on stress & Corporate Social Responsibility (CSR) Initiatives
life style management, a well-defined job rotation policy to TRL Krosaki, for more than the last 50 years, have been
prevent long term exposure to air pollution by the employees committed to be a good corporate citizen not only in
etc.. During the year, 233 numbers of training programmes compliance with all relevant laws and regulations but also by
were conducted in the areas of occupational health & safety, actively assisting in the improvement of the quality of life of the
covering 4456 numbers of employees & contractor workers. people in the communities in which it operates.
These initiatives have helped the Company to continuously
Under the guidance of the 'Corporate Social Responsibility
achieve "Zero" case of Silicosis, a notified occupational
(CSR) Committee' constituted at the Board level, Company's
disease not only during the current year but for more than past
CSR activities are undertaken in the areas of Education,
five years consecutively.
Health Care, Drinking Water and Sanitation, Sports, Ethnicity,
The Company's occupational health and safety initiatives and Sustainable Livelihood, Environment, Infrastructure
performances have been duly recognized at National & State Development, etc.
levels over the years. During the year, the Company won the
The Company continued to undertake its CSR initiatives
highest level of Award at the National Level by winning the
during 2020-21 and undertook additional initiatives during the
most prestigious "Sarvashrestha Surakshya Puraskar
outbreak of COVID-19.
(Golden Trophy) 2020" from the National Safety Council of
India [NSCI]. The Safety Management initiatives by the The COVID-19 pandemic posed numerous challenges and
company at different Customer Sites have also earned a made it difficult to implement the CSR projects as per Plan.
number of laurels / recognitions from reputed Customers, However, the sheer determination and commitment to serve
such as, Tata Steel, JSW Steel etc.. the community helped in completing all the projects and
13
programmes in time, although some changes in projects / Committee and make protective disclosures about the
programmes were necessitated based on the ground unethical behaviour, actual or suspected fraud or violation of
situation. Additionally, the Company took up a very focused any policies. Any actual or potential violation is considered to
and proactive drive to support the community to combat be a matter of serious concern by the Company and
against the pandemic. The initiatives towards this included appropriate action is initiated.
creating widespread awareness in different localities, The Vigil Mechanism consists of three policies 1. TRL Krosaki
distributing face masks, soaps, sanitizers etc. in bulk quantity, Code of Conduct 2. Whistle Blower Policy for Directors and
sanitizing different areas including houses, operating flu clinic, Employees and 3. Anti-Bribery and Anti-Corruption (ABAC)
setting up of Quarantine Centres and Covid Care Centres etc. policy. In order to widen the coverage and strengthen the Vigil
The CSR initiatives undertaken by TRL Krosaki has received Mechanism and process, a new ABAC policy was developed
due recognition as the Company was declared as the during the year. This policy sets out principles and guidelines
WINNER of the prestigious Social Impact Award under Health which ensures(s) the prevention, detection of fraud, bribery,
Care amongst the Large Enterprise Category for 2020-21 by and corruption. Similarly, the existing Whistle Blower Policy
Indian Chamber of Commerce (ICC). was revised during the year bringing clarity of protection to the
The CSR Policy and the initiatives on CSR taken by the vigil blowers. All these policies encourage every employee to
Company during the year as per the Companies (Corporate promptly report to the management any actual or possible
Social Responsibility Policy), Rules, 2014 has been annexed violation of the Code or any event wherein he or she becomes
to this Report as "Annexure - A". aware of that, which could affect the business or reputation of
the Company. These policies provide protection to vendors
The CSR Policy of the Company is also placed in the website
from any victimization or unfair trade practice by the Company
of the company (www.trlkrosaki.com) and can be accessed
and provides protection to the whistle blowers from any
anytime.
retaliatory action.
During the year, the Company spent around ` 224.37 Lakhs
During the year, the Company undertook multiple
towards its CSR initiatives.
communication through training programmes for internal and
Industrial Relations external stakeholders, display of hoardings and posters
across the organization, circulation of booklets containing
Harmonious and collaborative industrial relations continued
guiding documents, updating on the website, notice at
despite of several challenges posed by the pandemic. Our
Employee Self Service Portal with an aim to create
company ensured continuous running of operations with a
widespread awareness of all the policies.
cordial and healthy Industrial Relations adhering to all COVID-
19 protocols. The company has not lost a single man-day in Internal Control System
any of its manufacturing units. An amicable Bonus settlement
The Board of Directors is responsible for ensuring that Internal
was also signed between Union and Management during the
Financial Controls (IFC) have been laid down in the Company
year.
and that such controls are adequate and effective. The
Corporate Governance foundation of IFC lies in the code of conduct, policies and
procedures adopted by the management, corporate
Corporate Governance practices followed by the company are
strategies, annual business planning process, management
given in separate section which forms integral part of this
review and the risk management framework.
Report “Annexure – G”.
The Company has designed its IFC framework
Extract of Annual Return commensurate with the size, scale and complexity of its
Ministry of Corporate Affairs (MCA) vide notification dated operations. The framework has been designed to provide
28th August 2020 has notified that the extract of the Annual reasonable assurance with respect to recording and providing
Return in form MGT 9 is not required to be enclosed with the reliable financial and operational information, complying with
Board Report. The Company is only required to disclose the applicable laws, safeguarding assets from unauthorized use,
weblink in the Board Report. executing transaction with proper authorization and ensuring
The copy of Annual Return (Annexure-B) is placed in compliance with the corporate policies. The controls were
Company's website https://www.trlkrosaki.com/about- tested based on the prevailing conditions and processes
us/annual-returns.aspx. during the year and no reportable material weakness in the
design or effectiveness was observed. The framework on
Vigil Mechanism internal financial controls over financial reporting has been
The Company is committed to conduct all aspects of its reviewed by internal and external auditors.
business affairs in a fair and transparent manner by adopting The Company uses various proven and trustworthy IT
highest standards of professionalism, honesty, integrity and platforms to keep the internal control framework robust, and
ethical behaviour with due compliance to all applicable legal approved information management policy governs these IT
requirements. Towards this, the Company follows a set of Vigil platforms. The systems, standard operating procedures and
Mechanism policies which lay down the principles and controls are implemented by the executive leadership team
standards that should govern the actions of the Company, its and reviewed by internal audit team, whose finding and
stake holders, and its employees. These policies also provide recommendation are placed before the Audit Committee.
a formal mechanism for all Directors, employees, and vendors
The scope and authority of Internal Auditors is defined in
to approach the Ethics Counselor or Chairman of the Audit
14
TRL
Internal Audit Charter. To maintain its objectivity and Managerial Personnel, holding and subsidiary company or the
independence, the Internal Auditors report to the Chairman of relatives.
Audit Committee. Internal Auditors develop an annual audit Accordingly, particulars of contracts or arrangements with
plan based on the risk profile of the business activities. The related parties referred to in Section 188(1) along with the
Internal Audit plan is approved by the Audit Committee, which justification for entering into such contracts or arrangements in
also reviews compliance to the plan. Form AOC-2 does not form part of the Report.
The Internal Auditors monitor and evaluate the efficacy and
Remuneration Policy
adequacy of internal control systems in the Company. Based
on the Report of the Internal Auditors, process owners The Board on recommendation of the Nomination and
undertake necessary preventive and corrective actions in their Remuneration Committee has framed a Policy for selection
respective areas which help in strengthening the controls and appointment of Directors, Senior Management and their
further. Significant audit observations and corrective controls remuneration. The Remuneration Policy is stated in the
thereon are presented to the Audit Committee. Corporate Governance Report.
The Audit Committee reviews the reports submitted by the Meetings
Internal Auditors in its meetings. Besides, the Audit Committee The details of the Board Meetings and Meeting of Committee
conducts an independent session with the external auditors of Directors are given in the Corporate Governance Report.
and the management to discuss the adequacy and
effectiveness of internal control system. Auditors
Directors’ Responsibility Statement (a) Statutory Auditors
Based on the framework of internal financial controls M/s BSR & Co. LLP, Chartered Accountants, was
established and maintained by the Company, work performed appointed as Auditor of the Company at the 58th AGM
by the internal, statutory and secretarial Auditors and external held on 28th June 2017, for a period of five years, to hold
agencies, including Audit of internal financial controls over office till the conclusion of 63rd AGM to be held in 2022.
financial reporting by the Statutory Auditors and the review M/s BSR & Co. LLP has audited the books of accounts of
performed by the Management and the relevant Board the Company for the Financial Year ended March 31,
Committees, including the Audit Committee, the Board is of 2021 and have issued the Auditors' Report thereon.
the opinion that the Company's internal financial controls were There are no qualifications or reservations or adverse
adequate and effective during the financial year 2020-21. remarks or disclaimers in the said Report.
Accordingly, pursuant to Section 134(5) of the Companies Act, (b) Secretarial Auditors
2013, the Board of Directors to the best of their knowledge and Pursuant to the provision of Section 204 of the
ability confirms: Companies Act, 2013 and the Companies (Appointment
(a) that in the preparation of annual accounts the applicable and Remuneration of Managerial Personnel) Rules
accounting standards have been followed along with 2014, the Company appointed Ashok Mishra &
proper explanation relating to material departures; Associates, Company Secretaries as Secretarial
(b) that we have selected such accounting policies and Auditors to conduct Secretarial Audit of the Company for
applied them consistently, and made judgments and the FY 2020-21. The Secretarial Audit Report is annexed
estimates that are reasonable and prudent so as to give herewith as "Annexure - C". There are no qualification/
a true and fair view of the state of affairs of the Company observations in the said Report.
at the end of Financial Year, and of the profit and loss of (c) Cost Auditors
the Company for that period; As per Section 148 of the Companies Act, 2013 ('Act'),
(c) that proper and sufficient care has been taken for the the Company is required to have the Audit of its cost
maintenance of adequate accounting records, in records conducted by a Cost Accountant in practice with
accordance with the provisions of the Companies Act, respect to some products. In this connection, the Board
2013 for safeguarding the assets of the Company and for of Directors of the Company has on the recommendation
preventing and detecting fraud and other irregularities; of the Audit Committee approved the appointment of
(d) that the annual accounts have been prepared on a going M/s. JUP & Associates as the Cost Auditors of the
concern basis; Company for the year ending March 31, 2021.
(e) that proper system to ensure compliance with the In accordance with the provisions of the Section 148(3)
provisions of all applicable laws were in place and such of the Act read with Rule 14 of the Companies (Audit and
systems are adequate and operating effectively; Auditors) Rules, 2014, the remuneration payable to the
Cost Auditors as recommended by the Audit Committee
(f) that proper internal financial controls were laid down and and approved by the Board has to be ratified by the
that such internal financial controls are adequate and members of the Company. Accordingly, appropriate
were operating effectively. resolution forms part of the Notice convening the AGM.
Related Party Transactions The Board seeks your support in approving the
proposed remuneration of ` 1.25 Lakhs plus applicable
There have been no materially significant related party
taxes and reimbursement of out-of-pocket expenses
transactions between the Company and Directors, Key-
15
TRL
l On recommendation of the Nomination and Significant and Material Orders Passed by the Regulators
Remuneration Committee, the Board at its meeting or Courts
held on 27th April, 2021, appointed Mr. Jumpei There have been no significant material orders passed by the
Konishi as Director (Non-Executive) of the regulators or courts or tribunals impacting the going concern
Company. status of the Company and its future operations.
Key Managerial Personnel Disclosures as per the Sexual Harassment of Women at
Pursuant to Section 203 of the Companies Act, 2013, the Key Workplace (Prevention, Prohibition and Redressal) Act,
Managerial Personnel of the Company are Mr. P. B. Panda, 2013
Managing Director, Mr. M. V. Rao, Sr. Vice President (Finance) The Company has zero tolerance for sexual harassment at
& CFO and Mr. Sambit Mishra, Company Secretary. workplace and has adopted a Policy on prevention, prohibition
Mr. Sambit Mishra was appointed by the Board as the and redressal of sexual harassment at workplace and has
Company Secretary of the Company with effect from 27th constituted an Internal Complaint Committee in line with the
October,2020. Mr. Arabinda Debta passed away on 4th provisions of the Sexual Harassment of Women at Workplace
August,2020 and consequently ceased to be the Company (Prevention, Prohibition and Redressal) Act, 2013 and the
Secretary with effect from the same date. Rules thereunder.
Employees During the year, the Company has received no complaint for
sexual harassment.
The information required under section 197(12) of the
companies Act, 2013, read with Rule 5(2) of the Companies Deposits
(Appointment and Remuneration of Managerial Personnel) During the year under review, the Company has not accepted
Rules, 2014, is provided in the "Annexure - D" forming part of any deposits under the Companies Act, 2013.
this Report.
Energy Conservation, Technology Absorption, Foreign
Exchange Earnings and Outgo On behalf of the Board of Directors
The information on conservation of energy, technology
absorption and foreign exchange earnings and outgo
stipulated under Section 134(3) (m) of the Companies Act, sd/-
2013 read with Rule 8 of the Companies (Accounts) Rules, H. M. NERURKAR
July 28, 2021 Chairman
2014 is annexed herewith as “Annexure - E”.
Mumbai (DIN : 00265887)
17
Annexure A
Format for The Annual Report on CSR Activities to be Included in the Board's Report
for Financial Year Commencing on or After 1st Day of April, 2020
1. Brief outline on CSR Policy of the Company: A brief outline of the Company's Corporate Social Responsibility (CSR)
policy is given in the company website. As an integral part of our commitment to good corporate citizenship, TRL Krosaki
believes in actively assisting in improvement of the quality of life of people in communities, giving preference to local
areas around its business operations. Every CSR initiative that is chosen to be supported and implemented lies within
one of the broad areas of Education, Health Service, Drinking Water & Sanitation, Sustainable Livelihood, Infrastructure
Development, Environment Protection, Promotion of Ethnicity and Sports. The Company's CSR initiatives are guided by
its CSR policy adopted by the Board of Directors on July 25, 2014. The CSR Policy is posted on the company's website
http://www.trlkrosaki.com/aboutUs/policies.aspx.
2. Composition of CSR Committee :
S. Name of Director Designation / Nature No. of meetings of CSR No. of meetings of CSR
No. of Directorship Committee held during Committee attended during
the year the year
1. Mr. Sudhansu Pathak Chairman 1 1
Non-Executive Director
2. Mr. P. B. Panda Member 1 1
Managing Director
3. Mr. R. Ranganath Member 1 1
Independent Director
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: https://www.trlkrosaki.com/aboutUs/pdf/csr-policy.pdf
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. Not Applicable
6. Average net profit of the company as per section 135(5): Rs. 111,88,26,699
7. (a) Two percent of average net profit of the company as per section 135(5): Rs. 223,76,534
(b) Surplus arising out of the CSR projects or programmes or activities of the previous financial years: Not Applicable
(c) Amount required to be set off for the financial year, if any: Not Applicable
(d) Total CSR obligation for the financial year (7a+7b-7c): Rs. 223,76,534
8. (a) CSR amount spent or unspent for the financial year: Not Applicable
Total amount spent for the Amount Unspent (in Rs.)
financial year (in Rs.) Total Amount transferred to Unspent Amount transferred to any fund specified under
CSR Account as per section 135(6). Schedule VII as per second proviso to section 135(5).
Amount Date of transfer Name of the fund Amount Date of transfer
224,36,813.83 NA NA NA NA NA
(b) Details of CSR amount spent against ongoing projects for the financial year: Not Applicable
S. Name Item from Local Location of Project Amount Amount Amount Mode of Mode of
No. of the the list of area the project Duration allocated spent in transferred implementation - Implementation
project activities (Yes/No) for the the to unspent Direct (Yes/No) through implementing
in project current CSR Account Agency
Schedule State District (in Rs.) FY for the project
VII to the (in Rs.) as per section Name CSR
Act 135(6) (in Rs.) Registration No
18
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ANNEXURE TO THE CSR ANNUAL REPORT 2020-21
(c) Details of CSR amount spent against other than ongoing projects for the financial year:
S. Name of the project Item from the Local Location of Amount spent Mode of Mode of
No. list of activities in area the project for the project implementation - Implementation
Schedule VII to Yes/No (in Rs. Lakhs) Direct (Yes/No) through
the Act implementing
Agency
State Dist Name CSR
Registration No
1 Merit cum means scholarship to poor and Education Yes Odisha/ 51,25,126.31 Direct Not Applicable
meritorious students, Total Secondary School Jharsuguda
Education facilities to talented SC/ST students,
development of infrastructure for education and
financial aid to Prerana and BEST Trust.
2 Organising Health Awareness Programmes, Health Services Yes Odisha/ 1,98,497.05 Direct Not Applicable
"Balyashree" Programme, Filaria immunization Jharsuguda
& National Pulse Polio programmes, Support to
National AIDS Control Programme
3 Supply of drinking water through tankers, Drinking Water Yes Odisha/ 17,81,763.26 Direct Not Applicable
Construction of facilities for access to safe & Sanitation Jharsuguda
drinking water, Community toilets in rural areas
4 Promoting Skill Development Training to Sustainable Yes Odisha/ 13,25,821.68 Direct Not Applicable
unemployed youth through the Rural Self Livelihood Jharsuguda
Employment Training Institute (RSETI) and
running Sewing Centre at Bhikampali
Panchayat
5 Extending support to cultural / social events to Promotion of Yes Odisha/ 12,56,949.08 Direct Not Applicable
promote culture, Putting up Busts of National Ethnicity, Jharsuguda
Heroes at public places for promotion of past traditional Art
legacy and culture & Culture
6 Maintaining a nursery for development of Environment Yes Odisha/ 20,42,521.96 Direct Not Applicable
saplings, development and maintenance of Jharsuguda
block plantation areas, distribution of saplings
for community plantation.
7 Developing Rural Infrastructure for public use Rural Yes Odisha/ 44,48,594.58 Direct Not Applicable
and taking up beautification projects in Infrastructure Jharsuguda
Belpahar. Development
8 Supplying sports kits to sports clubs & schools, Promotion of Yes Odisha/ 3,49,737 Direct Not Applicable
extending material support for organizing sports Sports Jharsuguda
events in rural areas
9 COVID Prevention & Management Programme, Awareness Yes Odisha/ 58,03,000 Direct Not Applicable
Setting up and management of CCC, and Jharsuguda
Procurement of Life saving Medical Equipment Prevention of
for General Public COVID 19
Total 223,32,010.92
(d) Amount spent in Administrative Overheads: Rs. 1,04,802.91/-

(e) Amount spent on Impact Assessment, if applicable: Not Applicable
(f) Total amount spent for the Financial Year (8b+8c+8d+8e): Rs. 224,36,813.83
(g) Excess amount for set off, if any: Not Applicable
S. No. Particulars Amount (in Rs.)
(i) Two percent of average net profit of the company as per section 135(5)
(ii) Total amount spent for the Financial Year
(iii) Excess amount spent for the financial year [(ii)-(I)]
(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)]
19
ANNEXURE TO THE CSR ANNUAL REPORT 2020-21
9. (a) Details of Unspent CSR amount for the preceding three financial years: Not Applicable
S. Preceding Amount transferred Amount spent in the Amount transferred to any fund specified under Amount remaining to
No. Financial to Unspent CSR reporting Financial Schedule VII as per section 135(6), if any be spent in succeeding
year Account under Year (in Rs.) financial years. (in Rs.)
section 135(6) (in Rs.) Name of the fund Amount (in Rs.) Date of transfer
(b) Details of CSR amount spent in the financial year for ongoing projects of the preceding financial year(s): Not Applicable
S. Project ID Name of Financial year in Project Total amount Amount spent on Cumulative amount Status of the
No. the project which the project duration allocated for the the project in the spent at the end of project -
was commenced project (in Rs.) reporting Financial reporting Financial Completed/Ongoing
Year (in Rs.) Year (in Rs.
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 - Not Applicable
(asset-wise details).
(a) Date of creation or acquisition of the capital asset(s).
(b) Amount of CSR spent for creation or acquisition of capital asset.
(c) Details of the entity or public authority or beneficiary under whose name such capital asset is registered, their
address etc.
(d) Provide details of the capital asset(s) created or acquired (including complete address and location of the capital
asset).
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
Sd/- Sd/-
Date : July 28, 2021 P. B. Panda Sudhansu Pathak
Place : Jamshedpur Managing Director CSR Committee Chairman
20
TRL
Annexure C
Form No. MR-3
SECRETARIAL AUDIT REPORT
For The Financial Year Ended 31st March, 2021
To
The Members,
TRL KROSAKI REFRACTORIES LIMITED
CIN-U26921OR1958PLC000349
We have conducted the secretarial audit of the compliance of applicable statutory provisions and the adherence to good corporate
practice by TRL Krosaki Refractories Limited (hereinafter called 'the Company'). Secretarial Audit was conducted in a manner that
provided us a reasonable basis for evaluating the corporate conducts/statutory compliances and expressing our opinion thereon.
Based on our verification of the Company's books, papers, minutes books, forms and returns filed and other records maintained by
the Company and also the information provided by the Company, its officers, agents and authorized representatives during the
conduct of secretarial audit, we hereby report that in our opinion, the Company has, during the audit period covering the financial
year ended on 31st March, 2021 complied with the statutory provisions listed hereunder and also that the company has proper Board
processes and compliance mechanism in place to the extent, in the manner and subject to the reporting made hereinafter.
We have examined the books, papers, minute books, forms and returns filed and other records maintained by the Company for the
financial year ended on 31st March, 2021 according to the provisions of:
(I) The Companies Act, 2013 (the Act) and the Rules made there under;
(ii) The Depositories Act, 1996 and the Regulations and Bye-laws framed thereunder.
(iii) Foreign Exchange Management Act, 1999 and the Rules and Regulations made there under relating to Foreign Direct
Investment or Overseas Direct Investment.
(iv) Following other laws as are specifically applicable to the Company:
a. The Factories Act, 1948
b. The Employees Provident Fund & Miscellaneous Provisions Act, 1952
c. Industrial Disputes Act, 1947
d. Contract Labour (Regulations and Abolition) Act, 1970
e. Employees State Insurance Act, 1948
f. Payment of Bonus Act, 1965
g. The Employees Compensation Act, 1923
h. The Mines Act, 1952 and the Mines Rules, 1955
i. Mines & Minerals (Development and Regulation) Act, 1957
j. The Environment Protection Act, 1986
k. Water (Prevention & Control of Pollution) Act, 1974
l. Air (Prevention & Control of Pollution) Act, 1981.
The company complies with Statutory Tax Audit requirement under section 44AB of the Income Tax Act, 1961, which is done by Tax
Auditors appointed in his Tax Audit Report, so we have not reviewed compliance of applicable Income Tax Laws to the Company.
We have also examined compliance with the applicable clauses of the Secretarial Standards issued by the Institute of Company
Secretaries of India, under Section 118 (10) of the Companies Act, 2013 with respect to the Meeting of the Board of Directors (SS-1)
and General Meetings (SS-2) by the Company.
The management has represented and we have also checked that the Company being an unlisted Public Company the following
Acts, Regulations, Guidelines, Agreements etc. as specified in the prescribed MR-3 Form were not applicable to the Company:
(i) The Securities Contracts (Regulation) Act, 1956 ('SCRA') and the rules made there under;
(ii) The following Regulations and Guidelines prescribed under the Securities and Exchange Board of India Act, 1992 ('SEBI
Act) :
(a) The Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011;
(b) The Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015;
(c) The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009;
(d) The Securities and Exchange Board of India (Share Based Employee Benefits) Regulations, 2014;
(e) The Securities and Exchange Board of (Issue and Listing of Debt Securities) Regulations, 2008;
(f) The Securities and Exchange Board of India (Registers to an issue and Share Transfer Agents) Regulations, 1993
regarding the Companies Act and dealing with client;
(g) The Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009; and;
(h) The Securities and Exchange Board of India (Buy Back of Securities) Regulations, 2018;
21
(iii) Listing Agreement with Stock Exchanges.

During the period under review the Company has complied with the provisions of the Act, Rules, Regulations, Guidelines,
Standards, etc.
We further report that:
(a) The Board of Directors of the Company is duly constituted with proper balance of Executive Directors, Non-Executive
Directors and Independent Directors. The changes in the composition of the Board of Directors that took place during
the period under review were carried out in compliance with the provisions of the Act.
(b) Adequate notice was given to all directors to schedule the Board Meetings and a system exists for seeking and
obtaining further information and clarifications on the agenda items before the meeting and for meaningful
participation at the meeting.
(c) Majority decision is carried through while the dissenting members' views are captured and recorded as part of
minutes.
We further report that there are adequate systems and processes in the Company commensurate with the size and operations of the
Company to monitor and ensure compliance with applicable laws, rules, regulations and guidelines.
Sd/-
Place: Bhubaneswar (CS Ashok Kumar Mishra)
Date: 26.04.2021 FCS-5128, C.P. No-3270
UDIN-F005128B000335997
This is to be read with our letter of even date which is annexed as Annexure-A and forms an integral part of this report.
Enclosure-A
Annexure to Secretarial Audit Report
To
The Members,
TRL Krosaki Refractories Limited
U26921OR1958PLC000349
Our report of even date is to be read along with this letter.

1. Maintenance of secretarial records is the responsibility of the management of the Company. Our responsibility is to express an
opinion on these secretarial records based on our audit.
2. We have followed the audit practice 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 check 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, regulations,
guidelines, standards 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 check 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.
Sd/-
Place: Bhubaneswar (CS Ashok Kumar Mishra)
Date: 26.04.2021 FCS-5128, C.P. No-3270
22
TRL
Annexure D
Statement pursuant to Section 197 of the Companies Act, 2013 read with Rules of
The Companies (Appointment and Rumuneration of Managerial Personnel) Rule, 2014
Gross Net Total Date of Particulars of last
Designation/ Age
Name Remuneration Remuneration Qualifications Experience Commencement Employment
Nature of duties (Years)
` ` (Years) of Employment held
(1) (2) (3) (4) (5) (6) (7) (8) (9)
P. B. Panda Managing Director 2,76,80,017 1,48,33,636 B. Sc. (Tech.) 63 39 17.10.1981 —

Ceramic Tech.
H. Sehgal EVP (Operations) 98,83,007 58,37,730 B. Tech. (Mech.) 55 32 08.03.2007 Vardhaman

Textiles
M. V. Rao Sr. VP (Finance) & CFO 89,56,379 52,10,962 FCMA 58 32 14.08.1992 Stiles India Ltd.
S. Sengupta EVP (Sales, Marketing & 87,84,838 53,98,171 B.Tech. 49 28 03.08.2009 IFGL
Customer Care) (Ceramic) Refractories Ltd.
P. K. Naik Sr. V P (Associate 79,59,822 47,96,563 M Tech. 56 29 01.08.1991 —

Operations & Strategic (Geology)
Sourcing)
T. P. Dash Sr. V P 78,51,741 46,06,836 M. Sc. (Chemistry), 55 30 17.09.1991 J.K. Paper Mills Ltd.
(Corporate Services) P.G. Diploma (Ecology
& Env.), P.G. Diploma
(Safety), P.HD. Env. Sc.
R. K. Singh V P (HR & IR) 74,73,755 48,07,082 PHD in HR Management, 55 25 10.05.2018 Hindustan Coca-cola
Executive MBA Beverages Pvt. Ltd.
H. Nagata Sr. V P (Tech & TSS) 68,38,026 44,96,247 M.Tech. (Metallurgy) 62 38 01.07.2015 Krosaki Harima
Corporation, Japan
Krishnendu Kumar AVP (DSS-EAST-KOL 67,29,821 43,97,327 Bsc. Technology 44 20 01.08.2000 —

& CENTRAL) (Ceramics)
M. R. Padhi V P (SCM) 61,04,924 39,01,479 MCA 49 26 14.12.1994 —
Notes:
1. Gross Remuneration comprises Salary, allowances, monetary value of perquisites, commissions and the Company's contribution to Provident Fund and
Superannuation Fund but excludes contribution to Gratuity Fund as separate figures are not available.
2. Net Remuneration is after tax and is exclusive of Company's Contribution to provident fund and superannuation fund and monetary value of non-cash
perquisites.
3. None of the above employees along with his spouse and dependent children hold 2% or more equity shares of the Company.
4. The nature of employment in all cases is contractual.
5. None of the above employees is a relative of any director of the Company.
On behalf of the Board of Directors

sd/-
H. M. NERURKAR
Date : July 28, 2021 Chairman
Place : Mumbai (DIN : 00265887)
23
Annexure E
Conservation of Energy, Technology Absorption
A. Conservation of Energy
(i) Steps taken or impact on conservation of energy
(a) Energy conservation measures taken:
i. Modified the locking system of exhaust damper plate in HTK resulting in stoppage of heat losses.
ii. Installation of MGS6 bricks in RTK lining has helped us to increase the campaign life due to avoidance of
coating formation.
iii. Elimination of red spot at hot end zone of cooler by replacing cooler lifter segment castable by TRL42 bricks.
iv. VFDs (Variable frequency drives) were installed in following areas to reduce electrical energy consumption:
l De-dusting fans of High Alumina and Silica department
l Hammer mill and oil pumps of dolomite department
l Ball mill and mixer m/c dedusting fan of monolithics departmen
(b) Impact of above measures :
In-spite of fluctuations in loading, we have been able to avoid any significant loss in specific energy consumption.
(ii) Capital investment on energy conservation equipment- NIL.
B. Technology absorption, adaptation and innovation:

(i) Efforts, in brief, made towards technology absorption, adaptation and innovations:
l Number of new products have been introduced in the product basket with in-house development as well as with
technical know-how with Krosaki Harima Corporation, Japan.
l New composite Tap hole clay (RSWO2) to eliminate the use of mix clay at BF cast house.
l Improved Corrosion (against high MnO Slag) & thermal shock resistance Trough Castable for higher
performance in large capacity BF application.
l Shotcrete material for Torpedo maintenance/Repair.
l High performance Alumina-SiC-Carbon bricks for Transfer/Hot Metal Ladle application.
l Dry Hot- patching mass for BOF Repair/ maintenance.
l Non wetting castable for Aluminium Melting/Holding Furnace.
l Al2O3 -Spinel - Carbon bricks for Steel Ladle Slag/Metal Interface area.
l High performance Alumina-Magnesia -Carbon Brick for Steel Ladle Impact area Application.
l Semi rebonded Magnesia-Chrome bricks for RH Lower vessel application with improved corrosion and spalling
resistance.
l High Alumina Bricks for CDQ Application.
l High performance Dolomite Bricks for Secondary steel making application.
l High performance collector nozzle for Steel ladle application.
l TRL Krosaki R&D - laboratory has been assessed & accredited in accordance with standard ISO/17025-
2017(NABL).
l TRL Krosaki is continuously working jointly with Customers (TSL-TISTRIK) & Raw material suppliers
(ALMATIS, IMERYS & ELKEM etc) for performance improvement of existing products, new product
development and introduction of new raw materials.
(ii) Benefits derived as a result of above efforts
Improved product performance and cost reduction.
24
TRL
(iii) In case of imported technology (imported during the five years reckoned from the beginning of the financial
year) following information may be furnished:
Details of Technology Year of Whether technology Status of

Import fully absorbed Implementation
Manufacturing of AG Refractories -
Krosaki Harima Corporation, Japan 2019-20 N Under Implementation
C. Research & Development

(i) Specific areas in which R&D work was carried out by the Company
New product development, improvement of product performance, upgradation of existing products, improvement for
consistency of product, alternative cost-effective recipe development and use of optimum recycle materials. Major
emphasis was given to the research in the field of iron making & Steel making areas like Trough, Torpedo repair
material, Tap hole-clay, BOF repair material, Steel Ladle, Flow control, RH Degasser repair material and bricks. In
stainless steel & non-ferrous area also continuous research work has been carried out to improve the performance
of Dolomite, DBMC & High Alumina Products.
(ii) Benefits delivered as a result of R&D Programmes
R&D activities have helped Company in reducing the cost of raw materials through redesign of products which has
helped to replace competitors & remain competitive in marketplace.
(iii) Future plan of action
Company continues its effort on developing/improving new/ Customized products through Marketing & Technical
Services to meet the future technological challenges & meet Customer expectations. Redesigning of products with
alternative raw materials to address the market requirement & business challenges. R&D will continue to work on
reducing input cost.
(iv) Expenditure of R&D
(a) Capital : Rs.74.73 Lakhs
(b) Recurring : Rs.860.30 Lakhs
(c) Total : Rs. 935.03 Lakhs
(d) Total R&D expenditure as a Percentage of total turnover : 0.65 %
D. Foreign Exchange Earnings & Outgo Research & Development

Foreign Exchanged Earned : Rs. 240.65 Crores
Foreign Exchanged Used : Rs. 367.70 Crores
On behalf of the Board of Directors
sd/-
H. M. NERURKAR
Date : July 28, 2021 Chairman
Place : Mumbai (DIN : 00265887)
25
Annexure F
MANAGEMENT DISCUSSION AND ANALYSIS
Industry Overview
Refractories are composite materials used in large volume in extreme, usually corrosive environments in equipment, such as, furnace lining,
molten metal storage and tapping for high temperature materials processing and other applications in which thermo chemical properties are
of critical importance. Refractories are therefore facilitating or enabling materials and are essential to successful operations of any core
industry in which high temperature applications are involved. About 70% of world refractories production is consumed by steel industry. In
India steel industry consumes around 75% of refractories produced. Other significant consumers of refractories are copper, cement, lime,
aluminum, glass, chemicals industries.
As the steel industry is the major consumer of refractories, the growth of refractories industry is closely linked with the growth of iron and steel
industry. India has become 2nd largest producer of crude steel in the world. India's estimated steel production in 2020-21 is 94 Mn. MT an
decrease of 18 Mn. MT from 112 Mn. MT in 2019-20. The out-break of COVID 19 pandemic has slowed down the economy and the steel
production has reduced in India in the current year. However, India is expected to be one of the few countries with good demand of steel in the
medium term. It is estimated that steel demand will continue to increase in India especially from construction, automotive and infrastructure
sectors. Growth story of Indian Steel Industry is further supported by Government's thrust on infrastructure development which was
announced in the Union Budget. Indian steel industry is expected to infuse fresh funds for raising capacity utilization. It is estimated that the
steel production in India will increase to 130 Mn. MT by 2024-25. This will increase the demand for refractories. Other major consuming
industries like cement, copper and aluminum are also expected to grow in the next 5 years.
Performance Review
During the year, the Company recorded negative growth due to impact of COVID-19 pandemic and the Profit Before exceptional items and
Tax stood at Rs. 49.26 Crores (previous year: Rs. 131.38 Crores); Profit Before Tax Rs. 57.14 Crores (previous year: Rs. 131.38 Crores) and
Profit After Tax of Rs. 44.48 Crores (previous year: Rs. 100.69 Crores). Although the volume of sales has increased from 2,75,599 MT in
2019-20 to 2,82,155 MT in 2020-21, the Profit Before Tax has reduced due to change in product mix and decrease in selling prices.
Sl. No. Item 2020-21 2019-20 Change

` Crores ` Crores (%)
1 Sale of Products and Services 1424 1653 14 ↓
2 Other Income 6 1 500 ↑
3 Total Income (1+2) 1430 1654 14 ↓
4 Manufacturing and other Expenses 1340 1479 9↓
5 Earnings before interest, Depreciation, Taxes 90 175 49 ↓
6 Exceptional Item 8 0 800 ↑
7 Other comprehensive income (Loss) (3) (2) 50 ↑
8 EBIDTA margin 6.3% 10.6% 41 ↓
9 Depreciation 29 27 7↑
10 Finance Cost 12 17 29 ↓
11 Profit Before Tax 57 131 56 ↓
12 Profit After Tax 44 101 56 ↓
Raw material consumption decreased from Rs. 717 Crores in 2019-20 to Rs. 618 Crores in current year primarily on account of lower
production of DBMC and Monolithics products. Stores and Spares consumption decreased from Rs. 32 Crores in 2019-20 to Rs. 27 Crores in
current year primarily due to decrease in production. Fuel consumption decreased from Rs. 84 Crores in 2019-20 to Rs. 74 Crores in current
year primarily due to decrease in furnace oil prices and decrease in production. Employee benefit expenses increased from Rs.126 Crores in
2019-120 to Rs. 130 Crores in current year primarily on account of salary revisions and its consequential impact on the retirement provisions.
Depreciation increased from Rs. 27 Crores in 2019-20 to Rs. 29 Crores in current year primarily on account of increase in capitalization.
Finance cost for the year was lower by Rs. 4 Crores compared to previous year primarily due to lower utilization of working capital facility
following decrease in business. Freight and Handling charges increased from Rs. 81 Crores in 2019-20 to Rs. 87 Crores primarily due to
supply of materials to overseas customers on DDU basis. Royalty decreased from Rs. 9 Crores in 2019-20 to Rs. 6 Crores in current year due
to lower sale of royalty bearing products. Commission and discounts decreased from Rs. 12 Crores in 2019-20 to Rs.8 Crores in current year
primality due to lower business through overseas agents. Travelling expenses decreased from Rs. 16 Crores in 2019-20 to Rs. 4 Crores in
current year primarily due to restrictions on travel on account of COVID-19 Pandemic. Contractors' charges for refractory management have
increased from Rs. 28 Crores in 2019-20 to Rs. 30 Crores in current year on account of increase in refractory management activities at
customers' sites. Conversion and processing charges decreased from Rs.23 Crores in 2019-20 to Rs. 20 Crores in current year due to lower
production following the restrictions to contain spread of COVID-19. Insurance charges increased from Rs.1 Crore in 2019-20 to Rs. 2 Crores
in current year due to increase in policy rates and increase policy amount.
26
TRL
Customer Relationship
Excellence in product performance and be a benchmark in Technical Services to our customers are the key priorities of the organization. We
keep ourselves updated with the needs of our customers across sectors. Our technical support team collaborates closely with customers to
establish new benchmarks of performance that are the best in the industry with innovative solutions at every step.
During the year, the outbreak of pandemic necessitated change in our approach towards interaction with our customers. With social
distancing in place at the customer sites, focus was given to use virtual platforms more intensely & reduce human interference at application
work through improvement in mechanization & automation. Through virtual platforms, continuous contact was maintained with the
customers & regular updates were taken proactively on their material stocks. Due to disruption in goods movement on account of lock down
restrictions during the initial months of the year, liasoning was done with govt. authorities & transporters to ensure timely arrival of critical
materials at customer premises. On many occasions, supplies had to be made promptly due to supply chain failures by competition. This
earned appreciation from our customers. We did our first Webinar on "Improved Tap Hole Clay applications in Blast Furnace" as early as
May'20 to ensure that we remain in touch with our customers & assure them of our uninterrupted service. Through use of tools in Microsoft
Power BI, we synchronized data on taphole clay performance across various customer sites & provided statistical analysis to our customers
to arrive at accurate root cause analysis to issues. This not only reduced manual interference but also improved the confidence of our
customers on our analytical capability. In our Blast Furnace Trough Management jobs, the challenge was to ensure repair services in time in
spite of reduced availability of manpower. During the first half of the year, Blast Furnaces across several customer sites were operating
intermittently. Thus there was an additional challenge to improve monitoring of the health of lining of the trough and prevent unplanned
outage. Our preparation in 2019 to improve on efficiency of installation with newly designed equipment helped us to overcome this challenge.
We also introduced first of its kind gunning repairs in trough at some customer sites which helped in doing repair in trough safely with minimal
downtime & lesser manpower. The Customer Service Team formed in 2018 to improve the product and service performance in Stainless
Steel sector where primarily Dolomite Refractory is used has yielded successful results during the year and we have solved various customer
pain points & recorded benchmark performances in AOD vessels. This service model was extended to AG and FCP Products in 2019. In this
year, focused activities have been initiated to improve the quality of services in FCP & AG products. We introduced mechanization in several
areas like development of "Semi Mechanized Refractory Handling Manipulator" for easy & safe handling by steel plant operators, "Well Block
Setting Jig" for safe & easy lifting etc. As a part of the digitization initiative, implementation of "Customer Relationship Management" module
powered by Microsoft has been initiated this year. This is expected to Go Live in 2021 and will significantly digitize several activities at the
customer end & shall support an improved customer experience. Strong focus continues to be given on Safety at customer sites which was
appreciated & the company was recognized for its efforts through accolades from several key customers like Tata Steel, JSW Steel, Arcelor
Mittal Nippon Steel, Jindal Saw Limited to name a few.
International Business
The Company aims to continuously improve its global footprint and achieve minimum 30% of its annual revenue from International Business.
The strategy is to focus on products where the capacity available for production cannot be fulfilled through sales in the Domestic market
alone. Similar to its approach in Domestic market, the company aims to maximize sales in overseas through improved quality of Technical
Services.
During the year, due to the global impact of the pandemic & the challenging scenario of production cut / stoppages in both ferrous & non-
ferrous segments, deferment of projects, inventory corrections by customers and logistic constraints, the export revenue of the company
stood at Rs. 238 Crores. Dolomite bricks which are one of the products where the company aims to improve its share in overseas market
registered a volume growth of 46% YOY. Similarly, the company marked a footprint on Coke Oven Silica consumable business through sales
made to Arcelor Mittal - Temirtau.
In order to improve its market presence in the Middle East, the company has established an office in UAE to ensure prompt attention to
customer requirements. During the year, Company has received State Export Award for the year 2018-19 from Directorate of Export
Promotion and Marketing, Odisha.
Borrowings and Liquidity

