You are here » Home » Companies » Company Overview » Kirloskar Brothers Ltd

Kirloskar Brothers Ltd.

BSE: 500241 Sector: Engineering
NSE: KIRLOSBROS ISIN Code: INE732A01036
BSE 15:30 | 29 Jul 430.00 2.10
(0.49%)
OPEN

411.05

HIGH

432.70

LOW

411.05

NSE 15:24 | 29 Jul 425.50 -4.70
(-1.09%)
OPEN

429.00

HIGH

435.00

LOW

410.00

OPEN 411.05
PREVIOUS CLOSE 427.90
VOLUME 1151
52-Week high 504.75
52-Week low 98.00
P/E 35.54
Mkt Cap.(Rs cr) 3,414
Buy Price 425.05
Buy Qty 10.00
Sell Price 430.00
Sell Qty 45.00
OPEN 411.05
CLOSE 427.90
VOLUME 1151
52-Week high 504.75
52-Week low 98.00
P/E 35.54
Mkt Cap.(Rs cr) 3,414
Buy Price 425.05
Buy Qty 10.00
Sell Price 430.00
Sell Qty 45.00

Kirloskar Brothers Ltd. (KIRLOSBROS) - Director Report

Company director report

TO

THE MEMBERS

Your Directors present the 1001h Annual Report and the Audited Financial Statements ofthe Company for the year ended March 31 2020 together with the reports of the Auditorsand Board thereon.

FINANCIAL RESULTS

The financial results of the Company for the Financial Year 2019-20 as compared withthe previous Financial Year are as under:

Year ended March 31 2020 (Amt. in Million ) Year ended March 31 2019 (Amt. in Million)
Revenue from Operations 20970.32 22234.86
Other income 254.07 247.08
Total 21224.39 22481.94
Profit before tax 1200.08 1241.56
Tax expense 408.38 368.35
Profit for the period 791.70 873.21
Other comprehensive income (6.88) (1.71)
Surplus in Profit & Loss Account brought forward from previous year 3037.65 2590.00
Dividend (420.75) (231.49)
Available surplus 3401.72 3037.65

DIVIDEND

The Board of Directors declared an Interim Dividend @ 100% amounting to~ 2.00 perequity share on February 14 2020 and paid during the Financial Year 2019-20. The Board ofDirectors have recommended a Final Dividend @ 25% amounting to Rs. 0.50 per equity sharefor the Financial Year 2019-20 Rs. 2.50 per equity share for 2018-19).

OPERATIONS OF THE COMPANY

The revenue from operations for the year under review is Rs. 20970.32 million whichis less by 5.69% compared to the previous Financial Year. The Financial Year 2019-20 endedwith the pandemic situation created by spread of COVID-19 all over the world andday-to-day life across the globe came to a virtual halt. Kirloskar Brothers Limited (KBL)not being an exception had to put a halt to some of its operations for some period fromMarch to May 2020 caring more for the wellness and safety of its people and complyingwith the lockdown regulations announced by the governments and health authorityadvisories. The Company took a number of measures to ensure effective management of thesituation while continuing to serve the community and customers effectively. During thistime of uncertainty our volunteers along with our Corporate Social Responsibilityimplementing agency Vikas Charitable Trust worked relentlessly to support the communityaround our plant locations in whichever way possible. Through these efforts the Companywas able to provide more than a million meals to migrant labour and destitute people inthese areas. Apart from this KBL also provided the local administration I Coronawarriors with face masks sanitisers food packets drinking water face shields safetyglasses full body PPEs cooking utensils and even installed no-touch sanitiser stationsto support them in their tryst with this pandemic. The majority of our employees weregiven the option to work from home during the lockdown period and a task force led by thesenior management developed strategies and monitored them for ensuring business continuityactivities. However 2019-20 was a momentous year for KBL. The Company completed 100 yearsof its incorporation as a Public Limited Company in January this year. To mark thishistoric milestone a special commemorative event was organised in Delhi on January 62020. The event was graced with the presence of our Honourable Prime Minister Shri .Narendra Modi. He marked the event by releasing Hindi version of the biography of ourfounder Shri. Laxmanrao Kirloskar titled 'Yantrik ki Yatra'. The PM also unveiled thecommemorative Corporate 'My Stamp' released by the Department of Posts on the opportuneoccasion. During the last year KBL also celebrated the 150111 birth anniversary of itsfounder Shri. Laxmanrao Kirloskar on June 20 2019. A special 'LAKAKI Week' was organisedon the occasion. During the week various activities were planned to create awarenessabout the LAKAKI Business Excellence Model. GURUKUL a TPM training centre wasinaugurated in Kirloskarvadi (KOV)on this day. The prolonged monsoons in 2019 had animpact on our product sales in the 2"d and 3"' quarter. Slower growth inresidential projects continued to have their effect on the Industry sector. The Powersector manufactured and dispatched two nuclear application pumps for site testing. TheValves sector successfully manufactured and supplied large Butterfly Valves above 1300 mmin high-grade stainless steel. To further strengthen product portfolio for domesticapplications the Company launched new products such as K-Booster and further extended itsCMS pump series. During the period KBL also extended the KVM pump range far ReverseOsmosis application. The Company received a new patent for fitment of impeller on pumpshaft far 2 stage spilt case pumps. Some of the major orders completed by the Companyduring the period included commissioning of 5 nos. Vertical Turbine pumps with 2350 KWmotor rating at South Bangkok Power Plant supply of 'Bulkhead and Ladder SprinklingSystemfor Mazgaon Docks Ltd. and supply of 14 Vertical Turbine pumps for the ToshkaProject in Egypt.' Throughout the year Company reached out to its retail customersincluding farmers domestic and other industrial consumers through various on-groundmarketing activities. KBL became the first pump manufacturing company to initiate a vancampaign in Jam mu & Kashmir with its branded vans travelling across the regionpromoting the products of the Company. Elite Club Conference (2019-20) for KirloskarvadiChannel Partners was organised at Kirloskar Brothers (Thailand) Limited Company'sstep-down subsidiary in Thailand in November 2019. An Engineers India Limited (Ell) auditwas successfully concluded at KOV plant. Under the initiative of better data management95% of KOV products are now covered through 3D Modelling technology. Various initiativeswere deployed to improve the product quality and performance as well as to reduce reworkand rejections of both in-house and outsourced items. The Kolhapur Steel Limited (TKSL) adomestic subsidiary entered into an arrangement with PricewaterhouseCoopers (PwC) forturning it around. Ka.rad Projects and Motors Limited (KPML) setup a hi-tech facility formotors required far special products. The Company's overseas subsidiaries registered animproved performance in Financial Year 2019-20. Thailand and South Africa operationsshowed Operating Profit Before Interest for the first nine months. However TKSL andKirloskar Corrocoat Private Limited (KCPL)continue to register losses in the year underreview.

