Mayur Uniquoters Annual Report 2023 24

MAYUR UNIQUOTERS LIMITED
31st ANNUAL REPORT 2023-24

Statutory Reports • Financial Statements - Standalone • Financial Statements - Consolidated
BOARD’S REPORT
To the Members,
The Directors are pleased to present the 31st Annual Report on the business and operations of Mayur Uniquoters Limited
(“the Company” or “Mayur”) along with the audited standalone & consolidated financial statements for the financial year
ended March 31, 2024.
1. FINANCIAL HIGHLIGHTS
The Company has prepared the financial statements for the financial year ended March 31, 2024, in terms of Sections
129, 133 and Schedule III to the Companies Act, 2013 (as amended) (the “Act”) read with the Companies (Indian
Accounting Standards) Rules, 2015, as amended.
The Company’s financial performance for the year ended March 31, 2024 is summarized as below:
(Rs. in Lakhs)
Particulars Standalone Consolidated
March 31, 2024 March 31, 2023 March 31, 2024 March 31, 2023
Income from Operations 76,424.04 76,409.09 80,297.94 77,563.39
Other Income 3077.32 1573.94 3,184.73 1,774.26
Total Income 79,501.36 77983.03 83,482.67 79,337.65
Net Profit/(Loss) for the period (Before Tax,
Exceptional and/or Extraordinary Items) 15,510.46 13,533.90 15,881.97 13,170.47
Net Profit/(Loss) for the period Before Tax
(After Exceptional and/or Extraordinary Items) 15,510.46 13,533.90 15,881.97 13,170.47
Net Profit/(Loss) for the period After Tax
(After Exceptional and/or Extraordinary Items) 11,954.78 10,748.14 12,246.83 10,420.70
Total Comprehensive Income for the period
[Comprising Profit/(Loss) for the period (After Tax)
and Other Comprehensive Income (After Tax)] 11,897.71 10,734.61 12,226.97 10,534.48
Equity Share Capital 2,197.63 2,197.63 2,197.63 2,197.63
Other Equity [Reserves (Excluding Revaluation
Reserve)] 84,577.46 73,558.80 84,512.42 73,164.49
Earnings Per Share (of Rs. 5.00 each)
(for continuing and discontinued operations):
1. Basic: 27.20 24.44 27.86 23.69
2. Diluted: 27.20 24.44 27.86 23.69
2. STATE OF COMPANY’S AFFAIRS AND PERFORMANCE There is no change in the nature of business of the
During the financial year under review, there is Company for the year under review.
remarkable growth of the Company in the market and Revenue and Profit (Standalone)
it achieved the highest ever turnover in its history during Your company’s total income during the financial year
the financial year. Further information on the business under review amounted to Rs. 79,501.36 Lakhs as
overview and outlook and state of the affairs of the compared to Rs. 77,983.03 Lakhs in the previous
Company is discussed in detail in the Management financial year and net profit after tax (PAT) amounted to
Discussion & Analysis Report. Rs. 11,954.78 Lakhs as compared to Rs. 10,748.14
The Management at the operational level, with the lakhs in the previous financial year. Accordingly, there
extensive support of the employees, made it possible is a remarkable increase in Net Profit After Tax (PAT) by
to achieve the organizational activities at the desired 11.23% during the financial year 2023-24.
levels / targets and the cumulative efforts turned the
budgets into achievements.
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Revenue and Profit (Consolidated) 5. SHARE CAPITAL

The total income during the year under review The Authorized Share Capital of the Company is Rs.
amounted to Rs. 83,482.67 lakhs as compared Rs. 8,600.00 Lakhs divided into 5,00,00,000 (Five Crores)
79,337.65 lakhs in previous financial year and net profit Equity Shares of Rs. 5.00 (Rupees Five Only) each
after tax (PAT) amounted to Rs. 12,246.83 lakhs as and 15,25,000 (Fifteen Lakhs and Twenty Five
compared to Rs. 10,420.70 lakhs in previous year. Thousand Only) Compulsory Convertible Participating
Accordingly, there is an increase of 17.52% in the Preference Shares (CCPPS) of Rs. 400.00 (Rupees
financial year 2023-24 Four Hundred Only) each.
During the financial year under review, there is an The issued, subscribed and paid up equity share
increase in the profit after tax (PAT) due to capital of the Company is Rs. 2,197.63 Lakhs
implementation of effective cost savings plans, consisting of 4,39,52,600 (Four Crores Thirty Nine
increase in sales price along with the significant Lakhs Fifty Two Thousand Six Hundred) equity shares
increase in sales in overseas subsidiaries. of Rs.5.00 (Rupees Five Only) each and the company
does not have any issued, subscribed or paid up
3. DIVIDEND
preference shares.
Mayur has always endeavored to retain a balance by
providing an appropriate return to the shareholders During the year under review, there was no change in
while simultaneously retaining a reasonable portion the Share Capital of the Company.
of the profit to maintain healthy financial leverage with
6. SUBSIDIARY COMPANY
a view to support and fund the future expansion plans.
The Company along with the following Wholly Owned
During the financial year under review, the Board of Subsidiaries and Step Down Subsidiary is engaged in
Directors with the approval of the shareholders had the business of manufacturing and supply/trading of
declared the final dividend for the financial year 2022- artificial leather not only in the country but also across
23 of Rs. 2.00 per share of face value Rs 5.00 each the globe:
(i.e.40%). Also, the Board at its meeting held on May
The Company has the following Wholly Owned
21, 2024 has recommended a dividend of Rs. 3.00
Subsidiary Companies:
per share of face value Rs. 5.00 each (i.e.60%) and
the same is subject to the approval of shareholders at I. Mayur Uniquoters Corp. (USA) - Wholly Owned
the ensuing Annual General Meeting to be held on Subsidiary
September 14, 2024. During the financial year, the total Mayur Uniquoters Corp. (MUC) was incorporated
dividend payout was Rs. 879.05 Lakhs and proposed in Texas, USA as a domestic for Profit Corporation
final dividend payout for the financial year 2023-24 will under the provisions of Texas State Laws having
be Rs. 1,303.58 Lakhs. its office at 1999, Bryan St. Suite 900, Dallas, Texas.
MUC’s main activity is supply of artificial leather to
Pursuant to the Finance Act, 2020, dividend income is
OEM customer in USA on just in time basis. MUC
taxable in the hands of the Members effective April 1,
is not engaged in any manufacturing activity except
2020 and the Company is required to deduct tax at
some job work processing which is based on
source (TDS) from dividend paid to the Members at
customers’ requirements.
prescribed rates as per the Income-Tax Act, 1961.
II. Mayur Uniquoters SA (Pty) Ltd. (Johannesburg,
The Dividend Distribution Policy, in terms of Regulation
South Africa) – Wholly Owned Subsidiary
43A of the SEBI (Listing Obligations and Disclosure
Mayur Uniquoters SA (Pty) Ltd was incorporated in
Requirements) Regulations, 2015 (“Listing
Republic of South Africa and is the Wholly Owned
Regulations”), can be accessed on the Company’s
Subsidiary of the Company. The Company is mainly
website at www.mayuruniquoters.com/pdf/dividend-
engaged in the trading of PVC Vinyl or Artificial/
distribution-policy.pdf
Synthetic Leather in the territory of Republic of
4. TRANSFER TO RESERVES South Africa.
Your Board do not propose to transfer anu amount to
III. Futura Textiles Inc. (Nevada, USA) – Step Down
the General Reserve during the financial year ended
Subsidiary.
March 31, 2024.
Futura Textiles Inc. was incorporated in State of
Nevada, USA and is the wholly owned subsidiary
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of Mayur Uniquoters Corp. (USA). The Company Heading into 2024, Mayur is poised to sustain its
is mainly engaged in the business of retail and healthy growth trajectory and a fortified market
whole sale trading of Upholstery of PVC Vinyl or presence developed over decades. The Subsidiary
Artificial/Synthetic Leather. Companies of Mayur marks a significant milestone in
the journey of Mayur into the African market and USA
IV. Mayur Tecfab Private Limited- Wholly Owned
Market. This strategic move underscores the
Subsidiary.
Company’s commitment strengthening its
Mayur Tecfab Private Limited was incorporated in
international footprint, promising to enhance Mayur’s
Jaipur, Rajasthan as Wholly Owned Subsidiary of
global operations significantly.
the Company. The Company is mainly engaged
in the business of retail sector and involved in the Further, the contribution of Subsidiaries to overall
trading of Artificial/Synthetic Leather. performance of your Company is outlined in Note No.
47 of the Consolidated Financial Statements.
A statement containing salient features of the financial
statement of each of the subsidiaries, step down Further during the financial year under review the
subsidiary companies for the financial year ended Company does not have any Joint Venture or Associate
March 31, 2024, in the prescribed format AOC-1, is Company.
attached as Annexure I to the Financial Statements of
8. MATERIAL CHANGES & COMMITMENTS
the Company and forms a part of this Annual Report.
In pursuance to Section 134(3) (l) of the Act, no material
In accordance with Section 136 of the Act, the audited changes and commitments have occurred after the
Financial Statements, including the Consolidated closure of the financial year to which the financial
Financial Statements and the related information of statements relate till the date of this report, affecting
the Company as well as the audited financial the financial position of the Company.
statements of each of its subsidiaries, are available
9. MATERIAL ORDERS
on the website of the Company at
In pursuance to Rule 8 (5) (vii) of the Companies
www.mayuruniquoters.com
(Accounts) Rules, 2014, no significant or material
These documents will also be available for inspection orders were passed by the regulators or courts or
on all working days, during business hours, at the tribunals impacting the going concern status and
Registered Office of the Company till the date of the Company’s operations in future.
annual general meeting.
10. PARTICULARS OF LOANS, GUARANTEES AND
To comply with the provisions of Regulation 16(1)(c) of INVESTMENT
Listing Regulations, the Board of Directors of the Pursuant to the provisions of Section 186 of the Act,
Company have approved and adopted a Policy for and Schedule V of the Listing Regulations, investments
determining material subsidiaries and the same is made are provided as part of the financial statements.
available on Company’s website at the web link i.e. There are no loans granted, guarantees given or
www.mayuruniquoters.com/pdf/policy-on-material- securities provided by your Company in terms of Section
subsidiary.pdf 186 of the Act, , read with the Rules issued there under
during the year under review.
There was no company which has ceased to be
Company’s Subsidiary or step-down subsidiary during 11. RELATED PARTY TRANSACTIONS
the financial year ended on March 31, 2024. The Company has framed a Policy on materiality of
related party transactions and on dealing with related
7. HIGHLIGHTS OF PERFORMANCE OF SUBSIDIARIES,
party transactions in accordance with the Act, and Listing
ASSOCIATES AND JOINT VENTURE COMPANIES AND
Regulations. The Policy intends to ensure that proper
THEIR CONTRIBUTION ON OVERALL PERFORMANCE
reporting, approval and disclosure processes are in
OF THE COMPANY
place for all transactions between the Company and
During the financial year under review, there is
its related parties. The policy is also uploaded on
significant contribution by the subsidiary companies
website of the Company at www.mayuruniquoters.com/
to the Consolidated Revenue of the Company and all
the subsidiary companies have performed very well in During the year under review, all contracts /
their respective global market. arrangements / transactions entered into by the
Company with Related Parties were in the ordinary
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course of business and on an arm’s length basis. All 12. CREDIT RATING
the Related Party Transactions which are of repetitive During the financial year 2023-24 Credit Rating Agency
and non-repetitive nature and proposed to be entered CARE has reaffirmed stable rating as follows:
into during the financial year under review are placed
Facilities Rating
before the Audit Committee for prior omnibus approval
of the Audit Committee. A statement giving details of all Long Term Bank Facility CARE AA; Stable
Related Party Transactions entered into, as approved, Short Term Bank Facility CARE A1+
is placed before the Audit Committee for review on a Long Term / Short Term Bank Facility CARE AA ;
quarterly basis. None of the transactions with any of
Stable / CARE A1+
the related parties were in conflict with the interest of
the Company, rather, these were synchronized and 13. BOARD MEETINGS
synergized with the Company’s operations. The details of Board and Committee meetings held
The Company has developed a framework for the during the financial year 2023-24 are set out in the
purpose of identification and monitoring of such Corporate Governance Report which forms a part of
Related Party Transactions. Since all Related Party this report.
Transactions entered into by your Company were in During the year, the Board of Directors met 4 times,
the ordinary course of business and also on an arm’s i.e., on May 19, 2023, August 08, 2023, November 08,
length basis, therefore, details required to be provided 2023, and February 07, 2024. The gap between two
in the prescribed Form AOC - 2 are not applicable to consecutive meetings was within the time period
your Company. Necessary disclosures required under prescribed under the Act, Secretarial Standard-1 and
the Ind AS 24 have been made in Note No. 41 of the as per the Listing Regulations. All. For details, please
notes to the standalone financial statements for the refer to the Report on Corporate Governance, which
financial year ended March 31, 2024. forms a part of this Annual Report.
14. DIRECTORS AND KEY MANAGERIAL PERSONNEL

As on March 31, 2024, the composition of the Board of Directors was in accordance with the provisions of Section 149
of the Act and Regulation 17 of the Listing Regulations, with an optimum combination of Executive, Non-Executive and
Independent Directors.
As on the date of this Annual Report, the Board of Directors of the Company consists of 6 members. The Board
consists of Managing Director, Whole time Director and 4 Independent Directors.
The list of Directors and Key Managerial Personnel at the end of the reporting period is as under:
Name DIN Designation Category

Mr. Suresh Kumar Poddar 00022395 Chairman and Executive Director
Managing Director & CEO
Mr. Arun Kumar Bagaria 00373862 Wholetime Director Executive Director
Mrs. Tanuja Agarwal 00269942 Independent Director Non-Executive Director
Mr. Ratan Kumar Roongta 03056259 Independent Director Non-Executive Director
Dr. Shyam Agrawal 03516372 Independent Director Non-Executive Director
Mr. Arvind Kumar Sharma 01417904 Independent Director Non-Executive Director
Mrs. Nivedita Ravindra Sarda 00938666 Independent Director Non-Executive Director
Mr. Vinod Kumar Sharma N.A. Chief Financial Officer Key Managerial Personnel
Mr. Pawan Kumar Kumawat N.A. Company Secretary Key Managerial Personnel
Mr. Suresh Kumar Poddar (DIN: 00022395) was re-appointed as Chairman and Managing Director & CEO of the
Company for a period of 3 years w.e.f. April 01, 2023.
Mrs. Tanuja Agarwal (DIN: 00269942) ceased to be the Independent Director of the Company w.e.f April 10, 2024 due
to completion of second term of her tenure as an Independent Director of the Company.
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Mr. Arvind Kumar Sharma (DIN: 01417904) was meet the criteria of independence as laid down under
reappointed by the shareholders of the Company by Section 149(6) of the Act along with Rules framed
passing Special Resolution in their Annual General thereunder, Regulation 16(1)(b) of SEBI (LODR)
Meeting held on September 14, 2023 for the Second Regulations and have complied with the Code of
term of (as he will attaining the age of 75 years during Conduct of the Company as applicable to the Board of
financial year 2023-24) as an Independent Director of directors and Senior Management. In terms of
the Company w.e.f February 13, 2024. He possesses Regulation 25(8) of the SEBI (LODR) Regulations, the
the requisite skills and capabilities, which would be of Independent Directors have confirmed that they are
immense benefit to the Company, and hence he was not aware of any circumstance or situation, which
reappointed as an Independent Director. exists or may be reasonably anticipated, that could
impair or impact their ability to discharge their duties
Mrs. Nivedita Ravindra Sarda (DIN:00938666) was
with an objective independent judgement and without
appointed as an Additional Director (Independent
any external influence. The Company has received the
Director) of the Company by the Board in its meeting
declarations from all Independent Directors that they
held on November 08, 2023 for the first term term of 5
are exempted from appearing in the test or they have
consecutive years and her appointment was approved
passed the online proficiency exam as required by the
by the members through resolution passed by postal
Indian Institute of Corporate Affairs (IICA) and also
ballot with requisite majority on January 07, 2024. She
received the confirmation of their registration in the
is having a vast experience, specialized knowledge in
Independent Directors Database maintained by the
the areas of the Legal, Finance, Risk Management,
IICA, in terms of Section 150 of the Act read with Rule 6
Economics, Business and Strategy, Corporate
of the Companies (Appointment and Qualification of
Governance, Investment.
Directors) Rules, 2014.
In accordance with the provisions of the Section 152 of
The Independent Directors of the Company have
the Act, and the Articles of Association of the Company,
complied with the Code for Independent Directors as
Mr. Arun Kumar Bagaria (DIN: 00373862), Wholetime
prescribed in Schedule IV to the Act.
Director of the Company is liable to retire by rotation at
the ensuing Annual General Meeting (AGM) and being In the opinion of the Board, the Independent Directors
eligible, has offered himself for re-appointment and possess the requisite expertise and experience
the date of effective reappointment will be September (including the proficiency) and are persons of high
14, 2024, if approved by the members in this AGM. In integrity and repute. They fulfill the conditions specified
this regard the relevant resolution for re-appointment in the Act as well as the Rules made thereunder and
of Mr. Arun Kumar Bagaria (DIN:00373862), Wholetime are independent of the management.
Director has been included in the notice convening the
The terms & conditions for the appointment of
ensuing AGM. The Directors recommend the same for
Independent Directors are given on the website of the
approval by the members.
Company i.e.
As per the above mentioned provisions of the Act, Mr. www.mayuruniquoters.com/appointment-letter-of-
Suresh Kumar Poddar (DIN: 00022395), Chairman independent-director.php
and Managing Director & CEO of the Company was
16. FAMILIARIZATION PROGRAMME FOR INDEPENDENT
liable to retire by rotation in the previous AGM held on
DIRECTORS
September 14, 2023 and his reappointment was by
Your Company believes that a Board which is well
the members in the said AGM and he was reappointed
familiarized with the Company and its affairs, can
with effect from September 14, 2023.
contribute significantly to effectively discharge its role
The relevant details as required under SEBI (LODR) of trusteeship in a manner that fulfils stakeholders
Regulations and the Secretarial Standards on General aspirations and societal expectation.
Meeting (‘SS-2’) issued by ICSI are furnished as
In pursuit of this and in compliance with the
Annexure A to the Notice of AGM, forming part of the
requirements of the Act and the listing regulations, the
Annual Report.
Company has put in place a familiarization programme
15. DECLARATION BY INDEPENDENT DIRECTORS for the Independent Directors to familiarize them with
All Independent Directors of the Company have given their role, rights, and responsibility as Directors, the
requisite declarations under Section 149(7) of the Act, working of the Company, nature of the industry in which
and Regulation 25 of the Listing Regulations, that they the Company operates, business model etc. and the
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Company Secretary brief the Directors about their legal Independent Director’s performance evaluation was
and regulatory responsibilities as Director. All new carried out on parameters such as Director upholds
Independent Directors inducted into the Board attend ethical standards of integrity, the ability of the director
an orientation program which enables them to to exercise objective and independent judgment in the
augment their knowledge & skills, so that they can best interest of Company, the level of confidentiality
discharge their responsibilities effectively and maintained. The Directors expressed their satisfaction
efficiently. with the evaluation process.
The details of such familiarization programmes In their separate meeting, the Independent Directors
imparted to Independent Directors are posted on the had carried out performance evaluation of Non-
website of the Company and can be accessed at Independent Directors and the Board as a whole. The
w w w. m a y u r u n i q u o t e r s . c o m / f a m i l i a r i s a t i o n - Independent Directors also carried out the
programme-for-independent-directors.php performance evaluation of the Chairman, taking into
account the views of Executive and Non-Executive
Apart from the above, the Directors are also given an
Directors.
update on the environmental and social impact of the
business, corporate governance, developments and The quality, quantity and timeliness of flow of
investor relations matters. information between the Company Management and
the Board which is necessary for the Board to effectively
17. ANNUAL EVALUATION OF THE BOARD
and reasonably perform their duties were also
Pursuant to the provisions of the Actand Listing
evaluated in the said meeting.
Regulations, performance evaluation has been carried
out by the Board, Nomination Remuneration The Board found the evaluation satisfactory and no
Committee (NRC) and by the Independent Directors. observations were raised during the said evaluation
The Board has carried out an annual performance in current year as well as in previous year.
evaluation of its own, individual Directors including
18. AUDITORS AND AUDITORS’ REPORT
Independent Directors (without the presence of the
director being evaluated) and its Committees. Statutory Auditors
Members of the Company in their 29th Annual General
Board evaluation was carried out on the basis of
Meeting (AGM) held on July 29, 2022 have appointed
questionnaire, prepared after considering various
M/s. Walker Chandiok & Co LLP, Chartered Accountants
inputs received from the Directors, covering various
(FRN 001076N/N500013) as Statutory Auditors of the
aspects revealing the efficiency of the Board’s
Company to hold office for a period of up to 5 (five)
functioning such as Development of suitable
years i.e. till the conclusion of 34th Annual General
strategies and business plans, size, structure and
Meeting (AGM) of the Company. Pursuant to Section
expertise of the Board and their efforts to learn about
139 and 141 of the Act and relevant rules framed there
the Company and its business, obligations and
under the Company has also received the eligibility
governance.
from Statutory Auditor confirming their non
The performance of Committees was evaluated by the disqualification for continuing as auditors of Company.
Board on parameters such as whether the Committees
The Statutory Auditor has issued Audit Reports with
of the Board are appropriately constituted, Committees
unmodified opinion on the Standalone and
has an appropriate number of meetings each year to
Consolidated Financial Statements of the Company
accomplish all of its responsibilities, Committees
for the financial year ended March 31, 2024. Further
maintain the confidentiality of its discussions and
the Statutory Auditors have not reported any frauds
decisions.
under Section 143(12) of the Act. The Notes on the
Performance evaluation of every Director was carried Financial Statements referred to in the Audit Report
out by Board and Nomination & Remuneration are self-explanatory and therefore, do not call for any
Committee on parameters such as appropriateness further explanation or comments from the Board.
of qualification, knowledge, skills and experience, time
Secretarial Auditor
devoted to Board deliberations and participation in
Pursuant to provisions of Section 204 of the Act and
Board functioning, extent of diversity in the knowledge
Rules made thereunder, M/s. V. M. & Associates,
and related industry expertise, attendance and
Company Secretaries, Jaipur (FRN P1984RJ039200),
participations in the meetings and workings thereof
was appointed as Secretarial Auditor to conduct the
and initiative to maintain high level of integrity & ethics.
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secretarial audit of the Company for the Financial Year of the Company has appointed M/s. S. Bhandari & Co.,
2023-24. Chartered Accountants, (FRN: 000560C) as an Internal
Auditor to conduct the Internal Audit of the Company for
The Secretarial Audit Report received in form MR-3
the financial year 2023-24.
from M/s. V.M. & Associates, Company Secretaries, in
respect of the Secretarial Audit of the Company for the Further the Board of Directors has re-appointed M/s.
financial year ended on March 31, 2024, is enclosed S. Bhandari & Co., Chartered Accountants as an
as Annexure-II to this Report. The Secretarial Audit Internal Auditor of the Company to conduct the Internal
Report for the financial year 2023- 24, does not contain Audit for the financial year 2024-25.
any qualification(s), reservation(s) or adverse remarks
Their scope of work includes review of operational
and no fraud was reported by the Secretarial Auditors
efficiency, effectiveness of systems & processes,
under Section 143(12) of the Act in their Report.
compliances and assessing the internal control
The Board on the recommendation of Audit Committee strengths in all areas. Internal Auditors findings are
has re-appointed M/s. V.M. & Associates, Company discussed and suitable corrective actions are taken
Secretaries as Secretarial Auditor of the Company to as per the directions of Audit Committee on an on-
carry out Secretarial Audit of the Company for the going basis to improve efficiency in operations.
financial year 2024- 25.
During the financial year 2023-24, no fraud was
Cost Audit and Records reported by the Internal Auditor of the Company in their
The cost accounts and records as required to be Audit Report.
maintained under Section 148(1) of Act, are duly made
19. BOARD’S COMMITTEES
and maintained by your Company. In accordance with
The Company has constituted various Committees of
the provisions of Section 148 of the Act and rules made
the Board as required under the Act, and the Listing
there under, the Board of Directors of the Company
Regulations. For details like composition, number of
has appointed M/s. Pavan Gupta & Associates, Cost
meetings held, attendance of members, etc. of such
Accountants, (FRN 101351), as the Cost Auditor of the
Committees, please refer to the Corporate Governance
Company for the financial year 2023-24.
Report which forms a part of this Annual Report.
The Company has received Cost Audit Report on the
20. PREVENTION OF INSIDER TRADING
cost accounts of the Company for the financial year
To comply with the provisions of Regulation 9 of the
ended on March 31, 2024 and the same has been
Securities and Exchange Board of India (Prohibition of
filed with Ministry of Corporate Affairs (MCA).
Insider Trading) Regulations, 2015, your Company has
The Board has re-appointed M/s. Pavan Gupta & established systems and procedures and has framed
Associates, Cost Accountants (FRN 101351) as Cost a Code of Conduct to regulate, monitor and report
Auditor to conduct the audit of cost records of your trading by its designated persons and their immediate
Company for the financial year 2024-25. relatives and procedures for fair disclosure of
Unpublished Price Sensitive Information.
The remuneration payable to the Cost Auditor is subject
to ratification by the Members at the Annual General The trading window is closed during the time of
Meeting. Accordingly, the necessary Resolution for declaration of results which prohibits the Directors of
ratification of the remuneration payable to M/s. Pavan the Company and other designated persons and their
Gupta & Associates, Cost Accountants, for the audit of relatives to deal in the securities of the Company on
cost records of the Company for the financial year 2024- the basis of any UPSI, available to them by virtue of
25, has been included in the Notice of the ensuing their position in the Company. The trading window is
Annual General Meeting of the Company. The Directors also closed on the occurrence of any material events
recommend the same for approval by the Members. as per the code. The same is available on the
Company’s website i.e.
During the financial year 2023-24, no fraud was
www.mayuruniquoters.com/pdf/policy-of-practice-and-
reported by the Cost Auditor of the Company in their
procedure-for-fair-disclosure-of-unpublished-price-
Audit Report.
sensitive-information.pdf
Internal Auditor
In accordance with the provisions of Section 138 of the
Act and Rules made thereunder, the Board of Directors
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21. DISCLOSURE RELATED TO POLICIES deviation or risk is found, remedial and effective steps
are being taken to minimize the deviation and risk. In
Vigil Mechanism/Whistle Blower Policy
line with the provisions of Regulation 21(5) of SEBI
The Company has adopted a Whistle Blower Policy,
(LODR) Regulations, the top 1,000 listed entities,
as part of vigil mechanism as per the provisions of
determined on the basis of market capitalization, as at
Section 177 of the Act, and Regulation 22 of Listing
the end of the immediate previous financial year shall
Regulations for Directors and Employees of the
constitute a Risk Management Committee.
Company. Under the Vigil Mechanism Policy, the
protected disclosures can be made by a victim through Further pursuant to the provisions of Regulation 21 of
an e-mail or a letter to the Chairperson of the Audit the Listing Regulations , the Company has developed
Committee. The Policy provides for adequate a Risk Management Policy to build and establish the
safeguards against victimization of Directors and process and procedure for Identifying, assessing,
Employees who avail of the vigil mechanism. quantifying, minimizing, mitigating and managing the
associated risk at early stage. The main objectives of
The main objective of this policy is to provide a platform
the Risk Management Policy is inter-alia,to ensure to
to Directors and Employees wishing to raise concerns
protect the brand value through strategic control and
regarding any irregularity, misconduct or unethical
operational policies and to enable compliance with
matters / dealings within the Company, which may have
appropriate regulations wherever applicable, through
a negative bearing on the organization either financially
the adoption of best practices.
or otherwise. The policy is available on the Company’s
website at the weblink Your Company assesses several type of risks which
www.mayuruniquoters.com/pdf/mul-whistle-blower- include Business Environment Risks, Strategic
policy.pdf Business Risks and Operational Risks etc. The Board
of Directors periodically reviews and evaluates the risk
During the financial year under review, no whistleblower
management system of the Company so that the
event was reported and mechanism is functioning well.
management controls the risks through properly
and it is affirmed that no personnel of the Company
defined networks. Head of the Departments are
have been denied access to the Chairperson of the
responsible for implementation of the risk
Audit Committee.
management system as may be applicable to their
Corporate Social Responsibility (CSR) respective areas of functioning and report to the Board
The Company has implemented Corporate Social and Audit Committee. No risks threatening the
Responsibility Policy (“CSR Policy”) in accordance with existence of the organization have been identified.
the provisions of Section 135 of the Companies Act,
The Risk Management policy is available on the
2013 read with The Companies (Corporate Social
Company’s website at the web link i.e.
Responsibility Policy) Rules, 2014 on recommendation
www.mayuruniquoters.com/pdf/risk-management-
of Corporate Social Responsibility Committee (CSR
policy.pdf
Committee) and on approval of the Board of Directors
of the Company. CSR Committee undertakes CSR Nomination And Remuneration Policy
activities in accordance with its CSR Policy uploaded In accordance with Section 178 of the Act read with
on the Company’s website at Rule 6 of Companies (Meetings of Board and its
www.mayuruniquoters.com/pdf/csr-policy.pdf Powers) Rules, 2014 and Regulation 19 of Listing
Regulations, , your Company has constituted a
The Company has contributed a sum of Rs. 231.08
Nomination and Remuneration Committee (“NRC”),
Lakhs towards CSR activities during the financial year
details of which has been disclosed in the Corporate
under review. The Annual Report on CSR activities for
Governance Report forming part of this Annual Report.
the Financial Year 2023-24 as required under Sections
Your Company has also formulated a Nomination and
134 and 135 of the Act read with Rule 8 of the
Remuneration Policy (“NRC Policy”) in accordance with
Companies (Corporate Social Responsibility Policy)
Section 178(3) of the Companies Act, 2013 for
Rules, 2014 and Rule 9 of the Companies (Accounts)
Directors, Key Managerial Personnel (KMP) and Senior
Rules, 2014 is attached to this report as Annexure -III.
Management of the Company. This policy formulates
Risk Management Policy the criteria for determining qualifications
The Management of the Company has always been competencies, positive attributes and independence
consciously reviewing its business operations in for the appointment of a Director and it also provides
accordance with set rules and procedure and if any guidelines to the NRC relating to the Appointment,
24
Removal & Remuneration of Directors, KMP and Senior 24. DEPOSIT

Management of the Company. The Company has neither invited nor accepted or
renewed any deposit amount falling within the purview
It also provides a manner for effective evaluation of the
of Section 73 of the Companies Act, 2013 (the Act) read
performance of the Board, its Committees and
with the Companies (Acceptance of Deposit) Rules,
individual Directors. The said policy of the Company is
2014, during the year under review. No amount of
uploaded on website of the Company at
principal or interest was outstanding as on March 31,
w w w. m a y u r u n i q u o t e r s . c o m / p d f / n o m i n a t i o n -
2024. Hence, the requirement of providing details
remuneration-policy-board-performance-evalution-
relating to deposits as also of deposits which are not
policy.pdf
in compliance with Chapter V of the Act, is not
22. DISCLOSURE UNDER THE SEXUAL HARASSMENT OF applicable.
WOMEN AT WORKPLACE (PREVENTION,
25. INTERNAL FINANCIAL CONTROL AND ITS ADEQUACY
PROHIBITION AND REDRESSAL) ACT, 2013
The Company has adequate Internal Financial
In order to prevent sexual harassment of women at
Controls (IFC) System operating effectively to ensure
workplace “The Sexual Harassment of Women at
the orderly and efficient conduct of its business
Workplace (Prevention, Prohibition and Redressal) Act,
including adherence to company polices, safeguarding
2013” was notified on December 09, 2013. Under the
of its assets, optimal utilization of resources, prevention
said Act, every Company is required to set up an Internal
& detection of frauds and errors, accuracy &
Complaints Committee to look into complaints relating
completeness of accounting records and timely
to sexual harassment at work place of any women
preparation of reliable financial information. The
employee.
Internal Control is supplemented by the detailed
Your Company has always believed in providing a safe internal audit programme, reviewed by management
and harassment free workplace for every individual and by the Audit Committee.
working in Mayur’s premises through various
The standard controls defined in the IFC framework
interventions and practices. The Company always
are reviewed by the Internal auditors and management
endeavors to create and provide an environment that
concurrently to strengthen the existing processes and
is free from discrimination and harassment including
activities of the company by way of formulating new
sexual harassment.
guidelines and incorporating necessary changes in
In terms of the provisions of the Sexual Harassment of the standard operating procedure of the Company.
Women at the Workplace (Prevention, Prohibition and
Based on the results of assessments carried out by
Redressal) Act, 2013, the Company has in placed a
the management, no reportable or significant
robust policy for prevention of Sexual Harassment of
deficiencies, no material weakness in the design or
Women at workplace. The policy aims at prevention of
operation of any control was observed during the
harassment of employees as well as contract workers
period. The Audit Report of the Company does not
and lays down the guidelines for identification, reporting
contain any reportable weakness in the Company
and prevention of sexual harassment and your
related to IFC. The internal financial controls with
Company has also set up an Internal Complaints
reference to the Financial Statements are
Committee to look into complaints relating to sexual
commensurate with the size and nature of business
harassment at work place of any women employee
of the Company.
and follows the guidelines provided in the policy.
26. CONSERVATION OF ENERGY, RESEARCH AND
No complaints were pending at the beginning of the
DEVELOPMENT, TECHNOLOGY ABSORPTION,
year. During the period under review, no complaints
FOREIGN EXCHANGE EARNINGS AND OUTGO.
with allegations of sexual harassment were received
The Information on Conservation of Energy, Technology
by the Company and accordingly no complaints were
Absorption, Foreign Exchange Earnings and Outgo as
pending at the end of the financial year.
stipulated under Section 134(3)(m) of the Act read with
23. ANNUAL RETURN Rule 8 of the Companies (Accounts) Rules, 2014 is
Pursuant to Section 92(3) read with Section134(3)(a) attached to this report as Annexure IV.
of the Act, the Company has placed a copy of the Annual
27. PARTICULARS OF EMPLOYEES
Return as on March 31, 2024 on its website at
Your Company firmly believes that a well-planned
www.mayuruniquoters.com/pdf/annual-return-for-the-
human resource management programme that is
fy-ended-on-31-03-2024.pdf
25
tailored to your organization and staff can actually V.M & Associates practicing Company Secretaries for
improve your business’s bottom line. confirming the compliance of conditions as required
by Regulation 34(3) read with Part E of Schedule V of
Our teams are integral to our business. We have
the listing regulations, form part of the Board’s Report
embraced a culture of excellence to nurture our people.
and the same is annexed herewith as Annexure-VII.
We believe in selecting the right talent, training them
and instilling in them the spirit of Mayur Uniquoters. 30. INVESTOR EDUCATION AND PROTECTION FUND
We focus on developing the most superior workforce It is hereby informed that pursuant to Section 124 of
so that the organization and individual employees can the Act and the applicable Rules, the shares on which
accomplish their work goals in service to customers. dividend has not been paid or claimed by the
We also aim at achieving advance flexibility, innovation, shareholders for seven consecutive years or more
competitive advantage and improved business shall also be transferred to the demat account of IEPF
performance. Authority.
Mayur follows a performance measuring tool like Job During the financial year under review, the Company
Performance Analysis and other Key Performance has transferred the amount of unpaid dividend till the
Indicators (KPI), applicable depending on their position financial year 2016-17 (Third Interim Dividend) to the
in the organization, by which periodical evaluation of Investor Education and Protection Fund under the
the employees’ performance is done based on their provisions of the Investor Education and Protection
area of working. This also encourage them to work Fund Authority (Accounting, Audit, Transfer and Refund)
hard and efficiently at all levels of work. Rules, 2016. The same is available on the Company’s
website i.e. www.mayuruniquoters.com
The statement of disclosure of remuneration under
Section 197 of the Act read with Rule 5(1) of the Further, all the shares in respect of which dividend has
Companies (Appointment and Remuneration of remained unclaimed for seven consecutive years or
Managerial Personnel) Rules, 2014 (‘Rules’), is more from the date of transfer to unpaid dividend
attached to this report as Annexure V. account shall also be transferred to the demat account
of IEPF Authority. The said requirement does not apply
Further, as per second proviso to Section 136(1) of the
to shares in respect of which there is a specific order
Act read with second proviso of Rule 5 of the Rules,
of Court, Tribunal or Statutory Authority, restraining any
the Board’s Report and Financial Statements are being
transfer of the shares.
sent to the Members of the Company excluding the
statement of particulars of employees as required In the interest of the shareholders, the Company sends
under Rule 5(2) of the Rules. Any member interested periodical reminders to the shareholders to claim their
in obtaining a copy of the said statement may write to dividends in order to avoid transfer of dividends/shares
the Compliance Officer at secr@mayur.biz The said to IEPF Authority. Notices in this regard are also
statement is also available for inspection by the published in the newspapers and the details of
Members at the Registered Office of your Company on unclaimed dividends and detail of shareholders whose
all days except Saturday, Sunday and Public Holidays shares are liable to be transferred to the IEPF Authority,
up to the date of AGM i.e. September 14, 2024 between are uploaded on the Company’s website i.e.
11:00 a.m. to 5:00 p.m. www.mayuruniquoters.com
28. MANAGEMENT DISCUSSION AND ANALYSIS During the period under review, the Company
Management Discussion & Analysis Report for the year transferred 73,168 Equity shares of Rs. 5/- each to
under review, as stipulated under Regulation 34(2) (e) Investor Education and Protection Fund (IEPF)
of SEBI (LODR) Regulations is annexed herewith as pursuant to Section 124 of the Companies Act, 2013
Annexure-VI. within the scheduled time.
29. CORPORATE GOVERNANCE 31. BUSINESS RESPONSIBILITY AND SUSTAINABILITY
Your Company is committed to maintain the highest REPORT
standards of Corporate Governance and adhere to the Business Responsibility and Sustainability Report for
Corporate Governance requirements set out by the Financial Year 2023-24 describing the initiatives
Securities and Exchange Board of India. The corporate taken by the Company from an Environment, Social
governance report and certificate received from, M/s. and Governance perspective as stipulated under
26
Regulation 34(2)(f) of SEBI (LODR) Regulations forms Secretaries of India on Meetings of the Board of
part of the Annual Report and the same is annexed Directors and General Meetings;
herewith as Annexure-VIII. • No application has been made under the
Insolvency and Bankruptcy Code; hence the
32. LISTING OF SHARES
requirement to disclose the details of application
Your Company’s shares are listed at BSE Limited and
made or any proceeding pending under the
National Stock Exchange of India Limited and the listing
Insolvency and Bankruptcy Code, 2016 (31 of
fee for the year 2024-25 has been duly paid.
2016) during the year along with their status as at
33. DIRECTORS’ RESPONSIBILITY STATEMENT the end of the financial year is not applicable;
As required by Section 134(3) (c) of the Act, your • There was no revision of financial statements and
Directors state and confirm that: Board’s Report of the Company during the year
a. In the preparation of the annual accounts, the under review;
applicable accounting standards had been • Company has not issued equity shares with
followed along with proper explanation relating to differential rights as to dividend, voting or
material departures; otherwise;
• The Company has not issued any sweat equity
b. the Directors had selected such accounting
shares to its directors or employees; and
policies and applied them consistently and made
• There was no instance of one-time settlement with
judgments and estimates that are reasonable
any Bank or Financial Institution.
and prudent so as to give a true and fair view of the
state of affairs of the Company as at March 31, 35. ACKNOWLEDGEMENT
2024 and of the profit and loss of the Company for The Board appreciates and values the efforts and
the year ended on March 31, 2024; commitment by employees, workmen and staff
c. the Directors had taken proper and sufficient care including the Management headed by the Executive
for the maintenance of adequate accounting Directors who have all worked together as a team in
records in accordance with the provisions of the achieving a commendable business performance
Act for safeguarding the assets of the Company despite a challenging business environment. The
and for preventing and detecting fraud and other Board wishes to place on record its deep appreciation
irregularities; of the Independent Directors and the Non-Executive
Directors of the Company for their valuable contribution
d. the Directors have prepared the annual accounts by way of strategic guidance which helps your
on a ‘going concern’ basis; Company to take the right decisions in progressing
e. the Directors have laid down internal financial towards its business goals.
controls to be followed by the Company and that
The Directors would like to express their appreciation
such internal financial controls are adequate and
for the co-operation and assistance received from the
are operating effectively; and
Government authorities, banks and other financial
f. the Directors have devised proper systems to institutions, vendors, suppliers, customers, debenture
ensure compliance with the provisions of all holders, shareholders and all other stakeholders
applicable laws and that such systems are during the year under review.
adequate and operating effectively.
The Board is deeply grateful to our investors and
34. OTHER DISCLOSURES shareholders for the unwavering confidence and faith
• The Company has complied with Secretarial in us and look forward to their continued support in
Standards issued by the Institute of Company future.
For and on behalf of the Board of

Mayur Uniquoters Limited
Suresh Kumar Poddar

Place : Jaipur (Chairman and Managing Director & CEO)
Dated : August 08, 2024 DIN: 00022395
27
Annexure-I
FORM AOC-1
[Pursuant to first proviso to sub section (3) of section 129 read with rule 5 of Companies (Accounts) Rules, 2014]
Statement containing salient features of the financial statement of Subsidiaries or
Associate Companies or Joint Ventures
PART “A”: Subsidiaries
(Rs. in Lakhs)
S.No. 1 2 3 4
Name of the Subsidiary Mayur Uniquoters Corp. Mayur Uniquoters SA Futura Textiles Inc. Mayur Tecfab Private
Pty Ltd Limited
Date since when subsidiary was acquired March 12, 2014 October 24, 2019 March 25, 2019 May 04, 2022
Reporting periodf or the Subsidiary Concerned April 01, 2023 to April 01, 2023 to April 01, 2023 to April 01, 2023 to
March 31, 2024 March 31, 2024 March 31, 2024 March 31, 2024
Reporting currency and exchange rate as on US Dollar ($) ZAR INR 4.35=1 ZAR US Dollar ($) Not Applicable
the last date of the relevant financial year in the INR 82.89=1 USD INR 82.89=1 USD
case of foreign subsidiary
Share Capital 16.37 0.51 547.07 500
Reserves and Surplus 2,493.44 843.17 417.01 (44.62)
Total Assets 11,185.06 3,233.47 1,282.85 789.32
Total Liabilities 8,675.25 2,389.79 318.77 333.94
Investments 547.07 Nil Nil Nil
Turnover 12,949.08 5,183.57 1,898.61 581.45
Profit Before Taxation 23.87 405.53 348.16 (34.05)
Provision for Taxation 5.01 109.49 73.65 (17.64)
Profit After Taxation 18.86 296.04 274.51 (16.41)
Proposed Dividend Nil Nil Nil Nil
Extent of Share holding (In Percentage) 100% (Wholly 100% (Wholly 100% (Step 100% (Wholly
Owned Subsidiary) Owned Subsidiary) Down Subsidiary) Owned Subsidiary)
• Name of Subsidiary which are yet to commence operations - None

• Name of Subsidiary which have been liquidated or sold during the year - None
For and on behalf of the Board of Directors of

Suresh Kumar Poddar Arun Kumar Bagaria Vinod Kumar Sharma Pawan Kumar Kumawat
(Chairman and Managing (Executive Director) (Chief Financial Officer) (Company Secretary)
Director & CEO) (DIN : 00373862)
(DIN-00022395)
Place : Jaipur
Date : August 08, 2024
28
Annexure-II
Form No. MR-3
SECRETARIAL AUDIT REPORT
FOR THE FINANCIAL YEAR ENDED MARCH 31, 2024
[Pursuant to section 204(1) of the Companies Act, 2013 and Rule No.9 of the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014]
To, (v) The following Regulations and Guidelines prescribed

The Members, under the Securities and Exchange Board of India Act,
Mayur Uniquoters Limited 1992 (‘SEBI Act’):-
Jaipur - Sikar Road
(a) The Securities and Exchange Board of India
Village – Jaitpura, Tehsil - Chomu
(Substantial Acquisition of Shares and Takeovers)
Jaipur – 303 704 (Rajasthan)
Regulations, 2011;
We have conducted the secretarial audit of the compliance
(b) The Securities and Exchange Board of India
of applicable statutory provisions and the adherence to
(Prohibition of Insider Trading) Regulations,
good corporate practices by Mayur Uniquoters Limited
2015;
(hereinafter called “the Company”). Secretarial Audit was
conducted in a manner that provided us a reasonable (c) The Securities and Exchange Board of India
basis for evaluating the corporate conducts/statutory (Issue of Capital and Disclosure Requirements)
compliances and expressing our opinion thereon. Regulations, 2018 (Not applicable to the
Company during the Audit Period);
Based on our verification of the Company’s books, papers,
minute books, forms and returns filed and other records (d) The Securities and Exchange Board of India
maintained by the Company and also the information (Share Based Employee Benefits and Sweat
provided by the Company, its officers, agents and Equity) Regulations, 2021 (Not applicable to the
authorized representatives during the conduct of secretarial Company during the Audit Period);
audit, the explanations and clarifications given to us and (e) The Securities and Exchange Board of India
the representations made by the Management, we hereby (Issue and Listing of Non-Convertible Securities)
report that in our opinion, the Company has, during the Regulations, 2021 (Not applicable to the
audit period covering the financial year ended on March Company during the Audit Period);
31, 2024 (‘Audit Period’) complied with the statutory
provisions listed hereunder and also that the Company (f) The Securities and Exchange Board of India
has proper Board-processes and compliance-mechanism (Registrars to an Issue and Share Transfer
in place to the extent, in the manner and subject to the Agents) Regulations, 1993 regarding the
reporting made hereinafter: Companies Act and dealing with client;
We have examined the books, papers, minute books, (g) The Securities and Exchange Board of India
forms and returns filed and other records maintained by (Delisting of Equity Shares) Regulations, 2021
the Company for the financial year ended on March 31, (Not applicable to the Company during the Audit
2024 according to the provisions of: Period);
(i) The Companies Act, 2013 (the Act) and the rules made (h) The Securities and Exchange Board of India
thereunder; (Buyback of Securities) Regulations, 2018 (Not
applicable to the Company during the Audit
(ii) The Securities Contracts (Regulation) Act, 1956 Period); and
(‘SCRA’) and the rules made thereunder;
(i) The Securities and Exchange Board of India
(iii) The Depositories Act, 1996 and the Regulations and (Listing Obligations and Disclosure
Bye-laws framed thereunder; Requirements) Regulations, 2015.
(iv) Foreign Exchange Management Act, 1999 and the (vi) As confirmed by the management, there are no sector
rules and regulations made thereunder to the extent specific laws that are applicable specifically to the
of Foreign Direct Investment, Overseas Direct company.
Investment and External Commercial Borrowings;
29
We have also examined compliance with the applicable the period under review were carried out in compliance
clauses of the following: with the provisions of the Act.
i. Secretarial Standards issued by The Institute of Adequate notice is given to all Directors to schedule the
Company Secretaries of India; Board Meetings, agenda and detailed notes on agenda
were sent at least seven days in advance, and a system
ii. The Listing Agreements entered into by the Company
exists for seeking and obtaining further information and
with BSE Limited and National Stock Exchange of India
clarifications on the agenda items before the meeting and
Ltd.
for meaningful participation at the meeting.
During the period under review the Company has complied
Majority decision is carried through while the dissenting
with the provisions of the Act, Rules, Regulations,
members’ views, if any, are captured and recorded as part
Guidelines, Standards, etc. mentioned above. Further, the
of the minutes.
Company has also maintained Structured Digital
Database (“SDD”) in compliance with Regulation 3(5) and We further report that there are adequate systems and
3(6) of the Securities and Exchange Board of India processes in the company commensurate with the size
(Prohibition of Insider Trading) Regulations, 2015. and operations of the company to monitor and ensure
compliance with applicable laws, rules, regulations and
We further report that
guidelines.
The Board of Directors of the Company is duly constituted
with proper balance of Executive Directors, Non-Executive We further report that during the audit period the company
Directors and Independent Directors. The changes in the has not undertaken any event/action having a major bearing
composition of the Board of Directors that took place during on the Company’s affairs in pursuance of the above referred
laws, rules, regulations, guidelines, standards, etc.
Place : Jaipur For V. M. & Associates

Date : May 21, 2024 (Company Secretaries)
UDIN : F003355F000411389 (ICSI Unique Code P1984RJ039200)
PR 5447 / 2024
CS Manoj Maheshwari
(Partner)
Membership No. : FCS 3355
C P No. : 1971
Note: This report is to be read with our letter of even date which is annexed as Annexure A and forms an integral part of
this report.
30
Annexure A
To,
The Members
Jaipur - Sikar Road
Village – Jaitpura, Tehsil - Chomu
Our report of even date is to be read along with this letter.
1. Maintenance of secretarial record is the responsibility of the management of the company. Our responsibility is to
express an opinion on these secretarial records based on our audit.
2. We have followed the audit practices and processes as were appropriate to obtain reasonable assurance about
the correctness of the contents of the Secretarial records. The verification was done on test basis to ensure that
correct facts are reflected in secretarial records. We believe that the processes and practices, we followed provide
a reasonable basis for our opinion.
3. We have not verified the correctness and appropriateness of financial records and Books of Accounts of the
company.
4. Where ever required, we have obtained the Management representation about the compliance of laws, rules and
regulations and happening of events etc.
5. The compliance of the provisions of Corporate and other applicable laws, rules, regulations, standards is the
responsibility of management. Our examination was limited to the verification of procedures on test basis.
6. The Secretarial Audit report is neither an assurance as to the future viability of the company nor of the efficacy or
effectiveness with which the management has conducted the affairs of the company.
Place : Jaipur For V. M. & Associates

Date : May 21, 2024 (Company Secretaries)
UDIN : F003355F000411389 (ICSI Unique Code P1984RJ039200)
PR 5447 / 2024
CS Manoj Maheshwari
(Partner)
Membership No. : FCS 3355
C P No. : 1971
31
Annexure-III
ANNUAL REPORT ON CSR ACTIVITES OF THE COMPANY

FOR THE YEAR ENDED MARCH 31, 2024
1. Brief outline on CSR Policy of the Company:

The Company has a long and cherished tradition of commendable initiatives, institutionalized programmes and
practices of Corporate Social Responsibility which have played a laudable role in the development of several
underdeveloped people.
CSR Policy of the Company:
Our CSR activities broadly framed to steer the identification, prioritization, implementation, monitoring and evaluation
of the Financial, Natural, Social, Human and Physical capitals, and the initiatives to prevent, off set or proactively
address them, as appropriate and are essentially guided by project based approach in line with the guidelines
issued by the Ministry of Corporate Affairs of the Government of India.
During the financial year the Company has done CSR activities in promoting health care including environmental
sustainability, Promoting Education, Skill India, Promoting Rural Sports and Nationally recognized sports and other
projects in Rural areas etc.
2. Composition of CSR Committee:
The Composition of CSR Committee as on March 31, 2024 is as follows:
Sl. Name of the Director Designation / Nature of Directorship Number of Number of
No. meetings meetings
of CSR of CSR
Committee Committee
held during attended
the year during
the year
1 Mrs. Tanuja Agarwal* Chairperson, Non-Executive 2 2
Independent Director
2 Mr. Arvind Kumar Sharma Member, Non-Executive Independent Director 2 2
3 Mr. Ratan Kumar Roongta Member, Non-Executive Independent Director 2 2
4 Mr. Shyam Agrawal** Member, Non-Executive Independent Director 2 2
5 Mr. Suresh Kumar Poddar Member, Chairman and Managing Director 2 2
& CEO
6 Mrs. Nivedita Ravindra Member,Non-Executive Independent Director 2 0
Sarda***
Note:
* Due to completion of second tenure of Mrs. Tanuja Agarwal (DIN:00269942) as an Independent Director in the
Company, she has ceased to be the Director of the Company and also has ceased to be the member of CSR
Committees of the Board w.e.f. April 10, 2024.
** The Board has appointed Dr. Shyam Agrawal, Independent Director (DIN: 03516372) as a Chairperson of the
Corporate Social Responsibility Committee w.e.f. April 01, 2024.
*** Mrs. Nivedita Ravindra Sarda was appointed as an Independent Director of the Company w.e.f November 08,
2023 and become the member of CSR Committee w.e.f November 08, 2023 and after her appointment no CSR
meeting was held.
32
3. The composition of CSR Committee, CSR Policy and CSR projects/activity approved by the board are disclosed on
the website of the company.
The web link of the Composition of CSR Committee is www.mayuruniquoters.com/committees-of-directors.php
The web link to the Contents of the CSR Policy is www.mayuruniquoters.com/pdf/csr-policy.pdf
The web link of the CSR projects/activity is www.mayuruniquoters.com/pdf/csr-project-2023-24.pdf
4. The executive summary along with web-link(s) 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.
Not Applicable to the Company.
5. a. Average net profit of the company as per sub-section (5) of section 135: Rs. 11,507.25 Lakhs
b. Two percent of average net profit of the company as per sub-section (5) of section 135: Rs 230.15 lakhs
c. Surplus arising out of the CSR Projects or programmes or activities of the previous financial years: NIL
d. Amount required to be set-off for the financial year, if any: 53.65 Lakhs
e. Total CSR obligation for the financial year [(b)+(c)-(d)]: Rs 176.50 Lakhs
6. a. Amount spent on CSR Projects (both Ongoing Project and other than Ongoing Project): Rs. 177.43 lakhs
b. Amount spent in Administrative Overheads: Rs. NIL
c. Amount spent on Impact Assessment, if applicable: Not Applicable
d. Total amount spent for the Financial Year [(a)+(b)+(c)]: Rs.177.43 lakhs
e. CSR amount spent or unspent for the Financial Year:
Total Amount Amount Unspent (in Rs.)

Spent for the Total Amount transferred to Unspent Amount transferred to any fund specified under
Financial CSR Account as per subsection (6) Schedule VII as per second proviso to
Year. (in Rs.) of Section 135. sub-section (5) of Section 135.
Amount Date of transfer Name of the Fund Amount Date of transfer
177.43 lakhs NIL NIL NIL NIL NIL
f. Excess amount for set-off.

Sl. No. Particulars Amount (in Rs.)
(1) (2) (3)
(i) Two percent of average net profit of the company as per sub-section (5) 230.15 lakhs
of section 135
(ii) Total amount spent for the Financial Year 231.07 lakhs
(iii) Excess amount spent for the Financial Year [(ii)-(i)] 0.93 lakhs
(iv) Surplus arising out of the CSR projects or programmes or activities of the NIL
previous Financial Years, if any
(v) Amount available for set off in succeeding Financial Years [(iii)-(iv)] NIL
33
7. Details of Unspent Corporate Social Responsibility amount for the preceding three Financial Years: NIL
1 2 3 4 5 6 7 8
Sl. Preceding Amount Balance Amount Amount Spent Amount transferred to a Fund as Amount Deficiency,
No. Financial transferred to in Unspent CSR in the Financial specified under Schedule VII as remaining to be if any
Year(s) Unspent CSR Account under Year (in Rs) per second proviso to subsection spent in
Account under subsection (6) (5) of section 135, if any succeeding
subsection (6) of section 135 Financial Years
of section 135 (in Rs.) Amount Date of (in Rs)
(in Rs.) (in Rs.) Transfer
1 2022-23 - - - - - - -
2 2021-22 - - - - - - -
3 2020-21 - - - - - - -
8. Whether any capital assets have been created or acquired through Corporate Social Responsibility amount
spent in the Financial Year: No
If Yes, enter the number of Capital assets created/ acquired- NIL
Furnish the details relating to such asset(s) so created or acquired through Corporate Social Responsibility amount
spent in the Financial Year: Not Applicable
Sl. Short particulars of the property or Pin code of Date of Amount of Details of entity/ Authority/ beneficiary
No. asset(s) [including complete the property creation CSR amount of the registered owner
address and location of the property] or asset(s) spent
1 2 3 4 5 6 7 8
CSR Registration Name Registered
Number, if address
applicable
1 Not Applicable
9. Specify the reason(s), if the company has failed to spend two per cent of the average net profit as per subsection
(5) of section 135.
Not Applicable

Suresh Kumar Poddar Shyam Agrawal

Place : Jaipur (Chairman and Managing Director & CEO) (Chairperson- CSR Committee)
Dated : May 21, 2024 (DIN:- 00022395) (DIN:- 03516372)
34
Annexure – IV
PARTICULARS REQUIRED UNDER SECTION 134(3)(M) OF THE COMPANIES ACT,

2013 READ WITH THE COMPANIES (ACCOUNTS) RULES, 2014
The information on Conservation of Energy, R&D, Technology Absorption, Foreign Exchange Earnings and Outgo as
required under Section 134 of the Companies Act, 2013 read with the Companies (Accounts) Rules, 2014 are as
follows:
(A) Conservation of Energy
(i) The steps taken or impact on conservation of energy:
Your Company is a pioneer in propagating energy conservation and operational efficiency with the objective to
provide substantial benefit to customers in the form of reduce emissions, pollutants and deliver cost effective
and environment friendly energy solutions. A multi-pronged and sustainable approach is deployed in most of
our plants to infuse the concept of energy conservation. Some of the energy conservation measures adopted
across the manufacturing units were:
• Replacement of existing low efficiency motors with high efficiency motors.
• Installed air washer unit drive at canteen, perforation and embossing machine area.
• Replacement of ESP cooling tower fan motor control with Variable Frequency Drive (VFD) system for saving
energy consumption.
• Identification and replacement of old conventional light with LED lights to reduce energy consumption.
• For optimizing the energy requirement, replacing the motors and pumps with energy efficient motors is one
of the key elements.
• Incorporating new technology in the air- conditioning system to optimize power consumption and
identification and replacement of low efficient machines (AC).
• Replacement of old inefficient motors with high efficient motors.
• Replacement old copper chock tubelites with energy efficient fluorescent tubelite with electronic blast.
(ii) The steps taken by the Company for utilising alternate sources of energy: None
(iii) The capital investment on energy conservation equipment’s: Nil
(B) Technology Absorption
(i) The efforts made towards technology absorption:
The Company realizes that in order to stay competitive and avoid obsolescence, it will have to invest in technology
across multiple product lines and have to introduce the new products in line with the demand of the customers.
In order to maintain its position of leadership, our Company has continuously and successfully developed
state-of-the-art technology and methods for absorbing, adapting and effectively developing new products.
Hence, the Company is working towards developing innovative technology which helps to occupy less footprints,
reduce capex, manufacture products with environment friendly process and also making every effort to develop
products to meet the changing demand of the public at large.
Efforts made towards technology absorption, adaptation and innovation:
We have achieved notable progress in developing materials that combine Recycled Yarn with Bio-based PVC,
In our quest to enhance sustainability, we have transitioned from regular fabrics to recycled fabrics in our Bio
PVC products. As part of our commitment to transparency and environmental stewardship, we have conducted
Life Cycle Assessments (LCA) and Environmental Product Declarations (EPDs) for several of our products
(ii) The benefits derived like product improvement, cost reduction, product development or import substitution:
The Company has embedded R&D activities into its manufacturing process which is continuous activity. The
constant efforts are made to improve production efficiency, maximizing revenue and minimizing expenditure
and impact on environment. The benefits of ongoing continuous R&D as embedded in the manufacturing
process are derived by achieving the desired results.
35
The adoption of the latest technology and innovative ideas has enabled your Company to have an edge on
others due to high productivity, Sustainable products, better services and increased consumer confidence. It
also has enabled the Company to explore new areas of generating the revenue. Huge savings have been
accomplished in cost on power and fuel, wastage, better inventory management and reduce one process. It
has also lead to reduction in the water and air pollution.
Collaborative Efforts- Our success in sustainable product development is bolstered by strong collaborations
with leading automotive manufacturers. These partnerships are instrumental in advancing our sustainability
initiatives and ensuring that our products meet the rigorous demands of the automotive industry.
(iii) In case of imported technology (imported during the last three years reckoned from the beginning of the
financial year): Not Applicable
(a) the details of technology imported: NA
(b) the year of import: NA
(c) whether the technology been fully absorbed: NA
(d) if not fully absorbed, areas where absorption has not taken place, and the reasons thereof: NA
(e) the expenditure incurred on Research and Development:
(Rs. in Lakhs)
Particulars 2023-24 2022-23
In Terms of Capital 11.87 28.70
Recurring Nature 319.19 453.27
Total 331.06 481.97
(C) Foreign Exchange Earnings and Outgo

(i) The Foreign Exchange earned in terms of actual inflows during the year: Rs. 22,166.98 Lakhs
(ii) The Foreign Exchange outgo during the year in terms of actual outflows: Rs. 23,696.30 Lakhs

Suresh Kumar Poddar

Dated : August 08, 2024 DIN: 00022395
36
Annexure-V
DISCLOSURE UNDER SECTION 197(12) OF THE COMPANIES ACT, 2013

READ WITH RULE 5(1) OF THE COMPANIES (APPOINTMENT AND
REMUNERATION OF MANAGERIAL PERSONNEL) RULES, 2014
(i) The ratio of the remuneration of each Director to the median remuneration of the employees of the Company for the
FY 2023-24 as well as the percentage increase in remuneration of each Director, Chief Financial Officer and
Company Secretary is as under:
S. Name of Director/ Title Ratio of Remuneration % increase in

No. Key Managerial Personnel of Director to Median Remuneration in
Remuneration of Financial Year
#
employees 2023-24
1. Mr. Suresh Kumar Poddar Chairman and 85.15 0.83
Managing Director & CEO
2. Mr. Arun Kumar Bagaria Whole Time Director 61.48 3.85
3. Mr. Vinod Kumar Sharma Chief Financial Officer NA 13.89
4. Mr. Pawan Kumar Kumawat Company Secretary NA 50.00
The Independent Directors of the Company are entitled to sitting fee and commission on Net Profits / remuneration
as per statutory provisions of the Companies Act, 2013 (as amended) and as per terms approved by the Members
of the Company. The criteria of making payments to the Independent Directors and details of remuneration paid to
them have been provided in the Corporate Governance Report. The ratio of remuneration and percentage increase
for the Independent Directors’ Remuneration is, therefore, not considered for the purpose above.
The median remuneration of the employees of the Company as on March 31, 2024 was Rs. 3.24 lakhs.
#Ratio of remuneration to median remuneration of the employees is calculated on the basis of total amount paid as
remuneration during the financial year 2023-24.
(ii) The percentage increase in the median remuneration of employees in the financial year 2023-24 is 12.54%.
(iii) The total number of permanent employees on the rolls of the Company: 397
(iv) The average percentile increase already made in the salaries of the employees other than the managerial personnel
in the financial year and its comparison with the percentile increase in the managerial remuneration and justification
thereof and point out if there are any exceptional circumstances for increase in the remuneration.
- Average increase in the remuneration of all employees excluding KMP is 2.88%

- Average increase in the remuneration of KMP is 6.87%.
- The average increase is dependent on the individual performance, inflation, Company’s performance, prevailing
industry trends and benchmarks.
(v) It is hereby affirmed that the remuneration is as per the remuneration policy of the Company.