Borrowing for working capital decreased from Rs. 146 Crores in 2019-20 to Rs. 74 Crores in the current year primarily due to timely collection
from customers during the year. Inventory of raw materials increased from Rs. 163 Crores in 2019-20 to Rs. 219 Crores in current year. Trade
Receivables decreased from Rs. 274 Crores in 2019-20 to Rs. 237 Crores in the current year due to decrease in revenue and improved
collection. Other current assets decreased from Rs. 50 Crores in 2019-20 to Rs. 31 Crores in the current year primarily due to decrease in
advances with public bodies.
The average cost of borrowing has decreased from 6.23% in 2019-20 to 5.85% in the current year mainly due to change in mix of loans and
decrease in Marginal Cost of funds-based Lending Rate (MCLR) by banks.
Keeping in view the business plan of 2021-22, current gearing level and unutilized credit limits, the Company is comfortable of managing its
liquidity over the short and medium term.
Human Resources
The HR function successfully transitioned to "new normal" and ensured continuity of learning & development. More than 200 knowledge
sharing sessions were done online and more than 100 employees completed 150 e-course online during the pandemic to enhance their
competencies. Training team collaborated with internal and external experts for virtual learning sessions. A pool of internal subject matter
experts was developed to ensure learning continues across departments and domains without any interruption.
Despite pandemic the annual increment & promotions of officers/ workmen were also carried out with the scheduled timelines. Employee
feedback system was strengthened for organizational development where team feedback for senior and middle level of leadership were
shared with leaders for their reflection and self -development. HR team ensured continuous connect with all employees through multiple
forums. It reflects a progressive human resource practice for continuous leadership development and for improving people management
practices. During the year, TRL Krosaki has been conferred with Golden Peacock HR Excellence Award 2021 for good Human resource
development and management practices
27
Annexure G
CORPORATE GOVERNANCE REPORT FOR THE YEAR 2020-21

Company's Corporate Governance Philosophy
TRL Krosaki Refractories Limited is not a Listed Company. Hence, the Corporate Governance norms are not statutorily
mandatory for TRL Krosaki. However, your Company is committed to follow good corporate governance practices
proactively. The Company emphasizes the need for full transparency and accountability in all its transactions, in order to
protect the interests of its stakeholders. The Board considers itself as a Trustee of its Shareholders and acknowledges its
responsibilities towards them for creation and safeguarding their wealth. The Company believes that good corporate
governance practices generate goodwill among business partners, customers and investors, earn respect from society, bring
about a consistent sustainable growth and profitability for the Company and ensure competitive returns for the investors. The
Corporate Governance Philosophy has been strengthened with the implementation of Code of Conduct applicable to the
Company, its Directors and its Employees.
Board of Directors
The Board of Directors ("the Board") is at the core of our corporate governance practice and oversees how the Management
serves and protects the long-term interests of all our stakeholders. We believe that an active, well-informed and independent
Board is necessary to ensure the highest standards of corporate governance.
SIZE AND COMPOSITION OF THE BOARD

The Company has a Non-Executive Chairman and all other Directors except the Managing Director are Non-Executive
Directors (NEDs).
None of the Directors on the Board is Director in the Board of more than ten Public Companies (including directorship in
private company which is either holding or subsidiary company of a public company) and more than twenty Companies. Also,
none of the Director on the Board is a Member of more than 10 Board Committees (Audit Committees and Stakeholders'
Relationship Committees) and a Chairman of more than 5 Committees, across all the Companies in which he or she is a
Director.
Currently, the Board comprises; ten members consisting of one Managing Director, seven Non-Executive Directors (NEDs)
including a Woman Director and two Independent Directors (Ids). The Board periodically evaluates the need for change in its
composition and size. Detailed profile of our Directors is available on our website: www.trlkrosaki.com .
None of the NEDs serve as IDs in over seven listed companies and the Whole-time Director does not serve as ID on any listed
company.
The Company has issued formal letters of appointment to Independent Directors. The terms and conditions of appointment of
Independent Directors is available on the Company's website and can be accessed at
http://www.trlkrosaki.com/aboutUs/Board-of-Directors.aspx
The names and categories of Directors on the Board, their attendance at Board Meetings during the year, and at the last
Annual General Meeting, and also the number of Directorships and Committee Memberships held by them in other
Companies are given below:
Name DIN Whether attended No. of Directorships No. of Committee
AGM held on in other Public Positions held in other
September, Companies # Public Companies *
29, 2020 As on 31.03.2021 As on 31.03.2021
As Chairman As Director As Chairman As Member
Non-Executive Directors
Mr. H. M. Nerurkar (Chairman) 00265887 Yes 4 3 7 15
Mr. Sachihiko Asaya 09043344 NA — — — —
Ms. Shuang Zhu 08745245 Yes — — — —
Mr. Toshikazu Takasu 07119176 Yes — — — —
28
TRL
Name DIN Whether attended No. of Directorships No. of Committee G
Annexure
AGM held on in other Public Positions held in other
September, Companies # Public Companies *
29, 2020 As on 31.03.2021 As on 31.03.2020
As Chairman As Director As Chairman As Member
Mr. Anirban Dasgupta 06832261 NA — 2 — —
Mr. Sudhansu Pathak 06545101 Yes — 1 — 1
Mr. Hisatake Okumura 05130777 Yes — — — —
Independent Directors
Mr. P. V. Bhide 03304262 Yes 1 9 7 12
Mr. R. Ranganath 06725337 Yes 1 3 2 3
Executive Director(s)
Mr. P. B. Panda (Managing Director) 07048273 Yes — — — —
# Excludes Directorships in Private and Foreign Companies.
* Chairmanship/ Membership of Audit Committee and Stakeholders Relationship Committee.
Board Meetings
SCHEDULING AND SELECTION OF AGENDA ITEMS FOR BOARD MEETINGS
Dates for Board meetings in the ensuing year are decided in advance. Most Board meetings are held through MS Teams due
to COVID-19 pandemic. The agenda and explanatory notes are sent to the Board in advance. The Board periodically reviews
compliance reports of all laws applicable to the Company. The Board meets at least once a quarter to review the quarterly
results and other items on the agenda and also on the occasion of the Annual General Meeting ("AGM") of the shareholders.
Additional meetings are held, when necessary. Committees of the Board usually meet before the formal Board meeting, or
whenever the need arises for transacting business. The recommendations of the Committees are placed before the Board for
necessary approval.
Seven Board Meetings were held during the financial year 2020-21 and the gap between two consecutive meetings did not
exceed one hundred and twenty days.
The details of meetings attended by Directors are given below:
Name of the Director Category No of meeting attended Attendance(%)
Mr. H. M. Nerurkar (Chairman) NED 7 100
Mr. P. B. Panda ED 7 100
Mr. Sudhansu Pathak NED 7 100
Mr. Kotaro Kuroda (up to 28th Sept 2020) NED 3 43
Mr. Kiyotaka Oshikawa (up to 1st Feb 2021) NED 3 43
Mr. Hisatake Okumura NED 7 100
Mr. Anirban Dasgupta (w.e.f 28th July 2020) NED 4 57
Ms. Shuang Zhu (w.e.f 26th May 2020) NED 6 86
Mr. Toshikazu Takasu NED 7 100
Mr. Sadayoshi Tateishi (up to 28th Sept 2020) NED 2 29
Mr. Takeshi Yoshida (up to 28th Sept 2020) NED 3 43
Mr. Sachihiko Asaya (w.e.f 16th Mar 2021) NED — —
Mr. P. V. Bhide ID 7 100
Mr. R. Ranganath ID 7 100
ID - Independent Director, NED - Non-Executive Director, ED – Executive Director
Mr. K. Kuroda, Mr.T.Yoshida and Mr.S.Tateishi resigned from directorship effective 28th September, 2020.
Mr. K. Oshikawa resigned from directorship effective 1st February, 2021.
Ms. Shuang Zhu appointed as Director effective 26th May, 2020.
Mr. Anirban Dasgupta appointed as Director effective 28th July, 2020.
Mr. Sachihiko Asaya appointed as Director effective 16th March, 2021.
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INDEPENDENT DIRECTORS MEETING

Pursuant to Schedule IV of the Companies Act, 2013, the Independent Directors met on 16th March, 2021 without the
presence of Non Independent Directors and members of the Management. At this meeting, the Independent Directors inter
alia evaluated the performance of the Non-Independent Directors and the Board of Directors as a whole, evaluated the
performance of the Chairman of the Board and discussed aspects relating to the quality, quantity and timeliness of the flow of
information between the Company, the Management and the Board.
AUDIT COMMITTEE
The Company has constituted an Audit Committee of Directors under Section 177 of the Companies Act, 2013. The primary
objective of the Committee is to monitor and provide an effective supervision of the Management's financial reporting
process, to ensure accurate and timely disclosures, with the highest levels of transparency, integrity and quality of financial
reporting. The Committee oversees the work carried out in the financial reporting process by the Management, the internal
auditor, the statutory auditor and the cost auditor and notes the processes and safeguards employed by each of them. The
Committee further reviews the process and controls including compliance with applicable laws, code of conduct, Whistle
Blower Policy and related cases thereto, functioning of the Prevention of Sexual Harassment at Workplace Policy and
guidelines and Internal Controls. The Committee may also review such matters as considered appropriate by it or referred to it
by the Board.
Six Meetings of the Audit Committee were held during the financial year 2020-21.
The composition of the Audit Committee and the details of meetings attended by the Members are given below:
Name of the Director Category No of meeting attended Attendance (%)
Mr. K. Oshikawa NED 3 50
Mr. Sachihiko Asaya NED — —
ID - Independent Director, NED - Non-Executive Director

Mr. Sachihiko Asaya was appointed as Additional Director of the Company and became member of the Committee effective
16th March,2021.
The Audit Committee Meetings are attended by Internal Auditors and representative of Statutory Auditors are invited to the
meetings. Other senior executives of the Company attended the meetings as invitees to address concerns raised by the
Committee Members. The Company Secretary acts as the Secretary of the Audit Committee.
NOMINATION AND REMUNERATION COMMITTEE

The Company has constituted Nomination and Remuneration Committee of Directors under Section 178 of the Companies
Act, 2013.
The terms of reference of the Committee inter alia, include the following:
l Succession planning of the Board of Directors and Senior Management Employees;
l Identifying and selection of candidates for appointment as Directors / Independent Directors based on certain laid down
criteria;
l Identifying potential individuals for appointment as Key Managerial Personnel and to other Senior Management
positions;
l Formulate and review from time to time the policy for selection and appointment of Directors, Key Managerial Personnel
and senior management employees and their remuneration;
l Review the performance of the Board of Directors and Senior Management Employees based on certain criteria as
approved by the Board. In reviewing the overall remuneration of the Board of Directors and Senior Management, the
Committee ensures that the remuneration is reasonable and sufficient to attract, retain and motivate the best managerial
talent, the relationship of remuneration to performance is clear and meets appropriate performance benchmarks and that
the remuneration involves a balance between fixed and incentive pay reflecting short term and long term objectives of the
Company.
l Co-ordinates and overseas the annual self-evaluation of the performance of Board, Committees and of individual
Directors.
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Chairman of Nomination and Remuneration Committee, Mr. Hisatake Okumura is different from Chairman of Board of
Directors. Mr. K. Kuroda was the chairman of the Committee up to 28th September 2020. Mr. H. Okumura became the
member and the chairman of the Committee w.e.f 27th October 2020. Mr. P. V. Bhide, Mr. R. Ranganath and Mr. H. M.
Nerurkar are the other members of the Committee.
Five meeting of the Nomination and Remuneration Committee was held during the financial year 2020-21.
The composition of the Nomination and Remuneration Committee and the details of meeting attended by the Directors are
given below.
Mr. Kotaro Kuroda (Chairman) (up to 28th Sept,2020) NED 3 60
Mr. Hisatake Okumura (Chairman) (w.e.f 27th Oct,2020) 1 20
Mr. H. M. Nerurkar NED 5 100
ID - Independent Director, NED - Non-Executive Director
REMUNERATION POLICY OF DIRECTORS, KMPs AND OTHER EMPLOYEES

The Remuneration Policy approved by the Nomination and Remuneration Committee and Board is available on the
Company's website http://www.trlkrosaki.com/aboutus/policies.aspx.
DETAILS OF REMUNERATION TO DIRECTORS FOR 2020-21

(a) Non-Whole time Directors (` Lakhs)
Sl. No. Name of the Director Commission * Sitting Fees
1 Mr. H. M. Nerurkar 35 5.15
2 Mr. Kotaro Kuroda (up to 28th Sept,2020) 0 1.95
3 Mr. Kiyotaka Oshikawa (up to 1st Feb,2021) 0 1.95
4 Mr. Sachihiko Asaya — —
5 Mr. Toshikazu Takasu 0 3.50
6 Mr. Sadayoshi Tateishi (up to 28th Sept,2020) 0 0.70
7 Mr. Anirban Dasgupta (w.e.f 28th July 2020) 0.43 2.00
8 Ms.Shuang Zhu (w.e.f 26th May,2020) 0.65 3.00
9 Mr. Sudhansu Pathak 0.98 3.50
10 Mr. Hisatake Okumura 1.09 3.80
11 Mr. Takeshi Yoshida (up to 28th Sept,2020) 0 1.20
12 Mr. P. V. Bhide 4.16 6.20
13 Mr. R. Ranganath 3.65 6.50
Note:
(a) * Commission for the financial year 2020-21, will be paid after approval of Financial Statements.
(b) Amounts indicated against Ms. Shuang Zhu and Mr. Hisatake Okumura are paid/payable to Krosaki Harima
Corporation, Japan.
(c) Amounts indicated against Mr.A.Dasgupta is paid/payable to Steel Authority of India Ltd.
(d) Amount indicated against Mr. Sudhansu Pathak:
(i) Sitting Fee is payable to Tata Steel Ltd.
(ii) Commission is disbursed as per Tata Steel guidelines.
31
(b) Managing Director (` lakhs)

Name Salary Perquisites & Allowances Commission @ Stock
Options
Mr. P.B. Panda 94.16 37.25 80.00 —
@ Commission will be paid after adoption of financial statements for FY 2020-21 at the AGM scheduled to be held on
September 29, 2021.
Service Contract, Severance Fees and Notice Period
Period of Contract of MD: From 4th April, 2020 to 3rd April, 2023
The contract may be terminated by either party giving the other party six months' notice or the Company paying six
months' salary in lieu thereof. There is no separate provision for payment of severance fees.
CORPORATE SOCIAL RESPONSIBILITY (CSR) COMMITTEE

In terms of Section 135 of the Companies Act, 2013, the Board has constituted a Corporate Social Responsibility (CSR)
Committee to monitor the Corporate Social Responsibility Policy of the Company and the activities included in the policy.
The terms of reference of the Committee are:
a) To formulate and recommend to the Board, a Corporate Social Responsibility Policy, which shall indicate the activities to
be undertaken by the Company as specified in Schedule VII of the Companies Act, 2013;
b) To recommend the amount of expenditure to be incurred on CSR activities; and
c) To monitor from time to time the CSR Policy of the Company.
One Meeting of the Corporate Social Responsibility (CSR) Committee were held during the financial year 2020-21.
The composition of the CSR Committee and the details of meeting attended by the Directors are given below:
Mr. Sudhansu Pathak
(Chairman) NED 1 100
Mr. Sudhir K. Joshi ID 1 100
ID - Independent Director, NED - Non-Executive Director, ED – Executive Director
COMMITTEE OF BOARD
In addition to the above Committees on Corporate Governance, the Board has also constituted an additional committee
known as Committee of Board and its terms of reference amongst its other functions is to periodically review:
l Business and Strategy
l Financial matters requiring special attention
l Long term financial projections and cash flow
l Capital expenditure programmes
l Organizational Structure.
COB shall also periodically review Company's business plans, profit projections, ways and means position etc.
Two meeting of the Committee of Board (COB) was held during the financial year 2020-21.
The composition of the COB and the details of meeting attended by the Directors are given below.

Mr. H. M. Nerurkar
(Chairman) NED 2 100
Mr. Kotaro Kuroda (up to 28th Sept,2020) NED 0 0
Mr. K. Oshikawa (up to 1st Feb, 2021) NED 0 0
Mr. H. Okumura (w.e.f 27th Oct,2020) NED 1 50
Mr. T. Takasu (w.e.f 27th Oct,2020) NED 1 50
NED - Non-Executive Director, ED – Executive Director
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Mr. K. Kuroda resigned from the Board and ceased to be member of the Committee effective 28th September 2020. Mr. H.
Okumura and Mr. T. Takasu became member of the Committee effective 27th October 2020. Mr. K. Oshikawa resigned from
the Board and ceased to be member of the Committee effective 1st Feb 2021.
GENERAL BODY MEETINGS

(a) Location and time, for last three Annual General Meetings (AGMs) and details of Special Resolution Passed:
Financial Year Date Time Location Special Resolution Passed for
2019-20 29th 13:00 PM Belpahar,Jharsuguda, Re-appointment of Mr. P. B.Panda, Managing
Sept'20 Odisha - 768218 Director
2018-19 25th 11:00 AM Belpahar,Jharsuguda, 1. Revision in terms of remuneration of
Sept'19 Odisha - 768218 Mr. P. B. Panda, Managing Director
2. Alteration of Article of Association
2017-18 18th 12:00 Noon Belpahar, Jharsuguda, Re-appointment of Mr. P. B. Panda, Managing
Sept'18 Odisha - 768 218 Director
(b) No Extra-Ordinary General Meeting of shareholders was held during the Year under review.
OTHER DISCLOSURES
The Board has received disclosures from key managerial personnel relating to financial and commercial transactions where
they and/or their relatives have personal interest. There are no materially significant related party transactions, which have
potential conflict with the interests of the Company at large.
INFORMATION TO INVESTORS
Annual General Meeting 2021
Date 29th September, 2021
Time 12:00 Noon IST
Venue Through video conference/other audio visual means
Financial Year 1st April 2020 to 31st March, 2021
Particulars of Directors seeking appointment / re-appointment are given in the annexure to the Notice of the Annual
General Meeting to be held on 29th September, 2021.
Address for correspondence Company Secretary
CIN-U26921OR1958PLC000349
PO: Belpahar – 768 218
Dist.: Jharsuguda, Odisha, INDIA
Phone: +91 6645 258417
E-mail: sambit.mishra@trlkrosaki.com
Distribution of Shareholding as on 31st March, 2021

Number Number of % of Number of % of
of Shares Slab Shareholders Shareholders Shares Held Shares Held
1-100 25 22.52 1,960 0.01
101-500 23 20.73 7,948 0.04
501-1000 15 13.51 14,350 0.07
1001-5000 16 14.41 42,520 0.20
5001-10000 4 3.60 31,498 0.15
10001-100000 23 20.73 7,98,210 3.82
Above 100000 5 4.50 200,03,514 95.71
Total 111 100 209,00,000 100
33
Categories of Shareholding as on 31st March, 2021

Category of Shareholder Number of Shares Held Percentage of Share Capital
Foreign Holdings 162,22,864 77.62
Government Companies 22,03,150 10.54
FIs, Insurance Companies & Banks 9,62,500 4.61
Other Corporate Bodies 4,09,490 1.96
Mutual Funds — —
Directors & Relatives 100 —
Key Managerial Personnel & Relatives — —
Individual & Others 11,01,896 5.27
Total 209,00,000 100
Top Ten Shareholders of the Company as on 31st March, 2021
Sl.No. Name of the Shareholders No. of Shares Held % of Holding

1 Krosaki Harima Corporation 162,22,864 77.62
2 Steel Authority of India Limited 22,03,150 10.54
3 Life Insurance Corp. of India 9,62,500 4.61
4 Rita Pavankumar 4,65,000 2.22
5 SMIFS Limited 1,50,000 0.72
6 S. M. S. Investment Corp. Pvt. Limited 97,490 0.47
7 Devraj Singh 92,285 0.44
8 Lalitya Kumari 92,285 0.44
9 Man-Made Fibers Pvt. Limited 75,000 0.36
10 M/s Alpic Finance Limited 70,000 0.33
Dematerialization of shares as on 31st March, 2021

We have established connectivity with the depository, i.e. National Security Depository Limited (NSDL). The
International Securities Identification Number ("ISIN") allotted to the shares under the Depository System is
INE 012L01014. 2,04,66,974 equity shares of the Company representing 97.93 % of the Company's Share Capital is
dematerialized as on 31st March, 2021.
Unclaimed Dividend-
l All unclaimed /unpaid dividend amounts up to financial year 2012-13, have been transferred to Investor Education
& Protection Fund and no claims will lie against the Company or the Fund in respect of the unclaimed amounts so
transferred.
.l The unclaimed dividend declared in respect of the financial year 2013-14 can be claimed by the shareholders by 5th
October, 2021.
Address for Correspondence : Company Secretary
PO: Belpahar – 768 218, Dist: Jharsuguda
Odisha, INDIA
Phone: +91 6645 258417
E-mail: sambit.mishra@trlkrosaki.com
34
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OTHER INFORMATION TO THE SHAREHOLDERS
Dividend History for the last 10 years
Financial Year Dividend Date Rate Financial Year Dividend Date Rate
2019-20 29.09.2020 145% 2014-15 29.09.2015 10%
2018-19 25.09.2019 122% 2013-14 06.09.2014 10%
2017-18 18.09.2018 66% 2012-13 21.09.2013 10%
2016-17 28.06.2017 63% 2011-12 15.09.2012 35%
2015-16 26.09.2016 20% 2010-11 06.05.2011 158%
Nomination Facility
Shareholders who hold shares in the physical form and wish to make/change a nomination in respect of their shares in
the Company, as permitted under Section 72 of the Companies Act, 2013, may submit to the Company the prescribed
Forms SH-13/SH-14. The Nomination Form can be downloaded from the Company's website
https://www.trlkrosaki.com/about-us/forms-documents.aspx.
Shares held in Electronic Form
Shareholders holding shares in electronic form may please note that instructions regarding change of address, bank
details, nomination and power of attorney should be given directly to the Depository Participant (DP).
Shares held in Physical Form
Shareholders holding shares in physical form may please note that instructions regarding change of address, bank
details, nomination and power of attorney should be given to the Company. As per Companies Act,2013, transfer of
physical shares is banned. Accordingly, Shareholders are suggested to dematerialize the shares.
Remittance of Dividend through Electronic Mode
The Company provides the facility for remittance of dividend to Shareholders through NECS (National Electronic
Clearing Service) / RTGS (Real Time Gross Settlement) / NEFT (National Electronic Funds Transfer). Shareholders,
who have not opted for remittance of dividend through electronic mode and wish to avail the same, are required to
provide their bank details, including MICR (Magnetic Ink Character Recognition) and IFSC (Indian Financial System
Code) to their respective Depository Participants (DPs) or to the ISC, where shares are held in the dematerialized form
and in the certificate form, respectively.
Shareholders holding shares in the physical form may use the NECS Mandate Form for this purpose, which can be
downloaded from the Company's website under the section 'Investor Relations' or can be furnished by the Company on
request.
35
INDEPENDENT AUDITOR’S REPORT

To the Members of TRL Krosaki Refractories Limited
Report on the Audit of the Standalone Financial Statements
Opinion
We have audited the standalone financial statements of TRL Krosaki Refractories Limited ("the Company"), which comprise
the standalone balance sheet as at 31 March 2021, and the standalone statement of profit and loss (including other
comprehensive income), the standalone statement of changes in equity and standalone statement of cash flows for the year
then ended, and notes to the standalone financial statements, including a summary of the significant accounting policies and
other explanatory information (hereinafter referred to as "the standalone financial statements").
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone
financial statements give the information required by the Companies Act, 2013 ("Act") in the manner so required and give a
true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the
Company as at 31 March 2021, and profit and other comprehensive income, changes in equity and its cash flows for the year
ended on that date.
Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Act. Our
responsibilities under those SAs are further described in the Auditors' Responsibilities for the Audit of the Standalone
Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued
by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the
standalone financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other
ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we
have obtained is sufficient and appropriate to provide a basis for our opinion on the Standalone financial statements.
Other Information
The Company's management and Board of Directors are responsible for the other information. The other information
comprises the information included in the Company's Annual Report, but does not include the standalone financial
statements and our auditors' report thereon.
Our opinion on the standalone financial statements does not cover the other information and we do not express any form of
assurance conclusion thereon.
In connection with our audit of the standalone financial statements, our responsibility is to read the other information and, in
doing so, consider whether the other information is materially inconsistent with the standalone financial statements or our
knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed,
we conclude that there is a material misstatement of this other information, we are required to report that fact. We have
nothing to report in this regard.
Management's and Board of Directors’ Responsibility for the Standalone Financial Statements
The Company's Management and Board of Directors are responsible for the matters stated in section 134(5) of the Act with
respect to the preparation of these standalone financial statements that give a true and fair view of the state of affairs,
profit/loss and other comprehensive income, changes in equity and cash flows of the Company in accordance with the
accounting principles generally accepted in India, including the Indian Accounting Standards (Ind AS) specified under section
133 of the Act. This responsibility also includes maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other
irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are
reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls that were
operating effectively for ensuring accuracy and completeness of the accounting records, relevant to the preparation and
presentation of the standalone financial statements that give a true and fair view and are free from material misstatement,
whether due to fraud or error.
In preparing the standalone financial statements, the Management and Board of Directors are responsible for assessing the
Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the
going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease
operations, or has no realistic alternative but to do so.
36
TRL
The Board of Directors is also responsible for overseeing the Company's financial reporting process.
Auditor’s Responsibility for the Audit of the Standalone Financial Statements

Our objectives are to obtain reasonable assurance about whether the standalone financial statements as a whole are free
from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will
always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered
material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users
taken on the basis of these standalone financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism
throughout the audit. We also:
l Identify and assess the risks of material misstatement of the standalone financial statements, whether due to fraud or
error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and
appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is
higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.
l Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate
in the circumstances. Under section 143(3)(I) of the Act, we are also responsible for expressing our opinion on whether
the company has adequate internal financial controls with reference to financial statements in place and the operating
effectiveness of such controls.
l Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related
disclosures in the standalone financial statements made by the Management and Board of Directors.
l Conclude on the appropriateness of the Management and Board of Directors use of the going concern basis of
accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or
conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a
material uncertainty exists, we are required to draw attention in our auditors' report to the related disclosures in the
standalone financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based
on the audit evidence obtained up to the date of our auditors' report. However, future events or conditions may cause the
Company to cease to continue as a going concern.
l Evaluate the overall presentation, structure and content of the standalone financial statements, including the
disclosures, and whether the standalone financial statements represent the underlying transactions and events in a
manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the
audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements
regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought
to bear on our independence, and where applicable, related safeguards.
Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditors' Report) Order, 2016 ("the Order"), issued by the Central Government of India in
terms of section 143 (11) of the Act, we give in the "Annexure A" a statement on the matters specified in paragraphs 3 and
4 of the Order, to the extent applicable.
2. (A) As required by Section 143(3) of the Act, we report that:
(a) We have sought and obtained all the information and explanations which to the best of our knowledge and
belief were necessary for the purposes of our audit.
(b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears
from our examination of those books.
(c) The standalone balance sheet, the standalone statement of profit and loss (including other comprehensive
income), the standalone statement of changes in equity and the standalone statement of cash flows dealt with
by this Report are in agreement with the books of account.
(d) In our opinion, the aforesaid standalone financial statements comply with the Ind AS specified under section
133 of the Act.
37
(e) On the basis of the written representations received from the directors as on 31 March 2021 taken on record
by the Board of Directors, none of the directors is disqualified as on 31 March 2021 from being appointed as a
director in terms of Section 164(2) of the Act.
(f) With respect to the adequacy of the internal financial controls with reference to financial statements of the
Company and the operating effectiveness of such controls, refer to our separate Report in "Annexure B".
(B) With respect to the other matters to be included in the Auditors' Report in accordance with Rule 11 of the
Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the
explanations given to us:
i. The Company has disclosed the impact of pending litigations as at 31 March 2021 on its financial position in its
standalone financial statements - Refer note 26 to the standalone financial statements;
ii. The Company did not have any long-term contracts including derivative contracts for which there were any
material foreseeable losses;
iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and
Protection Fund by the Company;
iv. The disclosures regarding holdings as well as dealings in specified bank notes during the period from 8
November 2016 to 30 December 2016 have not been made in these standalone financial statements since
they do not pertain to the financial year ended 31 March 2021.
(C) With respect to the matter to be included in the Auditors' Report under section 197(16):
In our opinion and according to the information and explanations given to us, the remuneration paid by the
Company to its directors during the current year is in accordance with the provisions of Section 197 read with
Schedule V of the Act. The remuneration paid to any director is not in excess of the limit laid down under Section
197 read with Schedule V of the Act. The Ministry of Corporate Affairs has not prescribed other details under
Section 197(16) which are required to be commented upon by us.
For B S R & Co. LLP

Firm’s Registration No. 101248W/W-100022
UDIN No. : 21060715AAAAGI3467
sd/-
Seema Mohnot
Place: Kolkata Partner
Date: April 27, 2021 Membership No.060715
38
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Annexure A to the Independent Auditors' report on the standalone financial statements of
TRL Krosaki Refractories Limited for the year ended 31 March 2021
(Referred to in paragraph (1) under ‘Report on Other Legal and Regulatory Requirements’ section of our report of even date)
(i) (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of
fixed assets.
(b) The Company has a regular programme of physical verification of its fixed assets by which all the fixed assets are
verified in a phased manner over a period of three years. In accordance with this programme, a portion of the fixed
assets has been physically verified by the management during the year. In our opinion, the frequency of such
physical verification is reasonable having regard to the size of the Company and the nature of its assets. As
informed to us, no material discrepancies were noticed on such verification carried out during the year.
(c) According to the information and explanations given to us and on the basis of our examination of the records of the
Company, the title deeds of immovable properties are held in the name of the Company. In respect of immovable
properties take on lease and disclosed as right-of-use assets in the standalone financial statement, the lease
agreements are in the name of the Company.
(ii) According to the information and explanations given to us, the inventory, except goods-in-transit and stocks lying with
third parties, have been physically verified by the management, at reasonable intervals, during the year. In our opinion,
the frequency of such verification is reasonable. For goods-in-transit as at year end, subsequent clearance of goods has
been verified. For stocks lying with the third parties as at the year end, written confirmations have been obtained by the
management. The discrepancies noticed on verification between the physical stocks and the book records were not
material.
(iii) According to the information and explanations given to us, the Company has granted unsecured interest free loan in the
earlier years to one person covered in the register maintained under Section 189 of the Companies Act, 2013 ('the Act'),
in respect of which :
(a) no loan has been granted during the year to the person listed in the register maintained under Section 189 of the
Act.
(b) the schedule of repayment of principal has been stipulated and repayments or receipts of principal amounts have
been regular as per stipulations.
(c) there is no overdue amount remaining outstanding as at the year-end.
(iv) According to the information and explanations given to us, the Company has not given any loans, guarantees or security
during the year that would attract provisions of Section 185 of the Act. In our opinion and accordingly to the information
and explanations given to us, the provisions of Section 186 of the Act in respect to investments made has been complied
with by the Company.
(v) According to the information and explanations given to us, the Company has not accepted any deposits from the public
as per the directives issued by the Reserve Bank of India and the provisions of Section 73 to 76 or any other relevant
provisions of the Act and the rules framed thereunder. Accordingly, the provisions of paragraph 3(v) of the Order are not
applicable to the Company.
(vi) We have broadly reviewed the books of account maintained by the Company pursuant to the rules prescribed by the
Central Government for the maintenance of cost records under Section 148(1) of the Act in respect of the products
manufactured by the Company and are of the opinion that, prima facie, the prescribed accounts and records have been
made and maintained. However, we have not made a detailed examination of the records with a view to determine
whether they are accurate or complete. The Company is not required to maintain cost records under Section 148(1) in
respect of services rendered by them.
(vii) (a) According to the information and explanations given to us and on the basis of our examination of the records of the
Company, amounts deducted/ accrued in the books of account in respect of undisputed statutory dues including
provident fund, employees' state insurance, goods and services tax, duty of customs, cess, income tax and any
other material statutory dues have generally been regularly deposited during the year by the Company with the
appropriate authorities. As explained to us by the management, the Company did not have any dues on account of
sales tax, service tax, duty of excise and value added tax.
According to the information and explanations given to us, no undisputed amounts payable in respect of provident
fund, employees' state insurance, goods and services tax, duty of customs, cess, income tax and any other
material statutory dues were in arrears as at 31 March 2021 for a period of more than six months from the date they
became payable.
39
(b) According to the information and explanations given to us, there are no dues of income tax, goods and services tax,
sales tax, value added tax, entry tax, service tax, duty of excise and duty of custom which have not been deposited
with the appropriate authorities on account of any dispute, except as mentioned below:
Name of the statute Nature of the dues Amount Period to which Forum where
in ` amount relates dispute is pending
Income tax Act, 1961 Disallowances arising in income tax 71,35,757 2015-16 Income Tax Appeallate
proceedings Tribunal
Central Excise Act, 1944 Disallowance of Cenvat Credit 3,78,29,702 2000-01, 2003-04 Central Excise and Service
(deposits paid Rs. 22,50,728) to 2010-11 Tax Appellate Tribunal
Central Excise Act, 1944 Disallowance of Cenvat Credit 82,23,000 1999-2000 and 2001-02 Hon'ble High Court of Madras
Central Excise Act, 1944 Disallowance of Cenvat Credit 4,00,13,670 2007-08 and 2008-09 Commissioner (Appeals)
(deposits paid Rs. 15,00,513)
Customs Act,1962 Classification of products under incorrect 3,55,65,938 2015-16 to 2020-21 Assistant Commissioner
category (deposits paid Rs. 3,55,65,938)
Customs Act,1962 Classification of products under incorrect 3,63,52,509 2015-16 to 2017-18 Central Excise and Service
category (deposits paid Rs. 3,63,52,509) Tax Appellate Tribunal
Customs Act,1962 Classification of products under incorrect 4,55,47,418 2011-12 to 2019-20 Commissioner (Appeals)
category (deposits paid Rs. 4,55,47,418)
Finance Act, 1994 Disallowance of credit on outward 1,79,43,302 2005-06 to 2008-09 Central Excise and Service
transportation (deposits paid Tax Appellate Tribunal
Rs. 6,71,378)
Central Excise Act, 1944 Disallowance of Cenvat Credit 70,51,496 2013- 14 to 2017-18 Commissioner (Appeals)
Central Excise Act, 1944 Disallowance of Cenvat Credit 3,46,24,955 2015-16 and 2016-17 Commissioner (Appeals)
Central Excise Act, 1944 Inadmissable Cenvat Credit wrongly 1,28,40,008 2016-17 Commissioner (Appeals)
availed and utilised (deposits paid
Rs. 4,81,500)
Central Sales Tax Act, 1956 Non submission of Statutory forms 1,60,37,689 2006-07 to 2008-09 Sales Tax Tribunal
(deposits paid Rs. 1,20,26,957)
Central Sales Tax Act, 1956 CST demanded on branch transfer 1,50,92,299 1994-1995 Hon'ble High Court of Odisha
Central Sales Tax Act, 1956 Non submission of statutory forms 1,67,57,445 1987-89, 2009-10 to Sales Tax Tribunal
(deposits paid Rs. 93,08,973) 2011-12, 2014-15 to
2017-18
Central Sales Tax Act, 1956 Non submission of statutory forms 40,62,769 2012-13 to 2013-14 Additional Commissioner of
(deposits paid Rs. 40,62,769) Sales Tax, Appeal
Central Sales Tax Act, 1956 Non submission of statutory forms 2,56,99,595 2009-10 to 2010-11 Commissioner
Central Sales Tax Act, 1956 Submission of defective forms 43,20,734 2005-06 Additional Commissioner
Central Sales Tax Act, 1956 Non submission of Statutory forms 2,00,000 1986-1989 Commissioner of Sales Tax
Odisha Entry Tax Act, 1999 Tax demand on non-scheduled goods 11,47,542 2012-13 to 2013-14 Sales Tax Tribunal
(deposits paid Rs. 76,503)
Orissa Value Added Tax Disallowance of input credit 21,64,470 2005-06 to 2006-07 Sales Tax Tribunal
Act, 2004 (deposits paid Rs. 21,64,470)
Orissa Value Added Tax Reversal of input tax credit 26,57,04,686 2007-08 to 2013-14 Hon'ble High Court of Odisha
Act, 2004
Gujarat Value Added Tax, Demand due to incorrect filing by supplier 5,76,32,253 2009-10 Commissioner of Sales Tax
2003
Orissa Value Added Tax Disallowance of input credit 21,74,520 2014-15 Sales Tax Tribunal
Act, 2004 (deposits paid Rs. 144,968)
Orissa Value Added Tax Disallowance of Input tax Credit 14,54,489 2015-16 to 2017-18 Sales Tax Tribunal
Act, 2004 (deposits paid Rs. 2,32,718)
Jharkhand Value Added Disallowance of input credit 10,72,640 2015-16 Joint Commissioner (Appeals)
Tax Act, 2005
Central Sales Tax Act, 1956 Non submission of Statutory forms 8,84,609 2015-16 Joint Commissioner (Appeals)
Jharkhand Value Added Disallowance of input credit 3,77,198 2016-17 Deputy Commissioner
Tax Act, 2005
Central Sales Tax Act, 1956 Non submission of Statutory forms 7,45,838 2016-17 Deputy Commissioner
40
TRL
(viii) In our opinion and according to the information and explanations given to us, the Company has not defaulted in
repayment of loans or borrowings to banks. The Company did not have any outstanding loan or borrowings from
financial institution or government or debenture holders during the year.
(ix) According to the information and explanations given to us, the Company did not raise any money by way of initial public
offer or further public offer (including debt instruments) during the year. The term loan taken by the Company during the
year have been applied for the purposes for which they were raised.
(x) According to the information and explanations given to us, no fraud by the Company or on the Company by its officers or
employees has been noticed or reported during the year.
(xi) According to the information and explanations given to us and based on our examination of the records, the Company
has paid or provided for managerial remuneration in accordance with the requisite approvals mandated by the
provisions of Section 197 of the Act read with Schedule V of the Act.
(xii) According to the information and explanations given to us, the Company is not a Nidhi Company. Accordingly, the
provisions of paragraph 3(xii) of the Order are not applicable to the Company.
(xiii) According to the information and explanations given to us and based on our examination of the records of the Company,
transactions with the related parties are in compliance with Sections 177 and 188 of the Act, where applicable and the
details of such transactions have been disclosed in the standalone financial statements as required by applicable
accounting standards.
(xiv) According to the information and explanations given to us and based on our examination of the records of the Company,
the Company has not made any preferential allotment or private placement of shares or fully or partly convertible
debentures during the year. Accordingly, the provisions of paragraph 3(xiv) of the Order are not applicable to the
Company.
(xv) According to the information and explanations given to us and based on our examination of the records of the Company,
the Company has not entered into non-cash transactions with directors or persons connected with them as per Section
192 of the Act. Accordingly, the provisions of paragraph 3(xv) of the Order are not applicable to the Company.
(xvi) According to the information and explanations given to us, the Company is not required to be registered under Section
45-IA of the Reserve Bank of India Act, 1934. Accordingly, the provisions of paragraph 3(xvi) of the Order are not
applicable to the Company.
For B S R & Co. LLP

sd/-
Seema Mohnot
41
Annexure B to the Independent Auditors' report on the standalone financial statements of TRL Krosaki Refractories
Limited for the year ended 31 March 2021
Report on the internal financial controls with reference to the aforesaid standalone financial statements under
Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013
(Referred to in paragraph [2(A)f] under 'Report on Other Legal and Regulatory Requirements' section of our report of
even date)
Opinion
We have audited the internal financial controls with reference to financial statements of TRL Krosaki Refractories Limited
("the Company") as of 31 March 2021 in conjunction with our audit of the standalone financial statements of the Company for
the year ended on that date.
In our opinion, the Company has, in all material respects, adequate internal financial controls with reference to financial
statements and such internal financial controls were operating effectively as at 31 March 2021, based on the internal financial
controls with reference to financial statements criteria established by the Company considering the essential components of
internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the
Institute of Chartered Accountants of India (the "Guidance Note").
Management’s Responsibility for Internal Financial Controls