The Coimbatore plant received Gold award at an International Convention held in Japanby the Quality Circle Forum of India. The Company won Cll-lTC Sustainability award forExcellence in Environment Management at the event. Besides the Company also received theMaharashtra Best Employer Brand Award 2019 and Pune Best Employer Brand Award 2019 fromthe World HRD Congress. Subsequent to audits KBL was re-certified for EHS & EnMScertifications for the Financial Year 2019-20. Dewas Kondhapuri and KOV plants enteredinto wage settlement agreements for a duration of four years in early 2019-20. As part ofthe CMD Awards declared in April 2019 employees showcasing outstanding performance wererewarded by the Chairman and Managing Director. The Learning Management System on PeopleDirect platform was introduced for the staff of the Company. "Back toFundamentals" a monthly technical seminar series was initiated for the employees atour corporate headquarters during this year. The main focus of this seminar was to refreshthe core aspects related to pump technology including basic and advanced engineeringprinciples. The learning outcome helped enrich the participant's fundamental knowledgeabout design application of pumps and pumping systems. A badminton tournament as well as acricket tournament Yamuna Premier League were organised for the corporate officeemployees. The Coimbatore plant organised various initiatives like eye check-up camp aswell as fitness and well-being awareness camps for its employees. Keeping with the timesvarious mobile apps were launched by the Corporate Information Centre (CIC) department ofthe Company; for instance Fiori the first mobile app in CRM KBL- KBC app for theCompany's dealers and KBL One4All mobile app for dealers retailers traders customers&ASC among others. The Registered Office of the Company was shifted from UdyogBhavan Tilak Road Pune-411 002 to Corporate Global Headquarters 'Yamuna' Survey No. 98(3to 7) Plot No. 3 Saner Pune-411 045 with effect from February 14 2020. During theperiod the Company and Vikas Charitable Trust through its volunteers workedrelentlessly to provide every possible help towards the rehabilitation and rescue of thoseaffected by the floods in Sang Ii Kolhapur and Pune district. The Company worked in closecoordination with the District Administration of Sang Ii and the National DisasterResponse Force (NDRF) team assisting them in the rescue and relief operations. Some ofthe activities undertaken as part of KBL's contributory efforts in this regard includeproviding fuel for the rescue boats providing help with food and shelter medical andtechnical assistance and setting-up of water filtration unit at these locations. Thepost-flood relief activities included dewatering activities repair and servicing of pumpsin the Sangli and Kolhapur districts of Maharashtra special medical drive to counterpost-flood diseases sanitisation activities supply of food grains and basic hygienepacks setting-up of a help desk to assist people in re-organising their householddocuments that they may have lost in the floods and also assisting them in gettinggovernment aids that they are eligible for as per their eligibility. Volunteers schoolprincipals and teachers who contributed in the Corporate Social Responsibility programmeof the Company 'KBL WaSH Programme' were felicitated in the presence of Mrs. PratimaKirloskar Head Vikas Charitable Trust. 45 volunteers from Yamuna (Pune) Kondhapuri andKOV volunteered in 17 schools at various locations. Total reach of the WaSH programme wasaround 4000 students from 17 schools. As part of its Corporate Social Responsibility theCompany through Vikas Charitable Trust also carried out the Annapurna Project wherein'Annapurna' bags were distributed to underprivileged students who did not receive mid-daymeals during summer vacations. Under this initiative over 350 kg grocery items weredistributed among the needy students during the last Financial Year. KBL right since itsinception has been committed towards nation building contributing to India's progressand growth as a nation both before as well as after independence. As the Company commenceits foray into a new century KBL looks forward to continuing creating value for all itsstakeholders and help propel our great nation along the growth trajectory into the future.There were no material changes or commitments to report which affect the financialposition of the Company that has occurred between the end of Financial Year and the dateof this report.

STATUTORY DISCLOSURES

1. ANNUALRETURN

The Annual Return of the Company for the year ended March 31 2020 is placed on thewebsite of the Company athttp://www.kirloskarpumps.com/investors-financial-information-annual-reports.aspx. Extractof Annual Return in Form MGT-9 as per provisions of Section 92(3) read with Section 134 ofthe Companies Act 2013 (the Act) is given in Annexure I to this Report.

2. NUMBER OF MEETINGS OF THE BOARD

During the Financial Year under review 5 {five) Board meetings were held the detailsof which are appearing in the Report on Corporate Governance .

3. DIRECTORS' RESPONSIBILITY STATEMENT

Pursuant to Section 134{3) {c) of the Act the Board of Directors to the best of itsknowledge and ability confirm that:

(a) in preparation of the annual accounts the applicable accounting standards havebeen followed;

(b) they have selected such accounting policies and applied them consistently and madejudgments and estimates that are reasonable and prudent so as to give a true and fair viewof the state of affairs of the Company at the end of the Financial Year and of the profitof the Company for that period;

(c) they have taken proper and sufficient care for the maintenance of adequateaccounting records in accordance with the provisions of this Act for safeguarding theassets of the Company and for preventing and detecting fraud and other irregularities;

(d) they have prepared the annual accounts on a going concern basis; and

(e) they have laid down internal financial controls to be followed by the Company andsuch internal financial controls are adequate and operating effectively;

(f) the directors have devised proper systems to ensure compliance with the provisionsof all applicable laws and that such systems are adequate and operating effectively.

4. INDEPENDENT DIRECTORS' DECLARATION

All Independent Directors of the Company have given declaration under Section 149 (nof the Act thatthey meet the criteria laid down in Section 149 (6) of the Act.