Suresh Kumar Poddar

Dated : August 08, 2024 DIN: 00022395
37
Annexure- VI
MANAGEMENT DISCUSSION AND ANALYSIS REPORT

Management Discussion and Analysis Report popularly in labour force participation and the gradual expansion of
known as MDAR is the communication straight from the global supplies, aided deceleration in inflation.
management to their valued shareholders giving them Developments continue to differ among countries, with
insights into the present business conditions of the lacklustre outcomes in many advanced economies,
company and its future potential. It gives a bird’s eye view particularly in Europe, counterbalanced by strong growth
about the Company’s objective, predictions and forward in the United States and many emerging markets.
looking statements. This report is an integral part of the
As per the IMF, global growth in 2024 and 2025 is estimated
Boards’ Report. Aspects on industry structure and
to remain persistent at 3.2%, supported by robust
developments, opportunities and threats, outlook, risks,
government and private spending in several economies.
internal control systems and their adequacy, material
A faster pace of disinflation and steady growth could lead
developments in human resources and industrial relations
to easing out of tight financial policies. Growth in advanced
have been covered in this Report.
economies is expected to accelerate slightly to 1.7% and
Company’s financial statements are prepared in 1.8% in 2024 and 2025, respectively, from 1.6% in 2023.
accordance with the Indian Accounting Standards (Ind AS) Economic growth in EDMEs is expected to be at similar
under the historical cost convention on the accrual basis levels of 4.3% in 2023 and 4.2% in both 2024 and 2025. In
except for certain financial instruments which are the near term, it is imperative for the central banks to
measured at fair values are as per the provisions of the manage monetary policy to ensure continued deceleration
Companies Act, 2013 (“the Act”) and guidelines issued by in inflation and rebuild budgetary capacity to deal with
the Securities and Exchange Board of India (SEBI). The future shocks. Calibrated structural reforms remain the
Ind AS are prescribed under Section 133 of the Act, read key to reinforcing enhanced productivity and debt
with Rule 3 of the Companies (Indian Accounting sustainability and accelerating convergence towards
Standards) Rules, 2015, and relevant amendments Rules higher income levels. Multilateral coordination has become
issued thereafter. more crucial for debt resolution, the mitigation of the effects
of climate change, and facilitating the green energy
Our Vision is to be preferred supplier to automotive,
transition in accordance with the 2023 Conference of the
footwear and leather goods to the leading OEM’s in the
Parties to the UN Framework Convention on Climate
World. Our values and guiding principle have been woven
Change (COP28).
around seven major aspects which are evidently visible in
all the activities performed by the Company i.e. Customer Source: World Economic Outlook April 2024, IMF
Satisfaction, Innovation, Quality Product and Service,
DOMESTIC ECONOMY OVERVIEW
Employee Growth, Culture, Being Sensitive towards
Society and Environment Protection. This guiding principle Amidst a challenging global scenario, India has emerged
is now the culture of the organization and ensures that as a significant economic and geopolitical power. 2023
both internal and external customers are satisfied. was a landmark year for India, as it assumed the
presidency of the G20. India remained the fastest growing
ECONOMIC OVERVIEW large economy in the world. According to the National
GLOBAL Statistical Office (NSO), the real GDP growth is estimated
In 2023, the global economy grew by 3.2%, exhibiting at 8.2% for FY 2024, as compared to 7.0% in FY 2023.
resilient growth with signs of an improved global outlook. India has been a key growth engine for the world,
The impact of tighter monetary conditions continues, contributing approximately 16% to global growth in 2023.
especially in housing and credit markets, but global activity Real Gross Value-Added has grown by 7.2% in FY 2024
is proving relatively resilient, inflation is falling faster than over 6.7% in 2022-23. This GVA growth has been mainly
initially projected, and private sector confidence is due to significant growth of 9.9% in Manufacturing sector
improving. Real incomes have begun to rise as inflation in FY 2024 over -2.2% in FY 2023 and growth of 7.1% in FY
has slowed and trade growth has become positive. The 2024 over 1.9% in FY 2023 for Mining & Quarrying sector.
concerted efforts of central banks across the globe to tame The central bank, the Reserve Bank of India (RBI),
inflationary pressures, along with a broad base increase
38
continued to keep tight monetary controls with the aim of • By application, the footwear segment is expected to
progressively aligning inflation with the 4% target. capture the biggest revenue share of 31% in 2023.
According to the RBI, recovery in rabi sowing, sustained The synthetic leather market is expected to grow
profitability in manufacturing, and the underlying resilience significantly over the forecast period owing to the rising
of services should support economic activity in FY 2025. It demand for synthetic leather in footwear and automotive
has pegged GDP growth at 7.0% in FY 2025. Consumer applications. Synthetic leathers are blends of
price inflation is expected to moderate to 4.5% as polyurethane and polyvinyl chloride. At present, several
compared to the estimated 5.5% in FY 2024 and 6.7% market players are also engaged in the introduction of bio
recorded in FY 2023. While the outlook is positive, with a based materials for leather. Increasing demand for
backdrop of risks posed by geopolitical uncertainty, climate synthetic leather in the footwear industry owing to cheaper
change, global indebtedness, and technology disruptions, prices is expected to fuel the market growth over the
Inflation, although slightly down, continues to hover above forecast period.
the RBI’s target. The ongoing geopolitical climate and
Synthetic leather has been replacing genuine leather at a
potential global economic slowdown pose a threat to
steady rate. The market is expected to gain considerable
India’s exports and foreign investments.
market share in the footwear segment in the coming years
Continued broad-based policy initiatives and structural on account of rising usage of artificial leather grades in
reforms encompassing inclusive growth, a revival in boots, sneakers, women’s sandals, and men’s formal
consumption, and fast-paced adoption of new and shoes. Moreover, increasing per capita disposable
emerging technologies to enhance productivity signal a income is expected to boost the demand for synthetic
prosperous future for the Indian economy. India’s economic leather in various application segments.
fundamentals remain strong with the government’s
Increasing market penetration of synthetic leather
unwavering commitment to increase capital expenditure
materials in automotive interior applications is expected
in the near term.
to be a critical factor for growth. Car manufacturers are
Source: NSO adopting synthetic leather materials owing to their high
durability, wear resistance, and cost-effective production.
INDUSTRIAL STRUCTURE AND DEVELOPMENTS
Passenger vehicles targeted primarily at the middle
The global synthetic leather market size is estimated to income class consumer group are the major end user of
grow from $41.1 billion in 2024 to $88 billion by 2035, faux leather in automotive segment. Faux leather is
growing at a CAGR of 7.17%, during the forecast period, affordable and easier to maintain as compared to real
2024-2035. The new research study consists of industry leather, which aids in attracting a large number of
trends, detailed market analysis, patent analysis, value consumers. Utilization of artificial leather reduces the
chain analysis, SWOT analysis, and market forecast and overall cost of the vehicle, thereby assisting manufacturers
opportunity analysis. The growth in the market size over in achieving stable economies of scale.
the next decade is likely to be the result of the anticipated
surge in demand for vegan and sustainable materials. Increasing demand of footwear expected to be a major
factor that propels the overall market growth for synthetic
Globally increasing demand from the footwear sector is leather. Synthetic leather is a suitable alternative as it
expected to be a key factor propelling the overall market comprises of a cloth base that is coated with synthetic
growth. The high cost of natural leather is another factor resins. Thus, synthetic leather completely serves the
that has driven the need for natural leather replacements. purpose of real leather by offering a leather-like finish,
PU and PVC leather is another essential type of synthetic thereby anticipated to augment its demand across wide
leather that has grown in popularity due to its diverse uses, application area that includes footwear, fabrics, upholstery,
including shopping bags, cosmetic bags, wallets, clothing, and others. The production process of synthetic
suitcases, purses, and travel bags. leather has evolved over the past few years to curb down
the rate of hunting and protect the animal life.
Synthetic Leather Market Key Takeaways
• Asia Pacific held market share of 42.64% in 2023. The global demand for leather materials has seen a
paradigm shift owing to its increasing application across
• By product, the polyurethane (PU) synthetic leather
automotive, furnishing, bags, clothing, and many others.
segment registered a maximum market share of 53%
Manufacturers have been focusing significantly to shift
in 2023.
39
their sources for raw materials towards the Asian suppliers traditional animal leather. Additionally, advancements in
for example India, Vietnam and China because of low technology and manufacturing processes have
cost of labour & freight along with an abundance of raw significantly improved the quality and durability of synthetic
material in the region. leather, contributing to its expanding market share.
Furthermore, the rising awareness of environmental
The footwear industry has experienced a tremendous
sustainability and the adverse impact of conventional
expansion in recent years as a result of rising demand
leather production on ecosystems have propelled
from emerging markets. However, because of the global
consumers and industries alike to shift towards synthetic
recession, consumer spending has slightly decreased in
leather. Moreover, the fashion industry’s increasing
the United States and other European nations. South Asian
preference for synthetic leather in designing trendy and
nations like Vietnam, Thailand, South Korea, China, and
innovative products has further fueled market growth. The
India have all expressed a strong interest. Asia’s demand
versatility of synthetic leather, allowing for a wide range of
for synthetic leather is likely to be greatly impacted by this.
textures, colors, and finishes, has made it a favored choice
More foreign investment will speed up industrial among designers and manufacturers seeking creative
penetration in emerging economies throughout the course flexibility. Furthermore, the cost-effectiveness of synthetic
of the projection period. One of the first industries to adjust leather compared to genuine leather has attracted budget-
to the global shift in consumer spending habits was the conscious consumers, further stimulating market
luxury industry. demand. In addition, government regulations promoting
sustainable practices and discouraging the use of animal
BUSINESS OUTLOOK products have played a pivotal role in steering the synthetic
The Asia Pacific synthetic leather market size was leather market. These regulatory initiatives, coupled with
estimated at USD 17.95 billion in 2023 and is predicted to the growing emphasis on corporate social responsibility,
be worth around USD 39.99 billion by 2033, at a CAGR of have prompted businesses to adopt synthetic leather
8.3% from 2024 to 2033. alternatives, driving the market forward. In conclusion, a
confluence of factors, including environmental
The Asia Pacific encountered the largest value share of consciousness, technological advancements, design
more than 42.64% in the year 2023 and expected to flexibility, cost-effectiveness, and regulatory support,
maintain the same trend over the analysis period. India, collectively propel the dynamic growth of the synthetic
China, and South Korea are the major countries that drive leather market in India.
the growth of the market in the region. Further, increasing
disposable income along with rising population across Mayur, has the largest capacity for manufacturing of
the region offers numerous opportunities for the market synthetic leather in domestic organized segment with
growth. capacity of annual production of 48.60 Million linear meters
of PVC coated fabric and 5.00 Million Linear meter of PU
North America and Europe witness sluggish growth owing coated fabric. MUL manufactures more than 400 variants
to the maturity of the market. In addition, the ongoing trade of artificial leather from PVC polymer which finds application
war between China and the U.S. along with drastic decline in footwear (shoes/sandals insole and uppers), automotive
in the cross-border trade with the spread of the coronavirus (seat upholstery and inner linings), furniture & fashion
pandemic that originated in Wuhan, China, has initiated items (apparel) and leather goods.
trust issues between the two countries that further
expected to negatively impact market growth in the Mayur, has a diversified clientele across various industries
upcoming years. High climate control, superior comfort, and caters to the synthetic leather requirements of reputed
and easy-to-style properties of synthetic leather have made players like BMW, Mercedes Benz, Chrysler, Ford, Hyundai,
them increasingly in the fashion industry. Besides this MG, KIA, Maruti Suzuki, Tata, Toyota, Mahindra & Mahindra,
investment from leading fashion brands towards ISUZU, Suzuki, Honda, Renualt, Skoda/Volkswagen,
developing apparel and footwear from artificial leather Stellantis, Hero, Bajaj, Royal Enfield, TVS, Piaggio, Sonalika
coupled with increasing demand from consumers will Tractor, Lear, TS Tech Sun, Bharat Seat, Krishna Maruti,
pump up the market growth in upcoming years. Sharda Motors, S.I. Interpact Group, Swaraj Auto, Polor
Auto etc. among automotives and Bata, Paragon, Lancer,
The synthetic leather market in India has witnessed robust Action, Relaxo, VKC Group etc. among footwear segment.
growth in recent years, primarily driven by the escalating
demand for eco-friendly and cruelty-free alternatives to
40
Mayur is also exporting to automotive OEM i.e. Mercedes THREATS

Benz and BMW in the European market. Mayur has a • Unfavorable foreign exchange rate fluctuations
subsidiary company named Mayur Uniquoters SA (Pty)
• Lack of poor policies for the specific development of
Ltd in South Africa, which will develop logistics to facilitate
the sector
exports to Mercedes Benz and BMW.
• Some raw material not available locally; it increases
We have also into the retail furnishing business under the cost and lead tuff competitiveness
brand name “TEXTURE AND HUES” to serve our retail
• Non-biodegradability of synthetic leather
customer through our wholly owned subsidiary company
‘Mayur Tecfab Private Limited’ and we are getting good • Irregular supply of raw material
response in the retail business from the our dealers. • Increase in competition
OPPORTUNITIES AND THREATS • Increase in logistic cost
The rising demand for animal-free and sustainable SEGMENT-WISE PERFORMANCE
products is a major driver of the Global Synthetic Leather
The Company deals only in one segment i.e.
Market. This is because synthetic leather is seen as a
manufacturing and sale of PU/PVC Synthetic Leather,
viable alternative to traditional leather and is increasingly
accordingly there is only a single reportable segment.
being used in various industries, including fashion,
automotive, and furniture. FINANCIAL PERFORMANCE WITH RESPECT TO
OPERATIONAL PERFORMANCE
The synthetic leather market has experienced significant
growth in recent years and is expected to continue its The overview of financial performance with respect to
upward trajectory in the coming years. Growth in various operational performance of the Company can be obtained
end-use industries such as automotive, footwear, and from the various following ratio analysis.
fashion is driving the demand for synthetic leather. The • Debtor Turnover Ratio is 3.26 times
market is also being propelled by factors like increasing
• Inventory Turnover Ratio is 2.78 times
urbanization, rising disposable incomes, and changing
consumer preferences. Technological advancements in • Interest Coverage Ratio is 80.19 times
the manufacturing processes have also contributed to • Current Ratio is 8.76 times
market growth. Moreover, the growing focus on sustainable • Debt to Equity Ratio is 0.02 times
and eco-friendly alternatives to genuine leather is
• Operating Profit Margin Ratio is 19.80 percentage
expected to further boost the synthetic leather market.
Overall, the market outlook for synthetic leather remains • Net Profit Margin Ratio is 15.04 percentage
positive, with steady growth expected in the future.
RISKS AND CONCERNS
OPPORTUNITIES The risks and opportunities inherent to all corporations
• Development of new types of high quality PU coated are inseparable elements. The Directors and
fabric management of the Company make constructive decisions
to protect the interests of stakeholders. The Company has
• Product Diversification
implemented a Risk Management Policy, which is
• Growing Demand from the Footwear and Automotive continuously monitored and reviewed under the guidance
Industry of Audit and Risk Management Committee. This Committee
• Strong and eco-sustainable product convene periodically to identify processes exposed to
• Export opportunities to neighboring countries risks, determine risk mitigation strategies, and oversee
their implementation.
• Modernized manufacturing units
• Optimizing production cost The Company recognises that the emerging and identified
risks need to be managed and mitigated to:
• Trained / skilled manpower at competitive wage level
• Being a Cheaper alternative to natural leather with • Protect its shareholders and other stakeholder’s
good aesthetic quality, demand to continue to remain interest,
strong • Achieve its business objective, and
• Presence in global market • Enable sustainable growth.
41
The Company is continuously and carefully monitoring INTERNAL CONTROL SYSTEM AND THEIR ADEQUACY
the risks and concerns related to the business for example: To ensure effective internal controls across business
macro-economic factors, foreign exchange fluctuation, processes and systems, the Company has established a
geographical concentration, change in the Government robust framework that is designed to provide reliable and
policies and legislation, increase in the raw material prices quality assurance related to the Company’s financial and
etc. The Company has also taken several insurance operational information so that it can comply with
policies to mitigate other risks and concerns of the applicable laws and safeguard its assets. The framework
Company. comprises both entity-level controls and business
RESEARCH AND DEVELOPMENT (R&D) process controls. The adequacy and efficacy of these
controls are evaluated on a regular basis.
Research and Development activities have played a pivotal
role in differentiating the overall attributes of synthetic To facilitate the same, following measures have been
leather from traditional leather. In this direction, your initiated:
Company has increased its R&D efforts in scope and
• The internal control systems are evaluated with
scale for comprehensive and integrated research works
respect to their compliance with the operating
in the identified thrust areas.
systems and policies of the Company across all
Our R&D work towards the development of synthetic locations.
leather with various new textures, colors, patterns, and • The Company has put in place robust data security
functionalities to develop synthetic leather with superior management.
properties. We continuously strive towards in-house
• The Company is employing data analytics in the
product development /innovation and sustainable synthetic
internal audit.
leather in tune with evolving industry trends.
• All operations are executed through Standard
With experienced and qualified human resources our R&D Operating Procedures (SOPs) in all functional
capabilities are the driving forces of our current momentum activities, and these are updated and validated
and future growth of the organization. With innovation periodically as per the business need.
instilled into culture of the company at various levels, R&D
is a crucial attribute in fostering our vision to become a Commensurate with the size and nature of operations,
global leader in the synthetic leather Industry. the Company has adequate systems of internal control
comprising authorization levels, supervision, checks and
The Company is providing new products from time to time balances and procedures through documented guidelines
which helps in expanding the business to new dimensions. which provide that all transactions are authorized, recorded
Customer from OEMs, automobile, footwear, furniture and and reported correctly and compliance with policies and
upholstery, leather goods, sports equipment and fashion statutes are ensured.
industry have varied requirements which are all
successfully fulfilled in our prototype laboratories. To The Company has an independent internal audit system
mention their achievements, the R&D wing delivers a good to monitor the entire operations and services. The top
number of samples on every working day. management and Audit Committee of the Board review
the findings of the Internal Auditor and takes remedial
Strategically, Mayur is well placed to create PVC/PU leather actions accordingly.
products for every part of interior trim applications meeting
worldwide standards. We are augmenting our research The division also assesses opportunities for improvement
capabilities and expanding our product portfolio to address in business processes, systems & controls and it provides
the prospective demand across global markets. the recommendations for design to add value to the
organization and it also follows up on the implementation
Further to meet out the requirements of the customers in of corrective actions and improvements in business
the new era as per the international standards and processes after review by the audit committee and senior
advance technology, we are planning for setting up a new management.
world-class R&D Centre which will focus on developing,
demonstrating, innovative and environment friendly,
customer centric products and process technologies for
developing new and critical product in the artificial synthetic
leather industry.
42
MATERIAL DEVELOPMENTS IN HUMAN RESOURCES / CAUTIONARY STATEMENT

INDUSTRIAL RELATION Statement in the Management Discussion and Analysis
The Company always believes that its growth is closely and Directors Report describing the Companies
linked with the growth and overall development of its strengths, objectives, strategies, projection and estimate
employees. The Company is committed to upgrade the are forward looking and progressive within the meaning
skill of its employees and to create an environment where of all applicable laws and regulation. Actual results may
excellence is recognized and rewarded. The target is to vary depending upon the various aspects of the economic
place right people at right position and to enhance the such as government policies, rules and regulations,
efficiency, working speed, competency and time economic conditions and other incidental factors.
management skill of its employees. The Company’s Important factors that could make a difference to our
endeavour is to create an environment where people can Company’s operations include raw material availability
use all of their capabilities in promoting the business of and prices, cyclical demand and pricing in our principal
the Company. The number of people employed, as of markets, changes in government regulations, tax regimes,
March 31, 2024 are 475. economic developments within India and outside the
countries in which we conduct business and other
incidental factors. Management will not be in any way
responsible for the actions taken based on such
statements.

Suresh Kumar Poddar

Dated : August 08, 2024 DIN: 00022395
43
Annexure-VII
REPORT ON CORPORATE GOVERNANCE

CORPORATE GOVERNANCE REPORT FOR THE FINANCIAL assumes accountability, strives to achieve the set objectives
YEAR ENDED ON MARCH 31, 2024 and enhance value creation for all.
In accordance with Regulation 34 read with Schedule V of
COMPANY’S PHILOSOPHY ON CODE OF GOVERNANCE
the Securities and Exchange Board of India (Listing
Mayur’s Corporate Governance philosophy is based on
Obligations and Disclosure Requirements) Regulations,
fostering and maintaining the culture of trust, ethics,
2015 [SEBI (LODR) Regulations, 2015] the report on
honesty, transparency and fixing accountability, which are
Compliance with the conditions of corporate governance
fundamental to a good corporate governance framework.
and the disclosure requirements for the financial year 2023-
These are reflection of core values of the Company which
24 is given as under.
have been imbibed in our day-to-day functioning. Following
Mayur Uniquoters Limited (“the Company” or “Mayur”) these good practices enable the Company to create
believes that Corporate Governance is an integral element sustainable long-term value for its stakeholders.
of any responsible company and reflects its core values
At Mayur, responsible corporate conduct is fundamental to
and principles, encompassing its culture, practices,
the way we do our business. Our actions are governed by
policies and relationship with its stakeholders. Your
our values and principles, which are reinforced at all levels
Company’s commitment towards the adoption of best
within the Company. Maintaining high standards of
corporate governance practices goes beyond compliance
corporate governance practices is a testimony to well-
with the law and endeavors to embrace responsibility for
founded systems and processes of the Company assuring
corporate actions and the impact of its initiatives on all its
trust and confidence to all stakeholders on the conduct of
stakeholders. Your Company continuously strives for the
the business. We are committed to do things the right way
betterment of its corporate governance mechanisms to
which means taking business decisions and acting in a
improve efficiency, transparency, accountability and achieve
way that is ethical and in compliance with applicable
business excellence in its day-to-day operations within
legislations.
which all stakeholders of the Company, viz., its Members,
Directors, management, society and environment at large Our Code of Business Principles (the Code) is an extension
have aligned objectives. Company’s Governance framework of our values and reflects our continued commitment to
enshrines ethical and responsible conduct of business to ethical business practices across our operations. We
create lasting stakeholder value and ensure that the acknowledge our individual and collective responsibilities
Company’s businesses are being conducted in an to manage our business activities with integrity. Our Code
accountable and fair manner. inspires us to set high standards of governance which go
beyond what is prescribed under legislations in many areas
Mayur is a professionally managed Company, which is run
of our functioning.
by highly qualified and expert professionals and the
Company has a defined policy framework for ethical conduct To succeed, we believe it requires the highest standards of
of businesses. The Board of Mayur is responsible and corporate behaviour towards everyone we work with, the
committed to sound principles of Corporate Governance & communities we touch and the environment on which we
Sustainability. The Board plays a crucial role in overseeing have an impact. This is our road to consistent, competitive,
how the management serves the short and long-term profitable and responsible growth and creating long-term
interests of the members and other stakeholders, this belief value for our shareholders, our people and our business
is also reflected in our governance practices, under which partners. The above principles have been the guiding force
we strive to maintain an effective, informed and independent for whatever we do and shall continue to be so in the years
Board. The Board strongly agrees that good governance is to come.
not merely an objective, but only the means to achieve the
objective of operating as a global citizen. We keep our Your Board has adopted a comprehensive framework within
governance practices under continuous review and which the Company, Board of Directors (the Board), Statutory
benchmark ourselves to the best practices. The Board and Board Committees may effectively operate for the benefit of
its Committees guide, support and complement the its varied stakeholders and your Company is committed to
management team’s ideas and initiatives, which in turn conduct its business based on the highest standard of
44
corporate governance and in compliance with the Corporate Governance standards must be planetary
applicable laws, rules, regulations and statutes. Your benchmarked. This gives us the confidence of having put
company believes in building and retaining the trust of its in the right building blocks for future growth and ensuring
stakeholders by placing special emphasis on formulation that we achieve our ambitions in a prudent and sustainable
and compliance of principles of Corporate Governance. manner.
Mayur, being a value-driven organization for all the
BOARD COMPOSITION AND CATEGORY OF DIRECTORS
stakeholders, it has always worked towards building trust
A Board of Directors is essentially a panel of people who
with shareholders, employees, customers, suppliers and
are elected to represent shareholders. At Mayur, we believe
other stakeholders based on the principle of good Corporate
that an active and well-informed Board is necessary to
Governance viz. integrity, equity, transparency, fairness,
ensure highest standards of corporate governance. All
disclosure accountability and commitment to values. These
statutory and other significant and material information are
main drivers together with the Company’s outgoing
placed before the Board to enable it to discharge its fiduciary
contribution to the local communities through meaningful
duties keeping in mind the interests of all its stakeholders
corporate social responsibility initiatives will play a pivotal
and the Company’s corporate governance philosophy.
role in fulfilling our vision to be the most admired and
competitive Company in our industry and our mission to At Mayur, the Board of Directors has an optimum
create the value for all our stakeholders. These practices combination of Executive and Non-Executive Directors
have been followed since inception and have led to the including Independent Directors. The composition of the
sustained growth of the Company. Board, category of Directors and details of other
Directorships and Committee memberships as on March
At Mayur, it is our belief that as we move closer towards our
31, 2024 as follows:
aspirations of becoming a stupendous corporation, our
S. Name Category Designation No. of Committees position No. of No. of

No. In other Companies* Directorship Shares
in Other held
Chairperson Member Companies**
1. Mr. Suresh Kumar Poddar Executive Director Chairman and Managing Nil Nil 1 1,77,63,695
and Promoter Director & CEO
(DIN: 00022395)
2. Mr. Arun Kumar Bagaria Executive Director Whole Time Director Nil Nil 1 3,33,207
and Promoter (DIN: 00373862)
3. Mr. Arvind Kumar Sharma Independent Director Independent Director 1 Nil 2 0
(DIN: 01417904)
4. Mr. Ratan Kumar Roongta Independent Director Independent Director Nil Nil Nil 0
(DIN: 03056259)
5. Dr. Shyam Agrawal Independent Director Independent Director 1 1 5 0
(DIN: 03516372)
6. Mrs. Tanuja Agarwal*** Independent Director Independent Director Nil Nil Nil 0
(DIN: 00269942)
7. Mrs. Nivedita Ravindra Independent Director Independent Director 1 1 3 0
Sarda**** (DIN: 00938666)
Data presented above is after taking into account the disclosures furnished by the Directors till the first Board Meeting of the
Company held during the Financial Year 2024-25.
* Includes only Audit Committee and Stakeholders’ Relationship Committee.
** Including Private Limited Companies, unlisted Public Limited Companies and Section 8 Companies.
*** Mrs. Tanuja Agarwal (DIN:00269942) ceased to be an Independent Director and member of all the Committees of the
Board of Directors of Mayur Uniquoters Limited w.e.f April 10, 2024 due to completion of her second term of tenure as an
Independent Director.
**** Mrs. Nivedita Ravindra Sarda (DIN: 00938666) was appointed as an Independent Director of the Company with effect
from November 08, 2023 and the same was approved by the Shareholders by Postal Ballot Process on January 07, 2024.
45
Details of Directorship in other listed Companies:

Name of Director DIN Other listed entities where Category of directorship
the person is a director
Mr. Suresh Kumar Poddar 00022395 - -
Mr. Arun Kumar Bagaria 00373862 - -
Mr. Arvind Kumar Sharma 01417904 Innovana Thinklabs Limited Non-Executive Independent Director
Mr. Ratan Kumar Roongta 03056259 - -
Dr. Shyam Agrawal 03516372 Venus Pipes & Tubes Limited Non-Executive Independent Director
Indraprastha Gas Limited
Mrs. Tanuja Agarwal 00269942 - -
Mrs. Nivedita Ravindra Sarda 00938666 Electrotherm (India) Limited Non-Executive Independent Director
The number of Directorship(s), Committee Membership(s), PARTICULARS FOR THE RESIGNATION OF INDEPENDENT
and Chairmanship of all the Directors is within respective DIRECTOR
limits prescribed under the Companies Act, 2013 (the Act) During the year under review, no Independent Director has
and SEBI (LODR) Regulations, 2015 as amended from resigned from the Company.
time to time.
SKILLS/EXPERTISE/COMPETENCE OF THE BOARD OF
DISCLOSURE OF RELATIONSHIPS BETWEEN DIRECTORS INCLUDING THE AREAS AS IDENTIFIED BY THE
DIRECTORS INTER-SE BOARD IN THE CONTEXT OF THE COMPANY’S BUSINESS
There is no inter-se relationship between the Board The Nomination and Remuneration Committee considers,
members except Mr. Arun Kumar Bagaria, Whole Time inter alia, key qualifications, skills, expertise and
Director (DIN: 00373862), who is son-in- law of Mr. Suresh competencies, while recommending to the Board the
Kumar Poddar, Chairman and Managing Director & CEO candidature for appointment of a Director. In case of
(DIN: 00022395). appointment of Independent Directors, the Board,
Nomination and Remuneration Committee satisfies itself
NUMBER OF SHARES AND CONVERTIBLE INSTRUMENTS
about the independence of the Directors vis-à-vis the
HELD BY NON-EXECUTIVE DIRECTORS
Company to enable the Board to discharge its functions
The Non-Executive & Independent Directors doesn’t hold
and duties effectively.
any shares and convertible instruments of the Company.
As per the sub clause ‘h’ of clause 2 of part C of Schedule
CONFIRMATION THAT IN THE OPINION OF THE BOARD, V of the SEBI (LODR) Regulations, 2015 the Board has
THE INDEPENDENT DIRECTORS FULFILL THE CONDITIONS identified the following list of core skills/expertise/
SPECIFIED IN THESE REGULATIONS AND ARE competencies required in the context of the Company’s
INDEPENDENT OF THE MANAGEMENT business which are available with the Board:
Based on the declaration submitted by the Independent
• Leadership/Operational Experience
Directors of the Company, the Independent Directors fulfill
the conditions specified in the Act and SEBI (LODR) • Strategy and Planning
Regulations, 2015 that they are independent of the • Industry Experience, Research & Development and
management. Innovation
The Board, Nomination and Remuneration Committee also • Global Business
ensures that the candidates identified for appointment as • Corporate Governance
Directors are not disqualified for appointment under Section
• Financial, Regulatory/Legal and Risk Management
164 and other applicable provisions of the Act and SEBI
(LODR) Regulations, 2015 and that they have not been
debarred or disqualified from being appointed or continuing
as directors of companies by SEBI / Ministry of Corporate
Affairs or any such statutory authority.
46
Name of the Director Area of Expertise

Mr. Suresh Kumar Poddar Leadership/Operational Experience, Strategic and Planning, Industry experience,
(DIN: 00022395) Research & Development and Innovation, Global Business, Financial, Regulatory/
Legal & Risk Management, Corporate Governance
Mr. Arun Kumar Bagaria Leadership/Operational Experience, Strategic and Planning, Industry experience,
(DIN: 00373862) Research & Development and Innovation, Global Business, Financial, Regulatory/
Legal & Risk Management, Corporate Governance
Mr. Arvind Kumar Sharma Strategic and Planning, Industry experience, Global Business, Financial, Regulatory/
(DIN: 01417904) Legal & Risk Management, Corporate Governance
Mr. Ratan Kumar Roongta Strategic and Planning, Industry experience, Global Business, Financial, Regulatory/
(DIN: 03056259) Legal & Risk Management, Corporate Governance
Dr. Shyam Agrawal Leadership, Strategic and Planning, Industry experience, Global Business, Financial,
(DIN: 03516372) Regulatory/Legal & Risk Management, Corporate Governance
Mrs. Tanuja Agarwal Strategic and Planning, Industry experience, Global Business, Regulatory/Legal &
(DIN: 00269942) Risk Management, Corporate Governance
Mrs. Nivedita Ravindra Sarda Leadership, Strategic and Planning, Industry experience, Global Business, Financial,
(DIN: 00938666) Regulatory/Legal & Risk Management, Corporate Governance
FAMILIARISATION PROGRAMMES IMPARTED TO INDEPENDENT DIRECTORS

Independent Directors are familiarized with their roles, rights and responsibilities in the Company as well as the nature of
industry in which the Company operates through induction programs at the time of their appointment as Director. On
appointment, the concerned Director is issued a Letter of Appointment setting out the details as specified in the Schedule
IV of the Companies Act, 2013. Each newly appointed Independent Director is taken through a formal induction program
giving brief description on Company’s manufacturing, marketing, finance and other important aspects. The Directors are
briefed about their legal and regulatory responsibilities as a Director. The induction for Independent Directors includes
interactive sessions with Business and Functional heads. The details of familiarization programs for Independent Directors
are uploaded on the website of the Company, i.e. www.mayuruniquoters.com at the weblink:
www.mayuruniquoters.com/familiarisation-programme-for-independent-directors.php
ATTENDANCE OF EACH DIRECTOR AT THE MEETING OF THE BOARD OF DIRECTORS AND THE LAST ANNUAL GENERAL
MEETING
The date of the Board meetings held during the financial year 2023-24 and attendance of Directors there at and at the last
Annual General Meeting (AGM) of the Company are as follows:
A. Board Meetings:
The Board meets once in every quarter to review the quarterly financial results and other items of the agenda and if
necessary, additional meetings are held as and when required. The intervening gap between the meetings was within the
period prescribed under Regulation 17(2) of the SEBI (LODR) Regulations, 2015, Companies Act, 2013 and Secretarial
Standard 1 issued by ICSI. During the year under review, 4 (Four) Board meetings were held. The Board meetings were
held in physical mode and/or through video conferencing. The attendance of the Board Meetings is given below:
Date of Board Attendance of Directors at the Board Meetings during the Financial Year 2023-24
Meeting Mr. Suresh Mr. Arun Mr. Arvind Mr. Ratan Dr. Shyam Mrs. Tanuja Mrs. Nivedita
Kumar Poddar Kumar Bagaria Kumar Sharma Kumar Roongta Agrawal Agarwal Ravindra Sarda
(DIN: 00022395) (DIN: 00373862) (DIN: 01417904) (DIN: 03056259) (DIN: 03516372) (DIN: 00269942) (DIN: 00938666)*
May 19, 2023 Present Present Present Present Present Present -
August 08, 2023 Present Present Present Present Present Present -
November 08, 2023 Present Present Present Present Present Present -
February 07, 2024 Present Present Present Present Present Present Present
*Mrs. Nivedita Ravindra Sarda (DIN: 00938666) was appointed as an Independent Director of the Company with effect from November 08, 2023.
47
B. General Body Meeting:

Attendance of Directors at 30th Annual General Meeting (“AGM”) held on September 14, 2023.
Date of AGM Mr. Suresh Mr. Arun Mr. Arvind Mr. Ratan Dr. Shyam Mrs. Tanuja
Kumar Poddar Kumar Bagaria Kumar Sharma Kumar Roongta Agrawal Agarwal
(DIN: 00022395) (DIN: 00373862) (DIN: 01417904) (DIN: 03056259) (DIN: 03516372) (DIN: 00269942)
September 14, 2023 Yes Yes Yes Yes Yes Yes
MEETING OF INDEPENDENT DIRECTORS BOARD COMMITTEES

Abiding the highest norms of Corporate Governance, The Committees of the Board play an important role in the
separate Meeting of the Independent Directors of the governance, focus on specific areas and make informed
Company is held every year in terms of the Schedule IV to decisions within the delegated authority. Majority of the
the Companies Act, 2013 and Regulation 25 of the SEBI members constituting the Committees are Independent
(LODR) Regulations, 2015. Directors. The recommendations, observations and
decisions of the Committees are placed before the Board
In respect of the financial year 2023-24, the Independent
for information and approval. During the year under review,
Directors met separately on September 30, 2023 without
all recommendations of the Committees were accepted by
the presence of any Non-Independent Director or
the Board.
representatives of management interalia, to discuss:
The Board has Five Committees namely Audit Committee,
• Review of the performance of Non-Independent
Nomination and Remuneration Committee, Corporate
Directors and the Board of Directors as a whole.
Social Responsibility Committee, Stakeholders
• Review of the performance of the Chairman of the
Relationship Committee, and Risk Management
Company taking into account the views of the Executive
Committee.
and Non-Executive Directors.
• Assess the quality, quantity and timeliness of flow of A. AUDIT COMMITTEE
information between the management and the Board Brief description and terms of reference
of directors that is necessary for the Board to effectively The Committee is governed by the regulatory requirements
and reasonably perform their duties. mandated by Companies Act, 2013 and Regulation 18 of
CODE OF BUSINESS CONDUCT AND ETHICS FOR the SEBI (LODR) Regulations, 2015. The primary objective
DIRECTORS AND SENIOR MANAGEMENT of the Committee is to monitor and provide an effective
The code of conduct has been circulated to all the members supervision of the management’s financial reporting
of the Board and Senior Management Personnel and they process, to ensure accurate and timely disclosures, with
have affirmed their compliance with the said code of conduct the highest level of transparency, integrity and quality of
for the financial year ended on March 31, 2024. The Code financial reporting. The terms of reference of the Audit
envisages procedures to be followed and disclosures to Committee, inter alia, include the following:
be made while dealing in the securities of the Company. 1. Oversight of the Company’s financial reporting
The code of conduct has been posted on the Company’s process and the disclosure of its financial information
website: www.mayuruniquoters.com/pdf/code-of-conduct- to ensure that the financial statements are correct,
for-board-members-and-senior-management.pdf sufficient and credible;
This code ensures compliance with the provisions of 2. Recommendation for appointment, remuneration and
Regulation 17(5) of the SEBI (LODR) Regulations, 2015. A terms of appointment of auditors of the Company;
declaration to this effect signed by Mr. Suresh Kumar 3. Approval of payment to Statutory Auditors for any other
Poddar, Chairman and Managing Director & CEO (DIN: services rendered by the Statutory Auditors;
00022395) of the Company stating that the members of
4. Reviewing the annual financial statements and
Board of Directors and Senior Management Personnel have
auditor’s report thereon before submission to the
affirmed compliance with the code of conduct of Board of
Board for approval, with particular reference to:
Directors and senior management is annexed as Annexure
A to the Corporate Governance Report. a. Matters required to be included in the Director’s
Responsibility Statement to be included in the
Board’s report in terms of clause (c) of sub-section
3 of Section 134 of the Companies Act, 2013.
48
b. Changes, if any, in accounting policies and 17. To look into the reasons for substantial defaults in the
practices and reasons for the same payment to the depositors, debenture holders,
c. Major accounting entries involving estimates shareholders (in case of non-payment of declared
based on the exercise of judgement by dividends) and creditors;
management 18. To review the functioning of the whistle blower
d. Significant adjustments made in the financial mechanism;
statements arising out of audit findings
19. Approval of appointment of CFO (i.e., the wholetime
e. Compliance with listing and other legal
Finance Director or any other person heading the
requirements relating to financial statements
finance function or discharging that function) after
f. Disclosure of any related party transactions
assessing the qualifications, experience and
g. Qualifications in the draft audit report
background, etc. of the candidate;
5. Reviewing the quarterly financial statements before
20. Reviewing the utilization of loans and/or advances from/
submission to the Board for approval;
investment by the holding company in the subsidiary
6. Reviewing the statement of uses/application of funds exceeding rupees 100 crore or 10% of the asset size
raised through an issue (public issue, rights issue, of the subsidiary, whichever is lower including existing
preferential issue, etc.), the statement of funds utilized loans/advances/ investments existing as on the date
for purposes other than those stated in the offer of coming into force of this provision.
document / prospectus / notice and the report submitted
21. Review the management discussion and analysis of
by the monitoring agency monitoring the utilization of
financial condition and results of operations;
proceeds of a public or rights issue, and making
appropriate recommendations to the Board to take up 22. Review the management letters/letters of internal
steps in this matter; control weaknesses issued by the Statutory Auditors;
7. Review and monitor the auditor’s independence and 23. To consider and comment on rational, cost benefits
performance, and effectiveness of audit process; and impacts of schemes involving merger, demerger,
amalgamation etc., on the listed entity and its
8. Approval or any subsequent modification of
shareholder;
transactions of the Company with related parties;
24. Review the Internal Audit reports relating to internal
9. Scrutiny of inter-corporate loans and investments;
control weaknesses issued by the statutory auditor;
10. Valuation of undertakings or assets of the Company,
25. The appointment, removal and terms of remunerations
wherever it is necessary;
of the Chief Internal Auditor shall be subject to review
11. Evaluation of internal financial controls and risk by the Audit Committee;
management systems;
26. Review the:
12. Reviewing performance of Statutory and Internal (a) Quarterly statement of deviation(s) including report
Auditors, and adequacy of the internal control systems; of monitoring agency, if applicable, submitted to
13. Reviewing the adequacy of internal audit function, if stock exchange(s) in terms of Regulation 32(1);
any, including the structure of the internal audit (b) Annual statement of funds utilized for purposes
department, staffing and seniority of the official heading other than those stated in the offer document/
the department, reporting structure coverage and prospectus/ notice in terms of Regulation 32(7).
frequency of Internal Audit;
Composition, Name of Members and Chairperson
14. Discussion with Internal Auditors of any significant The Audit Committee’s composition is in line with the
findings and follow up thereon; requirements of Section 177 of the Act and Regulation 18
15. Reviewing the findings of any internal investigations of the SEBI (LODR) Regulations, 2015. During the financial
by the Internal Auditors into matters where there is year under review, the Audit Committee comprised of Mr.
suspected fraud or irregularity or a failure of internal Arvind Kumar Sharma, Independent Director (DIN:
control systems of a material. 01417904) as Chairperson and Mr. Ratan Kumar Roongta,
16. Discussion with Statutory Auditors before the audit Independent Director (DIN: 03056259), Dr. Shyam Agrawal,
commences, about the nature and scope of audit as Independent Director (DIN: 03516372), Mrs. Tanuja Agarwal,
well as post-audit discussion to ascertain any area of Independent Director (DIN: 00269942), Mrs. Nivedita
concern
49
Ravindra Sarda, Independent Director (DIN: 00938666) and the Company www.mayuruniquoters.com/pdf/nomination-
Mr. Arun Kumar Bagaria, Whole Time Director (DIN: remuneration-policy-board-performance-evalution-
00373862) of the Company as members as on March 31, policy.pdf
2024. The Company Secretary acts as Secretary to the
The Nomination and Remuneration Committee
Committee.
Committee’s (“NRC”) constitution and terms of reference
Meetings and attendance during the year are in compliance with provisions of Section 178 of the
During the financial year 2023-24, 4 (Four) Audit Committee Companies Act, 2013 and Regulation 19 of the SEBI
Meetings were held on May 19, 2023, August 08, 2023, (LODR) Regulations, 2015.
November 08, 2023, and on February 07, 2024. The
The terms of reference of the Nomination and
meetings of the Audit Committee were held in physical
Remuneration Committee, inter alia, include the following:
mode and/or through video conferencing. The maximum
gap between any two meetings was less than 120 days. • Formulation of the criteria for determining
qualifications, positive attributes and independence
The Chairperson of the Audit Committee was present in
of a Director and recommend to the Board a policy
the Annual General Meeting of the Company, which was
relating to the remuneration of the Directors, Key
held on September 14, 2023 to answer the shareholder
Managerial Personnel and other employees;
queries.
• Formulation of criteria for evaluation of Independent
The attendance of the Audit Committee Meetings is given Directors and the Board of Directors;
below: • Devising a policy on diversity of Board of Directors;
Name of Member of No. of Meetings No. of • Identifying persons who are qualified to become
Audit Committee held during the Meetings Directors and who may be appointed in Senior
tenure of the member attended Management in accordance with the criteria laid down,
and recommend to the Board of Directors their
Mr. Arvind Kumar Sharma 4 4
appointment and removal;
(Chairperson)
• Whether to extend or continue the term of appointment
Mr. Arun Kumar Bagaria 4 4 of the Independent Director, on the basis of the report
(Member) of performance evaluation of Independent Directors;
Mr. Ratan Kumar Roongta 4 4 • Recommend to the Board, all remuneration, in
(Member) whatever form, payable to Senior Management.
Dr. Shyam Agrawal 4 4 Composition, Name of Members and Chairperson
(Member) The Nomination and Remuneration Committee comprises
Mrs. Tanuja Agarwal 4 4 of five Non-Executive Directors and all of them are
(Member) Independent Directors. Mr. Ratan Kumar Roongta,
Mrs. Nivedita Ravindra Sarda 1 1 Independent Director (DIN: 03056259) as Chairperson, Mr.
(Member) Arvind Kumar Sharma, Independent Director (DIN:
01417904), Dr. Shyam Agrawal, Independent Director (DIN:
Note: The Audit Committee of the Company was
03516372) Mrs. Tanuja Agarwal, Independent Director
reconstituted with effect from November 08, 2023 after
(DIN: 00269942) and Mrs. Nivedita Ravindra Sarda,
inducting Mrs. Nivedita Ravindra Sarda (DIN:00938666)
Independent Director (DIN: 00938666) as members as on
as an Independent Director of the Company.
March 31, 2024. The Company Secretary acts as Secretary
B) Nomination and Remuneration Committee to the Committee.
Brief description and terms of reference Meetings and attendance during the year
The Nomination and Remuneration Committee determines During the year 2023-24, 2 (Two) Committee Meetings were
the appointment and remuneration of the Directors, Key held i.e. on May 19, 2023, and November 08, 2023. The
Managerial Personnel and Senior Management as required meetings of the Committee were held in physical mode
by the Section 178 of the Act and Regulation 19 of SEBI and/or through video conferencing.
(LODR) Regulations, 2015 .
The attendance of the Nomination & Remuneration
The Committee has revised and update the existing Committee Meetings is given below:
Nomination and Remuneration Policy of the Company as
on May 19, 2023 and the same is placed on the website of
50
Name of Member of Nomination & No. of Meetings held during the No. of Meetings
Remuneration Committee tenure of the member attended
Mr. Ratan Kumar Roongta (Chairperson) 2 2
Mr. Arvind Kumar Sharma (Member) 2 2
Dr. Shyam Agrawal (Member) 2 2
Mrs. Tanuja Agarwal (Member) 2 2
Mrs. Nivedita Ravindra Sarda (Member) NIL NIL
Note: The Nomination and Remuneration Committee of the Company was reconstituted with effect from November 08,
2023 after inducting Mrs. Nivedita Ravindra Sarda (DIN:00938666) as an Independent Director of the Company.
The Chairperson of the Nomination & Remuneration Committee was present in the Annual General Meeting of the
Company which was held on September 14, 2023 to answer the shareholder queries.
Remuneration paid to Directors during the financial year 2023-24

During the year, the Company has paid remuneration as mentioned below:
Executive Directors (Amount Rs. In lakhs)

Name of the Director Salary and Perquisites Retrial Sitting Commission Stock Total
Allowances Benefits Fees Options
Mr. Suresh Kumar Poddar 205.06 19.74 NIL NIL NIL NIL 224.80
Mr. Arun Kumar Bagaria 144.33 18.00 NIL NIL NIL NIL 162.33
Apart from the above remuneration details no other kind of or commission was paid to the Non-Executive Directors
fixed components, performance link incentives are given to during the financial year 2023-24.
the Directors.
During the year, there were no other pecuniary relationships
The tenure of office of the Managing Director is for 3 (Three) or transactions of Non-Executive Directors vis-à-vis the
years and for the Whole Time Directors is for 5 (Five) years Company.
from their respective dates of appointments.
Performance evaluation criteria for Independent
The services of Chairman & Managing Director and Whole- Directors
time Director may be terminated by giving one months’ As per the provisions of the SEBI (LODR), Regulations,
notice. No severance fee is payable to them under their 2015, the Nomination and Remuneration Committee (the
respective service agreements entered into by them with “Committee”) has laid down the criteria for performance
the Company. evaluation of Independent Directors. The manner for
performance evaluation of Directors (including Independent
Non-Executive Directors (Amount Rs. In lakhs)
Directors) and Board as whole has been covered in the
Name of the Director Sitting Commission Total Board’s Report.
Fees
Mr. Arvind Kumar Sharma 4.65 0.00 4.65 The Nomination and Remuneration Committee has
devised a criteria for evaluation of the performance of the
Mr. Ratan Kumar Roongta 4.65 0.00 4.65
Directors including the Independent Directors. The said
Dr. Shyam Agrawal 4.65 0.00 4.65
criteria provide certain parameters like attendance,
Mrs. Tanuja Agarwal 4.65 0.00 4.65 acquaintance with business, communication inter se
Mrs. Nivedita Ravindra 1 0.00 1 between Board members, effective participation, domain
Sarda knowledge, compliance with code of conduct, vision and
strategy, benchmarks established by global peers etc.,
The remuneration paid to the Non-Executive Directors as
which is in compliance with applicable laws, regulations
per the Nomination and Remuneration Policy of the
and guidelines.
Company and they are entitled for sitting fees for attending
meetings of the board/committees thereof and general
meeting. Besides sitting fees, no other fees or remuneration
51
C) STAKEHOLDERS RELATIONSHIP COMMITTEE The attendance of the Stakeholder Relationship Committee

Brief description and terms of reference Meetings is given below:
The terms of reference and the ambit of powers of Name of Member of No. of Meetings No. of
Stakeholders Relationship/ Grievance Redressal Stakeholder Relationship held during the Meetings
Committee are as per the governing provisions of Section Committee tenure of the member attended
178 of the Act and Regulation 20 of the SEBI (LODR) Mr. Arvind Kumar Sharma 3 3
Regulations, 2015. The status of shareholder (Chairperson)
correspondences, queries, grievances etc. are Mr. Ratan Kumar Roongta 3 3
endeavoured to be addressed instantaneously by the (Member)
secretarial department of the Company and status thereof Dr. Shyam Agrawal 3 3
is also placed before the Stakeholders Relationship/ (Member)
Grievance Redressal Committee..
Mrs. Tanuja Agarwal 3 3
The terms of reference of the Stakeholders Relationship (Member)
Committee, inter alia, include the following: Mr. Suresh Kumar Poddar 3 3
(1) Resolving the grievances of the security holders of the (Member)
listed entity including complaints related to transfer/ Mrs. Nivedita Ravindra Sarda NIL NIL
transmission of shares, non-receipt of annual report, (Member)
non-receipt of declared dividends, issue of new/ Note: The Stakeholder Relationship Committee of the
duplicate share certificates, general meetings etc. Company was reconstituted with effect from November 08,
(2) Review of measures taken for effective exercise of 2023 after inducting Mrs. Nivedita Ravindra Sarda
voting rights by shareholders. (DIN:00938666) as an Independent Director of the
(3) Review of adherence to the service standards adopted Company.
by the listed entity in respect of various services being
rendered by the Registrar & Share Transfer Agent. The Chairperson of the Stakeholder Relationship
(4) Review of the various measures and initiatives taken Committee was present in the Annual General Meeting of
by the listed entity for reducing the quantum of the Company which was held on September 14, 2023 to
unclaimed dividends and ensuring timely receipt of answer the shareholder queries.
dividend warrants/annual reports/statutory notices by
Name and Designation of the Compliance Officer
the shareholders of the Company.
Name: Mr. Pawan Kumar Kumawat
Name of Non-Executive director heading the Designation: Company Secretary & Compliance Officer
Stakeholder Relationship Committee
Number of Shareholders’ Complaints Received during
The Stakeholder Relationship Committee has five non-
the financial year
executive Independent Director and one executive Director.
During the financial year 2023-24, the Company received 1
The Committee comprises of Mr. Arvind Kumar Sharma,
(One) complaint from the shareholders and the said
Independent Director (DIN:01417904) as the Chairperson,
complaint was duly resolved by the Company. Accordingly
Mr. Ratan Kumar Roongta, Independent Director (DIN:
the Company did not have any unresolved Investor
03056259), Dr. Shyam Agrawal, Independent Director (DIN:
Complaint at the financial year ended March 31, 2024.
03516372), Mrs. Tanuja Agarwal, Independent Director (DIN:
00269942), Mrs. Nivedita Ravindra Sarda, Independent Number of Complaints not solved to the
Director (DIN: 00938666) and Mr. Suresh Kumar Poddar, satisfaction of shareholders: NIL
Chairman and Managing Director & CEO (DIN: 00022395) Number of Pending complaints: NIL
as members as on March 31, 2024. D) CORPORATE SOCIAL RESPONSIBILITY COMMITTEE
The Committee is headed by Mr. Arvind Kumar Sharma, Brief description and terms of reference
Non-Executive Independent Director (DIN: 01417904). The The Corporate Social Responsibility Committee (“CSR
Company Secretary acts as Secretary to the Committee. Committee”) was formed pursuant to Section 135 of the
Companies Act, 2013, read with the Companies (Corporate
During the year under review, the Committee met 3 (Three)
Social Responsibility Policy) Rules, 2014, as amended.
times i.e. on May 19, 2023, August 08, 2023 and November
The Corporate Social Responsibility Policy of the Company
08, 2023. The meetings of the Committee were held in
(“CSR Policy”) is available on the website of the Company
physical mode and/or through video conferencing.
52
and can be accessed at E) RISK MANAGEMENT COMMITTEE

www.mayuruniquoters.com/pdf/csr-policy.pdf Brief description and terms of reference
The terms of reference of the Corporate Social Knowing the importance of managing and pre-empting
Responsibility Committee are as follows: risks effectively for having a sustainable business and
1. Formulate and recommend to the Board, a Corporate including in top 1000 listed entities determined on the basis
Social Responsibility Policy which shall indicate the of market capitalization at the end of immediate previous
activities to be undertaken by the Company as specified financial year, the Company has constituted a Risk
in Schedule VII. Management Committee, in line with the provisions of the
2. Recommend the amount of expenditure to be incurred Companies Act, 2013 & Regulation 21 of SEBI (LODR)
on Corporate Social Responsibility activities. Regulations, 2015.
3. Monitor the Corporate Social Responsibility Policy of The terms of reference of the Risk Management Committee
the Company from time to time. are as follows:
Composition, Name of Members and Chairperson (1) To formulate a detailed risk management policy which
The CSR Committee comprised of Mrs. Tanuja Agarwal, shall include a framework for identification of internal
Independent Director (DIN: 00269942) as the Chairperson, and external risks specifically faced by the listed entity
Mr. Arvind Kumar Sharma, Independent Director (DIN: in particular including financial, sectoral, sustainanbility
01417904), Mr. Ratan Kumar Roongta, Independent (particularly ESG related risks) information, cyber
Director (DIN: 03056259), Dr. Shyam Agrawal, Independent security risk or any other risk as may be determined by
Director (DIN: 03516372), Mrs. Nivedita Ravindra Sarda the Committee.
(DIN:00938666) and Mr. Suresh Kumar Poddar, Chairman (2) Measures for risk mitigation including systems and
and Managing Director & CEO (DIN: 00022395) as processes for internal control of identified risks and
members as on March 31, 2024. The Company Secretary Business continuity plan.
acts as Secretary to the Committee. During the year under (3) To ensure that appropriate methodology, processes
review, the Committee met 2 (two) times i.e. May 19, 2023 and systems are in place to monitor and evaluate risks
and November 08, 2023. The meetings of the Committee associated with the business of the Company.
were held in physical mode and/or through video (4) To monitor and oversee implementation of the risk
conferencing. management policy, including evaluating the adequacy
of risk management systems.
The attendance of the Corporate Social Responsibility
(5) To periodically review the risk management policy, at
Committee Meetings is given below:
least once in two years, including by considering the
Name of Member of No. of Meetings No. of changing industry dynamics and evolving complexity.
Corporate Social held during the Meetings (6) To keep the board of directors informed about the nature
Responsibility Committee tenure of the member attended and content of its discussions, recommendations and
Mrs. Tanuja Agarwal 2 2 actions to be taken.
(Chairperson)
Composition, Name of Members and Chairperson
Mr. Arvind Kumar Sharma 2 2
The Risk Management Committee comprised of Mr. Arvind
(Member)
Kumar Sharma, Independent Director (DIN: 01417904) as
Mr. Ratan Kumar Roongta 2 2 the Chairperson, Mrs. Tanuja Agarwal, Independent Director
(Member) (DIN: 00269942), Mr. Ratan Kumar Roongta, Independent
Dr. Shyam Agrawal 2 2 Director (DIN: 03056259), Dr. Shyam Agrawal, Independent
(Member) Director (DIN: 03516372), Mrs. Nivedita Ravindra Sarda,
Mr. Suresh Kumar Poddar 2 2 Independent Director (DIN: 00938666) and Mr. Arun Kumar
(Member) Bagaria Whole Time Director (DIN: 00373862), as
Mrs. Nivedita Ravindra Sarda NIL NIL members as on March 31, 2024. The Company Secretary
(Member) acts as Secretary to the Committee. During the year under
review, the Committee met 3 (Three) times i.e. on May 19,
Note: The CSR Committee of the Company was
2023, November 08, 2023 and February 07, 2024. The
reconstituted with effect from November 08, 2023 after
meetings of the Committee were held in physical mode
inducting Mrs. Nivedita Ravindra Sarda (DIN:00938666)
and/or through video conferencing.
as an Independent Director of the Company.
53
The attendance of the Risk Management Committee Meetings is given below:

Name of Member of Risk Management Committee No. of Meetings held during the No. of Meetings
tenure of the member attended
Mr. Arvind Kumar Sharma (Chairperson) 3 3
Mr. Ratan Kumar Roongta (Member) 3 3
Dr. Shyam Agrawal (Member) 3 3
Mrs. Tanuja Agarwal (Member) 3 3
Mr. Arun Kumar Bagaria (Member) 3 3
Mrs. Nivedita Ravindra Sarda (Member) 1 1
Note: The Risk Management Committee of the Company was reconstituted with effect from November 08, 2023 after
inducting Mrs. Nivedita Ravindra Sarda (DIN:00938666) as an Independent Director of the Company.
GENERAL BODY MEETINGS

The details of Annual General Meetings held in last three years are as under:
Financial Day, Date and Venue Special Resolution Passed
Year Time of AGM
2020-21 Friday, Deemed place of meeting was Yes.
August 27, 2021 registered office situated at 1. Re-appoint of Mr. Ratan Kumar Roongta
at 11.00 A.M. Village: Jaitpura, Jaipur-Sikar (DIN: 03056259) as an Independent Director
Road, Tehsil: Chomu, District: of the Company.
Jaipur-303704 through Video
Conferencing (“VC”) or Other
Audio Visual Means (“OAVM”)
2021-22 Friday, Deemed place of meeting was Yes.
July 29, 2022 registered office situated at 1. Re-appoint of Mr. Shyam Agrawal
at 11.00 A.M. Village: Jaitpura, Jaipur-Sikar (DIN: 03516372) as an Independent Director
Road, Tehsil: Chomu, District: of the Company.
Jaipur-303704 through Video 2. Re-appointment of Mr. Arun Kumar Bagaria
Conferencing (“VC”) or Other (DIN 00373862) as Whole Time Director
Audio Visual Means (“OAVM”) designated as Executive Director of the
Company.
3. Re-appointment of Mr. Suresh Kumar Poddar
(DIN 00022395) as Chairman and Managing
Director & CEO of the Company.
2022-23 Thursday, Deemed place of meeting was Yes
September 14, registered office situated at 1. Re-appointment of Mr. Arvind Kumar Sharma
2023 at 11.00 A.M. Village: Jaitpura, Jaipur-Sikar (DIN:01417904) as an Independent Director of
Road, Tehsil: Chomu, District: the Company.
Jaipur-303704 through Video
Conferencing (“VC”) or Other
Audio Visual Means (“OAVM”)
54
Postal Ballot
(A) Details of resolutions passed through Postal Ballot
The Company sent Postal Ballot notice dated November 08, 2023 to the members for seeking their approval through
Postal Ballot for passing the following Special Resolution:
1. To approve the appointment of Mrs. Nivedita Ravindra Sarda (DIN: 00938666) as an Independent Director of the
Company.
The Board of Directors of the Company had appointed CS Manoj Maheshwari (FCS: 3355), Practicing Company Secretary
and failing him, CS Ms. Priyanka Agarwal (FCS: 11138), Practicing Company Secretary as the Scrutinizer and Alternate
Scrutinizer, respectively to scrutinize the remote e-Voting process in a fair and transparent manner.
The remote e-Voting period commenced on Saturday, December 09, 2023 [9:00 a.m. (IST)] upto Sunday, January 07, 2024
[5:00 p.m. (IST)]. The consolidated report on the result of the postal ballot through remote e-Voting for approving
aforementioned resolution was provided by the Scrutinizer on January 08, 2024.
The resolution was passed with requisite majority. The results of the voting conducted through Postal Ballot is as under:
Manner of Voting Votes in favour of the resolution Votes against the resolution Invalid
(No. of Shares)
Number Percentage Number Percentage
of Shares of valid of Shares of valid
votes cast votes cast
Postal Ballot through 2,99,10,258 99.9988% 354 0.0012% -
Remote e-voting
B. Procedure for Postal Ballot:

The Postal Ballot was carried out as per the provisions of Section 110 read with Section 108 and other applicable
provisions, if any, of the Act, (read with Rules 20 and 22 of the Companies (Management and Administration) Rules, 2014,
Regulation 44 of the SEBI (LODR) Regulations, 2015 and the Secretarial Standard - 2 on General Meetings issued by the
Institute of Company Secretaries of India, each as amended, and in accordance with the requirements prescribed by the
Ministry of Corporate Affairs vide its General Circulars dated April 8, 2020, April 13, 2020 along with subsequent circulars
issued in this regard and the latest being dated September 25, 2023.
C. Details of special resolution proposed to be conducted through Postal Ballot:

As on the date of this report, there is no special resolution which is proposed to be passed through Postal Ballot.
Means of Communication:
• The quarterly, half-yearly and annual financial results are communicated through Newspaper advertisements in
prominent national and regional daily like Financial Express (National) in English and Nafa Nuksan in Hindi (Vernacular)
Language.
• The Company’s results and other corporate announcements are timely filed with the BSE Limited (BSE) and National
Stock Exchange of India Ltd. (NSE).
• The financial results and other relevant information including news releases are also displayed on the website of the
Company i.e. www.mayuruniquoters.com
• The Company arranges quarterly conference call with Institutional Investors or Analysts.
GENERAL SHAREHOLDER INFORMATION

i. Annual General Meeting
The 31th Annual General Meeting of the Company will be held on Saturday, September 14, 2024 at 11.00 A.M. (IST)
through Video Conferencing (VC) / Other Audio Visual Means (OAVM) hosted at Registered Office of the Company i.e.
Mayur Uniquoters Limited, Village: Jaitpura, Jaipur-Sikar Road, Tehsil: Chomu, District: Jaipur-303 704 (Rajasthan),
India.
55
ii. Financial Year

April 1 to March 31
iii. Date of Book Closure

Saturday, August 24, 2024 to Monday, August 26, 2024
iv. Tentative Schedule of Financial Results (For Financial Year 2024-25)

June quarter ended results (Q1) Within 45 days from the end of quarter.
September quarter ended results (Q2) Within 45 days from the end of quarter.
December quarter ended results (Q3) Within 45 days from the end of quarter.
March quarter ended / financial year ended results Within 60 days from the end of quarter / financial year
(Q4 and yearly)
v. Dividend Payment Date

The Board of Directors of the Company has recommended a dividend of Rs. 3/- per equity share of Rs. 5/- each for the
year ended March 31, 2024 subject to the approval of the shareholders at the 31st Annual General Meeting of the
Company and the amount of dividend will be paid and dividend warrants will be dispatched to the eligible shareholders
by October 13, 2024.
vi. Listing on Stock Exchanges

Shares of the Company are listed at BSE Limited (BSE) and National Stock Exchange of India Limited (NSE)
BSE Limited (BSE)
Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai 400001;
Scrip Code: 522249
National Stock Exchange of India Limited (NSE)
‘‘Exchange Plaza”, C-1, Block-G, Bandra Kurla Complex, Bandra (E), Mumbai 400051;
Trading Symbol: MAYURUNIQ
ISIN: INE040D01038
Payment of Annual Listing Fees
The Company has paid the listing fees to the aforesaid Stock Exchanges.
No securities were suspended for trading on any of the exchange viz. BSE and NSE during the financial year 2023-24
vii. Stock Market Data

The monthly high and low price at BSE and BSE Sensex during 2023-24 is given below:
Month Stock Prices (Rs.) BSE Sensex

High Price Low Price High Low
April-23 520.00 424.75 61209.46 58,793.08
May-23 534.55 445.20 63,036.12 61,002.17
June-23 543.00 466.20 64,768.58 62,359.14
July-23 527.00 488.00 67,619.17 64,836.16
August-23 583.60 495.50 66,658.12 64,723.63
September-23 573.40 481.10 67,927.23 64,818.37
October-23 572.90 501.95 66,592.16 63,092.98
November-23 568.45 512.40 67,069.89 63,550.46
December-23 593.00 518.05 72,484.34 67,149.07
January-24 616.15 529.05 73,427.59 70,001.60
February-24 582.55 500.50 73,413.93 70,809.84
March-24 525.20 454.05 74,245.17 71,674.42
56
The monthly high and low price at NSE and NSE Nifty during 2023-24 is given below:
Month Stock Prices (Rs.) NSE Nifty
High Price Low Price High Low
April-23 520.50 422.20 17428.05 17885.30
May-23 534.80 448.05 18662.45 18042.40
June-23 544.50 465.30 19201.70 18464.55
July-23 527.50 488.05 19991.85 19234.40
August-23 583.90 495.60 19795.60 19223.65
September-23 573.95 479.70 20222.45 19255.70
October-23 573.00 498.10 19849.75 18837.85
November-23 568.00 512.35 20158.70 18973.70
December-23 594.00 516.00 21801.45 20183.70
January-24 618.00 527.00 22124.15 21137.20
February-24 574.00 499.60 22297.50 21530.20
March-24 524.70 455.00 22526.60 21710.20
*Source: Official website of BSE and NSE
viii. SHARE PRICES OF MAYUR V/S BSE SENSEX AND NSE NIFTY 2023-24
Share Performance of the Company vis-à-vis to Sensex
Share Performance of the Company vis-à-vis to NSE Nifty
57
ix. REGISTRAR AND SHARE TRANSFER AGENT

Beetal Financial and Computer Services Private Limited (‘Beetal’ or ‘Registrar’ or ‘RTA’), New Delhi is the Registrar
and Share Transfer Agent of the Company. The Address and contact details of the RTA is given below:
Beetal Financial and Computer Services Private Limited

“Beetal House”, 3rd Floor, 99 Madangir, Behind Local Shopping Centre,
Near Dada Harsukhdas Mandir, New Delhi- 110062, India.,
Phone: 91-11- 29961281, 91-11-29961282,
Fax: 91-11-29961284
Email: beetalrta@gmail.com Website: www.beetalfinancial.com
x. SHARE TRANSFER SYSTEM

In terms of amended Regulation 40 of the SEBI (LODR) Regulations, 2015 w.e.f. April 01,2019, transfer of securities
in physical form are not processed unless the securities are held in the dematerialised mode with a Depository
Participant. Further, with effect from January 24, 2022, SEBI has made it mandatory for listed companies to issue
securities in dematerialised mode only while processing any investor service request viz. issue of duplicate securities
certificates, claim from unclaimed suspense account, renewal/exchange of securities certificate, endorsement,
subdivision/splitting of securities certificate, consolidation of securities certificates/ folios, transmission and
transposition. Further, SEBI vide its Circular dated January 25 2022 (subsumed as part of SEBI Master Circular No.
SEBI/HO/MIRSD/POD-1/P/CIR/2024/37 dated May 07, 2024), clarified that the RTA/ listed company shall verify and
process the service requests and thereafter issue a ‘Letter of Confirmation’ in lieu of physical securities certificate(s),
to the securities holder/ claimant within 30 days of its receipt of such request after removing objections, if any. The
‘Letter of Confirmation’ shall be valid for a period of 120 days from the date of its issuance, within which the securities
holder/ claimant shall make a request to the Depository Participant for dematerializing the said securities.
As required under Regulation 40(9) & (10) of the SEBI (LODR) Regulations, 2015, a certificate is required to be
obtained from a Practicing Company Secretary within one month of the end of the financial year, certifying that
certificate have been issued within the time period specified in the Regulation from the date of lodgment for transfer,
sub-division, consolidation, renewal, exchange or endorsement of calls/allotment monies. The certificate in this
regard has been obtained from M/s. V.M. & Associates, Company Secretaries and the same has been filed to BSE and
NSE.
xi. Shareholding Pattern as on March 31, 2024

Category No. of Shares Percentage
Promoters 2,57,20,206 58.52
Resident Individuals 1,05,62,704 24.03
Foreign Portfolio Investors 12,50,122 2.84
Alternate investment Fund 2,15,126 0.49
Mutual Funds 24,29,037 5.53
Bodies Corporate 14,61,488 3.33
Non Resident Indians (Repatriable) 9,04,530 2.06
Non Resident Indians (Non-Repatriable) 3,68,941 0.84
Resident Individuals – HUF 3,23,669 0.74
Clearing Members (Demat Transit) 550 0.00
Financial Institutions / Banks 20,8,00 0.05
Insurance Companies 1,64,608 0.37
IEPF Authority 5,03,670 1.15
Trust 27,149 0.06
Grand Total 4,3952,600 100.00
58
xii. Distribution Schedule as on March 31, 2024

The shareholding pattern of the equity shares as on March 31, 2024 is given below:
Share Holding of No. of % of Total No. of Amount % of Total
Nominal Value of Rs. Shareholders Shareholders Shares (in Rs.) Shares
Upto 5,000 32,245 93.51 45,49,851 2,27,49,255.00 10.3517
5,001 To 10,000 1,247 3.62 18,10,422 90,52,110.00 4.1190
10,001 To 20,000 549 1.59 15,59,841 77,99,205.00 3.5489
20,001 To 30,000 149 0.43 7,19,188 35,95,940.00 1.6363
30,001 To 40,000 89 0.26 6,24,565 31,22,825.00 1.4210
40,001 To 50,000 53 0.15 4,88,382 24,41,910.00 1.1112
50,001 To 1,00,000 76 0.22 10,82,567 54,12,835.00 2.4630
1,00,001 and Above 74 0.21 3,31,17,784 16,55,88,920.00 75.3489
Total 34,482 100.00 4,39,52,600 21,97,63,000.00 100.00
xiii. Depository System
Shareholders can trade in the Company’s shares only in electronic form. The process for getting the shares
dematerialized is as follows:
(a) Shareholder shall submit the shares certificate along with Dematerialization Request Form (DRF) to Depository
Participant (DP).
(b) DP processes the DRF and generates a unique Dematerialization Request No.
(c) DP forwards DRF and Share Certificates to Registrar and Share Transfer Agent (RTA).
(d) RTA after processing the DRF confirms or rejects the request of Depositories.
(e) If confirmed by the RTA, depositories give credit to shareholder in his account maintained with DP.
(f) Physical shares received for dematerialization are processed and dematerialized within the stipulated period,
provided the same are in order in all respect. Bad deliveries are immediately returned to the DP.
xiv. Dematerialization of Shares and Liquidity
Company’s equity shares can only be traded in dematerialized form. It is advisable that the shareholders who have
shares in physical form, get their shares dematerialized. It is also to be noted that 4,35,91,156 shares of Rs. 5.00
each comprising 99.18% of the total paid up share capital were held in dematerialized form as on March 31, 2024.
xv. Dividend History
Following are the details of date of dividend declaration, dividend rate and unclaimed dividend amount as on March
31, 2024:
Financial Year Date of Dividend Dividend Rate Unclaimed Dividend
Declaration Amount (in Rs.)
2022-23 (Final Dividend) 14.09.2023 40% 4,30,174.00
2021-22 (Final Dividend) 29.07.2022 40% 5,95,522.00
2020-21 (Final Dividend) 27.08.2021 40% 8,20,903.00
2019-20 (Final Dividend) 27.08.2020 20% 4,47,987.00
rd
2019-20 (3 Interim Dividend) 12.02.2020 30% 7,45,732.50
2019-20 (2nd Interim Dividend) 12.11.2019 20% 4,49,331.00
2019-20 (1st Interim Dividend) 06.08.2019 10% 2,50,087.50
2018-19 (Final Dividend) 27.09.2019 5% 1,39,189.50
rd
2017-18 (Final Dividend) 27.07.2018 5% 1,48,851.00
rd
2016-17 (Final Dividend) 27.07.2017 5% 2,27,125.75
59
xvi. Dividend Revalidation Process Unit-III