The Company's management and the Board of Directors are responsible for establishing and maintaining internal financial
controls based on the internal financial controls with reference to financial statements criteria established by the Company
considering the essential components of internal control stated in the Guidance Note. These responsibilities include the
design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring
the orderly and efficient conduct of its business, including adherence to company's policies, the safeguarding of its assets, the
prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely
preparation of reliable financial information, as required under the Companies Act, 2013 (hereinafter referred to as "the Act").
Auditors’ Responsibility
Our responsibility is to express an opinion on the Company's internal financial controls with reference to financial statements
based on our audit. We conducted our audit in accordance with the Guidance Note and the Standards on Auditing, prescribed
under section 143(10) of the Act, to the extent applicable to an audit of internal financial controls with reference to financial
statements. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform
the audit to obtain reasonable assurance about whether adequate internal financial controls with reference to financial
statements were established and maintained and whether such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls with
reference to financial statements and their operating effectiveness. Our audit of internal financial controls with reference to
financial statements included obtaining an understanding of such internal financial controls, assessing the risk that a material
weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed
risk. The procedures selected depend on the auditors' judgement, including the assessment of the risks of material
misstatement of the standalone financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on
the Company's internal financial controls with reference to financial statements.
Meaning of Internal Financial controls with reference to Financial Statements

A company's internal financial controls with reference to financial statements is a process designed to provide reasonable
assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in
accordance with generally accepted accounting principles. A company's internal financial controls with reference to financial
statements include those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail,
accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance
that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally
accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with
authorisations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or
timely detection of unauthorised acquisition, use, or disposition of the company's assets that could have a material effect on
the financial statements.
42
TRL
Inherent Limitations of Internal Financial controls with reference to Financial Statements
Because of the inherent limitations of internal financial controls with reference to financial statements, including the possibility
of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be
detected. Also, projections of any evaluation of the internal financial controls with reference to financial statements to future
periods are subject to the risk that the internal financial controls with reference to financial statements may become
inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may
deteriorate.
For B S R & Co. LLP

sd/-
Seema Mohnot
43
STANDALONE BALANCE SHEET AS AT 31 MARCH 2021

As at 31 March 2021 As at 31 March 2020
Particulars Note
ASSETS
(1) Non-current assets
(a) Property, plant and equipment 01(a) 300,70,96,585 240,65,09,328
(b) Capital work-in-progress 01(c) 107,16,64,072 69,35,32,740
(c) Right-of-use assets 29 18,59,26,863 18,44,93,590
(d) Intangible assets 01(b) 3,18,10,033 3,43,79,513
(e) Investments in associates 02 14,60,60,575 14,60,60,575
(f) Financial assets
(i) Investments 03 1,49,36,500 86,19,000
(ii) Loans 04 5,21,24,175 5,92,75,806
(iii) Other financial assets 05 — 3,46,53,923
(g) Non-current tax assets (net) 1,52,65,829 10,29,04,117
(h) Other non-current assets 06 25,80,28,701 29,79,59,875
Total Non-current assets 478,29,13,333 396,83,88,467
(2) Current assets
(a) Inventories 07 356,60,27,852 314,01,62,437
(b) Financial assets
(i) Trade receivables 08 237,15,05,637 274,21,82,238
(ii) Cash and cash equivalents 09 1,31,22,819 77,36,150
(iii) Other balances with banks 10 10,694 18,56,153
(iv) Loans 04 2,41,29,018 2,97,73,625
(v) Other financial assets 05 20,27,414 27,49,667
(c) Other current assets 06 31,35,80,161 49,69,76,226
(d) Assets held-for-sale 2,77,90,085 8,61,82,870
Total Current assets 631,81,93,680 650,76,19,366
TOTAL ASSETS 1110,11,07,013 1047,60,07,833
EQUITY AND LIABILITIES
(1) EQUITY
(a) Equity share capital 11 20,90,00,000 20,90,00,000
(b) Other equity 476,66,64,342 465,04,71,387
Total Equity 497,56,64,342 485,94,71,387
(2) LIABILITIES
(i) Non-current liabilities
(a) Financial liabilities
(i) Borrowings 12 101,42,76,750 87,17,20,000
(ii) Lease liabilities 29 19,41,16,397 18,54,54,065
(b) Provisions 15 41,94,34,260 32,90,45,975
(c) Deferred tax liabilities (net) 6,71,67,966 5,85,92,841
Total Non-current liabilities 169,49,95,373 144,48,12,881
(ii) Current liabilities
(i) Borrowings 12 74,00,91,405 145,99,59,996
(ii) Trade payables
a) Total outstanding dues of micro
enterprises and small enterprises 13(a) 2,62,48,180 2,78,13,667
b) Total outstanding dues of creditors other than
micro enterprises and small enterprises 13(b) 285,54,19,182 212,26,60,336
(iii) Lease liabilities 29 1,20,66,541 99,51,139
(iv) Other financial liabilities 14 56,85,64,239 8,81,09,902
(b) Other current liabilities 16 10,47,20,118 32,05,70,496
(c) Provisions 15 8,74,39,956 8,89,69,279
(d) Current tax liabilities (net) 3,58,97,677 5,36,88,750
Total Current liabilities 443,04,47,298 417,17,23,565
TOTAL EQUITY AND LIABILITIES 1110,11,07,013 1047,60,07,833
Notes forming part of financial statements (1 - 40)
As per our report of even date attached For and on behalf of the Board of Directors
CIN-U26921OR1958PLC000349
For B S R & Co. LLP sd/- sd/-
Chartered Accountants H. M. NERURKAR P. B. PANDA
Firm's Registration No:101248W/W-100022 Chairman Managing Director
(DIN : 00265887) (DIN : 07048273)
Mumbai Belpahar
sd/- sd/- sd/-
Seema Mohnot M. V. RAO SAMBIT MISHRA
Partner Sr. VP (Finance) & Company Secretary
Membership No. 060715 CFO (ACS:59808)
Kolkata, April 27, 2021 Belpahar Belpahar
April 27, 2021
44
TRL
STANDALONE STATEMENT OF PROFIT AND LOSS
FOR THE YEAR ENDED 31 MARCH 2021
April 2020 to April 2019 to
March 2021 March 2020
Note
I Revenue from operations 17 1423,92,77,264 1652,91,60,514
II Other income 18 5,80,48,439 84,52,787
III Total Income (I + II) 1429,73,25,703 1653,76,13,301
IV EXPENSES
(a) Cost of materials consumed 20 617,69,95,338 716,83,00,302
(b) Purchases of stock-in-trade 210,10,82,304 246,13,23,335
(c) Changes in inventories of finished goods,
stock-in-trade and work-in-progress 21 12,98,35,739 (12,48,35,468)
(d) Employee benefits expense 22 130,62,14,272 125,65,39,715
(e) Finance costs 23 12,41,60,393 16,55,21,583
(f) Depreciation and amortisation expense 01 & 29 28,93,49,422 26,82,69,869
(g) Other expenses 24 367,70,78,538 402,86,66,353
Total Expenses (IV) 1380,47,16,006 1522,37,85,689
V Profit before exceptional item and tax (III - IV) 49,26,09,697 131,38,27,612
VI Exceptional Item 19 7,87,97,625 —
VII Profit before tax (V+VI) 57,14,07,322 131,38,27,612
VIII Tax Expense
(a) Current tax 34 10,52,44,433 33,78,60,855
(b) Taxation for earlier years 29,78,009 (16,19,521)
(c) Deferred tax 1,83,75,862 (2,92,95,346)
Total tax expense 12,65,98,304 30,69,45,988
IX Profit for the year (VII-VIII) 44,48,09,018 100,68,81,624
X Other Comprehensive Income / (loss)
(i) Items that will not be reclassified subsequently
to profit and loss
(a) Remeasurement loss of defined benefit plans (4,16,84,300) (2,23,75,800)
(b) Fair value changes of investments in equity shares 63,17,500 (29,75,500)
(ii) Income tax on items that will not be reclassified
subsequently to profit and loss 98,00,737 20,63,502
Total Other comprehensive loss for the year (2,55,66,063) (2,32,87,798)
IX Total Comprehensive Income for the year (IX+X) 41,92,42,955 98,35,93,826
XII Earnings per equity share
Basic and Diluted [Face value of ` 10 each]
(PY: Face value of ` 10 each) 39 21.28 48.18
Notes forming part of financial statements (1 - 40)
CIN-U26921OR1958PLC000349
(DIN : 00265887) (DIN : 07048273)
Mumbai Belpahar
sd/- sd/- sd/-
April 27, 2021
45
STANDALONE STATEMENT OF CHANGES IN EQUITY

(A) EQUITY SHARE CAPITAL
(Refer Note 11)
As at 31 March 2021 `
Particulars Balance as at Changes in equity share Balance as at
1 April 2020 capital during the year 31 March 2021
Equity Share Capital 20,90,00,000 — 20,90,00,000
Particulars Balance as at Changes in equity share Balance as at
1 April 2019 capital during the year 31 March 2020
(B) OTHER EQUITY

(Refer Note 11)
Reserve & Surplus Items of Other
Comprehensive
Income
Particulars Retained General Security Investment Total
Earnings Reserve Premium Revaluation
Reserve Reserve
Balance as at 1 April 2020 246,12,04,403 142,33,53,424 75,73,04,560 86,09,000 465,04,71,387
Profit for the year 44,48,09,018 — — — 44,48,09,018
Dividend (30,30,50,000) — — — (30,30,50,000)
Fair value gain on equity instrument — — — 63,17,500 63,17,500
Remeasurement loss on defined
benefit plans (3,18,83,563) — — — (3,18,83,563)
Balance as at 31 March 2021 257,10,79,858 142,33,53,424 75,73,04,560 1,49,26,500 476,66,64,342
Comprehensive
Income
Earnings Reserve Premium Revaluation
Reserve Reserve
Balance as at 1 April 2019 178,20,26,966 142,33,53,424 75,73,04,560 1,15,84,500 397,42,69,450
Dividend (Including dividend
distribution tax) (30,73,91,889) — — — (30,73,91,889)
Fair value loss on equity instrument — — — (29,75,500) (29,75,500)
benefit plans (2,03,12,298) — — — (2,03,12,298)
Balance as at 31 March 2020 246,12,04,403 142,33,53,424 75,73,04,560 86,09,000 465,04,71,387
Retained earnings: Retained earnings are profit that the Company has earned till date, less dividend or other distributions paid to shareholders. It also includes remeasurement gain / loss of defined benefit plans.
General Reserve: Under the erstwhile Companies Act, 1956, a general reserve was created through an annual transfer of net profit at a specified percentage in accordance with applicable regulations.
Consequent to the introduction of the Companies Act, 2013, the requirement to mandatory transfer a specified percentage of net profit to general reserve has been withdrawn. There is no movement in general
reserve during the current and previous year.
Securities premium : Securities premium is used to record the premium on issue of shares. Securities premium is utilised in accordance with the provisions of the Companies Act, 2013. There is no movement in
securities premium during the current and previous year.
Investment revaluation reserve: The cumulative gains and losses arising on fair value changes of equity investments measured at fair value through other comprehensive income are recognised in investment
revaluation reserve.
CIN-U26921OR1958PLC000349
(DIN : 00265887) (DIN : 07048273)
Mumbai Belpahar
sd/- sd/- sd/-
April 27, 2021
46
TRL
STANDALONE STATEMENT OF CASH FLOW FOR THE YEAR ENDED 31 MARCH 2021
April 2020 - March 2021 April 2019 - March 2020
` `
A. Cash Flow from Operating activities:
Profit before tax 57,14,07,322 131,38,27,612
Adjustments for :
Depreciation and amortisation expense 28,93,49,422 26,82,69,869
Write back of allowances for credit loss (1,62,74,849) (9,03,352)
Property, plant and equipment written off — 22,67,695
Exceptional Item (Profit on sale of assets held-for sale) (7,87,97,625) —
Dividend income (2,06,51,141) (1,00,000)
Net gain on sale of property, plant and equipment (30,17,410) (15,40,789)
Interest income (3,43,79,888) (68,11,998)
Finance costs 12,41,60,393 16,55,21,583
Unrealised gain on foreign exchange fluctuation (36,66,919) (93,87,374)
Operating profit before working capital changes 82,81,29,305 173,11,43,246
Adjustments for:
Decrease / (Increase) in non-current / current financial
and other assets 52,39,33,809 (42,20,05,483)
(Increase) / decrease in inventories (42,58,65,415) 45,52,85,155
Increase in non-current / current financial and other
liabilities / provisions 60,34,39,967 6,44,01,111
Cash generated from operations 152,96,37,666 182,88,24,029
Income tax paid (net of refunds) (3,83,75,227) (36,82,39,835)
Net Cash from Operating Activities A 149,12,62,439 146,05,84,194
B. Cash Flow from Investing Activities:
Acquisitions of property, plant and equipment (116,10,38,249) (129,23,63,340)
Proceeds on sale of property, plant and equipment 39,82,198 23,56,136
Advance against sale of land 2,74,18,392 4,75,00,000
Proceeds from sale of land 8,96,90,410 —
Fixed deposits with bank 3,40,92,885 (1,31,587)
Interest received 3,74,94,766 41,76,414
Dividend received 2,06,51,141 1,00,000
Net Cash used in Investing Activities B (94,77,08,457) (123,83,62,377)
C. Cash Flow from Financing Activities:
Proceeds from borrowings 59,75,56,361 139,38,11,163
Repayment of borrowings (81,91,68,977) (126,66,73,219)
Payment of lease liabilities (including interest) (2,34,10,979) (2,17,13,379)
Proceeds from government grant 11,92,53,864 1,53,67,107
Interest paid (10,93,47,582) (14,34,05,765)
Dividend paid (including dividend distribution tax) (30,30,50,000) (30,73,91,889)
Net Cash (used in) / from Financing Activities C (53,81,67,313) (33,00,05,982)
Net (decrease) / increase in cash and cash equivalents (A+B+C) 53,86,669 (10,77,84,165)
Opening Cash and Cash equivalents (Refer Note 9) 77,36,150 11,55,20,315
Closing Cash and Cash equivalents (Refer Note 9) 1,31,22,819 77,36,150
Note:
I) Cash flow statement has been prepared under the indirect method as set out in Ind AS 7 specified under Section 133 of the
Companies Act, 2013.
ii) Figures in brackets represent cash outflows.
CIN-U26921OR1958PLC000349
(DIN : 00265887) (DIN : 07048273)
Mumbai Belpahar
sd/- sd/- sd/-
47 April 27, 2021
NOTES TO STANDALONE FINANCIAL STATEMENTS
TRL
NOTE 01
Description Cost / Additions Deductions Cost / Accumulated Depreciation for the Year Accumulated Net Carrying
(Deemed Cost) (Deemed Cost) Depreciation Depreciation Value
as at as at as at Additions Disposals/ as at as at
1 April 2020 31 March 2021 1 April 2020 Deductions 31 March 2021 31 March 2021
` ` ` ` ` ` ` ` `
1(a). Property, plant and equipment
Freehold Land 18,67,412 – – 18,67,412 – – – – 18,67,412
(18,67,412) – – (18,67,412) – – – – (18,67,412)
Buildings and Roads 94,44,84,452 25,39,98,526 31,07,735 119,53,75,243 19,58,78,012 2,92,50,319 31,07,735 22,20,20,596 97,33,54,647
(72,50,81,520) (21,94,02,932) – (94,44,84,452) (17,41,54,312) (2,17,23,700) – (19,58,78,012) (74,86,06,440)
Plant and Machinery 202,54,18,432 56,81,52,285 4,14,13,508 255,21,57,209 55,11,03,687 18,66,42,296 4,05,85,239 69,71,60,744 185,49,96,465
(181,72,03,866) (30,22,08,488) (9,39,93,922) (202,54,18,432) (47,21,16,898) (17,01,27,852) (9,11,41,063) (55,11,03,687) (147,43,14,745)
Railway Siding 1,34,48,476 – – 1,34,48,476 72,24,870 14,44,974 – 86,69,844 47,78,632
(1,34,48,476) – – (1,34,48,476) (57,79,896) (14,44,974) – (72,24,870) (62,23,606)
Furniture and Fixture 15,15,01,214 16,73,669 1,48,196 15,30,26,687 7,28,29,760 1 ,42,20,816 1,47,092 8,69,03,484 6,61,23,203
(10,57,07,638) (4,60,21,945) (2,28,369) (15,15,01,214) (5,41,26,315) (1,89,31,814) (2,28,369) (7,28,29,760) (7,86,71,454)
Office Equipments 8,12,51,455 2,39,81,768 67,77,647 9,84,55,576 2,51,27,135 1,75,78,207 66,42,232 3,60,63,110 6,23,92,466
(8,32,07,478) (2,96,17,454) (3,15,73,477) (8,12,51,455) (4,12,68,179) (1,53,74,582) (3,15,15,626) (2,51,27,135) (5,61,24,320)
Vehicles 4,90,47,912 1,26,00,260 – 6,16,48,172 83,46,561 97,17,851 – 1,80,64,412 4,35,83,760
48
(2,58,69,187) (2,45,32,680) (13,53,955) (4,90,47,912) (5,02,247) (90,25,937) (11,81,623) (83,46,561) (4,07,01,351)
Total Property, plant and 326,70,19,353 86,04,06,508 5,14,47,086 407,59,78,775 86,05,10,025 25,88,54,463 5,04,82,298 106,88,82,190 300,70,96,585
equipment (277,23,85,577) (62,17,83,499) (12,71,49,723) (326,70,19,353) (74,79,47,847) (23,66,28,859) (12,40,66,681) (86,05,10,025) (240,65,09,328)
1(b). Intangible Assets
Development of Mines 2,88,33,293 – – 2,88,33,293 2,22,35,457 44,47,091 – 2,66,82,548 21,50,745
(2,88,33,293) – – (2,88,33,293) (1,77,88,365) (44,47,092) – (2,22,35,457) (65,97,836)
Software 5,77,52,382 84,97,800 - 6,62,50,182 2,99,70,705 66,20,189 – 3,65,90,894 2,96,59,288
(4,31,23,731) (1,46,28,651) – (5,77,52,382) (2,14,87,842) (84,82,863) – (2,99,70,705) (2,77,81,677)
Total Intangible Assets 8,65,85,675 84,97,800 - 9,50,83,475 5,22,06,162 1,10,67,280 – 6,32,73,442 3,18,10,033
(7,19,57,024) (1,46,28,651) – (8,65,85,675) (3,92,76,207) (1,29,29,955) – (5,22,06,162) (3,43,79,513)
Total (a+b) 335,36,05,028 86,89,04,308 5,14,47,086 417,10,62,250 91,27,16,187 26,99,21,743 5,04,82,298 113,21,55,632 303,89,06,618
As at 31 March 2020 (284,43,42,601) (63,64,12,150) (12,71,49,723) (335,36,05,028) (78,72,24,054) (24,95,58,814) (12,40,66,681) (91,27,16,187) (244,08,88,841)
1(c). Capital work in progress
Buildings, Plant and Machinery, etc. 69,35,32,740 124,70,35,640 86,89,04,308 107,16,64,072 – – – – 107,16,64,072
(19,14,80,946) (113,84,63,944) (63,64,12,150) (69,35,32,740) – – – – (69,35,32,740)
Total Assets 411,05,70,690
(313,44,21,581)
Note : (i) Figures in brackets relate to the previous year.
(ii) Development of mines represent expenditure incurred in relation to restoration obligations as per applicable regulations and the same has been amortised over the period of lease.
(iii) No indicator of impairment were identified during the current year, hence Property, Plant and Equipment including Capital Work in Progress were not tested for impairment.
(iv) Property, Plant and Equipment including Capital Work in Progress have been hypothecated as security against certain bank borrowings (Refer Note 12)
(v) Rs.5,16,98,866 (Previous year -Rs.2,41,75,505) of borrowing costs has been capitalised during the year on qualifying assets under additions to Capital Work in Progress using a capitalisation rate of 7.40% (previous year -8.50%)
(vi) Additions to Capital Work in Progress includes finished goods issued for capital projects amounting to Rs. 2,80,80,836 (Previous year -Rs.4,08,57,115)
(vii) Buildings and Roads, closing gross block Rs. 35,49,60,416 (Previous year - Rs. 17,95,61,240) and net carrying value Rs. 33,93,55,000 (Previous year - Rs. 16,84,69,320) include buildings leased out to employees for residential purposes.
(viii) Incentives amounting to Rs.11,92,53,864 (Previous year - Rs. 1,53,67,107) on account of Export Promotion Capital Goods scheme is adjusted in additions to Capital Work in Progress.
TRL
No. of As at As at
equity shares 31 March, 2021 31 March, 2020
NOTE 02 : Investment in Associates

Non-Current
Investments in Associate Companies carried at Cost
Investment in Equity Instrument (Unquoted)
a) TRL Krosaki Asia Pte Limited 48,07,584 13,82,61,575 13,82,61,575
(Face value of SG$ 1 each, fully paid-up)
b) Almora Magnesite Limited 77,990 77,99,000 77,99,000
(Face value of ` 100 each, fully paid-up)
Total investments in Associates 14,60,60,575 14,60,60,575
Aggregate carrying value of unquoted investments 14,60,60,575 14,60,60,575
NOTE 03 : Investments
Non-Current
a) Investment designated at fair value through Other
Comprehensive Income
Investment in Equity Instrument (Quoted)
HDFC Bank Limited (Fair Value) 10,000 1,49,36,500 86,19,000
(Face Value of ` 1 each fully paid up)
b) Investment in Equity Instrument (Unquoted)
Tata Construction and Projects Limited* 1,44,202 18,42,020 18,42,020
Less : Impairment in value of investment (18,42,020) (18,42,020)
*Company is in liquidation.
Total Investments 1,49,36,500 86,19,000
Aggregate carrying value and market value of quoted

investments are as below:
Carrying value 1,49,36,500 86,19,000
Market Value 1,49,36,500 86,19,000
Aggregate amount of impairment in value of investment 18,42,020 18,42,020
49

04 Loans As at 31 March 2021 ` As at 31 March 2020 `
Unsecured, considered good Non-current Current Total Non-current Current Total
(a) Security deposits 4,45,14,859 1,69,88,353 6,15,03,212 4,48,28,755 2,08,71,191 6,56,99,946
(b) Loans to employees 76,09,316 71,40,665 1,47,49,981 1,44,47,051 89,02,434 2,33,49,485
Total Loans 5,21,24,175 2,41,29,018 7,62,53,193 5,92,75,806 2,97,73,625 8,90,49,431
05 Other financial assets As at 31 March 2021 ` As at 31 March 2020 `

Unsecured, considered good Non current Current Total Non current Current Total
(a) Interest accrued on deposits – 20,27,414 20,27,414 23,92,625 27,49,667 51,42,292
(b) Earmarked balance with bank – – – 3,22,61,298 – 3,22,61,298
Total Other financial assets – 20,27,414 20,27,414 3,46,53,923 27,49,667 3,74,03,590
Earmarked balance with bank represent deposits not due for realisation within 12 months from the balance sheet date. These are primarily placed as margin
money against issue of bank guarantees.
06 Other assets As at 31 March 2021 ` As at 31 March 2020 `

Unsecured, considered good unless Non current Current Total Non current Current Total
otherwise stated
(a) Capital advances 4,33,44,640 – 4,33,44,640 10,54,04,575 – 10,54,04,575
(b) Advance with public bodies * 20,98,42,502 22,39,27,934 43,37,70,436 18,60,48,112 37,74,00,835 56,34,48,947
(c) Other advances
(Unsecured, considered good)** 48,41,559 8,96,52,227 9,44,93,786 65,07,188 11,95,75,391 12,60,82,579
(d) Other advances
(Unsecured, considered doubtful) 1,03,10,919 – 1,03,10,919 1,03,13,821 – 1,03,13,821
Other assets 26,83,39,620 31,35,80,161 58,19,19,781 30,82,73,696 49,69,76,226 80,52,49,922
Less: Allowances for doubtful advances 1,03,10,919 – 1,03,10,919 1,03,13,821 – 1,03,13,821
Total Other assets 25,80,28,701 31,35,80,161 57,16,08,862 29,79,59,875 49,69,76,226 79,49,36,101
* Advance with public bodies primarily relate to Goods and Services Tax (GST) input credit, duty credit entitlements and amounts paid under protest in respect of
demands from regulatory authorities.
** Other advances include advances against supply of goods and services and advances paid to employees.

07 Inventories ` `
(a) Raw materials 218,91,82,844 162,72,21,090
(b) Work-in-progress 22,25,18,116 21,85,48,381
(c) Finished goods 73,86,34,878 94,26,03,505
(d) Stock-in-trade 15,84,63,216 11,63,80,899
(e) Stores and spares 17,99,29,970 17,01,70,263
(f) Loose tools 45,15,797 43,05,075
(g) Fuel 7,27,83,031 6,09,33,224
Total Inventories 356,60,27,852 314,01,62,437
The value of inventories stated above is after adjustment of Rs. 1,37,79,443 (Previous year - Rs . 1,62,72,698) for write-downs to
net realisable value and provision for slow moving and obsolete item is Rs. 50,78,852 (Previous year - Rs. 58,57,547).
Finish goods above Includes goods in transit of Rs. 8,88,31,627 (Previous year - Rs. 3,27,23,293).
The inventories have been hypothecated as security against certain bank borrowings (Refer Note-12).
50
TRL
08 Trade receivables As at 31 March 2021 As at 31 March 2020
` `
(a) Unsecured, considered good 252,08,77,052 290,20,60,502
(b) Credit Impaired 43,22,265 1,00,90,265
252,51,99,317 291,21,50,767
Less: Allowance for credit losses 15,36,93,680 16,99,68,529
Total Trade receivables 237,15,05,637 274,21,82,238
There are no receivables which have significant increase in credit risk.
The Company’s exposure to customers contributing more than 10% of the outstanding receivables as at March 31, 2021 is
Rs. 84,73,37,367 ( Previous year - Rs.100,89,99,537)
The trade receivables from related parties amounting to Rs. 25,84,66,176 (Previous year - Rs. 25,27,93,002) are included in trade
receivables. [Refer Note 38 (b)]
There are no outstanding debts due from directors or other officers of the Company.
Trade receivables have been hypothecated as security against certain bank borrowings (Refer Note-12)
The details of movement in allowances for credit losses are as below:
` `
Balance at the beginning of the year 16,99,68,529 17,08,71,881
Additions during the year – 2,05,06,040
Amount utilised during the year (1,62,74,849) (2,14,09,392)
Balance at the end of the year 15,36,93,680 16,99,68,529
09 Cash and Cash Equivalents As at 31 March 2021 As at 31 March 2020

` `
(a) Cash on hand 2,08,077 2,19,761
(b) Cheques on hand – 7,794
(c) Balances with banks 1,29,14,742 75,08,595
Total Cash and cash equivalents 1,31,22,819 77,36,150
10 Other balances with bank As at 31 March 2021 As at 31 March 2020

` `
(a) Fixed deposits held as margin money * – 18,31,587
(b) Unclaimed dividend** 10,694 24,566
Total Other balances with bank 10,694 18,56,153
* Fixed deposits held as margin money against issue of bank guarantees.
** Not available for use of the Company.
11 Equity Share Capital As at 31 March 2021 As at 31 March 2020

` `
Authorised :
2,50,00,000 Equity Shares of ` 10 each 25,00,00,000 25,00,00,000
(Previous year: 2,50,00,000 Equity Shares of ` 10 each)
25,00,00,000 25,00,00,000
Issued, Subscribed and Fully Paid-up:
Total Equity Share Capital 20,90,00,000 20,90,00,000
a) Rights, preference and restrictions attached to equity shares

i) The Company has only one class of shares referred to as equity shares having par value of ` 10 each. Holder of equity
shares is entitled to one vote per share.
ii) In the event of liquidation of the Company, the holders of equity shares will be entitled to receive any of the 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.
51

11 Equity Share Capital (Cont...)
b) Reconciliation of Share Capital As at As at As at As at
31 March 2021 31 March 2020 31 March 2021 31 March 2020
Number Number ` `
Opening Balance 2,09,00,000 2,09,00,000 20,90,00,000 20,90,00,000
Closing Balance 2,09,00,000 2,09,00,000 20,90,00,000 20,90,00,000
c) Shares held by holding company As at As at As at As at
Number Number ` `
Krosaki Harima Corporation - Japan
Opening Balance 1,62,22,864 1,62,22,864 16,22,28,640 16,22,28,640
Closing Balance 1,62,22,864 1,62,22,864 16,22,28,640 16,22,28,640
d) Details of shareholders holding more than 5% shares in the Company is as below:

Name of the Share holders As at 31 March 2021 As at 31 March 2020
Number of % of Number of % of
Shares held holding Shares held holding
Krosaki Harima Corporation -Japan
(Holding company) 1,62,22,864 77.62 1,62,22,864 77.62
Steel Authority of India Limited 22,03,150 10.54 22,03,150 10.54
e) Other Equity As at 31 March 2021 As at 31 March 2020

1) Retained earnings ` `
Profit for the year 44,48,09,018 100,68,81,624
Dividend (Including dividend distribution tax) (30,30,50,000) (30,73,91,889)
Remeasurement loss on defined benefit plans (3,18,83,563) (2,03,12,298)

2) General Reserve ` `

3) Securities premium ` `

4) Investment revaluation reserve ` `
The details of movement in investment revaluation
reserve are as below:
Balance at the beginning of the year 86,09,000 1,15,84,500
Other comprehensive income/(loss) recognised during the year 63,17,500 (29,75,500)
Balance at the end of the year 1,49,26,500 86,09,000
52
TRL
11 Equity Share Capital (Cont...)
5) Dividends
The following dividends were declared and paid by the Company during the year
` `
Rs. 14.50 per equity shares (Previous year -
Rs. 12.20 per share) 30,30,50,000 25,49,80,000
Dividend distribution tax (DDT) on dividend to
equity shareholders — 5,24,11,889
30,30,50,000 30,73,91,889
After the reporting dates the following dividends ( excluding dividend distribution tax) were proposed by the board of
directors subject to the approval by the shareholders at the annual general meeting.
` `
Rs. 6.40 per equity shares (Previous year: Rs 14.50) 13,37,60,000 30,30,50,000
6) Remeasurement on defined benefit plans

Remeasurement gain/ (loss) on defined benefit plans includes actuarial gain / (loss) arising on defined benefit plans of
Company (net of taxes).
`
12 Borrowings
Non-Current Current Current Total Non-Current Current Current Total
maturities of maturities of
Long-term Long-term
A. Secured Borrowings
(a) Term Loan*
From Bank 101,42,76,750 33,80,92,250 — 135,23,69,000 87,17,20,000 — — 87,17,20,000
(b) Loan from Banks**
(i) Working Capital Demand Loans
(repayable on demand) — — 24,00,00,000 24,00,00,000 — — 18,00,00,000 18,00,00,000
(ii) Cash Credit (repayable on
demand) — — 11,95,81,960 11,95,81,960 — — 14,43,38,227 14,43,38,227
(iii) Packing Credits — — 28,05,09,445 28,05,09,445 — — 54,65,34,504 54,65,34,504
Total Secured Borrowings 101,42,76,750 33,80,92,250 64,00,91,405 199,24,60,405 87,17,20,000 — 87,08,72,731 174,25,92,731
B. Unsecured Borrowings
(a) Loan from banks
(ii) Packing Credits — — — — — — 91,01,042 91,01,042
(b) Loan from Related Party — — — — — — 17,99,86,223 17,99,86,223
Total Unsecured Borrowings — — 10,00,00,000 10,00,00,000 — — 58,90,87,265 58,90,87,265
Total Borrowings 101,42,76,750 33,80,92,250 74,00,91,405 209,24,60,405 87,17,20,000 — 145,99,59,996 233,16,79,996
* Term Loan from State Bank of India - SME Branch, Rourkela

Secured by first charge over the proposed fixed assets of the Company for which term loan is taken and first pari-passu charge on existing
fixed assets including factory land and building.
Term loan is repayable in 16 quarterly installments, starting from June 2021 and last installment in March 2025. Interest is paid as and when
due for payment.
** Current Borrowings
Secured by hypothecation of stock of raw materials, stores and consumables, stock-in-process, finished goods, receivables and other
current assets, both present and future, by way of pari-passu first charge and second charge over property, plant and equipment.
Packing credits are repayable within maximum tenure of 180 days.
53

13. Trade Payables As at 31 March 2021 As at 31 March 2020

` `
(a) Total outstanding dues of micro enterprises and
small enterprises
Creditors for supplies of micro and small enterprises 2,62,48,180 2,78,13,667
The amounts due to Micro and Small Enterprises, as defined in the "The Micro, Small and Medium Enterprises
Development Act, 2006 (MSMED)", have been determined to the extent that such parties have been identified on the basis
of information available with the Company. The details are tabulated below:
1. The principal amount remaining unpaid to supplier as at the
end of the year – –
2. The interest due thereon remaining unpaid to suppliers as at
the end of the year – –
3. The amount of interest paid by the buyer in terms of section
16 of the Micro, Small and Medium Enterprises Development
Act, 2006 (27 of 2006), along with the amount of the payment
made to the supplier beyond the appointed day during each
accounting year – –
4. The amount of interest due and payable for the period of delay
in making payment (which has been paid but beyond the
appointed day during the year) but without adding the interest
specified under the Micro, Small and Medium Enterprises
Development Act, 2006; – –
5. The amount of interest accrued and remaining unpaid at the
end of each accounting year – –
6. The amount of further interest remaining due and payable even
in the succeeding years, until such date when the interest dues
above are actually paid to the small enterprise, for the purpose
of disallowance of a deductible expenditure under section 23 of
the Micro, Small and Medium Enterprises Development Act, 2006. – –
(b) Total outstanding dues of creditors other than micro enterprises
and small enterprises
(i) Creditors for supplies / services other than micro
and small enterprises 246,92,59,934 190,17,16,100
(ii) Creditors for accrued wages and salaries 14,12,39,024 8,81,37,955
(iii) Acceptances 24,49,20,224 13,28,06,281
Total dues of creditors other than micro enterprises and
small enterprises 285,54,19,182 212,26,60,336
14. Other financial liabilities As at 31 March 2021 As at 31 March 2020

` `
(a) Current maturities of long-term debt 33,80,92,250 –
(b) Interest accrued and due on borrowings – 72,71,116
(c) Interest accrued but not due on borrowings 91,74,431 9,42,591
(d) Unpaid dividends 10,694 24,566
(e) Derivative liabilities 17,47,778 35,23,863
(f) Creditors for capital goods 21,95,39,086 7,63,47,766
Total Other financial liabilities 56,85,64,239 8,81,09,902
54
TRL
15. Provisions As at 31 March 2021 As at 31 March 2020
Non current Current Total Non current Current Total
` ` ` ` ` `
(a) Provision for employee benefits* 23,10,38,954 7,91,25,483 31,01,64,437 18,83,13,935 8,05,44,978 26,88,58,913
(b) Provision for retirement benefits
[Refer Note 31(2)] 18,17,72,982 78,07,000 18,95,79,982 13,36,21,659 76,17,976 14,12,39,635
(c) Provision for employee separation
compensation 2,99,625 5,07,473 8,07,098 7,87,682 8,06,325 15,94,007
(d) Other provisions** 63,22,699 – 63,22,699 63,22,699 – 63,22,699
Total Provisions 41,94,34,260 8,74,39,956 50,68,74,216 32,90,45,975 8,89,69,279 41,80,15,254
* Provision for employee benefits includes provision for compensated absence, bonus and employee incentives.
** Other provisions include provisions for Octroi, holding tax, license fees and water cess.
The details of movement in other provisions is as below:

` `
Balance at the beginning of the year 63,22,699 95,14,580
Add : Provision recognised during the year – 31,91,850
Less : Amount utilised during the year – 63,83,731
Balance at the end of the year 63,22,699 63,22,699
16. Other Liabilities As at 31 March 2021 As at 31 March 2020

` `
(a) Advances received from customers 3,60,61,742 8,25,10,876
(b) Advance against sale of land 2,74,18,392 4,75,00,000
(c) Employee recoveries and employer contributions 64,42,251 93,10,284
(d) Statutory dues * 3,47,97,733 18,12,49,336
Total Other liabilities 10,47,20,118 32,05,70,496
*Statutory dues primarily include payables in respect of Goods and Services Tax (GST) and tax deducted at source (TDS).
17. Revenue from Operations April 2020 to March 2021 April 2019 to March 2020
` `
(a) Sale of products 1279,00,53,784 1457,40,67,660
(b) Income from sale of services 131,48,43,138 173,24,85,719
(c) Other operating revenue* 13,43,80,342 22,26,07,135
Total Revenue from operations 1423,92,77,264 1652,91,60,514
* Includes export incentives of Rs.5,75,22,600 (Previous year Rs.10,90,43,182) on account of Duty Draw Back and
Merchandise Export from India Scheme.
18. Other income April 2020 to March 2021 April 2019 to March 2020
` `
(a) Dividend income 2,06,51,141 1,00,000
(b) Net gain on sale of property, plant and equipment 30,17,410 15,40,789
(c) Interest income 3,43,79,888 68,11,998
Total Other income 5,80,48,439 84,52,787
55

19. Exceptional item April 2020 to March 2021 April 2019 to March 2020
` `
Sale of assets held-for-sale 13,77,34,580 –
Less: Cost of assets held-for-sale 5,83,92,785 –
Less: Cost incurred for sale of assets held-for-sale 5,44,170 –
Total Exceptional Item 7,87,97,625 –
In the current year, the Company has sold land situated at Vizag and a profit of Rs. 7,87,97,625 arising from sale of such land has
been shown as exceptional item.
20. Cost of materials consumed

Opening stock 162,72,21,090 219,55,23,852
Add: Purchases 673,89,57,092 659,99,97,540
836,61,78,182 879,55,21,392
Less: Closing stock 218,91,82,844 162,72,21,090
Cost of materials consumed 617,69,95,338 716,83,00,302
21. Changes in inventories of finished goods, stock-in-trade and work-in-progress

Inventories at the end of the year
Finished goods 73,86,34,878 94,26,03,505
Stock-in-trade 15,84,63,216 11,63,80,899
Work-in-progress 22,25,18,116 21,85,48,381
Total Inventories at the end of the year 111,96,16,210 127,75,32,785
Inventories at the beginning of the year
Finished goods 94,26,03,505 76,76,72,374
Stock-in-trade 11,63,80,899 18,54,42,095
Work-in-progress 21,85,48,381 24,04,39,963
Total Inventories at the beginning of the year 127,75,32,785 119,35,54,432
Changes in stock of finished goods, stock-in-trade and
work-in-progress (15,79,16,575) 8,39,78,353
Add: Finished goods issued for capital projects reclassified to
Capital work-in-progress 2,80,80,836 4,08,57,115
Total Changes in stock of finished goods, stock-in-trade and
work-in-progress (12,98,35,739) 12,48,35,468
22. Employee benefits expenses