5. DISCLOSURE REQUIRED UNDER SECTION 134(3)(e)

The Board has adopted a Board Diversity Policy which sets the criterion for appointmentas well as continuance of Directors at the time of re-appointment of director in theCompany. As per the policy the Board has an optimum combination of members withappropriate balance of skill experience background gender and other qualities ofdirectors required by the directors for the effective functioning of the Board. TheNomination and Remuneration Committee recommends remuneration of the Directors subject tooverall limits set under the Act as outlined in the Remuneration Policy. As per thepolicy the Executive Director is entitled to fixed salary commission based onperformance evaluation and other non-monetary benefits. In case of Non-ExecutiveDirectors apart from receiving sitting fees they are entitled to commission on the basisof criterion as per the policy The Remuneration Policy is available on the website of theCompany athttp://www.kirloskarpumps.com/pdf/investor-information/policies/Remuneration%20Policy.pdf.The salient features of this policy are as follows:

Philosophy: The Company strongly believes that the system of Corporate Governanceprotects the interest of all stakeholders by inculcating transparent business operationsand accountability from management towards fulfilling the consistently high standard ofCorporate Governance in all facets of the Company's operations.

Objective: Transparent process of determining remuneration at the Board and SeniorManagement level and appropriate balance between the elements comprising the remuneration.

Coverage: The policy covers remuneration to Executive Non-Executive Directors KeyManagerial Personnel and Senior Managerial Personnel.

6. REPORT OF AUDITORS

During the Financial Year under review there are no qualifications adverse remarksor disclaimers made by the Statutory Auditor on the financial statements of the Companyand by the Secretarial Auditor in his Secretarial Audit Report which is annexed herewithas Annexure VII. There are no cases of fraud detected and reported by the Auditorunder Section 143(12) during the Financial Year.

M/s. Sharp & Tan Associates Chartered Accountants (Firm Registration No.109983W)have been appointed as Statutory Auditor of the Company for a period of 5 years from theconclusion of 9th Annual General Meeting till the conclusion of 102"d Annual GeneralMeeting by the shareholders of the Company. The Statutory Auditor have confirmed itseligibility and necessary certificates as required under the Act have been received.

Mr. Shyamprasad Limaye (CP No. 572) Practicing Company Secretary was appointed as aSecretarial Auditor of the Company as per Section 204 of the Act for the Financial Year2019-20. Mr. Shyamprasad Limaye has been re-appointed as Secretarial Auditor of theCompany for the Financial Year 2020-21 .

M/s. Parkhi Lim aye & Co. (Firm Registration No. 000191) have been appointed asCost Auditor of the Company as per Section 148 of the Act read with applicable rules madethereunder for the Financial Year 2020-21. Their remuneration is subject to the approvalby the Members.

7. PARTICULARS OF LOANS GUARANTEES OR INVESTMENTS UNDER SECTION 186

The details of loans guarantees or investments under Section 186 of the Act areavailable under Note no. 5 and 35E of notes to accounts attached to the StandaloneFinancial Statements.

The full particulars are available in the Register maintained under Section 186 of theAct which is available for inspection during business hours on all working days (exceptSaturday and Sunday).

8. PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES

All contracts/arrangements /transactions entered by the Company during the FinancialYear 2019-20 with the related parties were in the ordinary course of business and at arm'slength basis. There were no transactions required to be disclosed in Form AOC-2 (AnnexureVI). During the Financial Year the Company has not entered intocontract/arrangemenVtransactions with the related parties which could be consideredmaterial in accordance with the Company's 'Policy on Materiality of Related PartyTransactions and Dealing with Related Party Transactions'. The said policy is available onthe website of the Company.

'Policy on Materiality of Related Party Transactions and Dealing with Related PartyTransactions'. The said policy is available on the website of the Company.

Further we draw your attention to Note no. 35 of the Standalone Financial Statementsof the Company for details of related party transactions.

9. CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS ANDOUTGO Details of energy conservation technology absorption research and development andforeign exchange earnings and outgo as required under Section 134(3) (m) of the Act readwith the applicable rules are given in Annaxure II to this Report. 10. RISKMANAGEMENT TheRisk Management Committee meets at regular intervals and identifies the top risks andprioritises those risks. The Audit and Finance Committee is updated about the same . 11.CORPORATE SOCIAL RESPONSIBILITY REPORT The Company has a Corporate Social ResponsibilityPolicy as per the requirements of the Act and the same is available on the website of theCompany. The Corporate Social Responsibility Report in the required format is given inAnnexure Ill to this report. 12. BOARD EVAWATION The Board has formulated a BoardEvaluation Policy for evaluation of individual Directors as well as the entire Board andCommittees thereof. The evaluation framework is divided into parameters based on variousperformance criteria. The evaluation process for the Financial Year ended on March 312020 has been carried out. In compliance with the requirements under Schedule IV of theAct read with Regulation 25(3) of SEBI (Listing Obligations and Disclosure Requirements)Regulations 2015 a meeting of Independent Directors was held on December 16 2019primarily to discuss the matters mentioned under the said Schedule. All the IndependentDirectors of the Company attended the same . 13. PERFORMANCE AND FINANCIAL POSITION OFSUBSIDIARIES ASSOCIATE AND JOINT VENTURES Following are the highlights of performance ofsubsidiaries associate and joint venture companies and their contribution to the overallperformance of the Company during the period under review.

i. Karad Projects and Motors Limited The revenue for the year under review is f3218.62 million which is 1.09% less as compared to the previous year. This constitutes9.1 % of consolidated revenue .

ii. The Kolhapur Steel Limited The revenue for the year under review is f 308.99million which is 14.12% less as compared to the previous year. This constitutes 0.9% ofconsolidated revenue.

iii. Kirloskar Corrocoat Private Limited The revenue for the year under review is f242.93 million which is 12.49% less as compared to the previous year. This constitutes 0.7% of consolidated revenue.

iv. Kirloskar Brothers International B.V. (consolidated) The revenue for the year underreview is f10494.48 million. which is 12.78% less as compared to the previous year. Thisconstitutes 29.8% of consolidated revenue.

v. Kirloskar Ebara Pumps Limited (Joint Venture) The revenue for the year under reviewis f 1625.76 million which is 1.59% more as compared to the previous year.

The financial position of the subsidiaries and joint venture companies is given inAOC-1 elsewhere in the Annual Report.

14. OTHER STATUTORY DISCLOSURES AS REQUIRED UNDER RULE 8(5) OF THE COMPANIES (ACCOUNTS)RULES 2014

(i) Financial summary I highlights are included elsewhere in the Report;

(ii) There was no change in the nature of business during the year under review;

(iii) Directors and Key Managerial Personnel:

Mr. Tilak Dhar (DIN 00204912) expired on July 1 2019 and ceased to be the Director ofthe Company during the year.