Pursuant to the SEBI Master Circular No. SEBI/HO/ PU Plant situated at Plot No- S-1 to S-30 and M-8 to M-
MIRSD/POD-1/P/CIR/2024/37 dated May 07, 2024, and 13, Sitapur Industrial Area, Phase- I, Banmore, Morena
SEBI Circular No. SEBI/HO/MIRSD/POD-1/P/CIR/2024/ (Madhya Pradesh) - 476 444
81 dated June 10, 2024, those Shareholders, who do Website: www.mayuruniquoters.com
not have updated PAN, Contact Details, Bank Account Email: info@mayur.biz
Details and Specimen Signature and in case of any
xx. Address for Correspondence
payment including dividend, interest or redemption
Shareholder’s correspondence relating to
payment that is required to be made by the Company
transmission/issue of duplicate shares or for any
in respect of these folios through electronic mode only
queries or grievances should be addressed to the
w.e.f. April 01, 2024. Accordingly, the members are
Company’s RTA quoting their folio numbers / DP ID
requested to update their above details with the RTA of
and Client ID at the following address:
the Company i.e. Beetal Financial and Computer
Services Private Limited in case of shares held in Mr. Punit Mittal, General Manager
physical mode or their respective Depository in case Beetal Financial and Computer Services Private
of shares held in demat mode. Limited
Further in case the Shareholder do not receive the “Beetal House”, 3rd Floor, 99 Madangir, Behind Local
amount of dividend due to non-furnishing the Bank Shopping Centre,
details then shareholders may approach to the Near Dada Harsukhdas Mandir,
Company or RTA after updating their Bank account New Delhi-110 062 (India),
details for the revalidation of Dividend. In this regard Tel: 91-11-29961281, 91-11-29961282,
the Shareholders are advised to quote Folio Number/ Email: secr@mayur.biz
Client ID and bank details along with a request letter Website: www.mayuruniquoters.com
while doing any correspondence.
For any further assistance, the shareholders may
xvii. Outstanding GDRs/ADRs/ Warrants or any convertible contact to Company Secretary of the Company at the
Instruments following addresses:
The Company has not issued GDRs/ADRs/Warrants Mayur Uniquoters Limited
or any convertible other instruments, which are 28, Fourth Floor, Lakshmi Complex M.I. Road, Jaipur -
convertible into equity shares of the Company during 302 001 (Rajasthan), India,
the financial year 2023-24 and no ADR/ GDR/Warrant Phone No. : 91-141-2361132 Fax No. : 91-141-
convertible into equity share is pending for conversion 2365423
as on March 31, 2024. Email: secr@mayur.biz
Website: www.mayuruniquoters.com
xviii. Commodity price risk or foreign exchange risk and
hedging activities Registered Office:
The Company does not deal in hedging activities. Mayur Uniquoters Limited
Village: Jaitpura, Jaipur-Sikar Road, Tehsil: Chomu
xix. Plant Location District: Jaipur-303 704 (Rajasthan), India,
Unit-I Phone No. : 91-1423-224001 Fax No: 91-1423-224420
Four coating lines situated at Village: Jaitpura, Jaipur- CIN: L18101RJ1992PLC006952
Sikar Road, Tehsil: Chomu, District: Jaipur- 303 704 Email: secr@mayur.biz
(Rajasthan) Website: www.mayuruniquoters.com
Phone No: 91-1423-224001, Fax: 91-1423-224420
Website: www.mayuruniquoters.com xxi. Compliance Certificate under Regulation 17(8) of SEBI
Email: info@mayur.biz (LODR) Regulation, 2015
A certificate as required under Regulation 17 (8) of the
Unit-II SEBI (LODR) Regulations, 2015 on financial
Textile Division and Fifth & Sixth Coating Line situated statements for the financial year ended on March 31,
at Village: Dhodsar, Khajroli Link Road, Near Ratan 2024 is annexed as Annexure B at the end of this report.
Devi College, Jaipur-Sikar Highway, Tehsil: Chomu,
District: Jaipur-303 712 (Rajasthan) xxii.Compliance Certificate on Corporate Governance
Website: www.mayuruniquoters.com As required under Regulation 34(3) read with Part E of
Email: info@mayur.biz Schedule V of the SEBI (LODR) Regulations, 2015, a
60
certificate from Practicing Company Secretary (d) Details of compliance with mandatory
regarding compliance of conditions of Corporate requirements and adoption of the non-
Governance is annexed as Annexure C at the end of mandatory requirements.
this report. During the year, the Company has complied with
all the mandatory requirements specified in
xxiii. Other Disclosures
Regulations 17 to 27 and clauses (b) to (i) and (t)
(a) Disclosures on materially significant related of sub – regulation (2) of Regulation 46 of the
party transactions that may have potential SEBI (LODR) Regulations, 2015..
conflict with the interests of listed entity at large
All related party transactions that were entered Further, among discretionary requirements, as
into during the financial year under review were specified in Part E of Schedule II of SEBI (LODR)
on arm’s length basis and in the ordinary course Regulations, 2015 and other acts, rules,
of business of the Company. There is no materially regulations, and guidelines as applicable, the
significant related party transaction made by the Company has adopted the following:
Company with Promoters, Directors, Key (i) Shareholder Right: Financial statements were
Managerial Personnel or other Designated published in leading newspapers and
Persons which may have a potential conflict with uploaded on Company’s website
the interest of the Company at large. All related w w w. m a y u r u n i q u o t e r s . c o m / f i n a n c i a l -
party transactions are placed before the Audit results.php
Committee and the Board for approval. The policy (ii) Modified opinion(s) in audit report: The
on related party transactions as approved by the Company already has a regime of un-qualified
Board is uploaded on the Company’s website i.e. financial statements. Auditors have raised no
www.mayuruniquoters.com/pdf/related-party- qualification on the financial statements.
transaction-policy.pdf as per Regulation 23 of the (iii) Reporting of Internal Auditor:M/s S. Bhandari
SEBI (LODR) Regulations, 2015. & Associates is the Internal Auditor of the
Company and they have direct access to the
(b) Details of non-compliance by the listed entity,
Audit Committee.
penalties, strictures imposed on the listed entity
by stock exchange(s) or the board or any (e) Web link where policy for determining ‘material’
statutory authority, on any matter related to subsidiaries is disclosed.
capital markets, during the last three years Pursuant to Regulation 16(1)(c) of the SEBI
There is no instance of non-compliance during (LODR) Regulations, 2015, the Board adopted a
the period under review. Also, no penalties and policy for determining material subsidiaries and
strictures have been imposed either by SEBI or by the same is available on Company’s website i.e.
the stock exchanges or any other statutory w w w. m a y u r u n i q u o t e r s . c o m / p d f / p o l i c y - o n -
authorities on any matter related to the capital material-subsidiary.pdf
market during the last three years.
(f) Web link where policy on dealing with related
(c) Details of establishment of vigil mechanism/ party transactions
whistle blower policy and affirmation that no The policy on dealing with related party
personnel have been denied access to the audit transactions is available on the website of the
committee Company under “Policies” in the Report and Filing
Pursuant to section 177(9) and (10) of the section and can be accessed at
Companies Act, 2013 and Regulation 22 of the www.mayuruniquoters.com/pdf/related-party-
SEBI (LODR) Regulations, 2015, the Company transaction-policy.pdf
has a Whistle Blower Policy for establishing a vigil
mechanism for Directors and employees. The (g) Details of utilization of funds raised through
policy has been hosted on the website of the preferential allotment or qualified institutions
Company at www.mayuruniquoters.com/pdf/mul- placement as specified under Regulation 32(7A).
whistle-blower-policy.pdf No personnel have been The Company did not raise any funds through
denied access to the Audit Committee or preferential allotment or qualified institutions
Chairman thereof. placement during the year.
61
(h) Certificate from a company secretary in practice (l) Disclosure by listed entity and its subsidiaries
that none of the directors on the board of the of loans and advances in the nature of loans to
company have been debarred or disqualified firms/ companies in which directors are
from being appointed or continuing as Directors interested by name and amount.
of Companies by the Board/Ministry of Corporate During the financial year under review, the
Affairs or any such statutory authority. Company and its subsidiary has not granted any
The Company has received a certificate from M/s. Loan and advances in the nature of loans to firms/
V. M. & Associates, Company Secretaries certifying companies in which directors are interested by
that none of the Directors on the Board of the name and amount.
Company have been debarred or disqualified from
(m) Details of material subsidiaries of the listed
being appointed or continuing as Directors of
entity; including the date and place of
Companies by the Securities and Exchange Board
incorporation and the name and date of
of India, Ministry of Corporate Affairs or any other
appointment of the statutory auditors of such
Statutory Authority for the financial year ended on
subsidiaries.
March 31, 2024, which is annexed as Annexure D
The Company does not have any material
at the end of this report.
subsidiary during the year under review.
(i) Where the board had not accepted any
(n) Particulars of Non-compliance of any
recommendation of any committee of the board
requirement of corporate governance report of
which is mandatorily required, in the relevant
sub -paras (2) to (10) above, with reasons thereof
financial year, the same to be disclosed along
shall be disclosed.
with reasons thereof.
During the year under review, there is no such any
The Board accepted the recommendations of its
non-compliance of any requirement of corporate
Committees, wherever made, during the year.
governance report of sub -paras (2) to (10) above
(j) Total fees for all services paid by the listed entity
(o) Disclosures with Respect to Demat Suspense
and its subsidiaries, on a consolidated basis, to
Account/ Unclaimed Suspense Account
the statutory auditor and all entities in the
network firm/ network entity of which the (i) Aggregate number of shareholders and the
statutory auditor is a part. outstanding shares in the suspense account
The Company has paid a total amount of Rs. 47.99 lying at the beginning of the year- NIL.
lakhs on consolidated basis during the year under (ii) Number of shareholders who approached
review to Statutory Auditor of the Company. listed entity for transfer of shares from
suspense account during the year-NIL.
(k) Disclosures in relation to the Sexual Harassment (iii) Number of shareholders to whom Shares
of Women at Workplace (Prevention, Prohibition were transferred from suspense account
and Redressal) Act, 2013. during the year-NIL
In terms of the provisions of the Sexual (iv) Aggregate number of shareholders and the
Harassment of Women at the Workplace outstanding shares in the suspense account
(Prevention, Prohibition and Redressal) Act, 2013, lying at the end of year-NIL
the Company adopted a policy for prevention of (v) That the voting rights on these shares shall
Sexual Harassment of Women at workplace and remain frozen till the rightful owner of such
also set up an Internal Complaints Committee to shares claims the shares-Not Applicable
look into complaints relating to sexual harassment
at work place of any women employee. (p) Disclosure of certain types of agreements
binding listed entities:
During the financial year 2023-24 details of As per clause 5A of Schedule III, Part A, Para A of
complaints are mentioned as below: the SEBI (LODR) Regulations, 2015 for the
(i) Number of complaints filed during the disclosure requirement of certain types of
financial year – Nil agreement binding Listed entities, there is no such
(ii) Number of complaints disposed off during agreement entered into by the shareholders,
the financial year – Nil promoters, promoter group entities, related
(iii) Number of complaints pending as on end of parties, directors, key managerial personnel,
the financial year – Nil employees of the company or of its holding,
62
subsidiary or associate company, among themselves or with the company or with a third party, solely or jointly,
which, either directly or indirectly or potentially or whose purpose and effect is to, impact the management or
control of the listed entity or impose any restriction or create any liability upon the company.
(q) Particulars of senior management including the changes therein since the close of the previous financial
year
“Senior Management” shall mean the officers and personnel of the Company who are members of the core
management team, excluding the Board of Directors and shall comprise all the members of the management
one level below the Chief Executive Officer or Managing Director or Wholetime Director or Manager (including
Chief Executive Officer and Manager, in case they are not part of Board of Directors) and shall specifically include
the functional heads, by whatever name called and the Company Secretary and the Chief Financial Officer.
Mr. Vinod Kumar Sharma, Mr. Chandra Kumar Tharad, Mr. Rajesh Gupta, Mr. B.S. Venkatesh, Mr. Satish Uniyal, Mr.
Ashutosh Pandey, Mr. Babu Pathanjali, Mr. Hanuman Prassad Jat, Mr. Prahlad Sahay Jangid, Mr. Arun Kumar
Tyagi, Mr. Pramod Kumar Pareek, Mr. Ravi Arora, Mr. Rakesh Kumar Saxena, Mrs. Dolly Bagaria, Mr. B.S Bajiya, Mr.
M.S. Yadav, Mr. Pawan Kumar Kumawat are the Senior Management Personnel (SMP) of the Company as on
March 31, 2024
During the year Mr. Hemant Singh Fauzdar, General Manager-HR, Mr. Swapnil Vyas, Senior General Manager-
Operation and Project, Mr. Vinay Kumar-Assistant Vice President-Operations, Mr. Rishi Pareek-Assistant General
Manager-Production Department have resigned from the Company.
Further Mr. Babu Patanjali, Production Head was appointed in the Company and the Company given the additional
charge as Factory Manager of the Company to Mr. Hanuman Prasad Jat-R&D Head.
(r) Credit Rating
During the financial year 2023-24 Credit Rating Agency CARE has reaffirmed stable rating as follows:
Facilities Rating
Long Term Bank Facility CARE AA; Stable
Short Term Bank Facility CARE A1+
Long Term / Short Term Bank Facility CARE AA; Stable/CARE A1+
(s) Other Useful Information for Shareholders: Nomination Facility

Members are encouraged to make a nomination in respect of shares held by them. Members holding shares in
demat form are requested to give the nomination request to their respective DPs directly. Members holding
shares in physical form and intending to make / change the nomination in respect of their shares, may submit
their requests to our RTA i.e. Beetal Financial and Computer Services Private Limited or download the form from
the website of the Company at the link: www.mayuruniquoters.com/forms.php
Note: All information is as on March 31, 2024, unless stated otherwise.
For and on Behalf of the Board of Directors of
Suresh Kumar Poddar
Place: Jaipur (Chairman and Managing Director & CEO)
Date : August 08, 2024 (DIN-00022395)
Annexure A
Declaration for compliance with the Code of Conduct:
I hereby confirm and declare that all the Directors and Senior Management Personnel of the Company have affirmed their
compliances with the Code of Conduct of the Company for the financial year 2023-24.
Suresh Kumar Poddar
Place: Jaipur (Chairman and Managing Director & CEO)
Date : August 08, 2024 (DIN-00022395)
63
Annexure B
CEO AND CFO CERTIFICATE
Under Regulation 17(8) of Securities and Exchange Board of India
(Listing Obligations and Disclosure Requirements), Regulations, 2015
To,
The Board of Directors,
Mayur Uniquoters Limited,
Jaipur-Sikar Road Village Jaitpura,
Tehsil: Chomu, Jaipur-303704.
We, Suresh Kumar Poddar, Chairman and Managing Director & CEO (DIN: 00022395) and Vinod Kumar Sharma,
Chief Financial Officer of Mayur Uniquoters Limited, to the best of knowledge and belief, certify that:
1. We have reviewed financial statements (Balance Sheet, Statement of Profit & Loss and all the schedules and
Notes on Accounts) and the Cash Flow Statement for the financial year 2023-24 and based on our knowledge,
belief and information:
i. These statements do not contain any materially untrue statement, omit any material fact, or contain any
statement that may be misleading.
ii. These statements together present a true and fair view of Company’s affair and are in compliance with
current accounting standards, applicable laws and regulation.
2. There are, to the best of our knowledge and belief, no transactions entered into by the Company during the
financial year 2023-24 are fraudulent, illegal or voilative of the Company’s code of conduct.
3. We accept responsibility for establishing and maintaining internal controls for financial reporting and that we
have evaluated the effectiveness of internal control system of the Company pertaining to financial reporting and
we have disclosed to the Auditors and the Audit Committee, deficiencies in the design or operation of such
internal controls, if any, of which we are aware and the steps we have taken or propose to take to ratify these
deficiencies.
4. We have indicated to the Auditors and the Audit Committee:

i. significant changes in internal control over financial reporting during the year;
ii. significant changes in accounting policies during the year and that the same have been disclosed in the
notes to the financial statements; and
iii. instances of significant fraud of which we have become aware and the involvement therein, if any, of the
management or an employee having a significant role in the Company’s internal control system over
financial reporting.

For Mayur Uniquoters Limited
Suresh Kumar Poddar Vinod Kumar Sharma

Place: Jaipur (Chairman and Managing Director & CEO) (Chief Financial Officer)
Date: May 21, 2024 DIN: 00022395
64
Annexure C
CERTIFICATE ON CORPORATE GOVERNANCE
To,
The Members,
Jaipur-Sikar Road, Village Jaitpura
Tehsil – Chomu
1. We have examined the compliance of conditions of Corporate Governance of Mayur Uniquoters Limited (“the
Company”) for the year ended on March 31, 2024 as stipulated in Regulations 17 to 27 and clauses (b) to (i) and (t)
of Regulation 46 (2) and paragraphs C, D and E of Schedule V of the Securities and Exchange Board of India (Listing
Obligations and Disclosure Requirements) Regulations, 2015 [collectively referred to as “SEBI Listing Regulations”].
Management’s Responsibility for compliance with the conditions of SEBI Listing Regulations
2. The compliance with the conditions of Corporate Governance is the responsibility of the management of the
Company, including the preparation and maintenance of all relevant supporting records and documents. This
responsibility includes the design, implementation and maintenance of internal control and procedures to ensure
the compliance with the conditions of the Corporate Governance stipulated in SEBI Listing Regulations.
Our Responsibility
3. Our responsibility is limited to examining the procedures and implementation thereof, adopted by the Company for
ensuring the compliance with the conditions of the Corporate Governance. It is neither an audit nor an expression
of opinion on the financial statements of the Company.
4. We have examined the relevant records and documents maintained by the Company for the purposes of providing
reasonable assurance on the compliance with the Corporate Governance requirements by the Company.
5. We have conducted our examination in accordance with the Guidance Note on Corporate Governance Certificate
and the Guidance Manual on Quality of Audit & Attestation Services issued by the Institute of Company Secretaries
of India (“ICSI”).
Opinion
6. In our opinion and to the best of our information and according to the explanations given to us, and the representation
made by the directors and the management, we hereby certify that the Company has complied with the conditions
of Corporate Governance as stipulated in the above-mentioned SEBI Listing Regulations.
7. We further state that such compliance is neither an assurance as to the future viability of the Company nor the
efficiency or effectiveness with which the management has conducted the affairs of the Company.
Restriction on use
8. The certificate is addressed and provided to the members of the Company solely for the purpose to enable the
Company to comply with the requirement of the SEBI Listing Regulations, and it should not be used by any other
person or for any other purpose. Accordingly, we do not accept or assume any liability or any duty of care for any other
purpose or to any other person to whom this certificate is shown or into whose hands it may come without our prior
consent in writing.
Place: Jaipur For V. M. & Associates
Date: May 21, 2024 Company Secretaries
UDIN: F003355F000411466 (ICSI Unique Code P1984RJ039200)
PR 5447 / 2024
CS Manoj Maheshwari
Partner
Membership No.: FCS 3355
C P No.: 1971
65
Annexure D
CERTIFICATE OF NON-DISQUALIFICATION OF DIRECTORS
(Pursuant to Regulation 34(3) and Schedule V Para C clause (10)(i) of the
SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015)
To,
The Members,
Jaipur-Sikar Road, Village Jaitpura
Tehsil –Chomu
We have examined the relevant registers, records, forms, returns and disclosures received from the Directors of Mayur
Uniquoters Limited having CIN: L18101RJ1992PLC006952 and having registered office at Jaipur-Sikar Road, Village
Jaitpura, Tehsil - Chomu, Jaipur – 303 704 (Rajasthan) (hereinafter referred to as ‘the Company’), produced before us
by the Company for the purpose of issuing this Certificate, in accordance with Regulation 34(3) read with Schedule V
Para-C clause 10 sub clause (i) of the Securities and Exchange Board of India (Listing Obligations and Disclosure
Requirements) Regulations, 2015.
In our opinion and to the best of our information and according to the verifications (including Directors Identification
Number (DIN) status at the portal www.mca.gov.in) as considered necessary and explanations furnished to us by the
Company & its officers, we hereby certify that none of the Directors on the Board of the Company as stated below for the
Financial Year ended on March 31, 2024 have been debarred or disqualified from being appointed or continuing as
Directors of companies by the Securities and Exchange Board of India, Ministry of Corporate Affairs or any such other
Statutory Authority.
Sr. No. Name of the Director DIN

1. Suresh Kumar Poddar 00022395
2. Tanuja Agarwal 00269942
3. Arun Kumar Bagaria 00373862
4. Ratan Kumar Roongta 03056259
5. Shyam Agrawal 03516372
6. Arvind Kumar Sharma 01417904
7. Nivedita Ravindra Sarda 00938666
Ensuring the eligibility of, for the appointment/continuity of every Director on the Board is the responsibility of the
management of the Company. Our responsibility is to express an opinion on these based on our verification. This
certificate is neither an assurance as to the future viability of the Company nor of the efficiency or effectiveness with which
the management has conducted the affairs of the Company.
Place: Jaipur For V. M. & Associates
Date: May 21, 2024 Company Secretaries
UDIN: F003355F000411510 (ICSI Unique Code P1984RJ039200)
PR 5447 / 2024
CS Manoj Maheshwari
Partner
Membership No.: FCS 3355
C P No.: 1971
66
Annexure-VIII
BUSINESS RESPONSIBILITY AND SUSTAINABILITY REPORT

SECTION A: GENERAL DISCLOSURES
I. Details of the listed entity

1. Corporate Identity Number (CIN) of the Listed Entity L18101RJ1992PLC006952
2. Name of the Listed Entity Mayur Uniquoters Limited
3. Year of Incorporation 1992
4. Registered Office Address Jaipur-Sikar Road, Village: Jaitpura, Tehsil: Chomu,
5. Corporate Address Distt. Jaipur - 303704 Rajasthan
6. E-mail id secr@mayur.biz
7. Telephone 01423-224001
8. Website www.mayuruniquoters.com
9. Financial year for which reporting is being done 2023-24
10. Name of the Stock Exchange(s) where shares BSE Limited (BSE)
are listed The National Stock Exchange of India Ltd. (NSE)
11. Paid up Capital (in Rs.) Rs. 21,97,63,000/-
12. Name and contact details (telephone, email address) Mr. Suresh Kumar Poddar
of the person who may be contacted in case of any Chairman and Managing Director & CEO
queries on the BRSR report DIN: 00022395
Tel: 01423-224001 Email: secr@mayur.biz
13. Reporting boundary - Are the disclosures under this
report made on a standalone basis (i.e. only for the The disclosures under this report are made on Standalone
entity) or on a consolidated basis (i.e. for the entity basis
and all the entities which form a part of its
consolidated financial statements, taken together)
14. Name of assurance provider Not Applicable
15. Type of assurance provider Not Applicable
II. Products / Services

16. Details of business activities (accounting for 90% of the Turnover):
S. No. Description of Main Activity Description of Business Activity % of Turnover
of the entity
1. Manufacturing of artificial leather The company is in the business of manufacturing 100%
of artificial synthetic leather for both exports and
domestic market.
17. Products/Services sold by the entity (accounting for 90% of the entity’s Turnover):
S. No. Product/Service NIC Code % of total Turnover contributed

1. Artificial leather 13999 100%
III. Operations
18. Number of locations where plants and/or operations/offices of the entity are situated:
Location Number of plants Number of offices Total

National 3 3 (Other than plant premises) 6
International 0 0 0
67
19. Markets served by the entity:

a. Number of locations
Locations Number
National (No. of States) All states of India
International (No. of Countries) 18
b. What is the contribution of exports as a percentage of the total turnover of the entity?
Exports contributes around 31.43% of the total turnover of the entity.
c. A brief on types of customers

Mayur Uniquoters Limited (“Mayur”) is engaged in the business of manufacturing and selling of artificial leather and its
business model is B2B (business to business). Mayur are selling majorly to the end use industries, such as those in the
footwear, automotive industry and exports into more than 18 countries and the major exports are made to automotive
industry.
IV. Employees
20. Details as at the end of Financial Year:
a. Employees and workers (including differently abled):
S.No. Particulars Total (A) Male Female

No. (B) % (B / A) No. (C) % (C / A)
EMPLOYEES
1. Permanent (D) 397 383 96.47% 14 3.53%
2. Other than Permanent (E) 0 0 0.00% 0 0.00%
3. Total employees (D + E) 397 383 96.47% 14 3.53%
WORKERS
4. Permanent (F) 78 78 100% 0 0.00%
5. Other than Permanent (G) 946 945 99.89% 1 0.11%
6. Total workers (F + G) 1024 1023 99.90% 1 0.10%
b. Differently abled Employees and workers:
S.No. Particulars Total (A) Male Female

No. (B) % (B / A) No. (C) % (C / A)
DIFFERENTLY ABLED EMPLOYEES
1. Permanent (D) 0 0 0.00% 0 0.00%
2. Other than Permanent (E) 0 0 0.00% 0 0.00%
3. Total differently abled employees (D + E) 0 0 0.00% 0 0.00%
DIFFERENTLY ABLED WORKERS
4. Permanent (F) 0 0 0.00% 0 0.00%
5. Other than permanent (G) 0 0 0.00% 0 0.00%
6. Total differently abled workers (F + G) 0 0 0.00% 0 0.00%
21. Participation/Inclusion/Representation of women

Total(A) No. and percentage of Females
No. (B) % (B / A)
Board of Directors 7 2 28.57%
Key Management Personnel 4 0 0.00%
68
22. Turnover rate for permanent employees and workers

FY 2023-24 FY 2022-23 FY 2021-22
Male Female Total Male Female Total Male Female Total
Permanent Employees 19.89% 20.00% 19.85% 19.54% 68.75% 21.46% 11.89% 35.71% 12.67%
Permanent Workers 2.25% 0.00% 5.62% 2.35% 0.00% 2.35% 1.09% 0.00% 1.09%
V. Holding, Subsidiary and Associate Companies (including joint ventures)

23. (a) Names of holding / subsidiary / associate companies / joint ventures
S.No. Name of the holding / Indicate whether holding / % of shares Does the entity indicated at
Subsidiary / Associate Subsidiary / Associate held by column A, participate in the
Companies / Joint Ventures Companies / Joint Ventures listed entity Business Responsibility
(A) initiatives of the listed entity?
(Yes/No)
1 Mayur Uniquoters Corp. Subsidiary 100% No
2 Mayur Uniquoters SA (Pty) Ltd Subsidiary 100% No
3 Futura Textiles Inc. Step Down Subsidiary 100% No
4 Mayur Tecfab Private Limited Subsidiary 100% No
VI. CSR Details

24. (i) Whether CSR is applicable as per Section 135 of Companies Act, 2013: (Yes/No) Yes
(ii) Turnover (Rs. In Lakhs) 76,409.09/-
(iii) Net worth (Rs. In Lakhs) 75,756.43/-
VII. Transparency and Disclosures Compliances

25. Complaints/Grievances on any of the principles (Principles 1 to 9) under the National Guidelines on Responsible Business
Conduct:
Stakeholder Grievance Redressal Mechanism FY 2023-24 FY 2022-23
group from in Place Number of Number of Remarks Number of Number of Remarks
whom (Yes/No) complaints complaints complaints complaints
complaint is (If Yes, then provide web-link for filed during pending filed during pending
received grievance redress policy) the year resolution the year resolution
at close of at close of
the year the year
Communities Yes
www.mayuruniquoters.com/ 0 0 - 0 0 -
pdf/mul-whistle-blower-policy.pdf
Investor (other Yes
than www.mayuruniquoters.com/ 0 0 - 0 0 -
Shareholder) investors.php
Shareholder Yes
www.mayuruniquoters.com/ 01 0 - 06 0 -
investors.php
Employees Yes
and Workers www.mayuruniquoters.com/pdf/ 0 0 - 0 0 -
mul-whistle-blower-policy.pdf
Customers Yes
www.mayuruniquoters.com/pdf/ 11 0 - 39 0 -
Value Chain Yes
Partners www.mayuruniquoters.com/pdf/ 0 0 - 0 0 -
69
26. Overview of the entity’s material responsible business conduct issues

Please indicate material responsible business conduct and sustainability issues pertaining to environmental and social
matters that present a risk or an opportunity to your business, rationale for identifying the same, approach to adapt or mitigate
the risk along-with its financial implications, as per the following format
S. Material Indicate Rationale for identifying In case of risk, approach to Financial implications
No. identified whether the risk / opportunity adapt or mitigate of the risk or
issue risk or opportunity (Indicate
opportunity positive or negative
(R/O) implications)
1. Oxygen Zone O The establishment of an Oxygen Zone 1. We have extraordinary Positive
Development in Mayur offers a promising opportunity. accomplishment of planting a total of
This initiative not only contributes to 6000 trees across four distinct
environmental sustainability but also locations: Badawali, Bhomiya Ji Park,
brings about long-term benefits for the Singod Kalan, and Jaitpura School
ecosystem. By undertaking this Ground. These sites, conveniently
project, the company can effectively positioned within a radius of 1 km and
enhance its brand image, while 3 km near our Dhodsar factory, evoke
fostering a deeper sense of community a sense of joy and fulfillment.
engagement and connection. 2. During this reporting period, a total of
6000 plants were established, and we
have successfully planted 23000 trees
on 28 hectares of land so far.
2. Air Quality R Air quality poses various risks for During the reporting period, a Bag Filter Negative
companies, including potential health was installed in one Thermopack unit as
hazards for employees, decreased a technological intervention to improve air
productivity, increased absenteeism, quality. The site plan highlights ten
higher healthcare costs, and potential emission points, and specific points of
damage to the company’s reputation. critical emissions have been identified for
Poor air quality can lead to respiratory monitoring purposes.
issues, allergies, and other health
problems, which can result in
reduced employee performance and
efficiency. Moreover, high levels of
air pollution can lead to increased
sick leaves and healthcare expenses
for both employees and the
Company.
3. Clean water & R Clean water and sanitation risks for We have further improved the water Negative
Sanitation companies include compromised quality by inducing technological
employee health, increased advancement in our ETP process by
operational costs, regulatory non- installing oil skimmer & tank for separating
compliance, reputational damage, and the oil & Inhouse lab setup done for testing
legal liabilities. Insufficient access to of waste water.
clean water can lead to waterborne
diseases, while poor sanitation
facilities can impact productivity and
cause accidents. Non-compliance
with regulations can result in fines
and penalties, damaging reputation
and stability. Inadequate facilities may
lead to legal liabilities and financial
burdens.
70
(R/O) implications)
4. Reduction in R Greenhouse gas emissions can lead The Company has done baseline Negative
GHG emission to regulatory non-compliance, measurement of year in 2021-22 with
reputational damage, increased Global PCCS as a second party
operational costs, legal liabilities, and consultant.
vulnerability to climate change For 2023-24, we are doing GHG
impacts. Failing to address these accounting with MNIT as second party
emissions can result in fines, consultant. We are actively analyzing and
penalties, and negative perceptions monitor our GHG gas emissions for better
from stakeholders, affecting the understanding of its environmental impact.
company’s stability and long-term
sustainability. For Decreasing the GHG, we are moving
towards sourcing from Local Suppliers:
for reducing the transportation distance
Green Supply chain: We want our supply
chain to comply with our policies and we
have conducted sustainability
assessment for our key suppliers
As part of our ongoing efforts, we continue
to engage in conducting a comprehensive
Life Cycle Assessment (LCA) of our
product. Our primary objective is to gain
a thorough understanding of the product’s
carbon dioxide (CO2) emissions
throughout its manufacturing process.
Moreover, we are actively exploring
opportunities to replace certain
components with Sustainable alternatives.
By adopting this approach, we aim to
mitigate our ecological impact and
transition towards a more sustainable
product.
5 Energy O Exploring energy consumption, We are performing energy saving projects Positive
consumption, monitoring, and efficiency presents implemented during this fiscal year which
monitoring, an excellent opportunity to optimize includes:
and efficiency resource utilization, minimize 1. We have replaced highbay street
environmental impact, and enhance lights to LED 48 lights on Road to
operational efficiency. By focusing on saving of 15.99 MWH of saving
these aspects, organizations can
drive sustainability, reduce costs, and 2. We have Replaced Floor Lights 150
improve overall performance while watt to 70 watt saving of 72.91 MWh
contributing to a greener and more 3. Canteen Air Washer, Perforation Air
sustainable future. Washer & Embossing Air Washer Unit
drive Installation for saving of 23.22
Mwh
71
(R/O) implications)
6 Occupational R OHS is both risk and opportunity for At our Occupational Health Centre, we Positive
Health and us. It is risk because prioritize the well-being of individuals.
Safety (OHS) 1. It is associated with environment, When it comes to fire safety, we’ve
machinery, chemicals that poses implemented a robust system comprising
to threat to employee health and fire hydrants and automatic sprinklers.
safety To ensure prompt fire detection, we’ve
installed reliable fire alarms and smoke
2. Neglecting OHS can face legal detection systems. Our commitment
consequences, penalties, and extends to providing comprehensive
fines. personal protective equipment (PPE) kits
3. OHS practices can harm a for enhanced protection. Regular medical
company’s reputation tests are conducted for our dedicated staff
It is Opportunity due to and employees in accordance with
factory norms. Additionally, we perform
a. OHS demonstrates a
thorough internal audits and monthly
commitment to employee
theme audits, along with daily patrolling,
well-being and creates a to maintain a safe environment. As part
safer work environment. of our preparedness, we conduct regular
b. It enhances the productivity mock drills aligned with factory protocols.
and efficiency. Hazard identification and risk assessment
are integral components of our safety
practices. We have a fully equipped
ambulance ready for emergencies.
7 Employee O The Company sees employee The Company ensures comprehensive Positive
Training and training and development as an employee training and development,
Development opportunity which: covering various aspects. This includes
1. helps in the adaption of changing skill matrix preparation, identification of
technologies and trends training needs, creating training calendars,
executing programs, and evaluating their
2. helps in identifying and grooming effectiveness. In the year 2023-24, the
of potential leaders Company conducted training sessions on
3. helps in employee retention. different sustainability topics including
4. helps the employees in acquiring code of conduct, labour policies,
new skills, knowledge and sustainability policies etc. Additionally, we
competencies relevant to their provide training on 5S, Kaizen, Fire
roles and responsibility safety, industrial safety, hazard & risk,
Chemical handling, MSDS, Emergency
procedures and IATF practices.
Environment management is a crucial
area where we implement an impactful
employee training program. Moreover,
our department leaders benefit from
external training sessions conducted by
experts in Anti Bribery & Corruption
measures.
72
(R/O) implications)
8 Resource O The Company actively involved in Enhancing the efficiency and capacity of Positive
optimization strategically managing and operational energy stands as an important
and Value maximizing the utilization of component within the Company’s overall
creation resources to enhance productivity, strategy. In our strong and steady
reduce costs, and improve overall commitment to this cause, our proficient
performance. By effectively engineering team constantly endeavors
harnessing available resources, to execute projects aiming to support
businesses can generate value for energy efficiency. Across the entire
stakeholders and position organization, these initiatives are pushed
themselves for sustainable growth by enthusiastic energy champions
and competitive advantage. This present at each site, leading energy
opportunity arises due to the teams to facilitate the seamless
collaboration between optimizing implementation of energy conservation
resource allocation and driving value projects.
across various aspects of the
organization.
9 Quality O Quality education within a community The Company initiated multiple programs Positive
Education is a great opportunity for the Company. for quality education in reporting year
By supporting and investing in 2023-24
education initiatives, companies can
New Class rooms: Mayur Uniquoters
contribute to the development of a
Limited constructed 3 new classrooms
skilled workforce. This, in turn, can
with Verandas in Mahatma Gandhi
benefit businesses through access
Government School, English Medium
to a pool of talented individuals who
ward no.6 Chomu, and for 2 new
possess the necessary knowledge
classrooms with verandas in Government
and skills for employment.
Senior Secondary School,
Providing education can create a Vijaysinghpura, Bansa. Due to lack of
positive brand image which can have rooms in both schools, children were
a positive impact on businesses forced to study in the open. Now with the
operating within that community. completion of the construction, students
can acquire knowledge with complete
convenience. As a result, more than 400
students at both schools will be benefitted.
Scholarship: 5 schools which scored

80 or more percent marks in the 2022-23
board exams of class 10th and 12th such
as Government Higher Secondary School
Chomu Girls, Government Higher
Secondary School, Dhodhsar
Government Higher Secondary School,
Bhojlawa, Government Senior Secondary
School, Radha Swami Bagh and out of
total 51 students at Government Senior
73
(R/O) implications)
Secondary School, Jaitpura, 15 students
of class 10 and 36 students of class 12.
A total of fifty-one students were awarded
scholarships worth Rs 23 lakh 68
thousand. For the past 7 years, Mayur
Uniquoters Limited has been doing the
sacred work of upgrading education and
promoting girl education through
scholarships to economically weaker
children through its CSR program.
Educational tour - All the students at

Government Higher Secondary School,
Bhoj Lava and their subject teachers, who
scored more than 80 percent marks in
the 10 th and 12th board exams, were given
a two-day educational tour of Vrindavan,
Mathura, Govardhan, Bharatpur Bird
Century through the company. Using this
method, teachers’ understanding of the
methods of teaching increased .
10 Health Care, O By actively engaging in promoting In view of the increasing population and Positive
Family and supporting these initiatives, the diseases in the country, Mayur, in the
Planning & Company will have advantages by health vaccination program that has been
Immunization Investing in comprehensive health going on continuously for the last 22 years,
care services and family planning this year also continued the work of taking
programs that enables companies to the vaccination team to eighty remote
foster a healthier and more productive villages through his vehicle. This year,
workforce. This, in turn, contributes 1701 children were fully vaccinated and
to higher employee satisfaction, more than 2500 pregnant women were
reduced absenteeism, and increased provided vaccination. As a result of doing
overall efficiency. Supporting this sacred work, even today Phagi block
immunization efforts not only is the block with the lowest infant mortality
demonstrates corporate social and maternal mortality rates in Jaipur.
responsibility but also helps prevent
the spread of diseases, safeguarding
both employees and the community
at large. Businesses can create a
positive impact such as enhanced
brand reputation, increased customer
loyalty, and improved employee
morale.
74
(R/O) implications)
11 Development of O Sustainable products can help 1. Recycled Yarn and Bio PVC Positive
Sustainable companies to meet the growing Combinations
Products demand for eco-friendly products, We have achieved notable progress
differentiate themselves from in developing materials that combine
competitors, save money, improve Recycled Yarn with Bio-based PVC.
their public image, and comply with One of our key products, utilizing
regulations. A survey was conducted Recycled Yarn and Regular PVC, has
by the Company from which we successfully passed initial quality and
came to know that approximately feasibility assessments. Building on
73% of consumers are willing to pay this success, we developed a
more for sustainable products.It also product incorporating Recycled Yarn
reduces the GHG Emissions of the and Bio PVC. Although initial
company. feedback highlighted the need for an
additional bio filler component, our
response was swift and effective. We
created a new variant that includes
Recycled Yarn, Bio PVC, and Bio
Filler. Preliminary customer testing
has yielded positive results, and we
are now preparing for further emission
testing and seat development
evaluations.
2. Bio PVC with Various Fabric

Combinations
In our quest to enhance sustainability,
we have transitioned from regular
fabrics to recycled fabrics in our Bio
PVC products. For instance, our
product combining Bio PVC with
Regular Fabric has been upgraded
to use recycled fabric. This change
reflects our ongoing efforts to reduce
environmental impact by minimizing
the use of virgin materials.
Several innovative combinations of

Bio PVC with Recycled material
Fabric and Bio PVC with Bio Filler
and Recycled material Fabric have
been developed and tested. Test
packages for these advanced
materials have been dispatched, with
feedback eagerly anticipated. These
developments underscore our
dedication to incorporating recycled
75
(R/O) implications)
and bio-based components into our

products, aligning with our
sustainability goals.
3. Life Cycle Assessment and

Environmental Product Declarations
As part of our commitment to
transparency and environmental
stewardship, we have conducted Life
Cycle Assessments (LCA) and
Environmental Product Declarations
(EPDs) for several of our products.
For example, the LCA project for
Regular PVC combined with Regular
Fabric has been completed, providing
valuable insights into the
environmental impact of our
materials. Similarly, we have
completed an LCA project for Bio PVC
combined with Recycled Fabric,
further demonstrating our commitment
to evaluating and improving the
sustainability of our products.
Product data for combinations of

Regular Polyurethane (PUR) and
Regular Fabric have also been
submitted for LCA and EPD studies.
These initiatives highlight our
proactive approach to understanding
and mitigating the environmental
footprint of our products, ensuring that
we remain at the cutting edge of
sustainable manufacturing.
4. Collaborative Efforts
Our success in sustainable product
development is bolstered by strong
collaborations with leading automotive
manufacturers. These partnerships
are instrumental in advancing our
sustainability initiatives and ensuring
that our products meet the rigorous
demands of the automotive industry.
76
SECTION B: MANAGEMENT AND PROCESS DISCLOSURES

This section is aimed at helping businesses demonstrate the structures, policies and processes put in place towards adopting the
NGRBC Principles and Core Elements.
Disclosure P P P P P P P P P
Questions 1 2 3 4 5 6 7 8 9
Policy and management processes
1. a. Whether your entity’s policy/policies cover each Y Y Y Y Y Y Y Y Y
principle and its core elements of the NGRBCs.
(Yes/No)
b. Has the policy been approved by the Board? Y Y Y Y Y Y Y Y Y
(Yes/No)
c . Web Link of the Policies, if available www.mayuruniquoters.com/policies.php
2. Whether the entity has translated the policy into Y Y Y Y Y Y Y Y Y
procedures. (Yes / No)
3. Do the enlisted policies extend to your value Y Y Y Y Y Y Y Y Y
chain partners? (Yes/No)
4. Name of the national and international codes/ - - ISO ISO - ISO ISO - ISO
certifications/labels/ standards (e.g. Forest 45001 9001 14001 45001 9001
Stewardship Council, Fairtrade, Rainforest
Alliance, Trustea) standards (e.g. SA 8000,
OHSAS, ISO, BIS) adopted by your entity
and mapped to each principle.
5. Specific commitments, goals and targets set The Company is working towards various goals and objectives, including embedding
by the entity with defined timelines, if any. sustainability into all its operations to contribute towards a healthier planet. The Board’s Report,
which forms part of this Annual Report, contains further information in this regard.
6. Performance of the entity against the specific As part of the roadmap to achieve the goals and objectives, the Company has laid down
commitments, goals and targets along-with activities which will aid in progress and ultimately achieving the commitment. Performance
reasons in case the same are not met. of each of the principles is reviewed periodically by various committees, if applicable led by
the Management and Board of Directors.
Governance, leadership and oversight
7. Statement by director responsible for the At Mayur Uniquoters Limited, we have always believed in driving business with purpose.
business responsibility report, highlighting ESG Through reporting, we would like to communicate to our stakeholders our progress on
related challenges, targets and achievements environment, Social and Corporate Governance performance. Sustainability enables
(listed entity has flexibility regarding the business to thrive in dynamically changing environments. Innovation and adaptation will be
placement of this disclosure key to overcoming challenges and building resilience, especially in the ever- changing
environments around us. We believe Sustainability is a journey, and while we belief there is
more work to be done, we are also poised to take up challenges and improvements through
transforming our ways of doing business. We aim to build resilience in our business and among
our stakeholders, and we monitor our activities and their environment and social impacts to
ensure that we create value for all stakeholders.
8. Details of the highest authority responsible for Name: Mr. Suresh Kumar Poddar
implementation and oversight of the Business Designation: Chairman and Managing Director & CEO
Responsibility policy (ies) DIN: 00022395
Telephone: 01423-224001
Email ID: secr@mayur.biz
9. Does the entity have a specified Committee of Yes
the Board/ Director responsible for decision Name: Mr. Suresh Kumar Poddar
making on sustainability related issues? Designation: Chairman and Managing Director & CEO
(Yes / No). If yes, provide details DIN: 00022395
77
10. Details of Review of NGRBCs by the Company:

Subject for Review Indicate whether review was undertaken by Frequency (Annually / Half yearly /
Director / Committee of the Board / Quarterly / Any other –
Any other Committee please specify)
P1 P2 P3 P4 P 5 P6 P7 P 8 P 9 P1 P2 P3 P4 P 5 P6 P7 P8 P 9
Performance against Yes, by Board/Respective Committee of Board All the policies are reviewed periodically or on a need basis
above policies and by departments heads, senior management personnel,
follow up action respective Committee and placed before Board of Directors
as and when required. In the assessment, the efficacy of
these policies is also reviewed and necessary changes to
policies and procedures are implemented.
Compliance with The Company follows all the applicable statutory and Compliance with the laws of land are the first step in
statutory requirements regulatory guidelines and all the Compliance with responsible business conduct. The compliance review with
of relevance to the statutory requirements of relevance to the principles are all the statutory requirements of relevance to the principles of
principles, and, reviewed periodically or on a need basis by departments National Guidelines on Responsible Business Conduct has
rectification of any heads, senior management personnel and placed before been done by the respective committees of the Board.
non-compliances Board of Directors or respective Committee, if required.
11. Has the entity

carried out independent P1 P2 P3 P4 P5 P6 P7 P8 P9
assessment/ evaluation
of the working of its
policies by an external No
agency? (Yes/No). The assessment / evaluation of the working of its policies is being done internally.
If yes, provide name
of the agency.
12. If answer to question (1) above is “No” i.e. not all Principles are covered by a policy, reasons to be stated:
Questions P1 P2 P3 P4 P5 P6 P7 P8 P9
The entity does not consider the Principles material to
its business (Yes/No)
The entity is not at a stage where it is in a position to
formulate and implement the policies on specified
principles (Yes/No) Not Applicable
The entity does not have the financial or/human and
technical resources available for the task (Yes/No)
It is planned to be done in the next financial year
(Yes/No)
SECTION C: PRINCIPLE WISE PERFORMANCE DISCLOSURE

This section is aimed at helping entities demonstrate their performance in integrating the Principles and Core Elements with key
processes and decisions. The information sought is categorized as “Essential” and “Leadership”. While the essential indicators are
expected to be disclosed by every entity that is mandated to file this report, the leadership indicators may be voluntarily disclosed by
entities which aspire to progress to a higher level in their quest to be socially, environmentally and ethically responsible.
78
PRINCIPLE 1 Businesses should conduct and govern themselves with integrity, and in a manner that is Ethical,
Transparent and Accountable.
Essential Indicators
1. Percentage coverage by training and awareness programmes on any of the Principles during the financial year:
Segment Total number of Topics/ principles covered under the training %age of persons in
training and and its impact respective category
awareness covered by the
programmes held awareness programmes
Board of Directors 4 • Regulatory Changes and Impact 100%
• Code of Conduct and Corporate Governance
• Internal Control on Financial Reporting
• Corporate Social Responsibility
Key Managerial Personnel 3 • ESG Sensitization 100%
• Code of Conduct and Corporate Governance
• SEBI Regulations, Regulatory Changes and Impact
Employees other than BoD 16 • Occupational Health Safety 73.65%
and KMPs • Fire & Safety
• POSH
• Basic Awareness On 5 “s”
• Code of Conduct
• Company Polices
Worker 16 • Occupational Health Safety 64%
• Fire & Safety
• POSH
• Skill Upgradation
2. Details of fines / penalties /punishment/ award/ compounding fees/ settlement amount paid in proceedings (by the entity or by
directors / KMPs) with regulators/ law enforcement agencies/ judicial institutions, in the financial year, in the following format.
(Note: the entity shall make disclosures on the basis of materiality as specified in Regulation 30 of SEBI (Listing Obligations and
Disclosure Obligations) Regulations, 2015 and as disclosed on the entity’s website):
Monetary
NGRBC Principle Name of the regulatory/ enforcement Amount Brief of Has an appeal been
agencies/ judicial institutions (in INR) Case preferred? (Yes/ No)
Penalty/ Fine
Settlement NIL
Compounding
Non-Monetary
NGRBC Principle Name of the regulatory/ enforcement Brief of Case Has an appeal been
agencies/ judicial institutions preferred? (Yes/ No)
Imprisonment NIL
Punishment
3. Of the instances disclosed in Question 2 above, details of the Appeal/ Revision preferred in cases where monetary or non-
monetary action has been appealed.
Case Details Name of the regulatory/enforcement agencies/judicial institutions

Not Applicable
79
4. Does the entity have an anti-corruption or anti-bribery policy? If yes, provide details in brief and if available, provide a web-link to
the policy.
The Whistle Blower Policy and Vigil Mechanism covers the concerns regarding anti-corruption or anti-bribery policy. This policy is
applicable to all individuals working at all levels and grades, including Board Members and Senior Management Personnel, other
employees, consultants, interns, contractors, agents or any other person associated with the Company and such person acting
on behalf of the Company.
Web-link to the policy:- www.mayuruniquoters.com/pdf/mul-whistle-blower-policy.pdf
5. Number of Directors/KMPs/employees/workers against whom disciplinary action was taken by any law enforcement agency for
the charges of bribery/ corruption:
Financial Year 2023-24 Financial Year 2022-23

Directors
KMPs NIL NIL
Employees
Workers
There have been no cases involving disciplinary action taken by any law enforcement agency on charges of bribery/corruption
against directors/KMPs/employees/workers that have been brought to the Company’s attention.
6. Details of complaints with regard to conflict of interest:

Financial Year 2023-24 Financial Year 2022-23
Number Remarks Number Remarks
Number of complaints received in relation to issues of
Conflict of Interest of the Directors NIL NIL
Number of complaints received in relation to issues of
Conflict of Interest of the KMPs
7. Provide details of any corrective action taken or underway on issues related to fines / penalties / action taken by regulators/ law
enforcement agencies/ judicial institutions, on cases of corruption and conflicts of interest.
There are no cases or incidents related to fines/ penalties/ action taken by regulators/ law enforcement agencies/ judicial
institutions, on cases of corruption and conflicts of interest.
8. Number of days of accounts payables ((Accounts payable *365) / Cost of goods/services procured) in the following format:
FY 2023-24 FY 2022-23
Number of days of accounts payables 41 52
9. Open-ness of business
Provide details of concentration of purchases and sales with trading houses, dealers, and related parties along-with loans and
advances & investments, with related parties, in the following format:
Parameter Metrics FY 2023-24 FY 2022-23
Concentration of a. Purchases from trading houses as % of total purchases 0% 0%
Purchases b. Number of trading houses where purchases are made from N.A. N.A.
c. Purchases from top 10 trading houses as % of total N.A. N.A.
purchases from trading houses
Concentration of a. Sales to dealers /distributors as % of total sales N.A. N.A.
Sales b. Number of dealers / distributors to whom sales are made N.A. N.A.
c. Sales to top 10 dealers / distributors as % of total sales to N.A. N.A.
dealers / distributors
Share of RPTs in a. Purchases (Purchases with related parties / Total Purchases) N.A. N.A.
b. Sales (Sales to related parties / Total Sales) 169.948 Cr. 138.839 Cr.
c. Loans & advances (Loans & advances given to related parties/ - -
Total loans & advances)
d. Investments (Investments in related parties / Total Investments 6.04% 8.31%
made)
80
PRINCIPLE 2 Businesses should provide goods and services in a manner that is sustainable and safe
1. Percentage of R&D and capital expenditure (capex) investments in specific technologies to improve the environmental and social
impacts of product and processes to total R&D and capex investments made by the entity, respectively.
Current Previous Details of improvements in environmental and social impacts
Financial Year Financial Year
2023-24 2022-23
R&D 0% 0% The Company is focused on providing its customers with innovative solutions that safeguard the
environment and customer wellbeing.
Environmental and Social considerations are integrated into the Company’s R&D. The Company
is in the process of streamlining its data management system which will enable it to capture this
data, moving forward.
Capex 12.80% 2% a. Machine/ equipment purchase for energy saving.
b. Sustainable formulation development and aim to expand our portfolio further.
2. a. Does the entity have procedures in place for sustainable sourcing? (Yes/No)
Yes. The Company is procuring its raw materials from the suppliers who are doing their respective businesses
sustainably.
b. If yes, what percentage of inputs were sourced sustainably?
More than 44%.
3. Describe the processes in place to safely reclaim your products for reusing, recycling and disposing at the end of life, for (a)
Plastics (including packaging) (b) E-waste (c) Hazardous waste and (d) other waste.
The Company does not have any specific product to reclaim at the end of life. However, at the plant sites, there are systems in
place to recycle, reuse and dispose in line with regulatory requirement for the above-mentioned waste being generated during
the course of manufacturing.
4. Whether Extended Producer Responsibility (EPR) is applicable to the entity’s activities (Yes / No). If yes, whether the waste
collection plan is in line with the Extended Producer Responsibility (EPR) plan submitted to Pollution Control Boards? If not,
provide steps taken to address the same.
Our Plants are registered as importer to comply with the requirements of the Plastic Waste Management Rules, 2016. Consistent
with the objective established by Extended Producer Responsibility (EPR), we have formed a partnership with an authorized third
party waste recycler to manage the recycling of plastic.
PRINCIPLE 3 Businesses should respect and promote the well-being of all employees, including those in their value
chains
1. a. Details of measures for the well-being of employees:
Category % of employees covered by
Total Health insurance Accident insurance Maternity benefits Paternity Benefits Day Care facilities
(A) Number % Number % Number % Number % Number %
(B) (B/A) (C) (C/A) (D) (D/A) (E) (E/A) (F) (F/A)
Permanent employees
Male 383 383 100% 383 100% 0 0.00% 383 100% 0 0.00%
Female 14 14 100% 14 100% 14 100% 0 0.00% 0 0.00%
Total 397 397 100% 397 100% 14 3.52% 383 96.48% 0 0.00%
Other than Permanent employees
Male 0 0 0.00% 0 0.00% 0 0.00% 0 0.00% 0 0.00%
Female 0 0 0.00% 0 0.00% 0 0.00% 0 0.00% 0 0.00%
Total 0 0 0.00% 0 0.00% 0 0.00% 0 0.00% 0 0.00%
81
b. Details of measures for the well-being of workers:

Category % of workers covered by
Total Health insurance Accident insurance Maternity benefits Paternity Benefits Day Care facilities
(A) Number % Number % Number % Number % Number %
(B) (B/A) (C) (C/A) (D) (D/A) (E) (E/A) (F) (F/A)
Permanent workers
Male 78 78 100% 78 100% 0 0.00% 78 100% 0 0.00%
Female 0 0 0.00% 0 0.00% 0 0.00% 0 0.00% 0 0.00%
Total 78 78 100% 78 100% 0 0.00% 78 100% 0 0.00%
Other than Permanent workers
Male 945 945 100% 945 100% 0 0.00% 0 0.00% 0 0.00%
Female 1 1 100% 1 100% 0 0.00% 0 0.00% 0 0.00%
Total 946 946 100% 946 100% 0 0.00% 0 0.00% 0 0.00%
c. Spending on measures towards well-being of employees and workers (including permanent and other than permanent) in the
following format:
FY 2023-24 FY 2022-23
Cost incurred on wellbeing measures as a % of total revenue of the company 0.15% 0.12%
2. Details of retirement benefits, for Current FY and Previous Financial Year.
FY 2023-24 FY 2022-23
Benefits No. of employees No. of workers Deducted and No. of employees No. of workers Deducted and
covered as a % of covered as a % of deposited with covered as a % of covered as a % of deposited with
total employees total workers the authority total employees total workers the authority
(Y/N/N.A.) (Y/N/N.A.)
PF 92.15% 100% YES 91.42% 100% YES
Gratuity 100% 100% NA* 100% 100% NA*
ESI** 23.13% 80.89% YES 12.99% 80.89% YES
*The Company has a defined benefit gratuity plan and pays annual contribution to Life Insurance Corporation of India (LIC) through
a Trust, namely Mayur Uniquoters Limited Employees Group Gratuity Scheme.
**Employees who are not covered under the ESI component are provided separate Health Insurance Policy.
3. Accessibility of workplaces
Are the premises / offices of the entity accessible to differently abled employees and workers, as per the requirements of the
Rights of Persons with Disabilities Act, 2016? If not, whether any steps are being taken by the entity in this regard.
Yes, the Company’s premises / offices are accessible to differently abled employees and workers.
4. Does the entity have an equal opportunity policy as per the Rights of Persons with Disabilities Act, 2016? If so, provide a web-link
to the policy.
Yes. Everyone is treated and given equal opportunities for employment, regardless of race, colour, religion, gender, sexual
orientation, national origin, age, disability, veteran, married or domestic partner status, citizenship, familial affiliation, or any other
comparable feature.
Web-link of the policy: www.mayuruniquoters.com/pdf/mayur-sustainability-policy-2023.pdf
5. Return to work and Retention rates of permanent employees and workers that took parental leave.
Permanent employees Permanent workers
Permanent employees Permanent workers
Gender Return to Work rate Retention rate Return to Work rate Retention rate
Male 97.55% 97.55% 100% 100%
Female 2.45% 2.45% 0% 0%
Total 100% 100% 100% 100%
82
6. Is there a mechanism available to receive and redress grievances for the following categories of employees and worker? If yes,
give details of the mechanism in brief.
Yes/No
(If Yes, then give details of the mechanism in brief)
Permanent Workers Yes
Other than Permanent Workers The Company has a robust and detailed Grievance Redressal Mechanism with the
Permanent Employees overarching goal of protecting its workers, employees and Directors. Procedures have
Other than Permanent Employees been put in place to ensure that the process of filing a complaint, investigation and finally
reaching an acceptable judgement is handled professionally and confidentially. Employees
are encouraged to resolve the issues informally with respective line manager/ plant
head, P&A/ HR. The mechanism to receive and redress grievances are POSH, Internal
Committees and HR Head.
7. Membership of employees and worker in association(s) or Unions recognised by the listed entity:
Category FY 2023-24 FY 2022-23
Total employees / No. of employees/ workers % Total employees / No. of employees/ workers %
workers in respective inrespective category, who (B/A) workers in respective in respective category, who (D/C)
category (A) are part of association(s) category (C) are part of association(s)
or Union (B) or Union (D)
Total Permanent Employees
Male Not Applicable
Female
Total Permanent Workers
Male Not Applicable
Female
8. Details of training given to employees and workers:

Total On Health and On Skill Total On Health and On Skill
(A) safety measures upgradation (D) safety measures upgradation
No. (B) % (B/A) No. (C) % (C/A) No. (E) % (E/D) No. (F) % (F/D)
Employees
Male 383 337 87.99% 354 92.43% 398 350 87.94% 362 90.95%
Female 14 11 78.57% 9 64.29% 10 8 80.00% 7 70.00%
Total 397 348 87.66% 363 91.44% 408 358 87.75% 369 90.44%
Workers
Male 78 62 79.49% 65 83.33% 89 81 91.01% 78 87.64%
Female 0 0 0.00% 0 0.00% 0 0 0.00% 0 0.00%
Total 78 62 79.49% 65 83.33% 89 81 91.01% 78 87.64%
9. Details of performance and Career development reviews of employees and workers:

Total (A) No. (B) % (B / A) Total (C) No. (D) % (D / C)
Employees:
Male 383 341 89.03% 398 366 91.96%
Female 14 9 64.29% 10 8 80.00%
Total 397 350 88.16% 408 374 91.67%
Workers:
Male 78 61 78.21% 89 86 96.63%
Female 0 0 0.00% 0 0 0.00%
Total 78 61 78.21% 89 86 96.63%
Note - We have an annual appraisal process, where performance is assessed through ratings system.
83
10. Health and safety management system:

a. Whether an occupational health and safety management system has been implemented by the entity? (Yes/ No). If yes, the
coverage such system?
Yes, occupational health management system including Environmental Management System confirming to the requirement of
standards ISO 45001:2018 and ISO 14001:2015 has been implemented which covers all manufacturing units. The Company
believes that providing a safe and healthy work environment is essential for employee well-being and that implementing best
practices in occupational health and safety has a direct impact on overall performance. It aids not only in attracting good
talents but also retaining those employees.
b. What are the processes used to identify work-related hazards and assess risks on a routine and non-routine basis by the
entity?
While regularly implementing steps to enhance employee well-being and healthcare, a proper hazard identification risk
management system has been implemented to assure ongoing improvement of the organization’s occupational health and
safety. Consequently, the manufacturing units have mitigation plans in place for high-risk areas including machine safety.
Mitigation plan includes roles and responsibilities, monitoring control measures, competency training and awareness of
individuals associated with such activities.
c. Whether you have processes for workers to report the work related hazards and to remove themselves from such risks.
(Y/N)
Yes. The Company has systems in place for employees and workers to report any work-related hazard. The workforce has
been imparted periodically, with required training and awareness sessions to identify, and report work related hazards to the
safety to the EHS team. Simultaneously, the EHS Manager in all locations daily checks the implementation of health & safety
aspects through floor interactions and site walkthrough. As a system, all near misses, safety suggestions, unsafe acts and
conditions are recorded promptly followed by timely corrective actions.
d. Do the employees/ worker of the entity have access to non-occupational medical and healthcare services? (Yes/ No)
Yes, Employees have access to non-occupational medical and health care services through Company-organized medical
camps where reputed doctors from various disciplines/hospitals are accessible for health checkups and consultation,
including online consultation and awareness workshops. Furthermore, every employee and their designated dependents are
covered by either medical insurance or ESI. Ambulance facility is also available at all the plants in case of any emergency
situations.
11. Details of safety related incidents, in the following format:
Safety Incident/ Number Category 2023-24 2022-23
Lost Time Injury Frequency Rate (LTIFR) Employees 0 0
(per one million-person hours worked) Workers 5 6
Total Recordable work- related injuries Employees 1 2
Workers 31 52
No. of Fatalities Employees 0 0
Workers 0 0
Hi consequence work-related injury or ill-health Employees 0 0
(excluding fatalities) Workers 0 0
12. Describe the measures taken by the entity to ensure a safe and healthy work place.
Our facilities adhere to all applicable health and safety regulation and maintain high standards of social governance. The health
and safety of our employees is paramount. Consequently, the Company ensures its operations do not expose its employees and
workers to risks or injuries at workplace. The Company has taken several structured proactive safety initiatives with an objective
of making workforce safe. Following proactive initiatives are being monitored at various levels at periodical intervals to ensure the
continuity, consistency and effectiveness:
a) Internal safety inspections and audits b) Regular review meeting
c) Safety Training d) Mock drill on emergency preparedness
e) Safety performance reviews and corrective actions f) Recording of potential incident observations
13. Number of Complaints on the following made by employees and workers:
FY 2023-24 FY 2022-23
Filed during Pending resolution Remarks Filed during Pending resolution Remarks
the year at the end of year the year at the end of year
Working Conditions NIL NIL
Health & Safety
84
14. Assessments for the year:

% of your plants and offices that were assessed
(by entity or statutory authorities or third parties)
Health and safety practices 100%.
Working Conditions
15. Provide details of any corrective action taken or underway to address safety-related incidents (if any) and on significant risks /
concerns arising from assessments of health & safety practices and working conditions
We recognise the importance of the preparedness for mitigating and preventing occupational health and safety risks. We put
serious efforts to eliminate potentially harmful workplace behaviours and practices. Our systems regularly track, report, and
prevent near-miss incidences. Each reported incidence is thoroughly analysed to draw corrective and preventive measures in the
form of trainings, structural interventions, behavioural changes to avert the recurrence of similar events.
No safety related incident has happened nor any significant risks / concerns arising from assessments of health & safety
practices has been reported upon the assessment.
PRINCIPLE 4: Businesses should respect the interests of and be responsive to all its stakeholders
1. Describe the processes for identifying key stakeholder groups of the entity.
The Company identifies and engages with various stakeholders with the intention of understanding and addressing their expectations
and developing short, medium and long-term strategies of the Company. The internal and external groups of key stakeholders
identified on the basis of their immediate impact on the operations and working of the Company include Employees, Shareholders,
Customers, Communities, Suppliers, Government Authorities, Partners and Vendors.
2. List stakeholder groups identified as key for your entity and the frequency of engagement with each stakeholder group.
Stakeholder Whether identified Channels of communication Frequency of Purpose and scope of
Group as Vulnerable & (Email, SMS, Newspaper, engagement engagement including key
Marginalized Pamphlets, Advertisement, (Annually/Half yearly/ topics and concerns raised
Group (Yes/No) Community Meetings, Quarterly/others - during such engagement
Notice Board, Website),Other - please specify)
Customers No • Customer Meetings Ongoing • Customer Satisfaction
• Customer Feedback • Product Quality /Information
• Company Website • Grievance Redressal
• Customer Survey
• Social Media
Employees No • Notice Boards Ongoing • Working condition
• Annual Performance Review • Employee performance
• Meetings • Employee Satisfaction
• Trainings • Addressing employees issues
• Employee Survey feedback
• Company website
Community Yes • Meeting with community On going • Responsible Corporate citizenship
representative • To develop the CSR project along with
• CSR initiatives the community, according to the need
of the community
Investors & No • Email Quarterly • Company’s quarterly and annual
Shareholders • Annual General Meeting earnings
• Investor meets • Business Strategies and Performance
• Newspaper advertisement • Regulatory Compliance
• Company Website
Government & No • Official communication On Going • Compliance
Regulatory Bodies • Channels • Tax Payments
• Mandatory filings with • Policy Advocacy
• various regulators
• Regulatory inspections & audits
• Email
Supplier and No • Email On Going • Long-term business relations and
Vendor • Vendor Meeting growth Opportunities
• Feedback • Product development
• Quality
85
PRINCIPLE 5 Businesses should respect and promote human rights

1. Employees and workers who have been provided training on human rights issues and policy(ies) of the entity, in the following
format:
Total (A) No. of employees / % (B / A) Total (C) No. ofemployees % (D / C)
workers covered (B) workers covered (D)
Employees
Permanent 397 397 100% 408 408 100%
Other than permanent 0 0 0.00% 0 0 0.00%
Total Employees 397 397 100% 408 408 100%
Workers
Permanent 78 78 100% 89 89 100%
Other than permanent 946 946 100% 867 867 100%
Total Workers 1024 1024 100% 956 956 100%
2. Details of minimum wages paid to employees and workers, in the following format:
Total (A) Equal to More than Total (D) Equal to More than
Minimum Wage Minimum Wage Minimum Wage Minimum Wage
No. (B) % (B/A) No. (C) % (C/A) No. (E) % (E/D) No. (F) % (F/D)
Employees
Permanent 397 0 0.00% 397 100% 408 0 0.00% 408 100%
Male 383 0 0.00% 383 100% 398 0 0.00% 398 100%
Female 14 0 0.00% 14 100% 10 0 0.00% 10 100%
Other than 0 0 0.00% 0 0.00% 0 0 0.00% 0 0.00%
Permanent
Male 0 0 0.00% 0 0.00% 0 0 0.00% 0 0.00%
Female 0 0 0.00% 0 0.00% 0 0 0.00% 0 0.00%
Workers
Permanent 78 0 0.00% 78 100% 89 0 0.00% 89 100%
Male 78 0 0.00% 78 100% 89 0 0.00% 89 100%
Female 0 0 0.00% 0 0.00% 0 0 0.00% 0 0.00%
Other than 946 0 0.00% 946 100% 867 0 0.00% 867 100%
Permanent
Male 945 0 0.00% 945 100% 866 0 0.00% 866 100%
Female 1 0 0.00% 1 100% 0 0 0.00% 1 100%
3. Details of remuneration/salary/wages, in the following format:

(a) Median remuneration / wages
Male Female
Number
Median remuneration/ Number Median remuneration/
salary/ wages of salary/ wages of
respective category respective category
(Rs. in Lakhs) (Rs. in Lakhs)
Board of Directors (BoD) (Other Than KMP) 3 4.65 2 2.82
Key Managerial Personnel 4 91 0 0
Employees other than BoD and KMP 379 3.72 14 2.27
Workers* 78 2.07 0 0
Note: The remuneration of the Chairman and Managing Director & CEO and Wholetime Director have been included in the
remuneration for KMPs.
*Only permanent workers have been included.
86
b) Gross wages paid to females as % of total wages paid by the entity:

FY 2023-24 FY 2022-23
Current Financial Year Previous Financial Year
Gross wages paid to females as % of total wages 1.88% 1.11%
4. Do you have a focal point (Individual/ Committee) responsible for addressing human rights impacts or issues caused or contributed
to by the business? (Yes/No)
Yes.
HR function of the Company’s organization is responsible for addressing human right impacts. The Company has also Whistle
Blower Policy in place enabling employees to report malpractices such as misuse or abuse of authority, fraud or suspected fraud,
violation of Company rules, manipulations and matters affecting the interests of the Company with necessary safeguards for the
protection of the whistle blower.
5. Describe the internal mechanisms in place to redress grievances related to human rights issues.
The Company is committed to keep the principles of human rights intact across the organisation as well as its business partners.
The Company is committed to provide equal employment opportunities without any discrimination on the grounds of disability,
gender, caste, religion, race, state, background, colour, and maintaining a work environment that is free from harassment based
on the above considerations.
The Company has set in place a code of conduct and whistle blower mechanism to enable people to report their grievances. The
Company has clearly documented policies and procedures in place to ensure effective resolution in case of human rights violation.
The Company has also set in place processes and policies to prevent sexual harassment for effective and timely redressal of
grievances.
6. Number of Complaints on the following made by employees and workers:
FY 2023-24 FY 2022-23
Filed during Pending resolution Remarks Filed during Pending resolution Remarks
the year at the end of year the year at the end of year
Sexual Harassment
Discrimination at workplace
Child Labour
Forced Labour/ Involuntary Labour NIL NIL
Wages
Other human rights related issues
7. Complaints filed under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013, in the
following format:
FY 2023-24 FY 2022-23
Current Financial Year Previous Financial Year
Total Complaints reported under Sexual Harassment on of Women at
Workplace (Prevention, Prohibition and Redressal) Act, 2013 (POSH) Nil Nil
Complaints on POSH as a % of female employees / workers 0.00% 0.00%
Complaints on POSH upheld Nil Nil
8. Mechanisms to prevent adverse consequences to the complainant in discrimination and harassment cases.
The Company’s Whistle Blower mechanism and POSH Policy allows the complainant to raise any concerns related to discrimination
and harassment without the fear of adverse consequences or unfair treatment.
9. Do human rights requirements form part of your business agreements and contracts? (Yes/No)
Yes
10. Assessments for the year:
Particulars % of your plants and offices that were assessed
(by entity or statutory authorities or third parties)
Child labour
Forced/involuntary labour
Sexual harassment 100%
Discrimination at workplace
Wages
87
11. Provide details of any corrective actions taken or underway to address significant risks / concerns arising from the assessments
at Question 9 above.
The Company endeavors to provide safe and healthy working conditions across the organisation. No significant risks / concerns
were identified during the assessments at Question 9 above. The Company has been conducting awareness campaign across
all its manufacturing units, warehouses, retail stores and office premises to encourage its employees to be more responsible and
alert while discharging their duties
PRINCIPLE 6: Businesses should respect and make efforts to protect and restore the environment
1. Details of total energy consumption (in KWh) and energy intensity, in the following format:
Parameter FY 2023-24 FY 2022-23
From renewable sources
Total electricity consumption (A) 300925.20 -
Total fuel consumption (B) - -
Energy consumption through other sources (C) - -
Total energy consumed from renewable sources (A+B+C) 300925.20 -
From non-renewable sources
Total electricity consumption (D) 14304948 12961844
Total fuel consumption (E) 76307622.19 71157923.80
Energy consumption through other sources (F) - -
Total energy consumed from nonrenewable sources (D+E+F) 90612570.19 84119767.80
Total energy consumed (A+B+C+D+E+F) 90913495.39 84119767.80
Energy intensity per rupee of turnover 0.012 0.011
(Total energy consumed / Revenue from operations)
Energy intensity per rupee of turnover adjusted for Purchasing Power - -
Parity (PPP) (Total energy consumed / Revenue from operations adjusted for PPP)
Energy intensity in terms of physical output 3.03 2.89
(Total energy consumed / Linear meter)
Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency? (Y/N) If yes,
name of the external agency. No
2. Does the entity have any sites / facilities identified as designated consumers (DCs) under the Performance, Achieve and Trade
(PAT) Scheme of the Government of India? (Y/N) If yes, disclose whether targets set under the PAT scheme have been achieved.
In case targets have not been achieved, provide the remedial action taken, if any.
No
3. Provide details of the following disclosures related to water, in the following format:
Water withdrawal by source (in kilolitres)
(i) Surface water 0.00 0.00
(ii) Groundwater 17958.20 14076.67
(iii) Third party water 9414 11459
(iv) Seawater / desalinated water 0.00 0.00
(v) Others 0.00 0.00
Total volume of water withdrawal (in kilolitres) (i + ii + iii + iv + v) 27372.20 25535.67
Total volume of water consumption (in kilolitres) 41061.20 42755.80
Water intensity per rupee of turnover 0.005 0.01
(Total water consumption / Revenue from operations)
Water intensity per rupee of turnover adjusted for Purchasing Power - -
Parity (PPP) (Total water consumption / Revenue from operations adjusted for PPP)
Water intensity in terms of physical output (Total water consumed / Linear meter) 0.0014 0.0015
88
4. Provide the following details related to water discharged.

