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33RD ANNUAL REPORT 2019-20 Contents

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33RD ANNUAL REPORT 2019-20 Contents 5th December, 2020 BSE Limited. National Stock Exchange of India Limited Listing Department, Exchange Plaza, 5th Floor, P.J. Towers, Dalal Street, Plot no. C/1, G Block, Mumbai - 400 001 Bandra-Kurla Complex, Fax No.: 2272 2037 / 2272 2039 Bandra (East), Mumbai-400 051 Fax No.: 2659 8237 / 2659 8238 Scrip Code.521070 Symbol. ALOKINDS Dear Sir, Sub: Annual Report for the Financial Year 2019-2020 and Notice convening the 33rd Annual General Meeting. We request you to refer our letter of even date on the subject matter. Pursuant to Regulation 30 and Regulation 34 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we submit herewith the Annual Report of the Company for the Financial Year 2019-20 along with Notice convening the Thirty-third Annual General Meeting scheduled to be held on Tuesday, 29th December, 2020 at 12.30 p.m.at Alok Public School, Alok City, Silvassa-Khanvel Road, Silvassa – 396230, Union Territory of Dadra and Nagar Haveli. The Annual Report for the Financial Year 2019-2020 is also available on the Company's website at www.alokind.com. This is for the information of the Exchange and the members. Yours faithfully, For Alok Industries Limited K. H. Gopal Company Secretary 33RD ANNUAL REPORT 2019-20 Contents CORPORATE OVERVIEW Board of Directors & Corporate Information 01 STATUTORY REPORTS Board’s Report 02 Management Discussion and Analysis 22 Corporate Governance Report and Annexure 41 Business Responsibility Report 64 FINANCIAL STATEMENTS Standalone Independent Auditors’ Report on Standalone Financial Statements 66 Balance sheet 76 Statement of Profit and Loss Account 77 Statement of Change in Equity 78 Cash flow statement 79 Notes to the Standalone Financial Statements 82 Consolidated GREEN INITIATIVES Independent Auditors’ Report on Consolidated Financial Statements 135 As a responsible citizen, your Company strongly urges you to Consolidated Balance Sheet 144 support the Green Initiative by Consolidated Statement of Profit and Loss Account 145 registering your email address with Consolidated Statement of Change in Equity 146 Company’s Registrars and Transfer Agents/Depositories to receive Consolidated Cash Flow statement 147 communication, including the Notes to Consolidated Financial Statements 149 Annual Report, from the Company in electronic mode. As an austerity measure and in furtherance of the Notice 206 Green Initiative, the Company has Map to the AGM Venue 224 sent an Abridged Report to the Attendance Slip and Proxy Form 225 Members for FY 2019-20. The full copy of the Annual Report can be ANNUAL GENERAL MEETING viewed under the ‘Investor Relations’ section on the Company’s website DATE www.alokind.com and would be Tuesday, December 29, 2020 provided to the Members on request. TIME 12.30 p.m. VENUE Alok Public School, Alok City, Silvassa-Khanvel Road, Silvassa – 396230, Union Territory of Dadra and Nagar Haveli Corporate Statutory Financial Notice Overview Reports Statements Board of Directors and Corporate Information Board of Directors (w.e.f. 14.09.2020) Bankers A. Siddharth HDFC Bank Limited (Independent Director and Chairman of the Board) ICICI Bank Limited Rahul Dutt State Bank of India (Independent Director) Mumtaz Bandukwala (Independent Director) Anil Rajbanshi (Nominee Director (Non-Executive) representing Reliance Industries Limited) Hemant Desai (Nominee Director (Non-Executive) representing Reliance Industries Limited) V. Ramachandran (Nominee Director (Non-Executive) representing Reliance Industries Limited) Samir Chawla (Nominee Director (Non-Executive) representing JM Financial Asset Reconstruction Company Limited) Statutory Auditors Internal Auditors Legal Advisors S R B C & CO LLP. Bhandarkar & Co. INDUSLAW Chartered Accountants Chartered Accountants Listing & Code Devdhar Joglekar & Srinivasan. BSE Limited (521070) Chartered Accountants National Stock Exchange of India HPVS & Associates, Limited (ALOKINDS) Chartered Accountants Manager Chief Financial Officer Company Secretary Sunil O. Khandelwal Bijay Agrawal K. H. Gopal Registered Office: Corporate Office: Registrar & Share Transfer Agent 17/5/1, 521/1, Village Rakholi/ Saily, Tower B, 2nd & 3rd Floor, Peninsula Link Intime India Private Limited Silvassa, The Union Territory of Business Park, C 101, 247 Park, LBS Marg, Dadra and Nagar Haveli-396 230 Ganpatrao Kadam Marg, Lower Parel, Vikhroli (West) Tel No. 0260-6637000 Mumbai-400 013 Mumbai - 400083, India. Fax No. 0260-2645289 Maharashtra, India Tel: +91 022 49186000, Tel: +91 22 61787000 Fax: +91 022 49186060 Corporate Identity Number L17110DN1986PLC000334 Other Details Demat ISIN Number in NSDL & CSDL, Equity Shares: INE 270A01029 Website Address: www.alokind.com E-mail Address: [email