Mr. Kishor Chaukar (DIN 00033830) completed his initial term as an Independent Directoron April 26 2020. The Board of Directors of the Company has appointed him as anAdditional Director to be considered in the category of an Independent Director. The Boardrecommends his re-appointment for the second term as an Independent Director atthe ensuingAGM.

Mr. Alok S. Kirloskar (DIN 05324745) is liable to retire by rotation at the ensuing AGMand being eligible offers himselffor re-appointment.

Mr. M. S. Unnikrishnan (DIN 01460245) was appointed by the Board as an AdditionalDirector on June 5 2020. The Board recommends his appointment as an Independent Directorat the ensuing AGM.

Mr. Sanjay C. Kirloskar - Chairman and Managing Director Mr. Chittaranjan Mate - ChiefFinancial Officer and Mr. Sandeep Phadnis - Company Secretary are the Key ManagerialPersonnel of the Company.

(iv) No company has become or ceased to be a subsidiary joint venture or associatecompany of the Company during the year.

(v) Details relating to Deposits: The Company neither accepts nor renews matureddeposits since January 2003 and there were no deposits accepted by the Company as coveredunder Chapter V of the Act read with Rules made thereunder.

(vi) No significant and material orders were passed by the regulators or court ortribunals impacting the going concern status and Company's operations in future.

(vii) Details in respect of adequacy of internal financial controls with reference tothe financial statements: The Company has adequate internal financial control systems inplace. The control systems are regularly reviewed by the external auditors and theirreports are presented to the Audit and Finance Committee. The Company has an InternalAudit Charter specifying mission scope of work independence accountabilityresponsibility and authority of Internal Audit Department. The internal audit reports arereported to Audit and Finance Committee along with management response.

(viii) Other disclosures required under the Companies Act 2013 as may be applicable:

Composition of the Audit and Finance Committee has been disclosed in CorporateGovernance Report;

Establishment of Vigil mechanism: The Company has already in place a 'Whistle BlowerPolicy' as a Vigil mechanism since 2008. The details of the same are reported in CorporatGovernance Report;

Disclosures as required under Section 197(12) of the Act read with the applicablerulesand details as per Rule 5(2) of the Companies (Appointment and Remuneration ofManagerial Personnel) Rules 2014 are given in Annexure IV & Annexure V.

Your Company is required to maintain the Cost records as required under Sec 148(1) ofthe Act and accordingly such accounts and records are maintained by the Companyfortheyear ended on March 31 2020.

(ix) Other Dlsclosure:

The Company has filed a suit against Kirloskar Proprietary Limited (KPL) relating touse assignment and ownership of the trademark "Kirloskar". The Company has madeappropriate pleadings in the Suit and has inter-alia challenged the unlawful terminationand sought declaration injunction and other appropriate relief/s.

During the pendency of the suit the Company received a letter dated March 3 2020 fromKPL intimating alleged withdrawal of termination of license as mentioned in notices datedApril 2 2018 with effect from March 3 2020 as mentioned therein.

15. CASH FLOW

Cash flow statement for the year ended on March 31 2020 is attached to the BalanceSheet.

SAFETY HEALTH AND ENVIRONMENT

Safety and Health

• All our manufacturing plants Kirloskar Corrocoat Private Limited KirloskarEbara Pumps Limited are certified for Environment Management System (ISO 14001) and (ISO450001) The Kolhapur Steel Limited is certified for (ISO 14001 ). All plants are auditedfor the certification.

• Apart from ISO system audits many plants have been audited for Internal safetyaudit by cross plant safety officers.

• Project sites and many plants have achieved 'Zero reportable accidents'. In allmanufacturing plants and project sites First aid cases also reduced by 59% as compared toFinancial Year 2018-19.

• Incident tracking system is fully utilizing for capturing unsafe acts I conditionsand accidents. In KBL plants almost 978 incidents were logged in the Financial Year2019-20 which is more than 25% compare to last year. It helped to eliminate unsafeacts/conditions and resultantly reduce the accidents. CAPA compliance is also trackedthrough this system compliance of CAPA is more than 82% which is 6% better than lastyear. This system is also extended to all subsidiaries. In all 4 subsidiaries almost 594safety opportunities are reported and CAPA compliance is more than 83%.

• BBS-I system which was established in all KBL plants extended to subsidiaries.In KBL plants 2089 BBS-I checks are carried out which is almost double than last year. Insubsidiaries 839 BBS-I checks are carried out by staff.

• Company strives for 100% compliance with EHS requirements at project sites also.It is checked through Project sites Safety check onllne system 58 Safety checks arecarried out in various live project sites Compliance ratio is almost 97 %.

• Apart from Safety week and environment day celebration at all project sites andmanufacturing plants Special drive taken for 'Material handling' and PPE for grindingoperation. Awareness increased on 'Material handling safety'. A unique face shield withmetal mesh with transparent sheet is developed and now being used at KOV.

• A new system 'SaY' (Safety Yellow Tag System) is launched in all manufacturingplants from this year's safety week. it is a platform developed for associates to reporttheir safety concerns which will be resolved through lncident tracking system.

Environment and Energy

As part of commitment towards conserving fossil fuels and depending more on renewableenergy sources we have installed and made operational roof top solar power panels atmanufacturing locations and Registered Office for a capacity of 4.6 MW which is yieldinggreen power with good efficiency. This is in addition to the generation of 4 MW wind powerby KOV.

The Company is certified to Environment Management System (ISO 14001 : 2015) and EnergyManagement System (ISO 50001 : 2018) under Integrated Management System certificationsalong with Quality Management System (ISO 9001 : 2015) and Occupational Health and SafetyManagement System (ISO 45001: 2018) at Kirloskarvadi Kondhapuri Dewas Sanand andKaniyur plants.

For the purpose of optimum utilization of resources and continual improvement wemonitor and review the important parameters impacting environment such as Carbonfootprint Energy consumption Water consumption Material Consumption and Wastegeneration.

KBL's Registered office is green building with LEED Platinum certification andmanufacturing plants are "GreenCo" certified. Commitment towards environment isone of our Values. Many of our pumps are BEE star labelled for efficiency. At Registeredoffice and manufacturing locations we have extensive daylight harvesting to save energyand rain water harvesting system to conserve water.

In order to encourage our manufacturing plants to implement more and more energy andwater conservation projects we have KBL group level energy conservation competition(ENCON) and award scheme. KBL has won Cll - ITC Sustainability Awards - 2019 forExcellence in Environment Management.

