ANUPAM RASAYAN INDIA LTD. 
Date: September 8, 2021 
ARILSLDSTX20210908038 
To, 
BSE Limited, 
Phiroze Jeejeebhoy Towers, 
Dalal Street, 
Mumbai -400001, India 
SCRIP CODE: 543275 
To, 
Sr. General Manager 
National Stock Exchange of India Limited 
'Exchange Plaza', C-1, Block-G, 
Bandra Kurla Complex 
Bandra (East), Mumbai 400051, India 
SYMBOL: ANURAS 
Dear Sir/Madam, 
Subject: Intimation of Integrated Annual Report 2020-21 under Regulation 34(1) of the 
Securities and Exchange Board of India (Listing Obligations and Disclosure 
Requirements) Regulations, 2015 
Eighteenth (18) Annual General Meeting ("AGM") of the Company will be held on 
Thursday, September 30, 2021 at 4:30 p.m. !ST through Video Conferencing ("VC") facility / 
Other Audio Video Means ("OAVM"). 
Pursuant to Regulation 34(1) of the Securities and Exchange Board of India (Listing 
Obligations and Disclosure Requirements) Regulations, 2015, we are submitting herewith the 
Integrated Annual Report of the Company along with the Notice of AGM for the financial 
year 2020-21 which is being sent through electronic mode to the Members. 
The Integrated Annual Report containing the Notice is also uploaded on the Company's 
website www.anupamrasayan.com. 
We request you to kindly note the same and take into your records. 
Thanking you, 
Yours Faithfully, 
Fop 
Ra呸呸dia Limited 
Suchi 
Agarw'?J 
• ' 
Company Secretary & Compliance Officer 
M.N.: A32822 
Registered Office : 
8110, GIDC Industrial Estate, 
Sachin, SURAT-394 230 
Gujarat, India. 
Tel. 
: +91-261-2398991-95 
Fax 
: +91-261-2398996 
E-mail 
: office@anupamrasayan.com 
Website : www.anupamrasayan.com 
CIN -L24231 GJ2003PLC042988

A N N U A L  R E P O R T  2 0 2 0 - 2 1
A strong foundation 
for a long journey ahead
R
6 
ANUPAM RASAYAN INDIA LTD. 
·! 
ANUPAM RASAYAN INDIA LTD.

Forward-looking statements
This document contains statements about expected future 
events and the financial and operating results of Anupam Rasayan 
India Limited (“Anupam Rasayan/Company”), which are forward-
looking. By their nature, forward-looking statements require the 
Company to make assumptions and are subject to inherent risks 
and uncertainties. There is a significant risk that the assumptions, 
predictions, and other forward-looking statements will not prove 
to be accurate. Readers are cautioned not to place undue reliance 
on forward-looking statements as several factors could cause 
assumptions, actual future results, and events to differ materially 
from those expressed in the forward-looking statements. 
Accordingly, this document is subject to the disclaimer and 
qualified in its entirety by the assumptions, qualifications, and risk 
factors referred to in the Management Discussion and Analysis of 
Anupam Rasayan India Limited’s Annual Report, FY2021.
Inside this Report
01
02
03
Our company, Anupam Rasayan India Limited, had humble 
beginnings as a partnership firm. We grew along with the 
growth of the country, growing from strength to strength, as 
we added technical capabilities and manufacturing capacity. 
Our strides in the chemicals industry 
took us to the far corners of the world, 
connecting us with many people and 
touching the lives of many more. We 
imbibe the virtues of sustainability and 
environmentally-cognizant growth. We 
hone ourselves to be leaders in capacity, 
technology and technique. Our bouquet 
of bespoke offerings and the reliance 
placed on us by our customers enable us to 
maintain a strong position in this industry.
Our recently concluded initial public offer 
(“IPO”) has further strengthened our capital 
structure and has provided us with  
the wherewithal to explore various routes 
of growth for the future. Empowered by 
the trust reposed in us, we are confident 
that this support will catapult us to newer 
heights.
The success of our business  
model demonstrates that we 
have laid a strong foundation for 
ourselves and are now ready to 
begin our journey ahead.
CORPORATE OVERVIEW
STATUTORY REPORTS
FINANCIAL STATEMENTS
02
About Us 
04
Our Journey
06
Global Footprint 
08
Value Chain
10
Manufacturing Facilities 
12
Research and Development 
14
Chairman’s Communique
16
Letter to Shareholders
18
Board of Directors
20
Key Performance Indicators 
22
Strategic Priorities
24
Corporate Social Responsibility
26
EHS Management 
28
Management Discussion and Analysis
39
Corporate Information
41
Notice
62
Boards' Report
87
Business Responsibility  Report
99
Corporate Governance Report
115
Standalone Independent Auditor’s 
Report
123
Standalone Financial Statements
170
Consolidated Independent Auditor’s 
Report
176
Consolidated Financial Statements
Further informantion 
can be found online 
by visiting
anupamrasayan.com
A strong foundation 
for a long journey ahead
FY21 Highlights
EBITDA
(H in Million)
2,196
PAT
(H in Million)
699
DEBT REPAYMENT
(H in Million)
4,705
BLENDED CAPACITY 
UTILIZATION 
74%
REVENUE
(H in Million)
8,373
- 
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Driven by science 
Led by values
COMMITTED WORKFORCE
OF MANUFACTURING 
CAPACITY, SPREAD OVER  
6 MANUFACTURING UNITS
YEARS OF PROVEN TRACK 
RECORD
37
COMPLEX PRODUCTS 
MANUFACTURED AS OF 
FY21
43
AND COMMITTED 
MANAGEMENT TEAM
A strong 
EXPORT HOUSE, 
RECOGNISED BY THE 
GOVERNMENT OF INDIA
3-star
CLIENTS CATERED ACROSS 
THE GLOBE, INCLUDING 18 
MNC’S 
64
SUPPLY CHAIN WITH 
BACKWARD INTEGRATED 
FACILITIES
Robust
PROFESSIONALS IN 
THE ROBUST R&D TEAM
55
1,286+
~24,300 MT
Anupam Rasayan India Limited is one of the leading companies in India engaged in the custom 
synthesis and manufacturing of speciality chemicals. Our customers are at the core of our 
business ethos, and we cater to them by offering tailor-made solutions for their specific needs 
and requirements. To date, we have partnered with numerous globally relevant chemical and 
agrochemical companies, including 18 MNCs.
To be a globally reputed chemical 
manufacturing company 
with respect to our Research, 
Technologies, Quality, Safety and 
care of our Environment.
	 Respect
	 Integrity
	 Transparency
	 Agrochemicals 
(including crop protection)
	
Manufacturing agro intermediates and agro 
active ingredients such as insecticides, fungicides 
and herbicides, plant growth regulators
	 Personal Care 
Manufacturing antibacterial and ultraviolet 
protection intermediates and ingredients
	 Pharmaceuticals 
Developing intermediates and ‘key starting 
materials’ for APIs
	 Speciality Pigments 
	 Speciality Dyes
	 Polymer Additives
ABOUT US 
Our focus is to manufacture products sustainably using 
innovative manufacturing processes while applying 
our expertise in executing complex chemistries. Our 
research and development (“R&D”) and engineering 
capabilities deliver value to our customers and cater to 
their complex and multi-step synthesis projects.
We take pride in our robust R&D structure, which 
essentially drives the growth of our Company and 
has enabled us to secure a strong market position. 
At Anupam Rasayan, we firmly believe that continued 
investment in R&D is imperative for long-term success 
and growth. Our existing R&D facility, together with 
the new and enhanced dedicated R&D center, is a 
testament to this belief.
Vision
Values
Sustainable manufacturing and consistent growth have 
always been a top priority at Anupam Rasayan, and 
to that effect, we have developed eco-friendly, safer 
and innovative routes for many of our products. Most 
of these products have been introduced exclusively 
for our customers based on their specific needs and 
requirements.
Our six manufacturing units are located in Sachin, 
Surat and Jhagadia, Bharuch in the state of Gujarat. 
Our units are built in line with environmental 
consciousness, having sound technology and rich 
history of innovation through research. At Anupam 
Rasayan, we are committed to excellence in quality and 
sustainability.
OUR BUSINESS VERTICALS
Life Science related 
Specialty Chemicals
Other Specialty 
Chemicals
08%
92%
To grow exponentially in a  
multi-faceted manner in the group 
chemistries that we are proficient 
in and, most importantly, through 
our customer support.
Mission
02
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Anupam Rasayan India Ltd  |  Annual Report 2020-21
CORPORATE OVERVIEW
01
STATUTORY REPORTS
02
FINANCIAL STATEMENTS
03
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Evolving 
with purpose 
Anupam Rasayan has gone through a long journey to reach where it is today. From the days of 
its inception to the year of its listing on the stock exchanges, it has been a journey of learning, 
growing, adapting and evolving. Our strong foundation has helped us reach many milestones 
and has prepared us for a monumental stride moving forward.
OUR JOURNEY 
Formation of the partnership 
firm M/s Anupam Rasayan
	 Successfully listed on BSE 
& NSE in March 2021
	 Onboarded 
crop-protection major 
Adama as a client
Commissioned unit-4 in 
Jhagadia GIDC
Received ‘Green Innovation 
Award’ from the Corning 
Reactor Technology 
Started supplying 
antibacterial products to a 
European customer
Commissioned unit-5 in 
Jhagadia GIDC and unit-6 in 
Sachin GIDC
Started supplying speciality 
chemicals to the global 
agricultural science and 
technology major Syngenta
Began supplying speciality 
chemicals to Sumitomo 
Chemical in Japan
1984
2021
Conversion from a 
partnership firm to a joint-
stock company as Anupam 
Rasayan India Limited 
	 Received DSIR registration 
for our R&D center in 
Sachin Unit – 6
	 Started servicing Indian 
agrochemical major UPL 
Limited
2003
2020
2006
2019
2010
2017
2014
2016
04
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Anupam Rasayan India Ltd  |  Annual Report 2020-21
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02
FINANCIAL STATEMENTS
03
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Delivering chemistry 
across geographies
Anupam Rasayan has made a mark globally by catering to various geographies. A significant 
contribution of exports to Europe and other countries in Asia such as Japan, China and 
Singapore, together with a good share of business catering to the domestic market, gives 
a diversified geographical presence to the business of our Company. We endeavour to 
strengthen and optimize our portfolio by adding new customers, which will broaden the 
Company’s geographical footprint and product expansion goals.
GLOBAL FOOTPRINT 
REST OF THE WORLD
01%
(In %)
01
06
FY20
FY21
02
FY19
02
FY18
SINGAPORE
10%
(In %)
10
17
FY20
FY21
12
FY19
12
FY18
EUROPE 
28%
(In %)
28
36
FY20
FY21
37
FY19
43
FY18
INDIA
42%
(In %)
42
32
FY20
FY21
40
FY19
40
FY18
CHINA
04%
(In %)
04
01
FY20
FY21
02
FY19
02
FY18
MANUFACTURING UNITS
Gujarat- Sachin 
and Jhagadia
CORPORATE 
HEADQUARTER
Gujarat- Sachin
JAPAN
15%
(In %)
15
06
FY20
FY21
07
FY19
01
FY18
Key
Revenue-mix  
by Geography 
Sachin
Jhagadia
06
07
Anupam Rasayan India Ltd  |  Annual Report 2020-21
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Building strong and 
lasting relationships
Anupam Rasayan prides itself on being a customer-centric business that believes in 
garnering long-term relationships with its customers and delivering valuable solutions 
for their varied needs.
VALUE CHAIN
We value our customers and channel our efforts for enlisting the 
Company as a preferred partner for our top clients for all their 
present and future requirements. Our expertise in executing complex 
chemistries and creating quality products set us apart. Our ability 
to retain and maintain our customers gives us a clear edge over the 
competitors. This capability can be attributed to certain factors in the 
business viz.,
	 The time spent to onboard a new customer, after evaluation and 
analysis of the project and several rounds of discussions with a 
prospective customer requiring significant time, acts as an entry 
barrier for our competitors to enter this business domain.
	 The customers desire to limit the number of suppliers for complex 
products to limit the divulgence of confidential and proprietary 
information. 
	 A high wallet share with long-standing customers, indicated by 
significant revenue contribution from our top 10 customers. To add 
to this, the Company has onboarded many clients in the last few 
years. Over time, the Company will corner significant wallet share 
from such new clients as well.  
	 Registration of manufacturers with local regulatory bodies, which 
our customers undertake. 
The Company engages in long term contracts with its customers, 
typically between a range of two to five years, which enhances the 
visibility of operations and also helps in planning capital expenditures. 
Currently, these customers contribute to 23 products from our 
product portfolio; the contribution spread is expected to widen over 
more number of customers over the coming years. 
We also supply niche molecules to some of  
our customers who are top MNCs from across the globe. They follow 
stringent customer audits and approvals, and the Company is obliged 
to adhere to such norms. Further, we aim to corner high wallet-share 
with scalable clients to expand our existing partnership with them. 
CUSTOMER RETENTION - A STRONG ENTRY 
BARRIER 
SOME OF OUR 
ESTEEMED CLIENTELE
Our expertise in our products, manufacturing processes and 
systems put- us in a suitable position to cater to the variety 
of needs of our customers. The Company follows a robust 
process to deliver quality products to its customers. 
During this time, Anupam Rasayan handholds its customers 
and goes through various rounds of iterations to arrive at 
the final product. The customer is required to register us 
with various regulatory bodies during this process, which 
helps further in customer retention. Additionally, to limit the 
spread of sensitive and confidential information, customers 
select only a few suppliers for their products. 
From customer inquiry to commercialization of a product, it 
can take between 15 to 27 months. The Company believes 
that its value chain inspires confidence in the customers, 
and a true partnership is formed in the process.
SIGNIFICANT REVENUE 
CONTRIBUTION FROM OUR 
TOP 10 CUSTOMERS
81%
(In %)
81%
87%
FY20
FY21
81%
FY19
3 MONTHS
Customer 
inquiry
Response 
with Feasibility 
study
Signing NDA/ 
Confidential 
agreement
Process 
Evaluation
R&D Testing 
and Trials
Sample  
Costing
Customer 
Validation
Pilot-scale 
Trial
Sample
Approval
Customer 
Agreement
Raw Material 
Procurement
Commercial 
Production
Plant 
Modification/ 
Plant  
Installation
3 MONTHS
3 MONTHS
If plant modification is 
required, then 6 months.
If a new plant is required, 
then 18 months
Note: period for the value chain is approximate and can differ depending on product and client requirements.
08
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Anupam Rasayan India Ltd  |  Annual Report 2020-21
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STATUTORY REPORTS
02
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03
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Comprehensive 
manufacturing capabilities 
MANUFACTURING FACILITIES
Anupam Rasayan’s state-of-the-art manufacturing infrastructure puts 
the Company at a distinct advantage. The Company has been engaged 
in manufacturing life sciences related speciality chemicals and other 
speciality chemicals since 1984, developing its manufacturing units 
with advanced and innovative capabilities for manufacturing processes. 
The manufacturing facilities are highly automated with multi-purpose 
plants for production and equipped with glass-lined, titanium-clad and 
stainless-steel reactors enabling the manufacturing of a diverse range of 
products. 
In recent years, Anupam Rasayan has made an extensive investment in 
its capital infrastructure to double its manufacturing capacity. It puts 
the Company on a growth trajectory and positions it well to cater to the 
opportunities presented by the speciality chemical and allied industries.
The manufacturing units’ proximity to the ports and key domestic 
markets serves as a strategic advantage as the Company not only exports 
across the globe but also has a huge domestic market for its products. 
Anupam Rasayan is now ready to start its journey as a listed 
company to launch itself into another leg of growth. 
Anupam Rasayan is dedicated 
to providing complete customer 
satisfaction through product quality, 
time-bound delivery and sustainability. 
The Company’s Quality Management 
system provides a rigorous framework 
which measures its product 
performance, further, the system itself 
is closely monitored and regularly 
updated to ensure smooth operations, 
year after year.
CUMULATIVE CAPACITY
~24,300 MT 
TO USE FLOW PROCESS ON 
A COMMERCIAL SCALE
Among the few 
companies 
WITH PILOT PLANT 
FACILITY
Equipped
DEDICATED WORKFORCE
1,286+
MANUFACTURING 
FACILITIES 
06
COMMITTED TO DELIVERING QUALITY EVERY STEP OF THE WAY
FY21 CAPACITY UTILIZATION - UNIT-WISE
FACILITY
PROJECT
INSTALLED CAPACITY 
(IN MT)
CAPACITY UTILISATION 
(IN %)
Sachin Unit 1
ISO 9001:2015; 
ISO 14001:2015
5,202
Sachin Unit 2
ISO 9001:2015;
ISO 14001:2015
2,520
Sachin Unit 3
ISO 9001:2015;
ISO 14001:2015;
ISO 45001:2018
6,130
Jhagadia Unit 4
ISO 9001:2015; 
ISO 14001:2015; 
ISO 45001:2018
3,685
Jhagadia Unit 5
ISO 9001:2015;
ISO 14001:2015;
ISO 45001:2018
5,520
Sachin Unit 6
ISO 9001:2015;
ISO 14001:2015;
ISO 45001:2018
1,238
Total
24,295
81%
75%
89%
85%
52%
59%
74%
Anupam Rasayan’s quality goals:
	 To incorporate sustainable business practices continually
	 To ensure time-bound delivery of products to its customers
	 To institute a system for gauging customer feedback
	 To institute a system for quality training of employees
	 To achieve continuous improvement in its quality 
management system
CAPACITY UTILIZATION 
MANUFACTURING 
CAPACITY
74%
24,295
(In %)
(In MT)
86%
24,295
60%
23,396
FY20
FY20
FY21
FY21
75%
14,882
86%
12,178
FY19
FY19
FY18
FY18
ANNUAL 
MANUFACTURING 
CAPACITY 
10
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Delivering value 
through R&D
RESEARCH & DEVELOPMENT 
We believe that research, 
development and innovation 
are critical in maintaining our 
competitive position, as it not only 
sets us apart from our peers but 
also enables us to deploy improved 
processes and commercialize 
innovative new products. To 
remain abreast with the changing 
consumer trends and industry 
developments, our Company 
develops innovative processes and 
undertakes complex chemistries.
We have dedicated in-house 
R&D facilities located at Sachin 
Unit 2 and Sachin Unit 6, which 
are equipped with modern and 
advanced equipment engaged in 
process development, process 
innovation, new chemical screening 
and engineering. Further, this 
assists us in pursuing efficiencies 
from the conceptualization stage 
up to the commercialization stage.
RECEIVED FOR CUSTOMER 
EXCELLENCE IN 
ADVANCED-FLOWTM 
REACTOR APPLICATIONS 
DEVELOPMENT IN 2015
Corning Green 
Innovation Award
OVERSEES THE TRANSFER 
OF TECHNOLOGY FROM 
LAB SCALE TO PLANT 
SCALE
The R&D team 
RECOGNIZED R&D CENTER
DSIR
HEADED BY DR 
NILESHKUMAR NAIK, 
WITH A TEAM OF 55 
PROFESSIONALS
R&D 
In our 37 years of manufacturing experience, we have developed, processed and commercialized numerous 
complex and multi-step synthesis products based on a diverse range of chemistry. In the process, we have 
gained tremendous expertise and in-depth knowledge of the products, processes and chemistries.
SUPERIOR CHEMISTRY & TECHNICAL PROWESS 
OBJECTIVES OF R&D
Flow Chemistry
Over the years, we have deployed process 
technologies in flow chemistry. Today, we are one of 
the leading Indian companies to use continuous and 
flow chemistry technology on a commercial scale.
Reduced lead time, low environmental impact, higher 
yields and cost efficiency are some of the significant 
advantages that flow chemistry technology has over 
the traditional batch processes. 
Photochemistry
Another area of focus for the Company is 
photochemistry technology, which is increasingly 
becoming an important tool in the search of new 
active compounds for speciality chemicals and 
pharmaceuticals. Shorter and simplified multistep 
synthesis of complex molecules, larger potential for 
automation, increased accessibility to the portfolio of 
novel compound families are some of the key benefits 
of using photochemistry. In addition, photochemistry 
requires microreactors, unlike conventional 
photochemical systems which require larger reactors.
Enabling multi-step 
synthesis
Identification of 
complex chemistries
New chemical screening 
and engineering
Process innovation
In-house process 
development
Achieving cost 
optimization
Etherification
Alkylation
Chlorination
Fluorination
Esterification
Hydrogenation
Amination
Acylation
Nitration
Diazotization 
& hydrolysis
OUR COMPETENCE IN 
KEY CHEMISTRIES
12
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Navigating 
the new normal 
CHAIRMAN’S COMMUNIQUE
DEAR SHAREHOLDERS,
It gives me immense pleasure to share 
with you our first post listing annual report. 
I would like to begin by thanking all our 
investors and stakeholders for supporting 
us through the years and for inspiring 
confidence in us - you are the reason behind 
our successful IPO. We hope to continue our 
legacy and achieve big milestones together, 
in the years to come.
We have all experienced the spectre of COVID-19 
which has been looming on us for the last year and 
a half. It has been a turbulent time and the people 
around the world have suffered and endured through 
this pandemic. It has challenged and disrupted 
economies and lives, and it is in these circumstances 
that one leans on its leadership to steer through the 
storm. We at Anupam Rasayan, not only navigated 
through all these challenges but have also spread the 
wings for a higher flight. Despite the year’s harrowing 
environment, we were able to deliver value for our 
customers as well as our shareholders.
This being our maiden annual report post listing, I 
would like to take this opportunity to take you through 
the cornerstones of Anupam Rasayan - the pillars on 
which our business model rests.
Quality
We believe in setting ourselves apart by 
ensuring excellence in our products. This 
enables us to work side-by-side with the 
leading players in our industry. 
Innovation 
We understand that ours is an industry 
where innovation is a strength. Therefore, 
with a more than 55-person dedicated 
team constantly working on process 
innovation, identifying and cracking complex 
chemistries and enabling multi-step 
synthesis, we are completely committed to 
a robust R&D function.
Environmental Sustainability
We are also cognizant of the fact that it is 
our environment that allows us to function 
efficiently so that we can make the most of 
our potential. Therefore, we work towards 
constantly adopting sustainable practices 
in each of our functions. In this endeavour, 
we have shifted to renewable energy (solar 
power), are using natural-gas based steam 
to run our plants and have tried to minimise 
our dependency on fossil fuels. 
People Responsibility
We are also mindful that our greatest 
strength lies in our people. Therefore,  
we constantly keep ourselves ready for  
all eventualities by conducting hazard and 
operability studies. We train our manpower 
to meet the foremost standards of safety 
and secure workspace practices, while also 
mitigating risks by engineering effective 
controls. 
These fundamental values shape how we 
do business - more than our incremental 
strides in the business, assets and growth 
projections, it is these ideals which drive us 
towards excellence.
To conclude, I would like to convey my 
heartfelt gratitude to our team for showing 
such determination and resilience through 
these trying times. Even when much of the 
industry was in the doldrums, our team 
ensured production, operations, deliveries 
and client satisfaction remained as usual. 
I would also like to thank all my colleagues 
on the Board, the senior management, 
our dedicated team, our clients, bankers, 
government and regulatory authorities for 
being instrumental in our success story. 
Finally, and most importantly, I would like to 
thank the latest additions to our family of 
stakeholders - you, our public shareholders, 
for being part of our growth story and 
empowering us for our journey ahead. 
Yours sincerely,
DR. KIRAN C PATEL
CHAIRMAN &NON-EXECUTIVE 
DIRECTOR
“Even when much of the industry was 
in the doldrums, our team ensured 
production, operations, deliveries and 
client satisfaction remained as usual.”
“We have shifted to 
renewable energy 
(solar power), are using 
natural-gas based steam 
to run our plants and 
have tried to minimise 
our dependency on fossil 
fuels.”
PERSON DEDICATED R&D 
TEAM
55
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Seeking 
new horizons 
LETTER TO SHAREHOLDERS
DEAR SHAREHOLDERS,
It is my distinct pleasure to reach out to 
our shareholders by way of this message. I 
would like to take this opportunity to thank 
each one of you for reposing your valuable 
faith in the Company.
Evolution
Since pursuant to listing of the Company’s equity 
shares, this is our first Annual Report, I find it 
apposite to reminisce and give you a brief history of 
our Company’s journey thus far. The Company was 
established in 1984 as a manufacturer of conventional 
products. By 2006, our Company began supplying an 
anti-bacterial product to a European customer and, 
till date, remains a primary supplier of the product 
to this customer. In 2010, we started supplying 
agrochemical intermediates to the global major 
Syngenta. To match growing demand and leverage 
opportunities in the agrochemical industry, the 
Company commissioned its Jhagadia Unit 4 located 
at Jhagadia GIDC, Gujarat in 2014. Soon thereafter, 
we onboarded Japanese major Sumitomo Chemicals 
as our customer for the supply of life science related 
speciality chemicals. Over the past 3-4 years, we 
have made significant capital expenditure amounting 
to H 8,000 million for setting up Unit 5 at Jhagadia 
GIDC and Unit 6 at Sachin GIDC, effectively doubling 
our manufacturing capacity. We foresee that this 
augmented capacity will power our growth engine for 
the coming few years. From our humble beginnings 
to becoming one of the leading companies engaged 
in the custom synthesis and manufacturing of life 
science related and other speciality chemicals serving 
a diverse base of Indian and global customers, it has 
been a journey to recount.
OUR STRENGTHS
Through robust technological capabilities and a 
strong relationship with our existing clients, we have 
grown into a formidable position in the life science 
related speciality chemicals industry. Currently, for 
many of our products, we are a preferred supplier with 
a zero-attrition rate of customers till date. This in itself 
is a unique feat in our industry. We are one of the very 
few companies with a track record of commercially 
manufacturing products through continuous process 
technology, instead of the conventional batch 
method. This gives us many operational advantages 
over our peers. 
It gives me immense pride to inform you that we 
are currently in the initial stages of development 
of technology and processes for photo-chemistry, 
with continuous processes system. This photo-
chemistry technology is a critical tool in researching 
new active compounds for speciality chemicals 
and the pharmaceutical industry. It offers high 
automation potential for automation, reduced lead 
time for multistep synthesis and provides increased 
accessibility to a portfolio of novel families of 
compounds. 
We are also in the development phase for three 
different products and the future looks promising 
for each one of them. Further, we are also in a very 
advanced stage of working on new molecules which 
will have application in pioneering technologies in the 
telecom sector and would be rolled out globally in the 
near future. We will be one of the very few companies 
manufacturing this molecule globally.
This emphasis on incremental technology and path-
breaking innovation will keep fueling our Company’s 
growth story.
OUR STRIDES
In April 2021, we bagged an order worth H 11,000 
million from one of the top 10 global life science 
companies for three different molecules which are 
to be supplied over the next 5 years. In May 2021, 
we bagged orders worth H 5,400 million for two 
new molecules from two different multinational 
companies, one of whom was an existing client. This 
year Adama has also come on board as a client. 
We are also in the advanced stages of signing new 
deals with various global clients. In other words, our 
Company is not only growing in capacity but is also 
taking significant strides in cementing its position 
commercially in this industry.
OUR PERFORMANCE
In the last financial year, i.e. FY2020-21, we 
commercialized about 9 new products in FY21 
which contributed significantly to the growth of 
the business. During this period, the total income 
grew by 55% to H 8,373 million from H 5,398 million 
in the previous year. This growth was driven by 
capacity utilization of newly commercialized Units 5 
and 6, whose capacity utilization was 52% and 59% 
respectively. 80% growth in this financial year came 
from the recently commercialized units as well as the 
recently commercialized products. Overall, during 
this period, the life science segment contributed 92% 
to the sales while 8% was from the other speciality 
chemicals.
Our Company’s EBITDA rose by 53% to H 2196 million 
in FY 2020-21 from H 1,453 million in the previous 
financial year, with the EBITDA margin being at 
26%. Our profits after tax for this year stood at H 699 
million compared to H 530 million in the previous 
year. Our fundraising enabled us to repay borrowings 
aggregating to H 4,705 million. With the total 
repayment of H 5,600 million, there will be a significant 
saving of about H 500 million in the interest cost in 
the current financial year. I am very glad to inform you 
that, as on March 31, 2021, our net debt to equity ratio 
has come down to 0.06 from 1.33 in the previous year - 
a massive deleveraging of our Balance Sheet.
In closing, I am very glad to inform you that our 
Company has secured itself for the times to 
come with a strong grounding in technological 
advancements and a robust balance sheet. With your 
support, I am confident that we will keep on growing 
from strength to strength and create the maximum 
value for our stakeholders.
Yours sincerely,
ANAND S. DESAI
MANAGING DIRECTOR
“We are one of the very few companies with a 
track record of commercially manufacturing 
products through continuous process 
technology”
NEW PRODUCTS 
COMMERCIALISED IN FY 21
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A Company led by 
experience and expertise 
BOARD OF DIRECTORS
1.	 DR KIRAN C. PATEL
	
CHAIRMAN & NON-EXECUTIVE DIRECTOR
	 Holds a degree in Bachelor of Medicine and Bachelor of Surgery 
from Gujarat University. Additionally, he has earned diploma 
certificates in the speciality of internal medicine and the 
subspeciality of cardiovascular diseases from the American 
Board of Internal Medicine
	 Certified to practice medicine in the state of Florida by the 
Department of Professional Regulation, State of Florida
	 Previous stints include - Resident (Internal medicine) at Jersey 
City Medical Center, Cardiovascular fellowship at Overlook 
Hospital in association with Columbia University, New York, 
Elected Fellow at American College of Cardiology
	 He also serves as a promoter director on the boards of 
Rudraksh Academy Private Limited and Solace Healthcare 
Private Limited
2.	MR ANAND S. DESAI
	
MANAGING DIRECTOR
	 Over 28 years of experience in the chemical industry 
	 Associated with the Company since 1992 and was one of the 
first Directors of the Company
	 Holds a Bachelor’s degree in Science from Vinoba Bhave 
University
	 He was the Zonal Chairman of Confederation of Indian Industry 
(Southern Gujarat region) for the year 2020–2021 and a member 
of Confederation of Indian Industry’s national committee on 
chemicals and petrochemicals for the year 2020-21
3.	MS MONA A. DESAI
	
VICE-CHAIRMAN & WHOLE-TIME DIRECTOR
	 Over 18 years of experience in the chemical industry 
	 Associated with the Board since 2003
	 Holds a Bachelor’s degree in Home Science from Shreemati 
Nathibai Damodar Thackersey Women’s University, Mumbai 
	 She also serves as a director on the board of Rehash Industrial 
and Resins Chemicals Private Limited.
4.	MR MILAN THAKKAR
	
NON-EXECUTIVE DIRECTOR
	 Associated with the Company since 2018
	 Holds a second year Junior College certificate in 
Science from R.D. & S.H. National College and S.W.A. 
Science College, Maharashtra.
	 He also serves as a director on the boards of 
Arochem Industries Private Limited and Nanavati 
Developers Private Limited
	 He has previously served on the boards of Exochem 
Limited and Exochem (HK) Limited
5.	MR HETUL KRISHNAKANT MEHTA
	
INDEPENDENT DIRECTOR
	 Holds a Diploma in Chemical Engineering from the 
Maharashtra State Board of Technical Education. 
	 He is a founding director of Praveen Laboratories 
Private Limited and Advanced Diabetes Centre 
Private Limited. 
	 He has also published a patent application 
concerning the process for the preparation of 
clopidogrel polymorphous form 1 using seed crystals.
6. DR NAMRATA DHARMENDRA JARIWALA
	
INDEPENDENT DIRECTOR
	 Holds a PhD degree in Civil Engineering from Sardar 
Vallabhbhai National Institute of Technology, Surat 
and a Master’s degree in Civil Engineering from 
Maharaja Sayajirao University of Baroda. 
	 She is currently an Assistant Professor at Sardar 
Vallabhbhai National Institute of Technology, Surat 
	 She has published research papers in various 
journals in the past and has been a part of various 
consultancy projects assigned by Sardar Vallabhbhai 
National Institute of Technology, Surat
MR AFZAL MALKANI 
CHIEF FINANCIAL OFFICER
DR NILESHKUMAR NAIK 
TECHNICAL HEAD
DR ANUJ THAKAR 
R&D (PROCESS 
DEVELOPMENT) HEAD  
AND UNIT II HEAD
MR RAVI DESAI 
SALES HEAD
MS SUCHI AGARWAL 	
COMPANY SECRETARY AND 
COMPLIANCE OFFICER
7.	 MR VIJAY KUMAR BATRA
	
INDEPENDENT DIRECTOR
	 Completed an Executive Development Program from 
Wharton School, University of Pennsylvania and holds 
a Bachelor’s degree in Chemical Engineering from 
Indian Institute of Technology, Delhi. 
	 He has previously served on the board of Flow 
Chemistry Society (India chapter)
	 He is a member of the Institute of Chemical 
Engineers. 
	 His previous stints include - managing director of 
Regent Drugs Limited, Albany Molecular Research 
and Hyderabad Research Centre Private Limited. He 
has also served as the president and director of J.K. 
Drugs and Pharmaceuticals Limited. He has also 
consulted with various companies involved in the 
pharmaceutical sector in the past
8.	MR VINESH PRABHAKAR SADEKAR
	
INDEPENDENT DIRECTOR
	 Holds a Bachelor’s degree in Chemical Engineering 
from University of Bombay. 
	 He was a member of the executive committee and 
the chairman of the Human Resources Committee 
with the Organisation of Pharmaceuticals Producers 
of India. 
	 He was elected as an honorary fellow of the Indian 
Institute of Chemical Engineers. 
	 His previous stints include - Managing Director of 
Navin Fluorine International Limited and Cheminova 
India Limited. He has served as the president of 
Searle (I) Ltd. 
	 He is the founding partner of KT Energy  
Solutions LLP. 
	 He was awarded the “Outstanding Achiever Award for 
1996” by RPG Enterprises
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OTHER KEY MANAGERIAL PERSONNEL
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Measuring 
our progress
KEY PERFORMANCE INDICATORS
REVENUE FROM 
OPERATIONS 
NET WORTH 
ROCE
EBITDA
NET DEBT TO EQUITY 
FIXED ASSET TURNOVER 
RATIO 
PAT
CAPITAL EMPLOYED 
NET DEBT 
ROE
8,109
15,726
11%
2,196
0.06
0.71
699
18,766
907
6%
Anupam Rasayan has witnessed exceptional growth in the past few years and especially in FY21, despite the 
COVID-19 pandemic. The Company had a strong financial performance during the three years before its IPO 
with 34% year on year growth. 
The Company had a top-line growth of 55%, from H 5,398 million in FY20 to H 8,373 million in FY21. The 
Company’s EBITDA grew from H 1,453 million in FY20 to H 2,196 million in FY21, and the Company’s profit 
increased by 32%. This robust growth can be partly attributed to the foresight of the leadership who invested 
over H 8,000 million in CAPEX before the IPO.
	 As of FY21, the Company has repaid H 4,705 million of its total debt
	 Net worth stands at over H 15,726 million with significantly reduced debt, providing further headroom for 
organic and inorganic growth
	 Repayment from IPO proceeds reduced borrowings
	 Further expansion of profitability and improved cash flows
	 Significant Improvement in Credit Rating of the Company from CRISIL A- to CRISIL A
	 Return on Equity is expected to improve significantly as new capacity comes into play and due to various 
cost reduction measures taken by the Company
(C in Million)
(C in Million)
(In %)
(C in Million)
(In Times)
(In Times)
(C in Million)
(C in Million)
(C in Million)
(In %)
8,109
15,726
11%
2,196
0.06
0.71
699
18,766
907
6%
5,289
5,931
11%
1,453
1.33
0.50
530
11,699
10%
FY20
FY20
FY20
FY20
FY20
FY20
FY20
FY20
FY20
FY20
FY21
FY21
FY21
FY21
FY21
FY21
FY21
FY21
FY21
FY21
5,024
5,065
11%
1,126
1.29
0.58
502
9,752
10%
FY19
FY19
FY19
FY19
FY19
FY19
FY19
FY19
FY19
FY19
3,414
4,562
10%
798
0.90
0.55
386
7,346
7,913
6,552
4,128
11%
FY18
FY18
FIXED ASSETS 
11,468
(C in Million)
11,468
10,662
FY20
FY21
8,513
FY19
6,236
FY18
FY18
FY18
FY18
FY18
FY18
EBITDA MARGINS 
26%
(In %)
26%
27%
FY20
FY21
22%
FY19
23%
FY18
FY18
FY18
FY18
Note:
	 EBITDA includes other income
	 All numbers above have been rounded-off to zero decimal except Asset Turnover & Net-Debt to Equity which is rounded-off to two decimals.
Note:
	 ROCE is calculated using average capital employed and ROE is calculated using average equity.
	 All numbers above have been rounded-off to zero decimal.
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Focus areas that 
shape our future
With decades of experience in the chemical industry, Anupam Rasayan is at the forefront 
with its innovation and product excellence. Over the years the Company has strengthened its 
capabilities, improved its efficiencies and bolstered its presence, thus strategically placing itself 
in a growth curve. We are optimistic that we will be able to deliver sustainable growth to our key 
strategic priorities.
STRATEGIC PRIORITIES
Continue to focus on 
custom synthesis by 
developing innovative 
processes and value 
engineering
Diversify product portfolio 
and enhance expertise in 
chemistry 
Expand the business 
by harnessing industry 
opportunities through 
organic and inorganic 
growth routes
Continue to focus on  
cost efficiency and  
boosting productivity
	 Focused on developing 
innovative in-house processes 
for new complex chemistries 
like Hydrogenation and Photo 
Chlorination 
	 Focused on moving up the 
value chain by replacing lower 
value products with higher 
value products through value 
engineering, thus ensuring a 
higher engagement level and 
more business from existing 
clientele
	 Ramp-up cross-selling initiatives 
for its established clientele, 
to focus more on high-value 
products
	 Focused on early-stage process 
innovation and development, 
to capitalize on the complete 
lifecycle of some products 
	 In FY21, 9 new products have 
been added and there are some 
critical molecules in the pipeline 
that will be commercialised in 
the coming years 
	 Greater emphasis on chemistries 
like Grignard, Ethylene Oxide, 
Ammoxidation and Isobutylene, 
which will enable adding more 
products in the life science 
chemicals vertical
	 Tapping into newer industry 
segments and geographies
	 Going forward, the Company 
aims to focus on patented 
molecules in the early stages of 
their life-cycle. It aims to explore 
medium to high-value products 
in complex chemistries
	 Steady organic growth through 
newer products, clients and 
chemistries 
	 Select inorganic opportunities to 
expand niche verticals
	 The ‘China plus one’ strategy, 
along with the de-risking of 
global supply chains to develop 
an alternate manufacturing base 
provides ample opportunities 
for the Indian chemical industry. 
In addition, government 
initiatives like ‘Make in India’ and 
‘Atmanirbhar Bharat’ will boost 
the Indian CRAMS market within 
the next 5 years
	 Focused on adopting energy-
efficient technologies and 
practices, and increasing the use 
of alternative fuels, energy and 
raw materials. Some initiatives in 
this direction are – the adoption 
of a solar power plant, use of 
natural gas-based steam and 
hot oil boilers, which will help 
optimize production costs and 
improve product quality
	 Further developments in the 
integration of the value chain 
and manufacturing facilities, by 
carrying out majority processes 
in-house to maximize efficiencies
	 Developing cost-reduction 
strategies and implementing 
more sustainable methods in 
operations to maintain cost 
leadership 
Continue to focus on 
custom synthesis by 
developing innovative 
processes and value 
engineering
Diversify product 
portfolio and 
enhance expertise in 
chemistry
Expand the business 
by harnessing industry 
opportunities through 
organic and inorganic 
growth routes
Continue to focus on  
cost efficiency and  
boosting productivity
Top priorities 
going forward
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Our responsibilities 
toward our communities 
CORPORATE SOCIAL RESPONSIBILITY
At Anupam Rasayan, we firmly believe that besides our responsibilities towards our customers, employees and our 
business, we have a greater duty towards the communities we operate in and the environment in which we work. 
We have always taken these duties as non-negotiable and have tried to ensure that our communities grow along 
with us in our journey. Our social responsibilities have been imbibed within our Company’s value system, and we 
endeavour to do our bit to make our communities more inclusive, happy and healthy.
Over the years the Company has contributed to many social causes benefitting thousands of underprivileged 
people in the rural areas of Gujarat. These programs are aimed at improving the quality of life of the community 
people by enhancing their health and providing them with the necessary skills to undertake livelihood 
opportunities. 
FOCUS AREA
PROJECT
OBJECTIVES
YEAR AND DURATION 
OF PROJECT
Sickle Cell Care
Sickle Cell Disease 
Comprehensive Care 
Program
To develop a comprehensive sickle 
cell care program for approximately 
300 patients annually at SEWA Rural.
April 2014 to  
March 2018
Mortality Rate and 
Malnutrition
Reduce Neonatal 
Mortality Rate (NMR), 
Infant Mortality Rate (IMR) 
and child malnutrition 
	 To improve Neonatal Mortality 
Rate (NMR), Infant Mortality Rate 
(IMR) and child malnutrition rates 
in six tribal blocks of Gujarat
	 To provide community-based 
comprehensive care to 
approximately 30,000 pregnant 
women, new-born babies and 
children 
	 To develop an app-based data 
and knowledge management tool 
for 250 health workers from the 
villages
Annually conducted 
since FY 2019-20
Skill development
Skill Angel Cognitive 
Learning Program
To enable 1000 underprivileged 
students from 10 government 
schools in Mota Fofalia, Sinor Taluka, 
Vadodara District to make use of a 
comprehensive learning program to 
enhance their cognitive abilities.
Conducted in  
FY 2019-20
FOCUS AREA
PROJECT
OBJECTIVES
YEAR AND DURATION 
OF PROJECT
Eye Care
Free eye check-up and 
surgeries in collaboration 
with the Rotary Eye 
Institute of Navsari
To provide free eye check-up, 
treatment, surgery and medicines 
to the underprivileged people of 
the Sachin industrial region of Surat 
(in collaboration with Rotary Eye 
Institute, Navsari)
Annually conducted 
since FY 2007-2008
Conservation
Environment conservation 
and protection of ﬂora 
and fauna
	 To raise awareness about rescue 
and rehabilitation of wildlife 
amongst people from urban and 
rural areas of Surat and South 
Gujarat (in collaboration with 
PRAYAS Team Environment 
Charitable Trust)
	 To spread awareness about 
protection and conservation of the 
environment
Annually conducted 
since FY 2019-20
Infrastructure 
development
Upgrading the 
infrastructure of the 
Physiotherapy department 
at Dinbandhu Charitable 
Hospital Trust
To facilitate up-gradation of 
infrastructure in the physiotherapy 
department at Dinbandhu 
Charitable Hospital Trust, Kholwad 
(Surat)
3-year project 
initiated since  
FY 2019-20
Education
Promoting education 
among children through 
the Project ‘Ekal Vidyalaya’ 
– ‘One Teacher School’
To impart non-formal five-fold 
education viz. primary education, 
health care education, development 
education, awareness education and 
moral education to children between 
the age group of 6 to 14 years in rural 
and tribal areas
Undertaken in  
FY 2020-21
In FY 2020-2021,  
Anupam Rasayan has undertaken  
a variety of developmental 
activities ranging from providing 
education, basic healthcare, 
developing infrastructure for its 
communities and conserving 
nature. Through its undeterred 
commitment towards its societal 
duties, the Company is well on 
its way to creating inclusive and 
sustainable communities around it.
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Our people and the planet 
responsibilities 
Anupam Rasayan is committed towards its people and planet responsibilities -  it 
envisions a future world that is both sustainable and equitable. The Company not only 
believes in innovating to remain relevant but it also believes in innovating to pursue 
sustainable practices. 
EHS MANAGEMENT 
Imbibing the spirit of 
sustainability, by
	 Using alternate power sources like our 
upcoming solar power plant and natural 
gas-based steam
	 Installing hot oil boilers to promote energy 
efficiency
	 Minimizing carbon footprint by reducing 
fossil fuel dependency
To achieve the highest standards of environmental excellence, the Company engages in responsible and 
green operations. In 2020, the Company received a Bronze sustainability rating by EcoVadis for the same. 
Effective Waste Management
It is our constant endeavor to incorporate efficient 
eco-friendly technologies in our processes and 
to that extent, the Company has dedicated a full-
fledged process optimization team that work on 
the existing as well as new products, to minimize 
by-product formation.
	 Zero Liquid Discharge Sites
	 Biological Treatment Systems, Evaporation and 
Oxidation technologies
Efficiency in process safety
We aim to operate our manufacturing units with 
safe and efficient processes and to minimise any 
potential risk of malfunctions. To that effect, we 
employ globally reputed safety standards coupled 
with our in-house standards and conduct various 
tests at all stages of product development - be it 
at the level of R&D or the pilot plant level. These 
tests generate process safety data of the said 
product, which is further used to design its standard 
operating procedure (SOP). In addition, we have
	 Installed liquid multiple effect evaporation system
	 Implemented advanced ozonation
	 Installed scrubbers using different media
Prioritising safety of employees
We continuously ensure to engage in reasonable 
practices and that the health, safety and welfare of 
all our employees remain our foremost priority. We 
are committed to conducting all our operations 
safely in a reliable manner. To mitigate occupational 
risks and hazards we have created certain checks 
and balances including a periodic risk assessment, 
thus ensuring a safe and clean work environment for 
our employees. 
	 Running reaction and differential calorimetry tests
	 Conducting hazards and operability studies
	 Mitigate hazards with engineering controls and 
secure work practices
Robust transportation safety
For a chemical business like ours, transportation 
safety is of paramount importance. Not only is there 
a strict regulatory framework in place mandating 
the protocols for safe carriage of our products 
and raw materials, but we also imbibe the virtues 
of the precautionary principle. The focus of the 
transportation safety protocols is towards both 
public health and safety, as also the safety of our 
supply chain.
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Management 
Discussion & 
Analysis
MD&A
GLOBAL ECONOMY
The global economy is set to expand by 5.6 % in 2021—
its strongest post-recession pace in 80 years—in part 
underpinned by steady but highly unequal vaccine 
access. The global recovery is uneven. Growth is 
concentrated in a few major economies, with most 
emerging market and developing economies (EMDEs) 
lagging behind. While about 90 % of advanced 
economies are expected to regain their pre-pandemic 
per capita income levels by 2022, only about one-third 
of EMDEs is projected to do the same. As a result, per 
capita income catch-up with advanced economies 
is expected to slow or even reverse in many poorer 
countries. 
The global outlook remains subject to significant 
downside risks, which include the possibility of 
additional COVID-19 waves and financial stress amid 
high EMDE debt levels. The legacies of the pandemic 
exacerbate the challenges facing policy makers as 
they balance the need to support the recovery while 
safeguarding price stability and fiscal sustainability. 
A comprehensive set of policies will be required to 
address the long-term scars brought about by the 
pandemic and steer the recovery onto a green, resilient, 
and inclusive development path.1
Source: World Bank.
1. Headline aggregate growth rates are calculated using GDP weights at average 2010-19 prices and market exchange rates. The aggregate growth rates may differ 
from the previously published numbers that were calculated using GDP weights at average 2010 prices and market exchange rates.
2. GDP growth rates are on a fiscal year basis. Aggregates that include these countries are calculated using data compiled on a calendar year basis. Pakistan’s growth 
rates are based on GDP at factor cost. The column labelled 2019 refers to FY2018/19.
3. GDP growth rates are on a fiscal year basis. Aggregates that include these countries are calculated using data compiled on a calendar year basis. The column 
labelled 2018 refers to FY2018/19.
Note: Data refer to fiscal years starting in April. 
1. Contributions to changes in real GDP, actual amount in the first column. 
2. Actual amount in the first column includes statistical discrepancies and valuables.
>>Growth is concentrated 
in a few major economies, 
with most emerging market 
and developing economies 
(EMDEs) lagging behind.<<
INDIAN ECONOMY
After the 2020 GDP contraction, economic growth is projected to 
bounce back in 2021, driven by pent up demand for consumer and 
investment goods. The unexpected infections upsurge since February 
had weakened the nascent recovery and could compound the financial 
woes of corporates and banks. As public anxiety over the virus spreads 
and lockdowns, high-frequency indicators suggest that the overall annual 
impact is likely to be muted. Wholesale and retail inflation rates remain 
elevated but within the target range of the central bank. The damage that 
COVID-19 continues to inflict on the poor makes it necessary to prioritise 
policies that reduce scarring effects, in particular for children that have 
been out of school for months, and increase investment and employment 
opportunities. The banking sector remains fragile, although the proposal 
to create an asset recovery company and the planned privatisation of two 
public banks testify to the authorities’ commitment to reforms. The healthy 
foreign exchange reserves position should provide sufficient buffers to deal 
with any potential external shock-driven capital-stop or outflows in the 
period ahead.2
INDIA
2017
2018
2019
2020
2021
2022
Current price 
INR trillion 
Percentage changes, volume 
(2011/2012 prices)
GDP at market prices
170.9
6.5
4.0
(7.7)
9.9
8.2
Private consumption
100.4
7.6
5.5
(10.5)
9.3
7.0
Government consumption
18.4
6.3
7.9
(1.9)
9.8
3.9
Gross fixed capital formation
48.2
9.9
5.4
(14.0)
16.3
16.4
Final domestic demand
166.9
8.1
5.8
(10.7)
11.2
9.3
	
Stockbuilding1,2
9.4
0.4
(0.7)
(1.1)
0.0
0.0
Toatl domestic demand
176.3
5.9
4.4
(9.8)
12.2
9.6
Exports of goods and services
32.1
12.3
(3.3)
(6.9)
14.9
6.5
Imports of goods and services
37.5
8.6
(0.8)
(16.5)
25.7
13.0
	
Net exports1
(5.4)
0.4
(0.5)
2.4
(2.4)
(1.7)
INDIA: DEMAND, OUTPUT AND PRICES
Percentage Point
FACILITY
2018
2019
2020e
2021f
2022f
2023f
2021f
2022f
WORLD
3.2
2.5
(3.5)
5.6
4.3
3.1
1.5
0.5
ADVANCED ECONOMIES
2.3
1.6
(4.7)
5.4
4.0
2.2
2.1
0.5
United States
3.0
2.2
(3.5)
6.8
4.2
2.3
3.3
0.9
Euro area
1.9
1.3
(6.6)
4.2
4.4
2.4
0.6
0.4
Japan
0.6
0.0
(4.7)
2.9
2.6
1.0
0.4
0.3
EMERGING MARKET AND DEVELOPING ECONOMIES
4.6
3.8
(1.7)
6.0
4.7
4.4
0.8
0.4
East Asia and Pacific
6.5
5.8
1.2
7.7
5.3
5.2
0.3
0.1
China
6.8
6.0
2.3
8.5
5.4
5.3
0.6
0.2
Indonesia
5.2
5.0
(2.1)
4.4
5.0
5.1
0.0
0.2
South Asia
6.4
4.4
(5.4)
6.8
6.8
5.2
3.6
3.0
India3
6.5
4.0
(7.3)
8.3
7.5
6.5
2.9
2.3
Pakistan2
5.5
2.1
(0.5)
1.3
2.0
3.4
0.8
0.0
Bangladesh2
7.9
8.2
2.4
3.6
5.1
6.2
2.0
1.7
REAL GDP 1 (PERCENT CHANGE FROM PREVIOUS YEAR)
28
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Anupam Rasayan India Ltd  |  Annual Report 2020-21
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Management 
Discussion & Analysis
MD&A
GLOBAL CHEMICAL 
INDUSTRY
The global chemicals market is expected 
to grow from $3340.32 billion in 2020 to 
$3728.43 billion in 2021 at a compound 
annual growth rate (CAGR) of 11.6%. The 
growth is mainly due to the companies 
rearranging their operations and recovering 
from the COVID-19 impact, which had earlier 
led to restrictive containment measures 
involving social distancing, remote working, 
and the closure of commercial activities 
that resulted in operational challenges. The 
market is expected to reach $4304.71 billion 
in 2025 at a CAGR of 4%.
The Asia Pacific was the largest region in 
the global chemicals market, accounting for 
49% of the market in 2020. North America 
was the second largest region accounting 
for 17% of the global chemicals market. 
Africa was the smallest region in the global 
chemicals market.3
GLOBAL SPECIALTY 
CHEMICALS INDUSTRY
The global speciality chemicals market was 
valued at $725.0 billion in 2019 and is projected 
to reach $953.9 billion by 2027, growing at a 
CAGR of 5.0% from 2020 to 2027. 4
Continuous R&D in this market has facilitated 
the development of products with optimum 
and advanced features. This is one of the major 
factors that drive the growth of this industry. 
With rapid industrialization, noticeable demand 
from Asian countries such as India and China 
have arisen. 
There has been a rise in investments in 
construction and infrastructure development 
projects in Asia-Pacific. Therefore, Asia-Pacific 
is considered as a favourable destination 
for the speciality chemical manufacturers 
with a 44% market share; thereby, boosting 
the market growth. This can be attributed 
to the large customer base, leading to high 
demand for speciality chemicals, increasing 
industrial production, and robust growth of the 
construction sector in the region. 
GLOBAL CRAMS INDUSTRY
With the spread of COVID-19, the global manufacturing base is expected 
to transition from China to other potential regions (such as Indian sub-
continent & South East Asia) driven by a global strategy shift of reducing 
existing dependency on a single country. Further, the overall anti-China 
sentiment across the globe adds to this element as well.
The pace of contract manufacturing has also been increasing, with the 
companies shifting their focus on core activities driven by outsourcing 
of production to low manufacturing cost destinations from the APAC 
region. This can be a boon to countries like India, who are currently 
strengthening their manufacturing capacities to cater to global needs.
3. Chemicals Global Market Report 2021: COVID-19 Impact and Recovery to 2030 https://www.
prnewswire.com/news-releases/global-chemicals-market-report-2021-long-term-forecast-to-
2025-and-2030-featuring-sinopec-basf-bayer-dow-chemical--lyondellbasell-industries-3012-
84333.html
4. Specialty Chemicals Market by Application: Global Opportunity Analysis and Industry 
Forecast, 2020–2027
2019
(In %)
GLOBAL MARKET SIZE 
947
(In $ Bn)
947
725
FY19
FY24F
587
FY14
GLOBAL MARKET SIZE 
322
(In $ Bn)
322
200
FY19
FY24F
143
FY14
37%
NORTH 
AMERICA
26%
EUROPE
6%
INDIA
2019
(In %)
44%
APAC
23%
EUROPE
21%
NORTH 
AMERICA
12%
APAC
12%
APAC
2%
OTHERS
15%
CHINA
2%
MIDDLE EAST  
& AFRICA
30
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Anupam Rasayan India Ltd  |  Annual Report 2020-21
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STATUTORY REPORTS
02
FINANCIAL STATEMENTS
03
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Management 
Discussion & Analysis
MD&A
INDIAN CHEMICALS INDUSTRY
India is the sixth largest chemicals producer in the 
world, with the business being worth USD 178 Bn in 
the financial year 2019-20. The chemicals industry in 
this country is thoroughly diversified with more than 
80,000 products being manufactured. What makes India 
a prime destination for this industry is the attractive 
labour cost, being about USD 130 per month, one of the 
lowest in the world. On the Regulatory front, India allows 
for 100% Foreign Direct Investment under the automatic 
route (except for hazardous chemicals), thereby making 
it a conducive environment for overseas investment. 
The Indian chemicals industry can boast of fast growing 
verticals in the form of petrochemicals, speciality 
chemicals and agrochemicals, with speciality chemicals 
contributing to about 50% of the country’s total 
chemicals export. 
While India contributes about 5% to the global  
export volume of chemicals, the domestic demand 
is also healthy, accounting for about 2.5% of global 
chemical sales.
INDIAN CRAMS INDUSTRY
Indian CRAMS market is expected to grow at 12% in  
the next 5 years, owing to strong growth from end-use 
demand. Additionally, the ‘China plus one’ strategy 
and the shift in manufacturing operations from China 
provides an opportunity for India to capture a larger 
market share in the future.
INDIAN SPECIALTY 
CHEMICALS INDUSTRY
The Indian speciality chemicals 
industry is poised to grow in the 
coming years. At present, India 
accounts for approximately 1% 
to 2% of the global exportable 
speciality chemicals, which 
indicates a large scope of 
improvement and widespread 
opportunity for the future. The 
factors contributing to the 
favourable position of the Indian 
chemicals industry are low cost 
of labour, lower operating costs, 
competitive infrastructure, SEZs, 
incentives to boost domestic 
manufacturing and business-
friendly policies. The Indian 
government’s ‘Make in India’ 
initiative is further expected to act 
as a catalyst to the growth of the 
Indian manufacturing industry for 
chemicals. 
Other factors that significantly 
contribute to this growth include, 
India’s low corporate tax rate, 
India’s improving “Ease of Doing 
Business” ranking and India’s low 
amount of external debt. 
AGROCHEMICALS 
AND API INDUSTRY
AGROCHEMICALS
While there have been several initiatives taken by both the public and the 
private sectors, agricultural techniques in India remain largely traditional. 
Crop life-cycles are often left to the mercy of the elements, yet food 
security remains one of the important concerns for the Indian agrarian 
economy which is required to support an ever-burgeoning population. While 
governmental initiatives like budgetary provisions and increased minimum 
support prices attempt to secure the Indian farmers, unless more advanced 
technologies are adopted, these efforts are bound to fall short. Data shows 
that India has one of the lowest per capita consumption of crop protection 
chemicals per hectare, which indicates that there is huge scope for the 
growth of this kind of agrochemicals. 
INDIAN MARKET SIZE 
20
(In $ Bn)
20
12
FY19
FY24F
7
FY14
INDIAN MARKET SIZE 
37
(In $ Bn)
37
22
FY19
FY24F
15
FY14
GLOBAL MARKET SIZE 
86
(In $ Bn)
86
63
FY19
FY24F
49
FY14
INDIAN MARKET SIZE 
06
(In $ Bn)
6
5
FY19
FY24F
4
FY14
2019
2019
This industry is often hamstrung due to the strict 
international and domestic IPR enforcement 
regimes. However, products worth USD 4.2 Bn 
are expected to go off-patent by the year 2020 
– 2023, globally. This will allow for the CRAMS 
industry to make the most of the know-how which 
will become available in the public domain and 
thereby capitalise on these opportunities in the 
post-pandemic economy.
75%
GENERIC 
MOLECULES
45%
PHARMA
35%
AGROCHEMICAL
20%
OTHERS
25%
PATENTED 
MOLECULES
32
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Anupam Rasayan India Ltd  |  Annual Report 2020-21
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STATUTORY REPORTS
02
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03
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API
One of the key drivers in the API 
industry is the increased focus 
on new geographies in the global 
pharmaceutical industry. This has 
brought about a change to the 
speciality chemicals segment. 
Further, strong domestic demand in 
relation to the Indian API industry is 
a welcome trend which is expected 
to keep the market buoyant.
The Indian API manufacturers  
are currently focusing their efforts 
on improving marketing abilities by 
raising production yields, changing 
production processes and 
increasing international markets 
sales. The industry is making use 
of government schemes to set-up 
unique zones and bulk drug parks 
under the PPP model where the 
Indian government funds 70% of 
the project costs. In addition, the 
government’s Production Linked 
Incentive (PLI) scheme promotes 
domestic production of key raw 
materials, direct intermediates  
and APIs, which further boosts  
the industry.
Management 
Discussion & Analysis
INDIAN MARKET SIZE 
15
(in $ Bn)
15
10
FY19
FY24F
8
FY14
GLOBAL MARKET SIZE 
260
(in $ Bn)
260
193
FY19
FY24F
151
FY14
OPPORTUNITIES
1.	 Increase in demand for Chemicals & 
Petrochemicals
	
India will be going to emerge as a global chemical 
and petrochemical manufacturing hub. The 
government of India has launched flagship 
programs such as Make in India and the Atma 
Nirbhar Bharat Abhiyan to provide much-needed 
support to this sector and create a facilitative 
environment to attract further investments.
2.	Production Linked Incentive Scheme for the 
manufacturing sector
	
The objective of the PLI Scheme:
	
1.	 Competitive & efficient domestic manufacturing.
	
2.	 Attract investment in core sectors & cutting-
edge technologies.
	
3.	 Make India part of the global supply chains.
	
4.	 Enable economies of scale and exports.
	
	
	 The minimum production in the country as 
the outcome of the PLI scheme stands to be 
around  $ 56 billion in the next 5 years.
	
	
	 Cashback and incentives between 2% and 
20% of the incremental sales revenue (over 
the base year) and incremental exports 
revenue depending on the sector.
	
	
	 Potential to create 14 million man-months’ 
worth of jobs directly from 2021-22.
3.	Enabling easier business in India for chemical 
firms by means of infrastructure & fast track 
approvals
4.	Improving focus on R&D, by technology and skill 
development
5.	Adopting a sustainable growth approach, by 
implementing and incentivizing compliance of 
health & safety guidelines in the premises of the 
facility.
6.	Move towards green solution Stricter 
environmental regulations from governments 
driving greener solutions. More and more 
consumers are now opting for greener solutions.
7.	 Nanotech and advanced polymers: Increased 
demand for advanced polymers with rising 
demand from packaging, new age mobility & 
electronic industries have given rise to emerging 
technologies such as Nanotec.
CHALLENGES
	 Lack of awareness and non-scientific application: 
The average Indian farmer lacks basic agronomy 
understanding and relies on skills and knowledge 
gained from experience or product suggestions 
made at a point of sale, such as by an Agri input 
store.
	 A significant reliance on generic molecules: 
India’s agrochemical use is characterized by 
the widespread use of generic molecules, some 
of which have been in use for decades. Even if 
the adoption of newer or better molecules is 
increasing, it is still low.
	 Agrochemical consumption is minimal in India 
when compared to many other agriculturally 
advanced countries and the global average.
COMPANY OVERVIEW
Anupam Rasayan India Limited was incorporated in 
1984 and it is one of the leading companies engaged in 
the custom synthesis and manufacturing of speciality 
chemicals in India. Its business verticals are - 
	 life science related speciality chemicals including 
products related to agrochemicals, personal care 
and pharmaceuticals, 
	 other speciality chemicals, including speciality 
pigment and dyes, and polymer additives. 
The Company has six manufacturing sites located 
in Sachin, Surat and Jhagadia in Gujarat. All of these 
facilities are ISO 9001:2015 and ISO 14001:2015 certified.
The Company focuses on manufacturing products 
sustainably using continuous process technology. 
While our strong foundation allows us to take prudent 
risks, the following pillars of our business enable us to 
identify and initiate opportunities to strengthen our 
business.
	 Spread in customer base - We have high wallet shares with 
long standing customers, indicated by significant revenue 
from our top 10 customer. Our customer base currently 
comprises a number of multinational, regional and local 
companies including many multinational corporations 
such as Syngenta Asia Pacific Pte. Ltd., Sumitomo 
Chemical Company Limited, UPL Limited and Adama 
Limited. As of FY21, we manufactured products for over 
64 domestic and international customers, including 18 
multinational companies
	 Manpower - We are supported by our committed 
employee base and believe we have a mutually beneficial 
relationship with our employees. We had an attrition rate 
of 5% in Fiscal 2021. Our employee base has been growing 
consistently over the years and we had 1,286 permanent 
employees, as of FY21. Further, we introduced ESOP – 
2020, an Employee Stock Option scheme as an initiative 
to retain our manpower for longer term. We also conduct 
training workshops for our employees to develop a variety 
of skill sets and organize modules at regular intervals to 
promote teamwork and personal growth of employees. 
	 Research and development - We have a dedicated 
in-house R&D facility located at Sachin Unit – 6, which 
is equipped with laboratories engaged in process 
development, process innovation, new chemical screening 
and engineering that assist us in pursuing efficiencies 
from the initial conceptualization up to commercialization 
of a product. The Department of Scientific and Industrial 
Research has also recognized our in-house R&D facility. 
In addition, we have a pilot plant at Sachin Unit – 6 
that has the capability to support customer needs for 
pre-commercial production for product development by 
employing new production technology and performing 
large number of complex chemical reactions. Each of our 
products are subjected to quality check by our in-house 
R&D team, to ensure that the finished product meets 
customer standards and other specifications
MD&A
>>The government’s Production Linked 
Incentive (PLI) scheme promotes 
domestic production of key raw materials, 
direct intermediates and APIs, which 
further boosts the industry.<<
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Management 
Discussion & Analysis
	 Green chemistry and environment sustainable perspective 
throughout the value chain and in the processes of 
the Company. - We have a target driven approach to 
environment, health and safety measures. To minimize 
water pollution, we have installed a (i) liquid multiple effect 
evaporation system that allows for recovery of high total 
dissolved solids and recycling of water for processes; 
and (ii) advanced ozonation. Further, to minimize waste, 
we have implemented (i) new chemical technologies to 
achieve better yields and minimize by-product formation; 
(ii) continuous distillation systems to minimize residue 
generation; (iii) solvent extraction system which helps in 
recovery of products as well as minimizing the effluent 
load in the effluent treatment plant; (iv) specialised 
materials of construction, such as, graphite to eliminate 
leakages and corrosion during the manufacturing process; 
and (v) heat exchangers with primary and secondary 
systems with the provision of cooling water and chilled/
brine circulations.
FINANCIAL OVERVIEW
ANNUAL PERFORMANCE FY 2020-2021
In FY21, the Company had a top line growth of 55%, 
from J 5,398 million in FY20 to J 8,373 million in FY21. 
RISKS AND CONCERNS
PARTICULARS
FY20
FY21
% Change
Interest Coverage Ratio*
2.58
2.45
(5%)
Current Ratio
1.26
3.45
174%
Debt Equity Ratio
1.38
0.25
(82%)
Operating Profit Margin
27%
26%
(4%)
Net Profit Margin
10%
8%
(20%)
Return on Net Worth
10%
6%
(40%)
The prospects for Anupam Rasayan look strong and the Company is confident on building on its growth 
trajectory as it moves forward. Going forward the top priorities for the Company would be to, 
	 Continue its focus on custom synthesis by developing innovative processes and value engineering. 
	 Diversify its product portfolio and enhance its expertise in chemistry
	 Expand the business by leveraging industry opportunities through organic and inorganic growth routes
	 Continue its focus on cost efficiency and boosting productivity
Risk type
Details and Mitigation measure
Client Concentration 
Risk
The Company is dependent on a limited number of customers for a significant portion 
of its revenues. Revenues generated from sales to its top 10 customers represented 81% 
of its revenue from operations in Fiscal 2021. The loss of one or more of these significant 
customers or a significant decrease in business from any such key customer, whether due to 
circumstances specific to such customer or adverse market conditions affecting the chemical 
industry or the economic environment generally, such as the COVID-19 pandemic, may 
materially and adversely affect its business. The Company has developed strong and long-
term relationships with certain of its key customers. Due to the quality of
the products manufactured and other factors; the Company is the preferred supplier to many 
of its key customers with few of them being with the Company for over a decade. 
Foreign Exchange  
Risk
The Company has material exposure to foreign exchange related risks since a significant 
portion of our revenue from operations are in foreign currency, including the US Dollar. Any 
appreciation or depreciation of the Indian Rupee against these currencies can impact its 
results of operations. The Company may from time to time be required to make provisions 
for foreign exchange differences in accordance with accounting standards. The Company is 
very careful and selectively enters into hedging transactions to minimize its foreign currency 
exchange risks
Dependence on Key 
Personnel
The Company is dependent on its Promoters, Directors, senior management and other 
Key Managerial Personnel as well as persons with technical expertise for setting its 
strategic business direction and managing its business. Experienced Promoters and senior 
management team with significant experience in the chemical industry lead us. The Company 
is also dependent on its Key Managerial Personnel including its business heads for the day-
to-day management of its business operations. The Company cannot assure that it will be 
able to retain these employees or find adequate replacements in a timely manner, or at all. 
However, most of its key personnel have stayed with the Company for a significant amount of 
time. The Company has made tremendous efforts in the development of a professional, high-
ranking management and leadership team, which has been provided with enough autonomy 
to function on its own.
Raw Material Risk
The Company’s competitiveness, costs and profitability depend, in part, on its ability to source 
and maintain a stable and sufficient supply of raw materials, such as, phenol and benzene 
derivatives, bromine, difluorochloromethane, pyrazole, various chloro and fluoro intermediates, 
solvents, chloro-alkalies and metal catalysts, at acceptable prices. The Company has 
historically sourced raw materials from multiple vendors in India, China and Japan and 
continue to diversify its procurement base. The Company has not faced significant disruptions 
in the procurement of raw materials in the past. There have also been no material disputes 
with suppliers in the past three financial years that have had an impact
on the business operations and financials of the Company. 
Economic Risk
The Company is dependent on domestic, regional and global economic and market 
conditions. The Company’s performance and growth is dependent to a large extent on the 
health of the economy in which it operates. The company has been making conscious efforts 
to increase its global presence. It has substantially reduced its dependency on performance of 
any specific economy by diversifying its product sales in various geographies. 
Regulatory Risk
The Company is required to obtain, renew or maintain statutory and regulatory permits, 
licenses and approvals to operate its business and its manufacturing facilities. Also, 
Government regulations and policies of India as well as the countries to which it exports its 
products can affect the demand for, expenses related to and availability of its products. The 
Company makes tremendous efforts in applying for some of these approvals in time. Also, the 
Company is in compliance with all corporate governance requirements as on date.
MD&A
The Company’s EBITDA grew from J 1,453 million in 
FY20 to J 2,196 million in FY21, and the Company’s 
profit increased by 32%. This robust growth can be 
partly attributed to the foresight of the leadership 
who invested over J 8,000 million in CAPEX prior to 
the IPO.
	 Repayment from IPO proceeds reduced borrowings
	 As of FY21, the Company has repaid J 4,705 million 
of its total debt
	 Net worth stands at over J 15,726 million with 
significantly reduced debt, providing further 
headroom for organic and inorganic growth
	 Further expansion of profitability and improved 
cash flows
	 Significant Improvement in Credit Rating of the 
Company from CRISIL A- to CRISIL A, as a result of 
the significant deleveraging of the Balance Sheet
	 Return on Equity is expected to improve 
significantly as new capacity comes into play and 
due to various cost reduction measures taken by 
the Company
FINANCIAL RATIOS ANALYSIS
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MD&A
Management 
Discussion & Analysis
HUMAN RESOURCES
A company's success relies on the strength of its 
people, and Anupam Rasayan is no different. Being 
in an industry driven by intellectual capital, our 
people are the greatest and most important asset we 
have. Therefore, the success of Anupam Rasayan is 
dependent upon engaged and motivated individuals. 
The Company firmly believes that its human 
resources are the key enablers for the Company's 
growth and are one of its most important assets. 
Taking this into account, the Company continues 
to develop its human capital and establish its brand 
in the market to attract and retain the best talent. 
During the period under review, employee relations 
continued to be healthy, cordial, and harmonious 
at all levels, and your Company is committed to 
maintaining good relations with the employees.  
As of March 31st, 2021, there were 1,286 employees  
on the payrolls of the Company.
INTERNAL CONTROL SYSTEMS  
AND THEIR ADEQUACY
The Company has a robust system of internal 
controls to safeguard and preserve its assets 
from loss, illegal use, or disposal. All transactions 
are approved, documented, and reported to 
Management in a prompt manner. The Company 
complies with all relevant accounting standards for 
the appropriate maintenance of books of accounts 
and the presentation of financial statements. The 
Audit Committee establishes the scope, operation, 
frequency, and technique for internal auditing. 
Internal auditors conduct audits, which include 
monitoring and evaluating the effectiveness and 
adequacy of the Company's internal control systems 
and compliance with operating systems, accounting 
procedures, and policies across all locations. They 
also submit periodical internal audit reports to the 
Audit Committee. Process owners take required 
measures in their respective areas based on the Audit 
committee's internal audit report and evaluation. 
Internal auditors have said that the Company's 
internal control system is strong and effective. 
Additionally, the Board has established a legal 
compliance framework to guarantee compliance 
with all relevant laws and that such procedures are 
sufficient and effective.
FORWARD LOOKING STATEMENT
Certain statements in this report concerning 
our future growth prospects are forward looking 
statements, which involve a number of risks, and 
uncertainties that could cause actual results to 
differ materially from those in such forward-looking 
statements. The Company's results may be affected 
by factors including, but not limited to, the risks 
and uncertainties in research and development; 
competitive developments; regulatory actions; the 
extent and duration of the effects of the COVID-19 
pandemic; litigation and investigations; business 
development transactions; economic conditions; and 
changes in laws and regulations. Anupam Rasayan 
India Limited will not be responsible for any action 
taken based on such statements and undertakes 
no obligation to publicly update these forward-
looking statements to reflect subsequent events or 
circumstances.
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Anupam Rasayan India Ltd  |  Annual Report 2020-21

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CORPORATE OVERVIEW
01
STATUTORY REPORTS
02
FINANCIAL STATEMENTS
03
Corporate Information
Name 
Designation
DIN
Dr Kiran Patel
Chairperson 
08051053
Mrs Mona Desai
Vice-Chairperson and Whole-time Director
00038429
Mr Anand Desai
Managing Director
00038442
Mr Milan Thakkar
Non-Executive Director
02470961
Mr Hetul Mehta
Independent Director
01650314
Mr Vijay Batra
Independent Director
00038275
Mr Vinesh Sadekar
Independent Director
00046815
Dr Namrata Jariwala
Independent Director
08974528
Name 
Designation
Mr Afzal Malkani
Chief Financial Officer
Ms Suchi Agarwal
Company Secretary and Compliance Officer
Dr Nilesh Naik
Technical Head
Dr Anuj Thakar
R&D Head and Unit II Head
Mr Ravi Desai
Sales Head
BOARD OF DIRECTORS
KEY MANAGERIAL PERSONNEL
AUDITORS:
STATUTORY AUDITOR
Rajendra & Co.,
Chartered Accountants, Mumbai
SECRETARIAL AUDITOR
M.D. Baid & Associates
Company Secretaries, Surat
INTERNAL AUDITOR
K. B. Daliya & Associates, 
Chartered Accountants, Surat
COST AUDITORS
Bhanwarlal Gurjar & Co., 
Cost Accountants, Surat
REGISTERED/CORPORATE OFFICE
8110, GIDC Industrial Estate, Sachin,
Surat – 394230, Gujarat, India
Tel. No.: +91 – 261- 2398991 - 95
Fax : +91 – 261 – 2398996
Email : office@anupamrasayan.com
Website: www.anupamrasayan.com
CIN: L24231GJ2003PLC042988
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02
03
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Anupam Rasayan India Ltd  |  Annual Report 2020-21
No. of Unit
Address
Sachin Unit 1
Plot No. 8109, 8110, 8111, 268/1, GIDC Sachin, Surat, Gujarat – 394230
Sachin Unit 2
Plot No. 701, 2419/1, 2419/2, GIDC Sachin, Surat, Gujarat – 394230
Sachin Unit 3
Plot No. 8104 and 8106, GIDC Sachin, Surat, Gujarat – 394230
Jhagadia Unit 4
Plot No. 907/3, 907/4, Jhagadia Industrial Estate, GIDC Jhagadia, Bharuch, Gujarat – 393110
Jhagadia Unit 5
Plot No. 905/1, Jhagadia Industrial Estate, GIDC Jhagadia, Bharuch, Gujarat – 393110
Sachin Unit 6
Plot No. 2423 and 2425, GIDC Sachin, Surat, Gujarat – 394230
PLANT LOCATION
REGISTRAR AND SHARE TRANSFER AGENT (RTA)
KFin Technologies Private Limited
Selenium Tower B, Plot 31-32, Financial District, Nanakramguda, Serilingampally Mandal, Hyderabad- 500 032, 
Telangana, India.
BANKERS
Axis Bank Limited
Standard Chartered Bank
State Bank of India
40
Anupam Rasayan India Ltd  |  Annual Report 2020-21

CORPORATE OVERVIEW
01
STATUTORY REPORTS
02
FINANCIAL STATEMENTS
03
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02
03
Notice
Notice is hereby given the Eighteenth (18th) Annual General Meeting (the “AGM”/ “Meeting”) of the 
Members of Anupam Rasayan India Limited (the “Company”) will be held on September 30, 2021, Thursday 
at 4:30 p.m. (IST) through Video Conferencing (“VC”) facility /Other Audio Visual Means (“OAVM”), to 
transact the following businesses: -
ORDINARY BUSINESS:
1.	 To receive, consider and adopt the audited 
standalone financial statements for the financial 
year ended March 31, 2021 and the audited 
consolidated financial statements for the financial 
year ended March 31, 2021, the Auditors’ Report 
thereon and the Board of Directors’ Report of the 
Company for financial year 2020-21.
2.	 To declare a dividend on equity shares for the 
financial year ended March 31, 2021. 
3.	 To appoint Mr Milan Thakkar (DIN-02470961), who 
retires by rotation as a Director and being eligible, 
offers himself for re-appointment. 
SPECIAL BUSINESS:
4.	 To ratify the remuneration of Cost Auditors for the 
financial year ending March 31, 2022 and, in this 
regard, to consider and if thought fit, to pass, the 
following resolution as an Ordinary Resolution:
“RESOLVED THAT in accordance with the provisions 
of section 148 of the Companies Act, 2013 and other 
applicable provisions of the Companies Act, 2013 
read with the Companies (Audit and Auditors) Rules, 
2014 including any statutory modification(s) or re-
enactment(s) thereof, for the time being in force, the 
remuneration of ₹1.50 Lakhs (Rupees one lakh fifty 
thousand) per annum plus GST and re-imbursement 
of out-of-pocket expenses for the  financial year 
ending March 31, 2022, as recommended by the 
Audit Committee and approved by the Board of 
Directors of the Company, to be paid to Bhanwarlal 
Gurjar & Associates, Cost Auditors (Firm No. 101540) 
appointed by the Board of Directors, to conduct the 
audit of cost records of the Company for the financial 
year ending March 31, 2022, be and is hereby ratified 
and confirmed.
RESOLVED FURTHER THAT the Board of Directors of 
the Company be and are hereby authorized to do all 
the acts and take all such steps as may be necessary, 
proper or expedient to give effect to this resolution.”
5.	 To ratify the Article 159 of Article of Association of 
the Company and in this regard, to consider and 
if thought fit, to pass the following resolution as a 
Special Resolution:
“RESOLVED THAT pursuant to the provisions of 
Article 161 of Articles of Association (the “AOA”) of 
the Company and other applicable provisions of the 
Companies Act, 2013 and rules made thereunder 
including any statutory modification(s) or re-
enactment(s) thereof for the time being in force, 
consent of Members of the Company be and is 
hereby accorded and that Article 159 of the AOA of 
the Company as reproduced below, be and is hereby 
ratified:
Article 159:
For the purposes of these Articles, Mr. Anand S. 
Desai and Ms. Mona A. Desai along with Rehash 
Industrial and Resins Chemicals Private Limited 
will be hereinafter referred to as “Group 1”; KPI LLC 
will be hereinafter referred to as “Group 2”; and Mr. 
Milan Thakkar will be hereinafter referred to “Group 
3” (Group 1, Group 2 and Group 3 will be collectively 
referred to as “Groups”). Each of the Groups shall 
have the right to appoint one director on the Board 
of Directors of the Company, as long as each of them 
holds 15% of the issued and paid-up capital of the 
Company on a fully diluted basis. The Directors so 
appointed by these Groups may also be appointed on 
any committee constituted by the Board and on the 
board of directors of the subsidiaries of the Company. 
Subject to applicable laws, the Directors appointed by 
Group 2 and Group 3 shall be non-executive Directors. 
RESOLVED FURTHER THAT the Board of Directors of 
the Company be and are hereby authorized to do all 
the acts and take all such steps as may be necessary, 
proper or expedient to give effect to this resolution.”
6.	 To consider and approve the modification of 
‘Anupam - Employees Stock Option Plan 2020’ 
(ESOP – 2020) and in this regard, to consider and 
if thought fit, to pass, the following Resolution as a 
Special Resolution:
“RESOLVED THAT pursuant to the provisions of 
Section 62 (1) (b) of the Companies Act, 2013,  (“Act”) 
and the Companies (Share Capital and Debentures) 
Rules, 2014 (“Companies SCD Rules”), (each as 
amended), and other applicable provisions, if any, 
of the Act and in accordance with the provisions 
of the Memorandum of Association and Articles 
of Association of the Company and the provisions 
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Anupam Rasayan India Ltd  |  Annual Report 2020-21
of the Securities and Exchange Board of India 
(Share Based Employee  Benefits and Sweat Equity) 
Regulations, 2021 including any modifications thereof 
or supplements thereto (“SEBI SBEB and Sweat 
Equity Regulations”), SEBI (Listing Obligations and 
Disclosure Requirements) Regulations, 2015 (as 
amended) (“SEBI LODR Regulations”), and any other 
applicable laws for the time being in force and subject 
to such other consents, permissions, sanctions and 
approvals as may be necessary and which may be 
agreed by the board of directors of the Company 
(hereinafter referred to as the “Board”, which term 
shall deem to include any committee(s) thereof, 
including 
the 
Nomination 
and 
Remuneration/
Compensation Committee), consent of the Members 
of the Company be and is hereby accorded to amend/
modify the provisions of ‘Anupam - Employees Stock 
Option Plan 2020’ (“ESOP – 2020”) in accordance with 
the SEBI SBEB and Sweat Equity Regulations . 
RESOLVED FURTHER THAT the proposed major 
amendments/modifications as well as other details 
of the ESOP-2020 as required under the SEBI SBEB 
and Sweat Equity Regulations are provided in the 
explanatory statement as annexed to the notice of 
Eighteenth (18th) Annual General Meeting.
RESOLVED FURTHER THAT the draft of ‘ESOP- 
2020’ with proposed amendments/modifications 
as required under SEBI SBEB and Sweat Equity 
Regulations as initialled by the Chairperson for 
the purpose of identification and will be open for 
inspection by the Members of the Company from 10 
a.m. to 6 p.m. (IST) during the business hours.”
7.	 To ratify the ‘Anupam - Employees Stock Option 
Plan 2020’ (ESOP – 2020) and in this regard, to 
consider and if thought fit, to pass, the following 
Resolution as a Special Resolution:
“RESOLVED THAT in furtherance of and supplement 
to the special resolution passed by the shareholders 
of the Company in their Extra-Ordinary General 
Meeting held on December 4, 2020 and as proposed 
in the resolution set out in the agenda item no. 6 of 
the Notice of 18th AGM and pursuant to the provisions 
of Section 62 (1) (b) of the Companies Act, 2013, as 
amended (“Act”) and the Companies (Share Capital 
and Debentures) Rules, 2014 (“Companies  SCD 
Rules”), as amended, and other applicable provisions, 
if any, of the Act for the time being in force and in 
accordance with the provisions of the Memorandum 
of Association and Articles of Association of the 
Company and the provisions of the Securities and 
Exchange Board of India (Share Based Employee 
Benefits and Sweat Equity) Regulations, 2021 including 
any modifications thereof or supplements thereto 
(“SEBI SBEB and Sweat Equity Regulations”), SEBI 
(Listing Obligations and Disclosure Requirements) 
Regulations, 
2015, 
as 
amended 
(“SEBI 
LODR 
Regulations”), and any other applicable laws for the 
time being in force and subject to such other consents, 
permissions, sanctions and approvals as may be 
necessary and which may be agreed by the board of 
directors of the Company (hereinafter referred to as 
the “Board”, which term shall deem to include any 
committee(s) thereof, including the Nomination and 
Remuneration/Compensation Committee), consent 
of the Members of the Company be and is hereby 
accorded to ratify the ‘Anupam - Employees Stock 
Option Plan 2020’ (the “ESOP- 2020”) as approved 
by the shareholders of the Company in their Extra-
Ordinary General Meeting held on December 4, 2020, 
prior to Initial Public Offering (IPO) of Shares of the 
Company, and as amended in the resolution set 
out in agenda item number 6 of the Notice of 18th 
AGM within the meaning of Regulation 12 of SEBI 
SBEB and Sweat Equity Regulations, consent of the 
Members of the Company be and is hereby accorded 
to create, grant, offer, issue and allot at any time in 
one or more tranches to or for the benefit of such 
person(s) who are in the permanent employment of 
the Company, whether working in India or outside 
India, including director(s) of the Company, whether 
whole-time director or not, including non-executive 
director, but excluding promoter, promoter group 
and independent directors, a director who either by 
himself/herself or through his/her relatives or through 
any body corporate, directly or indirectly, holds more 
than 10% of the outstanding equity shares of the 
Company and such other persons as may from time 
to time be allowed to be eligible for the benefit under 
the provisions of applicable laws and regulations 
prevailing from time to time (hereinafter collectively 
referred to as  the “Employees”) selected on the basis 
of criteria decided by the Board under the ESOP- 
2020, such number of stock options convertible into 
equity shares of the Company (“Options”), in one or 
more tranches, not exceeding 13,12,795 (thirteen 
lakhs twelve thousand seven hundred and ninety five) 
equity shares of face value of ₹10/- (Rupees Ten) each, 
at such price and on such terms and conditions as may 
be fixed or determined by the Board in accordance 
with the provisions of the applicable laws.