(a) Salaries, wages and bonus 113,85,54,006 106,82,26,726
(b) Employee separation compensation – 3,59,844
(c) Contribution to provident and other funds 11,54,23,232 11,25,61,210
(d) Staff welfare expenses 5,22,37,034 7,53,91,935
Total Employee benefits expense 130,62,14,272 125,65,39,715
23. Finance costs

(a) Interest expense
(1) Interest on fixed loans 13,12,35,410 11,42,46,888
(2) Interest on other loans 2,85,54,262 5,91,19,679
(3) Interest on lease liabilities 1,38,52,087 1,39,13,938
(b) Other borrowing costs 22,17,500 24,16,583
Less: Interest capitalised 5,16,98,866 2,41,75,505
Total Finance costs 12,41,60,393 16,55,21,583
56
TRL
24 Other Expenses April 2020 to April 2019 to

` `
(a) Stores and spares consumed 26,53,27,659 31,95,69,970
(b) Repairs to buildings 24,16,59,370 22,57,09,879
(c) Repairs to machinery 28,67,20,831 29,76,22,815
(d) Contractors charges for refractories management 30,34,57,718 27,76,52,155
(e) Fuel consumed 74,10,46,379 83,72,69,213
(f) Purchase of power 23,10,70,783 23,46,38,780
(g) Conversion and processing charges 19,78,91,550 23,17,31,893
(h) Freight and handling charges 87,70,31,114 80,96,59,876
(i) Rent 3,78,26,806 3,82,72,660
(j) Royalty 6,41,29,414 9,19,00,692
(k) Rates and taxes 1,65,97,342 1,83,09,941
(l) Insurance charges 2,11,11,830 94,78,906
(m) Commission expenses 8,05,62,971 12,08,69,635
(n) Net loss on foreign currency transactions 69,77,165 5,95,10,511
(o) Legal and other professional costs 14,57,37,044 15,09,95,603
(p) Travelling expenses 3,95,75,681 16,16,27,530
(q) Others (Refer note below) 12,03,54,881 14,38,46,294
Total Other expenses 367,70,78,538 402,86,66,353
Note:
Other includes:
(i) Payment to Auditors :
a) Services as Auditors (including for audit in terms of
Section 44AB of the Income Tax Act, 1961 ` 3,00,000
[(Previous Year ` 2,00,000)] 32,50,000 25,00,000
b) Fees for other services 14,32,500 3,50,000
c) Out-of pocket expenses 1,17,095 1,33,912
47,99,595 29,83,912
(ii) Cost audit fees [Including expenses ` 3,000 (Previous year: ` 12,773)] 1,28,000 1,22,773
(iii) Revenue expenditure charged to statement of profit and loss in respect of Corporate Social Responsibility (CSR)
activities undertaken during the year is Rs. 2,24,36,814 (Rs. 1,62,72,244 has been paid in cash and Rs. 61,64,570 is yet to
be paid has been transfered to a separate bank account) [Previous year: Rs.1,75,12,523 (fully paid)].
Amount required to be spent by the Company on Corporate Social Responsibility (CSR) activities as per section 135 of the
Companies Act, 2013 was Rs. 2,23,76,534 (Previous year: Rs. 1,71,00,099).
No capital expenditure on Corporate Social Responsibility (CSR) has been incurred during the year and in Previous year.
(iv) Property, plant and equipment amounting to Rs. Nil written off during the year (Previous year: Rs. 22,67,695).
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NOTES TO STANDALONE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
Note 25 ACCOUNTING POLICIES
1) Company Information
TRL Krosaki Refractories Limited ("the Company") is a public limited company incorporated in India with its registered office situated at
Belpahar, Jharsuguda District, Odisha, India.
The Company is primarily engaged in the business of manufacturing of wide range of refractories like Basic, Dolomite, High Alumina, Monolithic,
Silica, Flow Control and Tap Hole Clay and providing refractories engineering and management services.
The financial statements as at 31 March 2021 present the financial position of the Company.
The functional and presentation currency of the Company is Indian Rupee (Rs.), which is the currency of the primary economic environment in
which the Company operates.
As at 31 March 2021, Krosaki Harima Corporation owns 77.62% of the equity shares of the Company and has the ability to influence the
Company's operations. Nippon Steel Corporation (Formerly known as Nippon Steel & Sumitomo Metal Corporation) is having significant
influence over the Krosaki Harima Corporation.
2) Significant Accounting Policies
The significant accounting policies applied by the Company in the preparation of its financial statements are listed below. Such accounting
policies have been applied consistently to all the periods presented in these financial statements, unless otherwise indicated.
a) Statement of Compliance
These financial statements have been prepared in accordance with the Indian Accounting Standards (referred to as "Ind AS ") as notified
by the Ministry of Corporate Affairs pursuant to Section 133 of the Companies Act, 2013 read with Companies (Indian Accounting
Standards) Rules, and other provisions of the Act , as amended from time to time.
The financial statements of the Company for the year ended 31 March 2021 were approved for issue in accordance with the resolution of
the Board of Directors on 27th April,2021.
b) Basis of Preparation
The financial statements have been prepared under the historical cost convention, with the exception of certain assets and liabilities that
are required to be carried at fair values by Ind AS.
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market
participants at the measurement date.
c) Use of estimates and critical accounting judgements
In preparation of the financial statements, the Company makes judgments, estimates and assumptions about the carrying values of
assets and liabilities that are not readily apparent from other sources. The estimates and the associated assumptions are based on
historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. Appropriate changes in the estimates are made as
management becomes aware of such changes. The changes in estimates are recognised in the period in which the estimates are revised.
Significant judgements and estimates relate to the following-
i. carrying values of assets and liabilities include useful lives of tangible and intangible assets;
ii. provision for employee benefits and other provisions; and
iii. commitments and contingencies and measurement of fair values.
iv. valuation of deferred tax assets / liabilities
Estimation uncertainty relating to the global health pandemic on COVID-I9
In assessing the recoverability of receivables, assets, intangible assets, and certain investments, the Company has considered internal
and external information upto the date of approval of these standalone financial statements. The Company has performed analysis and
based on current indicators of future economic conditions, the Company expects to recover the carrying amount of these assets. The
Company on the basis of its assessment believes that the probability of the occurrence of its forecasted transactions has not impacted
significantly by COVID-19 pandemic. However, the impact assessment of COVID-19 is a continuing process given the uncertainties
associated with its nature and duration. The impact of the global health pandemic may be different from that estimated as at the date of
approval of these standalone financial statements and the Company will continue to closely monitor any material changes to future
economic conditions.
Impact of the Code on Social Security, 2020
The Code on Social Security,2020 ('Code') relating to employee benefit during employment and post-employment received Indian
Parliament approval and Presidential assent in September 2020. The Code has been published in the Gazette of India and subsequently
on November 13,2020 draft rules were published and invited for stakeholders' suggestions. However, the date on which the Code will
come into effect has not been notified. The Company will assess the impact of the Code when it comes into effect and will record any
related impact in the period the code becomes effective.
d) Property, plant and equipment
An item of property, plant and equipment is recognised as an asset if it is probable that future economic benefits associated with the item
will flow to the Company and its cost can be measured reliably. This recognition principle is applied to the costs incurred initially to acquire
an item of property, plant and equipment and also to costs incurred subsequently to add to, replace part of, or service it. All other repair and
maintenance costs, including regular servicing, are recognised in the Statement of Profit and Loss, as incurred. When a replacement
occurs, the carrying amount of the replaced part is de- recognised.
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Property, plant and equipment are stated at cost/deemed cost, less accumulated depreciation and impairment, if any. Cost includes all
direct costs and expenditures incurred to bring the asset to its working condition and location for its intended use. Trial run expenses (net of
revenue) are capitalised. Borrowing costs incurred during the period of construction is capitalised as a part of cost of qualifying asset.
Deemed cost represents the carrying value of the property, plant and equipment recognized as at 1 April 2015 measured as per the
previous GAAP.
The gain or loss arising on disposal of an item of property plant and equipment is determined as the difference between the sale proceeds
and the carrying value of such item and is recognised in the Statement of Profit and Loss.
Property, plant and equipment which are not ready for intended use as on the date of Balance Sheet are disclosed as "Capital Work-in-
Progress".
e) Intangible assets
Cost incurred for Development of mines and software are recognized in the Balance Sheet as intangible assets when it is probable that
associated future economic benefits would flow to the company and its cost can be measured reliably. These are initially measured at
purchase cost and then amortised on a straight line basis over their estimated useful lives. All other costs on development of mines and
software are expensed in the Statement of Profit and Loss as and when incurred.
Expenditure on research activities is recognised as an expense in the period in which it is incurred.
f) Depreciation and amortisation of property, plant and equipment and intangible assets
Depreciation or amortisation is provided under the straight line method, based on the estimated useful life, as determined by technical
evaluation of the useful life of the assets, in terms of Schedule II to the Companies Act, 2013.
Assets individually costing up to Rs.25,000 are fully depreciated or amortized in the year of acquisition.
Freehold Land is not depreciated.
The charge of depreciation or amortization commences from the date the assets are available for their intended use. Depreciation on
assets under construction commences only when the assets are ready for their intended use. No further charge is provided in respect of
assets that are fully written down but are still in use.
The estimated useful lives of assets and residual values are reviewed periodically and, adjusted if appropriate at the end of reporting
period.
As the estimated useful life of some of the assets is significantly different from the useful life given in the Schedule II to Companies Act,
2013, the useful life of the assets has been assessed based on the number of years for which the assets have already been put to use and
the estimated minimum balance period for which the assets can be used in the Company. The residual values are not more than 5% of the
original cost of the asset.
The estimated useful lives for the main categories of property, plant and equipment and other intangible assets are:
Sl No Class of Assets Estimated Useful Life

(in years)
I Buildings and Roads
Roads 10
Factory Buildings and Reservoir 30
Other Buildings (RCC Structure) 60
II Plant and Machinery
Grinder 8 to 15
Mixture, Press Drying Chambers, Shuttle Kiln 10 to 15*
Gas Producer, Kiln and Shaft Kiln 25*
Kiln Car 10*
Workshop Equipment 10 to 15*
Research and development equipment 10*
Gunning Machine, Mixture Machine and other equipment used at Customer site. 5 to 8*
Other Equipment 5 to 15*
III Railway Siding 15
IV Furniture and Fixture and Office Equipment
Furniture fittings, office equipment, computer, cinema and audio visual equipment 5*
Hospital canteen equipment, electric fittings 10*
V Vehicles
Motor car, Jeep, motor cycle 5*
Motor Lorry and mobile equipment 8
VI Intangible Assets
Software 10*
Development of mines 10 years or lease
period whichever is less
*For these class of assets, based on internal assessment and technical evaluation carried out by the technical expert, the Company
believes that the useful lives as given above best represents the period over which the Company expects to use these assets. Hence the
useful lives for these assets are different from the useful lives as prescribed under part C of Schedule II of the Companies Act,2013.
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g) Impairment
At each Balance Sheet date, the Company reviews the carrying value of its property, plant and equipment and intangible asset to
determine whether there is any indication that the carrying value of those assets may not be recoverable through continuing use. If any
such indication exists, the recoverable amount of the asset is reviewed in order to determine the extent of impairment loss, if any. Where
the asset does not generate cash flows that are independent from other assets, the Company estimates the recoverable amount of the
cash generating unit to which the asset belongs.
Recoverable amount of an asset (or a cash generating unit) is the higher of fair value less costs to sell and its value in use. In assessing
value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market
assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been
adjusted. An impairment loss is recognized in the statement of profit and loss as and when the carrying value of an asset exceeds its
recoverable amount.
An impairment loss recognized in prior accounting periods is reviewed at each Balance Sheet date to assess whether there is any
indication that the impairment loss recognized may no longer exist or may be decreased.
Where an impairment loss subsequently reverses, the carrying value of the asset (or cash generating unit) is increased to the revised
estimate of its recoverable amount, so that the increased carrying value does not exceed the carrying value that would have been
determined had no impairment loss been recognised for the asset (or cash generating unit) in prior years. A reversal of an impairment loss
is recognised in the statement of profit and loss immediately.
h) Leases
The Company as lessee
The Company's lease asset classes primarily consist of leases for buildings. The Company assesses whether a contract contains a lease,
at inception of a contract. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a
period in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Company
assesses whether: (i) the contract involves the use of an identified asset (ii) the Company has substantially all of the economic benefits
from use of the asset through the period of the lease and (iii) the Company has the right to direct the use of the asset.
At the date of commencement of the lease ,the Company recognizes a right-of-use asset (ROU) and a corresponding equal lease liability
for all lease arrangements in which it is a lessee, except for leases with a term of twelve months or less (short-term leases) and low value
leases. For these short-term and low value leases, the Company recognizes the lease payments as an operating expense on a straight-
line basis over the term of the lease.
Certain lease arrangements include the options to extend or terminate the lease before the end of the lease term. ROU assets and lease
liabilities includes these options when it is reasonably certain that they will be exercised.
Right-of-use assets are depreciated from the commencement date on a straight-line basis over the lease term. Right of use assets are
evaluated for recoverability whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable.
For the purpose of impairment testing, the recoverable amount (i.e. the higher of the fair value less cost to sell and the value-in-use) is
determined on an individual asset basis unless the asset does not generate cash flows that are largely independent of those from other
assets. In such cases, the recoverable amount is determined for the Cash Generating Unit (CGU) to which the asset belongs.
The lease liability is initially measured at amortized cost at the present value of the future lease payments. The lease payments are
discounted using the weighted average incremental borrowing rate of the company. Lease liabilities are remeasured with a corresponding
adjustment to the related right of use asset if the Company changes its assessment if whether it will exercise an extension or a termination
option.
Lease liability and ROU asset have been separately presented in the Balance Sheet and lease payments have been classified as
financing cash flows.
The Company as lessor
Leases for which the Company is a lessor is classified as a finance or operating lease. Whenever the terms of the lease transfer
substantially all the risks and rewards of ownership to the lessee, the contract is classified as a finance lease. All other leases are classified
as operating leases.
For operating leases, rental income is recognized on a straight line basis over the term of the relevant lease.
i) Investment in associates
Investments in associates are carried at cost/deemed cost applied on transition to Ind AS, less accumulated impairment losses, if any.
Where an indication of impairment exists, the carrying amount of investment is assessed and an impairment provision is recognised, if
required, immediately to its recoverable amount. On disposal of such investments, difference between the net disposal proceeds and
carrying amount is recognised in the statement of profit and loss.
j) Financial Instruments
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the
instrument. Financial assets and liabilities are initially measured at fair value. Transaction costs that are directly attributable to the
acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit
or loss) are added to or deducted from the fair value measured on initial recognition of financial asset or financial liability. The transaction
costs directly attributable to the acquisition of financial assets and financial liabilities at fair value through profit and loss are immediately
recognised in the statement of profit and loss.
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Effective interest method
The effective interest method is a method of calculating the amortised cost of a financial instrument and of allocating interest income or
expense over the relevant period. The effective interest rate is the rate that exactly discounts future cash receipts or payments through the
expected life of the financial instrument, or where appropriate, a shorter period.
I. Financial assets
Cash and bank balances
Cash and bank balances consist of:
Cash and cash equivalents - which includes cash in hand, cheques in hand, deposits held at call with banks and other short term
deposits which are readily convertible into known amounts of cash, are subject to an insignificant risk of change in value and have
maturities of less than 3 months from the date of such deposits. These balances with banks are unrestricted for withdrawal and
usage.
Other balances with bank- which includes balances and deposits with banks having maturity of more than three months but less
than 12 months and are restricted for withdrawal and usage.
Financial assets at amortised cost
Financial assets are subsequently measured at amortised cost if these financial assets are held within a business model whose
objective is to hold these assets in order to collect contractual cash flows and the contractual terms of the financial asset give rise on
specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.
Financial assets measured at fair value
Financial assets are measured at fair value through other comprehensive income if both of the following conditions are met:
These financial assets are held within a business model whose objective is achieved by both collecting contractual cash flows and
selling financial assets and
The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and
interest on the principal amount outstanding.
Financial asset not measured at amortised cost or at fair value through other comprehensive income is carried at fair value through
profit or loss.
The Company in respect of certain equity instruments which are not held for trading, has made an irrevocable election to present
subsequent changes in the fair value of such equity instruments in other comprehensive income.
Impairment of financial assets
The Company recognises lifetime expected credit losses for all trade receivables that do not constitute a financing transaction. For
financial assets (apart from trade receivables that do not constitute of financing transaction) whose credit risk has not significantly
increased since initial recognition, loss allowance equal to twelve months expected credit losses is recognised.
Loss allowance for financial asset measured at amortised cost is deducted from gross carrying amount of asset.
De-recognition of financial assets
The Company derecognises a financial asset only when the contractual rights to the cash flows from the financial asset expire, or it
transfers the financial asset and substantially all risks and rewards of ownership of the asset to another entity. If the Company
neither transfers nor retains substantially all the risks and rewards of ownership and continues to control the transferred asset, the
Company recognises its retained interest in the assets and an associated liability for amounts it may have to pay. If the Company
retains substantially all the risks and rewards of ownership of a transferred financial asset, the Company continues to recognise the
financial asset.
ii. Financial liabilities and equity instruments
Classification as debt or equity
Financial liabilities and equity instruments issued by the Company are classified according to the substance of the contractual
arrangements entered into and the definitions of a financial liability and an equity instrument.
Equity instruments
An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its
liabilities. Equity instruments are recorded at the proceeds received, net of direct issue costs.
Financial Liabilities
A financial liability is classified at fair value through profit and loss account, if it is classified as held-for-trading, or it is a derivative or it
is designated as such on initial recognition. Financial liabilities are measured at fair value and net gains and losses, including any
interest expense, are recognised in Statement of Profit and Loss.
Trade and other payables are initially measured at fair value, net of transaction costs, and are subsequently measured at amortised
cost, using the effective interest rate method.
Borrowings are initially measured at fair value and are subsequently measured at amortised cost using the effective interest rate
method. Any difference between the proceeds (net of transaction costs) and the settlement or redemption of borrowings is
recognised over the term of the borrowings in accordance with the Company's accounting policy for borrowing costs.
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Offsetting
Financial assets and financial liabilities are off set and the net amount presented in the Balance Sheet when, and only when, the
Company currently has a legally enforceable right to set off the amounts and it intends either to settle them on a net basis or to
release the asset and settle the liability simultaneously.
Derecognition of financial liabilities
The Company derecognises financial liabilities when, and only when, the Company's obligations are discharged, cancelled or they
expire.
Derivative financial instruments and hedge accounting
In the ordinary course of business, the Company uses certain derivative financial instruments to reduce business risks which arise
from its exposure to foreign exchange. The instruments are confined principally to forward foreign exchange contracts.
Derivatives are initially accounted for and measured at fair value on the date the derivative contract is entered into and are
subsequently re-measured to their fair value at the end of each reporting period.
The fair values for forward currency contracts are marked to market at the end of each reporting period. The Company adopts hedge
accounting for forward foreign exchange contracts wherever possible. At the inception of each hedge, there is a formal, documented
designation of the hedging relationship. This documentation includes, inter alia, items such as identification of the hedged item or
transaction and the nature of the risk being hedged. At inception, each hedge is expected to be highly effective in achieving an offset
of changes in fair value or cash flows attributable to the hedged risk. The effectiveness of hedge instruments to reduce the risk
associated with the exposure being hedged is assessed and measured at the inception and on an ongoing basis. The ineffective
portion of designated hedges is recognised immediately in the statement of profit and loss.
When hedge accounting is applied, the Company treats the hedge relationship in relation to foreign currency exposure as fair value
hedges of recognised assets and liabilities. Changes in fair value of the hedged assets and liabilities, attributable to the risk being
hedged, are recognised in the statement of profit and loss and compensate for the effective portion of the symmetrical changes in
the fair value of the derivatives.
In cases where hedge accounting is not applied, changes in the fair value of derivatives are recognised in the statement of profit and
loss as they arise.
Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated, or exercised, or no longer qualifies for
hedge accounting. At that time, any cumulative gain or loss on the hedging instrument recognised in equity is retained in equity until
the forecasted transaction occurs. If a hedged transaction is no longer expected to occur, the net cumulative gain or loss recognised
in equity is transferred to the Statement of Profit and Loss for the period.
k) Employee benefits
The Company's retirement benefit obligation are subject to a number of judgement including discount rates, inflation and salary growth.
Significant judgement is required when setting these criteria and a change in these assumptions would have a significant impact on the
amount recorded in the Company's Balance Sheet and the statement of profit and loss. The Company sets these judgement based on
previous experience and third party actuarial advice.
Short-term employee benefits
Short-term employee benefit obligations are measured on an undiscounted basis and are expensed as the related service is provided. A
liability is recognised for the amount expected to be paid, if the Company has a present legal or constructive obligation to pay this amount
as a result of past service provided by the employee and the amount of obligation can be estimated reliably.
Defined contribution plans
Payments to defined contribution plans such as Company's Provident Fund, Supper Annuation Fund, Employee Pension Scheme,
Employee State Insurance Scheme and Her Majesty's Revenue and Customs, UK (HMRC) are charged as an expense as they fall due.
Payments made to above schemes are dealt with as payments to defined contribution schemes, as the Company has no further defined
benefit obligation beyond the monthly contribution except for the contribution to Provident Fund Trust which require that if the Board of the
Trustee are unable to pay interest at the rate declared by the Government for the reason that the return on investment is less or for any
other reason, then the deficiency shall be made good by the Company, making the interest shortfall a defined benefit obligation.
Defined benefit plans
Post Retirement Gratuity
For post-retirement gratuity schemes, the cost of providing benefits is determined using the Projected Unit Credit Method, with actuarial
valuation being carried out at each year-end Balance Sheet date. Re-measurement gains and losses of the net defined benefit liability /
(asset) are recognised immediately in Other Comprehensive Income. The service cost and net interest on the net defined benefit liability /
(asset) is recognised as an expense within employment costs.
Past service cost is recognised as an expense, when the plan amendment or curtailment occurs, or when any related restructuring cost or
termination benefits are recognised, whichever is earlier.
The retirement benefit obligation recognised in the Balance Sheet represents the present value of the defined-benefit obligation, as
reduced by the fair value of plan assets.
Post-Retirement Medical Benefit
The company has a policy to give medical benefit to the retired employees at its own hospital at Belpahar not exceeding the amount of
expense defined in its medical policy. The obligation of this service is measured and recognized based on actuarial valuation at the
62
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present value of the obligation as on the reporting date. Re-measurement gains and losses of the net defined benefit liability / (asset) are
recognised immediately in Other Comprehensive Income. The service cost and net interest on the net defined benefit liability / (asset) is
recognised as an expense within employment costs.
Pension to Directors
Pension payable to directors after their retirement as per the contractual agreement are recognized based on actuarial valuation at the
present value of the obligation as on the reporting date. Re-measurement gains and losses of the net defined benefit liability / (asset) are
recognised immediately in Other Comprehensive Income. The service cost and net interest on the net defined benefit liability / (asset) is
recognised as an expense within employment costs.
Other Long-term benefits
Compensated absences
Compensated absences which are not expected to occur within twelve months after the end of the period in which the employee renders
the related service are recognized based on actuarial valuation at the present value of the obligation as on the reporting date. Re-
measurement gains and losses of the compensated absence is recognised immediately in Statement of Profit and Loss.
Employee Separation Scheme
Compensation to employees who have opted for retirement under the Friendly Departure Scheme of the Company is charged off in the
year in which the employee is relieved from the services of the Company.
l) Inventories
I. Raw materials, Stores and Spares, Loose Tools and Fuel
Raw materials, stores and spares, loose tools and fuel are valued at weighted average cost. Cost includes cost of purchase and
other costs incurred in bringing the inventories to their present location and condition. Raw materials, stores and spares, loose tools
and fuel held for use in the production of finished products are not written down below cost except in cases where material prices
have declined or the cost of the finished products has exceeded its net realisable value.
ii. Finished goods
These are valued at lower of cost and net realisable value. Costs are calculated at full absorption cost basis which includes cost of
direct materials and labour and a proportion of manufacturing overheads based on the normal operating capacity. Cost of
inventories is generally ascertained on weighted average basis.
iii. Work in Progress
These are valued at cost. Costs are calculated at full absorption cost basis which includes cost of direct materials and labour and a
proportion of manufacturing overheads based on the normal operating capacity. Cost of work in progress is generally ascertained
on weighted average basis.
iv. Stock-in-trade
These are valued at lower of cost and net realisable value. Cost includes cost of purchase and other costs incurred in bringing the
inventories to their present location and condition. Cost is determined on weighted average basis.
Net realisable value is the estimated selling price in the ordinary course of business, less estimated costs to completion and the
estimated costs necessary to sell them.
Provisions are made for slow moving and obsolete items based on historical experience of utilization on a product category basis
and ageing policy as defined by the Company.
m) Cash Flow Statement
Cash Flows are reported using indirect method, whereby profit for the period is adjusted for the effects of transactions of a non-cash
nature, any deferrals or accruals of past or future operating cash receipts or payments and item of income or expenses associated with
investing or financing cash flows.
n) Non-Current assets held for sale
Non-current assets or disposal groups classified as held for sale are measured at the lower of their carrying value and fair value less costs
to sell.
Assets and disposal groups are classified as held for sale if their carrying value will be recovered through a sale transaction rather than
through continuing use. This condition is only met when the sale is highly probable and the asset, or disposal group, is available for
immediate sale in its present condition and is marketed for sale at a price that is reasonable in relation to its current fair value.
The Company must also be committed to the sale, which should be expected to qualify for recognition as a completed sale within one year
from the date of classification.
Non-current assets held for sale are not depreciated or amortised.
o) Provisions (other than employee benefits) and contingent liabilities
Provisions are recognised in the Balance Sheet when the Company has a present obligation (legal or constructive) as a result of a past
event, which is expected to result in an outflow of resources embodying economic benefits which can be reliably estimated. Each
provision is based on the best estimate of the expenditure required to settle the present obligation at the Balance Sheet date.
Constructive obligation is an obligation that derives from an entity's actions where:
i. by an established pattern of past practice, published policies or a sufficiently specific current statement, the entity has indicated to
other parties that it will accept certain responsibilities; and
63
ii. as a result, the entity has created a valid expectation on the part of those other parties that it will discharge such responsibilities.
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 an obligation or a
reliable estimate of the amount cannot be made.
The Company does not recognise a Contingent Liability but discloses its existence in the Financial Statements.
p) Income taxes
Income tax comprises current and deferred tax. The tax currently payable is based on taxable profit for the period. Taxable profit differs
from net profit as reported in the Statement of Profit and Loss because it excludes items of income or expense that are taxable or
deductible in other years and it further excludes items that are never taxable or deductible. The Company's liability for current tax is
calculated using tax rates and tax laws that have been enacted or substantively enacted by the end of the reporting period.
Current tax comprises the expected tax payable or receivable on the taxable income or loss for the year and any adjustment to the tax
payable or receivable in respect of previous years. The amount of current tax reflects the best estimate of the tax amount expected to be
paid or received after considering the uncertainty, if any, related to income taxes. It is measured using tax rates (and tax laws) enacted or
substantively enacted by the reporting date.
Current tax assets and current tax liabilities are offset only if there is a legally enforceable right to set off the recognised amounts, and it is
intended to realise the asset and settle the liability on a net basis or simultaneously.
Deferred tax is the tax expected to be payable or recoverable on differences between the carrying values of assets and liabilities in the
financial statements and the corresponding tax bases used in the computation of taxable profit and is accounted for using the Balance
Sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences. In contrast, deferred tax
assets are only recognised to the extent that it is probable that future taxable profits will be available against which the temporary
differences can be utilised.
The carrying value of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer
probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised based
on the tax rates and tax laws that have been enacted or substantially enacted by the end of the reporting period. The measurement of
deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Company expects, at the
end of the reporting period, to cover or settle the carrying value of its assets and liabilities.
Deferred tax assets and liabilities are offset to the extent that they relate to taxes levied by the same tax authority and there are legally
enforceable rights to set off current tax assets and current tax liabilities within that jurisdiction.
Current and deferred tax are recognised as an expense or income in the Statement of Profit and Loss, except when they relate to items
credited or debited either in other comprehensive income or directly in equity, in which case the tax is also recognised in other
comprehensive income or directly in equity.
Deferred tax assets include Minimum Alternate Tax (MAT) paid in accordance with the tax laws in India, which is likely to give future
economic benefits in the form of availability of set off against future income tax liability. MAT is recognised as deferred tax assets in the
Balance Sheet when the asset can be measured reliably and it is probable that the future economic benefit associated with the asset will
be realised.
q) Revenue recognition
Effective 01 April 2018, the Company adopted Ind AS 115 "Revenue from Contracts with Customers". The core principle of the new
standard was that the revenue should be recognised when (or as) an entity transfers control of goods or services to a customer at the
amount to which the entity expects to be entitled.
The company derives revenue primarily from sale of refractories and installation & maintenance services. Revenue is recognised when
the customer obtains the control of the goods & services as per the terms & condition of the contracts. Company determines at contract
inception whether each performance obligation will be satisfied (i.e. Control will be transferred) over time or at a point in time.
l Revenue from material supply is recognised on transfer of control over the product.
l Revenues from service contracts is recognised on completion of performance obligation.
Interest Income
Interest income is accrued on a time proportion basis by reference to the principle outstanding and the effective interest rate applicable.
Dividend Income
Dividend income from investments is recognised when the right to receive payment has been established.
Rental Income
Rental income is recognised on a straight line basis over the term of the relevant arrangements.
Commission Income
Commission income is recognised when the services have been rendered.
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Export incentives
Export incentives under the Duty Drawback Scheme are recognized on the basis of credits given in the bank or on receipt of duty credit
scrips.
r) Government Grants
Government grants like export promotion capital goods (EPCG) related to expenditure on property, plant and equipment are deducted
from the cost of the property, plant and equipment in calculating the carrying amount of the asset.
s) Foreign currency transactions and translation
The financial statements of the Company are presented in Indian Rupees (Rs), which is the functional currency of the Company and the
presentation currency for the financial statements.
In preparing the financial statements, transactions in currencies other than the entity's functional currency are recorded at the rates of
exchange prevailing on the date of the transaction. At the end of each reporting period, monetary items denominated in foreign currencies
are re-translated at the rates prevailing at the end of the reporting period. Non-monetary items that are measured in terms of historical cost
in a foreign currency are not translated.
Exchange differences arising on the settlement of monetary items, and on retranslation of monetary items are included in the statement of
profit and loss for the period.
Exchange differences arising on translation or settlement of long-term foreign currency monetary items is accounted in the statement of
profit and loss for the period.
t) Borrowing Costs
Borrowings costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily
take a substantial period of time to get ready for their intended use, are added to the cost of those assets, until such time as the assets are
substantially ready for the intended use.
Other borrowing costs are recognised as an expense in the period in which they are incurred.
u) Earnings per share
Basic earnings per share is computed by dividing the net profit for the period attributable to the equity shareholders of the Company by the
weighted average number of equity shares outstanding during the period.
For the purpose of calculating diluted earnings per share, the net profit for the period attributable to equity shareholders and the weighted
average number of shares outstanding during the period is adjusted for the effects of all dilutive potential equity shares.
65
(Amount in `, except otherwise stated)
26 Contingent Liabilities
Contingent liabilities in respect of – As at 31 March 2021 As at 31 March 2020
Claims against the Company not acknowledged
as debts in respect of –
– Income tax matters 71,35,757 20,59,59,575
– Sales tax / value added tax / entry tax matters 9,11,91,837 10,26,09,485
– Excise duty and service tax matters 9,43,62,291 4,70,65,166
– Other matters (Refer Below) 10,81,23,251 5,73,78,893
In respect of above, it is not practicable for the Company to estimate the timings of cash outflows, if any, pending resolution of
the respective proceedings.
In the ordinary course of business, the Company faces claims and assertions by various parties. The following is a description
of claims and assertions where a potential loss is possible but not probable. There are claims which the Company does not
believe to be of material nature, other than those described below:
Income Tax:
The Company has ongoing disputes with income tax authorities relating to tax treatment of certain items. These are mainly for
transfer pricing issues and disallowance of expenses claimed by the Company as deductions. Most of these disputes and/or
dis-allowances, being repetitive in nature, have been raised by the income tax authorities consistently in most of the years. As
at March 31, 2021, there are matters and/or disputes pending in appeal amounting to Rs. 71,35,757 (Previous Year - Rs.
20,59,59,575).
Sales tax /value added tax/ entry tax/ Excise duty matters
The Company has demands that are being contested by the Company in different years amounting to Rs. 18,55,54,128
(Previous Year - Rs. 14,96,74,651). These are mainly for non submission of concessional forms.
Demand by Mining Officer:
The Dy. Director Mines, Sambalpur circle, had raised a demand of Rs.5.39 Cr on 26.08.2019 for excess production of Quartzite
in Chuinpalli mines and the Mining Officer, Cuttack circle has raised a demand for Rs.5.17 Cr on 15.09.2020 for excess
production of fireclay in Talbasta mines, during the period from 2000 to 2010 under section 21(5) of MMDR Act, 1957, based on
the common cause judgment dated 2nd August, 2017 of Hon’ble Supreme Court of India. The Company challenged the said
demands of Mining Department, Govt. of Odisha through a two different Writ petitions against two notices before the Hon’ble
High Court of Orissa, Cuttack. The Company is of the view that, the demand under Section 21(5) of the MMDR Act is not
applicable because the impugned demand is based on the judgement of Hon’ble Supreme Court of India in the case of
Common Cause vrs. Union of India reported in (2017) 9 SCC 499. The decision referred in the Supreme Court Order was
intended to deal with mining leases of Iron Ore and Manganese Ore in the districts of Keonjhar, Sundergarh and Mayurbhanj
and has no application to the facts of the case. Moreover, the mining officer has not conducted any enquiry on illegal mining of
the Company. Based on the legal opinion obtained by the Company and as per the management assessment, the Company is
of the view that it has a strong case to contest on merit and there will not be any outflow of resources by the Company. During the
year the Hon'ble High Court of Odisha has disposed of the Writ Petition filed for Talbasta Mines for an amount of Rs.5.17 Cr with
a direction to challenge the impugned demand notice as per Rule 46(1) of the Orissa Minor Mineral Concession Rules, 2016
and take all grounds before the appellate authority. Accordingly, Company has filed an appeal before Joint Director of Mines,
Government of Odisha, Bhubaneswar under Rule 46(1) of Odisha Minor Mineral Concession Rules, 2016 and the matter is
pending for hearing.
Other Claims
Other civil cases for which the Company may contingently be liable aggregate to Rs. 24,07,203 (Previous Year - Rs. 34,07,203).
27 Water Rate Dispute

The Company has been drawing water from Lilhari Nullha, a natural water stream. Up to 1994, as per the Orissa Irrigation Act,
the water rate was payable for drawing water from irrigation work. Natural water streams like Lilhari Nullha were not covered in
the definition of irrigation work, as given in Section 4(9) of the Act. Definition of 'government water source' was inserted in
Section 4(6-a) of the Act in 1994, which covers natural water sources like Lilhari Nullha, and the Company has been paying
water rate since then. However, the Government of Odisha demanded an amount of Rs. 57,77,600 towards water rate and
penalty for the period prior to 1994 which has been stayed by the Hon’ble High Court of Odisha. Water Resources Department,
Government of Odisha, has been charging monthly compounded interest @ 2% on the disputed amount and the total interest
charged up to 31 March 2021 is Rs. 83,54,58,788. The total disputed demand, together with interest as on 31 March 2021 is Rs.
84,12,36,388. Hon'ble High Court of Odisha has stayed charging of monthly compound interest of 2% and passed an order
that compound interest @ 2% will not be allowed to charge until further orders. During the previous year, the Hon'ble High Court
of Odisha has directed the Government of Odisha and the Company to negotiate and settle the dispute inline with the
settlements made by the Government of Odisha with other companies. Based on the legal opinion obtained by the Company
and as per the management assessment, the Company is of the view that it has a strong case to contest on merit and there will
not be any material outflow of resources by the Company.
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28 Commitments
Estimated amount of contracts remaining to be executed on Capital Account and not provided for, net of advances paid
Rs.38,43,75,737 (Previous Year - Rs. 95,37,77,114). Estimated amount of export obligations to be fulfilled in respect of assets
imported under Export Promotion Capital Goods Scheme (EPCG) – Rs. 70,82,64,570 (Previous year-Rs. 9,22,02,642).
29 Company as a Lessee
Following are the changes in the carrying value of right-of- use assets for the year ended March 31, 2021.
Buildings
Particulars As at 31 March 2021 As at 31 March 2020
Opening gross block 20,32,04,645 –
Reclassification ed on account of adoption of Ind AS 116 as at 1 April 2020 – 20,05,47,424
Additions 3,14,71,464 26,57,221
Deletion 1,41,56,842 –
Closing gross block at the end of the year 22,05,19,267 20,32,04,645
Opening accumulated depreciation 1,87,11,055 –
Additions 1,94,27,679 1,87,11,055
Deletion 35,46,330 –
Closing accumulated depreciation at the end of the year 3,45,92,404 1,87,11,055
Closing balance as of March 31,2021 18,59,26,863 18,44,93,590
The aggregate depreciation expense on right-of-use assets is included under depreciation and amortisation expense in the
statement of Profit and Loss.
The following is the break-up of current and non-current lease liabilities as at March 31, 2021
Current lease liabilities 1,20,66,541 99,51,139
Non-current lease liabilities 19,41,16,397 18,54,54,065
Total 20,61,82,938 19,54,05,204
The following is the movement in lease liabilities during the year ended March 31, 2021.
Balance at the beginning of the year 19,54,05,204 –
Reclassified on account of adoption of Ind AS 116 as at April 1, 2020 – 20,05,47,424
Additions 3,14,71,464 26,57,221
Finance cost accrued during the year 1,38,52,087 1,39,13,938
Deletion 1,11,34,838 –
Payment of lease liabilities 2,34,10,979 2,17,13,379
The table below provides details regarding the contractual maturities of lease liabilities as at March 31, 2021 on an
undiscounted basis:
Less than one year 2,58,68,121 2,35,02,793
One to five years 12,81,90,011 9,83,28,039
More than five years 15,49,82,179 18,64,68,628
Total 30,90,40,311 30,82,99,460
The Company does not face a significant liquidity risk with regard to its lease liabilities as the current assets are sufficient to
meet the obligations related to lease liabilities as and when they fall due.
The Company incurred Rs. 3,78,26,806 (previous year Rs. 3,82,72,660) towards expenses relating to short term leases and
leases of low value assets.
The total cash outflow for leases is Rs. 6,12,37,785 (previous year Rs. 5,99,86,309) including cash outflow for short term and
Company as a Lessor
Company has leased out buildings to its employees and has also provided leased accommodation to its employees for
residential purposes. There is no such long term contracts with employees for the above leasing. The total rental income with
respect to above leasing activities amounts to Rs. 1,82,42,871 (previous year Rs.1,78,68,317) included in note 17(c).
67
30 Recent Indian Accounting Standards ( Ind AS)