CORPORATE GOVERNANCE

Pursuant to Securities Exchange Board of India (SEBI) (Listing Obligations andDisclosure Requirements) Regulations 2015 Management Discussion and Analysis ReportReport on Corporate Governance Auditor's Certificate on Corporate Governance Certificatepursuant to Schedule V read with Regulation 34 (3) and the declaration by the Chairman andManaging Director regarding affirmations for compliance with the Company's Code of Conductare annexed to this report.

EMPLOYEE STOCK OPTION SCHEME (ESOS)

During the Financial Year 2007-08 the Company launched the Employees' "Share aVision" Stock Option Scheme 2007 (ESOS-2007). No allotments were made underESOS-2007 scheme during the Financial Year under review. During the Financial Year2019-20 the Board of Directors discontinued this scheme.

DISCLOSURE UNDER THE •SEXUAL HARASSMENT OF WOMEN AT WORKPIACE (PREVENTION.PBOHIBO]ONAHD BEDRESSAL> ACT. 2013

Your Company has complied with the provisions relating to the constitution of InternalComplaints Committee under the Sexual Harassment of Women at Workplace (PreventionProhibition and Redressal) Act 2013 and lnterns of Section 22 of this read with SexualHarassment of Women at Workplace (Prevention Probition and Redressal) Rules 2013 wereport that of (the Financial Year ended on Mardi 31 2020:

1 No. of complaints received In the year NII
2 No. of complaint disposed off in the year NII
3 cases pending fur more than 90 days NA
4 No. of workshop and awareness program conducted in the year 17
5 Nature of action by employer or District Officer If any NA

ACKNOWLEDGEMENT

Your Directors wish to place on record their appreciation of the unstinted support andco-operation given by the banks and financial Institutions. Your Directors would furtherlike to record their appreciation of the efforts by the employees of the Company and wishto express their gratitude to the Members for their continued trust and support.

For and on behalf of the Board of Director*
Pune: June 5r 2020 Sanjay C. Kirioskar Chairman ft Managing Director DIN 00007885

Annexure I

Form No. MGT-9

EXTRACT OF ANNUAL RETURN

as on the financial year ended on 31.03.2020

[Pursuant to Section 92(3) of the Companies Act 2013 and rule 12(1) of the Companies(Management and Administration) Rules 2014]

I. REGISTRATION AND OTHER DETAILS

i) CIN L29113PN1920PLC000670
ii) Registration Date January 15 1920
iii) Name of the Company Kirloskar Brothers Limited
iv) Category / Sub-Category of the Company Company limited by shares
v) Address of the Registered office and contact details Yamuna Survey No. 98 (3 to 7) Plot No. 3 Baner
Pune - 411 045 Ph. Nos: 020 - 2721 4444
(w.e.f. February 142020)
Udyog Bhavan Tilak Road Pune - 411 002
Ph. No. 020-2444 0770
(upto - February 13 2020)
vi) Whether listed company Yes - Listed
vii) Name Address and Contact details of Registrar and Transfer Agent if any Bigshare Services Private Limited
1st Floor Bharat Tin Works Building Opp. Vasant Oasis
Makwana Road Marol Andheri (East) Mumbai-400 059
Tel: 022 - 6263 8200

II. PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY

All the business activities contributing 10 % or more of the total turnover of theCompany shall be stated:-

Sl. No. Name and Description of main products / services NIC Code of the Product/ service % to total turnover of the Company
1 Pumps 2812 84.22%

III. PARTICULARS OF HOLDING SUBSIDIARY AND ASSOCIATE COMPANIES

Sl. No. Name and Address of the Company CIN/GLN Holding/ Subsidiary/ Associate % of shares Held Applicable Section
1 Karad Projects and Motors Limited Plot No. B-67/68 MIDC Karad Industrial Area Tasawade Karad - 415 109 U45203PN2001PLC149623 Subsidiary 100 2(87)
2 The Kolhapur Steel Limited Pune - Bangalore Highway Shiroli (Pulachi) Tal-Hatkanangale Kolhapur - 416 122 U27106MH1965PLC013212 Subsidiary 99.74 2(87)
3 Kirloskar Corrocoat Private Limited Udyog Bhavan Tilak Road Pune - 411 002 U28920PN2006PTC022240 Subsidiary 65 2(87)
4 Kirloskar Brothers International B.V. Strawinskylaan 937 1077 XX AmsterdamThe Netherlands Body Corporate Subsidiary 100 2(87)
5 Kirloskar Pompen B.V. Twentepoort Oost 24 7609 RG Almelo The Netherlands Body Corporate Subsidiary of Kirloskar Brothers International B.V. 100 2(87)
6 Rodelta Pumps International B.V. Twentepoort Oost 24 7609 RG Almelo The Netherlands Body Corporate Subsidiary of Kirloskar Pompen B.V. 100 2(87)

 