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By the Order of Board of Directors
   For Anupam Rasayan India Limited
Date: September 4, 2021
Place: Surat
Suchi Agarwal 
Company Secretary and Compliance Officer
Registered Office:
Anupam Rasayan India Limited
Plot No. 8110, 
GIDC Industrial Estate, Sachin, 
Surat-394 230, Gujarat, India.
RESOLVED FURTHER THAT the Board be and is hereby authorized to delegate all or any powers conferred 
herein to the Nomination and Remuneration/Compensation Committee or such other committees, with power 
to sub-delegate to any executives/officers of the Company to do all such acts, deeds, matters and things as also 
to execute such documents, writings etc., as may be necessary in this regard.”
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Anupam Rasayan India Ltd  |  Annual Report 2020-21
Notes
1.	 The Statement, pursuant to Section 102 of the 
Companies Act, 2013 (as amended from time to 
time) (the “Act”) with respect to Item Nos. 4 to 7 
forms part of this Notice. The relevant details, 
pursuant to Regulation 36(3) of the SEBI (Listing 
Obligations 
and 
Disclosure 
Requirements) 
Regulations, 2015 (as amended from time to 
time) (“SEBI Listing Regulations”) and Secretarial 
Standard on General Meetings issued by the 
Institute of Company Secretaries of India, in 
respect of Director retiring by rotation, seeking 
appointment/re-appointment at this AGM is 
annexed.
2.	 In view of the massive outbreak of the Covid-19 
pandemic, the Ministry of Corporate Affairs (“MCA”) 
has, vide its Circular No. 02/2021 dated January 13, 
2021 read together with Circular No. 14/2020 dated 
April 8, 2020, Circular No.17/2020 dated April 13, 
2020 and Circular No. 20/2020 dated May 5, 2020 
and all other relevant circulars issued from time to 
time (collectively referred to as “MCA Circulars”) 
and the Securities and Exchange Board of India 
(“SEBI”) has, vide its Circular No. SEBI/HO/CFD/
CMD2/CIR/P/2021/11 dated January 15, 2021 and 
Circular No. SEBI/HO/CFD/CMD1/CIR/P/2020/79 
dated May 12, 2020, permitted convening the AGM 
through Video Conferencing mode/Other Audio 
Visual Means, without physical presence of the 
members at a common venue. 
3.	 Pursuant to the provisions of the Act, a Member 
entitled to attend and vote at the AGM is entitled 
to appoint a proxy to attend and vote on his/her 
behalf and the proxy need not be a Member of the 
Company. Since this AGM is being held pursuant 
to the MCA Circulars through VC / OAVM, physical 
attendance of Members has been dispensed with. 
Accordingly, the facility for appointment of proxies 
by the Members will not be available for the AGM 
and hence, the Proxy Form and Attendance Slip 
are not annexed to this Notice. Since the AGM will 
be held through VC / OAVM, the Route Map is not 
annexed in this Notice.
4.	 In accordance with the MCA Circulars, provisions 
of Section 108 of the Act  read with Rule 20 of the 
Companies (Management and Administration) 
Rules, 2014 (each as amended) and Regulation 
44 of the SEBI Listing Regulations read with 
Circular No. SEBI/HO/CFD/CMD2/CIR/P/2021/11 
dated January 15, 2021 and  Circular No. SEBI/HO/
CFD/CMD1/CIR/P/2020/79 dated May 12, 2020 
issued by the Securities and Exchange Board of 
India (“SEBI”), the Company is providing facility 
of remote e-voting to its members (“Members”) 
in respect of the businesses to be transacted at 
the AGM. The AGM of the Company is being held 
through VC/OAVM mode. For this purpose, the 
Company has entered into an agreement with 
National Securities Depository Limited (“NSDL”) 
for facilitating voting through electronic means, as 
the authorized agency. The facility of casting votes 
by a Member using remote e-voting system as well 
as e-voting during the AGM on the date of the 
AGM and the facility for participation in the AGM 
through VC facility will be provided by NSDL.  The 
procedure for participating in the meeting through 
VC is explained at Note number 24 below and is 
also available on the website of the Company at 
www.anupamrasayan.com. The deemed venue 
for the AGM shall be the Registered Office of the 
Company.
5.	 In compliance with the MCA Circulars and SEBI 
Circular dated January 15, 2021 read with Circular 
dated May 12, 2020, Notice convening the AGM 
and the standalone and consolidated audited 
financial statements for the financial year 2020-21, 
along with the Board of Directors' Report, Auditors’ 
Report, Corporate Governance Report, Business 
Responsibility Report and the relevant annexures 
to each such report and other documents required 
to be attached thereto, are being sent to all the 
Members of the Company whose e-mail addresses 
are registered with the Company/Depository 
Participant(s) (“DP(s)”). The aforesaid documents 
will also be available on the Company’s website at 
www.anupamrasayan.com and on the websites 
of the stock exchanges, BSE Limited and National 
Stock Exchange of India Limited at www.bseindia.
com and www.nseindia.com, respectively, and on 
the website of NSDL at https://www.evoting.nsdl.
com.
6.	 Corporate/Institutional Members intending 
to authorize their representative to attend the 
Meeting through VC facility are requested to send 
to the Company, a certified true copy of the board 
resolution authorizing their representative(s) to 
attend and vote on their behalf at the Meeting. 
The said resolution/authorisation shall be sent to 
the scrutinizer, Mr Mohan Baid appointed by the 
Company (“Scrutiniser”), by e-mail through its 
registered e-mail address to  mdbaid@yahoo.com 
with a copy marked to NSDL at evoting@nsdl.co.in 
7.	 Facility of joining the AGM through VC facility shall 
open 15 minutes before the time scheduled for the 
AGM by following the procedure mentioned in the

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Notice. The facility of participation at the AGM 
through VC/OAVM will be made available for 1000 
Members on first come first served basis. This will 
not include large shareholders (Members holding 
2% or more shareholding), Promoters, Institutional 
Investors, Directors, Key Managerial Personnel, 
the Chairpersons of the Audit Committee, 
Nomination and Remuneration Committee and 
Stakeholders Relationship Committee, Auditors 
etc. who are allowed to attend the AGM without 
restriction on account of first come first served 
basis. Alternatively, Members can also view the 
proceedings of the AGM through live webcast 
facility available at https://www.evoting.nsdl.com.
8.	 Members who would like to express their views 
or ask questions during the AGM may register 
themselves as a speaker by sending their request 
from their registered email address mentioning 
their name, DP ID and Client ID/ folio number, PAN, 
mobile number at investors@anupamrasayan.com 
during the period from September 24, 2021 (9:00 
a.m. IST) to September 26, 2021 (5:00 p.m. IST). 
Those Members who have registered themselves 
shall be given an opportunity of speaking live 
in the AGM. The Company reserves the right to 
restrict the number of speakers depending on 
the availability of time for the AGM and avoid 
repetition of questions.
9.	 The Members, whose names appear in the 
Register of Members/list of Beneficial Owners as 
on Thursday, September 23, 2021, being the cut-off 
date, are entitled to vote on the Resolutions set 
forth in this Notice. A person who is not a Member 
as on the cut-off date should treat this Notice of 
AGM for information purpose only. 
10.	The Register of Directors and Key Managerial 
Personnel and their shareholding maintained 
under Section 170 of the Act and the Register of 
Contracts or arrangements in which Directors 
are interested, maintained under Section 189 of 
the Act, Anupam - Employees Stock Option Plan 
2020, Memorandum and Articles of Association, 
Secretarial Auditor’s Certificate on implementation 
of ESOP scheme under the SEBI (Share Based 
Employee Benefits and Sweat Equity) Regulations, 
2021 will be available electronically for inspection 
by the Members during the AGM. All documents 
referred to in the Notice will also be available 
for electronic inspection without any fee by the 
Members from the date of circulation of this Notice 
up to the date of AGM, i.e. September 30, 2021. 
Members seeking to inspect such documents can 
send an email to investors@anupamrasayan.com.
11.	The Company has fixed Thursday, September 
16, 2021 as the ‘Record Date’ for determining 
entitlement of Members to final dividend for the 
financial year ended March 31, 2021, if approved at 
the AGM. 
12.	The Register of Members and the Share Transfer 
Books of the Company will remain closed from 
Friday, September 17, 2021 to Thursday, September 
30, 2021 (both days inclusive). 
13.	If the final dividend, as recommended by the Board of 
Directors, is approved at the AGM, payment of such 
dividend, subject to deduction of tax at source, will be 
made on or after October 5, 2021 to all the Beneficial 
Owners in respect of shares held in dematerialized 
form as per the data as may be made available by 
the National Securities Depository Limited (“NSDL”) 
and the Central Depository Services (India) Limited 
(“CDSL”), collectively referred as "Depositories", as of 
the close of business hours on Thursday, September 
16, 2021.
14.	Members may note that the Income Tax Act, 
1961, (”IT Act”) as amended by the Finance Act, 
2020, mandates that dividends paid or distributed 
by a company shall be taxable in the hands of 
its members. The Company shall therefore be 
required to deduct tax at source (TDS) at the 
time of making the payment of dividend to the 
Members. In order to determine the appropriate 
TDS rate as applicable, Members are requested 
to submit the following documents in accordance 
with the provisions of the IT Act.
FOR RESIDENT SHAREHOLDERS:
Tax will be deducted at source (“TDS”) under Section 
194 of the IT Act @ 10% on the amount of dividend 
payable unless exempt under any of the provisions of 
the Act. However, in case of individuals, TDS would 
not apply if the aggregate of total dividend distributed 
to them by the Company during the financial year 
does not exceed ₹ 5,000/-.
TDS will not be deducted in cases where a shareholder 
provides duly completed Form 15G (applicable to 
individual) / Form 15H (applicable to an individual 
above the age of 60 years), provided that the eligibility 
conditions are being met. NIL / lower tax shall be 
deducted from the dividend payable to certain 
classes of resident shareholders such as Insurance 
companies, Mutual Funds, Alternative Investment 
Fund (AIF) established in India, New Pension System 
Trust, etc. on submission of self-declaration.
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Anupam Rasayan India Ltd  |  Annual Report 2020-21
FOR NON-RESIDENT SHAREHOLDERS:
Tax is required to be withheld in accordance with the 
provisions of Section 195 and Section 196D of the IT 
Act at applicable rates in force. As per the relevant 
provisions of the IT Act, the tax shall be withheld @ 
20% (plus applicable surcharge and cess) on the 
amount of dividend payable. However, as per Section 
90 of the IT Act, a non-resident shareholder has the 
option to be governed by the provisions of the Double 
Tax Avoidance Agreement (“DTAA”) between India 
and the country of tax residence of the shareholder, 
if they are more beneficial to the shareholder. For 
this purpose, i.e. to avail the tax treaty benefits, the 
non-resident shareholder will have to provide the 
following:
i.	 Self-attested copy of PAN card, if any, allotted by 
the Indian Income Tax authorities.
ii.	 Self-attested copy of Tax Residency Certificate 
(“TRC”) obtained from the tax authorities of the 
country of which the shareholder is resident.
iii.	Self-declaration in Form 10F, if all the details 
required in this form are not mentioned in the TRC.
iv.	Self-declaration by the non-resident shareholder 
of meeting treaty eligibility requirement and 
satisfying beneficial ownership requirement (non-
resident having PE in India would need to comply 
with the provisions of Section 206AB of the IT Act).
v.	 In case of Foreign Institutional Investors and 
Foreign Portfolio Investors, self-attested copy of 
SEBI registration certificate.
vi.	In case of shareholder being tax resident of 
Singapore, please furnish the letter issued by 
the competent authority or any other evidences 
demonstrating the non-applicability of Article 24 - 
Limitation of Relief under India-Singapore Double 
Taxation Avoidance Agreement (DTAA).
The Company is not obligated to apply the beneficial 
DTAA rates at the time of tax deduction on dividend 
amounts. Application of beneficial DTAA rate shall 
depend upon the completeness and satisfactory 
review by the Company, of the documents submitted 
by 
non-resident 
shareholders 
and 
meeting 
requirement of the IT Act read with applicable tax 
treaty.
Special 
provisions 
of 
Section 
206AA/206AB 
of the IT Act (For non-filers of tax return – For 
resident shareholders and selected non-resident 
shareholders)
The rate of TDS @10% under Section 194 of the IT Act 
is subject to the provisions of Section 206AB of the 
IT Act (effective from July 1, 2021) which introduces 
special provisions for TDS in respect of non-filers of 
income-tax return. As provided in Section 206AB, tax 
is required to be deducted at higher of following rates 
in case of payments to specified persons:
• twice the rate specified in the relevant provision of 
the IT Act; or
• twice the rate or rates in force; or
• the rate of 5%.
Where Sections 206AA and 206AB are applicable i.e. 
the specified person has not submitted the PAN as 
well as not filed the return; the tax shall be deducted 
at the higher of the two rates prescribed in these two 
sections. The term ‘specified person’ is defined in sub-
section (3) of Section 206AB and covers the persons 
who satisfy the following conditions:
• A person who has not filed the income tax return for 
two previous years immediately prior to the previous 
year in which tax is required to be deducted, for which 
the time limit of filing of return of income under 
Section 139(1) of the IT Act has expired; and
• The aggregate of TDS and TCS in his case is ₹50,000 
or more in each of these two previous years. The 
non-resident who does not have the permanent 
establishment is excluded from the scope of a 
specified person. 
An email communication informing the shareholders 
regarding the change in the Income Tax Act, 1961 as 
well as the relevant procedure to be adopted by them to 
avail the applicable tax rate was sent by the Company 
at the registered email IDs of the shareholders. 
The aforementioned documents are required to be 
submitted to the Company for which a separate e-mail 
communication will be sent by the Company. In the 
event of any tax demand (including interest, penalty, 
etc.) arising from any misrepresentation, inaccuracy or 
omission of information provided by the shareholder, 
such shareholder will be responsible to indemnify 
the Company and also, provide the Company with 
all information / documents and co-operation in any 
appellate proceedings. This communication is not 
exhaustive and does not purport to be a complete 
analysis or listing of all potential tax consequences in 
the matter of dividend payment. Shareholders should 
consult their tax advisors for requisite action to be 
taken by them.
15.	Members are requested to note that, dividends, 
if not encashed for a consecutive period of 
7 years from the date of transfer to unpaid 
dividend  account of the Company, are liable

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to be transferred to the Investor Education and 
Protection Fund (‘IEPF’). Further, all the shares in 
respect of which dividend has remained unclaimed 
for 7 consecutive years or more from the date of 
transfer to unpaid dividend account shall also 
be transferred to IEPF Authority. In view of this, 
Members are requested to claim their dividends 
from the Company within the stipulated timeline. 
16.	Shareholders holding shares in electronic form 
may note that their bank account details as 
furnished by their depositories to the Company will 
be used by the Company for payment of Dividend. 
Members who are holding shares in electronic 
mode are requested to make sure that they have 
updated details of bank account number, name 
of bank, branch address, MICR code, IFSC code 
with their respective depository participant. The 
Company will not entertain any direct request 
from such shareholders for deletion of/change 
in such bank details. Shareholders who wish to 
change such bank account details are, therefore, 
requested to advise their Depository Participants 
about such change, with complete details of bank 
account. In case, the Company is unable to pay the 
dividend to any Shareholders by electronic mode, 
due to non-availability of the complete details of 
the bank account, the Company shall dispatch the 
dividend warrants to such Shareholders by post.
17.	 SEBI has amended the Regulation 40 of the SEBI 
LODR pursuant to which after March 31, 2019, 
transfer of securities cannot be processed unless 
the securities are held in the dematerialised 
form with a depository except in case of request 
received for transmission or transposition of 
securities. Members holding shares in physical 
form are requested to dematerialise their holdings 
at the earliest as henceforth, it will not be possible 
to transfer shares held in physical mode. 
18.	SEBI has mandated the submission of the 
Permanent Account Number (PAN), proof of 
identity, address and bank details by every 
participant in the securities market. Members 
holding shares in electronic form are, therefore, 
requested to submit the said documents to their 
Depository Participant(s). Members holding shares 
in physical form shall submit the documents to 
KFin Technologies Private Limited. Members are 
requested to intimate any changes pertaining to 
their name, postal address, email address, phone 
number, Permanent Account Number (PAN), 
mandates, nominations, power of attorney, etc. 
to their Depository Participant(s), where shares 
are held by them in electronic mode and to the 
Registrar and Transfer Agent - KFin Technologies 
Private Limited (“RTA”), where shares are held in 
physical form.
19.	Members holding shares in dematerialised mode, 
who have not registered / updated their e-mail 
addresses with their Depository Participants 
(DPs) are requested to register/update their 
e-mail address with their DPs with whom they 
maintain de-mat account. This may be treated 
as an advance opportunity in terms of proviso to 
Rule 18(3)(i) of the Companies (Management and 
Administration) Rules, 2014.
20.	Members are requested to send all communication 
relating to shares, to the Company’s RTA - KFin 
Technologies Private Limited, Unit:  Anupam 
Rasayan India Limited, Selenium, Tower - B, 
Plot 31-32, Financial District, Nanakramguda, 
Serilingampally Mandal, Hyderabad - 500032. 
Members holding shares in electronic mode 
should address all their correspondence to their 
respective Depository Participants (DPs).
21.	Members seeking any information with regard to 
the accounts or any matter to be placed at the 
AGM may write to the Company at investors@
anupamrasayan.com at least 7 days prior to the 
date of the AGM.
22.	Members in respect of the shares held by them and 
have not registered their nomination may register 
the same by submitting the requisite details to 
their DP, in case the shares are held by them in 
electronic form and to the RTA of the Company, in 
case the shares are held in physical form.
23.	In case of joint holders, a Member whose name 
appears as the first holder in the order of names 
as per the Register of Members of the Company 
will be entitled to vote at the AGM.
24.	Voting Options – In view of the meeting being held 
by audio visual means, Members shall have two 
options of voting, both electronically as follows:
A. Remote e-voting
B. Electronic e-voting during the AGM
A. REMOTE E-VOTING
•	 Voting through electronic means is made available 
pursuant to the provisions of Section 108 of the 
Companies Act, 2013 read with Rule 20 of the 
Companies (Management and Administration) 
Rules, 2014, Regulation 44 of SEBI Listing 
Regulations (each as amended from time to 
time) and SEBI Circular No. SEBI/HO/CFD/CMD/ 
CIR/P/2020/242 dated December 9, 2020.
•	 The Company has approached NSDL for providing 
remote e-voting services through their e-voting 
platform. In this regard, your Demat Account/Folio 
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Anupam Rasayan India Ltd  |  Annual Report 2020-21
Number has been enrolled by the Company for your 
participation in remote e-voting on resolutions 
placed by the Company in the AGM Notice.
•	 The remote e-voting commences on Monday, 
September 27, 2021 (9:00 a.m. IST) and ends on 
Wednesday, September 29, 2021 (5:00 p.m. IST). 
The remote e-voting module shall be disabled by 
NSDL for voting thereafter. During this period, 
Members of the Company whose names appear 
in the Register of Members / Beneficial Owners as 
on the cut-off date i.e. Thursday, September 23, 
2021, may cast their vote by remote e-voting.  The 
voting rights of Members shall be in proportion to 
their shares of the paid-up equity share capital of 
the Company as on the cut-off date i.e. Thursday, 
September 23, 2021.
•	 Any person who acquires shares of the Company 
and become a Member after the Notice is sent 
and holding shares as of the cut-off date, may 
obtain the login ID and password by sending 
a request at evoting@nsdl.co.in. However, if a 
Member is already registered with NSDL for 
remote e-voting then such Member can use their 
existing user ID and password for casting the 
vote. Once the vote on a resolution is cast by 
the Member, the Member shall not be allowed to 
change it subsequently.
•	 Subject to receipt of requisite number of votes, 
the Resolutions shall be deemed to be passed on 
the date of the Meeting, i.e. Thursday, September 
30, 2021.
•	 Members are advised to update their mobile 
number and e-mail id with their DPs in order to 
access e-voting facility.
The process and manner for remote e-voting are as 
under:
The way to vote electronically on NSDL e-voting 
system consists of “Two Steps” which are mentioned 
below:
Step 1: Access to NSDL e-Voting system at https://
www.evoting.nsdl.com/
Step 2: Cast your vote electronically on NSDL 
e-Voting system.
Step 1 - Access to NSDL e-voting system
Login method for e-voting and joining virtual meeting 
for Individual shareholders holding securities in demat 
mode: In terms of SEBI circular dated December 9, 
2020 on e-Voting facility provided by listed companies, 
Individual shareholders holding securities in demat 
mode are allowed to vote through their demat 
account maintained with Depositories and Depository 
Participants. Shareholders are advised to update their 
mobile number and email Id in their demat accounts in 
order to access e-Voting facility.
Type of shareholders
Login Method
Individual Shareholders 
holding securities in 
demat mode with NSDL
A. IDeAS REGISTERED USER:
1.	 Visit the e-services website of NSDL. Open web browser by typing the following 
URL:  https://eservices.nsdl.com either on a Personal Computer or on a mobile.
2.	 On the e-services home page, click on the “Beneficial Owner” icon under 
“Login” which is available under ‘IDeAS’ section. A new screen will open 
and you will be required to enter your existing User ID and Password. After 
successful authentication, you will be able to see e-voting services.
3.	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 
(NSDL in this case) and you will be re-directed to NSDL e-voting website for 
casting your vote during the remote e-voting period or joining virtual meeting 
& voting during the meeting.
B.	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 e-voting 
through the website of NSDL:
1.	 Open web browser by typing the following URL: https://www.evoting.nsdl.
com/ either on a Personal Computer or on a mobile.
Login method for Individual shareholders holding securities in demat mode is given below:

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FINANCIAL STATEMENTS
03
2.	 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 held with NSDL), Password/OTP and a Verification Code as shown on 
the screen.
3.	After successful authentication, you will be redirected to NSDL Depository 
site wherein you can see e-voting page.
4.	Click on options available against company name or e-voting service provider 
name (NSDL in this case) and you will be redirected to e-voting website of 
NSDL for casting your vote during the remote e-voting period or joining virtual 
meeting & voting during the meeting.
Individual 
Shareholders 
holding 
securities 
in 
demat mode with CDSL
1.	 Existing users who have opted for Easi / Easiest, they can login through their 
user id and password. Option will be made available to reach e-voting page 
without any further authentication. The URL for users to login to Easi / Easiest 
are https://web.cdslindia.com/myeasi/home/login or www.cdslindia.com and 
click on New System Myeasi.
2.	 After successful login of Easi/Easiest the user will be also able to see the E 
Voting Menu. The Menu will have links of e-voting service provider i.e. NSDL. 
Click on NSDL to cast your vote.
3.	 If the user is not  registered for Easi/Easiest, option to register is available at 
https://web.cdslindia.com/myeasi/Registration/EasiRegistration
Alternatively, the user can directly access e-voting page by providing demat 
Account Number and PAN No. from a link in 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 provided links for the respective ESP i.e. NSDL where the e-voting 
is in progress.
Individual 
Shareholders 
(holding 
securities 
in 
demat 
mode) 
logging 
through their depository 
participants
1.	 Shareholders can also login using the login credentials of their demat account 
through their Depository Participant registered with NSDL/CDSL for e-voting 
facility.
2.	 Upon logging in, you will be able to see e-voting option. Click on e-voting 
option, you will be redirected to NSDL Depository site after successful 
authentication, wherein you can see e-voting feature.
3.	 Click on options available against company name or e-voting service provider 
name (NSDL in this case) and you will be redirected to NSDL e-voting website 
for casting your vote during the remote e-voting period or joining virtual 
meeting & voting during the meeting.
Shareholders other than 
individual 
shareholders 
holding securities in demat 
mode and shareholders 
holding 
securities 
in 
physical mode
1.	 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.
2.	 Once the home page of e-voting system is launched, click on the icon “Login” 
which is available under ‘Shareholders/Member’ section.
3.	 A new screen will open. You will have to enter your User ID, your Password and 
a Verification Code as shown on the screen.
Alternatively, if you are registered for NSDL eservices i.e. IDeAS, you can log-in 
at https://eservices.nsdl.com/ with your existing IDeAS login. Once you log-in to 
NSDL e-services after using your log-in credentials, click on e-voting and you can 
proceed to Step 2 i.e. Cast your vote electronically.
4.	 Your User ID details are given below
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Anupam Rasayan India Ltd  |  Annual Report 2020-21
Manner of holding shares i.e. Demat 
(NSDL or CDSL) or Physical
Your User ID is:
a) For Members who hold shares in 
demat account with NSDL.
8 Character DP ID followed by 8 Digit 
Client ID
For example if your DP ID is IN300*** and 
Client ID is 12****** then your user ID is 
IN300***12******.
b) For Members who hold shares in 
demat account with CDSL
16 Digit Beneficiary ID
For example if your Beneficiary ID is 
12************** then your user ID is 
12**************
c) For Members holding shares in 
Physical Form.
EVEN (E-Voting Event Number) allotted to 
Anupam Rasayan India Limited followed 
by Folio Number registered with the 
company 
For example if folio number is 001*** and 
EVEN is 101456 then user ID is 101456001**
Password details for shareholders other than Individual shareholders are given 
below:
a) If you are already registered for e-voting, then you can use your existing password 
to login and cast your vote.
b) If you are using NSDL e-voting system for the first time, you will need to retrieve 
the ‘initial password’ which was communicated to you. Once you retrieve your 
‘initial password’, you need to enter the ‘initial password’ and the system will ask 
you to change your password.
c) How to retrieve your ‘initial password’?
(i) If your e-mail id is registered in your demat account or with the Company, your 
‘initial password’ is communicated to you on your e-mail id. Trace the e-mail sent 
to you from NSDL from your mailbox. Open the e-mail and open the attachment 
i.e. a pdf file. The password to open the pdf file is your 8 digit client ID for NSDL 
account, last 8 digits of client ID for CDSL account or folio number for shares held 
in physical form. The .pdf file contains your ‘User ID’ and your ‘initial password’.
(ii) If your e-mail id is not registered, please follow steps mentioned below in process 
for those shareholders whose e-mail ids are not registered.
6. If you are unable to retrieve or have not received the “Initial password” or have 
forgotten your password:
a) Click on “Forgot User Details/Password?” (If you are holding shares in your demat 
account with NSDL or CDSL) option available on www.evoting.nsdl.com.
b) “Physical User Reset Password?” (If you are holding shares in physical mode) 
option available on www.evoting.nsdl.com.
c) If you are still unable to get the password by aforesaid two options, you can send 
a request at evoting@nsdl.co.in mentioning your demat account number/folio 
number, your PAN, your name and your registered address.
d) Members can also use the OTP (One Time Password) based login for casting the 
votes on the e-voting system of NSDL.
7. After entering your password, tick on Agree to “Terms and Conditions” by selecting 
on the check box.
8. Now, you will have to click on “Login” button.
9. After you click on the “Login” button, Home page of e-voting will open.

51
CORPORATE OVERVIEW
01
STATUTORY REPORTS
02
FINANCIAL STATEMENTS
03
Helpdesk for Individual shareholders holding securities in demat mode for any technical issues related to login 
through Depository i.e. NSDL and CDSL.
Login type
Helpdesk details
Individual Shareholders 
holding securities in 
demat mode with NSDL
Members facing any technical issue in login can contact NSDL helpdesk by 
sending a request at  evoting@nsdl.co.in or call at toll free no.: 1800 1020 990  and 
1800 22 44 30
Individual Shareholders 
holding securities in 
demat mode with CDSL
Members facing any technical issue in login can contact CDSL helpdesk by 
sending a request at helpdesk.evoting@cdslindia.com or contact at 022- 
23058738 or 022-23058542-43
Step 2 - How to cast your vote electronically on 
NSDL e-voting system?
1.	 After successful login at Step 1, you will be able 
to see all the companies “EVEN” in which you are 
holding shares and whose voting cycle is in active 
status.
2.	 Select “EVEN” of the company for which you wish 
to cast your vote.
3.	 Now you are ready for e-voting as the voting page 
opens.
4.	 Cast your vote by selecting appropriate options 
i.e. assent or dissent, verify/modify the number 
of shares for which you wish to cast your vote 
and click on “Submit” and also “Confirm” when 
prompted.
5.	 Upon confirmation, the message “Vote cast 
successfully” will be displayed.
6.	 You can also take the printout of the votes cast 
by you by clicking on the print option on the 
confirmation page.
7.	 Once you confirm your vote on the resolution, you 
will not be allowed to modify your vote.
General Guidelines for shareholders
1.	 Institutional 
shareholders 
(i.e. 
other 
than 
individuals, HUF, NRI etc.) are required to send 
scanned copy (PDF/JPG Format) of their relevant 
board resolution/ authority letter etc. with attested 
specimen signature of the duly authorized 
signatory(ies) who are authorized to vote, to the 
Scrutinizer by e-mail to mdbaid@yahoo.com  with 
a copy marked to evoting@nsdl.co.in.
2.	 It is strongly recommended not to share your 
password with any other person and take utmost 
care to keep your password confidential. Login 
to the e-voting website will be disabled upon 
five unsuccessful attempts to key in the correct 
password. In such an event, you will need to go 
through the “Forgot User Details/Password?” or 
“Physical User Reset Password?” option available 
on www.evoting.nsdl.com to reset the password.
3.	 In case of any queries, Members may refer 
the Frequently Asked Questions (FAQs) for 
Shareholders and e-voting user manual for 
Shareholders available at the download section of 
www.evoting.nsdl.com. 
Shareholders/Members, 
who need assistance before or during the AGM, 
can contact NSDL official Ms Sarita Mote on toll 
free no.: 1800-1020-990 and 1800-22-44-30 or send 
a request at evoting@nsdl.co.in
Process for those Members whose email ids are not 
registered with the depositories for procuring user 
id and password and registration of e-mail ids for 
e-voting for the resolutions set out in this notice:
1.	 In case shares are held in demat mode, please 
provide DPID-CLID (16 digit DPID + CLID or 16 
digit beneficiary ID), Name, client master or copy 
of consolidated account statement, self-attested 
scanned copy of PAN card and AADHAR to 
investors@anupamrasayan.com and/or to (RTA) 
einward.ris@kfintech.com.  
2.	 Alternatively shareholder/Members may send a 
request to evoting@nsdl.co.in for procuring user 
id and password for e-voting by providing above 
mentioned documents.
3.	 In terms of SEBI circular dated December 9, 2020 
on e-voting facility provided by listed companies, 
to individual shareholders holding securities in 
demat mode are allowed to vote through their 
demat account maintained with Depositories and 
Depository Participants. Shareholders/Members 
are required to update their mobile number and 
email id correctly in their demat account in order 
to access e-voting facility.
Instructions for Members for e-voting on the day of 
the AGM are as under:
1.	 The procedure for e-voting on the day of the AGM 
is same as the instructions mentioned above for 
remote e-voting.
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Anupam Rasayan India Ltd  |  Annual Report 2020-21
2.	 Only those Members/ shareholders, who will 
be present in the AGM through VC facility and 
have not cast their vote on the Resolutions set 
forth in this Notice through remote e-voting and 
are otherwise not barred from doing so, shall be 
eligible to vote through e-voting system in the 
AGM.
3.	 Members who have voted through remote e-voting 
will be eligible to attend the AGM. However, they 
will not be eligible to vote at the AGM.
4.	 The details of the person who may be contacted 
for any grievances connected with the facility for 
e-voting on the day of the AGM shall be the same 
person mentioned for remote e-voting.
Instructions for Members for attending the AGM 
through VC facility are as under:
1.	 Shareholder will be provided with a facility to 
attend the AGM through VC facility through the 
NSDL e-voting system. Members may access by 
following the steps mentioned above for Access 
to NSDL e-voting system. After successful login, 
you can see link of “VC/OAVM link” placed under 
“Join General meeting” menu against company 
name. You are requested to click on VC/OAVM 
link placed under Join General Meeting menu. The 
link for VC facility will be available in shareholder/
Members login where the EVEN of Company will be 
displayed. Please note that the shareholder who 
do not have the User ID and Password for e-voting 
or have forgotten the User ID and Password may 
retrieve the same by following the remote e-voting 
instructions mentioned in the notice to avoid last 
minute rush. Shareholders can also use the OTP 
based login for logging into the e-voting system of 
NSDL.
2.	 Shareholders are encouraged to join the Meeting 
through Laptop/ Desktop for better experience.
3.	 Further Members will be required to allow Camera 
and use Internet with a good speed to avoid any 
disturbance during the meeting.
4.	 Please note that participants connecting from 
Mobile Devices or Tablets or through Laptop 
connecting via Mobile Hotspot may experience 
Audio/Video loss due to fluctuation in their 
respective network. It is therefore recommended 
to use stable Wi-Fi or LAN Connection to mitigate 
any kind of aforesaid glitches.
5.	 Shareholders who would like to express their 
views/have questions may send their questions 
in advance mentioning their name demat account 
number/folio number, email id, mobile number at 
investors@anupamrasayan.com. The same will be 
replied by the company suitably.
25.	A person, whose name is recorded in the register 
of Members or in the register of beneficial owners 
maintained by the depositories as on the cut-off 
date i.e. Thursday September 23, 2021, only shall be 
entitled to avail the facility of remote e-voting as 
well as e-voting at the AGM.
26.	In compliance with the aforesaid MCA Circulars 
and SEBI Circular dated May 12, 2020 and January 
15, 2021, Notice of the AGM along-with the 
Annual Report 2020-21 is being sent only through 
electronic mode to those Members whose email 
addresses are registered with the Company/ 
Depositories. Members may note that the Notice 
and Annual Report 2020-21 will also be available 
on the Company’s website www.anupamrasayan.
com, websites of the Stock Exchanges i.e. BSE 
Limited at www.bseindia.com and National Stock 
Exchange of India Limited at www.nseindia.com 
and notice of AGM on the website of NDSL : 
https://www.evoting.nsdl.com/ . 
27.	The Board of Directors of the Company have 
appointed Mr Mohan Baid, Practicing Company 
Secretary (Membership No. A3598 COP: 3873) 
as the Scrutinizer to scrutinize the remote 
e-voting and e-voting at AGM process in a fair and 
transparent manner. They have communicated 
their willingness to be appointed and will be 
available for the said purpose.
28.	The Scrutinizer shall after the conclusion of 
voting at the AGM, first count the votes cast 
during the AGM and thereafter unblock the votes 
cast through remote e-voting in the presence 
of presence of at least two witnesses not in the 
employment of the Company and shall make, not 
later than 48 hours of the conclusion of the AGM, a 
consolidated scrutinizer’s report of the total votes 
cast in favour or against, if any, to the Chairman 
or a person authorized by him in writing, who shall 
countersign the same and declare the result of the 
voting forthwith.
29.	The results of voting will be declared on receipt of 
Scrutinizer’s Report at the Registered office of the 
Company and the same along with the Scrutinizers 
Report will be published on the website of the 
Company https://www.anupamrasayan.com and 
the website of NSDL https://www.evoting.nsdl.com 
. The Company shall simultaneously communicate 
the results along with the Scrutinizers Report to 
BSE Limited and the National Stock Exchange of 
India Limited where the shares of the Company 
are listed.

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CORPORATE OVERVIEW
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STATUTORY REPORTS
02
FINANCIAL STATEMENTS
03
SPECIAL BUSINESS 
Item No. 4. Ratification of remuneration to the Cost 
Auditor for financial year 2021-22
The Board of Directors on the recommendation of 
the Audit Committee has appointed Cost Auditors to 
conduct the audit of the cost records of the Company 
for the financial year ending March 31, 2022 and 
approved the payment of remuneration payable to 
the Cost Auditor.
In accordance with the provisions of Section 148 of 
the Companies Act, 2013 read with the Companies 
(Audit and Auditors) Rules, 2014, the remuneration 
payable to the Cost Auditor is required to be ratified 
by the Members of the Company.
Accordingly, consent of the Members is sought by 
passing an Ordinary Resolutions set out at Item No. 
4 of the notice for ratification of the remuneration 
payable to the Cost Auditors for the financial year 
ending March 31, 2022.
The Board of Directors recommend the Ordinary 
Resolution as set out in item No. 4 of the accompanying 
Notice for approval of the Members of the Company.
None of the Directors or Key Managerial Personnel 
of the Company or their relatives are, concerned 
or interested financially or otherwise in the said 
resolution as per item no. 4 of the Notice.
Item No. 5. Ratification of Article 159 of the Articles 
of Association of the Company
As per Article 159 and 160 of the Articles of Association 
of the Company, (a) Mr. Anand S. Desai and Ms. Mona 
A. Desai along with Rehash Industrial and Resins 
Chemicals Private Limited (hereinafter referred to 
as “Group 1”, (b) Kiran Pallavi Investments LLC ("KPI 
LLC") (hereinafter referred to as “Group 2”), and (c) 
Mr. Milan Thakkar (hereinafter referred to “Group 3”) 
(Group 1, Group 2 and Group 3 will be collectively 
referred to as “Groups”), each such Groups shall 
have the right to appoint one director on the Board 
of Directors of the Company, as long as each of such 
Group holds 15% of the issued and paid-up share 
capital of the Company on a fully diluted basis, and in 
the event that the shareholding of one of the above-
mentioned Groups falls below 15%, then such Group 
shall immediately offer to the Board of Directors of the 
Company, to withdraw the nomination of its Director, 
whose decision shall be binding on the concerned 
Director and such concerned Director should resign 
in the next Board meeting.
As per Article 161 of the Articles of Association of the 
Company, post the date on which the equity shares 
of the Company are listed on the stock exchanges, 
the right to appoint Directors pursuant to Article 159, 
shall be subject to the ratification of the shareholders 
of the Company by way of a Special Resolution at the 
first General Meeting of the Company post the date 
on which the equity shares of the Company are listed 
on the stock exchanges.
Since the equity shares of the Company are listed 
on the stock exchanges on March 24, 2021 and this 
is the first general meeting of the Company post the 
date on which equity shares are listed, it is necessary 
to obtain the ratification of shareholders of the 
Company by way of Special Resolution to protect the 
rights provided in Article 159 and 160 of the Articles of 
Association of the Company. 
The Board of Directors recommends the Special 
Resolution as set out in item No. 5 of the 
accompanying Notice for approval of the Members 
of the Company.
The Directors, Mr Anand Desai, Mrs Mona Desai, Dr 
Kiran C Patel, Mr Milan Thakkar and their relatives 
are interested in the resolution to the extent of 
their shareholding in the Company, whereas none 
of the other Directors or Key Managerial Personnel 
of the Company or their relatives are, concerned 
or interested financially or otherwise in the said 
resolution as per item no. 5 of the Notice.
Item No. 6. Approval of modification of 'Anupam 
Employees Stock Option Plan 2020' (ESOP - 2020)
Pursuant to the resolution of the Board of Directors 
passed on November 30, 2020 and the Shareholders’ 
resolution passed on December 4, 2020, the Company 
had established the ‘Anupam - Employee Stock 
Option Plan 2020’ (herein after referred as “ESOP 
2020” or “Scheme”) for issue to the Employees not 
The Explanatory Statement Pursuant to Section 102 of the 
Companies Act, 2103 -
Pursuant to Section 102 of the Companies Act, 2013 ("Act") the following Explanatory Statement sets out 
all the material facts relating to the business mentioned under Item Numbers 4 to 7 for the Annual General 
Meeting to be held on September 30, 2021
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Anupam Rasayan India Ltd  |  Annual Report 2020-21
exceeding 13,12,795 (thirteen lakh twelve thousand 
seven hundred and ninety-five) Employee Stock 
Options convertible into not more than 13,12,795 
(thirteen lakh twelve thousand seven hundred and 
ninety-five) Shares of face value of ₹10/- (Rupees Ten) 
each fully paid-up, with each such Option conferring 
a right upon the Employee to be issued one Share 
of the Company, in accordance with the terms and 
conditions of such issue, in compliance with the SEBI 
(Share Based Employee Benefits) Regulations, 2014.
The objective of ESOP 2020 is to attract, retain and 
motivate the best available talent by way of rewarding 
employee stock options for their performance and 
to motivate them to participate in the growth of the 
Company, besides creating long term wealth in their 
hands. Accordingly, Options had been granted from 
time to time to the eligible employees.
SEBI has repealed the SEBI (Share Based Employee 
Benefits) Regulations, 2014 w.e.f. August 13, 2021 
and has introduced SEBI (Share Based Employee 
Benefits and Sweat Equity) Regulations, 2021 
(hereinafter referred to as “SEBI SBEB and Sweat 
Equity Regulations”. Hence, it is hereby proposed to 
amend clauses/ provisions of ESOP - 2020 and to 
make it in accordance with SEBI SBEB and Sweat 
Equity Regulations. Major proposed amendments in 
ESOP – 2020 are given below: 
1. Substitution of definition of Employee with below:-
Employee” means 
(i) an employee as designated by the company, who is 
exclusively working in India or outside India; or
(ii) a director of the company, whether a whole-time 
director or not, including a non-executive director 
who is not a promoter or member of the promoter 
group, but excluding an independent director; or
(iii) an employee as defined in sub-clauses (i) or (ii), of 
a group company including subsidiary or its associate 
company, in India or outside India, or of a holding 
company of the company, but
does not include—
(a) an employee who is a promoter or a person 
belonging to the promoter group; or
(b) a director who, either himself or through his relative 
or through anybody corporate, directly or indirectly, 
holds more than ten per cent of the outstanding 
equity shares of the company;
2. Addition of words “Secretarial” before the words 
“Auditor” in clause 17 of the ESOP – 2020.
3. Disclosures required pursuant to Rule 12(5)(b) of the 
Companies (Share Capital and Debentures) Rules, 
2014 and SEBI SBEB and Sweat Equity Regulations, 
2021 with respect to modification of ESOP-2020 are 
as follows:
3.1 Full details of variation of terms of Employees 
Stock Option Scheme:
As disclosed hereinabove and provided below in 
point 3.4.
3.2 Rationale behind the variation of terms of 
Employees Stock Option Scheme:
i. To attract, retain and motivate the best available 
talent of employees of the Company by way 
of rewarding employee stock options for their 
performance and to motivate them to participate in 
the growth of the Company, besides creating long 
term wealth in their hands.
ii. To attract, retain and motivate the best available 
talent of employees of the holding and subsidiary(ies), 
Group Company(ies) and/or Associate Company(ies) 
of the Company by way of rewarding employee stock 
options for their performance and to motivate them 
to participate in the growth of the Company, besides 
creating long term wealth in their hands.
iii. To widen the coverage of employees under ESOP 
– 2020.
iv. To align the provisions of ESOP – 2020 in compliance 
with SEBI SBEB and Sweat Equity Regulations, 2021.
3.3 Employees who are beneficiaries of such variation:
The beneficiaries of the proposed variation are all 
existing options grantees and such other employees/
option grantees to whom options may be granted in 
the future. Given the details of variation, rationale 
thereof and beneficiaries of the such variation, 
your approval is sought by way of passing a Special 
Resolution for above modification of the ESOP 2020.
3.4 The broad terms and conditions of the ESOP-2020, 
as proposed in this item number 6 in accordance 
with the Companies Act, 2013 read with rules 
made thereunder and SEBI SBEB and Sweat Equity 
Regulations, 2021 are given below:
a) Brief Description of the ESOP-2020 scheme is given 
as under- 
“Anupam - Employees Stock Option Plan 2020” (“ESOP-
2020/Scheme”) has been formulated by the Company 
and implemented by Nomination & Remuneration

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Committee as constituted under Section 178 of the 
Companies Act, 2013 and Regulation 19 of Securities 
and Exchange Board of India (Listing Obligations 
and Disclosure Requirements) Regulations, 2015 
in accordance with the requirements of SEBI SBEB 
and Sweat Equity Regulations, 2021 issued by SEBI 
and other applicable laws. The objective of the ESOP 
2020 is, inter alia to reward the employees (as defined 
hereinafter) for their performance and to motivate 
them to contribute to the growth and profitability 
of the Company. The Company also intends to 
use this ESOP 2020 to attract and retain talent in 
the organization. The Company views options as 
instruments that would enable the employees to get 
a share in the value, they create for the Company in 
the years to come and align the objectives of the 
employees with the objectives of the Company. 
b) The total number of Options to be granted- 
The total number of Options that may, in the 
aggregate, be issued would be such number of 
Options which shall entitle the Option holders 
to acquire in one or more tranches upto 13,12,795 
(thirteen lakhs twelve thousand seven hundred and 
ninety five) equity shares of face value ₹ 10/- each (or 
such other adjusted figure for any bonus, stock splits, 
buy-back, scheme of arrangement or consolidations 
or other re-organisation of the capital structure of 
the Company as may be applicable from time to 
time).
SEBI SBEB and Sweat Equity Regulations, 2021, as 
applicable to the Company, require that in case of 
any corporate action(s) such as rights issues, buy-
back, scheme of arrangement, bonus issues, merger 
and sale or division, and others, a fair and reasonable 
adjustment needs to be made to the Options 
granted. Accordingly, if any additional equity shares 
are issued by the Company to the Option grantees 
for making such fair and reasonable adjustment, the 
above ceiling shares shall be deemed to be increased 
to the extent of such additional equity shares issued.
An employee may surrender his/her vested /unvested 
options at any time during / post his employment 
with the Company. Any employee willing to surrender 
his/her Options shall communicate the same to the 
Board or Committee in writing. 
Vested Options lapsed due to non-exercise, surrender 
and/or unvested Options that gets cancelled due to 
resignation or any other separation conditions of 
Option grantees, surrendered or otherwise, would 
be available for being re-granted at a future date. 
The Board is authorized to re-grant such lapsed / 
cancelled / surrendered options as per the provisions 
of ESOP-2020. 
Options granted
13,12,760
Options lapsed/
expired/Cancelled
75,360
Options exercised
Nil
Options outstanding
12,37,400
c) Identification of classes of employees entitled to 
participate and be beneficiaries in the ESOP-2020 
scheme-
All employees working in India or out of India and 
Directors (whether Managing/Whole time Director 
or not) of Company and its holding company, Group 
Company(ies), Associate Company(ies) and/or and 
its subsidiary company(ies), (present or future) 
(excluding promoters and an employee who is a 
Promoter or a  person belonging to the Promoter 
Group) and further excluding a director who either by 
himself or through his relative or through any Body 
Corporate, directly or indirectly holds more than 10% 
of the outstanding equity shares of the Company and 
excluding Independent Directors as may be decided 
by the Nomination and Remuneration/Compensation 
Committee, will be identified as “Employee(s)” for the 
ESOP-2020 scheme.
The class of Employees eligible for participating in the 
ESOP-2020 scheme shall be determined on the basis 
of the grade, number of years’ service, performance, 
role assigned to the employee and such other 
parameters as may be decided by the Nomination 
and Remuneration/Compensation Committee in its 
sole discretion from time to time.
The Options granted to an Employee will not be 
transferable to any person and shall not be pledged, 
hypothecated, mortgaged or otherwise alienated in 
any other manner.
d) Transferability of Employee Stock Options- 
(1) The Options granted to an Employee shall not be 
transferable to any person and shall not be pledged, 
hypothecated, mortgaged or otherwise alienated in 
any manner. However, in the event of the death of the 
Option Grantee, the right to exercise all the Options 
granted to him till such date shall be vest in his legal 
heirs or nominees. 
(2) In the event of death of the Employee while in 
employment, all the options, SAR or any other benefit 
granted under a scheme to him/her till his/her 
death shall vest, with effect from the date of his/her 
death, in the legal heirs or nominees of the deceased 
Employee, as the case may be.
Details of grants, exercise and lapsing of Options as 
at September 4, 2021 on a cumulative basis are as 
follows:
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Anupam Rasayan India Ltd  |  Annual Report 2020-21
Sr. No.
Separations
Vested Options
Unvested Options
1
Resignation
Subject 
to 
the 
terms 
and 
conditions formulated by the 
Committee, all Vested Options 
as on date of submission of 
resignation may be Exercised by 
the Option Grantee on or before 
his last working day with the 
Company.
All Unvested Options on the date of 
submission of resignation shall stand 
cancelled with effect from that date.
2
Termination (With 
cause like fraud, 
misconduct etc.)
All Vested Options which were 
not allotted at the time of such 
termination shall stand cancelled 
with effect from the date of such 
termination.
All Unvested Options on the date of such 
termination shall stand cancelled with 
effect from the termination date.
3
Termination 
(Without cause)
All Vested Options which were 
not allotted at the time of such 
termination may be Exercised by 
the Option Grantee on or before 
his last working day with the 
Company.
All unvested Options on the date of such 
termination shall stand cancelled with 
effect from the termination date.
4
Retirement or 
early Retirement 
approved by 
Company
All Vested Options as on date of 
retirement may be Exercised by 
the Option Grantee within the 
period as permitted by Nomination 
and Remuneration Committee / 
Compensation Committee at the 
time of such retirement or early 
retirement.
All 
Unvested 
Options 
shall 
vest 
immediately on the date of retirement 
(subject to minimum Vesting Period 
of 1 year from date of Grant) and may 
be exercised by the Option Grantee on 
or before his last working day with the 
Company.
(3) In case the Employee suffers a permanent 
incapacity while in employment, all the Options, 
SAR or any other benefit granted to him/her under a 
scheme as on the date of permanent incapacitation, 
shall vest in him/her on that day.
(4) In the event of resignation or termination of an 
Employee, all the Options, SAR or any other benefit 
which are granted and yet not vested as on that day, 
shall expire:
Provided that an Employee shall, subject to the terms 
and conditions formulated by the
(5) Compensation Committee under sub-regulation (3) 
of regulation 5 of these regulations, be entitled to 
retain all the Vested Options, SAR or any other benefit 
covered by these regulations. In the event that an 
Employee, who has been granted benefits under a 
scheme, is transferred or deputed to an Associate 
Company prior to vesting or exercise, the vesting and 
exercise as per the terms of grant shall continue in 
case of such transferred or deputed Employee even 
after the transfer or deputation. 
(6) In the event that an employee who has been 
granted benefits under a scheme, is transferred 
pursuant to scheme of arrangement, amalgamation, 
merger or demerger or continued in the existing 
company, prior to the vesting or exercise, the 
treatment of options in such case shall be specified 
in such scheme of arrangement, amalgamation, 
merger or demerger provided that such treatment 
shall not be prejudicial to the interest of the 
employee.
e) Requirements of vesting and period of vesting- 
Vesting of Options may commence after a period of 
not less than one (1) year from the date of individual 
grant. The vesting may occur in one or more tranches, 
subject to the terms and conditions of vesting, as 
stipulated in the ESOP-2020.
Following table shall be applicable in case of various scenarios (during employment) for vesting and exercising:

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03
f) Maximum period within which the options shall be 
vested- 
The maximum vesting period may extend up to 7 
years from the date of respective grant of Options, 
unless otherwise decided by the Nomination and 
Remuneration/Compensation Committee.
g) Exercise price or pricing formula- 
“Exercise Price” means the price at which the Option 
grantee is entitled to acquire the equity shares 
pursuant to the options granted and vested in him/
her under the ESOP-2020 scheme.
The Exercise Price shall be as may be decided by the 
Committee as is allowed under the Companies Act/
SEBI SBEB and Sweat Equity Regulations, 2021 which 
in any case will not be lower than the face value of 
the equity shares of the Company on the date of such 
grant. Further the Exercise Price can be different for 
different set of employees for Options granted on 
same/different dates. 
5
Death
All 
Vested 
Options 
may 
be 
exercised by the Option Grantee’s 
nominee or legal heir immediately 
after, but in no event later than 12 
months from the date of death.
All Unvested Options as on the date of 
death shall vest immediately and may 
be Exercised by the Option Grantee’s 
nominee or legal heir(s) within 12 months 
from the date of death.
6
Permanent 
Disability
All 
Vested 
Options 
may 
be 
exercised by the Option Grantee 
or, if the Option Grantee is himself, 
unable to Exercise due to such 
disability, the nominee or legal 
heir, immediately after, but in no 
event later than 12 months from 
the date of such disability.
All Unvested Options as on the date 
of such permanent disability shall vest 
immediately and can be Exercised by the 
Option grantee or, if the Option Grantee 
is himself unable to Exercise due to such 
incapacity, the nominee or legal heir 
immediately after, but in no event later 
than 12 months from the date of such 
disability.
7
Abandonment*
All the Vested Options shall stand 
cancelled.
All the Unvested Options shall stand 
cancelled.
8
Any other reason 
not specified 
above
The 
Nomination 
and 
Remuneration 
Committee 
/ 
Compensation Committee shall 
decide 
whether 
the 
Vested 
Options as on that date can be 
Exercised by the Option Grantee 
or not, and such decision shall be 
final.
All Unvested Options on the date of 
separation shall stand cancelled with 
effect from that date.
*The Board/ Committee, at its sole discretion shall decide the date of cancellation of Option’s and such decision shall be 
binding on all concerned. Provided that, in accordance with Applicable Law, notwithstanding anything contrary contained 
herein, the Company shall not vary the terms of ESOP 2020 in any manner which may be detrimental to the interest of the 
Employee.
h) Exercise period and process of exercise- 
The exercise period shall not be more than 7 years 
from the date of respective vesting of Options. The 
Options granted may be exercised by the grantee 
at one time or at various points of time within the 
exercise period as determined by the Committee from 
time to time.
The Vested Options shall be exercisable by the 
Employees by a written application (which will 
include making applications online using any ESOP 
administration software) to the Company expressing 
his/ her desire to exercise such Options in such 
manner and on such format as may be prescribed by 
the Nomination and Remuneration/Compensation 
Committee from time to time. The Options shall 
lapse if not exercised within the specified exercise 
period. The Options may also lapse, under certain 
circumstances even before the expiry of the specified 
exercise period.
Payment of the Exercise Price shall be made by a 
crossed cheque or a demand draft drawn in favour 
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Anupam Rasayan India Ltd  |  Annual Report 2020-21
of the Company, or by any other payment methods 
prevalent in RBI recognized banking channels or in 
such other manner and subject to such procedures 
as the Board/Committee may decide.
i) Appraisal Process for determining the eligibility of 
Employees to the ESOP-2020 scheme- 
The appraisal process for determining the eligibility of 
the Employee will be specified by the Nomination and 
Remuneration/Compensation Committee and will 
be based on criteria such as the grade of Employee, 
length of service, performance record, merit of 
the Employee, future potential contribution by the 
Employee and/or by any such criteria that may be 
determined by the Nomination and Remuneration/
Compensation Committee. 
j) Maximum number of Options to be issued per 
Employee and in the aggregate- 
The maximum number of options that may be granted 
to an employee under the ESOP 2020 in aggregate 
per employee be determined by the nomination and 
remuneration/Compensation committee of the Board 
with respect to an individual employee. Further, the 
maximum number of options to be granted per 
employee per grant and in aggregate shall not exceed 
13,12,795 (thirteen lakhs twelve thousand seven 
hundred and ninety five). 
The number of Options that may be granted to any 
specific employee under ESOP-2020 scheme shall not 
be equal to or exceeding the number of equity shares 
equivalent to 1% of the issued capital of the Company 
(excluding outstanding warrants and conversions) 
and in aggregate in any financial year at the time 
of grant of options, if the prior specific approval 
from Members of the Company through a special 
resolution to this effect is not obtained.
k) Maximum quantum of benefits to be provided per 
employee under a ESOP-2020 scheme- 
The maximum quantum of benefits underlying 
the Options issued to an eligible employee shall 
depend upon the market price of the shares as on 
the date of sale of shares arising out of Exercise of 
options whenever Company gets listed on the stock 
exchange(s). 
l) Certificate from Secretarial Auditors- 
The Board of directors shall at each annual general 
meeting place before the Members a certificate 
from the secretarial auditors of the Company that 
the ESOP-2020 scheme(s) has been implemented in 
accordance with the prescribed regulations and in 
accordance with the resolution of the Company in the 
general meeting.
m) Whether the ESOP-2020 scheme is to be 
implemented and administered directly by the 
Company or through a trust-
The ESOP-2020 scheme will be implemented directly 
by the Company under the guidance of the Nomination 
and Remuneration/Compensation Committee of the 
Board.
n) Whether ESOP-2020 scheme involves new issue of 
shares by the Company or Secondary acquisition by 
the trust- 
The ESOP-2020 scheme will involve only new issue of 
shares by the Company.
o) Disclosure and accounting policies- 
The Company shall conform to the accounting policies 
specified in Regulation 15 of the SEBI (SBEB and Sweat 
Equity) Regulations, 2021.
The Company shall disclose details of grant, vest, 
exercise and lapse of the employee stock Options 
in the Board of Directors' Report or in an annexure 
thereof as prescribed under the Companies Act, 2013 
read with rules made thereunder and SEBI (SBEB and 
Sweat Equity) Regulations, or any other applicable 
laws as may be applicable from to time. Further the 
Company shall follow the laws/regulations applicable 
to accounting and disclosure related to employee 
stock Options, including the Companies Act, 2013 
(as amended from time to time) but not limited to 
SEBI (SBEB and Sweat Equity) Regulations (including 
disclosure as specified under regulation 15), Section 
133 of the Companies Act, 2013 as well as the 
Guidance Notes on accounting for Employee Share-
based Payments and/ or any relevant Accounting 
Standards as may be prescribed by the regulatory 
authorities from time to time, including the disclosure 
requirements prescribed therein, as and when 
applicable to the Company. 
p) The amount of loan to be provided for implementation 
of the ESOP-2020 scheme(s) by the Company to the 
trust, its tenure, utilization, repayment terms, etc.- 
Not Applicable
q) Maximum percentage of secondary acquisition 
(subject to limits specified under the regulations) 
that can be made by the trust for the purposes of the 
ESOP-2020 scheme(s)- 
Not Applicable

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02
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03
r) Method of valuation of Options- 
The Company follows fair value method for computing 
the compensation cost, if any, for the Options granted. 
The Company will follow IFRS/ IND AS/ any other 
requirements for accounting of the stock Options as 
are applicable to the Company for the same.
Since the Company opts for expensing of share based 
employee benefits using the fair value method, the 
following statement will not be applicable viz. 
In case the Company opts for expensing of share based 
employee benefits using the intrinsic value intrinsic value, 
the difference between the employee compensation 
cost so computed and the employee compensation 
cost that shall have been recognized if it had used the 
fair value, shall be disclosed in the Directors’ Report and 
the impact of this difference on profits and on earnings 
per share (“EPS”) of the Company shall also be disclosed 
in the Directors’ Report.
s) Rights of the Option holder-  
The employee shall not have right to receive any 
dividend or to vote or in any manner enjoy the benefits 
of a shareholder in respect of Option granted to him, 
till shares are allotted upon exercise of Option. 
t) Consequence of failure to exercise option-  
All unexercised Options shall lapse if not exercised 
on or before the exercised period ends. The amount 
payable by the employee, if any, at the time of grant 
of Option - 
(a) may be forfeited by the Company if the Option is 
not exercised by the employee within the exercise 
period; or 
(b) may be refunded to the employee if the options 
are not vested due to non-fulfilment of conditions 
relating to vesting of Option as per the ESOP-2020 
scheme. 
u) Lock-in- 
The Shares issued upon exercise of Options shall be 
freely transferable and shall not be subject to any 
lock-in period restriction after such exercise. However, 
the Board or Committee as may be authorised by 
the Board may, in some cases, provide for lock-in of 
Shares issued upon exercise of Options.
Provided that the transferability of the Shares shall be 
subject to the restriction for such period in terms of 
the Securities Exchange Board of India (Prohibition 
of Insider Trading), Regulations, 2015, as amended 
from time to time or for such other period as may be 
stipulated from time to time in terms of Company’s 
Code of Conduct for Prevention of Insider Trading.
v) Terms & conditions for buyback, if any, of specified 
securities covered under the SEBI SBEB and Sweat 
Equity Regulations, 2021- 
The Board of Directors / the Compensation Committee 
/ NRC Committee shall, subject to the applicable 
provisions of any of the SEBI Regulations and 
Companies Act, 2013 and other applicable provisions, 
have right to specify the procedure for buy-back of the 
Employee Stock Options issued under this Scheme, if 
to be undertaken at any time by the company, and the 
applicable terms and conditions, including:
(i) permissible sources of financing for buy-back;
(ii) any minimum financial thresholds to be 
maintained by the company as per its last financial 
statements; and
(iii) limits upon quantum of the Employee Stock 
Options that the company may buy-back in a 
financial year.
w) Other terms of the Scheme- 
The Board or Nomination and Remuneration/
Compensation Committee shall have the absolute 
authority to vary, modify or alter the terms of the ESOP-
2020 scheme in accordance with the Companies Act, 
2013, as amended read with rules made thereunder, 
applicable and any regulations and guidelines as 
prescribed by SEBI or regulations that may be issued 
by any appropriate authority, from time to time as 
and when applicable to the Company, unless such 
variation, modification or alteration is detrimental to 
the interest of the Option grantees.
The Board or Nomination and Remuneration 
Committee may, if it deems necessary, modify, change, 
vary, amend, suspend or terminate the ESOP - 2020, 
subject to compliance with the applicable laws and 
regulations.
The shares may be allotted directly to the Option 
grantees in accordance with the ESOP-2020 scheme 
and such scheme may also contain provisions for 
providing financial assistance to the Employees to 
enable the Employees to acquire or subscribe to the 
shares.
x) Miscellaneous- 
i.	 Company may by special resolution of its 
shareholders vary the terms of the schemes offered 
pursuant to an earlier resolution of the general 
body but not yet exercised by the employees, if 
such variation is not prejudicial to the interests of 
the employees: 
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Anupam Rasayan India Ltd  |  Annual Report 2020-21
Notwithstanding the above, the Company shall 
be entitled to vary the terms of the scheme to 
meet any regulatory requirement without seeking 
shareholders‘ approval by special resolution
ii.	 The notice for passing special resolution for 
variation of terms of the schemes shall disclose 
full details of the variation, the rationale therefore, 
and the details of the Option Grantees who are 
beneficiaries of such variation. 
Copy of ESOP-2020 as referred to above will also be 
available for electronic inspection by the Members 
without payment of any fee from the date of 
circulation of this Notice up to the date of AGM, i.e. 
September 30, 2021. Members seeking to inspect 
such documents are requested to send an e-mail to 
investors@anupamrasayan.com . Inspection shall be 
provided at a mutually convenient time.
None of the Directors and Key Managerial Personnel 
or their relatives are in any way concerned or 
interested, financially or otherwise in this resolution 
except to the extent of their current shareholding in 
the company as well as shareholding entitlements, if 
any, under the ESOP Scheme.
Accordingly, the Board proposes the aforesaid 
resolution as set out in item no. 6 for approval of the 
Members as a Special Resolution.
Item No. 7. Ratification of 'Anupam- Employee Stock 
Option Plan 2020' (ESOP - 2020)
Pursuant to the resolution of the Board passed on 
November 30, 2020 and the Shareholders’ resolution 
passed on December 4, 2020, the Company had 
established the ‘Anupam - Employee Stock Option 
Plan 2020’ (herein after referred as “ESOP 2020” 
or “Scheme”). Under the said ESOP 2020, 13,12,760 
options have been granted as on the date of this 
notice out of total authorization of 13,12,795 options, 
each option granted under ESOP 2020 is convertible 
into one equity share.
As per Regulation 12 of the SEBI SBEB and Sweat Equity 
Regulations, 2021, no company shall make any fresh 
grant of ESOPs, which involves allotment or transfer 
of shares to its employees under any ESOP Schemes 
formulated prior to its IPO and prior to the listing of 
its equity shares (Pre-IPO Scheme) unless (i) such 
pre-IPO scheme is in conformity with SEBI SBEB and 
Sweat Equity Regulations, 2021; and (ii) such pre-IPO 
scheme is ratified by its Members subsequent to IPO.
Considering, that the Company came out with a 
Public Issue of its Equity shares in March 2021 and its 
equity shares are listed at BSE and NSE with effect 
from March 24, 2021, the Company’s ESOP 2020 is 
required to be ratified by the Members of the Company 
pursuant to Regulation 12 of the SEBI SBEB and Sweat 
Equity Regulations, 2021 for making any fresh grant 
of ESOPs under this Scheme. Accordingly, same is 
referred to the Members for their ratification in terms 
of Regulation 12 and other applicable provisions of the 
SEBI SBEB and Sweat Equity Regulations, 2021. The 
said Scheme as proposed to be amended as per item 
no. 6 above, is in conformity with the SEBI SBEB and 
Sweat Equity Regulations, 2021 and the Company has 
not granted any fresh grant of options to employees 
as on date after the public issue of the Company.
As the ESOP-2020 scheme would entail further shares 
to be offered to employees of the Company, consent 
of the Members is being sought to ratify and amend 
the ESOP 2020 as may be required, pursuant to the 
provisions of Section 62 (1) (b) and all other applicable 
provisions, if any, of the Companies Act, 2013, as 
amended and as per the requirement of Regulation 6 
of the SEBI SBEB and Sweat Equity Regulations, 2021 
as applicable to the Company.
None of the Directors and Key Managerial Personnel or 
their relatives are in any way concerned or interested, 
financially or otherwise in this resolution except to the 
extent of their current shareholding in the company 
as well as shareholding entitlements, if any, under the 
ESOP Scheme. 
Accordingly, the Board proposes the aforesaid 
resolution as set out in item no. 7 for approval of the 
Members as a Special Resolution.
All the documents referred herein are available in the 
website for inspection.
By the Order of Board of Directors
   For Anupam Rasayan India Limited
Date: September 04, 2021
Place: Surat
Sd/-
 Suchi Agarwal 
Company Secretary and Compliance Officer
Registered Office:
Anupam Rasayan India Limited
Plot No. 8110, 
GIDC Industrial Estate, Sachin, 
Surat-394 230, Gujarat, India.