Ministry of Corporate Affairs ("MCA") notifies new standard or amendments to the existing standards. There is no such
notification which would have been applicable from April 1, 2021.
31 Employee Benefits
The relevant details with respect to employee benefits are given here below:
(1) Defined Contribution Plan
The Company participates in a number of defined contribution plans on behalf of relevant personnel. Any expense
recognized in relation to the schemes represents the value of contributions payable during the period by Company at
rates specified by the rules of those plans.
a) Provident Fund and Employees Pension Fund
In accordance with the prevailing Indian law, eligible employees of the Company are entitled to receive benefits in
respect of Provident Fund, a defined contribution plan, in which both the employees and the Company make
monthly contributions at a specified percentage of the covered employees’ salary.As per the provisions of the
Provident Fund and Miscellaneous Provisions Act, 1952 contribution to Provident Fund is made to an irrevocable
trust set up by the Company and contribution to pension fund is deposited with the Regional Provident Fund
Commissioner. The rules of the Company's provident fund administered by a trust, require that if the Board of the
Trustee are unable to pay interest at the rate declared by the Government for the reason that the return on
investment is less or for any other reason, then the deficiency shall be made good by the Company, making the
interest shortfall a defined benefit obligation.
b) Superannuation Fund
The Company has a superannuation plan. Employees who are members of the superannuation plan are entitled to
benefits depending on the contribution made by Company and rate of interest declared by the superannuation trust.
A separate irrevocable trust is maintained for employees covered and entitled for this benefit. The Company
contributes 15% of basic salary, of the eligible employees’ to the trust every year. Such contributions are recognized
as an expense when incurred. The Company has no further obligation beyond this contribution.
c) Other funds
The Company contributes to the Employees State Insurance scheme as per the provisions of Employees State
Insurance Act, 1948 and to Her Majesty's Revenue and Customs, UK as per provisions laid down by the UK
Government for the social security and welfare of the employees.
d) Expenses recognized in respect of above
The Company has recognized, in the Statement of Profit and Loss account for the year ended 31 March 2021, an
amount of Rs. 8,97,81,612 (Previous Year: Rs. 9,05,82,210) being expenses under the defined contribution plans
like Provident Fund, Superannuation fund, Employee pension scheme, Employee State Insurance Scheme and Her
Majesty's Revenue and Customs (UK).
(2) Defined Benefit Plans

The Company operates post retirement defined benefit plans as follows:
a) Funded
(i) Post Retirement Gratuity
The Company has an obligation towards gratuity, a defined benefit retirement plan covering eligible
employees. The plan provides lump-sum payment to vested employees at retirement, death while in
employment or on termination of employment, of an amount equivalent to 15 to 30 days' salary payable for
each completed year of service. Vesting occurs upon completion of five years of service. The Company makes
annual contributions to gratuity funds. The Company accounts for the liability for gratuity benefits payable in the
future based on an actuarial valuation.
b) Unfunded:
(i) Post Retirement Medical Benefits
The Company has a Post-Retirement Medical Benefit Scheme (PRMB), under which the retired employees
and their spouses are eligible for free medical benefits in the Company's hospital during their lifetime upto a
ceiling fixed by the Company. The liability for the same is recognized annually on the basis of actuarial
valuation.
(ii) Pension to Directors
The Company has Ex-MD Pension Scheme, under which the retired managing director gets a monthly
pension. The liability for the same is recognized annually on the basis of actuarial valuation. The Company is
exposed to the increase in the pension amount in each 3 years.
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c) i) Details of the Post Retirement Gratuity plan are as follows: April 2020 to April 2019 to
` `
I. Change in present value of defined benefit obligation
during the year
1. Present Value of defined benefit obligation as at the
beginning of the year 33,43,03,407 30,45,52,567
2. Current Service Cost 2,24,57,170 1,92,64,680
3. Interest Cost on the defined benefit obligation 2,13,52,840 2,06,15,020
4. Actuarial (gains)/ losses - Experience 1,52,84,110 (11,82,230)
5. Actuarial losses - Financial Assumptions 2,35,86,690 1,64,69,260
6. Benefits paid from plan assets (3,28,97,622) (2,54,15,890)
7. Closing Present Value of defined benefit obligation 38,40,86,595 33,43,03,407
II. Change in fair value of plan assets during the year
1. Fair Value of assets at the beginning of the year 31,24,01,294 27,67,78,084
2. Interest Income on Plan Assets 2,10,29,210 2,10,39,100
3. Employer contributions 2,00,00,000 4,00,00,000
4. Return on plan assets greater than discount rate (67,370) -
5. Benefits paid (3,28,97,622) (2,54,15,890)
6. Fair Value of Plan assets at the end of current year 32,04,65,512 31,24,01,294
III. Net liability recognized in the balance sheet
1. Fair value of plan assets 32,04,65,512 31,24,01,294
2. Present value of obligation 38,40,86,595 33,43,03,407
3. Amount recognized in the balance sheet 6,36,21,083 2,19,02,113
IV. Expense recognized in the statement of profit and loss for the year
1. Current service cost 2,24,57,170 1,92,64,680
2. Net interest on net defined benefit liability 3,23,630 (4,24,080)
3. Total expenses included in employee benefits expense 2,27,80,800 1,88,40,600
V. Recognized in other comprehensive income for the year
1. Actuarial (gains)/ losses due to defined benefit obligation
experience 1,52,84,110 (11,82,230)
2. Actuarial loss due to defined benefit obligation financial
assumption changes 2,35,86,690 1,64,69,260
3. Return on plan assets greater than discount rate 67,370 –
4. Actuarial loss recognized in other comprehensive income 3,89,38,170 1,52,87,030
VI. Maturity profile of defined benefit obligation
1. Within the next 12 months (next annual reporting period) 3,41,70,720 3,44,08,170
2. Between 2 and 5 years 16,68,26,460 12,29,96,770
VII. Quantitative sensitivity analysis for significant assumption
is as below
1. Increase/ (decrease) on present value of defined benefits
obligation at the end of the year
(i) One percentage point increase in discount rate (3,08,74,960) (2,34,77,820)
(ii) One percentage point decrease in discount rate 3,60,46,530 2,82,95,900
(I) One percentage point increase in rate of salary increase 3,51,70,980 2,78,99,890
(ii) One percentage point decrease in rate of salary increase (3,07,56,950) (2,35,96,130)
2. Sensitivity Analysis Method
Sensitivity analysis is determined based on the expected movement in liability if the assumptions were
not proved to be true on different count.
69
VIII. Investment Details

The full amount has been invested in the Cash Accumulation Scheme of Life Insurance Corporation of India.
` `
IX. Assumptions
a. Discount rate (per annum) 6.00% 6.75%
b. Rate of escalation in salary (per annum) 7.50% 7.50%
ii) Details of non-funded post retirement defined benefit obligations are as follows:
April 2020 to March 2021 April 2019 to March 2020
Description ` `
Medical Ex-MD Pension Medical Ex-MD Pension
I. Reconciliation of opening and closing balances of obligation

1. Present Value of defined benefit obligation as at the beginning
of the year 7,54,10,818 4,39,26,705 6,76,13,963 4,33,89,465
2. Current Service Cost 10,38,960 — 12,90,000 —
3. Interest Cost on the defined benefit obligation 50,25,650 28,60,820 48,86,080 31,38,400
4. Actuarial (gains)/ losses - Experience (44,38,240) (19,91,200) 8,81,250 (35,46,040)
5. Actuarial losses- Financial Assumptions 64,89,740 26,85,830 56,71,880 40,81,680
6. Benefits paid directly by the Company (19,13,382) (31,36,800) (49,32,355) (31,36,800)
7. Closing Present Value of defined benefit obligation 8,16,13,546 4,43,45,355 7,54,10,818 4,39,26,705
II. Expense recognized in the statement of profit and
loss for the year
1. Current service cost 10,38,960 — 12,90,000 —
2. Net interest on net defined benefit liability 50,25,650 28,60,820 48,86,080 31,38,400
3. Total expenses included in employee benefits expense 60,64,610 28,60,820 61,76,080 31,38,400
III. Recognized in other comprehensive income for the year
1. Actuarial (gain)/ loss due to defined benefit obligation experience (44,38,240) (19,91,200) 8,81,250 (35,46,040)
assumption changes 64,89,740 26,85,830 56,71,880 40,81,680
3. Actuarial (gains)/ losses recognized in other
comprehensive income 20,51,500 6,94,630 65,53,130 5,35,640
IV. Assumptions
a. Discount rate (per annum) at the beginning of the year 6.75% 6.75% 7.50% 7.50%
b. Discount rate (per annum) at the end of the year — 6.00% 6.75% 6.75%
c. Rate of pension increase — 8.00% — 8.00%
d. Medical costs inflation rate 4.00% — 4.00% —
e. Average Medical Cost (Rs./ person) 1,855 — 1,750 —
V. Quantitative sensitivity analysis for significant assumption
is as below
Increase/(decrease) on present value of defined benefits obligation
at the end of the year
(i) One percentage point increase in discount rate (84,51,480) (35,21,610) (73,91,700) (34,83,500)
(ii) One percentage point decrease in discount rate 1,03,47,420 40,50,580 89,88,020 40,08,100
(i) One percentage point increase in medical inflation rate 16,92,150 — 91,53,950 —
(ii) One percentage point decrease in medical inflation rate (14,70,880) — (76,35,580) —
(i) One percentage point increase in pension rate — 39,31,140 — 39,19,400
(ii) One percentage point decrease in pension rate — (34,90,870) — (34,75,910)
1. Within the next 12 months (next annual reporting period) 50,14,270 30,26,360 48,61,500 30,10,140
2. Between 2 and 5 years 2,15,58,780 1,28,45,880 2,14,69,960 1,25,58,300
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d) Risk exposure
Through its defined benefit plans, the Company is exposed to discount rate risk, salary growth risk, inflation risk, pension
increment risk and demographic risks of mortality and attrition rates.
32 Income Taxes
a. A reconciliation of the tax expense to the amount computed by applying the statutory income tax rate to the profit before
taxes is summarized below:
Particulars April 2020 to April 2019 to
` `
Less: Expenses recognized in other comprehensive income 4,16,84,300 2,23,75,800
Adjusted Profit before tax (A) 52,97,23,022 129,14,51,812
Tax rate (B) 25.168% 25.168%
Tax expense (A*B) 13,33,20,690 32,50,32,592
Add: Tax effect of expenses that are not deductible for tax purposes:
CSR Expenses 56,47,346 44,07,902
Add: Taxation for earlier years 29,78,009 (16,19,521)
Less: Tax effect of Income exempt from tax: Dividend Income (51,97,892) (25,170)
Add: Additional tax expense (deferred tax expense) due to
change in tax rate – (2,56,58,969)
Less: Tax effect on exceptional item (1,98,33,363) –
Less: Other differences (1,17,223) 27,45,652
Income tax expense charged to the Statement of Profit and Loss 11,67,97,567 30,48,82,486
Tax expense recognized in profit and loss 12,65,98,304 30,69,45,988
Income tax expenses recognized in Other Comprehensive Income (98,00,737) (20,63,502)
b. The tax effect of significant temporary differences that resulted in deferred tax liability are as follows:
Balance sheet Statement of profit and loss Other comprehensive income
Deductible temporary difference As at 31 As at 31 April 2020 to April 2019 to April 2020 to April 2019 to
March 2021 March 2020 March 2021 March 2020 March 2021 March 2020
` ` ` ` ` `
(i) Expense/ provision allowed on
payment basis 7,14,43,270 5,48,33,734 68,08,799 (5,95,72,941) 98,00,737 38,47,745
(ii) Unpaid Royalty 77,55,353 2,09,33,734 (1,31,78,381) 83,89,650 — —
(iii) Friendly departure scheme 9,28,995 14,42,207 (5,13,212) (14,37,870) — —
(iv) Others 2,43,77,589 2,61,22,698 (17,45,109) 2,22,43,025 — —
Total (A) 10,45,05,207 10,33,32,373 (86,27,903) (3,03,78,136) 98,00,737 38,47,745
Taxable temporary difference
Property, Plant and Equipment 17,16,73,173 16,19,25,214 97,47,959 (5,96,73,482) — —
Total (B) 17,16,73,173 16,19,25,214 97,47,959 (5,96,73,482) — —
Deferred Tax liability (B-A) 6,71,67,966 5,85,92,841 1,83,75,862 (2,92,95,346) (98,00,737) (38,47,745)
Net impact in Statement of Profit and Loss / Other Comprehensive Income *

* The total income tax expenses recognised in the Statement of Profit and Loss under Other Comprehensive income is inclusive of deferred tax
release of Rs. 98,00,737 (Previous year - Rs. 38,47,745) and current tax charge of Rs. Nil (Previous year- Rs. 17,84,243).
71
c. Reconciliation of deferred tax liability
Particulars As at As at
31 March 2021 31 March 2020
` `
Opening balance as at 1 April 5,85,92,841 9,17,35,932

Less: Deferred tax release during the year 85,75,125 (3,31,43,091)
Closing balance as at 31 March 6,71,67,966 5,85,92,841
33 Reconciliation of Liabilities from Financing activities as stated in the Statement of Cash Flows are as follows :
Particulars Balance as at Cash Non-Cash Balance as at

1 April 2020 Flows Changes 31 March 2021
Borrowings 233,16,79,996 (22,16,12,416) (1,76,06,975) 209,24,60,605
Lease liabilities 19,54,05,204 (2,34,10,979) 3,41,88,713 20,61,82,938
Total Liabilities from financing activities 252,70,85,200 (24,50,23,395) 1,65,81,738 229,86,43,543
Borrowings 219,01,28,280 12,71,37,944 1,44,13,772 233,16,79,996
Lease liabilities – (2,17,13,379) 21,71,18,583 19,54,05,204
Total Liabilities from financing activities 219,01,28,280 10,54,24,565 23,15,32,355 252,70,85,200
34 Financial Instruments
This section gives an overview of the significance of financial instruments for the Company and provides additional information
on balance sheet items that contain financial instruments.
The details of significant accounting policies, including the criteria for recognition, the basis of measurement and the basis on
which income and expenses are recognized, in respect of each class of financial asset, financial liability and equity instrument
are disclosed in note 25 (2)(j) to the financial statements.
(a) Financial Instruments by Category
The following table presents carrying amount and fair value of each category of financial asset and liabilities.
As at 31 March 2021
Particulars Amortised Fair value Derivative Total Total Fair
cost through other instruments Carrying Value
comprehensive Value
income
` ` ` ` `
Financial assets
Trade receivables 237,15,05,637 — — 237,15,05,637 237,15,05,637
Investments — 1,49,36,500 — 1,49,36,500 1,49,36,500
Cash and bank balances 1,31,33,513 — — 1,31,33,513 1,31,33,513
Loans 7,62,53,193 — — 7,62,53,193 7,62,53,193
Other financial assets 20,27,414 — — 20,27,414 20,27,414
Total 246,29,19,757 1,49,36,500 — 247,78,56,257 247,78,56,257
Financial liabilities
Borrowings 209,24,60,405 — — 209,24,60,405 209,24,60,405
Trade payables 288,16,67,362 — — 288,16,67,362 288,16,67,362
Lease liabilities 20,61,82,938 — — 20,61,82,938 20,61,82,938
Other financial liabilities 22,87,24,211 — 17,47,778 23,04,71,989 23,04,71,989
Total 540,90,34,916 — 17,47,778 541,07,82,694 541,07,82,694
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As at 31 March 2020
comprehensive Value
income
` ` ` ` `
Financial assets
Trade receivables 274,21,82,238 – – 274,21,82,238 274,21,82,238
Investments – 86,19,000 – 86,19,000 86,19,000
Cash and bank balances 96,39,728 – – 96,39,728 96,39,728
Loans 8,90,49,431 – – 8,90,49,431 8,90,49,431
Other financial assets 3,73,56,165 – – 3,73,56,165 3,73,56,165
Total 287,82,27,562 86,19,000 – 288,68,46,562 288,68,46,562
Borrowings 233,16,79,996 – – 233,16,79,996 233,16,79,996
Trade payables 215,04,74,003 – – 215,04,74,003 215,04,74,003
Lease liabilities 19,54,05,204 – – 19,54,05,204 19,54,05,204
Other financial liabilities 8,45,86,039 – 35,23,863 8,81,09,902 8,81,09,902
Total 476,21,45,242 – 35,23,863 476,56,69,105 476,56,69,105
(b) Fair value hierarchy
The following table provides an analysis of financial instruments that are measured subsequent to initial recognition at fair
value, grouped into Level 1 to Level 3, as described below-
Level 1: Quoted prices (unadjusted) in active market for identical assets or liabilities.
Level 2: Inputs other than quoted price included within level 1 that are observable for the asset or liability, either directly
(i.e. as prices) or indirectly (i.e. derived from prices).The fair value of financial instruments that are not traded in an active
market is determined using market approach and valuation techniques which maximize the use of observable market
data and rely as little as possible on entity-specific estimates. If significant inputs required to fair value an instrument are
observable, the instrument is included in Level 2.
Level 3: Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs).If one or
more of the significant inputs is not based on observable market data, the fair value is determined using generally
accepted pricing models based on a discounted cash flow analysis, with the most significant inputs being the discount rate
that reflects the credit risk of counterparty.
As at 31.03.2021
Particulars Carrying Amount Fair Value
Level 1 Level 2 Level 3
` ` ` `
Financial assets
Investment - Equity share (HDFC Bank) 1,49,36,500 1,49,36,500 — —
Derivative liabilities - forward cover 17,47,778 — 17,47,778 —
As at 31 March 2020
Financial assets
Investment - Equity share (HDFC Bank) 86,19,000 86,19,000 — —
73
(c) Financial Risk Management Policies And Objectives:

The Company’s financial risk management is an integral part of how to plan and execute its business strategies. The
Company’s financial risk management policy is set by the Board.
Market risk
Market risk is the risk of loss of future earnings, fair values or future cash flows that may result from a change in the price of
a financial instrument. The value of a financial instrument may change as a result of changes in the interest rates, foreign
currency exchange rates, equity prices and other market changes that affect market risk sensitive instruments. Market
risk is attributable to all market risk sensitive financial instruments including foreign currency receivables, payables, loans
and borrowings.
The Company manages market risk through a treasury department, which evaluates and exercises independent control
over the entire process of market risk management. The treasury department recommends risk management objectives
and policies, which are approved by Senior Management and the Audit Committee. The activities of this department
include management of cash resources, implementing hedging strategies for foreign currency exposures, borrowings.
Interest rate risk
Interest rate risk is measured by using the cash flow sensitivity for changes in variables interest rates. Any movement in
the reference rates could have an impact on the Company's cash flow as well as costs.
The Company is subject to variable interest rates on some of its interest bearing liabilities. The Company's interest rate
exposure is mainly related to debt obligations.
Foreign currency risk
The Company operates internationally and portion of the business is transacted in several currencies and consequently
the Company is exposed to foreign exchange risk through its sales and services in overseas and purchases from
overseas suppliers in various foreign currencies.
The Company evaluates exchange rate exposure arising from foreign currency transactions and the Company follows
established risk management policies, including the use of derivatives like foreign exchange forward contracts to hedge
exposure to foreign currency risk.
Liquidity Risk
Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. The Company
maintains sufficient cash and cash equivalents to manage its liquidity risk.
The non-derivative financial liabilities of the Company are all payable within 12 months. (Refer Note 13 and 14).
The following table shows a maturity analysis of the anticipated cash flows including future interest obligations for
derivative and non-derivative financial liabilities on an undiscounted basis, which therefore differ from both carrying value
and fair value. Floating rate interest is estimated using the prevailing interest rate at the end of the reporting period. Cash
flows in foreign currencies are translated using the period end spot rates.
Particulars Carrying Value Contractual Less than Between one More than
Cash flow one year to five years five years
Non derivative financial liabilities
Borrowings including interest obligations 209,24,60,405 234,86,04,274 121,21,97,954 113,64,06,320 —

233,16,79,996 257,86,95,957 153,40,56,196 104,46,39,761 —
Trade payables 288,16,67,362 288,16,67,362 288,16,67,362 — —

215,04,74,003 215,04,74,003 215,04,74,003 — —
Lease liabilities 20,61,82,938 30,90,40,311 2,58,68,121 12,81,90,011 15,49,82,179

19,54,05,204 30,82,99,460 2,35,02,793 9,83,28,039 18,64,68,628
Other financial liabilities 22,87,24,211 22,87,24,211 22,87,24,211 — —

8,45,86,039 8,45,86,039 8,45,86,039 — —
Derivative financial liabilities 17,47,778 17,47,778 17,47,778 — —

35,23,863 35,23,863 35,23,863 — —
Note- Figures in italics relates to previous year.
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Credit Risk
Credit risk is the risk that counterparty will default on its contractual obligations resulting in a financial loss to the Company.
To manage this, the Company periodically assesses the financial reliability of customers, taking into account the financial
condition, current economic trends, and analysis of historical bad debts and ageing of accounts receivable. Individual risk
limits are set accordingly.
Financial assets are provided for when there is no reasonable expectation of recovery, such as a debtor failing to engage
in a repayment plan with the Company. The Company categorises a loan or receivable for provision as per provisioning
policy of the Company. Where loans or receivables have been provided, the Company continues to engage in
enforcement activity to attempt to recover the receivable due. Where recoveries are made, these are recognized in the
Statement of Profit and Loss.
Trade receivables are primarily unsecured and are derived from revenue earned from customers. Credit risk is managed
through credit approvals, establishing credit limits and by continuously monitoring the creditworthiness of customers to
which the Company grants credit terms in the normal course of business. As per simplified approach, the Company
makes provision of expected credit losses on trade receivables using a provision matrix to mitigate the risk of default
payments and makes appropriate provisions at each reporting date whenever is for longer period and involves higher risk.
On account of adoption of Ind AS 109, the Company uses expected credit loss model to assess the impairment loss or
gain.
(d) Foreign Currency exposure as at 31 March 2021 `

Particulars USD EUR JPY GBP Others Total
Financial Assets
Trade Receivables 45,21,58,242 16,05,22,536 — 8,52,54,468 26,42,810 70,05,78,056
Bank balance in Current account — — — 6,86,771 — 6,86,771
Other Assets 1,68,614 1,51,06,523 — — 54,697 1,53,29,834
Trade Payables (68,98,07,174) (14,05,55,053) (1,81,89,193) (2,44,897) (1,06,84,463) (85,94,80,780)
Loan in Foreign Currency (28,05,09,445) — — — — (28,05,09,445)
Advance from Customers (65,99,052) — — — — (65,99,052)
Net Exposure to Foreign Currency Risk (52,45,88,815) 3,50,74,006 (1,81,89,193) 8,56,96,342 (79,86,956) (42,99,94,616)
Foreign Currency exposure as at 31 March 2020 `

Financial Assets
Other Assets 12,03,954 6,61,84,510 — — 1,90,94,878 8,64,83,341
Trade Payables (49,09,11,208) (1,50,96,539) (3,35,31,208) (4,19,556) (53,99,58,511)
Loan in Foreign Currency (25,01,94,679) (15,99,57,297) — (2,66,83,570) — (43,68,35,546)
Advance from Customers (3,77,05,040) (36,424) — — — (3,77,41,465)
Net Exposure to Foreign Currency Risk (22,27,67,217) 11,90,15,660 (3,35,31,208) (1,13,72,415) 2,17,37,688 (12,69,17,492)
(e) Sensitivity Analysis
1% increase or decrease in foreign currency exchange rates will have the following impact on profit before tax
`
Particulars April 2020 to March 2021 April 2019 to March 2020
1% Increase 1% decrease 1% Increase 1% decrease
USD (52,45,888) 52,45,888 (22,27,672) 22,27,672
EUR 3,50,740 (3,50,740) 11,90,157 (11,90,157)
JPY (1,81,892) 1,81,892 (3,35,312) 3,35,312
GBP 8,56,963 (8,56,963) (1,13,724) 1,13,724
Others (79,870) 79,870 2,17,377 (2,17,377)
Increase / (decrease) in profit (42,99,947) 42,99,947 (12,69,174) 12,69,174
75
(f) Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes
in market interest rates. The Company's exposure to risk of changes in market interest rates relates primarily to the
Company's debt interest obligation.
The exposure of the Company’s floating debt interest obligation and its sensitive analysis are as follows:

Company's debt obligation (Floating rates) 209,24,60,405 233,16,79,996

Sensitivity analysis assuming the amount of the liability outstanding at the year end was outstanding for the whole year:
If interest rate had been 25 basis point higher/ lower and all other variables held constant, the company's profit before tax
for the ended 31 March 2021 would decrease/ increase by Rs. 52,31,151 (Previous year - Rs. 58,29,200). This is mainly
attributable to the company's exposure to interest rates on its floating rate borrowings.
(g) Securities price risk
Securities price risk is the risk that the fair value of a financial instrument will fluctuate due to changes in market traded
prices. The Company is not an active investor in equity markets; it continues to hold certain investments in equity for long
term value accretion which are accordingly measured at fair value through Other Comprehensive Income. The value of
investments in such equity instruments as at 31 March 2021 is Rs. 1,49,36,500 (Previous year - Rs. 86,19,000).
Accordingly, fair value fluctuations arising from market volatility is recognised in Other Comprehensive Income.
35 Capital management
The Company's capital management is intended to safeguard its ability to continue as a going concern so that to create value
for shareholders and benefits for other stakeholders by facilitating the achievement of long term and short term goals of the
Company.
The Company determines the amount of capital required on the basis of annual business plan coupled with long term and short
term strategic investment and expansion plans. The funding needs are met through cash generated from operations, long term
and short term bank borrowings.
The Company monitors the capital structure on the basis of net debt to equity ratio and maturity profile of the overall debt
portfolio of the Company.
Net debt includes interest bearing borrowings less cash and cash equivalents, other bank balances and other financial assets.
The table below summarises the capital, net debt and net debt equity ratio of the Company.
As at As at
31 March 2021 31 March 2020
` `
Total borrowings 209,24,60,405 233 ,16,79,996
Less: cash and cash equivalents, other bank balances and other financial assets
(refer note 5,9 & 10) 1,51,60,927 4,69,95,893
Net Debt 207,72,99,478 228,46,84,103
Equity 497,56,64,342 485,94,71,387
Total Capital (Equity + Net Debt) 705,29,63,820 714,41,55,490
Net Debt to Equity Ratio 0.42 0.47
36 Note on Revenue disaggregation India Out side India Total

` ` `
Sale of products 1043,68,16,839 235,32,36,945 1279,00,53,784
1141,88,60,841 315,52,06,819 1457,40,67,660
Income from sale of services 126,20,07,953 5,28,35,185 131,48,43,138
161,96,68,878 11,28,16,841 173,24,85,719
Other operating revenue 13,43,80,342 — 13,43,80,342
22,26,07,135 — 22,26,07,135
Total revenue from operations 1183,32,05,134 240,60,72,130 1423,92,77,264
1326,11,36,854 326,80,23,660 1652,91,60,514
Note - Figures in italics relates to previous year.
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Revenue Reconciliation April 2020 to April 2019 to

` `
Total Revenue 1429,36,41,412 1658,02,36,310
Less: variable consideration (Cash Discount) 5,43,64,148 5,10,75,796
Total revenue from operations 1423,92,77,264 1652,91,60,514
l The Company’s performance obligations are satisfied on delivery of product or service to the customer. Delivery of
product completes when the products have been shipped or delivered to the specific location, of the customer, as the case
may be. Delivery of service completes on receipt of confirmation from customer.
l The Company does not have any contracts where the period between the transfer of the promised goods or services to the
customer and payments by the customer exceeds one year and hence, there are no significant financing component
included in such contracts.
37 Contract Liability
TThe Company has recognised Revenue from Sale of products and Income from sale of Services amounting to Rs. 7,04,77,924
during the year ended 31 March 2021 against the advance received from customer which was outstanding as on 31 March 2020
(Previous year : Rs. 1,46,91,106 against advance received from customer which was outstanding as on 31 March 2019).
38 Related Party Disclosures
a) List of related parties of TRL Krosaki Refractories Limited
Sl No Name Country of % of Equity Interest

Incorporation
i) Parent Entity (Holding company)

Krosaki Harima Corporation Japan 77.62 77.62
ii) Associate Companies

TRL Krosaki Asia Pte Limited Singapore 37 37
Almora Magnesite Limited India 39 39
iii) Entity having significant influence over holding

Company (Ultimate Holding Company)
Nippon Steel Corporation (Formerly known as Nippon
Steel & Sumitomo Metal Corporation) Japan
iv) Subsidiary of Nippon Steel Corporation

Nippon Steel India Pvt Ltd India
Nippon Steel Engineering India Pvt. Ltd. India
Sanyo Special Steel Co. Ltd Japan
v) Fellow Subsidiaries
TRL Krosaki China Limited (formerly known as
TRL China Limited) China
Krosaki Harima (Shanghai) Enterprise
Management Co, Ltd China
Krosaki Harima Europe B.V. Netherland
Krosaki USA Inc.(KUI) USA
vi) Associate of Krosaki Harima Corporation

IFGL Refractories Limited (IFGL) (Formerly known as
IFGL Exports Limited) India
77
vii) Joint Venture of Subsidiary of

Nippon Steel Corporation
ArcelorMittal Nippon Steel India Limited India
Mahindra Sanyo Special Steel Pvt Ltd. India
viii) Key Managerial Personnel

(I) Directors
Mr. H. M. Nerurkar (Chairman)
Mr. P. B. Panda (Managing Director)
Mr. P. V. Bhide
Mr. R. Ranganath Rao
Mr. Sudhansu Pathak
Mr. Toshikazu Takasu
Mr. Hisatake Okumura
Mr. Asaya Sachihiko (w.e.f 16 March,2021)
Ms. Shuang Zhu (w.e.f 26 May,2020)
Mr. Anirban Dasgupta (w.e.f 28 July,2020)
Mr. Kotaro Kuroda (upto 28 September,2020)
Mr. Kiyotaka Oshikawa (upto 01 February,2021)
Mr. Sadayoshi Tateishi (upto 28 September,2020)
Mr. Takeshi Yoshida (upto 28 September,2020)
Sunanda Lahiri (upto 20 March,2020)
Mr. Sudhir Krishnaji Joshi (upto 20 March,2020)
(ii) Other than Directors
Mr. M. V. Rao (Sr. Vice President (Finance) & CFO)
Mr. Sambit Mishra (Company Secretary) (w.e.f 27 October,2020)
Mr. Arabinda Debta (Company Secretary) (upto 04 August,2020)
ix) Relative of Key Managerial Personnel

Mr. Dinabandhu Panda
x) Employees' Benefit Plans

TRL Krosaki Refractories Limited Provident Fund
TRL Krosaki Refractories Limited Superannuation Fund
TRL Krosaki Refractories Limited Gratuity Fund
Note:
(1) The list contains those related parties with whom the Company has transactions during the current or previous year.
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b) Transactions with Related Parties
Particulars Holding Subsidiaries & Subsidiaries of Associates of Key Managerial

Company Associates of ultimate Holding the Company Personnel and
the Holding company and relative
company it's joint ventures
Purchase of Raw Materials and goods 12,29,62,252 55,17,10,708 – 1,66,19,288 –

15,20,31,361 82,92,48,570 – 1,65,29,879 –
Sales and Services 8,08,49,024 32,61,02,204 40,36,64,118 – –
10,34,10,194 24,27,90,932 15,14,04,675 16,17,261 –
Receiving of Services – 7,60,510 – – –
3,42,036 5,31,590 – – –
Interest Expenses – – 23,98,060 – –
– – 3,42,394 – –
Royalty 6,41,29,414 – – – –
9,19,00,692 – – – –
Dividend paid 23,52,31,528 – – – 2,175
19,79,18,941 – – – 1,830
Dividend received – – – 2,06,51,141 –
– – – – –
Outstanding Balance -Debtors 1,29,24,653 16,83,49,511 7,71,92,012 – –
1,78,63,388 18,25,21,452 5,24,08,162 – –
Loans and advances recovered – – – – 60,000
– – – – 60,000
Outstanding Loan Balance – – – – 1,45,000
– – – – 2,05,000
Creditors 6,14,84,303 9,20,88,542 – 12,67,532 –
14,48,05,916 15,35,04,060 – – –
Interest Accrued – – – – –
– – 3,08,155 – –
Loans and Advances Received – 2,548 – – –
– 7,38,903 – – –
Borrowings (net of repayment) – – – – –
– – 17,99,86,223 – –
Short term employee benefits – – – – 3,68,41,272
– – – – 5,41,54,532
Post employment benefits (Refer Note b below) – – – – 30,88,816
– – – – 30,75,952
Other long term employee benefits (Refer Note b below) – – – – –
– – – – –
Commission – – – – 75,59,000
– – – – 51,94,000
Sitting Fees (Refer Note e below) – – – – 39,45,000
– – – – 15,40,000
Transactions presented above are inclusive of goods and services tax (GST).
Terms and conditions of transactions with related parties
(a) All related party transactions entered during the year were in ordinary course of the business and are at arm’s length basis for the year ended 31 March
2021 and the Company has not recorded any impairment of receivables relating to amounts owed by related parties (Previous year: nil). This
assessment is undertaken each financial year through examining the financial position of the related party and the market in which the related party
operates.
(b) As the liabilities for defined benefit plans are provided on actuarial basis for the Company as whole, the amounts pertaining to key managerial
personnel and relatives are not included.
(c) During the year, the Company has contributed Rs. 8,92,45,922 (Previous year: Rs. 11,03,65,292) to the post employment benefit plans to the Trusts
managed by the Company.
(d) Figures in italics represent comparative figures of the previous year.
(e) Sitting fees of all nominated directors has been paid to respective nominee companies.
79
39 Earnings per Share (EPS)

EPS is calculated by dividing the profit attributable to the equity shareholders by the average number of shares outstanding
during the year. The basic and diluted earnings per share has been calculated below :
a) Profit after Tax 44,48,09,018 100,68,81,624
b) Profit attributable to Equity Share Holders 44,48,09,018 100,68,81,624
c) Weighted average number of Equity Shares outstanding during the year 2,09,00,000 2,09,00,000
d) Nominal Value per share 10 10
e) Basic / diluted Earning per Equity Share 21.28 48.18
40 In terms of Indian Accounting Standard (Ind AS) 108 on 'Operating Segment' notified in the Companies Act, 2013, segment
information has been presented in the Consolidated Financial Statements, prepared pursuant to Indian Accounting Standard
(Ind AS) 110 on 'Consolidated Financial Statements' and Indian Accounting Standard (Ind AS) 28 on 'Investments in Associates
and Joint Ventures' notified in the Act, included in the Annual Report for the year.
CIN-U26921OR1958PLC000349

(DIN : 00265887) (DIN : 07048273)
Mumbai Belpahar
sd/- sd/- sd/-

Membership No. 060715 CFO (ACS : 59808)
April 27, 2021
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INDEPENDENT AUDITORS’ REPORT
TO THE MEMBERS OF TRL KROSAKI REFRACTORIES LIMITED
Report on the Audit of Consolidated Financial Statements
Opinion
We have audited the consolidated financial statements of TRL Krosaki Refractories Limited (hereinafter referred to as "the
Company") and its associates, which comprise the consolidated balance sheet as at 31 March 2021, and the consolidated
statement of profit and loss (including other comprehensive income), consolidated statement of changes in equity and
consolidated statement of cash flows for the year then ended, and notes to the consolidated financial statements, including a
summary of significant accounting policies and other explanatory information (hereinafter referred to as "the consolidated
financial statements").
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid consolidated
financial statements give the information required by the Companies Act, 2013 ("Act") in the manner so required and give a
true and fair view in conformity with the accounting principles generally accepted in India, of the consolidated state of affairs of
the Company and its associates as at 31 March 2021, of its consolidated profit and other comprehensive income,
consolidated changes in equity and consolidated cash flows for the year then ended.
Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Act. Our
responsibilities under those SAs are further described in the Auditors' Responsibilities for the Audit of the Consolidated
Financial Statements section of our report. We are independent of the Company and its associates, in accordance with the
ethical requirements that are relevant to our audit of the consolidated financial statements in terms of the Code of Ethics
issued by the Institute of Chartered Accountants of India and the relevant provisions of the Act, and we have fulfilled our other
ethical responsibilities in accordance with these requirements. We believe that the audit evidence obtained by us, is sufficient
and appropriate to provide a basis for our opinion on the consolidated financial statements.
Other Information
The Company's management and Board of Directors are responsible for the other information. The other information
comprises the information included in the Company's Annual Report, but does not include the consolidated financial
statements and our auditors' report thereon.
Our opinion on the consolidated financial statements does not cover the other information and we do not express any form of
assurance conclusion thereon.
In connection with our audit of the consolidated financial statements, our responsibility is to read the other information and, in
doing so, consider whether the other information is materially inconsistent with the consolidated financial statements or our
knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed,
we conclude that there is a material misstatement of this other information, we are required to report that fact. We have
nothing to report in this regard.
Management’s and Board of Directors’ Responsibilities for the Consolidated Financial Statements
The Company's Management and Board of Directors are responsible for the preparation and presentation of these
consolidated financial statements in term of the requirements of the Act that give a true and fair view of the consolidated state
of affairs, consolidated profit and other comprehensive income, consolidated statement of changes in equity and
consolidated cash flows of the Company including its associates in accordance with the accounting principles generally
accepted in India, including the Indian Accounting Standards (Ind AS) specified under section 133 of the Act. The respective
Management and Board of Directors of the Company and of its associates are responsible for maintenance of adequate
accounting records in accordance with the provisions of the Act for safeguarding the assets of each company and for
preventing and detecting frauds and other irregularities; the selection and application of appropriate accounting policies;
making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of
adequate internal financial controls, that were operating effectively for ensuring accuracy and completeness of the
accounting records, relevant to the preparation and presentation of the consolidated financial statements that give a true and
fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of
preparation of the consolidated financial statements by the Management and Directors of the Company, as aforesaid.
In preparing the consolidated financial statements, the respective Management and Board of Directors of the company and of
its associates are responsible for assessing the ability of each company to continue as a going concern, disclosing, as
applicable, matters related to going concern and using the going concern basis of accounting unless the respective Board of
Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
81
The respective Board of Directors of the Company and of its associates are responsible for overseeing the financial reporting
process of each company.
Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements

Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free
from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will
always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered
material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users
taken on the basis of these consolidated financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism
throughout the audit. We also:
l Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or
error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and
appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is
higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.
l Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in
the circumstances. Under section 143(3)(i) of the Act, we are also responsible for expressing our opinion on the internal
financial controls with reference to the consolidated financial statements and the operating effectiveness of such controls
based on our audit.
l Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related
disclosures made by the Management and Board of Directors.
l Conclude on the appropriateness of Management and Board of Directors use of the going concern basis of accounting in
preparation of consolidated financial statements and, based on the audit evidence obtained, whether a material
uncertainty exists related to events or conditions that may cast significant doubt on the appropriateness of this
assumption. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors' report to
the related disclosures in the consolidated financial statements or, if such disclosures are inadequate, to modify our
opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors' report. However, future
events or conditions may cause the Company and its associates to cease to continue as a going concern.
l Evaluate the overall presentation, structure and content of the consolidated financial statements, including the
disclosures, and whether the consolidated financial statements represent the underlying transactions and events in a
manner that achieves fair presentation.
l Obtain sufficient appropriate audit evidence regarding the financial information of the Company and its associates to
express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and
performance of the audit of financial information of such entities included in the consolidated financial statements of
which we are the independent auditors. We remain solely responsible for our audit opinion. Our responsibilities in this
regard are further described in the section titled 'Other Matters' in this audit report.
We believe that the audit evidence obtained by us, is sufficient and appropriate to provide a basis for our audit opinion on
the consolidated financial statements.
We communicate with those charged with governance of the Company and such other entities included in the consolidated
financial statements of which we are the independent auditors regarding, among other matters, the planned scope and timing
of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our
audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements
regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought
to bear on our independence, and where applicable, related safeguards.
Other Matters
The consolidated financial statements include the Company's share of net loss (and other comprehensive loss) of
Rs. 8,53,56,180 for the year ended 31 March 2021, as considered in the consolidated financial statements, in respect of two
associates, whose financial information have not been audited by us or by other auditors. These unaudited financials
information have been furnished to us by the Management and our opinion on the consolidated financial statements, in so far
as it relates to the amounts and disclosures included in respect of these associates, and our report in terms of sub-sections (3)
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of Section 143 of the Act in so far as it relates to the aforesaid associates, is based solely on such unaudited financial
information. In our opinion and according to the information and explanations given to us by the Management, these financial
information are not material to the Company.
Our opinion on the consolidated financial statements, and our report on Other Legal and Regulatory Requirements below, is
not modified in respect of the above matters with respect to our reliance on the financial information certified by the
Management.
Report on Other Legal and Regulatory Requirements