Water discharge by destination and level of treatment (in kilolitres)
(i) To Surface water
- No treatment
- With treatment – please specify level of treatment
(ii) To Groundwater
- No treatment Not applicable, Not applicable,
- With treatment – please specify level of treatment all plants all plants
(iii) To Seawater are Zero Liquid are Zero Liquid
- No treatment Discharge Plants Discharge Plants
(iv) Sent to third-parties
- No treatment
(v) Others
- No treatment
Total water discharged (in kilolitres)
5 Has the entity implemented a mechanism for Zero Liquid Discharge? If yes, provide details of its coverage and implementation.
Yes, the Company have implemented Zero Liquid Discharge at Dhodsar plant by installing an ETP and STP. The water from the ETP
is reprocessed in our process, while the rest is utilized for solar panel cleaning. At Jaitpura and Gwalior plants, we use STPs, and
the water from these plants is used for gardening purposes. At Gwalior plant, we are doing the recycle of water by using the
distillation process.
6. Please provide details of air emissions (other than GHG emissions) by the entity, in the following format:
Parameter Please specify Unit FY 2023-24 FY 2022-23

NOx Mg/Nm3 174.74 156.411
Sox Mg/Nm3 86.72 83.691
Particulate matter (PM) Mg/Nm3 143.16 154.02
Persistent organic pollutants (POP) - - -
Volatile Organic Compounds (VOC) - - -
Hazardous air pollutants (HAP) - - -
name of the external agency.
Yes, Independent assessment has been done by SCS Enviro Services Pvt ltd., Team Institute of Science and Technology Private
limited and Vibrant Enviro Lab.
89
7. Provide details of greenhouse gas emissions (Scope 1 and Scope 2 emissions) & its intensity, in the following format:*
Parameter Unit FY 2023-24 FY 2022-23
Total Scope 1 emissions Metric tonnes of CO2 32072.40 15790.13
(Break-up of the GHG into CO2, CH4, equivalent
N2O, HFCs, PFCs, SF6, NF3,if available)
Total Scope 2 emissions Metric tonnes of CO2 10900.37 6126.04
(Break-up of the GHG into CO2, CH4, equivalent
N2O, HFCs, PFCs, SF6, NF3,if available)
Total Scope 1 and Scope 2 emission Metric tonnes of CO2 0.00562 0.00289
intensity perrupee of turnover equivalent/Thousand
(Total Scope 1 and Scope 2GHG Rupees
emissions / Revenuefrom operations)
Total Scope 1 and Scope 2 emissions per rupee of - - -
turnover adjusted for Purchasing Power Parity (PPP)
(Total Scope 1 and Scope 2 GHG emissions /
Revenue from operations adjusted for PPP)
Total Scope 1 and Scope 2 emission 0.00143 0.00075
intensity in termsof physical output
name of the external agency.
Yes, Our GHG inventory evaluation is done by MNIT.
For FY 2022-23 data was for Dhodsar plant only whereas FY 2023-24 data is for all three plants.
8. Does the entity have any project related to reducing Green House Gas emission? If Yes, then provide details.
Yes, we are doing projects for reducing Green House Emissions:
1. We have extraordinary accomplishment of planting a total of 6000 trees across four distinct locations: Badawali, Bhomiya Ji
Park, Singod Kalan, and Jaitpura School Ground. These sites, conveniently positioned within a radius of 1 km and 3 km near
our Dhodsar factory, evoke a sense of joy and fulfillment.
2. Recycled Yarn and Bio PVC Combinations -We have achieved notable progress in developing materials that combine
Recycled Yarn with Bio-based PVC. One of our key products, utilizing Recycled Yarn and Regular PVC, has successfully
passed initial quality and feasibility assessments. Building on this success, we developed a product incorporating Recycled
Yarn and Bio PVC. Although initial feedback highlighted the need for an additional bio filler component, our response was
swift and effective. We created a new variant that includes Recycled Yarn, Bio PVC, and Bio Filler. Preliminary customer
testing has yielded positive results, and we are now preparing for further emission testing and seat development evaluations.
3. Bio PVC with Various Fabric Combinations In our quest to enhance sustainability, we have transitioned from regular
fabrics to recycled fabrics in our Bio PVC products. For instance, our product combining Bio PVC with Regular Fabric has
been upgraded to use recycled fabric. This change reflects our ongoing efforts to reduce environmental impact by minimizing
the use of virgin materials.
Several innovative combinations of Bio PVC with Recycled material Fabric and Bio PVC with Bio Filler and Recycled material
Fabric have been developed and tested. Test packages for these advanced materials have been dispatched, with feedback
eagerly anticipated. These developments underscore our dedication to incorporating recycled and bio-based components
into our products, aligning with our sustainability goals
4. Life Cycle Assessment and Environmental Product Declarations-As part of our commitment to transparency and
environmental stewardship, we have conducted Life Cycle Assessments (LCA) and Environmental Product Declarations
(EPDs) for several of our products. For example, the LCA project for Regular PVC combined with Regular Fabric has been
completed, providing valuable insights into the environmental impact of our materials. Similarly, we have completed an LCA
project for Bio PVC combined with Recycled Fabric, further demonstrating our commitment to evaluating and improving the
sustainability of our products.
Product data for combinations of Regular Polyurethane (PUR) and Regular Fabric have also been submitted for LCA and EPD
studies. These initiatives highlight our proactive approach to understanding and mitigating the environmental footprint of our
products, ensuring that we remain at the cutting edge of sustainable manufacturing.
5. Collaborative Efforts - Our success in sustainable product development is bolstered by strong collaborations with leading
automotive manufacturers. These partnerships are instrumental in advancing our sustainability initiatives and ensuring that
our products meet the rigorous demands of the automotive industry.
90
9. Provide details related to waste management by the entity, in the following format:
Plastic Waste (A) 97.028 121.94
E-waste (B) 2.97 2.59
Bio-medical waste (C) 0.00 0.00
Construction and demolition waste (D) 0 0
Battery waste (E) 0 0
Radioactive waste (F) 0 0
Other Hazardous waste. Please specify, if any. (G) 64.44 41.17
Other Non-hazardous waste generated (H). Please specify, if any. (tonnes) 3319.54 2219.84
(Break-up by composition i.e. by materials relevant to the sector)
Total (A+B + C + D + E + F + G + H) 3483.97 2385.54
Waste intensity per rupee of turnover 0.045 0.029
(Total waste generated / Revenue from operations) MT/Lakhs
Waste intensity per rupee of turnover adjusted for Purchasing Power - -
Parity (PPP)(Total waste generated / Revenue from operations adjusted for PPP)
Waste intensity in terms of physical output 0.00012 0.00008
Waste intensity (optional) – the relevant metric may be selected by the entity - -
For each category of waste generated, total waste recovered through
recycling, re-using or other recovery operations (in metric tonnes)
Category of waste
(i) Recycled 931.41 1532.41
(ii) Re-used 2419.99 834.04
(iii) Other recovery operations - -
Total 3351.40 2366.45
For each category of waste generated, total waste disposed by nature of
disposal method (in metric tonnes)
Category of waste
(i) Incineration - 5.37
(ii) Landfilling 24.8 9.79
(iii) Other disposal operations 38.3 3.93
Total 63.1 19.09
10. Briefly describe the waste management practices adopted in your establishments. Describe the strategy adopted by your
company to reduce usage of hazardous and toxic chemicals in your products and processes and the practices adopted to
manage such wastes.
For Dhodsar Plant, non-hazardous waste is recycled or reused, while hazardous materials like used oil are recycled by authorized
recycler. The remaining waste undergoes pre-processing & landfilling. At the Jaitpura and Gwalior Plants, waste is recycled, pre-
processed, and co-processed by the authorized agencies. At Dhodsar plant, we installed ETP and STP for water treatment, water
from the ETP is reused in our process, and reject water is evaporated through solar pond. At our Gwalior and Jaitpura plant, we
have STP installed and the water is used for gardening.
11. If the entity has operations/offices in/around ecologically sensitive areas (such as national parks, wildlife sanctuaries, biosphere
reserves, wetlands, biodiversity hotspots, forests, coastal regulation zones etc.) where environmental approvals / clearances
are required, please specify details in the following format:
S. Location of Type of Whether the conditions of environmental approval / clearance are

No. operations/offices operations being complied with? (Y/N)
If no, the reasons thereof and corrective action taken, if any.
No, we don’t have any of our offices in any of ecological Sensitive area
91
12. Details of environmental impact assessments of projects undertaken by the entity based on applicable laws, in the current
financial year:
Name and brief EIA Notification Date Whether conducted by independent Results communicated Relevant
details of project No. external agency (Yes/No) in public domain (Yes/No) Web link
We are conscious of our environmental actions and our plant operations. However, we do not conduct EIA for our projects.
13. Is the entity compliant with the applicable environmental law/ regulations/ guidelines in India; such as the Water (Prevention and
Control of Pollution) Act, Air (Prevention and Control of Pollution) Act, Environment protection act and rules thereunder (Y/N). If not,
provide details of all such non-compliances, in the following format:
S.No. Specify the law / regulation / guidelines Provide details of the Any fines / penalties / action taken by Corrective
which was not complied with non-compliance regulatory agencies such as pollution action taken,
control boards or by courts if any
Yes, we are following all applicable environmental laws, regulations, and guidelines in India.
PRINCIPLE 7 Businesses, when engaging in influencing public and regulatory policy, should do so in a manner that
is responsible and transparent
1. a. Number of affiliations with trade and industry chambers/ associations.
The Company believes that conducting business as a good corporate citizen of the Country enhances brand value and leads
to sustainable growth. The Company is associated / affiliated with 9 (Nine) trade and industry chambers / associations.
b. List the top 10 trade and industry chambers/ associations (determined based on the total members of such body) the entity
is a member of/ affiliated to.
S. Name of the trade and industry chambers/ associations Reach of trade and industry chambers/
No. associations (State/National)
1 The Council of EU Chambers of Commerce in India National
2 Confederation of Indian Industries National
3 Council for Leather Exports National
4 Indian Footwear Components Manufacturers Association National
5 Automotive Component Manufactures Association of India National
6 The Plastics Export Promotion Council National
7 The Synthetic & Rayon Textiles National
8 The Rajasthan Textile Mills Association State
9 Rajasthan Chamber of Commerce State
2. Provide details of corrective action taken or underway on any issues related to anti-competitive conduct by the entity, based on
adverse orders from regulatory authorities.
Name of Authority Brief of Case Corrective action taken
There are no cases of anti-competitive conduct on the Company in FY 2023-24.
PRINCIPLE 8 Businesses should promote inclusive growth and equitable development

1. Details of Social Impact Assessments (SIA) of projects undertaken by the entity based on applicable laws, in the current financial
year.
Name and brief SIA Notification No. Date of notification Whether conducted by Results Communicated Relevant
details of projects independent external in public domain Weblink
agency (Yes/No) (Yes/No)
Not Applicable
92
2. Provide information on project(s) for which ongoing Rehabilitation and Resettlement (R&R) is being undertaken by your entity, in
the following format:
S.No. Name of project for State District No. of Project Affected % of PAFs covered Amount paid to PAFs
which R&R is ongoing Families (PAFs) by R & R in the FY (In INR)
Not Applicable
3. Describe the mechanisms to receive and redress grievances of the community.
To ensure effective redressal of grievances, the Company has introduced Vigil Mechanism/Whistle Blower Mechanism to enable
all stakeholders to freely communicate their grievances. In addition to the introduction of Vigil Mechanism/Whistle Blower Mechanism
to enable all stakeholders to freely communicate their grievances, the Company has also implemented its Policy under the Sexual
Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and uploaded the same on the website of
the Company.
4. Percentage of input material (inputs to total inputs by value) sourced from suppliers:
FY 2023-24 FY 2022-23
Directly sourced from MSMEs / small producers 13.39% 10.48%
Directly from within India 44.34% 44.39%
Note: Only for Raw Material.
5. Job creation in smaller towns – Disclose wages paid to persons employed (including employees or workers employed on a
permanent or non-permanent / on contract basis) in the following locations, as % of total wage cost.
Location FY 2023-24 FY 2022-23
Rural 60.00% 57.00%
Semi-urban 0.00% 0.00%
Urban 38.00% 4.00%
Metropolitan 2.00% 2.00%
(Place to be categorized as per RBI Classification System - rural / semi-urban / urban / metropolitan)
PRINCIPLE 9 Businesses should engage with and provide value to their consumers in a responsible manner
1. Describe the mechanisms in place to receive and respond to consumer complaints and feedback.
During the year under review, the Company maintained its focus on customer services. Any query/complaint is reported by
customer to Marketing by verbal message or written communication or through mail. Quality Person visits the customer gather
information, suggest suitable parameters, take trials, collect sample and send to the quality department at plant with all details for
further analysis. Quality department analyses the sample/ report and gives results/ feedback which is sent to customer and close
the query/ complaint, accordingly. Sometimes goods return/ claim is there in case material is not workable before closing complaint/
query.
2. Turnover of products and/ services as a percentage of turnover from all products/service that carry information about:
As a percentage to total turnover
Environmental and Social parameters relevant to the product
Safe and responsible usage Not Applicable
Recycling and/or safe disposal
3. Number of consumer complaints in respect of the following:
FY 2023-24 FY 2022-23
Number of Number of complaints Remarks Number of Number of complaints Remarks
complaints filed pending resolution at complaints filed pending resolution at
during the year close of the year during the year close of the year
Data Privacy
Advertising
Cyber Security
Delivery of essential services NIL None NIL None
Restrictive Trade Practices
Unfair Trade Practices
Others
93
4. Details of instances of product recalls on account of safety issues:

Number Reasons for recall
Voluntary recalls 0 -
Forced recalls 0 -
5. Does the entity have a framework/ policy on cyber security and risks related to data privacy? (Yes/No) If available, provide a web-
link of the policy.
Yes.
Web link of the policy: www.mayuruniquoters.com/pdf/mayur-sustainability-policy-2023.pdf
6. Provide details of any corrective actions taken or underway on issues relating to advertising, and delivery of essential services;
cyber security and data privacy of customers; re-occurrence of instances of product recalls; penalty / action taken by regulatory
authorities on safety of products / services.
No regulatory action has ever been done regarding advertising, essential services, cyber security, data privacy or product
recalls.
7. Provide the following information relating to data breaches:

a. Number of instances of data breaches None
b. Percentage of data breaches involving personally identifiable information of customers 0%
c. Impact, if any, of the data breaches Not Applicable

Place: Jaipur Suresh Kumar Poddar

Date : August 08, 2024 (Chairman and Managing Director & CEO)
(DIN-00022395)
94
INDEPENDENT AUDITOR’S REPORT

To the Members of Mayur Uniquoters Limited
Report on the Audit of the Standalone Financial Statements
Opinion
1. We have audited the accompanying standalone financial statements of Mayur Uniquoters Limited (‘the Company’),
which comprise the balance sheet as at 31 March 2024, the statement of profit and loss (including other
comprehensive income), the statement of cash flow and the statement of changes in equity for the year then ended,
and notes to the standalone financial statements, including material accounting policy information and other
explanatory information.
2. 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 (‘the Act’) in the manner
so required and give a true and fair view in conformity with the Indian Accounting Standards (‘Ind AS’) specified
under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015 and other
accounting principles generally accepted in India, of the state of affairs of the Company as at 31 March 2024, and its
profit (including other comprehensive income), its cash flows and the changes in equity for the year ended on that
date.
Basis for Opinion
3. We conducted our audit in accordance with the standards on auditing specified under section 143(10) of the Act. Our
responsibilities under those standards are further described in the Auditor’s 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 (‘ICAI’) together with the ethical requirements
that are relevant to our audit of the 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.
Key Audit Matter
4. Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the
standalone financial statements of the current period. These matters were addressed in the context of our audit of
the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion
on these matters.
5. We have determined the matters described below to be the key audit matters to be communicated in our report.
Key audit matter How our audit addressed the key audit matter
1. Recoverability of carrying value of assets of the Our audit procedures included, but were not limited to
cash generating unit ('CGU') Gwalior Plant the following:
Refer to the Company’s material accounting policies • Obtained an understanding of the management’s
in note 1 (h) and the property, plant and equipment process for identification of impairment indicators and
related disclosures in note 46 of the standalone financial process undertaken by the management for
statements. impairment assessment. Assessed whether the
The Company has considered its property, plant and methodology used by the management to estimate
equipment, inventory, trade receivables and other the recoverable value of the CGU is in accordance
attributable assets and liabilities of the Gwalior Plant with Ind AS 36;
as a single CGU. As at 31 March 2024, carrying value of • Evaluated the design, implementation and tested the
CGU is Rs. 10,557.72 lakhs. operating effectiveness of key controls placed around
During the current and previous years, the CGU has the impairment assessment process of the
incurred operating losses and the economic recoverability of the CGU. These included controls
performance of this CGU has been significantly lower around estimation of recoverable value of assets, the
than the budgets. Since, the recoverability of the CGU process by which such information was produced;
is largely dependent upon the operational performance • Obtained the management experts’ report on
of the aforesaid CGU, there is a potential risk of recoverable value and assessed the professional
impairment charge in accordance with Ind AS 36, competence and objectivity of such external valuation
Impairment of assets (‘Ind AS 36’) not being recognised expert engaged by the management for performing
by the management because of anticipated business the required valuation to estimate the recoverable value
performance of the CGU.
95
Due to presence of such impairment indicators, the of the CGU;
Company has assessed the recoverability (fair value) • Obtained the property, plant and equipment register of
of the property, plant & equipment (‘PPE’) having the Company for the identified CGU and reconciled the
carrying values of Rs. 8,464.28 lakhs for CGU as at 31 gross book value, net book value and other details of
March 2024 with the help of an external valuation expert PPE used for valuation with the PPE register shared by
using the reproduction cost method (indexation the management of the Company to us;
method) under cost approach for PPE (other than land
and building) and sales comparison method under • Assessed the reasonableness of the assumption used
market approach for land and building as per Ind AS for the discount rates, estimated future life and market
36. Remaining carrying values of CGU of Rs. 2,093.44 values of property and considered evidence available
lakhs, majorly includes Inventory of Rs. 1,479.04 lakhs to support these assumptions in light of our
and GST input of Rs. 1,055.78 lakhs are recoverable understanding of the business.
with no impairment risk as per Management • With the support of our auditor’s experts, we evaluated
assessment. the appropriateness of valuation methodology and
Such valuation model requires management to make reasonableness of assumptions used by the
significant estimates and assumptions related to management’s expert;
selection of the discount rates, estimated future life • Compared the carrying value of net assets with the
and market values of property to be considered for recoverable value to check for any impairment/ provision
impairment testing as per Ind AS 36. required to be recognised; and
Considering the materiality of the amounts involved, • Evaluated the appropriateness and adequacy of the
significant degree of judgement and subjectivity disclosures made by the management in the
involved in the estimates and key assumptions used standalone financial statements in accordance with
in determining the recoverable value used in the applicable accounting standards.
impairment evaluation which are inherently subjective,
we have determined recoverability of Gwalior plant as
a key audit matter as this involved significant auditor
attention in the current year.
2. Revenue recognition Our audit procedures included the following:
Refer note 1 (d) to the accompanying standalone • Understood the process of revenue recognition and
financial statements for significant accounting policy evaluated the appropriateness of the accounting policy
on revenue recognition and note 25 for the details of adopted by the management on revenue recognition
revenue recognised during the year. including determination of transaction price and
satisfaction of performance obligations, in accordance
The Company derives its revenue from sale of products with Ind AS 115;
(PU/PVC synthetic leather). • Evaluated the design and tested operating
The Company recognizes revenue from sale of goods effectiveness of key controls around revenue
upon the transfer of control of the goods sold to the recognition for a sample of transactions;
customer in accordance with Ind AS 115, Revenue from • Performed substantive testing, on a sample basis, on
Contracts with Customers (‘Ind AS 115’). The Company revenue transactions recorded during the year, and
uses a variety of shipment terms across its operating transactions recorded before and after year end by
markets, and this has an impact on the timing of revenue inspecting supporting documents such as customer
recognition. Further, the revenue is recorded based on contracts, purchase orders, proofs of dispatch and
the prices specified in the respective contracts, net of delivery, invoices, etc., including review of contracts with
estimated volume discounts and returns at the time of customers to assess the appropriateness of
sale. Such estimates are derived based on historical Company’s identification of performance obligations,
experience of the Company. determination of transaction price and the
Owing to the significance of amount, volume of management’s estimate involved for volume discounts
transactions, size of distribution network, customers and returns to ensure the accuracy and completeness
with varied terms of shipment, fraud risk in our audit of revenue recorded;
strategy, we have considered revenue recognition as a • Performed substantive analytical procedures for the
key audit matter. revenue recorded considering both qualitative and
quantitative factors to identify any unusual trends or any
unusual items; and
• Evaluated the adequacy of disclosures made in the
accompanying standalone financial statements in
respect of revenue recognition in accordance with
financial reporting framework.
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Information other than the Financial Statements and Auditor’s Report thereon
6. The Company’s Board of Directors are responsible for the other information. The other information comprises the
information included in the Annual Report but does not include the standalone financial statements and our auditor’s
report thereon. The Annual Report is expected to be made available to us after the date of this auditor's report.
Our opinion on the standalone financial statements does not cover the other information and we will 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
identified above when it becomes available 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.
When we read the Annual Report, if we conclude that there is a material misstatement therein, we are required to
communicate the matter to those charged with governance.
Responsibilities of Management and Those Charged with Governance for the Standalone Financial Statements
7. The accompanying standalone financial statements have been approved by the Company’s Board of Directors. The
Company’s Board of Directors are responsible for the matters stated in section 134(5) of the Act with respect to the
preparation and presentation of these standalone financial statements that give a true and fair view of the financial
position, financial performance including other comprehensive income, changes in equity and cash flows of the
Company in accordance with the Ind AS specified under section 133 of the Act and other accounting principles
generally accepted in India. 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 the accuracy and completeness of
the accounting records, relevant to the preparation and presentation of the financial statements that give a true and
fair view and are free from material misstatement, whether due to fraud or error.
8. In preparing the financial statements, the Board of Directors is 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.
9. The Board of Directors is also responsible for overseeing the Company’s financial reporting process.
Auditor’s Responsibilities for the Audit of the Standalone Financial Statements

10. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from
material misstatement, whether due to fraud or error, and to issue an auditor’s 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 Standards on Auditing 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 financial statements.
11. As part of an audit in accordance with Standards on Auditing, specified under section 143(10) of the Act we exercise
professional judgment and maintain professional skepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the 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;
• 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;
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates
and related disclosures made by management;
97
• Conclude on the appropriateness of 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 auditor’s report to the related disclosures in
the 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 auditor’s report. However, future events or conditions
may cause the Company to cease to continue as a going concern;
• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures,
and whether the financial statements represent the underlying transactions and events in a manner that
achieves fair presentation.
12. 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.
13. 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.
14. From the matters communicated with those charged with governance, we determine those matters that were of
most significance in the audit of the financial statements of the current period and are therefore the key audit
matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure
about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated
in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public
interest benefits of such communication.
Report on Other Legal and Regulatory Requirements

15. As required by section 197(16) of the Act based on our audit, we report that the Company has paid remuneration to
its directors during the year in accordance with the provisions of and limits laid down under section 197 read with
Schedule V to the Act.
16. As required by the Companies (Auditor’s Report) Order, 2020 (‘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.
17. Further to our comments in Annexure 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 purpose of our audit of the accompanying standalone financial statements;
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 except for the matters stated in paragraph 17(h)(vi) below on reporting
under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 (as amended);
c) The standalone financial statements dealt with by this report are in agreement with the books of account;
d) In our opinion, the aforesaid standalone financial statements comply with Ind AS specified under section 133
of the Act;
e) On the basis of the written representations received from the directors and taken on record by the Board of
Directors, none of the directors is disqualified as on 31 March 2024 from being appointed as a director in terms
of section 164(2) of the Act;
f) The modification relating to the maintenance of accounts and other matters connected therewith are as stated
in paragraph 17(b) above on reporting under section 143(3)(b) of the Act and paragraph 17(h)(vi) below on
reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 (as amended);
g) With respect to the adequacy of the internal financial controls with reference to financial statements of the
Company as on 31 March 2024 and the operating effectiveness of such controls, refer to our separate report in
Annexure B wherein we have expressed an unmodified opinion; and
h) With respect to the other matters to be included in the Auditor’s Report in accordance with rule 11 of the
Companies (Audit and Auditors) Rules, 2014 (as amended), in our opinion and to the best of our information
and according to the explanations given to us:
98
i. The Company, as detailed in note 36 to the standalone financial statements, has disclosed the impact of
pending litigations on its financial position as at 31 March 2024.;
ii. The Company did not have any long-term contracts including derivative contracts for which there were any
material foreseeable losses as at 31 March 2024.;
iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and
Protection Fund by the Company during the year ended 31 March 2024;
iv. a. The management has represented that, to the best of its knowledge and belief, as disclosed in note
50 (ii) (A) to the standalone financial statements, no funds have been advanced or loaned or invested
(either from borrowed funds or securities premium or any other sources or kind of funds) by the
Company to or in any person(s) or entity(ies), including foreign entities (‘the intermediaries’), with the
understanding, whether recorded in writing or otherwise, that the intermediary shall, whether, directly
or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on
behalf of the Company (‘the Ultimate Beneficiaries’) or provide any guarantee, security or the like on
behalf the Ultimate Beneficiaries;
b. The management has represented that, to the best of its knowledge and belief, as disclosed in note
50 (ii) (B) to the standalone financial statements, no funds have been received by the Company from
any person(s) or entity(ies), including foreign entities (‘the Funding Parties’), with the understanding,
whether recorded in writing or otherwise, that the Company shall, whether directly or indirectly, lend or
invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding
Party (‘Ultimate Beneficiaries’) or provide any guarantee, security or the like on behalf of the Ultimate
Beneficiaries; and
c. Based on such audit procedures performed as considered reasonable and appropriate in the
circumstances, nothing has come to our notice that has caused us to believe that the management
representations under sub-clauses (a) and (b) above contain any material misstatement.
v. The final dividend paid by the Company during the year ended 31 March 2024 in respect of such dividend
declared for the previous year is in accordance with section 123 of the Act to the extent it applies to payment
of dividend.
As stated in Note 44 to the accompanying standalone financial statements, the Board of Directors of the
Company have proposed final dividend for the year ended 31 March 2024 which is subject to the approval
of the members at the ensuing Annual General Meeting. The dividend declared is in accordance with
section 123 of the Act to the extent it applies to declaration of dividend.
vi. As stated in note 47 to the standalone financial statements and based on our examination which included
test checks, except for instance mentioned below, the Company, in respect of financial year commencing
on 1 April 2023, has used an accounting software for maintaining its books of account which has a feature
of recording audit trail (edit log) facility and the same has been operated throughout the year for all relevant
transactions recorded in the software.
Further, during the course of our audit we did not come across any instance of audit trail feature being
tampered with, other than the consequential impact of the exception given below:
Nature of exception noted Details of exception

Instances of accounting software for maintaining books The audit trail feature was not enabled at the
of account for which the feature of recording audit trail database level for accounting software to log
(edit log) facility was not operated throughout the year for any direct data changes, used for maintenance
all relevant transactions recorded in the software of all accounting records by the Company.
For Walker Chandiok & Co LLP

Chartered Accountants
Firm’s Registration No.: 001076N/N500013
Tarun Gupta
Partner
Membership No.: 507892
UDIN: 24507892BKEISX3216
Place: Jaipur
Date: 21 May 2024
99
Annexure A to Independent Auditor’s Report

Annexure A referred to in Paragraph 16 of the Independent Auditor’s Report of even date to the members
of Mayur Uniquoters Limited on the standalone financial statements for the year ended 31 March 2024
In terms of the information and explanations sought by us and given by the Company and the books of account and
records examined by us in the normal course of audit, and to the best of our knowledge and belief, we report that:
(i) (a) (A) The Company has maintained proper records showing full particulars, including quantitative details
and situation of property, plant and equipment, capital work-in-progress and relevant details of right-
of-use assets.
(B) The Company has maintained proper records showing full particulars of intangible assets.
(b) The Company has a regular programme of physical verification of its property, plant and equipment, capital
work-in-progress and relevant details of right-of-use assets under which the assets are physically verified
in a phased manner over a period of three years, which in our opinion, is reasonable having regard to the
size of the Company and the nature of its assets. In accordance with this programme, certain property,
plant and equipment, were verified during the year and no material discrepancies were noticed on such
verification.
(c) The title deeds of all the immovable properties held by the Company (other than properties where the
Company is the lessee and the lease agreements are duly executed in favour of the lessee), disclosed in
Note 3(a) to the standalone financial statements, are held in the name of the Company. For title deeds of
immovable properties in the nature of land situated at Dhodsar and Gwalior with gross carrying values of
Rs 845.97 lakhs and Rs 966.86 lakhs as at 31 March 2024, which have been mortgaged as security for
loans or borrowings taken by the Company, confirmations with respect to title of the Company have been
directly obtained by us from the respective lenders.
(d) The Company has adopted cost model for its Property, Plant and Equipment (including right-of-use assets)
and intangible assets. Accordingly, reporting under clause 3(i)(d) of the Companies (Auditor’s Report)
Order, 2020 (hereinafter referred to as ‘the Order’) is not applicable to the Company.
(e) No proceedings have been initiated or are pending against the Company for holding any benami property
under the Prohibition of Benami Property Transactions Act, 1988 (as amended) and rules made thereunder.
(ii) (a) The management has conducted physical verification of inventory at reasonable intervals during the year,
except for goods-in-transit and inventory lying with third parties. In our opinion, the coverage and procedure
of such verification by the management is appropriate and no discrepancies of 10% or more in the aggregate
for each class of inventory were noticed as compared to book records. In respect of inventory lying with
third parties, these have substantially been confirmed by the third parties and in respect of goods-in-
transit, these have been confirmed from corresponding receipt and dispatch inventory records.
(b) As disclosed in note 16 to the standalone financial statements, the Company has been sanctioned a
working capital limit in excess of Rs. 500.00 lakhs by banks based on the security of current assets. The
quarterly returns, in respect of the working capital limits have been filed by the Company with such banks
and such returns are in agreement with the books of account of the Company for the respective periods,
which were subject to audit/review.
(iii) The Company has not made any investment in, provided any guarantee or security or granted any loans or
advances in the nature of loans, secured or unsecured to Companies, firms, Limited Liability Partnerships
(LLPs) or any other parties during the year. Accordingly, reporting under clause 3(iii) of the Order is not applicable
to the Company.
(iv) In our opinion, and according to the information and explanations given to us, the Company has complied with
the provisions of section 186 of the Act in respect of investments made, as applicable. Further, the Company
has not entered into any transaction covered under section 185 and section 186 of the Act in respect of loans
granted, guarantees and security provided by it.
(v) In our opinion, and according to the information and explanations given to us, the Company has not accepted
any deposits or there are no amounts which have been deemed to be deposits within the meaning of sections 73
to 76 of the Act and the Companies (Acceptance of Deposits) Rules, 2014 (as amended). Accordingly, reporting
under clause 3(v) of the Order is not applicable to the Company.
100
(vi) The Central Government has specified maintenance of cost records under sub-section (1) of section 148 of the
Act in respect of the products of the Company. We have broadly reviewed the books of account maintained by
the Company pursuant to the rules made by the Central Government for the maintenance of cost records 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 cost records with a view to determine whether they
are accurate or complete.
(vii) (a) In our opinion, and according to the information and explanations given to us, undisputed statutory dues
including goods and services tax, provident fund, employees’ state insurance, income-tax, sales-tax,
service tax, duty of customs, duty of excise, value added tax, cess and other material statutory dues, as
applicable, have generally been regularly deposited with the appropriate authorities by the Company,
though there have been slight delays in a few cases. Further, no undisputed amounts payable in respect
thereof were outstanding at the year-end for a period of more than six months from the date they became
payable.
(b) According to the information and explanations given to us, there are no statutory dues referred in sub-
clause (a) which have not been deposited with the appropriate authorities on account of any dispute except
for the following:
Name of the Nature of Gross Amount Amount paid Period to Forum where
statute dues (Rs. in lakhs) under protest which the dispute is
(Rs. in lakhs) amount relates pending
Goods and Goods and 833.05 - Financial year Commissioner
Service Tax Service tax 2017-18 to Appeals
Act, 2016 2019-20
708.62 - Financial year Assistant/
2017-18 to Deputy
2019-20 Commissioner
1,145.20 - Financial year Principal
2017-18 to Commissioner-
2018-19 Custom
Custom Act, Custom duty 41.74 - Financial year Deputy
1962 2016-2017 Commissioner
Income-tax Income-tax 302.50 219.07 Assessment CIT (Appeals)

Act, 1961 year 2019-20
576.06 - Assessment Hon’ble Jaipur
year 2018-19 High court
87.85 17.69 Assessment CIT (Appeals)
year 2020-21
(viii) According to the information and explanations given to us, no transactions were surrendered or disclosed as
income during the year in the tax assessments under the Income Tax Act, 1961 (43 of 1961) which have not
been previously recorded in the books of accounts.
101
(ix) (a) According to the information and explanations given to us, the Company has not defaulted in repayment of
its loans or borrowings or in the payment of interest thereon to any lender.
(b) According to the information and explanations given to us including representation received from the
management of the Company, and on the basis of our audit procedures, we report that the Company has
not been declared a willful defaulter by any bank or financial institution or government or any government
authority.
(c) In our opinion and according to the information and explanations given to us, the Company has not raised
any money by way of term loans during the year and there has been no utilisation during the current year of
the term loans obtained by the Company during any previous years. Accordingly, reporting under clause
3(ix)(c) of the Order is not applicable to the Company.
(d) In our opinion and according to the information and explanations given to us, the Company has not raised any
funds on short term basis during the year. Accordingly, reporting under clause 3(ix)(d) of the Order is not
applicable to the Company.
(e) According to the information and explanations given to us and on an overall examination of the financial
statements of the Company, the Company has not taken any funds from any entity or person on account of or to
meet the obligations of its subsidiaries.
(f) According to the information and explanations given to us, the Company has not raised any loans during the
year on the pledge of securities held in its subsidiaries.
(x) (a) The Company has not raised any money by way of initial public offer or further public offer (including debt
instruments), during the year. Accordingly, reporting under clause 3(x)(a) of the Order is not applicable to the
Company.
(b) According to the information and explanations given to us and on the basis of our examination of the records of
the Company, the Company has not made any preferential allotment or private placement of shares or (fully,
partially or optionally) convertible debentures during the year. Accordingly, reporting under clause 3(x)(b) of the
Order is not applicable to the Company.
(xi) (a) To the best of our knowledge and according to the information and explanations given to us, no fraud by the
Company or no fraud on the Company has been noticed or reported during the period covered by our audit.
(b) According to the information and explanations given to us including the representation made to us by the
management of the Company, no report under sub-section 12 of section 143 of the Act has been filed by the
auditors in Form ADT-4 as prescribed under rule 13 of Companies (Audit and Auditors) Rules, 2014, with the
Central Government for the period covered by our audit.
(c) According to the information and explanations given to us including the representation made to us by the
management of the Company, there are no whistle-blower complaints received by the Company during the
year.
(xii) The Company is not a Nidhi Company and the Nidhi Rules, 2014 are not applicable to it. Accordingly, reporting
under clause 3(xii) of the Order is not applicable to the Company.
(xiii) In our opinion and according to the information and explanations given to us, all transactions entered into by the
Company with the related parties are in compliance with sections 177 and 188 of the Act, where applicable. Further,
the details of such related party transactions have been disclosed in the standalone financial statements, as
required under Indian Accounting Standard (Ind AS) 24, Related Party Disclosures specified in Companies (Indian
Accounting Standards) Rules 2015 as prescribed under section 133 of the Act.
(xiv)(a) In our opinion and according to the information and explanations given to us, the Company has an internal audit
system which is commensurate with the size and nature of its business as required under the provisions of
section 138 of the Act.
(b) We have considered the reports issued by the Internal Auditors of the Company till date for the period under
audit.
(xv) According to the information and explanation given to us, the Company has not entered into any non-cash transactions
with its directors or persons connected with its directors and accordingly, reporting under clause 3(xv) of the Order
with respect to compliance with the provisions of section 192 of the Act are not applicable to the Company.
102
(xvi) The Company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934. Accordingly,
reporting under clauses 3(xvi)(a), (b) and (c) of the Order are not applicable to the Company.
(d) Based on the information and explanations given to us and as represented by the management of the Company,
the Group (as defined in Core Investment Companies (Reserve Bank) Directions, 2016) does not have any
CIC.
(xvii) The Company has not incurred any cash losses in the current financial year as well as the immediately preceding
financial year.
(xviii) There has been no resignation of the statutory auditors during the year. Accordingly, reporting under clause 3(xviii)
of the Order is not applicable to the Company.
(xix) According to the information and explanations given to us and on the basis of the financial ratios, ageing and
expected dates of realisation of financial assets and payment of financial liabilities, other information in the standalone
financial statements, our knowledge of the plans of the Board of Directors and management and based on our
examination of the evidence supporting the assumptions, nothing has come to our attention, which causes us to
believe that any material uncertainty exists as on the date of the audit report indicating that Company is not capable
of meeting its liabilities existing at the date of balance sheet as and when they fall due within a period of one year
from the balance sheet date. We, however, state that this is not an assurance as to the future viability of the
Company. We further state that our reporting is based on the facts up to the date of the audit report and we neither
give any guarantee nor any assurance that all liabilities falling due within a period of one year from the balance
sheet date, will get discharged by the Company as and when they fall due.
(xx) According to the information and explanations given to us, the Company does not have any unspent amounts
towards Corporate Social Responsibility in respect of any ongoing or other than ongoing project as at the end of the
financial year. Accordingly, reporting under clause 3(xx) of the Order is not applicable to the Company.
(xxi) The reporting under clause 3(xxi) of the Order is not applicable in respect of audit of standalone financial statements
of the Company. Accordingly, no comment has been included in respect of said clause under this report.

Tarun Gupta
Partner
Place: Jaipur
Date: 21 May 2024
103
Annexure B to Independent Auditor’s Report

Annexure B to the Independent Auditor’s Report of even date to the members of Mayur Uniquoters
Limited on the standalone financial statements for the year ended 31 March 2024
Independent Auditor’s Report on the internal financial controls with reference to the standalone financial statements
under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (‘the Act’)
1. In conjunction with our audit of the standalone financial statements of Mayur Uniquoters Limited (‘the Company’)
as at and for the year ended 31 March 2024, we have audited the internal financial controls with reference to financial
statements of the Company as at that date.
Responsibilities of Management and Those Charged with Governance for Internal Financial Controls
2. The Company’s Board of Directors is 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 on Audit of Internal Financial
Controls over Financial Reporting (the ‘Guidance Note’) issued by the Institute of Chartered Accountants of India
(ICAI). 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 the Company’s 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 Act.
Auditor’s Responsibility for the Audit of the Internal Financial Controls with Reference to Financial Statements
3. 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 Standards on Auditing issued by the
ICAI prescribed under Section 143(10) of the Act, to the extent applicable to an audit of internal financial controls with
reference to financial statements, and the Guidance Note issued by the ICAI. 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 if such controls operated effectively in all material respects.
4. 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 includes 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 auditor’s
judgement, including the assessment of the risks of material misstatement of the financial statements, whether
due to fraud or error.
5. 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

6. 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.
104
Inherent Limitations of Internal Financial Controls with Reference to Financial Statements

7. 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.
Opinion
8. In our opinion, the Company has, in all material respects, adequate internal financial controls with reference to
financial statements and such controls were operating effectively as at 31 March 2024, 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 issued by the ICAI.

Tarun Gupta
Partner
Place: Jaipur
Date: 21 May 2024
105
STANDALONE BALANCE SHEET AS AT 31 MARCH 2024

(All amounts Rs. in lakhs, unless otherwise stated)
Particulars Notes As at As at
31 March 2024 31 March 2023
Assets
Non-current assets
Property, plant and equipment 3(a) 22,184.83 23,153.81
Right-of-use assets 3(b) 947.11 957.52
Capital work-in-progress 3(c) 105.13 119.38
Intangible assets 3(d) 28.65 19.24
Financial assets
(i) Investment in subsidiaries 4 1,192.86 1,192.86
(ii) Investments 5(a) 3,759.94 2,516.03
(iii) Other financial assets 5(b) 1,440.51 1,707.02
Non-current tax assets (net) 6 269.07 242.28
Other non-current assets 7 681.15 967.47
Total non-current assets 30,609.25 30,875.61
Current assets
Inventories 8 15,368.17 17,789.89
Financial assets
(i) Investments 9 14,798.59 10,651.06
(ii) Trade receivables 10 23,467.61 19,451.51
(iii) Cash and cash equivalents 11(a) 3,548.25 4,198.83
(iv) Bank balances other than (iii) above 11(b) 181.33 1,503.84
(v) Other financial assets 12 6,613.51 454.39
Other current assets 13 1,591.66 2,443.78
Total current assets 65,569.12 56,493.30
Total assets 96,178.37 87,368.91
Equity and liabilities

Equity
Equity share capital 14 2,197.63 2,197.63
Other equity 15 84,577.46 73,558.80
Total equity 86,775.09 75,756.43
106
STANDALONE BALANCE SHEET AS AT 31 MARCH 2024 (Continued)

31 March 2024 31 March 2023
Liabilities
Non-current liabilities
Financial liabilities
(i) Borrowings 16 744.81 1,359.91
(ii) Lease liabilities 3(b) 158.25 158.25
Provisions 17 420.73 260.18
Deferred tax liabilities (net) 18 591.01 534.22
Total non-current liabilities 1,914.80 2,312.56
Current liabilities
(i) Borrowings 19 615.11 992.97
(ii) Lease liabilities 3(b) * *
(iii) Trade payables
-Total outstanding dues of micro enterprises and small enterprises 20 526.29 295.84
-Total outstanding dues of creditors other than micro enterprises
and small Enterprises 20 4,531.93 6,626.53
(iv) Other financial liabilities 21 1,161.36 1,022.35
Other current liabilities 22 200.12 171.17
Provisions 23 295.41 148.99
Current tax liabilities (net) 24 158.26 42.07
Total current liabilities 7,488.48 9,299.92
Total liabilities 9,403.28 11,612.48
Total equity and liabilities 96,178.37 87,368.91
*Amount below rounding-off norms adopted by the Company

Summary of material accounting policies 1
The above Standalone Balance Sheet should be read in conjunction with the accompanying notes.
This is the Standalone Balance Sheet referred to in our report of even date.
For Walker Chandiok & Co LLP For and on behalf of the Board of Directors of
Firm Registration No: 001076N/N500013 Mayur Uniquoters Limited
Tarun Gupta Suresh Kumar Poddar Arun Kumar Bagaria Vinod Kumar Sharma Pawan Kumar Kumawat
Partner (Chairman and Managing Director & CEO) (Executive Director) (Chief Financial Officer) (Company Secretary)
Membership No.: 507892 DIN- 00022395 DIN- 00373862 Membership No.: 078135 Membership No.: ACS 25377
Place : Jaipur Place : Jaipur

Date : 21 May 2024 Date : 21 May 2024
107
STANDALONE STATEMENT OF PROFIT AND LOSS FOR THE YEAR ENDED 31 MARCH 2024
Particulars Notes Year Ended Year Ended
31 March 2024 31 March 2023
Income
Revenue from operations 25 76,424.04 76,409.09
Other income 26 3,077.32 1,573.94
Total income 79,501.36 77,983.03
Expenses
Cost of materials consumed 27 44,320.63 48,080.97
Purchases of stock-in-trade 28 820.44 -
Change in inventories of work-in-progress, stock-in-trade and finished goods 29 1,027.29 (857.31)
Employee benefits expense 30 4,260.80 3,781.57
Finance costs 31 232.69 225.78
Depreciation and amortisation expense 32 2,916.02 2,220.48
Other expenses 33 10,413.03 10,997.64
Total expenses 63,990.90 64,449.13
Profit before tax 15,510.46 13,533.90

Income tax expense 34
Current tax 3,707.00 3,320.00
Tax relating to earlier periods (227.32) (635.92)
Deferred tax charge 76.00 101.68
Total tax expense 3,555.68 2,785.76
Profit for the year 11,954.78 10,748.14

Other comprehensive income
Items that will not be reclassified to profit or loss, net of tax -
(remeasurements of defined benefit plans) (57.07) (13.53)
Other comprehensive income/ (losses) for the year, net of tax (57.07) (13.53)
Total comprehensive income for the year 11,897.71 10,734.61
Earnings per share of face value of Rs. 5.00 each 35

Basic (in Rs.) 27.20 24.44
Diluted (in Rs.) 27.20 24.44
The above Standalone Statement of Profit and Loss should be read in conjunction with the accompanying notes.
This is the Standalone Statement of Profit and Loss referred to in our report of even date.
Date : 21 May 2024 Date : 21 May 2024
108
STANDALONE STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 MARCH 2024
I) Equity share capital
Particulars Note Balance as at Change in equity share Balance as at Change in equity share Balance as at
1 April 2022 capital during the year 31 March 2023 capital during the year 31 March 2024
Equity share capital 14 2,228.88 (31.25) 2197.63 - 2,197.63
II) Other equity

Particulars Note Reserves and surplus Total
General Capital Retained
15 reserve redemption earnings
reserve
Balance as at 1 April 2022 55.75 85.00 68,540.14 68,680.89
Profit for the year - - 10,748.14 10,748.14
Other comprehensive income (net of tax) - - (13.53) (13.53)
Total comprehensive income for the year - - 10,734.61 10,734.61
Final dividend paid during the year - - (879.05) (879.05)
Buyback of equity shares (55.75) 31.25 (4,006.75) (4,031.25)
Tax on shares buyback during the year - - (946.40) (946.40)

Balance as at 31 March 2023 - 116.25 73,442.55 73,558.80
Profit for the year - - 11,954.78 11,954.78
Other comprehensive income (net of tax) - - (57.07) (57.07)
Total comprehensive income for the year - - 11,897.71 11,897.71
Final dividend paid during the year - - (879.05) (879.05)
Balance as at 31 March 2024 - 116.25 84,461.21 84,577.46

The above Standalone Statement of Changes in Equity should be read in conjunction with the accompanying notes.
This is the Standalone Statement of Change in Equity referred to in our report of even date.

Date : 21 May 2024 Date : 21 May 2024
109
STANALONE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024
Particulars Year Ended Year Ended
31 March 2024 31 March 2023
CASH FLOW FROM OPERATING ACTIVITIES
Profit before income tax 15,510.46 13,533.90
Adjustments for:
Depreciation and amortisation expense 2,916.02 2,220.48
Interest income (518.74) (388.14)
Finance costs 193.09 193.49
Net gain on disposal of property, plant and equipment (22.69) (21.08)
Government grants (247.50) -
Net profit on sale of investments (109.80) (212.25)
Loss on maturity of investment - bonds - 20.68
Fair value gain on investments (1,503.11) (167.00)
Loss allowance 0.55 (44.43)
Trade receivable written-off 4.35 56.98
Net foreign exchange gain (unrealised) (10.08) (12.96)
Dividend income - (28.24)
Operating profit before working capital changes 16,212.55 15,151.43
Adjustments for changes in:
- Trade recievables (4,002.96) (3,853.82)
- Inventories 2,421.72 519.18
- Other financial assets and other assets (616.35) 1,157.06
- Trade payables, other financial liabilities and other liabilities (1,381.48) 2,034.49
Cash generated from operations 12,633.48 15,008.34
Income taxes paid (net) (3,409.47) (3,533.18)
Net cash inflow from operating activities (A) 9,224.01 11,475.16
CASH FLOW FROM INVESTING ACTIVITIES

Purchase/acquisition of property, plant and equipment and intangible assets (2,122.65) (3,055.31)
Proceeds from sale of property, plant and equipment 34.24 68.35
Proceeds from redemption of fixed deposits 1,310.00 2,319.94
Investments in fixed deposits (4,003.33) (2,950.87)
Investments in mutual funds (10,047.50) (12,599.42)
Proceeds from sale of investments 6,268.97 13,147.78
Investment in equity shares of the subsidiary - (500.00)
Government grants 247.50 -
Interest received 518.74 388.14
Dividend received - 28.24
Net cash outflow from investing activities (B) (7,794.03) (3,153.15)
110
STANDALONE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 (Continued)
31 March 2024 31 March 2023
CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from non-current borrowings - 476.50
Repayment of non-current borrowings (992.97) (1,012.01)
Principal payments of lease liabilities * *
Payment for buyback of shares - (5,008.90)
Interest paid (193.09) (193.49)
Dividend paid (900.47) (911.17)
Net cash outflow from financing activities (C) (2,086.53) (6,649.07)
Net increase in cash and cash equivalents (A+B+C) (656.55) 1,672.94

Cash and cash equivalents at the beginning of the year 4,198.83 2,531.15
Effects of exchange rate changes on cash and cash equivalents 5.97 (5.26)
Cash and cash equivalents at end of the year 3,548.25 4,198.83
* Amount below rounding-off norms adopted by the Company

Refer note 16 for changes in liabilities arising from financing activites.
Cash and cash equivalents includes cash in hand, balances with banks and deposits with original maturity of less
than 3 months, refer note 11(a)
The above Standalone Statement of Cash Flows should be read in conjunction with the accompanying notes.
This is the Standalone Statement of Cash Flows referred to in our report of even date.

Date : 21 May 2024 Date : 21 May 2024
111
Notes forming part of the Standalone Financial Statements for the year ended 31 March 2024
Background c) Foreign Currency Translation
Mayur Uniquoters Limited (‘the Company’) is a Company (i) Functional and Presentation Currency
limited by shares, incorporated and domiciled in India, Items included in the standalone financial
with its registered office situated at Sikar Road, Jaitpura, statements are measured using the currency of
Jaipur, Rajasthan, India, 303704. The Company is primarily the primary economic environment in which the
engaged in the business of manufacturing of coated textile Company operates (‘the functional currency’).
fabrics, artificial leather and PVC vinyl (PU/PVC synthetic The standalone financial statements are
leather”), which are widely used in different segments such presented in Indian rupee (Rs.), which is
as footwear, furnishings, automotive OEM, automotive Company’s functional and presentation currency.
replacement market, and automotive exports. The equity (ii) Transactions and Balances
shares of the Company are presently listed with BSE Monetary and non-monetary transactions in
Limited (BSE) and National Stock Exchange of India Limited foreign currencies are initially recorded in the
(NSE). functional currency of the Company at the
Note 1: Summary of Material Accounting Policies exchange rates at the date of the transactions.
This note provides a list of the material accounting policies Monetary foreign currency assets and liabilities
adopted in the preparation of these standalone financial remaining unsettled on reporting date are translated
statements for the year ended 31 March 2024. These at the rates of exchange prevailing on reporting date.
policies have been consistently applied to all the years Gains/ (losses) arising on account of realization /
presented, unless otherwise stated. settlement of foreign exchange transactions and on
translation of monetary foreign currency assets and
a) Basis of Preparation liabilities are recognised in the statement of profit
(i) Compliance with Ind AS and loss.
The standalone financial statements comply in
all material aspects with Indian Accounting Non-monetary items that are measured at fair value
Standards (Ind AS) notified under Section 133 of in a foreign currency are translated using the exchange
the Companies Act, 2013 (the Act) [Companies rates at the date when the fair value was determined.
(Indian Accounting Standards) Rules, 2015] and Translation differences on assets and liabilities
other relevant provisions of the Act. The carried at fair value are reported as part of the fair
standalone financial statements are prepared on value gain or loss in the statement of profit and loss.
accrual and going concern basis. d) Revenue Recognition
The standalone financial statements for the year To determine whether to recognise revenue, the
ended 31 March 2024 were authorized and Company follows a 5-step process:
approved for issue by the Board of Directors on
21 May 2024. 1. Identifying the contract with a customer
2. Identifying the performance obligations
(ii) Historical Cost Convention 3. Determining the transaction price
The standalone financial statements have been 4. Allocating the transaction price to the performance
prepared on a historical cost basis, except for obligations
certain financial assets and financial liabilities 5. Recognising revenue when/as performance
that are measured at fair value or amortized cost, obligation(s) are satisfied.
defined benefit obligations.
Under Ind AS 115 - Revenue from Contracts with
b) Segment Reporting Customers, revenue is recognised upon transfer of
Operating segments are reported in a manner control of promised goods or services to customers.
consistent with the internal reporting provided to the Revenue is measured at the transaction price agreed
chief operating decision maker. with the customers received or receivable, excluding
discounts, incentives, performance bonuses, price
The Board of Directors assesses the financial concessions, amounts collected on behalf of third
performance and position of the Company and makes parties, or other similar items, if any, as specified in
strategic decisions and has been identified as chief the contract with the customer. Revenue is recorded
operating decision maker (CODM). Refer note 40 for provided the recovery of consideration is probable
reportable segments determined by the Company. and determinable.
112
Sales are recognised when control of the products f) Income Tax

has transferred, the customer has full discretion over The income tax expense or credit for the period is the
price to sell the product, and there is no unfulfilled tax payable on the current period’s taxable income
obligation that could affect the customer’s acceptance based on the applicable income tax rate adjusted by
of the products. changes in deferred tax assets and liabilities
The Company manufactures and sells a range of attributable to temporary differences.
artificial leather domestically as well as outside India. Tax expense comprises current and deferred tax.
Revenue from the sale of products is recognised at a Current and deferred tax is recognised in profit or
point in time, upon transfer of control of products to loss except to the extent that it relates to items
the customers and is measured at transaction price recognised in other comprehensive income or directly
received/receivable, net of discounts, and applicable in equity. In this case, the tax is also recognised in
taxes. other comprehensive income or directly in equity
respectively.
The Company does not have any contract where the
period between the transfer of promised goods to the The current income tax charge is calculated on the
customer and payment by the customer exceeds one basis of the tax laws enacted or substantively enacted
year. As a consequence, the Company does not adjust at the end of the reporting period. Management
any of the transaction prices for the time value of periodically evaluates positions taken in tax returns
money. with respect to situations in which applicable tax
regulation is subject to interpretation and considers
Trade receivables are recognised initially at the whether it is probable that a taxation authority will
transaction price as they do not contain significant accept an uncertain tax treatment. The Company
financing components. The Company holds the trade measures its tax balances either based on the most
receivables with the objective of collecting the likely amount or the expected value, depending on
contractual cash flows and therefore measures them which method provides a better prediction of the
subsequently at amortised cost using the effective resolution of the uncertainty.
interest method, less loss allowance.
Deferred income tax is provided in full, using the
Contract asset is recognized as a right to liability method, on temporary differences arising
consideration in exchange for goods or services between the tax bases of assets and liabilities and
transferred to the customer. Contract liabilities arises their carrying amounts in the standalone financial
on account of the advance payments received from statements. Deferred income tax is also not
customer for which performance obligation has not accounted for if it arises from initial recognition of an
yet been completed. asset or liability in a transaction that at the time of the
transaction affects neither accounting profit nor taxable
e) Government Grants profit (tax loss). Deferred income tax is determined
Grants from the government are recognised at their using tax rates (and laws) that have been enacted or
fair value where there is a reasonable assurance that substantially enacted by the end of the reporting period
the grant will be received and the Company will comply and are expected to apply when the related deferred
with all attached conditions. income tax asset is realised or the deferred income
tax liability is settled.
Government grants relating to income are deferred
and recognised in the statement of profit and loss Deferred tax assets are recognised for all deductible
over the period necessary to match them with the temporary differences and unused tax losses only if it
costs that they are intended to compensate and is probable that future taxable amounts will be
presented within other income. available to utilise those temporary differences and
losses.
Government grants relating to the purchase of property,
plant and equipment are included in non-current/ Current/deferred tax assets and tax liabilities are offset
current liabilities and are credited to profit or loss on where the entity has a legally enforceable right to offset
a straight-line basis over the expected useful lives of and intends either to settle on a net basis, or to realise
the related assets and presented within other income. the asset and settle the liability simultaneously.
113
g) Leases • The amount of the initial measurement of lease