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FINANCIAL STATEMENTS
03
Annexure - Information About Director
Name of Director
Mr Milan Thakkar
DIN
02470961
Date of Birth
February 19, 1962
Date of Appointment
October 10, 2018
Qualifications
Second Year Junior College (Science)
Expertise in specific functional areas
Strategic planning, leadership, operational and industry 
experience in chemical industry, global business, finance & 
accounting, sales & marketing 
Member/chairperson of the 
Committees of the Company 
Member of the following committees:
•  Nomination and Remuneration Committee
•  Corporate Social Responsibility Committee
•  Stakeholders’ Relationship Committee
Directorship held in other companies
•  Arochem Industries Private Limited
•  Nanavati Developers Private Limited
Memberships/Chairmanships of 
committees of other companies
Nil
Number of shares held in the 
Company
1,95,69,000 Equity Shares (19.58%)
Remuneration drawn
Nil
Relationship with other directors, 
manager and key managerial 
personnel of the Company
Not related to other directors, manager or key managerial 
personnel of the Company.
Number of Meetings of the Board 
attended during the year 
12 (Twelve)
DETAILS OF DIRECTOR LIABLE TO RETIRE BY ROTATION AND SEEKING RE-APPOINTMENT AT THE 
ANNUAL GENERAL MEETING
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Anupam Rasayan India Ltd  |  Annual Report 2020-21
Boards’ Report
To,
The Members,
Anupam Rasayan India Limited (the “Anupam Rasayan/Company”)
Your Directors have pleasure in presenting the Eighteenth Annual Report (the “Annual Report”) on the business 
and operations of the Company comprising the ‘Board of Directors’ Report’ along with its Annexures, ‘Audited 
Financial Statements’, ‘Corporate Governance Report’ together with its Annexures and ‘Business Responsibility 
Report’ for the financial year ended March 31, 2021.
1. FINANCIAL HIGHLIGHTS
 Amount (₹ in Million)
Particulars
Standalone
Consolidated
2020-2021
2019-2020
2020-2021
2019-2020
Revenue from Operations
8108.88
5288.80
8108.88
5288.80
Other Income
264.31
108.79
264.33
108.78
Total Income
8373.19
5397.58
8373.21
5397.58
Profit before Depreciation and Tax
1510.76
1000.85
1516.56
1003.79
Less: Depreciation
516.52
287.12
516.52
287.12
Profit before tax
994.24
713.73
1000.04
716.67
Less: Provision for Income Tax
242.04
128.36
244.09
129.16
Less/(Add): Deferred tax Liability/
(Assets)
52.99
55.45
52.99
55.45
Add/(Less): Share of net profit of 
associates
-
-
-
-
Profit after tax
699.21
529.92
702.96
532.06
Add: Balance B/F from the previous 
year
2736.16
2206.23
2738.44
2206.38
Less: Utilization of issue of bonus 
share 
-
-
-
-
Less: Preference Share Dividend paid
(0.08)
-
(0.08)
-
Balance Profit/ (Loss) C/F to the next 
year
 3,435.29 
2736.16
3441.32
2738.44
(figures have been rounded off)
2. STATE OF COMPANY’S AFFAIRS AND FUTURE 
OUTLOOK
INITIAL PUBLIC OFFER
During the year under review, your Company 
successfully completed its Initial Public Offer (“IPO”). 
The Company raised ₹ 7600 million in its initial public 
offering. The IPO was over-subscribed by 44.06 times 
in aggregate. The Equity Shares1 of the Company 
were listed on the recognized stock exchanges i.e. 
BSE Limited (“BSE ”) and National Stock Exchange of 
India Limited (“NSE ”) w.e.f. March 24, 2021. The Issue 
was opened on March 12, 2021 and closed on March 
16, 2021. 
BUSINESS INFORMATION
Your Company is engaged in custom synthesis and 
manufacturing of specialty chemicals in India, and 
over the years, we have evolved from conventional 
products into custom synthesis and manufacturing 
of life science related specialty chemicals and other 
specialty chemicals, involving multi-step synthesis 
and complex technologies, for a diverse base of Indian 
and global customers. We are catering to globally 
relevant chemical and agrochemical companies. Our 
key focus in our custom synthesis and manufacturing 
operations 
is 
developing 
in-house 
innovative 
processes for manufacturing products requiring 
complex chemistries and achieving cost optimization.
1 “Equity Share(s)” means the equity shares issued by the Company of face value ₹ 10/- per share.

63
CORPORATE OVERVIEW
01
STATUTORY REPORTS
02
FINANCIAL STATEMENTS
03
Your Company has a manufacturing capacity of about 
24,300 MT in its six (6) manufacturing facilities. With 
the underlying long-term contracts with MNC and 
global customers, spanning a period from 2 to 5 years, 
your Company has invested in building its capital 
infrastructure. 
Your Company is using measures to control the 
operational and financial cost and is making 
continuous efforts in the areas of resource 
optimization, enhancement of operational efficiency, 
quality of products and research and development 
to sustain and grow in the competitive market. With 
demand for the products planned for manufacture 
in the new plants, we anticipate higher turnover with 
revenues in the upwards trajectory. Your Company is 
focused on the sales growth with particular attention 
to exports. Your Company’s growth prospects are 
strong. There is no change in the nature of business 
during the year under review.
FINANCIAL INFORMATION
During the financial year under review- 
-	
on standalone basis, the Company has achieved 
operating revenue of ₹ 8108.88 million compared 
to ₹ 5288.80 million in the previous year, with a 
Y-o-Y growth of 53%. The Company has earned a 
net profit (PAT) of ₹ 699.21 million compared to 
₹ 529.92 million in the previous year, with a Y-o-Y 
growth of 32%
-	
on consolidated basis, the Company has achieved 
operating revenue of ₹ 8108.88 million compared 
to ₹ 5288.80 million in the previous year, with a 
Y-o-Y growth of 53%. The Company has earned a 
net profit (PAT) of ₹ 702.96 million compared to 
₹ 532.06 million in the previous year with a Y-o-Y 
growth of 32%.
(figures have been rounded off)
COVID-19 PANDEMIC IMPACT
The Covid-19 pandemic had its impact on the global 
economic environment including India, causing 
significant disruption in economic activities in the first 
half of the financial year 2020-21 due to the pandemic 
and restrictions imposed by the authorities. With the 
onset of the second wave of the Covid-19 pandemic 
in April 2021, the economic and industrial activities 
around the world were again disrupted. 
However, since our life science related specialty 
chemicals operations were determined to be 
operating in an essential industry, we were allowed 
to resume operations in a phased manner and by 
April 15, 2020, all of our facilities restarted operations, 
subject to certain adjustments in working patterns 
and limited workforce. The Company’s focus shifted 
towards ensuring the health and well-being of all 
employees, and on minimizing disruption to services 
for all our customers globally. Despite the impact of 
the COVID-19 pandemic, our revenue from operations 
have continued to be on the growth trajectory as 
discussed in the para of financial information, there 
was a growth of 53% in operational revenue in the 
year under review.
In view of the outbreak of the pandemic, the Company 
undertook timely and essential measures to ensure 
the safety and well-being of all its employees at 
all its plant locations at Jhagadia (Bharuch) and 
Sachin (Surat) and institute sanitation rules in the 
workplace and establish risk mitigation programs for 
employees who may still need to work on-site. The 
Company observed all the government advisories 
and guidelines thoroughly and in good faith. 
The Company has also recently in July 2021 started a 
vaccination program for its employees.
3. TRANSFER TO RESERVES
The Company has not transferred any amount to 
‘General Reserve’ during the financial year 2020-21.
4. DIVIDEND
EQUITY SHARES
The Board of Directors of the Company (the “Board”) 
has recommended a dividend ₹ 0.50/- @ 5% per Equity 
Share of ₹ 10/- each fully paid-up of the Company. The 
dividend is subject to the approval of the members 
of the Company (“Members”) at the ensuing annual 
general meeting to be held in the financial year 2021-
22 ("Annual General Meeting"/ "AGM") and shall be 
subject to deduction of income tax at source.
PREFERENCE SHARES
The Board of Directors at their meeting held on 
February 27, 2021, declared and paid-out the dividend 
of ₹ 79,050/- on 2,81,24,900 compulsorily convertible 
preference shares of face value ₹ 10/- each (“CCPS”) 
from the date of their respective issuance till the date 
of conversion of said CCPS into the Equity Shares of the 
Company on October 10, 2020, as per the shareholders’ 
approval for payment of such dividend vide their 
resolutions dated October 5, 2016, December 2, 2016, 
December 22, 2016, January 17, 2017, June 24, 2017, 
February 28, 2018, September 11, 2019 had approved 
the coupon rate of 0.01% payable on the 2,81,24,900 
CCPS issued to Kiran Pallavi Investments LLC. 
The dividend recommended is in accordance with 
the Company’s ‘Dividend Distribution Policy’ which 
is available at the Company’s website and can be 
accessed 
at 
https://www.anupamrasayan.com/
dividend-distribution-policy/ 
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Anupam Rasayan India Ltd  |  Annual Report 2020-21
5. DIRECTORS
The Board of Directors comprises of Dr Kiran C 
Patel, Chairperson and Non-executive Director, Mr 
Anand Desai, Managing Director, Mrs Mona Desai, 
Vice-chairperson and Whole-time Director, Mr Milan 
Thakkar, Non-executive Director, Mr Hetul Mehta, 
Independent Director, Mr Vijay Batra, Independent 
Director, Mr Vinesh Sadekar, Independent Director 
and Dr Namrata Jariwala, Independent Director, 
may collectively/ individually be referred to as the 
“Directors” or “Director” of the Company.
CHANGES IN DIRECTORS AND KEY MANAGERIAL 
PERSONNEL (KMP)
•	
Dr Kiran Patel was appointed as Chairperson of 
the Board on August 22, 2020, and was identified 
as a promoter of the Company on September 26, 
2020. Further, his appointment changed from 
the director not liable to retire by rotation to the 
director liable to retire by rotation on November 
30, 2020.
•	
Mr Hetul Mehta, Mr Vijay Batra and Mr Vinesh 
Sadekar 
were 
appointed 
as 
non-executive 
Independent Directors of the Company for a 
period of two (2) years by the Members at the 
extra-ordinary general meeting of the Company 
held on November 9, 2020. 
•	
Dr Namrata Jariwala was appointed as non-
executive Independent Director of the Company 
for a period of two (2) years by the Members at the 
extra-ordinary general meeting of the Company 
held on December 4, 2020. 
•	
Mrs Mona Desai was appointed as Vice-
Chairperson of the Board on August 22, 2020, and 
also re-appointed as Whole-time Director of the 
Company from the lapse of her present term i.e. 
March 31, 2021, for a period of 5 years from April 
1, 2021, to March 31, 2026, in the extra-ordinary 
general meeting of the Members of the Company 
held on December 4, 2020.
•	
Mr Anand Desai was re-appointed as Managing 
director of the Company from the expiry of his 
present term i.e. March 31, 2021, for a period of 5 
years from April 1, 2021, to March 31, 2026, in the 
extra-ordinary general meeting of the Members of 
the Company held on December 4, 2020.
•	
The appointment of Mr Milan Thakkar changed 
from the director not liable to retire by rotation 
to the director liable to retire by rotation on 
November 30, 2020.
DIRECTORS RETIRE BY ROTATION
As per the provisions of the Articles of Association 
of the Company, Mr Milan Thakkar (DIN: 02470961), 
Director of the Company, retires by rotation in the 
forthcoming Annual General Meeting and being 
eligible, offers himself for reappointment. The Board 
recommends his re-appointment at the ensuing 
Annual General Meeting of the Members of the 
Company.
DECLARATION BY THE INDEPENDENT DIRECTORS
The Board is of the opinion that Mr Hetul Mehta, 
Mr Vijay Batra, Mr Vinesh Sadekar, and Dr Namrata 
Jariwala, the independent directors of the Company 
(the “Independent Director(s)”) are independent in 
terms of section 149 (6) of the Act and Regulation 16 
of the SEBI2 Listing Regulations3 and are the person of 
integrity and also possess the relevant expertise and 
experience of their relevant fields to discharge their 
duties as an independent director. Further, they have 
provided their declaration of independence under 
section 149 (7) and Schedule IV of the Act. All the 
Independent Directors have confirmed that they have 
registered themselves with the independent directors’ 
database of the Indian Institute of Corporate Affairs. 
6. ANNUAL RETURN
The Annual Return in terms of section 92(3) of the 
Act4 for the financial year 2020-21 is available on the 
Company’s website and can be accessed at https://
www.anupamrasayan.com/pdf/Annual_Return_
FY_2020-21.pdf
2  Securities and Exchange Board of India is referred to as “SEBI” in this report.
3  The Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements), 2015 (as amended from time to time) is referred to as the 
“Listing Regulations” in this report
4  The Companies Act, 2013 and rules framed thereunder from time to time each as amended from time to time referred to as the “Act” in this report

65
CORPORATE OVERVIEW
01
STATUTORY REPORTS
02
FINANCIAL STATEMENTS
03
7. MEETINGS
BOARD MEETINGS
The Board conducted Twenty-four (24) Board meetings during the financial year 2020-21. The maximum gap 
between the two meetings did not exceed 120 days, as prescribed in the Companies Act, 2013.
COMMITTEE MEETINGS
There were seven (7) Audit Committee meetings, five (5) Corporate Social Responsibility Committee meetings, 
eight (8) Nomination and Remuneration Committee meetings, six (6) IPO Committee Meetings and one (1) 
Stakeholders Relationship Committee Meeting were conducted during the financial year 2020-21. 
Sr. No.
Audit Committee
Nomination and 
Remuneration 
Committee
IPO Committee
Corporate Social 
Responsibility 
Committee
Stakeholders’ 
Relationship 
Committee
Dates of Meetings
1.
June 17, 2020
June 17, 2020
February 27, 2021
August 22, 2020
March 31, 2021
2.
July 29, 2020
August 22, 2020
March 4, 2021
November 4, 2020
3.
August 12, 2020
October 6, 2020
March 7, 2021
November 20, 2020
4.
September 4, 2020
October 23, 2020
March 10, 2021
January 29, 2021
5.
November 20, 2020
November 20, 2020
March 19, 2021
March 31, 2021
6.
December 20, 2020
November 27, 2020
March 22, 2021
7.
February 27, 2021
December 10, 2020
8.
March 31, 2021
8. DIRECTORS’ RESPONSIBILITY STATEMENT
Pursuant to the provisions of section 134(5) of the 
Act, the Directors of the Company confirm that:
i)	 In the preparation of the annual accounts for 
the financial year ended on March 31, 2021, 
the applicable accounting standards had been 
followed along with proper explanation relating to 
material departures if any;
ii)	 The Directors had selected such accounting 
policies and applied them consistently and made 
judgments and estimates which are reasonable 
and prudent so as to give a true and fair view of 
the state of affairs of the Company as at March 31, 
2021, and of the profit of the Company for the said 
period;
iii)	The Directors had taken proper and sufficient 
care for the maintenance of adequate accounting 
records in accordance with the provisions of the 
Act for safeguarding the assets of the Company 
and for preventing and detecting any frauds and 
other irregularities;
Sr. No.
Date of Board Meeting
1
April 9, 2020
2
May 13, 2020
3
June 20, 2020
4
July 30, 2020
5
August 13, 2020
6
August 22, 2020
7
September 4, 2020
8
September 10, 2020
9
September 20, 2020
10
September 26, 2020
11
September 30, 2020
12
October 10, 2020
Sr. No.
Date of Board Meeting
13
October 17, 2020
14
October 31, 2020
15
November 4, 2020
16
November 11, 2020
17
November 30, 2020
18
December 20, 2020
19
December 22, 2020
20
December 29, 2020
21
February 27, 2021
22
March 5, 2021
23
March 17, 2021
24
March 31, 2021
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Anupam Rasayan India Ltd  |  Annual Report 2020-21
iv)	The Directors have prepared the annual accounts 
on a ‘going concern basis’;
v)	 The Directors have laid down internal financial 
controls to be followed by the Company and such 
internal financial controls are adequate and are 
operating effectively; and
vi)	The Directors have devised proper systems to 
ensure compliance with the provisions of all the 
applicable laws and such systems are adequate 
and operating effectively.
9. CORPORATE GOVERNANCE
The Company is committed to maintaining the highest 
standards of corporate governance and adheres to 
the corporate governance requirements set out by 
the SEBI. The Company has also implemented several 
best governance practices. 
Though the Equity Shares of the Company were listed 
with the stock exchanges BSE and NSE with effect 
from March 24, 2021, a detailed Corporate Governance 
Report (“CG Report”) as stipulated under Regulation 
34(3) read with Part C of Schedule V of the Listing 
Regulations is forming part of this Annual Report. The 
requisite certificate from the Secretarial Auditors of the 
Company confirming compliance with the conditions 
of corporate governance is attached to the CG Report. 
10. MANAGEMENT DISCUSSION AND ANALYSIS
As stipulated under Regulation 34(2)(e) read with 
part B of Schedule V of the Listing Regulations, 
a Management Discussion and Analysis Report 
(“MD&AR”) giving comprehensive coverage of the 
issues relating to the industry trends, Company 
performance, business and operations etc. is forming 
part of this Annual Report. 
11. BUSINESS RESPONSIBILITY REPORT
Regulation 34(2)(f) of the Listing Regulations, inter 
alia, provides that the annual report of the top 1000 
listed entities based on the market capitalization 
calculated as on March 31 of every financial year shall 
include a business responsibility report describing 
the initiatives taken by the Company from the 
environmental, social and governance perspective. 
Anupam Rasayan India Limited is one of the top 1000 
listed entities as on March 31, 2021, is presenting its 
Business Responsibility Report for the financial year 
2020-21 (“BRR”), which is forming part of the Annual 
Report and is also placed on the website of the 
Company’s at  https://www.anupamrasayan.com/pdf/
Annual_Report_FY_2020-21.pdf
12. AUDITORS
A. STATUTORY AUDITOR:
The Company’s auditors, M/s RAJENDRA & CO., 
Chartered Accountants, (“Statutory Auditor”), having 
their office at 1311, Dalamal Tower, 211, Nariman 
Point, Mumbai – 400021, Maharashtra, India and FRN: 
108355W, were appointed as Statutory Auditor of 
the Company for a term of 5 years in the 17th annual 
general meeting of the Members of the Company 
held on September 30, 2020. The Auditors’ Report to 
the Members for the financial year under review does 
not contain any qualifications, reservations, adverse 
remarks or disclaimer.
Consequent to the resignation of M/s Rangoonwala 
and 
Associates, 
Chartered 
Accountants, 
the 
statutory auditor of the Company, citing their inability 
to conduct the audit of the Company due to the 
Covid-19 pandemic situation, the Board of Directors, 
at their meeting held on June 20, 2020 appointed 
M/s RAJENDRA & CO, Chartered Accountants. 
Rangoonwala 
and 
Associates, 
Chartered 
Accountants, Mumbai as the Statutory Auditor of the 
Company, in the said casual vacancy, to hold office 
up-to the date of the conclusion of 17th annual general 
meeting and the Members at the said annual general 
meeting appointed M/s RAJENDRA & CO, Chartered 
Accountants as the Statutory Auditor of the Company 
for five (5) consecutive financial years i.e. financial 
year 2020-21 to 2024-25 and to hold the office till the 
conclusion of the 22nd annual general meeting of the 
Members of the Company to be held during 2025-26.
B. SECRETARIAL AUDITOR:
Pursuant to the provisions of section 204 the Act 
and Rule 9 of the Companies (Appointment and 
Remuneration of Managerial Personnel) Rules, 2014, 
the Company has appointed M.D. Baid & Associates, 
ACS No. 3598/CP No. 3873, practicing Company 
Secretaries (“Secretarial Auditor”) to undertake the 
secretarial audit for the financial year 2020-21 of 
the Company. The ‘Secretarial Audit Report’ for the 
financial year 2020-21, is annexed to this Board Report 
and is marked as Annexure–I. The Secretarial Audit 
Report does not contain any qualification, reservation, 
adverse remark or disclaimer.
C. COST AUDITOR:
The Company has appointed Bhanwarlal Gurjar & 
Co., Cost Accountants (Registration No. 101540) as 
cost auditor (the “Cost Auditor”), pursuant to the 
provisions of section 148 (3) of the Act and Rule 6(2) of 
the Companies (Cost Records and Audit Rules) 2O14, 
to conduct the audit of the cost records maintained 
by the Company pertaining to the products 
manufactured by it for the financial year 2020-21.
As required under the Act the remuneration payable 
to the cost auditor is required to be placed before the 
Members in a general meeting for their ratification. 
Accordingly, a resolution seeking Member’s ratification 
for the remuneration payable to the Cost Auditor of the 
Company is included in item number 4 of the Notice 
convening the Annual General Meeting.

67
CORPORATE OVERVIEW
01
STATUTORY REPORTS
02
FINANCIAL STATEMENTS
03
D. INTERNAL AUDITOR:
The Company has appointed K. B. Daliya & Associates, 
Chartered Accountants, Surat (Firm Registration 
Number 126368W) as Internal Auditor of the Company 
to conduct internal audit for the financial year 2020-
21. 
13. MAINTENANCE OF COST RECORDS
The Directors of the Company to the best of their 
knowledge and belief state that the Company has 
maintained adequate cost records as required to be 
maintained by the Company under the provisions of 
section 148 of the Act.
14. DETAILS OF SUBSIDIARY COMPANIES, JOINT 
VENTURE AND ASSOCIATE COMPANIES
The Company has a wholly-owned subsidiary, Jainam 
Intermediates Private Limited (“WOS”) and a step-
down associate, Tangent Science Private Limited, 
as of March 31, 2021. Statement pursuant to section 
129(3) of the Act in respect of the said subsidiary 
company and step-down associate company is 
annexed in AOC-1 as Annexure–II to this report. 
The annual financial statements of the subsidiary 
company are available for inspection of the 
shareholders of the Company on the Company’s 
website 
at- 
https://www.anupamrasayan.com/
investor-relations/company-performance-financial-
reports-and-information/ .
The Company has framed a policy for the determination 
of the material subsidiaries, accordingly, the Company 
does not have any material subsidiaries. The Policy 
has been placed on the website of the Company and 
can be accessed at https://www.anupamrasayan.
com/investor-relations/policies-related-documents/ 
Further, during the financial year, the Scheme of 
Arrangement in the nature of amalgamation of 
Radha Murari Petrofills Private Limited, a step-down 
subsidiary of the WOS of the Company, under section 
233 of the Act, was sanctioned and the order ref. no. 
RD(NWR)/233/(06)/2020-21/1819 dated November 9, 
2020 was passed by the Hon’ble Regional Director, 
NWR, Ahmedabad
15. PARTICULARS OF LOANS, GUARANTEES AND 
INVESTMENTS UNDER SECTION 186 OF THE ACT
A.	 Investments Made: The Company has made the 
investments in the body corporate as per the Note 
Number 4 of the Audited Financial Statements for 
the financial year 2020-21.
B.	 Loans and Advances: The Company has given 
loans and advances as per the Note Number 11 of 
the Audited Financial Statements for the financial 
year 2020-21.
16. RELATED PARTY TRANSACTIONS
The disclosure of related party transactions is 
attached in Form AOC-2 as Annexure-III to this report. 
17. CONSERVATION OF ENERGY TECHNOLOGY 
ABSORPTION AND FOREIGN EXCHANGE 
EARNING AND OUTGO  
The information relating to conservation of energy, 
technology absorption, foreign exchange earnings 
and outgo pursuant to section 134(3)(m) of the Act, 
read with Rule 8(3) of Companies (Accounts) Rules, 
2014 is attached as Annexure-IV to this report.
18. DETAILS OF POLICY DEVELOPED AND 
IMPLEMENTED BY THE COMPANY ON ITS 
CORPORATE SOCIAL RESPONSIBILITY 
INITIATIVES
Your Company has always emphasized progress with 
social commitment. We believe strongly in our core 
values of empowerment and betterment of not only 
the employees but also our communities. Following 
this principle, the Company had laid the foundation 
of a comprehensive approach towards promoting 
and facilitating various aspects of our surrounding 
communities.
To demonstrate the responsibilities towards social 
upliftment in the structured way, the Company has 
framed a policy to conduct the tasks/initiatives/
undertake 
programs 
under 
corporate 
social 
responsibility in a financial year the Board has 
approved a Corporate Social Responsibility Policy, 
which has been uploaded on the Company’s website 
at 
https://www.anupamrasayan.com/corporate-
social-responsibility/ as required under section 135 of 
the Act.
The report on Corporate Social Responsibility (“CSR”) 
activities along with an annexure as per Rule 8 of 
Companies (Corporate Social Responsibility Policy) 
Rules, 2014 is annexed as Annexure-V to this report.
19. RISK MANAGEMENT POLICY
Risk management forms an integral part of the 
management’s focus. In the last financial year 
2020-21, the world was disrupted when the World 
Health Organization (WHO) declared Covid-19 as a 
‘pandemic’. Your Company is working on a resilient 
and adaptive risk management strategy.
An effective risk management framework has been 
put in place in the Company in order to analyze, 
control or mitigate the risks. The framework provides 
an integrated approach for managing the risks in 
various aspects of the business, it provides for risk 
identification, classification, assessment, mitigation 
and reporting mechanisms.
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Anupam Rasayan India Ltd  |  Annual Report 2020-21
The Members may note that in terms of the Regulation 
21 of the Listing Regulations, your Company, pursuant 
to its applicability to the Company, the Board has 
constituted the risk management committee defining 
its functions in its board of directors meeting held 
on May 15, 2021. Prior to such risk management 
committee, the risk management function was being 
discharged by the Audit Committee and the Board of 
Directors of the Company.
20. INTERNAL FINANCIAL CONTROLS
The Company has developed and maintained 
adequate measures for internal financial control 
for the year ended March 31, 2021. The Company 
has well established Enterprise Resource Planning 
(ERP) system in place for the recording of day-to-day 
transactions in the functions such as accounting and 
finance, procurement, sales. In addition to the internal 
checks and controls by the internal accounting and 
financial teams of the Company, an independent 
auditor Mr Ketan Daliya, Chartered Accountant has 
also been appointed as internal auditor to conduct 
the quarterly audit of the accounting records, books 
of accounts, financial data, taxation data, stock 
audit, regulatory filings and other compliances under 
different laws and presents his report to the Audit 
Committee and the Board of the Company.
21. COMPLIANCE WITH SECRETARIAL 
STANDARDS
The Board of Directors of the Company confirm 
that to the best of their knowledge and belief the 
Company has complied with the applicable provisions 
of the Secretarial Standards issued by the Institute 
of Company Secretaries of India as amended from 
time to time and made applicable by the Ministry 
of Corporate Affairs during the financial year under 
review.
22. SHARE CAPITAL
A. THE PAID-UP EQUITY SHARE CAPITAL AS ON 
MARCH 31, 2021, WAS ₹ 999,223,910/-
a) Buy-back of Securities
The Company has not bought back any of its securities 
during the financial year under review.
b) Sweat Equity
The Company has not issued any sweat equity shares 
during the financial year under review.
c) Bonus Shares
The Company has not issued any bonus shares during 
the financial year under review
d) Employees Stock Option Plan
The Company has framed an employee’s stock option 
scheme named “Anupam - Employee Stock Options 
Plan 2020” (“ESOP-2020”) for its employees during the 
financial year under review and 13,12,760 number of 
Options  of the face value of ₹ 10/- of the Company 
at an exercise price of ₹ 225/- per Option5 have been 
granted to the employees on December 10, 2020, 
exercisable within one year from the date of vesting. 
Vesting dates are as under:
(i) December 9, 2021 (33.34% of the granted Options)
(ii) December 9, 2022 (33.34% of the granted Options)
(iii) December 9, 2023 (33.32% of the granted Options)
e) Preferential Allotment
During the financial year under review, the Company 
has allotted 8,081,896 Equity Shares to Kiran Pallavi 
Investments LLC, details as set out hereunder: 
Date of Allotment
No. of Equity Shares 
Allotted
September 26, 2020
8,85,055
September 30, 2020
8,85,055
October 10, 2020
14,75,093
October 17, .2020
14,75,093
November, 04 2020
33,61,600
f) Initial Public Offer
The Company had issued 13,715,495 Equity Shares 
under initial public offer (“IPO”) during the year under 
review. In IPO, 13,495,495 Equity Shares having face 
value of ₹ 10/- each at a premium of ₹ 545/- were 
allotted to the public and 220,000 Equity Shares 
having face value of ₹ 10/- each at a premium of ₹ 
490/- were allotted to the employees of the Company. 
B. THE PAID-UP PREFERENCE SHARE CAPITAL AS 
ON MARCH 31, 2021
During the year, the Company has converted 
2,81,24,900 Compulsorily Convertible Preference 
Shares of face value ₹ 10/- each into Equity Shares 
of face value ₹ 10/- each ranking pari passu with the 
existing Equity Shares of the Company in the ratio of 
1:1 on October 10, 2020. Thus, the Company has no 
preference share capital as on March 31, 2021.
23. EMPLOYEES STOCK OPTIONS SCHEME
The Members of the Company had approved the 
employee’s stock option scheme named as “Anupam 
- Employee Stock Options Plan 2020” (“ESOP-2020”) 
for its employees during the financial year under 
review in their meeting held on December 4, 2020, 
on the recommendation of the Board of Directors in 
their meeting held on November 30, 2020, approving 
13,12,795 number of Options of the face value of ₹ 10/- 
each. During the year under review, under the ESOP-
 5 “Employees Stock Option” or “Option” means the option granted to an eligible employee as defined in the Anupam - Employee Stock 
Options Plan 2020, the right, but not an obligation, to purchase or subscribe at a future date the equity shares underlying the option at a 
pre-determined price.

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CORPORATE OVERVIEW
01
STATUTORY REPORTS
02
FINANCIAL STATEMENTS
03
2020, Options granted are 1,312,760, while no Options 
have vested and none of these Options have been 
exercised. 
The objective of ESOP - 2020 is to reward the 
eligible employees of the Company and its holding 
company or its subsidiary company(ies) (present 
or future) in India and abroad for their performance 
and to motivate them to contribute to the growth 
and profitability of the Company. The Company 
also intends to use ESOP-2020 to attract and retain 
talents in the organization. The Company views 
Employee Stock Options as instruments that would 
enable the employees to get a share in the value they 
create for the Company in future. The ESOP-2020 
has been framed in accordance with the Securities 
and Exchange Board of India (Share Based Employee 
Benefits) Regulations, 2014 (as amended from time to 
time) (“SEBI SBEB Regulations”).
The following table sets forth the particulars of the ESOP-2020 scheme, including Options granted as on March 
31, 2021:
Sr. No.
Particulars
Details From April 1, 2020 to March 31, 2021
1
Total Options outstanding as at the 
beginning of the period
Nil
2
Total Options granted on December 10, 
2020
1,312,760
3
Vesting period
•	
33.34% of the Options granted will vest on December 
9, 2021;
•	
33.34% of the Options granted will vest on December 
9, 2022; and
•	
33.32% of the Options granted will vest on December 
9, 2023.
4
Exercise price of Options in ₹ (as on the 
date of grant options)
225.00
5
Options forfeited/lapsed/cancelled
Nil
6
Variation of terms of Options
Nil
7
Money realized by exercise of Options
Nil
8
Total number of Options outstanding in 
force
1,312,760
9
Total Options vested (excluding the 
options that have been exercised)
Nil
10
Options exercised (since implementation 
of the ESOP-2020 scheme)
Nil
11
The total number of Equity Shares arising 
as a result of exercise of granted Options 
(including Options that have been 
exercised)
Nil
12
Employee wise details of Options granted 
to:
(i)
Key managerial personnel
Dr Nileshkumar Naik
29,540
Mr Afzal Malkani
22,550
Ms Suchi Agarwal
4,220
Mr Anuj Thakar
15,560
Mr Ravi Desai
7,800
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Anupam Rasayan India Ltd  |  Annual Report 2020-21
Sr. No.
Particulars
Details From April 1, 2020 to March 31, 2021
(ii)
Any other employee who receives a grant 
in any one year, of Options amounting to 
5% or more of the Options granted during 
the year
Nil
(iii)
Identified employees who were granted 
Options during any one year equal to 
or exceeding 1% of the issued capital 
(excluding outstanding warrants and 
conversions) of the Company at the time 
of grant
None
13
Where the Company has calculated the 
employee compensation cost using the 
intrinsic value of the stock options, the 
difference, if any, between employee 
compensation cost so computed and 
the employee compensation calculated 
on the basis of fair value of the stock 
options and the impact of this difference, 
on the profits of the Company and on the 
earnings per share of the Company
For the stock Options outstanding as on March 
31, 2021, an amount of ₹ 6.35 million is debited to 
employee cost as share based compensation.
14
Method and significant assumptions 
used to estimate the fair value of Options 
granted during the year including, 
weighted average information, namely, 
risk-free interest rate, expected life, 
expected volatility, expected dividends, 
and the price of the underlying share in 
the market at the time of grant of Option
Methodologies Considered for Black Scholes 
Valuation: 
Particulars
ESOP Scheme
Vest 1 - 
2021
Vest 2 - 
2022
Vest 3 - 
2023
Fair value of 
Options per 
share at grant 
date (₹)
22.37
37.81
50.36
Enterprise value 
per share at the 
grant date (₹)
190.26
190.26
190.26
Exercise price 
per share at the 
grant date (₹)
225.00
225.00
225.00
Expected 
volatility
39.06%
39.06%
39.06%
Expected life 
13 months
25 months
37 months
Expected 
dividends
Not factored Separately
Risk free 
investment 
rate (based 
on 5 years 
Government 
treasury bonds)
5.11%
5.11%
5.11%

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01
STATUTORY REPORTS
02
FINANCIAL STATEMENTS
03
24. DEBT STRUCTURE
During the year under review, the Company has 
redeemed Non-Convertible Debentures (“NCDs”) 
aggregating ₹ 160 Million (160 Debentures at ₹ 
1,000,000/- each) on September 30, 2020, which were 
issued to Avendus Structured Credit Fund-I.
25. PUBLIC DEPOSITS
The details relating to the deposits covered under 
Chapter V of the Act are as under:
(a)	Deposits accepted during the year: Your company 
has not accepted any deposits within the meaning 
of section 2(31) read with section 73 of the Act, and 
as such, no amount of principal or interest was 
outstanding as on the date of the Balance Sheet.
(b)	Remained unpaid or unclaimed as at the end of 
the year: None
(c)	whether there has been any default in repayment 
of deposits or payment of interest thereon during 
the year: None
(d)	The details of deposits which are not in compliance 
with the requirements of Chapter V of the Act: 
None
26. COMPANY’S POLICY ON DIRECTORS’ 
APPOINTMENT AND REMUNERATION
The appointments, removal and remuneration of the 
directors are subject to the recommendations of the 
Nomination and Remuneration Committee (“NRC”) 
and in accordance with the provisions of the Act and 
the Listing Regulations. The Company has a policy on 
appointment and remuneration of the directors which 
inter alia provides the criteria for determination of the 
qualifications, attributes, independence of a director, 
diversity, and other matters. 
The ‘Nomination and Remuneration Policy’ has been 
formulated/revised under the provisions of the Act and 
the Listing Regulations and covers remuneration to 
the directors, key managerial personnel and the senior 
management personnel, identification and criteria for 
selection of appropriate candidates for appointment 
as directors, key managerial personnel and senior 
management personnel, the policy is available on 
the website at https://www.anupamrasayan.com/
nomination-and-remuneration-policy/ .
27. DISCLOSURE OF COMPOSITION OF AUDIT 
COMMITTEE AND PROVIDING VIGIL MECHANISM
Pursuant to the provisions of section 177 of the Act 
and Regulation 18 of the Listing Regulations, the 
Company has in place an Audit Committee. The 
Audit Committee was reconstituted on November 11, 
2020, which consists of Mr Hetul Mehta appointed as 
chairperson and Mr Vijay Batra and Mr Anand Desai 
as members of the committee.
The Company has established a vigil/whistle blower 
mechanism formulating a policy for providing a 
framework for responsible and secure vigil/whistle 
blower mechanism approved by the Board. The 
Company has also provided adequate safeguards 
against victimization of employees and directors 
who express their concerns. The Company has also 
provided direct access to the chairperson of the 
Audit Committee on reporting issues concerning 
the interests of co-employees and the Company. Mr 
Anand Desai was appointed as Vigil Officer for this 
purpose. The Vigil Policy/Whistle Blower Policy of the 
Company is available at the website of the Company 
at https://www.anupamrasayan.com/vigil-or-whistle-
blower-mechanism-policy/
28. ANNUAL EVALUATION OF THE PERFORMANCE 
OF THE BOARD OF DIRECTORS, ITS COMMITTEES 
AND INDIVIDUAL DIRECTORS
The Company has laid down the criteria for 
performance evaluation of the Board of the Company, 
its committees and the individual Board members.
The performance of the Board and its committees were 
evaluated by the Board after seeking inputs from all the 
directors based on criteria such as the effectiveness 
of board processes, information and functioning, 
contribution in long-term strategic planning etc.
The Board and the Nomination and Remuneration 
Committee reviewed the performance of individual 
directors based on the criteria such as the 
contribution of the individual director to the board 
and committee meetings like preparedness on the 
issues to be discussed, meaningful and constructive 
contribution and inputs in meetings, etc.
The Independent Directors in their separate meeting 
attended by all the Independent Directors reviewed 
(i) the performance of non-independent Directors 
and the Board as a whole; (ii) the performance of 
the Chairperson of the Board taking into account 
the views of the Executive Directors and the Non-
executive Directors of the Company; and (iii) 
assessed the quality, quantity and timeliness of ﬂow 
of information between the management of the 
Company and the Board required to effectively and 
reasonably perform their duties. No non-independent 
directors or members of management attended this 
meeting.
29. PARTICULARS OF EMPLOYEES / MANAGERIAL 
REMUNERATION:
Disclosures pertaining to remuneration and other 
details pursuant to section 197(12) of the Act and Rule 
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Anupam Rasayan India Ltd  |  Annual Report 2020-21
5(1) of Companies (Appointment and Remuneration 
of Managerial Personnel) Rules, 2014, as amended 
are attached and marked as Annexure – VI. The 
statement containing particulars of employees as 
stipulated under section 197(12) of the Act read with 
Rule 5(2) and 5(3) of the Companies (Appointment and 
Remuneration of Managerial Personnel) Rules, 2014 
forms part of this Board of Directors’ Report. Further, 
the Annual Report and the accounts are being sent to 
the Members of the Company excluding this aforesaid 
statement. In terms of section 136 of the Act, the said 
statement will be open for inspection upon request 
of the Members, and any Member interested may 
obtain the same by writing to the Company Secretary 
at investors@anupamrasayan.com. 
30. DISCLOSURE UNDER SEXUAL HARRASMENT 
OF WOMEN AT WORKPLACE (PREVENTION, 
PROHIBITION & REDRESSAL) ACT, 2013
Your Company is committed to creating and 
maintaining a secure work environment where its 
employees, agents, vendors and partners can work 
and pursue business together in an atmosphere 
free of harassment, exploitation and intimidation. 
To empower and protect women against sexual 
harassment, a policy for prevention of sexual 
harassment has been rolled out. Under the Sexual 
Harassment of Women at Workplace (Prevention, 
Prohibition and Redressal) Act, 2013 and in 
compliance with the MCA notification of July 31, 
2018, an Internal Complaints Committee (“ICC”) as 
per legal guidelines has been set up at the Company. 
All employees (permanent, contractual, temporary, 
trainees) and applicable complainant(s) are covered 
under this policy. This policy allows employees to 
report sexual harassment, if any, at the workplace and 
the Company conducts regular awareness programs 
in this regard. The ICC is empowered to look into all 
complaints of sexual harassment and facilitate free 
and fair enquiry process with clear timelines.
The Company has in place an Anti-Sexual Harassment 
Policy in line with the requirement of the Sexual 
Harassment of Woman at Workplace (Prevention 
Prohibition and Redressal) Act, 2013. 
The Company conducts regular awareness programs 
and during Covid-19 also conducted online guidance, 
counseling and awareness programs. 
The following is the summary of the complaints 
received and disposed of during the financial year 
2020-21:
a)	 No. of complaints received: NIL
b)	 No. of complaints disposed off: NIL
31. REPORTING OF FRAUDS
During the year under review, the Statutory 
Auditors, Cost Auditors and Secretarial Auditors of 
the Company have not reported any instances of 
frauds committed in the Company by its officers or 
employees, to the Audit Committee under section 
143 (12) of the Act, details of which are required to be 
mentioned in this report.
32. OTHER STATUTORY DISCLOSURES
-	
STATEMENT OF DEVIATION(S) OR VARIATION(S)- 
In terms of Regulation 32 of the Listing Regulations, 
there was no deviation or variation in connection 
with the terms of the objects of the issue mentioned 
in the Prospectus dated March 17, 2021, in respect 
of the Initial Public Offering of the Company.
-	
The Managing Director and the Whole-time 
Director of the Company have not received any 
remuneration or commission from any of the 
subsidiaries or associates of the Company.
-	
SIGNIFICANT AND MATERIAL ORDERS PASSED 
BY REGULATORS OR COURTS- No significant and 
material order has been issued by any regulator/
court/other authority which impacts the going 
concern status and Company’s operation in future. 
-	
MATERIAL CHANGES AND COMMITMENTS- 
There have been no other material changes and 
commitment in the Company which can affect 
the financial position of the Company occurred 
between the end of the financial year 2020-21 till 
the date of this report.
-	
DETAILS 
OF 
APPLICATION 
MADE 
OR 
ANY 
PROCEEDING 
PENDING 
UNDER 
THE 
INSOLVENCY AND BANKRUPTCY CODE, 2016- 
Neither any application made nor any proceeding 
pending under the Insolvency and Bankruptcy 
Code, 2016 during the year.
-	
THE 
DETAILS 
OF 
DIFFERENCE 
BETWEEN 
AMOUNT OF THE VALUATION DONE AT THE 
TIME OF ONE TIME SETTLEMENT AND THE 
VALUATION DONE WHILE TAKING LOAN FROM 
THE BANKS OR FINANCIAL INSTITUTIONS 
ALONG WITH THE REASONS THEREOF- there 
has been no such instance of one-time settlement 
in respect of loan availed by the Company from it’s 
the banks or financial institutions.
33. EMPLOYEE RELATIONS
Employee relations throughout the Company were 
harmonious. The Board wishes to place on record 
its sincere appreciation of the devoted efforts of all 
employees in advancing the Company’s vision and 
strategy to deliver good performance.

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STATUTORY REPORTS
02
FINANCIAL STATEMENTS
03
34. ACKNOWLEDGMENT
The directors express their gratitude and appreciation to the authorities of the various departments of the 
Central and State Government(s), the Company’s stakeholders and employees of the Company. They also take 
the opportunity to thank the Company’s valued customers, bankers, financial institutions, suppliers, investors 
and the shareholders who have extended their support to the Company.
This Report has been prepared in accordance with the provisions of the Companies Act, 2013, the rules framed 
thereunder (each as amended from time to time), Securities and Exchange Board of India (Listing Obligations 
and Disclosure Requirements) Regulations, 2015 and the other disclosure requirements as may be applicable 
under any applicable Regulations issued by SEBI from time to time. 
For and on behalf of the Board
Date: September 4, 2021
Place: Surat
 (Anand Desai) 
Managing Director
 DIN:00038442 
(Mona Desai)
Whole-Time Director
DIN:00038429
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Anupam Rasayan India Ltd  |  Annual Report 2020-21
Annexure - I
FORM NO. MR-3
SECRETARIAL AUDIT REPORT
For the financial year ended on 31st March, 2021
[Pursuant to section 204(1) of the Companies Act, 2013 and rule No.9 of the Companies (Appointment and 
Remuneration Personnel) Rules, 2014]
To, 
The Members, 
Anupam Rasayan India Limited
CIN: L24231GJ2003PLC042988
8110, GIDC Industrial Estate,
Sachin, District – Surat,
Surat
We have conducted the secretarial audit of the 
compliance of applicable statutory provisions and 
the adherence to good corporate practices by 
Anupam Rasayan India Limited (hereinafter called 
the “Company”). Secretarial Audit was conducted 
in a manner that provided us a reasonable basis 
for evaluating the corporate conducts/statutory 
compliances and expressing our opinion thereon. 
Based on our verification of the company’s books, 
papers, minute books, forms and returns filed and 
other records maintained by the company and also 
the information provided by the Company, its officers, 
agents and authorized representatives during the 
conduct of secretarial audit, we hereby report that in 
our opinion, the company has, during the audit period 
covering the financial year ended on 31st March, 
2021 complied with the statutory provisions listed 
hereunder and also that the Company has proper 
Board-processes and compliance-mechanism in 
place to the extent, in the manner and subject to the 
reporting made hereinafter: 
We have examined the books, papers, minute books, 
forms and returns filed and other records maintained 
by the Company for the financial year ended on 31st 
March, 2021 according to the provisions of: 
(i)	 The Companies Act, 2013 (the Act) and the rules 
made thereunder; 
(ii)	The Securities Contracts (Regulation) Act, 1956 
(‘SCRA’) and the rules made thereunder; 
(iii)	The Depositories Act, 1996 and the Regulations 
and Bye-laws framed thereunder;
(iv)	Foreign Exchange Management Act, 1999 and the 
rules and regulations made thereunder to the extent 
of Foreign Direct Investment, Overseas Direct 
Investment and External Commercial Borrowings;
(v)	The following Regulations and Guidelines 
prescribed under the Securities and Exchange 
Board of India Act, 1992 (‘SEBI Act’):- 
(a)	The Securities and Exchange Board of India 
(Substantial Acquisition of Shares and 
Takeovers) Regulations, 2011; 
(b)	The Securities and Exchange Board of India 
(Prohibition of Insider Trading) Regulations, 
2015; 
(c)	The Securities and Exchange Board of 
India (Issue of Capital and Disclosure 
Requirements) Regulations, 2018; 
(d)	The Securities and Exchange Board of 
India (Employee Stock Option Scheme 
and Employee Stock Purchase Scheme) 
Guidelines, 1999; (Not applicable to the 
Company during the Audit Period)
(e)	The Securities and Exchange Board of 
India (Issue and Listing of Debt Securities) 
Regulations, 2008; (Not applicable to the 
Company during the Audit Period)
(f)	The Securities and Exchange Board of India 
(Registrars to an Issue and Share Transfer 
Agents) Regulations, 1993 regarding the 
Companies Act and dealing with client;
(g)	The Securities and Exchange Board of India 
(Delisting of Equity Shares) Regulations, 
2009;(Not applicable to the Company during 
the Audit Period), and 
(h)	The Securities and Exchange Board of India 
(Buyback of Securities) Regulations, 1998(Not 
applicable to the Company during the Audit 
Period); (Not applicable to the Company 
during the Audit Period)
(i)	 The Securities and Exchange Board of 
India (Listing Obligations and Disclosure 
Requirements) Regulations, 2015
(vi)	We have relied on the representation made 
by the company and its officers for systems

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CORPORATE OVERVIEW
01
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02
FINANCIAL STATEMENTS
03
and mechanism formed by the company for 
compliances under other applicable Acts, Laws 
and Regulation to the company.
We are of the opinion that the management has 
complied with the following laws specifically 
applicable to the company:
i.	 Factories Act, 1948
ii.	 Industrial Dispute Act, 1947
iii.	Bonus Act, 1965
iv.	 Payment of Wages Act, 1936
v.	 The 
Employees’ 
Provident 
Funds 
and 
Miscellaneous Provisions Act, 1952
vi.	 Water (Prevention and Control of Pollution) Act, 
1981
vii.	Air (Prevention and Control of Pollution) Act, 
1974
We have also examined compliance with the 
applicable clauses of the following: 
(i) Secretarial Standards issued by the Institute of 
Company Secretaries of India;
During the period under review, the company has 
complied with the provisions of the Act, Rules, 
Regulations, Guidelines, Standards etc. mentioned 
hereinabove.
We further report that 
The Board of Directors of the Company is duly 
constituted with proper balance of Executive 
Directors, Non-Executive Directors and Independent 
Directors. The changes in the composition of the 
Board of Directors that took place during the period 
under review were carried out in compliance with the 
provisions of the Act.
Adequate notice is given to all directors to schedule 
the Board Meetings, agenda and detailed notes on 
agenda were sent at least seven days in advance, 
and a system exists for seeking and obtaining further 
information and clarifications on the agenda items 
before the meeting and for meaningful participation 
at the meeting. In the event of scheduling of Board 
Meetings on shorter notice, necessary consent of 
directors was obtained in that regard. 
We further report that there are adequate systems 
and processes in the company commensurate with 
the size and operations of the company to monitor 
and ensure compliance with applicable laws, rules, 
regulations and guidelines. 
We further report that during the audit period, the 
company has made
1.	 The Board of Directors have Converted 2,81,24,900 
CCPS into 2,81,24,900 equity shares in ratio of 1:1 at 
Board Meeting held on 10/10/2020.
2.	 Initial Public Offer of 1,37,15,495 equity shares at 
Issue Price of J 555/- per share (2,20,000 equity 
shares were issued to eligible employees at ₹ 500/- 
per share). 
Place: Surat
Date: 14/07/2021
For M.D. Baid & Associates,
Company Secretaries
CS Mohan Baid
Partner
M. No. ACS 3598
CP No.: 3873
PRN: 942/2020 
Unique Identification No.: P2004GJ015700
UDIN: A003598C000628739 
This Report is to be read with our letter annexed as Appendix –A, which forms integral part of this report.
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Anupam Rasayan India Ltd  |  Annual Report 2020-21
Appendix - A
To, 
The Members, 
Anupam Rasayan India Limited
CIN: L24231GJ2003PLC042988
8110, GIDC Industrial Estate,
Sachin, District – Surat,
Surat
Our report of even date is to be read along with this letter.
1.	 The responsibility of maintaining Secretarial record is of the management and based on our audit, we have 
expressed our opinion on these records.
2.	 We are of the opinion that the audit practices and process adopted to obtain assurance about the correctness 
of the Secretarial records were reasonable for verification on test check basis.
3.	 We have not verified the correctness and appropriateness of financial records and books of accounts of the 
Company.
4.	 The management is responsible for compliances with corporate and other applicable laws, rules, regulations, 
standard etc. our examinations was limited to the verifications of procedures on test basis and wherever 
required. We have obtained the Management representation about the compliance of laws, rules and 
regulations etc.
5.	 The Secretarial Audit report is neither an assurance as to future viability of the Company nor of the efficacy 
or effectiveness with which the management has conducted the affairs of the Company.
Place: Surat
Date: 14/07/2021
For M.D. Baid & Associates,
Company Secretaries
CS Mohan Baid
Partner
ACS No. 3598/C P No.: 3873

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01
STATUTORY REPORTS
02
FINANCIAL STATEMENTS
03
Annexure - II
FORM NO. AOC-1
Statement containing salient features of the financial statement of Subsidiaries/Associate companies/joint 
ventures
(Pursuant to first proviso to sub-section (3) of section 129 read with rule 5 of Companies (Account) Rules, 2014)
PART “A”: SUBSIDIARIES
(Information in respect of each subsidiary to be presented with amounts in INR Million)
Sr. No. 
Particulars
Details
1
Name of the subsidiary
Jainam Intermediates Private 
Limited
2
Reporting period for the subsidiary concerned, if different from 
the holding company’s reporting period
-
3
Reported currency and Exchange rate as on the last date of 
the relevant financial year in the case of foreign subsidiaries
-
4
Share Capital
0.10
5
Reserves and Surplus
18.89
6
Total assets
45.13
7
Total liabilities
26.14
8
Investments
0.22
9
Turnover
176.85
10
Profit before taxation
7.65
11
Provision for taxation
1.99
12
Profit after taxation
5.66
13
Proposed Dividend
-
14
% shareholding
100%
1. Names of Subsidiaries which are yet to commence operations: NIL
2. Names of Subsidiaries which have been merged during the year: Radha Murari Petrofills Private Limited
PART “B”: ASSOCIATES
(Information in respect of each Associate to be presented with amounts in INR Million)
Sr. No. 
Particulars
Details
1
Name of the Associate
Tangent Science Private Limited 
(Associate Company of Jainam 
Intermediates Pvt. Ltd.)
2
Latest Audited Balance sheet date
March 31, 2021
3
The date on which the Associate was acquired
August 16, 2020
4
Shares of associate held by the Company on the year end
22,500
5
Amount invested 
0.225
6
Extent of Holding %
45%
7
Net-worth attributable to shareholding as per latest audited 
balance sheet
0.220
8
Profit / (Loss) for the year – Consolidated
0.05
9
Profit / (Loss) for the year – Not Consolidated
-
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Anupam Rasayan India Ltd  |  Annual Report 2020-21
10
Description of how there is a significance influence
There is significant influence due 
to percentage(%) of voting power.
11
Provision for taxation
1.99
12
Profit after taxation
5.66
13
Reason why the Associate is not consolidated
-
For Rajendra & Co.,
Chartered Accountants 
Firm Registration No. 108355W
For Anupam Rasayan India Limited
Anand Desai 
Managing Director 
DIN: 00038442 
Mona Desai
Whole-time Director
DIN: 00038429
Akshay R. Shah 
Partner
Membership No. 103316
UDIN: 21103316AAAAGS9707
Afzal Malkani 
Chief Financial Officer
Suchi Agarwal
Company Secretary & 
Compliance Officer
Date: June 12, 2021
Place: Surat
Date: June 12, 2021
Place: Surat

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03
Annexure - III
AOC-2
(Pursuant to clause (h) of sub-section (3) of section 134 of the Companies Act 2013 and Rule 8(2) of the Companies 
(Accounts) Rules, 2014
Form for disclosure of particulars of contracts/arrangements entered into by the Company with related parties 
referred to in sub-section (1) of section 188 of the Companies Act 2013 including certain arm’s length transaction 
under third proviso thereto
1. Details of contracts or arrangements or transactions not at Arm’s length basis: NIL
2. Details of contracts or arrangements or transactions at Arm’s length basis
Sr. No
Particulars
Details 
I
a)
Name of the related party & nature 
of relationship
Jainam Intermediates Private Limited; Wholly owned 
subsidiary
b)
Nature of contracts/
arrangements/transaction
Purchase of goods
c)
Duration of the contract/
arrangement/transaction
FY 2020-21
d)
Salient terms of the contract 
or arrangement or transactions 
including the value if any
Ordinary course of business. The Company is authorised to 
enter into transaction for purchase of goods from Jainam 
Intermediates Private Limited for an amount upto ₹ 20 Crores 
for FY 2020-21.
e)
Date of approval by the Board
June 20,2020 and November 30, 2020
f)
Amount paid as advances, if any
Nil
g)
Date on which the resolution 
was passed in General Meeting 
as required under first proviso to 
section 188
shareholders resolution is not required to be passed pursuant 
to the provisions of Rule 15 of Companies (Meeting of Board 
& its Power) Rules 2014.
II.
a)
Name of the related party & nature 
of relationship
Gaurav Khurana; Relative of Mrs Mona Desai, Whole-time 
Director
b)
Nature of contracts/
arrangements/transaction
Appointment as Unit-in-Charge for Unit 3 & Unit 4
c)
Duration of the contract/
arrangement/transaction
Not Applicable
d)
Salient terms of the contract 
or arrangement or transactions 
including the value if any
 ₹ 40,50,100 per annum
e)
Date of approval by the Board
November 30, 2020
f)
Amount paid as advances, if any
Nil
g)
Date on which the resolution 
was passed in General Meeting 
as required under first proviso to 
section 188
December 4, 2020
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III.
a)
Name of the related party & nature 
of relationship
Ramsarup Khurana; Relative of Mrs Mona Desai, Whole-time 
Director
b)
Nature of contracts/
arrangements/transaction
 Appointment as Administrative Head
c)
Duration of the contract/
arrangement/transaction
Not Applicable
d)
Salient terms of the contract 
or arrangement or transactions 
including the value if any
₹ 16,87,600 per annum
e)
Date of approval by the Board
November 30, 2020
f)
Amount paid as advances, if any
Nil
g)
Date on which the resolution 
was passed in General Meeting 
as required under first proviso to 
section 188
Not Applicable
For and on behalf of the Board
(Anand Desai) 
Managing Director
DIN: 00038442 
Date: September 4, 2021 
(Mona Desai) 
Whole-time Director
DIN: 00038429
Date: September 4, 2021

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03
Annexure - IV
A. CONSERVATION OF ENERGY:
(i)	 The steps taken or impact on conservation of energy: Nil
(ii)	The steps taken by the company for utilizing alternate source of energy: Nil
(iii)	The capital investment on energy conservation equipment: Nil
The total energy consumption of company for the year 2020-21 is as hereunder:
Sr. No.
Type of energy
Particulars
Details
1 
Electricity consumption:
Units consumed
5,10,52,751.00
Amount (in ₹)
37,56,14,145.81
Per unit cost (in ₹)
7.36
2
Gas Consumption:
Quantity in Cubic Meter
62,66,663.62
Amount (in ₹)
21,46,51,929.64
Per cubic meter cost (In ₹)
34.25
3
Coal & Lignite:
Quantity in MT
24,081.15
Amount (in ₹)
11,77,49,677.65
Per MT cost (in ₹)
4,889.70
4
Steam:
Quantity in Kg
32,47,716.00
Amount (in ₹)
70,35,301.16
Per cubic meter cost (in ₹)
2.17
5
Diesel:
Aggregate amount (in ₹)
1,35,25,783.71
B. TECHNOLOGY ABSORPTION:
1.	 The efforts made towards technology absorption: Nil
2.	 The benefits derived like product improvement, cost reduction, product development or  import substitutions: 
Nil
3.	 In case of imported technology: Nil
Expenditure of R&D: Amount
Sr. No.
Particulars
2020-21
2019-20
1
Capital
30.66
29.47
2
Recurring
5.74
2.93
3
Total
 36.40
32.40
4
Total R & D Expenditure as a % of total turnover
0.45%
0.61%
C. FOREIGN EXCHANGE EARNING AND OUT GO:
Particulars
2020-21
2019-20
Foreign exchange earnings*
4615.53
3550.02
Foreign exchange outgo**
CIF of Import of materials
1506.48
764.49
Import of services
55.75
35.12
Foreign exchange outgo- ECB#
Interest
102.79
112.39
Repayments#
241.91
200.47
*FOB Value of exports; 
** CIF Import of materials & import of services
#ECB repayments include interest & principle
(₹ In Million)
(₹ In Million)
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Annexure - V
ANNUAL REPORT ON CSR ACTIVITIES
[Pursuant to Section 135 of the Companies Act, 2013 read with Companies (Corporate Social Responsibility 
Policy) Rules, 2014, as amended]
1. Brief outline on Corporate Social Responsibility (“CSR”) Policy of the Company:
Anupam Rasayan India Limited (the “Company”) as a responsible corporate citizen has been undertaking CSR 
initiatives in letter and spirit. The Company had contributed to the society through the projects in the areas 
of promoting health care including preventing health care, reducing mortality rate and child malnutrition, 
promoting education, ensuring environmental sustainability, conservation of natural resources, protection of 
flora and fauna and animal welfare. 
Anupam Rasayan India Limited has constituted a CSR Committee which in exercise of its authority and discharge 
of its responsibility, have formulated the Corporate Social Responsibility Policy (the “Policy”) in consonance 
with section 135, Companies Act, 2013, as amended (the “Act”) on CSR and in accordance with the Companies 
(Corporate Social Responsibility) Rules, 2014, as amended (the “Rules”). It shall apply to all the CSR projects/
programmes undertaken by the Company as per liberal interpretation of activities listed in Schedule VII of the 
Act, within the geographical limits of India, preferably towards the benefits of marginalised, disadvantaged, 
poor and deprived sections of the community and sustainable development. 
The CSR activities which may be undertaken shall be as per the Schedule VII of the Act and all other provisions 
in respect of the budget and compliances shall be as per the Act. Details of the Policy and projects undertaken 
by the Company are available on the links given below:
(i)	 https://www.anupamrasayan.com/corporate-social-responsibility/ 
(ii)	https://www.anupamrasayan.com/csr-initiatives/ 
2. Composition of CSR Committee:
Sr. No.
Name of Director
Designation/Nature of 
Directorship
Number of meetings 
of Committee held 
during the year
Number of meetings 
of Committee 
attended during the 
year
1
Mrs Mona Desai
Chairperson
Whole-time Director,
 5 (Five)
5 (Five)
2
Mr Hetul Mehta**
Member
Independent Non-
Executive Director
 5 (Five)
3 (Three)
3
Mr Milan Thakkar
Member
Non Independent Non-
Executive Director
 5 (Five)
4 (Four)
**The CSR Committee has been reconstituted on November 11, 2020, whereby Mr Hetul Mehta was inducted in place of outgoing member 
Mr Anand Desai.

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3. Web-link where composition of CSR Committee, CSR policy and CSR projects approved by the board are 
disclosed on the website of the Company:
Composition of CSR Committee
https://www.anupamrasayan.com/board-of-directors-committees-of-the-
board-and-management-team-of-the-company/
CSR policy
https://www.anupamrasayan.com/corporate-social-responsibility/
CSR projects
https://www.anupamrasayan.com/csr-initiatives/
4. Details of impact assessment of CSR projects carried out in pursuance of sub-rule (3) of rule 8 of 
the Companies (Corporate Social Responsibility Policy) Rules, 2014, if applicable (attach the report): 
Not Applicable
5. Details of the amount available for set off in pursuance of sub-rule (3) of rule 7 of the Companies (Corporate 
Social Responsibility Policy) Rules, 2014 and amount required for set off for the financial year, if any. 
Not Applicable
6. Average net profit of the Company as per section 135(5): ₹ 619.57 million
7.
(a) Two percent of average net profit of the Company as per section 135(5):
₹ 12.39 million
(b) Surplus arising out of the CSR projects or programmes or activities of the 
previous financial years:
NIL
(c) Amount required to be set off for the financial year, if any:
Not Applicable
(d) Total CSR obligation for the financial year (7a+7b-7c):
₹ 12.39 million
8. (a) CSR amount spent or unspent for the financial year: 
Total amount 
spent for the 
financial year 
(in million)
Amount Unspent (in million)
Total amount transferred to 
unspent CSR account as per 
section 135(6)
Amount transferred to any fund specified under 
Schedule VII as per second proviso to section 135(5)
Amount
Date of transfer
Name of fund
Amount
Date of transfer
 ₹ 12.39 million
 N.A.
 N.A.
 N.A.
 N.A.
 N.A.
8. (b) Details of CSR amount spent against ongoing projects for the financial year: 
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
(10)
(11)
Sr. 
No.
Name of the 
Project
Item from 
the list of 
activities 
in 
Schedule 
VII to the 
Act.
Local 
area 
(Yes/
No)
Location of the 
project.
Project 
duration.
Amount 
allocated 
for the 
project 
(in ₹).
Amount 
spent in 
the current 
financial 
Year (in ₹).
Amount 
transferred 
to
Unspent 
CSR 
Account 
for the 
project as 
per Section 
135(6) (in ₹).
Mode of 
Implementation 
- Direct (Yes/
No).
Mode of Implementation 
– Through Implementing 
Agency
State
District
Name
CSR 
Registration 
No.
1.
Upgradation of 
physiotherapy 
dept. of 
charitable 
hospital trust
Item No. (i)
promoting 
health 
care 
including 
preventive 
health 
care
Yes
 Gujarat
Kamrej, 
Surat
2+1 years
 1.36
 1.36
 NIL
 No
Dinbandhu 
Charitable 
Hospital 
Trust
CSR00004813
TOTAL
 1.36
 1.36
* IA- Implementing Agency; # FY- financial year 2020-21
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Anupam Rasayan India Ltd  |  Annual Report 2020-21
8. (c) Details of CSR amount spent against other than ongoing projects for the financial year: 
(1)
(2)
(3)
(4)
(5)
(6)
(7)
8)
Sr. 
No.
Name of the 
Project
Item from the list 
of activities in 
Schedule VII to the 
Act.
Local 
area 
(Yes/
No)
Location of the project.
Amount 
spent in 
the current 
financial Year 
(in ₹).
Mode of 
Implementation 
- Direct (Yes/
No).
Mode of Implementation – Through 
Implementing Agency
State
District
Name
CSR Registration 
No.
1.
Bird Rescue, 
Rehabilitation 
and Animal 
Welfare
Item No. (iv)
ensuring 
environmental 
sustainability, 
ecological balance, 
protection of flora 
and fauna, animal 
welfare.
Yes
 Gujarat
 Surat
 1.2
No
Prayas Team 
Environment 
Charitable 
Trust
CSR00005161
2.
One Teacher 
School “Ekal 
Vidyalaya”
Item No. (ii)
Promoting 
education, including 
special education 
and employment 
enhancing vocation 
skills especially 
among children, 
women, elderly, 
and the differently 
abled and livelihood 
enhancement 
projects;
 Yes
 Gujarat
 Surat
2.3
No
Friends 
of Tribals 
Society
CSR00001898
3.
Conservation 
of environment 
through water 
harvesting 
recharge well 
at Vivekanand 
Gramin Tekniki 
Kendra
Item No. (iv)
ensuring 
environmental 
sustainability, 
ecological balance, 
protection of 
flora and fauna, 
conservation of 
natural resources 
and maintaining 
quality of soil, air 
and water
Yes
 Gujarat
 Bharuch
2.1
No
SEWA Rural
CSR00002749
4.
Donation 
to “PM Care 
Fund” for 
COVID-19 
Pandemic
Item No. (xii) 
Disaster 
management, 
including relief, 
rehabilitation and 
reconstruction 
activities
No
N.A.
N.A.
 5.43 
Yes
N.A.
N.A.
TOTAL
     11.03
8. (d) Amount spent in administrative overheads (₹ in million):
NIL
8. (e) Amount spent on impact assessment if applicable:
Not Applicable
8. (f) Total amount spent for the financial year (8b+8c+8d+8e) (₹ in million):
12.39 million
Amount (₹ in million)
8 (b)
2.56
8 (c)
9.83
8 (d)
-
8 (e)
-
Total
12.39
8. (g) Excess amount for set-off, if any:
Not Applicable
9. (a) Details of Unspent CSR amount for the preceding three financial years: Not Applicable

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9. (b) Details of CSR amount spent in the financial year for ongoing projects of the preceding financial year(s):
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
Sr. No.
Project 
ID
Name of the Project
Financial Year 
in which the 
project was 
commenced
Project 
duration
Amount ₹ in million
Total amount 
allocated for 
the project
Amount 
spent on the 
project in 
the reporting 
Financial 
Year
Cumulative 
amount 
spent at 
the end of 
reporting 
Financial 
Year
Status of 
the project - 
Completed /
Ongoing.
1.
-
Upgradation of 
physiotherapy dept. of 
Dinbandhu Charitable 
Hospital Trust
2019-20
3 years
5
1.36
3.64
Ongoing
10. In case of creation or acquisition of capital asset, furnish the details relating to the asset so created or 
acquired through CSR spent in the financial year (asset-wise details). 
(a)
Date of creation or acquisition of the capital asset(s):
February 21, 2020
(b)
Amount of CSR spent for creation or acquisition of capital asset:
₹ 2.272 million
(c)
Details of the entity or public authority or beneficiary under whose 
name such capital asset is registered, their address etc.:
Dinbandhu Charitable Hospital 
Trust, NH.No. 8, nr. Tapi Bridge, 
Kholwad-394190
(d)
Provide details of the capital asset(s) created or acquired (including 
complete address and location of the capital asset):
Acquisition of 32 equipment for 
Physiotherapy Department of 
Dinbandhu Charitable Hospital 
Trust, NH.No. 8, Nr. Tapi Bridge, 
Kholwad-394190.
11. Specify the reason(s), if the Company has failed to spend two per cent of the average net profit as per 
section 135(5): Not Applicable
Date: September 4, 2021
Place: Surat
 (Anand Desai) 
Managing Director
 DIN:00038442 
(Mona Desai)
Whole-Time Director
DIN:00038429
For and on behalf of the Board
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Annexure - VI
Information pursuant to Section 197(12) of the Companies Act, 2013 and Rule 5(1) of Companies (Appointment 
and Remuneration of Managerial Personnel) Rules, 2014, as amended
(A) The ratio of the remuneration of each director to the median remuneration of the employees of the 
Company and the percentage increase in remuneration of each director, for the ﬁnancial year and the 
percentage increase in remuneration of CFO, CEO, CS or Manager, if any, in the ﬁnancial year: Median salary 
for the financial year 2020-21 is ₹ 246,051 /-. Other details are mentioned below:
Name of Director/Key 
Managerial Personnel
Designation
Ratio to Median 
remuneration
% increase in 
Remuneration over 
previous year
Mr Anand Desai
Managing Director
53.40:1
-
Mrs Mona Desai
Vice-chairperson & 
Whole-time director
53:1
-
Dr Kiran Patel
Non-executive 
Chairperson
-
-
Mr Milan Thakkar
Non-Executive Director
-
-
Mr Hetul Mehta 
Independent Director
7.92:1
Not Comparable
Mr Vijay Batra
Independent Director
3.04:1
Not Comparable
Mr Vinesh Sadekar
Independent Director
3.35:1
Not Comparable
Dr Namrata Jariwala
Independent Director
2.13:1
Not Comparable
Mr Afzal Malkani
Chief Financial Officer
-
-
Ms Suchi Agarwal
Company Secretary & 
Compliance Officer
-
128.62%
Notes: Remuneration to Non-executive & Independent Directors includes only sitting fees. Increase or decrease in their remuneration is 
due to increase or decrease in the meetings held/attended during the year
(B) The percentage increase in the median remuneration of employees in the financial year 2020-21: 9.79% 
(C) The number of permanent employees on the rolls of company: There were 1286 permanent employees on 
the rolls of the Company.
(D) Average percentile increase already made in the salaries of employees other than the managerial personnel 
in the last ﬁnancial year and its comparison with the percentile increase in the managerial remuneration and 
justiﬁcation thereof and point out if there are any exceptional circumstances for increase in the managerial 
remuneration: Remuneration of other employees was increased in accordance with the remuneration policy. 
The average percentile increase made in the salaries of employees other than the managerial personnel during 
the financial year 2020-21 aggregates to 20.59% which is higher in comparison with the percentile increase in 
the managerial remuneration during the financial year 2020-21 aggregates to 3.01%.
(E) The Key parameters for any variable component of remuneration availed by the directors: No variable 
remuneration was provided to the Directors in financial year 2020-21.
(F) Affirmation that the remuneration is as per the remuneration policy of the Company: it is affirmed that the 
remuneration of Directors and key managerial personnel was in accordance to the remuneration policy of the 
Company.
For and on behalf of the Board
Date: September 4, 2021
Place: Surat
 (Anand Desai) 
Managing Director
 DIN:00038442 
(Mona Desai)
Whole-Time Director
DIN:00038429

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Business Responsibility Report
OVERVIEW
Anupam Rasayan India Limited (“Anupam Rasayan/Company”) presents its Business Responsibility Report 
(“BRR”) as mandated by SEBI and in line with the National Voluntary Guidelines (“NVGs”) on social, environmental 
and economic responsibilities of business as released by Ministry of Corporate Affairs (“MCA”). The report has 
been prepared as prescribed and in accordance with the Regulation 34 (2)(f) of the SEBI (Listing Obligations 
and Disclosure Requirements) Regulation, 2013 (as amended from time to time) (“Listing Regulation”).
ABOUT THE COMPANY 
Our Company is engaged in the custom synthesis and manufacturing of life science related specialty chemicals 
and other specialty chemicals, which involve multi-step synthesis and complex technologies, for a diverse base 
of Indian and global customers.
Our key focus in our custom synthesis and manufacturing operations is developing in-house innovative 
processes for manufacturing products requiring complex chemistries and achieving cost optimization.
SECTION A
GENERAL INFORMATION ABOUT THE COMPANY
Disclosures
Information/Reference Sections
Corporate Identity Number (CIN) of the 
Company
L24231GJ2003PLC042988
Name of the Company
Anupam Rasayan India Limited
Year of incorporation 
2003
Registered Office/Corporate Address
8110, GIDC Industrial Estate, Sachin, Surat-394230, GJ
E-mail id
office@anupamrasayan.com
Website
www.anupamrasayan.com
Financial year reported
2020-21
Name to Stock Exchange(s) where 
shares are listed
1.	 BSE India Limited
2.	 National Stock Exchange of India Limited
Listed with effect from March 24, 2021
Sector(s) that the Company is engaged 
in (industrial activity code-wise)
Chemical Sector, National Industrial Code - 20119
Three key products/services that the 
Company manufactures/provides
Company’s product portfolio can be categorized into: (i) life 
science related specialty chemicals comprising products related 
to agrochemicals, personal care and pharmaceuticals, and (ii) 
other specialty chemicals, comprising specialty pigment and dyes, 
and polymer additives.
Total number of locations where 
business activity is undertaken by the 
Company
No. of Unit
Address
Sachin 
Unit 1
Plot No. 8109, 8110, 8111, 268/1, GIDC Sachin, 
Surat,Gujarat – 394230
Sachin 
Unit 2
Plot No. 701, 2419/1, 2419/2, GIDC Sachin, 
Surat,Gujarat – 394230
Sachin 
Unit 3
Plot No. 8104 and 8106, GIDC Sachin, Surat,Gujarat – 
394230
Jhagadia 
Unit 4
Plot No. 907/3, 907/4, Jhagadia Industrial Estate, 
GIDC Jhagadia, Bharuch, Gujarat – 393110
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Total number of locations where 
business activity is undertaken by the 
Company
Jhagadia 
Unit 5
Plot No. 905/1, Jhagadia Industrial Estate, GIDC 
Jhagadia, Bharuch, Gujarat – 393110
Sachin 
Unit 6
Plot No. 2423 and 2425, GIDC Sachin, Surat, Gujarat – 
394230
Markets served by the Company
India, Europe, Singapore, Japan and others
SECTION B
FINANCIAL DETAILS OF THE COMPANY
Paid up capital 
₹ 999,223,910 /-
Total turnover 
₹ 8108.88 Million
Total profit after tax
₹ 699.21 Million
Total spending on CSR as percentage of PAT (%)
2%
List of the activities in which CSR expenditure 
given above has been incurred
Health
Education and 
Environmental protection
Sr. No.
Particulars
Information
1
Subsidiary company of the 
Company
Jainam Intermediates Private Limited
2
Participation of the subsidiary 
companies in business 
responsibility initiatives
Subsidiary company is not participating in the BR initiatives 
of the Company
3
Do any other entity (ies) (e.g. 
suppliers’, distributors) that 
the Company does business 
with; participate in the business 
responsibility initiatives of the 
Company?
No
SECTION C: 
OTHER DETAILS
SECTION D: 
1. BUSINESS RESPONSIBILITY INFORMATION
DETAILS OF DIRECTOR(S) RESPONSIBLE FOR BR 
(a) Details of Director/Directors responsible for implementation of the BR policies.
DIN
Name
Designation
00038442
Mr. Anand Desai
Managing Director
(b) Details of BR Head
Name
Designation
DIN
Telephone
E-mail
Mr. Anand Desai
Managing Director
00038442
0261-2398992-95
investors@anupamrasayan.com