protected] 1 Directors’ Report to the Shareholders To the Members, Applicants”) for the Company entrusted with the management under Section 31 of the Code. In of the affairs of the Company. The Reconstituted Board of the accordance with the provisions of The mandate of the Monitoring Company (as defined elsewhere the Code and the NCLT order, the Committee was to manage the in this Report) presents to the Approved Resolution Plan is binding affairs of the Company as a Members the 33rd Annual Report of on the corporate debtor and its going concern and supervise the the Company, which includes the employees, members, creditors, implementation of the Resolution Directors’ Report (“Annual Report”). guarantors and other stakeholders Plan. The Monitoring Committee, In accordance with the application involved in the resolution plan. at their Closing Meeting held on made by State Bank of India, th As per the Approved Resolution 14 September 2020, inter-alia, the Hon’ble National Company Plan, during the period between reconstituted the Board of Directors Law Tribunal, Ahmedabad bench the NCLT Approval Date (as defined of the Company (“Reconstituted (“Adjudicating Authority”), vide in the Approved Resolution Plan) Board”) and upon conclusion of this its order dated 18 July 2017 had and the Closing Date (as defined Meeting, the Monitoring Committee ordered the commencement of the in the Approved Resolution Plan) stood dissolved. corporate insolvency resolution (“Interim Period”), a monitoring (“CIR”) process in respect of The Reconstituted Board of committee was constituted the corporate debtor, i.e., Alok Directors of the Company (“Monitoring Committee”) which Industries Limited (“Company”) is submitting this Report in during the period following the under the provisions of the compliance with the provisions of date of approval from Competition Insolvency and Bankruptcy Code, the Companies Act, 2013, the rules Commission of India(“CCI”) and 2016 (the “Code”). An Interim and regulations framed thereunder until the Closing Date, comprising Resolution Professional (“IRP”) was (“Act”) and the Securities and of 4 (Four) representatives of appointed to manage the affairs Exchange Board of India (Listing the Financial Creditors, 2 (Two) of the Company who was later Obligations and Disclosure representatives of the Resolution confirmed to be the Resolution Requirements), Regulations 2015 Applicants and the Erstwhile Professional (“RP”). Upon (“SEBI LODR Regulations”). The Resolution Professional managed appointment of the IRP / RP, the Reconstituted Board is not to the affairs of the Company as a powers of the Board of Directors be considered responsible to going concern and supervised the were suspended. discharge fiduciary duties with implementation of the Resolution respect to the oversight on financial Pursuant to its order dated 08 Plan. The powers of the Board and operational health of the March 2019 (“NCLT Order”), the of Directors continued to remain Company and performance of the Adjudicating Authority approved suspended as per the terms of management for the period prior to the resolution plan (“Approved the Approved Resolution Plan. its reconstitution. Resolution Plan”) submitted by Accordingly the Monitoring JM Financial Asset Reconstruction Committee was in office for the This Report was discussed in Company Limited (“JMFARC”), entire period to which this report a meeting held with the Key JMFARC – March 2018 – Trust (“ARC primarily pertains. During the CIR Management Persons and Trust”) and Reliance Industries Process (i.e. between 18 July 2017 thereafter taken on record by the Limited (“RIL”) (“Resolution and 08 March 2019), the RP was Reconstituted Board. 2 33rd Annual Report 2019-20 Corporate Statutory Financial Notice Overview Reports Statements 1. FINANCIAL RESULTS: (`in crore) Particulars Standalone Consolidated 31.03.2020 31.03.2019 31.03.2020 31.03.2019 Revenue from operations 3,166.34 3,128.76 3,328.78 3,352.24 Operating Profit / (Loss) before Interest, Depreciation and Taxes (202.07) (72.80) (88.17) (110.64) Minority Interest and Share in Profit of Associates - - (0.99) (1.02) Profit / (Loss) exceptional items and taxes (830.09) (4,763.97) (744.63) (4,969.91) Exception Item 2,052.55 7,045.19 2,052.55 7,045.19 Profit / (Loss) Before Tax (after exceptional items) 1,222.46 2,281.22 1,307.92 2,075.28 Tax Expenses (including Deferred Tax) (0.73) (0.91) (2.31) (0.88) Profit after Tax 1,223.19 2,282.13 1,310.23 2,076.16 Other Comprehensive Income 1.37 1.69 (296.68) (149.82) Total Comprehensive Income 1,224.55 2,283.82 1,013.55 1,926.34 Results of Operations and the State previous year. items) of ` 110.64 crore in the of Company’s Affairs previous year. • Operating Profit Before Tax The Highlights of the Company’s (PBT) (before exceptional items) • Operating
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