As a Lessee liability
• Any lease payments made at or before the
Leases are recognised as a right-of-use asset and a commencement date less any lease incentives
corresponding liability at the date at which the leased received
asset is available for use by the Company. Contracts
may contain both lease and non-lease components. • Any initial direct costs, and
The Company allocates the consideration in the • Restoration costs.
contract to the lease and non-lease components
based on their relative standalone prices. However, Right-of-use assets are generally depreciated over
for leases of real estate for which the Company is a the shorter of the asset’s useful life and the lease
lessee, it has elected not to separate lease and non- term on a straight-line basis. If the Company is
lease components and instead accounts for these reasonably certain to exercise a purchase option, the
as a single lease component. right-of-use asset is depreciated over the underlying
asset’s useful life.
Assets and liabilities arising from a lease are initially
measured on a present value basis. Lease liabilities Payments associated with short-term leases of
include net present value of the following lease equipment and all leases of low value assets are
payments: recognised on a straight-line basis as an expense in
profit or loss. Short term leases are leases with a
• Fixed payments (including in substance fixed lease term of twelve months or less.
payments), less any lease incentives receivable
h) Impairment of Non Financial Assets
• Variable lease payments that are based on an
index or a rate, initially measured using the The Company’s non-financial assets, other than
index or rate as at the commencement date inventories and deferred tax assets, are reviewed at
each reporting date to determine whether there is any
• Amounts expected to be payable by the indication of impairment. If any such indication exists,
Company under residual value guarantees then the asset’s recoverable amount is estimated.
• The exercise price of a purchase option if the For impairment testing, assets that do not generate
Company is reasonably certain to exercise that independent cash inflows are grouped together into
option, and cash-generating units (CGUs). Each CGU represents
• Payments of penalties for terminating the the smallest group of assets that generates cash
lease, if the lease term reflects the Company inflows that are largely independent of the cash
exercising that option. inflows of other assets or CGUs.
Lease payments to be made under reasonably certain The recoverable amount of a CGU (or an individual
extension options are also included in the asset) is the higher of its value in use and its fair
measurement of the liability. The lease payments are value less costs to sell. Value in use is based on the
discounted using the interest rate implicit in the lease. estimated future cash flows, discounted to their
If that rate cannot be readily determined, which is present value using a pre-tax discount rate that reflects
generally the case for lease in the Company, the current market assessments of the time value of
lessee’s incremental borrowing rate is used, being money and the risks specific to the CGU (or the asset).
the rate that the individual lessee would have to pay to An impairment loss is recognised if the carrying
borrow the funds necessary to obtain an asset of amount of an asset or CGU exceeds its estimated
similar value to the right-of-use asset in similar recoverable amount. Impairment losses are
economic environment with similar terms, security recognised in the statement of profit and loss.
and conditions. Impairment loss recognised in respect of a CGU is
Lease payments are allocated between principal and allocated to reduce the carrying amounts of the assets
finance cost. The finance cost is charged to profit or of the CGU (or group of CGUs) on a pro rata basis.
loss over the lease period so as to produce a constant In respect of assets for which impairment loss has
periodic rate of interest on the remaining balance of been recognised in prior periods, the Company
the liability for each period. reviews at each reporting date whether there is any
Right-of-use assets are measured at cost comprising indication that the loss has decreased or no longer
the following: exists. An impairment loss is reversed if there has
been a change in the estimates used to determine
114
the recoverable amount. Such a reversal is made only k) Investments and Other Financial Assets
to the extent that the asset’s carrying amount does (i) Classification
not exceed the carrying amount that would have been
determined, net of depreciation or amortisation, if no The Company classifies its financial assets in
impairment loss had been recognised. the following measurement categories:
• those to be measured subsequently at fair
i) Cash and Cash Equivalents value (either through other comprehensive
For the purpose of presentation in the cash flow income, or through profit or loss), and
statement, cash and cash equivalents includes cash • those measured at amortised cost.
on hand, deposits held at call with banks/ financial
institutions, other short-term, other highly liquid The classification depends on the entity’s
investments with original maturities of three months business model for managing the financial
or less that are readily convertible to known amounts assets and the contractual terms of the cash
of cash and which are subject to an insignificant risk flows.
of changes in value, and bank overdrafts. Bank
overdrafts are shown within borrowings in current For assets measured at fair value, gains and
liabilities in the balance sheet. losses will either be recorded in the statement of
profit and loss or other comprehensive income.
Other Bank Balances For investments in equity instruments, this will
Other bank balances consist of term deposits with depend on whether the Company has made an
banks, which have original maturities of more than irrevocable election at the time of initial
three months. Such assets are recognised and recognition to account for the equity investment
measured at amortised cost (including directly at fair value through other comprehensive income
attributable transaction cost) using the effective (FVOCI).
interest method, less impairment losses, if any. The Company reclassifies debt investments
j) Inventories when and only when its business model for
managing those assets changes.
Inventories are measured at the lower of cost and net
realisable value. (ii) Recognition
Raw materials, stock-in-trade and stores and Regular way purchases and sales of financial
spares: assets are recognised on trade date, on which
the Company commits to purchase or sale the
The cost of inventories is calculated on weighted financial asset.
average basis, and includes expenditure incurred in
acquiring the inventories and other costs incurred in (iii) Measurement
bringing them to their present location and condition. At initial recognition, the Company measures a
Raw materials, components and other supplies held financial asset at its fair value plus, in the case of
for use in the production of finished products are not a financial asset not at fair value through profit or
written down below cost except in cases where loss, transaction costs that are directly attributable
material prices have declined and it is estimated that to the acquisition of the financial asset.
the cost of the finished products will exceed their net Transaction costs of financial assets carried at
realizable value. fair value through profit or loss are expensed in
Work-in-progress and finished goods: profit or loss.
Cost includes raw material costs and an appropriate Debt Instruments

share of fixed production overheads based on normal Subsequent measurement of debt instruments
operating capacity. Net realisable value is the depends on the Company’s business model for
estimated selling price in the ordinary course of managing the asset and the cash flow
business, less the estimated costs of completion and characteristics of the asset. There are three
selling expenses. The net realisable value of work- measurement categories into which the Company
in-progress is determined with reference to the selling classifies its debt instruments:
prices of related finished products.
• Amortised Cost: Assets that are held for
The comparison of cost and net realisable value is collection of contractual cash flows where those
made on an item-by-item basis. cash flows represent solely payments of
115
principal and interest are measured at on specified dates to cash flows that are solely
amortised cost. payments of principal and interest on the principal
amount outstanding. Where the Company’s
Interest income from these financial assets is management has elected to present fair value
included in other income using the effective gains and losses on equity investments in other
interest rate method. Any gain or loss arising comprehensive income, there is no subsequent
on derecognition is recognised directly in profit reclassification of fair value gains and losses to
or loss and presented in other income or other the statement of profit and loss. The Company
expenses. Impairment losses are presented makes such election on an instrument-by-
as separate line item in the statement of profit instrument basis. The classification is made on
and loss. initial recognition and is irrevocable. Dividends
• Fair Value Through Other Comprehensive from such investments are recognised in profit
Income (FVOCI): Assets that are held for or loss as other income when the Company’s
collection of contractual cash flows and for right to receive payments is established.
selling the financial assets, where the assets’ Investment in Bonds
cash flows represent solely payments of
principal and interest, are measured at fair Investment in bonds are financial assets with
value through other comprehensive income fixed or determinable payments that are quoted
(FVOCI). Movements in the carrying amount are in an active market. These are classified as
taken through OCI, except for the recognition of financial assets measured at amortised cost as
impairment gains or losses, interest revenue they fulfill the following conditions:
and foreign exchange gains and losses which • Such assets are held within a business model
are recognised in the statement of profit and whose objective is to hold assets in order to
loss. When the financial asset is derecognised, collect contractual cash flows.
the cumulative gain or loss previously
recognised in OCI is reclassified from equity • The contractual terms of such assets give
to the statement of profit and loss and rise on specified dates to cash flows that are
recognised in other income. Interest income solely payments of principal and interest on
from these financial assets is included in other the principal amount outstanding.
income using the effective interest rate method.
Foreign exchange gain and losses are • The Company recognises these assets on
presented in other income and impairment the date when they are originated and are
initially measured at fair value plus any
expenses are presented as separate line item
in statement of profit and loss. directly attributable transaction costs.
• Fair Value Through Profit or Loss: Assets that Changes in the fair value of financial assets at
fair value through profit or loss are recognised in
do not meet the criteria for amortised cost or
FVOCI are measured at fair value through profit other income in the statement of profit and loss.
or loss. A gain or loss on a debt investment that Impairment losses (and reversal of impairment
losses) on equity investments measured at
is subsequently measured at fair value through
profit or loss and is not part of a hedging FVOCI are not reported separately from other
relationship is recognised and presented net changes in fair value.
in the statement of profit and loss within other (iv) Impairment of Financial Assets
income or other expenses in the period in which
The Company assesses on a forward looking
it arises. Interest income from these financial
basis the expected credit losses associated with
assets is included in other income.
its assets carried at amortised cost and FVOCI
Investments in Mutual Funds, Alternate debt instruments. The impairment methodology
Investment Funds and Equity Instruments applied depends on whether there has been a
significant increase in credit risk. Note 43 details
Investment in mutual funds and equity
instruments are classified as fair value through how the Company determines whether there has
profit or loss as they are not held within a business been a significant increase in credit risk.
model whose objective is to hold assets in order For trade receivables only, the Company applies
to collect contractual cash flows and the the simplified approach permitted by Ind AS 109
contractual terms of such assets do not give rise Financial Instruments, which requires expected
116
lifetime losses to be recognised from initial l) Investment in Subsidiaries

recognition of the receivables. A subsidiary is an entity controlled by the Company.
(v) Derecognition of Financial Assets Control exists when the Company has power over the
entity, is exposed, or has rights to variable returns
A financial asset is derecognised only when : from its involvement with the entity and has the ability
• the Company has transferred the rights to to affect those returns by using its power over the
receive cash flows from the financial asset or entity. Power is demonstrated through existing rights
• retains the contractual rights to receive the cash that give the ability to direct relevant activities, those
flows of the financial asset, but assumes a which significantly affect the entity’s returns.
contractual obligation to pay the cash flows to Investments in subsidiaries are carried at cost. The
one or more recipients. cost comprises price paid to acquire investment and
Where the Company has transferred an asset, directly attributable cost.
the Company evaluates whether it has m) Offsetting Financial Instruments
significantly transferred all risks and rewards of
ownership of the financial asset. In such cases, Financial assets and liabilities are offset and the net
the financial asset is derecognised. Where the amount is reported in the balance sheet where there
Company has not significantly transferred all is a legally enforceable right to offset the recognised
risks and rewards of ownership of the financial amounts and there is an intention to settle on a net
asset, the financial asset is not derecognised. basis or realise the asset and settle the liability
simultaneously. The legally enforceable right must
Where the Company has neither transferred a not be contingent on future events and must be
financial asset nor retains significantly all risks enforceable in the normal course of business and in
and rewards of ownership of the financial asset, the event of default, insolvency or bankruptcy of the
the financial asset is derecognised if the Company or the counterparty.
Company has not retained control of the financial
asset. Where the Company retains control of the n) Property, Plant and Equipment
financial asset, the asset is continued to be Freehold land is carried at historical cost. All other
recognised to the extent of continuing involvement items of property, plant and equipment are stated at
in the financial asset. historical cost less depreciation. Historical cost
includes expenditure that is directly attributable to the
(vi) Income Recognition acquisition of the items. Cost comprises the purchase
Interest Income price, borrowing costs if capitalisation criteria are met
Interest income from financial assets at fair value and directly attributable cost of bringing the asset to
through the profit or loss is disclosed as interest its working condition for its intended use. Any trade
income within other income. Interest income on discounts and rebates are deducted in arriving at the
financial assets at amortised cost and financial purchase price.
assets at FVOCI is calculated using effective Subsequent costs are included in the asset’s carrying
interest method is recognised in the statement amount or recognised as a separate asset, as
of profit and loss as part of other income. Interest appropriate, only when it is probable that future
income is calculated by applying the effective economic benefits associated with the item will flow
interest rate to the gross carrying amount of a to the Company and the cost of the item can be
financial asset except for financial assets that measured reliably. The carrying amount of any
subsequently become credit impaired. component accounted for as a separate asset is
Dividends derecognised when replaced. All other repairs and
maintenance are charged to statement of profit and
Dividends are recognised in profit or loss only
loss during the reporting period in which they are
when the right to receive payment is established, incurred.
it is probable that the economic benefits
associated with the dividend will flow to the Depreciation Methods, Estimated Useful Lives and
Company, and the amount of the dividend can be Residual Value
measured reliably. Depreciation is calculated using the straight-line
method to allocate the cost of the assets, net of their
residual values, over their estimated useful lives as
follows:
117
Particulars Estimate of Intangible assets comprise software having an

useful life estimated useful life of 4 years.
Buildings 15-60 years p) Borrowings
Plant and Equipments 7.5-15 years Borrowings are initially recognised at fair value, net of
Electrical Installation and Equipments 10 years transaction costs incurred. Borrowings are
Furniture & Fixtures 10 years subsequently measured at amortised cost. Any
difference between the proceeds (net of transaction
Motor Vehicles 8 years
costs) and the redemption amount is recognised in
Office Equipments 5 years
profit or loss over the period of the borrowings using
Computers 3-6 years the effective interest method. Fees paid on the
establishment of loan facilities are recognised as
The useful lives have been determined based on
transaction costs of the loan to the extent that it is
technical evaluation done by the management’s
probable that some or all of the facility will be drawn
expert and management estimate, in order to reflect
down. Borrowings are classified as current liabilities
the actual usage of the assets. The residual values
unless the Company has an unconditional right to
are not more than 5% of the original cost of the asset.
defer settlement of the liability for at least twelve
The management believes that these estimated months after the reporting period.
useful lives are realistic and reflect fair approximation
q) Provisions and Contingent Liabilities
of the period over which the assets are likely to be
used. Provisions are recognised when the Company has a
present legal or constructive obligation as a result of
The residual values, useful lives and methods of past events, it is probable that an outflow of resources
depreciation of property, plant and equipment are will be required to settle the obligation and the amount
reviewed at each financial year end and adjusted can be reliably estimated. Provisions are not
prospectively, if appropriate. recognised for future operating losses. Where there
are a number of similar obligations, the likelihood
Gains and losses on disposals are determined by
that an outflow will be required in settlement is
comparing proceeds with carrying amount. These are
determined by considering the class of obligations
included in statement of profit and loss within other
as a whole. A provision is recognised even if the
income or other expenses.
likelihood of an outflow with respect to any one item
Advances paid towards the acquisition of property, included in the same class of obligations may be
plant and equipment outstanding at each balance small.
sheet date are classified as capital advances under
Provisions are measured at the present value of
non-current assets.
management’s best estimate of the expenditure
Capital work-in-progress excluding capital advances required to settle the present obligation at the end of
includes property, plant and equipment under the reporting period. The discount rate used to
construction and not ready for intended use as on determine the present value is a pre-tax rate that
balance sheet date. reflects current market assessments of the time value
of money and the risks specific to the liability. The
o) Intangible Assets increase in the provision due to the passage of time
(i) Intangible assets that are acquired by the is recognised as interest expense.
Company are measured initially at cost. All
A contingent liability is a possible obligation that arises
intangible assets are with finite useful lives and
from past events whose existence will be confirmed
are measured at cost less accumulated
by the occurrence or non-occurrence of one or more
amortisation and impairment, if any.
uncertain future events beyond the control of the
Amortisation and Useful Lives Company or a present obligation that is not
recognised because it is not probable that an outflow
Intangible assets are amortised over the useful
of resources will be required to settle the obligation. A
life and assessed for impairment whenever there
contingent liability also arises in extremely rare cases
is an indication that the intangible asset may be
where there is a liability that cannot be recognised
impaired. The amortisation period and the
because it cannot be measured reliably. The Company
amortisation method are reviewed at the end of
does not recognise a contingent liability but discloses
each reporting period.
its existence in the standalone financial statements.
118
r) Employee Benefits obligation is calculated annually by actuaries

(i) Short-Term Obligations using the projected unit credit method.
Liabilities for wages and salaries, including non- The present value of the defined benefit obligation
monetary benefits that are expected to be settled is determined by discounting the estimated future
wholly within twelve months after the end of the cash outflows by reference to market yields at
period in which the employees render the related the end of the reporting period on government
service are recognised in respect of employees’ bonds that have terms approximating to the terms
services up to the end of the reporting period and of the related obligation.
are measured at the amounts expected to be paid
when the liabilities are settled. The liabilities are The net interest cost is calculated by applying the
presented as current employee benefit discount rate to the net balance of the defined
obligations in the balance sheet. benefit obligation and the fair value of plan assets.
This cost is included in employee benefit expense
(ii) Other Long-Term Employee Benefit Obligations in the statement of profit and loss.
The liabilities for compensated absences are not Re-measurement gains and losses arising from
expected to be settled wholly within twelve experience adjustments and changes in actuarial
months after the end of the period in which the assumptions are recognised in the period in
employees render the related service. These which they occur, directly in other comprehensive
obligations are therefore measured as the income. They are included in retained earnings
present value of expected future payments to be in the statement of changes in equity and in the
made in respect of services provided by balance sheet.
employees up to the end of the reporting period
using the projected unit credit method less fair Changes in the present value of the defined
value of plan assets as at balance sheet date. benefit obligation resulting from plan
The benefits are discounted using the market amendments or curtailments are recognised
yields at the end of the reporting period that have immediately in profit and loss as past service
terms approximating to the terms of the related cost.
obligation. Re-measurements as a result of
experience adjustments and changes in actuarial Defined Contribution Plans
assumptions are recognised in profit and loss. The Company pays provident fund contributions
to publicly administered provident funds as per
The obligations are presented as current local regulations. The Company has no further
liabilities in the balance sheet as the entity does payment obligations once the contributions have
not have an unconditional right to defer settlement been paid. The contributions are accounted for
for at least twelve months after the reporting as defined contribution plans and the
period, regardless of when the actual settlement contributions are recognised as employee benefit
is expected to occur. expense when they are due. Prepaid contributions
(iii) Post-Employment Obligations are recognised as an asset to the extent that a
cash refund or a reduction in the future payments
The Company operates the following post- is available.
employment schemes: (a) Defined benefit plan
(Gratuity) (b) Defined contribution plans (Provident s) Contributed Equity
Fund). Equity shares are classified as equity.
Defined Benefit Plan (Gratuity) Incremental costs directly attributable to the issue of
The Company contributes to the Gratuity Fund new shares or options are shown in equity as a
managed by the Life Insurance Corporation of deduction, net of tax, from the proceeds.
India under its New Company Gratuity Cash
Accumulation Plan. t) Dividends
Provision is made for the amount of any dividend
The liability or asset recognised in the balance declared, being appropriately authorised and no
sheet in respect of defined benefit gratuity plan is longer at the discretion of the entity, on or before the
the present value of the defined benefit obligation end of the reporting period but not distributed at the
at the end of the reporting period less the fair end of the reporting period.
value of plan assets. The defined benefit
119
u) Earnings Per Share (iii) Deferred Tax Related to Assets and Liabilities
Basic earnings per share are calculated by dividing Arising from a Single Transaction -
the profit or loss for the year attributable to equity to Amendments to
the owners of the Company by the weighted average Ind AS 12
number of equity shares outstanding during the year.
The amendments narrow the scope of the initial
The Company does not have any dilutive potential recognition exception under Ind AS 12, so that it
equity shares. no longer applies to transactions that give rise to
v) Rounding of Amounts equal taxable and deductible temporary
differences such as leases.
All amounts disclosed in the standalone financial
statements and notes have been rounded off to the The Company previously recognised for deferred
nearest lakhs upto two decimal places as per the tax on leases on a net basis. As a result of these
requirement of Schedule III, unless otherwise stated. amendments, The amendments had no impact
on the Company’s standalone financial
w) New and Amended Standards Adopted by the statements.
Company
The Ministry of Corporate Affairs has notified Note 2: Critical Estimates and Judgements
Companies (Indian Accounting Standards) The preparation of standalone financial statements
Amendment Rules, 2023 dated 31 March 2023 to requires the use of accounting estimates which, by
amend the following Ind AS which were effective for definition, will seldom equal the actual results.
annual periods beginning on or after 1 April 2023. Management also needs to exercise judgement in applying
(i) Definition of Accounting Estimates - the Company’s accounting policies. This note provides
Amendments to Ind AS 8 overview of the areas that involved a higher degree of
judgement or complexity, and of items which are more
The amendments clarify the distinction between likely to be materially adjusted due to estimates and
changes in accounting estimates, changes in assumptions turning out to be different than those
accounting policies and the correction of errors. originally assessed. Detailed information about each of
It has also been clarified how entities use these estimates and judgements is included in relevant
measurement techniques and inputs to develop notes together with information about the basis of
accounting estimates. calculation for each affected line item in the standalone
The amendments had no impact on the financial statements.
Company’s standalone financial statements. The areas involving critical estimates or judgements are:
(ii) Disclosure of Accounting Policies - • Estimates of defined benefit obligation – Note 23
Amendments to Ind AS 1
• Estimate of useful life of property, plant and
The amendments aim to help entities provide equipment – Note 3 (a)
accounting policy disclosures that are more • Impairment of trade receivables – Refer Note 43 (A)
useful by replacing the requirement for entities to
disclose their ‘significant’ accounting policies • Impairment assessment of non-financial asset –
with a requirement to disclose their ‘material’ Refer Note 46
accounting policies and adding guidance on how • Measurement of contingent liabilities – Refer Note
entities apply the concept of materiality in making 36
decisions about accounting policy disclosures.
Estimation and judgements are continuously evaluated.
The amendments have had an impact on the They are based on historical experience and other factors
Company’s disclosures of accounting policies, including expectation of future events that may have a
but not on the measurement, recognition or financial impact on the Company and that are believed to
presentation of any items in the Company’s be reasonable under the circumstances.
standalone financial statements.
120
3(a) Property, Plant and Equipment (All amounts Rs. in lakhs, unless otherwise stated)
Gross carrying amount Accumulated depreciation Net
Particulars As at Additions Disposals/ As at As at For Disposals/ As at carrying
1 April during adjustments 31 March 1 April the adjustments 31 March amount
2023 the year during 2024 2023 year during 2024 As at
the year the year 31 March
2024
Freehold land 1,074.73 - - 1,074.73 - - - - 1,074.73
Buildings 10,454.47 138.50 - 10,592.97 1,515.35 514.15 - 2,029.50 8,563.47
Plant & equipment 18,774.34 1,264.95 4.18 20,035.11 8,481.00 1,915.97 1.27 10,395.70 9,639.41
Furniture & fittings 575.00 27.95 - 602.95 312.25 42.68 - 354.93 248.02
Electrical installation & equipment 3,821.05 315.26 2.13 4,134.18 1,525.55 329.13 2.02 1,852.66 2,281.52
Office equipment 116.89 7.15 0.99 123.05 89.60 7.63 0.93 96.30 26.75
Computers 265.65 59.28 1.75 323.18 215.12 26.91 1.55 240.48 82.70
Vehicles 605.93 129.45 38.75 696.63 395.38 63.52 30.50 428.40 268.23
Total 35,688.06 1,942.54 47.80 37,582.80 12,534.25 2,899.99 36.27 15,397.97 22,184.83
Gross carrying amount Accumulated depreciation Net

Particulars As at Additions Disposals/ As at As at For Disposals/ As at carrying
1 April during adjustments 31 March 1 April the adjustments 31 March amount
2022 the year during 2023 2022 year during 2023 As at
121
the year the year 31 March
2023
Freehold land 845.97 228.76 - 1,074.73 - - - - 1,074.73
Buildings 10,090.89 363.58 - 10,454.47 1,167.18 348.17 - 1,515.35 8,939.12
Plant & equipment 15,542.53 3,232.79 0.98 18,774.34 7,118.94 1,362.96 0.90 8,481.00 10,293.34
Furniture & fittings 538.49 36.51 - 575.00 262.29 49.96 - 312.25 262.75
Electrical installation & equipment 3,383.37 440.84 3.16 3,821.05 1,187.48 340.80 2.73 1,525.55 2,295.50
Office equipment 107.19 10.78 1.08 116.89 83.09 7.31 0.80 89.60 27.29
Computers 251.86 14.73 0.94 265.65 189.33 26.33 0.54 215.12 50.53
Vehicles 725.19 102.87 222.13 605.93 502.39 69.06 176.07 395.38 210.55
Total 31,485.49 4,430.86 228.29 35,688.06 10,510.70 2,204.59 181.04 12,534.25 23,153.81
Notes:
i) For details regarding charge on property, plant and equipment - refer note 16.
ii) All title deeds of immovable properties are held in the name of Company. Title deeds of free hold land situated at industrial land, khasra no. 721/1, 726, 727/2097, 728/
2, 729/2, 727/1, 726/2093, admeasuring 31900 square meters situated at Gram Dhodsar, Tehsil Chomu, District Jaipur of Rs.845.97 lakhs as at 31 March 2024 have
been mortgaged as a security for borrowing taken by the Company.

iii) For details regarding contractual commitments for the acquisition of property, plant and equipment - refer note 37.
iv) For details regarding impairment analysis - refer note 46.
v) The costs that are directly attributable to the acquisition or construction of property, plant and equipment has been capitalised during the year - refer note 48.

3(b) Leases
This note provides information for leases where the Company is a lessee. The Company leases various premises,
where the rental contracts are generally short term except in case of lease hold land where it is upto 99 years.
Land lease
Leasehold land represents land taken on lease under long term multi-decade lease term, capitalised at the present
value of the aggregate future minimum lease payments (which include annual lease rentals in addition to the initial
payment made at the inception of the lease). There are no contingent payments.
(i) Amounts Recognised in Standalone Balance Sheet

The balance sheet shows the following amounts relating to lease.
Particulars As at As at
31 March 2024 31 March 2023
Right-of-use assets
Gross carrying amount
Balance at the beginning of the year 1,015.77 1,015.77
Additions during the year - -
Derecognition during the year - -
Balance as at 31 March 2024 1,015.77 1,015.77
Accumulated amortisation
Balance at the beginning of the year 58.25 47.84
Amortisation during the year 10.41 10.41
Balance as at 31 March 2024 68.66 58.25
Net carrying value as at 31 March 2024 947.11 957.52
Lease liabilities
Current * *
Non-current 158.25 158.25
Total 158.25 158.25
* Amount below the rounding-off norms adopted by the Company
Note: Title deeds of land lease situated at plot no. S-1 to S-30, part of M-8 & M-9 to M-13, IIDC, industrial area/estate-
Sitapur phase-1,Village-Sitapur(Pahadi) Tehsil & District Morena (M.P.).Sitapur, Morena(M.P.) of Rs.966.86 lakhs as at
31 March 2024 have been mortgaged as a security for borrowing taken by the Company - refer note 16(iii).
(ii) Amounts Recognised in the Standalone Statement of Profit and Loss

The statement of profit and loss shows the following amounts relating to leases.
31 March 2024 31 March 2023
Depreciation charge on right-of-use assets (refer note 32) 10.41 10.41
Interest expense (refer note 31) 15.83 15.83
Expenses relating to short term leases (refer note 33) 58.68 55.82
Total 84.92 82.06
The total cash outflow for leases including interest and short term leases for the year ended 31 March 2024 was
Rs.74.51 lakhs (31 March 2023 Rs.71.65 lakhs).
122

(iii) Variable lease payments
The Company does not have any leases with variable lease payments.
(iv) Extension and termination options

There are no extension and termination options available in the lease contracts.
(v) Residual value guaranteed

There are no residual value guaranteed in the lease contracts.
(vi) For maturity analysis of lease liabilities refer note 43 (B).
(vii) For disclosure regarding principal and interest payments, refer note 16.
3(c) Capital work-in-progress

31 March 2024 31 March 2023
Opening balance as at the beginning of the year 119.38 1,183.43
Add: Additions during the year 1,674.05 2,965.99
Less: Capitalisation during the year 1,688.30 4,030.04
Closing balance as at 31 March 2024 105.13 119.38
Ageing of capital work-in-progress as at 31 March 2024

Particulars Less than 1 year 1-2 years 2-3 years More than 3 years Total
Projects in progress 105.13 - - - 105.13
Total 105.13 - - - 105.13

Projects in progress 113.09 1.92 - 4.37 119.38
Total 113.09 1.92 - 4.37 119.38
Note: There are no projects as on each reporting period end where activity has been suspended. Also, there are no
projects as on the reporting period end which has exceeded cost as compared to its original plan or where completion
is overdue. Also, no projects in progress are temporarily suspended.
3(d) Intangible assets

31 March 2024 31 March 2023
Software
Additions during the year 15.04 4.53
Balance as at end of the year 264.58 249.54
Net carrying value 28.65 19.24
123

31 March 2024 31 March 2023
4. Investment in subsidiaries
Investment in unquoted equity shares (at cost)
Mayur Uniquoters Corp. USA 692.35 692.35
Fully paid-up 24,700 (31 March 2023: 24,700)
equity shares of face value of US$ 1/- each
Mayur Uniquoters SA(PTY) Limited. South Africa 0.51 0.51
Fully paid-up 10,000 (31 March 2023: 10,000)
equity shares of face value of Zar 1/- each
Mayur Tecfab Private Limited. India 500.00 500.00
Fully paid-up 50,00,000 (31 March 2023: 50,00,000)
equity shares of face value of Rs. 10/- each
Total 1,192.86 1,192.86
Aggregate amount of unquoted investments 1,192.86 1,192.86
Aggregate amount of impairment in the value of investments - -
5(a) Investments
A) Investment in bonds (measured at amortised cost)
Quoted
1. Bank of Baroda BOBIN 8.7 PERP Bond - 504.02
Nil (31 March 2023: 50) bonds@ 8.70% interest p.a.
2. Bank of Baroda Perpetual Bond - 506.43
3. ICICI Bank Perpetual Bond - 508.61
4. State Bank of India Perpetual Bond - 996.97
Total - 2,516.03
B) Equity mutual funds (measured at FVTPL)

Quoted
1. Aditya Birla Sun Life Multi Asset Allocation Fund - Regular Growth 674.42 -
Number of units 54,90,087.39 (31 March 2023: Nil)
2. Bandhan Multi Asset Allocation Fund - Regular Plan - Growth 205.77 -
3. HDFC Equity Savings Fund - Regular Plan - Growth 353.75 -
4. HDFC Multi Cap Fund - Regular Growth 141.67 -
5. ICICI Prudential Large & Mid Cap Fund - Growth 145.16 -
Number of units 17,501.04 (31 March 2023: Nil)
6. Whiteoak Capital Balanced Advantage Fund- Regular Growth 756.47 -
Total (B) 2,277.24 -
124

31 March 2024 31 March 2023
C) Debt mutual funds (measured at FVTPL)
Quoted
1. Bandhan Dynamic Bond Fund - Growth - Regular Plan 1,088.48 -
2. HDFC Asset Allocator Fund of Funds - Regular Growth 308.98 -
3. Whiteoak Capital Multi Asset Allocation Fund - Regular Growth 85.24 -
Total (C) 1,482.70 -
Total (A+B+C) 3,759.94 2,516.03
Aggregate amount of quoted investments 3,759.94 2,516.03
Aggregate market value of quoted investments 3,759.94 2,516.03
Aggregate amount of unquoted investments - -
5(b) Other financial assets (non-current)
Security deposits 188.51 170.02
Other bank balances
Deposits with more than 12 months maturity as at reporting date
[refer note (i)] 1,252.00 1,537.00
Total 1,440.51 1,707.02
Note:(i) Maturity construed as remaining maturity more than 12 months
as at reporting date.
6. Non-current tax assets (net)
Income tax receivable 269.07 242.28
Closing balance 269.07 242.28
7. Other non-current assets
Capital advances 172.33 50.37
Prepaid expenses 19.44 24.82
Balances with government authorities [refer note (i)] 489.38 892.28
Total 681.15 967.47
Note:
(i) Balance with government authorities comprises of GST input on capital
expenditure which are not expected to be utilised within 12 Months.
8. Inventories
(Valued at lower of cost or net realisable value)
Raw materials [Includes goods-in-transit Rs. 1,358.45 lakhs
(31 March 2023: Rs. 1,898.11 lakhs)] 10,928.63 12,451.59
Work-in-progress 1,950.56 2,804.84
Finished goods 1,677.94 1,896.23
Stock-in-trade 45.27 -
Stores and spares 765.77 637.23
Total 15,368.17 17,789.89
Note: (i) Written down of finished goods inventory to net realisable value amounting to Rs. 55.86 lakhs (As at 31 March
2023: Rs. 18.86 lakhs).
125

31 March 2024 31 March 2023
9. Investments
Investment in mutual funds
A) Equity mutual funds (measured at FVTPL)
Quoted
1. Aditya Birla Sun Life Arbitrage Fund - Growth - Regular Plan 1,270.59 -
2. DSP Equity & Bond Fund-Regular Plan - Growth 853.06 477.72
Number of units 2,92,791.21 (31 March 2023: 2,10,630.79)
3. HDFC Equity Savings Fund - Regular Plan - Growth - 298.03
Number of units Nil (31 March 2023: 5,91,670.80)
4. HDFC Multi Cap Fund - Regular Growth - 5.00
Number of units Nil (31 March 2023: 46,435.87)
5. ICICI Prudential Balanced Advantage Fund - Growth 806.86 460.00
6. Kotak Equity Arbitrage Fund - Growth - Regular Plan - 128.16
7. Nippon India Arbitrage Fund - Growth Plan (AFGPG) 2,259.34 -
Number of units 92,61,069.46 (31 March 2023: Nil )
8. Whiteoak Capital Balanced Advantage Fund- Regular Growth - 498.10
Total (A) 5,189.85 1,867.01
B) Debt mutual funds (measured at FVTPL)
Quoted
1. Aditya Birla Sun Life Low Duration Fund - Growth - Regular Plan 2,278.00 2,795.65
2. Aditya Birla Sun Life Multi Asset Allocation Fund - Regular Growth - 495.68
3. Axis Ultra Short Term Fund - Regular Growth 1,836.95 1,099.41
Number of units 1,35,82,605.22 (31 March 2023: 86,76,644.72)
4. Bandhan Dynamic Bond Fund - Growth - Regular Plan - 999.95
5. HDFC Asset Allocator Fund of Funds - Regular Growth - 246.39
6. Nippon India Ultra Short Duration Fund - Growth Option - Growth Plan - 25.80
Number of units Nil (31 March 2023: 747.39)
7. Nippon India Short Fund - Growth Plan - Growth Option 1,135.84 1,057.66
Total (B) 5,250.79 6,720.54
126

31 March 2024 31 March 2023
C) Alternative investment funds (measured at FVTPL)
Unquoted
1. DSP India Enhanced Equity Fund - Class B-7.01 288.71 259.47
2. DSP India Enhanced Equity SatCore Fund - Class B-1.01 427.38 380.52
4. ITI Long - Short Equity Fund 600.55 491.18
Number of units 499.98 (31 March 2023: 499.98)
5. Avendus Absolute Return Fund - Class A2 147.91 137.74
Number of units 10,000 (31 March 2023: 10,000)
Total (C) 2,350.53 2,063.51
D) Investment in bonds (measured at amortised cost)
Quoted
1. Bank of Baroda BOBIN 8.7 PERP Bond 504.02 -
50 (31 March 2023: Nil) bonds@ 8.70% interest p.a.
2. Bank of Baroda Perpetual Bond 506.43 -
3. State Bank of India Perpetual Bond 996.97 -
100 (31 March 2023: Nil) bonds@ 8.50% interest p.a
Total (D) 2,007.42 -
Total (A+B+C+D ) 14,798.59 10,651.06
10. Trade receivables

Trade receivables from contract with customers 12,951.27 10,764.73
Trade receivable from contract with customers - related parties
(refer note 41 D) 10,953.82 9,123.71
Less:- Loss allowance (437.48) (436.93)
Total 23,467.61 19,451.51
Break-up of security details
Trade receivable unsecured, considered good 23,467.61 19,451.51
Trade receivables unsecured, credit impaired 437.48 436.93
Total of trade receivables 23,905.09 19,888.44
Impairment allowance on trade receivables
Total trade receivables 23,467.61 19,451.51
127

Note:
(i) The carrying amount of trade receivables approximates their fair value is included in note 42.
(ii) The Company’s exposure to credit and currency risks, and impairment allowances related to trade receivables is
disclosed in note 43.
(iii) The Company provide 0-180 days credit period for trade receivables with no significant financing component.
(iv) Includes amounts due, in the ordinary course of business, from Companies in which directors of the Company are
also directors, (refer note 41):
Mayur Uniquoters Corp., USA Futura Textiles Inc., USA
Mayur Uniquoters SA (PTY) LTD Mayur Tecfab Private Limited, India
Ageing of trade receivables as at 31 March 2024

Particulars Outstanding for following period from due date of payment
Not Due Less 6 1-2 2-3 More Total
than 6 months years years than
months -1 year 3 years
i) Undisputed trade receivables - considered good 17,535.01 5,839.58 42.13 29.35 14.62 6.92 23,467.61
ii) Undisputed trade receivables - which have significant increase in credit risk - - - - - - -
iii) Undisputed trade receivable - credit impaired - 106.53 0.46 0.84 0.12 - 107.95
iv) Disputed trade receivables - considered good - - - - - - -
v) Disputed trade receivables - which have significant increase in credit risk - - - - - - -
vi) Disputed trade receivable - credit impaired - - 1.30 16.88 30.62 280.73 329.53
Total 17,535.01 5,946.11 43.89 47.07 45.36 287.65 23,905.09

Not Due Less 6 1-2 2-3 More Total
than 6 months years years than
months -1 year 3 years
i) Undisputed trade receivables - considered good 16,295.38 2,600.90 460.00 78.90 16.33 - 19,451.51
ii) Undisputed trade receivables - which have significant increase in credit risk - - - - - - -
iii) Undisputed trade receivable - credit impaired - 112.26 2.96 0.73 0.16 - 116.11
iv) Disputed trade receivables - considered good - - - - - - -
v) Disputed trade receivables - which have significant increase in credit risk - - - - - - -
vi) Disputed trade receivable - credit impaired - - 6.38 32.80 6.12 275.52 320.82
Total 16,295.38 2,713.16 469.34 112.43 22.61 275.52 19,888.44
Notes:
(i). The disputed trade receivables include those balances where there is an evidence of disagreement or where legal
proceedings for the recovery have been initiated.
(ii). The Company has no unbilled dues as at respective reporting dates.
31 March 2024 31 March 2023
11 (a). Cash and cash equivalents
Cash on hand 4.12 3.81
Balances with banks:
- In current accounts 812.66 946.91
- In EEFC accounts 2,556.47 1,648.11
Deposits with original maturity of less than 3 months 175.00 1,600.00
Total 3,548.25 4,198.83
128

31 March 2024 31 March 2023
11 (b). Other bank balances
Unpaid dividend accounts 66.56 87.97
Deposits with original maturity of more than 3 months
but less than 12 months [refer note (i)] 114.77 1,415.87
Total 181.33 1,503.84
Note:
(i) Out of which deposits pledged with bank as margin money
Rs. 75.42 lakhs (31 March 2023 : Rs. 234.69 lakhs).
12. Other financial assets (current)

Unsecured, considered good
Accrued interest 307.89 154.10
Insurance and other claims receivable 37.58 40.52
Salary advance paid to employees 11.69 -
Bank deposits with more than 12 months maturity [refer note (i) and (ii)] 4,279.43 -
Government grant receivable [refer note (iii)] 24.01 26.69
Balances with government authorities [refer note (iv)] 1,934.11 214.70
Total of other financial assets (gross) 6,613.51 454.39
Government grant receivable and other claims receivable (credit impaired) 36.85 112.74
Less: Loss allowance (36.85) (112.74)
Total of other financial assets (net) 6,613.51 454.39
Note:
(i) Maturity construed as remianing maturity less than 12 months as at reporting date.
(ii) Out of which deposits pledged with bank as margin money Rs.159.57 lakhs (31 March 2023 : Nil).
(iii) This pertains to rips subsidy from governement to be recievable in cash
(iv) Balance with governement authorities comprises of GST input claimed as refund
31 March 2024 31 March 2023
13. Other current assets
Advance to suppliers 817.30 851.47
Balances with government authorities 590.96 1,353.66
Total 1,591.66 2,443.78
14. Equity share capital

Authorised:
5,00,00,000 (31 March 2023: 5,00,00,000) equity shares of Rs. 5.00 each 2,500.00 2,500.00
15,25,000 (31 March 2023: 15,25,000) compulsorily convertible
participating preference shares of Rs. 400.00 each 6,100.00 6,100.00
Issued, subscribed and fully paid-up:
Total 2,197.63 2,197.63
129

(a) Movement in equity shares capital
Particulars As at 31 March 2024 As at 31 March 2023
No. of Shares Amount No. of Shares Amount
Balance as at the beginning of the year 4,39,52,600 2,197.63 4,45,77,600 2,228.88
Less: Nil (31 March 2023: 6,25,000)
equity shares bought back - - 6,25,000 31.25
Total 4,39,52,600 2,197.63 4,39,52,600 2,197.63
(b) Rights, preferences and restrictions attached to shares

Equity shares: The Company has one class of equity shares having a par value of Rs. 5.00 per share. Each shareholder
is eligible for one vote per share held. The dividend proposed by the board of directors is subject to the approval of the
shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the
equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential
amounts, in proportion to their share holding.
(c) Details of shareholders holding more than 5% of the aggregate shares in the Company:
No. of Percentage No. of Percentage
Shares Holding Shares Holding
Equity shares:
(i) Suresh Kumar Poddar 1,77,63,695 40.42% 1,78,63,695 40.64%
(ii) Manav Poddar 69,30,680 15.76% 69,30,680 15.76%
Total 2,46,94,375 56.18% 2,47,94,375 56.40%
Details of share holding of promoters as at 31 March 2024:

Name of Promoters No. of Shares % of Total % Change during
Shares the period
(i) Suresh Kumar Poddar 1,77,63,695 40.42% (0.22%)
(ii) Kiran Poddar 4,703 0.01% -
(iii) Arun Kumar Bagaria 3,33,207 0.76% (0.37%)
(iv) Dolly Bagaria 2,684 0.01% -
(v) Manav Poddar 69,30,680 15.76% -
(vi) Puja Poddar 6,85,237 1.56% -
Total 2,57,20,206 58.52% (0.59%)

Shares the period
(i) Suresh Kumar Poddar 1,78,63,695 40.64% 6.62%
(iii) Suresh Kumar Poddar & Sons HUF* - - (6.59%)
(iv) Arun Kumar Bagaria 4,93,207 1.13% -
(v) Dolly Bagaria 2,684 0.01% (0.35%)
(vi) Manav Poddar 69,30,680 15.76% -
(vii) Puja Poddar 6,85,237 1.56% -
Total 2,59,80,206 59.11% (0.32%)
*29,38,112 Equity Shares were inter-se transferred to Mr. Suresh Kumar Poddar during the previous year.
Note: Promoters for the purpose of this disclosure means promoters as defined under Section 2(69) of Companies Act,
2013.
130

(d) Shares bought back during the immediately preceding five years from reporting date, an amount representing
the face value of these shares has been reduced from the share capital of the Company, with corresponding
transfer of an equivalent amount to capital redemption reserve.
Shares bought back Buyback price Total amount Movement in Year

per equity share of buyback share capital and ended
capital redemption
reserve
6,25,000 equity shares of Rs.5.00 each Rs. 650.00 per Rs. 4,062.50 Rs. 31.25 lakhs 2023
(fully paid-up) equity share lakhs
7,50,000 equity shares of Rs. 5.00 each Rs. 400.00 per Rs. 3,000.00 Rs. 37.50 lakhs 2021
(fully paid-up) equity share lakhs
(e) For the period of five years immediately preceding the reporting date, there was no share allotment made for
consideration other than cash. Further, no bonus shares have been issued.
31 March 2024 31 March 2023
15. Other equity (refer standalone statement of changes in equity)
Reserves and surplus
Capital redemption reserve 116.25 116.25
Retained earnings 84,461.21 73,442.55
Total 84,577.46 73,558.80
Nature and purpose of reserves
(i) Capital redemption reserve
Statutory reserve created on buyback of shares equivalent to face value of the equity shares bought back under the
provisions of the Act. Such reserve could be used for issue of bonus shares.
(ii) Retained earnings
All the profits or losses made by the Company are transferred to retained earnings from statement of profit and loss, and
are available for distribution to shareholders of the Company.
31 March 2024 31 March 2023
16. Borrowings
Secured:
Term loans - from banks 1,359.92 2,352.88
Less: Current maturities of non-current borrowings (included in note 19) (615.11) (992.97)
Total 744.81 1,359.91
131
Nature of Security Terms of repayment

(i) Term loan from ICICI Bank Limited of Rs. 426.27 lakhs (31 March Repayable in 20 structured quarterly
2023: Rs. 557.43 lakhs) are secured primarily by first pari-passu charge installments beginning from September 2022.
on movable fixed assets being plant and machinery, both present and Interest rate: Base Rate+Spread 0%. Maturity
future of dhodsar unit situated at Gram Dhodsar, Tehsil Chomu, District date: 31 August 2027.
Jaipur.
(ii) Term loan from ICICI Bank Limited of Rs. 809.46 lakhs (31 March Repayable in 20 equal quarterly installments
2023: Rs. 1,169.21 lakhs) are secured primarily by first pari-passu beginning from October 2021. Interest rate:
charge on the movable fixed assets, both present and future of property [1-MCLR-1Y]+Spread 0.00%. Maturity date: 1
situated at industrial land, khasra no. 721/1, 726, 727/2097, 728/2, 729/ July 2026.
2, 727/1, 726/2093, admeasuring 31900 square meters situated at Gram
Dhodsar, Tehsil Chomu, District Jaipur.
(iii) Term loan from ICICI Bank Limited of Rs. 98.29 lakhs (31 March Repayable in 20 quarterly installments
2023: Rs. 491.46 lakhs) are secured against the following:- beginning from September 2019. Interest rate:
a) First pari-passu charge by way of equitable mortgage on the Base rate+Spread 0.45%. Maturity date: 30
immovable property admeasuring 31900 square meters, situated at June 2024.
industrial land, khasra no.721/1, 726,727/2097, 728/2, 729/2, 727/1,
726/2093, Gram Dhodsar, Tehsil Chomu, District Jaipur.
b) First pari-passu charge on the movable property, plant and equipment
of the Company at a unit situated at industrial land, khasra no.721/1,
726, 727/2097, 728/2, 729/2, 727/1, 726/2093, Gram Dhodsar, Tehsil
Chomu, District Jaipur.
c) First charge on the immovable property admeasuring 101208 square
meters situated at plot no. S-1 to S-30, part of M-8 & M-9 to M-13, IIDC,
industrial area/estate-Sitapur phase-1,Village-Sitapur(Pahadi) Tehsil &
District Morena (M.P.).
d) First charge on the movable property, plant and equipment (plant &
machinery) of the Company at a PU unit situated at plot no.S-1 to S-30,
Part of M-8 & M-9 to M-13, IIDC, industrial area/estate-Sitapur phase-
1,Village-Sitapur (Pahadi) Tehsil & District Morena (M.P.)
(iv) Term loan from ICICI Bank Limited of Rs. 25.90 lakhs (31 March Repayable in 20 quarterly installments
2023: Rs. 134.78 lakhs) are secured against the following:- beginning from September 2019. Interest rate:
a) First pari-passu charge on immovable property situated at industrial Base rate+Spread 0.45%. Maturity date: 30
land, khasra no. 721/1, 726, 727/2097, 728/2, 729/2, 727/1, 726/2093, June 2024.
admeasuring 31900 square meters situated at Gram Dhodsar, Tehsil
of the Company at a unit owned the Company, situated at Gram Dhodsar,
Tehsil Chomu, District Jaipur.
c) First charge on the movable property, plant and equipment of the
Company at a PU unit owned by the Company, situated at industrial
area Sitapur, phase-I, Village Sitapur (Pahadi) Tehsil & District Morena
(M.P.).
132

Net debt reconciliation :
This section sets out an analysis of net debt and the movements in net debt for each of the periods presented:-
31 March 2024 31 March 2023
Cash and cash equivalents 3,548.25 4,198.83
Liquid investments (refer note (i) below) 18,377.37 13,603.93
Sub Total (A) 21,925.62 17,802.76
Current borrowings 615.11 992.97
Non-current borrowings 744.81 1,359.91
Lease liabilities 158.25 158.25
Sub Total (B) 1,518.17 2,511.13
Net debt/ (surplus) (B-A) (20,407.45) (15,291.63)
Changes in liabilities arising from financing activites

Particulars Liabilities from financing activities
Lease liabilities Borrowings Total
Debt as at 1 April 2022 158.25 2,888.40 3,046.65
Cash flows (net) - (535.52) (535.52)
Interest expense 15.83 174.43 190.26
Interest paid (15.83) (174.43) (190.26)
Debt as on 31 March 2023 158.25 2,352.88 2,511.13
Debt as at 1 April 2023 158.25 2,352.88 2,511.13
Cash flows (net) - (992.97) (992.97)
Interest paid (15.83) (175.26) (191.09)
Debt as on 31 March 2024 158.25 1,359.92 1,518.17
Notes:
(i) Liquid investments: Liquid investments represent current investments, being the Company’s financial assets and
fixed deposits held by the Company.
(ii) The Company has used the borrowings from banks for the specific purpose for which it was taken at the balance
sheet date.
(iii) The Company had sanctioned borrowing limits in relaton to which the quarterly returns of current assets filed by the
Company with banks are in agreement with the books of accounts for the respective periods.
(iv) The information about the Company’s exposure to interest rate, foreign currency and liquidity risks is included in note
43.
(v) The Company has complied with the debt covenants as per the terms of borrowing facilities throughout the reporting
period and there have been no default in repayment of interest and loans in the current year.
31 March 2024 31 March 2023
17. Provisions
Gratuity (net of plan assets) (refer note 23(C) (i)) 420.73 260.18
Total 420.73 260.18
133

31 March 2024 31 March 2023
18. Deferred tax liabilities (net)
Deferred tax liabilities
Property, plant and equipment and intangible assets 760.66 798.28
Financial assets measured at fair value through profit and loss 291.35 99.26
Total deferred tax liabilities 1,052.01 897.54
Less: Deferred tax assets
Loss allowance 119.38 138.34
Provision for employee benefits 341.62 224.98
Total deferred tax assets 461.00 363.32
Total deferred tax liabilities (net) 591.01 534.22
Movement in deferred tax liabilities

Particulars Property, plant and Financial Total
equipment and assets at fair
intangible assets value through
profit or loss
As at 1 April 2022 633.96 128.97 762.93
Charged/ (credited):
- To profit or loss 164.32 (29.71) 134.61
- To other comprehensive income - - -
As at 31 March 2023 798.28 99.26 897.54
- To profit or loss (37.62) 192.09 154.47
- To other comprehensive income - - -
As at 31 March 2024 760.66 291.35 1,052.01
Movement in deferred tax assets

Particulars Provision for Loss Total
employee benefits allowance
As at 1 April 2022 176.32 149.53 325.85
- To profit or loss 44.11 (11.19) 32.92
- To other comprehensive income 4.55 - 4.55
As at 31 March 2023 224.98 138.34 363.32
(Charged)/ credited:
- To profit or loss 97.43 (18.96) 78.47
- To other comprehensive income 19.21 - 19.20
As at 31 March 2024 341.62 119.38 460.99
31 March 2024 31 March 2023
19. Borrowings
Secured:
Current maturities of non-current borrowing (refer note 16): 615.11 992.97
Total 615.11 992.97
134

31 March 2024 31 March 2023
20. Trade payables
Total outstanding dues to micro enterprises and small enterprises
(refer note 38) 526.29 295.84
Total outstanding dues to creditors other than micro enterprises and
small enterprises 4,531.93 6,626.53
Total 5,058.22 6,922.37
Ageing of trade payable as at 31 March 2024

Particulars Outstanding for following period from the due date
Unbilled Not Less 1-2 2-3 More Total
dues Due than years years than
1 year 3 years
Undisputed
Total outstanding dues to micro enterprises and small enterprises - 506.31 19.75 - - - 526.06
Total outstanding dues to creditors other than micro enterprises and 303.99 3,514.07 658.49 8.33 3.25 7.13 4,495.26
small enterprises
Disputed
Total outstanding dues to micro enterprises and small enterprises - - - - 0.23 - 0.23
Total outstanding dues to creditors other than micro enterprises and - - - 10.82 2.72 23.13 36.67
small enterprises
Total 303.99 4,020.38 678.24 19.15 6.20 30.26 5,058.22

Particulars Outstanding for following period from the due date
Unbilled Not Less 1-2 2-3 More Total
dues Due than years years than
1 year 3 years
Unbilled dues - - - - - - -
Undisputed
Total outstanding dues to micro enterprises and small enterprises - 294.30 1.32 0.22 - - 295.84
Total outstanding dues to creditors other than micro enterprises and 442.08 2,996.65 3,098.18 8.80 8.26 4.49 6,558.46
small enterprises
Disputed
Total outstanding dues to micro enterprises and small enterprises - - - - - - -
Total outstanding dues to creditors other than micro enterprises and - - - - 60.51 7.56 68.07
Total 442.08 3,290.95 3,099.50 9.02 68.77 12.05 6,922.37
Note: The disputed trade payable include those balances where there is an evidence of disagreement with the vendor.
31 March 2024 31 March 2023
21. Other financial liabilities
Unpaid dividends* 66.56 87.97
Employee benefits payable 559.32 341.54
Creditors for capital goods 530.07 587.43
Total 1,161.36 1,022.35
*There are no amounts due for payment to the Investor Education and Protection Fund under Section 125 of the
Companies Act, 2013 as at reporting dates.
135

31 March 2024 31 March 2023
22. Other current liabilities
Advance from customers (contract liabilities) 49.55 44.93
Deferred income (contract liabilities) 54.60 28.53
Statutory dues 95.97 97.71
Total 200.12 171.17
Note: Contract balances
The following table provides information about contractual liability from
contract with customers:
Contract liabilities (advances from customers against sale of goods) As at As at
31 March 2024 31 March 2023
Opening balance 44.93 73.46
Revenue recognized that was included in the contract liability balance
at the beginning of the year: (44.93) (73.46)
Addition during the year 49.55 44.93
Contract liabilities (deferred income) As at As at

31 March 2024 31 March 2023
at the beginning of the year (28.53) (85.56)
31 March 2024 31 March 2023
23. Provisions
Gratuity (net of plan assets) 64.29 40.63
Compensated absences (net of plan assets) 231.12 108.36
Total 295.41 148.99
(A) Compensated absences
The entire amount of the provision of Rs.231.12 lakhs (31 March 2023: Rs.108.36 lakhs) is presented as current, since
the Company does not have an unconditional right to defer settlement for any of these obligations. However, based on
past experience, the Company does not expect all employees to take the full amount of accrued leave or require payment
within the next 12 months. The following amounts reflect leave that is not expected to be taken or paid within the next 12
months.
31 March 2024 31 March 2023
Compensated absences not expected to be settled within the
next 12 months (gross) 268.26 136.40
The Company contributes to the compensated absences fund managed by the Life Insurance Corporation of India
under its Group Leave Encashment Scheme. The liability for compensated absences is determined on the basis of
independent actuarial valuation done at year end. plan assets are measured at fair value as at balance sheet date.
(B) Defined contribution plans

The Company has defined contribution plan for its employees’ retirement benefits comprising Provident Fund &
Employees’ State Insurance Fund. The Company and eligible employees make monthly contribution to the above
136

mentioned funds at a specified percentage of the covered employees salary. The obligation of the Company is limited
to the amount contributed and it has no further contractual or any constructive obligation. The expense recognised
during the year towards provident fund is Rs. 98.29 lakhs (31 March 2023: Rs. 89.54 lakhs). The expense recognised
during the period towards Employees’ State Insurance is Rs. 7.35 lakhs (31 March 2023: Rs.9.06 lakhs).
(C) Post-employment obligations
Defined benefit plans- Gratuity
The Company provides for gratuity for employees in India as per the Payment of Gratuity Act, 1972. Employees who are
in continuous service for a period of 5 years are eligible for gratuity. The amount of gratuity payable on retirement/
termination is the employees last drawn basic salary per month computed proportionately for 15 days salary multiplied
for the number of years of service. The gratuity plan is a funded plan and the Company makes contributions to fund
managed by the Life Insurance Corporation of India.
(i) The amounts recognised in the Standalone Balance Sheet and the movements in the net defined benefit obligation
over the year are as follows:
Particulars Present Fair value Net
value of of plan amount
obligation assets
As at 1 April 2023 607.96 307.15 300.81
Current service cost 93.45 - 93.45
Interest expense/ (income) 44.97 22.62 22.35
Past service cost - - -
Total amount recognised in Standalone Statement of Profit and Loss 138.42 22.62 115.80
Remeasurements
Return on plan assets, excluding amounts included in interest expense - (1.38) 1.38
(Gain)/ loss from change in demographic assumptions (56.00) - (56.00)
(Gain)/ loss from change in financial assumptions 91.43 - 91.43
Experience (Gains)/ losses 39.46 - 39.46
Total amount recognised in other comprehensive income 74.89 (1.38) 76.27
Employer contributions - 6.64 (6.64)
Benefit payments (39.16) (37.94) (1.22)
As at 31 March 2024 782.11 297.09 485.02

obligation assets
As at 1 April 2022 423.75 303.78 119.97
Past service cost 86.44 - 86.44
Total amount recognised in Standalone Statement of Profit and Loss 196.22 22.01 174.21
Remeasurements
Experience (Gains)/ losses (7.29) - (7.29)
As at 31 March 2023 607.96 307.15 300.81
137

31 March 2024 31 March 2023
Current 64.29 40.63
Deficit of funded plans 485.02 300.81
(ii) The net liability disclosed above relates to funded plan as follows:
Present value of funded obligations 782.11 607.96
Fair value of plan assets 297.09 307.15
(iii)The significant actuarial assumptions were as follows:

Discount rate 7.15% 7.35%
Salary growth rate 10.00% 8.50%
Mortality rate 100% of Indian 100% of Indian
assured lives assured lives
mortality mortality
(2012-14) (2012-14)
Attrition rate (On-roll employees)
Up to 30 years 35.97% 27.62%
31-44 years 14.61% 11.33%
Above 44 years 7.22% 7.04%
Attrition rate (Contractual employees) 24.00% 10.00%
(iv) Sensitivity analysis

a) The sensitivity of the defined benefit obligation to changes in the weighted principal assumptions for on-roll
employees are:
Particulars Increase/decrease Impact on defined benefit obligation
Change in assumption in % Increase in assumption Decrease in assumption
As at 31 March As at 31 March As at 31 March As at 31 March As at 31 March As at 31 March
2024 2023 2024 2023 2024 2023
Discount rate 1.00 1.00 (6.3%) (6.3%) 7.00% 7.10%
Salary growth rate 1.00 1.00 5.60% 6.30% (5.4%) (5.7%)
Attrition rate 50.00 50.00 (2.7%) (1.4%) 4.50% 2.00%
Mortality rate 10.00 10.00 0.00% 0.00% 0.00% 0.00%
b) The sensitivity of the defined benefit obligation to changes in the weighted principal assumptions for contractual
employees are:
Particulars Increase/decrease Impact on defined benefit obligation
Change in assumption in % Increase in assumption Decrease in assumption
As at 31 March As at 31 March As at 31 March As at 31 March As at 31 March As at 31 March
2024 2023 2024 2023 2024 2023
Discount rate 1.00 1.00 (4.4%) (8.8%) 4.80% 10.20%
Salary growth rate 1.00 1.00 4.70% 10.00% (4.4%) (8.8%)
Attrition rate 50.00 50.00 (11.6%) (7.6%) 20.80% 10.60%
Mortality rate 10.00 10.00 0.00% 0.00% 0.00% 0.00%
138

The above sensitivity analyses are based on a change in an assumption while holding all other assumptions constant.
In practice, this is unlikely to occur, and changes in some of the assumptions may be correlated. When calculating the
sensitivity of the defined benefit obligation to significant actuarial assumptions the same method (present value of the
defined benefit obligation calculated with the projected unit credit method at the end of the reporting period) has been
applied as when calculating the defined benefit liability recognised in the balance sheet.
The methods and types of assumptions use in preparing the sensitivity analysis did not change compared to the prior
period.
31 March 2024 31 March 2023
(v) The major categories of plan assets are as follows:
Funds managed by insurer 100% 100%
Total 100% 100%
(vi) Risk exposure

Through its defined benefit plans, the Company is exposed to a number of risks, the most significant of which are
detailed below:
Interest rate risk: The plan exposes the Company to the risk of fall in the interest rates. A fall in the interest rates will
result in an increase in the ultimate cost of providing the above benefit and will thus result in an increase in the value of
the liability (as shown in financial statements)
Salary escalation risk: The present value of the defined benefit plan is calculated with assumption of salary increase
rate of plan participants in future. Deviation in the rate of increase of salary in future for plan participants from the rate of
increase in salary used to determine the present value of obligation will have a bearing on the plan’s liability.
Demographic risk: The Company has used certain mortality and attrition assumption in valuation of the liability. The
Company is exposed to the risk of the actual experience turning out to be worse.
Regulatory risk: Gratuity benefit is paid in accordance with the requirement of the Payment of Gratuity Act, 1972 (as
amended from time to time). There is a risk of change in regulation requiring higher gratuity payouts.
Liquidity risk : This is the risk that the Company is not able to meet the short-term gratuity payouts. This may arise due
to non availability of enough cash / cash equivalent to meet the liabilities or holding of illiquid assets not being sold in
time.
Asset liability mismatching or market risk: The duration of the liability is longer compared to duration of assets,
exposing the Company to market risk for volatilities/ fall in interest rate.
Investment risk : The probability or likelihood of occurrence of losses relative to the expected return on any particular
investment.
(vii) Defined benefit liability and employer contributions
The Company’s best estimate of contribution towards post-employment benefit plans for the year ended 31 March 2025
are Rs. 402.99 lakhs (year ended 31 March 2024 are Rs.217.68 lakhs).
The weighted average duration of the defined benefit obligation is 7 years (31 March 2023: 8 years). The expected
maturity analysis of undiscounted gratuity for on-roll employees are as follows:
Particulars Less than Between Between 10 years Total

a year 1-Less than 5-Less than or more
5 years 10 years
As at 31 March 2024
Defined benefit obligation 83.99 284.61 311.43 453.72 1,133.75
Total 83.99 284.61 311.43 453.72 1,133.75
As at 31 March 2023
Defined benefit obligation 94.21 175.97 221.20 384.10 875.48
Total 94.21 175.97 221.20 384.10 875.48
139

31 March 2024 31 March 2023
24. Current tax liabilities (net)
Income tax payable (net of income tax paid) 158.26 42.07
Total 158.26 42.07
31 March 2024 31 March 2023
25. Revenue from operations
The Company derives the following types of revenue:
Revenue from contracts with customers
Sale of product and services
- Export sales 23,766.66 20,992.37
- Domestic sales 50,837.97 54,625.89
- Traded goods 1,025.06 -
Total (A) 75,629.69 75,618.26
Other operating revenue
- Export incentives 15.55 9.90
- Scrap sales and others 778.80 780.93
Total (B) 794.35 790.83
Total (A+B) 76,424.04 76,409.09
Set out below is the disaggregation of the Company’s revenue from
contracts with customers:
Revenue recognised at the point of time 76,424.04 76,409.09
Revenue recognised over the period of time - -
Total 76,424.04 76,409.09
Reconciliation of revenue recognised with contract price:
Contract price 77,694.28 77,641.41
Adjustment for:
Less: Discounts/ price adjustments 2,064.59 2,023.15
Total 75,629.69 75,618.26
Note: For contract liabilities disclosure refer note 22.
26. Other income
Interest income from bonds and deposits 518.74 388.14
Dividend income from preference shares - 28.24
Net profit on sale of investments 109.80 212.25
Net gain on disposal of property, plant and equipment 22.69 21.09
Fair value gain on investments classified at FVTPL 1,503.11 167.00
Net foreign exchange gain 675.48 757.22
Total 3,077.32 1,573.94
27. Cost of materials consumed
Raw material at the beginning of the year 12,451.59 13,883.62
Add: Purchases during the year 42,797.67 46,648.94
Less: Raw material at the end of the year 10,928.63 12,451.59
Total 44,320.63 48,080.97
140

31 March 2024 31 March 2023
28. Purchases of stock-in-trade
Traded goods purchases during the year 820.44 -
Total 820.44 -
29. Changes in inventories of work-in-progress,

stock-in-trade and finished goods
Opening stock
4,701.07 3,843.76
Less:- Closing stock
3,673.78 4,701.07
Total 1,027.29 (857.31)
30. Employee benefits expense

Salaries, wages and bonus [(including gratuity amounting to Rs.62.07.lakhs
(31 March 2023: 48.18 lakhs)] 3,863.53 3,441.71
Contribution to provident and other funds [refer note 23 (B)] 105.64 98.60
Staff welfare expenses 291.63 241.26
Total 4,260.80 3,781.57
31. Finance costs

Interest expenses:
Borrowing 175.26 174.43
Lease liability 15.83 15.83
Interest on shortfall of advance income tax 2.00 -
Other borrowing costs 39.60 35.52
Total 232.69 225.78
Note: The Company has capitalised borrowing costs incurred on the term
loans raised for specific qualifying assets, refer note 48.
32. Depreciation and amortisation expenses

Depreciation on property, plant and equipment [refer note 3(a)] 2,899.99 2,204.59
Amortisation of intangible assets [refer note 3(d)] 5.62 5.48
Depreciation on right on-use assets [refer note 3(b)] 10.41 10.41
Total 2,916.02 2,220.48
33. Other expenses

Power and fuel 2,870.36 3,272.83
Contract labour [(including gratuity amounting to Rs.53.73.lakhs
(31 March 2023: Nil)] 2,188.11 1,864.78
Repairs to : plant and equipment 625.72 494.83
: buildings 82.21 51.42
: others 264.84 278.63
141

31 March 2024 31 March 2023
Insurance expense 219.38 205.38
Legal and professional 826.63 814.44
Payment to auditors:
As auditor
Statutory audit fee 24.50 20.50
Quarterly limited reviews 13.50 13.50
Certification fees* 2.50 3.50
Re-imbursement of out of pocket * 3.47 2.31
Travelling and conveyance 326.89 329.89
Rent expenses 58.68 55.82
Charity and donation 10.43 8.50
Corporate social responsibility (refer note 39) 231.08 228.61
Loss on maturity of investment-bonds - 20.68
Directors’ sitting fees 19.60 26.05
Security charges 181.21 169.57
Commission on sales 125.12 83.00
Freight and cartage outwards 1,551.80 2,347.86
Sales promotion 140.33 241.20
Miscellaneous expenses 254.45 178.65
Total 10,413.03 10,997.64
* Includes fees paid to previous auditor amounting to Rs. 1.50 lakhs and re-
imbursement of out of pocket expenses amounting to Rs. 0.91 lakhs in
previous year.
34. Income tax expense

Income tax expense
Current tax 3,707.00 3,320.00
Tax relating to earlier years (227.32) (635.92)
Total 3,479.68 2,684.08
Increase in deferred tax assets (78.47) (32.93)
Increase in deferred tax liabilities 154.47 134.61
Total 76.00 101.68
Income tax expense 3,555.68 2,785.76
Reconciliation of tax expense and the accounting profit multiplied by
India’s tax rate:
Profit before income tax expense 15,510.46 13,533.90
Tax at the Indian tax rate of: 25.168% 3,903.66 3,406.20
Tax effect of amounts which are not deductible (taxable) in calculating
taxable income:
Expenses permanently disallowed under income tax 56.88 55.33
Effect of income taxed at different rates (179.15) (47.40)
Others 1.61 7.55
142

31 March 2024 31 March 2023
35. Earnings per share
Profit after tax attributable to the equity share holders of the Company 11,954.78 10,748.14
Total/ weighted average number of equity shares outstanding during
the year (Number of shares) 4,39,52,600 4,39,83,422
Basic earnings per share (in Rs.) 27.20 24.44
Diluted earnings per share (in Rs.) 27.20 24.44
Face value per equity share (in Rs.) 5.00 5.00
31 March 2024 31 March 2023
36. Contingent liabilities
Claims against the Company not acknowledgement as debts:-
- GST matters 2,686.87 37.00
- Income tax matters (on account of disallowance of certain expenses
and brought forward loss adjustments) 729.65 666.25
- Custom matter 41.74
- Textile committee cess - 7.69
Total 3,458.26 710.94
Note: Against the total demand of Rs. 3,458.26 lakhs, the Company has filed appeals before various tax authorities.
Based on management assessment and upon consideration of advice from the independent legal counsels, the
management believes that the Company has reasonable chances of succeeding before the tax authorities and does
not foresee any material liability. Pending the final decision on this matter, no adjustment has been made in the
standalone financial statements.
It is not practicable for the Company to estimate the timings of cash outflows, if any, in respect of the above pending
resolution of the respective proceedings.
31 March 2024 31 March 2023
37. Capital commitments
Capital expenditure contracted for at the end of the reporting year but
not recognised as liabilities (net of capital advance of Rs.172.33 lakhs
(as at 31 March 2023: Rs.50.38 lakhs) 81.47 17.82
38. Due to micro and small enterprises
The Company has certain dues to suppliers registered under micro, small
and medium enterprises development Act, 2006 (‘MSMED Act’). The
disclosure pursuant to the said MSMED Act are as follows:
Principal amount due to suppliers registered under the MSMED Act and
remaining unpaid as at year end 526.29 295.84
Interest due to suppliers registered under the MSMED Act and remaining
unpaid during the year 5.46 4.79
Principal amount paid to suppliers registered under the MSMED Act, beyond
the appointed day during the year 29.43 45.93
Interest paid, other than under Section 16 of MSMED Act, to suppliers
registered under the MSMED Act, beyond the appointed day during the year - -
Interest paid, under Section 16 of MSMED Act, to suppliers registered under
the MSMED Act, beyond the appointed day during the year - -
143

31 March 2024 31 March 2023
Interest due and payable towards suppliers registered under MSMED Act,
for payments already made* 0.67 1.09
Further interest remaining due and payable for earlier year* 4.79 3.70
Note: Dues to micro and small enterprises (MSME) have been determined to the extent such parties have been
identified on the basis of information collected by the management.
39. Corporate social responsibility expenditure

The Company has incurred expenditure on CSR activities like promoting health care including preventing health care,
employment enhancing vocational skill and promotion of education. Such direction and guidance has been driven by
principled approach, under which the Company spends for CSR activities.
31 March 2024 31 March 2023
(i) Gross amount required to be spent by the Company during the year. 230.15 228.61
(ii) Amount spent during the year
(a) Construction/ acquisition of any asset - -
(b) On purpose other than (i) above
Preventive health care and sanitation 5.13 12.61
Promotion of rural sports project 7.21 33.24
Environment conservation 35.85 50.52
Promotion of education 105.05 90.36
Other rural development projects 15.98 7.50
Skill development 8.21 76.59
Skill development - Prepaid in last year 53.65 -
Administrative cost - 11.43
Total 231.08 282.25
(iii) Shortfall at the end of the year - -
(iv) Total of previous years shortfall - -
Paid in cash 231.08 282.25
Yet to be paid in cash - -
Total 231.08 282.25
Note: Amount paid in excess of required amount has been presented under prepaid expense amounting to Rs. Nil (31
March 2023: Rs. 53.65 lakhs).
40. Segment information