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FINANCIAL STATEMENTS
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2. PRINCIPLE-WISE (AS PER NVGS) BUSINESS RESPONSIBILITY POLICIES 
Principles related to BR as per National Voluntary Guidelines: The National Voluntary Guidelines on economic, 
environmental and social responsibilities of businesses released by the MCA has adopted nine principles 
related to BRR. Our Company has policies and systems as discussed below enumerating these principles.
Principles
Name
Company’s policies and systems in place
Principle 1 (P1)
Businesses should 
conduct and 
govern themselves 
with Ethics, 
Transparency and 
Accountability.
The Company has below policies:
(i)	 Human Resource Policy and Code of Conduct for employees
(ii)	 Code of Conduct for Board of Directors and the Senior 
Management Team
(iii)	Code of Conduct for Independent Directors
(iv)	Insider Trading Code
(v)	 Code of Practices and Procedures for Fair Disclosure of 
Unpublished Price Sensitive Information
(vi)	Whistle Blower Policy
Principle 2 (P2)
Businesses should 
provide goods and 
services that are 
safe and contribute 
to sustainability 
throughout their 
life cycle.
The Company conducts its business in responsible manner and is 
aware of its responsibility to procures its raw materials and services 
from sustainable sources and applies the same in its conduct and 
practices.
The Company has in place
(i)	 Environment Health and Safety Policy
(ii)	 Supplier Code of Conduct for sustainable procurement through 
product value chain. 
Principle 3 (P3)
Businesses should 
promote the 
well-being of all 
employees.
The Company is conscious of its responsibility and well-being 
towards its employees and has in place 
-	
Policy of fair recruitment, remuneration, training etc. enumerated 
in the Human Resource Policy
-	
Nomination and Remuneration Policy
Principle 4 (P4)
Businesses should 
respect the 
interests of, and be 
responsive towards 
all stakeholders, 
especially 
those who are 
disadvantaged, 
vulnerable and 
marginalized.
(i)	 Corporate Social Responsibility Policy
(ii)	 The Company is the member of “EcoVadis”.
Principle 5 (P5)
Businesses should 
respect and 
promote human 
rights.
The Company has
(i)	 Whistle Blower Policy
(ii)	 Human Rights Policy
(iii)	Child Labour Policy
(iv)	Maternity Benefits
(v)	 Anti-Harassment, Anti-discrimination and Right to Collective 
Bargaining Policies
(vi)	Sexual Harassment Redressal Policy
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Principle 6 (P6)
Businesses should 
respect, protect, 
and make efforts 
to restore the 
environment
The Company has
(i)	 Environment Health and Safety Policy
Further, Company’s Jhagadia Unit 4 and 5 are zero liquid discharge 
units
Principle 7 (P7)
Businesses, 
when engaged in 
inﬂuencing public 
and regulatory 
policy, should do 
so in a responsible 
manner.
Employees Code of Conduct
Principle 8 (P8)
Businesses 
should support 
inclusive growth 
and equitable 
development.
(i)	 Corporate Social Responsibility Policy
(ii)	 The Company is the member of “EcoVadis”.
Principle 9 (P9)
Businesses should 
engage with and 
provide value to 
their customers 
and consumers 
in a responsible 
manner.
Environment Health and Safety Policy.
Company is also ISO Certified- 
- Unit 1: ISO 9001:2015, ISO 14001:2015
- Unit 2: ISO 9001:2015, ISO 14001:2015
- Unit 3: ISO 9001:2015, ISO 14001:2015, ISO 45001:2018
- Unit 4: ISO 9001:2015, ISO 14001:2015, ISO 45001:2018
- Unit 5: ISO 9001:2015, ISO 14001:2015, ISO 45001:2018
- Unit 6: ISO 9001:2015, ISO 14001:2015, ISO 45001:2018
(a) Details of compliance
 Sr. No.
Questions
P1
P2
P3
P4
P5
P6
P7
P8
P9
1
Do you have policy(ies) for
Y
Y
Y
Y
Y
Y
Y
Y
Y
2
Has the policy being 
formulated in consultation 
with the relevant 
stakeholders?
Y
Y
Y
Y
Y
Y
Y
Y
Y
3
Does the policy confirm to 
any national / international 
standards? If yes, specify? 
Y
Y
Y
Y
Y
Y
Y
Y
Y
4
Has the policy been 
approved by the Board? 
If yes, has it been signed 
by MD/ owner/ CEO/ 
appropriate Board 
Director?
Y
Y
Y
Y
Y
Y
Y
Y
Y
5
Does the company have 
a specified committee 
of the Board/ Director/ 
Official to oversee the 
implementation of the 
policy?
Y
Y
Y
Y
Y
Y
Y
Y
Y
6
Indicate the link for the 
policy to be viewed online?
https://www.anupamrasayan.com/investor-relations/policies-
related-documents/

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7
Has the policy been 
formally communicated 
to all relevant internal and 
external stakeholders?
Y
Y
Y
Y
Y
Y
Y
Y
Y
8
Does the company have 
in-house structure to 
implement the policy/
policies?
Y
Y
Y
Y
Y
Y
Y
Y
Y
9
Does the Company have 
a grievance redressal 
mechanism related to the 
policy/ policies to address 
stakeholders’ grievances 
related to the policy/ 
policies?
Y
Y
Y
Y
Y
Y
Y
Y
Y
10
Has the company carried 
out independent audit/ 
evaluation of the working 
of this policy by an internal 
or external agency?
Y
Y
Y
Y
Y
Y
Y
Y
Y
(b) If answer to the question at serial number 1 against any principle, is ‘No’, please explain why:
 Sr. No.
Questions
P1
P2
P3
P4
P5
P6
P7
P8
P9
1
The company has not 
understood the Principles
NA
NA
NA
NA
NA
NA
NA
NA
NA
2
The company is not at a 
stage where it finds itself in 
a position to formulate and 
implement the policies on 
specified principles
NA
NA
NA
NA
NA
NA
NA
NA
NA
3
The company does 
not have financial or 
manpower resources 
available for the task
NA
NA
NA
NA
NA
NA
NA
NA
NA
4
It is planned to be done 
within next 6 months
NA
NA
NA
NA
NA
NA
NA
NA
NA
5
It is planned to be done 
within the next 1 year
NA
NA
NA
NA
NA
NA
NA
NA
NA
6
Any other reason (please 
specify)
NA
NA
NA
NA
NA
NA
NA
NA
NA
3. GOVERNANCE RELATED TO BR
(a) Frequency with which the Board of Directors, Committee of the Board or CEO to assess the BR performance 
of the Company.  
Monthly, quarterly and annually based upon its importance and impact on the environment and Company’s 
operations and activities.
(b) Does the Company publish a BR or a Sustainability Report? What is the hyperlink for viewing this report? 
How frequently it is published?
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This is the first business responsibility report of the Company for the financial year 2020-21 which forms part of 
the Company’s Annual Report for the financial year 2020-21. 
Report can be accessed at https://www.anupamrasayan.com/pdf/Annual_Report_FY_2020-21.pdf
SECTION E
PRINCIPLE-WISE PERFORMANCE 
Principle 1
1
Does the policy relating 
to ethics, bribery and 
corruption cover only the 
company? Yes/ No. Does 
it extend to the Group/
Joint Ventures/ Suppliers/
Contractors/NGOs /
Others?
The Company’s policy on ethics, bribery and corruption extends to 
its group companies, joint ventures, suppliers, contractors, NGOs 
and other parties with whom the Company conducts any business.
2
How many stakeholder 
complaints have been 
received in the past 
financial year and 
what percentage was 
satisfactorily resolved by 
the management? If so, 
provide details thereof, in 
about 50 words or so.
During 2020-21, no such complaints were received from the 
Stakeholders and there were no outstanding complaints as on March 
31, 2021.
Principle 2
1
List of up-to 3 of your 
products or service whose 
design has incorporated 
social or environmental 
concerns, risks and/or 
opportunities
(a) 2 Amino Diphenyl Ether
(b) 2-Amino 2’4’-Dichloro Diphenyl Ether
(c) 4 Amino Diphenyl Ether
2
For each such product, 
provide the following 
details in respect of 
resource use (energy, 
water, raw material etc.) per 
unit of product(optional)
(a) Reduction during 
sourcing/production/ 
distribution achieved 
since the previous year 
throughout the value 
chain?
(a) As a part of process optimization, we are systematically 
eliminating the usage of water replacing it with the solvent based 
process in some of our products, thereby reducing the consumption 
of water, which helps in reducing the load on effluent treatment plant 
by reduction in effluent generation. We are also using energy efficient 
equipment which also reduces the energy usage to a great extent. 
Saving in resources achieved since previous year in production -
Resource
Product
2020-21
2019-20
Savings in consumption in litre
Water
2 Amino 
Diphenyl Ether
206250
122500
2-Amino 
2’4’-Dichloro 
Diphenyl Ether
17143
61429
4 Amino 
Diphenyl Ether
569412
1104706
Total
792805
1288635

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02
FINANCIAL STATEMENTS
03
(b) Reduction during usage 
by consumers (energy, 
water) has been achieved 
since the previous year?
(b) We are supplying our products to our clients who further 
process our products and then deliver to consumers. So, there is no 
mechanism in place to monitor reduction in energy and water usage 
by consumers.
3
Does the company have 
procedures in place for 
sustainable sourcing 
(including transportation)? 
(a) If yes, what percentage 
of your inputs was sourced 
sustainably? Also, provide 
details thereof, in about 50 
words or so.
The Company is in the process of institutionalising procedures 
for sustainable sourcing including transportation. Currently, the 
Company expects its suppliers to abide by ISO 9001 and ISO 14001 
standards.
4
Has the company taken 
any steps to procure goods 
and services from local & 
small producers, including 
communities surrounding 
their place of work?
(a) If yes, what steps have 
been taken to improve their 
capacity and capability of 
local and small vendors?
The Company gives preference to local & small producers nearby our 
place of work. Our internal respective team continuously help them 
to improve their capacity and capability and also help them improving 
in the field of health, safety and environment.
5
Does the company have 
a mechanism to recycle 
products and waste? If yes 
what is the percentage of 
recycling of products and 
waste (separately as <5%, 
5-10%, >10%). Also, provide 
details thereof, in about 50 
words or so.
Yes, the Company has in-house facility to recycle its waste. Currently, 
the Company-  
-	
recycles/reuses the waste/effluent generated in its manufacturing 
processes in the range of 60-65%; and
-	
recycles/re-uses the liquid effluent generated in its manufacturing 
processes in the range of 60-65% in aggregate.
Principle 3
1
Please indicate total 
number of employees
1286
2
Please indicate total 
number of employees hired 
on temporary/contractual/
casual basis
647
3
Please indicate the number 
of permanent women 
employees
26
4
Please indicate the number 
of permanent employees 
with disabilities
2
5
Do you have an 
employee association 
that is recognised by 
management
NA
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Anupam Rasayan India Ltd  |  Annual Report 2020-21
6
What percentage of your 
permanent employees 
are members of this 
recognised employee 
association?
NA
7
Please indicate the number 
of complaints relating to 
child labour, forced labour, 
involuntary labour, sexual 
harassment in the last 
financial year are pending 
as on the end of the 
financial year.
Sr No
Category
No. of 
complaints 
filed during the 
financial year
No. of complaints 
pending as on end of 
the financial year
1
Child labour
None
None
2
Forced labour
None
None
3
Involuntary 
labour
None
None
4
Sexual 
harassment
None
None
8
What percentage of 
your under-mentioned 
employees were given 
safety and skill up-
gradation training in the 
last year?
Sr No
Category
safety 
training
skill up-
gradation 
training
(a)
Permanent employees (%)
36%
68%
(b)
Permanent women employees (%)
42%
50%
(c)
Casual/ temporary/ contractual 
employees (%)
68%
68%
(d)
Permanent employees with 
disabilities (%)
100%
50%
Principle 4
1
Has the company mapped 
its internal and external 
stakeholder? Yes/No
Yes, Company has mapped its internal and External stakeholders.
2
Out of the above, has the 
company identified the 
disadvantages, vulnerable 
and marginalised 
stakeholders
Yes, Company has identified the disadvantages, vulnerable and 
marginalised stakeholders and these are poor, tribal communities, 
children, healthcare sector and educational institutions.
3
Are there any special 
initiatives taken by the 
company to engage 
with the disadvantaged, 
vulnerable and 
marginalised stakeholders? 
If so, provide details 
thereof, in about 50 words 
or so.
	»
Sickle Cell Disease comprehensive care program
	»
To reduce Neonatal Mortality Rate (NMR), Infant Mortality Rate 
(IMR) and child malnutrition in six tribal blocks of Gujarat.
	»
Organizing camp for free eye check-up and surgeries in 
collaboration with the Rotary Eye Institute of Navsari.
	»
Upgradation of Physiotherapy Department of Dinbandhu 
Charitable Hospital Trust.
	»
Environment conservation and protection of ﬂora and fauna.
	»
Skill Angel Cognitive Learning Program.

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01
STATUTORY REPORTS
02
FINANCIAL STATEMENTS
03
Principle 5
1
Does the policy of the 
Company on human rights 
cover only the Company 
or extend to the Group/
Joint Ventures/Suppliers/
Contractors/NGOs/
Others?
Company’s policy on human rights extends to its group/ joint 
ventures/ suppliers/ contractors/ NGOs and others entities with 
whom the Company does its business
2
How many stakeholder 
complaints have been 
received in the past 
financial year and what 
percent was satisfactorily 
resolved by the 
management?
No complaints related to human rights received during financial 
year 2020-21
Principle 6
1
Does the policy related to 
Principle 6 cover only the 
company or extends to 
the Group/Joint Ventures/
Suppliers/Contractors/
NGOs/others
Company’s policy on Environment, Health and Safety extends to 
its group/ joint ventures/ suppliers/ contractors/ NGOs and others 
entities with whom the Company does its business
2
Does the company have 
strategies/ initiatives 
to address global 
environmental issues such 
as climate change, global 
warming, etc? Y/N.
If yes, please give hyperlink 
for webpage etc.
Yes, the Company does have strategies/ initiatives which help us 
to improve our own performance related to environmental issues. 
Currently, there is no webpage.
3
Does the company identify 
and assess potential 
environmental risks? Y/N
Yes
4
Does the company have 
any project related to 
Clean Development 
Mechanism?
If so, provide details 
thereof, in about 50 words 
or so. 
Also, if Yes, whether any 
environmental compliance 
report is filed?
Yes, we are upgrading our manufacturing facilities from batch 
process to continuous manufacturing process, which allows us to 
have a cleaner, greener and more efficient manufacturing process
5
Has the company 
undertaken any other 
initiatives on – clean 
technology, energy 
efficiency, renewable 
energy, etc. Y/N. 
If yes, please give hyperlink 
for web page etc.
Yes, Company has undertaken initiatives on clean technology, 
energy efficiency, renewable energy, etc. We have installed LED 
lights in our premises. We are procuring motors which are energy 
efficient. Currently, there is no webpage.
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6
Are the emissions/waste 
generated by the company 
within the permissible 
limits given by CPCB/SPCB 
for the financial year being 
reported?
The effluents, emissions, waste generated by the manufacturing 
facilities of the Company are within the permissible limits given by 
State pollution control board for 2020-21.
7
Number of show cause/ 
legal notices received from 
CPCB/SPCB which are 
pending (i.e. not resolved to 
satisfaction) as on end of 
financial year 2020-21.
We received zero show cause/ legal notices from CPCB/SPCB during 
financial year 2020-21.
Principle 7
1
Is your company a member 
of any trade and chamber 
or association? 
If Yes, Name only those 
major one that your 
business deals with
(a)
INDO-GERMAN Chamber of Commerce
(b)
INDO-AMERICAN Chamber of Commerce
(c)
Confederation of Indian Industry
(d)
Indian Chemical Council
(e)
Basic Chemicals, Cosmetics & Dyes Export Promotion 
Council (Chemexcil)
(f)
Pesticides Manufacturers & Formulators Association of 
India (PMFAI)
(g)
South Gujarat Chamber of Commerce
(h)
EBG Federation, India
2
Have you advocated/
lobbied through above 
associations for the 
advancement or 
improvement of public 
good? Yes/No.
if yes specify the 
broad areas (drop 
box: Governance and 
Administration, Economic 
Reforms, Inclusive 
Development Policies, 
Energy security, Water, 
Food Security, Sustainable 
Business Principles, 
Others)
The Company works with the trade associations from time to time 
for advancement or improvement of public good. For example, we 
worked with these associations with respect to Economic Reforms, 
Inclusive Development Policies etc.

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01
STATUTORY REPORTS
02
FINANCIAL STATEMENTS
03
Principle 8
1
Does the company have 
specified programmes/ 
initiatives/ projects in 
pursuit of the policy related 
to Principle 8? 
If yes details thereof.
Yes, for inclusive growth of the communities in which the Company 
works, the Company has undertaken various CSR initiatives in 
education, health care and environment protection. Further, the 
Company carries out various philanthropic activities through 
different NGOs, and Implementing Agencies.
2
Are the programmes/
projects undertaken 
through in-house team/
own foundation/external 
NGO/government 
structures/any other 
organization?
External NGOs or Implementing Agency (“IA”) duly formed and 
registered in terms of the provision of the Companies Act, 2013 and 
Income Tax Act 1961 (each as amended)
3
Have you done any impact 
assessment of your 
initiative?
The Company’s IA conduct the impact assessment based on 
requirements
4
What is your company’s 
direct contribution to 
community development 
projects- Amount in INR/₹ 
and the details of the 
projects undertaken?
Projects
Details
Amount (INR/₹)
promoting health care 
including preventive 
health care
Upgradation of 
physiotherapy dept. 
of IA Dinbandhu 
Charitable Hospital 
Trust
1.36 million
ensuring environmental 
sustainability, ecological 
balance, protection of 
flora and fauna, animal 
welfare
Bird Rescue, 
Rehabilitation and 
Animal Welfare 
through IA Prayas 
Team Environment 
Charitable Trust
1.2 million
Conservation of 
environment through 
water harvesting 
recharge well at 
Vivekanand Gramin 
Tekniki Kendra 
through IA SEWA Rural
2.1 million
Promoting education, 
including special 
education and 
employment enhancing 
vocation skills especially 
among children, 
women, elderly, and the 
differently abled and 
livelihood enhancement 
projects
One Teacher School 
“Ekal Vidyalaya 
through IA Friends of 
Tribals Society
2.3 million
Disaster management, 
including relief, 
rehabilitation and 
reconstruction activities
Donation to “PM Care 
Fund” for COVID-19 
Pandemic
5.43 million
Philanthropic activities 
details to be included
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5
Have you taken steps 
to ensure that this 
community development 
initiative is successfully 
adopted by the 
community? Please explain 
in 50 words, or so.
Yes, we take the report from the Implementing Agencies to analyse 
and understand the impact of the CSR initiatives taken by the 
Company, and from time to time address the issues in the project 
and keep track through our Implementing Agencies on the projects 
impact through communication, follow-ups, reporting, field visits, 
wherever required.
Principle 9
1
What percentage of 
customer complaints/
consumer cases are 
pending as on the end of 
financial year
No customer complaints are pending as at the end of the FY 2020-21
2
Does the company display 
product information on 
the product label, over and 
above what is mandated as 
per local laws?
Yes/No/N.A. /Remarks 
(additional information)
Yes, we comply with all the local as well as the international laws in 
respect of product labelling. Further, the Company also complies 
with all the product labelling requirements of its customers.
3
Is there any case filed by 
any stakeholder against 
the Company regarding 
unfair trade practices, 
irresponsible advertising 
and/or anti-competitive 
behaviour during the last 
five years and pending as 
on end of financial year? If 
so, provide details thereof, 
in about 50 words or so.
No cases filed against or pending as at the end of financial year 
2020-21.
4
Did your Company carry 
out any consumer survey/ 
consumer satisfaction 
trends?
Yes.

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STATUTORY REPORTS
02
FINANCIAL STATEMENTS
03
Corporate Governance Report
Anupam Rasayan India Limited’s (“Anupam Rasayan/Company”) Equity Shares1  were listed on recognised 
stock exchanges BSE Limited (“BSE”) and National Stock Exchange of India Limited (“NSE”) with effect from 
March 24, 2021, subsequent to the Initial Public Offer (“IPO”) of its Equity Shares. Hence, the provisions of the 
Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 
(the “Listing Regulations”) were not applicable to the Company during the year under review, as the Company 
was an unlisted Public Company till March 23, 2021. 
This corporate governance report (the “CG Report”) is prepared in accordance with the provisions of the 
Listing Regulations, and the CG Report contains the details of corporate governance systems and processes at 
Anupam Rasayan.
A. STATEMENT ON COMPANY’S PHILOSOPHY ON CODE OF GOVERNANCE
Corporate governance encompasses a set of systems and practices to ensure that the Company’s affairs are 
being managed with accountability, transparency, empowerment, integrity and fairness in all the transactions. 
We are committed to meet the aspirations of all our stakeholders. The Company’s overall governance framework, 
systems, and processes reflect and support our Mission, Vision, Ethics and Values.
The Company firmly believes that good corporate governance is essential to achieve the long-term corporate 
goals and enhance stakeholder’s value. Critical elements of corporate governance are transparency, internal 
controls, risk management, internal and external communications, high standards of safety, health, environment, 
accounting fidelity and product and service quality. The Board of Directors2  of the Company (the “Board”) 
has empowered responsible persons to implement its policies and guidelines and has set up adequate review 
processes/mechanisms to serve this purpose. The Corporate Governance report is presented below. 
B. BOARD OF DIRECTORS
BOARD COMPOSITION AND CATEGORY OF DIRECTORS
The Company’s policy is to maintain an optimum combination of executive and non-executive Directors. The 
details of the Board composition, category, DIN, shareholding of the Directors are as presented below:
Sr No
Name of the Director
Category
DIN
Equity shares held as on 
March 31, 2021
1
Dr Kiran Patel
(Chairperson)
Non-Executive and 
Promoter Director
08051053
-
2
Mrs Mona Desai 
(Vice-Chairperson and Whole-
time Director)
Executive and 
Promoter Director
00038429
4,140,625
3
Mr Anand Desai
(Managing Director)
00038442
11,273,440
4
Mr Milan Thakkar
Non-Executive 
and Non-Promoter 
Directors*
02470961
19,569,000
5
Mr Hetul Mehta
Independent 
Directors
01650314
-
6
Mr Vijay Batra
00038275
-
7
Mr Vinesh Sadekar
00046815
-
8
Dr Namrata Jariwala
08974528
-
Directors at Sr. No. 5 to 8 in the above table fall within the expression of “Independent Directors” as mentioned in Regulation 16(1)(b) of the 
Listing Regulations.
Mrs Mona Desai is the spouse of Mr Anand Desai. None of the other Directors are related to each other in terms of Regulation 2(zd) of the 
Listing Regulations.
None of the Independent Directors of the Company had any material pecuniary relationship or transactions with the Company, 
its promoters and its management during the financial year 2020-21, which in the judgment of the Board may affect the directors’ 
independent judgment.
*Director at Sr. No. 4 is not an independent director.
1  “Equity Share(s)” means the equity shares issued by the Company of face value ₹ 10/- per share.
2  “Director(s)” means the directors appointed on the Board of the Company and includes the independent, non-executive and executive directors.
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Anupam Rasayan India Ltd  |  Annual Report 2020-21
The Board is of the opinion that Mr Hetul Mehta, Mr Vijay Batra, Mr Vinesh Sadekar and Dr Namrata Jariwala, 
independent directors of the Company (“Independent Directors”), are independent in terms of section 149 
(6) of the Companies Act, 2013 and rules framed thereunder, each as amended from time to time (the “Act”), 
and Regulation 16 of the Listing Regulations, and are the persons of integrity and also possess the relevant 
expertise and experience of their relevant fields to discharge their duties as an independent director and fulfil 
the conditions specified in the Listing Regulations. 
FAMILIARISATION PROGRAMMES FOR INDEPENDENT DIRECTORS
The Independent Directors are provided with necessary documents/brochures, reports and internal policies to 
enable them to familiarise with the Company’s procedures and practices.
The Company keep all its Directors updated about the operations and key developments inside the Company 
which may have an impact on the operations of the Company. Relevant statutory, regulatory changes and 
landmark judicial pronouncements encompassing important laws are circulated to the Directors. Visits to 
various plant locations are organised for the Independent Directors to enable them to understand and get 
acquainted with the operations of the Company. Company from time to time and other means of familiarization 
have been adopted by the Company. Due to Covid-19 pandemic, the directors who have been unable to visit 
the plants of the Company will be provided with the visits when they schedule their visits. The details of such 
familiarisation programmes are available on the website of the Company at https://www.anupamrasayan.com/
familiarization-program-for-independent-directors/ .
BOARD SKILL MATRIX:
As required under the Listing Regulations, the matrix setting out the skills, expertise, competencies identiﬁed 
and available within the Board of the Company for effective functioning is as below:
Name of the 
Director
Skills / Expertise / Competencies
Dr Kiran Patel
Strategic planning 
Leadership
Industry experience-pharmaceutical & 
health care
Research & Development
Global business
Finance & Risk management
Mrs Mona 
Desai
Strategic planning
Leadership
Operational experience 
Chemical industry experience
Corporate social responsibility
Mr Anand 
Desai
Strategic planning
Leadership
Operational experience
Chemical industry experience
Finance & accounting
Regulatory, Legal & Risk management
Corporate governance
Research & Development
Global business
Corporate social responsibility
Sales & Marketing
Mr Milan 
Thakkar
Strategic planning
Leadership
Operational experience 
Chemical industry experience
Global business
Finance & accounting
Sales &Marketing
Name of the 
Director
Skills / Expertise / Competencies
Mr Hetul 
Mehta
Strategic planning
Leadership
Operational experience
Industry experience- chemical, 
pharmaceuticals & health-care
Finance & accounting 
Regulatory, Legal & Risk management
Research & Development
Global business
Corporate governance
Corporate social responsibility
Mr Vijay Batra
Strategic planning
Leadership
Operational experience
Chemical industry experience
Finance & accounting
Regulatory & Risk management
Global business
Corporate governance
Mr Vinesh 
Sadekar
Strategic planning
Leadership
Operational experience
Chemical industry experience
Finance & accounting
Legal & Risk management
Global business
Corporate governance
Dr Namrata 
Jariwala
Strategic planning
Environment & safety research 
Corporate social responsibility

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STATUTORY REPORTS
02
FINANCIAL STATEMENTS
03
Attendance of Directors at the Board Meetings, last Annual General Meeting (AGM) and No. of other 
directorship(s) and chairmanship(s) / membership(s) of committees of each Director in various companies:
Name of the 
Director
Attendance at meeting 
during the year 2020-21
No. of other 
Directorship(s) 
as on 31-03-
2021
Category of 
directorship 
and name of 
the other listed 
company(ies) as 
on 31-03-2020
No. of 
membership(s)/ 
chairmanship(s) 
of committees in 
other company(ies) 
as on 31-03-2021
Board
AGM
Dr Kiran Patel
7
No
3
-
-
Mrs Mona Desai 
23
Yes
1
-
-
Mr Anand Desai
24
Yes
1
-
-
Mr Milan Thakkar
12
Yes
2
-
-
Mr Hetul Mehta
9
NA
3
-
-
Mr Vijay Batra
7
NA
0
-
-
Mr Vinesh Sadekar
7
NA
2
Ineos Styrolution 
india Limited-
Independent 
Director
1
Dr Namrata Jariwala
7
NA
0
-
-
BOARD MEETINGS, COMMITTEE MEETINGS AND PROCEDURES
Number of Board Meetings: Twenty-four (24) meetings of the Board were held during the financial year;  
the details are provided hereunder.
1.	 The directorships held by the Directors, as mentioned above, do not include directorship(s) in foreign companies and section 8 of the Act.
2.	 In accordance with Regulation 26 (1)(b) of the Listing Regulations, membership(s)/ chairmanship(s) of only audit committees and 
stakeholders’ relationship committees in all public limited companies have been considered.
3.	 Mr Hetul Mehta, Mr Vijay Batra, Mr Vinesh Sadekar were appointed as Independent Directors w.e.f. November 11, 2020, and nine (9) 
meetings were held subsequently. Dr Namrata Jariwala was appointed as Independent Director w.e.f. December 4, 2020, and seven (7) 
meetings were held subsequently.
4.	 Video conferencing facility is offered to facilitate the Directors to participate in the meetings.
5.	 The number of directorship(s) and committee membership(s) / chairmanship(s) of all the Directors is/are within the respective limits 
prescribed under the Act and the Listing Regulations.
Date of Board 
Meetings
Board 
Strength
No. of Directors 
Present
April 9, 2020
4
2
May 13, 2020
4
2
June 20, 2020
4
3
July 30, 2020
4
2
August 13, 2020
4
3
August 22, 2020
4
3
September 4, 2020
4
2
September 10, 2020
4
3
September 20, 2020
4
2
September 26, 2020
4
2
September 30, 2020
4
2
October 10, 2020
4
2
Date of Board 
Meetings
Board 
Strength
No. of Directors 
Present
October 17, 2020
4
2
October 31, 2020
4
3
November 4, 2020
4
3
November 11, 2020
7
7
November 30, 2020
7
7
December 20, 2020
8
8
December 22, 2020
8
8
December 29, 2020
8
7
February 27, 2021
8
7
March 5, 2021
8
4
March 17, 2021
8
8
March 31, 2021
8
4
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Committee Meetings held during the year and Attendance
Committees of the 
Company
Audit 
Committee
Nomination and 
Remuneration 
Committee
Corporate Social 
Responsibility 
Committee
Stakeholders’ 
Relationship 
Committee
IPO 
Committee
Meetings held
7
8
5
1
6
Directors’ Attendance
Dr Kiran Patel
NA
NA
NA
NA
NA
Mrs Mona Desai 
4
4
5
1
6
Mr Anand Desai
7
4
2
NA
6
Mr Milan Thakkar
2
6
4
-
NA
Mr Hetul Mehta
3
4
3
1
6
Mr Vijay Batra
3
NA
NA
NA
NA
Mr Vinesh Sadekar
NA
4
NA
NA
NA
Dr Namrata Jariwala
NA
NA
NA
NA
NA
C. COMMITTEES
DETAILS OF THE COMMITTEES AND OTHER RELATED INFORMATION ARE PROVIDED HEREUNDER:
The Company has constituted five (5) Committees of the Board which are Audit Committee, Nomination and 
Remuneration Committee (NRC), Corporate Social Responsibility Committee (CSRC), Stakeholders’ Relationship 
Committee (SRC) and IPO Committee. The composition of the committees of the Board (the “Committee/s”) is in 
accordance with the provisions of the Listing Regulations and the Act. Mr Afzal Malkani, Chief Financial Officer, 
is a permanent invitee, and Ms Suchi Agarwal, Company Secretary and Compliance Officer, is the secretary of 
all the Committees constituted by the Board.
NOTES:
1.  NA – Not a member of the Committee
2. Audit Committee, NRC and CSRC were reconstituted on November 11, 2020. Mr Hetul Mehta, Mr Vijay Batra and Mr Vinesh Sadekar 
were appointed as members of these Committees w.e.f. November 11, 2020 (3 meetings of Audit Committee, 4 meetings of NRC, 3 
meetings of CSRC, 6 meetings of IPO Committee and 1 meeting of SRC were held after their appointment).
Composition of Committees of the Company
Audit Committee
Nomination and Remuneration Committee
1. Mr Hetul Mehta (Chairperson)
1. Mr Hetul Mehta (Chairperson)
2. Mr Vijay Batra
2. Mr Milan Thakkar
3. Mr Anand Desai
3. Mr Vinesh Sadekar
Stakeholders’ Relationship Committee
Corporate Social Responsibility Committee
1. Mr Hetul Mehta (Chairperson)
1. Mrs Mona Desai (Chairperson)
2. Mr Milan Thakkar
2. Mr Milan Thakkar
3. Mrs Mona Desai
3. Mr Hetul Mehta
IPO Committee
1. Mr Anand Desai (Chairperson)
2. Mrs Mona Desai
3. Mr Hetul Mehta

103
CORPORATE OVERVIEW
01
STATUTORY REPORTS
02
FINANCIAL STATEMENTS
03
PROCEDURE AT COMMITTEE MEETINGS
The Company’s guidelines relating to the Board 
meetings are applicable to the Committee meetings. 
Each Committee has the authority to engage outside 
experts, advisors and counsels to the extent it 
considers appropriate to assist in its functioning. 
Minutes of the proceedings of the Committee 
meetings are circulated to the respective Committee 
members and placed before the Board meetings 
for noting. The composition and terms of reference 
of all the Committees are in compliance with the 
Act and the Listing Regulations, as applicable. The 
composition of all the Committees is given in this 
report.
DETAILS OF COMMITTEES
I. AUDIT COMMITTEE
Terms of Reference of the Committee inter alia 
include the following:
•	
oversight of financial reporting process and the 
disclosure of financial information relating to 
Anupam Rasayan India Limited (the “Company”) to 
ensure that the financial statements are correct, 
sufficient and credible;
•	
recommendation 
for 
appointment, 
re-
appointment, replacement, remuneration and 
terms of appointment of auditors of the Company 
and the fixation of the audit fee;
•	
approval of payment to statutory auditors for any 
other services rendered by the statutory auditors;
•	
examining and reviewing, with the management, 
the annual financial statements and auditor’s 
report thereon before submission to the Board for 
approval.
•	
reviewing, with the management, the quarterly, 
half-yearly and annual financial statements before 
submission to the Board for approval;
•	
reviewing, with the management, the statement 
of uses / application of funds raised through an 
issue (public issue, rights issue, preferential issue, 
etc.), the statement of funds utilised for purposes 
other than those stated in the Issue document/
prospectus/notice and the report submitted by 
the monitoring agency monitoring the utilisation 
of proceeds of a public or rights issue, and making 
appropriate recommendations to the board of 
directors of the Company (the “Board” or “Board 
of Directors”) to take up steps in this matter;
•	
reviewing 
and 
monitoring 
the 
auditor’s 
independence and performance, and effectiveness 
of audit process;
•	
approval of any subsequent modification of 
transactions of the Company with related parties 
and omnibus approval for related party transactions 
proposed to be entered into by the Company, 
subject to the conditions as may be prescribed;
•	
scrutiny of inter-corporate loans and investments;
•	
valuation of undertakings or assets of the 
Company, wherever it is necessary;
•	
evaluation of internal financial controls and risk 
management systems;
•	
reviewing, with the management, performance of 
statutory and internal auditors, adequacy of the 
internal control systems;
•	
reviewing the adequacy of internal audit function, 
if any, including the structure of the internal audit 
department, staffing and seniority of the official 
heading the department, reporting structure 
coverage and frequency of internal audit;
•	
discussion with internal auditors of any significant 
findings and follow up there on;
•	
reviewing the findings of any internal investigations 
by the internal auditors into matters where there 
is suspected fraud or irregularity or a failure of 
internal control systems of a material nature and 
reporting the matter to the Board;
•	
discussion with statutory auditors before the audit 
commences, about the nature and scope of audit 
as well as post-audit discussion to ascertain any 
area of concern;
•	
looking into the reasons for substantial defaults 
in the payment to depositors, debenture holders, 
shareholders (in case of non-payment of declared 
dividends) and creditors;
•	
reviewing the functioning of the whistle blower 
mechanism;
•	
monitoring the end use of funds raised through 
public offers and related matters;
•	
overseeing the vigil mechanism established 
by the Company, with the chairman of the 
Audit Committee directly hearing grievances of 
victimisation of employees and directors, who 
used vigil mechanism to report genuine concerns 
in appropriate and exceptional cases;
•	
approval of appointment of chief financial officer 
(i.e., the whole-time finance Director or any other 
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Anupam Rasayan India Ltd  |  Annual Report 2020-21
person heading the finance function or discharging 
that function) after assessing the qualifications, 
experience and background, etc. of the candidate;
•	
reviewing the utilisation of loans and/or advances 
from/investment by the holding company in the 
subsidiary exceeding 1,000,000,000 or 10% of the 
asset size of the subsidiary, whichever is lower 
including existing loans/ advances/ investments 
existing as on the date of coming into force of this 
provision; and
•	
carrying out any other functions required to be 
carried out by the Audit Committee as contained 
in the Listing Regulations or any other applicable 
law, as and when amended from time to time.
II. NOMINATION AND REMUNERATION 
COMMITTEE
Terms of Reference of the Committee inter alia 
include the following:
•	
Formulation of the criteria for determining 
qualifications, positive attributes and independence 
of a director and recommend to the board of 
directors of the Company (the “Board” or “Board of 
Directors”) a policy relating to the remuneration of 
the directors, key managerial personnel and other 
employees (“Remuneration Policy”); 
•	
Formulation 
of 
criteria 
for 
evaluation 
of 
independent directors and the Board; 
•	
Devising a policy on Board diversity;
•	
Identifying persons who are qualified to become 
directors and who may be appointed in senior 
management in accordance with the criteria 
laid down, and recommend to the Board their 
appointment and removal and carrying out 
evaluation 
of 
every 
director’s 
performance 
(including independent director);
•	
Whether to extend or continue the term of 
appointment of the independent director, on the 
basis of the report of performance evaluation of 
independent directors; 
•	
Recommend to the board, all remuneration, in 
whatever form, payable to senior management; 
•	
carrying out any other functions required to be 
carried out by the Nomination and Remuneration 
Committee as contained in the Listing Regulations 
or any other applicable law, as and when amended 
from time to time.
III. STAKEHOLDERS’ RELATIONSHIP COMMITTEE
Terms of Reference of the Committee inter alia 
include the following:
•	
Resolving the grievances of the security holders 
of the listed entity including complaints related 
to transfer/transmission of shares, non-receipt of 
annual report, non-receipt of declared dividends, 
issue of new/duplicate certificates, general 
meetings etc.;
•	
review of measures taken for effective exercise of 
voting rights by shareholders;
•	
review of adherence to the service standards 
adopted by the listed entity in respect of various 
services being rendered by the Registrar & Share 
Transfer Agent; and
•	
review of the various measures and initiatives 
taken by the listed entity for reducing the quantum 
of unclaimed dividends and ensuring timely receipt 
of dividend warrants/annual reports/statutory 
notices by the shareholders of the company 
PERFORMANCE EVALUATION CRITERIA FOR 
INDEPENDENT DIRECTORS: 
Nomination and Remuneration Committee has 
devised criteria for evaluation of performance of the 
Directors including the Independent Directors of the 
Company, where evaluation assesses that whether 
they- 
•	 act objectively and constructively while exercising 
their duties;
•	 exercise their responsibilities in a bona fide 
manner in the interest of the Company;
•	 devote sufficient time and attention to their 
professional 
obligations 
for 
informed 
and 
balanced decision making;
•	 do not abuse their position to the detriment of the 
Company or its shareholders or for the purpose of 
gaining direct or indirect personal advantage or 
advantage for any associated person;
•	 refrain from any action that would lead to loss of 
his independence;
•	 inform the Board immediately when they lose 
their independence;
•	 assist the Company in implementing the best 
corporate governance practices;

105
CORPORATE OVERVIEW
01
STATUTORY REPORTS
02
FINANCIAL STATEMENTS
03
Types of Complaints
No. of Complaints
Opening as on 
01.04.2020
Receipt
Resolve
Pending as on 
31.03.2021
Status of Applications lodged for public Issue(s)
0
1429
1429
0
Clarification regarding allotment /application
0
1
1
0
Withdrawal of Application(s) 
0
2
2
0
Reason for Rejection (Non allotment)
0
11
11
0
Folio Mismatch
0
1
1
0
Non receipt of Redemption warrant
0
1
1
0
Acknowledgement receipt of document(s) 
0
1
1
0
Correction of Refund Orders
0
2
2
0
Non-receipt of Refund Orders
0
729
729
0
Change/correction/Addition of name on securities
0
1
1
0
Clarification regarding shares
0
3
3
0
Total
0
2181
2181
0
(₹ in million)
Name of the 
Director
Salary and 
allowances
Perquisites
Retirement 
benefits
Commission 
payable
Total
Stock    
Options
Anand Desai
13.14
-
-
-
-
-
Mona Desai
13.14
-
-
-
-
-
REMUNERATION OF THE MANAGING DIRECTOR AND WHOLE-TIME DIRECTORS FOR THE FINANCIAL 
YEAR 2020-21
INDEPENDENT DIRECTORS’ MEETING
A separate meeting of the Independent Directors of the Company was held on March 31, 2021, without the 
attendance of non-independent Directors and members of the management. The Independent Directors 
reviewed (i) the performance of non-independent Directors and the Board as a whole; (ii) the performance of 
the Chairperson of the Board taking into account the views of the Executive and Non-executive Directors of the 
Company; and (iii) assessed the quality, quantity and timeliness of ﬂow of information between the Company 
management and the Board required to effectively and reasonably perform their duties. All Independent 
Directors attended the meeting.
INVESTOR GRIEVANCE REDRESSAL
The number of complaints received and resolved to the satisfaction of investors during the year and their break-
up is presented below; further, as on March 31, 2021, no complaints were pending.
The tenure of office of the Managing Director and Whole-time Directors of the Company is five years from their 
respective appointment date. There is no separate provision for the notice period and payment of severance fees.
•	 strive to attend all meetings of the Board and the 
committees;
•	 participate constructively and actively in the 
committees of the Board in which they are 
members;
•	 strive to attend the Board, committee and general 
meetings of the Company;
•	 keep themselves well informed about the 
Company and the external environment in which 
it operates;
•	 do not to unfairly obstruct the functioning of an 
otherwise proper Board or committee of the Board;
•	 moderate and arbitrate in the interest of the 
Company as a whole, in situations of conflict 
between management and shareholder’s interest; 
and
•	 abide by Company’s memorandum and articles of 
association, Company’s policies and procedures 
including code of conduct, insider trading 
guidelines etc.
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Anupam Rasayan India Ltd  |  Annual Report 2020-21
(₹ in million)
Name of the Director
Sitting Fee
Commission
Total
Mr Milan Thakkar
-
-
-
Mr Hetul Mehta
1.95
-
1.95
Mr Vijay Batra
0.75
-
0.75
Mr Vinesh Sadekar
0.83
-
0.83
Dr Namrata Jariwala
0.53
-
0.53
Total
4.05
-
4.05
REMUNERATION OF THE NON-EXECUTIVE DIRECTORS FOR THE FINANCIAL YEAR 2020-21
Date, time and place of the annual general meetings of the members of the Company held during last 3 years
Year
Date
Time
Place
2020-21
September 30, 2020
1:00 p.m.
Registered Office: Plot No.8110, GIDC Industrial Estate, 
Sachin, Surat-394230
2019-20
September 30, 2019
11:00 a.m.
2018-19
September 29, 2018
11:00 a.m.
Annual General Meeting
Day, Date and Time
Thursday, September 30, 2021 at 4:30 p.m. IST
Venue
The Annual General Meeting will be held through video conferencing (“VC”)/
Other Audit Visual Mean (“OVAM”). The venue of the meeting will be deemed to 
be the registered office of the Company at 8110, GIDC Industrial Estate, Sachin, 
Surat-394230, Gujarat, India
Dividend
Dividend for FY 2020-21 
recommended by Board
₹ 0.50/- per share
Dividend record date
September 16, 2021
Dividend payment date
on or after October 5, 2021
This date is for electronic transfer to the shareholders who have furnished bank account details to the 
Company / its Registrar. Physical warrants shall be dispatched to the shareholders, who have not registered 
their ECS mandates upon normalisation of postal services.
Financial Year
April 1 to March 31
During the year, there were no other pecuniary relationships or transactions of the Non-executive Directors 
with the Company. The Company has not granted any stock options to its Directors.
D. GENERAL BODY MEETINGS
ANNUAL GENERAL/EXTRA-ORDINARY GENERAL MEETINGS
•	
No special resolutions were passed in the previous three years annual general meetings.
•	
No special resolution is passed through the postal ballot in the previous year.
Details of the general body meetings in the past three years are tabled below:
SPECIAL RESOLUTION THROUGH POSTAL BALLOT
During the year, the Company has not passed any special resolution through postal ballot. Further, there is no 
immediate proposal for passing any resolution through postal ballot.
E. MEANS OF COMMUNICATION:
•	
Quarterly/half-yearly/annual results: The Company’s annual financial results for FY 2020-21 were submitted 
to the Stock Exchanges and published in Business Standard (English), Dhabkar (Gujarati) and also available 
on the website of the Company at www.anupamrasayan.com.
•	
Official news releases are also displayed on the Company website at- https://www.anupamrasayan.com/
investor-relations
F. GENERAL SHAREHOLDER INFORMATION

107
CORPORATE OVERVIEW
01
STATUTORY REPORTS
02
FINANCIAL STATEMENTS
03
Listing on Stock Exchanges
Type & ISIN
BSE Limited (BSE)
National Stock Exchange of India Limited (NSE)
Equity Shares
Scrip Code – 543275
Trading Symbol – ANURAS
ISIN-INE930P01018
Phiroze Jeejeebhoy 
Towers, Dalal Street, 
Mumbai - 400001
Exchange Plaza, C-1, Block G, Bandra-Kurla Complex, Bandra 
(East), Mumbai - 400 051
Category (Shares)
Holders
Shares
% of total Shares
Up to 500
160034
45,69,443
4.572992
501 – 1000
343
2,73,436
0.273648
1001 – 2000
101
1,57,337
0.157459
2001 – 3000
30
77,467
0.077527
3001 – 4000
28
1,01,046
0.101124
4001 – 5000
30
1,40,063
0.140172
5001 – 10000
37
2,94,471
0.294700
Above 10000
88
9,43,09,128
94.382377
Total
100.00
DEMATERIALISATION OF SHARES
Mode of Holding
%
NSDL
95.36
CDSL
4.64
Physical
0
Total
100.00
REGISTRARS TO AN ISSUE AND SHARE TRANSFER AGENTS 
KFin Technologies Private Limited (formerly known as Karvy Fintech Private Limited).
PAYMENT OF LISTING FEES
The Company’s Equity Shares were listed on the recognised stock exchanges BSE and NSE on March 24, 2021, 
and the annual listing fees for the financial year 2020-21 was paid to the stock exchanges.
SHARE TRANSFER SYSTEM
SEBI3  has mandated that, with effect from April 1, 2019, no share can be transferred in physical mode. All 
the shares of the Company are in dematerialised form. Trading in shares of the Company is permitted only in 
dematerialised form.
DISTRIBUTION OF SHAREHOLDING BY SIZE AS ON MARCH 31, 2021
3  Securities and Exchange Board of India is referred to as “SEBI” in this report 
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Anupam Rasayan India Ltd  |  Annual Report 2020-21
Month
BSE
NSE
High Price
(in ₹)
Low Price
(in ₹)
Volume in 
numbers
High Price
(in ₹)
Low Price
(in ₹)
Volume in 
numbers
March 2021
548.95
472.25
2133860
548.95
474.00
20238000
[Source: This information is compiled from the data available on the websites of BSE and NSE]
SHARE PRICE PERFORMANCE IN COMPARISON TO BROAD BASED INDICES – BSE SENSEX AND NSE 
NIFTY AS ON MARCH 31, 2021
Month
BSE
NSE
ANURAS Closing 
Price (in ₹)
BSE Sensex
ANURAS Closing 
Price (in ₹)
NIFTY
March 2021
490.45
49509.15
489.15
14690.70
LIQUIDITY
The Company’s Equity Shares are listed and traded on the recognised stock exchanges on BSE and NSE. The 
Equity Shares were listed on March 24, 2021. 
STOCK MARKET PRICE DATA
The Company’s shares traded in terms of the number of shares and value are tabulated below. Relevant data for 
the average daily turnover for the financial year 2020-21 is given below:
[Source: This information is compiled from the data available on the websites of BSE and NSE]
OUTSTANDING GLOBAL DEPOSITORY 
OR AMERICAN DEPOSITORY RECEIPTS 
OR WARRANTS OR ANY CONVERTIBLE 
INSTRUMENTS CONVERSION RATE AND LIKELY 
IMPACT ON LIQUIDITY-
13,12,760 number of Options of the face value of ₹ 10/- of 
the Company at an exercise price of ₹ 225/- per Option 
granted to the employees under “Anupam - Employee 
Stock Options Plan 2020” (“Scheme”), which were 
granted on December 10, 2020, exercisable after one 
(1) year from the date of vesting where vesting dates 
are as under:
(i) December 9, 2021 (33.34% of the granted Options)
(ii) December 9, 2022 (33.34% of the granted Options)
(iii) December 9, 2023 (33.32% of the granted Options)
No Global Depository Receipt or American Depository 
Receipt or warrant or any other instruments have 
been issued by the Company.
COMMODITY PRICE RISKS / FOREIGN EXCHANGE 
RISK AND HEDGING ACTIVITIES
Commodity prices, especially prices for our raw 
materials, including phenol and benzene derivatives, 
are influenced by changes in global economic 
conditions, related industry cycles, demand-supply 
dynamics and attempts by individual producers 
to capture market share. In addition to market 
fluctuations, our average selling prices can be 
affected by contractual arrangements. Raw materials, 
including packaging materials, are subject to supply 
disruptions and price volatility caused by various 
factors such as commodity market fluctuations, the 
quality and availability of raw materials, currency 
fluctuations, 
consumer 
demand, 
changes 
in 
government policies and regulatory sanctions. 
The Company is exposed to foreign exchange risks 
by virtue of its exposure to imports of raw materials/
services, exports of goods, loans, future commercial 
transactions, and recognised financial assets and 
liabilities denominated in a currency that is not the 
Company’s functional currency (INR/₹).
The Company designates derivative contracts or 
non-derivative financial assets/liabilities as hedging 
instruments to mitigate the risk of change in the 
fair value of a hedged item due to movement in 
interest rates, foreign exchange rates and commodity 
prices. Sufficient measures in the form of pricing 
negotiations, hedging the risk in exposure by entering 
into contracts with the parties, forward contracts 
after considering natural hedges are taken.

109
CORPORATE OVERVIEW
01
STATUTORY REPORTS
02
FINANCIAL STATEMENTS
03
PLANT LOCATION IN INDIA
No. of Unit
Address of Unit
Sachin Unit 1
Plot No. 8109, 8110, 8111, 268/1, GIDC Sachin, Surat, Gujarat – 394230
Sachin Unit 2
Plot No. 701, 2419/1, 2419/2, GIDC Sachin, Surat, Gujarat – 394230
Sachin Unit 3
Plot No. 8104 and 8106, GIDC Sachin, Surat, Gujarat – 394230
Jhagadia Unit 4
Plot No. 907/3, 907/4, Jhagadia Industrial Estate, GIDC Jhagadia, Bharuch, Gujarat – 393110
Jhagadia Unit 5
Plot No. 905/1, Jhagadia Industrial Estate, GIDC Jhagadia, Bharuch, Gujarat – 393110
Sachin Unit 6
Plot No. 2423 and 2425,GIDC Sachin, Surat, Gujarat – 394230
CREDIT RATING
The credit rating agency CRISIL Limited has reaffirmed the rating for the debt instruments/ facilities of the 
Company as below:
Long-Term Rating
CRISIL A-/Stable (Reaffirmed)
Short-Term Rating
CRISIL A2+ (Reaffirmed)
ADDRESS FOR CORRESPONDENCE
For shares / debentures 
held in physical form
KFin Technologies Private Limited
Selenium Tower B, Plot 31-32, Financial District, Nanakramguda, Serilingampally 
Mandal, Hyderabad- 500 032, Telangana, India.
E-mail: einward.ris@kfintech.com
Toll Free No.: 1800 425 8998, (From 9:00 a.m. to 6:00 p.m.)
Members of the Company are requested to note that our Registrar and Share 
Transfer Agents have launched a mobile application - KPRISM and a website https://
kprism.kfintech.com/ for our investors. Now you can download the mobile app 
and see your portfolios serviced by KFINTECH. Check Dividend status, request for 
annual reports, change of address, change / update Bank mandate and download 
standard forms. The android mobile application can be downloaded from Play Store 
by searching for “KPRISM”. 
Play Store – 
https://play.google.com/store/apps/details?id=com.karvy.kprismv3
(Android mobile application)
For shares / debentures 
held in demat form
Investors’ concerned Depository Participant(s) and / or KFin Technologies Private 
Limited.
Any query on the 
annual report
Ms Suchi Agarwal, Company Secretary and Compliance Officer
Anupam Rasayan India Limited
8110, GIDC Sachin, Surat, Gujarat – 394230
Time: 11:00 a.m. to 6:00 p.m.
Phone: +91 261 2398992
E-mail: investors@anupamrasayan.com
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Anupam Rasayan India Ltd  |  Annual Report 2020-21
G. DISCLOSURES:
a.	 There were no materially significant related party 
transactions.
b.	 There were no instances of non-compliance or 
penalty, strictures imposed on the Company by 
Stock Exchanges or SEBI or any statutory authority 
on any matter related to capital markets during 
the last three years.
c.	 WHISTLE-BLOWER POLICY
The 
Company 
promotes 
safe, 
ethical 
and 
compliant conduct of all its business activities 
and has in place a mechanism for reporting illegal 
or unethical behaviour. The Company has a Vigil 
Mechanism and Whistle-blower policy under 
which the employees are encouraged to report 
violations of applicable laws and regulations and 
the Code of Conduct without fear of any retaliation. 
The reportable matters may be disclosed to 
the Vigilance Officer under the supervision 
of the Audit Committee. Employees may also 
report violations to the chairperson of the Audit 
Committee. Likewise, the other stakeholders 
including customers, suppliers, service providers 
or any third parties dealing with the Company 
can report violations to the Vigilance Officer or 
Audit Committee. There were no instances of 
denial of access to the Audit Committee. The Vigil 
Mechanism and Whistle-blower Policy is available 
on the website of the Company. Mr Anand Desai 
was appointed as “Vigilance Officer” of the 
Company.
d.	 The Company has complied with the mandatory 
requirements of the Listing Regulations.
e.	 Weblink of Policy on Related Party Transactions 
and 
Material 
Subsidiary 
is: 
https://www.
anupamrasayan.com/policy-on-related-party-
transactions-and-material-subsidiaries/
f.	 No complaints were received during the year in 
relation to the Sexual Harassment of Women at 
Workplace (Prevention, Prohibition and Redressal) 
Act, 2013 (as amended).
g.	 FEES PAID TO THE STATUTORY AUDITORS:
The Company paid total fees of ₹ 2.65 million 
(including statutory audit fees of ₹ 0.60 million and 
other services fees of ₹ 2.05 million) during the year 
ended March 31, 2021, to the statutory auditor M/s 
Rajendra & Co., Chartered Accountants, Mumbai.
h.	 The Company is in compliance with the 
requirements of corporate governance stipulated 
under Regulation 17 to 27, read with Schedule V and 
clauses (b) to (i) of sub-regulation (2) of Regulation 
46 of the Listing Regulations, as applicable with 
regard to corporate governance.
i.	 The Company did not raise any funds through 
preferential allotment or qualified institutions 
placements specified under Regulation 32(7A) 
of the Listing Regulations after the listing of its 
Equity Shares on the stock exchanges on March 
24, 2021.
j.	 The Company has complied with discretionary 
requirements regarding reporting of internal 
auditor. The internal auditor may directly report to 
the Audit Committee.
k.	 The Chairperson of the Company is a non-
executive Director. No remuneration has been 
paid, or expenses have been reimbursed to him to 
perform his duties.
l.	 The financial statements for the financial year 
2020-21 of the Company have been issued with 
unmodified audit opinion.
NO DISQUALIFICATION CERTIFICATE FROM 
COMPANY SECRETARY IN PRACTICE:
Certificate from M.D. Baid & Associates, practicing 
company secretary, confirming that none of the 
Directors on the Board have been debarred or 
disqualified from being appointed or continuing 
as directors of companies by the SEBI, Ministry 
of Corporate Affairs or any such other statutory 
authority, as stipulated under Regulation 34(3) of the 
Listing Regulations, is attached as Annexure I to this 
report.
MD AND CFO CERTIFICATION:
The Managing Director and the Chief Financial 
Officer have given an annual certification on financial 
reporting and internal controls to the Board in terms 
of Regulation 17(8) read with Part B of Schedule 
II of the Listing Regulations which is attached as 
Annexure-II to this Report.
COMPLIANCE CERTIFICATE OF THE AUDITORS:
Certiﬁcate from M.D. Baid and Associates, practicing 
company secretary confirming compliance with 
conditions of corporate governance as stipulated 
under the Listing Regulations, is attached as 
Annexure III to this Report.

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Particulars
No. of 
Shareholders
No. of Shares
Outstanding Shares in the suspense account at beginning of the year
0
0
Transfer of shares from suspense account during the year
0
0
Outstanding Shares in the suspense account at end of the year
8
216
DEMAT SUSPENSE ACCOUNT
CERTIFICATE ON COMPLIANCE WITH CODE OF CONDUCT
I hereby confirm that the Company has obtained from all the members of the Board and Senior Management 
Personnel, the affirmation that they have complied with the ‘Code of Conduct’ in respect of the financial year 
2020-21.
Mr. Anand Desai 
Managing Director
DIN:00038442
Date: September 4, 2021
Place: Surat 
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Annexure I
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 of
Anupam Rasayan India Limited
having its registered office at
8110, GIDC Industrial Estate, Sachin,
Surat, Gujarat-394230
We have examined the relevant registers, records, forms, returns and disclosures received from the Directors 
of Anupam Rasayan India Limited having CIN L24231GJ2003PLC042988 and having registered ofﬁce at 8110, 
GIDC Industrial Estate, Sachin, Surat, Gujarat-394230(hereinafter referred to as ‘the Company’), produced before 
me by the Company for the purpose of issuing this Certiﬁcate, in accordance with Regulation 34(3) read with 
Schedule V Para-C Sub clause 10(i) of the Securities Exchange Board of India (Listing Obligations and Disclosure 
Requirements) Regulations, 2015.
In my opinion and to the best of my 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 me by the Company & its ofﬁcers, I hereby certify that none of the Directors on the Board of the 
Company as stated below for the Financial Year ending on March 31, 2021 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
Director Identiﬁcation Number  Date of appointment
1.
Dr. Kiran Patel
08051053
09.01.2019
2..
Mrs. Mona Desai 
00038429
30.09.2003
3.
Mr. Anand Desai
00038442
30.09.2003
4.
Mr. Milan Thakkar
02470961
10.10.2018
5.
Mr. Hetul Mehta
01650314
09.11.2020
6.
Mr. Vijay Batra
00038275
09.11.2020
7.
Mr. Vinesh Sadekar
00046815
09.11.2020
8.
Dr. Namrata Jariwala
08974528
04.12.2020
Ensuring the eligibility of for the appointment / continuity of every Director on the Board is the responsibility of 
the management of the Company. My responsibility is to express an opinion on these based on my 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.
Date: 15/06/2021
Place: Surat 
For M.D Baid and Associates,
Company Secretaries
Mohan Baid
Company Secretary
ACS No. 3598 C.P. -3873
UDIN: A003598C000464014

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Annexure II
MANAGING DIRECTOR AND CHIEF FINANCIAL OFFICER CERTIFICATE UNDER REGULATION 33(2)(A) OF 
SEBI (LODR) REGULATIONS 2015
To,
The Board of Directors
Anupam Rasayan India Limited
8110, GIDC Industrial Estate, Sachin,
Surat-394230
Compliance with Regulation 17(8) read with Schedule II Part B of SEBI (Listing Obligations and Disclosure 
Requirements) Regulations, 2015
In respect of the Financial Statements of the Company for the Year ended March 31, 2021, we hereby certify that:
(A)	We have reviewed Financial Statements and the Cash Flow Statement of Anupam Rasayan India Limited 
(“the Company”) for the year ended March 31, 2021, and that to the best of our knowledge and belief, we state 
that;
i.	 These statements do not contain any materially untrue statement or omit any material fact or contain 
statements that might be misleading;
ii.	 These statements together   present   a true and fair view of the company’s affairs and are in compliance 
with existing accounting standards, applicable laws and regulations.
(B)	There are, to the best of our knowledge and belief, no transactions entered into by the Company during the 
year which are fraudulent, illegal or in violation of the Company’s Code of Conduct.
(C)	We accept responsibility for establishing and maintaining internal controls for ﬁnancial reporting, and that 
we have evaluated the effectiveness of internal controls systems of the  Company pertaining to the financial 
reporting and we have disclosed to the Auditors and the Audit Committee, deficiencies, if any, in the design 
or operation of such internal controls, if  any, of which we are aware and steps taken or proposed to be taken 
for rectifying these deficiencies.
(D)	We have indicated to the Auditors and the Audit committee:
i.	 that there were no signiﬁcant changes in internal controls over ﬁnancial reporting during the year; and
ii.	 that there were no significant changes in accounting policies made during the year except as disclosed 
in the notes to the consolidated ﬁnancial statements; and
iii.	 that there were no instances of significant fraud of which we have become aware of, involving the 
management or an employee having significant role in the Company’s internal control system over 
financial reporting.
Date: June 12, 2021
Place: Surat
Anand Desai
Managing Director
Afzal Malkani
Chief Financial Officer
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Annexure III
CERTIFICATE ON COMPLIANCE WITH THE CONDITIONS OF CORPORATE GOVERNANCE AS PER 
PROVISIONS OF CHAPTER IV OF SECURITIES AND EXCHANGE BOARD OF INDIA (LISTING OBLIGATIONS 
AND DISCLOSURE REQUIREMENTS) REGULATIONS, 2015
To the members of 
Anupam Rasayan India Limited
We, M.D. Baid and Associates, Practicing Company Secretaries have examined the compliances of the 
conditions of Corporate Governance Report by Anupam Rasayan India Limited (“Company”), for the year ended 
March 31, 2021, as stipulated in Regulation 17 to 27, clause (b) to (i) of Regulation 46(2) and para C and D of 
Schedule V of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements), 2015 
(“Listing Regulations”). 
Management’s Responsibility
The compliance of conditions of Corporate Governance is the responsibility of the Management. This 
responsibility includes the design, implementation and maintenance of internal control and procedures to 
ensure compliance with the conditions of the Corporate Governance stipulated in the SEBI Listing Regulations.
Auditor’s Responsibility 
Our responsibility is limited to examining the procedures and implementation thereof, adopted by the Company 
for ensuring compliance with the conditions of Corporate Governance. It is neither an audit nor an expression 
of opinion on the financial statements of the Company.
We have examined the books of account and other relevant records and documents maintained by the Company 
for the purpose of providing reasonable assurance on compliance with Corporate Governance requirements by 
the Company.
Opinion 
Based on our examination of the relevant records and according to the information and explanations provided 
to us and the representations provided by the Management, we certify that the Company has complied with the 
conditions of Corporate Governance as stipulated in regulations 17 to 27 and clauses (b) to (i) of regulation 46(2) 
and para C and D of Schedule V of the Listing Regulations during the year ended March 31, 2021.  
We state that such compliance is neither an assurance as to the future viability of the Company nor the 
efficiency or effectiveness with which the Management has conducted the affairs of the Company.
Place: Surat
Date: 22/07/2021
For M.D Baid & Associates,
Company Secretaries
CS Mohan Baid
Partner
M. No. ACS 3598 CP No.: 3873
PRN: 942/2020 
UIN: P2004GJ015700
UDIN: A003598C000671386

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Independent Auditor’s Report
To,
The Members of
Anupam Rasayan India Limited
Report on the Audit of Standalone Financial 
Statements
OPINION
We have audited the accompanying standalone 
financial statements of Anupam Rasayan India 
Limited (the “Company”), which comprise the Balance 
Sheet as at March 31, 2021, and the Statement of Profit 
and Loss (including Other Comprehensive Income), 
Statement of Changes in Equity and the Statement 
of Cash Flows for the year then ended, and notes 
to the standalone financial statements, including a 
summary of significant accounting policies and other 
explanatory information (hereinafter referred to as 
“standalone financial statements”).
In our opinion and to the best of our information 
and according to the explanations given to us, the 
aforesaid standalone financial statements give the 
information required by the Companies Act, 2013 (the 
“Act”) in the manner so required and give a true and fair 
view in conformity Standards with Indian Accounting 
prescribed under Section 133 of the Act read with 
the Companies (Indian Accounting Standards) Rules 
2015, as amended (“Ind AS”) and other accounting 
principles generally accepted in India, of the state 
of affairs of the Company as at March 31, 2021 and 
its profit including other comprehensive income, 
changes in equity and its cash outflow for the year 
ended on that date.
BASIS FOR OPINION
We conducted audit of the standalone financial 
statements in accordance with the Standards on 
Auditing (SAs) specified under section 143(10) of 
the Companies Act, 2013. 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 standalone financial statements under the 
provisions of the Act and the Rules thereunder, and 
we have fulfilled our other ethical responsibilities in 
accordance with these requirements and the ICAI’s 
Code of Ethics. We believe that the audit evidence 
obtained by us is sufficient and appropriate to provide 
a basis for our audit opinion on the standalone 
financial statements.
KEY AUDIT MATTERS
Key audit matters are those matters that, in our 
professional judgement, were of most significance 
in our audit of the Standalone Financial Statements 
for the financial year ended March 31, 2021. These 
matters were addressed in the context of our audit of 
the Standalone Financial Statements as a whole, and 
in forming our opinion thereon, and we do not provide 
a separate opinion on these matters. For each matter 
below, our description of how our audit addressed the 
matter is provided in that context.
We have determined the matters described below 
to be the key audit matters to be communicated 
in our report. We have fulfilled the responsibilities 
described in the Auditors’ responsibilities for the 
audit of the Standalone Financial Statements section 
of our report, including in relation to these matters. 
Accordingly, our audit included the performance of 
procedures designed to respond to our assessment of 
the risks of material misstatement of the Standalone 
Financial Statements. The results of our audit 
procedures, including the procedures performed 
to address the matters below, provide the basis for 
our audit opinion on the accompanying Standalone 
Financial Statements.
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The key audit matters
How our audit addressed the key audit matter
Revenue recognition – Ind AS 115
The Company recognises revenue when the control 
over the underlying products has been transferred to 
the customer.
Due to the Company’s sales under various contractual 
terms and across the country, delivery to customers 
in different regions might take different time periods 
and may result in undelivered goods at the period end. 
We consider a risk of misstatement of the Financial 
Statements related to transactions occurring close to 
the year end, as these transactions could be recorded 
in the incorrect financial period (cut-off).
Our audit procedures included:
•	
Focusing on the Company’s revenue recognition 
for compliance with Ind AS;
•	
Testing the design, implementation and operating 
effectiveness of the Company’s manual and 
automated (Information Technology - IT) controls 
on recording revenue.
•	
Performing testing on selected statistical samples 
of revenue transactions recorded during the 
year. We verified contractual terms of invoices, 
acknowledged delivery receipts and tested the 
transit time to deliver the goods. Our tests of detail 
focused on cut-off samples to verify that only 
revenue pertaining to current year is recognized 
based on terms and conditions set out in sales 
contracts and delivery documents.
INFORMATION OTHER THAN THE STANDALONE 
FINANCIAL STATEMENTS AND AUDITOR’S 
REPORT THEREON
The Board of Directors of the Company are responsible 
for the preparation of other information. The other 
information comprise the information included in the 
Annual report, but does not include the standalone 
financial statements and our auditor’s report. Our 
opinion on the standalone financial statements does 
not cover the other information and we do not express 
any form of assurance conclusion thereon.
In connection with our audit of the standalone 
financial statements, our responsibility is to read the 
other information and, in doing so, consider whether 
the other information is materially inconsistent with 
the standalone financial statements or our knowledge 
obtained during the course of our audit or otherwise 
appears to be materially misstated. If, based on the 
work we have performed, we conclude that there is 
material misstatement of this other information, we 
are required to report that fact. We have nothing to 
report in this regard.
RESPONSIBILITIES OF MANAGEMENT AND 
THOSE CHARGED WITH GOVERNANCE FOR THE 
STANDALONE FINANCIAL STATEMENTS
The Company’s Management and Board of Directors 
are responsible for the matters stated in section 
134(5) of the Act with respect to the preparation of 
these standalone financial statements that give a 
true and fair view of the financial position, financial 
performance including other comprehensive income, 
cash flows and changes in equity of the Company in 
accordance with the Ind AS and 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 the assets of the respective 
Companies 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 standalone 
financial statements that give a true and fair view and 
are free from material misstatement, whether due to 
fraud or error.
In preparing the standalone financial statements, 
Management and Board of Directors are responsible 
for assessing the Company’s ability to continue as 
a going concern, disclosing, as applicable, matters 
related to going concern and using the going concern 
basis of accounting unless the Board of Directors 
either intends to liquidate the Company or to cease 
operations, or has no realistic alternative but to do so. 
The Company’s Management and Board of Directors 
is also responsible for overseeing the Company’s 
financial reporting process.
AUDITOR’S RESPONSIBILITY FOR THE AUDIT OF 
THE STANDALONE FINANCIAL STATEMENTS
Our objectives are to obtain reasonable assurance 
about whether the standalone financial statements as 
a whole are free from material misstatement, whether 
due to fraud or error, and to issue an auditor’s report 
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03
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03
that includes our opinion. Reasonable assurance 
is a high level of assurance, but is not a guarantee 
that an audit conducted in accordance with SAs will 
always detect a material misstatement when it exists. 
Misstatements can arise from fraud or error and are 
considered material if, individually or in the aggregate, 
they could reasonably be expected to influence the 
economic decisions of users taken on the basis of 
these standalone financial statements.
As part of an audit in accordance with SAs, we exercise 
professional judgment and maintain professional 
skepticism throughout the audit. We also:
•	
Identify and assess the risks of material 
misstatement 
of 
the 
standalone 
financial 
statements, whether due to fraud or error, design 
and perform audit procedures responsive to those 
risks, and obtain audit evidence that is sufficient 
and appropriate to provide a basis for our opinion. 
The risk of not detecting a material misstatement 
resulting from fraud is higher than for one resulting 
from error, as fraud may involve collusion, forgery, 
intentional omissions, misrepresentations, or the 
override of internal control.
•	
Obtain an understanding of internal financial 
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 systems 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 management’s 
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 
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 standalone 
financial statements or, if such disclosures are 
inadequate, to modify our opinion. Our conclusions 
are based on the audit evidence obtained up to 
the date of our 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 standalone 
financial statements represent the underlying 
transactions and events in a manner that achieves 
fair presentation.
Materiality is the magnitude of misstatements in the 
standalone financial statements that, individually or 
in aggregate, makes it probable that the economic 
decisions of a reasonably knowledgeable user of the 
standalone financial statements may be influenced. 
We consider quantitative materiality and qualitative 
factors in (i) planning the scope of our audit work 
and in evaluating the results of our work; and (ii) to 
evaluate the effect of any identified misstatements in 
the standalone financial statements.
We communicate with those charged with governance 
regarding, among other matters, the planned scope 
and timing of the audit and significant audit findings, 
including any significant deficiencies in internal 
control that we identify during our audit.
We also provide those charged with governance with 
a statement that we have complied with relevant 
ethical requirements regarding independence, and to 
communicate with them all relationships and other 
matters that may reasonably be thought to bear on 
our independence, and where applicable, related 
safeguards.
From the matters communicated with those charged 
with governance, we determine those matters 
that were of most significance in the audit of the 
standalone financial statements of the current period 
and are therefore the key audit matters. We describe 
these matters in our auditors’ 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
1.	 As required by the Companies (Auditor’s Report) 
Order, 2016 (“the Order”), issued by the Central 
Government of India in terms of subsection (11) of 
section 143 of the Companies Act, 2013, we give 
in the Annexure A, a statement on the matters 
specified in paragraphs 3 and 4 of the Order, to the 
extent applicable.
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2.	 As required by Section 143(3) of the Act, we report 
that:
a)	 We have sought and obtained all the 
information and explanations which to the best 
of our knowledge and belief were necessary for 
the purposes of our audit.
b)	 In our opinion, proper books of account as 
required by law have been kept by the Company 
so far as it appears from our examination of 
those books.
c)	 The Balance Sheet, the Statement of Profit and 
Loss including Other Comprehensive Income 
and Statement of changes in equity and the 
Cash Flow Statement dealt with by this Report 
are in agreement with the books of account.
d)	 In our opinion, the aforesaid Indian Accounting 
Standard financial statements comply with 
the Accounting Standards specified under 
Section 133 of the Act, read with Rule 7 of the 
Companies (Accounts) Rules, 2014.
e)	 On the basis of the written representations 
received from the directors as on 31st March, 
2021 taken on record by the Board of Directors, 
none of the directors is disqualified as on 31st 
March, 2021 from being appointed as a director 
in terms of Section 164 (2) of the Act.
f)	 With respect to the adequacy of the internal 
financial controls over financial reporting of 
the Branch and the operating effectiveness of 
such controls, refer to our separate report in 
"Annexure B".
g)	 With respect to the other matters to be 
included in the Auditor’s Report in accordance 
with Rule 11 of the Companies (Audit and 
Auditors) Rules, 2014, in our opinion and to 
the best of our information and according to 
the explanations given to us:
i.	 The Company does not have any pending 
litigations which would impact its financial 
position;
ii.	 The Company has made provision, as 
required under the applicable law or 
accounting 
standards, 
for 
material 
foreseeable losses, if any, on long-term 
contracts including derivative contracts;
iii.	There were no amounts which were 
required to be transferred to the Investor 
Education and Protection Fund by the 
Company.
3.	 With respect to the matter to be included in the 
Auditors’ Report under section 197(16):
In our opinion and according to the information 
and explanations given to us, the remuneration 
paid by the Company to its directors during the 
current year is in accordance with the provisions 
of Section 197 of the Act. The remuneration paid 
to any director is not in excess of the limit laid 
down under Section 197 of the Act. The Ministry 
of Corporate Affairs has not prescribed other 
details under Section 197(16) which are required 
to be commented upon by us.
For Rajendra & Co Chartered Accountants
Firm’s Registration No. 108355W
Place: Mumbai
Date: 12th June, 2021
Akshay R. Shah 
Partner
Membership No. 103316 
UDIN: 21103316AAAAGR9724