7 Rotaserve B.V. Twentepoort Oost 24 7609 RG Almelo The Netherlands Body Corporate Subsidiary of Kirloskar Pompen B.V. 100 2(87)
8 SPP Pumps Limited 1420 Lakeview Arlington Business Park Theale Reading Berkshire England RG7 4SA Body Corporate Subsidiary of Kirloskar Brothers International B.V. 100 2(87)
9 SPP France SAS 2 Rue Chateau d'Eau 95450 US France Body Corporate Subsidiary of SPP Pumps Limited 100 2(87)
10 SPP Pumps Inc. 2905 Pacific Dr Norcross GA 30071 USA Body Corporate Subsidiary of SPP Pumps Limited 100 2(87)
11 SPP Pumps Real Estate LLC 6716 Best Friend Road Norcross GA USA 30071 Body Corporate Subsidiary of SPP Pumps Inc. 100 2(87)
12 Syncroflo Inc. 2905 Pacific Drive Norcross GA USA 30071 Body Corporate Subsidiary of SPP Pumps Inc. 100 2(87)
13 Rotaserve Limited The Poynt 45 Wollaton Street Nottingham Nottinghamshire NG15FW United Kingdom Body Corporate Subsidiary of Kirloskar Brothers International B.V. 100 2(87)
14 SPP Pumps MENA LLC Block 234 Road 36 Industrial Zone 3 6th October City Egypt Body Corporate Subsidiary of Kirloskar Brothers International B.V. 100 2(87)
15 Kirloskar Brothers (Thailand) Limited 700/711 Village No.1 Amata Nakon Industrial state Phan Thong Sub-district Phan Thong district Chonburi Province. Bangkok - 10110 Thailand Body Corporate Subsidiary of Kirloskar Brothers International B.V. 100 2(87)
16 SPP Pumps (Asia) Co. Limited 700/711 Village No.1 Amata Nakon Industrial state Phan Thong Sub-district Phan Thong district Chonburi Province. Bangkok - 10110 Thailand Body Corporate Subsidiary of Kirloskar Brothers (Thailand) Limited 100 2(87)
17 SPP Pumps (Singapore) Pte. Limited 20 Maxwell Road # 09-17 Maxwell House Singapore (069113) Body Corporate Subsidiary of SPP Pumps (Asia) Co. Limited 100 2(87)
18 Micawber 784 (Proprietary) Limited Corner of Horn & Brine Street Chloorkop - Kempton Park Gauteng 1620 South Africa Body Corporate Subsidiary of Kirloskar Brothers International B.V. 100 2(87)
19 SPP Pumps International Pty. Ltd. P.O. Box No. 8483 Eveling Corner Horne & Brine Street Chloorkop Kempton Park Gauteng 1625 South Africa Body Corporate Subsidiary of Kirloskar Brothers International B.V. 100 2(87)
20 Braybar Pumps (Proprietary) Limited Corner of Horn & Brine Street Chloorkop - Kempton Park Gauteng 1620 South Africa Body Corporate Subsidiary of SPP Pumps International (Pty) Limited 100 2(87)
21 SPP Pumps (South Africa) (Pty) Limited P.O. Box 8483 Edleen Corner of Horne & Brine Street Chloorkop - Kempton Park Gauteng 1625 South Africa Body Corporate Subsidiary of SPP Pumps International (Pty) Limited 100 2(87)
22 Rotaserve Mozambique Cnr Horn and Brine Str Chloorkop Kempton ParkGauteng1620 South Africa Body Corporate Subsidiary of SPP Pumps International (Pty) Limited 99.9 2(87)
23 SPP Neviz Pumps Solutions Pty Ltd. Crn Horn and Brine Chloorkop Ext. 1 Kempton ParkGauteng1619 South Africa Body Corporate Associate of SPP Pumps International (Pty) Limited 49% 2(6)
24 Kirloskar Ebara Pumps Limited Pride Kumar Senate Building Senapati Bapat Road Pune - 411 016 U29120MH1988PLC045865 Associate 45% 2(6)
25 KBL Synerge LLP Udyog Bhavan Tilak Road Pune - 411 002 (LLPIN) AAH-2867 Associate -- 2(6)

IV. SHARE HOLDING PATTERN (Equity Share Capital Breakup as percentage of TotalEquity)

i) Category-wise Share Holding

Category of Shareholders

No. of Shares held at the beginning of the year

No. of Shares held at the end of the year

% Change during the year

Demat Physical Total % of Total Shares Demat Physical Total % of Total Shares
A. Promoters
(1) Indian
a) Individual/HUF 33024291 0 33024291 41.59 33032719 0 33032719 41.60 0.01
b) Central Govt 0 0 0 0.00 0 0 0 0.00 0
c) State Govt (s) 0 0 0 0.00 0 0 0 0.00 0
d) Bodies Corp. 19329956 0 19329956 24.34 19329956 0 19329956 24.34 0
e) Banks / FI 0 0 0 0.00 0 0 0 0.00 0
f) Any Other.... 0 0 0 0.00 0 0 0 0.00 0
Sub-total (A) (1):- 52354247 0 52354247 65.93 52362675 0 52362675 65.94 0.01
(2) Foreign
a) NRIs - Individuals 0 0 0 0.00 0 0 0 0.00 0.00
b) Other - Individuals 0 0 0 0.00 0 0 0 0.00 0.00
c) Bodies Corp. 0 0 0 0.00 0 0 0 0.00 0.00
d) Banks / FI 0 0 0 0.00 0 0 0 0.00 0.00
e) Any Other.. 0 0 0 0.00 0 0 0 0.00 0.00
Sub-total (A) (2):- 0 0 0 0.00 0 0 0 0.00 0.00
Total shareholding of Promoter (A) = (A) (1) + (A) (2) 52354247 0 52354247 65.93 52362675 0 52362675 65.94 0.01
B. Public Shareholding
1. Institutions
a) Mutual Funds 5065936 0 5065936 6.38 6262603 0 6262603 7.89 1.51
b) Banks / FI 3047392 83868 3131260 3.94 3033558 0 3033558 3.82 (0.12)
c) Central Govt 0 0 0 0.00 0 0 0 0.00 0
d) State Govt(s) 0 0 0 0.00 0 0 0 0.00 0
e) Venture Capital Funds 0 0 0 0.00 0 0 0 0.00 0
f) Insurance Companies 0 0 0 0.00 0 0 0 0.00 0
g) FIIs 0 0 0 0.00 0 0 0 0.00 0
h) Foreign Venture Capital Funds 0 0 0 0.00 0 0 0 0.00 0
i) Others (specify)
Foreign Portfolio Investor 1551630 0 1551630 1.95 1439901 0 1439901 1.81 (0.14)
Investor Education and Protection Fund 1559487 0 1559487 1.96 1647851 0 1647851 2.08 0.11
Alternate Investment Fund 39532 0 39532 0.05 130000 0 130000 0.16 0.11
Sub-total (B)(1):- 11263977 83868 11347845 14.29 12513913 0 12513913 15.76 1.47
2. Non-Institutions
a) Bodies Corp.
i) Indian 1677345 0 1677345 2.11 851015 0 851015 1.07 (1.04)
ii) Overseas 0 0 0 0.00 0 0 0 0.00 0.00
b) Individuals
i) Individual shareholders holding nominal share capital upto ' 1 lakh 7975603 2152756 10128359 12.75 8087788 1698564 9786352 12.32 (0.43)
ii) Individual shareholders holding nominal share capital in excess of ' 1 lakh 2731409 70875 2802284 3.53 2742557 70875 2813432 3.54 0.01
c) Others (specify)
NRI 306414 0 306414 0.39 343057 0 343057 0.43 0.04
Clearing members 253915 0 253915 0.32 309449 0 309449 0.39 0.07
HUF 502302 6615 508917 0.64 398818 6615 405433 0.51 (0.13)
Employee 2500 0 2500 0.00 2500 0 2500 0.00 0.00
Foreign nationals 0 0 0 0.00 0 0 0 0.00 0.00
Other Directors 26000 0 26000 0.03 20000 0 20000 0.00 (0.00)
Trusts 1100 0 1100 0.00 1100 0 1100 0.00 0.00
Sub-total (B)(2):- 13476588 2230246 15706834 19.78 12756284 1776054 14532338 18.30 (1.48)
Total Public Shareholding (B)=(B) (1)+(B)(2) 24740565 2314114 27054679 34.07 25270197 1776054 27046251 34.06 (0.01)
C. Shares held by Custodian for GDRs & ADRs 0 0 0 0.00 0 0 0 0.00 0.00
Grand Total (A+B+C) 77094812 2314114 79408926 100.00 77632872 1776054 79408926 100.00 0.00