A. As required by Section 143(3) of the Act, based on our audit, we report, to the extent applicable, that:
a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief
were necessary for the purposes of our audit of the aforesaid consolidated financial statements.
b) In our opinion, proper books of account as required by law relating to preparation of the aforesaid consolidated
financial statements have been kept so far as it appears from our examination of those books and the reports of the
other auditors.
c) The consolidated balance sheet, the consolidated statement of profit and loss (including other comprehensive
income), the consolidated statement of changes in equity and the consolidated statement of cash flows dealt with by
this Report are in agreement with the relevant books of account maintained for the purpose of preparation of the
consolidated financial statements.
d) In our opinion, the aforesaid consolidated financial statements comply with the Ind AS specified under section 133 of
the Act.
e) On the basis of the written representations received from the directors of the Company as on 31 March 2021 taken on
record by the Board of Directors of the Company, none of the directors of the Company is disqualified as on 31 March
2021 from being appointed as a director in terms of Section 164(2) of the Act.
f) With respect to the adequacy of the internal financial controls with reference to financial statements of the Company
and associate companies incorporated in India and the operating effectiveness of such controls, refer to our
separate Report in "Annexure A".
B. With respect to the other matters to be included in the Auditors' Report in accordance with Rule 11 of the Companies
(Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given
to us :
i. The consolidated financial statements disclose the impact of pending litigations as at 31 March 2021 on the
consolidated financial position of the Company. Refer Note 25 to the consolidated financial statements.
ii. The Company did not have any material foreseeable losses on long-term contracts including derivative contracts
during the year ended 31 March 2021.
iii. There has been no delay in transferring amounts to the Investor Education and Protection Fund by the Company
during the year ended 31 March 2021.
iv. The disclosures in the consolidated financial statements regarding holdings as well as dealings in specified bank
notes during the period from 8 November 2016 to 30 December 2016 have not been made in the financial statements
since they do not pertain to the financial year ended 31 March 2021.
C. With respect to the matter to be included in the Auditors' report under section 197(16):
In our opinion and according to the information and explanations given to us, the remuneration paid during the current
year by the Company to its directors is in accordance with the provisions of Section 197 of the Act. The remuneration paid
to any director by the Company is not in excess of the limit laid down under Section 197 of the Act. The Ministry of
Corporate Affairs has not prescribed other details under Section 197(16) which are required to be commented upon by
us.
For B S R & Co. LLP
UDIN No. : 21060715AAAAGJ2901
sd/-
Seema Mohnot
83
Annexure - A to the Independent Auditors’ report on the consolidated financial statements TRL
Krosaki Refractories Limited for the year ended 31 March 2021
Report on the internal financial controls with reference to the aforesaid consolidated financial statements under
Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013
(Referred to in paragraph [(A)f] under ‘Report on Other Legal and Regulatory Requirements’ section of our report of
even date)
Opinion
In conjunction with our audit of the consolidated financial statements of TRL Krosaki Refractories Limited (hereinafter
referred to as "the Company") as of and for the year ended 31 March 2021, we have audited the internal financial controls with
reference to consolidated financial statements of the Company, as of that date.
In our opinion, the Company has in all material respects, adequate internal financial controls with reference to consolidated
financial statements and such internal financial controls were operating effectively as at 31 March 2021, based on the internal
financial controls with reference to consolidated financial statements criteria established by the Company considering the
essential components of such internal controls stated in the Guidance Note on Audit of Internal Financial Controls Over
Financial Reporting issued by the Institute of Chartered Accountants of India (the "Guidance Note").
Management’s Responsibility for Internal Financial Controls

The Company's management and the Board of Directors are responsible for establishing and maintaining internal financial
controls with reference to consolidated financial statements based on the criteria established by the Company considering
the essential components of internal control stated in the Guidance Note. These responsibilities include the design,
implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the
orderly and efficient conduct of its business, including adherence to the Company's policies, the safeguarding of its assets,
the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely
preparation of reliable financial information, as required under the Companies Act, 2013 (hereinafter referred to as "the Act").
Auditors’ Responsibility
Our responsibility is to express an opinion on the internal financial controls with reference to consolidated financial
statements based on our audit. We conducted our audit in accordance with the Guidance Note and the Standards on
Auditing, prescribed under section 143(10) of the Act, to the extent applicable to an audit of internal financial controls with
reference to consolidated financial statements. Those Standards and the Guidance Note require that we comply with ethical
requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial
controls with reference to consolidated financial statements were established and maintained and if such controls operated
effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls with
reference to consolidated financial statements and their operating effectiveness. Our audit of internal financial controls with
reference to consolidated financial statements included obtaining an understanding of internal financial controls with
reference to consolidated financial statements, assessing the risk that a material weakness exists, and testing and evaluating
the design and operating effectiveness of the internal controls based on the assessed risk. The procedures selected depend
on the auditors' judgement, including the assessment of the risks of material misstatement of the consolidated financial
statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on
the internal financial controls with reference to consolidated financial statements.
Meaning of Internal Financial controls with reference to Consolidated Financial Statements

A company's internal financial controls with reference to consolidated financial statements is a process designed to provide
reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external
purposes in accordance with generally accepted accounting principles. A company's internal financial controls with reference
to consolidated financial statements includes those policies and procedures that (1) pertain to the maintenance of records
that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2)
provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in
accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being
made only in accordance with authorisations of management and directors of the company; and (3) provide reasonable
84
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assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the company's assets
that could have a material effect on the financial statements.
Inherent Limitations of Internal Financial controls with reference to Consolidated Financial Statements
Because of the inherent limitations of internal financial controls with reference to consolidated financial statements, including
the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may
occur and not be detected. Also, projections of any evaluation of the internal financial controls with reference to consolidated
financial statements to future periods are subject to the risk that the internal financial controls with reference to consolidated
financial statements may become inadequate because of changes in conditions, or that the degree of compliance with the
policies or procedures may deteriorate.
Other Matter
Our aforesaid reports under Section 143(3)(i) of the Act on the adequacy and operating effectiveness of the internal financial
controls with reference to consolidated financial statements does not include our reporting on one associate company, which
is incorporated in India, since the financial information of this company have not been audited by us or by other auditor and
according to the information and explanations given to us by the Management, this financial information are not material to
the Company.
For B S R & Co. LLP

UDIN No. : 21060715AAAAGJ2901
sd/-
Seema Mohnot
85
CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2021

Particulars Note
ASSETS
(1) Non-current assets
(a) Property, plant and equipment 01(a) 300,70,96,585 240,65,09,328
(b) Capital work-in-progress 01(c) 107,16,64,072 69,35,32,740
(c) Right-of-use assets 30 18,59,26,863 18,44,93,590
(d) Intangible assets 01(b) 3,18,10,033 3,43,79,513
(e) Equity accounted investments 02 30,36,85,008 40,96,92,329
(f) Financial assets
(i) Investments 03 1,49,36,500 86,19,000
(ii) Loans 04 5,21,24,175 5,92,75,806
(iii) Other financial assets 05 — 3,46,53,923
(g) Non-current tax assets (net) 1,52,65,829 10,29,04,117
(h) Other non-current assets 06 25,80,28,701 29,79,59,875
Total Non-current assets 494,05,37,766 423,20,20,221
(2) Current assets
(b) Inventories 07 356,60,27,852 314,01,62,437
(b) Financial assets
(i) Trade receivables 08 237,15,05,637 274,21,82,238
(ii) Cash and cash equivalents 09 1,31,22,819 77,36,150
(iii) Other balances with bank 10 10,694 18,56,153
(iv) Loans 04 2,41,29,018 2,97,73,625
(v) Other financial assets 05 20,27,414 27,49,667
(c) Other current assets 06 31,35,80,161 49,69,76,226
(d) Assets held for sale 2,77,90,085 8,61,82,870
Total Current assets 631,81,93,680 650,76,19,366
TOTAL ASSETS 1125,87,31,446 1073,96,39,587
EQUITY AND LIABILITIES
(1) EQUITY
(a) Equity share capital 11 20,90,00,000 20,90,00,000
(b) Other equity 494,15,60,560 491,30,70,735
Total Equity 515,05,60,560 512,20,70,735
(2) LIABILITIES
(i) Non-current liabilities
(i) Borrowings 12 101,42,76,750 87,17,20,000
(ii) Lease liabilities 30 19,41,16,397 18,54,54,065
(b) Provisions 15 41,94,34,260 32,90,45,975
(c) Deferred tax liabilities (net) 4,98,96,181 5,96,25,247
Total Non-current liabilities 167,77,23,588 144,58,45,287
(ii) Current liabilities
(i) Borrowings 12 74,00,91,405 145,99,59,996
(ii) Trade payables
a) Total outstanding dues of micro
enterprises and small enterprises 13(a) 2,62,48,180 2,78,13,667
b) Total outstanding dues of creditors other than
micro enterprises and small enterprises 13(b) 285,54,19,182 212,26,60,336
(iii) Lease liabilities 30 1,20,66,541 99,51,139
(iv) Other financial liabilities 14 56,85,64,239 8,81,09,902
(b) Other current liabilities 16 10,47,20,118 32,05,70,496
(c) Provisions 15 8,74,39,956 8,89,69,279
(d) Current tax liabilities (net) 3,58,97,677 5,36,88,750
Total Current liabilities 443,04,47,298 417,17,23,565
TOTAL EQUITY AND LIABILITIES 1125,87,31,446 1073,96,39,587
Notes forming part of financial statements (1-41)
CIN-U26921OR1958PLC000349
(DIN : 00265887) (DIN : 07048273)
Mumbai Belpahar
sd/- sd/- sd/-
April 27, 2021
86
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CONSOLIDATED STATEMENT OF PROFIT AND LOSS
Note
I Revenue from operations 17 1423,92,77,264 1652,91,60,514
II Other income 18 3,73,97,298 84,52,787
III Total Income (I+II) 1427,66,74,562 1653,76,13,301
IV EXPENSES
(a) Cost of materials consumed 20 617,69,95,338 716,83,00,302
(b) Purchases of stock-in-trade 210,10,82,304 246,13,23,335
(c) Changes in inventories of finished goods,
stock-in-trade and work-in-progress 21 12,98,35,739 (12,48,35,468)
(d) Employee benefits expense 22 130,62,14,272 125,65,39,715
(e) Finance costs 23 12,41,60,393 16,55,21,583
(f) Depreciation and amortisation expense 01 & 30 28,93,49,422 26,82,69,869
(g) Other expenses 24 367,70,78,538 402,86,66,353
Total Expenses (IV) 1380,47,16,006 1522,37,85,689
V Share of (loss)/profit of equity accounted investees (8,53,56,180) 4,18,79,228
VI Profit before exceptional item and tax (III - IV+V) 38,66,02,376 135,57,06,840
VII Exceptional Item 19 7,87,97,625 —
VIII Profit before tax (VI+VII) 46,54,00,001 135,57,06,840
IX Tax Expense
(a) Current tax 10,52,44,433 33,78,60,855
(b) Taxation for earlier years 29,78,009 (16,19,521)
(c) Deferred tax 71,671 (3,42,51,286)
Total tax expense 10,82,94,113 30,19,90,048
X Profit for the year (VIII-IX) 35,71,05,888 105,37,16,792
XI Other Comprehensive Income / (loss)
(i) Items that will not be reclassified subsequently
to profit and loss
(a) Remeasurement loss of defined benefit plans (4,16,84,300) (2,23,75,800)
(b) Fair value changes of investments in equity shares 63,17,500 (29,75,500)
(ii) Income tax on items that will not be reclassified
subsequently to profit and loss 98,00,737 20,63,502
Total Other comprehensive loss for the year
(net of income tax) (2,55,66,063) (2,32,87,798)
XII Total Comprehensive Income for the year (X+XI) 33,15,39,825 103,04,28,994
XIII Earnings per equity share
Basic and Diluted [Face value of Rs.10 each]
(PY: Face value of Rs.10 each) 41 17.09 50.42
Notes forming part of financial statements (1-41)
CIN-U26921OR1958PLC000349
(DIN : 00265887) (DIN : 07048273)
Mumbai Belpahar
sd/- sd/- sd/-
April 27, 2021
87
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

(A) EQUITY SHARE CAPITAL
(Refer Note 11)
Particulars Balance as Changes in equity share Balance as
at 1 April 2020 capital during the year at 31 March 2021
Particulars Balance as Changes in equity share Balance as
at 1 April 2019 capital during the year at 31 March 2020
(B) OTHER EQUITY

(Refer Note 11)
Comprehensive
Income
Earnings Reserve Premium Reserve Revaluation Reserve
Dividend (30,30,50,000) — — — (30,30,50,000)
Fair value gain on equity
instrument — — — 63,17,500 63,17,500
Remeasurement gain on defined
benefit plans (3,18,83,563) — — — (3,18,83,563)
Comprehensive
Income
Earnings Reserve Premium Reserve Revaluation Reserve
Dividend (Including dividend
distribution tax) (30,73,91,889) — — — (30,73,91,889)
Fair value loss on equity instrument — — — (29,75,500) (29,75,500)
benefit plans (2,03,12,298) — — — (2,03,12,298)
Retained earnings : Retained earnings are profit that the Company has earned till date, less dividend or other distributions paid to shareholders. It also includes remeasurement gain / loss of
defined benefit plans.
General Reserve : Under the erstwhile Companies Act, 1956, a general reserve was created through an annual transfer of net profit at a specified percentage in accordance with applicable
regulations. Consequent to the introduction of the Companies Act, 2013, the requirement to mandatory transfer a specified percentage of net profit to general reserve has been withdrawn. There is
no movement in general reserve during the current and previous year.
Securities premium : Securities premium is used to record the premium on issue of shares. Securities premium is utilised in accordance with the provisions of the Companies Act, 2013. There is no
movement in securities premium during the current and previous year.
Investment revaluation reserve : The cumulative gains and losses arising on fair value changes of equity investments measured at fair value through other comprehensive income are recognised
in investment revaluation reserve.
CIN-U26921OR1958PLC000349
(DIN : 00265887) (DIN : 07048273)
Mumbai Belpahar
sd/- sd/- sd/-
Belpahar 88 Belpahar Belpahar
Kolkata, April 27, 2021 Kolkata, April 27, 2021
TRL
CONSOLIDATED STATEMENT OF CASH FLOW FOR THE YEAR ENDED 31 MARCH 2021
April 2020 - March 2021 April 2019 - March 2020
` `
A. Cash Flow from Operating activities:
Adjustments for:
Share of profit of equity accounted investees 8,53,56,180 (4,18,79,228)
Depreciation and amortisation expense 28,93,49,422 26,82,69,869
Write back of allowances for credit loss (1,62,74,849) (9,03,352)
Property, plant and equipment written off — 22,67,695
Exceptional Item (Profit on sale of assets held-for sale) (7,87,97,625) —
Dividend income — (1,00,000)
Net gain on sale of property, plant and equipment (30,17,410) (15,40,789)
Interest income (3,43,79,888) (68,11,998)
Finance costs 12,41,60,393 16,55,21,583
Unrealised gain on foreign exchange fluctuation (36,66,919) (93,87,374)
Operating profit before working capital changes 82,81,29,305 173,11,43,246
Adjustments for:
Decrease / (Increase) in non-current / current financial
and other assets 52,39,33,809 (42,20,05,483)
(Increase) / decrease in inventories (42,58,65,415) 45,52,85,155
Increase in non-current / current financial and other
liabilities / provisions 60,34,39,967 6,44,01,111
Cash generated from operations 152,96,37,666 182,88,24,029
Income tax paid (net of refunds) (3,83,75,227) (36,82,39,835)
Net Cash from Operating Activities A 149,12,62,439 146,05,84,194
B. Cash Flow from Investing Activities:
Acquisitions of property, plant and equipment (116,10,38,249) (129,23,63,340)
Proceeds on sale of property, plant and equipment 39,82,198 23,56,136
Advance against sale of land 2,74,18,392 4 ,75,00,000
Proceeds from sale of land 8,96,90,410 —
Fixed deposits with bank 3,40,92,885 (1,31,587)
Interest received 3,74,94,766 41,76,414
Dividend received 2,06,51,141 1,00,000
Net Cash used in Investing Activities B (94,77,08,457) (123,83,62,377)
C. Cash Flow from Financing Activities:
Proceeds from borrowings 59,75,56,361 139,38,11,163
Repayment of borrowings (81,91,68,977) (126,66,73,219)
Payment of lease liabilities (including interest) (2,34,10,979) (2,17,13,379)
Proceeds from government grant 11,92,53,864 1,53,67,107
Interest paid (10,93,47,582) (14,34,05,765)
Dividend paid (including dividend distribution tax) (30,30,50,000) (30,73,91,889)
Net Cash used in Financing Activities C (53,81,67,313) (33,00,05,982)
Net increase / (decrease) in cash and cash equivalents ( A+B+C) 53,86,669 (10,77,84,165)
Opening Cash and Cash equivalents (Refer Note 9) 77,36,150 11,55,20,315
Closing Cash and Cash equivalents (Refer Note 9) 1,31,22,819 77,36,150
Note:
i) Cash flow statement has been prepared under the indirect method as set out in Ind AS 7 specified under Section 133 of the Companies
Act, 2013.
ii) Figures in brackets represent cash outflows.
CIN-U26921OR1958PLC000349
(DIN : 00265887) (DIN : 07048273)
Mumbai Belpahar
sd/- sd/- sd/-
89 April 27, 2021

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
NOTE 01
TRL
Description Cost / Additions Deductions Cost / Deemed Cost Accumulated Depreciation for the Year Accumulated Net Carrying Value
(Deemed Cost) as at Depreciation Depreciation as at
as at 31 March 2021 as at Additions Disposals/ as at 31 March 2021
1 April 2020 1 April 2020 Deductions 31 March 2021
` ` ` ` ` ` ` ` `
1(a). Property, plant and equipment
Freehold Land 18,67,412 — — 18,67,412 — — — — 18,67,412
(18,67,412) — — (18,67,412) — — — — (18,67,412)
Buildings and Roads 94,44,84,452 25,39,98,526 31,07,735 119,53,75,243 19,58,78,012 2,92,50,319 31,07,735 22,20,20,596 97,33,54,647
(72,50,81,520) (2194,02,932) — (94,44,84,452) (17,41,54,312) (2,17,23,700) — (19,58,78,012) (74,86,06,440)
Plant and Machinery 202,54,18,432 56,81,52,285 4,14,13,508 255,21,57,209 55,11,03,687 18,66,42,296 4,05,85,239 69,71,60,744 185,49,96,465
(181,72,03,866) (30,22,08,488) (9,39,93,922) (202,54,18,432) (47,21,16,898) (17,01,27,852) (9,11,41,063) (55,11,03,687) (147,43,14,745)
Railway Siding 1,34,48,476 — — 1,34,48,476 72,24,870 14,44,974 — 86,69,844 47,78,632
(1,34,48,476) — — (1,34,48,476) (57,79,896) (14,44,974) — (72,24,870) (62,23,606)
Furniture and Fixture 15,15,01,214 16,73,669 1,48,196 15,30,26,687 7,28,29,760 1,42,20,816 1,47,092 8,69,03,484 6,61,23,203
(10,57,07,638) (4,60,21,945) (2,28,369) (15,15,01,214) (5,41,26,315) (1,89,31,814) (2,28,369) (7,28,29,760) (7,86,71,454)
Office Equipments 8,12,51,455 2,39,81,768 67,77,647 9,84,55,576 2,51,27,135 1,75,78,207 66,42,232 3,60,63,110 6,23,92,466
(8,32,07,478) (2,96,17,454) (3,15,73,477) (8,12,51,455) (4,12,68,179) (1,53,74,582) (3,15,15,626) (2,51,27,135) (5,61,24,320)
Vehicles 4,90,47,912 1,26,00,260 - 6,16,48,172 83,46,561 97,17,851 — 1,80,64,412 4,35,83,760
(2,58,69,187) (2,45,32,680) (13,53,955) (4,90,47,912) (5,02,247) (90,25,937) (11,81,623) (83,46,561) (4,07,01,351)
90
Total Property, plant and equipment 326,70,19,353 86,04,06,508 5,14,47,086 407,59,78,775 86,05,10,025 25,88,54,463 5,04,82,298 106,88,82,190 300,70,96,585
(277,23,85,577) (62,17,83,499) (12,71,49,723) (326,70,19,353) (74,79,47,847) (23,66,28,859) (12,40,66,681) (86,05,10,025) (240,65,09,328)
1(b). Intangible Assets

Development of Mines 2,88,33,293 — — 2,88,33,293 2,22,35,457 44,47,091 — 2,66,82,548 21,50,745
(2,88,33,293) — — (2,88,33,293) (1,77,88,365) (44,47,092) — (2,22,35,457) (65,97,836)
Software 5,77,52,382 84,97,800 — 6,62,50,182 2,99,70,705 66,20,189 — 3,65,90,894 2,96,59,288
(4,31,23,731) (146,28,651) — (5,77,52,382) (2,14,87,842) (84,82,863) — (2,99,70,705) (2,77,81,677)
Total Intangible Assets 8,65,85,675 84,97,800 — 9,50,83,475 5,22,06,162 1,10,67,280 - 6,32,73,442 3,18,10,033
(7,19,57,024) (146,28,651) — (8,65,85,675) (3,92,76,207) (1,29,29,955) — (5,22,06,162) (3,43,79,513)
Total (a+b) 335,36,05,028 86,89,04,308 5,14,47,086 417,10,62,250 91,27,16,187 26,99,21,743 5,04,82,298 113,21,55,632 303,89,06,618
As at 31 March 2020 (284,43,42,601) (63,64,12,150) (12,71,49,723) (335,36,05,028) (78,72,24,054) (24,95,58,814) (12,40,66,681) (91,27,16,187) (244,08,88,841)
1(c). Capital work in progress
Buildings, Plant and Machinery, etc. 69,35,32,740 124,70,35,640 86,89,04,308 107,16,64,072 — — — — 107,16,64,072
(19,14,80,946) (113,84,63,944) (63,64,12,150) (69,35,32,740) — — — — (69,35,32,740)
Total Assets 411,05,70,690
(313,44,21,581)
Note: (i) Figures in brackets relate to the previous year.
(ii) Development of mines represent expenditure incurred in relation to restoration obligations as per applicable regulations and the same has been amortised over the period of lease.
(iii) No indicator of impairment were identified during the current year, hence Property, Plant and Equipment including Capital Work in Progress were not tested for impairment.
(iv) Property, Plant and Equipment including Capital Work in Progress have been hypothecated as security against certain bank borrowings (Refer Note 12).
(v) Rs. 5,16,98,866 (Previous year -Rs. 2,41,75,505) of borrowing costs has been capitalised during the year on qualifying assets under additions to Capital Work in Progress using a capitalisation rate of 7.40% (previous year -8.50%)
(vi) Additions to Capital Work in Progress includes finished goods issued for capital projects amounting to Rs. 2,80,80,836 (Previous year -Rs. 4,08,57,115).
(vii) Buildings and Roads, closing gross block Rs. 35,49,60,416 (Previous year - Rs. 17,95,61,240) and net carrying value Rs. 33,93,55,000 (Previous year - Rs. 16,84,69,320) include buildings leased out to employees for residential purposes.
(viii) Incentives amounting to Rs.11,92,53,864 (Previous year - Rs. 1,53,67,107) on account of Export Promotion Capital Goods scheme is adjusted in additions to Capital Work in Progress.
TRL
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
No. of As at As at
equity shares 31 March 2021 31 March 2020
` `
NOTE: 02 Equity accounted investments
Non-Current
Investments in Associate Companies
a) TRL Krosaki Asia Pte Limited 48,07,584 24,71,96,840 24,71,96,840
(Face value of SG$ 1 each, fully paid-up)
Add: Accumulated Profit 5,31,17,448 13,54,44,114
Less: Dividend received 2,06,51,141 —
Carrying amount of Investment 27,96,63,147 38,26,40,954
b) Almora Magnesite Limited 77,990 77,99,000 77,99,000
Original cost of investment (Face value of
` 100 each, fully paid-up)
Add: Accumulated Profit 1,62,22,861 1,92,52,375
Carrying amount of Investment 2,40,21,861 2,70,51,375
Total Equity accounted investments 30,36,85,008 40,96,92,329
Aggregate carrying value of unquoted investments 30,36,85,008 40,96,92,329
NOTE: 03 Investments
Non-Current
a) Investment designated at fair value through Other
Comprehensive Income
Investment in Equity Instrument (Quoted)
HDFC Bank Limited (Fair Value) 10,000 1,49,36,500 86,19,000
b) Investment in Equity Instrument (Unquoted)
Tata Construction and Projects Limited* 1,44,202 18,42,020 18,42,020
Less: impairment in value of investment (18,42,020) (18,42,020)
*Company is in liquidation
Total Investments 1,49,36,500 86,19,000
Aggregate carrying value and market value of quoted
investments are as below:
Carrying value 1,49,36,500 86,19,000
Market Value 1,49,36,500 86,19,000
Aggregate amount of impairment in value of investment 18,42,020 18,42,020
91

04 Loans As at 31 March 2021 ` As at 31 March 2020 `
Unsecured, considered good Non-current Current Total Non-current Current Total
(a) Security deposits 4,45,14,859 1,69,88,353 6,15,03,212 4,48,28,755 2,08,71,191 6,56,99,946
(b) Loans to employees 76,09,316 71,40,665 1,47,49,981 1,44,47,051 89,02,434 2,33,49,485
Total Loans 5,21,24,175 2,41,29,018 7,62,53,193 5,92,75,806 2,97,73,625 8,90,49,431
05 Other financial assets As at 31 March 2021 ` As at 31 March 2020 `

Unsecured, considered good Non–current Current Total Non–current Current Total
(a) Interest accrued on deposits — 20,27,414 20,27,414 23,92,625 27,49,667 51,42,292
(b) Earmarked balance with bank — — — 3,22,61,298 — 3,22,61,298
Total Other financial assets — 20,27,414 20,27,414 3,46,53,923 27,49,667 3,74,03,590
Earmarked balance with bank represent deposits not due for realisation within 12 months from the balance sheet date. These are primarily placed as margin
money against issue of bank guarantees.
06 Other assets As at 31 March 2021 ` As at 31 March 2020 `

Unsecured, considered good unless Non current Current Total Non current Current Total
otherwise stated
(a) Capital advances 4,33,44,640 — 4,33,44,640 10,54,04,575 — 10,54,04,575
(b) Advance with public bodies * 20,98,42,502 22,39,27,934 43,37,70,436 18,60,48,112 37,74,00,835 56,34,48,947
(c) Other advances
(Unsecured, considered good)** 48,41,559 8,96,52,227 9,44,93,786 65,07,188 11,95,75,391 12,60,82,579
(d) Other advances
(Unsecured, considered doubtful) 1,03,10,919 — 1,03,10,919 1,03,13,821 — 1,03,13,821
Other assets 26,83,39,620 31,35,80,161 58,19,19,781 30,82,73,696 49,69,76,226 80,52,49,922
Less: Allowances for doubtful advances 1,03,10,919 — 1,03,10,919 1,03,13,821 — 1,03,13,821
Total Other assets 25,80,28,701 31,35,80,161 57,16,08,862 29,79,59,875 49,69,76,226 79,49,36,101
* Advance with public bodies primarily relate to Goods and Services Tax (GST) input credit, duty credit entitlements and amounts paid under protest in
respect of demands from regulatory authorities.
** Other advances include advances against supply of goods and services and advances paid to employees.
07 Inventories As at 31 March 2021 As at 31 March 2020

` `
(a) Raw materials 218,91,82,844 162,72,21,090
(b) Work-in-progress 22,25,18,116 21,85,48,381
(c) Finished goods 73,86,34,878 94,26,03,505
(d) Stock-in-trade 15,84,63,216 11,63,80,899
(e) Stores and spares 17,99,29,970 17,01,70,263
(f) Loose tools 45,15,797 43,05,075
(g) Fuel 7,27,83,031 6,09,33,224
Total Inventories 356,60,27,852 314,01,62,437
The value of inventories stated above is after adjustment of Rs. 1,37,79,443 (Previous year - Rs . 1,62,72,698) for write-downs
to net realisable value and provision for slow moving and obsolete item is Rs. 50,78,852 (Previous year - Rs. 58,57,547).
Finish goods above Includes goods in transit of Rs. 8,88,31,627 (Previous year - Rs. 3,27,23,293)
The inventories have been hypothecated as security against certain bank borrowings (Refer Note-12)
92
TRL
08 Trade receivables As at 31 March 2021 As at 31 March 2020
` `
Unsecured
(a) Unsecured, considered good 252,08,77,052 290,20,60,502
(b) Credit Impaired 43,22,265 1,00,90,265
252,51,99,317 291,21,50,767
Less: Allowance for credit losses 15,36,93,680 16,99,68,529
Total Trade receivables 237,15,05,637 274,21,82,238
The Company’s exposure to customers contributing more than 10% of the outstanding receivables as at March 31, 2021 is
Rs. 84,73,37,367 ( Previous year - Rs. 100,89,99,537)
The trade receivables from related parties amounting to Rs. 25,84,66,176 (Previous year - Rs. 25,27,93,002) are included in
trade receivables. [Refer Note 39 (b)]
There are no outstanding debts due from directors or other officers of the Company.
Trade receivables have been hypothecated as security against certain bank borrowings (Refer Note 12)
The details of movement in allowances for credit losses are as below:
` `
Additions during the year — 2,05,06,040
Amount utilised during the year (1,62,74,849) (2,14,09,392)
09 Cash and cash equivalents As at 31 March 2021 As at 31 March 2020

` `
(a) Cash on hand 2,08,077 2,19,761
(b) Cheques on hand — 7,794
(c) Balances with banks 1,29,14,742 75,08,595
Total Cash and cash equivalents 1,31,22,819 77,36,150
10 Other balances with bank As at 31 March 2021 As at 31 March 2020

` `
(a) Fixed deposits held as margin money * — 18,31,587
(b) Unclaimed dividend** 10,694 24,566
Total Other balances with Bank 10,694 18,56,153
* Fixed deposits held as margin money against issue of bank guarantees.
** Not available for use of the Company.
11 Equity Share Capital As at 31 March 2021 As at 31 March 2020

` `
Authorised :
2,50,00,000 Equity Shares of `10 each 25,00,00,000 25,00,00,000
( Previous year: 2,50,00,000 Equity Shares of ` 10 each)
25,00,00,000 25,00,00,000
Issued, Subscribed and Fully Paid-up:
Total Equity Share Capital 20,90,00,000 20,90,00,000
93

11 Equity Share Capital (Cont.)
a) Rights, preference and restrictions attached to equity shares
i) The Company has only one class of shares referred to as equity shares having par value of ` 10 each. Holder of equity
shares is entitled to one vote per share.
ii) In the event of liquidation of the Company, the holders of equity shares will be entitled to receive any of the 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) Reconciliation of Share Capital As at As at As at As at
Number Number ` `
Opening Balance 2,09,00,000 2,09,00,000 20,90,00,000 20,90,00,000
Closing Balance 2,09,00,000 2,09,00,000 20,90,00,000 20,90,00,000
c) Shares held by holding company As at As at As at As at
Number Number ` `
Krosaki Harima Corporation- Japan
Opening Balance 1,62,22,864 1,62,22,864 16,22,28,640 16,22,28,640
Closing Balance 1,62,22,864 1,62,22,864 16,22,28,640 16,22,28,640
d) Details of shareholders holding more than 5% shares in the Company is as below:

Name of the Share holders As at 31 March 2021 As at 31 March 2020
Number of % of Number of % of
Shares held holding Shares held holding
Krosaki Harima Corporation- Japan
(Holding company) 1,62,22,864 77.62 1,62,22,864 77.62
Steel Authority of India Limited 22,03,150 10.54 22,03,150 10.54
e) Other Equity
` `
1) Retained earnings
Profit for the year 35,71,05,888 105,37,16,792
Dividend (Including dividend distribution tax) (30,30,50,000) (30,73,91,889)
Remeasurement loss on defined benefit plans (3,18,83,563) (2,03,12,298)
2) General Reserve
3) Securities premium :
94
TRL
11 Equity Share Capital (Contnd.) As at 31 March 2021 As at 31 March 2020
` `
4) Investment revaluation reserve:
The details of movement in investment revaluation reserve are as below:
Other comprehensive income / (loss) recognised during the year 63,17,500 (29,75,500)
5) Dividends
The following dividends were declared and paid by the Company during the year
Rs. 14.50 per equity shares (Previous period - Rs 12.20 per share) 30,30,50,000 25,49,80,000
Dividend distribution tax (DDT) on dividend to equity shareholders — 5,24,11,889
30,30,50,000 30,73,91,889
After the reporting dates the following dividends (excluding dividend distribution tax) were proposed by the board of
directors subject to the approval by the shareholders at the annual general meeting.
Rs. 6.40 per equity shares (Previous year: Rs 14.50) 13,37,60,000 30,30,50,000
6) Remeasurement on defined benefit plans

Remeasurement gain/ (loss) on defined benefit plans includes actuarial gain / (loss) arising on defined benefit plans of
Company (net of taxes).
`
12 Borrowings
Non-Current Current Current Total Non-Current Current Current Total
maturities of maturities of
Long-term Long-term
A. Secured Borrowings
(a) Term Loan*
From Bank 101,42,76,750 33,80,92,250 — 135,23,69,000 87,17,20,000 — — 87,17,20,000
(b) Loan from Banks**
(ii) Cash Credit (repayable on
demand) — — 11,95,81,960 11,95,81,960 — — 14,43,38,227 14,43,38,227
(iii) Packing Credits — — 28,05,09,445 28,05,09,445 — — 54,65,34,504 54,65,34,504
Total Secured Borrowings 101,42,76,750 33,80,92,250 64,00,91,405 199,24,60,405 87,17,20,000 — 87,08,72,731 174,25,92,731
B. Unsecured Borrowings
(a) Loan from banks
(ii) Packing Credits — — — — — — 91,01,042 91,01,042
(b) Loan from Related Party — — — — — — 17,99,86,223 17,99,86,223
Total Unsecured Borrowings — — 10,00,00,000 10,00,00,000 — — 58,90,87,265 58,90,87,265
Total Borrowings 101,42,76,750 33,80,92,250 74,00,91,405 209,24,60,405 87,17,20,000 — 145,99,59,996 233,16,79,996
* Term Loan from State Bank of India - SME Branch, Rourkela

Secured by first charge over the proposed fixed assets of the Company for which term loan is taken and first pari-passu charge on existing
fixed assets including factory land and building.
Term loan is repayable in 16 quarterly installments, starting from June 2021 and last installment in March 2025. Interest is paid as and when
due for payment.
** Current Borrowings
Secured by hypothecation of stock of raw materials, stores and consumables, stock-in-process, finished goods, receivables and other
current assets, both present and future, by way of pari-passu first charge and second charge over property, plant and equipment.
Packing credits are repayable within maximum tenure of 180 days.
95

13 Trade Payables
` `
(a) Total outstanding dues of micro enterprises and small enterprises
Creditors for supplies of micro and small enterprises 2,62,48,180 2,78,13,667
* The amounts due to Micro and Small Enterprises, as defined in the "The Micro, Small and Medium Enterprises
Development Act, 2006 (MSMED)", have been determined to the extent that such parties have been identified on the basis
of information available with the Company. The details are tabulated below:
1. The principal amount remaining unpaid to supplier
as at the end of the year – –
2. The interest due thereon remaining unpaid to suppliers as at the
end of the year – –
3. The amount of interest paid by the buyer in terms of section 16 of
the Micro, Small and Medium Enterprises Development Act, 2006
(27 of 2006), along with the amount of the payment made to the
supplier beyond the appointed day during each accounting year – –
4. The amount of interest due and payable for the period of delay in
making payment (which has been paid but beyond the appointed
day during the year) but without adding the interest specified under
the Micro, Small and Medium Enterprises Development Act, 2006; – –
5. The amount of interest accrued and remaining unpaid at the end
of each accounting year – –
6. The amount of further interest remaining due and payable even in
the succeeding years, until such date when the interest dues
above are actually paid to the small enterprise, for the purpose
of disallowance of a deductible expenditure under section 23 of
the Micro, Small and Medium Enterprises Development Act, 2006. – –
(b) Total outstanding dues of creditors other than micro enterprises

and small enterprises
(i) Creditors for supplies / services other than micro and
(ii) Creditors for accrued wages and salaries 14,12,39,024 8,81,37,955
(iii) Acceptances 24,49,20,224 13,28,06,281
Total dues of creditors other than micro enterprises and
14 Other financial liabilities As at 31 March 2021 As at 31 March 2020

` `
(a) Current maturities of long-term debt 33,80,92,250 —
(b) Interest accrued and due on borrowings — 72,71,116
(c) Interest accrued but not due on borrowings 91,74,431 9,42,591
(d) Unpaid dividend 10,694 24,566
(e) Derivative liabilities 17,47,778 35,23,863
(f) Creditors for capital goods 21,95,39,086 7,63,47,766
Total Other financial liabilities 56,85,64,239 8,81,09,902
96
TRL
15 Provisions
Non current Current Total Non current Current Total
` ` ` ` ` `
(a) Provision for employee benefits* 23,10,38,954 7,91,25,483 31,01,64,437 18,83,13,935 8,05,44,978 26,88,58,913
(b) Provision for retirement benefits
[Refer Note 31(2)] 18,17,72,982 78,07,000 18,95,79,982 13,36,21,659 76,17,976 14,12,39,635
(c) Provision for employee separation
compensation 2,99,625 5,07,473 8,07,098 7,87,682 8,06,325 15,94,007
(d) Other provisions** 63,22,699 — 63,22,699 63,22,699 — 63,22,699
Total Provisions 41,94,34,260 8,74,39,956 50,68,74,216 32,90,45,975 8,89,69,279 41,80,15,254
* Provision for employee benefits includes provision for compensated absence, bonus and employee incentives.
** Other provisions include provisions for Octroi, holding tax, license fees and water cess.
The details of movement in other provisions is as below:
` `
Balance at the beginning of the year 63,22,699 95,14,580
Provision recognised during the year — 31,91,850
Amount utilised during the year — 63,83,731
Balance at the end of the year 63,22,699 63,22,699
16 Other Liabilities As at 31 March 2021 As at 31 March 2020

` `
(a) Advances received from customers 3,60,61,742 8,25,10,876
(b) Advance against sale of land 2,74,18,392 4,75,00,000
(c) Employee recoveries and employer contributions 64,42,251 93,10,284
(d) Statutory dues * 3,47,97,733 18,12,49,336
Total Other liabilities 10,47,20,118 32,05,70,496
*Statutory dues primarily include payables in respect of Goods and Services Tax (GST) and tax deducted at source (TDS).
17 Revenue from Operations April 2020 to March 2021 April 2019 to March 2020
(a) Sale of products 1279,00,53,784 1457,40,67,660
(b) Income from sale of services 131,48,43,138 173,24,85,719
(c) Other operating revenue * 13,43,80,342 22,26,07,135
Total Revenue from operations 1423,92,77,264 1652,91,60,514
* Includes export incentives of Rs.5,75,22,600 (Previous year Rs.10,90,43,182) on account of Duty Draw Back and Merchandise
Export from India Scheme.
18 Other income April 2020 to March 2021 April 2019 to March 2020
(a) Dividend income — 1,00,000
(b) Net gain on sale of property, plant and equipment 30,17,410 15,40,789
(c) Interest income 3,43,79,888 68,11,998
Total Other income 3,73,97,298 84,52,787
97

19 Exceptional item April 2020 to April 2019 to

` `
Sale of assets held-for-sale 13,77,34,580 —
Less: Cost of assets held-for-sale 5,83,92,785 —
Less: Cost incurred for sale of assets held-for-sale 5,44,170 —
Total Exceptional Item 7,87,97,625 —
In the current year, the Company has sold land situated at Vizag and a profit of Rs. 7,87,97,625 arising from sale of such land has
been shown as exceptional item.
20 Cost of materials consumed

Opening stock 162,72,21,090 219,55,23,852
Add: Purchases 673,89,57,092 659,99,97,540
836,61,78,182 879,55,21,392
Less: Closing stock 218,91,82,844 162,72,21,090
Total cost of materials consumed 617,69,95,338 716,83,00,302
21 Changes in inventories of finished goods, stock-in-trade and work-in-progress