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Annexure “A” to the Independent Auditor’s Report
(Referred to in paragraph 1 under ‘Report on Other Legal and Regulatory Requirements’ section of our report to 
the Members of Anupam Rasayan India Limited of even date)
(i)     (a)	The company has maintained proper records 
showing full particulars including quantitative 
details and situation of fixed assets on the 
basis of available information.
(b)	As explained to us, all the fixed assets have 
been physically verified by the management 
in a phased periodical manner, which in our 
opinion is reasonable, having regard to the 
size of the Company and nature of its assets. 
No material discrepancies were noticed on 
such physical verification.
(c)	The title deeds of immovable properties 
recorded as fixed assets in the books of 
account of the company are in the name of 
the company.
(ii)	 Based on records verified and information and 
explanation given by the management, physical 
verification of inventories is conducted by the 
management at reasonable intervals and no 
physical discrepancies were noticed during the 
year.
(iii)	 According to the information and explanations 
given to us, the Company has not granted any 
loans, secured or unsecured to companies, firms, 
limited liability partnerships or other parties 
covered in the register maintained under Section 
189 of the Act and hence reporting under clause 
(iii) (a) to clause (iii) (c) of paragraph 3 of the 
Order is not applicable to the Company.
(iv)	 According to the information and explanations 
given to us, the Company has not directly or 
indirectly advanced any loan to the person or 
given guarantees or securities in connection 
with the loan taken by persons covered under 
Section 185 of the Act and hence clause (IV) of 
paragraph 3 of the order is not applicable to the 
Company. The Company has complied with the 
provisions of section 186 of the Act, in respect of 
investments, loans, guarantee or security given, 
as applicable.
(v)	 In our opinion and according to the information 
and explanations given to us, the company has 
not accepted any deposits within the meaning 
of Sections 73 to 76 or any other relevant 
provisions of the Companies Act, 2013 and the 
Companies (Acceptance of Deposits) Rules, 2014. 
Consequently, the clause 3 (v) is not applicable 
to the Company.
(vi)	 In our opinion the maintenance of cost records 
has been specified by the Central Government 
sub section (1) of section 148 of the Act and such 
accounts and records have been so made and 
maintained by the company. We have however, 
not made a detailed examination of the records 
with a view to determining whether they are 
accurate or complete.
(vii)	In respect of statutory dues:
a)	 According to the records of the Company, 
undisputed statutory dues including Provident 
Fund, Employees' State Insurance, Income 
Tax, Sales Tax, Service Tax, Goods and Service 
Tax, duty of Customs, Duty of Excise, Value 
Added Tax, Cess, and other material statutory 
dues have been generally regularly deposited 
with the appropriate authorities. According 
to the information and explanations given to 
us, no undisputed amounts payable in respect 
of the aforesaid dues were outstanding as at 
31st March, 2021 for a period of more than six 
months from the date of becoming payable.
b)	 According to the records made available to us 
and the information and explanations given 
by the management, there are no disputed 
statutory dues on account of income tax or 
sales tax or service tax or goods and service 
tax or duty of customs or duty of excise or 
value added tax that have not been deposited 
on account of matters pending before 
appropriate authorities.
(viii)	According to the records made available to us and, 
the information and explanations given by the 
management and based on our audit procedures, 
we are of the opinion that the Company has not 
defaulted in repayment of dues to any financial 
institution, bank, and government or debenture 
holders.
(ix)	 In our opinion and according to the information 
and explanations given to us, the money raised 
by way of initial public offer (IPO) or further public 
offer (including debt instruments) and term 
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loans, by the company during the year have been 
applied for the purposes for which they were 
obtained except the unutilized sums of J 2,812.18 
millions raised by way of IPO are lying with Bank 
Accounts and Fixed Deposits with Banks which 
are pending for utilization.
(x)	 In our opinion, based on the audit procedures 
performed for the purpose of reporting the 
true and fair view of the Standalone Financial 
Statements 
and 
as 
per 
information 
and 
explanations given to us, no fraud by the 
Company or on the Company by its officers or 
employees has been noticed or reported during 
the year.
(xi)	 In our opinion and according to the information 
and explanations given to us managerial 
remuneration has been paid or provided in 
accordance 
with 
the 
requisite 
approvals 
mandated by the provisions of Section 197 read 
with Schedule V to the Companies Act, 2013.
(xii)	In our opinion Company is not a Nidhi Company 
and hence reporting under, the provisions of 
clause (xii) of paragraph 3 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 
with related parties are in compliance with 
sections 177 and 188 of the Act and details of 
related party transactions have been disclosed in 
the Standalone Financial Statements as required 
by the applicable accounting standards.
(xiv)	According to the records verified and, information 
and explanations provided to us, the company 
has complied with the provisions of section 42 
of the Act, while making preferential allotment 
or private placement of equity shares during the 
year and the funds so raised are applied for the 
purpose for which those were raised.
(xv)	In our opinion and according to the information 
and explanations given to us, during the year, 
the Company has not entered into any non-
cash transaction with the directors or persons 
connected with him and covered under section 
192 of the Act and hence reporting under clause 
(xv) of the paragraph 3 of the Order is not 
applicable to the Company.
(xvi)	According to the information and explanation 
provided by the management, the company is 
not required to be registered under section 45-IA 
of the Reserve Bank of India Act, 1934.
For Rajendra & Co Chartered Accountants
Firm’s Registration No. 108355W
Place: Mumbai
Date: 12th June, 2021
Akshay R. Shah 
Partner
Membership No. 103316 
UDIN: 21103316AAAAGR9724

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Annexure “B” to the Independent Auditor’s Report on the 
Standalone Financial Statements of the Anupam Rasayan 
India Limited
(Referred to in paragraph 2 (f) under ‘Report on Other Legal and Regulatory Requirements’ of our report of even 
date)
Report on the Internal Financial Controls with 
reference to Standalone Financial Statements under 
Clause (i) of Sub-section 3 of Section 143 of the 
Companies Act, 2013 (“the Act”)
We have audited the internal financial controls with 
reference to standalone financial statements of 
Anupam Rasayan India Limited (the “Company”) as 
at March 31, 2021 in conjunction with our audit of 
the standalone Ind AS financial statements of the 
Company as for the year ended on that date.
In our opinion, the Company has, in all material 
respects, adequate internal financial controls with 
reference to standalone financial statements and such 
internal financial controls were operating effectively 
as at March 31, 2021, based on the internal financial 
controls with reference to financial statements 
criteria established by the Company considering the 
essential components of internal control stated in the 
Guidance Note on Audit of Internal Financial Controls 
With reference to standalone financial statements 
issued by the Institute of Chartered Accountants of 
India (the “Guidance Note”).
MANAGEMENT’S RESPONSIBILITY FOR THE 
FINANCIAL STATEMENTS
The Company’s management is responsible for 
establishing and maintaining internal financial 
controls based on the internal control with 
reference to standalone 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 With 
reference to standalone financial statements (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 its business, including adherence 
to company’s policies, the safeguarding of its assets, 
the prevention and detection of frauds and errors, 
the accuracy and completeness of the accounting 
records, and the timely preparation of reliable 
financial information, as required under the Act.
AUDITOR’S RESPONSIBILITY
Our responsibility is to express an opinion on the 
Company's internal financial controls with reference 
to standalone financial statements based on our 
audit. We conducted our audit in accordance with the 
Guidance Note issued by ICAI and the Standards on 
auditing prescribed under Section 143(10) of the Act, 
to the extent applicable to an audit of internal financial 
controls. 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 standalone financial 
statements was established and maintained and 
if such controls operated effectively in all material 
respects.
Our audit involves performing procedures to 
obtain audit evidence about the adequacy of the 
internal financial controls system with reference to 
standalone financial statements and their operating 
effectiveness. Our audit of internal financial controls 
with reference to standalone financial statements 
included obtaining an understanding of internal 
financial controls with reference to standalone 
financial statements, 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 judgment, including 
the assessment of the risks of material misstatement 
of the Standalone Financial Statements, whether due 
to fraud or error.
We believe that the audit evidence we have obtained 
is sufficient and appropriate to provide a basis for 
our audit opinion on the Company’s internal financial 
controls system with reference to standalone 
financial statements.
MEANING OF INTERNAL FINANCIAL CONTROLS 
WITH REFERENCE TO STANDALONE FINANCIAL 
STATEMENTS
A 
company's 
internal 
financial 
control 
with 
reference to standalone financial statements is a 
process designed to provide reasonable assurance 
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Anupam Rasayan India Ltd  |  Annual Report 2020-21
regarding the reliability of financial reporting 
and the preparation of Standalone Financial 
Statements for external purposes in accordance 
with generally accepted accounting principles. 
A company's internal financial control with 
reference to standalone financial statements 
includes those policies and procedures that (1) 
pertain to the maintenance of records that, in 
reasonable detail, accurately and fairly reflect the 
transactions and dispositions of the assets of the 
company; (2) provide reasonable assurance that 
transactions are recorded as necessary to permit 
preparation of Standalone 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 Standalone Financial 
Statements.
INHERENT LIMITATIONS OF INTERNAL 
FINANCIAL CONTROLS WITH REFERENCE TO 
STANDALONE FINANCIAL STATEMENTS
Because of the inherent limitations of internal 
financial controls with reference to standalone 
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 standalone 
financial statements to future periods are subject 
to the risk that the internal financial control with 
reference to standalone financial statements 
may become inadequate because of changes in 
conditions, or that the degree of compliance with 
the policies or procedures may deteriorate.
For Rajendra & Co Chartered Accountants
Firm’s Registration No. 108355W
Place: Mumbai
Date: 12th June, 2021
Akshay R. Shah 
Partner
Membership No. 103316 
UDIN: 21103316AAAAGR9724

123
CORPORATE OVERVIEW
01
STATUTORY REPORTS
02
FINANCIAL STATEMENTS
03
Standalone Balance Sheet
As At March 31, 2021
 Amount in Millions 
Particulars
Note No.
 As at 31-03-2021 
 As at 31-03-2020 
I. ASSETS:
Non-Current Assets
Property, Plant and Equipment
2
 10,665.04 
 9,261.71 
Rights-of-Use Assets
3
 378.79 
 392.82 
Capital Work-in-Progress
2
 424.47 
 1,007.53 
Intangible Assets
2
 115.87 
 127.93 
Financial Assets
      Investments
4
 0.10 
 4.10 
      Other Financial Assets
5
 32.49 
 29.83 
Other Non-Current Assets
6
 217.90 
 308.61 
 11,834.65 
 11,132.53 
Current assets
Inventories
7
 4,912.10 
 2,967.28 
Financial Assets
      Trade Receivables
8
 2,054.89 
 1,294.94 
      Cash & Cash Equivalents
9
 2,410.49 
 198.56 
      Other Bank Balance
10
 545.41 
 68.12 
      Loans
11
 114.36 
 139.21 
      Other Financial Assets
12
 356.20 
 254.61 
Other Current Assets
13
 725.08 
 572.92 
 11,118.54 
 5,495.64 
TOTAL ASSETS
 22,953.19 
 16,628.17 
II. EQUITY AND LIABILITIES:
Equity
Equity Share Capital
14
 999.22 
 500.00 
Other Equity
14
 14,726.86 
 5,431.11 
Total Equity
 15,726.08 
 5,931.11 
Non-Current Liabilities
Financial Liabilities
      Borrowings
15
 2,473.89 
 5,247.38 
      Other Financial Liabilities
16
 322.32 
 329.61 
Deferred Tax Liabilities (Net)
35
 243.43 
 190.44 
 3,039.64 
 5,767.43 
Current Liabilities
Financial Liabilities
      Borrowings
17
 427.75 
 2,365.59 
      Trade Payables:
            Due to Micro and Small Enterprises
18
 3.30 
 - 
            Due to other than Micro and Small Enterprises
18
 1,982.22 
 1,297.65 
      Current maturities of long term borrowings
19
 961.44 
 566.72 
      Other Financial Liabilities
20
 270.54 
 96.51 
Provisions
21
 152.58 
 7.24 
Other Current Liabilities
22
 300.92 
 528.72 
Current Tax Liabilities (Net)
23
 88.71 
 67.20 
 4,187.47 
 4,929.63 
TOTAL EQUITY AND LIABILITIES
 22,953.19 
 16,628.17 
The accompanying notes are an integral part of the Standalone Financial 
Statements
2-43
As per our report of even date
For and on behalf of the Board,
For Rajendra & Co.
Chartered Accountants
Firm Reg. No. 108355W
Anand Desai 
Managing Director
(DIN: 00038442)
Mona Desai
Whole time Director 
(DIN: 00038429)
Suchi Agarwal
Company Secretary 
& Compliance officer
Afzal Malkani
Chief Financial Officer
Akshay R. Shah 
Partner
Mem. No. 103316
Date : June 12, 2021
Place : Surat
Date : June 12, 2021
Place : Mumbai
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Anupam Rasayan India Ltd  |  Annual Report 2020-21
Statement Of Standalone Profit And Loss
For The Year Ended March 31, 2021
Amount in millions except earning per share
Particulars
Note No.
For 31-03-2021
For 31-03-2020
INCOME:
Revenue from Operations (a)
24
 8,108.88 
 5,288.80 
Other Income (b)
25
 264.31 
 108.79 
Total Revenue (a)+(b)
 8,373.19 
 5,397.58 
EXPENSES:
Cost of Materials Consumed
26
 4,704.05 
 2,956.37 
Purchase of Stock in Trade
 - 
 6.20 
Changes in Inventories of Finished Goods, Work-in-Progress and 
Stock-in-Trade
26
 (1,307.10)
 (853.33)
Employee Benefits Expense
27
 324.43 
 210.88 
Finance Costs
28
 685.43 
 452.61 
Depreciation, Amortization and Impairment Expense
2
 516.52 
 287.12 
Other Expenses
29
 2,455.62 
 1,623.99 
Total Expenses
 7,378.95 
 4,683.85 
Profit Before Tax
 994.24 
 713.73 
Tax Expenses
      Current tax
 175.29 
 128.36 
      Deferred tax
 52.99 
 55.45 
      Short Provision of Tax Expenses  of earlier year(s)
 66.74 
 - 
Profit for the year
 699.21 
 529.92 
Other Comprehensive Income
A Items that will not be reclassified to Profit or Loss :
Gain/(loss) on remeasurements of the defined benefits plan
30
 (14.44)
 6.20 
Income tax (expenses)/income on remeasurements of the defined 
benefits plan
 2.52 
 (1.08)
 (11.91)
 5.12 
B Items that may be reclassified to Profit or Loss :
Effective portion of gain/(loss) on hedging instruments in a cash 
flow hedge
30
 5.38 
 (27.11)
Income tax (expenses)/income on effective portion of gain/(loss) 
on hedging instruments in a cash flow hedge
 (0.94)
 4.74 
 4.44 
 (22.37)
Other Comprehensive Income for the year (Net of Tax)
 (7.47)
 (17.26)
Total Comprehensive Income for the year
 691.75 
 512.67 
Earning per equity shares
Basic Earnings per Equity Share 
34
 8.51 
 10.60 
Diluted Earnings per Equity Share
 8.51 
 6.94 
Face value per Equity Share
 10.00 
 10.00 
The accompanying notes are an integral part of the Standalone 
Financial Statements
2-43
As per our report of even date
For and on behalf of the Board,
For Rajendra & Co.
Chartered Accountants
Firm Reg. No. 108355W
Anand Desai 
Managing Director
(DIN: 00038442)
Mona Desai
Whole time Director 
(DIN: 00038429)
Suchi Agarwal
Company Secretary 
& Compliance officer
Afzal Malkani
Chief Financial Officer
Akshay R. Shah 
Partner
Mem. No. 103316
Date : June 12, 2021
Place : Surat
Date : June 12, 2021
Place : Mumbai

125
CORPORATE OVERVIEW
01
STATUTORY REPORTS
02
FINANCIAL STATEMENTS
03
125
Standalone Cash Flow Statement
For The Year Ended March 31, 2021
 Amount in Millions 
Particulars
Note No.
 As at 31-03-2021 
 As at 31-03-2020 
A. Cash flow from operating activities:
Net profit/(loss) before tax and extraordinary items:
-
 994.24 
 713.73 
Adjustments for:
Financial charges
-
 685.43 
 452.61 
Depreciation & amortization
-
 516.52 
 287.12 
(Profit)/loss on sale of fixed assets
-
 1.79 
 (3.00)
(Profit)/loss on sale of Investments
-
 (0.01)
 - 
ESOP Expenses
-
 6.35 
 - 
Lease charges
-
 0.96 
 - 
Bad Debts/Advance written off
-
 7.47 
 10.36 
Unrealised exchange differences
-
 (21.99)
 62.35 
Operating profit before working capital changes
 2,190.75 
 1,523.17 
Adjustments for:
-
(Increase)/decrease in inventories
-
 (1,944.83)
 (1,013.83)
(Increase)/decrease in trade and other receivables
-
 (1,099.20)
 18.40 
(Increase)/decrease in loans and advances
-
 24.85 
 (65.08)
(Increase)/decrease in other non current assets
-
 4.08 
 (1.22)
Increase/(decrease) in trade payables & other liabilities
-
 1,006.97 
 577.57 
Cash generated from operations before extra ordinary items
 182.63 
 1,039.01 
Direct taxes refund/(paid) [net]
-
 (173.64)
 (91.49)
Net cash generated from / (utilized in) operations
 8.99 
 947.52 
B. Cash flow from investing activities:
Acquisition of fixed assets
-
 (1,454.35)
 (1,801.95)
Proceeds from sale of fixed assets
-
 2.89 
 4.57 
Sale of non-current investments
-
 4.01 
 - 
Movement in Bank Fixed Deposits
-
 (477.29)
 17.35 
Net cash generated from / (utilized in) investing activities
 (1,924.75)
 (1,780.03)
C. Cash flow from financing activities:
Financial charges (interest paid)
-
 (685.30)
 (437.86)
Payment of lease liabilities
-
 (10.59)
 (71.27)
(Repayments)/Proceeds from non-current borrowings
-
 (2,340.18)
 427.08 
(Repayments)/Proceeds from other borrowings (net)
-
 (1,903.20)
 746.86 
Proceeds from fresh issue of Equity share capital
-
 217.97 
 34.98 
Security premium received
-
 9,218.03 
 318.69 
Payment for share issue costs
-
 (339.04)
 - 
Net cash generated from financing activities
 4,157.70 
 1,018.48 
Net (decrease)/increase in cash and cash equivalents
-
 2,241.94 
 185.97 
Cash and cash equivalents at beginning of the Year
-
 168.55 
 (17.42)
Cash and cash equivalents at closing of the Year
-
 2,410.49 
 168.55 
Cash and cash equivalents comprise of:
Cash on Hand
 5.36 
 3.67 
Bank Overdraft and other short term facilities 
 - 
 (30.01)
Balance with Scheduled Banks in Current accounts
 2,404.80 
 194.58 
Balance in foreign currency
 0.33 
 0.31 
 2,410.49 
 168.55 
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Anupam Rasayan India Ltd  |  Annual Report 2020-21
CHANGE IN LIABILITY ARISING FROM FINANCING ACTIVITIES
 Amount in Millions
Particulars
As at
31-03-2020
Cash Flow
Foreign Exchange 
Difference
As at
31-03-2021
Borrowing - Non Current (Refer Note No. 15)
 5,814.11 
 (2,339.67)
 (39.10)
 3,435.33 
Borrowing - Current (Refer Note No. 17)
 2,365.59 
 (1,933.20)
 (4.64)
 427.75 
Total
 8,179.70 
 (4,272.88)
 (43.74)
 3,863.08 
 Amount in Millions
Particulars
As at
31-03-2019
Cash Flow
Foreign Exchange 
Difference
As at
31-03-2020
Borrowing - Non Current (Refer Note No. 15)
 5,082.47 
 427.08 
 304.56 
 5,814.11 
Borrowing - Current (Refer Note No. 17)
 1,538.82 
 911.15 
 (84.38)
 2,365.59 
Total
 6,621.29 
 1,338.23 
 220.18 
 8,179.70 
As per our report of even date
For and on behalf of the Board,
For Rajendra & Co.
Chartered Accountants
Firm Reg. No. 108355W
Anand Desai 
Managing Director
(DIN: 00038442)
Mona Desai
Whole time Director 
(DIN: 00038429)
Suchi Agarwal
Company Secretary 
& Compliance officer
Afzal Malkani
Chief Financial Officer
Akshay R. Shah 
Partner
Mem. No. 103316
Date : June 12, 2021
Place : Surat
Date : June 12, 2021
Place : Mumbai

127
CORPORATE OVERVIEW
01
STATUTORY REPORTS
02
FINANCIAL STATEMENTS
03
A. EQUITY SHARE CAPITAL 
Amount in Millions
Particulars
31-03-2021
31-03-2020
 No. of shares 
 Amount (₹) 
 No. of shares 
Amount (₹)
Issued, subscribed and fully paid up equity shares 
outstanding at the beginning of the year
 5,00,00,100 
 500.00 
 5,00,00,100 
 500.00 
Shares issued during the year*
 2,17,97,391 
 217.97 
 - 
 - 
Conversion of Compulsorily convertible preference 
shares into Equity shares
 2,81,24,900 
 281.25 
 - 
 - 
Issued, subscribed and fully paid up equity shares 
outstanding at the end of the year
 9,99,22,391 
 999.22 
 5,00,00,100 
 500.00 
B. OTHER EQUITY
Amount in Millions
Particulars
Compulsorily 
Convertible 
Preference 
Shares
Securities 
Premium
Reserves and surplus
Share 
Based 
Payment 
Reserve
Other Comprehensive 
Income
Total 
Equity
General 
Reserve
Retained 
Earnings
 Cash 
flow 
hedging 
reserve 
 FVTOCI 
Balance as at 01-04-2019
 246.27 
 2,108.83 
 1.02 
 2,206.23 
 - 
 0.75 
 1.68 
 4,564.78 
Profit for the year (a)
 - 
 - 
 - 
 529.92 
 - 
 - 
 - 
 529.92 
Other Comprehensive Income (b)
 - 
 - 
 - 
 - 
-
 (22.38)
 5.12 
 (17.27)
Total Comprehensive Income for the year 
(a+b)
 - 
 - 
 - 
 529.92 
 - 
 (22.38)
 5.12 
 512.66 
Issue of compulsorily convertible preference 
shares
 34.98 
 318.69 
 - 
 - 
 - 
 - 
 - 
 353.67 
Balance as at 31-03-2020
 281.25 
 2,427.52 
 1.02 
 2,736.16 
 - 
 (21.63)
 6.80 
 5,431.11 
Balance as at 01-04-2020
 281.25 
 2,427.52 
 1.02 
 2,736.16 
 - 
 (21.63)
 6.80 
 5,431.11 
Profit for the year (a)
 - 
 - 
 - 
 699.21 
 - 
 - 
 - 
 699.21 
Other Comprehensive Income (b)
 - 
 - 
 - 
 - 
 - 
 4.44 
 (11.91)
 (7.47)
Total Comprehensive Income for the year 
(a+b)
 - 
 - 
 - 
 699.21 
 - 
 4.44 
 (11.91)
 691.74 
Issue of Equity shares*
 - 
 9,218.03 
 - 
 - 
 - 
 - 
 - 
 9,218.03 
Issue of share options granted
 - 
 - 
 - 
 - 
 6.35 
-
-
 6.35 
Preference share dividend paid during the 
year
-
-
-
 (0.08)
-
-
-
 (0.08)
Share issue expenses
-
 (339.04)
-
-
-
-
-
 (339.04)
Conversion of Preference shares into Equity 
shares
 (281.25)
-
-
-
-
-
-
 (281.25)
Balance as at 31-03-2021
 - 
 11,306.51 
 1.02 
 3,435.29 
 6.35 
 (17.18)
 (5.12)
14,726.86 
*The Company has completed Initial Public Offerings (IPO) of 1,37,15,495 shares of INR 10/- each ( Issued 1,34,95,495 Equity Shares at an offer price of INR 555/- 
per Equity Share and 2,20,000 Equity Shares to the Employees of the Company at an offer price of INR 500/- per Equity Share ) aggregating to INR 7,600 millions 
through Fresh Issue of Equity Shares. The Equity Shares of the Company are listed on March 24, 2021 on BSE Limited (BSE) and National Stock Exchange of 
India Limited (NSE).
As per our report of even date
For and on behalf of the Board,
For Rajendra & Co.
Chartered Accountants
Firm Reg. No. 108355W
Anand Desai 
Managing Director
(DIN: 00038442)
Mona Desai
Whole time Director 
(DIN: 00038429)
Suchi Agarwal
Company Secretary 
& Compliance officer
Afzal Malkani
Chief Financial Officer
Akshay R. Shah 
Partner
Mem. No. 103316
Date : June 12, 2021
Place : Surat
Date : June 12, 2021
Place : Mumbai
Standalone Statement Of Changes In Equity
For The Year Ended March 31, 2021
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Anupam Rasayan India Ltd  |  Annual Report 2020-21
Notes 1 to Standalone Financial Statements
For The Year Ended March 31, 2021
(1) COMPANY OVERVIEW
Anupam Rasayan India Limited (“the Company”) is a 
Public Company incorporated and domiciled in India, 
having its registered office in Surat, Gujarat, India. The 
Company is engaged in manufacturing of chemicals, 
which are sold in local market as well as exported to 
other countries.
The Company has completed Initial Public Offerings 
(IPO) of 1,37,15,495 shares of INR 10/- each (Issued 
1,34,95,495 Equity Shares at an offer price of INR 
555/- per Equity Share and 2,20,000 Equity Shares to 
the Employees of the Company at an offer price of 
INR 500/- per Equity Share) aggregating to INR 7,600 
millions through Fresh Issue of Equity Shares. The 
Equity Shares of the Company are listed on March 
24, 2021 on BSE Limited (BSE) and National Stock 
Exchange of India Limited (NSE).
The financial statements have been prepared for the 
year ended on March 31, 2021.
(2) SIGNIFICANT ACCOUNTING POLICIES
(A) STATEMENT OF COMPLIANCE 
(i) Basis of preparation of financial statements
Compliance with Ind AS
The standalone financial statements are prepared in 
accordance with Indian Accounting Standards (“Ind 
AS”), under the historical cost convention on the 
accrual basis except for certain financial instruments 
which are measured at fair values. The Ind AS are 
prescribed under Section 133 of the Act read with 
the Companies (Indian Accounting Standards) Rules, 
2015, as amended and other relevant provisions of the 
Act. 
Effective from April 1, 2018, the Company had adopted 
all the Ind AS and the adoption has been carried out 
in accordance with Ind AS 101, First time Adoption of 
Indian Accounting Standards, with April 1, 2017 as the 
transition date. The transition was carried out from 
Indian Accounting Principles generally accepted 
in India as prescribed under Section 133 of the Act, 
which was the previous GAAP. 
Presentation of financial statements
The Balance Sheet as at March 31, 2021 and the 
Statement of Profit and Loss for the year ending 
March 31, 2021 are prepared and presented in 
the format prescribed in the Schedule III to the 
Companies Act, 2013 (“the Act”). The Statement of 
Cash Flows for the year ended March 31, 2021 has 
been prepared and presented as per the requirements 
of Ind AS 7 “Statement of Cash Flows”. The disclosure 
requirements with respect to items in the Balance 
Sheet and Statement of Profit and Loss, as prescribed 
in the Schedule III to the Act, are presented by way of 
notes forming part of the financial statements.
Accounting policies have been consistently applied 
except where a newly-issued accounting standard is 
initially adopted or a revision to an existing accounting 
standard requires a change in the accounting policy 
hitherto in use.
With effect from 1st April, 2019, Ind AS 116 – “Leases” 
(Ind AS 116) supersedes Ind AS 17 – “Leases”. The 
Company has adopted Ind AS 116 using the prospective 
approach. The application of Ind AS 116 has resulted 
into recognition of ‘Right-of-Use’ asset with a 
corresponding Lease Liability in the Balance Sheet. 
The Company’s Financial Statements are presented 
in Indian Rupees, which is also its functional currency 
and all values are rounded to the nearest millions 
(J 0,00,000), except when otherwise indicated.
(ii) Investments in subsidiaries, Associates and Joint 
Ventures
The investment in subsidiaries and associates are 
carried in these financial statements at historical 
cost, except when the investment, or a portion 
thereof, is classified as held for sale, in which case, it 
is accounted for as Non-Current assets held for sale 
and discontinued operations.
Where the carrying amount of investment is greater 
than its estimated recoverable amount, it is written 
down immediately to its recoverable amount and the 
difference is transferred to the Statement of Profit 
and Loss.
On disposal of investment, the difference between 
the net disposal proceeds and the carrying amount 
is charged or credited to the Statement of Profit or 
Loss.
(iii) Property, plant and equipment 
Freehold land is carried at historical cost.
All other items of Property, plant and equipment are 
stated at cost of acquisition net of any trade discounts 
and rebates, any import duties and other taxes (other 
than those subsequently recoverable from the tax 
authorities), any directly attributable expenditure on 
making the asset ready for its intended use, including 
relevant borrowing costs for qualifying assets and

129
CORPORATE OVERVIEW
01
STATUTORY REPORTS
02
FINANCIAL STATEMENTS
03
any expected costs of decommissioning. Expenditure 
incurred after the property, plant and equipment 
have been put into operation, such as repairs and 
maintenance, are charged to the Statement of 
Profit and Loss in the year in which the costs are 
incurred. Major shutdown and overhaul expenditure 
is capitalized as the activities undertaken improves 
the economic benefits expected to arise from the 
asset. It includes professional fees and, for qualifying 
assets, borrowing costs capitalized in accordance with 
the Company’s accounting policy based on Ind AS 23 
– Borrowing costs. Such properties are classified to 
the appropriate categories of PPE when completed 
and ready for intended use. Assets in the course 
of construction are capitalized in the assets under 
construction account. At the point when an asset is 
operating at management’s intended use, the cost of 
construction is transferred to the appropriate category 
of property, plant and equipment and depreciation 
commences. Costs associated with the commissioning 
of an asset and any obligatory decommissioning costs 
are capitalized where the asset is available for use 
but incapable of operating at normal levels until a 
year of commissioning has been completed. Revenue 
generated from production during the trial period is 
capitalized. Property, plant and equipment except 
freehold land held for use in the production, supply 
or administrative purposes, are stated in the balance 
sheet at cost less accumulated depreciation and 
accumulated impairment losses, if any.
The Company has elected to continue with the 
carrying value for all of its property, plant and 
equipment as recognized in the financial statements 
on transition to Ind AS, measured as per the previous 
GAAP and use that as its deemed cost as at the date 
of transition.
Subsequent expenditure and componentization
Parts of an item of PPE having different useful lives 
and significant value and subsequent expenditure on 
Property, Plant and Equipment arising on account of 
capital improvement or other factors are accounted 
for as separate components only when it is probable 
that future economic benefits associated with the 
item will flow to the Company and the cost of the 
item can be measured reliably. The carrying amount 
of any component accounted for as a separate asset 
is derecognized when replaced. All other repairs and 
maintenance are charged to profit or loss during the 
reporting period in which they are incurred.
Decommissioning costs 
Decommissioning cost includes cost of restoration. 
Provision for decommissioning costs is recognized 
when the Company has a legal or constructive 
obligation to plug and abandon a well, dismantle 
and remove a facility or an item of Property, Plant 
and Equipment and to restore the site on which it 
is located. The full eventual estimated provision 
towards costs relating to dismantling, abandoning 
and restoring sites and other facilities are recognized 
in respective assets when the site is complete 
/ facilities or Property, Plant and Equipment are 
installed. The amount recognized is the present value 
of the estimated future expenditure determined using 
existing technology at current prices and escalated 
using appropriate inflation rate till the expected date of 
decommissioning and discounted up to the reporting 
date using the appropriate risk-free discount rate. An 
amount equivalent to the decommissioning provision 
is recognized along with the cost of exploratory well 
or Property, Plant and Equipment. 
Depreciation and Useful life
Depreciable amount for assets is the cost of an asset, 
or other amount substituted for cost, less its estimated 
residual value. Depreciation is recognized so as to 
write off the cost of assets (other than freehold land 
and properties under construction) less their residual 
values over their useful lives, using straight-line method 
as per the useful life prescribed in Schedule II to the 
Companies Act, 2013 except in respect of following 
categories of assets, in whose case the life of the 
assets has been assessed as under based on technical 
advice, taking into account the nature of the asset, the 
estimated usage of the asset, the operating conditions 
of the asset, past history of replacement, anticipated 
technological changes, manufacturers warranties and 
maintenance support, etc.
Asset class
Useful life
Building
10-30 Years
Plant and machinery
8-30 Years
Office equipment
3-20 Years
Computer equipment
3-5 Years
Furniture and fixtures
10-20 Years
Vehicles
8-10 Years
Electric Installations
10-30 Years
Laboratory Equipment
10-20 Years
The assets’ residual values and useful lives are 
reviewed, and adjusted if appropriate, at the end 
of each reporting period and if the expectations 
differ from the previous estimates, the change is 
accounted for as a change in accounting estimate 
on a retrospective or prospective basis, whichever is 
nearly possible for the Company.
In the current financial year, the estimate of life of plant 
and machinery is revised from 20 years to 22 years 
evidenced through technical evaluation certificate 
provided by the management of the Company. The 
same is accounted for on a prospective basis.
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The property, plant and equipment acquired under 
finance leases is depreciated over the asset’s useful 
life or over the shorter of the asset’s useful life and 
the lease term if there is no reasonable certainty that 
the Company will obtain ownership at the end of the 
lease term.
De-recognition of Asset
An item of PPE is de-recognized upon disposal or 
when no future economic benefits are expected to 
arise from the continued use of the asset. Any gain or 
loss arising on the disposal or retirement of an item 
of property, plant and equipment is determined as 
the difference between the sales proceeds and the 
carrying amount of the asset and is recognized in 
Statement of Profit and Loss.
(iv) Intangible assets
Intangible assets are stated at acquisition cost, 
net of accumulated amortization and accumulated 
impairment losses, if any. Intangible assets are 
recognized only on reasonable certainty and after 
completion of all activities related to the asset. 
Gains or losses arising from the retirement or 
disposal of an intangible asset are determined as the 
difference between the disposal proceeds and the 
carrying amount of the asset and are recognized as 
income or expense in the Statement of Profit and loss.
Intangible assets with finite useful lives are amortized 
on a straight-line basis over the following period:
Asset class
Useful life
Intangible assets
3-10 Years
(v) Impairment of assets
An asset is treated as impaired when the carrying 
cost of asset exceeds its recoverable value. At each 
year end, assets are broadly evaluated for impairment. 
Provision for impairment of asset is made only if the 
recoverable amount of the asset goes below the 
carrying amount of the asset.
For the purpose of impairment testing, the recoverable 
amount (i.e. the higher of the fair value less cost to sell 
and the value-in-use) is determined on an individual 
asset basis unless the asset does not generate cash 
flows that are largely independent of those from 
other assets. In such cases, the recoverable amount 
is determined for the Cash Generating Unit (CGU) to 
which the asset belongs.
If such assets are considered to be impaired, the 
impairment to be recognized in the Statement of 
Profit and Loss is measured by the amount by which 
the carrying value of the assets exceeds the estimated 
recoverable amount of the asset. An impairment loss 
is reversed in the Statement of Profit and Loss if there 
has been a change in the estimates used to determine 
the recoverable amount. The carrying amount of the 
asset is increased to its revised recoverable amount, 
provided that this amount does not exceed the carrying 
amount that would have been determined (net of any 
accumulated depreciation) had no impairment loss 
been recognized for the asset in prior years.
(vi) Leases:
The company has applied Ind AS 116 for entering into 
leases in the current financial year and hence there 
was no need of restatement required to be done for 
the previous financial years.
As a lessee, the company recognizes a right-of-use 
asset and a lease liability at the lease commencement 
date. The right-of-use asset is initially measured at 
cost, which comprises the initial amount of the lease 
liability adjusted for any lease payments made at or 
before the commencement date, plus any initial direct 
costs incurred and an estimate of costs to dismantle 
and remove the underlying asset or to restore the 
underlying asset or the site on which it is located, less 
any lease incentives received. 
The right-of-use asset is subsequently depreciated 
using 
the 
straight-line 
method 
from 
the 
commencement date to the earlier of the end of the 
useful life of the right-of-use asset or the end of the 
lease term. The estimated useful lives of right-of-use 
assets are determined on the same basis as those of 
property and equipment. In addition, the right-of-use 
asset is periodically reduced by impairment losses, if 
any, and adjusted for certain re-measurements of the 
lease liability. 
The lease liability is initially measured at the present 
value of the lease payments that are not paid at the 
commencement date, discounted using the interest 
rate implicit in the lease or, if that rate cannot be 
readily determined, company’s incremental borrowing 
rate. Generally, the company uses its incremental 
borrowing rate as the discount rate.
Lease payments included in the measurement of the 
lease liability comprise the following: – 
•	
Fixed payments, including in-substance fixed 
payments; 
•	
 Variable lease payments that depend on an index 
or a rate, initially measured using the index or rate 
as at the commencement date; 
•	
Amounts expected to be payable under a residual 
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•	
The exercise price under a purchase option that 
the company is reasonably certain to exercise, 
lease payments in an optional renewal period if 
the company is reasonably certain to exercise 
an extension option, and penalties for early 
termination of a lease unless the company is 
reasonably certain not to terminate early.
The lease liability is measured at amortized cost using 
the effective interest method. It is remeasured when 
there is a change in future lease payments arising 
from a change in an index or rate, if there is a change 
in the company’s estimate of the amount expected 
to be payable under a residual value guarantee, or if 
company changes its assessment of whether it will 
exercise a purchase, extension or termination option. 
When the lease liability is remeasured in this way, a 
corresponding adjustment is made to the carrying 
amount of the right-of-use asset, or is recorded in 
profit or loss if the carrying amount of the right-of-use 
asset has been reduced to zero. 
The company presents right-of-use assets that do 
not meet the definition of investment property in 
‘property, plant and equipment’ and lease liabilities 
in ‘loans and borrowings’ in the statement of financial 
position. 
Short-term leases and leases of low-value assets 
The company has elected not to recognize right-of-
use assets and lease liabilities for short term leases 
of real estate properties that have a lease term of 12 
months. The company recognizes the lease payments 
associated with these leases as an expense on a 
straight-line basis over the lease term.
(vii) Financial instruments
Initial Recognition and Measurement
Financial assets and/or financial liabilities are 
recognized when the Company becomes party to a 
contract embodying the related financial instruments. 
All financial assets, financial liabilities and financial 
guarantee contracts are initially measured at 
transaction values and where such values are 
different from the fair value, at fair value. Transaction 
costs that are attributable to the acquisition or issue 
of financial assets and financial liabilities (other than 
financial assets and financial liabilities at fair value 
through profit or loss) are added to or deducted from 
as the case may be, the fair value of such financial 
assets or liabilities, on initial recognition. Transaction 
costs directly attributable to the acquisition of 
financial assets or financial liabilities at fair value 
through profit or loss are recognized immediately in 
Profit or Loss.
Offset 
A financial asset and a financial liability are offset and 
presented on net basis in the balance sheet when 
there is a current legally enforceable right to set-off 
the recognized amounts and it is intended to either 
settle on net basis or to realize the asset and settle 
the liability simultaneously.
A. Financial Assets:
a. Subsequent measurement:
For subsequent measurement, the company classifies 
financial asset in following broad categories:
•	
Financial asset carried at amortized cost.
•	
Financial asset carried at fair value through other 
comprehensive income (FVTOCI)
•	
Financial asset carried at fair value through profit 
or loss (FVTPL)
i. Financial asset carried at amortized cost (net of 
any write down for impairment, if any):
Financial assets are measured at amortized cost 
when asset is held within a business model, whose 
objective is to hold assets for collecting contractual 
cash flows and contractual terms of the asset give 
rise on specified dates to cash flows that are solely 
payments of principal and interest.  Such financial 
assets are subsequently measured at amortized 
costs using Effective Interest Rate (EIR) method less 
impairment, if any. The losses arising from impairment 
are recognized in the statement of profit or loss.  Cash 
and bank balances, trade receivables, loans and other 
financial asset of the company are covered under this 
category.
Under the EIR method, the future cash receipts are 
exactly discounted to the initial recognition value 
using EIR. The cumulative amortization using the 
EIR method of the difference between the initial 
recognition amount and maturity amount is added 
to the initial recognition value (net of principal 
repayments, if any) of the financial asset over the 
relevant period of the financial asset to arrive 
at amortized cost at each reporting date.  The 
corresponding effect of the amortization under EIR 
method is recognized as interest income over the 
relevant period of the financial asset.  The same is 
included under “other income” in the statement of 
profit or loss.  The amortized cost of the financial 
asset is also adjusted for loss allowance, if any.
ii. Financial asset carried at FVTOCI:
Financial asset under this category are measured 
initially as well as at each reporting date at fair 
value, when asset is held with a business model 
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whose objective is to hold asset for both collecting 
contractual cash flows and selling financial assets.  
Fair value movements are recognized in the other 
comprehensive income.
iii. Financial asset carried at FVTPL:
Financial asset under this category are measured 
initially as well as at each reporting date at fair value. 
Changes in fair value are recognized in the statement 
of profit or loss.
b. Derecognition:
A financial asset is primarily derecognized when rights 
to receive cash flows from the asset have expired or 
the Company has transferred its contractual rights 
to receive cash flows of the financial asset and has 
substantially transferred all the risk and reward of the 
ownership of the financial asset.
c. Impairment of financial asset: 
In accordance with Ind AS 109, the Company uses 
‘Expected Credit Loss’ (ECL) model, for evaluating 
impairment of financial assets other than those 
measured at fair value through profit and loss (FVTPL).
ECL is the difference between all contractual cash 
flows that are due to the Company in accordance 
with the contract and all the cash flows that the entity 
expects to receive (i.e., all cash shortfalls), discounted 
at the original effective interest rate.
Lifetime ECL are the expected credit losses resulting 
from all possible default events over the expected life 
of a financial asset. 12-month ECL is a portion of the 
lifetime ECL which results from default events that 
are possible within 12 months from the reporting date.
For trade receivables, the Company applies ‘simplified 
approach’ which requires expected lifetime losses 
to be recognized from initial recognition of the 
receivables. The Company uses historical default 
rates to determine impairment loss on the portfolio 
of trade receivables. At every reporting date these 
historical default rates are reviewed and changes in 
the forward looking estimates are analyzed. 
For other assets, the Company uses 12-month ECL 
to provide for impairment loss where there is no 
significant increase in credit risk. If there is significant 
increase in credit risk full lifetime ECL is used. 
ECL 
impairment 
loss 
allowance 
(or 
reversal) 
recognized during the period is recognized as income/
expense in the Statement of Profit and Loss under the 
head ‘Other expenses’.
B. Financial Liabilities:
a. Subsequent measurement:
Financial liabilities at fair value through profit or 
loss include financial liabilities held for trading and 
financial liabilities designated upon initial recognition 
as at fair value through profit or loss. 
Interest-bearing 
loans 
and 
borrowings 
are 
subsequently measured at amortized cost using the 
Effective Interest Rate (EIR) method. Gains and losses 
are recognized in profit or loss when the liabilities are 
derecognized as well as through EIR amortization 
process. Amortized cost is calculated by taking into 
account any discount or premium on acquisition and 
fees or costs that are an integral part of the EIR. 
The EIR amortization is included as finance costs in 
the statement of profit and loss.
b. Derecognition of financial liabilities:
A financial liability is derecognized when the obligation 
under the liability is discharged or cancelled or 
expires. When an existing financial liability is replaced 
by another from the same lender on substantially 
different terms, or the terms of an existing liability 
are substantially modified, such an exchange or 
modification is treated as the derecognition of the 
original liability and the recognition of a new liability. 
The difference in the respective carrying amounts is 
recognized in the Statement of Profit and Loss.
c. Derivative financial instrument:
Company uses derivative financial instruments such 
as interest rate swaps, currency swaps, forward 
contracts to mitigate the risk of changes in interest rate 
and foreign currency exchange rate. At the inception 
of a hedge relationship, the Company formally 
designates and documents the hedge relationship 
to which the Company wishes to apply hedge 
accounting and the risk management objective and 
strategy for undertaking the hedge. Such derivative 
financial instruments are initially recognised at fair 
value on the date on which a derivative contract is 
entered into and are also subsequently measured at 
fair value. 
Derivatives are carried as financial assets when the 
fair value is positive and as financial liabilities when 
the fair value is negative. Any gains or losses arising 
from changes in the fair value of derivatives are taken 
directly to Statement of Profit and Loss, except for 
the effective portion of cash flow hedge which is 
recognised in Other Comprehensive Income and later 
to Statement of Profit and Loss when the hedged item

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affects profit or loss or is treated as basis adjustment 
if a hedged forecast transaction subsequently results 
in the recognition of a Non-Financial Assets or Non-
Financial liability. Hedges that meet the criteria for 
hedge accounting are accounted for as follows:
A. Cash Flow Hedge:
The Company designates derivative contracts or non-
derivative Financial Assets/ Liabilities as hedging 
instruments to mitigate the risk of movement in 
interest rates and foreign exchange rates for foreign 
exchange exposure on highly probable future cash 
flows attributable to a recognised asset or liability or 
forecast cash transactions. 
When a derivative is designated as a cash flow hedging 
instrument, the effective portion of changes in the fair 
value of the derivative is recognised in the cash flow 
hedging reserve being part of Other Comprehensive 
Income. Any ineffective portion of changes in the 
fair value of the derivative is recognised immediately 
in the Statement of Profit and Loss. If the hedging 
relationship no longer meets the criteria for hedge 
accounting, then hedge accounting is discontinued 
prospectively. If the hedging instrument expires or 
is sold, terminated or exercised, the cumulative gain 
or loss on the hedging instrument recognised in cash 
flow hedging reserve till the period the hedge was 
effective remains in cash flow hedging reserve until 
the underlying transaction occurs. The cumulative 
gain or loss previously recognised in the cash flow 
hedging reserve is transferred to the Statement of 
Profit and Loss upon the occurrence of the underlying 
transaction. If the forecasted transaction is no longer 
expected to occur, then the amount accumulated 
in cash flow hedging reserve is reclassified in the 
Statement of Profit and Loss.
B. Fair Value Hedge:
The Company designates derivative contracts or 
non-derivative Financial Assets/Liabilities as hedging 
instruments to mitigate the risk of change in fair 
value of hedged item due to movement in interest 
rates, foreign exchange rates and commodity prices. 
Changes in the fair value of hedging instruments and 
hedged items that are designated and qualify as fair 
value hedges are recorded in the Statement of Profit 
and Loss. If the hedging relationship no longer meets 
the criteria for hedge accounting, the adjustment 
to the carrying amount of a hedged item for which 
the effective interest method is used is amortized 
to Statement of Profit and Loss over the period of 
maturity.
(viii) Trade receivables
Trade receivables are recognized initially at fair value 
and subsequently measured at amortized cost using 
the effective interest method, less provision for 
impairment.
(ix) Inventories-
Inventories comprise of Raw and packing materials, 
Work-in-progress, Finished goods, and Stores and 
spares. 
Inventories are valued at the lower of cost and the 
net realizable value. Cost is determined on weighted 
average basis. Cost includes all charges in bringing 
the goods to their present location and condition. 
The cost of Work-in-progress and Finished goods 
comprises of materials, direct labour, other direct 
costs and related production overheads.
Net realizable value is the estimated selling price in the 
ordinary course of business less the estimated costs 
of completion and the estimated costs necessary to 
make the sale.
(x) Employee benefits
(a) Short-term employee benefits:
Employee benefits such as salaries, wages, short term 
compensated absences, expected cost of bonus, ex-
gratia and performance-linked rewards falling due 
wholly within twelve months of rendering the service 
are classified as short-term employee benefits and 
are expensed in the period in which the employee 
renders the related service.
(b) Post-employment benefits:
i. Defined contribution plans:
The 
contribution 
paid/payable 
under 
defined 
contribution plan is recognized during the period in 
which the employee renders the related service.
ii. Defined benefit plans:
The liability or asset recognized in the balance sheet 
in respect of defined benefit gratuity plans is the 
present value of the defined obligation at the end of 
the reporting period less the fair value of plan assets. 
The defined obligation is calculated annually based 
on actuarial valuation using the Projected Unit Credit 
Method.
The obligation is measured at the present value of 
the estimated future cash flows using a discount rate 
based on the market yield on government securities of 
a maturity period equivalent to the weighted average 
maturity profile of the defined benefit obligations at 
the Balance Sheet date.
Re-measurement, comprising actuarial gains and 
losses, the return on plan assets (excluding amounts 
included in net interest on the net defined benefit 
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liability or asset) and any change in the effect of 
asset ceiling (if applicable) is recognized in Other 
Comprehensive Income and is reflected in Retained 
earnings and the same is not eligible to be reclassified 
to Profit or Loss.
Defined benefit costs comprising current service cost, 
past service cost and gains or losses on settlements 
are recognized in the Statement of Profit and Loss as 
employee benefits expense. Interest cost implicit in 
defined benefit employee cost is recognised in the 
Statement of Profit and Loss under finance cost. 
Gains or losses on settlement of any defined benefit 
plan are recognized when the settlement occurs. Past 
service cost is recognized as expense at the earlier 
of the plan amendment or curtailment and when the 
company recognizes related restructuring costs or 
termination benefits.
In case of funded plans, the fair value of the plan 
assets is reduced from the gross obligation under the 
defined benefit plans to recognize the obligation on a 
net basis.
Leave Salary is considered as short-term benefits 
and the same is accrued and paid within the working 
cycle of the business. 
(xi) Provisions, Contingent liabilities and Contingent 
assets
Provisions are recognized only when the Company 
has a present obligation (legal or constructive) as a 
result of a past event; it is probable that an outflow 
of resources embodying economic benefits will 
be required to settle the obligation; and a reliable 
estimate can be made of the amount of the obligation. 
Provision is measured using the cash flows estimated 
to settle the present obligation and when the effect of 
time value of money is material, the carrying amount of 
the provision is the present value of those cash flows. 
Reimbursement expected in respect of expenditure 
required to settle a provision is recognized only when 
it is virtually certain that the reimbursement will be 
received. 
Contingent liability is disclosed in case of, a present 
obligation arising from past events, when it is not 
probable that an outflow of resources will be required 
to settle the obligation; and a present obligation 
arising from past events, when no reliable estimate is 
possible. 
Contingent assets are disclosed where an inflow of 
economic benefits is probable.
Provisions, contingent liabilities and contingent 
assets are reviewed at each Balance Sheet date.
Where the unavoidable costs of meeting the 
obligations under the contract exceed the economic 
benefits expected to be received under such 
contract, the present obligation under the contract is 
recognized and measured as a provision.
(xii) Revenue recognition
The Company has adopted Ind-AS 115 “Revenue from 
Contracts with Customers” effective from April 01, 
2018.
Revenue from the sale of goods is recognized when 
the Company transfers control of the product. 
Control of the product transfers upon shipment of 
the product to the customer or when the product is 
made available to the customer, provided transfer 
of title to the customer occurs and the Company 
has not retained any significant risks of ownership 
or future obligations with respect to the product 
shipped. Amounts disclosed as revenue are net off 
returns, trade allowances, rebates and indirect taxes.
Other income: 
Interest income from a financial asset is recognized 
when it is probable that the economic benefits will 
flow to the Company and the amount of income can 
be measured reliably. Interest income is accrued on a 
time basis, by reference to the principal outstanding 
and at the effective interest rate applicable, which is 
the rate that exactly discounts estimated future cash 
receipts through the expected life of the financial 
asset to that asset’s net carrying amount on initial 
recognition. 
Dividend income is accounted in the period in which 
the right to receive the same is established.
Government grants, which are revenue in nature and 
are towards compensation for the qualifying costs, 
incurred by the Company, are recognized as other 
income in the Statement of Profit and Loss in the 
period in which such costs are incurred. Government 
grant receivable in the form of duty credit script is 
recognized as Other income in the Statement of 
Profit and Loss in the period in which the application 
is made to the government authorities and to the 
extent there is no uncertainty towards its receipt.
Other items of income are accounted as and when the 
right to receive such income arises and it is probable 
that the economic benefits will flow to the Company 
and the amount of income can be measured reliably.
(xiii) Foreign Currency Transactions
The functional currency and presentation currency of 
the company is Indian Rupee.

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Transactions in currencies other than the Company’s 
functional currency are recorded on initial recognition 
using the exchange rate at the transaction date. 
At each Balance Sheet date, foreign currency 
monetary items are reported at the closing spot rate. 
Non-monetary items carried at fair value that are 
denominated in foreign currencies are translated at 
the rates prevailing at the date when the fair value was 
determined. Non-monetary items that are measured 
in terms of historical cost in foreign currency are not 
retranslated.
Exchange differences that arise on settlement of 
monetary items or on reporting of monetary items at 
each Balance Sheet date at the closing spot rate are 
recognized in the Statement of Profit and Loss in the 
period in which they arise except for:
(a)	exchange gains or losses on foreign currency 
borrowings taken which are related to the 
acquisition or construction of qualifying assets 
are adjusted in the carrying cost of such assets.
(b)	exchange differences on derivatives transactions 
entered into in order to hedge foreign currency 
risks associated with underlying assets/liabilities 
which are classified as cash flow hedges. The 
effective portion of changes in the fair value of the 
derivative is recognised in the cash flow hedging 
reserve being part of Other Comprehensive 
Income. Any ineffective portion of changes in 
the fair value of the derivative is recognised 
immediately in the Statement of Profit and Loss.
(xiv) Exceptional items
An item of income or expense which by its size, type or 
incidence requires disclosure in order to improve an 
understanding of the performance of the Company is 
treated as an exceptional item and disclosed as such 
in the financial statements.
(xv) Taxes on income
The tax expenses for the period comprises of current 
tax and deferred income tax. Tax is recognised in 
Statement of Profit and Loss, except to the extent 
that it relates to items recognised in the Other 
Comprehensive Income. In which case, the tax is also 
recognised in Other Comprehensive Income. 
Current Tax
Tax on income for the current period is determined on 
the basis of taxable income and tax credits computed 
in accordance with the provisions of the Income Tax 
Act, 1961 and based on the expected outcome of 
assessments/appeals.
Deferred Tax
Deferred tax is recognized on temporary differences 
between the carrying amounts of assets and 
liabilities in the Company’s financial statements and 
the corresponding tax bases used in computation 
of taxable profit and quantified using the tax rates 
and laws enacted or substantively enacted as at the 
Balance Sheet date.
Deferred tax assets are generally recognized for 
all taxable temporary differences to the extent it is 
probable that taxable profits will be available against 
which those deductible temporary differences can be 
utilized. 
The carrying amount of deferred tax assets is reviewed 
at the end of each reporting period and reduced to 
the extent that it is no longer probable that sufficient 
taxable profits will be available to allow all or part of 
the asset to be recovered.
Deferred 
tax 
assets 
relating 
to 
unabsorbed 
depreciation/business losses/losses under the head 
“capital gains” are recognized and carried forward to 
the extent of available taxable temporary differences 
or where there is convincing other evidence that 
sufficient future taxable income will be available 
against which such deferred tax assets can be 
realized.
The measurement of deferred tax liabilities and 
assets reflects the tax consequences that would 
follow from the manner in which the Company 
expects, at the end of reporting period, to recover or 
settle the carrying amount of its assets and liabilities. 
Considering intensive capital investment since last 
several years and based on the estimate of future 
forecasts of capital investments, the Company is 
expected to have higher deductions of depreciation 
as per Income Tax as compared to depreciation as 
per Books of Accounts. Deferred Tax is effectively 
considered not to be neutralized in foreseeable future 
and hence as per the policy of the Company, deferred 
tax is recognised at 75% of its effective value.
Transaction or event which is recognized outside 
Profit or Loss, either in Other Comprehensive 
Income or in equity, is recorded along with the tax as 
applicable.
Current tax assets and current tax liabilities are offset 
when there is a legally enforceable right to set off the 
recognized amounts and there is an intention to settle 
the asset and the liability on a net basis. Deferred tax 
assets and deferred tax liabilities are offset when 
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there is a legally enforceable right to set off assets 
against liabilities representing current tax and where 
the deferred tax assets and the deferred tax asset and 
the deferred tax liabilities relate to taxes on income 
levied by the same governing taxation laws.
(xvi) Cash and bank balances
Cash and bank balances also include fixed deposits, 
margin 
money 
deposits, 
earmarked 
balances 
with banks and other bank balances which have 
restrictions on repatriation. Short term and liquid 
investments being subject to more than insignificant 
risk of change in value, are not included as part of 
cash and bank balances.
(xvii) Cash flow statement
Cash flows are reported using the indirect method 
where by the profit before tax is adjusted for the 
effect of the transaction of non-cash nature, any 
deferrals or accruals of past and future operating 
cash receipts or payments and items of income or 
expenses associated with investing or financing cash 
flows. The cash flows from operating, investing and 
financing activities of the company are segregated.
In the cash flow statement, cash and cash equivalents 
includes cash on hand, demand deposits with banks, 
other short-term highly liquid investments with 
original maturities of three months or less that are 
readily convertible to known amounts of cash and 
which are subject to an insignificant risk of changes 
in value, and bank overdrafts. Bank overdrafts are 
shown within borrowings in current liabilities in the 
balance sheet.
(xviii) Borrowing costs
Borrowing costs, general or specific, that are directly 
attributable to the acquisition or construction 
of qualifying assets is capitalized as part of such 
assets. A qualifying asset is one that necessarily 
takes substantial period of time to get ready for 
intended use. All other borrowing costs are charged 
to the Statement of Profit and Loss. The Company 
determines the amount of borrowing costs eligible 
for capitalization as the actual borrowing costs 
incurred on that borrowing during the year less any 
interest income earned on temporary investment of 
specific borrowings pending their expenditure on 
qualifying assets, to the extent that an entity borrows 
funds specifically for the purpose of obtaining a 
qualifying asset. In case if the Company borrows 
generally and uses the funds for obtaining a qualifying 
asset, borrowing costs eligible for capitalization are 
determined by applying a capitalizations rate to the 
expenditures on that asset. 
Borrowing cost includes exchange differences arising 
from foreign currency borrowings to the extent they 
are regarded as an adjustment to the finance cost. 
(xix) Securities premium
Securities 
premium 
include, 
the 
difference 
between the face value of the equity shares and the 
consideration received in respect of shares issued. 
The issue expenses of securities which qualify as 
equity instruments are written off against securities 
premium.
(xx) Non-current assets held for sale
Non-current assets and disposal groups are classified 
as held for sale if their carrying amount is intended to 
be recovered principally through a sale (rather than 
through continuing use) when the asset (or disposal 
group) is available for immediate sale in its present 
condition subject only to terms that are usual and 
customary for sale of such asset (or disposal group) 
and the sale is highly probable and is expected to 
qualify for recognition as a completed sale within one 
year from the date of classification.
Non-current assets and disposal groups classified as 
held for sale are measured at lower of their carrying 
amount and fair value less costs to sell.
(xxi) Operating cycle for current and non-current 
classification
The company presents assets and liabilities in 
the balance sheet based on current/non-current 
classification. 
An asset is classified as current when it satisfies any 
of the following criteria:
•	
It is expected to be realized or intended to be sold 
or consumed in normal operating cycle;
•	
It is held primarily for the purpose of trading;
•	
It is expected to be realized within 12 months after 
the date of reporting period; or
•	
Cash and cash equivalents unless restricted from 
being exchanged or used to settle a liability for at 
least 12 months after reporting period.
Current assets include the current portion of non-
current financial assets. All other assets are classified 
as non-current.

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01
STATUTORY REPORTS
02
FINANCIAL STATEMENTS
03
A liability is current when it satisfies any of the 
following criteria:
•	
It is expected to be realized or intended to be sold 
or consumed in normal operating cycle;
•	
It is held primarily for the purpose of trading;
•	
It is expected to be realized within 12 months after 
the date of reporting period; or
•	
There is no unconditional right to defer the 
settlement of the liability for at least 12 months 
after the reporting period current liabilities 
include the current portion of long-term financial 
liabilities.
The company classifies all other liabilities as non-
current. Deferred tax assets and liabilities are 
classified as non-current assets and liabilities.
(xxii) Earnings Per Share
Basic earnings per share is calculated by dividing 
the net profit after tax by the  weighted average 
number of equity shares outstanding during the 
year adjusted for bonus element in equity share. 
Diluted earnings per share adjusts the figures used in 
determination of basic earnings per share to take into 
account the conversion of all dilutive potential equity 
shares. Dilutive potential equity shares are deemed 
converted as at the beginning of the period unless 
issued at a later date.
(xxiii) Key sources of estimation
The preparation of the financial statements in 
conformity with Ind AS requires the management of 
the Company makes estimates and assumptions that 
affect the reported amounts of income and expenses 
of the period, the reported balances of assets and 
liabilities and the disclosures relating to contingent 
liabilities as of the date of the financial statements. 
The 
estimates 
and 
underlying 
assumptions 
are reviewed on an ongoing basis. Revisions to 
accounting estimates include useful lives of property, 
plant and equipment & intangible assets, allowance 
for expected credit loss, future obligations in respect 
of retirement benefit plans, fair value measurement 
etc. Difference, if any, between the actual results and 
estimates is recognized in the period in which the 
results are known.
(i) Segment reporting
Revenue 
and 
Geographical 
Segments 
are 
identified based on the stratification of the risk 
and returns. The company operates only in the 
one revenue segment. i.e. Manufacturing of 
industrial chemicals. 
(ii) Commitments
Commitments are future liabilities for contractual 
expenditure. Commitments include the value of 
the contracts for the acquisition of the assets net 
of advances.
(iii) Recognition of Deferred Tax Assets and 
Liabilities 
Deferred tax assets and liabilities are recognised 
for 
deductible 
temporary 
differences 
and 
unused tax losses for which there is probability 
of utilization against the future taxable profit. 
The Company uses judgement to determine the 
amount of deferred tax that can be recognised, 
based upon the likely timing and the level of future 
taxable profits and business developments.
(iv) Global Health Pandemic on COVID-19
The Covid-19 pandemic had its impact on the 
global economic environment including in India, 
causing 
significant 
disruption 
in 
economic 
activities and the chemical industry where 
the company is operating had been adversely 
impacted in the first half of Financial Year 
2020-2021 due to pandemic. With the gradual 
relaxation in the second half, economic activities 
had improved. However, the second wave of 
Covid-19 emerging in India in the month of April-
May 2021 may have an impact on the industry 
and Company. The Company is of the view that 
vaccination programmes of the Government will 
minimize the impact on the economic activities.
The Company closely monitors the recent 
development and effects of present pandemic 
over the business. The Company believes that this 
pandemic is not likely to have a material impact 
on the carrying value of its assets and hence no 
provision for any impairment is required.
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Anupam Rasayan India Ltd  |  Annual Report 2020-21
2 Property, Plant and Equipment
Amount in Millions
Particulars
Land 
 Building 
 Plant and 
Machinery 
 Office 
Equipment 
 Computer 
and 
Peripherals
 Furniture
Vehicles 
 Electric 
Installations 
Laboratory 
Equipment 
 Total 
Gross carrying value
As at April 1, 2020
 476.23 
2,243.55 
 6,890.75 
 36.72 
 39.08 
 22.54 
 64.03 
 520.66 
 152.20 
10,445.75 
Additions
 3.95 
 213.45 
 489.89 
 11.04 
 5.44 
 3.68 
 15.07 
 58.97 
 32.39 
 833.87 
Deductions
 - 
 - 
 - 
 (0.78)
 - 
 - 
 (15.90)
 - 
 - 
 (16.68)
Adjustments
 - 
 - 
 - 
 - 
 (0.05)
 - 
 - 
 - 
 (0.12)
 (0.16)
Transfers from Capital 
Work in Progress
 - 
 97.55 
 939.17 
 0.28 
 - 
 0.03 
 - 
 30.66 
 - 
 1,067.69 
As at March 31, 2021
 480.18 
2,554.53 
 8,317.74 
 47.42 
 44.47 
 26.24 
 63.20 
 610.27 
 182.86 
 12,326.91 
Accumulated 
depreciation
As at April 1, 2020
 - 
 (157.04)
 (837.41)
 (11.67)
 (6.17)
 (8.52)
 (32.53)
 (75.38)
 (55.32)
(1,184.03)
Depreciation for the 
year
 - 
 (74.30)
 (328.38)
 (5.98)
 (4.35)
 (2.67)
 (7.26)
 (51.42)
 (15.51)
 (489.87)
Deductions
 - 
 - 
 - 
 0.70 
 - 
 - 
 11.59 
 - 
 - 
 12.29 
Adjustments
 - 
 - 
 (0.50)
 0.24 
 - 
 - 
 (0.00)
 - 
 - 
 (0.26)
As at March 31, 2021
 - 
 (231.34)
 (1,166.29)
 (16.71)
 (10.52)
 (11.19)
 (28.20)
 (126.80)
 (70.83)
(1,661.88)
Carrying value as at 
March 31, 2021
 480.18 
 2,323.19 
 7,151.45 
 30.70 
 33.96 
 15.05 
 35.00 
 483.47 
 112.03 
10,665.04 
Carrying value as at 
April 1, 2020
 476.23 
 2,086.51 
 6,053.33 
 25.06 
 32.91 
 14.02 
 31.50 
 445.28 
 96.87 
 9,261.71 
2 INTANGIBLE ASSETS AND CAPITAL WORK IN PROGRESS
Amount in Millions
Particulars
 Intangible 
assets 
 Capital work-
in-progress 
 Total 
Gross carrying value
As at April 1, 2020
 150.69 
 1,007.53 
 1,158.23 
Additions
 0.85 
 554.72 
 555.57 
Adjustments
 - 
 (76.26)
 (76.26)
Assets Capitalized (Transfer to Fixed Assets)
 (6.17)
 (1,061.52)
 (1,067.69)
As at March 31, 2021
 145.38 
 424.47 
 569.85 
Accumulated amortization
As at April 1, 2020
 (22.76)
 - 
 (22.76)
Amortization for the year
 (7.25)
 - 
 (7.25)
Deductions
 - 
 - 
 - 
Amortization on Transfer of assets
 0.50 
 - 
 0.50 
As at March 31, 2021
 (29.51)
 - 
 (29.51)
Carrying value as at March 31, 2021
 115.87 
 424.47 
 540.34
Carrying value as at April 1, 2020
 127.93 
 1,007.53 
 1,135.46

139
CORPORATE OVERVIEW
01
STATUTORY REPORTS
02
FINANCIAL STATEMENTS
03
2 Property, Plant and Equipment
Amount in Millions
Particulars
Land 
 Building 
 Plant and 
Machinery 
 Office 
Equipment 
 Computer 
Equipment 
 Furniture 
and Fixtures 
Vehicles 
 Electric 
Installations 
Laboratory 
Equipment 
 Total 
Gross carrying value
As at April 1, 2019
 479.63 
 1,791.11 
 4,769.56 
 39.67 
 61.74 
 19.53 
 75.88 
 327.23 
 114.03 
 7,678.39 
Additions
 0.56 
 209.83 
 1,094.11 
 5.20 
 2.93 
 2.63 
 1.61 
 86.52 
 17.53 
 1,420.91 
Deductions
 - 
 - 
 (1.45)
 (0.06)
 - 
 - 
 - 
 (0.52)
 - 
 (2.03)
Adjustments
 (3.95)
 - 
 (5.38)
 (11.43)
 (26.12)
 (2.02)
 (13.46)
 (13.49)
 (5.00)
 (80.85)
Transfer from Capital 
Work-in Progress
 - 
 242.61 
 1,033.91 
 3.36 
 0.52 
 2.40 
 - 
 120.90 
 25.63 
 1,429.33 
As at March 31, 2020
 476.23 
2,243.55 
 6,890.75 
 36.72 
 39.08 
 22.54 
 64.03 
 520.66 
 152.20 
 10,445.75 
Accumulated 
Depreciation
As at April 1, 2019
 - 
 (99.56)
 (688.46)
 (15.80)
 (38.60)
 (8.44)
 (38.06)
 (54.61)
 (49.20)
 (992.72)
Depreciaition for the 
year
 - 
 (60.50)
 (163.88)
 (5.83)
 (3.54)
 (2.00)
 (7.26)
 (33.62)
 (10.87)
 (287.51)
Deductions
 - 
 - 
 0.40 
 0.01 
 - 
 - 
 - 
 0.04 
 - 
 0.46 
Adjustments
 - 
 3.03 
 14.53 
 9.95 
 35.96 
 1.92 
 12.79 
 12.81 
 4.75 
 95.74 
As at March 31, 2020
 - 
 (157.04)
 (837.41)
 (11.67)
 (6.17)
 (8.52)
 (32.53)
 (75.38)
 (55.32)
 (1,184.03)
Carrying value as at 
March 31, 2020
 476.23 
 2,086.51 
 6,053.33 
 25.06 
 32.91 
 14.02 
 31.50 
 445.28 
 96.87 
 9,261.71 
Carrying value as at 
April 1, 2019
 479.63 
 1,691.55 
 4,081.10 
 23.87 
 23.15 
 11.09 
 37.82 
 272.63 
 64.83 
 6,685.67 
2 INTANGIBLE ASSETS AND CAPITAL WORK IN PROGRESS
Amount in Millions
Particulars
 Intangible 
assets 
 Capital work-
in-progress 
 Total 
Gross carrying value
As at April 1, 2019
 150.58 
 1,829.62 
 1,980.20 
Additions
 2.08 
 607.24 
 609.32 
Adjustments
 (1.96)
 - 
 (1.96)
Assets Capitalized (Transfered to Fixed Assets)
 - 
 (1,429.33)
 (1,429.33)
As at March 31, 2020
 150.69 
 1,007.53 
 1,158.23 
Accumulated amortization
As at April 1, 2019
 (18.29)
 - 
 (18.29)
Amortization for the year
 (7.50)
 - 
 (7.50)
Adjustments
 1.67 
 - 
 1.67 
Amortization on Transfer of assets
 1.35 
 - 
 1.35 
As at March 31, 2020
 (22.76)
 - 
 (22.76)
Carrying value as at March 31, 2020
 127.93 
 1,007.53 
 1,135.46
Carrying value as at April 1, 2019
 132.29 
 1,829.62 
 1,961.91
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Anupam Rasayan India Ltd  |  Annual Report 2020-21
3 LEASES
The Company has adopted Ind AS 116 ‘Leases’ effective April 1, 2019 and applied the Standard to its leases.
[A] Carrying value of Right of Use of Asset at the end of reporting year:
 Amount in Millions 
Particulars
 Class of Asset 
leased - Plant and 
machinery 
 Class of Asset 
leased - Plant and 
machinery 
 As at 31-03-2021 
 As at 31-03-2020 
Balance as at April 01
 378.85 
 - 
Adjustment on account of revision of terms of lease agreement
 4.26 
 - 
Adjusted Opening balance
 383.11 
 - 
Add: addition during the year at fair value through Profit and Loss 
account
 2.27 
 386.91 
Less: depreciation charge for the year [Forming a part of Profit and 
Loss account]-Note A
19.64
8.06
Balance as at March 31
 365.74 
 378.85 
[B] Carrying value of prepaid expenses on interest free security deposit at the end of reporting year:
 Amount in Millions 
Particulars
 Class of Asset 
leased - Plant and 
machinery 
 Class of Asset 
leased - Plant and 
machinery 
 As at 31-03-2021 
 As at 31-03-2020 
Balance as at April 01
 13.97 
 - 
Addition during the year
 0.04 
 14.36 
Lease Expenses charged for the year
 0.96 
 0.39 
Balance as at March 31
 13.06 
 13.97 
Total Rights-of-Use Assets [A] + [B]
 378.79 
 392.82 
Note A:
The depreciation on Right of Use of Asset created on lease entered into by the company is calculated at useful 
life of 20 years, being the useful life of plant and machineries (leased assets) adopted by the company as per its 
accounting policies. The Company is certain on buy back option of the leased assets as at the end of lease term 
evidenced by way of lease agreement and hence, useful life of 20 years is considered for depreciating Right of 
Use of Assets.
[C] Carrying value of Lease Liabilities at the end of reporting year:
 Amount in Millions 
Particulars
 Class of Asset 
leased - Plant and 
machinery 
 Class of Asset 
leased - Plant and 
machinery 
 As at 31-03-2021 
 As at 31-03-2020 
Balance as at April 01
 372.85 
 - 
Adjustment on account of revision of terms of lease agreement
 4.26 
Adjusted Opening balance
 377.11 
Addition of lease liability during the year as per Ind AS 116
 42.04 
 380.27 
Payment of lease liability during the year
 56.43 
 7.42 
Balance as at March 31
 362.72 
 372.85

141
CORPORATE OVERVIEW
01
STATUTORY REPORTS
02
FINANCIAL STATEMENTS
03
Maturity Analysis of Lease Liabilities:
 Amount in Millions 
Maturity analysis – contractual undiscounted cash flows
 As at 31-03-2021 
 As at 31-03-2020 
Less than one year
 40.41 
 50.66 
One to five years
 220.29 
 370.55 
More than five years
 102.03 
 171.77 
Total undiscounted lease liabilities at 31 March 2021 
 362.72 
 592.97 
Lease liabilities included in the statement of financial position at 
31 March 2021 
 362.72 
 372.85 
Current
 40.41 
 43.24 
Non-current
 322.32 
 329.61 
[D] Carrying value of interest free security deposit given for leases at the end of reporting 
year:
 Amount in Millions 
Particulars
 Class of Asset 
leased - Plant and 
machinery 
 Class of Asset 
leased - Plant and 
machinery 
 As at 31-03-2021 
 As at 31-03-2020 
Balance as at April 01
 23.98 
 - 
Addition during the year at fair value through Profit and Loss account
 0.08 
 21.66 
Interest Income on security deposit at fair value through Profit and 
Loss account-Note B
 2.58 
 2.32 
Balance as at March 31
 26.64 
 23.98 
Note B:
The interest income is considered at Effective Interest Rate of 10.78% after valuing the cash flows of the company
[E] Amounts recognised in the Statement of Profit or Loss
 Amount in Millions 
Particulars
 As at 31-03-2021 
 As at 31-03-2020 
Interest on Lease Liabilities [Finance cost] 
 39.84 
 - 
Interest Income on security deposit at fair value through Profit and 
Loss account - Note B
 2.58 
 2.32 
Depreciation charge for the year
 19.64 
 8.06 
Lease rent expense [depreciation of ROU of asset from security 
deposit valuation]
 0.96 
 0.39 
4 NON-CURRENT ASSETS: FINANCIAL ASSETS - INVESTMENTS
 Amount in Millions 
Particulars
Notes
 As at 31-03-2021 
 As at 31-03-2020 
Investment in Equity Instruments
Unquoted
     (a) Subsidiary companies (at cost)
Note A
Jainam Intermediates Pvt Ltd - 10,000 (Previous year - 
10,000) shares - Face value of INR 10/- each
 0.10 
 0.10 
     (b) Other Company (at cost)
Note A
Atharva Exochem Pvt Ltd. - Nil (Previous year - 2,47,600) 
shares - Face value of INR 10/- each
 - 
 4.00 
Total value of Non Current Investments
 0.10 
 4.10 
Note A: 
The investment in subsidiary company and Other company are unquoted and carried at cost.
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Anupam Rasayan India Ltd  |  Annual Report 2020-21
5 NON-CURRENT ASSETS: OTHER FINANCIAL ASSETS
 Amount in Millions 
Particulars
Notes
 As at 31-03-2021 
 As at 31-03-2020 
Fixed deposits with banks with maturity more than 12 
months
 0.10 
 0.10 
Subscription to Equity Shares for acquiring membership
Note B
 5.74 
 5.74 
Fair valuation of Security Deposit by Fair value Through 
Profit and Loss account
      Security deposit receivable (Lease)
Note 3
 26.64 
 23.98 
Total
 32.49 
 29.83 
Note B:
The Company has made contribution in the Equity Shares of following companies for acquiring membership in 
those companies for operation purposes. Hence, investment in such companies are valued at cost.
Globe Enviro Care Ltd. - 2,66,191 (Previous year - 2,66,191) shares -  Face value of INR 10/- each
Narmada Clean Tech Ltd. 1,34,100 (Previous year - 1,34,100) shares - Face value of INR 10/- each
6 NON-CURRENT ASSETS: OTHER NON-CURRENT ASSETS
 Amount in Millions 
Particulars
Notes
 As at 31-03-2021 
 As at 31-03-2020 
Capital advances
-
 212.97 
 299.60 
Employee Group Gratuity Scheme Fund [Net]
-
 4.93 
 9.01 
Total
 217.90 
 308.61 
7 CURRENT ASSETS: INVENTORIES
 Amount in Millions 
Particulars
Notes
 As at 31-03-2021 
 As at 31-03-2020 
Raw Materials
-
 1,269.43 
 703.39 
Work-in-progress
-
 2,644.17 
 1,328.31 
Finished Goods
-
 875.06 
 883.82 
Packing Materials
-
 48.18 
 21.91 
Stores and Spares
-
 75.26 
 29.85 
Total
 4,912.10 
 2,967.28 
8 CURRENT ASSETS: FINANCIAL ASSETS - TRADE RECEIVABLES
 Amount in Millions 
Particulars
Notes
 As at 31-03-2021 
 As at 31-03-2020 
Unsecured and considered good
-
 2,054.89 
 1,294.94 
Less: Allowance for expected credit loss
Note C
 - 
 - 
Total
 2,054.89 
 1,294.94 
Note C:
Under IND AS 109-Financial Instruments, Expected credit loss is to be provided for various items of Financial 
Assets of the company. Trade Receivable being classified as Financial Asset of the company, Expected credit 
Loss is to be provided for on the basis of Simplified Approach as allowed under IND AS. Based on the management 
representation, the chances of impairment of Trade Receivable are negligible according to which no material 
expected credit loss is estimated for the current financial year.