The chief operating decision maker reviews the performance of the overall business. The Company operates in single
reportable segment “PU/PVC synthetic leather”, the segment wise disclosure requirements of Ind AS 108 on Operating
Segments is not applicable. In compliance to the said standard, entity wide disclosures are as under :
Revenues from external customers attributed to the country of domicile Year Ended Year Ended
and attributed to all foreign countries from which the Company derives 31 March 2024 31 March 2023
revenues
Revenue from the country of domicile- India 52,641.82 55,406.81
Revenue from foreign countries 23,782.22 21,002.28
Total 76,424.04 76,409.09
144

Revenue from major customers:
There are two customers having revenue amounting to 10% or more of Company’s total revenue as per the below
details:
31 March 2024 31 March 2023
Customer A 11,424.90 10,992.55
Customer B 3,960.91 9,157.83
Total 15,385.81 20,150.38
All property, plant and equipment, intangible assets, capital work-in-progress and other non-current assets of the
Company are located in India.
41. Related party transactions

A Related party relationship where control exists:
(a) Subsidiaries
Mayur Uniquoters Corp., USA (Wholly Owned Subsidiary)
Futura Textiles Inc., USA (Wholly Owned Step Down Subsidiary)
Mayur Uniquoters SA (PTY) LTD (Wholly Owned Subsidiary)
Mayur Tecfab Pvt.Ltd (Wholly Owned Subsidiary)
(b) Entities in which key management personnel (KMP) or relatives of KMP have control or joint control or have
significant influence
Mayur Leather Products Limited
Mayur Foundation
Suresh Kumar Poddar & Sons HUF Upto 29 June 2022
B Other related parties (with whom there are transactions during the year or closing balances) :
a) Key management personnel (KMP)
Suresh Kumar Poddar (Chairman & Managing Director & CEO)
Arun Kumar Bagaria (Executive Director)
Vinod Kumar Sharma (Chief Financial Officer)
Dinesh Sharma (Company Secretary) Upto 22 August 2022
Pawan Kumar Kumawat (Company Secretary) w.e.f. 23 August 2022
Ratan Kumar Roongta
Tanuja Agarwal Upto 10 April 2024
Arvind Kumar Sharma
Shyam Agrawal
Nivedita Ravindra Sarda w.e.f. 08 November 2023
b) Close members of key management personnel
Kiran Poddar (Wife of Chairman & Managing Director & CEO)
Dolly Bagaria (Wife of Executive Director)
Manav Poddar (Son of Chairman & Managing Director & CEO)
Puja Poddar (Daughter-in law of Chairman & Managing Director & CEO)
C Details of significant transactions with related parties described above carried out :
a) Key management personnel compensation
31 March 2024 31 March 2023
Remuneration (Including expenses on director’s facilities) 490.38 464.59
Post-employment benefits 28.55 3.14
Total 518.93 467.73
145

b) Transactions with other related parties:
31 March 2024 31 March 2023
Sitting fees paid to independent and non executive directors
Ratan Kumar Roongta 4.65 6.55
Tanuja Agarwal 4.65 6.40
Arvind Kumar Sharma 4.65 6.55
Shyam Agrawal 4.65 6.55
Nivedita Ravindra Sarda 1.00 -
Dividend paid
Suresh Kumar Poddar 355.27 357.27
Kiran Poddar 0.09 0.09
Arun Kumar Bagaria 6.66 9.86
Dolly Bagaria 0.05 3.15
Manav Poddar 138.61 138.61
Puja Poddar 13.70 13.70
Employee benfits expense
Dolly Bagaria - 9.29
Investment in Subsidiary
Mayur Tecfab Private Limited - 500.00
Purchase of freehold land
Suresh Kumar Poddar - 84.83
Kiran Poddar - 125.43
Sale of products and services
Mayur Uniquoters Corp., USA 11,424.90 10,992.55
Futura Textiles Inc., USA 1,192.57 1,388.19
Mayur Uniquoters SA (PTY) LTD 3,660.78 2,382.90
Mayur Tecfab Private Limited 460.56 311.84
Mayur Leather Products Limited - 0.29
Reimbursement of expenses received
Mayur Tecfab Private Limited - 113.25
D Closing balances:
31 March 2024 31 March 2023
Trade receivable
Mayur Uniquoters Corp., USA 8,238.98 7,265.39
Futura Textiles Inc., USA 271.61 446.32
Mayur Uniquoters SA (PTY) LTD 2,145.45 1,104.29
Mayur Tecfab Private Limited 297.78 307.38
Employee benefits payable
Vinod Kumar Sharma 8.89 4.00
Pawan Kumar Kumawat (Company Secretary) 2.03 0.70
146

Note:
Particulars of investments made as required by clause (4) of Section 186 of the Companies Act, 2013 and as required
by Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 has
been given under the investment schedule. Refer note 4.
Terms and conditions
All transactions were made on normal commercial terms and conditions and at market rates. All outstanding balances
are unsecured and are repayable in cash.
42. Fair value measurements

Financial instruments by category
FVTPL Amortised FVTPL Amortised
cost cost
Financial assets
Investments*
- Mutual funds/ Alternate investment funds 16,551.11 - 10,651.06 -
- Bonds - 2,007.42 - 2,516.03
Trade receivables - 23,467.61 - 19,451.51
Cash and cash equivalents - 3,548.25 - 4,198.83
Other bank balances - 181.33 - 1,503.84
Other financial assets - 8,054.02 - 2,161.41
Total financial assets 16,551.11 37,258.63 10,651.06 29,831.62
Borrowings (including current portion) - 1,359.92 - 2,352.88
Lease liabilities - 158.25 - 158.25
Trade payables - 5,058.22 - 6,922.37
Other financial liabilities - 1,161.36 - 1,022.35
Total financial liabilities - 7,737.75 - 10,455.85
* The fair values of the investments is measured using quoted prices or NAV declared by mutual funds and are
classified as level 1 fair values in the fair value hierarchy.
(i) Fair value hierarchy
Level 1: Level 1 hierarchy includes financial instruments measured using quoted prices. This includes listed equity
instruments, traded debentures and mutual funds that have quoted price. The fair value of all equity instruments
(including debentures) which are traded in the stock exchanges is valued using the closing price as at the reporting
period. The mutual funds are valued using the closing NAV.
Level 2: The fair value of financial instruments that are not traded in an active market is determined using valuation
techniques which maximise the use of observable market data and rely as little as possible on entity-specific
estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in
level 2. There are no instruments categorised in level 2.
Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included
in level 3. There are no instruments categoriesed in level 3.
There are no transfers between levels 1 and 2 during the year.
The Company’s policy is to recognise transfers into and transfers out of fair value hierarchy levels as at the end of
the reporting period.
(ii) Fair value of financial assets and liabilities measured at amortised cost
The carrying amounts of trade receivables, trade payables, cash and cash equivalents, other bank balances, other
financial assets, other financial liabilities, short term borrowings, lease liabilities are considered to be the same as
their fair values, due to their short-term nature.
147

Majorly the security deposits and fixed deposits are redeemable on demand and bonds are redeemable at par
hence the fair values of security deposits and bank deposits are approximately equivalent to the carrying amount.
The Non-current borrowings and lease liabilities are carried at amortised cost. There is no material difference
between carrying amount and fair value of non-current borrowings as at 31 March 2024 and 31 March 2023.
Other note:
The investment in equity shares of subsidiaries are measured at cost. Refer note 4 for further details.
43. Financial risk management

The Company’s activities expose it to market risk, liquidity risk and credit risk.
The Company’s board of directors has overall responsibility for the establishment and oversight of the Company’s
risk management framework.
(A) Credit risk
Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails
to meet its contractual obligations, and arises principally from the Company’s receivables from customers. The
carrying amounts of financial assets represent the maximum credit risk exposure.
A default on a financial asset is when the counterparty fails to make contractual payments as per agreed terms.
This definition of default is determined by considering the business environment in which entity operates and
other macro-economic factors.
Assets are written off when there is no reasonable expectation of recovery.
The Company considers the probability of default upon initial recognition of asset and whether there has been
a significant increase in credit risk on an ongoing basis throughout each reporting year. To assess whether
there is a significant increase in credit risk the Company compares the risk of a default occurring on the asset
as at the reporting date with the risk of default as at the date of initial recognition. It considers available
reasonable and supportive forwarding-looking information.
Trade and other receivables
Credit risk refers to the risk of default on its obligation by the counter party resulting in financial loss. The
maximum exposure to the credit risk at the reporting date is primarily from trade receivable amounting to
Rs.23,467.61 lakhs, Rs. 19,451.51 lakhs as at 31 March 2024 and 31 March 2023 , respectively. The Company’s
exposure to credit risk is influenced mainly by the individual characteristics of each customer. The management
also considers the factors that may influence the credit risk of its customer base, including the default risk of the
industry and country in which customers operate. The Company has a credit risk management policy in place
to limit credit losses due to non-performance of financial counterparties and customers. The Company monitors
its exposure to credit risk on an ongoing basis at various levels. Outstanding customer receivables are regularly
monitored. The Company closely monitors the acceptable financial counterparty credit ratings and credit limits
and revise where required in line with the market circumstances.
Due to the geographical spread and the diversity of the Company’s customers, the Company is not subject to
any significant concentration of credit risks at balance sheet date.
On account of adoption of Ind AS 109, the Company uses a simplified approach (lifetime expected credit loss
model) for the purpose of computation of expected credit loss for trade receivables.
The Company calculates expected credit loss on its trade receivables using ‘allowance matrix’ and also takes
into account ‘delay risk’ on trade receivables.
Significant estimates: The impairment provisions for financial assets disclosed above are based on
assumptions about risk of default and expected loss rates. The Company uses judgment in making these
assumptions and selecting the inputs to the impairment calculation, based on the Company’s past history,
existing market conditions as well as forward looking estimates at the end of each reporting year. For trade
receivables only, the Company applies the simplified approach permitted by Ind AS 109, “Financial Instruments”,
which requires expected lifetime losses to be recognised from initial recognition of the receivables.
Management judgment is required for assessing the recoverability of trade receivables and the valuation of the
allowances for impairment of trade receivables. The Company makes impairment allowance for trade receivables
based on an assessment of the recoverability of trade receivables. Allowances are applied to trade receivables
where events or changes in circumstances indicate that the balances may not be collectible. The impairment
148

allowance is estimated by management based on historical experience and current economic environment,
The Company assesses the expected credit losses by calibrating historical experience with forward-looking
estimates. This may include information regarding the industry in which debtors are operating, historical and
post year-end payment records, as well as creditworthiness of debtors.
Reconciliation of loss allowance on trade receivables

Particulars Amount
Loss Allowance on 1 April 2022 450.20
Changes in loss allowance during the year including bad debts written-off against provision (13.27)
Loss Allowance on 1 April 2023 436.93
Changes in loss allowance during the year including bad debts written-off against provision 0.55
Loss Allowance on 31 March 2024 437.48
Expected credit loss for trade receivables as at 31 March 2024 :

Particulars Not Due Less than 6 Months- 1-2 years 2-3 years More than Total
6 Months 1 year 3 years
Gross carrying amount-Trade receivables 17,535.01 5,946.11 43.89 47.07 45.36 287.65 23,905.09
Expected credit loss rate (%) - 1.79% 4.01% 37.67% 67.75% 97.59% 1.83%
Expected credit losses (Loss allowance
provision) - 106.53 1.76 17.73 30.73 280.73 437.48
Net carrying amount - Trade receivables 17,535.01 5,839.58 42.13 29.34 14.63 6.92 23,467.61

Gross carrying amount-Trade receivables 16,295.39 2,713.15 469.34 112.44 22.60 275.52 19,888.44
provision) - 112.26 9.34 33.54 6.27 275.52 436.93
Net carrying amount - Trade receivables 16,295.39 2,600.89 460.00 78.90 16.33 - 19,451.51
Cash & cash equivalents and bank deposits

Credit risk related to cash and cash equivalents and bank deposits is managed by only accepting highly rated
banks and diversifying bank deposits accounts in different banks across the country.
Other financial assets measured at amortised cost
Other financial assets measured at amortised cost includes security deposits, investment in subsidiaries and
other investments. Credit risk related to these other financial assets is managed by monitoring the recoverability
of such amounts continuously.
(B) Liquidity risk
Prudent liquidity risk management implies maintaining sufficient cash and marketable securities and the
availability of funding to meet obligations when due. Management monitors rolling forecasts of the Company’s
liquidity position and cash and cash equivalents on the basis of expected cash flows.
Maturities of financial liabilities
The following are the remaining contractual maturities of financial liabilities at the reporting date. The amounts
are gross and undiscounted, and include estimated interest payments and exclude the impact of netting
agreements.
149

Contractual maturities of financial liabilities:
Particulars Less than 1-5 years More than
1 years 5 years
As at 31 March 2024
Borrowings 712.75 808.41 -
Lease liabilities 15.83 63.31 1,341.14
Trade payables 5,058.22 - -
Other financial liabilities 1,161.36 - -
Total 6,948.16 871.72 1,341.14
As at 31 March 2023
Borrowings 1,161.16 1,509.23 -
Total 9,121.71 1,572.54 1,376.97
Financing arrangements
The Company had access to the following undrawn borrowing facilities at the end of the reporting year:
31 March 2024 31 March 2023
Working capital limit 11,902.39 8,532.32
Total 11,902.39 8,532.32
(C) Market risk

(i) Foreign currency risk
The Company operates internationally and is exposed to foreign exchange risk arising from foreign currency
transactions, primarily with respect to the USD, GBP, ZAR and EUR. Foreign exchange risk arises from future
commercial transactions and recognised assets and liabilities denominated in a currency that is not the
Company’s functional currency (INR). The Company maintains EEFC bank account for export sales realisation
which is generally used for repayment of import obligations (arising out of purchase of raw materials, services
and capital goods), therefore, the risk is not a material risk to the Company.
The Company’s exposure to foreign currency risk at the end of the reporting year expressed in INR, are as
follows:
Particulars As at 31 March 2024
Currency USD GBP ZAR EUR
Exposure to foreign currency risk (assets)
EEFC account balance 2,556.47 - - -
Trade receivables 10,620.18 107.94 2,145.45 28.21
Exposure to foreign currency risk (liabilities)
Capital creditors payables 198.57 - - 9.50
Trade payables 1,226.32 - - 19.17

Trade receivables 9,639.09 67.19 1,104.28 28.70
Trade payables 2,073.57 - - 234.42
150

Sensitivity#
The sensitivity of profit or loss to changes in the exchange rates arises mainly from foreign currency denominated
financial instruments:
Impact on profit after tax and other equity
31 March 2024 31 March 2023
USD Sensitivity
INR/USD - Appreciates by 1.49% (31 March 2023 - 8.53%) 131.03 574.20
INR/USD - Depreciates by 1.49% (31 March 2023 - 8.53%) (131.03) (574.20)
Euro Sensitivity
INR/Euro - Appreciates by 0.75% (31 March 2023 -5.97%) * (10.09)
INR/Euro - Depreciates by 0.75% (31 March 2023 -5.97%) * 10.09
GBP Sensitivity
INR/GBP - Appreciates by 3.43% (31 March 2023- 2.59%) 2.77 1.30
INR/GBP - Depreciates by 3.43% (31 March 2023- 2.59%) (2.77) (1.30)
ZAR Sensitivity
INR/ZAR - Appreciates by 1.15% (31 March 2023- 12.12%) (18.46) (100.15)
INR/ZAR - Depreciates by 1.15% (31 March 2023- 12.12%) 18.46 100.15
* Amount below the rounding-off norms adopted by the Company
# Holding all other variables constant
(ii) Interest rate risk
The exposure of the Company’s borrowing to interest rate changes at the end of the reporting year are as follows:
31 March 2024 31 March 2023
Variable rate borrowings 1,359.92 2,352.89
Fixed rate borrowings 158.25 158.25
The Company on a regular basis monitors the changes in interest rate in the market to manage the portfolio of variable
rate borrowings.
Sensitivity
Profit or loss is sensitive to higher/lower interest expense from borrowings as a result of changes in interest rates.
31 March 2024 31 March 2023
Interest Rates-Increase by 1.00 basis points (31 March 2023-1.00 bps)* 14.83 17.25
Interest Rates-Decrease by 1.00 basis points (31 March 2023-1.00 bps)* (14.83) (17.25)
* Holding all other variables constant
(iii) Price risk

The Company’s exposure to price risk arises from investements held by the Company and classified in the balance
sheet as fair value through Profit and Loss. To manage its price risk arising from investments, the Company diversifies
its portfolio.
Sensitivity
The table below summarises the impact of increases/decreases of the Company’s profit for the year and other equity.
The analysis is based on the assumption that the fair value of investments had increased by 5% decreased by 5% with
all other variables held constant.
151

31 March 2024 31 March 2023
Increase in fair value of investments by 5% 827.56 532.55
Decrease in fair value of investments by 5% (827.56) (532.55)
(iv) Commodity price risk
Commodity price risk arises due to fluctuation in prices of key raw materials. The Company has a risk management
framework aimed at prudently managing the risk arising from the volatility in commodity prices and freight costs. The
Company’s commodity risk is managed centrally through well-established control processes. Further, selling price of
finished goods are adjusted due to fluctuation in market prices of key raw materials and the Company expects that the
net impact of such fluctation would not be material.
44. Events occurring after the reporting year
The Board of Directors has recommended final dividend of Rs.3.00 (i.e. 60%) per Equity Share of Rs.5.00 each
aggregating to Rs. 1,318.58 lakhs, which is subject to the approval of shareholders in the ensuing Annual General
Meeting.
45. Capital management
The Company’s objectives when managing capital are to:
• safeguard their ability to continue as a going concern, so that they can continue to provide returns for shareholders
and benefits for other stakeholders, and
• maintain an optimal capital structure to reduce the cost of capital.
In order to maintain or adjust the capital structure, the Company may adjust the amount of dividends paid to
shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt. No changes were
made in the objectives, policies or processes for managing capital during the year ended 31 March 2024 and 31
March 2023.
The Company has complied with the debt covenants as per the terms of borrowing facilities throughout the reporting
period.
46. Impairment of non-financial assets
In accordance with Ind AS 36 “Impairment of Assets”, the Company has identified Gwalior plant (the ‘Plant’) as a
separate cash generating unit (CGU) for the purpose of impairment review. Management periodically performs an
impairment assessment of the CGUs basis internal and external indicators, in order to determine whether the
recoverable value is below the carrying amount as at 31 March 2024.
The Company has considered its property, plant and equipment, inventory, trade receivables and other attributable
assets and liabilities of the Gwalior Plant as a single CGU. As at 31 March 2024, carrying value of CGU is Rs.
10,557.72 lakhs.
The Plant has incurred operating losses during the current and previous years and the economic performance of
the Plant, has been significantly lower than the budgets. Therefore, basis these indicators, the Plant has been
assessed for recoverability as at 31 March 2024 as to whether, the carrying value exceeds the recoverable value of
the Plant. Company has assessed the recoverability (fair value) of the property, plant & equipment (‘PPE’) having
carrying values of Rs. 8,464.28 lakhs for CGU as at 31 March 2024 with the help of an external valuation expert using
the reproduction cost method (indexation method) under cost approach for PPE (other than land and building) and
sales comparison method under market approach for land and building as per Ind AS 36. Remaining carrying
values of CGU of Rs. 2,093.44 lakhs, majorly includes Inventory of Rs. 1479.04 lakhs and GST input of Rs. 1055.78
lakhs are recoverable with no impairment risk.
Such valuation model requires management to make significant estimates and assumptions related to selection
of the discount rates, estimated future life and market values of property to be considered for impairment testing as
per Ind AS 36. “
Based on above, recoverable value (fair value less cost of disposal) calculated as at 31 March 2024 is Rs. 11,254.43
lakhs.
Key assumptions used in determining the recoverable value are:
(a) Discount rate (b) Estimated future life (c) Market values of property
If we apply senstivity on discount rate and market values, the recoverable value will still exceed the carrying value of
the CGU. Hence, no impairment required to be recognized.
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47. Note on audit trail
The Ministry of Corporate Affairs (MCA) has prescribed a new requirement for Companies under the proviso to Rule
3(1) of the Companies (Accounts) Rules, 2014 inserted by the Companies (Accounts) Amendment Rules 2021
requiring Companies which uses accounting software for maintaining its books of account, shall use only such
accounting software which has a feature of recording audit trail of each and every transaction, creating an edit log of
each change made in the books of account along with the date when such changes were made and ensuring that
the audit trail cannot be disabled.
The Company uses accounting software SAP where the audit trail (edit logs) at the application level of the accounting
software has operated throughout the year for all relevant transactions recorded in the software. But the feature of
recording audit trail was not enabled at the database level to log any direct data changes, used for maintenance of
all accounting records.
The Company follows a specific procedure for direct database changes in a controlled environment which includes
taking prior approval for any changes required at database level. In the approval mail all the specific details are
mentioned regarding audit trail requirements for capturing timing, the executor, and the details of the change.
Further, this information was available for the entire fiscal year.
48. Capitalisation of expenditure incurred during construction period (refer note 3a)
The costs that are directly attributable to the acquisition or construction of property, plant and equipment have been
apportioned to certain property, plant and equipment on reasonable basis. details of such costs capitalised is as
under :-
31 March 2024 31 March 2023
Other expenses (includes professional charges and frieght) 6.26 313.84
Interest expense (31 March 2023 - 7.48%) - 39.07
Employee benefits expense 0.45 4.60
Total 6.71 357.51
49. Disclosures of ratio

S. Ratio UOM Year Ended Year Ended Change in the Reason for change
No. 31 March 2024 31 March 2023 current year (in case of change more than 25%)
(a) Current ratio Times 8.76 6.07 44% Increase in ratio is on account of increased
trade receivable, investments and bank deposits.
(b) Debt-equity ratio Times 0.02 0.03 (33%) Decrease in ratio is due to increase in total
equity on account of profit during the year.
(c) Debt service coverage ratio Times 15.70 13.24 19% Not applicable as variances are not more
than 25%
(d) Return on equity ratio % 14.71 14.66 0% Not applicable as variances are not more
than 25%
(e) Inventory turnover ratio Times 2.78 2.62 6% Not applicable as variances are not more
than 25%
(f) Trade receivables turnover ratio Times 3.26 3.93 (17%) Not applicable as variances are not more
than 25%
(g) Trade payables turnover ratio Times 8.62 6.74 28% Increase in ratio is on account of decrease in
trade payables during the year.
(h) Net capital turnover ratio Times 1.32 1.62 (19%) Not applicable as variances are not more
than 25%
(i) Net profit ratio % 15.64 14.07 11% Not applicable as variances are not more
than 25%
(j) Return on capital employed % 17.74 17.50 1% Not applicable as variances are not more
than 25%
(k) Return on investment % 10.13 4.59 121% Increase in ratio is on account of fair value
gain on mutual funds.
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Formulae for ratios
S. No. Ratio Formulae
(a) Current ratio Total current asset/Total current liabilities
(b) Debt-equity ratio Net debt1/Total equity
(c) Debt service coverage ratio Earnings2/Net finance charges3
(d) Return on equity ratio Net profit after tax/Average net worth4
(e) Inventory turnover ratio Cost of goods sold/Average inventory5
(f) Trade receivables turnover ratio Revenue from operations/Closing trade receivables
(g) Trade payables turnover ratio Total purchases/Closing trade payable
(h) Net capital turnover ratio Revenue from operations/Average working capital6
(i) Net profit ratio Net profit after tax/Revenue from operations
(j) Return on capital employed Earnings before interest and tax/Capital employed7
(k) Return on investment Earnings on investments/Average investments
1. Net debt = Total borrowings

2. Earnings = Net profit before tax+ Depreciation and amortization+ Finance cost+ Non cash expense
3. Net finance charges = Interest and principal repayments including lease payments
4. Average networth calculated on the year end closing basis.
5. Average inventory calculated on the year end closing basis.
6. Average working capital = Current assets - Current liabilities.
7. Capital employed = Tangible net worth(including intangible assets) + Total debt + Deferred tax liabilities
50. Additional regulatory information required by schedule III of Companies Act, 2013
(i) Details of benami property:
No proceedings have been initiated or are pending against the Company for holding any benami property
under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and the rules made thereunder.
(ii) Utilisation of borrowed funds and share premium:
(A) The Company has not advanced or loaned or invested funds (either borrowed funds or share premium or
any other sources or kind of funds) to any other person(s) or entity(ies), including foreign entities
(intermediaries) with the understanding (whether recorded in writing or otherwise) that the intermediary
shall:
(a) Directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by
or on behalf of the Company (ultimate beneficiaries) or
(b) Provide any guarantee, security or the like to or on behalf of the ultimate beneficiaries.
(B) The Company has not received any funds from any person(s) or entity(ies), including foreign entities
(funding party) with the understanding (whether recorded in writing or otherwise) that the Company shall:
or on behalf of the funding party (ultimate beneficiaries) or
(iii) Compliance with approved scheme(s) of arrangements:
No scheme of arrangement has been approved by the Competent Authority in terms of Sections 230 to 237 of
the Companies Act, 2013, hence, this is not applicable.
(iv) Undisclosed income:
There are no transactions not recorded in the books of account that have been surrendered or disclosed as
income during the current or previous year in the tax assessments under the Income-tax Act, 1961.
(v) Details of crypto currency or virtual currency:
The Company has not traded or invested in crypto currency or virtual currency during the current or previous
year.
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(vi) Valuation of property, plant and equipment and intangible assets:

As the Company has chosen cost model for its property, plant and equipment (including right-of-use assets)
and intangible assets, the question of revaluation does not arise.
(vii) Loans or advances to specified persons:
The Company has not granted any loans or advances in the nature of loans to promoters, directors, KMPs or the
related parties (as defined under Companies Act, 2013,) either severally or jointly with any other person.
(viii)Borrowings secured against current assets:
The Company had sanctioned borrowings limits as disclosed in note 16. The quarterly returns/ statements of
current assets filed by the Company with the bank were in agreement with the books of account for the year
ended 31 March 2024.
(ix) Willful defaulter:
The Company has not been declared willful defaulter by any bank or financial institution or government or any
government authority.
(x) Transaction with struck-off Companies:
The Company has not entered into any transaction with the struck off Companies.
(xi) Registration of charges or satisfaction with registrar of Companies:
There are no charges or satisfaction yet to be registered with Registrar of Companies beyond the statutory
period.
(xii) Compliance with number of layers of Companies:
The Company complies with the number of layers prescribed under clause (87) of Section 2 of the Act read with
Companies (Restriction on number of Layers) Rules, 2017.
(xiii) Utilisation of borrowings availed from banks and financial institutions:
The borrowings obtained by the Company have been utilised for the purpose for which the same was obtained.
51. Per transfer pricing legislation under section 92-92F of the Income-Tax Act 1961, the Company is required to use
certain specific methods in computing arm’s length price of international transactions with associated enterprises
and maintains adequate documentation in this respect. The legislations require that such information and
documentation to be contemporaneous in nature. The Company has appointed independent consultants for
conducting the Transfer Pricing Study to determine whether the transactions with associated enterprises undertake
during the financial year are on an “arm’s length basis”. The Company is in the process of conducting a transfer
pricing study for the current financial year and expects such records to be in existence latest by the due date as
required by law. However, in the opinion of the management the update would not have a material impact on these
financial statements. Accordingly, these financial statements do not include any adjustments for the transfer pricing
implications, if any.

Date : 21 May 2024 Date : 21 May 2024
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INDEPENDENT AUDITOR’S REPORT

To the Members of Mayur Uniquoters Limited
Report on the Audit of the Consolidated Financial Statements
Opinion
1. We have audited the accompanying consolidated financial statements of Mayur Uniquoters Limited (‘the Holding
Company’) and its subsidiaries (the Holding Company and its subsidiaries together referred to as ‘the Group’), as
listed in Annexure A, which comprise the consolidated balance sheet as at 31 March 2024, the consolidated
statement of profit and loss (including other comprehensive income), the consolidated cash flow statement and the
consolidated statement of changes in equity for the year then ended, and notes to the consolidated financial
statements, including a material accounting policy information and other explanatory information.
2. In our opinion and to the best of our information and according to the explanations given to us and based on the
consideration of the reports of the other auditors on separate financial statements/ financial information and on the
other financial information of the subsidiaries, the aforesaid consolidated financial statements give the information
required by the Companies Act, 2013 (‘the Act’) in the manner so required and give a true and fair view in conformity
with the Indian Accounting Standards (‘Ind AS’) specified under section 133 of the Act, read with the Companies
(Indian Accounting Standards) Rules, 2015, and other accounting principles generally accepted in India of the
consolidated state of affairs of the Group, as at 31 March 2024, and their consolidated profit (including other
comprehensive income), consolidated cash flows and the consolidated changes in equity for the year ended on
that date.
Basis for Opinion

3. We conducted our audit in accordance with the Standards on Auditing specified under section 143(10) of the Act. Our
responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the
Consolidated Financial Statements section of our report. We are independent of the Group, in accordance with the
Code of Ethics issued by the Institute of Chartered Accountants of India (‘ICAI’) together with the ethical requirements
that are relevant to our audit of the consolidated 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 together with the audit evidence obtained by the
other auditors in terms of their reports referred to in paragraph 15 of the other matters section below, is sufficient
and appropriate to provide a basis for our opinion.
Key Audit Matters

4. Key audit matters are those matters that, in our professional judgment and based on the consideration of the
reports of the other auditors on separate financial statements of the subsidiaries, were of most significance in our
audit of the consolidated financial statements of the current period. These matters were addressed in the context of
our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not
provide a separate opinion on these matters.
5. We have determined the matters described below to be the key audit matters to be communicated in our report.
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1. Recoverability of carrying value of assets of Our audit procedures included, but were not limited to the
the cash generating unit (‘CGU’) Gwalior Plant following:
Refer to the Group’s material accounting policies • Obtained an understanding of the management’s process
in note 1 (i) and the property, plant and equipment for identification of impairment indicators and process
related disclosures in note 44 of the consolidated undertaken by the management for impairment
financial statements. assessment. Assessed whether the methodology used
The Group has considered its property, plant and by the management to estimate the recoverable value of
equipment, inventory, trade receivables and other the CGU is in accordance with Ind AS 36;
attributable assets and liabilities of the Gwalior
Plant as a single CGU. As at 31 March 2024, • Evaluated the design, implementation and tested the
carrying value of CGU is Rs. 10,557.72 lakhs. operating effectiveness of key controls placed around the
impairment assessment process of the recoverability of
During the current and previous years, the CGU
has incurred operating losses and the economic the CGU. These included controls around estimation of
performance of this CGU has been significantly recoverable value of assets, the process by which such
lower than the budgets. Since, the recoverability information was produced;
of the CGU is largely dependent upon the • Obtained the management experts’ report on recoverable
operational performance of the aforesaid CGU, value and assessed the professional competence and
there is a potential risk of impairment charge in
objectivity of such external valuation expert engaged by the
accordance with Ind AS 36, Impairment of assets
management for performing the required valuation to
(‘Ind AS 36’) not being recognised by the
management because of anticipated business estimate the recoverable value of the CGU;
performance of the CGU. • Obtained the property, plant and equipment register of the
Due to presence of such impairment indicators, Holding Company for the identified CGU and reconciled
the Holding Company has assessed the the gross book value, net book value and other details of
recoverability (fair value) of the property, plant & PPE used for valuation with the PPE register shared by the
equipment (‘PPE’) having carrying values of Rs. management of the Holding Company to us;
8,469.43 lakhs for CGU as at 31 March 2024 with
the help of an external valuation expert using the • Assessed the reasonableness of the assumption used
reproduction cost method (indexation method) for the discount rates, estimated future life and market
under cost approach for PPE (other than land and values of property and considered evidence available to
building) and sales comparison method under support these assumptions in light of our understanding
market approach for land and building as per Ind of the business.
AS 36. Remaining carrying values of CGU of Rs.
• With the support of our auditor’s experts, we evaluated the
2,093.44 lakhs, majorly includes Inventory of Rs.
appropriateness of valuation methodology and
1,479.04 lakhs and GST input of Rs. 1,055.78 lakhs
are recoverable with no impairment risk as per reasonableness of assumptions used by the
management assessment. management’s expert;
Such valuation model requires management to • Compared the carrying value of net assets with the
make significant estimates and assumptions recoverable value to check for any impairment/ provision
related to selection of the discount rates, estimated required to be recognised; and
future life and market values of property to be
• Evaluated the appropriateness and adequacy of the
considered for impairment testing as per Ind AS
36. disclosures made by the management in the standalone
financial statements in accordance with applicable
Considering the materiality of the amounts
accounting standards.
involved, significant degree of judgement and
subjectivity involved in the estimates and key
assumptions used in determining the recoverable
value used in the impairment evaluation which are
inherently subjective, we have determined
recoverability of Gwalior Plant as a key audit matter
as this involved significant auditor attention in the
current year.
157
2. Revenue recognition Our audit procedures included the following:
Refer note 1 (e) to the accompanying consolidated • Understood the process of revenue recognition and
financial statements for significant accounting evaluated the appropriateness of the accounting policy
policy on revenue recognition and note 25 for the adopted by the management on revenue recognition
details of revenue recognised during the year. including determination of transaction price and
satisfaction of performance obligations, in accordance with
The Holding Company derives its revenue from Ind AS 115;
sale of products (PU/PVC synthetic leather).
• Evaluated the design and tested operating effectiveness
The Holding Company recognises revenue from of key controls around revenue recognition for a sample of
sale of goods upon the transfer of control of the transactions.
goods sold to the customer in accordance with • Performed substantive testing, on a sample basis, on
Ind AS 115, Revenue from Contracts with revenue transactions recorded during the year, and
Customers (‘Ind AS 115’). The Holding Company transactions recorded before and after year end by
uses a variety of shipment terms across its inspecting supporting documents such as customer
operating markets, and this has an impact on the contracts, purchase orders, proofs of dispatch and delivery,
timing of revenue recognition. Further, the revenue invoices, etc., including review of contracts with customers
is recorded based on the prices specified in the to assess the appropriateness of Group’s identification of
performance obligations, determination of transaction price
respective contracts, net of estimated volume
and the management’s estimate involved for volume
discounts and returns at the time of sale. Such
discounts and returns to ensure the accuracy and
estimates are derived based on historical completeness of revenue recorded;
experience of the Holding Company.
• Performed substantive analytical procedures for the
Owing to the significance of amount, volume of revenue recorded considering both qualitative and
transactions, size of distribution network, quantitative factors to identify any unusual trends or any
customers with varied terms of shipment, fraud unusual items, and
risk in our audit strategy, we have considered • Evaluated the adequacy of disclosures made in the
revenue recognition as a key audit matter. accompanying consolidated financial statements in
respect of revenue recognition in accordance with financial
reporting framework.
Information other than the Consolidated Financial Statements and Auditor’s Report thereon
6. The Holding Company’s Board of Directors are responsible for the other information. The other information comprises
the information included in the Annual Report but does not include the consolidated financial statements and our
auditor’s report thereon. The Annual Report is expected to be made available to us after the date of this auditor’s
report.
Our opinion on the consolidated financial statements does not cover the other information and we will 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
identified above when it becomes available 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.
When we read the Annual Report, if we conclude that there is a material misstatement therein, we are required to
communicate the matter to those charged with governance.
Responsibilities of Management and Those Charged with Governance for the Consolidated Financial Statements
7. The accompanying consolidated financial statements have been approved by the Holding Company’s Board of
Directors. The Holding Company’s Board of Directors are responsible for the matters stated in section 134(5) of the
Act with respect to the preparation and presentation of these consolidated financial statements that give a true and
fair view of the consolidated financial position, consolidated financial performance including other comprehensive
income, consolidated changes in equity and consolidated cash flows of the Group in accordance with the Ind AS
specified under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, and
other accounting principles generally accepted in India. The Holding Company’s Board of Directors are also
158
responsible for ensuring accuracy of records including financial information considered necessary for the preparation
of consolidated Ind AS financial statements. Further, in terms of the provisions of the Act the respective Board of
Directors of the Companies included in the Group, covered under the Act are responsible for maintenance of
adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Group
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 the accuracy and
completeness of the accounting records, relevant to the preparation and presentation of the financial statements
that give a true and fair view and are free from material misstatement, whether due to fraud or error. These financial
statements have been used for the purpose of preparation of the consolidated financial statements by the Board of
Directors of the Holding Company, as aforesaid.
8. In preparing the consolidated financial statements, the respective Board of Directors of the Companies included in
the Group are responsible for assessing the ability of the Group 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 intend to liquidate the Group or to cease operations, or has no realistic alternative but to do so.
9. Those respective Board of Directors are also responsible for overseeing the financial reporting process of the
Companies included in the Group.
Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements
10. 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 auditor’s 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 Standards on Auditing 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
11. As part of an audit in accordance with Standards on Auditing specified under section 143(10) of the Act we exercise
professional judgment and maintain professional skepticism throughout the audit. We also:
• 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;
• 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 Holding Company has adequate internal financial controls with reference to financial
statements in place and the operating effectiveness of such controls.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates
and related disclosures made by management;
• Conclude on the appropriateness of 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 ability of the Group and its associates and joint ventures to continue as a
going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our
auditor’s report to the related disclosures in the 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 auditor’s
report. However, future events or conditions may cause the Group and its associates and joint ventures to
cease to continue as a going concern;
• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures,
and whether the financial statements represent the underlying transactions and events in a manner that
achieves fair presentation; and
• Obtain sufficient appropriate audit evidence regarding the financial information/ financial statements of the
entities or business activities within the Group, to express an opinion on the consolidated financial statements.
159
We are responsible for the direction, supervision and performance of the audit of financial statements of such
entities included in the financial statements, of which we are the independent auditors. For the other entities
included in the financial statements, which have been audited by the other auditors, such other auditors remain
responsible for the direction, supervision and performance of the audits carried out by them. We remain solely
responsible for our audit opinion.
12. 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.
13. 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.
14. From the matters communicated with those charged with governance, we determine those matters that were of
most significance in the audit of the financial statements of the current period and are therefore the key audit
matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure
about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated
in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public
interest benefits of such communication.
Other Matter
15. We did not audit the financial statements/ financial information of four subsidiaries, whose financial statements/
financial information reflects total assets of Rs. 15,943.62 lakhs as at 31 March 2024, total revenues of Rs. 20,612.70
lakhs and net cash inflows amounting to Rs. 2,011.50 lakhs for the year ended on that date, as considered in the
consolidated financial statements. These financial statements/ financial information has been audited by other
auditors whose reports 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 subsidiaries,
and our report in terms of sub-section (3) of section 143 of the Act in so far as it relates to the aforesaid subsidiaries,
are based solely on the reports of the other auditors.
Our opinion above on the consolidated financial statements, and our report on other legal and regulatory requirements
below, are not modified in respect of the above matters with respect to our reliance on the work done by and the
reports of the other auditors.
Report on Other Legal and Regulatory Requirements
16. As required by section 197(16) of the Act based on our audit and on the consideration of the reports of the other
auditors, referred to in paragraph 15, on separate financial statements of the subsidiaries, we report that the
Holding Company, incorporated in India whose financial statements have been audited under the Act have paid
remuneration to their respective directors during the year in accordance with the provisions of and limits laid down
under section 197 read with Schedule V to the Act. Further, we report that one subsidiary Company, incorporated in
India whose financial statements have been audited under the Act have not paid or provided for any managerial
remuneration during the year. Accordingly, reporting under section 197(16) of the Act is not applicable in respect of
such subsidiary.
17. As required by clause (xxi) of paragraph 3 of Companies (Auditor’s Report) Order, 2020 (‘the Order’) issued by the
Central Government of India in terms of section 143(11) of the Act based on the consideration of the Order reports
issued till date by us and by the respective other auditors as mentioned in paragraph 15 above, of Companies
included in the consolidated financial statements for the year ended 31 March 2024 and covered under the Act we
report that following are the qualifications remarks reported by us and the other auditors in the Order reports of the
Companies included in the consolidated financial statements for the year ended 31 March 2024 for which such
Order reports have been issued till date and made available to us:
Name CIN Holding Company / Clause number of the CARO

Subsidiary / report which is qualified or
Associate / adverse
Joint Venture
Mayur Uniquoters Limited L18101RJ1992PLC006952 Holding Company (vii) (a)
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18. As required by section 143(3) of the Act, based on our audit and on the consideration of the reports of the other
auditors on separate financial statements and other financial information of the subsidiary incorporated in India
whose financial statements have been audited under the Act, 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 purpose 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, except for the matters stated in paragraph 18(h)(vi) below on reporting under Rule 11(g)
of the Companies (Audit and Auditors) Rules, 2014 (as amended).;
c) The consolidated financial statements 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 Ind AS specified under section 133
of the Act read with the Companies (Indian Accounting Standards) Rules, 2015;
e) On the basis of the written representations received from the directors of the Holding Company, and taken on
record by the Board of Directors of the Holding Company, and the reports of the statutory auditors of its
subsidiary, covered under the Act, none of the directors of the Group Companies, are disqualified as on 31
March 2024 from being appointed as a director in terms of section 164(2) of the Act.
f) The modification relating to the maintenance of accounts and other matters connected therewith with respect
to the consolidated financial statements are as stated in, paragraph 18(b) above on reporting under section
143(3)(b) of the Act and paragraph 18(h)(vi) below on reporting under Rule 11(g) of the Companies (Audit and
Auditors) Rules, 2014 (as amended);
g) With respect to the adequacy of the internal financial controls with reference to financial statements of the
Holding Company, and its subsidiary Company, covered under the Act, and the operating effectiveness of such
controls, refer to our separate report in ‘Annexure B’ wherein we have expressed an unmodified opinion; and
h) With respect to the other matters to be included in the Auditor’s Report in accordance with rule 11 of the
Companies (Audit and Auditors) Rules, 2014 (as amended), in our opinion and to the best of our information
and according to the explanations given to us and based on the consideration of the report of the other auditors
on separate financial statements and other financial information of the subsidiary Company, incorporated in
India whose financial statements have been audited under the Act:
i. The consolidated financial statements disclose the impact of pending litigations on the consolidated
financial position of the Group, as detailed in note 36 to the consolidated financial statements;
ii. The Holding Company, and its subsidiaries did not have any long-term contracts including derivative
contracts for which there were any material foreseeable losses as at 31 March 2024.;
iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and
Protection Fund by the Holding Company, during the year ended 31 March 2024. Further, there were no
amounts which were required to be transferred to the Investor Education and Protection Fund by the
subsidiary Company covered under the Act, during the year ended 31 March 2024.;
iv. a. The respective managements of the Holding Company and its subsidiary Company incorporated in
India whose financial statements have been audited under the Act have represented to us and the
other auditors of such subsidiary respectively that, to the best of their knowledge and belief , as
disclosed in note 48 (ii) (A) to the consolidated financial statements, no funds have been advanced or
loaned or invested (either from borrowed funds or securities premium or any other sources or kind of
funds) by the Holding Company or its subsidiary Company, to or in any person(s) or entity(ies), including
foreign entities (‘the intermediaries’), with the understanding, whether recorded in writing or otherwise,
that the intermediary shall, whether, directly or indirectly lend or invest in other persons or entities
identified in any manner whatsoever by or on behalf of the Holding Company, or any such subsidiary
Company (‘the Ultimate Beneficiaries’) or provide any guarantee, security or the like on behalf the
Ultimate Beneficiaries;
b. The respective managements of the Holding Company and its subsidiary Company incorporated in
India whose financial statements have been audited under the Act have represented to us and the
other auditors of such subsidiary Company respectively that, to the best of their knowledge and belief,
as disclosed in the note 48 (ii) (B) to the accompanying consolidated financial statements, no funds
have been received by the Holding Company or its subsidiary from any person(s) or entity(ies), including
foreign entities (‘the Funding Parties’), with the understanding, whether recorded in writing or otherwise,
that the Holding Company, or any such subsidiary Company shall, whether directly or indirectly, lend or
invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding
161
Party (‘Ultimate Beneficiaries’) or provide any guarantee, security or the like on behalf of the Ultimate
Beneficiaries; and
c. Based on such audit procedures performed by us and that performed by the auditors of the subsidiary
Company, as considered reasonable and appropriate in the circumstances, nothing has come to our
or other auditors’ notice that has caused us or the other auditors to believe that the management
representations under sub-clauses (a) and (b) above contain any material misstatement.
v. The final dividend paid by the Holding Company during the year ended 31 March 2024 in respect of such
dividend declared for the previous year is in accordance with section 123 of the Act to the extent it applies
to payment of dividend.
As stated in note 42 to the accompanying consolidated financial statements, the Board of Directors of the
Holding Company have proposed final dividend for the year ended 31 March 2024 which is subject to the
approval of the members at the ensuing Annual General Meeting. The dividend declared is in accordance
with section 123 of the Act to the extent it applies to declaration of dividend.
vi. As stated in note 45 to the consolidated financial statements and based on our examination which included
test checks and that performed by the auditor of the subsidiary of the Holding Company which is a Company
incorporated in India and audited under the Act, except for the instances mentioned below, the Holding
Company and its subsidiary, in respect of financial year commencing on 1 April 2023, have used accounting
software for maintaining their books of account which have a feature of recording audit trail (edit log) facility
and the same have been operated throughout the year for all relevant transactions recorded in the software.
Further, during the course of our audit we and the auditor of the above referred subsidiary, did not come
across any instance of audit trail feature being tampered with other than the consequential impact of the
exception given below:
Nature of exception noted Details of exception

Instances of accounting software for maintaining The audit trail feature was not enabled at the
books of account for which the feature of recording database level for accounting software to log any
audit trail (edit log) facility was not operated direct data changes, used for maintenance of all
throughout the year for all relevant transactions accounting records by the Holding Company.
recorded in the software.

Tarun Gupta
Partner
UDIN: 24507892BKEISY2561
Place: Jaipur
Date: 21 May 2024
Annexure A referred to in Paragraph 1 of the Independent Auditor’s Report of even date to the members of Mayur
Uniquoters Limited on the consolidated financial statements for the year ended 31 March 2024
List of entities included in the statement
Name of the Holding Company
Name of subsidiaries (wholly owned)
a) Mayur Uniquoters Corporation, United States of America (USA)
b) Futura Textiles Incorporation, USA (Step-down subsidiary of Mayur Uniquoters Corporation, USA)
c) Mayur Uniquoters SA (PTY) Limited, South Africa
d) Mayur Tecfab Private Limited, India
162
Annexure B to the Independent Auditor’s Report of even date to the members of Mayur Uniquoters
Limited on the consolidated financial statements for the year ended 31 March 2024
Independent Auditor’s Report on the internal financial controls with reference to financial statements under Clause
(i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (‘the Act’)
1. In conjunction with our audit of the consolidated financial statements of Mayur Uniquoters Limited (‘the Holding
Company’) and its subsidiaries (the Holding Company and its subsidiaries together referred to as ‘the Group’), as
at and for the year ended 31 March 2024, we have audited the internal financial controls with reference to financial
statements of the Holding Company, and its subsidiary Company, which are Companies covered under the Act, as
at that date.
Responsibilities of Management and Those Charged with Governance for Internal Financial Controls
2. The respective Board of Directors of the Holding Company, and its subsidiary Company, which are Companies
covered under the Act, 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 on Audit of Internal Financial Controls over
Financial Reporting issued by the Institute of Chartered Accountants of India. These responsibilities include the
design, implementation and maintenance of adequate internal financial controls that were operating effectively for
ensuring the orderly and efficient conduct of the Company’s 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 Act.
Auditor’s Responsibility for the Audit of the Internal Financial Controls with Reference to Financial Statements
3. Our responsibility is to express an opinion on the internal financial controls with reference to financial statements
of the Holding Company and its subsidiary Company, as aforesaid, based on our audit. We conducted our audit in
accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India (‘ICAI’) prescribed
under Section 143(10) of the Act, to the extent applicable to an audit of internal financial controls with reference to
financial statements, and the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (‘the
Guidance Note’) issued by the ICAI. 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 if such controls
operated effectively in all material respects.
4. 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 includes 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 auditor’s
judgement, including the assessment of the risks of material misstatement of the financial statements, whether
due to fraud or error.
5. We believe that the audit evidence we have obtained and the audit evidence obtained by the other auditors in terms
of their reports referred to in the other matters paragraph below, is sufficient and appropriate to provide a basis for
our audit opinion on the internal financial controls with reference to financial statements of the Holding Company
and its subsidiary Companies as aforesaid.
Meaning of Internal Financial Controls with Reference to Financial Statements

6. 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
163
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
Inherent Limitations of Internal Financial Controls with Reference to Financial Statements

7. 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.
Opinion
8. In our opinion and based on the consideration of the reports of the other auditors on internal financial controls
with reference to financial statements of the subsidiary Company, the Holding Company and its subsidiary
Company, which are Companies covered under the Act, have in all material respects, adequate internal financial
controls with reference to financial statements and such controls were operating effectively as at 31 March 2024,
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 .
Other Matter
9. We did not audit the internal financial controls with reference to financial statements insofar as it relates to one
subsidiary Company, which is Company covered under the Act, whose financial statements reflect total assets of
Rs. 789.33 lakhs and net assets of Rs. 455.38 lakhs as at 31 March 2024, total revenues of Rs. 581.45 lakhs and
net cash outflows amounting to Rs. 16.23 lakhs for the year ended on that date, as considered in the consolidated
financial statements. The internal financial controls with reference to financial statements in so far as it relates to
such subsidiary Company have been audited by other auditors whose reports have been furnished to us by the
management and our report on the adequacy and operating effectiveness of the internal financial controls with
reference to financial statements for the Holding Company and its subsidiary Company, as aforesaid, under
Section 143(3)(i) of the Act in so far as it relates to such subsidiary Company, is based solely on the reports of the
auditors of such Companies. Our opinion is not modified in respect of this matter with respect to our reliance on the
work done by and on the reports of the other auditors.

Tarun Gupta
Partner
UDIN: 24507892BKEISY2561
Place: Jaipur
Date: 21 May 2024
164
CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2024

31 March 2024 31 March 2023
Assets
Non-current assets
Property, plant and equipment 3(a) 22,271.60 23,227.63
Right-of-use assets 3(b) 947.11 957.52
Capital work-in-progress 3(c) 105.13 119.38
Intangible assets 3(d) 28.65 19.24
Financial assets
(i) Investments 4(a) 3,759.94 2,516.03
(ii) Other financial assets 4(b) 1,440.51 1,707.02
Deferred tax assets (net) 5 287.26 235.46
Non-current tax assets (net) 6 286.24 244.74
Other non-current assets 7 681.16 967.47
Total non-current assets 29,807.60 29,994.49
Current assets
Inventories 8 20,523.75 23,065.52
Financial assets
(i) Investments 9 14,798.59 10,651.06
(ii) Trade receivables 10 15,830.52 13,360.71
(iii) Cash and cash equivalents 11(a) 6,414.69 5,053.77
(iv) Bank balances other than (iii) above 11(b) 516.33 1,983.84
(v) Other financial assets 12 6,631.09 473.44
Other current assets 13 1,763.67 2,521.18
Total current assets 66,478.64 57,109.52
Total assets 96,286.24 87,104.01

Equity and liabilities
Equity
Equity share capital 14 2,197.63 2,197.63
Other equity 15 84,512.42 73,164.49
Total equity 86,710.05 75,362.12
165
CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2024 (Continued)

31 March 2024 31 March 2023
Liabilities
Non-current liabilities
(i) Borrowings 16 744.81 1,359.92
(ii) Lease liabilities 3(b) 158.25 158.25
Provisions 17 424.16 260.18
Deferred tax liabilities (net) 18 7.29 2.31
Total non-current liabilities 1,334.51 1,780.66
Current liabilities
(i) Borrowings 19 615.11 992.97
(ii) Lease liabilities 3(b) * *
(iii) Trade payables
-Total outstanding dues of micro enterprises and small enterprises 20 529.89 296.95
-Total outstanding dues of creditors other than micro enterprises
and small Enterprises 20 5,217.11 6,989.79
(iv) Other financial liabilities 21 1,186.55 1,046.27
Other current liabilities 22 224.64 319.49
Provisions 23 300.67 148.99
Current tax liabilities (net) 24 167.71 166.77
Total current liabilities 8,241.68 9,961.23
Total liabilities 9,576.19 11,741.89
Total equity and liabilities 96,286.24 87,104.01

*Amount below rounding-off norms adopted by the Group
The above Consolidated Balance Sheet should be read in conjunction with the accompanying notes.
This is the Consolidated Balance Sheet referred to in our report of even date.

Date : 21 May 2024 Date : 21 May 2024
166
CONSOLIDATED STATEMENT OF PROFIT AND LOSS FOR THE YEAR ENDED 31 MARCH 2024
31 March 2024 31 March 2023
Income
Revenue from operations 25 80,297.94 77,563.39
Other income 26 3,184.73 1,774.26
Total income 83,482.67 79,337.65
Expenses
Cost of materials consumed 27 44,320.63 48,080.97
Purchases of stock-in-trade 28 820.44 -
Change in inventories of work-in-progress,
stock-in-trade and finished goods 29 1,263.88 (1,804.38)
Employee benefits expense 30 4,527.16 4,048.33
Finance costs 31 260.50 248.61
Depreciation and amortisation expense 32 2,925.65 2,226.37
Other expenses 33 13,482.44 13,367.28
Total expenses 67,600.70 66,167.18
Profit before tax 15,881.97 13,170.47
Income tax expense 34
Current tax 3,895.24 3,549.09
Tax relating to earlier periods (232.39) (623.50)
Deferred tax charge (27.71) (175.82)
Total tax expense 3,635.14 2,749.77
Profit for the year 12,246.83 10,420.70
Items that will not be reclassified to profit or loss,
net of tax - (remeasurements of defined benefit plans) (57.08) (13.53)
Items that will be reclassified to profit or loss, net of tax -
(exchange differences on translation of foreign operations) 37.22 127.31
Other comprehensive income/ (losses) for the year, net of tax (19.86) 113.78
Total comprehensive income for the year 12,226.97 10,534.48
Earnings per share of face value of Rs. 5.00 each 35
Basic (in Rs.) 27.86 23.69
Diluted (in Rs.) 27.86 23.69
The above Consolidated Statement of Profit and Loss should be read in conjunction with the accompanying notes.
This is the Consolidated Statement of Profit and Loss referred to in our report of even date.
Date : 21 May 2024 Date : 21 May 2024
167
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 MARCH 2024
I) Equity share capital
Particulars Note Balance as at Change in equity share Balance as at Change in equity share Balance as at
1 April 2022 capital during the year 31 March 2023 capital during the year 31 March 2024
Equity share capital 14 2,228.88 (31.25) 2,197.63 - 2,197.63
II) Other equity

Particulars Reserves and surplus Other comp-
rehensive
income
Note General Capital Retained Foreign Total
reserve redemption earnings currency

reserve translation
Balance as at 1 April 2022 55.75 85.00 69,533.93 (1,187.98) 68,486.70
Profit for the year - - 10,420.70 - 10,420.70

Other comprehensive income (net of tax) - - (13.53) 127.31 113.78
Total comprehensive income for the year - - 10,407.17 127.31 10,534.48
Final dividend paid during the year - - (879.05) - (879.05)

Buyback of equity shares 15 (55.75) 31.25 (4,006.75) - (4,031.25)
Tax on shares buyback during the year - - (946.40) - (946.40)
Balance as at 31 March 2023 - 116.25 74,108.90 (1,060.66) 73,164.49

Profit for the year - - 12,246.83 - 12,246.83
Other comprehensive income (net of tax) - - (57.08) 37.22 (19.86)
Total comprehensive income for the year - - 12,189.75 37.22 12,226.97

Final dividend paid during the year - - (879.05) - (879.05)
Balance as at 31 March 2024 - 116.25 85,419.60 (1,023.44) 84,512.42

The above Consolidated Statement of Changes in Equity should be read in conjunction with the accompanying notes.
This is the Consolidated Statement of Change in Equity referred to in our report of even date.

Date : 21 May 2024 Date : 21 May 2024
168
CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024
31 March 2024 31 March 2023
CASH FLOW FROM OPERATING ACTIVITIES

Profit before income tax 15,881.97 13,170.47
Adjustments for:
Depreciation and amortisation expense 2,925.65 2,226.37
Interest income (518.74) (388.14)
Finance costs 196.38 193.49
Net gain on disposal of property, plant and equipment (22.69) (21.09)
Government grants (247.50) -
Net profit on sale of investments (109.80) (212.25)
Loss on maturity of investment - bonds - 20.68
Fair value gain on investments (1,503.11) (167.00)
Net foreign exchange differences (unrealised) 28.53 107.94
Dividend income - (28.24)
Operating profit before working capital changes 16,638.30 14,914.78
Adjustments for changes in:
- Trade recievables (2,459.31) (1,159.78)
- Inventories 2,541.77 (854.88)
- Other financial assets and other assets (583.47) 1,100.58
- Trade payables, other financial liabilities and other liabilities (1,149.93) 1,859.19
Cash generated from operations 14,987.36 15,859.89
Income taxes paid (net) (3,729.78) (3,741.81)
Net cash inflow from operating activities (A) 11,257.58 12,118.08
CASH FLOW FROM INVESTING ACTIVITIES
Purchase/acquisition of property, plant and equipment and intangible assets (2,144.71) (3,121.80)
Proceeds from sale of property, plant and equipment 34.23 68.35
Proceeds from redemption of fixed deposits 1,310.00 2,319.94
Investments in fixed deposits (4,003.33) (3,430.87)
Investments in mutual funds (10,047.50) (12,599.42)
Proceeds from sale of investments 6,268.97 13,147.78
Interest received 518.74 388.14
Dividend received - 28.24
Net cash outflow from investing activities (B) (7,816.10) (3,199.64)
169
CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 (Continued)
31 March 2024 31 March 2023
CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from non-current borrowings - 476.50
Repayment of non-current borrowings (992.97) (1,025.03)
Principal payments of lease liabilities * *
Payment for buyback of shares - (5,008.90)
Interest paid (193.09) (193.49)
Dividend paid (900.47) (911.17)
Net cash outflow from financing activities (C) (2,086.53) (6,662.09)
Net increase in cash and cash equivalents (A+B+C) 1,354.95 2,256.35
Cash and cash equivalents at the beginning of the year 5,053.77 2,802.68
Effects of exchange rate changes on cash and cash equivalents 5.97 (5.26)
Cash and cash equivalents at end of the year 6,414.69 5,053.77
* Amount below rounding-off norms adopted by the Group.
Refer note 16 for changes in liabilities arising from financing activites.
Cash and cash equivalents includes cash in hand, balances with banks and deposits with original maturity of less
than 3 months, refer note 11(a)
The above Consolidated Statement of Cash Flows should be read in conjunction with the accompanying notes.
This is the Standalone Statement of Cash Flows referred to in our report of even date.