Inventories at the end of the year
Finished goods 73,86,34,878 94,26,03,505
Stock-in-trade 15,84,63,216 11,63,80,899
Work-in-progress 22,25,18,116 21,85,48,381
Total Inventories at the end of the year 111,96,16,210 127,75,32,785
Inventories at the beginning of the year
Finished goods 94,26,03,505 76,76,72,374
Stock-in-trade 11,63,80,899 18,54,42,095
Work-in-progress 21,85,48,381 24,04,39,963
Total Inventories at the beginning of the year 127,75,32,785 119,35,54,432
Changes in stock of finished goods, stock-in-trade and
work-in-progress (15,79,16,575) 8,39,78,353
Add: Finished goods issued for capital projects
reclassified to Capital work-in-progress 2,80,80,836 4,08,57,115
Total Changes in stock of finished goods, stock-in-trade
and work-in-progress (12,98,35,739) 12,48,35,468
22 Employee benefits expenses

(a) Salaries, wages and bonus 113,85,54,006 106,82,26,726
(b) Employee separation compensation — 3,59,844
(c) Contribution to provident and other funds 11,54,23,232 11,25,61,210
(d) Staff welfare expenses 5,22,37,034 7,53,91,935
Total Employee benefits expenses 130,62,14,272 125,65,39,715
98
TRL
23 Finance costs April 2020 to April 2019 to

` `
(a) Interest expense
(1) Interest on fixed loans 13,12,35,410 11,42,46,888
(2) Interest on other loans 2,85,54,262 5,91,19,679
(3) Interest on lease liabilities 1,38,52,087 1,39,13,938
(b) Other borrowing costs 22,17,500 24,16,583
Less: Interest capitalised 5,16,98,866 2,41,75,505
Total Finance costs 12,41,60,393 16,55,21,583
24. Other expenses

(a) Stores and spares consumed 26,53,27,659 31,95,69,970
(b) Repairs to buildings 24,16,59,370 22,57,09,879
(c) Repairs to machinery 28,67,20,831 29,76,22,815
(d) Contractors charges for refractories management 30,34,57,718 27,76,52,155
(e) Fuel consumed 74,10,46,379 83,72,69,213
(f) Purchase of power 23,10,70,783 23,46,38,780
(g) Conversion and processing charges 19,78,91,550 23,17,31,893
(h) Freight and handling charges 87,70,31,114 80,96,59,876
(i) Rent 3,78,26,806 3,82,72,660
(j) Royalty 6,41,29,414 9,19,00,692
(k) Rates and taxes 1,65,97,342 1,83,09,941
(l) Insurance charges 2,11,11,830 94,78,906
(m) Commission expenses 8,05,62,971 12,08,69,635
(n) Net loss on foreign currency transactions 69,77,165 5,95,10,511
(o) Legal and other professional costs 14,57,37,044 15,09,95,603
(p) Travelling expenses 3,95,75,681 16,16,27,530
(q) Others (Refer note below) 12,03,54,881 14,38,46,294
Total Other expenses 367,70,78,538 402,86,66,353
Note:
Others includes:
(i) Payment to Auditors :
a) Services as Auditors ( including for audit in terms of
Section 44AB of the Income Tax Act,1961
Rs. 3,00,000 [(Previous Year Rs. 2,00,000)] 32,50,000 25,00,000
b) Fees for other services 14,32,500 3,50,000
c) Out-of pocket expenses 1,17,095 1,33,912
47,99,595 29,83,912
(ii) Cost audit fees [Including expenses Rs. 3,000
(Previous year: Rs. 12,773)] 1,28,000 1,22,773
(iii) Revenue expenditure charged to statement of profit and loss in respect of Corporate Social Responsibility (CSR) activities
undertaken during the year is Rs. 2,24,36,814 [Previous year: Rs. 1,75,12,523].
(iv) Property, plant and equipment amounting to Rs. Nil written off during the year (Previous year: Rs. 22,67,695).
99
Note 25: ACCOUNTING POLICIES
1) Company Information
TRL Krosaki Refractories Limited ("the Company") is a public limited company incorporated in India with its registered office situated at
Belpahar, Jharsuguda District, Odisha, India.
The Company is primarily engaged in the business of manufacturing of wide range of refractories like Basic, Dolomite, High Alumina,
Monolithic, Silica, Flow Control and Tap Hole Clay and providing refractories engineering and management services.
The financial statements as at 31 March 2021 present the financial position of the Company.
The functional and presentation currency of the Company is Indian Rupee (Rs.), which is the currency of the primary economic
environment in which the Company operates.
The consolidated financial statements as at March 31, 2021 present the financial position of the Company as well as its interests in
associate companies using equity method.
As at 31 March 2021, Krosaki Harima Corporation owns 77.62% of the equity shares of the Company and has the ability to influence
the Company's operations. Nippon Steel Corporation (Formerly known as Nippon Steel & Sumitomo Metal Corporation) is having
significant influence over the Krosaki Harima Corporation.
The list of Associates, which are included in the consolidation and the Company’s holding therein are as under:
Particulars Ownership in % Country of

Incorporation
As at As at
March 31, 2021 March 31, 2020
Almora Magnesite Limited 38.995% 38.995% India
TRL Krosaki Asia Pte. Ltd. 37% 37% Singapore
2) Significant Accounting Policies

The significant accounting policies applied by the Company in the preparation of its financial statements are listed below. Such
accounting policies have been applied consistently to all the periods presented in these financial statements, unless otherwise
indicated.
a) Statement of Compliance
These financial statements have been prepared in accordance with the Indian Accounting Standards ( referred to as "Ind AS ")
as notified by the Ministry of Corporate Affairs pursuant to Section 133 of the Companies Act, 2013 read with Companies
(Indian Accounting Standards) Rules, and other provisions of the Act , as amended from time to time.
The financial statements of the Company for the year ended 31 March 2021 were approved for issue in accordance with the
resolution of the Board of Directors on 27th April,2021.
b) Basis of Preparation
The financial statements have been prepared under the historical cost convention, with the exception of certain assets and
liabilities that are required to be carried at fair values by Ind AS.
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between
market participants at the measurement date.
c) Basis of Consolidation
The consolidated financial statements incorporate the financial statements of the Company and the Company's share of profits /
losses of associates that are consolidated using the equity method of consolidation. Unrealised gains from the transaction with
equity accounted investees are eliminated against the investment to the extent of the Company's interest in the investee.
d) Use of estimates and critical accounting judgements
In preparation of the financial statements, the Company makes judgments, estimates and assumptions about the carrying
values of assets and liabilities that are not readily apparent from other sources. The estimates and the associated assumptions
are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these
estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. Appropriate changes in the estimates are made as
management becomes aware of such changes. The changes in estimates are recognised in the period in which the estimates
are revised.
Significant judgements and estimates relate to the following-
I. carrying values of assets and liabilities include useful lives of tangible and intangible assets;
ii. provision for employee benefits and other provisions; and
iii. commitments and contingencies and measurement of fair values.
iv. Valuation of deferred tax assets / liabilities
100
TRL
Estimation uncertainty relating to the global health pandemic on COVID-I9

In assessing the recoverability of receivables, assets, intangible assets, and certain investments, the Company has considered
internal and external information upto the date of approval of these consolidated financial statements. The Company has
performed analysis and based on current indicators of future economic conditions, the Company expects to recover the
carrying amount of these assets. The Company on the basis of its assessment believes that the probability of the occurrence of
its forecasted transactions has not impacted significantly by COVID-19 pandemic. However, the impact assessment of COVID-
19 is a continuing process given the uncertainties associated with its nature and duration. The impact of the global health
pandemic may be different from that estimated as at the date of approval of these consolidated financial statements and the
Company will continue to closely monitor any material changes to future economic conditions.
Impact of the Code on Social Security, 2020
The Code on Social Security,2020 ('Code') relating to employee benefit during employment and post-employment received
Indian Parliament approval and Presidential assent in September 2020. The Code has been published in the Gazette of India
and subsequently on November 13,2020 draft rules were published and invited for stakeholders' suggestions. However, the
date on which the Code will come into effect has not been notified. The Company will assess the impact of the Code when it
comes into effect and will record any related impact in the period the code becomes effective.
e) Property, plant and equipment
An item of property, plant and equipment is recognised as an asset if it is probable that future economic benefits associated with
the item will flow to the Company and its cost can be measured reliably. This recognition principle is applied to the costs incurred
initially to acquire an item of property, plant and equipment and also to costs incurred subsequently to add to, replace part of, or
service it. All other repair and maintenance costs, including regular servicing, are recognised in the Statement of Profit and
Loss, as incurred. When a replacement occurs, the carrying amount of the replaced part is de- recognised.
Property, plant and equipment are stated at cost/deemed cost, less accumulated depreciation and impairment, if any. Cost
includes all direct costs and expenditures incurred to bring the asset to its working condition and location for its intended use.
Trial run expenses (net of revenue) are capitalised. Borrowing costs incurred during the period of construction is capitalised as a
part of cost of qualifying asset. Deemed cost represents the carrying value of the property, plant and equipment recognized as at
1 April 2015 measured as per the previous GAAP.
The gain or loss arising on disposal of an item of property plant and equipment is determined as the difference between the sale
proceeds and the carrying value of such item and is recognised in the Statement of Profit and Loss.
Property, plant and equipment which are not ready for intended use as on the date of Balance Sheet are disclosed as "Capital
Work-in-Progress".
f) Intangible assets
Cost incurred for Development of mines and software are recognized in the Balance Sheet as intangible assets when it is
probable that associated future economic benefits would flow to the company and its cost can be measured reliably. These are
initially measured at purchase cost and then amortised on a straight -line basis over their estimated useful lives. All other costs
on development of mines and software are expensed in the Statement of Profit and Loss as and when incurred.
Expenditure on research activities is recognised as an expense in the period in which it is incurred.
g) Depreciation and amortisation of property, plant and equipment and intangible assets
DDepreciation or amortisation is provided under the straight line method, based on the estimated useful life, as determined by
technical evaluation of the useful life of the assets, in terms of Schedule II to the Companies Act, 2013.
Assets individually costing up to Rs.25,000 are fully depreciated or amortized in the year of acquisition.
Freehold Land is not depreciated.
The charge of depreciation or amortization commences from the date the assets are available for their intended use.
Depreciation on assets under construction commences only when the assets are ready for their intended use. No further charge
is provided in respect of assets that are fully written down but are still in use.
The estimated useful lives of assets and residual values are reviewed periodically and, adjusted if appropriate at the end of
reporting period.
As the estimated useful life of some of the assets is significantly different from the useful life given in the Schedule II to
Companies Act, 2013, the useful life of the assets has been assessed based on the number of years for which the assets have
already been put to use and the estimated minimum balance period for which the assets can be used in the Company. The
residual values are not more than 5% of the original cost of the asset.
The estimated useful lives for the main categories of property, plant and equipment and other intangible assets are:
101
Sl No Class of Assets Estimated Useful Life

(in years)
I Buildings and Roads

Roads 10
Factory Buildings and Reservoir 30
Other Buildings (RCC Structure) 60
II Plant and Machinery

Grinder 8 to 15
Mixture, Press Drying Chambers, Shuttle Kiln 10 to 15
Gas Producer, Kiln and Shaft Kiln 25*
Kiln Car 10*
Workshop Equipment 10 to 15*
Research and development equipment 10
Gunning Machine, Mixture Machine and other
equipment used at Customer site. 5 to 8*
Other Equipment 5 to 15*
III Railway Siding 15
IV Furniture and Fixture and Office Equipment

Furniture fittings, office equipment, computer, cinema and
audio-visual equipment 5*
Hospital, canteen equipment, electric fittings 10*
V Vehicles
Motor car, Jeep, motorcycle 5*
Motor Lorry and mobile equipment 8
VI Intangible Assets
Software 10*
Development of mines 10 years or lease
period whichever is less
*For these class of assets, based on internal assessment and technical evaluation carried out by the technical expert, the
Company believes that the useful lives as given above best represents the period over which the Company expects to use these
assets. Hence the useful lives for these assets are different from the useful lives as prescribed under part C of Schedule II of the
Companies Act,2013.
h) Impairment:
At each Balance Sheet date, the Company reviews the carrying value of its property, plant and equipment and intangible asset
to determine whether there is any indication that the carrying value of those assets may not be recoverable through continuing
use. If any such indication exists, the recoverable amount of the asset is reviewed in order to determine the extent of impairment
loss, if any. Where the asset does not generate cash flows that are independent from other assets, the Company estimates the
recoverable amount of the cash generating unit to which the asset belongs.
Recoverable amount of an asset (or a cash generating unit) is the higher of fair value less costs to sell and its value in use. In
assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that
reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of
future cash flows have not been adjusted. An impairment loss is recognized in the statement of profit and loss as and when the
carrying value of an asset exceeds its recoverable amount.
An impairment loss recognized in prior accounting periods is reviewed at each Balance Sheet date to assess whether there is
any indication that the impairment loss recognized may no longer exist or may be decreased.
Where an impairment loss subsequently reverses, the carrying value of the asset (or cash generating unit) is increased to the
revised estimate of its recoverable amount, so that the increased carrying value does not exceed the carrying value that would
have been determined had no impairment loss been recognised for the asset (or cash generating unit) in prior years. A reversal
of an impairment loss is recognised in the statement of profit and loss immediately.
I) Leases
The Company as a lessee.
The Company's lease asset classes primarily consist of leases for buildings. The Company assesses whether a contract
contains a lease, at inception of a contract. A contract is, or contains, a lease if the contract conveys the right to control the use of
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an identified asset for a period in exchange for consideration. To assess whether a contract conveys the right to control the use
of an identified asset, the Company assesses whether: (i) the contract involves the use of an identified asset (ii) the Company
has substantially all of the economic benefits from use of the asset through the period of the lease and (iii) the Company has the
right to direct the use of the asset.
At the date of commencement of the lease ,the Company recognizes a right-of-use asset (ROU) and a corresponding equal
lease liability for all lease arrangements in which it is a lessee, except for leases with a term of twelve months or less (short-term
leases) and low value leases. For these short-term and low value leases, the Company recognizes the lease payments as an
operating expense on a straight-line basis over the term of the lease.
Certain lease arrangements include the options to extend or terminate the lease before the end of the lease term. ROU assets
and lease liabilities includes these options when it is reasonably certain that they will be exercised.
Right-of-use assets are depreciated from the commencement date on a straight-line basis over the lease term. Right of use
assets are evaluated for recoverability whenever events or changes in circumstances indicate that their carrying amounts may
not be recoverable. For the purpose of impairment testing, the recoverable amount (i.e. the higher of the fair value less cost to
sell and the value-in-use) is determined on an individual asset basis unless the asset does not generate cash flows that are
largely independent of those from other assets. In such cases, the recoverable amount is determined for the Cash Generating
Unit (CGU) to which the asset belongs.
The lease liability is initially measured at amortized cost at the present value of the future lease payments. The lease payments
are discounted using the weighted average incremental borrowing rate of the company. Lease liabilities are remeasured with a
corresponding adjustment to the related right of use asset if the Company changes its assessment if whether it will exercise an
extension or a termination option.
Lease liability and ROU asset have been separately presented in the Balance Sheet and lease payments have been classified
as financing cash flows.
The Company as a lessor.
Leases for which the Company is a lessor is classified as a finance or operating lease. Whenever the terms of the lease transfer
substantially all the risks and rewards of ownership to the lessee, the contract is classified as a finance lease. All other leases
are classified as operating leases.
For operating leases, rental income is recognized on a straight line basis over the term of the relevant lease.
j) Equity accounted investments :

The Company's interest in equity accounted investments comprises interest in associates.
An associate is an entity in which Company has significant influence, but not control over the financial and operating policies.
Interest in associates are accounted for using the equity method. They are initially recognised at cost / deemed costs.
Subsequent to initially recognition the consolidated financial statements include the Company's share of profit or loss and OCI
of equity accounted investments until the date on which significant influences ceases. When dividend is declared and received it
is adjusted in the carrying amount of investments.
Where an indication of impairment exists, the carrying amount of investment is assessed and an impairment provision is
recognised, if required, immediately to its recoverable amount. On disposal of such investments, difference between the net
disposal proceeds and carrying amount is recognised in the statement of profit and loss.
k) Financial Instruments
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the
instrument. Financial assets and liabilities are initially measured at fair value. Transaction costs that are directly attributable to
the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value
through profit or loss) are added to or deducted from the fair value measured on initial recognition of financial asset or financial
liability. The transaction costs directly attributable to the acquisition of financial assets and financial liabilities at fair value
through profit and loss are immediately recognised in the statement of profit and loss.
Effective interest method
The effective interest method is a method of calculating the amortised cost of a financial instrument and of allocating interest
income or expense over the relevant period. The effective interest rate is the rate that exactly discounts future cash receipts or
payments through the expected life of the financial instrument, or where appropriate, a shorter period.
i. Financial assets
Cash and bank balances
Cash and bank balances consist of:
Cash and cash equivalents - which includes cash in hand, cheques in hand, deposits held at call with banks and other
short term deposits which are readily convertible into known amounts of cash, are subject to an insignificant risk of
change in value and have maturities of less than 3 months from the date of such deposits. These balances with banks are
unrestricted for withdrawal and usage.
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Other balances with bank- which includes balances and deposits with banks having maturity of more than three months
but less than 12 months and are restricted for withdrawal and usage.
Financial assets at amortised cost
Financial assets are subsequently measured at amortised cost if these financial assets are held within a business model
whose objective is to hold these assets in order to collect contractual cash flows and the contractual terms of the financial
asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount
outstanding.
Financial assets measured at fair value
Fassets are measured at fair value through other comprehensive income if both of the following conditions are met:
These financial assets are held within a business model whose objective is achieved by both collecting contractual cash
flows and selling financial assets and
The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal
and interest on the principal amount outstanding.
Financial asset not measured at amortised cost or at fair value through other comprehensive income is carried at fair
value through profit or loss.
The Company in respect of certain equity instruments which are not held for trading, has made an irrevocable election to
present subsequent changes in the fair value of such equity instruments in other comprehensive income.
Impairment of financial assets
The Company recognises lifetime expected credit losses for all trade receivables that do not constitute a financing
transaction. For financial assets (apart from trade receivables that do not constitute of financing transaction) whose credit
risk has not significantly increased since initial recognition, loss allowance equal to twelve months expected credit losses
is recognised.
Loss allowance for financial asset measured at amortised cost is deducted from gross carrying amount of asset.
De-recognition of financial assets
The Company derecognises a financial asset only when the contractual rights to the cash flows from the financial asset
expire, or it transfers the financial asset and substantially all risks and rewards of ownership of the asset to another entity.
If the Company neither transfers nor retains substantially all the risks and rewards of ownership and continues to control
the transferred asset, the Company recognises its retained interest in the assets and an associated liability for amounts it
may have to pay. If the Company retains substantially all the risks and rewards of ownership of a transferred financial
asset, the Company continues to recognise the financial asset.
ii. Financial liabilities and equity instruments

Classification as debt or equity
Financial liabilities and equity instruments issued by the Company are classified according to the substance of the
contractual arrangements entered into and the definitions of a financial liability and an equity instrument.
Equity instruments
An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of
its liabilities. Equity instruments are recorded at the proceeds received, net of direct issue costs.
A financial liability is classified at fair value through profit and loss account, if it is classified as held-for-trading, or it is a
derivative or it is designated as such on initial recognition. Financial liabilities are measured at fair value and net gains
and losses, including any interest expense, are recognised in Statement of Profit and Loss.
Trade and other payables are initially measured at fair value, net of transaction costs, and are subsequently measured at
amortised cost, using the effective interest rate method.
Borrowings are initially measured at fair value and are subsequently measured at amortised cost using the effective
interest rate method. Any difference between the proceeds (net of transaction costs) and the settlement or redemption of
borrowings is recognised over the term of the borrowings in accordance with the Company's accounting policy for
borrowing costs.
Offsetting
Financial assets and financial liabilities are off set and the net amount presented in the Balance Sheet when, and only
when, the Company currently has a legally enforceable right to set off the amounts and it intends either to settle them on a
net basis or to release the asset and settle the liability simultaneously.
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Derecognition of financial liabilities
The Company derecognises financial liabilities when, and only when, the Company's obligations are discharged,
cancelled or they expire.
Derivative financial instruments and hedge accounting
In the ordinary course of business, the Company uses certain derivative financial instruments to reduce business risks
which arise from its exposure to foreign exchange. The instruments are confined principally to forward foreign exchange
contracts.
Derivatives are initially accounted for and measured at fair value on the date the derivative contract is entered into and
are subsequently re-measured to their fair value at the end of each reporting period.
The fair values for forward currency contracts are marked to market at the end of each reporting period. The Company
adopts hedge accounting for forward foreign exchange contracts wherever possible. At the inception of each hedge,
there is a formal, documented designation of the hedging relationship. This documentation includes, inter alia, items
such as identification of the hedged item or transaction and the nature of the risk being hedged. At inception, each hedge
is expected to be highly effective in achieving an offset of changes in fair value or cash flows attributable to the hedged
risk. The effectiveness of hedge instruments to reduce the risk associated with the exposure being hedged is assessed
and measured at the inception and on an ongoing basis. The ineffective portion of designated hedges is recognised
immediately in the statement of profit and loss.
When hedge accounting is applied, the Company treats the hedge relationship in relation to foreign currency exposure as
fair value hedges of recognised assets and liabilities. Changes in fair value of the hedged assets and liabilities,
attributable to the risk being hedged, are recognised in the statement of profit and loss and compensate for the effective
portion of the symmetrical changes in the fair value of the derivatives.
In cases where hedge accounting is not applied, changes in the fair value of derivatives are recognised in the statement
of profit and loss as they arise.
Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated, or exercised, or no longer
qualifies for hedge accounting. At that time, any cumulative gain or loss on the hedging instrument recognised in equity is
retained in equity until the forecasted transaction occurs. If a hedged transaction is no longer expected to occur, the net
cumulative gain or loss recognised in equity is transferred to the Statement of Profit and Loss for the period.
l) Employee benefits
The Company's retirement benefit obligation are subject to a number of judgement including discount rates, inflation and
salary growth. Significant judgement is required when setting these criteria and a change in these assumptions would
have a significant impact on the amount recorded in the Company's Balance Sheet and the statement of profit and loss.
The Company sets these judgement based on previous experience and third party actuarial advice.
Short-term employee benefits
Short-term employee benefit obligations are measured on an undiscounted basis and are expensed as the related
service is provided. A liability is recognised for the amount expected to be paid, if the Company has a present legal or
constructive obligation to pay this amount as a result of past service provided by the employee and the amount of
obligation can be estimated reliably.
Defined contribution plans
Payments to defined contribution plans such as Company's Provident Fund, Supper Annuation Fund, Employee Pension
Scheme, Employee State Insurance Scheme and Her Majesty's Revenue and Customs, UK (HMRC) are charged as an
expense as they fall due. Payments made to above schemes are dealt with as payments to defined contribution
schemes, as the Company has no further defined benefit obligation beyond the monthly contribution except for the
contribution to Provident Fund Trust which require that if the Board of the Trustee are unable to pay interest at the rate
declared by the Government for the reason that the return on investment is less or for any other reason, then the
deficiency shall be made good by the Company, making the interest shortfall a defined benefit obligation.
Defined benefit plans
Post Retirement Gratuity
For post-retirement gratuity schemes, the cost of providing benefits is determined using the Projected Unit Credit
Method, with actuarial valuation being carried out at each year-end Balance Sheet date. Re-measurement gains and
losses of the net defined benefit liability / (asset) are recognised immediately in Other Comprehensive Income. The
service cost and net interest on the net defined benefit liability / (asset) is recognised as an expense within employment
costs.
Past service cost is recognised as an expense, when the plan amendment or curtailment occurs, or when any related
restructuring cost or termination benefits are recognised, whichever is earlier.
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The retirement benefit obligation recognised in the Balance Sheet represents the present value of the defined-benefit
obligation, as reduced by the fair value of plan assets.
Post-Retirement Medical Benefit
The company has a policy to give medical benefit to the retired employees at its own hospital at Belpahar not exceeding
the amount of expense defined in its medical policy. The obligation of this service is measured and recognized based on
actuarial valuation at the present value of the obligation as on the reporting date. Re-measurement gains and losses of
the net defined benefit liability / (asset) are recognised immediately in Other Comprehensive Income. The service cost
and net interest on the net defined benefit liability / (asset) is recognised as an expense within employment costs.
Pension to Directors
Pension payable to directors after their retirement as per the contractual agreement are recognized based on actuarial
valuation at the present value of the obligation as on the reporting date. Re-measurement gains and losses of the net
defined benefit liability / (asset) are recognised immediately in Other Comprehensive Income. The service cost and net
interest on the net defined benefit liability / (asset) is recognised as an expense within employment costs.
Other Long-term benefits
Compensated absences
Compensated absences which are not expected to occur within twelve months after the end of the period in which the
employee renders the related service are recognized based on actuarial valuation at the present value of the obligation
as on the reporting date. Re-measurement gains and losses of the compensated absence is recognised immediately in
Statement of Profit and Loss.
Employee Separation Scheme
Compensation to employees who have opted for retirement under the Friendly Departure Scheme of the Company is
charged off in the year in which the employee is relieved from the services of the Company.
m) Inventories
I. Raw materials, Stores and Spares, Loose Tools and Fuel:
Raw materials, stores and spares, loose tools and fuel are valued at weighted average cost. Cost includes cost of
purchase and other costs incurred in bringing the inventories to their present location and condition. Raw materials,
stores and spares, loose tools and fuel held for use in the production of finished products are not written down below cost
except in cases where material prices have declined or the cost of the finished products has exceeded its net realisable
value.
ii. Finished goods: These are valued at lower of cost and net realisable value. Costs are calculated at full absorption cost
basis which includes cost of direct materials and labour and a proportion of manufacturing overheads based on the
normal operating capacity. Cost of inventories is generally ascertained on weighted average basis.
iii. Work in Progress: These are valued at cost. Costs are calculated at full absorption cost basis which includes cost of
direct materials and labour and a proportion of manufacturing overheads based on the normal operating capacity. Cost of
work in progress is generally ascertained on weighted average basis.
iv. Stock-in-trade: These are valued at lower of cost and net realisable value. Cost includes cost of purchase and other
costs incurred in bringing the inventories to their present location and condition. Cost is determined on weighted average
basis.
Net realisable value is the estimated selling price in the ordinary course of business, less estimated costs to completion
and the estimated costs necessary to sell them.
Provisions are made for slow moving and obsolete items based on historical experience of utilization on a product
category basis and ageing policy as defined by the Company.
n) Cash Flow Statement

Cash Flows are reported using indirect method, whereby profit for the period is adjusted for the effects of transactions of a non-
cash nature, any deferrals or accruals of past or future operating cash receipts or payments and item of income or expenses
associated with investing or financing cash flows.
o) Non-Current assets held for sale

Non-current assets or disposal groups classified as held for sale are measured at the lower of their carrying value and fair value
less costs to sell.
Assets and disposal groups are classified as held for sale if their carrying value will be recovered through a sale transaction
rather than through continuing use. This condition is only met when the sale is highly probable and the asset, or disposal group,
is available for immediate sale in its present condition and is marketed for sale at a price that is reasonable in relation to its
current fair value.
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The Company must also be committed to the sale, which should be expected to qualify for recognition as a completed sale
within one year from the date of classification.
Non-current assets held for sale are not depreciated or amortised.
p) Provisions (other than employee benefits) and contingent liabilities

Provisions are recognised in the Balance Sheet when the Company has a present obligation (legal or constructive) as a result of
a past event, which is expected to result in an outflow of resources embodying economic benefits which can be reliably
estimated. Each provision is based on the best estimate of the expenditure required to settle the present obligation at the
Balance Sheet date.
Constructive obligation is an obligation that derives from an entity's actions where:
I. by an established pattern of past practice, published policies or a sufficiently specific current statement, the entity has
indicated to other parties that it will accept certain responsibilities; and
ii. as a result, the entity has created a valid expectation on the part of those other parties that it will discharge such
responsibilities.
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 an obligation or a reliable estimate of the amount cannot be made.
The Company does not recognise a Contingent Liability but discloses its existence in the Financial Statements.
q) Income taxes
Income tax comprises current and deferred tax. The tax currently payable is based on taxable profit for the period. Taxable profit
differs from net profit as reported in the Statement of Profit and Loss because it excludes items of income or expense that are
taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Company's liability for
current tax is calculated using tax rates and tax laws that have been enacted or substantively enacted by the end of the
reporting period.
Current tax comprises the expected tax payable or receivable on the taxable income or loss for the year and any adjustment to
the tax payable or receivable in respect of previous years. The amount of current tax reflects the best estimate of the tax amount
expected to be paid or received after considering the uncertainty, if any, related to income taxes. It is measured using tax rates
(and tax laws) enacted or substantively enacted by the reporting date.
Current tax assets and current tax liabilities are offset only if there is a legally enforceable right to set off the recognised amounts,
and it is intended to realise the asset and settle the liability on a net basis or simultaneously.
Deferred tax is the tax expected to be payable or recoverable on differences between the carrying values of assets and liabilities
in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using
the Balance Sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences. In
contrast, deferred tax assets are only recognised to the extent that it is probable that future taxable profits will be available
against which the temporary differences can be utilised.
The carrying value of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no
longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is
realised based on the tax rates and tax laws that have been enacted or substantially enacted by the end of the reporting period.
The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in
which the Company expects, at the end of the reporting period, to cover or settle the carrying value of its assets and liabilities.
Deferred tax assets and liabilities are offset to the extent that they relate to taxes levied by the same tax authority and there are
legally enforceable rights to set off current tax assets and current tax liabilities within that jurisdiction.
Current and deferred tax are recognised as an expense or income in the Statement of Profit and Loss, except when they relate
to items credited or debited either in other comprehensive income or directly in equity, in which case the tax is also recognised in
other comprehensive income or directly in equity.
Deferred tax assets include Minimum Alternate Tax (MAT) paid in accordance with the tax laws in India, which is likely to give
future economic benefits in the form of availability of set off against future income tax liability. MAT is recognised as deferred tax
assets in the Balance Sheet when the asset can be measured reliably and it is probable that the future economic benefit
associated with the asset will be realised.
r) Revenue recognition
Effective 01 April 2018, the Company adopted Ind AS 115 "Revenue from Contracts with Customers". The core principle of the
new standard was that the revenue should be recognised when (or as) an entity transfers control of goods or services to a
customer at the amount to which the entity expects to be entitled.
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The company derives revenue primarily from sale of refractories and installation & maintenance services. Revenue is
recognised when the customer obtains the control of the goods & services as per the terms & condition of the contracts.
Company determines at contract inception whether each performance obligation will be satisfied (i.e. Control will be
transferred) over time or at a point in time.
l Revenue from material supply is recognised on transfer of control over the product.
l Revenues from service contracts is recognised on completion of performance obligation.
Interest Income
Interest income is accrued on a time proportion basis by reference to the principle outstanding and the effective interest rate
applicable.
Dividend Income
Dividend income from investments is recognised when the right to receive payment has been established.
Rental Income
Rental income is recognised on a straight line basis over the term of the relevant arrangements.
Commission Income
Commission income is recognised when the services have been rendered.
Export incentives
Export incentives under the Duty Drawback Scheme are recognized on the basis of credits given in the bank or on receipt of duty
credit scrips.
s) Government Grants
Government grants like export promotion capital goods (EPCG) related to expenditure on property, plant and equipment are
deducted from the cost of the property, plant and equipment in calculating the carrying amount of the asset.
t) Foreign currency transactions and translation

The financial statements of the Company are presented in Indian Rupees (Rs), which is the functional currency of the Company
and the presentation currency for the financial statements.
In preparing the financial statements, transactions in currencies other than the entity's functional currency are recorded at the
rates of exchange prevailing on the date of the transaction. At the end of each reporting period, monetary items denominated in
foreign currencies are re-translated at the rates prevailing at the end of the reporting period. Non-monetary items that are
measured in terms of historical cost in a foreign currency are not translated.
Exchange differences arising on the settlement of monetary items, and on retranslation of monetary items are included in the
statement of profit and loss for the period.
Exchange differences arising on translation or settlement of long-term foreign currency monetary items is accounted in the
statement of profit and loss for the period.
u) Borrowing Costs
Borrowings costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that
necessarily take a substantial period of time to get ready for their intended use, are added to the cost of those assets, until such
time as the assets are substantially ready for the intended use.
Other borrowing costs are recognised as an expense in the period in which they are incurred.
v) Earnings per share

Basic earnings per share is computed by dividing the net profit for the period attributable to the equity shareholders of the
Company by the weighted average number of equity shares outstanding during the period.
For the purpose of calculating diluted earnings per share, the net profit for the period attributable to equity shareholders and the
weighted average number of shares outstanding during the period is adjusted for the effects of all dilutive potential equity
shares.
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26 Contingent Liabilities
Contingent liabilities in respect of - `
Claims against the Company not acknowledged as debts in respect of -

— Income tax matters 71,35,757 20,59,59,575
— Sales tax / value added tax / entry tax matters 9,11,91,837 10,26,09,485
— Excise duty matters 9,43,62,291 4,70,65,166
— Other matters 10,81,23,251 5,73,78,893
In respect of above, it is not practicable for the Company to estimate the timings of cash outflows, if any, pending resolution of
the respective proceedings.
In the ordinary course of business, the Company faces claims and assertions by various parties. The following is a description
of claims and assertions where a potential loss is possible but not probable. There are claims which the Company does not
believe to be of material nature, other than those described below:
Income Tax:
The Company has ongoing disputes with income tax authorities relating to tax treatment of certain items. These are mainly for
transfer pricing issues and disallowance of expenses claimed by the Company as deductions. Most of these disputes and/or
dis-allowances, being repetitive in nature, have been raised by the income tax authorities consistently in most of the years.
As at March 31, 2021, there are matters and/or disputes pending in appeal amounting to Rs. 71,35,757 (Previous Year -
Rs. 20,59,59,575).
Sales tax /value added tax/ entry tax/ Excise duty matters
The Company has demands that are being contested by the Company in different years amounting to Rs. 18,55,54,128
(Previous Year - Rs. 14,96,74,651). These are mainly for non submission of concessional forms.
Demand by Mining Officer:
The Dy. Director Mines, Sambalpur circle, had raised a demand of Rs.5.39 Cr on 26.08.2019 for excess production of
Quartzite in Chuinpalli mines and the Mining Officer, Cuttack circle has raised a demand for Rs.5.17 Cr on 15.09.2020 for
excess production of fireclay in Talbasta mines, during the period from 2000 to 2010 under section 21(5) of MMDR Act, 1957,
based on the common cause judgment dated 2nd August, 2017 of Hon’ble Supreme Court of India. The Company challenged
the said demands of Mining Department, Govt. of Odisha through a two different Writ petitions against two notices before the
Hon’ble High Court of Orissa, Cuttack. The Company is of the view that, the demand under Section 21(5) of the MMDR Act is
not applicable because the impugned demand is based on the judgement of Hon’ble Supreme Court of India in the case of
Common Cause vrs. Union of India reported in (2017) 9 SCC 499. The decision referred in the Supreme Court Order was
intended to deal with mining leases of Iron Ore and Manganese Ore in the districts of Keonjhar, Sundergarh and Mayurbhanj
and has no application to the facts of the case. Moreover, the mining officer has not conducted any enquiry on illegal mining of
the Company. Based on the legal opinion obtained by the Company and as per the management assessment, the Company is
of the view that it has a strong case to contest on merit and there will not be any outflow of resources by the Company. During
the year the Hon'ble High Court of Odisha has disposed of the Writ Petition filed for Talbasta Mines for an amount of Rs.5.17 Cr
with a direction to challenge the impugned demand notice as per Rule 46(1) of the Orissa Minor Mineral Concession Rules,
2016 and take all grounds before the appellate authority. Accordingly, Company has filed an appeal before Joint Director of
Mines, Government of Odisha, Bhubaneswar under Rule 46(1) of Odisha Minor Mineral Concession Rules, 2016 and the
matter is pending for hearing.
Other Claims
Other civil cases for which the Company may contingently be liable aggregate to Rs. 24,07,203 (Previous Year - Rs. 34,07,203).
27 Water Rate Dispute

The Company has been drawing water from Lilhari Nullha, a natural water stream. Up to 1994, as per the Orissa Irrigation Act,
the water rate was payable for drawing water from irrigation work. Natural water streams like Lilhari Nullha were not covered in
the definition of irrigation work, as given in Section 4(9) of the Act. Definition of 'government water source' was inserted in
Section 4(6-a) of the Act in 1994, which covers natural water sources like Lilhari Nullha, and the Company has been paying
water rate since then. However, the Government of Odisha demanded an amount of Rs. 57,77,600 towards water rate and
penalty for the period prior to 1994 which has been stayed by the Hon’ble High Court of Odisha. Water Resources
Department, Government of Odisha, has been charging monthly compounded interest @ 2% on the disputed amount and the
total interest charged up to 31 March 2021 is Rs. 83,54,58,788. The total disputed demand, together with interest as on 31
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March 2021 is Rs. 84,12,36,388. Hon'ble High Court of Odisha has stayed charging of monthly compound interest of 2% and
passed an order that compound interest @ 2% will not be allowed to charge until further orders. During the previous year, the
Hon'ble High Court of Odisha has directed the Government of Odisha and the Company to negotiate and settle the dispute
inline with the settlements made by the Government of Odisha with other companies. Based on the legal opinion obtained by
the Company and as per the management assessment, the Company is of the view that it has a strong case to contest on merit
and there will not be any material outflow of resources by the Company.
28 Commitments
Estimated amount of contracts remaining to be executed on Capital Account and not provided for, net of advances paid
Rs. 38,43,75,737 (Previous Year - Rs. 95,37,77,114). Estimated amount of export obligations to be fulfilled in respect of
assets imported under Export Promotion Capital Goods Scheme (EPCG) – Rs. 70,82,64,570 (Previous year-Rs.
9,22,02,642).
29 The Company is engaged in the business of manufacturing, trading and sale of a range of refractories and is having its
manufacturing facilities located in India. The performance of the Company is assessed and reviewed by the Chief Operating
Decision Maker (‘CODM’) as a single operating segment and accordingly manufacture and sale of refractories is the only
operating segment.There is only one customer (Previous Year:One) contributing more than 10% of total revenues of the
company amounting to Rs. 241,42,78,225 (Previous Year: Rs. 268,99,57,087). The Company is domiciled in India, however
also sells its products outside India. Revenue from geographic segments based on location of customer is (a) Domestic
Rs. 1183,32,05,134 (Previous Year: Rs 1326,11,36,854) and (b) Rest of the world: Rs. 240,60,72,130 (Previous Year:
Rs. 326,80,23,660). Non-current assets from geographic segments based on location of customer is (a) Domestic
Rs. 487,34,77,091 (Previous Year: Rs. 412,94,71,492) and (b) Rest of the world Nil : (Previous Year: Nil).
30 Company as a Lessee
Following are the changes in the carrying value of right-of-use assets for the year ended March 31, 2021.
Buildings
Opening gross block 20,32,04,645 —
Reclassification ed on account of adoption of Ind AS 116 as at 1 April 2020 — 20,05,47,424
Additions 3,14,71,464 26,57,221
Deletion 1,41,56,842 —
Closing gross block at the end of the year 22,05,19,267 20,32,04,645
Opening accumulated depreciation 1,87,11,055 —
Additions 1,94,27,679 1,87,11,055
Deletion 35,46,330 —
Closing accumulated depreciation at the end of the year 3,45,92,404 1,87,11,055
Closing balance as of March 31,2021 18,59,26,863 18,44,93,590
The aggregate depreciation expense on right-of-use assets is included under depreciation and amortisation expense in the
statement of Profit and Loss.
The following is the break-up of current and non-current lease liabilities as at March 31, 2021
Current lease liabilities 1,20,66,541 99,51,139
Non-current lease liabilities 19,41,16,397 18,54,54,065
Total 20,61,82,938 19,54,05,204
The following is the movement in lease liabilities during the year ended March 31, 2021.
Balance at the beginning of the year 19,54,05,204 —
Reclassified on account of adoption of Ind AS 116 as at April 1,2020 — 20,05,47,424
Additions 3,14,71,464 26,57,221
Finance cost accrued during the year 1,38,52,087 1,39,13,938
Deletion 1,11,34,838 —
Payment of lease liabilities 2,34,10,979 2,17,13,379
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The table below provides details regarding the contractual maturities of lease liabilities as at March 31, 2021 on an
undiscounted basis:
Less than one year 2,58,68,121 2,35,02,793
One to five years 12,81,90,011 9,83,28,039
More than five years 15,49,82,179 18,64,68,628
Total 30,90,40,311 30,82,99,460
The Company does not face a significant liquidity risk with regard to its lease liabilities as the current assets are sufficient to
meet the obligations related to lease liabilities as and when they fall due.
The Company incurred Rs.3,78,26,806 (previous year Rs.3,82,72,660) towards expenses relating to short term leases and
The total cash outflow for leases is Rs. 6,12,37,785 (previous year Rs. 5,99,86,309) including cash outflow for short term and
Company as a Lessor
Company has leased out buildings to its employees and has also provided leased accommodation to its employees for
residential purposes. There is no such long term contracts with employees for the above leasing. The total rental income with
respect to above leasing activities amounts to Rs. 1,82,42,871 (previous year Rs.1,78,68,317) included in note 17(c).
31 Recent Indian Accounting Standards ( Ind AS)
Ministry of Corporate Affairs ("MCA") notifies new standard or amendments to the existing standards. There is no such
notification which would have been applicable from April 1, 2021.
32 Employee Benefits
The relevant details with respect to employee benefits are given here below:
(1) Defined Contribution Plan
The Company participates in a number of defined contribution plans on behalf of relevant personnel. Any expense
recognized in relation to the schemes represents the value of contributions payable during the period by Company at
rates specified by the rules of those plans.
a) Provident Fund and Employees Pension Fund
In accordance with the prevailing Indian law, eligible employees of the Company are entitled to receive benefits in
respect of Provident Fund, a defined contribution plan, in which both the employees and the Company make
monthly contributions at a specified percentage of the covered employees’ salary. As per the provisions of the
Provident Fund and Miscellaneous Provisions Act, 1952 contribution to Provident Fund is made to an irrevocable
trust set up by the Company and contribution to pension fund is deposited with the Regional Provident Fund
Commissioner. The rules of the Company's provident fund administered by a trust, require that if the Board of the
Trustee are unable to pay interest at the rate declared by the Government for the reason that the return on
investment is less or for any other reason, then the deficiency shall be made good by the Company, making the
interest shortfall a defined benefit obligation.
b) Superannuation Fund
The Company has a superannuation plan. Employees who are members of the superannuation plan are entitled
to benefits depending on the contribution made by Company and rate of interest declared by the superannuation
trust. A separate irrevocable trust is maintained for employees covered and entitled for this benefit. The Company
contributes 15% of basic salary, of the eligible employees’ to the trust every year. Such contributions are
recognized as an expense when incurred. The Company has no further obligation beyond this contribution.
c) Other funds
The Company contributes to the Employees State Insurance scheme as per the provisions of Employees State
Insurance Act , 1948 and to Her Majesty's Revenue and Customs, UK as per provisions laid down by the UK
Government for the social security and welfare of the employees.
d) Expenses recognized in respect of above
The Company has recognized, in the Statement of Profit and Loss account for the year ended 31 March 2021, an
amount of Rs. 8,97,81,612 (Previous Year: Rs 9,05,82,210) being expenses under the defined contribution
plans like Provident Fund, Superannuation fund, Employee pension scheme, Employee State Insurance Scheme
and Her Majesty's Revenue and Customs (UK).
111
(2) Defined Benefit Plans