143
CORPORATE OVERVIEW
01
STATUTORY REPORTS
02
FINANCIAL STATEMENTS
03
9 CURRENT ASSETS: FINANCIAL ASSETS - CASH AND CASH EQUIVALENTS
 Amount in Millions 
Particulars
Notes
 As at 31-03-2021 
 As at 31-03-2020 
Balance with banks (Refer Note 40)
-
 2,404.80 
 194.58 
Cash on hand
-
 5.36 
 3.67 
Balance in foreign currency
-
 0.33 
 0.31 
Total
 2,410.49 
 198.56 
10 CURRENT ASSETS: FINANCIAL ASSETS - OTHER BANK BALANCES
 Amount in Millions 
Particulars
Notes
 As at 31-03-2021 
 As at 31-03-2020 
Fixed deposits with banks with maturity less than 12 
months (Refer note 40)
Note D
 545.41 
 68.12 
Total
 545.41 
 68.12 
Note D:
The amount of fixed deposit with Banks includes Lien over fixed deposit with Yes Bank of INR 400 Millions 
(Previous period: Nil)
11 CURRENT ASSETS: FINANCIAL ASSETS - LOANS 
 Amount in Millions 
Particulars
Notes
 As at 31-03-2021 
 As at 31-03-2020 
Unsecured , considered good:
Loans and advances
-
 0.11 
 93.94 
Loans and advances to contractor entities valued at 
amortised cost
Note E
 80.32 
 17.31 
Advances valued at Fair Value at amortised cost
Note E
 33.94 
 27.97 
Total
 114.36 
 139.21 
Note E:
As per IND AS 109-Financial Instruments, the amount of interest free loans provided to Employees and 
contractor entities of the company are valued at amortised cost with market rate of interest at 7.40% per annum 
and 8.00% per annum considered as per historical rate of State Bank of India as on March 31, 2021 and March 
31, 2020 respectively.
12 CURRENT ASSETS: FINANCIAL ASSETS - OTHERS
 Amount in Millions 
Particulars
Notes
 As at 31-03-2021 
 As at 31-03-2020 
Advances recoverable in cash
-
 11.87 
 9.03 
GST Duty - Rebate receivable
-
 182.77 
 133.12 
Security deposits
-
 161.56 
 112.46 
Total
 356.20 
 254.61 
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Anupam Rasayan India Ltd  |  Annual Report 2020-21
13 OTHER CURRENT ASSETS
 Amount in Millions 
Particulars
Notes
 As at 31-03-2021 
 As at 31-03-2020 
Unsecured advance, considered good
-
 189.82 
 103.94 
Prepaid Insurance & other expenses
-
 61.24 
 11.13 
Prepaid staff cost
-
 28.72 
 6.07 
TDS receivable
-
 8.07 
 12.22 
TCS receivable
-
 2.79 
 0.14 
Tax receivable (net)
-
 66.93 
 110.73 
Balance with Tax authorities
-
 367.52 
 328.68 
Total
 725.08 
 572.92 
14 SHARE CAPITAL
A] Share capital authorized, issued, subscribed and paid up:
 Amount in Millions 
Particulars
 As at 31-03-2021 
 As at 31-03-2020 
 No. of shares 
 Amount (INR) 
 No. of shares 
 Amount (INR) 
Authorized Share capital*
Equity Share Capital of INR 10/- each
 12,50,00,000 
 1,250.00 
 5,15,00,000 
 515.00 
Compulsorily Convertible Preference 
Shares Capital of INR 10/- each**
 - 
 - 
 2,85,00,000 
 285.00 
 1,250.00 
 800.00 
Issued, subscribed & fully paid share 
capital
Equity Share Capital of INR 10/- each
 9,99,22,391 
 999.22 
 5,00,00,100 
 500.00 
Total
 999.22 
 500.00 
*Note for Authorized Share Capital:
On November 09, 2020, as per the resolution passed in Extra Ordinary General Meeting of the Company, the 
existing unissued Preference Share Capital of INR 28,50,00,000/- divided into 2,85,00,000 shares of face value 
INR 10/- each are reclassified into Authorized Share Capital of Equity Shares and thus the Authorized Share 
Capital of Equity Shares is reclassified from  9,65,00,000 shares of face value of INR 10/- each to 12,50,00,000 
shares of face value of INR 10/- each.
On September 14, 2020, as per the resolution passed in Extra Ordinary General Meeting, the Authorized Share 
Capital of the Company was increased from INR 80,00,00,000/- divided into 5,15,00,000 Equity Shares of INR 10/- 
each and 2,85,00,000 Preference Shares of INR 10/- each to INR 125,00,00,000/- divided into 9,65,00,000 Equity 
Shares of INR 10/- each and 2,85,00,000 Preference Shares of INR 10/- each.
During the previous year, 25,00,000 (Twenty-Five Lakhs) number of unissued Equity Shares of INR 10/- each 
were reclassified as Preference Share Capital on June 28, 2019.

145
CORPORATE OVERVIEW
01
STATUTORY REPORTS
02
FINANCIAL STATEMENTS
03
B] Reconciliation of Equity Share Capital:
a) Equity Share Capital
 Amount in Millions 
Particulars
 As at 31-03-2021 
 As at 31-03-2020 
 No. of shares 
 Amount (INR) 
 No. of shares 
 Amount (INR) 
Issued, subscribed and fully paid up 
Equity Shares outstanding at the 
beginning of the year
 5,00,00,100 
 500.00 
 5,00,00,100 
 500.00 
Shares issued during the year***
 2,17,97,391 
 217.97 
 - 
 - 
Conversion of Compulsorily 
convertible Preference Shares into 
Equity Shares
 2,81,24,900 
 281.25 
 - 
 - 
Issued, subscribed and fully paid up 
Equity Shares outstanding at the end 
of the year
 9,99,22,391 
 999.22 
 5,00,00,100 
 500.00 
***The Company has completed Initial Public Offerings (IPO) of 1,37,15,495 shares of INR 10/- each ( Issued 
1,34,95,495 Equity Shares at an offer price of INR 555/- per Equity Share and 2,20,000 Equity Shares to the 
Employees of the Company at an offer price of INR 500/- per Equity Share ) aggregating to INR 7,600 millions 
through Fresh Issue of Equity Shares. The Equity Shares of the Company are listed on March 24, 2021 on BSE 
Limited (BSE) and National Stock Exchange of India Limited (NSE).
b) List of shares holders who are holding  more than 5 %  Equity Shares of the company
Particulars
 As at 31-03-2021 
 As at 31-03-2020 
 No. of shares 
 % of 
shareholding 
 No. of shares 
 % of 
shareholding 
Kiran Pallavi Investments LLC
 3,62,06,896 
 36.24 
 **** 
 **** 
Milan Thakkar
 1,95,69,000 
 19.58 
 2,00,00,000 
 40.00 
Anand  Desai
 1,12,73,440 
 11.28 
 1,12,73,440 
 22.55 
Shraddha Desai
 77,86,435 
 7.79 
 86,48,435 
 17.30 
Rehash Industrial & Resins Chemical 
Pvt Ltd
 53,12,500 
 5.32 
 53,12,500 
 10.63 
Mona Anand Desai
 **** 
 **** 
 41,40,625 
 8.29 
**** Not holding more than 5% Equity Shares of the company in respective Financial years.
Rights, Preferences and restrictions attached to Equity Shares;
The Company has only one class of Equity Shares having face value of  INR 10/- each and the holder of the Equity 
Share is entitled to one vote per share. The dividend proposed by Board of Directors is subject to approval of 
the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of 
liquidation of the Company, the holders of Equity Shares will be entitled to receive the remaining assets of the 
Company in proportion to the number of Equity Shares held.
**On October 10, 2020, 2,81,24,900 Compulsorily Convertible Preference Shares have been converted into 
2,81,24,900 Equity Shares of INR 10/- each fully paid at the ratio of 1:1.
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Anupam Rasayan India Ltd  |  Annual Report 2020-21
14 OTHER EQUITY
 Amount in Millions 
Particulars
 As at 31-03-2021 
 As at 31-03-2020 
Compulsorily Convertible Preference Shares**
As per Last Balance Sheet
 281.25 
 246.27 
Add: Issue of Shares
 - 
 34.98 
Less: Conversion of Preference Shares into Equity Shares
 281.25 
 - 
 - 
 281.25 
Securities Premium
As per Last Balance Sheet
 2,427.52 
 2,108.83 
Add: Issue of Shares
 9,218.03 
 318.69 
Less: Share issue expenses
 (339.04)
 - 
 11,306.51 
 2,427.52 
General Reserve
As per Last Balance Sheet
 1.02 
 1.02 
 1.02 
 1.02 
Share Based Payment Reserve
As per Last Balance Sheet
 - 
 - 
Add: Issue of share options granted during the year
 6.35 
 - 
 6.35 
 - 
Retained Earnings
As per Last Balance Sheet
 2,736.16 
 2,206.23 
Add: Profit for the year
 699.21 
 529.92 
Less: Preference Share dividend paid during the year
 (0.08)
 - 
 3,435.29 
 2,736.16 
Other Comprehensive Income
As per Last Balance Sheet
 (14.83)
 2.43 
Add: Movement in OCI (Net) during the year
 (7.47)
 (17.26)
 (22.30)
 (14.83)
Total
 14,726.86 
 5,431.11 
A] Preference Share capital issued, subscribed and paid up:
 Amount in Millions 
Particulars
 As at 31-03-2021 
 As at 31-03-2020 
 No. of shares 
 Amount (INR) 
 No. of shares 
 Amount (INR) 
Issued, subscribed & fully paid share 
capital 
Compulsorily Convertible Preference 
Shares Capital of INR 10/- each
 - 
 - 
2,81,24,900
281.25
Total
 - 
 281.25

147
CORPORATE OVERVIEW
01
STATUTORY REPORTS
02
FINANCIAL STATEMENTS
03
B] Reconciliation of Preference Share Capital:
a) Compulsorily Convertible Preference Share Capital (CCPS)
 Amount in Millions 
Particulars
 As at 31-03-2021 
 As at 31-03-2020 
 No. of shares 
 Amount (INR) 
 No. of shares 
 Amount (INR) 
Issued, subscribed and fully paid up 
shares outstanding at the beginning 
of the year
 2,81,24,900 
 281.25 
 2,46,26,766 
 246.27 
Shares issued during the year
 - 
 - 
 34,98,134 
 34.98 
Conversion of CCPS into Equity 
Shares
 2,81,24,900 
 281.25 
 - 
 - 
Issued, subscribed and fully paid up 
shares outstanding at the end of the 
year
 - 
 - 
 2,81,24,900 
 281.25 
b) List of shares holders who are holding  more than 5 %  Preference Shares of the 
company
Particulars
 As at 31-03-2021 
 As at 31-03-2020 
 No. of shares 
 % of 
shareholding 
 No. of shares 
 % of 
shareholding 
Kiran Pallavi Investments LLC**
 - 
 - 
2,81,24,900
100
**On October 10, 2020, 2,81,24,900 Compulsorily Convertible Preference Shares have been converted into 
2,81,24,900 equity shares of INR 10/- each fully paid at the ratio of 1:1
c) Rights, Preferences and restrictions attached to Preference Shares
The Company has issued one class of Preference Shares having face value of INR 10/- each and the holder of the 
Preference Share is entitled to one vote per share.  Such shares are cumulative shares, holder of Preference Share 
is entitled to receive cumulative dividend before it is distributed amongst Equity Share holders by the Company. In 
the event of liquidation of the Company, the holders of Preference Shares will be entitled to have first preference 
in the assets of the Company in proportion to the number of Equity Shares held by Equity Share holders.
NATURE AND PURPOSE OF RESERVES:
Securities Premium
Securities Premium reserve is created due to premium on issue of shares. These reserve are utilized in 
accordance with provision of the Companies Act, 2013.
General Reserve
Under the erstwhile Companies Act, 1956, a general reserve was created through an annual transfer of net 
income at a specified percentage in accordance with applicable regulations. The purpose of these transfers was 
to ensure that if a dividend distribution in a given year is more than 10% of the paid up capital of the Company 
for that year, then the total dividend distribution is less than the total distributable reserve for that year. 
Consequent to introduction of Companies Act, 2013, the requirement of mandatory transfer of a specified 
percentage of the net profit to general reserves has been withdrawn and the Company can optionally transfer 
any amount from the Surplus of profit or loss to the General Reserve.
Share Based Payment Reserve
Vide shareholders resolution on December 4, 2020,  the Company has reserved issuance of 13,12,795 number 
of Equity Shares of INR 10/- each for offering to eligible employees of the company and its subsidiary under  
the Anupam - Employee Stock Option Plan, 2020  (‘ESOP-2020’) and on December 10, 2020, the Company has 
granted 13,12,760 number of Equity Shares at a price of INR 225/- per option to eligible employees. The options 
would vest over a period of 3 years from the date of grant based on  specified criteria.
Please refer Note no. 32.1 for detailed disclosure on Share Based Payments 
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15 NON-CURRENT LIABILITIES: FINANCIAL LIABILITIES-BORROWINGS
 Amount in Millions 
Particulars
Notes
 As at 31-03-2021 
 As at 31-03-2020 
Secured at Amortised cost:
     Term loan from Banks* 
Note A 
 340.61 
 986.29 
     Term loan from Other companies
Note A 
 233.28 
 1,505.79 
     Car Loan from Bank
Note A 
 6.20 
 - 
     Non convertible debentures
Note B
 - 
 160.00 
Unsecured:
     From Shareholders - Kiran Pallavi Investments LLC
-
 1,893.81 
 2,595.31 
Total
 2,473.89 
 5,247.38 
*Term loan from banks includes prepaid finance charges of INR 2.58 Millions (Previous year: INR 6.01 Million)
Note A:
As per IND AS 109 “Financial Instruments” and IND AS 113 “Fair Value Measurements”, term loans taken from 
banks are financial instruments and accordingly the processing fee paid on bank loans is to be valued at fair 
valuation and recognised as “Term loan deferred processing fee” which is  amortised as “Deferred interest 
expense” over the period of term loan using effective interest rate for each bank loan taken during the year.
Terms of Security of Non current Borrowings and Current Borrowings
Sr. No.
Short Particulars of the Security Charged
1
Hypothecation charge on all the Current Assets of the Borrower situated at Plot 
Nos.268/1,8109,8110,8111,8104, 2425 & 701 of GIDC Industrial Estate,Sachin GIDC, Surat & Plot No. 
905/1, 907/3, 907/4 of GIDC Industrial Estate, Jhagadia GIDC, Bharuch or wherever else shall secure 
the Working Capital facilities sanctioned by SCB Consortium on first pari-passu charge basis and 
Term Loan Facilities sanctioned by SCB Consortium on second pari passu charge basis and
2
Hypothecation charge on all the Movable Fixed Asset of the Borrower situated at Plot 
Nos.268/1,8109,8110,8111,8104, 2425 & 701 of GIDC Industrial Estate,Sachin GIDC,Surat & Plot No. 
905/1, 907/3, 907/4 of GIDC Industrial Estate, Jhagadia GIDC, Bharuch or wherever else shall secure 
the Term Loan Facilities sanctioned by SCB Consortium on first pari-passu charge basis and Working 
Capital Facilities sanctioned by SCB Consortium on second pari passu charge basis and
3
1. Immovable properties of the company at Industrial Plot No.701, admeasuring 2790 Sq. Meters at 
GIDC, Sachin, Surat.
2. Immovable properties of the company at Industrial Plot No.8109, admeasuring 3000 Sq. Meters 
at GIDC, Sachin, Surat.
3. Immovable properties of the company at Industrial Plot No.8110, admeasuring 3000 Sq. Meters 
at GIDC, Sachin, Surat.
4. Immovable properties of the company at Industrial Plot No.8111, admeasuring 3000 Sq. Meters 
at GIDC, Sachin, Surat
5. Immovable properties of the company at Industrial Plot No.8104, admeasuring 8550.38 Sq. Meters 
at GIDC, Sachin, Surat
6. Immovable properties of the company at Industrial Plot No.907/3, admeasuring 27178.98 Sq. 
Meters at Jhagadia Industrial Estate, Village-Talodara, Taluka-Jhagadia, Dist- Bharuch
7. Immovable properties of company at Industrial PlotNo.268/1, admeasuring 2550.00 Sq. Meters at 
Sachin Industrial Area, GIDC, Village- Gabheni, Taluka: Choryasi, Dist & City- Surat
8. Immovable properties of the company at Industrial Plot No.907/4, admeasuring 26,816.86 Sq. 
Meters at Jhagadia Industrial Estate, Village-Talodara, Taluka-Jhagadia, Dist- Bharuch

149
CORPORATE OVERVIEW
01
STATUTORY REPORTS
02
FINANCIAL STATEMENTS
03
Name of the Lender
Interest 
Nature of the facility 
Terms of Repayment 
Standard Chartered Bank (ECB-3)
Libor + 3.25%
External Commercial Borrowing
Quarterly
Standard Chartered Bank (ECB-4)
Libor + 2.00 %
External Commercial Borrowing
Quarterly
Axis Bank Limited
6.05%
Term Loan Facility
Monthly
Axis Bank Limited
Libor + 1.75%
Pre Shipment Credit in Foreign 
Currency
Monthly (Interest)
DBS Bank Limited
MCLR+4%
Working capital demand loan 
(Foreign currency)
Monthly (Interest)
Yes Bank Limited
7.99%
Car Loan
Monthly (Interest)
Term Loan from Other Companies
Avendus Finance Private Limited
15%
Term Loan Facility
Monthly
Note B:
The company via Board Resolution dated March 16, 2020 approved to issue 200 Non Convertible Debentures 
bearing face value of INR 10,00,000 each, interest rate 15% pa to be issued in one or more series in Demat form 
by way of private placement to Avendus Structured Credit Fund -I. Accordingly, INR 16,00,00,000 was received 
from Avendus Structured Credit Fund -I. The terms of repayment and security against which the debentures are 
secured are mentioned below:
Terms of Repayment:
Repayment within 60 months from deemed date of allotment in 37 monthly 
instalments after expiry of principal moratorium of 24 months from the deemed 
date of allotment.
The Debentures are pre-paid as on September 30, 2020.
Principal terms of assets 
charged as security
First ranking pari passu charge and mortgage to be shared with consortium 
bank lenders of the Company on immovable assets and movable fixed assets of 
the Company, present and future.
Second ranking pari passu charge to be shared with consortium bank lenders of 
the Company on current assets of the Company, present and future.
Corporate guarantee of the corporate guarantor, viz, Rehash Industrial and 
Resins Chemicals Private Limited
Unconditional and irrevocable personal guarantees of the personal guarantors 
viz Mr Anand Desai, Mrs Mona Desai and Mr Milan Thakkar
Demand Promissory note and letter of continuity
Post-dated cheques towards interest payments and undated cheques for principal 
repayments under the debentures
First ranking pari passu pledge (to be shared with consortium term lenders) of 51% 
of Equity Share capital of the company (on fully diluted basis) held by promotor 
group viz Mr Anand Desai, Mrs Mona Desai and Rehash Industrial and Resins 
Chemicals Private Limited in Demat form in case company fails to file draft red 
herring prospectus with SEBI by December 31, 2020 
Such other security as mutually agreed between the company and Avendus 
Finance Private Limited for further securing the debentures
Debenture Trustee
Vistra ITCL (India) Limited
9. Immovable properties of the company at Industrial Plot No.905/1, admeasuring 81,494.02 Sq. 
Meters at Jhagadia Industrial Estate, Village-Dadheda, Taluka-Jhagadia, Dist- Bharuch
10. Immovable properties of company at Industrial PlotNo.2425, admeasuring 2550.00 Sq. Meters at 
Sachin Industrial Area, GIDC, Village- Gabheni, Taluka: Choryasi, Dist & City- Surat
4
Car loan is secured against hypothecation of specific car.
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Anupam Rasayan India Ltd  |  Annual Report 2020-21
16 NON CURRENT LIABILITIES: OTHER FINANCIAL LIABILITIES
 Amount in Millions 
Particulars
Notes
 As at 31-03-2021 
 As at 31-03-2020 
Lease Liabilities
Note 3
 322.32 
 329.61 
Total
 322.32 
 329.61 
17 CURRENT LIABILITIES: FINANCIAL LIABILITIES - BORROWINGS
 Amount in Millions 
Particulars
Notes
 As at 31-03-2021 
 As at 31-03-2020 
Secured - At Amortised cost;
Working Capital Loans from Banks
Note 
15(A)
 427.75 
 2,365.59 
Total
 427.75 
 2,365.59 
Refer Note 15 (A) for terms of security, interest rates and repayment schedule.
18 CURRENT LIABILITIES: FINANCIAL LIABILITIES - TRADE PAYABLES
 Amount in Millions 
Particulars
Notes
 As at 31-03-2021 
 As at 31-03-2020 
Due to Micro and Small Enterprises
Note C
       For Goods
-
 1.60 
 - 
       For Expenses & services
-
 1.70 
 - 
 3.30 
 - 
Due to other than Micro and Small Enterprises
       For Goods
-
 1,593.10 
 962.34 
       For Expenses & services
-
 389.12 
 335.30 
 1,982.22 
 1,297.65 
Total
 1,985.52 
 1,297.65 
Note C:
Due to Micro and Small enterprises- As per Micro, Small and Medium Enterprises Development Act, 2006 
(MSMED Act)
This information has been determined to the extent such parties have been identified on the basis of information 
available with the Company
 Amount in Millions 
Particulars
Notes
 As at 31-03-2021 
 As at 31-03-2020 
Principal amount remaining unpaid to any supplier as at 
the end of the year
-
 3.30 
 - 
Amount of interest due remaining unpaid to any supplier 
as at the end of the year
-
 - 
 - 
Amount of interest paid under MSMED Act, 2006 along 
with the amount of the payment made to the suppliers 
beyond the appointed day during the year
-
 - 
 - 
Amount of interest due and payable for the year of delay 
in making payment (where the principal has been paid 
but interest under MSMED Act, 2006 not paid)
-
 - 
 - 
Amount of interest accrued and remaining unpaid at the 
end of year
-
 - 
 - 
Amount of further interest remaining due and payable 
even in the succeeding year
-
 - 
 -

151
CORPORATE OVERVIEW
01
STATUTORY REPORTS
02
FINANCIAL STATEMENTS
03
19 CURRENT LIABILITIES: FINANCIAL LIABILITIES - CURRENT MATURITIES OF LONG TERM 
BORROWINGS  
Amount in Millions
Particulars
Notes
 As at 31-03-2021 
 As at 31-03-2020 
Secured:
     Term loan from Banks
-
 337.49 
 276.20 
     Term loan from Other Companies
-
 6.72 
 237.56 
     Car Loan from Bank
-
 3.03 
 - 
Unsecured:
     From Shareholders - Kiran Pallavi Investments LLC
-
 614.21 
 52.97 
Total
 961.44 
 566.72 
20 CURRENT LIABILITIES: OTHER FINANCIAL LIABILITIES
 Amount in Millions 
Particulars
Notes
 As at 31-03-2021 
 As at 31-03-2020 
TDS/TCS  payable
-
 25.54 
 19.23 
Lease Liabilities
-
 40.41 
 43.24 
Forward / Swap contract payable
Note D
 13.91 
 19.30 
Creditors -IPO expenses
-
 190.56 
 - 
Interest accrued and due to banks
-
 0.13 
 14.75 
Total
 270.54 
 96.51 
Refer Note 15 (A) for terms of security, interest rates and repayment schedule.
Note D:
The losses on cash flow hedge contracts  relates to existing contract with Standard Chartered Bank.
21 CURRENT LIABILITIES- PROVISIONS
 Amount in Millions 
Particulars
Notes
 As at 31-03-2021 
 As at 31-03-2020 
Provision for Employee Benefits:
      Salary & Reimbursements
-
 32.99 
 1.52 
      Contribution to PF/ESI/PT
-
 3.47 
 2.70 
Other Provisions
-
 116.12 
 3.02 
Total
 152.58 
 7.24 
22 OTHER CURRENT LIABILITIES
 Amount in Millions 
Particulars
Notes
 As at 31-03-2021 
 As at 31-03-2020 
Creditor for Capital Goods
-
 300.92 
 528.72 
Total
 300.92 
 528.72 
23 CURRENT TAX LIABILITIES (NET)
 Amount in Millions 
Particulars
Notes
 As at 31-03-2021 
 As at 31-03-2020 
Provision for Income Tax (Net of Advance tax of INR 85.00 
Mn (P.Y. INR 57.50 Mn)
-
 88.71 
 67.20 
Total
 88.71 
 67.20 
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Anupam Rasayan India Ltd  |  Annual Report 2020-21
Reconciliation of Income Tax Provision provided for the current financial year:
 Amount in Millions 
Particulars
Notes
 As at 31-03-2021 
 As at 31-03-2020 
Income tax recognised in statement of Profit and loss
-
Current tax
-
 175.29 
 128.36 
Deferred Tax
 52.99 
 55.45 
[ A ] Profit before tax during the year
-
 994.24 
 713.73 
Rate of taxation
-
17.47%
17.47%
Computed Tax expense
-
 173.71 
 124.70 
Tax effect of :
Gain/(loss) on remeasurements of the defined benefits 
plan
-
 2.52 
 (1.08)
Effective portion of gain/(loss) on hedging instruments 
in a cash flow hedge
-
 (0.94)
 4.74 
Other Adjustment
 - 
 - 
Amount of Tax Provision on [ A ]
-
 175.29 
 128.36 
Incremental / (Reversal) of Deferred Tax liability on 
account of 
Property Plant and Equipment
-
 52.99 
 55.45 
Deferred Tax provision (B)
-
 52.99 
 55.45 
Total Income tax expenses recognised in statement of 
Profit and loss(A + B + C)
-
 228.28 
 183.81 
-
22.96%
25.75%
24 REVENUE FROM OPERATIONS
 Amount in Millions 
Particulars
Notes
 As at 31-03-2021 
 As at 31-03-2020 
Revenue from - Sale of products:
     Export sales
-
 4,669.50 
 3,599.22 
     Domestic sales
-
 3,050.87 
 1,654.19 
     SEZ Supply
-
 353.86 
 35.39 
Operating income
     Jobwork income
-
 34.65 
 - 
Total
 8,108.88 
 5,288.80 
25 OTHER INCOME
 Amount in Millions 
Particulars
Notes
 As at 31-03-2021 
 As at 31-03-2020 
Interest Income
-
 8.02 
 35.59 
Other Financials Assets measured at amortised cost
Interest Income on lease deposits
Note 3
 2.58 
 2.32 
Interest Income on staff loans 
-
 7.45 
 4.36 
Exchange Gain /(Loss) resultant from the transaction /
translation
-
 108.37 
 (56.77)
Other income
-
 30.25 
 6.10 
Excise-Duty Drawback Income
-
 50.25 
 41.72 
Export Benefit (Incentive)
-
 51.09 
 70.42 
Discount Received
-
 - 
 0.17

153
CORPORATE OVERVIEW
01
STATUTORY REPORTS
02
FINANCIAL STATEMENTS
03
Insurance claims received
-
 8.09 
 1.87 
Net gain/(loss) on sale of Investment
-
 0.01 
 - 
Net gain/(loss) on sale of property, plant and equipment
-
 (1.79)
 3.00 
Total
 264.31 
 108.79 
26 COST OF MATERIALS CONSUMED
 Amount in Millions 
Particulars
Notes
 As at 31-03-2021 
 As at 31-03-2020 
Cost of Materials Consumed
Opening stock of material
-
 703.39 
 543.46 
Add: Purchases during the year
-
 5,270.10 
 3,116.30 
 5,973.48 
 3,659.76 
Less: Closing stock of material
-
 1,269.43 
 703.39 
 4,704.05 
 2,956.37 
Stock-in-Trade
Opening stock:
Finished goods
-
 883.82 
 469.73 
Work-in-progress
-
 1,328.31 
 889.07 
Less: Closing stock:
Finished goods
-
 875.06 
 883.82 
Work-in-progress
-
 2,644.17 
 1,328.31 
 (1,307.10)
 (853.33)
Total
 3,396.96 
 2,103.04 
27 EMPLOYEE BENEFITS EXPENSE
 Amount in Millions 
Particulars
Notes
 As at 31-03-2021 
 As at 31-03-2020 
Salaries and wages
-
 228.79 
 160.59 
Bonus
-
 58.59 
 30.05 
Contribution to and provision for:
Provident and other funds
-
 8.62 
 8.01 
Retirement benefit (including contribution to Group 
Gratuity)
-
 7.76 
 6.96 
Employees Compensation Account
-
 6.35 
 - 
Staff welfare expenses
-
 14.32 
 5.28 
Total
 324.43 
 210.88 
28 FINANCE COSTS
 Amount in Millions 
Particulars
Notes
 As at 31-03-2021 
 As at 31-03-2020 
Interest Expenses*
Note A
 573.55 
 364.76 
Other Borrowing Costs
-
 76.63 
 34.59 
Applicable loss on foreign currency transactions and 
translation
-
 35.25 
 53.25 
Total
 685.43 
 452.61 
*Net of interest capitalised INR 48.66 millions in the current financial year (Previous year: INR 124.348 millions)
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Anupam Rasayan India Ltd  |  Annual Report 2020-21
Note A:
As per IND AS 109 “Financial Instruments” and IND AS 113 “Fair Value Measurements”, term loans taken from 
banks are financial instruments and accordingly the processing fee paid on bank loans is to be valued at fair 
valuation and recognised as “Term loan deferred processing fee” which is  amortised as “Deferred interest 
expense” over the period of term loan using effective interest rate for each bank loan taken during the year.
29 OTHER EXPENSES
 Amount in Millions 
Particulars
Notes
 As at 31-03-2021 
 As at 31-03-2020 
(A) Manufacturing Expenses 
Job work and other charges
-
 570.88 
 389.17 
Utility charges
-
 750.91 
 502.48 
Consumption - Stores and Spares
-
 61.35 
 72.93 
Consumption - Packing Materials
-
 66.41 
 45.71 
Pollution expenses
-
 223.60 
 119.66 
Laboratory expenses
-
 14.87 
 13.31 
Factory Expenses
-
 98.20 
 61.57 
Lease Rent expenses
Note 3
 0.96 
 0.39 
Insurance machinery, factory, etc.
-
 2.04 
 0.19 
Other manufacturing expenses
-
 240.32 
 95.06 
Total (A)
 2,029.55 
 1,300.47 
(B) Administrative Expenses 
Legal & professional charges
-
 64.02 
 45.68 
Director remuneration
-
 26.28 
 26.28 
Director sitting fees
-
 4.05 
 - 
Insurance expenses
-
 17.97 
 34.19 
Rent, rates, taxes & duties
-
 45.32 
 10.37 
Repairs & maintenance 
-
 17.65 
 16.30 
Indirect taxes expenses
-
 1.09 
 3.64 
Donation
-
 17.89 
 3.01 
Employee advances written off
-
 7.47 
 - 
Security charges
-
 24.01 
 13.39 
Audit fees (Refer Note No. 38)
-
 2.65 
 1.75 
CSR expenditure
-
 12.39 
 5.97 
Other Administrative Expenses
-
 50.91 
 56.63 
Total (B)
 291.69 
 217.22 
(C) Selling & Distribution Expenses
Bad debts written off
-
 - 
 10.36 
Commission and Brokerage
-
 23.52 
 6.47 
Packing expense
-
 0.03 
 0.37 
Insurance on sales (including Export)
-
 3.96 
 5.11 
Clearing & forwarding charges
-
 89.28 
 49.93 
Advertisement, business promotion and Seminar 
expenses
-
 17.59 
 34.05 
Total (C)
 134.38 
 106.29 
Grand Total (A)+(B)+(C )
 2,455.62 
 1,623.99

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CORPORATE OVERVIEW
01
STATUTORY REPORTS
02
FINANCIAL STATEMENTS
03
29.1 CORPORATE SOCIAL RESPONSIBILITIES:
 Amount in Millions 
Particulars
Notes
 As at 31-03-2021 
 As at 31-03-2020 
Amount of CSR required to be spent as per Section 135 of 
Companies Act, 2013 read with Schedule VII
-
 12.39 
 10.59 
Amount of CSR spent during the year
-
 12.39 
 5.97 
 Amount in Millions 
Particulars
Notes
 As at 31-03-2021 
 As at 31-03-2020 
Health
-
 6.79 
 2.27 
Education
-
 2.30 
 2.50 
Environmental Protection
-
 3.30 
 1.20 
Total
-
 12.39 
 5.97 
30 OTHER COMPREHENSIVE INCOME/(EXPENSE)
 Amount in Millions 
Particulars
 As at 31-03-2021 
 As at 31-03-2020 
Other Comprehensive Income which will not be reclassified to 
Profit and Loss
Remeasurement of Defined Benefit Plan
 (11.91)
 5.12 
Other Comprehensive Income which will be reclassified to Profit 
and Loss
Effective portion of gain/(loss) on hedging instruments in a cash 
flow hedge
 4.44 
 (22.37)
31 CONTINGENT LIABILITIES AND 
COMMITMENTS
Contingent Liabilities
The Company had issued Cumulative Compulsorily 
Convertible Preference Shares in the ratio of 1:1 at 
0.01% per annum, the dividend of which had not 
been declared by the Company and stands to be a 
contingent liability amounting to Nil (Previous year 
INR. 22,037/-) cumulatively.
Capital Commitments
Estimated amount of contracts remaining to be 
executed on capital account and not provided for as 
on  March 31,2021 is INR 259.39 Mn (Previous year INR 
154.43 Mn).
32 EMPLOYEE BENEFITS
Employee Gratuity fund scheme is for the purpose of 
the Defined Benefits. The Company is making annual 
contributions for gratuities to funds administered by 
trustees and managed by insurer (LIC) for amounts 
notified by the insurer. The present value of obligation 
under such defined benefit plan is determined based on 
actuarial valuation carried out by an independent actuary.
The Company has paid premium under Staff Gratuity 
EGGS Scheme with the LIC. Accordingly, all the 
required disclosures are provided in the financial 
statements to the extent details available from 
actuarial valuation report and LIC gratuity valuation 
report respectively.
These plans typically expose the Group to actuarial 
risks such as: Investment risk, interest rate risk, 
longevity risk and salary risk.
Investment risk
The present value of the defined benefit plan 
liability is calculated using a discount rate which is 
determined by reference to market yields at the end 
of the reporting period on government bonds. If the 
return on plan asset is below this rate, it will create 
a plan deficit. Currently, for the plan in India, it has a 
relatively balanced mix of investments in government 
securities, and other debt instruments.
Interest risk
A fall in the discount rate which is linked to the 
Government Security Rate will increase the present 
value of the liability requiring higher provision. A fall 
in the discount rate generally increases the mark to 
market value of the assets depending on the duration 
of asset.
Salary risk: 
The present value of the defined benefit plan liability 
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is calculated by reference to the future salaries of members. As such, an increase in the salary of the members 
more than assumed level will increase the plan’s liability.
Concentration risk: 
Plan is having a concentration risk as all the assets are invested with the insurance company and a default 
will wipe out all the assets. Although probability of this is very less as insurance companies have to follow 
regulatory guidelines.
I. Charge to the Statement of Profit and Loss based on Defined Contribution Plans
 Amount in Millions 
Particulars
 As at 31-03-2021 
 As at 31-03-2020 
Employer's contribution to Provident Fund
 14.43 
 10.08 
Employer's contribution to ESI
 2.16 
 2.13 
Total
 16.59 
 12.21 
II. Disclosures for Defined Benefit Plans based on actuarial valuation reports:
A. Changes in present value Defined Benefit Obligation
 Amount in Millions 
Particulars
Gratuity (Funded)
 As at 31-03-2021 
 As at 31-03-2020 
Present value of obligations as at beginning of year
 3.73 
 0.00 
Add: Addition of liability based on actuarial valuation 
 54.13 
Interest cost  
 4.20 
 4.06 
Current Service Cost
 7.51 
 6.53 
Benefits Paid
 (1.52)
 (0.67)
Actuarial (gain)/ loss on obligations  
 13.69 
 (6.20)
Present value of obligations as at end of year
 81.73 
 3.73 
B. Changes in the Fair Value of Plan Assets
 Amount in Millions 
Particulars
Gratuity (Funded)
 As at 31-03-2021 
 As at 31-03-2020 
Fair value of plan assets at beginning of year
 4.94 
 0.00 
Add: Addition of asset based on actuarial valuation 
 61.93 
Expected return on plan assets
 4.85 
 4.90 
Contributions
 17.20 
 0.71 
Benefits Paid
 (1.52)
 (0.67)
Actuarial gain/(loss) on Plan assets
 (0.74)
 - 
Present value of Fair value at end of year
 86.66 
 4.94 
C. Amount recognized in the Balance Sheet
 Amount in Millions 
Particulars
Gratuity (Funded)
 As at 31-03-2021 
 As at 31-03-2020 
Present Value of Defined Benefit Obligations as at end of the year
 81.73 
 3.73 
Fair Value of Plan Assets as at end of the year
 86.66 
 4.94 
Net Liability/(Asset) recognized in the Balance Sheet 
 (4.93)
 (1.22)

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01
STATUTORY REPORTS
02
FINANCIAL STATEMENTS
03
D. Expenses recognized in the Statement of Profit and Loss
 Amount in Millions 
Particulars
Gratuity (Funded)
 As at 31-03-2021 
 As at 31-03-2020 
Current Service Cost
 7.51 
 6.53 
Interest Cost
 4.20 
 4.06 
Expected return on Plan assets
 (4.85)
 (4.90)
Net Actuarial (Gain)/Loss
 - 
 (6.20)
Present value of obligations as at end of year
 6.85 
 (0.51)
E. Expenses recognized in the Other Comprehensive Income (OCI)
 Amount in Millions 
Particulars
Gratuity (Funded)
 As at 31-03-2021 
 As at 31-03-2020 
Actuarial gain/(losses) on obligations
 (13.69)
 (6.20)
Actuarial gain/(losses) on plan assets
 (0.74)
 - 
Net Income/(Expense) for the year recognized in OCI
 (14.44)
 (6.20)
F. Significant Actuarial Assumption
 
Particulars
Gratuity (Funded)
 As at 31-03-2021 
 As at 31-03-2020 
Discount Rate (p.a.)
6.86%
7.25%
Rate of escalation in salary (p.a.)
8.00%
7.00%
32 .1 SHARE BASED PAYMENT 
a) Scheme details
Company has an Employee Stock Option Scheme under which the maximum quantum of options was granted 
at INR 225/- (face value INR 10/- each) with options to be vested from time to time on the basis of performance 
and other eligibility criteria.
Details of Employee Stock Option granted from  April 01, 2020 to  March 31, 2021 but not vested as on  March 
31, 2021:
Financial Year (Year of Grant)
Number
Financial Year of Vesting
Exercise 
Price 
Fair value at 
Grant Date 
2020-21
13,12,760
2021-22 to 2023-24
 225.00 
 190.26 
Exercise period will expire not later than three years from the date of vesting of options or such other period as 
may be decided by the Nomination and Remuneration Committee.
b) Compensation expenses arising on account of the share based payments;
 Amount in Millions 
Particulars
 For March 31, 2021
Employees Compensation Account
6.35
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c) Fair Value on the grant date
The fair value at grant date is determined using Black Scholes Model which takes into account the exercise 
price, the term of the option, the share price at grant date and expected price volatility of the underlying share, 
the expected dividend yield and the risk free interest rate for the term of the option. 
The model inputs for options granted during the period ended  March 31, 2021 included;
1	 Weighted average exercise price INR 190.26/- 
2	 Grant date:  December 10, 2020
3	 Vesting year: 2021-22 to 2023-24
4	 Share price at grant date: INR 190.26/- per share as per Valuation report 
5	 Expected price volatility (Weighted Average) - 39.06% 
6	 Dividend is not factored separately.
7	 Risk free interest rate: 5.11% 
d) Movement in share option during the year:
 Amount in Millions 
Particulars
As of  March 31, 2021
Number of share 
options
Weighted average 
exercise price
Balance at the beginning of the year
 - 
 - 
Granted during the year
 13,12,760 
 225.00 
Forfeited during the year
 - 
 - 
Exercised during the year
 - 
 - 
Expired / Lapsed during the year
 - 
 - 
Balance at the end of the year
 13,12,760 
 225.00 
33 RELATED PARTY DISCLOSURE
As per Ind AS 24, the disclosures of transactions with the related parties are given below:
I. List of related parties
A. Subsidiaries
The Subsidiary companies including step down subsidiary:
Name of the Company
Principal place 
of business
Proportion of Ownership 
interest held as at March  
31, 2021
Proportion of Ownership 
interest held as at March  
31, 2020
Jainam Intermediates Pvt Ltd
Surat
100%
100%
Radha Murari Petrofills Pvt. Ltd 
(Step down subsidiary)*
Surat
0%
100%
Tangent Science Private Limited 
(Associate Company of Jainam 
Intermediates Pvt. Ltd.) (w.e.f  
August 16, 2020)
Ahmedabad
45.00%
0.00%
*Radha Murari Petrofills Private Limited by virtue of the Scheme of arrangement in the nature of amalgmation 
has been merged with Jainam Intermediates Private Limited with effect from November 19, 2020 vide order 
passed by Hon’able Regional Director (North-Western Region), Ahmedabad of Ministry of Corporate Affairs 
dated November 10, 2020 pursuant to provisions of Section 233 of Companies Act, 2013 and Rules framed 
thereunder, Appointed date being April 01, 2019.

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01
STATUTORY REPORTS
02
FINANCIAL STATEMENTS
03
Name of the Company
Principal place 
of business
Proportion of Ownership 
interest held by Anupam 
as at March 31, 2021
Proportion of Ownership 
interest held by Anupam 
as at March  31, 2020
Atharva Exochem Private Limited 
(Upto  September 26, 2020)*
Surat
0.00%
10.67%
B. Enterprise over which key management personnel able to exercise significant influence:
*W.e.f September 26, 2020 Atharva Exochem Private Limited is not a part of group company as Anupam Rasayan 
India Limited ceased to hold any ownership interest in Atharva Exochem Private Limited
C. Key Management Personnel/Relatives of Key Management Personnel
Name
Designation
Anand Sureshbhai Desai
Managing Director
Afzal Harunbhai Malkani
Chief Financial Officer
Suchi S Agarwal
Company Secretary & Compliance Officer
Mona Anandbhai Desai
Vice Chairperson and Whole Time Director
Nilesh Madhusudan Naik (w.e.f  September 26, 2020)
Key Managerial Person-Technical Head
Anuj Hemantbhai Thakar (w.e.f  September 26, 2020)
Key Managerial Person-R&D (Process Development) 
Head
Ravi Ashwinbhai Desai  (w.e.f  September 26, 2020)
Key Managerial Person-Sales Head
Ramsarup Khurana (w.e.f December 01, 2020)
Relative of Key Management Personnel 
(Administrative Head of the Company)
Gaurav Khurana (w.e.f  December 01, 2020)
Relative of Key Management Personnel (Unit in 
charge of Unit 3 and Unit 4)
D. Entity in which directors are substantially interested
Name
Relationship
Rehash Industrial and Resins Chemicals Pvt. Ltd.
Entity in which directors are substantially interested
Kiran Pallavi Investments LLC (w.e.f  September 26, 2020)
Entity in which director is substantially interested
E. Non-Executive/Independent Directors
Name
Designation
Dr Kiran Chhotubhai Patel
Chairperson and Director (Non-executive) 
Milan Ramesh Thakkar
Director (Non-executive)
Vijay Kumar Batra  (w.e.f  November 09, 2020)
Independent Director
Vinesh Prabhakar Sadekar (w.e.f  November 09, 2020)
Independent Director
Hetul Krishnakant Mehta (w.e.f  November 09, 2020)
Independent Director
Dr Namrata Dharmendra Jariwala (w.e.f  December 
04, 2020)
Independent Director
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II. Details of transactions with related parties
 Amount in Millions 
Details of Transaction
For the year ended on
 As at 31-03-2021 
 As at 31-03-2020 
Jainam Intermediates Private Limited
Purchase of Goods
-Purchase of goods
 176.85 
 93.33 
Kiran Pallavi Investments LLC  (w.e.f  September 26, 2020)
Interest Expenses
 42.25 
 - 
Compensation of key management personnel and relatives of Key Management personnel
 Amount in Millions 
Particulars
 As at 31-03-2021 
 As at 31-03-2020 
Short-term benefits
Anand Sureshbhai Desai
 13.14 
 13.14 
Mona Anandbhai Desai
 13.14 
 13.14 
Afzal Harunbhai Malkani
 13.50 
 19.20 
Suchi S Agarwal
 1.99 
 0.91 
Nilesh Madhusudan Naik 
 16.20 
 - 
Anuj Hemantbhai Thakar 
 8.10 
 - 
Ravi Ashwinbhai Desai 
 3.38 
 - 
Ramsarup Khurana
0.50
 - 
Gaurav Khurana
 1.20 
 - 
Total
 71.15 
 46.39 
Director sitting fees
 Amount in Millions 
Particulars
 As at 31-03-2021 
 As at 31-03-2020 
Director sitting fees
Vijay Kumar Batra  
 0.75 
 - 
Vinesh Prabhakar Sadekar 
 0.83 
 - 
Hetul Krishnakant Mehta 
 1.95 
 - 
Dr Namrata Dharmendra Jariwala 
 0.53 
 - 
3. Balances of related parties
 Amount in Millions 
Account balances
 Key Management Personnels
 As at 31-03-2021 
 As at 31-03-2020 
Directors remuneration payable
 2.19 
 4.94 
 Amount in Millions 
Account balances
 Key Management Personnels
 As at 31-03-2021
 As at 31-03-2020 
Independent directors sitting fee payable
 1.43 
 -

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CORPORATE OVERVIEW
01
STATUTORY REPORTS
02
FINANCIAL STATEMENTS
03
 Amount in Millions 
Account balances
Jainam Intermediates Private Limited
 As at 31-03-2021
 As at 31-03-2020 
Investments
 0.10 
 0.10 
 Amount in Millions 
Account balances
Atharva Exochem Private Limited
 As at 31-03-2021
 As at 31-03-2020 
Investments
 - 
 4.00 
 Amount in Millions 
Account balances
Kiran Pallavi Investments LLC (w.e.f 
September 26, 2020)
 As at 31-03-2021
 As at 31-03-2020 
Unsecured Loan from share holders (carrying interest rate 3% p.a. 
and repayable within seven year from the date of disbursement)
 2,508.02 
 - 
34 EARNINGS PER SHARE (EPS)
EPS is calculated by dividing the profit/(loss) attributable to the equity shareholders by the weighted average 
number of Equity Shares outstanding during the year. The earnings and weighted average numbers of Equity 
Shares used in calculating basic and diluted earnings per Equity Share are as follows:
 
Particulars
 As at 31-03-2021 
 As at 31-03-2020 
Profit/(loss) after tax (Amount in million)
 699.21 
 529.92 
Weighted average number of Equity Shares for calculating Basic 
EPS (No.)
 8,21,59,313 
 5,00,00,100 
Weighted average number of Equity Shares for calculating Diluted 
EPS (No.)
 8,21,59,313 
 7,63,44,306 
Earnings per share - Basic attributable to Equity Shareholders (INR)
 8.51 
 10.60 
Earnings per share - Diluted attributable to Equity Shareholders 
(INR)
 8.51 
 6.94 
Face value per share (INR)
 10.00 
 10.00 
35 DEFERRED TAXES
I. Deferred tax balances
 Amount in Millions 
Particulars
 As at 31-03-2021 
 As at 31-03-2020 
Deferred tax liabilities (Net)
 243.43 
 190.44 
 243.43 
 190.44 
Deferred tax assets and liabilities are recognized for the future tax consequences of temporary differences 
between the carrying value of assets and liabilities and their respective tax bases, and unutilized business 
loss and depreciation carry-forwards and tax credits. Deferred tax assets are recognized to the extent that it 
is probable that future taxable income will be available against which the deductible temporary differences, 
unused tax losses, depreciation carry-forwards and unused tax credits could be utilized.
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II. Deferred tax movement during the year ended March 31, 2021
 Amount in Millions 
Particulars
 As at 31-03-2021 
 As at 31-03-2020 
Deferred Tax Asset/(Liability), at the beginning
 (190.44)
 (134.99)
Add : Deferred Tax Asset/(Liability) on timing differences
(a) due to difference in depreciation & amortization
 (675.93)
 (518.00)
(b) due to timing difference of other items
 - 
 - 
 (675.93)
 (518.00)
Tax credits available (MAT)
 432.50 
 327.56 
Net Deferred Tax Asset/(Liability), at the end
 (243.43)
 (190.44)
Provision for Deferred Tax Liability/(Asset)
 52.99 
 55.45 
Note:
Considering intensive capital investment since last several periods and based on the estimate of future 
forecasts of capital investments, the Company is expected to have higher deductions of depreciation as per 
Income Tax as compared to depreciation as per Books of Accounts. Deferred Tax is effectively considered not 
to be neutralized in foreseeable future and hence as per the policy of the Company, deferred tax is recognised 
at 75% of its effective value.
36 FAIR VALUE MEASUREMENT
I. Financial Instruments by category (net of ECL provision)
 Amount in Millions
Particulars
Carrying Amount
31-Mar-21
FVTPL
FVTOCI
Amortized Cost
Financial Assets
Investments*
 - 
 - 
 - 
 - 
Loans
 114.36 
 - 
 - 
 114.36 
Cash & Bank 
balances
 2,955.90 
 - 
 - 
 2,955.90 
Trade Receivables
 2,054.89 
 - 
 - 
 2,054.89 
Other Financial 
Assets
 388.68 
 - 
 - 
 388.68 
 5,513.84 
 - 
 - 
 5,513.84 
Financial Liabilities
Borrowings 
 3,863.08 
 - 
 - 
 3,863.08 
Trade payables
 1,985.52
 - 
 - 
 1,985.52
Other financial 
liabilities
 592.86 
 - 
 13.91 
 578.95 
 6,441.46
 - 
 13.91 
 6,427.55
* Exclude investment in subsidiary company INR 0.1 Million is measured at cost.
 Amount in Millions
Particulars
Carrying Amount
31-Mar-20
FVTPL
FVTOCI
Amortized Cost
Financial Assets
Investments*
 - 
 - 
 - 
 - 
Loans
 251.67 
 - 
 - 
 251.67 
Cash & Bank 
balances
 266.68 
 - 
 - 
 266.68

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CORPORATE OVERVIEW
01
STATUTORY REPORTS
02
FINANCIAL STATEMENTS
03
Trade receivables
 1,294.94 
 - 
 - 
 1,294.94 
Other financial 
assets
 171.98 
 - 
 - 
 171.98 
 1,985.27 
 - 
 - 
 1,985.27 
Financial Liabilities
Borrowings
 8,179.70 
 - 
 - 
 8,179.70 
Trade payables
 1,297.65 
 - 
 - 
 1,297.65 
Other financial 
liabilities
 426.12 
 - 
 19.30 
 406.83 
 9,903.47 
 - 
 19.30 
 9,884.17
* Exclude investment in subsidiary company and other company INR 4.10 Million is measured at cost.
II. Fair value of hierarchy and method of valuation
This section explains the judgements and estimates made in determining the fair values of the financial 
instruments that are a) recognized and measured at fair value, and b) measured at amortized cost and for 
which fair values are disclosed in the financial statements. To provide an indication about the reliability of the 
inputs used in determining fair value, the company has classified its financial instruments into the three levels 
prescribed under the accounting standard.
 Amount in Millions
Particulars
Carrying Amount
31-Mar-21
Level 1
Level 2
Level 3
Financial Assets
Investments
 - 
 - 
 - 
 - 
Financial Liabilities
Other financial 
liabilities
 13.91 
 - 
 13.91 
 - 
 Amount in Millions
Particulars
Carrying Amount
31-Mar-20
Level 1
Level 2
Level 3
Financial Assets
Investments
 - 
 - 
 - 
 - 
Other financial 
assets
 - 
 - 
 - 
 - 
Financial Liabilities
Other financial 
liabilities
 19.30 
 - 
19.30
 - 
Except for those financial instruments for which the carrying amounts are mentioned in the above table, the 
Company considers that the carrying amounts recognized in the financial statements approximate their fair values.
For financial assets that are recognized at fair value, the carrying amounts are equal to the fair values.
Level 1 : Level 1 hierarchy includes financial instruments measured using quoted prices.
Level 2 : The fair value of the financial instruments that are not traded in active market is determined using 
valuation techniques which maximize the use of observable market data and rely on entity-specific estimates. 
If all significant inputs required to fair value an instrument are observable, the instrument is included in level 2.
Level 3: If one or more significant inputs is not based on observable market data, the instrument is included in 
level 3. 
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Valuation techniques used to determine the fair values:
The fair value of the forward exchange contract is determined using forward exchange rate at the balance sheet 
date. The fair value of cross currency interest rate swap is calculated as the present value of future cash flow 
based on available foreign exchange rates.
Reconciliation of fair value measurement of the investment categorised at level 3:
 Amount in Millions 
Financial instrument
 As at 31-03-2021 
 As at 31-03-2020 
At FVTPL
At FVTOCI
At FVTPL
At FVTOCI
Opening Balance
 - 
 (14.83)
 - 
 2.43 
Addition during the year
 - 
 - 
 - 
 - 
Sale/reduction during the year
 - 
 (7.47)
 - 
 (24.16)
Gain/(Loss) 
 - 
 (6.90)
Closing Balance
 - 
 (22.30)
 - 
 (14.83)
Line in which gain/(Loss) is 
recognised
 Other 
comprehensive 
Income which 
will be clasified 
to Profit or 
Loss 
 Other 
comprehensive 
Income which 
will be clasified 
to Profit or 
Loss 
 - 
 - 
 - 
 - 
37 RISK MANAGEMENT
The Company’s activities expose it to market risk, liquidity risk and credit risk.
A. Liquidity risk
Liquidity risk refers to insufficiency of funds to meet the financial obligations. Liquidity risk management implies 
maintenance of sufficient cash and the availability of funding through an adequate amount of committed credit 
lines to meet obligations when due.
The Company has access to undrawn borrowing facilities at the end of each reporting year.
The Company has following undrawn credit lines available as at the end of the reporting year
 
Particulars
 As at 31-03-2021 
 As at 31-03-2020 
Expiring within one year
 - 
 70.00 
 - 
 70.00 
The following tables detail the Company’s remaining contractual maturity for its non-derivative financial 
liabilities.
Maturity profile of financial liabilities:
31-Mar-21
 Amount in Millions 
Particulars
Carrying Amount
Within 12 months
After 12 months
Borrowings
 3,863.08 
 1,389.19 
 2,473.89 
Trade payables
 1,985.52 
 1,985.52 
 - 
Other financial liabilities
 592.86 
 270.54 
 322.32 
Total non-derivative liabilities
 6,441.47 
 3,645.26 
 2,796.21 
Other financial liabilities
 13.91 
 13.91 
 - 
Total derivative liabilities
 13.91 
 13.91 
 -

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01
STATUTORY REPORTS
02
FINANCIAL STATEMENTS
03
31-Mar-20
 Amount in Millions 
Particulars
Carrying Amount
Within 12 months
After 12 months
Borrowings
 8,179.70 
 2,932.32 
 5,247.38 
Trade payables
 1,297.65 
 1,297.65 
 - 
Other financial liabilities
 426.12 
 96.51 
 329.61 
Total non-derivative liabilities
 9,903.47 
 4,326.47 
 5,576.99 
Other financial liabilities
 19.30 
 19.30 
 - 
Total derivative liabilities
 19.30 
 19.30 
 - 
The inflows/(outflows) disclosed in the above table represent the contractual undiscounted cash flows relating 
to derivative financial liabilities held for risk management purposes and which are not usually closed out before 
contractual maturity.
B. Credit risk
Credit risk refers to the risk that counterparty will default on its contractual obligations resulting in financial loss 
to the Company. An analysis of financial assets shows that no asset was impaired or requiring consideration in 
determining impairment.
The amount of maximum exposure to credit risk as at  March 31, 2021 without taking account of any collateral 
or other credit enhancements is as stated in table below.
 Amount in Millions 
Trade receivables
 As at 31-03-2021 
 As at 31-03-2020 
Outstanding up to 60 days
 1,871.84 
 1,238.59 
Outstanding from 61 to 180 days
 119.49 
 4.16 
Outstanding for more than 180 days
 63.56 
 52.19 
C. Market risk
With the entity having varied geographical spread of revenue, and with the price being determined, primarily 
by demand and supply, the entity is not exposed to any market risk that require sensitivity analysis akin to any 
specific market such that profit or loss or equity of the entity would get affected by changes in the relevant risk 
variable. 
Currency risk
The Company is exposed to foreign exchange risk arising from foreign currency transactions, primarily with 
respect to the USD 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 . The risk is measured 
through a forecast of highly probable foreign currency cash flows. The objective of the hedges is to minimise 
the volatility of the cash flows of highly probable forecast transactions by hedging the foreign exchange inflows 
on regular basis.
Currency risks related to the principal amounts of the Company’s foreign currency receivable/ payables have 
not been hedged using forward contracts.
In respect of other monetary assets and liabilities denominated in foreign currencies, the Company’s policy is to 
ensure that its net exposure is kept to an acceptable level by buying or selling foreign currencies at spot rates 
when necessary to address short-term imbalances.
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Anupam Rasayan India Ltd  |  Annual Report 2020-21
Exposure to currency risk
 Amount in Millions 
Particulars
 As at 31-03-2021 
 As at 31-03-2020 
 USD 
 USD 
Financial Instruments
Trade receivables
 9.75 
 6.98 
Trade payables
 7.01 
 1.47 
Borrowings
 43.58 
 99.78 
Net statement of financial position exposure
 60.33 
 108.23 
Sensitivity analysis
A reasonably possible strengthening (weakening) of the INR against all currencies at  March 31, 2021 would have 
affected the measurement of financial instruments denominated in a foreign currency and affected equity and 
profit or loss by the amounts shown below. This analysis assumes that all other variables, in particular interest 
rates, remain constant.
 Amount in Millions 
Particulars
Profit or loss 
 Strengthening 
 Weakening 
March 31, 2021
USD (1% movement)
 (29.86)
 29.86 
March 31, 2020
USD (1% movement)
 (71.22)
 71.22 
Interest rate risk
The Company’s main interest rate risk arises from long-term borrowings with variable rates, which expose the 
Company to cash flow interest rate risk. Currently the Company’s borrowings are within acceptable risk levels, 
as determined by the management.
Exposure to interest rate risk
The interest rate profile of the Company’s interest-bearing financial instruments as reported to the management 
of the Company is as follows.
 Amount in Millions 
Particulars
 Nominal Amount 
As at 31-03-2021
As at 31-03-2020
Fixed-rate instruments
Financial assets
 - 
 - 
Financial liabilities
 2,748.02 
 2,808.28 
 2,748.02 
 2,808.28 
Variable-rate instruments
Financial assets
 - 
 - 
Financial liabilities
 1,115.07 
 5,371.42 
 1,115.07 
 5,371.42

167
CORPORATE OVERVIEW
01
STATUTORY REPORTS
02
FINANCIAL STATEMENTS
03
Cash flow sensitivity analysis for variable-rate instruments
A reasonably possible change of 100 basis points in interest rates at the reporting date would have increased 
(decreased) equity and profit or loss by the amounts shown below. This analysis assumes that all other variables, 
in particular foreign currency exchange rates, remain constant.
 Amount in Millions 
Particulars
Profit or loss 
100 bp increase 
100 bp decrease
March 31, 2021
Variable-rate instruments
 (11.15)
 11.15 
Cash flow sensitivity
 (11.15)
 11.15 
March 31, 2020
Variable-rate instruments
 (53.71)
 53.71 
Cash flow sensitivity
 (53.71)
 53.71 
Fair value sensitivity analysis for fixed-rate instruments
The Company does not account for any fixed-rate financial assets or financial liabilities at fair value through 
profit or loss. Therefore, a change in interest rates at the reporting date would not affect profit or loss.
Hedge Accounting
The company’s business objective includes safe-guarding its earnings against foreign exchange fluctuations. 
The Company has adopted a structured risk management policy to hedge all these risks within an acceptable 
risk limit and an approved hedge accounting framework which allows for Fair Value hedges and Cash Flow 
hedges. Hedging instruments include  forwards contracts to achieve this objective. The table below shows the 
position of hedging instruments and hedged items as on the balance sheet date.
Cash flow hedge
The objective of hedge accounting is to represent, in the Company’s financial statements, the effect of the 
Company’s use of financial instruments to mange exposures arising from particular risks that could affect profit 
or loss. The Company’s exposure to foreign currency risk as at March 31, 2021 is stated below.
During the year ended March 31, 2021, the Company has designated specific foreign exchange cross currency 
forward and as cash flow hedges to mitigate the risk of foreign exchange exposure on highly probable forecast 
cash transactions. The related hedge transactions for balance in cash flow hedge reserve as at March 31, 2021 
are expected to occur and reclassified to Statement of Profit and Loss within thirty six months.
The Company determines the existence of an economic relationship between the hedging instrument and 
hedged item based on the currency, amount and timing of its forecasted cash flows. Hedge effectiveness 
is determined at the inception of the hedge relationship, and through periodic prospective  effectiveness 
assessments to ensure that an economic relationship exists between the hedged item and hedging instrument, 
including whether the hedging instrument is expected to offset changes in cash flows of hedged items.
If the hedge ratio for risk management purposes is no longer optimal but the risk management objective remains 
unchanged and the hedge continues to qualify for hedge accounting, the hedge relationship will be rebalanced 
by adjusting either the volume of the hedging instrument or the volume of the hedged item so that the hedge 
ratio aligns with the ratio used for risk management purposes. Any hedge ineffectiveness is calculated and 
accounted for in the Statement of Profit and Loss at the time of the hedge relationship rebalancing.
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Anupam Rasayan India Ltd  |  Annual Report 2020-21
Cash Flow Hedge
Hedging Instruments - Maturity March 2021
 Amount in Millions 
Particulars
 Nominal 
Value 
 Carrying Amount 
 Change in Fair 
Value 
 Line Item in 
Balance Sheet 
Foreign Currency Risk
Cross currency contract
2.03
-5.38
-5.38
 Other Current 
Financial Liabilities 
Hedged Items
 Amount in Millions 
Particulars
Carrying Amount
Change in Fair 
Value
 Line Item in 
Balance Sheet
Foreign Currency Risk
Highly Probable 
Forecasted Exports
2.03
 -  
 -  
The reconciliation of cash flow hedge reserve for the year ended March 31, 2021 and March 31, 2020 is as follows : 
Amount in Millions
Particulars
 As at 31-03-2021 
 As at 31-03-2020 
Gain / (Loss)
Balance at the beginning of the year
 (19.30)
 0.92 
Gain / (Loss) recognized in other comprehensive income during 
the year
 5.38 
 (27.11)
Amount reclassified to profit and loss during the year
 - 
 6.90 
Balance at the end of the year
 (13.91)
 (19.30)
Cash Flow Hedge
Hedging Instruments - Maturity March 2020
 Amount in Millions 
Particulars
 Nominal 
Value 
 Carrying Amount 
 Change in Fair 
Value 
 Line Item in 
Balance Sheet 
Foreign Currency Risk
Cross currency contract
2.36
27.11
27.11
 Other Current 
Financial Liabilities 
Hedged Items
 Amount in Millions 
Particulars
Carrying Amount
Change in Fair 
Value
 Line Item in 
Balance Sheet
Foreign Currency Risk
Highly Probable 
Forecasted Exports
2.36
 -   
 -   
Other derivative contracts related to swap of interest on the External Commercial Borrowings (ECBs). Position 
is as below:
 Amount in Millions 
Sanctioned Amount (USD)
Outstanding Amount as on March 
31, 2021 (USD)
Floating Interest Rate 
8
 15,00,000 
LIBOR(3M) +3.25%
4
 33,51,250 
LIBOR(3M) +2.00%

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CORPORATE OVERVIEW
01
STATUTORY REPORTS
02
FINANCIAL STATEMENTS
03
38 AUDITOR’S REMUNERATION*
 Amount in Millions 
Particulars
Mar-21
Mar-20
Statutory audit fee
 0.60 
 0.50 
Tax audit fee
 2.00 
 1.25 
Certification fee
 0.05 
 - 
*In addition to above, March 31 2021 : J 4.50 Millions (Previous year:  Nil ) was paid to auditors in relation to 
services of Initial Public Offer (IPO) which has been debited to security premium account.
39 The Covid-19 pandemic had its impact on the global economic environment including in India , causing 
significant disruption in economic activities and the chemical industry where the company is operating had 
been adversely impacted in the first half of Financial Year 2020-2021 due to pandemic. With the gradual relaxation 
in the second half, economic activities had improved. However, the second wave of Covid-19 emerging in India 
in the month of April-May 2021 may have an impact on the industry and Company. The Company is of the view 
that vaccination programmes of the Government will minimise the impact on the economic activities.
The Company closely monitors the recent development and effects of present pandemic over the business. The 
Company believes that this pandemic is not likely to have a material impact on the carrying value of its assets 
and hence no provision for any impairment is required. As the situation unfolds in future, the eventful impact 
may be different from the estimates made as on the date of approval of these Financial Statements.
40 Out of total proceeds of Initial public offer (IPO) INR 7,600 millions, INR 4,706.74 million has been utilised for 
repayment of Term Loans and Working Capital Loans including interest and prepayment charges, if any and 
Issue related expenses of INR 81.08 millions upto March 31, 2021 as per object of IPO as per Prospectus filed 
with Securities and Exchange Board of India (SEBI) on March 17, 2021 and balance proceeds of INR 2,812.18 
millions are lying with Bank Accounts and Fixed Deposits with Banks.
41 FIGURES FOR THE PREVIOUS PERIOD HAVE BEEN REGROUPED/RECLASSIFIED TO CONFORM TO THE 
FIGURES OF THE CURRENT YEAR.
42 APPROVAL OF FINANCIAL STATEMENT
The Financial Statements were approved for issue by the Board of Directors on June 12,  2021
43 THE BOARD OF DIRECTORS HAVE RECOMMENDED A DIVIDEND OF INR 0.50/- @ 5% PER FULLY PAID 
UP EQUITY SHARE OF INR 10/- EACH FOR THE FINANCIAL YEAR 2020-21 SUBJECT TO THE APPROVAL OF 
SHAREHOLDERS AT THE ANNUAL GENERAL MEETING.
As per our report of even date
For and on behalf of the Board,
For Rajendra & Co.
Chartered Accountants
Firm Reg. No. 108355W
Anand Desai 
Managing Director
(DIN: 00038442)
Mona Desai
Whole time Director 
(DIN: 00038429)
Suchi Agarwal
Company Secretary 
& Compliance officer
Afzal Malkani
Chief Financial Officer
Akshay R. Shah 
Partner
Mem. No. 103316
Date : June 12, 2021
Place : Surat
Date : June 12, 2021
Place : Mumbai
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Anupam Rasayan India Ltd  |  Annual Report 2020-21
Independent Auditor’s Report
To the Board of Directors of Anupam Rasayan India 
Limited
Report on the Audit of Consolidated Financial 
Statements
OPINION
We have audited the accompanying consolidated 
financial statements of Anupam Rasayan India 
Limited (herein after referred to as the “Holding 
Company”) and its subsidiaries (the Holding Company 
and its subsidiaries together referred to as the “Group”) 
and its associate, which comprise the Consolidated 
Balance Sheet as at March 31, 2021, and the 
Consolidated Statement of Profit and Loss (including 
Other Comprehensive Income), the Consolidated 
Statement of Changes in Equity and the Consolidated 
Statement of Cash Flows for the year then ended, and 
a summary of significant accounting policies and 
other explanatory information (hereinafter referred to 
as the “Consolidated Financial Statements”).
In our opinion and to the best of our information 
and according to the explanations given to us, the 
aforesaid consolidated financial statements give the 
information required by the Companies Act, 2013 (the 
“Act”) in the manner so required and give a true and fair 
view in conformity with Indian Accounting Standards 
prescribed under Section 133 of the Act read with 
the Companies (Indian Accounting Standards) Rules 
2015, as amended (“Ind AS”) and other accounting 
principles generally accepted in India, of the state 
of affairs of the Group as at March 31, 2021 and its 
consolidated profit including other comprehensive 
income, its consolidated changes in equity and its 
consolidated cash flows and for the year ended on 
that date.
BASIS FOR OPINION
We conducted audit of the consolidated financial 
statements in accordance with the Standards on 
Auditing (SAs) specified under section 143(10) of 
the Companies Act, 2013. 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 ICAI’s 
Code of Ethics. We believe that the audit evidence 
obtained by us is sufficient and appropriate to provide 
a basis for our audit opinion on the consolidated 
financial statements.
KEY AUDIT MATTER
Key audit Matters are those matters that, in our 
professional judgement, were of most significance 
in our audit of the consolidated financial statement 
for the financial year ended 31st March 2021. These 
matters were addressed in the context of our audit of 
the consolidated financial statement as a whole, and 
in forming our opinion thereon; we do not provide a 
separate opinion on these matters. For each matter 
below, our description of how our audit addressed the 
matter is provided in that context.
We have determined the matters described below to 
be the key audit matters to be communicated in our 
report. We have fulfilled the responsibilities described 
in the Auditors’ responsibilities for the audit of the 
Consolidated Financial Statements section of our 
report, including in relation to these matters.
Accordingly, our audit included the performance of 
procedures designed to respond to our assessment 
of the risks of material misstatement of the 
Consolidated Financial Statements. The results 
of our audit procedures, including the procedures 
performed to address the matters below, provide 
the basis for our audit opinion on the accompanying 
Consolidated Financial Statements.

171
CORPORATE OVERVIEW
01
STATUTORY REPORTS
02
FINANCIAL STATEMENTS
03
The key audit matters
How our audit addressed the key audit matter
Revenue recognition – Ind AS 115
The Company recognises revenue when the control 
over the underlying products has been transferred to 
the customer.
Due to the Company’s sales under various contractual 
terms and across the country, delivery to customers 
in different regions might take different time periods 
and may result in undelivered goods at the period end. 
We consider a risk of misstatement of the Financial 
Statements related to transactions occurring close to 
the year end, as these transactions could be recorded 
in the incorrect financial period (cut-off).
Our audit procedures included:
•	
Focusing on the Company’s revenue recognition 
for compliance with Ind AS;
•	
Testing the design, implementation and operating 
effectiveness of the Company’s manual and 
automated (Information Technology - IT) controls 
on recording revenue.
•	
Performing testing on selected statistical samples 
of revenue transactions recorded during the 
year. We verified contractual terms of invoices, 
acknowledged delivery receipts and tested the 
transit time to deliver the goods. Our tests of detail 
focused on cut-off samples to verify that only 
revenue pertaining to current year is recognized 
based on terms and conditions set out in sales 
contracts and delivery documents.
INFORMATION OTHER THAN THE CONSOLIDATED 
FINANCIAL STATEMENTS AND AUDITOR’S REPORT
The Holding Company’s Board of Directors of the 
Company are responsible for the preparation of other 
information. The other information comprises of the 
information included in the Annual Report, but does 
not include the consolidated financial statements 
and our auditor’s report.
Our opinion on the consolidated financial statements 
does not cover the other information and we do not 
express any form of assurance conclusion thereon. 
In connection with our audit of the consolidated 
financial statements, our responsibility is to read the 
other information and, in doing so, consider whether 
the other information is materially inconsistent 
with the consolidated financial statements or our 
knowledge obtained during the course of our audit 
or otherwise appears to be materially misstated. If, 
based on the work we have performed, we conclude 
that there is material misstatement of this other 
information, we are required to report that fact. We 
have nothing to report in this regard.
MANAGEMENT’S RESPONSIBILITY FOR THE 
CONSOLIDATED FINANCIAL STATEMENTS
The Holding Company’s Board of Directors is 
responsible for the matters stated in section 134(5) 
of the Companies Act, 2013 (the “Act”) with respect 
to the preparation of these consolidated financial 
statements that give a true and fair view of the 
consolidated financial position, consolidated financial 
performance, including other comprehensive income, 
consolidated cash flows and consolidated changes in 
equity of the Group in accordance with the Ind AS and 
accounting principles generally accepted in India. 
The respective Board of Directors of the companies 
included in the Group 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 consolidated 
financial statements that give a true and fair view 
and are free from material misstatement, whether 
due to fraud or error, which have been used for the 
purpose of preparation of the Consolidated Financial 
Statements by the Directors of the Holding Company, 
as aforesaid.
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 
intends to liquidate the Group or to cease operations, 
or has no realistic alternative but to do so.
The respective Board of Directors of the companies 
included in the Group are responsible for overseeing 
the financial reporting process of the Group.
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Anupam Rasayan India Ltd  |  Annual Report 2020-21
AUDITOR’S RESPONSIBILITY FOR THE AUDIT OF 
THE CONSOLIDATED FINANCIAL STATEMENTS
Our objectives are to obtain reasonable assurance 
about whether the consolidated financial statements 
as a whole are free from material misstatement, 
whether due to fraud or error, and to issue an 
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 SAs will always detect a material misstatement 
when it exists. Misstatements can arise from fraud or 
error and are considered material if, individually or in 
the aggregate, they could reasonably be expected to 
influence the economic decisions of users taken on 
the basis of these consolidated financial statements.
As part of an audit in accordance with SAs, we exercise 
professional judgment and maintain professional 
skepticism throughout the audit. We also:
•	
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 financial 
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 systems 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 management’s 
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 
Group’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 
consolidated financial statements or, if such 
disclosures are inadequate, to modify our opinion. 
Our conclusions are based on the audit evidence 
obtained up to the date of our auditor’s report. 
However, future events or conditions may cause 
the Group 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 consolidated 
financial statements represent the underlying 
transactions and events in a manner that achieves 
fair presentation.
•	
Obtain sufficient appropriate audit evidence 
regarding the financial information of the Group to 
express an opinion on the consolidated financial 
statements. We are responsible for the direction, 
supervision and performance of the audit of 
the consolidated financial statements of such 
entities included in the consolidated financial 
statements. We are responsible for the direction, 
supervision and performance of the audit of the 
financial statements of such entities included in 
the Consolidated Financial Statements of which 
we are the independent auditors. For the other 
entities included in the Consolidated Financial 
Statements, which have been audited by 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.
Materiality is the magnitude of misstatements in the 
consolidated financial statements that, individually 
or in aggregate, makes it probable that the economic 
decisions of a reasonably knowledgeable user of the 
consolidated financial statements may be influenced. 
We consider quantitative materiality and qualitative 
factors in (i) planning the scope of our audit work 
and in evaluating the results of our work; and (ii) to 
evaluate the effect of any identified misstatements in 
the consolidated financial statements.
We communicate with those charged with governance 
of the Holding Company and such other entities 
included in the Consolidated Financial Statements 
of which we are the independent auditors regarding, 
among other matters, the planned scope and timing 
of the audit and significant audit findings, including 
any significant deficiencies in internal control that we 
identify during our audit.
We also provide those charged with governance with 
a statement that we have complied with relevant 
ethical requirements regarding independence, and to 
communicate with them all relationships and other 
matters that may reasonably be thought to bear on 
our independence, and where applicable, related 
safeguards.