(ii) Shareholding of Promoters

Shareholding at the beginning of the year

Shareholding at the end of the year

Sl. No. Shareholder's Name No. of Shares % of total Shares of the Company % of Shares Pledged / encumbered to total shares No. of Shares % of total Shares of the Company % of Shares Pledged / encumbered to total shares % Change in shareholding during the year
1 Sanjay C. Kirloskar # 17839037 22.46 0.00 17847465 22.48 0.00 0.01
2 Rahul Chandrakant Kirloskar ## 404501 0.51 0.00 404501 0.51 0.00 0.00
3 Vikram Shreekant Kirloskar ### 70236 0.09 0.00 70236 0.09 0.00 0.00
4 Atul Chandrakant Kirloskar #### 398888 0.50 0.00 398888 0.50 0.00 0.00
5 Suman Chandrakant Kirloskar ##### 9168 0.01 0.00 9168 0.01 0.00 0.00
6 Mrinalini Shreekant Kirloskar 13781 0.02 0.00 13781 0.02 0.00 0.00
7 Pratima Sanjay Kirloskar 13840488 17.43 0.00 13840488 17.43 0.00 0.00
8 Alpana Rahul Kirloskar 100 0.00 0.00 100 0.00 0.00 0.00
9 Jyotsna Gautam Kulkarni 441805 0.56 0.00 441805 0.56 0.00 0.00
10 Arti Atul Kirloskar 100 0.00 0.00 100 0.00 0.00 0.00
11 Alok Kirloskar 6187 0.01 0.00 6187 0.01 0.00 0.00
12 Kirloskar Industries Limited 18988038 23.91 0.00 18988038 23.91 0.00 0.00
13 Prakar Investments Private Limited 269671 0.34 0.00 269671 0.34 0.00 0.00
14 Achyut and Neeta Holdings and Finance Private Limited 72247 0.09 0.00 72247 0.09 0.00 0.00
Total 52354247 65.93 0.00 52362675 65.94 0.00 0.01

# Out of these Sanjay C. Kirloskar holds16085546 (16077118) equity shares in theindividual capacity1758904 (1758904) equity shares as a Trustee of Kirloskar BrothersLimited Employees Welfare Trust Scheme and 3015 (3015) equity shares as a Trustee of C.S.Kirloskar Testamentary Trust.

## Out of these Rahul C. Kirloskar holds 393263 equity shares in the individualcapacity 5625 as a Karta of Rahul C. Kirloskar HUF and 5613 as a Trustee of C.S.Kirloskar Testamentary Trust.

### Out of these Vikram S. Kirloskar holds 2625 equity shares as a Karta of Vikram S.Kirloskar HUF and 67611 equity shares as a Trustee of Rooplekha Life Interest Trust.

#### Out of these Atul C. Kirloskar holds 393263 equity shares in the individualcapacity and 5625 as a Karta of Atul C. Kirloskar HUF.

##### Out of these Smt. Suman C. Kirloskar holds 2947 equity shares in the individualcapacity and 6221 as a Trustee of C.S. Kirloskar Testamentary Trust.

(iii) Change in Promoters' Shareholding (please specify if there is no change)

Shareholding at the beginning of the year

Cumulative Shareholding during the year

No. of shares % of total shares of the Company No. of shares % of total shares of the Company
At the beginning of the year 52354247 65.93 52354247 65.93
Date wise Increase / Decrease in Promoters Shareholding during the year specifying the reasons for increase /decrease (e.g. allotment / transfer /bonus/ sweat equity etc.): March 18 2020 8428 0.01 52362675 65.94
At the end of the year 52362675 65.94

(iv) Shareholding Pattern of top ten Shareholders (other than Directors Promoters andHolders of GDRs and ADRs):

Sl. No. Name of the Shareholder

Shareholding at the beginning of the year

Shareholding at the end of the year

No. of shares % of total shares of the Company No. of shares % of total shares of the Company
1 Reliance Capital Trustee Co. Limited 3976103 5.01 5172770 6.51
2 Investor Education and Protection Fund Authority Ministry of Corporate Affairs 1559487 1.96 1647851 2.08
3 General Insurance Corporation of India 1406725 1.77 1396725 1.76
4 The New India Assurance Company Limited 1173212 1.48 1173212 1.48
5 IDFC Equity Opportunities Fund - Series 4 1085000 1.37 1085000 1.37
6 Warburg Value Fund 1000000 1.26 1000000 1.26
7 ICICI Prudential Life Insurance Company Limited 582135 0.73 0 0.00
8 The Oriental Insurance Company Limited 409240 0.52 408987 0.52
9 Dhanesh S. Shah 343003 0.43 343003 0.43
10 Arun Nahar 284000 0.36 230117 0.29
11 Kala Hiralal Doshi 200000 0.25 200000 0.25

(v) Shareholding of Directors and Key Managerial Personnel:

Sl. No. Name of the Shareholder

Shareholding at the beginning of the year

Cumulative Shareholding during the year

No. of shares % of total shares of the Company No. of shares % of total shares of the Company
For each of the Directors and KMP
1 Sanjay C.Kirloskar #
At the beginning of the year 17839037 22.46
Date wise Increase / Decrease in Share holding during the year specifying the reasons for increase /decrease (e.g. allotment / transfer / bonus / sweat equity etc.): March 18 2020 8428 0.01 17847465 22.48
At the End of the year 17847465 22.48
2 Kishor A. Chaukar
At the beginning of the year 0.00 0.00
Increase/decrease during the year 0 0.00
At the end of the year 0 0.00
3 Pratap B. Shirke
At the beginning of the year 20000 0.02 20000 0.02
Increase/decrease during the year 0 0.00
At the end of the year 20000 0.02
4 Alok S. Kirloskar
At the beginning of the year 6187 0.01 6187 0.01
Increase/decrease during the year 0 0.00
At the end of the year 6187 0.01
5 Rama S. Kirloskar
At the beginning of the year 0 0.00 0 0.00
Increase/decrease during the year 0 0.00
At the end of the year 0 0.00
6 Rakesh Mohan
At the beginning of the year 0 0.00 0 0.00
Increase/decrease during the year 0 0.00
At the end of the year 0 0.00
7 Rajeev Kher
At the beginning of the year 0 0.00 0 0.00
Increase/decrease during the year 0 0.00
At the end of the year 0 0.00
8 Pradyumna Vyas *
At the beginning of the year - - - -
Increase/decrease during the year 0 0.00
At the end of the year 0 0.00
For each of the Directors and KMP
9 Shailaja Kher *
At the beginning of the year - - - -
Increase/decrease during the year 0 0.00
At the end of the year 0 0.00
10 Tilak Dhar *
At the beginning of the year - - - -
Increase/decrease during the year 0 0.00
At the end of the year 0 0.00
11 Chittaranjan M. Mate
At the beginning of the year 0 0.00 0 0.00
Increase/decrease during the year 0 0.00
At the end of the year 0 0.00
12 Sandeep A. Phadnis
At the beginning of the year 0 0.00 0 0.00
Increase/decrease during the year 0 0.00
At the end of the year 0 0.00

# Out of these Sanjay C. Kirloskar holds 16085546 (16077118) equity shares in theindividual capacity1758904 (1758904) equity shares as a Trustee of Kirloskar BrothersLimited Employees Welfare Trust Scheme and 3015 (3015) equity shares as a Trustee of C.S.Kirloskar Testamentary Trust.

* Mr. Pradyumna Vyas and Ms. Shailaja Kher were appointed as Additional Directors witheffect from May 162019; Mr. Tilak Dhar ceased to be Director with effect from July 12019.

V. INDEBTEDNESS

Indebtedness of the Company including interest outstanding/accrued but not due forpayment

(Amount in Million Rs.)

Secured Loans excluding deposits Unsecured Loans Deposits Total Indebtedness
Indebtedness at the beginning of the Financial Year
i) Principal Amount 1590.64 5.53 - 1596.17
ii) Interest due but not paid - - - -
iii) Interest accrued but not due - - - -
Total (i+ii+iii) 1590.64 5.53 - 1596.17
Change in Indebtedness during the Financial Year
Addition 2857.55 - - 2857.55
Reduction 1355.35 3.62 - 1358.97
Net Change 1502.20 (3.62) - 1498.58
Indebtedness at the end of the
Financial Year
i) Principal Amount 3092.84 1.90 - 3094.75
ii) Interest due but not paid - - - -
iii) Interest accrued but not due - - - -
Total (i+ii+iii) 3092.84 1.90 - 3094.75

VI. REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL

A. Remuneration to Managing Director Whole-Time Directors and/or Manager:

(Amt in Million Rs.)

Sl. No. Particulars Sanjay C.Kirloskar Managing Director Total
A. Remuneration to Managing Director Whole-Time Director(s) and/or Manager:
1 Gross salary
(a) Salary as per provisions contained in Section 17(1) of the Income-tax Act 1961 11.25 11.25
(b) Value of perquisites u/s 17(2) of the Income-tax Act 1961 4.48 4.48
(c) Profits in lieu of salary under Section 17(3) of the Income-tax Act 1961 0.00 0.00
2 Stock Option 0.00 0.00
3 Sweat Equity 0.00 0.00
4 Commission
- as % of profit 32.00 32.00
- others specify 0.00 0.00
5 Others please specify
Total (A) 47.73 47.73
Ceiling as per the Act (5% of the Net Profit as on 31st March 2020 is considered since there is no Executive Director other than Managing Director.) 69.38 69.38

B. Remuneration to other directors

(Amt in Million Rs.)

Independent Directors
Name of the Directors Kishor A. Chaukar Rakesh Mohan Rajeev Kher Tilak Dhar Pradyumna Vyas Shailaja Kher Total (1)
Fee for attending board / committee meetings 1.05 0.67 0.82 0.00 0.22 0.22 3.00
Commission 1.30 1.30 1.30 0.00 1.30 1.14 6.34
Others please specify: 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total (1) 2.35 1.97 2.12 0.00 1.52 1.36 9.34

(Amt in Million Rs.)

Other Non- Executive Director
Name of the Director Alok S. Kirloskar Rama S. Kirloskar Pratap Shirke Total (2) Total (1+2)
Fee for attending board / committee meetings 0.45 0.52 0.75 1.72 4.72
Commission 1.30 1.30 1.30 3.90 10.24
Others please specify 0.00 0.00 0.00 0.00 0.00
Total (2) 1.75 1.82 2.05 5.62 14.96

 

Total Managerial Remuneration 62.69
Overall Ceiling as per the Act 83.26

C. Remuneration to Key Managerial Personnel other than MD/ Manager/ WTD:

(Amt in Million Rs.)

Sl. No. Particulars Name of Key Managerial Personnel
C.M. Mate (Chief Financial Officer) Sandeep Phadnis (Company Secretary) Total
1 Gross salary
(a) Salary as per provisions contained in Section 17(1) of the Income-tax Act 1961 7.46 3.69 11.15
(b) Value of perquisites u/s 17(2) of the Income-tax Act 1961 0.70 0.40 1.10
(c) Profits in lieu of salary under Section 17(3)of the Income-tax Act 1961 0.00 0.00 0.00
2 Stock Option 0.00 0.00 0.00
3 Sweat Equity 0.00 0.00 0.00
4 Commission 0.00 0.00 0.00
- as % of profit 0.00 0.00 0.00
- others specify 0.00 0.00 0.00
5 Others please specify 0.00 0.00 0.00
Total (C) 8.16 4.09 12.25

KIRLOSKAR BROTH!!RS LTD..

VII. PENALTIES / PUNISHMENT/ COMPOUNDING OF OFFENCES

(Amt in Million Rs.)

Sl. No. Type Section of the Companies Act Brief Description Details of Details of Penalty / Punishment / Compounding fees imposed Authority [RD / NCLT/ COURT] Appeal made if any (give Details)
A. COMPANY
Penalty
Punishment
Compounding
B. DIRECTORS
Penalty
Punishment
Nil
Compounding
C. OTHER OFFICERS
IN DEFAULT
Penalty
Punishment
Compounding

.