The Company operates post retirement defined benefit plans as follows:
a) Funded
(i) Post Retirement Gratuity
The Company has an obligation towards gratuity, a defined benefit retirement plan covering eligible
employees. The plan provides lump-sum payment to vested employees at retirement, death while in
employment or on termination of employment, of an amount equivalent to 15 to 30 days' salary payable for
each completed year of service. Vesting occurs upon completion of five years of service. The Company
makes annual contributions to gratuity funds. The Company accounts for the liability for gratuity benefits
payable in the future based on an actuarial valuation.
b) Unfunded:
(i) Post Retirement Medical Benefits
The Company has a Post-Retirement Medical Benefit Scheme (PRMB), under which the retired employees
and their spouses are eligible for free medical benefits in the Company's hospital during their lifetime upto a
ceiling fixed by the Company. The liability for the same is recognized annually on the basis of actuarial
valuation.
(ii) Pension to Directors
The Company has Ex-MD Pension Scheme, under which the retired managing director gets a monthly
pension. The liability for the same is recognized annually on the basis of actuarial valuation. The Company
is exposed to the increase in the pension amount in each 3 years.
c) i) Details of the Post Retirement Gratuity plan are as follows:
` `
I. Change in present value of defined benefit
obligation during the year
1. Present Value of defined benefit obligation as at the
beginning of the year 33,43,03,407 30,45,52,567
2. Current Service Cost 2,24,57,170 1,92,64,680
3. Interest Cost on the defined benefit obligation 2,13,52,840 2,06,15,020
4. Actuarial (gains)/ losses - Experience 1,52,84,110 (11,82,230)
5. Actuarial losses - Financial Assumptions 2,35,86,690 1,64,69,260
6. Benefits paid from plan assets (3,28,97,622) (2,54,15,890)
7. Closing Present Value of defined benefit obligation 38,40,86,595 33,43,03,407
II. Change in fair value of plan assets during the year
1. Fair Value of assets at the beginning of the year 31,24,01,294 27,67,78,084
2. Interest Income on Plan Assets 2,10,29,210 2,10,39,100
3. Employer contributions 2,00,00,000 4,00,00,000
4. Return on plan assets greater than discount rate (67,370) —
5. Benefits paid (3,28,97,622) (2,54,15,890)
6. Fair Value of Plan assets at the end of current year 32,04,65,512 31,24,01,294
III. Net liability recognized in the balance sheet
1. Fair value of plan assets 32,04,65,512 31,24,01,294
2. Present value of obligation 38,40,86,595 33,43,03,407
3. Amount recognized in the balance sheet 6,36,21,083 2,19,02,113
IV. Expense recognized in the statement of profit and loss
for the year
1. Current service cost 2,24,57,170 1,92,64,680
2. Net interest on net defined benefit liability 3,23,630 (4,24,080)
3. Total expenses included in employee benefits expense 2,27,80,800 1,88,40,600
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` `
V. Recognized in other comprehensive income for the year
1. Actuarial (gains)/ losses due to defined benefit
obligation experience 1,52,84,110 (11,82,230)
assumption changes 2,35,86,690 1,64,69,260
3. Return on plan assets greater than discount rate 67,370 —
4. Actuarial loss recognized in other comprehensive income 3,89,38,170 1,52,87,030
1. Within the next 12 months (next annual reporting period) 3,41,70,720 3,44,08,170
VII. Quantitative sensitivity analysis for significant
assumption is as below
1. Increase/ (decrease) on present value of defined
benefits obligation at the end of the year
(i) One percentage point increase in discount rate (3,08,74,960) (2,34,77,820)
(ii) One percentage point decrease in discount rate 3,60,46,530 2,82,95,900
(i) One percentage point increase in rate of
salary increase 3,51,70,980 2,78,99,890
(ii) One percentage point decrease in rate of
salary increase (3,07,56,950) (2,35,96,130)
2. Sensitivity Analysis Method
Sensitivity analysis is determined based on the expected movement in liability if the
assumptions were not proved to be true on different count.
VIII. Investment Details
The full amount has been invested in the Cash Accumulation Scheme of Life Insurance Corporation
of India.
IX. Assumptions
a. Discount rate (per annum) 6.75% 7.50%
b. Rate of escalation in salary (per annum) 7.50% 7.50%
ii) Details of non-funded post retirement defined benefit obligations are as follows:
April 2020 - March 2021 April 2019 - April 2020
Description ` `
I Reconciliation of opening and
closing balances of obligation
1. Present Value of defined benefit
obligation as at the beginning of the year 7,54,10,818 4,39,26,705 6,76,13,963 4,33,89,465
2. Current Service Cost 10,38,960 — 12,90,000 —
3. Interest Cost on the defined benefit
obligation 50,25,650 28,60,820 48,86,080 31,38,400
4. Actuarial (gains)/ losses - Experience (44,38,240) (19,91,200) 8,81,250 (35,46,040)
5. Actuarial losses- Financial Assumptions 64,89,740 26,85,830 56,71,880 40,81,680
6. Benefits paid directly by the Company (19,13,382) (31,36,800) (49,32,355) (31,36,800)
7. Closing Present Value of defined benefit
obligation 8,16,13,546 4,43,45,355 7,54,10,818 4,39,26,705
113
April 2020 - March 2021 April 2019 - April 2020

Description ` `
II. Expense recognized in the statement of
profit and loss for the year
1. Current service cost 10,38,960 — 12,90,000 —
2. Net interest on net defined benefit liability 50,25,650 28,60,820 48,86,080 31,38,400
3. Total expenses included in employee
benefits expense 60,64,610 28,60,820 61,76,080 31,38,400
III. Recognized in other comprehensive
income for the year
1. Actuarial (gain)/ loss due to defined
benefit obligation experience (44,38,240) (19,91,200) 8,81,250 (35,46,040)
2. Actuarial loss due to defined benefit
obligation financial assumption changes 64,89,740 26,85,830 56,71,880 40,81,680
3. Actuarial (gains)/ losses recognized in
other comprehensive income 20,51,500 6,94,630 65,53,130 5,35,640
IV. Assumptions
a. Discount rate (per annum) at the
beginning of the year 6.75% 6.75% 7.50% 7.50%
b. Discount rate (per annum) at the end
of the year 6.00% 6.00% 6.75% 6.75%
c. Rate of pension increase — 8.00% — 8.00%
c. Medical costs inflation rate 4.00% — 4.00% —
d. Average Medical Cost (Rs./ person) 1,855 — 1,750 —
V. Quantitative sensitivity analysis for
significant assumption is as below
Increase/ (decrease) on present value of
defined benefits obligation at the end of
the year
(I) One percentage point increase in
discount rate (84,51,480) (35,21,610) (73,91,700) (34,83,500)
(ii) One percentage point decrease in
discount rate 1,03,47,420 40,50,580 89,88,020 40,08,100
(i) One percentage point increase in
medical inflation rate 16,92,150 — 91,53,950 —
medical inflation rate (14,70,880) — (76,35,580) —
(i) One percentage point increase in
pension rate — 39,31,140 — 39,19,400
pension rate — (34,90,870) — (34,75,910)
VI. Maturity profile of defined benefit
obligation
1. Within the next 12 months (next
annual reporting period) 50,14,270 30,26,360 48,61,500 30,10,140
d) Risk exposure
Through its defined benefit plans, the Company is exposed to discount rate risk, salary growth risk, inflation risk, pension
increment risk and demographic risks of mortality and attrition rates.
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33 Income Taxes
a. A reconciliation of the tax expense to the amount computed by applying the statutory income tax rate to the profit before
taxes is summarized below:
Particulars April 2020 to April 2019 to
` `
Add : Loss / (profit) of associate Company 8,53,56,180 (4,18,79,228)
Less : Expenses recognized in other comprehensive income 4,16,84,300 2,23,75,800
Adjusted Profit before tax (A) 50,90,71,881 129,14,51,812
Tax rate (B) 25.168% 25.168%
Tax expense (A*B) 12,81,23,211 32,50,32,592
Add : Tax effect of expenses that are not deductible for tax purposes:
CSR Expenses 56,47,346 44,07,902
Add : Taxation for earlier years 29,78,009 (16,19,521)
Less : Tax effect of Income exempt from tax: Dividend Income (51,97,892) (25,170)
Add : Additional tax expense (deferred tax expense) due to change in tax rate — (2,56,58,969)
Less : Tax effect on exceptional item (1,98,33,363) —
Less : Other differences (1,32,23,935) (22,10,288)
Tax expense recognized in profit and loss 10,82,94,113 30,19,90,048
Income tax expenses recognized in Other Comprehensive Income (98,00,737) (20,63,502)
b. The tax effect of significant temporary differences that resulted in deferred tax liability are as follows:
Balance sheet Statement of profit and loss Other comprehensive income
Particulars As at As at April ‘20 to April ‘19 to April ‘20 to April ‘19 to
31.03.2021 31.03.2020 March ‘21 March ‘20 March ‘21 March ‘20
` ` ` ` ` `
Deductible temporary difference
(I) Expense/ provision allowed
on payment basis 7,14,43,270 5,48,33,734 68,08,799 (5,95,72,941) 98,00,737 38,47,745
(ii) Unpaid Royalty 77,55,353 2,09,33,734 (1,31,78,381) 83,89,650 — —
(iii) Friendly departure scheme 9,28,995 14,42,207 (5,13,212) (14,37,870) — —
(iv) Others 2,43,77,589 2,61,22,698 (17,45,109) 2,22,43,025 — —
Total (A) 10,45,05,207 10,33,32,373 (86,27,903) (3,03,78,136) 98,00,737 38,47,745
Taxable temporary difference
Property, Plant and Equipment 17,16,73,173 16,19,25,214 97,47,959 (5,96,73,482) — —
Deffered tax liability on share of profit
of associate (1,72,71,785) 10,32,406 (1,83,04,191) (49,55,940) — —
Total (B) 15,44,01,388 16,29,57,620 (85,56,232) (6,46,29,422) — —
Deferred Tax liability (B-A) 4,98,96,181 5,96,25,247 71,671 (3,42,51,286) (98,00,737) (38,47,745)
Net impact in Statement of Profit and Loss / Other Comprehensive Income *

* The total income tax expenses recognised in the Statement of Profit and Loss under Other Comprehensive income is inclusive of deferred tax
release of Rs. 98,00,737 (Previous year - Rs. 38,47,745) and current tax nil (previous year- Rs. 17,84,243).
c. Reconciliation of deferred tax liability
Particulars As at As at
31 March 2021 31 March 2020
` `
Opening balance as at 1 April 5,96,25,247 9,77,24,278
Less: Deferred tax release during the year (97,29,066) (3,80,99,031)
Closing balance as at 31 March 4,98,96,181 5,96,25,247
115
34 Reconciliation of Liabilities from Financing activities as stated in the Statement of Cash Flows are as follows :-
Borrowings 233,16,79,996 (22,16,12,416) (1,76,06,975) 209,24,60,605
Lease liabilities 19,54,05,204 (2,34,10,979) 3,41,88,713 20,61,82,938
Total Liabilities from financing activities 252,70,85,200 (24,50,23,395) 1,65,81,738 229,86,43,543
Borrowings 219,01,28,280 12,71,37,944 1,44,13,772 233,16,79,996
Lease liabilities — (2,17,13,379) 21,71,18,583 19,54,05,204
Total Liabilities from financing activities 219,01,28,280 10,54,24,565 23,15,32,355 252,70,85,200
35 FINANCIAL INSTRUMENTS
This section gives an overview of the significance of financial instruments for the Company and provides additional information
on balance sheet items that contain financial instruments.
The details of significant accounting policies, including the criteria for recognition, the basis of measurement and the basis on
which income and expenses are recognized, in respect of each class of financial asset, financial liability and equity instrument
are disclosed in note 25(2)(k) to the financial statements.
(a) Financial Instruments by Category
The following table presents carrying amount and fair value of each category of financial asset and liabilities.
As at 31 March 2021
comprehensive Value
income
` ` ` ` `
Financial assets
Investments – 1,49,36,500 – 1,49,36,500 1,49,36,500
Cash and bank balances 1,31,33,513 – – 1,31,33,513 1,31,33,513
Loans 7,62,53,193 – – 7,62,53,193 7,62,53,193
Other financial assets 20,27,414 – – 20,27,414 20,27,414
Total 246,29,19,757 1,49,36,500 – 247,78,56,257 247,78,56,257
Borrowings 209,24,60,405 – – 209,24,60,405 209,24,60,405
Trade payables 288,16,67,362 – – 288,16,67,362 288,16,67,362
Total 540,90,34,916 – 17,47,778 541,07,82,694 541,07,82,694
As at 31 March 2020
comprehensive Value
income
` ` ` ` `
Financial assets
Investments – 86,19,000 – 86,19,000 86,19,000
Cash and bank balances 96,39,728 – – 96,39,728 96,39,728
Loans 8,90,49,431 – – 8,90,49,431 8,90,49,431
Other financial assets 3,73,56,165 – – 3,73,56,165 3,73,56,165
Total 287,82,27,562 86,19,000 – 288,68,46,562 288,68,46,562
Borrowings 233,16,79,996 – – 233,16,79,996 233,16,79,996
Trade payables 215,04,74,003 – – 215,04,74,003 215,04,74,003
Total 476,21,45,242 – 35,23,863 476,56,69,105 476,56,69,105
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(b) Fair value hierarchy
The following table provides an analysis of financial instruments that are measured subsequent to initial recognition at fair
value, grouped into Level 1 to Level 3, as described below-
Level 1: Quoted prices (unadjusted) in active market for identical assets or liabilities.
Level 2: Inputs other than quoted price included within level 1 that are observable for the asset or liability, either directly (i.e. as
prices) or indirectly (i.e. derived from prices).The fair value of financial instruments that are not traded in an active market is
determined using market approach and valuation techniques which maximize the use of observable market data and rely as
little as possible on entity-specific estimates. If significant inputs required to fair value an instrument are observable, the
instrument is included in Level 2.
Level 3: Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs).If one or more of
the significant inputs is not based on observable market data, the fair value is determined using generally accepted pricing
models based on a discounted cash flow analysis, with the most significant inputs being the discount rate that reflects the
credit risk of counterparty.
As at 31.03.2021
Particulars Carrying Amount Fair Value
Level 1 Level 2 Level 3
` ` ` `
Financial assets
Investment - Equity share (HDFC Bank) 1,49,36,500 1,49,36,500 — —
As at 31 March 2020
Financial assets
Investment - Equity share (HDFC Bank) 86,19,000 86,19,000 — —
(c) Financial Risk Management Policies And Objectives:
The Company’s financial risk management is an integral part of how to plan and execute its business strategies. The
Company’s financial risk management policy is set by the Board.
Market risk
Market risk is the risk of loss of future earnings, fair values or future cash flows that may result from a change in the price of a
financial instrument. The value of a financial instrument may change as a result of changes in the interest rates, foreign
currency exchange rates, equity prices and other market changes that affect market risk sensitive instruments. Market risk is
attributable to all market risk sensitive financial instruments including foreign currency receivables, payables, loans and
borrowings.
The Company manages market risk through a treasury department, which evaluates and exercises independent control over
the entire process of market risk management. The treasury department recommends risk management objectives and
policies, which are approved by Senior Management and the Audit Committee. The activities of this department include
management of cash resources, implementing hedging strategies for foreign currency exposures, borrowings.
Interest rate risk
Interest rate risk is measured by using the cash flow sensitivity for changes in variables interest rates. Any movement in the
reference rates could have an impact on the Company's cash flow as well as costs.
The Company is subject to variable interest rates on some of its interest bearing liabilities. The Company's interest rate
exposure is mainly related to debt obligations.
Foreign currency risk
The Company operates internationally and portion of the business is transacted in several currencies and consequently the
Company is exposed to foreign exchange risk through its sales and services in overseas and purchases from overseas
suppliers in various foreign currencies.
The Company evaluates exchange rate exposure arising from foreign currency transactions and the Company follows
established risk management policies, including the use of derivatives like foreign exchange forward contracts to hedge
exposure to foreign currency risk.
Liquidity Risk
Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. The Company
maintains sufficient cash and cash equivalents to manage its liquidity risk.
The non-derivative financial liabilities of the Company are all payable within 12 months. (Refer Note 13 and 14).
The following table shows a maturity analysis of the anticipated cash flows including future interest obligations for derivative
and non-derivative financial liabilities on an undiscounted basis, which therefore differ from both carrying value and fair value.
Floating rate interest is estimated using the prevailing interest rate at the end of the reporting period. Cash flows in foreign
currencies are translated using the period end spot rates.
117
Particulars Carrying Value Contractual Less than Between one More than
Cash flow one year to five years five years
Non derivative financial liabilities
Borrowings including interest obligations 209,24,60,405 234,86,04,274 121,21,97,954 113,64,06,320 —
233,16,79,996 257,86,95,957 153,40,56,196 104,46,39,761 —
Trade payables 288,16,67,362 288,16,67,362 288,16,67,362 — —
215,04,74,003 215,04,74,003 215,04,74,003 — —
Lease liabilities 20,61,82,938 30,90,40,311 2,58,68,121 12,81,90,011 15,49,82,179
19,54,05,204 30,82,99,460 2,35,02,793 9,83,28,039 18,64,68,628
Other financial liabilities 22,87,24,211 22,87,24,211 22,87,24,211 — —
8,45,86,039 8,45,86,039 8,45,86,039 — —
Derivative financial liabilities 17,47,778 17,47,778 17,47,778 — —
35,23,863 35,23,863 35,23,863 — —
Note- Figures in italics relates to previous year.
Credit Risk
Credit risk is the risk that counterparty will default on its contractual obligations resulting in a financial loss to the Company.
To manage this, the Company periodically assesses the financial reliability of customers, taking into account the financial
condition, current economic trends, and analysis of historical bad debts and ageing of accounts receivable. Individual risk
limits are set accordingly.
Financial assets are provided for when there is no reasonable expectation of recovery, such as a debtor failing to engage in a
repayment plan with the Company. The Company categorises a loan or receivable for provision as per provisioning policy of
the Company. Where loans or receivables have been provided, the Company continues to engage in enforcement activity to
attempt to recover the receivable due. Where recoveries are made, these are recognized in the Statement of Profit and Loss.
Trade receivables are primarily unsecured and are derived from revenue earned from customers. Credit risk is managed
through credit approvals, establishing credit limits and by continuously monitoring the creditworthiness of customers to
which the Company grants credit terms in the normal course of business. As per simplified approach, the Company makes
provision of expected credit losses on trade receivables using a provision matrix to mitigate the risk of default payments and
makes appropriate provisions at each reporting date whenever is for longer period and involves higher risk. On account of
adoption of Ind AS 109, the Company uses expected credit loss model to assess the impairment loss or gain.
(d) Foreign Currency exposure as at 31 March 2021 `
Financial Assets
Other Assets 1,68,614 1,51,06,523 — — 54,697 1,53,29,834
Trade Payables (68,98,07,174) (14,05,55,053) (1,81,89,193) (2,44,897) (1,06,84,463) (85,94,80,780)
Loan in Foreign Currency (28,05,09,445) — — — — (28,05,09,445)
Advance from Customers (65,99,052) — — — — (65,99,052)
Net Exposure to Foreign Currency Risk (52,45,88,815) 3,50,74,006 (1,81,89,193) 8,56,96,342 (79,86,956) (42,99,94,616)
Foreign Currency exposure as at 31 March 2020 `

Financial Assets
Other Assets 12,03,954 6,61,84,510 — — 1,90,94,878 8,64,83,341
Trade Payables (49,09,11,208) (1,50,96,539) (3,35,31,208) (4,19,556) — (53,99,58,511)
Loan in Foreign Currency (25,01,94,679) (15,99,57,297) — (2,66,83,570) — (43,68,35,546)
Advance from Customers (3,77,05,040) (36,424) — — — (3,77,41,465)
Net Exposure to Foreign Currency Risk (22,27,67,217) 11,90,15,660 (3,35,31,208) (1,13,72,415) 2,17,37,688 (12,69,17,492)
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(e) Sensitivity Analysis

1% increase or decrease in foreign currency exchange rates will have the following impact on profit before tax
`
Particulars April 2020 to March 2021 April 2019 to March 2020
1% Increase 1% decrease 1% Increase 1% decrease
USD (52,45,888) 52,45,888 (22,27,672) 22,27,672
EUR 3,50,740 (3,50,740) 11,90,157 (11,90,157)
JPY (1,81,892) 1,81,892 (3,35,312) 3,35,312
GBP 8,56,963 (8,56,963) (1,13,724) 1,13,724
Others (79,870) 79,870 2,17,377 (2,17,377)
Increase / (decrease) in profit (42,99,947) 42,99,947 (12,69,174) 12,69,174
(f) Interest rate risk
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in
market interest rates. The Company's exposure to risk of changes in market interest rates relates primarily to the Company's
debt interest obligation.
The exposure of the Company's floating debt interest obligation and its sensitive analysis are as follows:
Company’s debt obligation (Floating rates) 209,24,60,405 233,16,79,996
Sensitivity analysis assuming the amount of the liability outstanding at the year end was outstanding for the whole year:
If interest rate had been 25 basis point higher/ lower and all other variables held constant, the company's profit before tax for
the ended 31 March 2021 would decrease/ increase by Rs. 52,31,151 (Previous year - Rs. 58,29,200). This is mainly
attributable to the company's exposure to interest rates on its floating rate borrowings.
(g) Securities price risk
Securities price risk is the risk that the fair value of a financial instrument will fluctuate due to changes in market traded prices.
The Company is not an active investor in equity markets; it continues to hold certain investments in equity for long term value
accretion which are accordingly measured at fair value through Other Comprehensive Income. The value of investments in
such equity instruments as at 31 March 2021 is Rs. 1,49,36,500 (Previous year - Rs. 86,19,000). Accordingly, fair value
fluctuations arising from market volatility is recognised in Other Comprehensive Income.
36 Capital management
The Company's capital management is intended to safeguard its ability to continue as a going concern so that to create value for
shareholders and benefits for other stakeholders by facilitating the achievement of long term and short term goals of the Company.
The Company determines the amount of capital required on the basis of annual business plan coupled with long term and short
term strategic investment and expansion plans. The funding needs are met through cash generated from operations, long term and
short term bank borrowings. The Company monitors the capital structure on the basis of net debt to equity ratio and maturity profile
of the overall debt portfolio of the Company. Net debt includes interest bearing borrowings less cash and cash equivalents, other
bank balances and other financial assets. The table below summarises the capital, net debt and net debt equity ratio of the
Company.
As at As at
31 March 2021 31 March 2020
` `
Total borrowings 209,24,60,405 233 ,16,79,996
Less: cash and cash equivalents, other bank balances and other financial assets 1,51,60,927 4,69,95,893
Net Debt 207,72,99,478 228,46,84,103
Equity 515,05,60,560 512,20,70,735
Total Capital (Equity + Net Debt) 722,78,60,038 740,67,54,838
Net Debt to Equity Ratio 0.40 0.45
119
37 Note on Revenue disggregation India Out side India Total

` ` `
Sale of products 1043,68,16,839 235,32,36,945 1279,00,53,784
1141,88,60,841 315,52,06,819 1457,40,67,660
Income from sale of services 126,20,07,953 5,28,35,185 131,48,43,138
161,96,68,878 11,28,16,841 173,24,85,719
Other operating revenue 13,43,80,342 — 13,43,80,342
22,26,07,135 — 22,26,07,135
Total revenue from operations 1183,32,05,134 240,60,72,130 1423,92,77,264
1326,11,36,854 326,80,23,660 1652,91,60,514
Figures in italics relates to previous year.
Revenue Reconciliation April 2020 to April 2019 to
` `
Total Revenue 1429,36,41,412 1658,02,36,310
Less: variable consideration (Cash Discount) 5,43,64,148 5,10,75,796
Total revenue from operations 1423,92,77,264 1652,91,60,514
l The Company’s performance obligations are satisfied on delivery of product or service to the customer. Delivery of product
completes when the products have been shipped or delivered to the specific location, of the customer, as the case may be.
Delivery of service completes on receipt of confirmation from customer.
l The Company does not have any contracts where the period between the transfer of the promised goods or services to the
customer and payments by the customer exceeds one year and hence, there are no significant financing component
included in such contracts.
38 Contract Liability
The Company has recognised Revenue from Sale of products and Income from sale of Services amounting to Rs. 7,04,77,924
during the year ended 31 March 2021 against the advance received from customer which was outstanding as on 31 March 2020
(Previous year : Rs. 1,46,91,106 against advance received from customer which was outstanding as on 31 March 2019).
39 Related Party Disclosures

a) List of related parties of TRL Krosaki Refractories Limited
Sl. Name Country of % of Equity Interest
No. Incorporation
i) Parent Entity (Holding Company)

Krosaki Harima Corporation Japan 77.62 77.62
ii) Associate Companies
TRL Krosaki Asia Pte Limited Singapore 37 37
Almora Magnesite Limited India 39 39
iII) Entity having significant influence over holding Company
(Ultimate Holding Company)
Nippon Steel Corporation (Formerly known as Nippon
Steel & Sumitomo Metal Corporation) Japan
iv) Subsidiary of Nippon Steel Corporation
Nippon Steel India Pvt Ltd India
Nippon Steel Engineering India Pvt. Ltd. India
Sanyo Special Steel Co. Ltd Japan
v) Fellow Subsidiaries
TRL Krosaki China Limited (formerly know as
TRL China Limited) China
Krosaki Harima (Shanghai) Enterprise
Management Co, Ltd China
Krosaki Harima Europe B.V. Netherland
Krosaki USA Inc.(KUI) USA
120
TRL
Sl. Name Country of % of Equity Interest

No. Incorporation
vi) Associate of Krosaki Harima Corporation

IFGL Refractories Limited (IFGL)
(Formerly known as IFGL Exports Limited) India
vii) Joint Venture of Subsidiary of Nippon Steel Corporation
Arcelor Mittal Nippon Steel India Limited India
Mahindra Sanyo Special Steel Pvt Ltd. India
viii) Key Managerial Personnel
(I) Directors
Mr. H. M. Nerurkar (Chairman)
Mr. P. B. Panda (Managing Director)
Mr. P. V. Bhide
Mr. R. Ranganath Rao
Mr. Sudhansu Pathak
Mr. Toshikazu Takasu
Mr. Hisatake Okumura
Mr. Asaya Sachihiko (w.e.f 16 March,2021)
Ms. Shuang Zhu (w.e.f 26 May,2020)
Mr. Anirban Dasgupta (w.e.f 28 July,2020)
Mr. Kotaro Kuroda (upto 28 September,2020)
Mr. Kiyotaka Oshikawa (upto 01 February,2021)
Mr. Sadayoshi Tateishi (upto 28 September,2020)
Mr. Takeshi Yoshida (upto 28 September,2020)
Sunanda Lahiri (upto 20 March,2020)
Mr. Sudhir Krishnaji Joshi (upto 20 March,2020)
(ii) Other than Directors
Mr. M. V. Rao (Sr. Vice President (Finance) & CFO)
Mr. Sambit Mishra (Company Secretary) (w.e.f 27 October,2020)
Mr. Arabinda Debta (Company Secretary) (upto 04 August,2020)
ix) Relative of Key Managerial Personnel
Mr. Dinabandhu Panda
x) Employees' Benefit Plans
TRL Krosaki Refractories Limited Provident Fund
TRL Krosaki Refractories Limited Superannuation Fund
TRL Krosaki Refractories Limited Gratuity Fund
Note:
(1) The list contains those related parties with whom the Company has transactions during the current or previous year
121
b) Transactions with Related Parties
Particulars Holding Subsidiaries & Subsidiaries of Associates of Key Managerial

Company Associates of the ultimate Holding the Company Personal and
Holding company and it's relative
company Joint Ventures
Purchase of Raw Materials 12,29,62,252 55,17,10,708 — 1,66,19,288 —
15,20,31,361 82,92,48,570 — 1,65,29,879 —
Sales and Services 8,08,49,024 32,61,02,204 40,36,64,118 — —
10,34,10,194 24,27,90,932 15,14,04,675 16,17,261 —
Receiving of Services — 7,60,510 — — —
3,42,036 5,31,590 — — —
Interest Expenses — — 23,98,060 — —
— — 3,42,394 — —
Royalty 6,41,29,414 — — — —
9,19,00,692 — — — —
Dividend paid 23,52,31,528 — — — 2,175
19,79,18,941 — — — 1,830
— — — 2,06,51,141 —
Dividend received — — — — —
— — — — —
Outstanding Balance -Debtors 1,29,24,653 16,83,49,511 7,71,92,012 — —
1,78,63,388 18,25,21,452 5,24,08,162 — —
Loans and advances recovered — — — — 60,000
— — — — 60,000
Outstanding Loan Balance — — — — 1,45,000
— — — — 2,05,000
Creditors 6,14,84,303 9,20,88,542 — 12,67,532 —
14,48,05,916 15,35,04,060 — — —
Interest Accrued — — — — —
— — 3,08,155 — —
Loans and Advances Received — 2,548 — — —
— 7,38,903 — — —
Borrowings (net of repayment) — — — — —
— — 17,99,86,223 — —
Short term employee benefits — — — — 3,68,41,272
— — — — 5,41,54,532
Post employment benefits (Refer Note b below) — — — — 30,88,816
— — — — 30,75,952
Other long term employee benefits (Refer Note b below) — — — — —
— — — — —
Commission — — — — 75,59,000
— — — — 51,94,000
Sitting Fees (Refer Note e below) — — — — 39,45,000
— — — — 15,40,000
Transactions presented above are inclusive of goods and services tax (GST).
Terms and conditions of transactions with related parties
(a) All related party transactions entered during the year were in ordinary course of the business and are at arm’s length basis for the year ended 31 March
2021 and the Company has not recorded any impairment of receivables relating to amounts owed by related parties (Previous Year: nil ). This assessment
is undertaken each financial year through examining the financial position of the related party and the market in which the related party operates
(b) As the liabilities for defined benefit plans are provided on actuarial basis for the Company as whole, the amounts pertaining to key managerial personnel
and relatives are not included.
(c) During the year, the Company has contributed Rs. 8,92,45,922 (Previous year: Rs.11,03,65,292) to the post employment benefit plans to the Trusts
managed by the Company.
(d) Figures in italics represent comparative figures of the previous years.
(e) Sitting fees of all nominated directors has been paid to respective nominee companies.
122
TRL
40 Additional Information as per Part II of Schedule III, Companies Act, 2013

Name of the Entity Net Assets Share in profit or loss Share in other Share in total
comprehensive income comprehensive income
As % of Amount As % of Amount As % of Amount As % of Amount
consolidated ` consolidated ` consolidated ` total `
net assets profit and loss comprehensive comprehensive
income income
Parent: TRL Krosaki
Refractories Limited 96.94% 499,29,36,127 123.90% 44,24,62,068 100.00% (2,55,66,063) 125.75% 41,68,96,005
Associate (Foreign):
TRL Krosaki Asia Pte. Ltd. 2.75% 14,14,01,572 (23.05%) (8,23,26,666) 0.00% — (24.83%) (8,23,26,666)
Associate (Indian):
Almora Magnesite Ltd 0.31% 1,62,22,861 (0.85%) (30,29,514) 0.00% — (0.91%) (30,29,514)
Total 100.00% 515,05,60,560 100.00% 35,71,05,888 100.00% (2,55,66,063) 100.00% 33,15,39,825
41 Earnings per Share (EPS)

EPS is calculated by dividing the profit attributable to the equity shareholders by the average number of shares outstanding
during the year. The basic and diluted earnings per share has been calculated below :

a) Profit after Tax 35,71,05,888 105,37,16,792
b) Profit attributable to Equity Share Holders 35,71,05,888 105,37,16,792
c) Weighted average number of Equity Shares outstanding during the year 2,09,00,000 2,09,00,000
d) Nominal Value per share 10 10
e) Basic / diluted Earning per Equity Share 17.09 50.42
CIN-U26921OR1958PLC000349

(DIN : 00265887) (DIN : 07048273)
Mumbai Belpahar
sd/- sd/- sd/-

April 27, 2021
123
Notes to Consolidated Financial Statements for the year ended 31 March 2021 (continued)
Form AOC-I
(Pursuant to sub-section (3) of section 129 of the Companies Act, 2013, related to associate and joint ventures)
Part “A”: Subsidiaries NA

Part “B”: Associates
Name of Associates TRL Krosaki Asia Pte Ltd Almora Magnesite Limited
1. Latest audited Balance Sheet Date 31 March, 2021 31 March, 2020
2. Date on which the associate was associated or acquired 5 December,2016 30 March ,1973
3. Reporting Currency CNY INR
4. Share of Associate by the Company on the year end :

Number 48,07,584 77,990
Amount of Investment 13,82,61,575 77,99,000
Extent of Holding ( in percentage ) 37.000% 38.995%
5. Description of how there is significant influence Controls more than 20% Controls more than 20%
of the total share capital of the total share capital
6. Reason why the associate is not consolidated NA NA
7. Networth attribute to share holding as per latest
audited Balance Sheet 24,35,84,156 2,40,21,861
8. Profit or Loss for the year :
i) Considered in Consolidation (8,23,26,666) (30,29,514)
ii) Not Considered in Consolidation — —
Names of Associates or Joint Ventures which are yet to commence Operations : NIL
Names of Associates or Joint Ventures which have been liquidated or sold during the year : NIL
124

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TRL

Sixty-second Annual Report 2020 - 21

Directors' Report .......................................................................................................................9

Management Discussion and Analysis ..................................................................................26

Corporate Governance Report ...............................................................................................28

Standalone Financial Statement

Independent Auditors' Report ................................................................................................36

Annexure to the Auditors' Report ...........................................................................................39

Balance Sheet ........................................................................................................................44

Statement of Profit & Loss .....................................................................................................45

Cash Flow Statement .............................................................................................................47

Accounting Policies ................................................................................................................58

Consolidated Financial Statement

Independent Auditors' Report on Consolidated Financial Statements ...................................81

Consolidated Balance Sheet...................................................................................................86

Consolidated Profit & Loss .....................................................................................................87

Consolidated Cash Flow ........................................................................................................89

Consolidated Accounting Policies .........................................................................................100

Mr. Sambit Mishra Company Secretary

Registered Office Belpahar- 768218

Principal Bankers State Bank of India

Auditors BSR & Co LLP

Secretarial Auditors Ashok Mishra & Associates

Cost Auditors M/s JUP & Associates

Statement pursuant to Section 102(1) of the Companies Act, 2013 (“Act”)

By Order of the Board of Directors

Name of Director Mr. H. M. Nerurkar Mr. Hisatake Okumura

Date of Birth 20.10.1948 22.11.1962

Date of Appointment 27.08.2011 01.04.2018

Qualifications B.Tech (Metallurgy) Bachelor of Science

Directorship held in other public

Shareholding in the Company NIL NIL

Name of Director Mr. Sachihiko Asaya Mr. Jumpei Konishi

Date of Birth 10.05.1967 09.04.1963

Date of Appointment 16.03.2021 27.04.2021

Qualifications Bachelor of Liberal Arts Master of Metallurgy,

Directorship held in other public

Shareholding in the Company NIL NIL

2020-21 2019-20 2018-19 2017-18 2016-17

Turn Over 1,429.73 1,653.76 1,594.29 1,194.90 1,090.66

Depreciation 28.94 26.83 31.86 20.51 18.17

Profit before Taxes 57.14 131.38 129.96 72.46 63.15

Profit After Taxes 44.48 100.69 84.72 47.03 45.79

Shareholders' Funds 497.57 485.95 418.33 353.00 322.99

Borrowings 209.25 233.17 219.01 162.63 215.38

Dividends 13.38 30.31 30.74 16.63 15.85

Dividend - (%) 64 145 122 66 63

Employee - Numbers 1427 1458 1435 1332 1291

Financial Results (` Crores)

Gross Revenue 1429.73 1653.76 1427.67 1653.76

Less Total Expenses 1339.11 1479.00 1339.11 1479.00

Profit before finance cost, depreciation, Taxes and other

Less Finance Cost 12.42 16.55 12.42 16.55

Less Depreciation 28.94 26.83 28.94 26.83

Add share of profit of Associates — — (8.54) 4.18

Exceptional Item 7.88 — 7.88 —

Profit before taxes 57.14 131.38 46.54 135.56

Less provision for Current taxation 10.82 33.62 10.82 33.62

Less provision for Deferred taxation 1.84 (2.93) 0.01 (3.43)

Profit after Taxes 44.48 100.69 35.71 105.37