173
CORPORATE OVERVIEW
01
STATUTORY REPORTS
02
FINANCIAL STATEMENTS
03
OTHER MATTER
The Consolidated Financial Statements includes 
subsidiary company which reflects total assets of J 
45.13 million As at 31st March 2021, total revenues of J 
176.87 million, total net profit after tax of J 5.66 million 
and net cash outflow of J 0.19 million for year then 
ended on that date and one associate which reflects 
Group’s Share of net loss after tax of million 0.01 for 
the year ended March 31, 2021, which have been 
audited by their respective independent auditors.
These Ind AS financial statement and other financial 
information have been audited by other auditors, which 
financial statements, other financial information 
and auditors’ reports have been furnished to us by 
the management. Our opinion on the Consolidated 
Financial Statements, in so far as it relates to the 
amounts and disclosures included in respect of these 
subsidiary and associate, and our report in terms of 
sub-sections (3) of Section 143 of the Act, in so far as 
it relates to the aforesaid subsidiary and associate, is 
based solely on the report(s) of such other auditors.
REPORT ON OTHER LEGAL AND REGULATORY 
REQUIREMENTS
As required by Section 143(3) of 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 
purposes of our audit of the aforesaid Consolidated 
Financial Statements.
b)	 In our opinion, proper books of account as required 
by law relating to preparation of the aforesaid 
Consolidated Financial Statements have been 
kept so far as it appears from our examination of 
those books and the reports of the other auditors.
c)	 The Consolidated Balance Sheet, the Consolidated 
Profit and Loss statement (including Other 
Comprehensive Income), Consolidated Statement 
of Changes in Equity and the Consolidated Cash 
Flow Statement dealt with by this Report are in 
agreement with the relevant books of account 
maintained for the purpose of preparation of the 
Consolidated Financial Statements.
d)	 In our opinion, the aforesaid Consolidated 
Financial Statements comply with the Indian 
Accounting 
Standards 
prescribed 
under 
Section 133 of the Act read with rule 7 of the 
Companies (Accounts) Rules, 2014.
e)	 On the basis of the written representations 
received from the directors of the Holding 
Company as on March 31, 2021 taken on 
record by the Board of Directors of the Holding 
Company and the reports of the statutory 
auditor of its subsidiary Company and associate 
incorporated in India, none of the directors of 
the Group is disqualified as on March 31, 2021 
from being appointed as a director in terms of 
Section 164 (2) of the Act.
f)	 With respect to the adequacy of the internal 
financial controls over financial reporting and 
the operating effectiveness of such controls, 
refer to our Report in “Annexure A”, which is 
based on the auditors’ reports of the Group and 
associate incorporated in India.
a)	 With respect to the other matters to 
be included in the Auditor’s Report in 
accordance with Rule 11 of the Companies 
(Audit and Auditor’s) Rules, 2014, in our 
opinion and to the best of our information 
and according to the explanations given to 
us and based on consideration of the report 
of the other auditors on separate financial 
statements:
i.	 The Group does not have any pending 
litigations 
which 
would 
impact 
its 
financial position;
ii.	 The Group has made provision, as 
required under the applicable law or 
accounting 
standards, 
for 
material 
foreseeable losses, if any, on long-term 
contracts including derivative contracts;
iii.	There were no amounts which were 
required to be transferred to the Investor 
Education and Protection Fund by the 
Group.
For Rajendra & Co 
Chartered Accountants
Firm’s Registration No. 108355W
Place: Mumbai
Date: 12th June, 2021
Akshay R. Shah 
Partner
Membership No. 103316 
UDIN: 21103316AAAAGS9707
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Anupam Rasayan India Ltd  |  Annual Report 2020-21
Annexure “A” to the Independent Auditor’s Report on the 
Consolidated Financial Statements of Anupam Rasayan 
India Limited
(Referred to in paragraph 1 (f) under ‘Report on Other Legal and Regulatory Requirements’ section of our report 
of even date)
Report on the Internal Financial Controls with 
reference to Consolidated Financial Statements 
under Clause (i) of Sub-section 3 of Section 143 of 
the Companies Act, 2013 (“the Act”)
In conjunction with our audit of the consolidated 
financial statements of the Company as of and for 
the year ended March 31, 2021, we have audited 
the internal financial controls with reference to 
consolidated 
financial 
statements 
of 
Anupam 
Rasayan India Limited (hereinafter referred to as 
“Holding Company”) and its subsidiary companies 
(the Holding Company and its subsidiary together 
referred to as the “Group”) and associate, as of that 
date.
In our opinion, to the best of our information and 
according to the explanations given to us and based 
on the consideration of reports of other auditors, 
as referred to in the Other Matters paragraph, the 
Group have, maintained in all material respects, 
an adequate internal financial controls system 
over financial reporting and such internal financial 
controls with reference to Consolidated financial 
statements were operating effectively as at March 
31, 2021, based on the internal control with reference 
to 
Consolidated 
financial 
statements 
criteria 
established by the Holding Company, considering 
the essential components of internal control stated 
in the Guidance Note on Audit of Internal Financial 
Controls Over Financial Reporting issued by the 
Institute of Chartered Accountants of India (the 
“Guidance Note”).
MANAGEMENT’S RESPONSIBILITY FOR THE 
FINANCIAL STATEMENTS
The respective Board of Directors of the Group are 
responsible for establishing and maintaining internal 
financial controls based on the internal control over 
financial reporting criteria established by Holding 
Company, considering the essential components of 
internal control stated in the Guidance Note issued by 
the Institute of Chartered Accountants of India. These 
responsibilities include the design, implementation 
and maintenance of adequate internal financial 
controls that were operating effectively for ensuring 
the orderly and efficient conduct of its business, 
including 
adherence 
to 
respective 
company’s 
policies, the safeguarding of its assets, the prevention 
and detection of frauds and errors, the accuracy and 
completeness of the accounting records, and the 
timely preparation of reliable financial information, as 
required under the Companies Act, 2013.
AUDITOR’S RESPONSIBILITY
Our responsibility is to express an opinion on the 
Group’s internal financial controls with reference 
to Consolidated Financial Statements based on our 
audit. We conducted our audit in accordance with 
the Guidance Note and the Standards on Auditing 
prescribed under section 143(10) of the Companies 
Act, 2013, to the extent applicable to an audit of 
internal financial controls. Those Standards and 
the Guidance Note require that we comply with 
ethical requirements and plan and perform the audit 
to obtain reasonable assurance about whether 
adequate internal financial controls with reference 
to consolidated financial statements was established 
and maintained and if such controls operated 
effectively in all material respects.
Our audit involves performing procedures to 
obtain audit evidence about the adequacy of the 
internal financial controls system with reference to 
consolidated financial statements and their operating 
effectiveness. Our audit of internal financial controls 
with reference to consolidated financial statements 
included obtaining an understanding of internal 
financial controls with reference to consolidated 
financial statements, assessing the risk that a material 
weakness exists, and testing and evaluating the 
design and operating effectiveness of 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 Consolidated Financial Statements, whether due 
to fraud or error.
We believe that the audit evidence obtained by us and 
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 Group’s internal financial controls system over 
financial reporting.

175
CORPORATE OVERVIEW
01
STATUTORY REPORTS
02
FINANCIAL STATEMENTS
03
MEANING OF INTERNAL FINANCIAL CONTROLS 
WITH REFERENCE TO CONSOLIDATED FINANCIAL 
STATEMENTS
A 
Company's 
internal 
financial 
control 
with 
reference to consolidated financial statements is a 
process designed to provide reasonable assurance 
regarding the reliability of financial reporting and 
the preparation of financial statements for external 
purposes in accordance with generally accepted 
accounting principles. A company's internal financial 
control with reference to Consolidated financial 
statements includes those policies and procedures 
that (1) pertain to the maintenance of records that, 
in reasonable detail, accurately and fairly reflect the 
transactions and dispositions of the assets of the 
company; (2) provide reasonable assurance that 
transactions are recorded as necessary to permit 
preparation of financial statements in accordance 
with generally accepted accounting principles, and 
that receipts and expenditures of the company are 
being made only in accordance with authorisations 
of management and directors of the company; and (3) 
provide reasonable assurance regarding prevention 
or timely detection of unauthorised acquisition, use, 
or disposition of the Company's assets that could 
have a material effect on the financial statements.
INHERENT LIMITATIONS OF INTERNAL 
FINANCIAL CONTROLS OVER FINANCIAL 
REPORTING
Because of the inherent limitations of internal 
financial controls with reference to Consolidated 
financial statements, including the possibility of 
collusion or improper management override of 
controls, material misstatements due to error or fraud 
may occur and not be detected. Also, projections of 
any evaluation of the internal financial controls with 
reference to consolidated financial statements to 
future periods are subject to the risk that the internal 
financial control with reference to consolidated 
financial 
statements 
may 
become 
inadequate 
because of changes in conditions, or that the degree 
of compliance with the policies or procedures may 
deteriorate.
OTHER MATTERS
Our aforesaid report under section 143(3)(i) of the Act 
on the adequacy and operating effectiveness of the 
internal financial controls over financial reporting in 
so far as it relates to subsidiary company and associate 
incorporated in India, is based on the corresponding 
reports of the auditors of such company incorporated 
in India.
For Rajendra & Co 
Chartered Accountants
Firm’s Registration No. 108355W
Place: Mumbai
Date: 12th June, 2021
Akshay R. Shah 
Partner
Membership No. 103316 
UDIN: 21103316AAAAGS9707
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Anupam Rasayan India Ltd  |  Annual Report 2020-21
Consolidated Balance Sheet
As At March 31, 2021
 Amount in Millions 
Particulars
Note No.
 As at 31-03-2021 
 As at 31-03-2020 
I. ASSETS:
Non-Current Assets
Property, Plant and Equipment
2
 10,656.01 
 9,252.68 
Rights-of-Use Assets
3
 378.79 
 392.82 
Capital Work-in-Progress
2
 432.24 
 1,009.47 
Intangible Assets
2
 115.87 
 127.93 
Financial Assets
      Investments
4
 0.22 
 4.00 
      Other Financial Assets
5
 32.49 
 29.83 
Other Non-Current Assets
6
 217.90 
 308.61 
 11,833.52 
 11,125.34 
Current assets
Inventories
7
 4,922.17 
 2,970.43 
Financial Assets
      Trade Receivables
8
 2,054.89 
 1,294.94 
      Cash & Cash Equivalents
9
 2,411.66 
 200.19 
      Other Bank Balance
10
 545.41 
 68.12 
      Loans
11
 114.36 
 139.21 
      Other Financial Assets
12
 379.60 
 271.13 
Other Current Assets
13
 718.43 
 573.56 
 11,146.52 
 5,517.58 
TOTAL ASSETS
 22,980.04 
 16,642.92 
II.  EQUITY AND LIABILITIES:
Equity
Equity Share Capital
14
 999.22 
 500.00 
Other Equity
14
 14,734.80 
 5,435.31 
Total Equity
 15,734.02 
 5,935.31 
Non-Current Liabilities
Financial Liabilities
      Borrowings
15
 2,473.89 
 5,247.38 
      Other Financial Liabilities
16
 322.32 
 329.61 
Deferred Tax Liabilities (Net)
35
 243.82 
 190.83 
 3,040.02 
 5,767.82 
Current Liabilities
Financial Liabilities
      Borrowings
17
 433.28 
 2,371.12 
      Trade Payables:
            Due to Micro and Small Enterprises
18
 3.30 
 - 
            Due to other than Micro and Small Enterprises
18
 1,992.97 
 1,301.51 
      Current maturities of long term borrowings
19
 961.44 
 566.72 
      Other Financial Liabilities
20
 270.63 
 96.60 
Provisions
21
 153.24 
 7.91 
Other Current Liabilities
22
 300.92 
 528.72 
Current Tax Liabilities (Net)
23
 90.21 
 67.22 
 4,205.99 
 4,939.79 
TOTAL EQUITY AND LIABILITIES
 22,980.04 
 16,642.92 
The accompanying notes are an integral part of the Consolidated Financial 
Statements
2-45
As per our report of even date
For and on behalf of the Board,
For Rajendra & Co.
Chartered Accountants
Firm Reg. No. 108355W
Anand Desai 
Managing Director
(DIN: 00038442)
Mona Desai
Whole time Director 
(DIN: 00038429)
Suchi Agarwal
Company Secretary 
& Compliance officer
Afzal Malkani
Chief Financial Officer
Akshay R. Shah 
Partner
Mem. No. 103316
Date : June 12, 2021
Place : Surat
Date : June 12, 2021
Place : Mumbai

177
CORPORATE OVERVIEW
01
STATUTORY REPORTS
02
FINANCIAL STATEMENTS
03
Statement Of Consolidated Profit And Loss
For The Year Ended March 31, 2021
Amount in millions except earning per share
Particulars
Note No.
For 31-03-2021
For 31-03-2020
INCOME:
Revenue from Operations (a)
24
 8,108.88 
 5,288.80 
Other Income (b)
25
 264.33 
 108.79 
Total Revenue (a)+(b)
 8,373.21 
 5,397.58 
EXPENSES:
Cost of Materials Consumed
26
 4,693.57 
 2,956.37 
Purchase of Stock in Trade
 - 
 5.18 
Changes in Inventories of Finished Goods, Work-in-Progress and 
Stock-in-Trade
26
 (1,303.95)
 (856.22)
Employee Benefits Expense
27
 324.43 
 210.88 
Finance Costs
28
 685.43 
 452.61 
Depreciation, Amortization and Impairment Expense
2
 516.52 
 287.12 
Other Expenses
29
 2,457.18 
 1,624.96 
Total Expenses
 7,373.18 
 4,680.92 
Profit Before Tax
 1,000.04 
 716.67 
Share of net Profit/(Loss) of associates
 - 
 - 
Profit after share of profit of associates
 1,000.04 
 716.67 
Tax Expenses
Current tax
 177.28 
 129.16 
Deferred tax
 52.99 
 55.45 
Short Provision of Tax Expenses  of earlier year(s)
 66.80 
 - 
Profit after tax for the year
 702.96 
 532.06 
Other Comprehensive Income
A Items that will not be reclassified to Profit or Loss :
Gain/(loss) on remeasurements of the defined benefits plan
30
 (14.44)
 6.20 
Income tax (expenses)/income on remeasurements of the defined 
benefits plan
 2.52 
 (1.08)
 (11.91)
 5.12 
B Items that may be reclassified to Profit or Loss :
Effective portion of gain/(loss) on hedging instruments in a cash 
flow hedge
30
 5.38 
 (27.11)
Income tax (expenses)/income on effective portion of gain/(loss) 
on hedging instruments in a cash flow hedge
 (0.94)
 4.74 
 4.44 
 (22.37)
Other Comprehensive Income for the year (Net of Tax)
 (7.47)
 (17.26)
Total Comprehensive Income for the year
 695.49 
 514.80 
Earning per equity shares
Basic Earnings per Equity Share 
34
 8.56 
 10.64 
Diluted Earnings per Equity Share
 8.56 
 6.97 
Face value per Equity Share
 10.00 
 10.00 
The accompanying notes are an integral part of the Consolidated 
Financial Statements
2-45
As per our report of even date
For and on behalf of the Board,
For Rajendra & Co.
Chartered Accountants
Firm Reg. No. 108355W
Anand Desai 
Managing Director
(DIN: 00038442)
Mona Desai
Whole time Director 
(DIN: 00038429)
Suchi Agarwal
Company Secretary 
& Compliance officer
Afzal Malkani
Chief Financial Officer
Akshay R. Shah 
Partner
Mem. No. 103316
Date : June 12, 2021
Place : Surat
Date : June 12, 2021
Place : Mumbai
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Anupam Rasayan India Ltd  |  Annual Report 2020-21
Consolidated Cash Flow Statement
For The Year Ended March 31, 2021
 Amount in Millions 
Particulars
Note No.
 As at 31-03-2021 
 As at 31-03-2020 
A. Cash flow from operating activities:
Net profit/(loss) before tax and extraordinary items:
-
 1,000.04 
 716.67 
Adjustments for:
-
Financial charges
-
 685.43 
 452.61 
Depreciation & amortization
-
 516.52 
 287.12 
(Profit)/loss on sale of fixed assets
-
 1.79 
 (3.00)
(Profit)/loss on sale of Investments
-
 (0.01)
ESOP Expenses
-
 6.35 
 - 
Bad Debts/Advance written off
-
 7.47 
10.36
Lease charges 
-
 0.96 
 - 
Unrealised exchange differences
-
 (21.99)
 62.35 
Operating profit before working capital changes
-
 2,196.55 
 1,526.12 
Adjustments for:
-
(Increase)/decrease in inventories
-
 (1,951.74)
 (1,016.72)
(Increase)/decrease in trade and other receivables
-
 (1,099.20)
 18.16 
(Increase)/decrease in loans and advances
-
 18.82 
 (65.08)
(Increase)/decrease in other non current assets
-
 4.08 
 (1.22)
Increase/(decrease) in trade payables & other liabilities
-
 1,021.70 
 580.48 
Cash generated from operations before extra ordinary items
-
 190.22 
 1,041.75 
Direct taxes refund/(paid) [net]
-
 (175.63)
 (92.30)
Net cash generated from / (utilized in) operations
-
 14.59 
 949.45 
B. Cash flow from investing activities:
-
Acquisition of fixed assets
-
 (1,460.18)
 (1,803.89)
Proceeds from sale of fixed assets
-
 2.89 
 4.57 
Purchase of non-current investments
-
 - 
 - 
Sale of non-current investments
-
 3.79 
 - 
Movement in Bank Fixed Deposits
-
 (477.29)
 17.35 
Net cash generated from / (utilized in) investing activities
-
 (1,930.80)
 (1,781.97)
C. Cash flow from financing activities:
-
Financial charges (interest paid)
-
 (685.30)
 (437.87)
Payment of lease liabilities
-
 (10.59)
 (71.27)
(Repayments)/Proceeds from non-current borrowings
-
 (2,340.18)
 427.08 
(Repayments)/Proceeds from other borrowings (net)
-
 (1,903.20)
 747.10 
Proceeds from fresh issue of Equity share capital
-
 217.97 
 34.98 
Security premium received
-
 9,218.03 
 318.69 
Loss on investment
 (339.05)
 - 
Net cash generated from financing activities
-
 4,157.69 
 1,018.71 
Net (decrease)/increase in cash and cash equivalents
-
 2,241.48 
 186.18 
Cash and cash equivalents at beginning of the Year
-
 170.18 
 (16.00)
Cash and cash equivalents at closing of the Year
-
 2,411.66 
 170.18 
Cash and cash equivalents comprise of:
Cash on Hand
 6.00 
 4.31 
Bank Overdraft and other short term facilities 
 - 
 (30.01)
Balance with Scheduled Banks in Current accounts
 2,405.33 
195.57
Balance in foreign currency
 0.33 
 0.31 
 2,411.66 
 170.18

179
CORPORATE OVERVIEW
01
STATUTORY REPORTS
02
FINANCIAL STATEMENTS
03
CHANGE IN LIABILITY ARISING FROM FINANCING ACTIVITIES
 Amount in Millions
Particulars
As at
31-03-2020
Cash Flow
Foreign Exchange 
Difference
As at
31-03-2021
Borrowing - Non Current (Refer Note No. 15)
 5,814.11 
 (2,339.67)
 (39.10)
 3,435.33 
Borrowing - Current (Refer Note No. 17)
 2,365.59 
 (1,933.20)
 (4.64)
 427.75 
Total
 8,179.70 
 (4,272.88)
 (43.74)
 3,863.08 
 Amount in Millions
Particulars
As at
31-03-2019
Cash Flow
Foreign Exchange 
Difference
As at
31-03-2020
Borrowing - Non Current (Refer Note No. 15)
 5,082.47 
 427.08 
 304.56 
 5,814.11 
Borrowing - Current (Refer Note No. 17)
 1,538.82 
 911.15 
 (84.38)
 2,365.59 
Total
 6,621.29 
 1,338.23 
 220.18 
 8,179.70 
As per our report of even date
For and on behalf of the Board,
For Rajendra & Co.
Chartered Accountants
Firm Reg. No. 108355W
Anand Desai 
Managing Director
(DIN: 00038442)
Mona Desai
Whole time Director 
(DIN: 00038429)
Suchi Agarwal
Company Secretary 
& Compliance officer
Afzal Malkani
Chief Financial Officer
Akshay R. Shah 
Partner
Mem. No. 103316
Date : June 12, 2021
Place : Surat
Date : June 12, 2021
Place : Mumbai
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Anupam Rasayan India Ltd  |  Annual Report 2020-21
A. EQUITY SHARE CAPITAL 
Amount in Millions
Particulars
31-03-2021
31-03-2020
 No. of shares 
 Amount (₹) 
 No. of shares 
Amount (₹)
Issued, subscribed and fully paid up equity shares 
outstanding at the beginning of the year
 5,00,00,100 
 500.00 
 5,00,00,100 
 500.00 
Shares issued during the year*
 2,17,97,391 
 217.97 
 - 
 - 
Conversion of Compulsorily convertible preference 
shares into Equity shares
 2,81,24,900 
 281.25 
 - 
 - 
Issued, subscribed and fully paid up equity shares 
outstanding at the end of the year
 9,99,22,391 
 999.22 
 5,00,00,100 
 500.00 
B. OTHER EQUITY
Amount in Millions
Particulars
Compulsorily 
Convertible 
Preference 
Shares
Reserves and surplus
Other Comprehensive 
Income
Total 
Equity
Securities 
Premium
General 
Reserve
Retained 
Earnings
Share Based 
Payment Reserve
Capital 
Reserve
 Cash flow 
hedging reserve 
FVTOCI 
Balance as at 01-04-2019
 246.27 
 2,108.83 
 1.02 
 2,206.38 
 - 
 1.91 
 0.75 
 1.68 
 4,566.84 
Profit for the year (a)
 - 
 - 
 - 
 532.06 
 - 
 - 
 - 
 - 
 532.06 
Other Comprehensive 
Income (b)
 - 
 - 
 - 
 - 
-
 - 
 (22.38)
 5.12 
 (17.27)
Total Comprehensive 
Income for the year (a+b)
 - 
 - 
 - 
 532.06 
 - 
 - 
 (22.38)
 5.12 
 514.79 
Issue of compulsorily 
convertible preference 
shares
 34.98 
 318.69 
 - 
 - 
 - 
 - 
 - 
 - 
 353.67 
Balance as at 31-03-2020
 281.25 
 2,427.52 
 1.02 
 2,738.44 
 - 
 1.91 
 (21.63)
 6.80 
 5,435.31 
Balance as at 01-04-2020
 281.25 
 2,427.52 
 1.02 
 2,738.44 
 - 
 1.91 
 (21.63)
 6.80 
 5,435.31 
Profit for the year (a)
 - 
 - 
 - 
 702.96 
 - 
 - 
 - 
 - 
 702.96 
Other Comprehensive 
Income (b)
 - 
 - 
 - 
 - 
 - 
 - 
 4.44 
 (11.91)
 (7.47)
Total Comprehensive 
Income for the year (a+b)
 - 
 - 
 - 
 702.96 
 - 
 1.91 
 4.44 
 (11.91)
 695.49 
Issue of Equity shares*
 - 
 9,218.03 
 - 
 - 
 - 
-
 - 
 - 
 9,218.03 
Issue of share options 
granted
 - 
 - 
 - 
 - 
 6.35 
-
-
-
 6.35 
Preference share dividend 
paid during the year
-
-
-
 (0.08)
-
-
-
-
 (0.08)
Share issue expenses
-
 (339.04)
-
-
-
-
-
-
 (339.04)
Conversion of Preference 
shares into Equity shares
 (281.25)
-
-
-
-
-
-
-
 (281.25)
Balance as at 31-03-2021
 - 
 11,306.51 
 1.02 
 3,441.32 
 6.35 
 1.91 
 (17.18)
 (5.12)
14,734.80 
*The Company has completed Initial Public Offerings (IPO) of 1,37,15,495 shares of INR 10/- each ( Issued 1,34,95,495 Equity Shares at an offer price of INR 555/- 
per Equity Share and 2,20,000 Equity Shares to the Employees of the Company at an offer price of INR 500/- per Equity Share ) aggregating to INR 7,600 millions 
through Fresh Issue of Equity Shares. The Equity Shares of the Company are listed on March 24, 2021 on BSE Limited (BSE) and National Stock Exchange of 
India Limited (NSE).
Consolidated Statement Of Changes In Equity
For The Year Ended March 31, 2021
As per our report of even date
For and on behalf of the Board,
For Rajendra & Co.
Chartered Accountants
Firm Reg. No. 108355W
Anand Desai 
Managing Director
(DIN: 00038442)
Mona Desai
Whole time Director 
(DIN: 00038429)
Suchi Agarwal
Company Secretary 
& Compliance officer
Afzal Malkani
Chief Financial Officer
Akshay R. Shah 
Partner
Mem. No. 103316
Date : June 12, 2021
Place : Surat
Date : June 12, 2021
Place : Mumbai

181
CORPORATE OVERVIEW
01
STATUTORY REPORTS
02
FINANCIAL STATEMENTS
03
Notes 1 to Consolidated Financial Statements
For The Year Ended March 31, 2021
(1) CORPORATE INFORMATION
The Anupam Rasayan India Ltd. (the Company), along 
with its subsidiaries (collectively referred to as the 
Group) is engaged in manufacturing of chemicals, 
which are sold in local market as well as exported to 
other countries. The Company is a public company 
incorporated and domiciled in India, having its 
registered office in Surat, Gujarat, India.
The Company has completed Initial Public Offerings 
(IPO) of 1,37,15,495 shares of INR 10/- each ( Issued 
1,34,95,495 Equity Shares at an offer price of INR 
555/- per Equity Share and 2,20,000 Equity Shares to 
the Employees of the Company at an offer price of 
INR 500/- per Equity Share ) aggregating to INR 7,600 
millions through Fresh Issue of Equity Shares. The 
Equity Shares of the Company are listed on March 
24, 2021 on BSE Limited (BSE) and National Stock 
Exchange of India Limited (NSE).
The consolidated financial statements comprise 
financial statements of ‘Anupam Rasayan India Ltd’ 
(‘the Holding Company’ or ‘the Company’) and its 
subsidiaries for the year ended on March 31, 2021.
(2) SIGNIFICANT ACCOUNTING POLICIES
(A) STATEMENT OF COMPLIANCE 
(i) Basis of preparation of financial statements
Compliance with Ind AS
The consolidated financial statements are prepared 
in accordance with Indian Accounting Standards 
(“Ind AS”), under the historical cost convention on the 
accrual basis except for certain financial instruments 
which are measured at fair values. The Ind AS are 
prescribed under Section 133 of the Act read with the 
Companies (Indian Accounting Standards) Rules, 2015, 
as amended and other relevant provisions of the Act. 
Effective from April 1, 2018, the Group had adopted 
all the Ind AS and the adoption has been carried out 
in accordance with Ind AS 101, First time Adoption of 
Indian Accounting Standards, with April 1, 2017 as the 
transition date. The transition was carried out from 
Indian Accounting Principles generally accepted 
in India as prescribed under Section 133 of the Act, 
which was the previous GAAP. 
Presentation of financial statements
The Balance Sheet as at March 31, 2021 and the 
Statement of Profit and Loss for the year ending 
March 31, 2021 are prepared and presented in 
the format prescribed in the Schedule III to the 
Companies Act, 2013 (“the Act”). The Statement of 
Cash Flows for the year ended March 31, 2021 has 
been prepared and presented as per the requirements 
of Ind AS 7 “Statement of Cash Flows”. The disclosure 
requirements with respect to items in the Balance 
Sheet and Statement of Profit and Loss, as prescribed 
in the Schedule III to the Act, are presented by way of 
notes forming part of the financial statements.
Accounting policies have been consistently applied 
except where a newly-issued accounting standard is 
initially adopted or a revision to an existing accounting 
standard requires a change in the accounting policy 
hitherto in use.
With effect from 1st April, 2019, Ind AS 116 – “Leases” 
(Ind AS 116) supersedes Ind AS 17 – “Leases”. The 
Group has adopted Ind AS 116 using the prospective 
approach. The application of Ind AS 116 has resulted 
into recognition of ‘Right-of-Use’ asset with a 
corresponding Lease Liability in the Balance Sheet. 
The Consolidated Financial Statements are presented 
in Indian Rupees, which is also its functional currency 
and all values are rounded to the nearest Millions 
(J 0,00,000), except when otherwise indicated.
(ii) Basis of Consolidation
The consolidated financial statements incorporate 
the financial statements of the Holding Company 
and its subsidiaries. For this purpose, an entity which 
is, directly or indirectly, controlled by the Holding 
Company is treated as subsidiary. The Holding 
Company together with its subsidiaries constitutes 
the Group. Control exists when the Holding Company, 
directly or indirectly, has power over the investee, is 
exposed to variable returns from its involvement with 
the investee and has the ability to use its power to 
affect its returns.
Consolidation of a subsidiary begins when the Holding 
Company, directly or indirectly, obtains control over 
the subsidiary and ceases when the Holding Company, 
directly or indirectly, loses control of the subsidiary. 
Income and expenses of a subsidiary acquired or 
disposed of during the year are included in the 
consolidated Statement of Profit and Loss from the 
date the Holding Company, directly or indirectly, gains 
control until the date when the Holding Company, 
directly or indirectly, ceases to control the subsidiary.
The consolidated financial statements of the 
Group combine financial statements of the Holding 
Company and its subsidiaries line-by-line by adding 
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182
Anupam Rasayan India Ltd  |  Annual Report 2020-21
together the like items of assets, liabilities, income and 
expenses. All intra-group assets, liabilities, income, 
expenses and unrealized profits/losses on intra-
group transactions are eliminated on consolidation. 
The accounting policies of subsidiaries have been 
harmonized to ensure the consistency with the 
policies adopted by the Holding Company.
The consolidated financial statements have been 
presented to the extent possible, in the same 
manner as Holding Company’s standalone financial 
statements. Profit or loss and other comprehensive 
income are attributed to the owners of the Holding 
Company and to the non-controlling interests 
and have been shown separately in the financial 
statements.
Non-controlling interests represent that part of 
the total comprehensive income and net assets of 
subsidiaries attributable to interest which is not 
owned, directly or indirectly, by the Holding Company.
The gains/losses in respect of part divestment/
dilution of stake in subsidiary companies not resulting 
in ceding of control, are recognized directly in other 
equity attributable to the owners of the Holding 
Company.
The gains/losses in respect of divestment of stake 
resulting in ceding of control in subsidiary companies 
are recognized in the Statement of Profit and Loss. 
The investment representing the interest retained in 
a former subsidiary, if any, is initially recognized at its 
fair value with the corresponding effect recognized 
in the Statement of Profit and Loss as on the date 
the control is ceded. Such retained interest is 
subsequently accounted as an associate or a joint 
venture or a financial asset.
(iii) Business Combination/Goodwill on 
consolidation
The Group accounts for its business combinations 
under acquisition method of accounting. Acquisition 
related costs are recognized in the statement of 
profit and loss as incurred. The acquiree’s identifiable 
assets, liabilities and contingent liabilities that meet 
the condition for recognition are recognized at their 
fair values at the acquisition date.
Goodwill arising on consolidation is not amortized, 
however, it is tested for impairment annually. In the 
event of cessation of operations of a subsidiary, the 
unimpaired goodwill is written off fully.
Business combinations arising from transfers of 
interests in entities that are under common control 
are accounted at historical cost. The difference 
between any consideration given and the aggregate 
historical carrying amounts of assets and liabilities 
of the acquired entity are recorded in shareholders’ 
equity.
(iv) Property, plant and equipment 
Freehold land is carried at historical cost.
All other items of Property, plant and equipment are 
stated at cost of acquisition net of any trade discounts 
and rebates, any import duties and other taxes (other 
than those subsequently recoverable from the tax 
authorities), any directly attributable expenditure on 
making the asset ready for its intended use, including 
relevant borrowing costs for qualifying assets and 
any expected costs of decommissioning. Expenditure 
incurred after the property, plant and equipment 
have been put into operation, such as repairs and 
maintenance, are charged to the Statement of 
Profit and Loss in the year in which the costs are 
incurred. Major shutdown and overhaul expenditure 
is capitalized as the activities undertaken improves 
the economic benefits expected to arise from the 
asset It includes professional fees and, for qualifying 
assets, borrowing costs capitalized in accordance 
with the Group’s accounting policy based on Ind AS 
23 – Borrowing costs. Such properties are classified 
to the appropriate categories of PPE when completed 
and ready for intended use. Assets in the course 
of construction are capitalized in the assets under 
construction account. At the point when an asset is 
operating at management’s intended use, the cost of 
construction is transferred to the appropriate category 
of property, plant and equipment and depreciation 
commences. Costs associated with the commissioning 
of an asset and any obligatory decommissioning costs 
are capitalized where the asset is available for use 
but incapable of operating at normal levels until a 
year of commissioning has been completed. Revenue 
generated from production during the trial period is 
capitalized. Property, plant and equipment except 
freehold land held for use in the production, supply 
or administrative purposes, are stated in the balance 
sheet at cost less accumulated depreciation and 
accumulated impairment losses, if any.
The Group has elected to continue with the carrying 
value for all of its property, plant and equipment as 
recognized in the financial statements on transition 
to Ind AS, measured as per the previous GAAP and use 
that as its deemed cost as at the date of transition.
Subsequent expenditure and componentization
Parts of an item of PPE having different useful lives 
and significant value and subsequent expenditure on 
Property, Plant and Equipment arising on account of 
capital improvement or other factors are accounted 
for as separate components only when it is probable 
that future economic benefits associated with the

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item will flow to the Group and the cost of the item 
can be measured reliably. The carrying amount of 
any component accounted for as a separate asset 
is derecognized when replaced. All other repairs and 
maintenance are charged to profit or loss during the 
reporting period in which they are incurred.
Decommissioning costs 
Decommissioning cost includes cost of restoration. 
Provision for decommissioning costs is recognized 
when the Group has a legal or constructive obligation 
to plug and abandon a well, dismantle and remove a 
facility or an item of Property, Plant and Equipment 
and to restore the site on which it is located. The full 
eventual estimated provision towards costs relating 
to dismantling, abandoning and restoring sites and 
other facilities are recognized in respective assets 
when the site is complete / facilities or Property, 
Plant and Equipment are installed. The amount 
recognized is the present value of the estimated 
future 
expenditure 
determined 
using 
existing 
technology at current prices and escalated using 
appropriate inflation rate till the expected date of 
decommissioning and discounted up to the reporting 
date using the appropriate risk-free discount rate. An 
amount equivalent to the decommissioning provision 
is recognized along with the cost of exploratory well 
or Property, Plant and Equipment. 
Depreciation and Useful life
Depreciable amount for assets is the cost of an asset, 
or other amount substituted for cost, less its estimated 
residual value. Depreciation is recognized so as to 
write off the cost of assets (other than freehold land 
and properties under construction) less their residual 
values over their useful lives, using straight-line method 
as per the useful life prescribed in Schedule II to the 
Companies Act, 2013 except in respect of following 
categories of assets, in whose case the life of the 
assets has been assessed as under based on technical 
advice, taking into account the nature of the asset, the 
estimated usage of the asset, the operating conditions 
of the asset, past history of replacement, anticipated 
technological changes, manufacturers warranties and 
maintenance support, etc.
Asset class
Useful life
Building
10-30 Years
Plant and machinery
8-30 Years
Office equipment
3-20 Years
Computer equipment
3-5 Years
Furniture and fixtures
10-20 Years
Vehicles
8-10 Years
Electric Installations
10-30 Years
Laboratory Equipment
10-20 Years
The assets’ residual values and useful lives are 
reviewed, and adjusted if appropriate, at the end 
of each reporting period and if the expectations 
differ from the previous estimates, the change is 
accounted for as a change in accounting estimate 
on a retrospective or prospective basis, whichever is 
nearly possible for the Group.
The property, plant and equipment acquired under 
finance leases is depreciated over the asset’s useful 
life or over the shorter of the asset’s useful life and the 
lease term if there is no reasonable certainty that the 
Group will obtain ownership at the end of the lease 
term.
De-recognition of Asset
An item of PPE is de-recognized upon disposal or 
when no future economic benefits are expected to 
arise from the continued use of the asset. Any gain or 
loss arising on the disposal or retirement of an item 
of property, plant and equipment is determined as 
the difference between the sales proceeds and the 
carrying amount of the asset and is recognized in 
Statement of Profit and Loss.
(v) Intangible assets
Intangible assets are stated at acquisition cost, 
net of accumulated amortization and accumulated 
impairment losses, if any. Intangible assets are 
recognized only on reasonable certainty and after 
completion of all activities related to the asset. 
Gains or losses arising from the retirement or 
disposal of an intangible asset are determined as the 
difference between the disposal proceeds and the 
carrying amount of the asset and are recognized as 
income or expense in the Statement of Profit and loss.
Intangible assets with finite useful lives are amortized 
on a straight line basis over the following period:
Asset class
Useful life
Intangible assets
3-10 Years
(vi) Impairment of assets
An asset is treated as impaired when the carrying cost 
of asset exceeds its recoverable value. At the each 
year end, assets are broadly evaluated for impairment. 
Provision for impairment of asset is made only if the 
recoverable amount of the asset goes below the 
carrying amount of the asset.
For the purpose of impairment testing, the recoverable 
amount (i.e. the higher of the fair value less cost to sell 
and the value-in-use) is determined on an individual 
asset basis unless the asset does not generate cash 
flows that are largely independent of those from 
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other assets. In such cases, the recoverable amount 
is determined for the Cash Generating Unit (CGU) to 
which the asset belongs.
If such assets are considered to be impaired, the 
impairment to be recognized in the Statement of 
Profit and Loss is measured by the amount by which 
the carrying value of the assets exceeds the estimated 
recoverable amount of the asset. An impairment loss 
is reversed in the Statement of Profit and Loss if there 
has been a change in the estimates used to determine 
the recoverable amount. The carrying amount of the 
asset is increased to its revised recoverable amount, 
provided that this amount does not exceed the 
carrying amount that would have been determined 
(net of any accumulated depreciation) had no 
impairment loss been recognized for the asset in prior 
years.
(vii) Leases:
The group has applied Ind AS 116 for entering into 
leases in the current financial year and hence there 
was no need of restatement required to be done for 
the previous financial years.
As a lessee, the group recognizes a right-of-use asset 
and a lease liability at the lease commencement 
date. The right-of-use asset is initially measured at 
cost, which comprises the initial amount of the lease 
liability adjusted for any lease payments made at or 
before the commencement date, plus any initial direct 
costs incurred and an estimate of costs to dismantle 
and remove the underlying asset or to restore the 
underlying asset or the site on which it is located, less 
any lease incentives received. 
The right-of-use asset is subsequently depreciated 
using 
the 
straight-line 
method 
from 
the 
commencement date to the earlier of the end of the 
useful life of the right-of-use asset or the end of the 
lease term. The estimated useful lives of right-of-use 
assets are determined on the same basis as those of 
property and equipment. In addition, the right-of-use 
asset is periodically reduced by impairment losses, if 
any, and adjusted for certain re-measurements of the 
lease liability. 
The lease liability is initially measured at the present 
value of the lease payments that are not paid at the 
commencement date, discounted using the interest 
rate implicit in the lease or, if that rate cannot be 
readily determined, group’s incremental borrowing 
rate. Generally, the group uses its incremental 
borrowing rate as the discount rate.
Lease payments included in the measurement of the 
lease liability comprise the following: – 
•	
Fixed payments, including in-substance fixed 
payments; 
•	
 Variable lease payments that depend on an index 
or a rate, initially measured using the index or rate 
as at the commencement date; 
•	
Amounts expected to be payable under a residual 
value guarantee; and
•	
The exercise price under a purchase option that 
the group is reasonably certain to exercise, lease 
payments in an optional renewal period if the group 
is reasonably certain to exercise an extension 
option, and penalties for early termination of a 
lease unless the group is reasonably certain not to 
terminate early.
The lease liability is measured at amortized cost using 
the effective interest method. It is remeasured when 
there is a change in future lease payments arising 
from a change in an index or rate, if there is a change 
in the group’s estimate of the amount expected to be 
payable under a residual value guarantee, or if group 
changes its assessment of whether it will exercise a 
purchase, extension or termination option. 
When the lease liability is remeasured in this way, a 
corresponding adjustment is made to the carrying 
amount of the right-of-use asset, or is recorded in 
profit or loss if the carrying amount of the right-of-use 
asset has been reduced to zero. 
The group presents right-of-use assets that do 
not meet the definition of investment property in 
‘property, plant and equipment’ and lease liabilities 
in ‘loans and borrowings’ in the statement of financial 
position. 
Short-term leases and leases of low-value assets 
The group has elected not to recognize right-of-use 
assets and lease liabilities for short term leases of real 
estate properties that have a lease term of 12 months. 
The group recognizes the lease payments associated 
with these leases as an expense on a straight-line 
basis over the lease term.
(viii) Financial instruments
Initial Recognition and Measurement
Financial assets and/or financial liabilities are 
recognized when the Group becomes party to a

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contract embodying the related financial instruments. 
All financial assets, financial liabilities and financial 
guarantee contracts are initially measured at 
transaction values and where such values are 
different from the fair value, at fair value. Transaction 
costs that are attributable to the acquisition or issue 
of financial assets and financial liabilities (other than 
financial assets and financial liabilities at fair value 
through profit or loss) are added to or deducted from 
as the case may be, the fair value of such financial 
assets or liabilities, on initial recognition. Transaction 
costs directly attributable to the acquisition of 
financial assets or financial liabilities at fair value 
through profit or loss are recognized immediately in 
Profit or Loss.
Offset 
A financial asset and a financial liability is offset and 
presented on net basis in the balance sheet when 
there is a current legally enforceable right to set-off 
the recognized amounts and it is intended to either 
settle on net basis or to realize the asset and settle 
the liability simultaneously.
A. Financial Assets:
a. Subsequent measurement:
For subsequent measurement, the group classifies 
financial asset in following broad categories:
•	
Financial asset carried at amortized cost.
•	
Financial asset carried at fair value through other 
comprehensive income (FVTOCI)
•	
Financial asset carried at fair value through profit 
or loss (FVTPL)
i. Financial asset carried at amortized cost (net of 
any write down for impairment, if any):
Financial assets are measured at amortized cost 
when asset is held within a business model, whose 
objective is to hold assets for collecting contractual 
cash flows and contractual terms of the asset give 
rise on specified dates to cash flows that are solely 
payments of principal and interest.  Such financial 
assets are subsequently measured at amortized 
costs using Effective Interest Rate (EIR) method less 
impairment, if any. The losses arising from impairment 
are recognized in the statement of profit or loss.  Cash 
and bank balances, trade receivables, loans and other 
financial asset of the group are covered under this 
category.
Under the EIR method, the future cash receipts are 
exactly discounted to the initial recognition value 
using EIR. The cumulative amortization using the 
EIR method of the difference between the initial 
recognition amount and maturity amount is added 
to the initial recognition value (net of principal 
repayments, if any) of the financial asset over the 
relevant period of the financial asset to arrive 
at amortized cost at each reporting date.  The 
corresponding effect of the amortization under EIR 
method is recognized as interest income over the 
relevant period of the financial asset.  The same is 
included under “other income” in the statement of 
profit or loss.  The amortized cost of the financial 
asset is also adjusted for loss allowance, if any.
ii. Financial asset carried at FVTOCI:
Financial asset under this category are measured 
initially as well as at each reporting date at fair 
value, when asset is held with a business model 
whose objective is to hold asset for both collecting 
contractual cash flows and selling financial assets.  
Fair value movements are recognized in the other 
comprehensive income.
iii. Financial asset carried at FVTPL:
Financial asset under this category are measured 
initially as well as at each reporting date at fair value. 
Changes in fair value are recognized in the statement 
of profit or loss.
b. Derecognition:
A financial asset is primarily derecognized when 
rights to receive cash flows from the asset have 
expired or the Group has transferred its contractual 
rights to receive cash flows of the financial asset and 
has substantially transferred all the risk and reward of 
the ownership of the financial asset.
c. Impairment of financial asset: 
In accordance with Ind AS 109, the Group uses 
‘Expected Credit Loss’ (ECL) model, for evaluating 
impairment of financial assets other than those 
measured at fair value through profit and loss (FVTPL).
ECL is the difference between all contractual cash 
flows that are due to the Group in accordance with 
the contract and all the cash flows that the entity 
expects to receive (i.e., all cash shortfalls), discounted 
at the original effective interest rate.
Lifetime ECL are the expected credit losses resulting 
from all possible default events over the expected life 
of a financial asset. 12-month ECL is a portion of the 
lifetime ECL which results from default events that 
are possible within 12 months from the reporting date.
For trade receivables, the Group applies ‘simplified 
approach’ which requires expected lifetime losses 
to be recognized from initial recognition of the 
receivables. The Group uses historical default rates to 
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determine impairment loss on the portfolio of trade 
receivables. At every reporting date these historical 
default rates are reviewed and changes in the forward 
looking estimates are analyzed. 
For other assets, the Group uses 12-month ECL 
to provide for impairment loss where there is no 
significant increase in credit risk. If there is significant 
increase in credit risk full lifetime ECL is used. 
ECL 
impairment 
loss 
allowance 
(or 
reversal) 
recognized during the period is recognized as income/
expense in the Statement of Profit and Loss under the 
head ‘Other expenses’.
B. Financial Liabilities:
a. Subsequent measurement:
Financial liabilities at fair value through profit or 
loss include financial liabilities held for trading and 
financial liabilities designated upon initial recognition 
as at fair value through profit or loss. 
Interest-bearing 
loans 
and 
borrowings 
are 
subsequently measured at amortized cost using the 
Effective Interest Rate (EIR) method. Gains and losses 
are recognized in profit or loss when the liabilities are 
derecognized as well as through EIR amortization 
process. Amortized cost is calculated by taking into 
account any discount or premium on acquisition and 
fees or costs that are an integral part of the EIR. 
The EIR amortization is included as finance costs in 
the statement of profit and loss.
b. Derecognition of financial liabilities:
A financial liability is derecognized when the obligation 
under the liability is discharged or cancelled or 
expires. When an existing financial liability is replaced 
by another from the same lender on substantially 
different terms, or the terms of an existing liability 
are substantially modified, such an exchange or 
modification is treated as the derecognition of the 
original liability and the recognition of a new liability. 
The difference in the respective carrying amounts is 
recognized in the Statement of Profit and Loss.
c. Derivative financial instrument:
Group uses derivative financial instruments such 
as interest rate swaps, currency swaps, forward 
contracts to mitigate the risk of changes in interest 
rate and foreign currency exchange rate. At the 
inception of a hedge relationship, the Group formally 
designates and documents the hedge relationship to 
which the Group wishes to apply hedge accounting 
and the risk management objective and strategy 
for undertaking the hedge. Such derivative financial 
instruments are initially recognised at fair value on 
the date on which a derivative contract is entered 
into and are also subsequently measured at fair value. 
Derivatives are carried as financial assets when the 
fair value is positive and as financial liabilities when 
the fair value is negative. Any gains or losses arising 
from changes in the fair value of derivatives are taken 
directly to Statement of Profit and Loss, except for 
the effective portion of cash flow hedge which is 
recognised in Other Comprehensive Income and later 
to Statement of Profit and Loss when the hedged item 
affects profit or loss or is treated as basis adjustment 
if a hedged forecast transaction subsequently results 
in the recognition of a Non-Financial Assets or Non-
Financial liability. Hedges that meet the criteria for 
hedge accounting are accounted for as follows:
A. Cash Flow Hedge;
The Group designates derivative contracts or non-
derivative Financial Assets/ Liabilities as hedging 
instruments to mitigate the risk of movement in 
interest rates and foreign exchange rates for foreign 
exchange exposure on highly probable future cash 
flows attributable to a recognised asset or liability or 
forecast cash transactions. 
When a derivative is designated as a cash flow hedging 
instrument, the effective portion of changes in the fair 
value of the derivative is recognised in the cash flow 
hedging reserve being part of Other Comprehensive 
Income. Any ineffective portion of changes in the 
fair value of the derivative is recognised immediately 
in the Statement of Profit and Loss. If the hedging 
relationship no longer meets the criteria for hedge 
accounting, then hedge accounting is discontinued 
prospectively. If the hedging instrument expires or 
is sold, terminated or exercised, the cumulative gain 
or loss on the hedging instrument recognised in cash 
flow hedging reserve till the period the hedge was 
effective remains in cash flow hedging reserve until 
the underlying transaction occurs. The cumulative 
gain or loss previously recognised in the cash flow 
hedging reserve is transferred to the Statement of 
Profit and Loss upon the occurrence of the underlying 
transaction. If the forecasted transaction is no longer 
expected to occur, then the amount accumulated 
in cash flow hedging reserve is reclassified in the 
Statement of Profit and Loss.
B. Fair Value Hedge;
The Group designates derivative contracts or non-
derivative Financial Assets/Liabilities as hedging 
instruments to mitigate the risk of change in fair 
value of hedged item due to movement in interest 
rates, foreign exchange rates and commodity prices. 
Changes in the fair value of hedging instruments and 
hedged items that are designated and qualify as fair 
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and Loss. If the hedging relationship no longer meets 
the criteria for hedge accounting, the adjustment 
to the carrying amount of a hedged item for which 
the effective interest method is used is amortized 
to Statement of Profit and Loss over the period of 
maturity.
(ix) Trade receivables
Trade receivables are recognized initially at fair value 
and subsequently measured at amortized cost using 
the effective interest method, less provision for 
impairment.
(x) Inventories-
Inventories comprise of Raw and packing materials, 
Work-in-progress, Finished goods, and Stores and 
spares. 
Inventories are valued at the lower of cost and the 
net realizable value. Cost is determined on weighted 
average basis. Cost includes all charges in bringing 
the goods to their present location and condition. 
The cost of Work-in-progress and Finished goods 
comprises of materials, direct labour, other direct 
costs and related production overheads.
Net realizable value is the estimated selling price in the 
ordinary course of business less the estimated costs 
of completion and the estimated costs necessary to 
make the sale.
(xi) Employee benefits
(a) Short-term employee benefits:
Employee benefits such as salaries, wages, short term 
compensated absences, expected cost of bonus, ex-
gratia and performance-linked rewards falling due 
wholly within twelve months of rendering the service 
are classified as short term employee benefits and 
are expensed in the period in which the employee 
renders the related service.
(b) Post-employment benefits:
i. Defined contribution plans:
The 
contribution 
paid/payable 
under 
defined 
contribution plan is recognized during the period in 
which the employee renders the related service.
ii. Defined benefit plans:
The liability or asset recognized in the balance sheet 
in respect of defined benefit gratuity plans is the 
present value of the defined obligation at the end of 
the reporting period less the fair value of plan assets. 
The defined obligation is calculated annually based 
on actuarial valuation using the Projected Unit Credit 
Method.
The obligation is measured at the present value of 
the estimated future cash flows using a discount rate 
based on the market yield on government securities of 
a maturity period equivalent to the weighted average 
maturity profile of the defined benefit obligations at 
the Balance Sheet date.
Re-measurement, comprising actuarial gains and 
losses, the return on plan assets (excluding amounts 
included in net interest on the net defined benefit 
liability or asset) and any change in the effect of 
asset ceiling (if applicable) is recognized in Other 
Comprehensive Income and is reflected in Retained 
earnings and the same is not eligible to be reclassified 
to Profit or Loss.
Defined benefit costs comprising current service cost, 
past service cost and gains or losses on settlements 
are recognized in the Statement of Profit and Loss as 
employee benefits expense. Interest cost implicit in 
defined benefit employee cost is recognised in the 
Statement of Profit and Loss under finance cost. 
Gains or losses on settlement of any defined benefit 
plan are recognized when the settlement occurs. Past 
service cost is recognized as expense at the earlier 
of the plan amendment or curtailment and when 
the group recognizes related restructuring costs or 
termination benefits.
In case of funded plans, the fair value of the plan 
assets is reduced from the gross obligation under the 
defined benefit plans to recognize the obligation on a 
net basis.
Leave Salary is considered as short term benefits 
and the same is accrued and paid within the working 
cycle of the business. 
(xii) Provisions, Contingent liabilities and Contingent 
assets
Provisions are recognized only when the Group has a 
present obligation (legal or constructive) as a result of 
a past event; it is probable that an outflow of resources 
embodying economic benefits will be required to 
settle the obligation; and a reliable estimate can be 
made of the amount of the obligation. Provision is 
measured using the cash flows estimated to settle 
the present obligation and when the effect of time 
value of money is material, the carrying amount of 
the provision is the present value of those cash flows. 
Reimbursement expected in respect of expenditure 
required to settle a provision is recognized only when 
it is virtually certain that the reimbursement will be 
received. 
Contingent liability is disclosed in case of, a present 
obligation arising from past events, when it is not 
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probable that an outflow of resources will be required 
to settle the obligation; and a present obligation 
arising from past events, when no reliable estimate is 
possible. 
Contingent assets are disclosed where aninflow of 
economic benefits is probable.
Provisions, contingent liabilities and contingent 
assets are reviewed at each Balance Sheet date.
Where the unavoidable costs of meeting the 
obligations under the contract exceed the economic 
benefits expected to be received under such 
contract, the present obligation under the contract is 
recognized and measured as a provision.
(xiii) Revenue recognition
The Group has adopted Ind-AS 115 “Revenue from 
Contracts with Customers” effective from April 01, 2018.
Revenue from the sale of goods is recognized when 
the Group transfers control of the product. Control 
of the product transfers upon shipment of the 
product to the customer or when the product is 
made available to the customer, provided transfer of 
title to the customer occurs and the Group has not 
retained any significant risks of ownership or future 
obligations with respect to the product shipped. 
Amounts disclosed as revenue are net off returns, 
trade allowances, rebates and indirect taxes.
Other income: 
Interest income from a financial asset is recognized 
when it is probable that the economic benefits will 
flow to the Group and the amount of income can be 
measured reliably. Interest income is accrued on a 
time basis, by reference to the principal outstanding 
and at the effective interest rate applicable, which is 
the rate that exactly discounts estimated future cash 
receipts through the expected life of the financial 
asset to that asset’s net carrying amount on initial 
recognition. 
Dividend income is accounted in the period in which 
the right to receive the same is established.
Government grants, which are revenue in nature 
and are towards compensation for the qualifying 
costs, incurred by the Group, are recognized as other 
income in the Statement of Profit and Loss in the 
period in which such costs are incurred. Government 
grant receivable in the form of duty credit script is 
recognized as Other income in the Statement of 
Profit and Loss in the period in which the application 
is made to the government authorities and to the 
extent there is no uncertainty towards its receipt.
Other items of income are accounted as and when the 
right to receive such income arises and it is probable 
that the economic benefits will flow to the Group and 
the amount of income can be measured reliably.
(xiv) Foreign Currency Transactions
The functional currency and presentation currency of 
the group is Indian Rupee.
Transactions in currencies other than the Group’s 
functional currency are recorded on initial recognition 
using the exchange rate at the transaction date. At each 
Balance Sheet date, foreign currency monetary items 
are reported at the closing spot rate. Non-monetary 
items carried at fair value that are denominated in 
foreign currencies are translated at the rates prevailing 
at the date when the fair value was determined. Non-
monetary items that are measured in terms of historical 
cost in foreign currency are not retranslated.
Exchange differences that arise on settlement of 
monetary items or on reporting of monetary items at 
each Balance Sheet date at the closing spot rate are 
recognized in the Statement of Profit and Loss in the 
period in which they arise except for:
(a)	exchange gains or losses on foreign currency 
borrowings taken which are related to the 
acquisition or construction of  qualifying assets 
are adjusted in the carrying cost of such assets.
(b)	exchange differences on derivatives transactions 
entered into in order to hedge foreign currency 
risks associated with underlying assets/liabilities 
which are classified as cash flow hedges. The 
effective portion of changes in the fair value of the 
derivative is recognised in the cash flow hedging 
reserve being part of Other Comprehensive 
Income. Any ineffective portion of changes in 
the fair value of the derivative is recognised 
immediately in the Statement of Profit and Loss.
(xv) Exceptional items
An item of income or expense which by its size, type 
or incidence requires disclosure in order to improve 
an understanding of the performance of the Group is 
treated as an exceptional item and disclosed as such 
in the financial statements.
(xvi) Taxes on income
The tax expenses for the period comprises of current 
tax and deferred income tax. Tax is recognised in 
Statement of Profit and Loss, except to the extent 
that it relates to items recognised in the Other 
Comprehensive Income. In which case, the tax is also 
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Current Tax
Tax on income for the current period is determined on 
the basis of taxable income and tax credits computed 
in accordance with the provisions of the Income Tax 
Act, 1961 and based on the expected outcome of 
assessments/appeals.
Deferred Tax
Deferred tax is recognized on temporary differences 
between the carrying amounts of assets and 
liabilities in the Group’s financial statements and 
the corresponding tax bases used in computation 
of taxable profit and quantified using the tax rates 
and laws enacted or substantively enacted as at the 
Balance Sheet date.
Deferred tax assets are generally recognized for 
all taxable temporary differences to the extent it is 
probable that taxable profits will be available against 
which those deductible temporary differences can be 
utilized. 
The carrying amount of deferred tax assets is reviewed 
at the end of each reporting period and reduced to 
the extent that it is no longer probable that sufficient 
taxable profits will be available to allow all or part of 
the asset to be recovered.
Deferred 
tax 
assets 
relating 
to 
unabsorbed 
depreciation/business losses/losses under the head 
“capital gains” are recognized and carried forward to 
the extent of available taxable temporary differences 
or where there is convincing other evidence that 
sufficient future taxable income will be available 
against which such deferred tax assets can be 
realized.
The measurement of deferred tax liabilities and assets 
reflects the tax consequences that would follow from 
the manner in which the Group expects, at the end 
of reporting period, to recover or settle the carrying 
amount of its assets and liabilities. Considering 
intensive capital investment since last several years 
and based on the estimate of future forecasts of 
capital investments, the Group is expected to have 
higher deductions of depreciation as per Income 
Tax as compared to depreciation as per Books of 
Accounts. Deferred Tax is effectively considered not 
to be neutralized in foreseeable future and hence as 
per the policy of the Group, deferred tax is recognised 
at 75% of its effective value.
Transaction or event which is recognized outside 
Profit or Loss, either in Other Comprehensive 
Income or in equity, is recorded along with the tax as 
applicable.
Current tax assets and current tax liabilities are offset 
when there is a legally enforceable right to set off the 
recognized amounts and there is an intention to settle 
the asset and the liability on a net basis. Deferred tax 
assets and deferred tax liabilities are offset when 
there is a legally enforceable right to set off assets 
against liabilities representing current tax and where 
the deferred tax assets and the deferred tax asset and 
the deferred tax liabilities relate to taxes on income 
levied by the same governing taxation laws.
(xvii) Cash and bank balances
Cash and bank balances also include fixed deposits, 
margin 
money 
deposits, 
earmarked 
balances 
with banks and other bank balances which have 
restrictions on repatriation. Short term and liquid 
investments being subject to more than insignificant 
risk of change in value, are not included as part of 
cash and bank balances.
(xviii) Cash flow statement
Cash flows are reported using the indirect method 
where by the profit before tax is adjusted for the 
effect of the transaction of non-cash nature, any 
deferrals or accruals of past and future operating 
cash receipts or payments and items of income or 
expenses associated with investing or financing cash 
flows. The cash flows from operating, investing and 
financing activities of the group are segregated.
In the cash flow statement, cash and cash equivalents 
includes cash on hand, demand deposits with banks, 
other short-term highly liquid investments with 
original maturities of three months or less that are 
readily convertible to known amounts of cash and 
which are subject to an insignificant risk of changes 
in value, and bank overdrafts. Bank overdrafts are 
shown within borrowings in current liabilities in the 
balance sheet.
(xix) Borrowing costs
Borrowing costs, general or specific, that are directly 
attributable to the acquisition or construction 
of qualifying assets is capitalized as part of such 
assets. A qualifying asset is one that necessarily 
takes substantial period of time to get ready for 
intended use. All other borrowing costs are charged 
to the Statement of Profit and Loss. The Group 
determines the amount of borrowing costs eligible for 
capitalization as the actual borrowing costs incurred 
on that borrowing during the year less any interest 
income earned on temporary investment of specific 
borrowings pending their expenditure on qualifying 
assets, to the extent that an entity borrows funds 
specifically for the purpose of obtaining a qualifying 
asset. In case if the Group borrows generally and uses 
the funds for obtaining a qualifying asset, borrowing 
costs eligible for capitalization are determined by 
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Anupam Rasayan India Ltd  |  Annual Report 2020-21
applying a capitalizations rate to the expenditures on 
that asset. 
Borrowing cost includes exchange differences arising 
from foreign currency borrowings to the extent they 
are regarded as an adjustment to the finance cost. 
(xx) Securities premium
Securities 
premium 
include, 
the 
difference 
between the face value of the equity shares and the 
consideration received in respect of shares issued. 
The issue expenses of securities which qualify as 
equity instruments are written off against securities 
premium.
(xxi) Non-current assets held for sale
Non-current assets and disposal groups are classified 
as held for sale if their carrying amount is intended to 
be recovered principally through a sale (rather than 
through continuing use) when the asset (or disposal 
group) is available for immediate sale in its present 
condition subject only to terms that are usual and 
customary for sale of such asset (or disposal group) 
and the sale is highly probable and is expected to 
qualify for recognition as a completed sale within one 
year from the date of classification.
Non-current assets and disposal groups classified as 
held for sale are measured at lower of their carrying 
amount and fair value less costs to sell.
(xxii) Operating cycle for current and non-current 
classification
The group presents assets and liabilities in the balance 
sheet based on current/non-current classification. 
An asset is classified as current when it satisfies any 
of the following criteria:
•	
It is expected to be realized or intended to be sold 
or consumed in normal operating cycle;
•	
It is held primarily for the purpose of trading;
•	
It is expected to be realized within 12 months after 
the date of reporting period; or
•	
Cash and cash equivalents unless restricted from 
being exchanged or used to settle a liability for at 
least 12 months after reporting period.
Current assets include the current portion of non-
current financial assets. All other assets are classified 
as non-current.
A liability is current when it satisfies any of the 
following criteria:
•	
It is expected to be realized or intended to be sold 
or consumed in normal operating cycle;
•	
It is held primarily for the purpose of trading;
•	
It is expected to be realized within 12 months after 
the date of reporting period; or
•	
There is no unconditional right to defer the 
settlement of the liability for at least 12 months 
after the reporting period current liabilities 
include the current portion of long-term financial 
liabilities.
The group classifies all other liabilities as non-current. 
Deferred tax assets and liabilities are classified as 
non-current assets and liabilities.
(xxiii) Earnings Per Share
Basic earnings per share is calculated by dividing the 
net profit after tax by the weighted average number 
of equity shares outstanding during the year adjusted 
for bonus element in equity share. Diluted earnings 
per share adjusts the figures used in determination 
of basic earnings per share to take into account the 
conversion of all dilutive potential equity shares. 
Dilutive potential equity shares are deemed converted 
as at the beginning of the period unless issued at a 
later date.
(xxiv) Key sources of estimation
The preparation of the financial statements in 
conformity with Ind AS requires that the management 
of the Group makes estimates and assumptions that 
affect the reported amounts of income and expenses 
of the period, the reported balances of assets and 
liabilities and the disclosures relating to contingent 
liabilities as of the date of the financial statements. 
The 
estimates 
and 
underlying 
assumptions 
are reviewed on an ongoing basis. Revisions to 
accounting estimates include useful lives of property, 
plant and equipment & intangible assets, allowance 
for expected credit loss, future obligations in respect 
of retirement benefit plans,  fair value measurement 
etc. Difference, if any, between the actual results and 
estimates is recognized in the period in which the 
results are known.
(i) Segment reporting
Revenue and Geographical Segments are identified 
based on the stratification of the risk and returns. The 
group operates only in the one revenue segment. i.e. 
Manufacturing of industrial chemicals. 
(ii) Commitments
Commitments are future liabilities for contractual 
expenditure. Commitments include the value of the

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CORPORATE OVERVIEW
01
STATUTORY REPORTS
02
FINANCIAL STATEMENTS
03
contracts for the acquisition of the assets net of 
advances.
(iii) Recognition of Deferred Tax Assets and 
Liabilities 
Deferred tax assets and liabilities are recognised for 
deductible temporary differences and unused tax 
losses for which there is probability of utilization 
against the future taxable profit. The Group uses 
judgement to determine the amount of deferred tax 
that can be recognised, based upon the likely timing 
and the level of future taxable profits and business 
developments.
(iv) Global Health Pandemic on COVID-19
The Covid-19 pandemic had its impact on the global 
economic environment including in India, causing 
significant disruption in economic activities and the 
chemical industry where the company is operating had 
been adversely impacted in the first half of Financial 
Year 2020-2021 due to pandemic. With the gradual 
relaxation in the second half, economic activities 
had improved. However, the second wave of Covid-19 
emerging in India in the month of April-May 2021 may 
have an impact on the industry and Company. The 
Company is of the view that vaccination programmes 
of the Government will minimize the impact on the 
economic activities.
The 
Company 
closely 
monitors 
the 
recent 
development and effects of present pandemic 
over the business. The Company believes that this 
pandemic is not likely to have a material impact on 
the carrying value of its assets and hence no provision 
for any impairment is required.
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2 Property, Plant and Equipment
Amount in Millions
Particulars
Land 
 Building 
 Plant and 
Machinery 
 Office 
Equipment 
 Computer 
and 
Peripherals
 Furniture 
Vehicles 
 Electric 
Installations 
Laboratory 
Equipment 
 Total 
Gross carrying value
As at April 1, 2020
 467.31 
2,243.55 
 6,890.75 
 36.72 
 39.08 
 22.54 
 64.03 
 520.66 
 152.20 
10,436.82 
Additions
 3.95 
 213.45 
 489.89 
 11.04 
 5.44 
 3.68 
 15.07 
 58.97 
 32.39 
 833.87 
Deductions
 - 
 - 
 - 
 (0.78)
 - 
 - 
 (15.90)
 - 
 - 
 (16.68)
Adjustments
 - 
 - 
 - 
 - 
 (0.05)
 - 
 - 
 - 
 (0.12)
 (0.16)
Transfers from Capital 
Work in Progress
 - 
 97.55 
 939.17 
 0.28 
 - 
 0.03 
 - 
 30.66 
 - 
 1,067.69 
As at March 31, 2021
 471.26 
2,554.53 
 8,317.74 
 47.42 
 44.47 
 26.24 
 63.20 
 610.27 
 182.86 
 12,317.99 
Accumulated 
depreciation
As at April 1, 2020
 - 
 (157.01)
 (837.39)
 (11.67)
 (6.17)
 (8.52)
 (32.70)
 (75.37)
 (55.32)
 (1184.00)
Depreciation for the 
year
 - 
 (74.30)
 (328.38)
 (5.98)
 (4.35)
 (2.67)
 (7.26)
 (51.42)
 (15.51)
 (490.00)
Deductions
 - 
 - 
 - 
 0.70 
 - 
 - 
 11.59 
 - 
 - 
 12.00 
Adjustments
 - 
 - 
 (0.50)
 0.24 
 - 
 - 
 (0.00)
 - 
 - 
 (0)
As at March 31, 2021
 - 
 (231.31)
 (1,166.27)
 (16.71)
 (10.52)
 (11.19)
 (28.37)
 (126.79)
 (70.83)
(1,661.98)
Carrying value as at 
March 31, 2021
 471.26 
 2,323.22 
 7,151.47 
 30.70 
 33.96 
 15.05 
 34.83 
 483.48 
 112.03 
 10,656.01 
Carrying value as at 
April 1, 2020
 467.31 
2,086.54 
 6,053.36 
 25.06 
 32.91 
 14.02 
 31.34
 445.29 
 96.87 
 9,252.68 
2 INTANGIBLE ASSETS AND CAPITAL WORK IN PROGRESS
Amount in Millions
Particulars
 Intangible 
assets 
 Capital work-
in-progress 
 Total 
Gross carrying value
As at April 1, 2020
 150.69 
 1,009.47 
 1,160.17 
Additions
 0.85 
 560.55 
 561.40 
Adjustments
 - 
 (76.26)
 (76.26)
Assets Capitalized (Transfer to Fixed Assets)
 (6.17)
 (1,061.52)
 (1,067.69)
As at March 31, 2021
 145.38 
 432.24 
 577.62 
Accumulated amortization
As at April 1, 2020
 (22.76)
 - 
 (22.76)
Amortization for the year
 (7.25)
 - 
 (7.25)
Deductions
 - 
 - 
 - 
Amortization on Transfer of assets
 0.50 
 - 
 0.50 
As at March 31, 2021
 (29.51)
 - 
 (29.51)
Carrying value as at March 31, 2021
 115.87 
 432.24 
 548.11 
Carrying value as at April 1, 2020
 127.93 
 1,009.47 
 1,137.40

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CORPORATE OVERVIEW
01
STATUTORY REPORTS
02
FINANCIAL STATEMENTS
03
2 Property, Plant and Equipment
Amount in Millions
Particulars
Land 
 Building 
 Plant and 
Machinery 
 Office 
Equipment 
 Computer 
Equipment 
 Furniture 
and Fixtures 
Vehicles 
 Electric 
Installations 
Laboratory 
Equipment 
 Total 
Gross carrying value
As at April 1, 2019
470.70 
 1,791.11 
 4,769.56 
 39.67 
 61.74 
 19.53 
 75.88 
 327.23 
 114.03 
 7,669.46 
Additions
 0.56 
 209.83 
 1,094.11 
 5.20 
 2.93 
 2.63 
 1.61 
 86.52 
 17.53 
 1,420.91 
Deductions
 - 
 - 
 (1.45)
 (0.06)
 - 
 - 
 - 
 (0.52)
 - 
 (2.03)
Adjustments
 (3.95)
 - 
 (5.38)
 (11.43)
 (26.12)
 (2.02)
 (13.46)
 (13.49)
 (5.00)
 (80.85)
Transfer from Capital 
Work-in Progress
 0.00 
 242.61 
 1,033.91 
 3.36 
 0.52 
 2.40 
 - 
 120.90 
 25.63 
 1,429.33 
As at March 31, 2020
 467.31 
2,243.55 
 6,890.75 
 36.72 
 39.08 
 22.54 
 64.03 
 520.66 
 152.20 
10,436.82 
Accumulated 
Depreciation
As at April 1, 2019
 - 
 (99.54)
 (688.44)
 (15.80)
 (38.60)
 (8.44)
 (38.22)
 (54.60)
 (49.20)
 (992.83)
Depreciaition for the 
year
 - 
 (60.50)
 (163.88)
 (5.83)
 (3.54)
 (2.00)
 (7.26)
 (33.62)
 (10.87)
 (287.51)
Deductions
 - 
 - 
 0.40 
 0.01 
 - 
 - 
 - 
 0.04 
 - 
 0.46 
Adjustments
 - 
 3.03 
 14.53 
 9.95 
 35.96 
 1.92 
 12.79 
 12.81 
 4.75 
 95.74 
As at March 31, 2020
 - 
 (157.01)
 (837.39)
 (11.67)
 (6.17)
 (8.52)
 (32.70)
 (75.37)
 (55.32)
 (1,184.14)
Carrying value as at 
March 31, 2020
 467.31 
2,086.54 
 6,053.36 
 25.06 
 32.91 
 14.02 
 31.34 
 445.29 
 96.87 
9,252.68 
Carrying value as at 
April 1, 2019
470.70 
 1,691.58 
 4,081.13 
 23.87 
 23.15 
 11.09 
 37.66 
 272.63 
 64.83 
6,676.64 
2 CWIP, INTANGIBLE ASSETS & INTANGIBLE ASSETS UNDER DEVELOPMENT
Amount in Millions
Particulars
 Intangible 
assets 
 Capital work-
in-progress 
 Total 
Gross carrying value
As at April 1, 2019
 150.58 
 1,829.62 
 1,980.20 
Additions
 2.08 
 609.18 
 611.26 
Adjustments
 (1.96)
 - 
 (1.96)
Assets Capitalized (Transfered to Fixed Assets)
 - 
 (1,429.33)
 (1,429.33)
As at March 31, 2020
 150.69 
 1,009.47 
 1,160.17 
Accumulated amortization
As at April 1, 2019
 (18.29)
 - 
 (18.29)
Amortization for the year
 (7.50)
 - 
 (7.50)
Adjustments
 1.67 
 - 
 1.67 
Amortization on Transfer of assets
 1.35 
 - 
 1.35 
As at March 31, 2020
 (22.76)
 - 
 (22.76)
Carrying value as at March 31, 2020
 127.93 
 1,009.47 
 1,137.40 
Carrying value as at April 1, 2019
 132.29 
 1,829.62 
 1,961.91 
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Anupam Rasayan India Ltd  |  Annual Report 2020-21
3 LEASES
The Company has adopted Ind AS 116 ‘Leases’ effective April 1, 2019 and applied the Standard to its leases.
[A] Carrying value of Right of Use of Asset at the end of reporting year:
 Amount in Millions 
Particulars
 Class of Asset 
leased - Plant and 
machinery 
 Class of Asset 
leased - Plant and 
machinery 
 As at 31-03-2021 
 As at 31-03-2020 
Balance as at April 01
 378.85 
 - 
Adjustment on account of revision of terms of lease agreement
 4.26 
 - 
Adjusted Opening balance
 383.11 
 - 
Add: addition during the year at fair value through Profit and Loss 
account
 2.27 
 386.91 
Less: Depreciation charge for the year [Forming a part of Profit and 
Loss account]-Note A
 19.64
 8.06
Balance as at March 31
 365.74
 378.85
[B] Carrying value of prepaid expenses on interest free security deposit at the end of reporting year:
 Amount in Millions 
Particulars
 Class of Asset 
leased - Plant and 
machinery 
 Class of Asset 
leased - Plant and 
machinery 
 As at 31-03-2021 
 As at 31-03-2020 
Balance as at April 01
 13.97 
 - 
Addition during the year
 0.04 
 14.36 
Lease Expenses charged for the year
 0.96 
 0.39 
Balance as at March 31
 13.06 
 13.97 
Total Rights-of-Use Assets [A] + [B]
 378.79
 392.82
Note A:
The depreciation on Right of Use of Asset created on lease entered into by the company is calculated at useful 
life of 20 years, being the useful life of plant and machineries (leased assets) adopted by the company as per its 
accounting policies. The Company is certain on buy back option of the leased assets as at the end of lease term 
evidenced by way of lease agreement and hence, useful life of 20 years is considered for depreciating Right of 
Use of Assets.
[C] Carrying value of Lease Liabilities at the end of reporting year:
 Amount in Millions 
Particulars
 Class of Asset 
leased - Plant and 
machinery 
 Class of Asset 
leased - Plant and 
machinery 
 As at 31-03-2021 
 As at 31-03-2020 
Balance as at April 01
 372.85 
 - 
Adjustment on account of revision of terms of lease agreement
 4.26 
Adjusted Opening balance
 377.11 
Addition of lease liability during the year as per Ind AS 116
 42.04 
 380.27 
Payment of lease liability during the year
 56.43 
 7.42 
Balance as at March 31
 362.72 
 372.85

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CORPORATE OVERVIEW
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STATUTORY REPORTS
02
FINANCIAL STATEMENTS
03
Maturity Analysis of Lease Liabilities:
 Amount in Millions 
Maturity analysis – contractual undiscounted cash flows
 As at 31-03-2021 
 As at 31-03-2020 
Less than one year
 40.41 
 50.66 
One to five years
 220.29 
 370.55 
More than five years
 102.03 
 171.77 
Total undiscounted lease liabilities at 31 March 2021 
 362.72 
 592.97 
Lease liabilities included in the statement of financial position at 
31 March 2021 
 362.72 
 372.85 
Current
 40.41 
 43.24 
Non-current
 322.32 
 329.61 
[D] Carrying value of interest free security deposit given for leases at the end of reporting 
year:
 Amount in Millions 
Particulars
 Class of Asset 
leased - Plant and 
machinery 
 Class of Asset 
leased - Plant and 
machinery 
 As at 31-03-2021 
 As at 31-03-2020 
Balance as at April 01
 23.98 
 - 
Addition during the year at fair value through Profit and Loss account
 0.08 
 21.66 
Interest Income on security deposit at fair value through Profit and 
Loss account-Note B
 2.58 
 2.32 
Balance as at March 31
 26.64 
 23.98 
Note B:
The interest income is considered at Effective Interest Rate of 10.78% after valuing the cash flows of the company
[E] Amounts recognised in the Statement of Profit or Loss
 Amount in Millions 
Particulars
 As at 31-03-2021 
 As at 31-03-2020 
Interest on Lease Liabilities [Finance cost] 
 39.84 
 - 
Interest Income on security deposit at fair value through Profit and 
Loss account - Note B
 2.58 
 2.32 
Depreciation charge for the year
 19.64 
 8.06 
Lease rent expense [depreciation of ROU of asset from security 
deposit valuation]
 0.96 
 0.39 
4 NON-CURRENT ASSETS: FINANCIAL ASSETS - INVESTMENTS
 Amount in Millions 
Particulars
Notes
 As at 31-03-2021 
 As at 31-03-2020 
Investment in Equity Instruments
Unquoted
(a) Associate Company of Jainam Intermediates Pvt. Ltd 
- Fair value through Profit and Loss Account
Note A
Tangent Science Private Limited 22,500 ((Previous Period 
Nil) Face Value of ₹ 10/- Each
 0.23 
 - 
Add/Less:- Proportionate share (45%) of (Net Loss)/Net 
Profit of Associate Company
 (0.01)
 - 
(b) Other Company (at cost)
Note A
Atharva Exochem Pvt Ltd. - Nil (Previous year - 2,47,600) 
shares - Face value of INR 10/- each
 - 
 4.00 
Total value of Non Current Investments
 0.22 
 4.00 
Note A: 
The investment in Other company is unquoted and carried at cost.
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5 NON-CURRENT ASSETS: OTHER FINANCIAL ASSETS
 Amount in Millions 
Particulars
Notes
 As at 31-03-2021 
 As at 31-03-2020 
Fixed deposits with banks with maturity more than 12 
months
 0.10 
 0.10 
Subscription to equity shares for acquiring membership
Note B
 5.74 
 5.74 
Fair valuation of Security Deposit by Fair value Through 
Profit and Loss account
Security deposit receivable (Lease)
Note 3
 26.64 
 23.98 
Total
 32.49 
 29.83 
Note B:
The Company has made contribution in the equity shares of following companies for acquiring membership in 
those companies for operation purposes. Hence, investment in such companies are valued at cost.
Globe Enviro Care Ltd. - 2,66,191 (Previous year - 2,66,191) shares -  Face value of INR 10/- each
Narmada Clean Tech Ltd. 1,34,100 (Previous year - 1,34,100) shares - Face value of INR 10/- each
6 NON-CURRENT ASSETS: OTHER NON-CURRENT ASSETS
 Amount in Millions 
Particulars
Notes
 As at 31-03-2021 
 As at 31-03-2020 
Capital advances
-
 212.97 
 299.60 
Employee Group Gratuity Scheme Fund [Net]
-
 4.93 
 9.01 
Total
 217.90 
 308.61 
7 CURRENT ASSETS: INVENTORIES
 Amount in Millions 
Particulars
Notes
 As at 31-03-2021 
 As at 31-03-2020 
Raw Materials
-
 1,279.50 
 703.39 
Work-in-progress
-
 2,644.17 
 1,328.31 
Finished Goods
-
 875.06 
 886.97 
Packing Materials
-
 48.18 
 21.91 
Stores and Spares
-
 75.26 
 29.85 
Total
 4,922.17 
 2,970.43 
8 CURRENT ASSETS: FINANCIAL ASSETS - TRADE RECEIVABLES
 Amount in Millions 
Particulars
Notes
 As at 31-03-2021 
 As at 31-03-2020 
Unsecured and considered good
-
 2,054.89 
 1,294.94 
Less: Allowance for expected credit loss
Note C
 - 
 - 
Total
 2,054.89 
 1,294.94 
Note C:
Under IND AS 109-Financial Instruments, Expected credit loss is to be provided for various items of Financial 
Assets of the company. Trade Receivable being classified as Financial Asset of the company, Expected 
credit Loss is to be provided for on the basis of Simplified Approach as allowed under IND AS. Based on the 
management representation, the chances of impairment of Trade Receivable are negligible according to which 
no material expected credit loss is estimated for the current financial year.