Date : 21 May 2024 Date : 21 May 2024
170
Notes to the Consolidated Financial Statements

Background b) Principles of Consolidation
Mayur Uniquoters Limited (‘the Holding Company or Subsidiaries are all entities over which the Holding
‘Company’) is a Company limited by shares, incorporated, Company has control. The Holding Company owned
and domiciled in India, with its registered office situated 100% of equity capital of all subsidiaries Companies.
at Sikar Road, Jaitpura, Jaipur, Rajasthan, India, 303704. The Group controls an entity when the Group is
The Holding Company (collectively referred to as ‘the exposed to, or has rights to, variable returns from its
Group’) is primarily engaged in the business of involvement with the entity and has the ability to affect
manufacturing of coated textile fabrics, artificial leather those returns through its power to direct the relevant
and PVC vinyl (PU/PVC synthetic leather”), which are widely activities of the entity. Subsidiaries are fully
used in different segments such as footwear, furnishings, consolidated from the date on which control is
automotive OEM, automotive replacement market, and transferred to the Group which is basically exercised
automotive exports and all subsidiary Companies of the through voting and economic rights and powers over
Group are involved in the business of trading products the investees. They are de-consolidated from the date
purchased from Holding Company. The equity shares of that control ceases.
the Holding Company are presently listed with BSE The acquisition method of accounting is used to
Limited (BSE) and National Stock Exchange of India Limited account for business combinations by the Group.
(NSE) in India.
The Group combines the financial statements of the
Note 1: Summary of Material Accounting Policies Holding Company and its subsidiaries line by line
This note provides a list of the material accounting policies adding together like items of assets, liabilities, equity,
adopted in the preparation of these consolidated financial income and expenses. Intercompany transactions,
statements for the year ended 31 March 2024. These balances and unrealised gains on transactions
policies have been consistently applied to all the years between Group companies are eliminated.
presented, unless otherwise stated. The consolidated Unrealised losses are also eliminated unless the
financial statements are for the group consisting of Mayur transaction provides evidence of an impairment of
Uniquoters Limited (‘the Company’) and its subsidiaries. the transferred asset. Accounting policies of
subsidiaries have been aligned where necessary to
a) Basis of Preparation ensure consistency with the policies adopted by the
(i) Compliance with Ind AS Group.
The consolidated financial statements comply in The subsidiaries considered in the consolidated
all material aspects with Indian Accounting financial statements are:
Standards (Ind AS) notified under Section 133 of
Name of the Country of Ownership Financial year
the Companies Act, 2013 (the Act) [Companies
(Indian Accounting Standards) Rules, 2015] and subsidiary incorporation interest ends on for
other relevant provisions of the Act. The consolidation
consolidated financial statements are prepared purposes
on accrual and going concern basis. Mayur Uniquoters United States 100% 31 March 2024
The consolidated financial statements for the year Corporation of America
ended 31 March 2024 were authorized and Futura Textiles United States of 100% 31 March 2024
approved for issue by the Board of Directors on Incorporation America
21 May 2024. Mayur Uniquoters South Africa 100% 31 March 2024
(ii) Historical cost convention SA (PTY) Limited
The consolidated financial statements have been Mayur Tecfab India 100% 31 March 2024
prepared on a historical cost basis, except for
Private Limited
the following:
• certain financial assets that are measured c) Segment Reporting
at fair value; and Operating segments are reported in a manner
• defined benefit plans – plan assets consistent with the internal reporting provided to the
measured at fair value. chief operating decision maker.
171
The Board of Directors assesses the financial statement of profit and loss, as part of the gain or
performance and position of the Group, and makes loss on sale.
strategic decisions and has been identified as chief
e) Revenue Recognition
operating decision maker (CODM). Refer note 38 for
reportable segments determined by the Group. To determine whether to recognise revenue, the Group
follows a 5-step process:
d) Foreign Currency Translation
1. Identifying the contract with a customer
(i) Functional and Presentation Currency 2. Identifying the performance obligations
Items included in the consolidated financial 3. Determining the transaction price
statements are measured using the currency of 4. Allocating the transaction price to the performance
the primary economic environment in which the obligations
entities of the Group operates (‘the functional 5. Recognising revenue when/as performance
currency’). The consolidated financial statements obligation(s) are satisfied.
are presented in Indian rupee (Rs.), which is Under Ind AS 115 - Revenue from Contracts with
Group’s functional and presentation currency. Customers, revenue is recognised upon transfer of
(ii) Transactions and Balances control of promised goods or services to customers.
Monetary and non-monetary transactions in Revenue is measured at the transaction price agreed
foreign currencies are initially recorded in the with the customers received or receivable, excluding
functional currency at the exchange rates at the discounts, incentives, performance bonuses, price
date of the transactions. concessions, amounts collected on behalf of third
parties, or other similar items, if any, as specified in
Monetary foreign currency assets and liabilities
the contract with the customer. Revenue is recorded
remaining unsettled on reporting date are
provided the recovery of consideration is probable
translated at the rates of exchange prevailing on
and determinable.
reporting date. Gains / (losses) arising on
account of realization / settlement of foreign Sales are recognised when control of the products
exchange transactions and on translation of has transferred, the customer has full discretion over
monetary foreign currency assets and liabilities price to sell the product, and there is no unfulfilled
are recognised in the consolidated statement of obligation that could affect the customer’s acceptance
profit and loss. of the products.
Non-monetary items that are measured at fair The Group manufactures and sells a range of artificial
value in a foreign currency are translated using leather domestically as well as outside India.
the exchange rates at the date when the fair value Revenue from the sale of products is recognised at a
was determined. Translation differences on point in time, upon transfer of control of products to
assets and liabilities carried at fair value are the customers and is measured at transaction price
reported as part of the fair value gain or loss in received/receivable, net of discounts, and applicable
the consolidated statement of profit and loss. taxes.
(iii) Foreign Subsidiaries The Group does not have any contract where the
The results and financial position of foreign period between the transfer of promised goods to the
subsidiaries having a functional currency different customer and payment by the customer exceeds one
from the presentation currency are translated into year. As a consequence, the Group does not adjust
the presentation currency as follows: any of the transaction prices for the time value of
money.
• Assets and liabilities are translated at the
closing rate at the date of that balance sheet. Trade receivables are recognised initially at the
• Income and expenses are translated at transaction price as they do not contain significant
monthly average exchange rates, and financing components. The Group holds the trade
• All resulting exchange differences are receivables with the objective of collecting the
recognised in other comprehensive contractual cash flows and therefore measures them
income. subsequently at amortised cost using the effective
interest method, less loss allowance.
When a foreign operation is sold, the associated
exchange differences are reclassified to the
172
Contract asset is recognized as a right to their carrying amounts in the consolidated financial
consideration in exchange for goods or services statements. Deferred income tax is also not
transferred to the customer. Contract liabilities arises accounted for if it arises from initial recognition of an
on account of the advance payments received from asset or liability in a transaction that at the time of the
customer for which performance obligation has not transaction affects neither accounting profit nor taxable
yet been completed. profit (tax loss). Deferred income tax is determined
using tax rates (and laws) that have been enacted or
f) Government Grants
substantially enacted by the end of the reporting period
Grants from the government are recognised at their and are expected to apply when the related deferred
fair value where there is a reasonable assurance that income tax asset is realised or the deferred income
the grant will be received and the Group will comply tax liability is settled.
with all attached conditions.
Deferred tax assets are recognised for all deductible
Government grants relating to income are deferred temporary differences and unused tax losses only if it
and recognised in the statement of profit and loss is probable that future taxable amounts will be
over the period necessary to match them with the available to utilise those temporary differences and
costs that they are intended to compensate and losses.
presented within other income.
Current/deferred tax assets and tax liabilities are offset
Government grants relating to the purchase of property, where the entity has a legally enforceable right to offset
plant and equipment are included in non-current/ and intends either to settle on a net basis, or to realise
current liabilities and are credited to profit or loss on the asset and settle the liability simultaneously.
a straight-line basis over the expected useful lives of
the related assets and presented within other income. h) Leases
As a Lessee
g) Income Tax
Leases are recognised as a right-of-use asset and a
The income tax expense or credit for the period is the
corresponding liability at the date at which the leased
tax payable on the current period’s taxable income
asset is available for use by the Group. Contracts
based on the applicable income tax rate adjusted by
may contain both lease and non-lease components.
changes in deferred tax assets and liabilities
The Group allocates the consideration in the contract
attributable to temporary differences.
to the lease and non-lease components based on
Tax expense comprises current and deferred tax. their relative stand-alone prices. However, for leases
Current and deferred tax is recognised in profit or of real estate for which the Group is a lessee, it has
loss except to the extent that it relates to items elected not to separate lease and non-lease
recognised in other comprehensive income or directly components and instead accounts for these as a
in equity. In this case, the tax is also recognised in single lease component.
other comprehensive income or directly in equity
Assets and liabilities arising from a lease are initially
respectively.
measured on a present value basis. Lease liabilities
The current income tax charge is calculated on the include net present value of the following lease
basis of the tax laws enacted or substantively enacted payments:
at the end of the reporting period. Management
• Fixed payments (including in substance fixed
periodically evaluates positions taken in tax returns
payments), less any lease incentives receivable
with respect to situations in which applicable tax
• Variable lease payments that are based on an
regulation is subject to interpretation and considers
index or a rate, initially measured using the index
whether it is probable that a taxation authority will
or rate as at the commencement date
accept an uncertain tax treatment. The Group
• Amounts expected to be payable by the Group
measures its tax balances either based on the most
under residual value guarantees
likely amount or the expected value, depending on
• The exercise price of a purchase option if the
which method provides a better prediction of the
Group is reasonably certain to exercise that option,
resolution of the uncertainty.
and
Deferred income tax is provided in full, using the • Payments of penalties for terminating the lease,
liability method, on temporary differences arising if the lease term reflects the Group exercising
between the tax bases of assets and liabilities and that option.
173
Lease payments to be made under reasonably certain The recoverable amount of a CGU (or an individual
extension options are also included in the asset) is the higher of its value in use and its fair
measurement of the liability. The lease payments are value less costs to sell. Value in use is based on the
discounted using the interest rate implicit in the lease. estimated future cash flows, discounted to their
If that rate cannot be readily determined, which is present value using a pre-tax discount rate that reflects
generally the case for lease in the Group, the lessee’s current market assessments of the time value of
incremental borrowing rate is used, being the rate money and the risks specific to the CGU (or the asset).
that the individual lessee would have to pay to borrow An impairment loss is recognised if the carrying
the funds necessary to obtain an asset of similar amount of an asset or CGU exceeds its estimated
value to the right-of-use asset in similar economic recoverable amount. Impairment losses are
environment with similar terms, security and recognised in the statement of profit and loss.
conditions. Impairment loss recognised in respect of a CGU is
Lease payments are allocated between principal and allocated to reduce the carrying amounts of the assets
finance cost. The finance cost is charged to profit or of the CGU (or group of CGUs) on a pro rata basis.
loss over the lease period so as to produce a constant In respect of assets for which impairment loss has
periodic rate of interest on the remaining balance of been recognised in prior periods, the Group reviews
the liability for each period. at each reporting date whether there is any indication
Right-of-use assets are measured at cost comprising that the loss has decreased or no longer exists. An
the following: impairment loss is reversed if there has been a
• The amount of the initial measurement of lease change in the estimates used to determine the
liability recoverable amount. Such a reversal is made only to
• Any lease payments made at or before the the extent that the asset’s carrying amount does not
commencement date less any lease incentives exceed the carrying amount that would have been
received determined, net of depreciation or amortisation, if no
• Any initial direct costs, and impairment loss had been recognised.
• Restoration costs. j) Cash and Cash Equivalents
Right-of-use assets are generally depreciated over For the purpose of presentation in the cash flow
the shorter of the asset’s useful life and the lease statement, cash and cash equivalents includes cash
term on a straight-line basis. If the Group is reasonably on hand, deposits held at call with banks/ financial
certain to exercise a purchase option, the right-of-use institutions, other short-term, other highly liquid
asset is depreciated over the underlying asset’s investments with original maturities of three months
useful life. or less that are readily convertible to known amounts
Payments associated with short-term leases of of cash and which are subject to an insignificant risk
equipment and all leases of low value assets are of changes in value, and bank overdrafts. Bank
recognised on a straight-line basis as an expense in overdrafts are shown within borrowings in current
profit or loss. Short term leases are leases with a liabilities in the balance sheet.
lease term of twelve months or less. Other Bank Balances
i) Impairment of Non Financial Assets Other bank balances consist of term deposits with
The Group’s non-financial assets, other than banks, which have original maturities of more than
inventories and deferred tax assets, are reviewed at three months. Such assets are recognised and
each reporting date to determine whether there is any measured at amortised cost (including directly
indication of impairment. If any such indication exists, attributable transaction cost) using the effective
then the asset’s recoverable amount is estimated. interest method, less impairment losses, if any.
For impairment testing, assets that do not generate k) Inventories
independent cash inflows are grouped together into
Inventories are measured at the lower of cost and net
cash-generating units (CGUs). Each CGU represents
realisable value.
the smallest group of assets that generates cash
inflows that are largely independent of the cash Raw materials, stock-in-trade and stores and spares:
inflows of other assets or CGUs.
174
The cost of inventories is calculated on weighted the Group commits to purchase or sale the
average basis, and includes expenditure incurred in financial asset.
acquiring the inventories and other costs incurred in (iii) Measurement
bringing them to their present location and condition.
At initial recognition, the Group measures a
Raw materials, components and other supplies held
financial asset at its fair value plus, in the case of
for use in the production of finished products are not
a financial asset not at fair value through profit or
written down below cost except in cases where
loss, transaction costs that are directly attributable
material prices have declined and it is estimated that
to the acquisition of the financial asset.
the cost of the finished products will exceed their net
Transaction costs of financial assets carried at
realizable value.
fair value through profit or loss are expensed in
Work-in-progress and finished goods: profit or loss.
Cost includes raw material costs and an appropriate Debt Instruments
share of fixed production overheads based on normal
Subsequent measurement of debt instruments
operating capacity. Net realisable value is the
depends on the Group’s business model for
estimated selling price in the ordinary course of
managing the asset and the cash flow
business, less the estimated costs of completion and
characteristics of the asset. There are three
selling expenses. The net realisable value of work-
measurement categories into which the Group
in-progress is determined with reference to the selling
classifies its debt instruments:
prices of related finished products.
• Amortised Cost: Assets that are held for
The comparison of cost and net realisable value is
collection of contractual cash flows where
made on an item-by-item basis.
those cash flows represent solely payments
l) Investments and Other Financial Assets of principal and interest are measured at
(i) Classification amortised cost.
The Group classifies its financial assets in the Interest income from these financial assets
following measurement categories: is included in other income using the effective
interest rate method. Any gain or loss arising
• those to be measured subsequently at fair
on derecognition is recognised directly in
value (either through other comprehensive
profit or loss and presented in other income
income, or through profit or loss), and
or other expenses. Impairment losses are
• those measured at amortised cost.
presented as separate line item in the
The classification depends on the entity’s statement of profit and loss.
business model for managing the financial • Fair Value Through Other Comprehensive
assets and the contractual terms of the cash Income (FVOCI): Assets that are held for
flows. collection of contractual cash flows and for
For assets measured at fair value, gains and selling the financial assets, where the
losses will either be recorded in the statement of assets’ cash flows represent solely
profit and loss or other comprehensive income. payments of principal and interest, are
For investments in equity instruments, this will measured at fair value through other
depend on whether the Group has made an comprehensive income (FVOCI). Movements
irrevocable election at the time of initial in the carrying amount are taken through OCI,
recognition to account for the equity investment except for the recognition of impairment gains
at fair value through other comprehensive income or losses, interest revenue and foreign
(FVOCI). exchange gains and losses which are
recognised in the statement of profit and loss.
The Group reclassifies debt investments when
When the financial asset is derecognised,
and only when its business model for managing
the cumulative gain or loss previously
those assets changes.
recognised in OCI is reclassified from equity
(ii) Recognition to the statement of profit and loss and
Regular way purchases and sales of financial recognised in other income. Interest income
assets are recognised on trade date, on which from these financial assets is included in
175
other income using the effective interest rate • The contractual terms of such assets give
method. Foreign exchange gain and losses rise on specified dates to cash flows that are
are presented in other income and solely payments of principal and interest on
impairment expenses are presented as the principal amount outstanding.
separate line item in statement of profit and • The Group recognises these assets on the
loss. date when they are originated and are initially
• Fair Value Through Profit or Loss: Assets measured at fair value plus any directly
that do not meet the criteria for amortised attributable transaction costs.
cost or FVOCI are measured at fair value Changes in the fair value of financial assets at
through profit or loss. A gain or loss on a fair value through profit or loss are recognised in
debt investment that is subsequently other income in the statement of profit and loss.
measured at fair value through profit or loss Impairment losses (and reversal of impairment
and is not part of a hedging relationship is losses) on equity investments measured at
recognised and presented net in the FVOCI are not reported separately from other
statement of profit and loss within other changes in fair value.
income or other expenses in the period in
(iv) Impairment of Financial Assets
which it arises. Interest income from these
financial assets is included in other income. The Group assesses on a forward looking basis
the expected credit losses associated with its
Investments in Mutual Funds, Alternate
assets carried at amortised cost and FVOCI debt
investment funds and Equity Instruments
instruments. The impairment methodology
Investment in mutual funds and equity applied depends on whether there has been a
instruments are classified as fair value through significant increase in credit risk. Note 41 details
profit or loss as they are not held within a business how the Group determines whether there has
model whose objective is to hold assets in order been a significant increase in credit risk.
to collect contractual cash flows and the
For trade receivables only, the Group applies the
contractual terms of such assets do not give rise
simplified approach permitted by Ind AS 109
on specified dates to cash flows that are solely
Financial Instruments, which requires expected
payments of principal and interest on the principal
lifetime losses to be recognised from initial
amount outstanding. Where the Group’s
recognition of the receivables.
management has elected to present fair value
gains and losses on equity investments in other (v) Derecognition of Financial Assets
comprehensive income, there is no subsequent A financial asset is derecognised only when :
reclassification of fair value gains and losses to
• the Group has transferred the rights to
the statement of profit and loss. The Group
receive cash flows from the financial asset
makes such election on an instrument-by-
or
instrument basis. The classification is made on
• retains the contractual rights to receive the
initial recognition and is irrevocable. Dividends
cash flows of the financial asset, but
from such investments are recognised in profit
assumes a contractual obligation to pay
or loss as other income when the Group’s right
the cash flows to one or more recipients.
to receive payments is established.
Where the Group has transferred an asset, the
Investment in Bonds
Group evaluates whether it has transferred
Investment in bonds are financial assets with substantially all risks and rewards of ownership
fixed or determinable payments that are quoted of the financial asset. In such cases, the financial
in an active market. These are classified as asset is derecognised. Where the Group has not
financial assets measured at amortised cost as transferred substantially all risks and rewards of
they fulfill the following conditions: ownership of the financial asset, the financial
• Such assets are held within a business asset is not derecognised.
model whose objective is to hold assets in Where the Group has neither transferred a
order to collect contractual cash flows. financial asset nor retains substantially all risks
176
and rewards of ownership of the financial asset, accounted for as a separate asset is derecognised
the financial asset is derecognised if the Group when replaced. All other repairs and maintenance
has not retained control of the financial asset. are charged to Statement of profit and loss during the
Where the Group retains control of the financial reporting period in which they are incurred.
asset, the asset is continued to be recognised to
Depreciation Methods, Estimated Useful Lives and
the extent of continuing involvement in the
Residual Value
financial asset.
Depreciation is calculated using the straight-line
(vi) Income Recognition
method to allocate the cost of the assets, net of their
Interest Income residual values, over their estimated useful lives as
Interest income from financial assets at fair value follows:
through the profit or loss is disclosed as interest
income within other income. Interest income on Particulars Estimate of
financial assets at amortised cost and financial Useful life
assets at FVOCI is calculated using effective Buildings 15-60 years
interest method is recognised in the statement Plant and Equipments 7.5-15 years
of profit and loss as part of other income. Interest Electrical Installation & Equipments 10 years
income is calculated by applying the effective Furniture & Fixtures 10 years
interest rate to the gross carrying amount of a
Motor Vehicles 8 years
financial asset except for financial assets that
Office Equipments 5 years
subsequently become credit impaired.
Computers 3-6 years
m) Offsetting Financial Instruments
The useful lives have been determined based on
Financial assets and liabilities are offset and the net
technical evaluation done by the management’s
amount is reported in the balance sheet where there
expert and management estimate, in order to reflect
is a legally enforceable right to offset the recognised
the actual usage of the assets. The residual values
amounts and there is an intention to settle on a net
are not more than 5% of the original cost of the asset.
basis or realise the asset and settle the liability
simultaneously. The legally enforceable right must The assets’ residual values and useful lives are
not be contingent on future events and must be reviewed, and adjusted if appropriate, at the end of
enforceable in the normal course of business and in each reporting period.
the event of default, insolvency or bankruptcy of the Gains and losses on disposals are determined by
Group or the counterparty. comparing proceeds with carrying amount. These are
included in Statement of profit and loss within other
n) Property, Plant and Equipment
income or other expenses.
Freehold land is carried at historical cost. All other
Advances paid towards the acquisition of property,
items of property, plant and equipment are stated at
plant and equipment outstanding at each balance
historical cost less depreciation. Historical cost
sheet date are classified as capital advances under
includes expenditure that is directly attributable to the
non-current assets.
acquisition of the items. Cost comprises the purchase
price, borrowing costs if capitalisation criteria are met Capital work-in-progress excluding capital advances
and directly attributable cost of bringing the asset to includes property, plant and equipment under
its working condition for its intended use. Any trade construction and not ready for intended use as on
discounts and rebates are deducted in arriving at the balance sheet date.
purchase price. o) Intangible Assets
Subsequent costs are included in the asset’s carrying Intangible assets that are acquired by the Group are
amount or recognised as a separate asset, as measured initially at cost. All intangible assets are
appropriate, only when it is probable that future with finite useful lives and are measured at cost less
economic benefits associated with the item will flow accumulated amortisation and impairment, if any.
to the Group and the cost of the item can be measured
reliably. The carrying amount of any component Amortisation and Useful Lives
177
Intangible assets are amortised over the useful life Group or a present obligation that is not recognised
and assessed for impairment whenever there is an because it is not probable that an outflow of resources
indication that the intangible asset may be impaired. will be required to settle the obligation. A contingent
The amortisation period and the amortisation method liability also arises in extremely rare cases where
are reviewed at the end of each reporting period. there is a liability that cannot be recognised because
Intangible assets comprise software having an it cannot be measured reliably. The Group does not
estimated useful life of 4 years. recognise a contingent liability but discloses its
existence in the consolidated financial statements.
p) Borrowings
r) Employee Benefits
Borrowings are initially recognised at fair value, net of
transaction costs incurred. Borrowings are (i) Short-Term Obligations
subsequently measured at amortised cost. Any Liabilities for wages and salaries, including non-
difference between the proceeds (net of transaction monetary benefits that are expected to be settled
costs) and the redemption amount is recognised in wholly within twelve months after the end of the
profit or loss over the period of the borrowings using period in which the employees render the related
the effective interest method. Fees paid on the service are recognised in respect of employees’
establishment of loan facilities are recognised as services up to the end of the reporting period and
transaction costs of the loan to the extent that it is are measured at the amounts expected to be paid
probable that some or all of the facility will be drawn when the liabilities are settled. The liabilities are
down. Borrowings are classified as current liabilities presented as current employee benefit
unless the Group has an unconditional right to defer obligations in the balance sheet.
settlement of the liability for at least twelve months (ii) Other Long-Term Employee Benefit Obligations
after the reporting period.
The liabilities for compensated absences are not
q) Provisions and Contingent Liabilities expected to be settled wholly within twelve
Provisions are recognised when the Group has a months after the end of the period in which the
present legal or constructive obligation as a result of employees render the related service. These
past events, it is probable that an outflow of resources obligations are therefore measured as the
will be required to settle the obligation and the amount present value of expected future payments to be
can be reliably estimated. Provisions are not made in respect of services provided by
recognised for future operating losses. Where there employees up to the end of the reporting period
are a number of similar obligations, the likelihood using the projected unit credit method less fair
that an outflow will be required in settlement is value of plan assets as at balance sheet date.
determined by considering the class of obligations The benefits are discounted using the market
as a whole. A provision is recognised even if the yields at the end of the reporting period that have
likelihood of an outflow with respect to any one item terms approximating to the terms of the related
included in the same class of obligations may be obligation. Re-measurements as a result of
small. experience adjustments and changes in actuarial
assumptions are recognised in profit and loss.
Provisions are measured at the present value of
management’s best estimate of the expenditure The obligations are presented as current
required to settle the present obligation at the end of liabilities in the balance sheet as the entity does
the reporting period. The discount rate used to not have an unconditional right to defer settlement
determine the present value is a pre-tax rate that for at least twelve months after the reporting
reflects current market assessments of the time value period, regardless of when the actual settlement
of money and the risks specific to the liability. The is expected to occur.
increase in the provision due to the passage of time (iii) Post-Employment Obligations
is recognised as interest expense. The Group operates the following post-
A contingent liability is a possible obligation that arises employment schemes: (a) Defined benefit plan
from past events whose existence will be confirmed (Gratuity) (b) Defined contribution plans (Provident
by the occurrence or non-occurrence of one or more Fund).
uncertain future events beyond the control of the
178
Defined Benefit Plan (Gratuity) s) Contributed Equity

The Group contributes to the Gratuity Fund Equity shares are classified as equity.
managed by the Life Insurance Corporation of Incremental costs directly attributable to the issue of
India under its New Group Gratuity Cash new shares or options are shown in equity as a
Accumulation Plan. deduction, net of tax, from the proceeds.
The liability or asset recognised in the balance
t) Dividends
sheet in respect of defined benefit gratuity plan is
the present value of the defined benefit obligation Provision is made for the amount of any dividend
at the end of the reporting period less the fair declared, being appropriately authorised and no
value of plan assets. The defined benefit longer at the discretion of the entity, on or before the
obligation is calculated annually by actuaries end of the reporting period but not distributed at the
using the projected unit credit method. end of the reporting period.
The present value of the defined benefit obligation u) Earnings Per Share
is determined by discounting the estimated future
Basic earnings per share are calculated by dividing
cash outflows by reference to market yields at
the profit or loss for the year attributable to equity to
the end of the reporting period on government
the owners of the Group by the weighted average
bonds that have terms approximating to the terms
number of equity shares outstanding during the year.
of the related obligation.
The Group does not have any dilutive potential equity
The net interest cost is calculated by applying the
shares.
discount rate to the net balance of the defined
benefit obligation and the fair value of plan assets. v) Rounding of Amounts
This cost is included in employee benefit expense
All amounts disclosed in the consolidated financial
in the statement of profit and loss.
statements and notes have been rounded off to the
Re-measurement gains and losses arising from nearest lakhs upto two decimal places as per the
experience adjustments and changes in actuarial requirement of Schedule III, unless otherwise stated.
assumptions are recognised in the period in
which they occur, directly in other comprehensive w) New and Amended Standards Adopted by the Group
income. They are included in retained earnings The Ministry of Corporate Affairs has notified
in the statement of changes in equity and in the Companies (Indian Accounting Standards)
balance sheet. Amendment Rules, 2023 dated 31 March 2023 to
Changes in the present value of the defined amend the following Ind AS which were effective for
benefit obligation resulting from plan annual periods beginning on or after 1 April 2023.
amendments or curtailments are recognised (i) Definition of Accounting Estimates -
immediately in profit and loss as past service Amendments to Ind AS 8
cost. The amendments clarify the distinction between
Defined Contribution Plans changes in accounting estimates, changes in
The Group pays provident fund contributions to accounting policies and the correction of errors.
publicly administered provident funds as per local It has also been clarified how entities use
regulations. The Group has no further payment measurement techniques and inputs to develop
obligations once the contributions have been accounting estimates.
paid. The contributions are accounted for as The amendments had no impact on the Group’s
defined contribution plans and the contributions consolidated financial statements.
are recognised as employee benefit expense (ii) Disclosure of Accounting Policies -
when they are due. Prepaid contributions are Amendments to Ind AS 1
recognised as an asset to the extent that a cash
The amendments aim to help entities provide
refund or a reduction in the future payments is
accounting policy disclosures that are more
available.
useful by replacing the requirement for entities to
disclose their ‘significant’ accounting policies
179
with a requirement to disclose their ‘material’ the Group’s accounting policies. This note provides
accounting policies and adding guidance on how overview of the areas that involved a higher degree of
entities apply the concept of materiality in making judgement or complexity, and of items which are more
decisions about accounting policy disclosures. likely to be materially adjusted due to estimates and
The amendments have had an impact on the assumptions turning out to be different than those
Group’s disclosures of accounting policies, but originally assessed. Detailed information about each of
not on the measurement, recognition or these estimates and judgements is included in relevant
presentation of any items in the Group’s notes together with information about the basis of
consolidated financial statements. calculation for each affected line item in the consolidated
(iii) Deferred Tax Related to Assets and Liabilities
Arising from a Single Transaction - Amendments The areas involving critical estimates or judgements are:
to Ind AS 12 • Estimates of defined benefit obligation – Note 23
The amendments narrow the scope of the initial • Estimate of useful life of property, plant and
recognition exception under Ind AS 12, so that it equipment – Note 3 (a)
no longer applies to transactions that give rise to • Impairment of trade receivables – Refer Note 41 (A)
equal taxable and deductible temporary • Impairment assessment of non-financial asset –
differences such as leases. Refer Note 44
• Measurement of contingent liabilities – Refer Note
The amendments had no impact on the Group’s
36
consolidated financial statements.
Estimation and judgements are continuously evaluated.
Note 2: Critical Estimates and Judgements They are based on historical experience and other factors
The preparation of consolidated financial statements including expectation of future events that may have a
requires the use of accounting estimates which, by financial impact on the Group and that are believed to be
definition, will seldom equal the actual results. reasonable under the circumstances.
Management also needs to exercise judgement in applying
180
3a) Property, plant and equipment (All amounts Rs. in lakhs, unless otherwise stated)
Gross Carrying Amount Accumulated Depreciation Net
Particulars As At Additions Disposals/ Exchange As At As At For Disposals/ Exchange As At Carrying
1 April During adjustments differences 31 March 1 April the adjustments differences 31 March Amount
2023 the year During on translation 2024 2023 year During on translation 2024 As At
the year of foreign the year of foreign 31 March
operations operations 2024
Freehold land 1,074.73 - - - 1,074.73 - - - - - 1,074.73
Buildings 10,454.47 138.50 - - 10,592.97 1,515.36 514.15 - - 2,029.51 8,563.46
Plant & equipment 18,796.25 1,283.85 4.17 0.30 20,076.23 8,489.70 1,917.92 1.23 0.13 10,406.52 9,669.71
Furniture & fittings 604.37 27.95 - - 632.32 314.99 45.43 - - 360.42 271.90
Electrical installation & equipment 3,827.00 315.26 2.13 - 4,140.13 1,526.05 329.67 2.00 - 1,853.72 2,286.41
Office equipment 117.03 7.15 0.99 - 123.19 89.76 7.63 0.93 - 96.46 26.73
Computers 271.20 62.45 1.75 0.03 331.93 219.58 27.87 1.53 0.03 245.95 85.98
Vehicles 634.35 129.45 38.75 0.42 725.47 396.33 66.95 30.50 0.01 432.79 292.68
Total 35,779.40 1,964.61 47.79 0.75 37,696.97 12,551.77 2,909.62 36.19 0.17 15,425.37 22,271.60
Gross Carrying Amount Accumulated Depreciation Net

Particulars As At Additions Disposals/ Exchange As At As At For Disposals/ Exchange As At Carrying
1 April During adjustments differences 31 March 1 April the adjustments differences 31 March Amount
181
2022 the year During on translation 2023 2022 year During on translation 2023 As At
the year of foreign the year of foreign 31 March
operations operations 2023
Freehold land 845.97 228.76 - - 1,074.73 - - - - - 1,074.73
Buildings 10,090.89 363.58 - - 10,454.47 1,167.18 348.18 - - 1,515.36 8,939.11
Plant & equipment 15,560.42 3,234.79 0.98 2.02 18,796.25 7,125.20 1,364.34 0.90 1.06 8,489.70 10,306.55
Furniture & fittings 538.87 65.55 - (0.05) 604.37 262.68 52.36 - (0.05) 314.99 289.38
Electrical installation & equipment 3,383.38 446.78 3.16 - 3,827.00 1,187.48 341.30 2.73 - 1,526.05 2,300.95
Office equipment 107.36 10.77 1.08 (0.02) 117.03 83.26 7.31 0.79 (0.02) 89.76 27.27
Computers 256.10 15.83 0.94 0.21 271.20 192.90 27.00 0.54 0.22 219.58 51.62
Vehicles 725.19 131.29 222.13 - 634.35 502.38 69.99 176.07 0.03 396.33 238.02
Total 31,508.18 4,497.35 228.29 2.16 35,779.40 10,521.08 2,210.48 181.03 1.24 12,551.77 23,227.63
Note:
i) For details regarding charge on property, plant and equipment- refer note 16.
ii) For details regarding contractual commitments for the acquisition of property, plant and equipment- refer note 37.
iii) For details regarding impairment analysis- refer note 44
iv) The costs that are directly attributable to the acquisition or construction of property, plant and equipment has been capitalised during the year, refer note 46.

3(b) Leases
This note provides information for leases where the Holding Company is a lessee. The Holding Company leases
various premises, where the rental contracts are generally short term except in case of lease hold land where it is upto
99 years.
Land lease
Leasehold land represents land taken on lease under long term multi-decade lease term, capitalised at the present
value of the aggregate future minimum lease payments (which include annual lease rentals in addition to the initial
payment made at the inception of the lease). There are no contingent payments.
(i) Amounts recognised in consolidated balance sheet

The balance sheet shows the following amounts relating to lease.
31 March 2024 31 March 2023
Right-of-use assets
Balance at the beginning of the year 1,015.77 1,015.77
Additions during the year - -
Balance as at 31 March 2024 1,015.77 1,015.77
Balance as at 31 March 2024 68.66 58.25
Net carrying value as at 31 March 2024 947.11 957.52
Lease liabilities
Current * *
Total 158.25 158.25
* Amount below the rounding-off norms adopted by the Group
Note: Title deeds of land lease situated at plot no. S-1 to S-30, part of M-8 & M-9 to M-13, IIDC, industrial area/estate-
Sitapur phase-1,Village-Sitapur(Pahadi) Tehsil & District Morena (M.P.). Sitapur, Morena (M.P.) of Rs.966.86 lakhs as at
31 March 2024 have been mortgaged as a security for borrowing taken by the Holding Company.
(ii) Amounts recognised in the consolidated statement of profit and loss

The statement of profit and loss shows the following amounts relating to leases.
31 March 2024 31 March 2023
Depreciation charge on right-of-use assets (refer note 32) 10.41 10.41
Interest expense (refer note 31) 15.83 15.83
Expenses relating to short term leases (refer note 33) 361.54 292.90
Total 387.78 319.14
The total cash outflow for leases including interest and short term leases for the year ended 31 March 2024 was
Rs.377.37 lakhs (31 March 2023 Rs.308.73 lakhs).
182

(iii) Variable lease payments
The Group does not have any leases with variable lease payments.
(iv) Extension and termination options
There are no extension and termination options available in the lease contracts.
(v) Residual value guaranteed
There are no residual value guaranteed in the lease contracts.
(vi) For maturity analysis of lease liabilities refer note 41 (B).
(vii) For disclosure regarding principal and interest payments, refer note 16.
3(c) Capital work-in-progress

31 March 2024 31 March 2023
Opening balance as at the beginning of the year 119.38 1,183.43
Add: Additions during the year 1,674.05 2,965.99
Less: Capitalisation during the year 1,688.30 4,030.04
Closing balance as at 31 March 2024 105.13 119.38

Projects in progress 105.13 - - - 105.13
Total 105.13 - - - 105.13

Projects in progress 113.09 1.92 - 4.37 119.38
Total 113.09 1.92 - 4.37 119.38
Note: There are no projects as on each reporting period end where activity has been suspended. Also, there are no
projects as on the reporting period end which has exceeded cost as compared to its original plan or where completion
is overdue. Also, no projects in progress are temporarily suspended.
3(d) Intangible assets

31 March 2024 31 March 2023
Software
Additions during the year 15.03 4.54
Exchange differences on translation of foreign operations - (0.01)
Exchange differences on translation of foreign operations - (0.01)
Net carrying value 28.65 19.24
183

31 March 2024 31 March 2023
4(a) Investments
A) Investment in bonds (measured at amortised cost)
Quoted
1. Bank of Baroda BOBIN 8.7 PERP Bond - 504.02
2. Bank of Baroda Perpetual Bond - 506.42
3. ICICI Bank Perpetual Bond - 508.61
4. State Bank of India Perpetual Bond - 996.98
Nil (31 March 2023: 100) bonds@ 8.50% interest p.a
Total - 2,516.03
B) Equity mutual funds (measured at FVTPL)
Quoted
1. Aditya Birla Sun Life Multi Asset Allocation Fund - Regular Growth 674.42 -
2. Bandhan Multi Asset Allocation Fund - Regular Plan - Growth 205.77 -
3. HDFC Equity Savings Fund - Regular Plan - Growth 353.75 -
4. HDFC Multi Cap Fund - Regular Growth 141.67 -
5. ICICI Prudential Large & Mid Cap Fund - Growth 145.16 -
Number of units 17,501.04 (31 March 2023: Nil)
6. Whiteoak Capital Balanced Advantage Fund- Regular Growth 756.47 -
Total (B) 2,277.24 -
C) Debt mutual funds (measured at FVTPL)
Quoted
1. Bandhan Dynamic Bond Fund - Growth - Regular Plan 1,088.48 -
2. HDFC Asset Allocator Fund of Funds - Regular Growth 308.98
3. Whiteoak Capital Multi Asset Allocation Fund - Regular Growth 85.24 -
Total (C) 1,482.70 -
Total (A+B+C) 3,759.94 2,516.03
Aggregate amount of unquoted investments - -
4(b) Other financial assets (non-current)
Other bank balances
Deposits with more than 12 months maturity as at reporting date [refer note (i)] 1,252.00 1,537.00
Total 1,440.51 1,707.02
Note:(i) Maturity construed as remianing maturity more than 12 months as at reporting date.
184

31 March 2024 31 March 2023
5. Deferred tax assets (net)
Deferred tax assets
Loss allowance 119.39 138.35
Unused losses 13.57 2.88
Unrealised gain on inventory 863.01 767.01
Employee benefits 343.74 225.21
Total deferred tax assets 1,339.71 1,133.45
Less: Deferred tax liabilities
Financial assets measured at fair value through Profit and Loss 291.35 99.25
Total deferred tax liabilities 1,052.45 897.99
Total deferred tax assets (net) 287.26 235.46

Particulars Employee Loss Unused Unrealised Total
benefits allowance losses gain on
inventory
As at 1 April 2022 176.48 149.53 4.39 487.75 818.15
Charged/(credited):
- to profit or loss 44.21 (11.18) (1.76) 279.26 310.53
- to other comprehensive income - items
that will be reclassified to Profit & Loss 4.52 - 0.25 - 4.77
As at 31 March 2023 225.21 138.35 2.88 767.01 1,133.45
(Charged)/credited:
- to profit or loss 99.32 (18.96) 10.69 96.00 187.05
- to other comprehensive income - items
that will be reclassified to Profit & Loss 19.21 - - - 19.21
As at 31 March 2024 343.74 119.39 13.57 863.01 1,339.71

Particulars Property, Plant and Financial Assets at Total
Equipment and Fair Value Through
Intangible Assets Profit or Loss
As at 1 April 2022 636.44 128.97 765.41
Charged/(Credited):
- to profit or loss 162.37 (29.71) 132.66
- to other comprehensive income -
items that will be reclassified to Profit & Loss (0.07) (0.01) (0.08)
As at 31 March 2023 798.74 99.25 897.99
Charged/(Credited):
- to profit or loss (37.64) 192.10 154.46
- to other comprehensive income -
items that will be reclassified to Profit & Loss - - -
As at 31 March 2024 761.10 291.35 1,052.45
185

31 March 2024 31 March 2023
6. Non -current tax assets (net)
Income tax receivable 286.24 244.74
7. Other non-current assets

Capital advances 172.33 50.37
Balances with government authorities [refer note (i)] 489.38 892.28
Total 681.16 967.47
Note:
(i) Balance with government authorities comprises of GST input on capex
which are not expected to be utilised within 12 Months.
8. Inventories
(Valued at lower of cost or net realisable value)
Raw materials [Includes goods-in-transit Rs. 1,358.45 lakhs
(31 March 2023: Rs. 1,898.11 lakhs)] 10,928.63 12,451.59
Total 20,523.75 23,065.52
Note- Written down of finished goods inventory to net realisable value
amounting to Rs. 55.86 lakhs (As at 31 March 2023: Rs. 18.86 lakhs).
9. Investments
Investment in mutual funds
A) Equity mutual funds (measured at FVTPL)
Quoted
1. Aditya Birla Sun Life Arbitrage Fund - Growth - Regular Plan 1,270.59 -
2. DSP Equity & Bond Fund-Regular Plan - Growth 853.06 477.72
3. HDFC Equity Savings Fund - Regular Plan - Growth - 298.03
4. HDFC Multi Cap Fund - Regular Growth - 5.00
Number of units Nil (31 March 2023: 46,435.87)
5. ICICI Prudential Balanced Advantage Fund - Growth 806.86 460.00
6. Kotak Equity Arbitrage Fund - Growth - Regular Plan - 128.16
7. Nippon India Arbitrage Fund - Growth Plan (AFGPG) 2,259.34 -
8. Whiteoak Capital Balanced Advantage Fund- Regular Growth - 498.10
Total (A) 5,189.85 1,867.01
186

31 March 2024 31 March 2023
B) Debt mutual funds (measured at FVTPL)
Quoted
1. Aditya Birla Sun Life Low Duration Fund - Growth - Regular Plan 2,278.00 2,795.65
2. Aditya Birla Sun Life Multi Asset Allocation Fund - Regular Growth - 495.68
3. Axis Ultra Short Term Fund - Regular Growth 1,836.95 1,099.41
Number of units 1,35,82,605.22 (31 March 2023: 86,76,644.72)
4. Bandhan Dynamic Bond Fund - Growth - Regular Plan - 999.95
5. HDFC Asset Allocator Fund of Funds - Regular Growth - 246.39
6. Nippon India Ultra Short Duration Fund - Growth Option - Growth Plan - 25.80
Number of units Nil (31 March 2023: 747.39)
7. Nippon India Short Fund - Growth Plan - Growth Option 1,135.84 1,057.66
Total (B) 5,250.79 6,720.54
C) Alternative investment funds (measured at FVTPL)

Unquoted
1. DSP India Enhanced Equity Fund - Class B-7.01 288.71 259.47
4. ITI Long - Short Equity Fund 600.55 491.18
Number of units 499.98 (31 March 2023: 499.98)
Total (C) 2,350.53 2,063.51
D) Investment in bonds (measured at amortised cost)

Quoted
1. Bank of Baroda BOBIN 8.7 PERP Bond 504.02 -
2. Bank of Baroda Perpetual Bond 506.43 -
3. State Bank of India Perpetual Bond 996.97 -
100 (31 March 2023: Nil) bonds@ 8.50% interest p.a
Total (D) 2,007.42 -
187

31 March 2024 31 March 2023
Total (A+B+C+D) 14,798.59 10,651.06
10. Trade receivables

Trade receivables from contract with customers 16,270.75 13,797.31
Trade receivable from contract with customers-related parties[refer note 39(D)] - 0.33
Total 15,830.52 13,360.71
Break-up of security details
Trade receivable secured, considered good 10.00 10.00
Trade receivable unsecured, considered good 15,820.52 13,350.71
Trade receivables unsecured, credit impaired 440.23 436.93
Total of trade receivables 16,270.75 13,797.64
Impairment allowance on trade receivables
Total trade receivables 15,830.52 13,360.71
Note:
(i) The carrying amount of trade receivables approximates their fair value is included in note 40.
(ii) The Group’s exposure to credit and currency risks, and impairment allowances related to trade receivables is
disclosed in note 41.
(iii) The Group provide 0-180 days credit period for trade receivables with no significant financing component.

Not Due Less than 6 Months- 1-2 2-3 More than Total
6 Months 1 year years years 3 years
i) Undisputed trade receivables- considered good 11,011.64 4,251.51 494.37 51.47 14.62 6.91 15,830.52
ii) Undisputed trade receivables- which have significant
increase in credit risk - - - - - - -
iii) Undisputed trade receivable- credit impaired - 106.53 0.46 3.59 0.12 - 110.70
iv) Disputed trade receivables- considered good - - - - - - -
v) Disputed trade receivables- which have significant
vi) Disputed trade receivable- credit impaired - - 1.30 16.89 30.62 280.72 329.53
Total 11,011.64 4,358.04 496.13 71.95 45.36 287.63 16,270.75
188

Not Due Less than 6 Months- 1-2 2-3 More than Total
6 Months 1 year years years 3 years
i) Undisputed trade receivables- considered good 9,659.46 3,225.42 341.27 118.23 16.33 - 13,360.71
ii) Undisputed trade receivables- which have significant
iii) Undisputed trade receivable- credit impaired - 112.26 2.96 0.73 0.16 - 116.11
iv) Disputed trade receivables- considered good - - - - - - -
v) Disputed trade receivables- which have significant
vi) Disputed trade receivable- credit impaired - - 6.38 32.80 6.12 275.52 320.82
Total 9,659.46 3,337.68 350.61 151.76 22.61 275.52 13,797.64
Notes:
(i) The disputed trade receivables include those balances where there is an evidence of disagreement or where legal
proceedings for the recovery have been initiated.
(ii) The Group has no unbilled dues as at respective reporting dates.
31 March 2024 31 March 2023
11 (a). Cash and cash equivalents
Cash on hand 4.19 3.86
Balances with banks:
- In current accounts 3,679.03 1,801.80
- In EEFC accounts 2,556.47 1,648.11
Deposits with original maturity of less than 3 months 175.00 1,600.00
Total 6,414.69 5,053.77
11 (b). Other bank balances

Unpaid dividend accounts 66.56 87.97
Deposits with original maturity of more than 3 months but less than
12 months [refer note (i)] 449.77 1,895.87
Total 516.33 1,983.84
Note:
(i) Out of which, deposits pledged with bank as margin money Rs. 75.42
lakhs (31 March 2023 : Rs. 234.69 lakhs).
12. Other financial assets (current)

Unsecured, considered good
Accrued interest 324.70 172.37
Insurance and other claims receivable 37.58 40.52
Salary advance paid to employees 11.69 -
Bank deposits with more than 12 months maturity [refer note (i) and (ii)] 4,279.43 -
Government grant receivable [refer note (iii)] 24.01 26.70
189

31 March 2024 31 March 2023
Balances with government authorities [refer note (iv)] 1,934.11 214.71
Total of other financial assets (gross) 6,631.09 473.44
Government grant receivable and other claims receivable (credit impaired) 36.85 112.74
Less: Loss allowance (36.85) (112.74)
Total of other financial assets (net) 6,631.09 473.44
Note:
(i) Maturity construed as remianing maturity less than 12 months as at reporting date.
(ii) Out of which deposits pledged with bank as margin money Rs.159.57 lakhs (31 March 2023 : Nil).
(iii) This pertains to rips subsidy from governement to be recievable in cash.
(iv) Balance with governement authorities comprises of GST input claimed as refund
31 March 2024 31 March 2023
13. Other current assets
Advance to suppliers 822.11 859.12
Balances with government authorities 755.65 1,416.56
Total 1,763.67 2,521.18
14. Equity share capital

Authorised:
15,25,000 (31 March 2023: 15,25,000) compulsorily convertible
participating preference shares of Rs. 400.00 each 6,100.00 6,100.00
Issued, subscribed and fully paid-up:
Total 2,197.63 2,197.63
(a) Movement in equity shares capital

No. of Shares Amount No. of Shares Amount
Balance as at the beginning of the year 4,39,52,600 2,197.63 4,45,77,600 2,228.88
Less: Nil (31 March 2023: 6,25,000)
equity shares bought back - - 6,25,000 31.25
4,39,52,600 2,197.63 4,39,52,600 2,197.63
(b) Rights, preferences and restrictions attached to shares

Equity shares: The Holding Company has one class of equity shares having a par value of Rs. 5.00/- per share. Each
shareholder is eligible for one vote per share held. The dividend proposed by the board of directors of Holding Company
is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend.
In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Holding Company
after distribution of all preferential amounts, in proportion to their share holding.
190

(c) Details of shareholders holding more than 5% of the aggregate shares in the Group:
No. of Shares Percentage No. of Shares Percentage
Holding Holding
Equity shares:
(i) Suresh Kumar Poddar 1,77,63,695 40.42% 1,78,63,695 40.64%
(ii) Manav Poddar 69,30,680 15.76% 69,30,680 15.76%
Total 2,46,94,375 56.17% 2,47,94,375 56.40%

Shares the period
(i) Suresh Kumar Poddar 1,77,63,695 40.42% (0.22%)
(iii) Arun Kumar Bagaria 3,33,207 0.76% (0.37%)
(iv) Dolly Bagaria 2,684 0.01% -
(v) Manav Poddar 69,30,680 15.76% -
(vi) Puja Poddar 6,85,237 1.56% -
Total 2,57,20,206 58.52% (0.59%)

Shares the period
(i) Suresh Kumar Poddar 1,78,63,695 40.64% 6.62%
(iii) Suresh Kumar Poddar & Sons HUF* - - (6.59%)
(iv) Arun Kumar Bagaria 4,93,207 1.13% -
(v) Dolly Bagaria 2,684 0.01% (0.35%)
(vi) Manav Poddar 69,30,680 15.76% -
(vii) Puja Poddar 6,85,237 1.56% -
Total 2,59,80,206 59.11% (0.32%)
*29,38,112 Equity Shares were inter-se transferred to Mr. Suresh Kumar Poddar during the previous year.
Note: Promoters for the purpose of this disclosure means promoters as defined under Section 2(69) of Companies Act,
2013.
(d) Shares bought back during the immediately preceding five years from reporting date, an amount representing
the face value of these shares has been reduced from the share capital of the Group, with corresponding transfer
of an equivalent amount to capital redemption reserve.
Shares bought back Buyback price Total amount Movement in share Year
per equity share of buyback capital and capital ended
reemption reserve
6,25,000 equity shares of Rs.5.00/- each Rs. 650.00 per Rs. 4,062.50 Lakhs Rs. 31.25 lakhs 2023
(fully paid-up) equity share
7,50,000 equity shares of Rs. 5.00/- each Rs. 400.00 Rs. 3,000.00 Lakhs Rs. 37.50 lakhs 2021
(fully paid-up) equity share
(e) For the period of five years immediately preceding the reporting date, there was no share allotment made for
consideration other than cash. Further, no bonus shares have been issued.
191

31 March 2024 31 March 2023
15. Other equity
Reserves and surplus
Capital redemption reserve 116.25 116.25
Retained earnings 85,419.61 74,108.90
Total 85,535.86 74,225.15
Foreign currency translation reserve (1,023.44) (1,060.66)
Total (1,023.44) (1,060.66)
Total 84,512.42 73,164.49
Nature and purpose of reserves
(i) Capital redemption reserve
Statutory reserve created on buyback of shares equivalent to face value of the equity shares bought back under the
provisions of the Act. Such reserve could be used for issue of bonus shares.
(ii) Retained earnings
All the profits or losses made by the Group are transferred to retained earnings from Statement of Profit and Loss, and
are available for distribution to shareholders of the Group.
(iii) Foreign currency translation reserve
Exchange differences on translation of foreign operations are foreign currency translation differences which are
recognised in other comprehensive income.
31 March 2024 31 March 2023
16. Borrowings
Secured:
Term loans - from banks 1,359.92 2,352.89
Less: Current maturities of non-current borrowings (included in note 19) 615.11 992.97
Total 744.81 1,359.92
192
Nature of Security - Holding Company Terms of repayment

(i) Term loan from ICICI Bank Limited of Rs. 426.27 lakhs (31 March Repayable in 20 structured quarterly
2023: Rs. 557.43 lakhs) are secured primarily by first pari-passu charge installments beginning from September
on movable fixed assets being plant and machinery, both present and 2022. Interest rate: Base Rate+Spread 0%.
future of dhodsar unit situated at Gram Dhodsar, Tehsil Chomu, District Maturity date: 31 August 2027.
Jaipur.
(ii) Term loan from ICICI Bank Limited of Rs. 809.46 lakhs (31 March Repayable in 20 equal quarterly
2023: Rs. 1,169.21 lakhs) are secured primarily by first pari-passu installments beginning from October 2021.
charge on the movable fixed assets, both present and future of property Interest rate: [1-MCLR-1Y]+Spread 0.00%.
situated at industrial land, khasra no. 721/1, 726, 727/2097, 728/2, 729/ Maturity date: 1 July 2026.
2, 727/1, 726/2093, admeasuring 31900 square meters situated at
Gram Dhodsar, Tehsil Chomu, District Jaipur.
(iii) Term loan from ICICI Bank Limited of Rs. 98.29 lakhs (31 March 2023: Repayable in 20 quarterly installments
Rs. 491.46 lakhs) are secured against the following:- beginning from September 2019. Interest
a) First pari-passu charge by way of equitable mortgage on the immovable rate: Base rate+Spread 0.45%. Maturity
property admeasuring 31900 square meters, situated at industrial land, date: 30 June 2024.
khasra no.721/1, 726,727/2097, 728/2, 729/2, 727/1, 726/2093, Gram
Dhodsar, Tehsil Chomu, District Jaipur.
of the Company at a unit situated at industrial land, khasra no.721/1,
726, 727/2097, 728/2, 729/2, 727/1, 726/2093, Gram Dhodsar, Tehsil
c) First charge on the immovable property admeasuring 101208 square
meters situated at plot no. S-1 to S-30, part of M-8 & M-9 to M-13, IIDC,
industrial area/estate-Sitapur phase-1,Village-Sitapur(Pahadi) Tehsil
& District Morena (M.P.).
d) First charge on the movable property, plant and equipment (plant &
machinery) of the Holding Company at a PU unit situated at plot no.S-1
to S-30, Part of M-8 & M-9 to M-13, IIDC, industrial area/estate-Sitapur
phase-1,Village-Sitapur (Pahadi) Tehsil & District Morena (M.P.)
(iv) Term loan from ICICI Bank Limited of Rs. 25.90 lakhs (31 March 2023: Repayable in 20 quarterly installments
Rs. 134.78 lakhs) are secured against the following:- beginning from September 2019. Interest
a) First pari-passu charge on immovable property situated at industrial rate: Base rate+Spread 0.45%. Maturity
land, khasra no. 721/1, 726, 727/2097, 728/2, 729/2, 727/1, 726/2093, date: 30 June 2024.
admeasuring 31900 square meters situated at Gram Dhodsar, Tehsil
of the Holding Company at a unit owned the Holding Company, situated
at Gram Dhodsar, Tehsil Chomu, District Jaipur.
c) First charge on the movable property, plant and equipment of the Holding
Company at a PU unit owned by the Holding Company, situated at
industrial area Sitapur, phase-I, Village Sitapur (Pahadi) Tehsil & District
Morena (M.P.).
193

Net debt reconciliation:
This section sets out an analysis of net debt and the movements in net debt for each of the periods presented:-
31 March 2024 31 March 2023
Cash and cash equivalents 6,414.69 5,053.77
Liquid investments (refer note (i) below) 18,712.37 14,083.93
Sub Total (A) 25,127.06 19,137.70
Current borrowings 615.11 992.97
Non-current borrowings 744.81 1,359.92
Lease liabilities 158.25 158.25
Sub Total (B) 1,518.17 2,511.14
Net debt/ (surplus) (B-A) (23,608.89) (16,626.56)
Changes in liabilities arising from financing activites

Particulars Liabilities from financing activities
Lease liabilities Borrowings Total
Debt as at 1 April 2022 158.25 2,901.42 3,059.67
Cash flows (net) - (548.53) (548.53)
Interest paid (15.83) (174.43) (190.26)
Debt as on 31 March 2023 158.25 2,352.89 2,511.14
Debt as at 1 April 2023 158.25 2,352.89 2,511.14
Cash flows (net) - (992.97) (992.97)
Interest paid (15.83) (175.26) (191.09)
Debt as on 31 March 2024 158.25 1,359.92 1,518.17
Notes :
(i) Liquid investments: Liquid investments represent current investments, being the Group’s financial assets and fixed
deposits held by the Group.
(ii) The Holding Company has used the borrowings from banks for the specific purpose for which it was taken at the
balance sheet date.
(iii) The information about the Group’s exposure to interest rate, foreign currency and liquidity risks is included in note
41.
(iv) The Holding Company has complied with the debt covenants as per the terms of borrowing facilities throughout the
reporting period and there have been no default in repayment of interest and loans in the current year.
31 March 2024 31 March 2023
17. Provisions
Gratuity (net of plan assets) (refer note 23(C) (i)) 424.16 260.18
Total 424.16 260.18
18. Deferred tax liabilities (net)

Deferred tax liabilities
Total deferred tax liabilities 7.41 2.31
Less: Deferred tax assets
Employee benefits 0.12 -
Total deferred tax assets 0.12 -
Total deferred tax liabilities (net) 7.29 2.31
194

Particulars Property, plant and Total
equipment and
intangible assets
As at 1 April 2022
Charged/ (Credited):
- to profit or loss 2.05 2.05
- to other comprehensive income - items that will be reclassified to Profit & Loss 0.26 0.26
As at 31 March 2023 2.31 2.31
- to other comprehensive income - items that will be reclassified to Profit & Loss 0.10 0.10
As at 31 March 2024 7.41 7.41
Particulars Employee benefits Total
As at 1 April 2022
- to profit or loss - -
- to other comprehensive income - items that will be reclassified to Profit & Loss - -
As at 31 March 2023 - -
- to other comprehensive income - items that will be reclassified to Profit & Loss - -
As at 31 March 2024 0.12 0.12
31 March 2024 31 March 2023
19. Borrowings
Secured:
Current maturities of non-current borrowing (refer note 16): 615.11 992.97
Total 615.11 992.97
20. Trade payables
Total outstanding dues to micro enterprises and small enterprises 529.89 296.95
small enterprises 5,217.11 6,989.79
Total 5,747.00 7,286.74
Particulars Outstanding for Following Period From the Due Date
Unbilled Not Due Less than 1-2 2-3 More than Total
1 year years years 3 years
Undisputed
Total outstanding dues to micro enterprises and small enterprises - 509.91 19.75 - - - 529.66
small enterprises 303.99 3,678.55 1,179.17 8.35 3.25 7.13 5,180.44
Disputed
Total outstanding dues to micro enterprises and small enterprises - - - - 0.23 - 0.23
small enterprises - - - 10.82 2.72 23.13 36.67
Total 303.99 4,188.46 1,198.92 19.17 6.20 30.26 5,747.00
195

Particulars Outstanding for Following Period From the Due Date
Unbilled Not Due Less than 1-2 2-3 More than Total
1 year years years 3 years
Undisputed
Total outstanding dues to micro enterprises and small enterprises - 294.99 1.74 0.22 - - 296.95
small enterprises 442.09 3,281.20 3,176.89 8.80 8.25 4.49 6,921.72
Disputed
Total outstanding dues to micro enterprises and small enterprises - - - - - - -
small enterprises - - - - 60.51 7.56 68.07
Total 442.09 3,576.19 3,178.63 9.02 68.76 12.05 7,286.74
Note: The disputed trade payable include those balances where there is an evidence of disagreement with the vendor.
31 March 2024 31 March 2023
21. Other financial liabilities
Unpaid dividends* 66.56 87.98
Employee benefits payable 574.51 355.45
Creditors for capital goods 530.07 587.43
Total 1,186.55 1,046.27
*There are no amounts due for payment to the Investor Education and Protection
Fund under Section 125 of the Companies Act, 2013 as at reporting dates.
22. Other current liabilities

Advance from customers (contract liabilities) 73.18 189.33
Deferred income (contract liabilities) 54.60 28.53
Statutory dues 96.86 101.63
Total 224.64 319.49
Note: Contract balances
The following table provides information about contractual liability from contract with customers:
Contract liabilities (advances from customers against sale of goods) As at As at
31 March 2024 31 March 2023
Contract liabilities (deferred income) As at As at

31 March 2024 31 March 2023
196

31 March 2024 31 March 2023
23. Provisions
Gratuity (net of plan assets) 64.46 40.63
Compensated absences (net of plan assets) 236.21 108.36
Total 300.67 148.99
(A) Compensated absences
The entire amount of the provision of Rs.236.22 lakhs (31 March 2023: Rs.108.36 lakhs ) is presented as current, since
the Group does not have an unconditional right to defer settlement for any of these obligations. However, based on past
experience, the Group does not expect all employees to take the full amount of accrued leave or require payment within
the next 12 months. The following amounts reflect leave that is not expected to be taken or paid within the next 12
months.
31 March 2024 31 March 2023
Compensated absences not expected to be settled within the
next 12 months (gross) 270.94 136.40
The Holding Company contributes to the compensated absences fund managed by the Life Insurance Corporation of
India under its Group Leave Encashment Scheme. The liability for compensated absences is determined on the basis
of independent actuarial valuation done at year end. Plan assets are measured at fair value as at balance sheet date.
(B) Defined contribution plans

The Holding Company has defined contribution plan for its employees’ retirement benefits comprising Provident Fund
& Employees’ State Insurance Fund. The Holding Company and eligible employees make monthly contribution to the
above mentioned funds at a specified percentage of the covered employees salary. The obligation of the Holding
Company is limited to the amount contributed and it has no further contractual or any constructive obligation. The
expense recognised during the year towards provident fund is Rs. 98.29 lakhs (31 March 2023: Rs. 89.54 lakhs). The
expense recognised during the period towards Employees’ State Insurance is Rs. 7.35 lakhs (31 March 2023: Rs.9.06
lakhs).
(C) Post-employment obligations

Defined benefit plans- Gratuity
The Group provides for gratuity for employees in India as per the Payment of Gratuity Act, 1972. Employees who are in
continuous service for a period of 5 years are eligible for gratuity. The amount of gratuity payable on retirement/termination
is the employees last drawn basic salary per month computed proportionately for 15 days salary multiplied for the
number of years of service. The gratuity plan is a funded plan and the Holding Company makes contributions to fund
managed by the Life Insurance Corporation of India.
(i) The amounts recognised in the Consolidated Balance Sheet and the movements in the net defined benefit
obligation over the year are as follows:
obligation assets
As at 1 April 2023 607.96 307.15 300.81
Total amount recognised in Consolidated Statement of Profit and Loss 142.02 22.62 119.40
Remeasurements
197

value of of Plan amount
obligation assets
Experience (gains)/ losses 39.46 - 39.46
As at 31 March 2024 785.71 297.09 488.62
As at 1 April 2022 423.75 303.78 119.97
Total amount recognised in Consolidated Statement of Profit and Loss 196.22 22.01 174.21
Remeasurements
Experience (gains)/losses (7.29) - (7.29)
As at 31 March 2023 607.96 307.15 300.81
31 March 2024 31 March 2023
Current 64.46 40.63
(ii) The net liability disclosed above relates to funded plan as follows:
Present value of funded obligations 785.71 607.96
Fair value of plan assets 297.09 307.15
(iii)The significant actuarial assumptions were as follows:

Discount rate 7.15% 7.35%
Salary growth rate 10.00% 8.50%
Mortality rate 100% of Indian 100% of Indian
assured lives assured lives
mortality mortality
(2012-14) (2012-14)
Attrition rate (On-roll Employees)
Up to 30 years 35.97% 27.62%
31-44 years 14.61% 11.33%
Above 44 years 7.22% 7.04%
Attrition rate (Contractual Employees) 24.00% 10.00%
198

(iv) Sensitivity analysis
a) The sensitivity of the defined benefit obligation to changes in the weighted principal assumptions for Holding
Company’s on-roll employees are:
Particulars Increase/ Increase/ Impact on defined benefit obligation
decrease decrease
Change in assumption Increase in assumption Decrease in assumption
As at March As at March As at March As at March As at March As at March
31, 2024 31, 2023 31, 2024 31, 2023 31, 2024 31, 2023
Discount rate 1.00% 1.00% -6.30% -6.30% 7.00% 7.10%
Salary growth rate 1.00% 1.00% 5.60% 6.30% -5.40% -5.70%
Attrition rate 50.00% 50.00% -2.70% -1.40% 4.50% 2.00%
Mortality rate 10.00% 10.00% 0.00% 0.00% 0.00% 0.00%
b) The sensitivity of the defined benefit obligation to changes in the weighted principal assumptions for Holding
Company’s contractual employees are:
decrease decrease
31, 2024 31, 2023 31, 2024 31, 2023 31, 2024 31, 2023
Discount rate 1.00% 1.00% -4.40% -8.80% 4.80% 10.20%
Salary growth rate 1.00% 1.00% 4.70% 10.00% -4.40% -8.80%
Attrition rate 50.00% 50.00% -11.60% -7.60% 20.80% 10.60%
Mortality rate 10.00% 10.00% 0.00% 0.00% 0.00% 0.00%
c) The sensitivity of the defined benefit obligation to changes in the weighted principal assumptions for Component
Company’s (Mayur TecFab Private Limited) on-roll employees are:
decrease decrease
31, 2024 31, 2023 31, 2024 31, 2023 31, 2024 31, 2023
Discount rate 1.00% - -9.30% - 10.70% -
Salary growth rate 1.00% - 10.30% - -9.10% -
Attrition rate 50.00% - -15.80% - 24.30% -
Mortality rate 10.00% - -0.10% - 0.10% -
The above sensitivity analyses are based on a change in an assumption while holding all other assumptions constant.
In practice, this is unlikely to occur, and changes in some of the assumptions may be correlated. When calculating the
sensitivity of the defined benefit obligation to significant actuarial assumptions the same method (present value of the
defined benefit obligation calculated with the projected unit credit method at the end of the reporting period) has been
applied as when calculating the defined benefit liability recognised in the balance sheet.The methods and types of
assumptions used in preparing the sensitivity analysis did not change compared to the prior period.
31 March 2024 31 March 2023
(v) The major categories of plan assets are as follows:
Funds of holding Company managed by insurer 100% 100%
Total 100% 100%
199

(vi) Risk exposure
Through its defined benefit plans, the Group is exposed to a number of risks, the most significant of which are detailed
below:
Interest rate risk: The plan exposes the Group to the risk of fall in the interest rates. A fall in the interest rates will result
in an increase in the ultimate cost of providing the above benefit and will thus result in an increase in the value of the
liability (as shown in financial statements)
Salary escalation risk: The present value of the defined benefit plan is calculated with assumption of salary increase
rate of plan participants in future. Deviation in the rate of increase of salary in future for plan participants from the rate of
increase in salary used to determine the present value of obligation will have a bearing on the plan’s liability.
Demographic risk: The Group has used certain mortality and attrition assumption in valuation of the liability. The Group
is exposed to the risk of the actual experience turning out to be worse.
Regulatory risk: Gratuity benefit is paid in accordance with the requirement of the Payment of Gratuity Act, 1972 (as
amended from time to time). There is a risk of change in regulation requiring higher gratuity payouts.
Liquidity risk : This is the risk that the Group is not able to meet the short-term gratuity payouts. This may arise due to
non availability of enough cash / cash equivalent to meet the liabilities or holding of illiquid assets not being sold in time.
Asset liability mismatching or market risk: The duration of the liability is longer compared to duration of assets,
exposing the Group to market risk for volatilities/ fall in interest rate.
Investment risk : The probability or likelihood of occurrence of losses relative to the expected return on any particular
investment.
(vii) Defined benefit liability and employer contributions
The Group’s best estimate of contribution towards post-employment benefit plans for the year ended 31 March 2025 are
Rs. 402.99 lakhs (year ended 31 March 2024 are Rs.217.68 lakhs).
The weighted average duration of the defined benefit obligation is 7 years (31 March 2023: 8 years ). The expected
maturity analysis of undiscounted gratuity for Holding Company’s on-roll empoloyees are as follows:
a year 1-less than 5-less than or more
5 years 10 years
As at 31 March 2024
Defined benefit obligation 83.99 284.61 311.43 453.72 1,133.75
Total 83.99 284.61 311.43 453.72 1,133.75
As at 31 March 2023
Total 94.21 175.97 221.20 384.10 875.48
The weighted average duration of the defined benefit obligation is 10 years (31 March 2023: NA ). The expected maturity
analysis of undiscounted gratuity for Component Company’s (Mayur TecFab Private Limited) on-roll empoloyees are as
follows:
a year 1-less than 5-less than or more
5 years 10 years
As at 31 March 2024
Total 0.17 1.21 1.30 5.60 8.28
As at 31 March 2023
Defined benefit obligation - - - - -
Total - - - - -
200

31 March 2024 31 March 2023
24. Current tax liabilities (net)
Income tax payable (net of income tax paid) 167.71 166.77
Total 167.71 166.77

31 March 2024 31 March 2023
25. Revenue from operations
The Group derives the following types of revenue:
Revenue from contracts with customers
Sale of product and services
- Export sales 43,789.53 22,233.38
- Domestic sales 34,680.61 54,531.14
- Traded goods 1,025.06 -
Total (A) 79,495.20 76,764.52
Other operating revenue

- Export incentives 15.55 9.90
- Scrap sales and others 787.19 788.97
Total (B) 802.74 798.87
Total (A+B) 80,297.94 77,563.39
Set out below is the disaggregation of the Group’s revenue from contracts
with customers:
Revenue recognised at the point of time 80,297.94 77,563.39
Revenue recognised over the period of time - -
Total 80,297.94 77,563.39
Reconciliation of revenue recognised with contract price:

Contract price 81,623.60 78,991.51
Adjustment for:
Less: Discounts/ price adjustments 2,128.40 2,226.99
Total 79,495.20 76,764.52
Note: For contract liability disclosure refer note 22.
26. Other income

Interest income from bonds and deposits 542.11 408.44
Dividend income from preference shares - 28.24
Net profit on sale of investments 109.80 212.25
Net gain on disposal of property, plant and equipment 22.69 21.09
Fair value gain on investments 1,503.11 167.00
Net foreign exchange gain 675.48 757.22
Miscellaneous income 84.04 180.02
Total 3,184.73 1,774.26
201

31 March 2024 31 March 2023
27. Cost of materials consumed
Raw material at the beginning of the year 12,451.59 13,883.62
Add: Purchases during the year 42,797.67 46,648.94
Less: Raw material at the end of the year 10,928.63 12,451.59
Total 44,320.63 48,080.97
28. Purchases of stock-in-trade

Traded goods purchases during the year 820.44 -
Total 820.44 -
29. Changes in inventories of work-in-progress,

stock-in-trade and finished goods
Opening stock
9,975.81 7,745.31
Less:- Closing stock
8,824.94 9,975.81
Add: Translation difference transferred to foreign currency translation reserve 113.01 426.12
Total 1,263.88 (1,804.38)
30. Employee benefits expense

Salaries, wages and bonus [(including gratuity amounting to
Rs.65.67 lakhs (31 March 2023: 48.18 lakhs)] 4,128.30 3,708.46
Contribution to provident and other funds [refer note 23 (B)] 105.64 98.61
Staff welfare expenses 293.22 241.26
Total 4,527.16 4,048.33
31. Finance costs

Interest expenses:
Borrowing 175.26 174.43
Lease liability 15.83 15.83
Interest on shortfall of advance income tax 2.00 -
Other borrowing costs 67.41 58.35
Total 260.50 248.61
Note: The Holding Company has capitalised borrowing costs incurred on
the term loans raised for specific qualifying assets, refer note 46.
32. Depreciation and amortisation expenses

Depreciation on property, plant and equipment [refer note 3(a)] 2,909.62 2,210.48
Amortisation of intangible assets [refer note 3(d)] 5.62 5.48
Depreciation on right on-use assets [refer note 3(b)] 10.41 10.41
Total 2,925.65 2,226.37
202

31 March 2024 31 March 2023
33. Other expenses
Power and fuel 2,870.73 3,273.20
Contract labour [(including gratuity amounting to Rs.53.73.lakhs
(31 March 2023: Nil)] 2,582.13 2,251.98
Repairs to : plant and equipment 625.80 494.87
: buildings 82.21 51.42
: others 264.84 280.25
Insurance expense 228.62 223.18
Legal and professional 1,005.87 990.52
Travelling and conveyance 400.61 366.50
Rent expenses 361.54 292.90
Charity and donation 10.43 8.50
Corporate social responsibility 231.08 228.61
Loss on maturity of investment-bonds - 20.68
Directors’ sitting fees 20.40 26.65
Security charges 186.09 172.48
Commission on sales 156.56 155.52
Freight and cartage 3,081.01 3,526.44
Sales promotion 234.47 273.30
Miscellaneous expenses 574.17 344.88
Total 13,482.44 13,367.28
34. Income tax expense

Income tax expense
Current tax 3,895.24 3,549.09
Total 3,662.85 2,925.59
Increase in deferred tax assets (187.17) (310.53)
Increase in deferred tax liabilities 159.46 134.71
Total (27.71) (175.82)
Reconciliation of tax expense and the accounting profit multiplied by

India’s tax rate:
Profit before income tax expense 15,881.97 13,170.47
Tax at the Indian tax rate of: 25.168% 3,903.66 3,314.75
Tax effect of amounts which are not deductible (taxable) in calculating
taxable income:
Expenses permanently disallowed under income tax 56.88 55.33
Difference due to different tax rates of foreign subsidiaries 84.43 43.04
Effect of income taxed at different rates (179.15) (47.40)
Others 1.61 7.55
203

31 March 2024 31 March 2023
35. Earnings per share
Profit after tax attributable to the equity share holders of the Holding Company 12,246.83 10,420.70
Total/ weighted average number of equity shares outstanding during the year
(Number of shares) 4,39,52,600 4,39,83,422
Basic earnings per share (in Rs.) 27.86 23.69
Diluted earnings per share (in Rs.) 27.86 23.69
Face value per equity share (in Rs.) 5.00 5.00
31 March 2024 31 March 2023
36. Contingent liabilities
Claims against the Group not acknowledgement as debts:-
- GST matters 2,686.86 37.00
- Income tax matters (on account of disallowance of certain expenses
and brought forward loss adjustments) 729.66 666.25
- Custom matter 41.74
- Textile committee cess - 7.69
Total 3,458.26 710.94
Note: Against the total demand of Rs. 3,458.26 lakhs, the Holding Company has filed appeals before various tax
authorities. Based on management assessment and upon consideration of advice from the independent legal counsels,
the management believes that the Holding Company has reasonable chances of succeeding before the tax authorities
and does not foresee any material liability. Pending the final decision on this matter, no adjustment has been made in
the consolidated financial statements. It is not practicable for the Group to estimate the timings of cash outflows, if any,
in respect of the above pending resolution of the respective proceedings.
31 March 2024 31 March 2023
37. Capital commitments
Capital expenditure contracted for at the end of the reporting year but not
recognised as liabilities (net of capital advance of Rs.172.33 lakhs
(as at 31 March 2023: Rs.50.38 lakhs) 81.47 17.82
38. Segment information