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CORPORATE OVERVIEW
01
STATUTORY REPORTS
02
FINANCIAL STATEMENTS
03
9 CURRENT ASSETS: FINANCIAL ASSETS - CASH AND CASH EQUIVALENTS
 Amount in Millions 
Particulars
Notes
 As at 31-03-2021 
 As at 31-03-2020 
Balance with banks (Refer Note No. 40)
-
 2,405.33 
 195.57 
Cash on hand
-
 6.00 
 4.31 
Balance in foreign currency
-
 0.33 
 0.31 
Total
 2,411.66 
 200.19 
10 CURRENT ASSETS: FINANCIAL ASSETS - OTHER BANK BALANCES
 Amount in Millions 
Particulars
Notes
 As at 31-03-2021 
 As at 31-03-2020 
Fixed deposits with banks with maturity less than 12 months 
(Refer Note No. 40)
Note D
 545.41 
 68.12 
Total
 545.41 
 68.12 
Note D:
The amount of fixed deposit with Banks includes Lien over fixed deposit with Yes Bank of INR 400 Millions 
(Previous period: Nil)
11 CURRENT ASSETS: FINANCIAL ASSETS - LOANS 
 Amount in Millions 
Particulars
Notes
 As at 31-03-2021 
 As at 31-03-2020 
Unsecured , considered good:
Loans and advances
-
 0.11 
 93.94 
Loans and advances to contractor entities valued at 
amortised cost
Note E
 80.32 
 17.31 
Advances valued at Fair Value at amortised cost
Note E
 33.94 
 27.97 
Total
 114.36 
 139.21 
Note E:
As per IND AS 109-Financial Instruments, the amount of interest free loans provided to Employees and 
contractor entities of the company are valued at amortised cost with market rate of interest at 7.40% per annum 
and 8.00% per annum considered as per historical rate of State Bank of India as on March 31, 2021 and March 
31, 2020 respectively.
12 CURRENT ASSETS: FINANCIAL ASSETS - OTHERS
 Amount in Millions 
Particulars
Notes
 As at 31-03-2021 
 As at 31-03-2020 
Advances recoverable in cash
-
 34.90 
 25.29 
GST Duty - Rebate receivable
-
 183.14 
 133.38 
Security deposits
-
 161.56 
 112.46 
Total
 379.60 
 271.13 
13 OTHER CURRENT ASSETS
 Amount in Millions 
Particulars
Notes
 As at 31-03-2021 
 As at 31-03-2020 
Unsecured advance, considered good
-
 183.09 
 103.94 
Prepaid Insurance & other expenses
-
 61.24 
 11.13 
Prepaid staff cost
-
 28.72 
 6.07 
TDS receivable
-
 8.07 
 12.87 
TCS receivable
-
 2.86 
 0.14 
Tax receivable (net)
-
 66.93 
 110.73 
Balance with Tax authorities
-
 367.52 
 328.68 
Total
 718.43 
 573.56 
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Anupam Rasayan India Ltd  |  Annual Report 2020-21
14 SHARE CAPITAL
A] Share capital authorized, issued, subscribed and paid up:
 Amount in Millions 
Particulars
 As at 31-03-2021 
 As at 31-03-2020 
 No. of shares 
 Amount (INR) 
 No. of shares 
 Amount (INR) 
Authorized Share capital*
Equity Share Capital of INR 10/- each
 12,50,00,000 
 1,250.00 
 5,15,00,000 
 515.00 
Compulsorily Convertible Preference 
Shares Capital of INR 10/- each**
 - 
 - 
 2,85,00,000 
 285.00 
 1,250.00 
 800.00 
Issued, subscribed & fully paid share 
capital
Equity Share Capital of INR 10/- each
 9,99,22,391 
 999.22 
 5,00,00,100 
 500.00 
Total
 999.22 
 500.00 
*Note for Authorized Share Capital:
On November 09, 2020, as per the resolution passed in Extra Ordinary General Meeting of the Company, the 
existing unissued Preference Share Capital of INR 28,50,00,000/- divided into 2,85,00,000 shares of face value 
INR 10/- each are reclassified into Authorized Share Capital of Equity Shares and thus the Authorized Share 
Capital of Equity Shares is reclassified from  9,65,00,000 shares of face value of INR 10/- each to 12,50,00,000 
shares of face value of INR 10/- each.
On September 14, 2020, as per the resolution passed in Extra Ordinary General Meeting, the Authorized Share 
Capital of the Company was increased from INR 80,00,00,000/- divided into 5,15,00,000 Equity Shares of INR 10/- 
each and 2,85,00,000 Preference Shares of INR 10/- each to INR 125,00,00,000/- divided into 9,65,00,000 Equity 
Shares of INR 10/- each and 2,85,00,000 Preference Shares of INR 10/- each.
During the previous year, 25,00,000 (Twenty-Five Lakhs) number of unissued Equity Shares of INR 10/- each 
were reclassified as Preference Share capital on June 28, 2019.
B] Reconciliation of Equity Share Capital:
a) Equity Share Capital
 Amount in Millions 
Particulars
 As at 31-03-2021 
 As at 31-03-2020 
 No. of shares 
 Amount (INR) 
 No. of shares 
 Amount (INR) 
Issued, subscribed and fully paid up 
Equity Shares outstanding at the 
beginning of the year
 5,00,00,100 
 500.00 
 5,00,00,100 
 500.00 
Shares issued during the year***
 2,17,97,391 
 217.97 
 - 
 - 
Conversion of Compulsorily 
convertible Preference Shares into 
Equity Shares
 2,81,24,900 
 281.25 
 - 
 - 
Issued, subscribed and fully paid up 
Equity Shares outstanding at the end 
of the year
 9,99,22,391 
 999.22 
 5,00,00,100 
 500.00 
***The Company has completed Initial Public Offerings (IPO) of 1,37,15,495 shares of INR 10/- each (Issued 
1,34,95,495 Equity Shares at an offer price of INR 555/- per Equity Share and 2,20,000 Equity Shares to the 
Employees of the Company at an offer price of INR 500/- per Equity Share) aggregating to INR 7,600 millions 
through Fresh Issue of Equity Shares. The Equity Shares of the Company are listed on March 24, 2021 on BSE 
Limited (BSE) and National Stock Exchange of India Limited (NSE).

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CORPORATE OVERVIEW
01
STATUTORY REPORTS
02
FINANCIAL STATEMENTS
03
b) List of shares holders who are holding  more than 5 %  Equity Shares of the company
Particulars
 As at 31-03-2021 
 As at 31-03-2020 
 No. of shares 
 % of 
shareholding 
 No. of shares 
 % of 
shareholding 
Kiran Pallavi Investments LLC
 3,62,06,896 
 36.24 
 **** 
 **** 
Milan Thakkar
 1,95,69,000 
 19.58 
 2,00,00,000 
 40.00 
Anand  Desai
 1,12,73,440 
 11.28 
 1,12,73,440 
 22.55 
Shraddha Desai
 77,86,435 
 7.79 
 86,48,435 
 17.30 
Rehash Industrial & Resins Chemical 
Pvt Ltd
 53,12,500 
 5.32 
 53,12,500 
 10.63 
Mona Anand Desai
 **** 
 **** 
 41,40,625 
 8.29 
**** Not holding more than 5% equity shares of the company in respective financial years.
Rights, Preferences and restrictions attached to Equity Shares;
The Company has only one class of Equity Shares having face value of  INR 10/- each and the holder of the Equity 
Share is entitled to one vote per share. The dividend proposed by Board of Directors is subject to approval of 
the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of 
liquidation of the Company, the holders of Equity Shares will be entitled to receive the remaining assets of the 
Company in proportion to the number of Equity Shares held.
**On October 10, 2020, 2,81,24,900 Compulsorily Convertible Preference Shares have been converted into 
2,81,24,900 Equity Shares of INR 10/- each fully paid at the ratio of 1:1.
14 OTHER EQUITY
 Amount in Millions 
Particulars
 As at 31-03-2021 
 As at 31-03-2020 
Compulsorily Convertible Preference Shares*
As per Last Balance Sheet
 281.25 
 246.27 
Add: Issue of Shares
 - 
 34.98 
Less: Conversion of Preference shares into Equity shares
 281.25 
 - 
 - 
 281.25 
Securities Premium
As per Last Balance Sheet
 2,427.52 
 2,108.83 
Add: Issue of Shares
 9,218.03 
 318.69 
Less: Share issue expenses
 (339.04)
 - 
 11,306.51 
 2,427.52 
Capital Reserve
As per Last Balance Sheet
 1.91 
 1.91 
 1.91 
 1.91 
General Reserve
As per Last Balance Sheet
 1.02 
 1.02 
 1.02 
 1.02 
Share Based Payment Reserve
As per Last Balance Sheet
 - 
 - 
Add: Issue of share options granted during the year
 6.35 
 - 
 6.35 
 - 
Retained Earnings
As per Last Balance Sheet
 2,738.44 
 2,206.38 
Add: Profit for the year
 702.95 
 532.06 
Less: Preference share dividend paid during the year
 (0.08)
 - 
 3,441.31 
 2,738.44 
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Anupam Rasayan India Ltd  |  Annual Report 2020-21
Other Comprehensive Income
As per Last Balance Sheet
 (14.83)
 2.43 
Add: Movement in OCI (Net) during the year
 (7.47)
 (17.26)
 (22.30)
 (14.83)
Total
 14,734.80 
 5,435.31 
A] Preference Share capital issued, subscribed and paid up:
 Amount in Millions 
Particulars
 As at 31-03-2021 
 As at 31-03-2020 
 No. of shares 
 Amount (INR) 
 No. of shares 
 Amount (INR) 
Issued, subscribed & fully paid share 
capital 
Compulsorily Convertible Preference 
Shares Capital of INR 10/- each
 - 
 - 
2,81,24,900
281.25
Total
 - 
 281.25 
B] Reconciliation of Preference Share Capital:
a) Compulsorily Convertible Preference Share Capital (CCPS)
 Amount in Millions 
Particulars
 As at 31-03-2021 
 As at 31-03-2020 
 No. of shares 
 Amount (INR) 
 No. of shares 
 Amount (INR) 
Issued, subscribed and fully paid up 
shares outstanding at the beginning 
of the year
 2,81,24,900 
 281.25 
 2,46,26,766 
 246.27 
Shares issued during the year
 - 
 - 
 34,98,134 
 34.98 
Conversion of CCPS into Equity 
Shares
 2,81,24,900 
 281.25 
 - 
 - 
Issued, subscribed and fully paid up 
shares outstanding at the end of the 
year
 - 
 - 
 2,81,24,900 
 281.25 
b) List of shares holders who are holding  more than 5 %  Preference Shares of the 
company
Particulars
 As at 31-03-2021 
 As at 31-03-2020 
 No. of shares 
 % of 
shareholding 
 No. of shares 
 % of 
shareholding 
Kiran Pallavi Investments LLC**
 - 
 - 
2,81,24,900
100
*On October 10, 2020, 2,81,24,900 Compulsorily Convertible Preference Shares have been converted into 
2,81,24,900 equity shares of INR 10/- each fully paid at the ratio of 1:1
C) Rights, Preferences and restrictions attached to Preference Shares
The Company has issued one class of Preference Shares having face value of INR 10/- each and the holder of 
the Preference Share is entitled to one vote per share.  Such shares are cumulative shares, holder of Preference 
Share is entitled to receive cumulative dividend before it is distributed amongst Equity Share holders by the 
Company. In the event of liquidation of the Company, the holders of Preference Shares will be entitled to have 
first preference in the assets of the Company in proportion to the number of Equity Shares held by Equity Share 
holders.

201
CORPORATE OVERVIEW
01
STATUTORY REPORTS
02
FINANCIAL STATEMENTS
03
NATURE AND PURPOSE OF RESERVES:
Securities Premium
Securities Premium reserve is created due to premium on issue of shares. These reserve are utilized in accordance 
with provision of the Companies Act, 2013.
General reserve
Under the erstwhile Companies Act, 1956, a general reserve was created through an annual transfer of net 
income at a specified percentage in accordance with applicable regulations. The purpose of these transfers was 
to ensure that if a dividend distribution in a given year is more than 10% of the paid up capital of the Company 
for that year, then the total dividend distribution is less than the total distributable reserve for that year. 
Consequent to introduction of Companies Act, 2013, the requirement of mandatory transfer of a specified 
percentage of the net profit to general reserves has been withdrawn and the Company can optionally transfer 
any amount from the Surplus of profit or loss to the General Reserve.
Share Based Payment Reserve
Vide shareholders resolution on December 4, 2020, the Company has reserved issuance of 13,12,795 number 
of Equity Shares of INR 10/- each for offering to eligible employees of the company and its subsidiary under 
the Anupam - Employee Stock Option Plan, 2020 (‘ESOP-2020’) and on December 10, 2020, the Company has 
granted 13,12,760 number of Equity Shares at a price of INR 225/- per option to eligible employees. The options 
would vest over a period of 3 years from the date of grant based on  specified criteria .
Please refer Note no. 32.1 for detailed disclosure on share based payments 
15 NON-CURRENT LIABILITIES: FINANCIAL LIABILITIES-BORROWINGS
 Amount in Millions 
Particulars
Notes
 As at 31-03-2021 
 As at 31-03-2020 
Secured at Amortised cost:
     Term loan from Banks* 
Note A 
 340.61 
 986.29 
     Term loan from Other companies
Note A 
 233.28 
 1,505.79 
     Car Loan from Bank
Note A 
 6.20 
 - 
     Non convertible debentures
Note B
 - 
 160.00 
Unsecured:
     From Shareholders - Kiran Pallavi Investments LLC
-
 1,893.81 
 2,595.31 
Total
 2,473.89 
 5,247.38 
*Term loan from banks includes prepaid finance charges of INR 2.58 Millions (Previous year: INR 6.01 Million)
Note A:
As per IND AS 109 “Financial Instruments” and IND AS 113 “Fair Value Measurements”, term loans taken from 
banks are financial instruments and accordingly the processing fee paid on bank loans is to be valued at fair 
valuation and recognised as “Term loan deferred processing fee” which is  amortised as “Deferred interest 
expense” over the period of term loan using effective interest rate for each bank loan taken during the year.
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Sr. No.
Short Particulars of the Security Charged
1
Hypothecation charge on all the Current Assets of the Borrower situated at Plot 
Nos.268/1,8109,8110,8111,8104, 2425 & 701 of GIDC Industrial Estate,Sachin GIDC,Surat & Plot No. 
905/1, 907/3, 907/4 of GIDC Industrial Estate, Jhagadia GIDC, Bharuch or wherever else shall secure 
the Working Capital facilities sanctioned by SCB Consortium on first pari-passu charge basis and 
Term Loan Facilities sanctioned by SCB Consortium on second pari passu charge basis and
2
Hypothecation charge on all the Movable Fixed Asset of the Borrower situated at Plot 
Nos.268/1,8109,8110,8111,8104, 2425 & 701 of GIDC Industrial Estate,Sachin GIDC,Surat & Plot No. 
905/1, 907/3, 907/4 of GIDC Industrial Estate, Jhagadia GIDC, Bharuch or wherever else shall secure 
the Term Loan Facilities sanctioned by SCB Consortium on first pari-passu charge basis and Working 
Capital Facilities sanctioned by SCB Consortium on second pari passu charge basis and
3
1. Immovable properties of the company at Industrial Plot No.701, admeasuring 2790 Sq. Meters at 
GIDC, Sachin, Surat.
2. Immovable properties of the company at Industrial Plot No.8109, admeasuring 3000 Sq. Meters 
at GIDC, Sachin, Surat.
3. Immovable properties of the company at Industrial Plot No.8110, admeasuring 3000 Sq. Meters 
at GIDC, Sachin, Surat.
4. Immovable properties of the company at Industrial Plot No.8111, admeasuring 3000 Sq. Meters 
at GIDC, Sachin, Surat
5. Immovable properties of the company at Industrial Plot No.8104, admeasuring 8550.38 Sq. Meters 
at GIDC, Sachin, Surat
6. Immovable properties of the company at Industrial Plot No.907/3, admeasuring 27178.98 Sq. Meters 
at Jhagadia Industrial Estate, Village-Talodara, Taluka-Jhagadia, Dist- Bharuch
7. Immovable properties of company at Industrial PlotNo.268/1, admeasuring 2550.00 Sq. Meters at 
Sachin Industrial Area, GIDC, Village- Gabheni, Taluka: Choryasi, Dist & City- Surat
8. Immovable properties of the company at Industrial Plot No.907/4, admeasuring 26,816.86 Sq. 
Meters at Jhagadia Industrial Estate, Village-Talodara, Taluka-Jhagadia, Dist- Bharuch
9. Immovable properties of the company at Industrial Plot No.905/1, admeasuring 81,494.02 Sq. 
Meters at Jhagadia Industrial Estate, Village-Dadheda, Taluka-Jhagadia, Dist- Bharuch
10. Immovable properties of company at Industrial PlotNo.2425, admeasuring 2550.00 Sq. Meters at 
Sachin Industrial Area, GIDC, Village- Gabheni, Taluka: Choryasi, Dist & City- Surat"
4
Car loan is secured against hypothecation of specific car.
Name of the Lender
Interest 
Nature of the facility 
Terms of Repayment 
Standard Chartered Bank (ECB-3)
Libor + 3.25%
External Commercial Borrowing
Quarterly
Standard Chartered Bank (ECB-4)
Libor + 2.00 %
External Commercial Borrowing
Quarterly
Axis Bank Limited
6.05%
Term Loan Facility
Monthly
Axis Bank Limited
Libor + 1.75%
Pre Shipment Credit in Foreign 
Currency
Monthly (Interest)
DBS Bank Limited
MCLR+4%
Working capital demand loan 
(Foreign currency)
Monthly (Interest)
Yes Bank Limited
7.99%
Car Loan
Monthly (Interest)
Term Loan from Other Companies
Avendus Finance Private Limited
15%
Term Loan Facility
Monthly

203
CORPORATE OVERVIEW
01
STATUTORY REPORTS
02
FINANCIAL STATEMENTS
03
Note B:
The company via Board Resolution dated March 16, 2020 approved to issue 200 Non Convertible Debentures 
bearing face value of INR 10,00,000 each, interest rate 15% pa to be issued in one or more series in Demat form 
by way of private placement to Avendus Structured Credit Fund -I. Accordingly, INR 16,00,00,000 was received 
from Avendus Structured Credit Fund -I. The terms of repayment and security against which the debentures are 
secured are mentioned below:
Terms of Repayment:
Repayment within 60 months from deemed date of allotment in 37 monthly 
instalments after expiry of principal moratorium of 24 months from the deemed 
date of allotment.
The Debentures are pre-paid as on September 30, 2020.
Principal terms of assets 
charged as security
First ranking pari passu charge and mortgage to be shared with consortium 
bank lenders of the Company on immovable assets and movable fixed assets of 
the Company, present and future.
Second ranking pari passu charge to be shared with consortium bank lenders of 
the Company on current assets of the Company, present and future.
Corporate guarantee of the corporate guarantor, viz, Rehash Industrial and 
Resins Chemicals Private Limited
Unconditional and irrevocable personal guarantees of the personal guarantors 
viz Mr Anand Desai, Mrs Mona Desai and Mr Milan Thakkar
Demand Promissory note and letter of continuity
Post-dated cheques towards interest payments and undated cheques for principal 
repayments under the debentures
First ranking pari passu pledge (to be shared with consortium term lenders) of 51% 
of Equity Share capital of the company (on fully diluted basis) held by promotor 
group viz Mr Anand Desai, Mrs Mona Desai and Rehash Industrial and Resins 
Chemicals Private Limited in Demat form in case company fails to file draft red 
herring prospectus with SEBI by December 31, 2020 
Such other security as mutually agreed between the company and Avendus 
Finance Private Limited for further securing the debentures
Debenture Trustee
Vistra ITCL (India) Limited
16 NON CURRENT LIABILITIES: OTHER FINANCIAL LIABILITIES
 Amount in Millions 
Particulars
Notes
 As at 31-03-2021 
 As at 31-03-2020 
Lease Liabilities
Note 3
 322.32 
 329.61 
Total
 322.32 
 329.61 
17 CURRENT LIABILITIES: FINANCIAL LIABILITIES - BORROWINGS
 Amount in Millions 
Particulars
Notes
 As at 31-03-2021 
 As at 31-03-2020 
Secured - At Amortised cost;
Working Capital Loans from Banks
Note 
15(A)
 427.75 
 2,365.59 
Unsecured
Others
 5.52 
 5.52 
Total
 433.28 
 2,371.12 
Refer Note 15 (A) for terms of security, interest rates and repayment schedule.
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Anupam Rasayan India Ltd  |  Annual Report 2020-21
18 CURRENT LIABILITIES: FINANCIAL LIABILITIES - TRADE PAYABLES
 Amount in Millions 
Particulars
Notes
 As at 31-03-2021 
 As at 31-03-2020 
Due to Micro and Small Enterprises
Note C
       For Goods
-
 1.60 
 - 
       For Expenses & services
-
 1.70 
 - 
 3.30 
 - 
Due to other than Micro and Small Enterprises
       For Goods
-
 1,603.84 
 965.53 
       For Expenses & services
-
 389.12 
 335.98 
 1,992.97 
 1,301.51 
Total
 1,996.27 
 1,301.51 
Note C:
Due to Micro and Small enterprises- As per Micro, Small and Medium Enterprises Development Act, 2006 
(MSMED Act)
This information has been determined to the extent such parties have been identified on the basis of information 
available with the Company
 Amount in Millions 
Particulars
Notes
 As at 31-03-2021 
 As at 31-03-2020 
Principal amount remaining unpaid to any supplier as at 
the end of the year
-
 3.30 
 - 
Amount of interest due remaining unpaid to any supplier 
as at the end of the year
-
 - 
 - 
Amount of interest paid under MSMED Act, 2006 along 
with the amount of the payment made to the suppliers 
beyond the appointed day during the year
-
 - 
 - 
Amount of interest due and payable for the year of delay 
in making payment (where the principal has been paid 
but interest under MSMED Act, 2006 not paid)
-
 - 
 - 
Amount of interest accrued and remaining unpaid at the 
end of year
-
 - 
 - 
Amount of further interest remaining due and payable 
even in the succeeding year
-
 - 
 - 
19 CURRENT LIABILITIES: FINANCIAL LIABILITIES - CURRENT MATURITIES OF LONG TERM 
BORROWINGS  
Amount in Millions
Particulars
Notes
 As at 31-03-2021 
 As at 31-03-2020 
Secured:
     Term loan from Banks
-
 337.49 
 276.20 
     Term loan from Other Companies
-
 6.72 
 237.56 
     Car Loan from Bank
-
 3.03 
 - 
Unsecured:
     From Shareholders - Kiran Pallavi Investments LLC
-
 614.21 
 52.97 
Total
 961.44 
 566.72 
Refer Note 15 (A) for terms of security, interest rates and repayment schedule.

205
CORPORATE OVERVIEW
01
STATUTORY REPORTS
02
FINANCIAL STATEMENTS
03
20 CURRENT LIABILITIES: OTHER FINANCIAL LIABILITIES
 Amount in Millions 
Particulars
Notes
 As at 31-03-2021 
 As at 31-03-2020 
TDS/TCS  payable
-
 25.54 
 19.23 
Lease Liabilities
-
 40.41 
 43.24 
Forward / Swap contract payable
Note D
 13.91 
 19.30 
Creditors -IPO expenses
-
 190.56 
 - 
Interest accrued and due to banks
-
 0.13 
 14.75 
Others
 0.09 
 0.09 
Total
 270.63 
 96.60 
Note D:
The losses on cash flow hedge contracts  relates to existing contract with Standard Chartered Bank.
21 CURRENT LIABILITIES- PROVISIONS
 Amount in Millions 
Particulars
Notes
 As at 31-03-2021 
 As at 31-03-2020 
Provision for Employee Benefits:
      Salary & Reimbursements
-
 32.99 
 1.52 
      Contribution to PF/ESI/PT
-
 3.47 
 2.70 
Other Provisions
-
 116.78 
 3.69 
Total
 153.24 
 7.91 
22 OTHER CURRENT LIABILITIES
 Amount in Millions 
Particulars
Notes
 As at 31-03-2021 
 As at 31-03-2020 
Creditor for Capital Goods
-
 300.92 
 528.72 
Total
 300.92 
 528.72 
23 CURRENT TAX LIABILITIES (NET)
 Amount in Millions 
Particulars
Notes
 As at 31-03-2021 
 As at 31-03-2020 
Provision for Income Tax (Net of Advance tax of INR 85.00 
Mn (P.Y. INR 57.50 Mn)
-
 90.21 
 67.22 
Total
 90.21 
 67.22 
Reconciliation of Income Tax Provision provided for the current financial year:
 Amount in Millions 
Particulars
Notes
 As at 31-03-2021 
 As at 31-03-2020 
Income tax recognised in statement of Profit and loss
Current tax
-
 177.28 
 129.16 
Deferred Tax
-
 52.99 
 55.45 
[ A ] Profit before tax during the year
-
 1,000.04 
 716.67 
Rate of taxation
-
17.47%
17.47%
Computed Tax expense
-
 174.73 
 125.22 
Tax effect of :
Gain/(loss) on remeasurements of the defined benefits 
plan
-
 2.52 
 (1.08)
Effective portion of gain/(loss) on hedging instruments 
in a cash flow hedge
-
 (0.94)
 4.74 
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Other Adjustment
 - 
 0.29 
Amount of Tax Provision on [ A ]
-
 176.31 
 129.16 
Incremental / (Reversal) of Deferred Tax liability on 
account of 
Property Plant and Equipment
-
 52.99 
 55.45 
Deferred Tax provision (B)
-
 52.99 
 55.45 
Total Income tax expenses recognised in statement of 
Profit and loss(A + B + C)
-
 229.30 
 184.61 
-
22.93%
25.76%
24 REVENUE FROM OPERATIONS
 Amount in Millions 
Particulars
Notes
 As at 31-03-2021 
 As at 31-03-2020 
Revenue from - Sale of products:
     Export sales
-
 4,669.50 
 3,599.22 
     Domestic sales
-
 3,050.87 
 1,654.19 
     SEZ Supply
-
 353.86 
 35.39 
Operating income
     Jobwork income
-
 34.65 
 - 
Total
 8,108.88 
 5,288.80 
25 OTHER INCOME
 Amount in Millions 
Particulars
Notes
 As at 31-03-2021 
 As at 31-03-2020 
Interest Income
-
 8.04 
 35.59 
Other Financials Assets measured at amortised cost
Interest Income on lease deposits
Note 3
 2.58 
 2.32 
Interest Income on staff loans 
-
 7.45 
 4.36 
Exchange Gain /(Loss) resultant from the transaction /
translation
-
 108.37 
 (56.77)
Other income
-
 30.25 
 6.10 
Excise-Duty Drawback Income
-
 50.25 
 41.72 
Export Benefit (Incentive)
-
 51.09 
 70.42 
Discount Received
-
 - 
 0.17 
Insurance claims received
-
 8.09 
 1.87 
Net gain/(loss) on sale of Investment
-
 0.01 
 - 
Net gain/(loss) on sale of property, plant and equipment
-
 (1.79)
 3.00 
Total
 264.33 
 108.79 
26 COST OF MATERIALS CONSUMED
 Amount in Millions 
Particulars
Notes
 As at 31-03-2021 
 As at 31-03-2020 
Cost of Materials Consumed
Opening stock of material
-
 703.39 
 543.46 
Add: Purchases during the year
-
 5,269.68 
 3,116.30 
 5,973.07 
 3,659.76 
Less: Closing stock of material
-
 1,279.50 
 703.39 
 4,693.57 
 2,956.37

207
CORPORATE OVERVIEW
01
STATUTORY REPORTS
02
FINANCIAL STATEMENTS
03
Stock-in-Trade 
Opening stock:
Finished goods
-
 883.82 
 469.99 
Work-in-progress
-
 1,328.31 
 889.07 
Less: Closing stock:
Finished goods
-
 875.06 
 886.97 
Work-in-progress
-
 2,644.17 
 1,328.31 
 (1,307.10)
 (856.22)
Total
 3,386.47 
 2,100.15 
27 EMPLOYEE BENEFITS EXPENSE
 Amount in Millions 
Particulars
Notes
 As at 31-03-2021 
 As at 31-03-2020 
Salaries and wages
-
 228.79 
 160.59 
Bonus
-
 58.59 
 30.05 
Contribution to and provision for:
Provident and other funds
-
 8.62 
 8.01 
Retirement benefit (including contribution to Group 
Gratuity)
-
 7.76 
 6.96 
Employees Compensation Account
-
 6.35 
 - 
Staff welfare expenses
-
 14.32 
 5.28 
Total
 324.43 
 210.88 
28 FINANCE COSTS
 Amount in Millions 
Particulars
Notes
 As at 31-03-2021 
 As at 31-03-2020 
Interest Expenses*
Note A
 573.55 
 364.76 
Other Borrowing Costs
-
 76.63 
 34.60 
Applicable loss on foreign currency transactions and 
translation
-
 35.25 
 53.25 
Total
 685.43 
 452.61 
*Net of interest capitalised INR 48.66 millions in the current financial year (Previous year: INR 124.348 millions)
Note A:
As per IND AS 109 “Financial Instruments” and IND AS 113 “Fair Value Measurements”, term loans taken from 
banks are financial instruments and accordingly the processing fee paid on bank loans is to be valued at fair 
valuation and recognised as “Term loan deferred processing fee” which is  amortised as “Deferred interest 
expense” over the period of term loan using effective interest rate for each bank loan taken during the year.
29 OTHER EXPENSES
 Amount in Millions 
Particulars
Notes
 As at 31-03-2021 
 As at 31-03-2020 
(A) Manufacturing Expenses 
Job work and other charges
-
 570.88 
 389.17 
Utility charges
-
 750.91 
 502.56 
Consumption - Stores and Spares
-
 61.35 
 72.93 
Consumption - Packing Materials
-
 66.41 
 45.71 
Pollution expenses
-
 223.60 
 119.66 
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Laboratory expenses
-
 14.87 
 13.31 
Factory Expenses
-
 98.20 
 61.57 
Lease Rent expenses
Note 3
 0.96 
 0.39 
Insurance machinery, factory, etc.
-
 2.04 
 0.19 
Other manufacturing expenses
-
 240.32 
 95.06 
Total (A)
 2,029.55 
 1,300.55 
(B) Administrative Expenses 
Legal & professional charges
-
 64.18 
 45.97 
Director remuneration
-
 26.40 
 26.28 
Director sitting fees
-
 4.05 
 - 
Insurance expenses
-
 17.97 
 34.19 
Rent, rates, taxes & duties
-
 45.32 
 10.37 
Repairs & maintenance 
-
 17.65 
 16.30 
Indirect taxes expenses
-
 1.09 
 3.64 
Donation
-
 19.04 
 3.06 
Employee advances written off
-
 7.47 
 - 
Security charges
-
 24.01 
 13.81 
Audit fees (Refer Note No. 38)
-
 2.65 
 1.77 
CSR expenditure
-
 12.39 
 5.97 
Other Administrative Expenses
-
 50.91 
 56.75 
Total (B)
 293.13 
 218.12 
(C) Selling & Distribution Expenses
Bad debts written off
-
 - 
 10.36 
Commission and Brokerage
-
 23.52 
 6.47 
Packing expense
-
 0.03 
 0.37 
Insurance on sales (including Export)
-
 3.96 
 5.11 
Clearing & forwarding charges
-
 89.40 
 49.93 
Advertisement, business promotion and Seminar 
expenses
-
 17.59 
 34.05 
Total (C)
 134.50 
 106.29 
Grand Total (A)+(B)+(C )
 2,457.18 
 1,624.96 
29.1 CORPORATE SOCIAL RESPONSIBILITIES:
 Amount in Millions 
Particulars
Notes
 As at 31-03-2021 
 As at 31-03-2020 
Amount of CSR required to be spent as per Section 135 of 
Companies Act, 2013 read with Schedule VII
-
 12.39 
 10.59 
Amount of CSR spent during the year
-
 12.39 
 5.97 
 Amount in Millions 
Particulars
Notes
 As at 31-03-2021 
 As at 31-03-2020 
Health
-
 6.79 
 2.27 
Education
-
 2.30 
 2.50 
Environmental Protection
-
 3.30 
 1.20 
Total
-
 12.39 
 5.97

209
CORPORATE OVERVIEW
01
STATUTORY REPORTS
02
FINANCIAL STATEMENTS
03
30 OTHER COMPREHENSIVE INCOME/(EXPENSE)
 Amount in Millions 
Particulars
 As at 31-03-2021 
 As at 31-03-2020 
Other Comprehensive Income which will not be reclassified to 
Profit and Loss
Remeasurement of Defined Benefit Plan
 (11.91)
 5.12 
Other Comprehensive Income which will be reclassified to Profit 
and Loss
Effective portion of gain/(loss) on hedging instruments in a cash 
flow hedge
 4.44 
 (22.38)
31 CONTINGENT LIABILITIES AND COMMITMENTS
Contingent Liabilities
The Company had issued Cumulative Compulsorily Convertible Preference Shares in the ratio of 1:1 at 0.01% 
per annum, the dividend of which had not been declared by the Company and stands to be a contingent liability 
amounting to Nil (Previous year INR 22,037/-) cumulatively.
Capital Commitments
Estimated amount of contracts remaining to be executed on capital account and not provided for as on March 
31,2021 is INR 259.39 Mn (Previous year INR 154.43 Mn).
32 EMPLOYEE BENEFITS
Employee Gratuity fund scheme is for the purpose of the Defined Benefits. The Company is making annual 
contributions for gratuities to funds administered by trustees and managed by insurer (LIC) for amounts notified 
by the insurer. The present value of obligation under such defined benefit plan is determined based on actuarial 
valuation carried out by an independent actuary.
The Company has paid premium under Staff Gratuity EGGS Scheme with the LIC. Accordingly, all the required 
disclosures are provided in the financial statements to the extent details available from actuarial valuation 
report and LIC gratuity valuation report respectively.
These plans typically expose the Group to actuarial risks such as: Investment risk, interest rate risk, longevity 
risk and salary risk.
Investment risk
The present value of the defined benefit plan liability is calculated using a discount rate which is determined by 
reference to market yields at the end of the reporting period on government bonds. If the return on plan asset 
is below this rate, it will create a plan deficit. Currently, for the plan in India, it has a relatively balanced mix of 
investments in government securities, and other debt instruments.
Interest risk
A fall in the discount rate which is linked to the Government Security Rate will increase the present value of the 
liability requiring higher provision. A fall in the discount rate generally increases the mark to market value of the 
assets depending on the duration of asset.
Salary risk: 
The present value of the defined benefit plan liability is calculated by reference to the future salaries of members. 
As such, an increase in the salary of the members more than assumed level will increase the plan’s liability.
Concentration risk: 
Plan is having a concentration risk as all the assets are invested with the insurance company and a default 
will wipe out all the assets. Although probability of this is very less as insurance companies have to follow 
regulatory guidelines.
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I. Charge to the Statement of Profit and Loss based on Defined Contribution Plans
 Amount in Millions 
Particulars
 As at 31-03-2021 
 As at 31-03-2020 
Employer's contribution to Provident Fund
 14.43 
 10.08 
Employer's contribution to ESI
 2.16 
 2.13 
Total
 16.59 
 12.21 
II. Disclosures for Defined Benefit Plans based on actuarial valuation reports:
A. Changes in present value Defined Benefit Obligation
 Amount in Millions 
Particulars
Gratuity (Funded)
 As at 31-03-2021 
 As at 31-03-2020 
Present value of obligations as at beginning of year
 57.86 
 54.14 
Add: Addition of liability based on actuarial valuation 
 54.13 
Interest cost  
 4.20 
 4.06 
Current Service Cost
 7.51 
 6.53 
Benefits Paid
 (1.52)
 (0.67)
Actuarial (gain)/ loss on obligations  
 13.69 
 (6.20)
Present value of obligations as at end of year
 135.86 
 57.86 
B. Changes in the Fair Value of Plan Assets
 Amount in Millions 
Particulars
Gratuity (Funded)
 As at 31-03-2021 
 As at 31-03-2020 
Fair value of plan assets at beginning of year
 66.87 
 61.93 
Add: Addition of asset based on actuarial valuation 
 61.93 
Expected return on plan assets
 4.85 
 4.90 
Contributions
 17.20 
 0.71 
Benefits Paid
 (1.52)
 (0.67)
Actuarial gain/(loss) on Plan assets
 (0.74)
 - 
Present value of Fair value at end of year
 148.59 
 66.87 
C. Amount recognized in the Balance Sheet
 Amount in Millions 
Particulars
Gratuity (Funded)
 As at 31-03-2021 
 As at 31-03-2020 
Present Value of Defined Benefit Obligations as at end of the year
 81.73 
 57.86 
Fair Value of Plan Assets as at end of the year
 86.66 
 66.87 
Net Liability/(Asset) recognized in the Balance Sheet 
 (4.93)
 (9.01)
D. Expenses recognized in the Statement of Profit and Loss
 Amount in Millions 
Particulars
Gratuity (Funded)
 As at 31-03-2021 
 As at 31-03-2020 
Current Service Cost
 7.51 
 6.53 
Interest Cost
 4.20 
 4.06 
Expected return on Plan assets
 (4.85)
 (4.90)
Net Actuarial (Gain)/Loss
 - 
 (6.20)
Present value of obligations as at end of year
 6.85 
 (0.51)

211
CORPORATE OVERVIEW
01
STATUTORY REPORTS
02
FINANCIAL STATEMENTS
03
E. Expenses recognized in the Other Comprehensive Income (OCI)
 Amount in Millions 
Particulars
Gratuity (Funded)
 As at 31-03-2021 
 As at 31-03-2020 
Actuarial gain/(losses) on obligations
 (13.69)
 (6.20)
Actuarial gain/(losses) on plan assets
 (0.74)
 - 
Net Income/(Expense) for the year recognized in OCI
 (14.44)
 (6.20)
F. Significant Actuarial Assumption
 
Particulars
Gratuity (Funded)
 As at 31-03-2021 
 As at 31-03-2020 
Discount Rate (p.a.)
6.86%
7.25%
Rate of escalation in salary (p.a.)
8.00%
7.00%
32 .1 SHARE BASED PAYMENT 
a) Scheme details
Company has an Employee Stock Option Scheme under which the maximum quantum of options was granted 
at INR 225/- (face value INR 10/- each) with options to be vested from time to time on the basis of performance 
and other eligibility criteria.
Details of Employee Stock Option granted from  April 01, 2020 to  March 31, 2021 but not vested as on  March 
31, 2021:
Financial Year (Year of Grant)
Number
Financial Year of Vesting
Exercise 
Price 
Fair value at 
Grant Date 
2020-21
13,12,760
2021-22 to 2023-24
 225.00 
 190.26 
Exercise period will expire not later than three years from the date of vesting of options or such other period as 
may be decided by the Nomination and Remuneration Committee.
b) Compensation expenses arising on account of the share based payments;
 Amount in Millions 
Particulars
For March 31, 2021
Employees Compensation Account
6.35
c) Fair Value on the grant date
The fair value at grant date is determined using Black Scholes Model which takes into account the exercise 
price, the term of the option, the share price at grant date and expected price volatility of the underlying share, 
the expected dividend yield and the risk free interest rate for the term of the option. 
The model inputs for options granted during the period ended  March 31, 2021 included;
1	 Weighted average exercise price INR 190.26/- 
2	 Grant date:  December 10, 2020
3	 Vesting year: 2021-22 to 2023-24
4	 Share price at grant date: INR 190.26/- per share as per Valuation report 
5	 Expected price volatility (Weighted Average) - 39.06% 
6	 Dividend is not factored separately.
7	 Risk free interest rate: 5.11% 
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d) Movement in share option during the year:
 Amount in Millions 
Particulars
As of  March 31, 2021
Number of share 
options
Weighted average 
exercise price
Balance at the beginning of the year
 - 
 - 
Granted during the year
 13,12,760 
 225.00 
Forfeited during the year
 - 
 - 
Exercised during the year
 - 
 - 
Expired / Lapsed during the year
 - 
 - 
Balance at the end of the year
 13,12,760 
 225.00 
33 RELATED PARTY DISCLOSURE
As per Ind AS 24, the disclosures of transactions with the related parties are given below:
I. List of related parties
A. Enterprise over which key management personnel able to exercise significant influence:
Name of the Company
Principal place 
of business
Proportion of Ownership 
interest held by Anupam 
as at March  31, 2021
Proportion of Ownership 
interest held by Anupam 
as at March  31, 2020
Atharva Exochem Private Limited 
(Upto  September 26, 2020)*
Surat
0.00%
10.67%
*W.e.f September 26, 2020 Atharva Exochem Private Limited is not a part of group company as Anupam Rasayan 
India Limited ceased to hold any ownership interest in Atharva Exochem Private Limited
B. Key Management Personnel/Relatives of Key Management Personnel
Name
Designation
Anand Sureshbhai Desai
Managing Director
Afzal Harunbhai Malkani
Chief Financial Officer
Suchi S Agarwal
Company Secretary & Compliance Officer
Mona Anandbhai Desai
Vice Chairperson and Whole Time Director
Nilesh Madhusudan Naik (w.e.f  September 26, 2020)
Key Managerial Person-Technical Head
Anuj Hemantbhai Thakar (w.e.f  September 26, 2020)
Key Managerial Person-R&D (Process Development) 
Head
Ravi Ashwinbhai Desai  (w.e.f  September 26, 2020)
Key Managerial Person-Sales Head
Ramsarup Khurana (w.e.f December 01, 2020)
Relative of Key Management Personnel 
(Administrative Head of the Company)
Gaurav Khurana (w.e.f  December 01, 2020)
Relative of Key Management Personnel (Unit in 
charge of Unit 3 and Unit 4)
C. Entity in which directors are substantially interested
Name
Relationship
Rehash Industrial and Resins Chemicals Pvt. Ltd.
Entity in which directors are substantially interested
Kiran Pallavi Investments LLC (w.e.f  September 26, 2020)
Entity in which director is substantially interested

213
CORPORATE OVERVIEW
01
STATUTORY REPORTS
02
FINANCIAL STATEMENTS
03
D. Non-Executive/Independent Directors
Name
Designation
Dr Kiran Chhotubhai Patel
Chairperson and Director (Non-executive) 
Milan Ramesh Thakkar
Director (Non-executive)
Vijay Kumar Batra  (w.e.f  November 09, 2020)
Independent Director
Vinesh Prabhakar Sadekar (w.e.f  November 09, 2020)
Independent Director
Hetul Krishnakant Mehta (w.e.f  November 09, 2020)
Independent Director
Dr Namrata Dharmendra Jariwala (w.e.f  December 
04, 2020)
Independent Director
II. Details of transactions with related parties
 Amount in Millions 
Details of Transactions
For the year ended on
 As at 31-03-2021 
 As at 31-03-2020 
Kiran Pallavi Investments LLC  (w.e.f  September 26, 2020)
Interest Expenses
 42.25 
 - 
Compensation of key management personnel and relatives of Key Management personnel
 Amount in Millions 
Particulars
 As at 31-03-2021 
 As at 31-03-2020 
Short-term benefits
Anand Sureshbhai Desai
 13.14 
 13.14 
Mona Anandbhai Desai
 13.14 
 13.14 
Afzal Harunbhai Malkani
 13.50 
 19.20 
Suchi S Agarwal
 1.99 
 0.91 
Nilesh Madhusudan Naik 
 16.20 
 - 
Anuj Hemantbhai Thakar 
 8.10 
 - 
Ravi Ashwinbhai Desai 
 3.38 
 - 
Ramsarup Khurana
0.50
 - 
Gaurav Khurana
 1.20 
 - 
Total
 71.15 
 46.39 
Director sitting fees
 Amount in Millions 
Particulars
 As at 31-03-2021 
 As at 31-03-2020 
Director sitting fees
Vijay Kumar Batra  
 0.75 
 - 
Vinesh Prabhakar Sadekar 
 0.83 
 - 
Hetul Krishnakant Mehta 
 1.95 
 - 
Dr Namrata Dharmendra Jariwala 
 0.53 
 - 
3. Balances of related parties
 Amount in Millions 
Account balances
 Key Management Personnels
 As at 31-03-2021 
 As at 31-03-2020 
Directors remuneration payable
 2.19 
 4.94 
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 Amount in Millions 
Account balances
 Key Management Personnels
 As at 31-03-2021
 As at 31-03-2020 
Independent directors sitting fee payable
 1.43 
 - 
 Amount in Millions 
Account balances
Atharva Exochem Private Limited
 As at 31-03-2021
 As at 31-03-2020 
Investments
 - 
 4.00 
 Amount in Millions 
Account balances
Kiran Pallavi Investments LLC (w.e.f 
September 26, 2020)
 As at 31-03-2021
 As at 31-03-2020 
Unsecured Loan from share holders (carrying interest rate 3% p.a. 
and repayable within seven year from the date of disbursement)
 2,508.02 
 - 
34 EARNINGS PER SHARE (EPS)
EPS is calculated by dividing the profit/(loss) attributable to the equity shareholders by the weighted average 
number of equity shares outstanding during the year. The earnings and weighted average numbers of equity 
shares used in calculating basic and diluted earnings per equity share are as follows:
 
Particulars
 As at 31-03-2021 
 As at 31-03-2020 
Profit/(loss) after tax (Amount in million)
 702.95 
 532.06 
Weighted average number of equity shares for calculating Basic 
EPS (No.)
 8,21,59,313 
 5,00,00,100 
Weighted average number of equity shares for calculating Diluted 
EPS (No.)
 8,21,59,313 
 7,63,44,306 
Earnings per share - Basic attributable to Equity Shareholders (INR)
 8.56 
 10.64 
Earnings per share - Diluted attributable to Equity Shareholders 
(INR)
 8.56 
 6.97 
Face value per share (INR)
 10.00 
 10.00 
35 DEFERRED TAXES
I. Deferred tax balances
 Amount in Millions 
Particulars
 As at 31-03-2021 
 As at 31-03-2020 
Deferred tax liabilities (Net)
 243.82 
 190.83 
 243.82 
 190.83 
Deferred tax assets and liabilities are recognized for the future tax consequences of temporary differences 
between the carrying value of assets and liabilities and their respective tax bases, and unutilized business 
loss and depreciation carry-forwards and tax credits. Deferred tax assets are recognized to the extent that it 
is probable that future taxable income will be available against which the deductible temporary differences, 
unused tax losses, depreciation carry-forwards and unused tax credits could be utilized.

215
CORPORATE OVERVIEW
01
STATUTORY REPORTS
02
FINANCIAL STATEMENTS
03
II. Deferred tax movement during the year ended March 31, 2021
 Amount in Millions 
Particulars
 As at 31-03-2021 
 As at 31-03-2020 
Deferred Tax Asset/(Liability), at the beginning
 (190.83)
 (135.38)
Add : Deferred Tax Asset/(Liability) on timing differences
(a) due to difference in depreciation & amortization
 (675.90)
 (518.38)
(b) due to timing difference of other items
 - 
 - 
 (675.90)
 (518.38)
Tax credits available (MAT)
 432.88 
 327.56 
Net Deferred Tax Asset/(Liability), at the end
 (243.02)
 (190.83)
Provision for Deferred Tax Liability/(Asset)
 55.45 
 55.28 
Note:
Considering intensive capital investment since last several periods and based on the estimate of future 
forecasts of capital investments, the Company is expected to have higher deductions of depreciation as per 
Income Tax as compared to depreciation as per Books of Accounts. Deferred Tax is effectively considered not 
to be neutralized in foreseeable future and hence as per the policy of the Company, deferred tax is recognised 
at 75% of its effective value.
36 FAIR VALUE MEASUREMENT
I. Financial Instruments by category (net of ECL provision)
 Amount in Millions
Particulars
Carrying Amount
31-Mar-21
FVTPL
FVTOCI
Amortized Cost
Financial Assets
Investments*
 - 
 - 
 - 
 - 
Loans
 114.36 
 - 
 - 
 114.36 
Cash & Bank 
balances
 2,957.07 
 - 
 - 
 2,957.07 
Trade Receivables
 2,054.89 
 - 
 - 
 2,054.89 
Other Financial 
Assets
 412.08 
 - 
 - 
 412.08 
 5,538.41 
 - 
 - 
 5,538.41 
Financial Liabilities
Borrowings 
 3,868.61 
 - 
 - 
 3,868.61 
Trade payables
 1,996.27
 - 
 - 
 1,996.27
Other financial 
liabilities
 592.95 
 - 
 (13.91)
 579.04 
 6,457.83
 - 
 (13.91) 
6,443.92
* Exclude investment in subsidiary company INR 0.1 Million is measured at cost.
 Amount in Millions
Particulars
Carrying Amount
31-Mar-20
FVTPL
FVTOCI
Amortized Cost
Financial Assets
Investments*
 - 
 - 
 - 
 - 
Loans
 251.67 
 - 
 - 
 251.67 
Cash & Bank 
balances
 268.30 
 - 
 - 
 268.30 
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Trade receivables
 1,294.94 
 - 
 - 
 1,294.94 
Other financial 
assets
 188.49 
 - 
 - 
 188.49 
 2,003.41 
 - 
 - 
 2,003.41 
Financial Liabilities
Borrowings
 8,185.22 
 - 
 - 
 8,185.22 
Trade payables
 1,301.51 
 - 
 - 
 1,301.51 
Other financial 
liabilities
 426.12 
 - 
 19.30 
 406.83 
 9,912.85 
 - 
 19.30 
 9,893.55 
* Exclude investment in subsidiary company and other company INR 4.10 Million is measured at cost.
II. Fair value of hierarchy and method of valuation
This section explains the judgements and estimates made in determining the fair values of the financial 
instruments that are a) recognized and measured at fair value, and b) measured at amortized cost and for 
which fair values are disclosed in the financial statements. To provide an indication about the reliability of the 
inputs used in determining fair value, the company has classified its financial instruments into the three levels 
prescribed under the accounting standard.
 Amount in Millions
Particulars
Carrying Amount
31-Mar-21
Level 1
Level 2
Level 3
Financial Assets
Investments
 - 
 - 
 - 
 - 
Financial Liabilities
Other financial 
liabilities
(13.91) 
 - 
(13.91) 
 - 
 Amount in Millions
Particulars
Carrying Amount
31-Mar-20
Level 1
Level 2
Level 3
Financial Assets
Investments
 - 
 - 
 - 
 - 
Other financial 
assets
 - 
 - 
 - 
 - 
Financial Liabilities
Other financial 
liabilities
 19.30 
 - 
19.30
 - 
Except for those financial instruments for which the carrying amounts are mentioned in the above table, the 
Company considers that the carrying amounts recognized in the financial statements approximate their fair values.
For financial assets that are recognized at fair value, the carrying amounts are equal to the fair values.
Level 1 : Level 1 hierarchy includes financial instruments measured using quoted prices.
Level 2 : The fair value of the financial instruments that are not traded in active market is determined using 
valuation techniques which maximize the use of observable market data and rely on entity-specific estimates. 
If all significant inputs required to fair value an instrument are observable, the instrument is included in level 2.
Level 3: If one or more significant inputs is not based on observable market data, the instrument is included in 
level 3.

217
CORPORATE OVERVIEW
01
STATUTORY REPORTS
02
FINANCIAL STATEMENTS
03
Valuation techniques used to determine the fair values:
The fair value of the forward exchange contract is determined using forward exchange rate at the balance sheet 
date. The fair value of cross currency interest rate swap is calculated as the present value of future cash flow 
based on available foreign exchange rates.
Reconciliation of fair value measurement of the investment categorised at level 3:
 Amount in Millions 
Financial instrument
 As at 31-03-2021 
 As at 31-03-2020 
At FVTPL
At FVTOCI
At FVTPL
At FVTOCI
Opening Balance
 - 
 (14.83)
 - 
 2.43 
Addition during the year
 - 
 - 
 - 
 - 
Sale/reduction during the year
 - 
 (7.47)
 - 
 (24.16)
Gain/(Loss) 
 - 
 (6.90)
Closing Balance
 - 
 (22.30)
 - 
 (14.83)
Line in which gain/(Loss) is 
recognised
 Other 
comprehensive 
Income which 
will be clasified 
to Profit or 
Loss 
 Other 
comprehensive 
Income which 
will be clasified 
to Profit or 
Loss 
 - 
 - 
 - 
 - 
37 RISK MANAGEMENT
The Company’s activities expose it to market risk, liquidity risk and credit risk.
A. Liquidity risk
Liquidity risk refers to insufficiency of funds to meet the financial obligations. Liquidity risk management implies 
maintenance of sufficient cash and the availability of funding through an adequate amount of committed credit 
lines to meet obligations when due.
The Company has access to undrawn borrowing facilities at the end of each reporting year.
The Company has following undrawn credit lines available as at the end of the reporting year
 
Particulars
 As at 31-03-2021 
 As at 31-03-2020 
Expiring within one year
 - 
 70.00 
 - 
 70.00 
The following tables detail the Company’s remaining contractual maturity for its non-derivative financial 
liabilities.
Maturity profile of financial liabilities:
31-Mar-21
 Amount in Millions 
Particulars
Carrying Amount
Within 12 months
After 12 months
Borrowings
 3,863.08 
 1,389.19 
 2,473.89 
Trade payables
 1,996.27 
 1,996.27 
 - 
Other financial liabilities
 592.95 
 270.63 
 322.32 
Total non-derivative liabilities
 6,452.30 
 3,656.09 
 2,796.21 
Other financial liabilities
 13.91
13.91
 - 
Total derivative liabilities
13.91
13.91
 - 
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31-Mar-20
 Amount in Millions 
Particulars
Carrying Amount
Within 12 months
After 12 months
Borrowings
 8,185.22 
 2,937.84 
 5,247.38 
Trade payables
 1,301.51 
 1,301.51 
 - 
Other financial liabilities
 426.21 
 96.60 
 329.61 
Total non-derivative liabilities
 9,912.94 
 4,335.95 
 5,576.99 
Other financial liabilities
 19.30 
 19.30 
 - 
Total derivative liabilities
 19.30 
 19.30 
 - 
The inflows/(outflows) disclosed in the above table represent the contractual undiscounted cash flows relating 
to derivative financial liabilities held for risk management purposes and which are not usually closed out before 
contractual maturity.
B. Credit risk
Credit risk refers to the risk that counterparty will default on its contractual obligations resulting in financial loss 
to the Company. An analysis of financial assets shows that no asset was impaired or requiring consideration in 
determining impairment.
The amount of maximum exposure to credit risk as at  March 31, 2021 without taking account of any collateral 
or other credit enhancements is as stated in table below.
 Amount in Millions 
Trade receivables
 As at 31-03-2021 
 As at 31-03-2020 
Outstanding up to 60 days
 1,871.84 
 1,238.59 
Outstanding from 61 to 180 days
 119.49 
 4.16 
Outstanding for more than 180 days
 63.56 
 52.19 
C. Market risk
With the entity having varied geographical spread of revenue, and with the price being determined, primarily 
by demand and supply, the entity is not exposed to any market risk that require sensitivity analysis akin to any 
specific market such that profit or loss or equity of the entity would get affected by changes in the relevant risk 
variable. 
Currency risk
The Company is exposed to foreign exchange risk arising from foreign currency transactions, primarily with 
respect to the USD 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 . The risk is measured 
through a forecast of highly probable foreign currency cash flows. The objective of the hedges is to minimise 
the volatility of the cash flows of highly probable forecast transactions by hedging the foreign exchange inflows 
on regular basis.
Currency risks related to the principal amounts of the Company’s foreign currency receivable/ payables have 
not been hedged using forward contracts.
In respect of other monetary assets and liabilities denominated in foreign currencies, the Company’s policy is to 
ensure that its net exposure is kept to an acceptable level by buying or selling foreign currencies at spot rates 
when necessary to address short-term imbalances.

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CORPORATE OVERVIEW
01
STATUTORY REPORTS
02
FINANCIAL STATEMENTS
03
Exposure to currency risk
 Amount in Millions 
Particulars
 As at 31-03-2021 
 As at 31-03-2020 
 USD 
 USD 
Financial Instruments
Trade receivables
 9.75 
 6.98 
Trade payables
 7.01 
 1.47 
Borrowings
 43.58 
 99.78 
Net statement of financial position exposure
 60.33 
 108.23 
Sensitivity analysis
A reasonably possible strengthening (weakening) of the INR against all currencies at  March 31, 2021 would have 
affected the measurement of financial instruments denominated in a foreign currency and affected equity and 
profit or loss by the amounts shown below. This analysis assumes that all other variables, in particular interest 
rates, remain constant.
 Amount in Millions 
Particulars
Profit or loss 
 Strengthening 
 Weakening 
March 31, 2021
USD (1% movement)
 (29.86)
 29.86 
March 31, 2020
USD (1% movement)
 (71.22)
 71.22 
Interest rate risk
The Company’s main interest rate risk arises from long-term borrowings with variable rates, which expose the 
Company to cash flow interest rate risk. Currently the Company’s borrowings are within acceptable risk levels, 
as determined by the management.
Exposure to interest rate risk
The interest rate profile of the Company’s interest-bearing financial instruments as reported to the management 
of the Company is as follows.
 Amount in Millions 
Particulars
 Nominal Amount 
As at 31-03-2021
As at 31-03-2020
Fixed-rate instruments
Financial assets
 - 
 - 
Financial liabilities
 2,748.02 
 2,808.28 
 2,748.02 
 2,808.28 
Variable-rate instruments
Financial assets
 - 
 - 
Financial liabilities
 1,120.59 
 5,376.95 
 1,120.59 
 5,376.95 
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Anupam Rasayan India Ltd  |  Annual Report 2020-21
Cash flow sensitivity analysis for variable-rate instruments
A reasonably possible change of 100 basis points in interest rates at the reporting date would have increased 
(decreased) equity and profit or loss by the amounts shown below. This analysis assumes that all other variables, 
in particular foreign currency exchange rates, remain constant.
 Amount in Millions 
Particulars
Profit or loss 
100 bp increase 
100 bp decrease
 March 31, 2021
Variable-rate instruments
 (11.21)
 11.21 
Cash flow sensitivity
 (11.21)
 11.21 
 March 31, 2020
Variable-rate instruments
 (53.77)
 53.77 
Cash flow sensitivity
 (53.77)
 53.77 
Fair value sensitivity analysis for fixed-rate instruments
The Company does not account for any fixed-rate financial assets or financial liabilities at fair value through 
profit or loss. Therefore, a change in interest rates at the reporting date would not affect profit or loss.
Hedge Accounting
The company’s business objective includes safe-guarding its earnings against foreign exchange fluctuations. 
The Company has adopted a structured risk management policy to hedge all these risks within an acceptable 
risk limit and an approved hedge accounting framework which allows for Fair Value hedges and Cash Flow 
hedges. Hedging instruments include  forwards contracts to achieve this objective. The table below shows the 
position of hedging instruments and hedged items as on the balance sheet date.
Cash flow hedge
The objective of hedge accounting is to represent, in the Company’s financial statements, the effect of the 
Company’s use of financial instruments to mange exposures arising from particular risks that could affect profit 
or loss. The Company’s exposure to foreign currency risk as at March 31, 2021 is stated below.
During the year ended March 31, 2021, the Company has designated specific foreign exchange cross currency 
forward and as cash flow hedges to mitigate the risk of foreign exchange exposure on highly probable forecast 
cash transactions. The related hedge transactions for balance in cash flow hedge reserve as at March 31, 2021 
are expected to occur and reclassified to Statement of Profit and Loss within thirty six months.
The Company determines the existence of an economic relationship between the hedging instrument and 
hedged item based on the currency, amount and timing of its forecasted cash flows. Hedge effectiveness 
is determined at the inception of the hedge relationship, and through periodic prospective  effectiveness 
assessments to ensure that an economic relationship exists between the hedged item and hedging instrument, 
including whether the hedging instrument is expected to offset changes in cash flows of hedged items.
If the hedge ratio for risk management purposes is no longer optimal but the risk management objective remains 
unchanged and the hedge continues to qualify for hedge accounting, the hedge relationship will be rebalanced 
by adjusting either the volume of the hedging instrument or the volume of the hedged item so that the hedge 
ratio aligns with the ratio used for risk management purposes. Any hedge ineffectiveness is calculated and 
accounted for in the Statement of Profit and Loss at the time of the hedge relationship rebalancing.
Cash Flow Hedge
Hedging Instruments - Maturity March 2021
 Amount in Millions 
Particulars
 Nominal 
Value 
 Carrying Amount 
 Change in Fair 
Value 
 Line Item in 
Balance Sheet 
Foreign Currency Risk
Cross currency contract
2.03
-5.38
-5.38
 Other Current 
Financial Liabilities

221
CORPORATE OVERVIEW
01
STATUTORY REPORTS
02
FINANCIAL STATEMENTS
03
Hedged Items
 Amount in Millions 
Particulars
Carrying Amount
Change in Fair 
Value
 Line Item in 
Balance Sheet
Foreign Currency Risk
Highly Probable 
Forecasted Exports
2.03
 -  
 -  
The reconciliation of cash flow hedge reserve for the year ended March 31, 2021 and March 31, 2020 is as follows : 
Amount in Millions
Particulars
 As at 31-03-2021 
 As at 31-03-2020 
Gain / (Loss)
Balance at the beginning of the year
 (19.30)
 0.92 
Gain / (Loss) recognized in other comprehensive income during 
the year
 5.38 
 (27.11)
Amount reclassified to profit and loss during the year
 - 
 6.90 
Balance at the end of the year
 (13.91)
 (19.30)
Cash Flow Hedge
Hedging Instruments - Maturity March 2020
 Amount in Millions 
Particulars
 Nominal 
Value 
 Carrying Amount 
 Change in Fair 
Value 
 Line Item in 
Balance Sheet 
Foreign Currency Risk
Cross currency contract
2.36
27.11
27.11
 Other Current 
Financial Liabilities 
Hedged Items
 Amount in Millions 
Particulars
Carrying Amount
Change in Fair 
Value
 Line Item in 
Balance Sheet
Foreign Currency Risk
Highly Probable 
Forecasted Exports
2.36
 -   
 -   
Other derivative contracts related to swap of interest on the External Commercial Borrowings (ECBs). Position 
is as below:
 Amount in Millions 
Sanctioned Amount (USD)
Outstanding Amount as on March 
31, 2021 (USD)
Floating Interest Rate 
8
 15,00,000 
LIBOR(3M) +3.25%
4
 33,51,250 
LIBOR(3M) +2.00%
 Amount in Millions 
Sanctioned Amount (USD)
Outstanding Amount as on March 
31, 2021 (USD)
Floating Interest Rate 
80
 35 
LIBOR(3M) +3.25%
40
 39 
LIBOR(3M) +2.00%
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Anupam Rasayan India Ltd  |  Annual Report 2020-21
38 AUDITOR’S REMUNERATION*
 Amount in Millions 
Particulars
Mar-21
Mar-20
Statutory audit fee
 0.60 
 0.50 
Tax audit fee
 2.00 
 1.25 
Certification fee
 0.05 
 - 
*In addition to above, INR 4.50 Millions (Previous year: Nil ) was paid to auditors in relation to services of Initial 
Public Offer (IPO) which has been debited to security premium account
39 The Covid-19 pandemic had its impact on the global economic environment including in India , causing 
significant disruption in economic activities and the chemical industry where the company is operating had 
been adversely impacted in the first half of FY 2020-2021 due to pandemic. With the gradual relaxation in the 
second half, economic activities had improved. However, the second wave of Covid-19 emerging in India in the 
month of April-May 2021 may have an impact on the industry and Company. The Company is of the view that 
vaccination programmes of the Government will minimise the impact on the economic activities.
The Company closely monitors the recent development and effects of present pandemic over the business. The 
Company believes that this pandemic is not likely to have a material impact on the carrying value of its assets 
and hence no provision for any impairment is required. As the situation unfolds in future, the eventful impact 
may be different from the estimates made as on the date of approval of these Financial Statements.
40 Out of total proceeds of Initial public offer (IPO) INR 7,600 millions, INR 4,706.74 million has been utilised for 
repayment of Term Loans and Working Capital Loans including interest and prepayment charges, if any and 
Issue related expenses of INR 81.08 millions upto March 31, 2021 as per object of IPO as per Prospectus filed 
with Securities and Exchange Board of India (SEBI) on March 17, 2021 and balance proceeds of INR 2,812.18 
millions are lying with Bank Accounts and Fixed Deposits with Banks.
41 GENERAL INFORMATION:
1 The Consolidated Financial Statements present the Consolidated Accounts of Anupam Rasayan India 
Limited with following companies: 
Name
Country of 
Incorporation
Proportion of Ownership of Interest
 As at 31-03-2021
 As at 31-03-2020 
Jainam Intermediates Private Limited
India
100%
100%
Radha Murari Petrofills Private Limited (Refer 
Note No. 42)
India
0%
100%
Atharva Exochem Private Limited (Associate 
Company)
India
0%
11%
Tangent Science Private Limited  (Associate 
Company of Jainam Intermediates Pvt. Ltd.)
India
45%
0%

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CORPORATE OVERVIEW
01
STATUTORY REPORTS
02
FINANCIAL STATEMENTS
03
2 Disclosures mandated by Schedule III of the Companies Act 2013, by way of additional information:
For year ended March 31, 2021
 Amount in Millions
Name of the Entities
Net Assets i.e. Total Assets 
minus Total Liabilities
Share in Profit / (Loss)
Share in Other 
Comprehensive Income
Share in Total 
Comprehensive Income
As a % of 
Consolidated 
Net Assets
Amount 
As a % of 
Consolidated 
Profit
Amount 
As a % of 
Consolidated 
Other 
Comprehensive 
Income
Amount 
As a % of 
Consolidated 
Total 
Comprehensive 
Income
Amount 
Parent : Anupam Rasayan India 
Limited
99.95%
 15,726.08 
99.47%
 699.21 
100.00%
 (7.47)
99.46%
 691.74 
Subsidiaries:
Jainam Intermediates Private 
Limited
0.12%
 18.98 
0.81%
 5.66 
0.00%
 - 
0.81%
 5.66 
Tangent Science Private 
Limited  (Associate Company 
of Jainam Intermediates Pvt. 
Ltd.) - Investment as per Equity 
Method
0.00%
 0.22 
0.00%
 - 
0.00%
 - 
0.00%
0.00%
 Sub Total 
 15,745.28 
 704.87 
 (7.47)
 697.40 
Inter - Company Elimination & 
Consolidation Adjustments
0.07%
 11.26 
0.27%
 1.91 
0.00%
 - 
0.27%
 1.91 
Grand Total
100.00%
 15,734.02 
100.00%
 702.96 
100.00%
 (7.47)
100.00%
 695.49 
For year ended March 31, 2020
 Amount in Millions
Name of the Entities
Net Assets i.e. Total Assets 
minus Total Liabilities
Share in Profit / (Loss)
Share in Other 
Comprehensive Income
Share in Total 
Comprehensive Income
As a % of 
Consolidated 
Net Assets
Amount 
As a % of 
Consolidated 
Profit
Amount 
As a % of 
Consolidated 
Other 
Comprehensive 
Income
Amount 
As a % of 
Consolidated 
Total 
Comprehensive 
Income
Amount 
Parent : Anupam Rasayan India 
Limited
99.93%
 5,931.12 
99.60%
 529.92 
100.00%
 (17.26)
99.59%
 512.67 
Subsidiaries:
Jainam Intermediates Private 
Limited
0.20%
 11.62 
0.44%
 2.36 
0.00%
 - 
0.46%
 2.36 
Radha Murari Petrofills Private 
Limited (Refer Note No. 42)
0.11%
 6.70 
-0.04%
 (0.23)
0.00%
 - 
-0.04%
 (0.23)
 Sub Total 
 5,949.44 
 532.06 
 (17.26)
 514.80 
Inter - Company Elimination & 
Consolidation Adjustments
0.24%
 14.13 
0.00%
 - 
0.00%
 - 
0.00%
 - 
Grand Total
100.00%
 5,935.31 
100.00%
 532.06 
100.00%
 (17.26)
100.00%
 514.80 
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Anupam Rasayan India Ltd  |  Annual Report 2020-21
42 Pursunt to the order of the H’ble Regional Director, Ahmedabad dated November 10, 2020,  Radha Murari 
Petrofills Private Limited has been amalgamated with Jainam Intermediates Private Limited from ‘Appointed 
date’ being April 01, 2019 and ‘Effective Date’ being November 11, 2020. 
43 Figures for the previous period have been regrouped/reclassified to conform to the figures of the current 
year.
44 APPROVAL OF FINANCIAL STATEMENT
The Financial Statements were approved for issue by the Board of Directors on June 12, 2021
45 The Board of Directors have recommended a dividend of INR 0.50/- @ 5% per fully paid up Equity Share of INR 
10/- each for the Financial Year 2020-21 subject to the approval of shareholders at the Annual General Meeting.
As per our report of even date
For and on behalf of the Board,
For Rajendra & Co.
Chartered Accountants
Firm Reg. No. 108355W
Anand Desai 
Managing Director
(DIN: 00038442)
Mona Desai
Whole time Director 
(DIN: 00038429)
Suchi Agarwal
Company Secretary 
& Compliance officer
Afzal Malkani
Chief Financial Officer
Akshay R. Shah 
Partner
Mem. No. 103316
Date : June 12, 2021
Place : Surat
Date : June 12, 2021
Place : Mumbai

A N U P A M  R A S A Y A N  I N D I A  LT D
CORPORATE OFFICE
Anupam Rasayan India Ltd. India (HQ) 8110,  
Sachin G.I.D.C. Estate, 
Sachin, Surat – 394 230, 
Gujarat, India.
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ANUPAM RASAYAN INDIA LTD. 
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ANUPAM RASAYAN INDIA LTD.