The chief operating decision maker reviews the performance of the overall business. The Group operates in single
reportable segment “PU/PVC synthetic leather”, The segment wise disclosure requirements of Ind AS 108 on
Operating Segments is not applicable. In compliance to the said standard, entity wide disclosures are as under:
Revenues from external customers attributed to the country of Year Ended Year Ended
domicile and attributed to all foreign countries from which the 31 March 2024 31 March 2023
group derives revenues
Revenue from the country of domicile- India 52,762.72 55,312.07
Revenue from foreign countries 27,535.22 22,251.32
Total 80,297.94 77,563.39
204

Revenue from major customers:
There are two customers having revenue amounting to 10% or more of Group’s total revenue as per the below
details:
31 March 2024 31 March 2023
Customer A 3,960.91 9,157.83
Total 3,960.91 9,157.83
Property, Plant and Equipment, Right-of-use Assets, Capital Year ended Year ended
Work-in-Progress and Intangible Assets 31 March 2024 31 March 2023
India 23,300.58 24,284.69
Other Countries 51.89 39.08
Total 23,352.47 24,323.77
39. Related party transactions

A Related party relationship where control exists:
(a) Entities in which key management personnel (KMP) or relatives of KMP have control or joint control
or have significant influence
Mayur Leather Products Limited
Mayur Foundation
Suresh Kumar Poddar & Sons HUF Upto 29 June 2022
B Other related parties (with whom there are transactions during the year or closing balances) :
a) Key management personnel (KMP)
Suresh Kumar Poddar (Chairman & Managing Director & CEO)
Arun Kumar Bagaria (Executive Director)
Vinod Kumar Sharma (Chief Financial Officer)
Dinesh Sharma (Company Secretary) Upto 22 August 2022
Pawan Kumar Kumawat (Company Secretary) w.e.f. 23 August 2022
Ratan Kumar Roongta
Tanuja Agarwal Upto 10 April 2024
Arvind Kumar Sharma
Shyam Agrawal
Nivedita Ravindra Sarda w.e.f. 08 November 2023
b) Close members of key management personnel
Kiran Poddar (Wife of Chairman & Managing Director & CEO)
Dolly Bagaria (Wife of Executive Director)
Manav Poddar (Son of Chairman & Managing Director & CEO)
Puja Poddar (Daughter-in law of Chairman & Managing Director & CEO)
C Details of significant transactions with related parties described above carried out :
a) Key management personnel compensation
31 March 2024 31 March 2023
Remuneration (Including expenses on director’s facilities) 490.38 464.59
Post-employment benefits 28.55 3.14
Total 518.93 467.73
205

b) Transactions with other related parties:
31 March 2024 31 March 2023
Sitting fees paid to independent and non executive directors
Ratan Kumar Roongta 4.65 6.55
Tanuja Agarwal 4.65 6.40
Arvind Kumar Sharma 4.65 6.55
Shyam Agrawal 4.65 6.55
Nivedita Ravindra Sarda 1.00 -
Dividend paid
Kiran Poddar 0.09 0.09
Dolly Bagaria 0.05 3.15
Manav Poddar 138.61 138.61
Puja Poddar 13.70 13.70
Employee benfits expense
Purchase of freehold land
Suresh Kumar Poddar - 84.83
Kiran Poddar - 125.43
Sale of products and services
D Closing balances:
31 March 2024 31 March 2023
Trade receivable
Employee benefits payable
Vinod Kumar Sharma 8.89 4.00
Pawan Kumar Kumawat (Company Secretary) 2.06 0.70
Terms and conditions
All transactions were made on normal commercial terms and conditions and at market rates. All outstanding
balances are unsecured and are repayable in cash.
206
40. Fair value measurements

Financial instruments by category
FVTPL Amortised FVTPL Amortised
cost cost
Financial assets
Investments *
- Mutual funds/ Alternate investment funds 16,551.10 - 10,651.06 -
- Bonds - 2,007.43 - 2,516.03
Trade receivables - 15,830.52 - 13,360.71
Cash and cash equivalents - 6,414.69 - 5,053.77
Other bank balances - 516.33 - 1,983.84
Other financial assets - 8,071.60 - 2,180.46
Total financial assets 16,551.10 32,840.57 10,651.06 25,094.81
Borrowings (including current portion) - 1,359.92 - 2,352.89
Lease liabilities - 158.25 - 158.25
Trade payables - 5,747.00 - 7,286.74
Other financial liabilities - 1,186.55 - 1,046.27
Total financial liabilities - 8,451.72 - 10,844.15
* The fair values of the investments is measured using quoted prices or NAV declared by mutual funds and are
classified as level 1 fair values in the fair value hierarchy.
(i) Fair value hierarchy
Level 1: Level 1 hierarchy includes financial instruments measured using quoted prices. This includes listed equity
instruments, traded debentures and mutual funds that have quoted price. The fair value of all equity instruments
(including debentures) which are traded in the stock exchanges is valued using the closing price as at the reporting
period. The mutual funds are valued using the closing NAV.
Level 2: The fair value of financial instruments that are not traded in an active market is determined using valuation
techniques which maximise the use of observable market data and rely as little as possible on entity-specific
estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in
level 2. There are no instruments categorised in level 2.
Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included
in level 3. There are no instruments categoriesed in level 3.
There are no transfers between levels 1 and 2 during the year.
The Group’s policy is to recognise transfers into and transfers out of fair value hierarchy levels as at the end of the
reporting period.
(ii) Fair value of financial assets and liabilities measured at amortised cost
The carrying amounts of trade receivables, trade payables, cash and cash equivalents, other bank balances, other
financial assets, other financial liabilities, short term borrowings, lease liabilities are considered to be the same as
their fair values, due to their short-term nature.
Majorly the security deposits and fixed deposits are redeemable on demand and bonds are redeemable at par
hence the fair values of security deposits and bank deposits are approximately equivalent to the carrying amount.
The Non-current borrowings and lease liabilities are carried at amortised cost. There is no material difference
between carrying amount and fair value of non-current borrowings as at 31 March 2024 and 31 March 2023.
207

41. Financial risk management
The Group’s activities expose it to market risk, liquidity risk and credit risk.
The Group’s board of directors has overall responsibility for the establishment and oversight of the Group’s risk
management framework.
(A) Credit risk
Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to
meet its contractual obligations, and arises principally from the Group’s receivables from customers. The
carrying amounts of financial assets represent the maximum credit risk exposure.
A default on a financial asset is when the counterparty fails to make contractual payments as per agreed terms.
This definition of default is determined by considering the business environment in which entity operates and
other macro-economic factors.
Assets are written off when there is no reasonable expectation of recovery.
The Group considers the probability of default upon initial recognition of asset and whether there has been a
significant increase in credit risk on an ongoing basis throughout each reporting year. To assess whether there
is a significant increase in credit risk the Group compares the risk of a default occurring on the asset as at the
reporting date with the risk of default as at the date of initial recognition. It considers available reasonable and
supportive forwarding-looking information.
Trade and other receivables
Credit risk refers to the risk of default on its obligation by the counter party resulting in financial loss. The
maximum exposure to the credit risk at the reporting date is primarily from trade receivable amounting to Rs.
15,830.52 lakhs , Rs. 13,360.71 lakhs as at 31 March 2024 and 31 March 2023 , respectively. The Group’s
exposure to credit risk is influenced mainly by the individual characteristics of each customer. The management
also considers the factors that may influence the credit risk of its customer base, including the default risk of the
industry and country in which customers operate. The Group has a credit risk management policy in place to
limit credit losses due to non-performance of financial counterparties and customers. The Group monitors its
exposure to credit risk on an ongoing basis at various levels. Outstanding customer receivables are regularly
monitored. The Group closely monitors the acceptable financial counterparty credit ratings and credit limits and
revise where required in line with the market circumstances.
Due to the geographical spread and the diversity of the Group’s customers, the Group is not subject to any
significant concentration of credit risks at balance sheet date.
On account of adoption of Ind AS 109, the Group uses a simplified approach (lifetime expected credit loss
model) for the purpose of computation of expected credit loss for trade receivables.
The Group calculates expected credit loss on its trade receivables using ‘allowance matrix’ and also takes into
account ‘delay risk’ on trade receivables.
Significant estimates: The impairment provisions for financial assets disclosed above are based on
assumptions about risk of default and expected loss rates. The Group uses judgment in making these
assumptions and selecting the inputs to the impairment calculation, based on the Group’s past history, existing
market conditions as well as forward looking estimates at the end of each reporting year. For trade receivables
only, the Group applies the simplified approach permitted by Ind AS 109, “Financial Instruments”, which requires
expected lifetime losses to be recognised from initial recognition of the receivables.
Management judgment is required for assessing the recoverability of trade receivables and the valuation of the
allowances for impairment of trade receivables. The Group makes impairment allowance for trade receivables
based on an assessment of the recoverability of trade receivables. Allowances are applied to trade receivables
where events or changes in circumstances indicate that the balances may not be collectible. The impairment
allowance is estimated by management based on historical experience and current economic environment,
The Group assesses the expected credit losses by calibrating historical experience with forward-looking
estimates. This may include information regarding the industry in which debtors are operating, historical and
post year-end payment records, as well as creditworthiness of debtors.
208

Reconciliation of loss allowance on trade receivables
Particulars Amount
Loss allowance on 1 April 2022 450.20
Changes in loss allowance during the year including bad debts written-off against provision (13.27)
Loss allowance on 1 April 2023 436.93
Changes in loss allowance during the year including bad debts written-off against provision 3.30
Loss Allowance on 31 March 2024 440.23
Cash & cash equivalents and bank deposits

Credit risk related to cash and cash equivalents and bank deposits is managed by only accepting highly rated
banks and diversifying bank deposits accounts in different banks across the country.
Other financial assets measured at amortised cost
Other financial assets measured at amortised cost includes security deposits, investment in subsidiaries and
other investments. Credit risk related to these other financial assets is managed by monitoring the recoverability
of such amounts continuously.
Gross carrying amount - Trade receivables 11,011.64 4,358.04 496.13 71.95 45.36 287.63 16,270.75
provision) - 106.53 1.76 20.48 30.74 280.72 440.23
Net carrying amount - Trade receivables 11,011.64 4,251.51 494.37 51.47 14.62 6.91 15,830.52

Gross carrying amount - Trade receivables 9,659.46 3,337.68 350.61 151.76 22.61 275.52 13,797.64
provision) - 112.26 9.34 33.53 6.28 275.52 436.93
Net carrying amount - Trade receivables 9,659.46 3,225.42 341.27 118.23 16.33 - 13,360.71
(B) Liquidity risk
Prudent liquidity risk management implies maintaining sufficient cash and marketable securities and the
availability of funding to meet obligations when due. Management monitors rolling forecasts of the Group’s
liquidity position and cash and cash equivalents on the basis of expected cash flows.
Maturities of financial liabilities
The following are the remaining contractual maturities of financial liabilities at the reporting date. The amounts
are gross and undiscounted, and include estimated interest payments and exclude the impact of netting
agreements.
Contractual maturities of financial liabilities:
1 years 5 years
As at 31 March 2024
Borrowings 712.75 808.41 -
Total 7,662.13 871.72 1,341.14
209

1 years 5 years
As at 31 March 2023
Borrowings 1,161.16 1,509.23 -
Total 9,510.00 1,572.54 1,341.14
Financing arrangements
The Group had access to the following undrawn borrowing facilities at the end of the reporting year:
31 March 2024 31 March 2023
Working capital limit 11,902.39 8,532.32
Total 11,902.39 8,532.32
(C) Market risk

(i) Foreign currency risk
The Group operates internationally and is exposed to foreign exchange risk arising from foreign currency
transactions, primarily with respect to the USD, GBP, ZAR and EUR. Foreign exchange risk arises from future
commercial transactions and recognised assets and liabilities denominated in a currency that is not the
Group’s functional currency (INR). The Group maintains EEFC bank account for export sales realisation which
is generally used for repayment of import obligations (arising out of purchase of raw materials, services and
capital goods), therefore, the risk is not a material risk to the Group.
The Group’s exposure to foreign currency risk at the end of the reporting year expressed in INR, are as follows:
Trade receivables 2,109.59 107.94 - 28.21
Trade payables 1,226.32 - - 19.17

Trade receivables 1,927.38 67.19 - 28.70
Trade payables 2,073.57 - - 234.42
210

Sensitivity#
The sensitivity of profit or loss to changes in the exchange rates arises mainly from foreign currency denominated
financial instruments:
31 March 2024 31 March 2023
USD Sensitivity
INR/USD - Appreciates by 1.49% (31 March 2023 - 8.53%) 36.14 81.95
INR/USD - Depreciates by 1.49% (31 March 2023 - 8.53%) (36.14) (81.95)
Euro Sensitivity
INR/Euro - Appreciates by 0.75% (31 March 2023 - 5.97%) * (10.09)
INR/Euro - Depreciates by 0.75% (31 March 2023 - 5.97%) * 10.09
GBP Sensitivity
INR/GBP - Appreciates by 3.43% (31 March 2023 - 2.59%) 2.77 1.30
INR/GBP - Depreciates by 3.43% (31 March 2023 - 2.59%) (2.77) (1.30)
# Holding all other variables constant
* Amount below the rounding-off norms adopted by the Group
(ii) Interest rate risk
The exposure of the Group’s borrowing to interest rate changes at the end of the reporting year are as follows:
31 March 2024 31 March 2023
Variable rate borrowings 1,359.92 2,352.88
Fixed rate borrowings 158.25 158.25
The Group on a regular basis monitors the changes in interest rate in the market to manage the portfolio of variable rate
borrowings.
Sensitivity
Profit or loss is sensitive to higher/lower interest expense from borrowings as a result of changes in interest rates.
31 March 2024 31 March 2023
Interest Rates-Increase by 1.00 basis points (31 March 2023-1.00 bps)* 11.02 17.25
Interest Rates-Decrease by 1.00 basis points (31 March 2023-1.00 bps)* (11.02) (17.25)
* Holding all other variables constant
(iii) Price risk
The Group’s exposure to price risk arises from investements held by the Group and classified in the Balance Sheet as
fair value through Profit and Loss. To manage its price risk arising from investments, the Group diversifies its portfolio.
Sensitivity
The table below summarises the impact of increases/decreases of the Group’s profit for the year and other equity. The
analysis is based on the assumption that the fair value of investments had increased by 5% decreased by 5% with all
other variables held constant.
31 March 2024 31 March 2023
Increase in fair value of investments by 5% 827.56 532.55
Decrease in fair value of investments by 5% (827.56) (532.55)
211

Commodity price risk
Commodity price risk arises due to fluctuation in prices of key raw materials. The Group has a risk management
framework aimed at prudently managing the risk arising from the volatility in commodity prices and freight costs. The
Group’s commodity risk is managed centrally through well-established control processes. Further, selling price of
finished goods are adjusted due to fluctuation in market prices of key raw materials and the Group expects that the net
impact of such fluctation would not be material.
42. Events occurring after the reporting year

The Board of Directors of the Holding Company has recommended final dividend of Rs. 3.00 (i.e. 60%) per Equity
Share of Rs. 5.00 each aggregating to Rs. 1,318.58 lakhs, which is subject to the approval of shareholders in the
ensuing Annual General Meeting.
43. Capital management

The Group’s objectives when managing capital are to:
• safeguard their ability to continue as a going concern, so that they can continue to provide returns for shareholders
and benefits for other stakeholders, and
• maintain an optimal capital structure to reduce the cost of capital.
In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders,
return capital to shareholders, issue new shares or sell assets to reduce debt. No changes were made in the
objectives, policies or processes for managing capital during the year ended 31 March 2024 and 31 March 2023.
The Group has complied with the debt covenants as per the terms of borrowing facilities throughout the reporting
period.
44. Impairment of non-financial assets

In accordance with Ind AS 36 “Impairment of Assets”, the Holding Company has identified Gwalior plant (the ‘Plant’)
as a separate cash generating unit (CGU) for the purpose of impairment review. Management periodically performs
an impairment assessment of the CGUs basis internal and external indicators, in order to determine whether the
recoverable value is below the carrying amount as at 31 March 2024.
The Holding Company has considered its property, plant and equipment, inventory, trade receivables and other
attributable assets and liabilities of the Gwalior Plant as a single CGU. As at 31 March 2024, carrying value of CGU
is Rs. 10,557.72 lakhs.
The Plant has incurred operating losses during the current and previous years and the economic performance of
the Plant, has been significantly lower than the budgets. Therefore, basis these indicators, the Plant has been
assessed for recoverability as at 31 March 2024 as to whether, the carrying value exceeds the recoverable value of
the Plant. Holding Company has assessed the recoverability (fair value) of the property, plant & equipment (‘PPE’)
having carrying values of Rs. 8,464.28 lakhs for CGU as at 31 March 2024 with the help of an external valuation
expert using the reproduction cost method (indexation method) under cost approach for PPE (other than land and
building) and sales comparison method under market approach for land and building as per Ind AS 36. Remaining
carrying values of CGU of Rs. 2,093.44 lakhs, majorly includes Inventory of Rs. 1479.04 lakhs and GST input of Rs.
1055.78 lakhs are recoverable with no impairment risk.
Such valuation model requires management to make significant estimates and assumptions related to selection
of the discount rates, estimated future life and market values of property to be considered for impairment testing as
per Ind AS 36. “
Based on above, recoverable value (fair value less cost of disposal) calculated as at 31 March 2024 is Rs. 11,254.43
lakhs.
Key assumptions used in determining the recoverable value are:
(a) Discount rate (b) Estimated future life (c) Market values of property
If we apply senstivity on discount rate and market values, the recoverable value will still exceed the carrying value of
the CGU. Hence, no impairment required to be recognized.
212

45. Note on audit trail
The Ministry of Corporate Affairs (MCA) has prescribed a new requirement for companies under the proviso to Rule
3(1) of the Companies (Accounts) Rules, 2014 inserted by the Companies (Accounts) Amendment Rules 2021
requiring companies which uses accounting software for maintaining its books of account, shall use only such
accounting software which has a feature of recording audit trail of each and every transaction, creating an edit log of
each change made in the books of account along with the date when such changes were made and ensuring that
the audit trail cannot be disabled.
The Holding Company, and its subsidiary uses accounting software where the audit trail (edit logs) at the application
level of the accounting software has operated throughout the year for all relevant transactions recorded in the
software. But the feature of recording audit trail was not enabled at the database level to log any direct data changes,
used for maintenance of all accounting records by the Holding Company.
The Holding Company follows a specific procedure for direct database changes in a controlled environment which
includes taking prior approval for any changes required at database level. In the approval mail all the specific details
are mentioned regarding audit trail requirements for capturing timing, the executor, and the details of the change.
Further, this information was available for the entire fiscal year.
46. Capitalisation of expenditure incurred during construction period (refer note 3a)
The costs that are directly attributable to the acquisition or construction of property, plant and equipment have been
apportioned to certain property, plant and equipment on reasonable basis. details of such costs capitalised is as
under :-
31 March 2024 31 March 2023
Other expenses (includes professional charges and frieght) 6.26 313.84
Interest expense (31 March 2023 - 7.48%) - 39.07
Employee benefits expense 0.45 4.60
Total 6.71 357.51
47. Additional information, as required under schedule III of the Companies Act 2013, of entity consolidated as
subsidiary
Name of Company Net assets i.e. total Share in profit / (loss) Share in other Share in total
assets minus comprehensive comprehensive
total liabilities income (OCI) income (CI)
As % of Amount As % of Amount As % of Amount As % of Amount
consolidated consolidated consolidated consolidated
net assets @ profit and OCI @ CI @
loss @
Holding Company
Mayur Uniquoters Limited 100.08 86,775.09 97.62 11,954.79 287.49 (57.08) 97.31 11,897.71
Subsidiary Company
Mayur Uniquoters Corp.* 3.38 2,926.81 2.40 293.37 (214.12) 42.51 2.75 335.88
Mayur Uniquoters SA
(PTY) Limited 0.97 843.67 2.42 296.04 26.62 (5.29) 2.38 290.75
Mayur Tecfab Private
Limited 0.53 455.38 (0.13) (16.40) - - (0.13) (16.40)
Total 104.95 91,000.95 102.29 12,527.80 100.00 (19.86) 102.30 12,507.94
Less: Adjustments arising
out of consolidation (4.95) (4,290.90) (2.29) (280.97) - - (2.30) (280.97)
Total 100.00 86,710.05 100.00 12,246.83 100.00 (19.86) 100.00 12,226.97
213

Name of Company Net assets i.e. total Share in profit / (loss) Share in other Share in total
assets minus comprehensive comprehensive
total liabilities income (OCI) income (CI)
As % of Amount As % of Amount As % of Amount As % of Amount
consolidated consolidated consolidated consolidated
net assets @ profit and OCI @ CI @
loss @
Parent Company
Mayur Uniquoters Limited 100.53 75,756.43 103.14 10,748.14 (11.89) (13.53) 101.90 10,734.61
Subsidiary Company
Mayur Uniquoters Corp.* 3.44 2,590.93 4.15 432.31 158.94 180.84 5.82 613.15
Mayur Uniquoters SA
(PTY) Limited 0.73 552.92 3.34 348.46 (47.05) (53.53) 2.80 294.93
Mayur Tecfab Private
Limited 0.63 471.79 (0.27) (28.21) - - (0.27) (28.21)
Total 105.32 79,372.07 110.35 11,500.70 99.99 113.78 110.24 11,614.48
Less: Adjustments arising
out of consolidation (5.32) (4,009.95) (10.35) (1,080.00) 0.01 - (10.24) (1,080.00)
Total 100.00 75,362.12 100.00 10,420.70 100.00 113.78 100.00 10,534.48
@ - Percentage has been determined before considering Group adjustments and inter Company eliminations.
* - Includes financial information for step-down subsidiary “Futura Textiles Inc.”
48. Additional regulatory information required by schedule III of Companies Act, 2013
(i) Details of benami property:
No proceedings have been initiated or are pending against the Group for holding any benami property under
the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and the rules made thereunder.
(ii) Utilisation of borrowed funds and share premium:
(A) The Group has not advanced or loaned or invested funds (either borrowed funds or share premium or any
other sources or kind of funds) to any other person(s) or entity(ies), including foreign entities (intermediaries)
with the understanding (whether recorded in writing or otherwise) that the intermediary shall:
or on behalf of the Group (ultimate beneficiaries) or
(B) The Group has not received any funds from any person(s) or entity(ies), including foreign entities (funding
party) with the understanding (whether recorded in writing or otherwise) that the Group shall:
or on behalf of the funding party (ultimate beneficiaries) or
(iii) Compliance with approved scheme(s) of arrangements:
No scheme of arrangement has been approved by the Competent Authority in terms of Sections 230 to 237 of
the Companies Act, 2013, hence, this is not applicable.
(iv) Undisclosed income:
There are no transactions not recorded in the books of account that have been surrendered or disclosed as
income during the current or previous year in the tax assessments under the Income-tax Act, 1961.
214
(v) Details of crypto currency or virtual currency:

The Group has not traded or invested in crypto currency or virtual currency during the current or previous year.
(vi) Valuation of property, plant and equipment and intangible assets:
As the Group has chosen cost model for its property, plant and equipment (including right-of-use assets) and
intangible assets, the question of revaluation does not arise.
(vii) Loans or advances to specified persons:
The Group has not granted any loans or advances in the nature of loans to promoters, directors, KMPs or the
related parties (as defined under Companies Act, 2013,) either severally or jointly with any other person.
(viii)Borrowings secured against current assets:
The Group had sanctioned borrowings limits as disclosed in note 16. The quarterly returns/ statements of
current assets filed by the Group with the bank were in agreement with the books of account for the year ended
31 March 2024.
(ix) Willful defaulter:
The Group has not been declared willful defaulter by any bank or financial institution or government or any
government authority.
(x) Transaction with struck-off Companies:
The Group has not entered into any transaction with the struck off Companies.
(xi) Registration of charges or satisfaction with registrar of Companies:
There are no charges or satisfaction yet to be registered with Registrar of Companies beyond the statutory
period.
(xii) Compliance with number of layers of Companies:
The Group complies with the number of layers prescribed under clause (87) of Section 2 of the Act read with
Companies (Restriction on number of Layers) Rules, 2017.
(xiii) Utilisation of borrowings availed from banks and financial institutions:
The borrowings obtained by the Group have been utilised for the purpose for which the same was obtained.
49. Per transfer pricing legislation under section 92-92F of the Income-Tax Act 1961, the Group is required to use certain
specific methods in computing arm’s length price of international transactions with associated enterprises and
maintains adequate documentation in this respect. The legislations require that such information and documentation
to be contemporaneous in nature. The Group has appointed independent consultants for conducting the Transfer
Pricing Study to determine whether the transactions with associated enterprises undertake during the financial year
are on an “arm’s length basis”. The Group is in the process of conducting a transfer pricing study for the current
financial year and expects such records to be in existence latest by the due date as required by law. However, in the
opinion of the management the update would not have a material impact on these financial statements. Accordingly,
these financial statements do not include any adjustments for the transfer pricing implications, if any.

Date : 21 May 2024 Date : 21 May 2024
215
Notice
NOTICE OF THE 31ST ANNUAL GENERAL MEETING

NOTICE is hereby given that the 31st (Thirty-First) Annual Special Business:
General Meeting (“AGM”) of the Members of Mayur (4) To ratify the remuneration of the Cost Auditor for
Uniquoters Limited (“the Company”) will be held on the financial year 2024-25 and in this regard to
Saturday, September 14, 2024 at 11.00 A.M. (IST) through consider, and if thought fit, to pass the following
Video Conferencing (“VC”) / Other Audio Visual Means resolution as an Ordinary Resolution:
(“OAVM”) to transact the following business.
“RESOLVED THAT pursuant to the provisions of
Ordinary Business: Section 148(3) and other applicable provisions, if any,
(1) To consider and adopt: of the Companies Act, 2013 read with rules made
there under (including any statutory modification(s)
(a) The Audited Standalone Financial Statements of
or reenactment(s) thereof for the time being in force),
the Company for the financial year ended on
the payment of the remuneration of Rs. 3,50,000/-
March 31, 2024 together with the reports of the
(Rupees Three Lakhs and Fifty Thousand Only) plus
Board of Directors and Auditors thereon;
applicable GST and reimbursement of out of pocket
(b) The Audited Consolidated Financial Statements expenses at actuals to M/s. Pavan Gupta & Associates,
of the Company for the financial year ended on Cost Accountants (Firm Registration No. 101351) who
March 31, 2024 and Auditor’s report thereon. were appointed by the Board of Directors of the
(2) To declare a final dividend of Rs. 3.00/- (Rupees Three Company as “Cost Auditors” to conduct the audit of
Only) per Equity Share of face value of Rs. 5.00/- each the cost records maintained by the Company for
for the financial year ended on March 31, 2024. financial year ending on March 31, 2025, be and is
hereby ratified and approved”.
(3) To appoint a director in place of Mr. Arun Kumar Bagaria
(DIN: 00373862), who retires by rotation and being “RESOLVED FURTHER THAT the Board of Directors of
eligible, has offered himself for re-appointment. the Company be and is hereby authorized to do all
such acts, deeds, matters and things and take all
such steps as may be necessary, proper or expedient
to give effect to this resolution.”
By order of the Board of Directors

Pawan Kumar Kumawat
Date: August 08, 2024 (Company Secretary and Compliance Officer)
Place: Jaipur ACS 25377
Village: Jaitpura, Jaipur-Sikar Road,
Tehsil: Chomu, District: Jaipur 303704 (Rajasthan)
216
Notice
NOTES:-
1. The relevant Explanatory Statement setting out the ascertaining the quorum under Section 103 of the
material facts concerning each item of Special Companies Act, 2013.
Business to be transacted at the Annual General
5. Since this AGM is being held through VC/OAVM
Meeting pursuant to Section 102 of the Companies
pursuant to the MCA Circulars and SEBI Circulars,
Act, 2013 read with the Rules made thereunder is
physical attendance of Members has been dispensed
annexed hereto and forms part of the Notice.
with. Accordingly, the facility for the appointment of the
2. Pursuant to the Circular No 09/2023 dated September proxy(ies) by the members to attend the AGM and cast
25, 2023 issued by the Ministry of Corporate Affairs vote for the members is not available for this AGM and
(“MCA”) read together with previous circulars issued hence the Proxy Form, Attendance Slip and Route Map
by the MCA in this regard (hereinafter collectively are not annexed hereto.
referred to as “MCA Circulars”) and the relaxations
6. In line with the measures undertaken by the MCA for
provided vide Master Circular No. SEBI/HO/CFD/
promotion of Green Initiative, the MCA has introduced
PoD2/CIR/P/2023/120 dated July 11, 2023 and SEBI
the provision for sending the notice of the meeting
Circular No.SEBI/HO/CFD/CFD-PoD-2/P/CIR/2023/
and other shareholder correspondences through
167 dated October 07, 2023 issued by the Securities
electronic mode. Accordingly, the electronic copies of
and Exchange Board of India (“SEBI”) (hereinafter
the Notice of the AGM along with the Annual Report for
collectively referred to as “SEBI Circulars”) Companies
the Financial Year 2023-24 is being sent to all the
are allowed to hold Annual General Meeting (“AGM”)
shareholders whose email addresses are registered/
through Video Conferencing (“VC”) or Other Audio-
available with the Company/ Depository Participants
Visual Means (“OAVM”), without the physical presence
and Registrar to an Issue (“RTA”) as on the cut-off
of Members at a common venue till 30 September
date i.e. Friday, August 16, 2024 and the same also
2024. Hence, in compliance with the MCA Circulars
havebeen uploaded on the website of the Company
and SEBI Circulars and provisions of the Companies
at www.mayuruniquoters.com
Act, 2013 (the “Act”) and SEBI (Listing Obligations
and Disclosure Requirements) Regulations, 2015 The Company shall send the physical copy of the
(“Listing Regulations”), the 31stAGM of the Company Integrated Annual Report FY 2023-24 only to those
is being held through VC/OAVM and the members Members who specifically request for the same at
can attend and participate in theensuing AGM through secr@mayur.biz mentioning their Folio No/DP ID and
VC/ OAVM. The deemed venue for the 31st AGM of the Client ID.
Company shall be the registered office of the
The Notice and Annual Report can also be accessed
Company situated at Jaipur-Sikar Road, Village-
from the website of the Stock Exchanges i.e BSE
Jaitpura, Tehsil Chomu, District-Jaipur, Rajasthan-
Limited and National Stock Exchange of India Limited
303704.
at www.bseinida.com and www.nseindia.com
3. The Members can join the AGM in the VC/OAVM mode respectively. The AGM Notice is also disseminated
15 minutes before and after the scheduled time of the on the website of CDSL (agency for providing the
commencement of the Meeting by following the Remote e-Voting facility and e-voting system during
procedure mentioned in the Notice. The facility of the AGM) i.e. www.evotingindia.com
participation at the AGM through VC/OAVM will be made
7. Effective from April 01, 2024, SEBI has mandated that
available to 1,000 members on first come first serve
the shareholders, who hold shares in physical mode
basis. This will not include large Shareholders
and whose folios are not updated with any of the KYC
(Shareholders holding 2% or more shareholding),
details [viz., (i) PAN (ii) Choice of Nomination (Optional)
Promoters, Institutional Investors, Directors, Key
(iii) Contact Details (iv) Mobile Number (v) Bank
Managerial Personnel, the Chairpersons of the Audit
Account Details and (vi) Signature], shall be eligible
Committee, Nomination and Remuneration
to get dividend only in electronic mode. Accordingly,
Committee and Stakeholders Relationship
payment of final dividend, subject to approval at the
Committee, Auditors, Scrutinizers etc. who are allowed
AGM, shall be paid to physical shareholders only after
to attend the AGM without restriction on account of first
the above details are updated in their folios.
come first serve basis.
Shareholders are requested to complete their KYC
4. The attendance of the Members attending the AGM by writing to the Company’s RTA.
through VC/OAVM will be counted for the purpose of
217
Notice
8. Members are requested to notify immediately the inspection at the Registered office of the Company at
change, if any of their name, postal address, email Jaipur-Sikar Road,Village-Jaitpura Tehsil-Chomu,
address, mobile number, PAN, Nomination and bank Jaipur Rajasthan- 303704, India between 3:00 P.M
particulars to their DP, if the shares are held by them (IST) and 5:00 P.M (IST) in working days till the date of
in electronic form and to the Registrar & Share AGM.
Transfer Agent (“RTA”) of the Company i.e. Beetal
12. The Register of Members and Share Transfer Books
Financial & Computer Services Pvt. Ltd., if shares are
will remain closed from Saturday August 24, 2024 to
held in physical form, in prescribed Form ISR-1as
Monday, August 26, 2024 (both days inclusive) for the
available on website of RTA at www.beetalfinancial.in/
purpose of 31st AGM of the Company for determining
BEETALFINANCIAL/downloadf.aspx and also
the entitlement of the shareholders to the dividend, if
available on the website of the Company at
declared at the AGM.
www.mayuruniquoters.com Further the shareholders
are requested to submit duly filled the Form ISR-1 13. The Dividend, if any declared, will be paid within a
along with all necessary documents at the address period of 30 days from the date of declarationto those
of RTA at “Beetal House”, 3rd Floor, 99 Madangir, Behind Shareholders whose name(s) stand registered:
Local Shopping Centre Near Dada Harsukhdas a. as Beneficial Owner as at the end of business
Mandir, New Delhi- 110062 or at the E-mail ID of RTA hours on August 23, 2024 for the physical holding
i.e. beetalrta@gmail.comTo prevent fraudulent and demat holding as per the lists to be furnished
transactions, members are allowed to exercise due by Central Depository Services (India) Limited
diligence and not to leave their Demat account(s) (CDSL) and National Securities Depository
dormant for long. Periodic statement of holdings Limited (NSDL) in respect of the shares held in
should be obtained from the concerned Depository electronic form,
Participant and holdings should be verified.
b. as Member in the Register of Members of the
9. Pursuant to the provisions of Section 112 and Section Company and in case of transmission of shares,
113 of the Companies Act, 2013, the representatives the name of the Shareholder should be registered
of the members such as the President of India or the after giving effect to valid share transmissions, if
Governor of a State or a body corporate/Institutional any, in physical form lodged with the Company
Members can attend the AGM through VC/OAVM and as at the end of business hours on August 23,
cast their votes by authorizing their representatives to 2024, and
participate and vote at the AGM. Accordingly, it is c. The recommended final dividend by the Board is
requested to send a certified copy of the Board Rs. 3.00/- per equity share.
resolution/ Authority Letter at E-mail ID i.e.
cs.vmanda@gmail.com and secr@mayur.biz not later 14. Pursuant to the amendments introduced in the Income
than 48 hours before the scheduled time of the Tax Act, 1961 (‘the IT Act’) vide Finance Act, 2020, w.e.f.
commencement of the Meeting by such body April 1, 2020, dividend declared, paid or distributed by
corporate/Institutional members. Institutional a Company on or after April 1, 2020, is taxable in the
shareholders (i.e., other than individuals, HUF, NRI, hands of the shareholders. The Company shall,
etc.) can also upload their Board Resolution/Power therefore, be required to deduct TDS at the time of
of Attorney/Authority Letter etc. by clicking on “Upload payment of dividend at the applicable tax rates. The
Board Resolution/Authority Letter” displayed under rates of TDS would depend upon the category and
“e-Voting” tab in their login. residential status of the shareholder. Members are
requested to complete and/ or update their
10. In case of Joint holders attending the Meeting, only Residential Status, PAN, Category as per the IT Act
such joint holder who is higher in the order of names with their Depository Participants (‘DPs’) or in case
will be entitled to vote at the meeting. shares are held in physical form, with the RTA/
11. The Register of Directors and Key Managerial Company by sending documents by, Friday, August
Personnel and their shareholding, maintained under 23, 2024.
Section 170 of the Companies Act, 2013 and the 15. Members are requested to quote their Regd. Folio
Register of Contracts or Arrangements in which the Number/DP and Client ID Nos. in all their
directors are interested, maintained under Section correspondence with the Company or its Registrar
189 of the Companies Act, 2013 and other documents and Share Transfer Agent.
referred to in this AGM Notice will be available for
218
Notice
16. Members having multiple folios in the same order of Further pursuant to the provisions of Investor
name(s) may inform the Company for consolidation Education and Protection Fund Authority (Accounting,
into one folio. Audit, Transfer and Refund) Rules, 2016, the Company
has uploaded the details of unpaid and unclaimed
17. It has been observed that some members have still
amounts lying with the Company on the website of
not surrendered their old Share Certificates for Equity
the Company i.e. www.mayuruniquoters.com
Shares of Rs. 10.00 each for exchange with the new
Share Certificates for Equity Shares of Rs. 5.00 each. In this regard, theconcerned Shareholders may still
The Members are once again requested to surrender claim the shares or apply for refund to the IEPF
the old Share Certificates having face value of Rs. Authority in Web Form No.IEPF-5 available on
10.00 each to the RTA or the Company to exchange www.iepf.gov.in
for the new Share Certificates having face value of
22. In case the Dividend has remained unclaimed in
Rs. 5.00 each.
respect of financial years from 2016-17 (Final
18. Non- Resident Indian Members are requested to Dividend) to the financial year 2022-23, the
inform Registrar and Share Transfer Agent of the Shareholders may approach the Company with their
Company regarding any change in their residential dividend warrants for revalidation with the Letter of
status on return to India for permanent settlement, Undertaking for issue of duplicate dividend warrants.
particulars of their bank account maintained in India
23. The annual accounts of the subsidiary company along
with complete name, branch account type, account
with the related detailed information is available for
number and address of the bank with pin code number,
inspection at the Corporate Office of the Company
if not furnished earlier. Members holding shares in
and of the subsidiary concerned and copies will also
electronic form may contact their respective Depository
be made available to Shareholders of the Company
Participants for availing this facility.
and its subsidiary company upon request and the
19. Members are requested to address all same are also available on the website of the
correspondence, including on dividends, to the Company i.e. www.mayuruniquoters.com
Registrar and Share Transfer Agent, Beetal Financial
24. SEBI has mandated the listed companies to issue
and Computer Services Private Limited
securities in demat only while processing service
“BeetalHouse” 3rd Floor, 99 Madangir, Behind Local
request i.e. issue of duplicate certificates, claim from
Shopping Centre, Near Dada Harsukhdas Mandir,
unclaimed suspense account, renewal/exchange of
New Delhi- 110062.
securities certificates, sub-division/split and
20. Members wishing to claim dividends that remain consolidation of securities certificate/folio,
unclaimed, are requested to correspond with the transmission, and transposition. Accordingly,
Registrar and Share Transfer Agents as mentioned Members are requested to make the mentioned
above, or to the Company Secretary, at the Company’s service requests by submitting duly filled Form ISR-4
registered office address. Also to be noted that and Form ISR-5 which is also available on the website
dividends which are not claimed within seven years of the Company at www.mayuruniquoters.com
from the date of transfer to the Company’s Unpaid
25. As per Regulation 40 of Listing Regulations, securities
Dividend Account, will be transferred to the Investor
of listed companies can be transferred only in
Education and Protection Fund (“IEPF”) as per Section
dematerialized form with effect from April 1, 2019.
124 of the Act.
Accordingly, the Company/ Registrar and Share
Further, those shares on which dividend remains Transfer Agent has stopped accepting any fresh
unclaimed for seven consecutive years will be lodgment of transfer of shares in physical form.
transferred to the IEPF as per Section 124 of the Act, Members holding shares in physical form are advised
and the applicable Rules. to dematerialize their shareholdings immediately.
21. It is also informed to the members that pursuant to 26. Members holding shares in physical form and
the provisions of Sections 124 and 125 of the desirous of making a nomination or cancellation/
Companies Act, 2013, the Company has transferred variation in nomination already made in respect of
the unpaid or unclaimed dividends declared up to their shareholding in the Company as permitted under
financial years 2016-17 (Third Interim Dividend), to Section 72 of the Companies Act, 2013 in respect of
the IEPF established by the Central Government. the physical shares held by them in the Company,
can make nominations in Form SH- 13 and Form SH-
219
Notice
14 for fresh nomination/ cancellation/variation as the Cut-off date i.e. Saturday, September 07, 2024
case may bewhich can be procured from the website shall be entitled to exercise his/her vote either
of RTA i.e. www.beetalfinancial.com or from the electronically i.e. remote e-voting or e-voting
website of the Company i.e. system on the date of the AGM by following the
www.mayuruniquoters.com . The Members holding process mentioned in this part.
sharesin demat formare also advised to avail
IV. The remote e-voting will commence on Tuesday
nomination facility by contacting their respective
at 10:00 A.M. (IST) on September 10, 2024 and
depository participants for making such nominations.
will end on Friday at 05:00 P.M.(IST) on September
Further, SEBI vide its Circular dated March 16, 2023 13, 2024. During this period, the member of the
and Master Circular dated May 07, 2024 has Company holding shares either in physical form
mandated to furnish Form ISR-3 for opting out of or in Demat form as on the Cut-off date i.e.
Nomination by physical shareholders in case the Saturday, September 07, 2024 may cast their vote
shareholder do not wish to register for the electronically. The members will not be able to
Nomination. cast their vote electronically beyond the date and
time mentioned above and the remote e-voting
27. Process and manner for members opting for voting
module shall be disabled for voting by CDSL
through electronic means:
thereafter.
I. Pursuant to the provisions of Section 108 of the
V. Once the vote on a resolution is cast by a member,
Companies Act, 2013 read with Rule 20 of the
he/she shall not be allowed to change it
Companies (Management and Administration)
subsequently or cast the vote again.
Rules, 2014 (as amended) and Regulation 44 of
SEBI (Listing Obligations & Disclosure VI. The voting rights of the members shall be in
Requirements) Regulations 2015 (as amended), proportion to their share in the paid up equity share
and the MCA Circulars, the Company is providing capital of the Company as on the Cut-off date i.e.
facility of remote e-voting to its Members in respect Saturday, September 07, 2024.
of the business to be transacted at the AGM. For
VII. The Company has appointed CS Manoj
this purpose, the Company has appointed and
Maheshwari, Practicing Company Secretary,
entered into an agreement with Central
Jaipur (Membership No. FCS: 3355 CP No. 1971)
Depository Services (India) Limited (CDSL) for
as the Scrutinizer and failing him CS Priyanka
facilitating voting through electronic means, as
Agarwal, Practicing Company Secretary, Jaipur
the authorized E-Voting’s agency. The facility of
(Membership No. FCS 11138; CP No.: 15021),
casting votes by a member using remote e-voting
as an alternate Scrutinizer for conducting the
as well as the e-voting system on the date of the
remote e-voting process as well as the e-voting
AGM will be provided by CDSL.
system on the date of the AGM, in a fair and
A member may exercise his/ her vote at the transparent manner.
General Meeting by electronic means and the
The Scrutinizer /Alternate Scrutinizer shall immediately
Company may pass any resolution by electronic
after the conclusion of voting at the AGM, unblock the
voting system in accordance with the provisions
votes cast through remote e-voting and e-voting on
of the aforesaid Rule.
the date of the AGM and prepare and submit, not later
II. Members whose names are recorded in the than 2 working days from the conclusion of the Meeting,
Register of Members or in the Register of a consolidated Scrutinizer’s Report of the total votes
Beneficial Owners maintained by the depositories cast in favour or against, if any, forthwith to the
as on the Cut-off date i.e. Saturday, September Chairman of the Company or any person authorized
07, 2024 shall be entitled to avail the facility of by him in writing and the Results shall be declared by
remote e-voting as well as e-voting system on the Chairman or any person authorized by him
the date of the AGM. Any recipient of the notice, thereafter.
who shall has no voting rights as on the Cut-off
The Results declared along with the Scrutinizer’s
date, shall treat this notice as intimation only.
Report shall be placed on the website of the Company
III. A person who has acquired the shares and has www.mayuruniquoters.com and on Service Provider’s
become a member of the Company after the website i.e. www.evotingindia.com immediately after
dispatch of the notice of the AGM and prior to the the declaration of Result by the Chairman or any
220
Notice
person authorized by him in writing. The results shall resolutions. However, it has been observed that
also be forwarded to the stock exchanges where the the participation by the public non-institutional
shares of the Company are listed. shareholder’s/retail shareholders is at a
negligible level.
The resolutions will be deemed to be passed on the
date of AGM subject to receipt of the requisite number Currently, there are multiple e-voting service
of votes in favour of the resolutions. providers (ESPs) providing e-voting facility to
listed entities in India. This necessitates
28. THE INTRUCTIONS OF SHAREHOLDERS FOR REMOTE
registration on various ESPs and maintenance
E-VOTING AND JOINING VIRTUAL MEETINGS ARE AS
of multiple user IDs and passwords by the
UNDER:
shareholders.
Step 1: Access through Depositories CDSL/NSDL e-
In order to increase the efficiency of the voting
Voting system in case of individual shareholders
process, pursuant to a public consultation, it has
holding shares in demat mode.
been decided to enable e-voting to all the demat
Step 2: Access through CDSL e-Voting system in case account holders, by way of a single login
of shareholders holding shares in physical mode and credential, through their demat accounts/
non-individual shareholders in demat mode. websites of Depositories/ Depository
(i) The voting period begins on Sunday at 10:00 A.M. Participants. Demat account holders would be
on September 10, 2023 and will end on able to cast their vote without having to register
Wednesday at 05:00 P.M. on September 13, 2023. again with the ESPs, thereby, not only facilitating
During this period shareholders’ of the Company, seamless authentication but also enhancing
holding shares either in physical form or in ease and convenience of participating in e-voting
dematerialized form, as on the cut-off date i.e. process.
Thursday September 07, 2023 may cast their vote Step 1 : Access through Depositories CDSL/NSDLe-
electronically. The e-voting module shall be Voting system in case of individual shareholders
disabled by CDSL for voting thereafter. holding shares in demat mode.
(ii) Shareholders who have already voted prior to the (iv) In terms of SEBI circular no. SEBI/HO/CFD/CMD/
meeting date would not be entitled to vote during CIR/P/2020/242 dated December 9, 2020 on e-
the meeting. Voting facility provided by Listed Companies,
(iii) Pursuant to SEBI Circular No. SEBI/HO/CFD/ Individual shareholders holding securities in
CMD/CIR/P/2020/242 dated 09.12.2020, under demat mode are allowed to vote through their
Regulation 44 of Securities and Exchange Board demat account maintained with Depositories and
of India (Listing Obligations and Disclosure Depository Participants. Shareholders are
Requirements) Regulations, 2015, listed entities advised to update their mobile number and email
are required to provide remote e-voting facility to Id in their demat accounts in order to access e-
its shareholders, in respect of all shareholders’ Voting facility.
Pursuant to abovesaid SEBI Circular, Login method for e-Voting and joining virtual meetings for Individual
shareholders holding securities in Demat mode CDSL/NSDL is given below:
Type of Login Method
Shareholders
Individual 1) Users who have opted for CDSL Easi / Easiest facility, can login through their existing user
Shareholders id and password. Option will be made available to reach e-Voting page without any further
holding securities authentication. The users to login to Easi / Easiest are requested to visit cdsl website
in Demat mode www.cdslindia.com and click on Login icon & New System Myeasi Tab.
with CDSL 2) After successful login the Easi / Easiest user will be able to see the e-Voting option for
Depository eligible companies where the evoting is in progress as per the information provided by
company. On clicking the evoting option, the user will be able to see e-Voting page of the e-
Voting service provider for casting your vote during the remote e-Voting period or joining
virtual meeting & voting during the meeting. Additionally, there is also links provided to
221
Notice
Type of Login Method

Shareholders
access the system of all e-Voting Service Providers, so that the user can visit the e-Voting
service providers’ website directly.
3) If the user is not registered for Easi/Easiest, option to register is available at cdsl website
www.cdslindia.com and click on login & New System Myeasi Tab and then click on
registration option.
4) Alternatively, the user can directly access e-Voting page by providing Demat Account Number
and PAN No. from a e-Voting link available on www.cdslindia.com home page. The system
will authenticate the user by sending OTP on registered Mobile & Email as recorded in the
Demat Account. After successful authentication, user will be able to see the e-Voting option
where the evoting is in progress and also able to directly access the system of all e-Voting
Service Providers.
Individual 1) If you are already registered for NSDL IDeAS facility, please visit the e-Services website of
Shareholders NSDL. Open web browser by typing the following URL: https://eservices.nsdl.com either on a
holding securities Personal Computer or on a mobile. Once the home page of e-Services is launched, click on
in demat mode the “Beneficial Owner” icon under “Login” which is available under ‘IDeAS’ section. A new
with NSDL screen will open. You will have to enter your User ID and Password. After successful
Depository authentication, you will be able to see e-Voting services. Click on “Access to e-Voting” under e-
Voting services and you will be able to see e-Voting page. Click on company name or e-Voting
service provider name and you will be re-directed to e-Voting service provider website for
casting your vote during the remote e-Voting period or joining virtual meeting & voting during
the meeting.
2) If the user is not registered for IDeAS e-Services, option to register is available at https://
eservices.nsdl.com . Select “Register Online for IDeAS “Portal or click at https://
eservices.nsdl.com/SecureWeb/IdeasDirectReg.jsp
3) Visit the e-Voting website of NSDL. Open web browser by typing the following URL: https://
www.evoting.nsdl.com/ either on a Personal Computer or on a mobile. Once the home page
of e-Voting system is launched, click on the icon “Login” which is available under ‘Shareholder/
Member’ section. A new screen will open. You will have to enter your User ID (i.e. your sixteen
digit demat account number hold with NSDL), Password/OTP and a Verification Code as
shown on the screen. After successful authentication, you will be redirected to NSDL
Depository site wherein you can see e-Voting page. Click on company name or e-Voting
service provider name and you will be redirected to e-Voting service provider website for
casting your vote during the remote e-Voting period or joining virtual meeting & voting during
the meeting.
Individual You can also login using the login credentials of your demat account through your Depository
Shareholders Participant registered with NSDL/CDSL for e-Voting facility. After Successful login, you will be
(holding securities able to see e-Voting option. Once you click on e-Voting option, you will be redirected to NSDL/
in demat mode) CDSL Depository site after successful authentication, wherein you can see e-Voting feature.
login through their Click on company name or e-Voting service provider name and you will be redirected to e-Voting
Depository service provider website for casting your vote during the remote e-Voting period or joining virtual
Participants (DP) meeting & voting during the meeting.
Important note:Members who are unable to retrieve User ID/ Password are advised to use Forget User ID and Forget
Password option available at abovementioned website.
222
Notice
Helpdesk for Individual Shareholders holding securities in demat mode for any technical issues related to login
through Depository i.e. CDSL and NSDL
Login type Helpdesk details

Individual Shareholders holding Members facing any technical issue in login can contact CDSL helpdesk by
securities in Demat mode with CDSL sending a request at helpdesk.evoting@cdslindia.com or
contact at toll free no. 1800 21 09911
Individual Shareholders holding Members facing any technical issue in login can contact NSDL helpdesk by
securities in Demat mode with NSDL sending a request at evoting@nsdl.co.in or call at : 022 4886 7000 and
022 2499 7000
Step 2 : Access through CDSL e-Voting system in case of shareholders holding shares in physical mode and non-
individual shareholders in demat mode.
(v) Login method for e-Voting and joining virtual meetings for Physical shareholders and shareholders other
than individual holding in Demat form.
1) The shareholders should log on to the e-voting website www.evotingindia.com
2) Click on “Shareholders” module.
3) Now enter your User ID
a. For CDSL: 16 digits beneficiary ID,
b. For NSDL: 8 Character DP ID followed by 8 Digits Client ID,
c. Shareholders holding shares in Physical Form should enter Folio Number registered with the Company.
4) Next enter the Image Verification as displayed and Click on Login.
5) If you are holding shares in demat form and had logged on to www.evotingindia.com and voted on an
earlier e-voting of any company, then your existing password is to be used.
6) If you are a first-time user follow the steps given below:
For Physical shareholders and other than individual shareholders holding shares in Demat.
PAN Enter your 10 digit alpha-numeric *PAN issued by Income Tax Department (Applicable for both
demat shareholders as well as physical shareholders)
• Shareholders who have not updated their PAN with the Company/Depository Participant are
requested to use the sequence number sent by Company/RTA or contact Company/RTA.
Dividend Bank Enter the Dividend Bank Details or Date of Birth (in dd/mm/yyyy format) as recorded in your demat
Details OR Date account or in the company records in order to login.
of Birth (DOB) • If both the details are not recorded with the depository or company, please enter the member
id / folio number in the Dividend Bank details field.
(vi) After entering these details appropriately, click on “SUBMIT” tab.
(vii) Shareholders holding shares in physical form will then directly reach the Company selection screen. However,
shareholders holding shares in demat form will now reach ‘Password Creation’ menu wherein they are
required to mandatorily enter their login password in the new password field. Kindly note that this password is
to be also used by the demat holders for voting for resolutions of any other company on which they are eligible
to vote, provided that company opts for e-voting through CDSL platform. It is strongly recommended not to share
your password with any other person and take utmost care to keep your password confidential.
(viii) For shareholders holding shares in physical form, the details can be used only for e-voting on the resolutions
contained in this Notice.
(ix) Click on the EVSN for the Mayur Uniquoters Limited to vote.
223
Notice
(x) On the voting page, you will see “RESOLUTION Custodian, if any, should be uploaded in PDF
DESCRIPTION” and against the same the option format in the system for the scrutinizer to verify
“YES/NO” for voting. Select the option YES or NO the same.
as desired. The option YES implies that you • Alternatively Non Individual shareholders are
assent to the Resolution and option NO implies required mandatory to send the relevant
that you dissent to the Resolution. Board Resolution/ Authority letter etc. together
(xi) Click on the “RESOLUTIONS FILE LINK” if you with attested specimen signature of the duly
wish to view the entire Resolution details. authorized signatory who are authorized to
vote, to the Scrutinizer and to the Company at
(xii) After selecting the resolution, you have decided
the email address viz; secr@mayur.biz if they
to vote on, click on “SUBMIT”. A confirmation box
have voted from individual tab & not uploaded
will be displayed. If you wish to confirm your vote,
same in the CDSL e-voting system for the
click on “OK”, else to change your vote, click on
scrutinizer to verify the same.
“CANCEL” and accordingly modify your vote.
29. INSTRUCTIONS FOR SHAREHOLDERS ATTENDING
(xiii) Once you “CONFIRM” your vote on the resolution,
THE AGM THROUGH VC/OAVM & E-VOTING DURING
you will not be allowed to modify your vote.
MEETING ARE AS UNDER:
(xiv) You can also take a print of the votes cast by
1. The procedure for attending meeting & e-Voting
clicking on “Click here to print” option on the Voting
on the day of the AGM is same as the instructions
page.
mentioned above for e-voting.
(xv) If a demat account holder has forgotten the login
2. The link for VC/OAVM to attend meeting will be
password then Enter the User ID and the image
available where the EVSN of Company will be
verification code and click on Forgot Password &
displayed after successful login as per the
enter the details as prompted by the system.
instructions mentioned above for e-voting.
(xvi) There is also an optional provision to upload BR/
3. Shareholders who have voted through Remote
POA if any uploaded, which will be made available
e-Voting will be eligible to attend the meeting.
to scrutinizer for verification.
However, they will not be eligible to vote at the
(xvii) Additional Facility for Non – Individual AGM.
Shareholders and Custodians –For Remote
4. Shareholders are encouraged to join the Meeting
Voting only.
through Laptops / IPads for better experience.
• Non-Individual shareholders (i.e. other than
5. Further shareholders will be required to allow
Individuals, HUF, NRI etc.) and Custodians
Camera and use Internet with a good speed to
are required to log on to
avoid any disturbance during the meeting.
www.evotingindia.com and register
themselves in the “Corporates” module. 6. Please note that Participants Connecting from
Mobile Devices or Tablets or through Laptop
• A scanned copy of the Registration Form
connecting via Mobile Hotspot may experience
bearing the stamp and sign of the entity
Audio/Video loss due to Fluctuation in their
should be emailed to
respective network. It is therefore recommended
helpdesk.evoting@cdslindia.com
to use Stable Wi-Fi or LAN Connection to mitigate
• After receiving the login details a Compliance any kind of aforesaid glitches.
User should be created using the admin login
and password. The Compliance User would 7. Shareholders who would like to express their
be able to link the account(s) for which they views/ask questions during the meeting may
wish to vote on. register themselves as a speaker by sending
their request in advance on or before September
• The list of accounts linked in the login will be
04, 2024,5:00 P.M (IST) mentioning their name,
mapped automatically & can be delink in
demat account number/folio number, email id,
case of any wrong mapping.
mobile number at email id i.e. secr@mayur.biz.
• It is Mandatory that, a scanned copy of the The shareholders who do not wish to speak
Board Resolution and Power of Attorney during the AGM but have queries may send their
(POA) which they have issued in favour of the
224
Notice
queries in advance on or before September 04, If you have any queries or issues regarding attending
2024, 5:00 P.M (IST) mentioning their name, AGM & e-Voting from the CDSL e-Voting System, you
demat account number/folio number, email id, can write an email to
mobile number at secr@mayur.biz These queries helpdesk.evoting@cdslindia.com or contact at toll free
will be replied by the company suitably by email. no. 1800 21 09911.
8. Those shareholders who have registered All grievances connected with the facility for voting by
themselves as a speaker will only be allowed to electronic means may be addressed to Mr. Rakesh
express their views/ask questions during the Dalvi, Sr. Manager, (CDSL) Central Depository
meeting. Company reserves the right to restrict Services (India) Limited, A Wing, 25th Floor, Marathon
the number of speakers as well as the speaking Futurex, Mafatlal Mill Compounds, N M Joshi Marg,
time depending upon the availability of time at Lower Parel (East), Mumbai - 400013 or send an
the AGM. email to helpdesk.evoting@cdslindia.com or call toll
free no. 1800 21 09911.
9. Only those shareholders, who are present in the
AGM through VC/OAVM facility and have not casted 31. In compliance with the aforesaid MCA Circulars and
their vote on the Resolutions through remote e- SEBI Circulars, Notice of the AGM along with Annual
Voting and are otherwise not barred from doing Report for the financial year 2023-24 is being sent
so, shall be eligible to vote through e-Voting only through electronic mode and instructions for e-
system available during the AGM. voting are being sent by electronic mode to all the
members whose email addresses are registered with
10. If any Votes are cast by the shareholders through
the Company / Depository Participant(s).
the e-voting available during the AGM and if the
same shareholders have not participated in the 32. Members may also note that the Notice of the 31st
meeting through VC/OAVM facility, then the votes AGM and the Company’s Annual Report 2023-24 will
cast by such shareholders shall be considered be available on the Company’s website at
invalid as the facility of e-voting during the meeting www.mayuruniquoters.com and on the website of the
is available only to the shareholders attending Stock Exchanges, i.e. BSE Limited and National Stock
the meeting. Exchange of India Limited at www.bseindia.com and
www.nseindia.com respectively.
30. PROCESS FOR THOSE SHAREHOLDERS WHOSE
EMAIL/MOBILE NO. ARE NOT REGISTERED WITH THE 33. A copy of Audited Financial Statements (Standalone
COMPANY/DEPOSITORIES. and Consolidated) for the financial year ended on
March 31, 2024 together with the Board’s and Auditor’s
1. For Physical shareholders- please provide
Report thereon are enclosed herewith.
necessary details like Folio No., Name of
shareholder, scanned copy of the share certificate 34. As required under Regulation 36(3) of the Securities
(front and back), PAN (self-attested scanned copy and Exchange Board of India (Listing Obligations and
of PAN card), AADHAR (self-attested scanned Disclosure Requirements) Regulations, 2015 and
copy of Aadhar Card) by email to the Company i.e Secretarial Standard 2 on General Meeting issued by
secr@mayur.biz or at RTA email id i.e ICSI, the relevant details of Directors retiring by
beetalrta@gmail.com rotation and seeking re-appointment at the ensuing
AGM are furnished as Annexure A to this notice of AGM.
2. For Demat shareholders -, Please update your
The Director has furnished consent/ Declaration on
email id & mobile no. with your respective
his reappointment as required under the SEBI (LODR)
Depository Participant (DP)
Regulations, the Companies Act, 2013 and Rules
3. For Individual Demat shareholders – Please made there under.
update your email id & mobile no. with your
35. Members may please note that the after discussion
respective Depository Participant (DP) which is
on the resolutions on which voting is to be held, the
mandatory while e-Voting & joining virtual
Chairman shall allow members who are attending
meetings through Depository.
the AGM to cast their vote electronically but have not
cast their votes by availing the remote e-voting facility
earlier.
225
Notice
EXPLANTORY STATEMENT PURSUANT TO SECTION 102(1) OF THE COMPANIES ACT, 2013 (“THE ACT”) FORMING
PART OF THE NOTICE
Item No. 4: the consent of the members for the ratification of payment
of remuneration amounting to Rs. 3,50,000/- (Rupees
The Board, on the recommendation of Audit Committee,
Three Lakhs Fifty Thousand Only) plus applicable GST
has approved the appointment of M/s Pavan Gupta &
and reimbursement of out-of-pocket expenses at actuals
Associates, Cost Accountants (Firm Registration No.
to the Cost Auditor for the financial year ending on March
101351) as Cost Auditor to conduct the audit of the cost
31, 2025.
records of the Company, for the financial year ending on
March 31, 2025. In accordance with the provisions of None of the Directors, Key Managerial Personnel of the
Section 148 of the Act read with Rule 14 of the Companies Company and their relatives are in any way concerned or
(Audit and Auditors) Rules, 2014, the remuneration payable interested, financially or otherwise, in the resolution as
to the Cost Auditors as recommended by the Audit set out at item no. 4 of the Notice.
Committee and approved by the Board of Directors, has to
The Board recommends the Ordinary Resolution as set
be ratified by the members of the Company. Accordingly,
out in item no.4 in the Notice for approval by the members.
the resolution as set out at Item No. 4 of the notice seeks
By order of the Board of Directors

Pawan Kumar Kumawat

Date: August 08, 2024 (Company Secretary and Compliance Officer)
Place: Jaipur ACS 25377
Village: Jaitpura, Jaipur-Sikar Road,
Tehsil: Chomu, District: Jaipur 303704 (Rajasthan)
226
Notice
Annexure A
Details of Directors seeking re-appointment at 31st Annual General Meeting (AGM) pursuant to Regulation 36(3) of the
Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 and
Secretarial Standard 2 on General Meetings issued by ICSI
Name of the Director Mr. Arun Kumar Bagaria

DIN 00373862
Date of Birth 14-11-1972
Age 51 Years
Date of first Appointment on the board June 30, 2007
Designation Whole Time Director designated as Executive Director
Brief Resume He is Commerce Graduate and Master’s in Business
Administration from University of Strathclyde Graduate Business
School, U.K. He is Strategic Management Personnel and Key
Member of Board of Mayur Uniquoters Limited.
Expertise in specific functional area He is an expert in the Business Administration.
Qualification MBA
Experience 27 Years
Terms and conditions of appointment/ Whole-Time Director liable to retire by rotation
Reappointment
Remuneration drawn in the Company Rs. 1,62,33,378/-
for the FY 2023-24
Details of Remuneration sought to be paid As per the resolution approved by the members in Item no. 8 of
the 29th Annual General Meeting Notice read with explanatory
statement thereto on www.mayuruniquoters.com/pdf/annual-
report-2021-22.pdf
Directorship in other Companies • Mayur Uniquoters Corp. LLC, USA
• Futura Textiles Inc., USA
• Mayur Uniquoters SA Pty. Ltd, South Africa
• Mayur Tecfab Private Limited
Member/Chairman of the Committees of the Nil
Board of other Companies as on June 30, 2024
Name of the Listed Companies from which the Nil
person has resigned in the past three years
No. of shares held in Company 3,33,207
Inter-se relationship with other Directors and Son in Law of Mr. Suresh Kumar Poddar, Chairman and Managing
KMP’s Director(CMD) & CEO
Total no. of Board Meetings held during the 4 (Four)
year (FY 2023-2024)
No. of meetings of the Board attendedduring 4 (Four)
the year (FY 2023-24)
227

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MAYUR UNIQUOTERS LIMITED

31st ANNUAL REPORT 2023-24

Revenue and Profit (Consolidated) 5. SHARE CAPITAL

14. DIRECTORS AND KEY MANAGERIAL PERSONNEL

Name DIN Designation Category

Removal & Remuneration of Directors, KMP and Senior 24. DEPOSIT

For and on behalf of the Board of

Suresh Kumar Poddar

• Name of Subsidiary which are yet to commence operations - None

For and on behalf of the Board of Directors of

To, (v) The following Regulations and Guidelines prescribed

Place : Jaipur For V. M. & Associates

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

Place : Jaipur For V. M. & Associates

ANNUAL REPORT ON CSR ACTIVITES OF THE COMPANY

1. Brief outline on CSR Policy of the Company:

Total Amount Amount Unspent (in Rs.)

f. Excess amount for set-off.

For and on behalf of the Board of Directors of

Suresh Kumar Poddar Shyam Agrawal

PARTICULARS REQUIRED UNDER SECTION 134(3)(M) OF THE COMPANIES ACT,

(C) Foreign Exchange Earnings and Outgo

For and on behalf of the Board of Directors of

Suresh Kumar Poddar

DISCLOSURE UNDER SECTION 197(12) OF THE COMPANIES ACT, 2013

S. Name of Director/ Title Ratio of Remuneration % increase in

- Average increase in the remuneration of all employees excluding KMP is 2.88%

For and on behalf of the Board of Directors of

Suresh Kumar Poddar

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

Mayur is also exporting to automotive OEM i.e. Mercedes THREATS

MATERIAL DEVELOPMENTS IN HUMAN RESOURCES / CAUTIONARY STATEMENT

For and on behalf of the Board of Directors of

Suresh Kumar Poddar

REPORT ON CORPORATE GOVERNANCE

S. Name Category Designation No. of Committees position No. of No. of

Details of Directorship in other listed Companies:

Name of the Director Area of Expertise

FAMILIARISATION PROGRAMMES IMPARTED TO INDEPENDENT DIRECTORS

B. General Body Meeting:

MEETING OF INDEPENDENT DIRECTORS BOARD COMMITTEES

Remuneration paid to Directors during the financial year 2023-24

Executive Directors (Amount Rs. In lakhs)

C) STAKEHOLDERS RELATIONSHIP COMMITTEE The attendance of the Stakeholder Relationship Committee

and can be accessed at E) RISK MANAGEMENT COMMITTEE

The attendance of the Risk Management Committee Meetings is given below:

GENERAL BODY MEETINGS

B. Procedure for Postal Ballot:

C. Details of special resolution proposed to be conducted through Postal Ballot:

GENERAL SHAREHOLDER INFORMATION

ii. Financial Year

iii. Date of Book Closure

iv. Tentative Schedule of Financial Results (For Financial Year 2024-25)

v. Dividend Payment Date

vi. Listing on Stock Exchanges

vii. Stock Market Data

Month Stock Prices (Rs.) BSE Sensex

Share Performance of the Company vis-à-vis to NSE Nifty

ix. REGISTRAR AND SHARE TRANSFER AGENT

Beetal Financial and Computer Services Private Limited